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“Fund”) seeks to provide current income.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">You may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge discounts if you and your family </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in the Family of Funds, as defined on page </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">207 of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">prospectus. This amount may vary depending on the Guggenheim Fund in which you invest. More information about these and other discounts is available from your financial professional and in the “Sales Charges-Class A Shares” section on page </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">145 of the Fund’s prospectus and the “How to Purchase Shares” section on page 83 of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Statement of Additional Information. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Different intermediaries and financial professionals may impose different sales </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">charges or offer different sales charge waivers or discounts. These variations are described in Appendix A to the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund’s prospectus (Intermediary-Specific Sales Charge Waivers and Discounts).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge discounts if you and your family </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in the Family of Funds, as defined on page </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">207 of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">prospectus. This amount may vary depending on the Guggenheim Fund in which you invest. More information about these and other discounts is available from your financial professional and in the “Sales Charges-Class A Shares” section on page </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">145 of the Fund’s prospectus and the “How to Purchase Shares” section on page 83 of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Statement of Additional Information. </span> 50000 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(fees paid directly from your investment)</span> 0.0400 0 0 0 0 0.0100 0 0 <span style="color:#000000;font-family:Arial;font-size:8.02pt;">A 1.00% deferred sales charge will normally be imposed on purchases of $1,000,000 or more on Fund shares purchased without an initial sales charge that are redeemed within 12 months of purchase.</span><span style="color:#000000;font-family:Arial;font-size:8.02pt;">A 1.00% deferred sales charge will be imposed if Fund shares are redeemed within 12 months of purchase.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">ANNUAL FUND OPERATING EXPENSES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">)</span> 0.0039 0.0039 0.0039 0.0039 0.0025 0.0100 0 0.0025 0.0023 0.0018 0.0020 0.0021 0.0087 0.0157 0.0059 0.0085 -0.0011 -0.0006 -0.0012 -0.0009 0.0076 0.0151 0.0047 0.0076 <span style="font-family:Arial;font-size:8.02pt;">February 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods, unless otherwise indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">higher or lower, based on these assumptions your costs would be:</span> 475 656 853 1420 254 490 849 1862 48 177 317 726 78 262 463 1041 <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You would pay the following expenses if you did not redeem your shares:</span> 154 490 849 1862 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The above Example reflects applicable contractual fee waiver/expense reimbursement arrangements for the current </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">duration of the arrangements only.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="font-family:Arial;font-size:10.02pt;">was </span><span style="font-family:Arial;font-size:10.02pt;">53</span><span style="font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio.</span> 0.53 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">In pursuit of its objective, the Fund will invest, under normal circumstances, at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in investment grade fixed-income securities (i.e., rated in the top four long-term rating categories by a nationally recognized statistical rating organization or, if unrated, determined by Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”), to be of comparable quality). If nationally recognized statistical rating organizations assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality. Such fixed-income securities may include corporate bonds and other corporate debt securities, commercial paper, securities issued by the U.S. government or its agencies and instrumentalities (including those not backed by the full faith and credit of the U.S. government), sovereign debt securities, Eurodollar bonds and obligations, agency and non-agency residential and commercial mortgage-backed securities and other asset-backed securities (such as corporate, consumer and commercial asset-backed securities) including collateralized debt, loan and mortgage obligations, participations in and assignments of loans (such as senior floating rate loans, syndicated bank loans, secured or unsecured loans, bridge loans and other loans), zero-coupon bonds, municipal bonds, payment-in-kind debt securities (such as payment-in-kind bonds), convertible fixed-income securities, non-registered or restricted securities (including securities originally issued in reliance on Rule 144A and Regulation S securities), certain preferred securities and step-up securities (such as step-up bonds). These securities may pay fixed or variable rates of interest. Although the Fund will invest at least 80% of its assets in investment grade fixed-income securities, such securities (especially those in the lowest of the top four long-term rating categories) may have </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">speculative characteristics. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may, without limitation, seek to obtain exposure to the securities in which it primarily invests through a variety of investment vehicles, principally closed-end funds, exchange-traded funds (“ETFs”) and other mutual funds. The Fund may invest up to 20% of its assets in preferred stock. While the Fund will principally invest in securities listed, traded or dealt in developed markets countries globally, it may also invest without limitation in securities listed, traded or dealt in other countries, including emerging markets countries. Such securities may be denominated in foreign currencies. The Investment Manager may attempt to reduce foreign currency exchange rate risk by entering </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">into contracts with banks, brokers or dealers to purchase or sell securities or foreign currencies at a future date. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Consistent with its investment objective and principal investment strategies, the Fund also may invest in debt securities or loans that are not investment grade (also known as “high yield/high risk securities” or “junk bonds”). The Fund also may seek exposures through derivative transactions, principally foreign exchange forward contracts, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">futures on securities, indices, currencies and other investments, Secured Overnight Financing Rate (“SOFR”) futures, options, interest rate swaps, cross-currency swaps, total return swaps, and credit default swaps, which may also create economic leverage in the Fund. The Fund may engage in derivative transactions for speculative purposes to enhance total return, to seek to hedge against fluctuations in securities prices, interest rates or currency rates, to change the effective duration of its portfolio, to manage certain investment risks, as a substitute for the purchase or sale of securities or currencies and/or to obtain or replicate market exposure. The Fund may use leverage to the extent permitted by applicable law by entering into reverse repurchase agreements and transactions equivalent to a borrowing for investment purposes. The Fund also may engage, without limitation, in repurchase agreements. The Fund may also seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as “To Be Announced” (“TBA”) </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">transactions and/or dollar rolls). </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs a diversified, multi-sector strategy focused on under-researched areas of the fixed-income universe, including sectors not typically included in benchmark indices. Through its actively managed approach, the Fund seeks to potentially capitalize on changing relative values in fixed-income sectors. The Investment Manager selects securities and other investments for purchase and sale based on intensive credit research involving extensive due diligence on each issuer, region and sector. The Investment Manager also considers macroeconomic outlook and geopolitical issues, and may employ a tactical asset or sector allocation strategy to seek to capitalize on total return </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">potential created by changing market and economic conditions. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Investment Manager may determine to sell a security for several reasons, including but not limited to the following: (1) to adjust the portfolio’s average maturity or duration, or to shift assets into or out of higher-yielding securities; (2) if a security’s credit rating has been changed, the Investment Manager's credit outlook has changed, or for other similar reasons; (3) to meet redemption requests; (4) to take gains; or (5) due to relative value. Under adverse or unstable market conditions or abnormal circumstances (for example, in the event of credit events, where it is deemed opportune to preserve gains, or to preserve the relative value of investments or in the case of large cash inflows or anticipated large redemptions), the Fund can make temporary investments that are inconsistent with the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund’s principal investment strategies and may not be able to pursue or achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investors in asset-backed securities, including residential mortgage-backed </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities, commercial mortgage-backed securities and other structured finance investments (such as collateralized mortgage obligations), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. As a result, asset-backed securities are particularly subject to credit risk and borrower defaults on the obligations underlying the asset-backed security will result in losses. In addition, asset-backed securities are typically particularly sensitive to changes in interest rates, which can cause the prices of asset-backed securities to be increasingly volatile and adversely affect the Fund’s holdings of asset-backed securities. Some asset-backed securities, including mortgage-backed securities, may have structures that make their performance based on changes in interest rates and other factors difficult to predict, causing their prices to be volatile. Asset-backed securities are also particularly subject to market, liquidity, valuation, prepayment and extension risks, and are also subject to risk of impairment of the value of the underlying asset. Additional risks relating to investments in asset-backed securities may arise principally because of the type of asset-backed securities in which the Fund invests, with such risks primarily associated with the particular assets collateralizing the asset-backed securities, the structure of such asset-backed securities or the tranche or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">priority of the asset-backed security held by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Collateralized Loan Obligations and Collateralized Debt Obligations Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Collateralized loan obligations </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(“CLOs”) bear many of the same risks as other forms of asset-backed securities, including interest rate risk, credit risk and default risk. As they are backed primarily by commercial loans, CLOs also bear many of the same risks as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investing in loans directly. However, in addition to the risks associated with investing in commercial loans, the complex structure and highly leveraged nature of a CLO poses additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in CLOs that are subordinate to other classes; and (iv) the complex structure of the CLO may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. CLOs incur indebtedness by issuing classes or “tranches” that vary in risk and yield. CLOs may experience substantial losses attributable to loan defaults or trading losses. Such losses on the underlying assets are borne first by the holders of subordinate tranches, which may take the form of an equity interest. The Fund’s investments in CLOs may decrease in market value or income when the CLO’s assets experience loan defaults or credit impairment, losses that exceed the most subordinate tranches, or market </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">anticipation of loan defaults and investor aversion to CLO securities as a class. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Collateralized debt obligations (“CDOs”) are structured similarly to CLOs and bear many of the same risks as CLOs, including interest rate risk, credit risk and default risk. CDOs are subject to additional risks because they are backed by pools of assets other than commercial loans, including securities (such as other asset-backed securities), synthetic instruments or bonds, and may be highly leveraged. Like CLOs, losses incurred by a CDO are borne first by holders of the most subordinate tranches. Accordingly, the risks of CDOs depend largely on the type of underlying collateral and the tranche of CDOs in which the Fund invests. Moreover, CDOs that obtain their exposure through </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">synthetic investments are exposed to risks associated with derivative instruments. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The terms of many structured finance investments, including CLOs and CDOs, are tied to SOFR or other reference rates. These relatively new and developing rates may not match the reference rate applicable to the underlying assets related to these investments. These may adversely affect the Fund and its investments in CLOs and CDOs, including their value, volatility and liquidity. CLOs, CDOs and their underlying loan obligations are typically not registered for sale to the public and therefore are subject to certain restrictions on transfer and sale, potentially subjecting them to increased liquidity risk as compared to other types of investments. As a result, the proceeds from the sale of CLO securities may not be readily available to meet the Fund’s redemption or other obligations and the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund may be unable to acquire or dispose of the securities at a price and time that are advantageous to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commercial Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in commercial mortgage-backed securities (“CMBS”) are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">backed by commercial mortgage loans that may be secured, for example, by office properties, retail properties, hotels, mixed use properties or multi-family apartment buildings and are particularly subject to the credit risk of the borrower and the tenants of the properties securing the commercial mortgage loans. CMBS are subject to the risks of asset-backed securities generally, in particular credit risk and interest rate risk, and the commercial real estate markets. Economic downturns, tightening lending standards and increased interest and lending rates, developments adverse to the commercial real estate markets, and other developments that limit or reduce the activities of and demand for commercial retail and office spaces adversely impact the value of, and income generated by, such </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commercial Paper Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of the Fund’s investment in commercial paper, which is an unsecured </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">promissory note that generally has a maturity date between one and 270 days and is issued by a U.S. or foreign entity, is susceptible to changes in the issuer’s financial condition or credit quality. Investments in commercial paper are usually discounted from their value at maturity. Commercial paper can be fixed-rate or variable rate and can be </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adversely affected by changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Convertible Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Convertible securities may be subordinate to other securities. The total return for a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">convertible security depends, in part, upon the performance of the underlying security into which it can be converted. The value of convertible securities tends to decline as interest rates increase. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Certain types of convertible securities may decline in value or lose their value entirely in the event that the issuer’s financial conditions become </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">significantly impaired.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and over-the-counter (“OTC”)-traded</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;"> derivatives involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (e.g., prime brokerage or securities lending arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">obligations to the Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having concentrated </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">exposure to such a counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund could lose money if the issuer or guarantor of a fixed-income or other debt instrument or a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a derivatives transaction or other transaction is unable or unwilling, or perceived by market participants, rating agencies, pricing services or otherwise to be unable or unwilling, to pay interest or repay principal on time, defaults or otherwise fails to meet its obligations. Actual or perceived changes in economic, social, public health, financial or political conditions in general or that affect a particular type of instrument, issuer, guarantor or counterparty can reduce the ability of the party to meet its obligations, which can affect the credit quality, liquidity and/or value of an instrument. The value of an instrument also may decline for reasons that relate directly to the issuer, guarantor or counterparty, such as management performance, financial leverage and reduced demand for goods and services or an actual or perceived change in financial condition or reputation. The issuer, guarantor or counterparty could also suffer a rapid decline in credit rating, which would adversely affect the value, price volatility </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and liquidity of the instrument. Credit ratings may not be an accurate assessment of liquidity or credit risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">currencies will decline in value relative to the U.S. Dollar, which would cause a decline in the value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">tax developments in the U.S. or abroad.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Derivatives and other similar instruments (collectively referred to in this paragraph as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">“derivatives”) pose risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, illiquidity, valuation, operational and legal restrictions and risk. Their use is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in leverage, which may cause the Fund to be more volatile and riskier than if it had not been leveraged. Changes in the value of a derivative may also create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund and its liquidity and other risk profiles. If the Investment Manager is incorrect about its expectations of market conditions, the use of derivatives could also result in a loss, which in some cases may be unlimited. In addition, the Fund's use of derivatives may cause the Fund to realize higher amounts of short term capital gains (generally taxed at ordinary income tax rates) than if the Fund had not used such instruments.  Some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC market. OTC derivatives are subject to heightened counterparty </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">credit, legal, liquidity and valuation risks. Certain risks also are specific to the derivatives in which the Fund invests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Forward Foreign Currency Exchange Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A forward foreign currency exchange contract is an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">OTC obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract. Foreign currency transactions can be affected unpredictably by intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or by currency controls or political developments. Such events may prevent or restrict the Fund’s ability to enter into foreign currency transactions, force the Fund to exit a foreign currency transaction at a disadvantageous time or price or result in penalties for the Fund, any of which may result in a loss to the Fund. A contract to sell a foreign currency would limit any potential gain that might be realized if the value of the currency increases. Suitable hedging transactions may not be available in all circumstances. Engaging in forward foreign currency exchange contracts will subject the Fund to counterparty </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">credit risk and any failure to perform by a counterparty could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Futures Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Futures contracts are exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts may be caused by an imperfect correlation between movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of positions that can be held or controlled by the Fund or the Investment Manager, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">are also subject to leverage and liquidity risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Investment Manager’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions that can be held or controlled by the Fund or the Investment Manager, thus limiting the ability to implement the Fund’s strategies. Options are also particularly subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">leverage risk and can be subject to liquidity risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of swap transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Dollar Roll Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may enter into dollar roll transactions, in which the Fund sells a mortgage-backed</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;"> or other security for settlement on one date and buys back a substantially similar security for settlement at a later date. Dollar rolls involve a risk of loss if the market value of the securities that the Fund is committed to buy </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">declines below the price of the securities the Fund has sold.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in or exposure to emerging markets are generally subject to a greater level of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risks associated with investing in or being exposed to developed foreign markets, as emerging markets are considered to be less developed. Furthermore, investments in or exposure to emerging markets are generally subject to risks in addition to the risks associated with investing in foreign securities, including the risks associated with trading in smaller markets, lower volumes of trading, limited information about issuers and securities, being subject to lower levels of government regulation and less extensive and transparent accounting, auditing, recordkeeping, financial reporting and other requirements, and being subject to potential expropriation or nationalization of private </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">properties and other adverse political, economic and social events.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Extension Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including mortgage- and other asset-backed securities, are subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risk that payments on principal may occur at a slower rate or later than expected. In this event, the expected maturity could lengthen and the Fund’s investment may sharply decrease in value and the Fund’s income from the investment may quickly decline. These types of instruments are particularly subject to extension risk, and offer less potential for gains, during periods of rising interest rates. In addition, the Fund may be delayed in its ability to reinvest income or proceeds from these instruments in potentially higher yielding investments, which would adversely affect </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Foreign Securities and Currency Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Foreign securities carry unique,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">additional and heightened risks when </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">compared to U.S. securities, including</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">but not limited to: currency fluctuations; adverse political (including </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">geopolitical)</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">social and economic developments; trade restrictions (including tariffs) or other government restrictions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">by the U.S. or other governments; unreliable</span><span style="font-family:Arial;font-size:10.02pt;">, untimely or less publicly available information; less government </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">supervision; reporting</span><span style="font-family:Arial;font-size:10.02pt;">, accounting, and auditing standards that are not comparable to those in the United States; less liquidity and more volatility; limited legal recourse and higher transactional costs.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">High Yield and Unrated Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—High yield, below investment grade and unrated high risk debt securities </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(which also may be known as “junk bonds”) are regarded as predominantly speculative by certain rating agencies with respect to the issuer’s continuing ability to meet principal and interest payments. These securities generally present additional risks compared to investment grade bonds and are typically less liquid, and therefore more difficult to value accurately and sell at an advantageous price or time, and present more credit and default risk, including risk of loss (which may be substantial or total loss) of income and principal, than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific factors, such as operating results </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">and outlook, and to real or perceived adverse economic and competitive industry conditions. High yield securities may be issued by companies that </span><span style="font-family:Arial;font-size:10.02pt;">are restructuring, are smaller and less credit worthy or are more highly leveraged </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">or indebted than other companies or are financially distressed, and therefore they typically have more difficulty making scheduled payments of principal and interest than issuers of higher rated investments. Under unusual or adverse economic, market or political conditions, high yield securities may be particularly susceptible to default risk and increased default rates. In the event of default, the Fund may incur additional expenses to seek recovery or to negotiate new terms with a defaulting issuer. Based on its investment strategies, a significant portion of the Fund’s investments (directly or indirectly) can be comprised of high yield, below investment grade and unrated securities </span><span style="font-family:Arial;font-size:10.02pt;">and thus particularly prone to the foregoing risks, which may result in losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed-income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed-income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed-income and other debt instruments decline, sometimes suddenly and significantly. When interest rates decrease, the values of fixed-income and other debt instruments generally rise. During periods of rising interest rates, because changes in interest rates on adjustable rate securities may lag behind changes in market rates, the value of such securities may decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns and performance may be adversely affected by changing interest rates and the Fund's net asset value per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio turnover costs and lower valuations, thereby adversely affecting the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Investment Vehicles Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may seek to obtain certain exposure through investments in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other investment vehicles. Investing in other investment vehicles, including ETFs, closed-end funds, short-term funds advised by the Investment Manager and/or its affiliates and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, which will reduce the Fund’s performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the net asset value of the shares and the listing exchange may halt trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the shares.