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SAOIX

Alpha Opportunity

Price $27.48
Change $0.14 / 0.51%
As of 10/12/18
 

Investment Strategy

Seeks to deliver long-term growth of capital.

Fund Highlights and Applications

  • Employs Dynamic Low Beta¹ Management – actively manages a low beta exposure that can range from negative to positive with the objective to provide attractive upside return while potentially mitigating the equity beta risk and volatility associated with long-only U.S. equity investing.
  • Ventures Beyond Beta to Source Alpha² Opportunities – considers multiple fundamental and broad market factors to exploit alpha opportunities that may arise in continuously changing equity markets.
  • Utilizes a Forward-Looking, Systematic Approach to Identify Mispricings in the Market – employs a unique combination of forward-looking, fundamental analysis and quantitative techniques to forecast a stock’s total expected return, based on how the market is currently valuing underlying factors.

Distributions

Most Recent Income $1.452059
Dividend $0.000000
Most Recent Capital Gain $1.452059

Fees and Expenses

Gross Expense Ratio 1.20%
Net Expense Ratio 1.20%

Overall Morningstar RatingTM*

as of 6/30/2018
(Based on risk-adjusted returns out of 189 Long/Short Equity funds.)

Symbols & CUSIPs

Class Symbol CUSIP Inception
A SAOAX 40168W285 7/7/03
C SAOCX 40168W277 7/7/03
Institutional SAOIX 40168W269 11/7/08
P SAOSX 40169J309 5/1/15

Investment Team

Farhan SharaffJayson Flowers
Samir SanghaniBurak Hurmeyden

Operations

Fund Type Alternative
Distribution Frequency Annual (if applicable)
Benchmark3 BofA Merrill Lynch 3-Month U.S. Treasury Bill Index
Telephone 800.888.2461
Trading Hours Phone: 9:30 AM - 4:00 PM ET
Web: 9:30 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
Distributor Guggenheim Funds Distributors, LLC

*As of 6.30.2018, the Institutional Class was rated, based on its risk-adjusted returns, 4 stars Overall, 3 stars for 3 years, and 4 stars for 5 years out of 189, 189, and 100 Long/Short Equity funds, respectively.

The Morningstar Rating for funds, or “star rating”, is calculated for managed products with at least a three-year history and does not include the effect of sales charges. Exchange-traded funds and open-end mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its 3-year. 5-year, and 10-year (if applicable) Morningstar Rating metrics.

©2018 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.


Effective, January 28, 2015, significant changes to the Fund’s principal investment strategies and portfolio managers were made. Please note that the Fund’s performance track record prior to January 28, 2015 related only to the Fund’s former investments, which were materially different from those currently pursued by the Fund and thus is not indicative of the Fund’s future performance.

¹ Beta represents the systematic risk of a portfolio and measures its sensitivity to a benchmark.

² Alpha is a measure of the difference between a fund’s actual returns and its expected performance, given its level of risk measured by beta.

³ Prior to March 13, 2017, the S&P 500 Index served as one of the Fund’s primary benchmark index.

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. For additional information, see the fund's prospectus.

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.

The Alpha Opportunity Fund is subject to a number of risks and is not suitable for all investors. • Investments in securities and derivatives, in general, are subject to market risks that may cause their prices to fluctuate over time. An investment in the fund may lose money. There can be no guarantee the Fund will achieve it investment objective. •The fund’s use of derivatives such as futures, options 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 more the fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. • 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. •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. •In certain circumstances, it may be difficult for the fund to purchase and sell particular investments within a reasonable time at a fair price. •The Fund’s fixed income investments will change in value in response to interest rate changes and other factors. • 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. • See the prospectus for more information on these and additional risks.



Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objective, risks charges, expenses and the other information, which should be considered carefully before investing. To obtain a prospectus and summary prospectus (if available) click here or call 800.820.0888.

Investing involves risk, including the possible loss of principal.

Guggenheim Investments represents the investment management business of Guggenheim Partners, LLC ("Guggenheim"), which includes Security Investors, LLC ("SI"), Guggenheim Funds Investments Advisors, LLC ("GFIA") and Guggenheim Partners Investment Management ("GPIM") the investment advisors to the referenced funds.

© 2018 Guggenheim Investments. All Rights Reserved.

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• Not FDIC Insured • No Bank Guarantee • May Lose Value

This website is directed to and intended for use by citizens or residents of the United States of America only. The material provided on this website is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation. Investing involves risk, including the possible loss of principal.