Mutual Fund Performance

Prior to 04.23.2021 the referenced Guggenheim Core Bond Fund was named the Guggenheim Investment Grade Bond Fund.

On 11.30.2018, the Guggenheim Strategy Fund I (the “Predecessor Fund”), which also was an investment company registered under the Investment Company Act of 1940, reorganized with and into the Ultra Short Duration Fund, which has adopted the Predecessor Fund’s performance history. Accordingly, the performance information shown below for Institutional Class shares of the Fund reflects the performance of the Predecessor Fund and not of the Fund; however, the Predecessor Fund’s policies, guidelines and investment objectives were the same as the Fund’s in all material respects. The returns shown for the Predecessor Fund have been restated to reflect the fees and expenses applicable to the Institutional Class shares of the Fund, exclusive of any applicable expense limitation agreement.

**US Government Money Market: The performance shown prior to June 16, 2012 is the performance of the Fund's former Investor Class Shares, which were subject to the same fees and expenses as the Fund's shares. The Fund's former share classes, including Investor Class Shares, were replaced by the existing single share class effective upon the close of business on June 15, 2012. Inception date of US Government Money Market Investor Class Shares was December 1, 1993.

Effective 5/9/2016 the A Class maximum front-end sales charge was changed from 5.75% to 4.75% for Directional Allocation, RBP Dividend, RBP Large-Cap Defensive, RBP Large-Cap Market, and RBP Large-Cap Value. For performance periods that begin prior to 5/9/2016, a 5.75% load was used and for performance periods that begin 5/9/2016, a 4.75% load was used. A 1.25% deferred sales charge will be imposed on purchases of $1,000,000 or more on fund shares purchased without a front-end sales charge that are redeemed within 18 months of purchase.

Effective 10/1/2015, the A Class maximum front-end sales charge was changed from 4.75% to 3.00% for Floating Rate Strategies and to 4.00% for High Yield, Investment Grade Bond, Macro Opportunities, Municipal Income, and Total Return Bond. For performance periods that begin prior to 10/1/2015, a 4.75% load was used, and for performance periods that begin after 10/1/2015, a 4.00% load was used (3.00% for Floating Rate).

Please note, effective 2/22/2011, the A-Class maximum front-end sales charge was changed from 5.75% to 4.75% for the following funds: Alpha Opportunity, All Cap Value, Guggenheim StylePlus Mid Growth, Guggenheim StylePlus Large Core, Enhanced World Equity Fund, Large Cap Value, Mid Cap Value and Small Cap Value Fund. For performance periods that begin prior to 2/22/2011, a 5.75% load was used and for performance periods that begin after 2/22/2011, a 4.75% load was used.

Returns for performance under one year are cumulative not annualized. Performance results for short time periods may not provide an adequate basis for evaluating the performance potential of the fund over varying market conditions or economic cycles. After-tax returns are calculated using the highest historical federal income and capital gains tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. Returns After Tax assume a continued investment in the fund and shows the effect of taxes on fund distributions. Returns After Tax Post Sale assume all shares were redeemed at the end of each measurement period, and shows the effect of any taxable gain (or offsetting loss) on redemption, as well as the effects of taxes on fund distributions. After-tax returns are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns will differ depending on share class.

Municipal Income Fund: On 1/13/2012, the Municipal Income Fund (the "Fund") acquired the assets and assumed the liabilities of TS&W/Claymore Tax-Advantaged Balanced Fund (the "Predecessor Fund"), a closed-end fund which used different investment strategies and had different investment advisers. Class A shares of the Fund have assumed the performance, financial and other historical information of the Predecessor Fund's Common Shares. The performance of Class A shares of the Fund shown reflects the NAV performance of the Predecessor Fund. Performance has not been restated to reflect the estimated annual operating expenses of Class A shares of the Fund. The Fund's A Class with load performance reflects the maximum sales charge of 4.75%.

On July 11, 2011 the investment objectives and principal investment strategies were changed for the following funds: Event Driven and Distressed Strategies, Managed Commodities Strategy and Managed Futures Strategy. Performance prior to July 11, 2011 reflects the former investment objectives and strategies.

Effective August 15, 2013 the Fund’s name was changed to World Equity Income Fund from MSCI EAFE Equal Weight Fund and certain changes were made to the Fund’s investment objective, principal investment strategies and portfolio management team. The Fund also changed its benchmark to MSCI World Index. Between May 2, 2011 and August 15, 2013 the Fund tracked the performance of the MSCI EAFE Equal Weight Index. Prior to May 2, 2011 the Fund’s name was Global Fund and the fund sought a global strategy.

U.S. Long Short Momentum Fund: Effective May 28, 2010, the U.S. Long Short Momentum Fund changed it's name from All Cap Opportunity Fund to U.S. Long Short Momentum Fund and it's investment strategy from a long only strategy to a long short strategy. Performance prior to May 28, 2010 is that of the former investment strategy.

Alpha Opportunity Fund: 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.

You could lose money by investing in the U.S. Government Money Market Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.