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Loans Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in loans directly or indirectly through assignments or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">participations. Investments in loans, including loan syndicates and other direct lending opportunities, involve special types of risks, including credit risk, interest rate risk, counterparty risk, prepayment risk, risk of subordination to other creditors, extension risk and risk of insufficient or lack of protection under the federal securities law. Loans may offer a fixed or floating interest rate. Loans are often below investment grade and may be unrated. The Fund’s investments in loans can also be difficult to value accurately because of, among other factors, limited public information regarding the loan or the borrowers and may be more susceptible to liquidity risk than fixed-income instruments of similar credit quality and/or maturity. The Fund is also subject to the risk that the value of any collateral for the loan may be insufficient or unavailable to cover the borrower’s obligations should the borrower fail to make payments, become insolvent, or otherwise default. This risk is increased if the Fund’s loans are secured by a single asset. The Fund may also invest in loans that are not secured by collateral which typically present greater risks than collateralized loans. Transactions in loans are often subject to long settlement periods and often require consent from borrowers and/or an agent acting for the lenders, thus potentially limiting the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. The Fund thus is subject to the risk of selling other investments at disadvantageous times or prices or taking other actions necessary to raise cash to meet its redemption obligations. Participations in loans may subject the Fund to the credit risk of both the borrower and the seller of the participation and may make enforcement of loan covenants, if any, more difficult for the Fund as legal action may have to go through the seller of the participation (or an agent acting on its behalf). Covenants contained in loan documentation are intended to protect lenders and investors by imposing certain restrictions and other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">limitations on a borrower’s and the credit group’s operations or assets and by providing certain information and consent rights to lenders. In addition to operational covenants, loans and other debt obligations often contain financial covenants which require a borrower and the related credit group to satisfy certain financial tests at periodic intervals or to maintain compliance with certain financial metrics. The Fund invests in or is exposed to loans and other similar debt obligations that are sometimes referred to as “covenant-lite” loans or obligations, which generally are loans or other similar debt obligations that lack financial maintenance covenants or possess fewer or contingent financial maintenance covenants and other financial protections for lenders and investors. These “covenant-lite” loans or similar debt obligations are particularly subject to the risks associated with investments in loans as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">described above.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s use of leverage, through borrowings or instruments such as derivatives and reverse </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">repurchase agreements, may cause the Fund to be more volatile and riskier and magnify the Fund's losses to an extent greater than if it had not been leveraged. The use of leverage may also increase the Fund’s sensitivity to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes of the Fund’s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Based on its investment strategies, a significant portion of the Fund's investments can be difficult to value and potentially less liquid and thus particularly prone to the foregoing risks. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment, particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is actively managed, which means that investment decisions are made based on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investment views. There is no guarantee that the investment views will produce the desired results or expected returns. As a result of these and other factors, the Fund may lose value or fail to meet its investment objective or underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active and frequent trading that can accompany active management, also called “high turnover,” may have a negative impact on performance. Active and frequent trading may result in higher brokerage costs or mark-up charges and tax costs, which are ultimately passed on to shareholders of the Fund. Active and frequent trading may also result in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adverse tax consequences.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund's investments may perform poorly or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">underperform the general securities markets or other types of securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Municipal Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Municipal securities are subject to a variety of risks generally associated with </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investments in debt instruments, including credit, interest rate, prepayment, liquidity, and valuation risks, as well as risks specific to municipal securities. The ability of issuers of municipal securities to pay their obligations can be adversely affected by, among other developments or events, (i) unfavorable legislative, tax, political, or other developments or events, including extreme weather, natural or man-made disasters and public health conditions, and (ii) changes in the economic and fiscal conditions of issuers of municipal securities or the federal government (in cases where it provides financial support to such issuers). In addition, the values of, and income generated by, municipal securities may fully or partially depend on a specific revenue or tax source, such as the taxing authority or revenue of a local government, the credit of a private issuer, or the current or anticipated revenues from a specific project. Developments adversely affecting such sources, such as economic, social or public health conditions, would </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">negatively impact the cash flows of such sources and, in turn, municipal securities fully or partially backed by such sources. To the extent the Fund invests a substantial portion of its assets in municipal securities issued by issuers in a particular state, municipality or project or in municipal instruments that finance similar projects, such as those relating to education, healthcare, transportation, housing, utilities, or water and sewer, the Fund will be particularly sensitive to developments and events adversely affecting such state or municipality or with respect to such projects. Certain sectors of the municipal bond market have special risks that can affect them more significantly than the market as a whole. Because many municipal instruments are issued to finance similar projects (such as education, healthcare, transportation and utilities), conditions in these industries can significantly affect the overall municipal market. Municipal securities that are insured may be adversely affected by developments relevant to that particular insurer, or more general developments relevant to the market as a whole. Municipal securities can be difficult to value and be less liquid than other investments, which may affect performance or the ability to meet Fund redemption </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">requests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Preferred Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A company’s preferred stock generally pays dividends only after the company makes </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">required payments to holders of its bonds and other debt. For this reason, the value of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">prospects.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Prepayment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including loans and mortgage- and other asset-backed securities, are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the risk that payments on principal may occur more quickly or earlier than expected. If this occurs, the Fund might be forced to forego future interest income on the principal repaid early and to reinvest income or proceeds at generally lower interest rates, thus reducing the Fund’s yield. These types of instruments are particularly </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">subject to prepayment risk, and offer less potential for gains, during periods of declining interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation applying to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and operations of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreements and Reverse Repurchase Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In the event of the insolvency of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities or other assets sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">rate lower than the cost of the agreement, entering into the agreement will lower the Fund’s yield.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Residential Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Residential mortgage-backed securities (“RMBS”) are backed by </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">residential mortgage loans and are particularly subject to the credit risk of the borrower. RMBS are subject to the risks of asset-backed securities generally, in particular credit risk and interest rate risk, and the residential real estate markets. Delinquencies and losses on RMBS generally increase during periods of adverse economic conditions. Investments in non-agency RMBS, which are not guaranteed by the U.S. government or a government sponsored </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">enterprise, are subject to increased interest rate, credit and other risks, such as liquidity and valuation risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Restricted Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Restricted securities, including those acquired through private placement transactions, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">generally cannot be sold to the public and may involve a high degree of business, financial and liquidity risk, which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">may result in substantial losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sovereign Debt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The debt securities issued by sovereign entities may decline as a result of default or other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">adverse credit event resulting from a sovereign debtor's unwillingness or inability to repay principal and pay interest in a timely manner, which may be affected by a variety of factors, including its cash flow situation, the extent of its reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor's policy toward international lenders, and the political constraints to which a sovereign debtor may be subject. Sovereign debt risk is greater for issuers in emerging </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">markets than issuers in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">To Be Announced (“TBA”) Transactions Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may enter into “To Be Announced” (“TBA”) transactions </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">to purchase or sell mortgage-backed securities for a fixed price at a future date. In a TBA transaction, a seller agrees to deliver a mortgage-backed security to the Fund at a future date, but the seller does not specify the particular security to be delivered. Instead, the Fund agrees to accept or sell any security that meets specified terms. TBA </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">purchase commitments involve a risk of loss if the value of the securities to be purchased declines prior to settlement date or if the counterparty may not deliver the securities as promised. Selling a TBA involves a risk of loss if the value of the securities to be sold goes up prior to settlement date. </span><span style="font-family:Arial;font-size:10.02pt;">Margin requirements applicable to the Fund’s TBA transactions</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">may increase the cost of TBA transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed-income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Zero Coupon and Payment-In-Kind Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Zero coupon and payment-in-kind securities pay no cash </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">interest income and usually are sold at substantial discounts from their value at maturity. Zero coupon and payment-in-kind securities are subject to greater market value fluctuations from changing interest rates than debt obligations of comparable maturities that make current cash-pay interest payments. Additionally, investments in payment-in-kind </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">loans are subject to increased price, volatility, credit risk and other risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s Class A share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s Class A, Class C, Institutional Class, and Class P shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index).</span><span style="font-family:Arial;font-size:10.02pt;">As with all mutual funds, past performance (before and after taxes) is not necessarily an indication of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:10.02pt;"> Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by calling </span><span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span><span style="font-family:Arial;font-size:10.02pt;">.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart does not reflect the impact of the sales charge applicable to Class A shares which, if reflected, would lower the returns shown.</span><span style="font-family:Arial;font-size:10.02pt;"> Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s Class A share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s Class A, Class C, Institutional Class, and Class P shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index).</span> <span style="font-family:Arial;font-size:10.02pt;">As with all mutual funds, past performance (before and after taxes) is not necessarily an indication of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart does not reflect the impact of the sales charge applicable to Class A shares which, if reflected, would lower the returns shown.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">December 31, 2023</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">6.55%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">June 30, 2022</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-7.05%</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2023-12-31 0.0655 <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2022-06-30 -0.0705 <span style="font-family:Arial;font-size:10.02pt;">Average Annual Total Returns (for the periods ended December 31, 2025)</span> 0.0322 -0.0124 0.0238 0.0135 -0.0278 0.0092 0.0188 -0.0158 0.0119 0.0576 -0.0115 0.0204 0.0784 -0.0012 0.0310 0.0752 -0.0043 0.0279 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">After-tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">returns are shown for Class A only. After-tax returns for Class C, Institutional Class, and Class P will vary. The returns </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shown above reflect applicable sales charges, if any.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">After-tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">returns are shown for Class A only. After-tax returns for Class C, Institutional Class, and Class P will vary. The returns </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shown above reflect applicable sales charges, if any.</span> <span style="color:#000000;font-family:Arial;font-size:16.04pt;font-weight:bold;">Guggenheim Floating Rate Strategies Fund</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Guggenheim Floating Rate Strategies Fund (the “Fund”) seeks to provide a high level of current income while </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">maximizing total return.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">You may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge discounts if you and your family </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">$</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in the Family of Funds, as defined on page 207 of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">prospectus. This amount may vary depending on the Guggenheim Fund in which you invest. More information about these and other discounts is available from your financial professional and in the “Sales Charges-Class A Shares” section on page </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">145 of the Fund’s prospectus and the “How to Purchase Shares” section on page 83 of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Statement of Additional Information.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> Different intermediaries and financial professionals may impose different sales </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">charges or offer different sales charge waivers or discounts. These variations are described in Appendix A to the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund’s prospectus (Intermediary-Specific Sales Charge Waivers and Discounts).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge discounts if you and your family </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">$</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in the Family of Funds, as defined on page 207 of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">prospectus. This amount may vary depending on the Guggenheim Fund in which you invest. More information about these and other discounts is available from your financial professional and in the “Sales Charges-Class A Shares” section on page </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">145 of the Fund’s prospectus and the “How to Purchase Shares” section on page 83 of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Statement of Additional Information.</span> 50000 50000 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(fees paid directly from your investment)</span> 0.0300 0 0 0 0 0.0100 0 0 <span style="color:#000000;font-family:Arial;font-size:8.02pt;">A 1.00% deferred sales charge will normally be imposed on purchases of $1,000,000 or more on Fund shares purchased without an initial sales charge that are redeemed within 12 months of purchase.</span><span style="color:#000000;font-family:Arial;font-size:8.02pt;">A 1.00% deferred sales charge will be imposed if Fund shares are redeemed within 12 months of purchase.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">ANNUAL FUND OPERATING EXPENSES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">)</span> 0.0065 0.0065 0.0065 0.0065 0.0025 0.0100 0 0.0025 0.0025 0.0023 0.0026 0.0030 0.0004 0.0004 0.0004 0.0004 0.0021 0.0019 0.0022 0.0026 0.0002 0.0002 0.0002 0.0002 0.0117 0.0190 0.0093 0.0122 -0.0012 -0.0010 -0.0012 -0.0017 0.0105 0.0180 0.0081 0.0105 <span style="font-family:Arial;font-size:8.02pt;">February 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods, unless otherwise indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">higher or lower, based on these assumptions your costs would be:</span> 404 649 913 1667 283 587 1017 2214 83 284 503 1132 107 370 654 1462 <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You would pay the following expenses if you did not redeem your shares:</span> 183 587 1017 2214 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The above Example reflects applicable contractual fee waiver/expense reimbursement arrangements for the current </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">duration of the arrangements only.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="font-family:Arial;font-size:10.02pt;">was </span><span style="font-family:Arial;font-size:10.02pt;">44</span><span style="font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio.</span> 0.44 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund will, under normal circumstances, invest at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in floating rate senior secured syndicated bank loans, floating rate revolving credit facilities (“revolvers”), floating rate unsecured loans, floating rate asset</span><span style="font-family:Arial;font-size:10.02pt;">-backed securities (including floating </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">rate collateralized loan obligations (“CLOs”)), other floating rate bonds, loans, notes and other securities (which may include, principally, senior secured, senior unsecured and subordinated bonds), fixed income instruments with respect to which the Fund has entered into derivative instruments to effectively convert the fixed rate interest payments into floating rate income payments, and derivative instruments (based on their notional value for purposes of this 80% strategy) that provide exposure (i.e., economic characteristics similar) to floating rate or variable rate loans, obligations or other securities. The loans in which the Fund will invest, generally made by banks and other lending institutions, are made to (or issued by) corporations, partnerships and other business entities. Floating rate loans feature rates that reset regularly, maintaining a fixed spread over a reference rate, such as the Secured Overnight Financing Rate ("SOFR"), other references rates derived from SOFR or the prime rates of large money-center banks. The interest rates for floating rate loans typically reset quarterly, although rates on some loans may </span><span style="font-family:Arial;font-size:10.02pt;">adjust at other intervals. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund invests in other fixed-income instruments of various maturities which may be represented by bonds, debt securities, commercial paper, forwards, derivatives or other similar instruments that Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”), believes provide the potential to deliver a high level of current income. Securities in which the Fund invests also may include corporate bonds, convertible securities (including those that are deemed to be “busted” because they are trading well below their equity conversion value), agency and non-agency mortgage-backed securities, asset-backed securities (including collateralized mortgage-backed securities) and CLOs. The Fund may invest in a variety of investment </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">vehicles, such as closed-end funds, exchange-traded funds (“ETFs”) and other mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may hold securities of any quality, rated or unrated, including those that are rated below investment grade, or, if unrated, determined by the Investment Manager to be of quality comparable to below investment grade securities (also known as “high yield securities” or “junk bonds”) or any other quality. The Fund may hold below </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investment grade securities with no limit. The Fund may hold non-registered or restricted securities (consisting of securities originally issued in reliance on Rule 144A and Regulation S securities). The Fund may also invest in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities of real estate investment trusts (“REITs”) and other real estate companies. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund will principally invest in U.S. dollar denominated loans and other securities of U.S. companies, but may also invest in securities of non-U.S. companies, non-U.S. dollar denominated loans and securities (including, but not limited to, denominated in Euros, British pounds, Swiss francs or Canadian dollars), including loans and securities of emerging market countries, sovereign debt securities and Eurodollar bonds and obligations. The Investment Manager may attempt to reduce foreign currency exchange rate risk by entering into contracts with banks, brokers or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">dealers to purchase or sell securities or foreign currencies at a future date (“forward contracts”). </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund also may seek exposures through derivative transactions, including: foreign exchange forward contracts; futures on securities, indices, currencies and other investments; SOFR futures; options; interest rate swaps; cross-currency swaps; total return swaps; and credit default swaps, which may also create economic leverage in the Fund. The Fund may engage in derivative transactions for speculative purposes to enhance total return, to seek to hedge against fluctuations in securities prices, interest rates or currency rates, to change the effective duration of its portfolio, to manage certain investment risks, as a substitute for the purchase or sale of securities or currencies and/or to obtain or replicate market exposure. The Fund may use leverage to the extent permitted by applicable law </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">by entering into reverse repurchase agreements and transactions equivalent to a borrowing for investment purposes. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund also may engage, to the full extent permitted by applicable law, in repurchase agreements, forward commitments, short sales and securities lending. The Fund may, without limitation, seek to obtain exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">investment techniques (such as dollar rolls). </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Investment Manager’s investment philosophy is predicated upon the belief that thorough research and independent thought are rewarded with performance that has the potential to outperform benchmark indexes with </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">both lower volatility and lower correlation of returns as compared to such benchmark indexes. