Frequent Trading Restrictions

Unlike most other Guggenheim Investments funds, the funds listed below are not suitable for purchase by active investors. Instead, these funds are intended for long-term investment purposes only, and shareholders are therefore discouraged from engaging in “market timing” or other types of excessive short-term trading. Frequent trading into and out of these funds may present risks to their long-term shareholders and could adversely affect shareholder returns. The risks posed by frequent trading include interfering with the efficient implementation of the Funds’ investment strategies, triggering the recognition of taxable gains and losses on the sale of fund investments, requiring the Funds to maintain higher cash balances to meet redemption requests, and experiencing increased transaction costs. Consequently, the Board of Trustees has adopted policies and procedures designed to prevent frequent purchases and redemptions of shares of these funds.

For purposes of applying the Funds’ policies, the Advisor may consider the trading history of accounts under common ownership or control. In addition, the Funds reserve the right to reject any purchase request by any investor or group of investors for any reason without prior notice, including, in particular, if the Advisor reasonably believes that the trading activity would be harmful or disruptive to the Funds. Although these policies are designed to deter frequent trading, none of these measures alone, nor all of them taken together, eliminate the possibility that frequent trading will occur in these funds, particularly with respect to trades placed by shareholders who invest in these funds through omnibus accounts maintained by brokers, retirement plan accounts, and other financial intermediaries. The Funds’ access to information about individual shareholder transactions made through such omnibus arrangements is often unavailable or severely limited. As a result, the Funds cannot ensure that their policies will be enforced with regard to those fund shares held through such omnibus arrangements (which may represent a majority of fund shares), so frequent trading could adversely affect these funds and their long-term shareholders as discussed above.

Fund List

• Alpha Opportunity
• Floating Rate Strategies
• High Yield*
• Core Bond
• Large Cap Value
• Limited Duration
• Long Short Equity
• Managed Futures Strategy
• Macro Opportunities
• SMid Cap Value
• Multi-Hedge Strategies
• Municipal Income
• Risk Managed Real Estate
• Small Cap Value
• StylePlus Large Core
• StylePlus Mid Growth
• Total Return Bond
• World Equity Income

*High Yield Redemption Fee
High Yield imposes a 2% charge on redemptions (including exchanges) of A-Class, C-Class, Institutional Class, P Class, and R6 Class shares of High Yield that have been held for 90 days or less. This charge is paid to the Fund to protect its long-term shareholders. Please see the Fund’s prospectus for more information.