Guggenheim Macro Opportunities Fund

The Guggenheim Macro Opportunities Fund (the "fund") employs a tactical strategy targeting strong total return regardless of the direction of the overall market. Unconstrained to a particular benchmark, the fund has the flexibility to invest across a broad array of fixed-income securities, as well as equities, currencies, commodities and alternative investments. The strategy employs active sector rotation, driven by rigorous macro-economic analysis, and fundamental, bottom-up security analysis to seek to capitalize on relative-value investment opportunities and drive returns.

Three Reasons to Consider the Fund

Total Return Potential:The fund seeks to provide investors the opportunity for enhanced return potential independent of overall market direction, with the potential to outperform the broad fixed-income market.¹
Tactical Flexibility: For investors seeking a fund with greater flexibility than a traditional, benchmark-constrained approach, the fundoffers exposure to our highest conviction ideas at a given time.
Proactive Risk Management: The fund's flexible mandate also allows the investment team to adjust the portfolio's risk profile, providing the opportunity to position the fund more or less defensively in anticipation of changing market conditions while adhering to our rigorous, riskmanagement discipline.

Access to Our "Best Ideas"

The Macro Opportunities Fund seeks to capitalize on the investment team's "best ideas" through an opportunistic strategy that begins with top-down macro-economic research. This research drives investment themes and sector allocations, while bottom-up research-intensive security selection seeks to identify the most attractive opportunities within each theme, across a company's capitalization structure (bonds, stocks, convertibles, preferred shares, bank loans, etc.). The result is a portfolio that continually reflects our highestconviction ideas in the current market environment.

About Tactical Asset Allocation

Macro strategies typically employ tactical asset allocation, a portfolio management strategy that seeks to take advantage of changing market conditions by overweighting or underweighting market segments based on their expected performance, shifting allocations as market conditions change. As this chart shows, asset classes and regions perform differently over time, providing opportunities to capitalize on tactical portfolio asset allocation.

Performance Mosaic

Data as of December 31, 2011. Sources: Factset, Barclays Capital.

Performance displayed represents past performance, which is no guarantee of future results. Performance will vary over different market cycles. Index information is provided for illustrative purposes only and is not meant to represent the performance of the fund or its underlying investments. Referenced indices are unmanaged and not available for direct investment. Index returns do not reflect any management fees, transaction costs or expenses.

Index Legend: U.S. Equities: S&P 500 Total Return Index; International Equities: MSCI EAFE Index; Emerging Market Equities: MSCI Emerging Markets Index; U.S. Bonds: Barclays Capital U.S. Aggregate Index; Treasuries: Barclays Capital U.S. Treasury Index; European Bonds: Barclays Capital Pan European Aggregate Index; Asian Bonds: Barclays Capital Asian Pacific Aggregate Index; Commodities: S&P GSCI Total Return Index. Click here for full index definitions.

What Sets Us Apart?

Guggenheim Investments brings extensive experience in the global credit markets managing a wide range of fixed-income strategies. We have built a reputation for investment excellence in this arena, which we believe is attributable to our differentiated capabilities:

Broad Expertise
Guggenheim Investments' fixed-income teams bring expertise up and down the capital structure—ranging from government and corporate credit to preferreds and bank loans.

Middle-Market Specialization
We specialize in identifying, researching and purchasing middlemarket investments—securities issued by companies with less than $1 billion in outstanding debt—which we believe are often overlooked and underfollowed and may offer potentially higher yields than the debt of larger companies.

Proprietary Research and Analysis
More than 100 investment professionals are dedicated to research, evaluation and management of fixed-income assets. In addition, our 14-person, in-house legal team reviews covenants, credit agreements and bond indentures to evaluate the protections and rights of each security prior to purchase.

Embedded Risk Management
Our risk-management process seeks to understand and mitigate unwanted risk at every stage of the investment process. It includes in-depth credit research at the front end of the process, pre-trade and post-trade checks that incorporate investment guidelines, and ongoing monitoring of information that could affect the portfolio.

What Role Could the Fund Play in a Portfolio?

The fund may represent a portion of an overall fixed-income allocation, serving as a potential source of additional risk-adjusted return.
Given its differentiating features—active sector management and the ability to invest in non-fixed-income assets—the fund may serve as a complement to benchmark dedicated fixed-income strategies and a diversifier for stock portfolios.²
For investors pursuing an active sector rotation strategy though various individual investment vehicles, the fund may be a costefficient investment alternative.

For more information on the fund, visit the fund overview page, contact your financial advisor, or call us at 800.820.0888.

Fund Facts

Objective
The fund seeks to provide total return—comprised of current income and capital appreciation.

Inception
November 30, 2011

Class
Class A
Class C
Institutional

CUSIP
814291639
814291654
814291647

Symbol
GIOAX
GIOCX
GIOIX

Minimum Initial Investment
Class A and Class C:

$100

Distributions

Monthly

Expense Ratios*

Class A (Gross)
Class A (Net)

1.82%
1.36%

Class C (Gross)
Class C (Net)

2.57%
2.11%

Institutional (Gross)
Institutional (Net)

1.37%
0.95%

Benchmark Comparison

Bank of America Merrill Lynch 3-Month
Treasury Bill Index

View Fund Overview Page

Download Fund Profile

Download a Prospectus

* Expense ratios are based on estimated amounts for the current fiscal year. The advisor has contractually agreed to waive fees and expenses through January 31, 2013, to limit the ordinary operating expenses of the fund to the abovereferenced amounts. The fund may have net expenses greater than the expense cap as a result of any acquired fund fees and expenses or other expenses that are excluded from the calculation.