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Investment Manager may determine to sell a security for several reasons, including but not limited to the following: (1) to adjust the portfolio’s average maturity or duration, or to shift assets into or out of higher-yielding securities; (2) if a security’s credit rating has been changed, the Investment Manager's credit outlook has changed, or for other similar reasons; (3) to meet redemption requests; (4) to take gains; or (5) due to relative value. Under certain circumstances, the Fund may invest in securities that are in default at the time of purchase. If a security defaults subsequent to purchase by the Fund, the Investment Manager will determine in its discretion whether to hold or dispose of such security. Under adverse or unstable market conditions or abnormal circumstances (for example, in the event of credit events, where it is deemed opportune to preserve gains, or to preserve the relative value of investments or in the case of large cash inflows or anticipated large redemptions), the Fund can make temporary investments that are inconsistent with the Fund’s principal investment strategies and may not be able to pursue or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investors in asset-backed securities, including residential mortgage-backed </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities, commercial mortgage-backed securities and other structured finance investments (such as collateralized mortgage obligations), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. As a result, asset-backed securities are particularly subject to credit risk and borrower defaults on the obligations underlying the asset-backed security will result in losses. In addition, asset-backed securities are typically particularly sensitive to changes in interest rates, which can cause the prices of asset-backed securities to be increasingly volatile and adversely affect </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the Fund’s holdings of asset-backed securities. Some asset-backed securities, including mortgage-backed securities, may have structures that make their performance based on changes in interest rates and other factors difficult to predict, causing their prices to be volatile. Asset-backed securities are also particularly subject to market, liquidity, valuation, prepayment and extension risks, and are also subject to risk of impairment of the value of the underlying asset. Additional risks relating to investments in asset-backed securities may arise principally because of the type of asset-backed securities in which the Fund invests, with such risks primarily associated with the particular assets collateralizing the asset-backed securities, the structure of such asset-backed securities or the tranche or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">priority of the asset-backed security held by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Collateralized Loan Obligations and Collateralized Debt Obligations Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Collateralized loan obligations </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(“CLOs”) bear many of the same risks as other forms of asset-backed securities, including interest rate risk, credit risk and default risk. As they are backed primarily by commercial loans, CLOs also bear many of the same risks as investing in loans directly. However, in addition to the risks associated with investing in commercial loans, the complex structure and highly leveraged nature of a CLO poses additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in CLOs that are subordinate to other classes; and (iv) the complex structure of the CLO may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. CLOs incur indebtedness by issuing classes or “tranches” that vary in risk and yield. CLOs may experience substantial losses attributable to loan defaults or trading losses. Such losses on the underlying assets are borne first by the holders of subordinate tranches, which may take the form of an equity interest. The Fund’s investments in CLOs may decrease in market value or income when the CLO’s assets experience loan defaults or credit impairment, losses that exceed the most subordinate tranches, or market </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">anticipation of loan defaults and investor aversion to CLO securities as a class. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Collateralized debt obligations (“CDOs”) are structured similarly to CLOs and bear many of the same risks as CLOs, including interest rate risk, credit risk and default risk. CDOs are subject to additional risks because they are backed by pools of assets other than commercial loans, including securities (such as other asset-backed securities), synthetic instruments or bonds, and may be highly leveraged. Like CLOs, losses incurred by a CDO are borne first by holders of the most subordinate tranches. Accordingly, the risks of CDOs depend largely on the type of underlying collateral and the tranche of CDOs in which the Fund invests. Moreover, CDOs that obtain their exposure through </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">synthetic investments are exposed to risks associated with derivative instruments. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The terms of many structured finance investments, including CLOs and CDOs, are tied to SOFR or other reference rates. These relatively new and developing rates may not match the reference rate applicable to the underlying assets related to these investments. These may adversely affect the Fund and its investments in CLOs and CDOs, including their value, volatility and liquidity. CLOs, CDOs and their underlying loan obligations are typically not registered for sale to the public and therefore are subject to certain restrictions on transfer and sale, potentially subjecting them to increased liquidity risk as compared to other types of investments. As a result, the proceeds from the sale of CLO securities may not be readily available to meet the Fund’s redemption or other obligations and the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund may be unable to acquire or dispose of the securities at a price and time that are advantageous to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commercial Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in commercial mortgage-backed securities (“CMBS”) are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">backed by commercial mortgage loans that may be secured, for example, by office properties, retail properties, hotels, mixed use properties or multi-family apartment buildings and are particularly subject to the credit risk of the borrower and the tenants of the properties securing the commercial mortgage loans. CMBS are subject to the risks of asset-backed securities generally, in particular credit risk and interest rate risk, and the commercial real estate markets. Economic downturns, tightening lending standards and increased interest and lending rates, developments adverse to the commercial real estate markets, and other developments that limit or reduce the activities of and demand for commercial retail and office spaces adversely impact the value of, and income generated by, such </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commercial Paper Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of the Fund’s investment in commercial paper, which is an unsecured </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">promissory note that generally has a maturity date between one and 270 days and is issued by a U.S. or foreign entity, is susceptible to changes in the issuer’s financial condition or credit quality. Investments in commercial paper are usually discounted from their value at maturity. Commercial paper can be fixed-rate or variable rate and can be </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adversely affected by changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Convertible Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Convertible securities may be subordinate to other securities. The total return for a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">convertible security depends, in part, upon the performance of the underlying security into which it can be converted. The value of convertible securities tends to decline as interest rates increase. Convertible securities generally offer </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">lower interest or dividend yields than non-convertible securities of similar quality. Certain types of convertible securities may decline in value or lose their value entirely in the event that the issuer’s financial conditions become </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">significantly impaired.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and over-the-counter (“OTC”)-traded</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;"> derivatives involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (e.g., prime brokerage or securities lending arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">obligations to the Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having concentrated </span><span style="font-family:Arial;font-size:10.02pt;">exposure to such a counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund could lose money if the issuer or guarantor of a fixed-income or other debt instrument or a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a derivatives transaction or other transaction is unable or unwilling, or perceived by market participants, rating agencies, pricing services or otherwise to be unable or unwilling, to pay interest or repay principal on time, defaults or otherwise fails to meet its obligations. Actual or perceived changes in economic, social, public health, financial or political conditions in general or that affect a particular type of instrument, issuer, guarantor or counterparty can reduce the ability of the party to meet its obligations, which can affect the credit quality, liquidity and/or value of an instrument. The value of an instrument also may decline for reasons that relate directly to the issuer, guarantor or counterparty, such as management performance, financial leverage and reduced demand for goods and services or an actual or perceived change in financial condition or reputation. The issuer, guarantor or counterparty could also suffer a rapid decline in credit rating, which would adversely affect the value, price volatility </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and liquidity of the instrument. Credit ratings may not be an accurate assessment of liquidity or credit risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">currencies will decline in value relative to the U.S. Dollar, which would cause a decline in the value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">tax developments in the U.S. or abroad.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Derivatives and other similar instruments (collectively referred to in this paragraph as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">“derivatives”) pose risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, illiquidity, valuation, operational and legal restrictions and risk. Their use is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in leverage, which may cause the Fund to be more volatile and riskier than if it had not been leveraged. Changes in the value of a derivative may also create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund and its liquidity and other risk profiles. If the Investment Manager is incorrect about its expectations of market conditions, the use of derivatives could also result in a loss, which in some cases may be unlimited. In addition, the Fund's use of derivatives may cause the Fund to realize higher amounts of short term capital gains (generally taxed at ordinary income tax rates) than if the Fund had not used such instruments.  Some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC market. OTC derivatives are subject to heightened counterparty </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">credit, legal, liquidity and valuation risks. Certain risks also are specific to the derivatives in which the Fund invests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Forward Foreign Currency Exchange Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A forward foreign currency exchange contract is an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">OTC obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract. Foreign currency transactions can be affected unpredictably by intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or by currency controls or political developments. Such events may prevent or restrict the Fund’s ability to enter into foreign currency transactions, force the Fund to exit a foreign currency transaction at a disadvantageous time or price or result in penalties for the Fund, any of which may result in a loss to the Fund. A contract to sell a foreign currency would limit any potential gain that might be realized if the value of the currency increases. Suitable hedging transactions may not be available in all circumstances. Engaging in forward foreign currency exchange contracts will subject the Fund to counterparty </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">credit risk and any failure to perform by a counterparty could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Dollar Roll Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may enter into dollar roll transactions, in which the Fund sells a mortgage-backed</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;"> or other security for settlement on one date and buys back a substantially similar security for settlement at a later date. Dollar rolls involve a risk of loss if the market value of the securities that the Fund is committed to buy </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">declines below the price of the securities the Fund has sold.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in or exposure to emerging markets are generally subject to a greater level of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risks associated with investing in or being exposed to developed foreign markets, as emerging markets are considered to be less developed. Furthermore, investments in or exposure to emerging markets are generally subject to risks in addition to the risks associated with investing in foreign securities, including the risks associated with trading in smaller markets, lower volumes of trading, limited information about issuers and securities, being subject to lower levels of government regulation and less extensive and transparent accounting, auditing, recordkeeping, financial reporting and other requirements, and being subject to potential expropriation or nationalization of private </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">properties and other adverse political, economic and social events.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Extension Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including mortgage- and other asset-backed securities, are subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risk that payments on principal may occur at a slower rate or later than expected. In this event, the expected maturity could lengthen and the Fund’s investment may sharply decrease in value and the Fund’s income from the investment may quickly decline. These types of instruments are particularly subject to extension risk, and offer less potential for gains, during periods of rising interest rates. In addition, the Fund may be delayed in its ability to reinvest income or proceeds from these instruments in potentially higher yielding investments, which would adversely affect </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Foreign Securities and Currency Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Foreign securities carry unique,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">additional and heightened risks when </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">compared to U.S. securities, including</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">but not limited to: currency fluctuations; adverse political (including </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">geopolitical)</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">social and economic developments; trade restrictions (including tariffs) or other government restrictions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">by the U.S. or other governments; unreliable</span><span style="font-family:Arial;font-size:10.02pt;">, untimely or less publicly available information; less government </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">supervision; reporting</span><span style="font-family:Arial;font-size:10.02pt;">, accounting, and auditing standards that are not comparable to those in the United States; less liquidity and more volatility; limited legal recourse and higher transactional costs.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">High Yield and Unrated Securities Risk</span><span style="font-family:Arial;font-size:10.02pt;">—High yield, below investment grade and unrated high risk debt securities </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">(which also may be known as “junk bonds”) are regarded as predominantly speculative by certain rating agencies with respect to the issuer’s continuing ability to meet principal and interest payments. These securities generally present additional risks compared to investment grade bonds and are typically less liquid, and therefore more difficult to value accurately and sell at an advantageous price or time, and present more credit and default risk, including risk of loss (which may be substantial or total loss) of income and principal, than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific factors, such as operating results and outlook, and to real or perceived adverse economic and competitive industry conditions. High yield securities may be issued by companies that </span><span style="font-family:Arial;font-size:10.02pt;">are restructuring, are smaller and less credit worthy or are more highly leveraged </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">or indebted than other companies or are financially distressed, and therefore they typically have more difficulty making scheduled payments of principal and interest than issuers of higher rated investments. Under unusual or adverse economic, market or political conditions, high yield securities may be particularly susceptible to default risk and increased default rates. In the event of default, the Fund may incur additional expenses to seek recovery or to negotiate new terms with a defaulting issuer. Based on its investment strategies, a significant portion of the Fund’s investments (directly or indirectly) can be comprised of high yield, below investment grade and unrated securities </span><span style="font-family:Arial;font-size:10.02pt;">and thus particularly prone to the foregoing risks, which may result in losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed-income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed-income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed-income and other debt instruments decline, sometimes suddenly and significantly. When interest rates decrease, the values of fixed-income and other debt instruments generally rise. During periods of rising interest rates, because changes in interest rates on adjustable rate securities may lag behind changes in market rates, the value of such securities may decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund’s yield, returns and performance may be adversely affected by changing interest rates and the Fund's net asset value per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio turnover costs and lower valuations, thereby adversely affecting the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Investment Vehicles Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may seek to obtain certain exposure through investments in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other investment vehicles. Investing in other investment vehicles, including ETFs, closed-end funds, short-term funds advised by the Investment Manager and/or its affiliates and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, which will reduce the Fund’s performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the net asset value of the shares and the listing exchange may halt trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the shares.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Loans Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in loans directly or indirectly through assignments or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">participations. Investments in loans, including loan syndicates and other direct lending opportunities, involve special types of risks, including credit risk, interest rate risk, counterparty risk, prepayment risk, risk of subordination to other creditors, extension risk and risk of insufficient or lack of protection under the federal securities law. Loans may offer a fixed or floating interest rate. Loans are often below investment grade and may be unrated. The Fund’s investments in loans can also be difficult to value accurately because of, among other factors, limited public information regarding the loan or the borrowers and may be more susceptible to liquidity risk than fixed-income instruments of similar credit quality and/or maturity. The Fund is also subject to the risk that the value of any collateral for the loan may be insufficient or unavailable to cover the borrower’s obligations should the borrower fail to make payments, become insolvent, or otherwise default. This risk is increased if the Fund’s loans are secured by a single asset. The Fund may also invest in loans that are not secured by collateral which typically present greater risks than collateralized loans. Transactions in loans are often subject to long settlement periods and often require consent from borrowers and/or an agent acting for the lenders, thus potentially limiting the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. The Fund thus is subject to the risk of selling other investments at disadvantageous times or prices or taking other actions necessary to raise cash to meet its redemption obligations. Participations in loans may subject the Fund to the credit risk of both the borrower and the seller of the participation and may make enforcement of loan covenants, if any, more difficult for the Fund as legal action may have to go through the seller of the participation (or an agent acting on its behalf). Covenants contained in loan documentation are intended to protect lenders and investors by imposing certain restrictions and other limitations on a borrower’s and the credit group’s operations or assets and by providing certain information and consent rights to lenders. In addition to operational covenants, loans and other debt obligations often contain financial covenants, which require a borrower and the related credit group to satisfy certain financial tests at periodic intervals or to maintain compliance with certain financial metrics. The Fund invests predominantly in or is exposed to loans and other similar debt obligations that are sometimes referred to as “covenant-lite” loans or obligations, which generally are loans or other similar debt obligations that lack financial maintenance covenants or possess fewer or contingent financial maintenance covenants and other financial protections for lenders and investors. These “covenant-lite” loans or similar debt obligations are particularly subject to the risks associated with investments in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">loans as described above.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s use of leverage, through borrowings or instruments such as derivatives and reverse </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">repurchase agreements, may cause the Fund to be more volatile and riskier and magnify the Fund's losses to an extent greater than if it had not been leveraged. The use of leverage may also increase the Fund’s sensitivity to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes of the Fund’s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Based </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">on its investment strategies, a significant portion of the Fund's investments can be difficult to value and potentially less liquid and thus particularly prone to the foregoing risks. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment, particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is actively managed, which means that investment decisions are made based on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investment views. There is no guarantee that the investment views will produce the desired results or expected returns. As a result of these and other factors, the Fund may lose value or fail to meet its investment objective or underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active and frequent trading that can accompany active management, also called “high turnover,” may have a negative impact on performance. Active and frequent trading may result in higher brokerage costs or mark-up charges and tax costs, which are ultimately passed on to shareholders of the Fund. Active and frequent trading may also result in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adverse tax consequences.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund's investments may perform poorly or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">underperform the general securities markets or other types of securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Prepayment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including loans and mortgage- and other asset-backed securities, are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the risk that payments on principal may occur more quickly or earlier than expected. If this occurs, the Fund might be forced to forego future interest income on the principal repaid early and to reinvest income or proceeds at generally lower interest rates, thus reducing the Fund’s yield. These types of instruments are particularly </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">subject to prepayment risk, and offer less potential for gains, during periods of declining interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Real Estate Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in securities of real estate companies and companies related </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">to the real estate industry, including real estate investment trusts (“REITs”), which are subject to the same risks as direct investments in real estate and the real estate market generally. The real estate industry is particularly sensitive to, among other things, economic downturns, changes in interest rates, changes in national, state or local real estate conditions, changes in the availability, cost and terms of mortgages (and other types of financing) and fluctuations in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">occupancy levels and demand for properties.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation applying to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and operations of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreements and Reverse Repurchase Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In the event of the insolvency of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities or other assets sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">rate lower than the cost of the agreement, entering into the agreement will lower the Fund’s yield.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Residential Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Residential mortgage-backed securities (“RMBS”) are backed by </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">residential mortgage loans and are particularly subject to the credit risk of the borrower. RMBS are subject to the risks of asset-backed securities generally, in particular credit risk and interest rate risk, and the residential real estate markets. Delinquencies and losses on RMBS generally increase during periods of adverse economic conditions. Investments in non-agency RMBS, which are not guaranteed by the U.S. government or a government sponsored </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">enterprise, are subject to increased interest rate, credit and other risks, such as liquidity and valuation risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Restricted Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Restricted securities, including those acquired through private placement transactions, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">generally cannot be sold to the public and may involve a high degree of business, financial and liquidity risk, which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">may result in substantial losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Securities lending involves a risk that the borrower may fail to return the securities or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">deliver the proper amount of collateral, which may result in a loss to the Fund. In the event of bankruptcy of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">borrower, the Fund could experience losses or delays in recovering the loaned securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Short Sale Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Short selling a security involves selling a borrowed security with the expectation that the value of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">that security will decline so that the security may be purchased at a lower price when returning the borrowed security. The loss on a short sale, which, in some cases, may be theoretically unlimited, may be greater than the original value of the securities sold short because the price of the borrowed security may rise, thereby increasing the price at which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the security must be purchased. Government actions also may affect the Fund’s ability to engage in short selling.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sovereign Debt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The debt securities issued by sovereign entities may decline as a result of default or other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">adverse credit event resulting from a sovereign debtor's unwillingness or inability to repay principal and pay interest in a timely manner, which may be affected by a variety of factors, including its cash flow situation, the extent of its reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor's policy toward international lenders, and the political constraints to which a sovereign debtor may be subject. Sovereign debt risk is greater for issuers in emerging </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">markets than issuers in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Special Situation Investments/Securities in Default Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in the securities and debt of distressed </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">issuers or issuers in default or distressed situations involve far greater risk than investing in issuers whose debt obligations are being met and whose debt trades at or close to its “par” or full value because the investments in the securities and debt of distressed issuers or issuers in default are highly speculative with respect to the issuer’s ability </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">to make interest payments and/or to pay its principal obligations in full and/or on time.