Event Driven and Distressed Strategies - Institutional Class
Price $27.16
Change ($0.09) / -0.33%
As Of 10/27/16

Investment Strategy

Seeks to achieve capital growth.

Fees and Expenses

Gross Expense Ratio
Net Expense Ratio

Fund Highlights & Applications

  • Invests in a range of market exposures dynamically and systematically selected to represent the aggregate exposures of event driven funds.
  • Seek returns predicated on company-specific events, such as mergers, acquisitions, asset sales, liquidations and distressed special situations.
  • May provide lower volatility, as measured by standard deviation, and lower correlations to the broad equity markets than traditional equity funds.

Distributions as of 12/10/15

Most Recent Income
Most Recent Capital Gain

Overall Morningstar RatingTM *

as of 6/30/16

(Based on risk-adjusted returns out of 251 Multialternative funds.)

Symbols & CUSIPS


Investment Team

Michael P. Byrum
Ryan Harder
Larry Shank


Fund Type
Distribution Frequency
Annual (if applicable)
Trading Hours
Phone 09:30 AM - 4:00 PM ET
Web 09:30 AM - 4:00 PM ET
Note: Each financial intermediary may have its own rules about shares transactions, and may have earlier cut-off times for processing your transaction.
Investment Adviser
Security Investors, LLC
Guggenheim Funds Distributors, LLC


*This Fund was rated, based on its risk-adjusted returns, 4 stars for 3 years and 4 stars for 5 years out of 251 and 152 Multialternative funds, respectively. The Overall Morningstar Rating for a Fund is derived from a weighted average of the performance figures associated with its three-, five-, and ten year (if applicable) Morningstar Rating metrics. The overall rating includes effects of sales charges, loads and redemption fees. Please read a current prospectus for more information.

For each Fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Ratings for other share classes may differ due to different performance characteristics.

©2016 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary of Morningstar and /or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar, nor its content providers, are responsible for any damages or losses arising from any use of its information. Past performance is no guarantee of future results.

Performance displayed represents past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost. Current performance may be lower or higher than the performance data quoted. Returns for performance under one year are cumulative, not annualized. With Load performance shown reflects maximum sales charges or contingent deferred sales charges (CDSC) as applicable. Class A-shares have a maximum sales charge of 4.75%. Class C-shares have a maximum CDSC of 1% for shares redeemed within 12 months of purchase.

Data is subject to change on a daily basis. Partial year returns are cumulative, not annualized. Returns reflect the reinvestment of dividends. The securities mentioned are provided for informational purposes only and should not be deemed as a recommendation to buy or sell.

Effective July 11, 2011, the fund’s investment objective changed from seeking to track the performance of a benchmark to seeking to achieve capital growth. The fund’s principal investment strategy was also revised to reflect the new objective.

The Event Driven and Distressed Strategies fund is subject to a number of risks and is not suitable for all investors. •The fund’s use of derivatives such as futures, options, structured notes, exchange-traded notes and swap agreements may expose the fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. •Certain of the derivative instruments, such as swaps and structured notes, are also subject to the risks of counterparty default and adverse tax treatment. •The fund’s use of short selling involves increased risk and costs, including paying more for a security than it received from its sale and the risk of unlimited losses. •The more the fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. •The fund’s investments in foreign markets may increase the fund’s volatility due to the impact of diplomatic, political or economic developments on the country in question. •Additionally, the fund’s exposure to foreign currencies subjects the fund to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of short positions, that the U.S. dollar will decline in value relative to the currencies. •The fund’s fixed income investments will change in value in response to interest rate changes and other factors. •The fund’s exposure to the high yield bond market may subject the fund to greater volatility because (i) it will be affected by the ability of high yield security issuers’ ability to make principal and interest payments and (ii) the prices of derivatives linked to high yield bonds may fluctuate unpredictably and not necessarily in relation to interest rates. •The fund’s exposure to the event driven market is considered speculative and may subject the fund to additional losses. •In certain circumstances the fund may be subject to liquidity risk and it may be difficult for the fund to purchase and sell particular investments within a reasonable time at a fair price. •This fund is considered non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single security could cause greater fluctuations in the value of fund shares than would occur in a more diversified fund. • See the prospectus for more information on these and additional risks.

The advisor has contractually agreed to reduce fees and/or reimburse expenses to the extent necessary to keep net operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividends on securities sold short, and extraordinary expenses ("excluded expenses") from exceeding 1.90% of the fund’s H-Class and A-Class shares’, 2.65% of the fund’s C-Class shares’, and 1.65% of the fund’s Institutional Class shares’ average daily net assets. Net expenses includes excluded expenses and, thus, from time to time may be higher than 1.90%, 2.65% and 1.65%, respectively. This agreement may be terminated only with the approval of the fund’s board of trustees. In any event, this undertaking will continue through 7.31.2015.


Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. To obtain a prospectus and summary prospectus (if available) click here or contact us.

Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC ("Guggenheim"), which includes Security Investors, LLC ("SI"), Guggenheim Funds Investment Advisors, LLC, ("GFIA") and Guggenheim Partners Investment Management ("GPIM") the investment advisers to the referenced funds. Securities offered through Guggenheim Funds Distributors, LLC, an affiliate of Guggenheim, SI, GFIA and GPIM.


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