Portfolio Management Team

• 25 years of industry experience
• BS, Economics, Wharton School, University of Pennsylvania

Kevin Gundersen

• 9 years of industry experience
• AB, Harvard University

Patrick Mitchell

• 6 years of industry experience
• BSBA, Finance and International Business, Georgetown University

¹ The fund's strategy may result in relatively high portfolio concentrations in certain areas of the market, including high-yield sectors that entail greater risk. As a result, the fund may be more or less volatile than the overall market.
² Diversification neither assures a profit nor eliminates the risk of experiencing investment losses.

Barclays Capital Asian-Pacific Aggregate Index includes investment-grade, fixed-rate securities that have a remaining maturity of at least one year and are issued in any of the following currencies: Australian dollar, Hong Kong dollar, Japanese yen, New Zealand dollar, Singapore dollar, South Korean won and Thailand baht. The index is denominated in Japanese yen by default. Convertible securities, floating-rate notes, perpetuals, warrants, linked bonds and structured products are excluded. Barclays Capital Pan-European Aggregate Index covers eligible investment-grade securities from the entire European continent. The primary component is the Euro-Aggregate Index. In addition, the Pan-European Aggregate Index includes eligible securities denominated in British pounds (GBP), Swedish krona (SEK), Danish krone (DKK), Norwegian krone (NOK), Czech koruna (CZK), Hungarian forint (HUF), Polish zloty (PLN), Slovenian tolar (SIT), Slovakian koruna (SKK) and Swiss franc (CHF). Barclays Capital U.S. Treasury Index covers public obligations of the U.S. Treasury with a remaining maturity of one year or more. Barclays Capital U.S. Aggregate Index represents securities that are U.S. domestic, taxable and dollar denominated. The index covers the U.S. investment-grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Government-related, MBS, CMBS, ABS and Credit are sub sectors within this index. MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index consists of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The index consists of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey. S&P GSCI Total Return Index measures general commodity price movements in the world economy and is calculated primarily on a world production-weighted basis, and is comprised of commodities that are the subject of active, liquid futures markets. S&P Total Return Index tracks both the capital gains of stocks in the S&P 500 over time, and assumes that any cash distributions, such as dividends, are reinvested back into the index. The S&P 500 Index is a capitalization weighted index of 500 stocks, actively traded in the U.S., designed to measure the performance of the broad economy, representing all major industries.

This fund may not be suitable for all investors. • The fund's market value will change in response to interest rate changes and market conditions among other factors. In general, bond prices rise when interest rates fall and vice versa. • The fund's exposure to high yield securities may subject the fund to greater volatility. • The intrinsic value of the underlying stocks in which the fund invests may never be realized or the stock may decline in value. • When market conditions are deemed appropriate, the fund will leverage to the full extent permitted by its investment policies and restrictions and applicable law. Leveraging will exaggerate the effect on net asset value of any increase or decrease in the market value of the fund's portfolio. • The fund may invest in derivative instruments, which may be more volatile and less liquid, increasing the risk of loss when compared to traditional securities. Certain of the derivative instruments are also subject to the risks of counterparty default and adverse tax treatment. • Instruments and strategies (such as borrowing transactions and reverse repurchase agreements) may provide leveraged exposure to a particular investment, which will magnify any gains or losses on those investments. • Investments in reverse repurchase agreements expose the fund to the many of the same risks as investments in derivatives. • The fund's investments in other investment vehicles subject the fund to those risks and expenses affecting the investment vehicle. • The fund's investments in foreign securities carry additional risks when compared to U.S. securities, due to the impact of diplomatic, political or economic developments in the country in question (investments in emerging markets securities are generally subject to an even greater level of risks). • Investments in syndicated bank loans generally offer a floating interest rate and involve special types of risks. • A highly liquid secondary market may not exist for the commodity-linked structured notes the fund invests in, and there can be no assurance that a highly liquid secondary market will develop. • The fund's exposure to the commodity markets may subject the fund to greater volatility as commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates or factors affecting a particular industry or commodity. • The fund's investments in municipal securities can be affected by events that affect the municipal bond market. • The fund's investments in real estate securities subject the fund to the same risks as direct investments in real estate, which is particularly sensitive to economic downturns. • The fund's investments in restricted securities may involve financial and liquidity risk. • You may have a gain or loss when you sell your shares. • It is important to note that the fund is not guaranteed by the U.S. government.

Read the fund’s prospectus and summary prospectus (if available) carefully before investing. It contains the fund’s 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 call 800.820.0888.

The fund is distributed by Rydex Distributors, LLC (RDL). Guggenheim Investments represents the investment advisory businesses of Guggenheim Partners, LLC (GP), which includes Guggenheim Partners Asset Management, LLC (GPAM), the investment advisor to the referenced fund. RDL is affiliated with GP and GPAM.