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">When Issued, Forward Commitment and Delayed-Delivery Transactions Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—When-issued, forward-commitment</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;"> and delayed-delivery transactions involve a commitment to purchase or sell specific securities at a predetermined price or yield in which payment and delivery take place after the customary settlement period for that type of security. When purchasing securities pursuant to one of these transactions, payment for the securities is not required until the delivery date. However, the purchaser assumes the rights and risks of ownership, including the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">risks of price and yield fluctuations and the risk that the security will not be issued as anticipated.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s Class A share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s Class A, Class C, Institutional Class, and Class P shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) and an additional index (S&amp;P UBS Leveraged Loan Index).</span><span style="font-family:Arial;font-size:10.02pt;">As with all mutual funds, past performance </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">(before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:10.02pt;"> Updated </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by calling </span><span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span><span style="font-family:Arial;font-size:10.02pt;">.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart does not reflect the impact of the sales charge applicable to Class A shares which, if reflected, would lower the returns shown.</span><span style="font-family:Arial;font-size:10.02pt;"> Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s Class A share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s Class A, Class C, Institutional Class, and Class P shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) and an additional index (S&amp;P UBS Leveraged Loan Index).</span> <span style="font-family:Arial;font-size:10.02pt;">As with all mutual funds, past performance </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">(before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart does not reflect the impact of the sales charge applicable to Class A shares which, if reflected, would lower the returns shown.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10.02pt;">8.15%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10.02pt;">-13.67%</span> <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2020-06-30 0.0815 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2020-03-31 -0.1367 <span style="font-family:Arial;font-size:10.02pt;">Average Annual Total Returns (for the periods ended December 31, 2025)</span> 0.0072 0.0473 0.0422 -0.0212 0.0210 0.0202 0.0040 0.0246 0.0225 0.0211 0.0458 0.0376 0.0409 0.0561 0.0478 0.0384 0.0536 0.0453 0.0730 -0.0036 0.0201 0.0594 0.0637 0.0578 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">After-tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">returns are shown for Class A only. After-tax returns for Class C, Institutional Class, and Class P will vary. The returns </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shown above reflect applicable sales charges, if any.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">After-tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">returns are shown for Class A only. After-tax returns for Class C, Institutional Class, and Class P will vary. The returns </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shown above reflect applicable sales charges, if any.</span> <span style="color:#000000;font-family:Arial;font-size:16.04pt;font-weight:bold;">Guggenheim High Yield Fund</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Guggenheim High Yield Fund (the “Fund”) seeks high current income. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Capital appreciation is a secondary objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Capital appreciation is a secondary objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">You may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge discounts if you and your family </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">$</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in the Family of Funds, as defined on page 207 of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">prospectus. This amount may vary depending on the Guggenheim Fund in which you invest. More information about these and other discounts is available from your financial professional and in the “Sales Charges-Class A Shares” section on page </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">145 of the Fund’s prospectus and the “How to Purchase Shares” section on page 83 of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Statement of Additional Information.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> Different intermediaries and financial professionals may impose different sales </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">charges or offer different sales charge waivers or discounts. These variations are described in Appendix A to the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund’s prospectus (Intermediary-Specific Sales Charge Waivers and Discounts).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge discounts if you and your family </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">$</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in the Family of Funds, as defined on page 207 of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">prospectus. This amount may vary depending on the Guggenheim Fund in which you invest. More information about these and other discounts is available from your financial professional and in the “Sales Charges-Class A Shares” section on page </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">145 of the Fund’s prospectus and the “How to Purchase Shares” section on page 83 of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Statement of Additional Information.</span> 50000 50000 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(fees paid directly from your investment)</span> 0.0400 0 0 0 0 0.0100 0 0 -0.0200 -0.0200 -0.0200 -0.0200 <span style="color:#000000;font-family:Arial;font-size:8.02pt;">A 1.00% deferred sales charge will normally be imposed on purchases of $1,000,000 or more on Fund shares purchased without an initial sales charge that are redeemed within 12 months of purchase.</span><span style="color:#000000;font-family:Arial;font-size:8.02pt;">A 1.00% deferred sales charge will be imposed if Fund shares are redeemed within 12 months of purchase.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">ANNUAL FUND OPERATING EXPENSES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">)</span> 0.0060 0.0060 0.0060 0.0060 0.0025 0.0100 0 0.0025 0.0034 0.0034 0.0031 0.0042 0.0119 0.0194 0.0091 0.0127 -0.0028 -0.0028 -0.0025 -0.0036 0.0091 0.0166 0.0066 0.0091 <span style="font-family:Arial;font-size:8.02pt;">February 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods, unless otherwise indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">higher or lower, based on these assumptions your costs would be:</span> 489 736 1002 1762 269 582 1021 2242 67 265 479 1097 93 367 662 1502 <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You would pay the following expenses if you did not redeem your shares:</span> 169 582 1021 2242 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The above Example reflects applicable contractual fee waiver/expense reimbursement arrangements for the current </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">duration of the arrangements only.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="font-family:Arial;font-size:10.02pt;">was </span><span style="font-family:Arial;font-size:10.02pt;">49</span><span style="font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio.</span> 0.49 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pursues its objective by investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes), under normal circumstances, in a broad range of high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization or, if unrated, determined by Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”), to be of comparable quality (also known as “junk bonds”). If nationally recognized statistical rating organizations assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality. Debt securities in which the Fund may invest include, without limitation: corporate bonds and notes, convertible securities, commercial paper, discount notes, securities issued by the U.S. government or its agencies and instrumentalities (including those not backed by the full faith and credit of the U.S. government), agency and non-agency mortgage-backed securities and other asset-backed securities (including collateralized debt obligations), participations in and assignments of loans (such as senior floating rate loans, syndicated bank loans, secured or unsecured loans, bridge loans and other loans), floating rate revolving credit facilities (“revolvers”), debtor-in-possession loans (“DIPs”) and other loans, and sovereign debt securities and Eurodollar bonds and obligations. These securities may pay fixed or variable rates of interest. These securities also </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">may be restricted securities, including Rule 144A securities that are eligible for resale to qualified institutional buyers. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund also may invest in a variety of investment vehicles, principally closed-end funds, exchange-traded funds (“ETFs”) and other mutual funds. The Fund may invest up to 10% of its net assets in securities that are in default at the time of purchase. The debt securities in which the Fund invests will primarily be domestic securities, but may also include foreign securities. Such securities may be denominated in foreign currencies. The Investment Manager may attempt to reduce foreign currency exchange rate risk by entering into contracts with banks, brokers or dealers to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">purchase or sell securities or foreign currencies at a future date. The Fund may also invest in preferred securities. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund also may seek exposures through derivative transactions, including: foreign exchange forward contracts; futures on securities, indices, currencies and other investments; Secured Overnight Financing Rate (“SOFR”) futures; options; interest rate swaps; cross-currency swaps; total return swaps; and credit default swaps, which may also create economic leverage in the Fund. The Fund may engage in derivative transactions for speculative purposes </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">to enhance total return, to seek to hedge against fluctuations in securities prices, interest rates or currency rates, to change the effective duration of its portfolio, to manage certain investment risks, as a substitute for the purchase or sale of securities or currencies and/or to obtain or replicate market exposure. The Fund may use leverage to the extent permitted by applicable law by entering into reverse repurchase agreements and transactions equivalent to a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">borrowing for investment purposes. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may invest in a basket of debt securities and other instruments (the “Debt Overlay Basket”) and write (sell) out-of-the-money call options (i.e., call options for which the current price of the underlying asset is below the strike price) or near at-the-money call options (i.e., call options for which the current price of the underlying asset is close to the strike price) on a fixed-income ETF (the “Underlying Bond ETF”) in an amount that creates a notional exposure approximately equal to or less than the investment exposure created by the Debt Overlay Basket. This strategy is </span><span style="font-family:Arial;font-size:10.02pt;">intended to generate current income in the form of options premiums. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund also may engage, to the full extent permitted by applicable law, in repurchase agreements, forward commitments, short sales and securities lending. The Fund may, without limitation, seek to obtain exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">investment techniques (such as dollar rolls). </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Investment Manager selects securities and other investments for purchase and sale based on intensive credit research involving extensive due diligence on each issuer, region and sector, and also considers macroeconomic </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">outlook and geopolitical issues. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Investment Manager may determine to sell a security for several reasons, including but not limited to the following: (1) to adjust the portfolio’s average maturity or duration, or to shift assets into or out of higher-yielding securities; (2) if a security’s credit rating has been changed, the Investment Manager's credit outlook has changed, or for other similar reasons; (3) to meet redemption requests; (4) to take gains; or (5) due to relative value. Under adverse or unstable market conditions or abnormal circumstances (for example, in the event of credit events, where it is deemed opportune to preserve gains, or to preserve the relative value of investments or in the case of large cash inflows or anticipated large redemptions), the Fund can make temporary investments that are inconsistent with the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund’s principal investment strategies and may not be able to pursue or achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investors in asset-backed securities, including residential mortgage-backed </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities, commercial mortgage-backed securities and other structured finance investments (such as collateralized mortgage obligations), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. As a result, asset-backed securities are particularly subject to credit risk and borrower defaults on the obligations underlying the asset-backed security will result in losses. In addition, asset-backed securities are typically particularly sensitive to changes in interest rates, which can cause the prices of asset-backed securities to be increasingly volatile and adversely affect the Fund’s holdings of asset-backed securities. Some asset-backed securities, including mortgage-backed securities, may have structures that make their performance based on changes in interest rates and other factors difficult to predict, causing their prices to be volatile. Asset-backed securities are also particularly subject to market, liquidity, valuation, prepayment and extension risks, and are also subject to risk of impairment of the value of the underlying asset. Additional risks relating to investments in asset-backed securities may arise principally because of the type of asset-backed securities in which the Fund invests, with such risks primarily associated with the particular assets collateralizing the asset-backed securities, the structure of such asset-backed securities or the tranche or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">priority of the asset-backed security held by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Collateralized Loan Obligations and Collateralized Debt Obligations Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Collateralized loan obligations </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(“CLOs”) bear many of the same risks as other forms of asset-backed securities, including interest rate risk, credit risk and default risk. As they are backed primarily by commercial loans, CLOs also bear many of the same risks as investing in loans directly. However, in addition to the risks associated with investing in commercial loans, the complex structure and highly leveraged nature of a CLO poses additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in CLOs that are subordinate to other classes; and (iv) the complex structure of the CLO may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. CLOs incur indebtedness by issuing classes or “tranches” that vary in risk and yield. CLOs may experience substantial losses attributable to loan defaults or trading losses. Such losses on the underlying assets are borne first by the holders of subordinate tranches, which may take the form of an equity interest. The Fund’s investments in CLOs may decrease in market value or income when the CLO’s assets experience loan defaults or credit impairment, losses that exceed the most subordinate tranches, or market </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">anticipation of loan defaults and investor aversion to CLO securities as a class. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Collateralized debt obligations (“CDOs”) are structured similarly to CLOs and bear many of the same risks as CLOs, including interest rate risk, credit risk and default risk. CDOs are subject to additional risks because they are backed by pools of assets other than commercial loans, including securities (such as other asset-backed securities), synthetic instruments or bonds, and may be highly leveraged. Like CLOs, losses incurred by a CDO are borne first by holders of the most subordinate tranches. Accordingly, the risks of CDOs depend largely on the type of underlying collateral and the tranche of CDOs in which the Fund invests. Moreover, CDOs that obtain their exposure through </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">synthetic investments are exposed to risks associated with derivative instruments. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The terms of many structured finance investments, including CLOs and CDOs, are tied to SOFR or other reference rates. These relatively new and developing rates may not match the reference rate applicable to the underlying assets related to these investments. These may adversely affect the Fund and its investments in CLOs and CDOs, including their value, volatility and liquidity. CLOs, CDOs and their underlying loan obligations are typically not registered for sale to the public and therefore are subject to certain restrictions on transfer and sale, potentially subjecting them to increased liquidity risk as compared to other types of investments. As a result, the proceeds from the sale of CLO securities may not be readily available to meet the Fund’s redemption or other obligations and the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund may be unable to acquire or dispose of the securities at a price and time that are advantageous to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commercial Paper Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of the Fund’s investment in commercial paper, which is an unsecured </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">promissory note that generally has a maturity date between one and 270 days and is issued by a U.S. or foreign entity, is susceptible to changes in the issuer’s financial condition or credit quality. Investments in commercial paper are usually discounted from their value at maturity. Commercial paper can be fixed-rate or variable rate and can be </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adversely affected by changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Convertible Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Convertible securities may be subordinate to other securities. The total return for a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">convertible security depends, in part, upon the performance of the underlying security into which it can be converted. The value of convertible securities tends to decline as interest rates increase. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Certain types of convertible securities may decline in value or lose their value entirely in the event that the issuer’s financial conditions become </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">significantly impaired.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and over-the-counter (“OTC”)-traded</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;"> derivatives involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (e.g., prime brokerage or securities lending arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">obligations to the Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having concentrated </span><span style="font-family:Arial;font-size:10.02pt;">exposure to such a counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund could lose money if the issuer or guarantor of a fixed-income or other debt instrument or a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a derivatives transaction or other transaction is unable or unwilling, or perceived by market participants, rating agencies, pricing services or otherwise to be unable or unwilling, to pay interest or repay principal </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">on time, defaults or otherwise fails to meet its obligations. Actual or perceived changes in economic, social, public health, financial or political conditions in general or that affect a particular type of instrument, issuer, guarantor or counterparty can reduce the ability of the party to meet its obligations, which can affect the credit quality, liquidity and/or value of an instrument. The value of an instrument also may decline for reasons that relate directly to the issuer, guarantor or counterparty, such as management performance, financial leverage and reduced demand for goods and services or an actual or perceived change in financial condition or reputation. The issuer, guarantor or counterparty could also suffer a rapid decline in credit rating, which would adversely affect the value, price volatility </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and liquidity of the instrument. Credit ratings may not be an accurate assessment of liquidity or credit risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">currencies will decline in value relative to the U.S. Dollar, which would cause a decline in the value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">tax developments in the U.S. or abroad.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Derivatives and other similar instruments (collectively referred to in this paragraph as </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">“derivatives”) pose risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, illiquidity, valuation, operational and legal restrictions and risk. Their use is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in leverage, which may cause the Fund to be more volatile and riskier than if it had not been leveraged. </span><span style="font-family:Arial;font-size:10.02pt;">The Fund's use of derivatives to obtain short exposure may result in greater </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">volatility of the Fund's net asset value (“NAV”) per share.</span><span style="font-family:Arial;font-size:10.02pt;"> Changes in the value of a derivative may also create </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund and its liquidity and other risk profiles. If the Investment Manager is incorrect about its expectations of market conditions, the use of derivatives could also result in a loss, which in some cases may be unlimited. In addition, the Fund's use of derivatives </span><span style="font-family:Arial;font-size:10.02pt;">(including written call options) may cause the Fund to realize higher amounts </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">of short term capital gains (generally taxed at ordinary income tax rates) than if the Fund had not used such instruments.  Some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC market. OTC derivatives are subject to heightened counterparty credit, legal, liquidity and valuation risks. Certain </span><span style="font-family:Arial;font-size:10.02pt;">risks also are specific to the derivatives in which the Fund invests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Forward Foreign Currency Exchange Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A forward foreign currency exchange contract is an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">OTC obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract. Foreign currency transactions can be affected unpredictably by intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or by currency controls or political developments. Such events may prevent or restrict the Fund’s ability to enter into foreign currency transactions, force the Fund to exit a foreign currency transaction at a disadvantageous time or price or result in penalties for the Fund, any of which may result in a loss to the Fund. A contract to sell a foreign currency would limit any potential gain that might be realized if the value of the currency increases. Suitable hedging transactions may not be available in all circumstances. Engaging in forward foreign currency exchange contracts will subject the Fund to counterparty </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">credit risk and any failure to perform by a counterparty could result in a loss to the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Investment Manager’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions that can be held or controlled by the Fund or the Investment Manager, thus limiting the ability to implement the Fund’s strategies. Options are also particularly subject to </span><span style="font-family:Arial;font-size:10.02pt;">leverage risk and can be subject to liquidity risk. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Additionally, the Fund’s strategy to invest in the Debt Overlay Basket and write call options on the Underlying Bond ETF is subject to additional risks, including, but not limited to,  the risk of loss associated with the Underlying Bond ETF outperforming the Debt Overlay Basket because the Fund’s obligation under the options on the Underlying Bond ETF at expiration is determined by the market price of the shares of the Underlying Bond ETF.  Moreover, the Fund’s potential gain in selling a call option on the Underlying Bond ETF is the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">premium received from the purchaser of the option; however, the Fund risks a loss equal to the entire exercise price of the option minus the call premium (although the extent of such loss could be offset by the performance </span><span style="font-family:Arial;font-size:10.02pt;">of the Debt Overlay Basket).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Dollar Roll Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may enter into dollar roll transactions, in which the Fund sells a mortgage-backed</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;"> or other security for settlement on one date and buys back a substantially similar security for settlement at a later date. Dollar rolls involve a risk of loss if the market value of the securities that the Fund is committed to buy </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">declines below the price of the securities the Fund has sold.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Equity securities include common stocks and other equity and equity-related securities </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(and securities convertible into stocks). The prices of equity securities generally fluctuate more than those of fixed-income investments, may rise or fall rapidly or unpredictably, and may reflect real or perceived changes in the issuing company’s financial condition and changes in the overall market or economy. A decline in the value of equity securities held by the Fund will adversely affect the value of your investment in the Fund. Common stocks generally represent the riskiest investment in a company and dividend payments (if declared) to preferred stockholders generally rank junior to payments due to a company’s debtholders. The Fund may lose a substantial part, or even all, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of its investment in a company’s stock.