Strategy. The Fund pursues its investment objective, under normal market conditions, by primarily investing in equity securities that the Fund believes will provide attractive long-term returns relative to the S&P 500 Index. The Fund may also invest in pooled investment vehicles to gain exposure to equity securities and, while the Fund generally does not intend to normally hold a significant portion of its assets in derivatives, the Fund may invest in derivatives, consisting of forwards, options, swaps and futures contracts (some of these instruments may be traded on the over-the-counter markets), in order to maintain exposure to the equity market at times when it is not able to purchase the corresponding securities directly, or when it believes that it is more … Show more… The Fund pursues its investment objective, under normal market conditions, by primarily investing in equity securities that the Fund believes will provide attractive long-term returns relative to the S&P 500 Index. The Fund may also invest in pooled investment vehicles to gain exposure to equity securities and, while the Fund generally does not intend to normally hold a significant portion of its assets in derivatives, the Fund may invest in derivatives, consisting of forwards, options, swaps and futures contracts (some of these instruments may be traded on the over-the-counter markets), in order to maintain exposure to the equity market at times when it is not able to purchase the corresponding securities directly, or when it believes that it is more appropriate to use derivatives to obtain the desired exposure to the underlying assets. Equity securities in which the Fund may invest include common stocks, preferred stocks, stock warrants and rights, and convertible securities. Pooled investment vehicles in which the Fund may invest include exchange-traded funds (ETFs) and other mutual funds. The Fund may invest in any number of issuers of any size, including small-capitalization issuers. In addition, the Fund may invest in non-U.S. investments, including issuers in emerging markets and may purchase depositary receipts. The Fund is actively managed and may trade without regard to the length of time an investment has been owned by the Fund, which may result in higher portfolio turnover. The Fund primarily invests in companies that Concinnity Advisors, LP, the Funds sub-adviser (the Sub-Adviser), believes have implemented multi-stakeholder management systems. Multi-stakeholder management systems seek to create durable long-term value for shareholders by aligning the interests of all of a companys core stakeholders, including investors, customers, employees, business partners and communities in which a company does business. Guggenheim Partners Investment Management, LLC, the Funds investment manager (the Investment Manager), and the Sub-Adviser believe that companies that successfully implement multi-stakeholder management systems are generally better positioned to create sustained long-term value for their shareholders than competing companies that do not implement such systems. To identify an initial universe of companies that it believes have exemplary multi-stakeholder management systems, the Sub-Adviser uses its proprietary research methodology system, which seeks to identify the components of those management systems, including, but not limited to: (1) customer loyalty; (2) employee engagement, as demonstrated by high levels of loyalty; (3) efficient use of intangible assets; (4) high supplier loyalty, as demonstrated by the maturity of supply chain activities; and (5) community engagement. After the Sub-Adviser identifies the initial universe of companies, the Investment Manager then uses two proprietary quantitative methodologies approved by the Sub-Adviser to periodically create a list of securities, which are comprised of securities issued by the companies identified by the Sub-Adviser. This process is intended to optimize the universe of companies produced by the Sub-Adviser. One methodology uses a proprietary risk model, individual stock return expectation models and portfolio construction tools and includes fundamental and pricing data obtained from filings, indexes and data providers. The other methodology uses a proprietary dynamic factor algorithm that uses fundamental and economic factors. The Investment Managers optimization approach seeks to maximize expected return of the portfolio while continuously limiting market risk relative to the S&P 500 Index. The Sub-Adviser then reviews the optimized list of securities provided by the Investment Manager, including for adherence to exposure limits against the S&P 500 Index and overall constraints, and modifies the optimized list of securities if deemed necessary. The Investment Manager retains the responsibility for executing trades and otherwise implementing the optimized list of securities based on the Funds investment policies and limitations. The Sub-Adviser may instruct the Investment Manager to sell a security for several reasons including, but not limited to, the following: (1) the company no longer meets the Sub-Advisers standards for a strong multi-stakeholder management system or the optimization process; (2) to meet redemption requests; and (3) if the Sub-Adviser believes doing so is in the Funds interest. Under adverse, unstable or abnormal market conditions, the Fund could invest some or all of its assets in cash, derivatives, fixed-income instruments, government bonds, money market instruments, repurchase agreements or securities of other investment companies. The Fund may be unable to pursue or achieve its investment objective during that time and temporary investments could reduce the benefit from any upswing in the market. Show less