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Extension Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including mortgage- and other asset-backed securities, are subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risk that payments on principal may occur at a slower rate or later than expected. In this event, the expected maturity could lengthen and the Fund’s investment may sharply decrease in value and the Fund’s income from the investment may quickly decline. These types of instruments are particularly subject to extension risk, and offer less potential for gains, during periods of rising interest rates. In addition, the Fund may be delayed in its ability to reinvest income or proceeds from these instruments in potentially higher yielding investments, which would adversely affect </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Foreign Securities and Currency Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Foreign securities carry unique,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">additional and heightened risks when </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">compared to U.S. securities, including</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">but not limited to: currency fluctuations; adverse political (including </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">geopolitical)</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">social and economic developments; trade restrictions (including tariffs) or other government restrictions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">by the U.S. or other governments; unreliable</span><span style="font-family:Arial;font-size:10.02pt;">, untimely or less publicly available information; less government </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">supervision; reporting</span><span style="font-family:Arial;font-size:10.02pt;">, accounting, and auditing standards that are not comparable to those in the United States; less liquidity and more volatility; limited legal recourse and higher transactional costs.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">High Yield and Unrated Securities Risk</span><span style="font-family:Arial;font-size:10.02pt;">—High yield, below investment grade and unrated high risk debt securities </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">(which also may be known as “junk bonds”) are regarded as predominantly speculative by certain rating agencies with respect to the issuer’s continuing ability to meet principal and interest payments. These securities generally present additional risks compared to investment grade bonds and are typically less liquid, and therefore more difficult to value accurately and sell at an advantageous price or time, and present more credit and default risk, including risk of loss (which may be substantial or total loss) of income and principal, than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific factors, such as operating results and outlook, and to real or perceived adverse economic and competitive industry conditions. High yield securities may be issued by companies that </span><span style="font-family:Arial;font-size:10.02pt;">are restructuring, are smaller and less credit worthy or are more highly leveraged </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">or indebted than other companies or are financially distressed, and therefore they typically have more difficulty making scheduled payments of principal and interest than issuers of higher rated investments. Under unusual or adverse economic, market or political conditions, high yield securities may be particularly susceptible to default risk and increased default rates. In the event of default, the Fund may incur additional expenses to seek recovery or to negotiate new terms with a defaulting issuer. Based on its investment strategies, a significant portion of the Fund’s investments (directly or indirectly) can be comprised of high yield, below investment grade and unrated securities </span><span style="font-family:Arial;font-size:10.02pt;">and thus particularly prone to the foregoing risks, which may result in losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed-income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed-income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed-income and other debt instruments decline, sometimes suddenly and significantly. When interest rates decrease, the values of fixed-income and other debt instruments generally rise. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">During periods of rising interest rates, because changes in interest rates on adjustable rate securities may lag behind changes in market rates, the value of such securities may decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns and performance may be adversely affected by changing interest rates and the Fund's net asset value per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio turnover costs and lower valuations, thereby adversely affecting the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Investment Vehicles Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may seek to obtain certain exposure through investments in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other investment vehicles. Investing in other investment vehicles, including ETFs, closed-end funds, short-term funds advised by the Investment Manager and/or its affiliates and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, which will reduce the Fund’s performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the net asset value of the shares and the listing exchange may halt trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the shares.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Loans Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in loans directly or indirectly through assignments or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">participations. Investments in loans, including loan syndicates and other direct lending opportunities, involve special types of risks, including credit risk, interest rate risk, counterparty risk, prepayment risk, risk of subordination to other creditors, extension risk and risk of insufficient or lack of protection under the federal securities law. Loans may offer a fixed or floating interest rate. Loans are often below investment grade and may be unrated. The Fund’s investments in loans can also be difficult to value accurately because of, among other factors, limited public information regarding the loan or the borrowers and may be more susceptible to liquidity risk than fixed-income instruments of similar credit quality and/or maturity. The Fund is also subject to the risk that the value of any collateral for the loan may be insufficient or unavailable to cover the borrower’s obligations should the borrower fail to make payments, become insolvent, or otherwise default. This risk is increased if the Fund’s loans are secured by a single asset. The Fund may also invest in loans that are not secured by collateral which typically present greater risks than collateralized loans. Transactions in loans are often subject to long settlement periods and often require consent from borrowers and/or an agent acting for the lenders, thus potentially limiting the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. The Fund thus is subject to the risk of selling other investments at disadvantageous times or prices or taking other actions necessary to raise cash to meet its redemption obligations. Participations in loans may subject the Fund to the credit risk of both the borrower and the seller of the participation and may make enforcement of loan covenants, if any, more difficult for the Fund as legal action may have to go through the seller of the participation (or an agent acting on its behalf). Covenants contained in loan documentation are intended to protect lenders and investors by imposing certain restrictions and other limitations on a borrower’s and the credit group’s operations or assets and by providing certain information and consent rights to lenders. In addition to operational covenants, loans and other debt obligations often contain financial covenants, which require a borrower and the related credit group to satisfy certain financial tests at periodic intervals or to maintain compliance with certain financial metrics. The Fund invests in or is exposed to loans and other similar debt obligations that are sometimes referred to as “covenant-lite” loans or obligations, which generally are loans or other similar debt obligations that lack financial maintenance covenants or possess fewer or contingent financial maintenance covenants and other financial protections for lenders and investors. These “covenant-lite” loans or similar debt obligations are particularly subject to the risks associated with investments in loans as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">described above.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investments by Investing Funds and Other Large Shareholders and Redemption Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Shares of the Fund are </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">offered as an investment to certain other investment companies (including those advised by the Investment Manager and its affiliates), large retirement plans and other large investors. The Fund is subject to the risk that a large investor (or that shareholders)</span><span style="font-family:Arial;font-size:10.02pt;"> will purchase or redeem a large percentage of Fund shares at any time. Such large investors </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">may comprise a significant portion of the Fund's shareholders. Under certain circumstances, </span><span style="font-family:Arial;font-size:10.02pt;">the Fund may also </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">experience frequent shareholder transactions, including by large shareholders. </span><span style="font-family:Arial;font-size:10.02pt;">For example, to meet large </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests, the Fund may have to hold large uninvested cash positions or sell a significant amount of investments to raise the cash needed to satisfy redemption requests at times when it would not otherwise do so or otherwise at disadvantageous times. In turn, the Fund’s performance may suffer, as the Fund may experience </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">increased portfolio turnover and will incur higher transaction costs, realize gains or losses at inopportune times, lose money, hold a less liquid portfolio, or experience other adverse consequences. For example, the sale of portfolio securities will accelerate the realization of taxable capital gains or losses, and purchases or redemptions of a large number of Fund shares relative to the size of the Fund will have adverse tax consequences limiting the use of any </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">capital loss carryforwards and certain other losses to offset any future realized capital gains.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s use of leverage, through borrowings or instruments such as derivatives and reverse </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">repurchase agreements, may cause the Fund to be more volatile and riskier and magnify the Fund's losses to an extent greater than if it had not been leveraged. The use of leverage may also increase the Fund’s sensitivity to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes of the Fund’s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Based on its investment strategies, a significant portion of the Fund's investments can be difficult to value and potentially less liquid and thus particularly prone to the foregoing risks. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment, particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is actively managed, which means that investment decisions are made based on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investment views. There is no guarantee that the investment views will produce the desired results or expected returns. As a result of these and other factors, the Fund may lose value or fail to meet its investment objective or underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active and frequent trading that can accompany active management, also called “high turnover,” may have a negative impact on performance. Active and frequent trading may result in higher brokerage costs or mark-up charges and tax costs, which are ultimately passed on to shareholders of the Fund. Active and frequent trading may also result in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adverse tax consequences.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund's investments may perform poorly or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">underperform the general securities markets or other types of securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Preferred Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A company’s preferred stock generally pays dividends only after the company makes </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">required payments to holders of its bonds and other debt. For this reason, the value of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">prospects.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Prepayment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including loans and mortgage- and other asset-backed securities, are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the risk that payments on principal may occur more quickly or earlier than expected. If this occurs, the Fund might be forced to forego future interest income on the principal repaid early and to reinvest income or proceeds at generally lower interest rates, thus reducing the Fund’s yield. These types of instruments are particularly </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">subject to prepayment risk, and offer less potential for gains, during periods of declining interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation applying to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and operations of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreements and Reverse Repurchase Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In the event of the insolvency of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities or other assets sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">rate lower than the cost of the agreement, entering into the agreement will lower the Fund’s yield.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Restricted Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Restricted securities, including those acquired through private placement transactions, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">generally cannot be sold to the public and may involve a high degree of business, financial and liquidity risk, which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">may result in substantial losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Securities lending involves a risk that the borrower may fail to return the securities or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">deliver the proper amount of collateral, which may result in a loss to the Fund. In the event of bankruptcy of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">borrower, the Fund could experience losses or delays in recovering the loaned securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Short Sale Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Short selling a security involves selling a borrowed security with the expectation that the value of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">that security will decline so that the security may be purchased at a lower price when returning the borrowed security. The loss on a short sale, which, in some cases, may be theoretically unlimited, may be greater than the original value of the securities sold short because the price of the borrowed security may rise, thereby increasing the price at which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the security must be purchased. Government actions also may affect the Fund’s ability to engage in short selling.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sovereign Debt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The debt securities issued by sovereign entities may decline as a result of default or other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">adverse credit event resulting from a sovereign debtor's unwillingness or inability to repay principal and pay interest in a timely manner, which may be affected by a variety of factors, including its cash flow situation, the extent of its reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor's policy toward international lenders, and the political constraints to which a sovereign debtor may be subject. Sovereign debt risk is greater for issuers in emerging </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">markets than issuers in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Special Situation Investments/Securities in Default Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in the securities and debt of distressed </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">issuers or issuers in default or distressed situations involve far greater risk than investing in issuers whose debt obligations are being met and whose debt trades at or close to its “par” or full value because the investments in the securities and debt of distressed issuers or issuers in default are highly speculative with respect to the issuer’s ability </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">to make interest payments and/or to pay its principal obligations in full and/or on time.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed-income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">When Issued, Forward Commitment and Delayed-Delivery Transactions Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—When-issued, forward-commitment</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;"> and delayed-delivery transactions involve a commitment to purchase or sell specific securities at a predetermined price or yield in which payment and delivery take place after the customary settlement period for that type of security. When purchasing securities pursuant to one of these transactions, payment for the securities is not required until the delivery date. However, the purchaser assumes the rights and risks of ownership, including the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">risks of price and yield fluctuations and the risk that the security will not be issued as anticipated.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s Class A share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s Class A, Class C, Institutional Class, and Class P shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Bond Index) and an additional index (Bloomberg U.S. Corporate High Yield Index).</span><span style="font-family:Arial;font-size:10.02pt;">As with all mutual funds, past </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by </span><span style="font-family:Arial;font-size:10.02pt;">calling </span><span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span><span style="font-family:Arial;font-size:10.02pt;">.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart does not reflect the impact of the sales charge applicable to Class A shares which, if reflected, would lower the returns shown.</span><span style="font-family:Arial;font-size:10.02pt;"> Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s Class A share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s Class A, Class C, Institutional Class, and Class P shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Bond Index) and an additional index (Bloomberg U.S. Corporate High Yield Index).</span> <span style="font-family:Arial;font-size:10.02pt;">As with all mutual funds, past </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart does not reflect the impact of the sales charge applicable to Class A shares which, if reflected, would lower the returns shown.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10.02pt;">9.64%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10.02pt;">-13.95%</span> <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2020-06-30 0.0964 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2020-03-31 -0.1395 <span style="font-family:Arial;font-size:10.02pt;">Average Annual Total Returns (for the periods ended December 31, 2025)</span> 0.0257 0.0339 0.0526 -0.0006 0.0095 0.0273 0.0148 0.0149 0.0289 0.0502 0.0343 0.0489 0.0712 0.0449 0.0596 0.0682 0.0422 0.0568 0.0730 -0.0036 0.0201 0.0862 0.0451 0.0653 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">After-tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">returns are shown for Class A only. After-tax returns for Class C, Institutional Class, and Class P will vary. The returns </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shown above reflect applicable sales charges, if any.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">After-tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">returns are shown for Class A only. After-tax returns for Class C, Institutional Class, and Class P will vary. The returns </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shown above reflect applicable sales charges, if any.</span> <span style="color:#000000;font-family:Arial;font-size:16.04pt;font-weight:bold;">Guggenheim Limited Duration Fund</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Guggenheim Limited Duration Fund (the “Fund”) seeks to provide a high level of income consistent with </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">preservation of capital.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">You may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge discounts if you and your family </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">$</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">100,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in the Family of Funds, as defined on page 207 of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">prospectus. This amount may vary depending on the Guggenheim Fund in which you invest. More information about these and other discounts is available from your financial professional and in the “Sales Charges-Class A Shares” section on page </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">145 of the Fund’s prospectus and the “How to Purchase Shares” section on page 83 of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Statement of Additional Information.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> Different intermediaries and financial professionals may impose different sales </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">charges or offer different sales charge waivers or discounts. These variations are described in Appendix A to the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund’s prospectus (Intermediary-Specific Sales Charge Waivers and Discounts).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge discounts if you and your family </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">$</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">100,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in the Family of Funds, as defined on page 207 of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">prospectus. This amount may vary depending on the Guggenheim Fund in which you invest. More information about these and other discounts is available from your financial professional and in the “Sales Charges-Class A Shares” section on page </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">145 of the Fund’s prospectus and the “How to Purchase Shares” section on page 83 of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Statement of Additional Information.</span> 100000 100000 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(fees paid directly from your investment)</span> 0.0225 0 0 0 0 0.0100 0 0 <span style="color:#000000;font-family:Arial;font-size:8.02pt;">A 1.00% deferred sales charge will normally be imposed on purchases of $250,000 or more on Fund shares purchased without an initial sales charge that are redeemed within 12 months of purchase.</span><span style="color:#000000;font-family:Arial;font-size:8.02pt;">A 1.00% deferred sales charge will be imposed if Fund shares are redeemed within 12 months of purchase.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">ANNUAL FUND OPERATING EXPENSES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">)</span> 0.0039 0.0039 0.0039 0.0039 0.0025 0.0100 0 0.0025 0.0013 0.0015 0.0016 0.0025 0.0077 0.0154 0.0055 0.0089 -0.0005 -0.0007 -0.0008 -0.0017 0.0072 0.0147 0.0047 0.0072 <span style="font-family:Arial;font-size:8.02pt;">February 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods, unless otherwise indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">higher or lower, based on these assumptions your costs would be:</span> 297 461 638 1153 250 480 833 1829 48 168 299 682 74 267 476 1080 <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You would pay the following expenses if you did not redeem your shares:</span> 150 480 833 1829 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The above Example reflects applicable contractual fee waiver/expense reimbursement arrangements for the current </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">duration of the arrangements only.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="font-family:Arial;font-size:10.02pt;">was </span><span style="font-family:Arial;font-size:10.02pt;">49</span><span style="font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio.</span> 0.49 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund intends to pursue its investment objective by investing, under normal circumstances, at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in a diversified portfolio of debt securities, financial instruments that should perform similarly to debt securities and investment vehicles that provide exposure to debt securities, and debt-like securities, including individual securities, investment vehicles and derivatives giving exposure (i.e., similar economic characteristics) to fixed-income markets. Such debt securities may include corporate bonds and other corporate debt securities, securities issued by the U.S. government or its agencies and instrumentalities (including those not backed by the full faith and credit of the U.S. government), sovereign debt securities, Eurodollar bonds and obligations, agency and non-agency mortgage-backed securities and other asset-backed securities, repurchase agreements, participations in and assignments of bank and bridge loans, commercial paper (including asset-backed commercial paper), zero-coupon bonds, municipal bonds, payment-in-kind securities (such as payment-in-kind bonds), convertible fixed-income securities, non-registered or restricted securities (including those issued in reliance on Rule 144A and Regulation S securities), certain preferred securities and step-up securities (such as step-up bonds). These securities may pay fixed or variable rates of interest and may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">include adjustable rate securities. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">While the Fund will principally invest in debt securities listed, traded or dealt in developed markets countries globally, it may also invest without limitation in securities listed, traded or dealt in other countries, including emerging markets countries. Such securities may be denominated in foreign currencies. However, the Fund may not invest more than 35% of its total assets in debt securities listed, traded or dealt in emerging market countries as determined by Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”), and non-U.S. dollar denominated securities. Emerging market countries are generally considered to be countries with developing economies or markets and may include any country recognized to be an emerging market country by the International Monetary Fund, MSCI, Inc. or Standard &amp; Poor’s Corporation or recognized to be a developing country by the United Nations. The Fund may also invest in preferred stock and convertible securities. The Fund may seek to obtain exposure to the securities in which it primarily invests through a variety of investment </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">vehicles, including closed-end funds, exchange-traded funds (“ETFs”) and other mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may hold fixed-income securities of any quality, rated or unrated, including those that are rated below investment grade (also known as “high yield securities” or “junk bonds”), or if unrated, determined by the Investment Manager to be of comparable quality. If nationally recognized statistical rating organizations assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality. However, the Fund may not invest more than 35% of its total assets in fixed-income securities that are below </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">investment grade. These may include securities that are in default at the time of purchase. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may hold securities of any duration or maturity but expects, under normal circumstances, to maintain a dollar-weighted average duration of generally less than 3.5 years. Duration is a measure of the price volatility of a debt instrument as a result of changes in market rates of interest, based on the weighted average timing of the instrument’s expected principal and interest payments. Duration differs from maturity in that it considers a security’s yield, coupon payments, principal payments and call features in addition to the amount of time until the security </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">matures. As the value of a security changes over time, so will its duration. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may invest in repurchase agreements, which are fixed-income securities in the form of agreements backed by collateral. These agreements, which may be viewed as a type of secured lending by the Fund, typically involve the acquisition by the Fund of securities from the selling institution (such as a bank or a broker-dealer), coupled with the agreement that the selling institution will repurchase the underlying securities at a specified price and at a fixed time in the future (or on demand). The Fund may accept a wide variety of underlying securities as collateral for the repurchase agreements entered into by the Fund. Such collateral may include U.S. government securities, corporate obligations, equity securities, municipal debt securities, asset- and mortgage-backed securities, convertible securities and other fixed-income securities. Any such securities serving as collateral are marked-to-market daily in order to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">maintain full collateralization (typically purchase price plus accrued interest). </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">With respect to mortgage-backed securities (“MBS”) and other asset-backed securities, the Fund may invest in MBS issued or guaranteed by federal agencies and/or U.S. government sponsored instrumentalities, such as the Government National Mortgage Administration (“GNMA”), the Federal Housing Administration (“FHA”), the Federal National Mortgage Association (“FNMA”) and the Federal Home Loan Mortgage Corporation (“FHLMC”). In addition to securities issued or guaranteed by such agencies or instrumentalities, the Fund may invest in MBS or other asset-backed securities issued or guaranteed by private issuers. The MBS in which the Fund may invest also include residential mortgage-backed securities (“RMBS”), collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities (“CMBS”). The asset-backed securities in which the Fund may invest include collateralized debt obligations (“CDOs”). CDOs include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”), commercial real estate CDOs (“CRE CDOs”) and other similarly structured securities. A CBO is a trust which is backed by a diversified pool of below investment grade fixed-income securities. A CLO is a trust typically collateralized by a pool of loans, which may include domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">equivalent unrated loans. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">With respect to bank loans, the Fund may purchase participations in, or assignments of, floating rate bank loans that may be secured by real estate or other assets. These participations may be interests in, or assignments of, the loan </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and may be acquired from banks or brokers that have made the loan or members of the lending syndicate. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">To enhance the Fund’s debt exposure, to hedge against investment risk, or to increase the Fund’s yield, at the discretion of the Investment Manager, the direct debt strategy may be combined with a derivative strategy. This strategy could include: foreign exchange forward contracts; futures on securities, indices, currencies and other investments; Secured Overnight Financing Rate (“SOFR”) futures; options; interest rate swaps; cross-currency swaps; total return swaps; and credit default swaps. The Fund may engage in derivative transactions for speculative purposes to enhance total return, to seek to hedge against fluctuations in securities prices, interest rates or currency rates, to change the effective duration of its portfolio, to manage certain investment risks, as a substitute for the purchase or sale of securities or currencies and/or to obtain or replicate market exposure. These transactions may also create economic leverage in the Fund. The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as “To Be Announced” (“TBA”) transactions and/or dollar rolls). The Fund may also engage in securities </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">lending. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may use leverage to the extent permitted by applicable law by entering into reverse repurchase </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">agreements and transactions equivalent to a borrowing for investment purposes. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund invests in a broad universe of fixed-income securities in an attempt to maximize yield and diversification and manage risk. Through its actively managed approach, the Fund seeks to potentially capitalize on changing relative values in fixed-income securities/sectors. The Investment Manager selects securities and other investments for purchase and sale based on intensive credit research involving extensive due diligence on each investment (including the investment’s structure), issuer, region and sector. The Investment Manager also considers </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">macroeconomic outlook and geopolitical issues. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Investment Manager may determine to sell a security for several reasons, including but not limited to the following: (1) to adjust the portfolio’s average maturity or duration, or to shift assets into or out of higher-yielding securities; (2) if a security’s credit rating has been changed, the Investment Manager's credit outlook has changed, or for other similar reasons; (3) to meet redemption requests; (4) to take gains; or (5) due to relative value. Under adverse or unstable market conditions or abnormal circumstances (for example, in the event of credit events, where it is deemed opportune to preserve gains, or to preserve the relative value of investments or in the case of large cash inflows or anticipated large redemptions), the Fund can make temporary investments that are inconsistent with the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund’s principal investment strategies and may not be able to pursue or achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investors in asset-backed securities, including residential mortgage-backed </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities, commercial mortgage-backed securities and other structured finance investments (such as collateralized mortgage obligations), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. As a result, asset-backed securities are particularly subject to credit risk and borrower defaults on the obligations underlying the asset-backed security will result in losses. In addition, asset-backed securities are typically particularly sensitive to changes in interest rates, which can cause the prices of asset-backed securities to be increasingly volatile and adversely affect the Fund’s holdings of asset-backed securities. Some asset-backed securities, including mortgage-backed securities, may have structures that make their performance based on changes in interest rates and other factors difficult to predict, causing their prices to be volatile. Asset-backed securities are also particularly subject to market, liquidity, valuation, prepayment and extension risks, and are also subject to risk of impairment of the value of the underlying asset. Additional risks relating to investments in asset-backed securities may arise principally because of the type of asset-backed securities in which the Fund invests, with such risks primarily associated with the particular assets collateralizing the asset-backed securities, the structure of such asset-backed securities or the tranche or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">priority of the asset-backed security held by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Collateralized Loan Obligations and Collateralized Debt Obligations Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Collateralized loan obligations </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(“CLOs”) bear many of the same risks as other forms of asset-backed securities, including interest rate risk, credit risk and default risk. As they are backed primarily by commercial loans, CLOs also bear many of the same risks as investing in loans directly. However, in addition to the risks associated with investing in commercial loans, the complex structure and highly leveraged nature of a CLO poses additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in CLOs that are subordinate to other classes; and (iv) the complex structure of the CLO may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. CLOs incur indebtedness by issuing classes or “tranches” that vary in risk and yield. CLOs may experience substantial losses attributable to loan defaults or trading losses. Such losses on the underlying assets are borne first by the holders of subordinate tranches, which may take the form of an equity interest. The Fund’s investments in CLOs may decrease in market value or income when the CLO’s assets experience loan defaults or credit impairment, losses that exceed the most subordinate tranches, or market </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">anticipation of loan defaults and investor aversion to CLO securities as a class. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Collateralized debt obligations (“CDOs”) are structured similarly to CLOs and bear many of the same risks as CLOs, including interest rate risk, credit risk and default risk. CDOs are subject to additional risks because they are backed by pools of assets other than commercial loans, including securities (such as other asset-backed securities), synthetic instruments or bonds, and may be highly leveraged. Like CLOs, losses incurred by a CDO are borne first by holders of the most subordinate tranches. Accordingly, the risks of CDOs depend largely on the type of underlying collateral and the tranche of CDOs in which the Fund invests. Moreover, CDOs that obtain their exposure through </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">synthetic investments are exposed to risks associated with derivative instruments. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The terms of many structured finance investments, including CLOs and CDOs, are tied to SOFR or other reference rates. These relatively new and developing rates may not match the reference rate applicable to the underlying assets related to these investments. These may adversely affect the Fund and its investments in CLOs and CDOs, including their value, volatility and liquidity. CLOs, CDOs and their underlying loan obligations are typically not registered for sale to the public and therefore are subject to certain restrictions on transfer and sale, potentially subjecting them to increased liquidity risk as compared to other types of investments. As a result, the proceeds from the sale of CLO securities may not be readily available to meet the Fund’s redemption or other obligations and the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund may be unable to acquire or dispose of the securities at a price and time that are advantageous to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commercial Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in commercial mortgage-backed securities (“CMBS”) are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">backed by commercial mortgage loans that may be secured, for example, by office properties, retail properties, hotels, mixed use properties or multi-family apartment buildings and are particularly subject to the credit risk of the borrower and the tenants of the properties securing the commercial mortgage loans. CMBS are subject to the risks of asset-backed securities generally, in particular credit risk and interest rate risk, and the commercial real estate markets. Economic downturns, tightening lending standards and increased interest and lending rates, developments adverse to the commercial real estate markets, and other developments that limit or reduce the activities of and demand for commercial retail and office spaces adversely impact the value of, and income generated by, such </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commercial Paper Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of the Fund’s investment in commercial paper, which is an unsecured </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">promissory note that generally has a maturity date between one and 270 days and is issued by a U.S. or foreign entity, is susceptible to changes in the issuer’s financial condition or credit quality. Investments in commercial paper are usually discounted from their value at maturity. Commercial paper can be fixed-rate or variable rate and can be adversely affected by changes in interest rates. The Fund may invest in commercial paper collateralized by other financial assets, such as asset-backed commercial paper. These securities are exposed not only to the risks relating </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">to commercial paper, but also the risks relating to the collateral.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Convertible Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Convertible securities may be subordinate to other securities. The total return for a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">convertible security depends, in part, upon the performance of the underlying security into which it can be converted. The value of convertible securities tends to decline as interest rates increase. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Certain types of convertible securities may decline in value or lose their value entirely in the event that the issuer’s financial conditions become </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">significantly impaired.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and over-the-counter (“OTC”)-traded</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;"> derivatives involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (e.g., prime brokerage or securities lending arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">obligations to the Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having concentrated </span><span style="font-family:Arial;font-size:10.02pt;">exposure to such a counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund could lose money if the issuer or guarantor of a fixed-income or other debt instrument or a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a derivatives transaction or other transaction is unable or unwilling, or perceived by market participants, rating agencies, pricing services or otherwise to be unable or unwilling, to pay interest or repay principal on time, defaults or otherwise fails to meet its obligations. Actual or perceived changes in economic, social, public health, financial or political conditions in general or that affect a particular type of instrument, issuer, guarantor or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty can reduce the ability of the party to meet its obligations, which can affect the credit quality, liquidity and/or value of an instrument. The value of an instrument also may decline for reasons that relate directly to the issuer, guarantor or counterparty, such as management performance, financial leverage and reduced demand for goods and services or an actual or perceived change in financial condition or reputation. The issuer, guarantor or counterparty could also suffer a rapid decline in credit rating, which would adversely affect the value, price volatility </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and liquidity of the instrument. Credit ratings may not be an accurate assessment of liquidity or credit risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">currencies will decline in value relative to the U.S. Dollar, which would cause a decline in the value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">tax developments in the U.S. or abroad.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Derivatives and other similar instruments (collectively referred to in this paragraph as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">“derivatives”) pose risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, illiquidity, valuation, operational and legal restrictions and risk. Their use is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in leverage, which may cause the Fund to be more volatile and riskier than if it had not been leveraged. Changes in the value of a derivative may also create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund and its liquidity and other risk profiles. If the Investment Manager is incorrect about its expectations of market conditions, the use of derivatives could also result in a loss, which in some cases may be unlimited. In addition, the Fund's use of derivatives may cause the Fund to realize higher amounts of short term capital gains (generally taxed at ordinary income tax rates) than if the Fund had not used such instruments.  Some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC market. OTC derivatives are subject to heightened counterparty </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">credit, legal, liquidity and valuation risks. Certain risks also are specific to the derivatives in which the Fund invests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Forward Foreign Currency Exchange Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A forward foreign currency exchange contract is an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">OTC obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract. Foreign currency transactions can be affected unpredictably by intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or by currency controls or political developments. Such events may prevent or restrict the Fund’s ability to enter into foreign currency transactions, force the Fund to exit a foreign currency transaction at a disadvantageous time or price or result in penalties for the Fund, any of which may result in a loss to the Fund. A contract to sell a foreign currency would limit any potential gain that might be realized if the value of the currency increases. Suitable hedging transactions may not be available in all circumstances. Engaging in forward foreign currency exchange contracts will subject the Fund to counterparty </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">credit risk and any failure to perform by a counterparty could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Futures Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Futures contracts are exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts may be caused by an imperfect correlation between movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of positions that can be held or controlled by the Fund or the Investment Manager, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">are also subject to leverage and liquidity risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Investment Manager’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions that can be held or controlled by the Fund or the Investment Manager, thus limiting the ability to implement the Fund’s strategies. Options are also particularly subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">leverage risk and can be subject to liquidity risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of swap transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Dollar Roll Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may enter into dollar roll transactions, in which the Fund sells a mortgage-backed</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;"> or other security for settlement on one date and buys back a substantially similar security for settlement at a later date. Dollar rolls involve a risk of loss if the market value of the securities that the Fund is committed to buy </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">declines below the price of the securities the Fund has sold.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in or exposure to emerging markets are generally subject to a greater level of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risks associated with investing in or being exposed to developed foreign markets, as emerging markets are considered to be less developed. Furthermore, investments in or exposure to emerging markets are generally subject to risks in addition to the risks associated with investing in foreign securities, including the risks associated with trading in smaller markets, lower volumes of trading, limited information about issuers and securities, being subject to lower levels of government regulation and less extensive and transparent accounting, auditing, recordkeeping, financial reporting and other requirements, and being subject to potential expropriation or nationalization of private </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">properties and other adverse political, economic and social events.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Extension Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including mortgage- and other asset-backed securities, are subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risk that payments on principal may occur at a slower rate or later than expected. In this event, the expected maturity could lengthen and the Fund’s investment may sharply decrease in value and the Fund’s income from the investment may quickly decline. These types of instruments are particularly subject to extension risk, and offer less potential for gains, during periods of rising interest rates. In addition, the Fund may be delayed in its ability to reinvest income or proceeds from these instruments in potentially higher yielding investments, which would adversely affect </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Foreign Securities and Currency Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Foreign securities carry unique,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">additional and heightened risks when </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">compared to U.S. securities, including</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">but not limited to: currency fluctuations; adverse political (including </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">geopolitical)</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">social and economic developments; trade restrictions (including tariffs) or other government restrictions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">by the U.S. or other governments; unreliable</span><span style="font-family:Arial;font-size:10.02pt;">, untimely or less publicly available information; less government </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">supervision; reporting</span><span style="font-family:Arial;font-size:10.02pt;">, accounting, and auditing standards that are not comparable to those in the United States; less liquidity and more volatility; limited legal recourse and higher transactional costs.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">High Yield and Unrated Securities Risk</span><span style="font-family:Arial;font-size:10.02pt;">—High yield, below investment grade and unrated high risk debt securities </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">(which also may be known as “junk bonds”) are regarded as predominantly speculative by certain rating agencies with respect to the issuer’s continuing ability to meet principal and interest payments. These securities generally present additional risks compared to investment grade bonds and are typically less liquid, and therefore more difficult to value accurately and sell at an advantageous price or time, and present more credit and default risk, including risk of loss (which may be substantial or total loss) of income and principal, than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific factors, such as operating results and outlook, and to real or perceived adverse economic and competitive industry conditions. High yield securities may be issued by companies that </span><span style="font-family:Arial;font-size:10.02pt;">are restructuring, are smaller and less credit worthy or are more highly leveraged </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">or indebted than other companies or are financially distressed, and therefore they typically have more difficulty making scheduled payments of principal and interest than issuers of higher rated investments. Under unusual or adverse economic, market or political conditions, high yield securities may be particularly susceptible to default risk and increased default rates. In the event of default, the Fund may incur additional expenses to seek recovery or to negotiate new terms with a defaulting issuer. Based on its investment strategies, a significant portion of the Fund’s investments (directly or indirectly) can be comprised of high yield, below investment grade and unrated securities </span><span style="font-family:Arial;font-size:10.02pt;">and thus particularly prone to the foregoing risks, which may result in losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed-income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed-income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed-income and other debt instruments decline, sometimes suddenly and significantly. When interest rates decrease, the values of fixed-income and other debt instruments generally rise. During periods of rising interest rates, because changes in interest rates on adjustable rate securities may lag behind changes in market rates, the value of such securities may decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns and performance may be adversely affected by changing interest rates and the Fund's net asset value per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio turnover costs and lower valuations, thereby adversely affecting the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Investment Vehicles Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may seek to obtain certain exposure through investments in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other investment vehicles. Investing in other investment vehicles, including ETFs, closed-end funds, short-term funds advised by the Investment Manager and/or its affiliates and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, which will reduce the Fund’s performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the net asset value of the shares and the listing exchange may halt trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the shares.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Loans Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in loans directly or indirectly through assignments or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">participations. Investments in loans, including loan syndicates and other direct lending opportunities, involve special types of risks, including credit risk, interest rate risk, counterparty risk, prepayment risk, risk of subordination to other creditors, extension risk and risk of insufficient or lack of protection under the federal securities law. Loans may offer a fixed or floating interest rate. Loans are often below investment grade and may be unrated. The Fund’s investments in loans can also be difficult to value accurately because of, among other factors, limited public information regarding the loan or the borrowers and may be more susceptible to liquidity risk than fixed-income instruments of similar credit quality and/or maturity. The Fund is also subject to the risk that the value of any collateral for the loan may be insufficient or unavailable to cover the borrower’s obligations should the borrower fail to make payments, become insolvent, or otherwise default. This risk is increased if the Fund’s loans are secured by a single asset. The Fund may also invest in loans that are not secured by collateral which typically present greater risks than collateralized loans. Transactions in loans are often subject to long settlement periods and often require consent from borrowers and/or an agent acting for the lenders, thus potentially limiting the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. The Fund thus is subject to the risk of selling other investments at disadvantageous times or prices or taking other actions necessary to raise cash to meet its redemption obligations. Participations in loans may subject the Fund to the credit risk of both the borrower and the seller of the participation and may make enforcement of loan covenants, if any, more difficult for the Fund as legal action may have to go through the seller of the participation (or an agent acting on its behalf). Covenants contained in loan documentation are intended to protect lenders and investors by imposing certain restrictions and other limitations on a borrower’s and the credit group’s operations or assets and by providing certain information and consent rights to lenders. In addition to operational covenants, loans and other debt obligations often contain financial covenants, which require a borrower and the related credit group to satisfy certain financial tests at periodic intervals or to maintain compliance with certain financial metrics. The Fund invests in or is exposed to loans and other similar debt obligations that are sometimes referred to as “covenant-lite” loans or obligations, which generally are loans or other similar debt obligations that lack financial maintenance covenants or possess fewer or contingent financial maintenance covenants and other financial protections for lenders and investors. These “covenant-lite” loans or similar debt obligations are particularly subject to the risks associated with investments in loans as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">described above.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s use of leverage, through borrowings or instruments such as derivatives and reverse </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">repurchase agreements, may cause the Fund to be more volatile and riskier and magnify the Fund's losses to an extent greater than if it had not been leveraged. The use of leverage may also increase the Fund’s sensitivity to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes of the Fund’s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Based on its investment strategies, a significant portion of the Fund's investments can be difficult to value and potentially less liquid and thus particularly prone to the foregoing risks. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment, particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is actively managed, which means that investment decisions are made based on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investment views. There is no guarantee that the investment views will produce the desired results or expected returns. As a result of these and other factors, the Fund may lose value or fail to meet its investment objective or underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active and frequent trading that can accompany active management, also called “high turnover,” may have a negative impact on performance. Active and frequent trading may result in higher brokerage costs or mark-up charges and tax costs, which are ultimately passed on to shareholders of the Fund. Active and frequent trading may also result in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adverse tax consequences.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund's investments may perform poorly or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">underperform the general securities markets or other types of securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Municipal Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Municipal securities are subject to a variety of risks generally associated with </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investments in debt instruments, including credit, interest rate, prepayment, liquidity, and valuation risks, as well as risks specific to municipal securities. The ability of issuers of municipal securities to pay their obligations can be adversely affected by, among other developments or events, (i) unfavorable legislative, tax, political, or other developments or events, including extreme weather, natural or man-made disasters and public health conditions, and (ii) changes in the economic and fiscal conditions of issuers of municipal securities or the federal government (in cases where it provides financial support to such issuers). In addition, the values of, and income generated by, municipal securities may fully or partially depend on a specific revenue or tax source, such as the taxing authority or revenue of a local government, the credit of a private issuer, or the current or anticipated revenues from a specific project. Developments adversely affecting such sources, such as economic, social or public health conditions, would negatively impact the cash flows of such sources and, in turn, municipal securities fully or partially backed by such sources. To the extent the Fund invests a substantial portion of its assets in municipal securities issued by issuers in a particular state, municipality or project or in municipal instruments that finance similar projects, such as those relating to education, healthcare, transportation, housing, utilities, or water and sewer, the Fund will be particularly sensitive to developments and events adversely affecting such state or municipality or with respect to such projects. Certain sectors of the municipal bond market have special risks that can affect them more significantly than the market as a whole. Because many municipal instruments are issued to finance similar projects (such as education, healthcare, transportation and utilities), conditions in these industries can significantly affect the overall municipal </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">market. Municipal securities that are insured may be adversely affected by developments relevant to that particular insurer, or more general developments relevant to the market as a whole. Municipal securities can be difficult to value and be less liquid than other investments, which may affect performance or the ability to meet Fund redemption </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">requests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Preferred Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A company’s preferred stock generally pays dividends only after the company makes </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">required payments to holders of its bonds and other debt. For this reason, the value of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">prospects.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Prepayment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including loans and mortgage- and other asset-backed securities, are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the risk that payments on principal may occur more quickly or earlier than expected. If this occurs, the Fund might be forced to forego future interest income on the principal repaid early and to reinvest income or proceeds at generally lower interest rates, thus reducing the Fund’s yield. These types of instruments are particularly </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">subject to prepayment risk, and offer less potential for gains, during periods of declining interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Real Estate Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in securities of real estate companies and companies related </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">to the real estate industry, including real estate investment trusts (“REITs”), which are subject to the same risks as direct investments in real estate and the real estate market generally. The real estate industry is particularly sensitive to, among other things, economic downturns, changes in interest rates, changes in national, state or local real estate conditions, changes in the availability, cost and terms of mortgages (and other types of financing) and fluctuations in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">occupancy levels and demand for properties.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation applying to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and operations of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreements and Reverse Repurchase Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In the event of the insolvency of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities or other assets sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">rate lower than the cost of the agreement, entering into the agreement will lower the Fund’s yield.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Residential Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Residential mortgage-backed securities (“RMBS”) are backed by </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">residential mortgage loans and are particularly subject to the credit risk of the borrower. RMBS are subject to the risks of asset-backed securities generally, in particular credit risk and interest rate risk, and the residential real estate markets. Delinquencies and losses on RMBS generally increase during periods of adverse economic conditions. Investments in non-agency RMBS, which are not guaranteed by the U.S. government or a government sponsored </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">enterprise, are subject to increased interest rate, credit and other risks, such as liquidity and valuation risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Restricted Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Restricted securities, including those acquired through private placement transactions, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">generally cannot be sold to the public and may involve a high degree of business, financial and liquidity risk, which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">may result in substantial losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Securities lending involves a risk that the borrower may fail to return the securities or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">deliver the proper amount of collateral, which may result in a loss to the Fund. In the event of bankruptcy of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">borrower, the Fund could experience losses or delays in recovering the loaned securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sovereign Debt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The debt securities issued by sovereign entities may decline as a result of default or other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">adverse credit event resulting from a sovereign debtor's unwillingness or inability to repay principal and pay interest in a timely manner, which may be affected by a variety of factors, including its cash flow situation, the extent of its reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor's policy toward international lenders, and the political constraints to which a sovereign debtor may be subject. Sovereign debt risk is greater for issuers in emerging </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">markets than issuers in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Special Situation Investments/Securities in Default Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in the securities and debt of distressed </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">issuers or issuers in default or distressed situations involve far greater risk than investing in issuers whose debt obligations are being met and whose debt trades at or close to its “par” or full value because the investments in the securities and debt of distressed issuers or issuers in default are highly speculative with respect to the issuer’s ability </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">to make interest payments and/or to pay its principal obligations in full and/or on time.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">To Be Announced (“TBA”) Transactions Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund may enter into “To Be Announced” (“TBA”) transactions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">to purchase or sell mortgage-backed securities for a fixed price at a future date. In a TBA transaction, a seller agrees to deliver a mortgage-backed security to the Fund at a future date, but the seller does not specify the particular security to be delivered. Instead, the Fund agrees to accept or sell any security that meets specified terms. TBA purchase commitments involve a risk of loss if the value of the securities to be purchased declines prior to settlement date or if the counterparty may not deliver the securities as promised. Selling a TBA involves a risk of loss if the value of the securities to be sold goes up prior to settlement date. </span><span style="font-family:Arial;font-size:10.02pt;">Margin requirements applicable to the Fund’s TBA transactions</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">may increase the cost of TBA transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed-income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Zero Coupon and Payment-In-Kind Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Zero coupon and payment-in-kind securities pay no cash </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">interest income and usually are sold at substantial discounts from their value at maturity. Zero coupon and payment-in-kind securities are subject to greater market value fluctuations from changing interest rates than debt obligations of comparable maturities that make current cash-pay interest payments. Additionally, investments in payment-in-kind </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">loans are subject to increased price, volatility, credit risk and other risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s Class A share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s Class A, Class C, Institutional Class, and Class P shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) and an additional index (Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index).</span><span style="font-family:Arial;font-size:10.02pt;">As with all </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">mutual funds, past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:10.02pt;"> Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by calling </span><span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span><span style="font-family:Arial;font-size:10.02pt;">.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart does not reflect the impact of the sales charge applicable to Class A shares which, if reflected, would lower the returns shown.</span><span style="font-family:Arial;font-size:10.02pt;"> Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s Class A share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s Class A, Class C, Institutional Class, and Class P shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) and an additional index (Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index).</span> <span style="font-family:Arial;font-size:10.02pt;">As with all </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">mutual funds, past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart does not reflect the impact of the sales charge applicable to Class A shares which, if reflected, would lower the returns shown.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">4.22%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">March 31, 2022</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-2.39%</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2020-06-30 0.0422 <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2022-03-31 -0.0239 <span style="font-family:Arial;font-size:10.02pt;">Average Annual Total Returns (for the periods ended December 31, 2025)</span> 0.0333 0.0222 0.0278 0.0158 0.0085 0.0159 0.0195 0.0109 0.0161 0.0392 0.0191 0.0225 0.0601 0.0295 0.0327 0.0571 0.0268 0.0301 0.0730 -0.0036 0.0201 0.0539 0.0198 0.0208 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">After-tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">returns are shown for Class A only. After-tax returns for Class C, Institutional Class, and Class P will vary. The returns </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shown above reflect applicable sales charges, if any.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">After-tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">returns are shown for Class A only. After-tax returns for Class C, Institutional Class, and Class P will vary. The returns </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shown above reflect applicable sales charges, if any.</span> <span style="color:#000000;font-family:Arial;font-size:16.04pt;font-weight:bold;">Guggenheim Macro Opportunities Fund</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Guggenheim Macro Opportunities Fund (the “Fund”) seeks to provide total return, comprised of current income </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">You may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge discounts if you and your family </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">$</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in the Family of Funds, as defined on page 207 of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">prospectus. This amount may vary depending on the Guggenheim Fund in which you invest. More information about these and other discounts is available from your financial professional and in the “Sales Charges-Class A Shares” section on page </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">145 of the Fund’s prospectus and the “How to Purchase Shares” section on page 83 of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Statement of Additional Information.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> Different intermediaries and financial professionals may impose different sales </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">charges or offer different sales charge waivers or discounts. These variations are described in Appendix A to the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund’s prospectus (Intermediary-Specific Sales Charge Waivers and Discounts).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge discounts if you and your family </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">$</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in the Family of Funds, as defined on page 207 of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">prospectus. This amount may vary depending on the Guggenheim Fund in which you invest. More information about these and other discounts is available from your financial professional and in the “Sales Charges-Class A Shares” section on page </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">145 of the Fund’s prospectus and the “How to Purchase Shares” section on page 83 of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Statement of Additional Information.</span> 50000 50000 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(fees paid directly from your investment)</span> 0.0400 0 0 0 0 0.0100 0 0 <span style="color:#000000;font-family:Arial;font-size:8.02pt;">A 1.00% deferred sales charge will normally be imposed on purchases of $1,000,000 or more on Fund shares purchased without an initial sales charge that are redeemed within 12 months of purchase.</span><span style="color:#000000;font-family:Arial;font-size:8.02pt;">A 1.00% deferred sales charge will be imposed if Fund shares are redeemed within 12 months of purchase.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">ANNUAL FUND OPERATING EXPENSES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">)</span> 0.0087 0.0087 0.0087 0.0087 0.0025 0.0100 0 0.0025 0.0019 0.0019 0.0018 0.0026 0.0000 0.0000 0.0000 0.0000 0.0001 0.0001 0.0001 0.0001 0.0018 0.0018 0.0017 0.0025 0.0002 0.0002 0.0002 0.0002 0.0133 0.0208 0.0107 0.0140 -0.0004 -0.0004 -0.0013 -0.0005 0.0129 0.0204 0.0094 0.0135 <span style="font-family:Arial;font-size:8.02pt;">February 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods, unless otherwise indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">higher or lower, based on these assumptions your costs would be:</span> 526 801 1096 1934 307 648 1115 2407 96 327 578 1294 137 438 761 1675 <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You would pay the following expenses if you did not redeem your shares:</span> 207 648 1115 2407 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The above Example reflects applicable contractual fee waiver/expense reimbursement arrangements for the current </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">duration of the arrangements only.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="font-family:Arial;font-size:10.02pt;">was </span><span style="font-family:Arial;font-size:10.02pt;">35</span><span style="font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio.</span> 0.35 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund will seek to achieve its investment objective by investing in a wide range of fixed-income and other debt and equity securities selected from a variety of sectors and credit qualities, principally corporate bonds, syndicated bank loans and other direct lending opportunities, participations in and assignments of syndicated bank loans (including senior floating rate loans), asset-backed securities (including agency and non-agency residential and commercial mortgage-backed securities, collateralized mortgage obligations and other structured finance investments), U.S. government and agency securities (including those not backed by the full faith and credit of the U.S. government), sovereign debt securities, Eurodollar bonds and obligations, mezzanine and preferred securities, commercial paper, zero-coupon bonds, municipal securities, non-registered or restricted securities (consisting of securities originally issued in reliance on Rule 144A and Regulation S), step-up securities (such as step-up bonds) and convertible securities, and in common stocks and other equity investments that Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”), believes offer attractive yield and/or capital appreciation potential. The Investment Manager may employ a strategy of writing </span><span style="font-family:Arial;font-size:10.02pt;">(selling) covered call and put options on such equity securities and debt securities. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may invest in a basket of debt securities and other instruments (the “Debt Overlay Basket”) and write (sell) out-of-the-money call options (i.e., call options for which the current price of the underlying asset is below the strike price) or near at-the-money call options (i.e., call options for which the current price of the underlying asset is close </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">to the strike price) on a fixed-income exchange-traded fund (the “Underlying Bond ETF”) in an amount that creates a notional exposure approximately equal to or less than the investment exposure created by the Debt Overlay Basket. </span><span style="font-family:Arial;font-size:10.02pt;">This strategy is intended to generate current income in the form of options premiums. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">While the Fund will principally invest in securities listed, traded or dealt in developed markets countries globally, it may also invest without limitation in securities listed, traded or dealt in other countries, including emerging markets countries. Such securities may be denominated in foreign currencies. The Fund may hold securities of any duration or maturity. Securities in which the Fund may invest may pay fixed or variable rates of interest. The Fund may invest in a variety of investment vehicles, principally closed-end funds, exchange-traded funds (“ETFs”) and other mutual </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">funds. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may also invest in commodities (such as precious metals), commodity-linked notes and other commodity-linked derivative instruments, such as swaps, options, or forward contracts based on the value of commodities or commodities indices and commodity futures. The Fund may gain exposure to such commodity instruments by investing a portion of the Fund’s total assets in a wholly-owned subsidiary, which is organized as a limited company under the laws of the Cayman Islands (the “Subsidiary”). The Subsidiary primarily obtains its commodities exposure by investing in commodities, commodity-linked notes, and commodity-linked derivative instruments. The Subsidiary’s investments in such instruments are subject to limits on leverage imposed by the Investment Company Act of 1940 (“1940 Act”). The Fund must maintain no more than 25% of its total assets in the Subsidiary at the end of every </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">quarter of its taxable year. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may invest in derivatives instruments, such as swaps, that are intended to synthetically replicate exposure similar to autocallable equity linked-notes (“ELNs”). An autocallable ELN (i.e., the instrument that the Fund intends to synthetically replicate by investing in derivatives instruments) is a debt instrument with coupon payments (i.e., income) made at regular intervals and linked to equity market performance. The autocallable ELNs that the Fund seeks to replicate synthetically, as further described below, are typically linked to one or more broad-based equity market indexes (e.g., the S&amp;P 500 Index, Russell 2000 Index, or “worst of” two or more indices). This strategy is designed to generate current income based on equity market performance rather than traditional fixed income and </span><span style="font-family:Arial;font-size:10.02pt;">credit factors, such as duration and interest rates. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may use leverage to the extent permitted by applicable law by entering into reverse repurchase agreements and transactions equivalent to a borrowing for investment purposes. The Fund also may invest or engage in collateralized debt obligations (“CDOs”) (which include collateralized bond obligations, collateralized loan obligations and other similarly structured instruments), repurchase agreements, forward commitments, short sales and securities lending and it may seek exposures through derivative transactions, including: foreign exchange forward contracts; futures on securities, indices, currencies and other investments; Secured Overnight Financing Rate (“SOFR”) futures; options; interest rate swaps; cross-currency swaps; total return swaps; credit default swaps; and other foreign currency contracts and foreign currency-related transactions. These investments and transactions may create economic leverage in the Fund and these investments may be traded in the over-the-counter market. The Fund may engage, without limit, in derivative and foreign currency-related transactions for speculative purposes to enhance total return, to seek to hedge against fluctuations in securities prices, interest rates or currency rates, to change the effective duration of its portfolio, to manage certain investment risks, as a substitute for the purchase or sale of securities or currencies and/or to obtain or replicate market exposure. The Fund may also, without limitation, seek to obtain exposure to the securities in which it primarily invests by entering into a series of purchase and sale </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">contracts or by using other investment techniques (such as “To Be Announced” (“TBA”) transactions and dollar rolls). </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Unconstrained to a benchmark, the Fund has the flexibility to invest across a broad array of fixed-income investments. The Fund may also opportunistically allocate to other asset classes to seek to enhance return and/or mitigate risk. The Investment Manager will use a relative value-based investment philosophy, which utilizes quantitative and qualitative analysis to seek to identify securities or spreads between securities that deviate from their perceived fair value and/or historical norms. The Investment Manager seeks to combine a credit managed fixed-income portfolio with access to a diversified pool of alternative investments and equity strategies. The Investment Manager’s investment philosophy is predicated upon the belief that thorough research and independent thought are rewarded with performance that has the potential to outperform benchmark indexes with both lower volatility and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">lower correlation of returns as compared to such benchmark indexes. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Investment Manager may determine to sell a security for several reasons, including but not limited to the following: (1) to adjust the portfolio’s average maturity or duration, or to shift assets into or out of higher-yielding securities; (2) if a security’s credit rating has been changed, the Investment Manager's credit outlook has changed, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">or for other similar reasons; (3) to meet redemption requests; (4) to take gains; or (5) due to relative value. The Fund may hold, without limit, fixed-income securities of any quality, rated or unrated, including those that are rated below investment grade, or, if unrated, determined to be of comparable quality (also known as “high yield securities” or “junk bonds”) and defaulted securities. If nationally recognized statistical rating organizations assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality. Under adverse or unstable market conditions or abnormal circumstances (for example, in the event of credit events, where it is deemed opportune to preserve gains, or to preserve the relative value of investments or in the case of large cash inflows or anticipated large redemptions), the Fund can make temporary investments that are inconsistent </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">with the Fund’s principal investment strategies and may not be able to pursue or achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investors in asset-backed securities, including residential mortgage-backed </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities, commercial mortgage-backed securities and other structured finance investments (such as collateralized mortgage obligations), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. As a result, asset-backed securities are particularly subject to credit risk and borrower defaults on the obligations underlying the asset-backed security will result in losses. In addition, asset-backed securities are typically particularly sensitive to changes in interest rates, which can cause the prices of asset-backed securities to be increasingly volatile and adversely affect the Fund’s holdings of asset-backed securities. Some asset-backed securities, including mortgage-backed securities, may have structures that make their performance based on changes in interest rates and other factors difficult to predict, causing their prices to be volatile. Asset-backed securities are also particularly subject to market, liquidity, valuation, prepayment and extension risks, and are also subject to risk of impairment of the value of the underlying asset. Additional risks relating to investments in asset-backed securities may arise principally because of the type of asset-backed securities in which the Fund invests, with such risks primarily associated with the particular assets collateralizing the asset-backed securities, the structure of such asset-backed securities or the tranche or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">priority of the asset-backed security held by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Collateralized Loan Obligations and Collateralized Debt Obligations Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Collateralized loan obligations </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(“CLOs”) bear many of the same risks as other forms of asset-backed securities, including interest rate risk, credit risk and default risk. As they are backed primarily by commercial loans, CLOs also bear many of the same risks as investing in loans directly. However, in addition to the risks associated with investing in commercial loans, the complex structure and highly leveraged nature of a CLO poses additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in CLOs that are subordinate to other classes; and (iv) the complex structure of the CLO may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. CLOs incur indebtedness by issuing classes or “tranches” that vary in risk and yield. CLOs may experience substantial losses attributable to loan defaults or trading losses. Such losses on the underlying assets are borne first by the holders of subordinate tranches, which may take the form of an equity interest. The Fund’s investments in CLOs may decrease in market value or income when the CLO’s assets experience loan defaults or credit impairment, losses that exceed the most subordinate tranches, or market </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">anticipation of loan defaults and investor aversion to CLO securities as a class. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Collateralized debt obligations (“CDOs”) are structured similarly to CLOs and bear many of the same risks as CLOs, including interest rate risk, credit risk and default risk. CDOs are subject to additional risks because they are backed by pools of assets other than commercial loans, including securities (such as other asset-backed securities), synthetic instruments or bonds, and may be highly leveraged. Like CLOs, losses incurred by a CDO are borne first by holders of the most subordinate tranches. Accordingly, the risks of CDOs depend largely on the type of underlying collateral and the tranche of CDOs in which the Fund invests. Moreover, CDOs that obtain their exposure through </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">synthetic investments are exposed to risks associated with derivative instruments. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The terms of many structured finance investments, including CLOs and CDOs, are tied to SOFR or other reference rates. These relatively new and developing rates may not match the reference rate applicable to the underlying assets related to these investments. These may adversely affect the Fund and its investments in CLOs and CDOs, including their value, volatility and liquidity. CLOs, CDOs and their underlying loan obligations are typically not registered for sale to the public and therefore are subject to certain restrictions on transfer and sale, potentially subjecting them to increased liquidity risk as compared to other types of investments. As a result, the proceeds from the sale of CLO securities may not be readily available to meet the Fund’s redemption or other obligations and the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund may be unable to acquire or dispose of the securities at a price and time that are advantageous to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commercial Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in commercial mortgage-backed securities (“CMBS”) are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">backed by commercial mortgage loans that may be secured, for example, by office properties, retail properties, hotels, mixed use properties or multi-family apartment buildings and are particularly subject to the credit risk of the borrower and the tenants of the properties securing the commercial mortgage loans. CMBS are subject to the risks of asset-backed securities generally, in particular credit risk and interest rate risk, and the commercial real estate markets. Economic downturns, tightening lending standards and increased interest and lending rates, developments adverse to the commercial real estate markets, and other developments that limit or reduce the activities of and demand for commercial retail and office spaces adversely impact the value of, and income generated by, such </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commercial Paper Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of the Fund’s investment in commercial paper, which is an unsecured </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">promissory note that generally has a maturity date between one and 270 days and is issued by a U.S. or foreign entity, is susceptible to changes in the issuer’s financial condition or credit quality. Investments in commercial paper are usually discounted from their value at maturity. Commercial paper can be fixed-rate or variable rate and can be </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adversely affected by changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commodities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to risks associated with investing in commodities. The commodities </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">industries can be significantly affected by: weather; the level and volatility of commodity prices; world events including international monetary and political developments; import controls and worldwide competition; exploration </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and production spending; and tax and other government regulations and economic conditions.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commodity-Linked Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Commodity-linked investments may be more volatile and less liquid than </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the underlying commodity, instruments, or measures and their value may be affected by the performance of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">overall commodities markets as well as weather, tax, and other regulatory developments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Convertible Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Convertible securities may be subordinate to other securities. The total return for a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">convertible security depends, in part, upon the performance of the underlying security into which it can be converted. The value of convertible securities tends to decline as interest rates increase. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Certain types of convertible securities may decline in value or lose their value entirely in the event that the issuer’s financial conditions become </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">significantly impaired.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and over-the-counter (“OTC”)-traded</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;"> derivatives involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (e.g., prime brokerage or securities lending arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">obligations to the Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having concentrated </span><span style="font-family:Arial;font-size:10.02pt;">exposure to such a counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund could lose money if the issuer or guarantor of a fixed-income or other debt instrument or a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a derivatives transaction or other transaction is unable or unwilling, or perceived by market participants, rating agencies, pricing services or otherwise to be unable or unwilling, to pay interest or repay principal on time, defaults or otherwise fails to meet its obligations. Actual or perceived changes in economic, social, public health, financial or political conditions in general or that affect a particular type of instrument, issuer, guarantor or counterparty can reduce the ability of the party to meet its obligations, which can affect the credit quality, liquidity </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">and/or value of an instrument. The value of an instrument also may decline for reasons that relate directly to the issuer, guarantor or counterparty, such as management performance, financial leverage and reduced demand for goods and services or an actual or perceived change in financial condition or reputation. The issuer, guarantor or counterparty could also suffer a rapid decline in credit rating, which would adversely affect the value, price volatility </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and liquidity of the instrument. Credit ratings may not be an accurate assessment of liquidity or credit risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">currencies will decline in value relative to the U.S. Dollar, which would cause a decline in the value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. When the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">fluctuations in the value of currencies may be magnified.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Derivatives and other similar instruments (collectively referred to in this paragraph as </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">“derivatives”) pose risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, illiquidity, valuation, operational and legal restrictions and risk. Their use is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in leverage, which may cause the Fund to be more volatile and riskier than if it had not been leveraged. The Fund's use of derivatives to obtain short exposure may result in greater volatility of the Fund's net asset value (“NAV”) per share. Changes in the value of a derivative may also create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund and its liquidity and other risk profiles. If the Investment Manager is incorrect about its expectations of market conditions, the use of derivatives could also result in a loss, which in some cases may be unlimited. In addition, the Fund’s use of derivatives (including </span><span style="font-family:Arial;font-size:10.02pt;">written call options) may cause the Fund to realize higher amounts </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">of short term capital gains (generally taxed at ordinary income tax rates) than if the Fund had not used such instruments. Some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC market. OTC derivatives are subject to heightened counterparty credit, legal, liquidity and valuation risks. Certain </span><span style="font-family:Arial;font-size:10.02pt;">risks also are specific to the derivatives in which the Fund invests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Forward Foreign Currency Exchange Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A forward foreign currency exchange contract is an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">OTC obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract. Foreign currency transactions can be affected unpredictably by intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or by currency controls or political developments. Such events may prevent or restrict the Fund’s ability to enter into foreign currency transactions, force the Fund to exit a foreign currency transaction at a disadvantageous time or price or result in penalties for the Fund, any of which may result in a loss to the Fund. A contract to sell a foreign currency would limit any potential gain that might be realized if the value of the currency increases. Suitable hedging transactions may not be available in all circumstances. Engaging in forward foreign currency exchange contracts will subject the Fund to counterparty </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">credit risk and any failure to perform by a counterparty could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Futures Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Futures contracts are exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts may be caused by an imperfect correlation between movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of positions that can be held or controlled by the Fund or the Investment Manager, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">are also subject to leverage and liquidity risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Investment Manager’s ability to predict correctly future price </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions that can be held or controlled by the Fund or the Investment Manager, thus limiting the ability to implement the Fund’s strategies. Options are also particularly subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">leverage risk and can be subject to liquidity risk. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Additionally, the Fund’s strategy to invest in the Debt Overlay Basket and write call options on the Underlying Bond ETF is subject to additional risks, including, but not limited to,  the risk of loss associated with the Underlying Bond ETF outperforming the Debt Overlay Basket because the Fund’s obligation under the options on the Underlying Bond ETF at expiration is determined by the market price of the shares of the Underlying Bond ETF.  Moreover, the Fund’s potential gain in selling a call option on the Underlying Bond ETF is the premium received from the purchaser of the option; however, the Fund risks a loss equal to the entire exercise price of the option minus the call premium (although the extent of such loss could be offset by the performance </span><span style="font-family:Arial;font-size:10.02pt;">of the Debt Overlay Basket).</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost of swap transactions to the Fund and impose added operational complexity.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's swap agreements may include contracts that synthetically replicate autocallable equity-linked notes. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">The Fund’s synthetic autocallable ELN investments are designed to convert equity market performance into an income source, which may provide the potential for higher income than traditional fixed income assets and which exposes the Fund to risks such as those associated with the autocallable structure and equity markets, such as market downturns interrupting coupon payments or resulting in principal loss. These investments are also subject certain additional or heightened risks, including, but not limited to, that coupon payments are not guaranteed and may not be paid, the synthetic autocallable contracts may be automatically called (i.e., cancelled without further coupon payments and with principal returned) before their scheduled maturity and adverse changes and volatility in the relevant reference index may result in losses to the Fund.  Investing in these synthetic autocallable contracts is subject to risks associated with investing in autocallable ELNs directly and derivatives instruments on the relevant reference index, including Equity Securities Risk, Market Risk, </span><span style="font-family:Arial;font-size:10.02pt;">Prepayment Risk, Derivatives Risk, Hybrid Securities Risk, and Swap Agreements Risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Dollar Roll Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may enter into dollar roll transactions, in which the Fund sells a mortgage-backed</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;"> or other security for settlement on one date and buys back a substantially similar security for settlement at a later date. Dollar rolls involve a risk of loss if the market value of the securities that the Fund is committed to buy </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">declines below the price of the securities the Fund has sold.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in or exposure to emerging markets are generally subject to a greater level of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risks associated with investing in or being exposed to developed foreign markets, as emerging markets are considered to be less developed. Furthermore, investments in or exposure to emerging markets are generally subject to risks in addition to the risks associated with investing in foreign securities, including the risks associated with trading in smaller markets, lower volumes of trading, limited information about issuers and securities, being subject to lower levels of government regulation and less extensive and transparent accounting, auditing, recordkeeping, financial reporting and other requirements, and being subject to potential expropriation or nationalization of private </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">properties and other adverse political, economic and social events.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Equity securities include common stocks and other equity and equity-related securities </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(and securities convertible into stocks). The prices of equity securities generally fluctuate more than those of fixed-income investments, may rise or fall rapidly or unpredictably, and may reflect real or perceived changes in the issuing company’s financial condition and changes in the overall market or economy. A decline in the value of equity securities held by the Fund will adversely affect the value of your investment in the Fund. Common stocks generally </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">represent the riskiest investment in a company and dividend payments (if declared) to preferred stockholders generally rank junior to payments due to a company’s debtholders. The Fund may lose a substantial part, or even all, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of its investment in a company’s stock.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Extension Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including mortgage- and other asset-backed securities, are subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risk that payments on principal may occur at a slower rate or later than expected. In this event, the expected maturity could lengthen and the Fund’s investment may sharply decrease in value and the Fund’s income from the investment may quickly decline. These types of instruments are particularly subject to extension risk, and offer less potential for gains, during periods of rising interest rates. In addition, the Fund may be delayed in its ability to reinvest income or proceeds from these instruments in potentially higher yielding investments, which would adversely affect </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Foreign Securities and Currency Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Foreign securities carry unique,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">additional and heightened risks when </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">compared to U.S. securities, including</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">but not limited to: currency fluctuations; adverse political (including </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">geopolitical)</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">social and economic developments; trade restrictions (including tariffs) or other government restrictions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">by the U.S. or other governments; unreliable</span><span style="font-family:Arial;font-size:10.02pt;">, untimely or less publicly available information; less government </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">supervision; reporting</span><span style="font-family:Arial;font-size:10.02pt;">, accounting, and auditing standards that are not comparable to those in the United States; less liquidity and more volatility; limited legal recourse and higher transactional costs.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Geographic Emphasis Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—To the extent the Fund invests a significant portion of its assets in one country or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">geographic region, the Fund will be more vulnerable to the economic, financial, social, political or other developments affecting that country or region than a fund that invests its assets more broadly. Such developments may have a significant impact on the Fund’s investment performance causing such performance to be more volatile than the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">investment performance of a more geographically diversified fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Hedging Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may, but is not required to, engage in various investments or transactions that are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">designed to hedge a position that the Fund holds. There can be no assurance that the Fund’s hedging investments or transactions will be effective. Hedging investments or transactions involve costs and may reduce gains or result in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">losses, which may adversely affect the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">High Yield and Unrated Securities Risk</span><span style="font-family:Arial;font-size:10.02pt;">—High yield, below investment grade and unrated high risk debt securities </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">(which also may be known as “junk bonds”) are regarded as predominantly speculative by certain rating agencies with respect to the issuer’s continuing ability to meet principal and interest payments. These securities generally present additional risks compared to investment grade bonds and are typically less liquid, and therefore more difficult to value accurately and sell at an advantageous price or time, and present more credit and default risk, including risk of loss (which may be substantial or total loss) of income and principal, than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific factors, such as operating results and outlook, and to real or perceived adverse economic and competitive industry conditions. High yield securities may be issued by companies that </span><span style="font-family:Arial;font-size:10.02pt;">are restructuring, are smaller and less credit worthy or are more highly leveraged </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">or indebted than other companies or are financially distressed, and therefore they typically have more difficulty making scheduled payments of principal and interest than issuers of higher rated investments. Under unusual or adverse economic, market or political conditions, high yield securities may be particularly susceptible to default risk and increased default rates. In the event of default, the Fund may incur additional expenses to seek recovery or to negotiate new terms with a defaulting issuer. Based on its investment strategies, a significant portion of the Fund’s investments (directly or indirectly) can be comprised of high yield, below investment grade and unrated securities </span><span style="font-family:Arial;font-size:10.02pt;">and thus particularly prone to the foregoing risks, which may result in losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed-income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed-income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed-income and other debt instruments decline, sometimes suddenly and significantly. When interest rates decrease, the values of fixed-income and other debt instruments generally rise. During periods of rising interest rates, because changes in interest rates on adjustable rate securities may lag behind changes in market rates, the value of such securities may decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns and performance may be adversely affected by changing interest rates and the Fund's net asset value per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio turnover costs and lower valuations, thereby adversely affecting the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Investment Vehicles Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may seek to obtain certain exposure through investments in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other investment vehicles. Investing in other investment vehicles, including ETFs, closed-end funds, short-term funds advised by the Investment Manager and/or its affiliates and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, which will reduce the Fund’s performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the net asset value of the shares and the listing exchange may halt trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the shares.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Loans Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in loans directly or indirectly through assignments or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">participations. Investments in loans, including loan syndicates and other direct lending opportunities, involve special types of risks, including credit risk, interest rate risk, counterparty risk, prepayment risk, risk of subordination to other creditors, extension risk and risk of insufficient or lack of protection under the federal securities law. Loans may offer a fixed or floating interest rate. Loans are often below investment grade and may be unrated. The Fund’s investments in loans can also be difficult to value accurately because of, among other factors, limited public information regarding the loan or the borrowers and may be more susceptible to liquidity risk than fixed-income instruments of similar credit quality and/or maturity. The Fund is also subject to the risk that the value of any collateral for the loan may be insufficient or unavailable to cover the borrower’s obligations should the borrower fail to make payments, become insolvent, or otherwise default. This risk is increased if the Fund’s loans are secured by a single asset. The Fund may also invest in loans that are not secured by collateral which typically present greater risks than collateralized loans. Transactions in loans are often subject to long settlement periods and often require consent from borrowers and/or an agent acting for the lenders, thus potentially limiting the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. The Fund thus is subject to the risk of selling other investments at disadvantageous times or prices or taking other actions necessary to raise cash to meet its redemption obligations. Participations in loans may subject the Fund to the credit risk of both the borrower and the seller of the participation and may make enforcement of loan covenants, if any, more difficult for the Fund as legal action may have to go through the seller of the participation (or an agent acting on its behalf). Covenants contained in loan documentation are intended to protect lenders and investors by imposing certain restrictions and other limitations on a borrower’s and the credit group’s operations or assets and by providing certain information and consent rights to lenders. In addition to operational covenants, loans and other debt obligations often contain financial covenants, which require a borrower and the related credit group to satisfy certain financial tests at periodic intervals or to maintain compliance with certain financial metrics. The Fund invests in or is exposed to loans and other similar debt obligations that are sometimes referred to as “covenant-lite” loans or obligations, which generally are loans or other similar debt obligations that lack financial maintenance covenants or possess fewer or contingent financial maintenance covenants and other financial protections for lenders and investors. These “covenant-lite” loans or similar debt obligations are particularly subject to the risks associated with investments in loans as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">described above.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in the Subsidiary Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Subsidiary, unless otherwise noted in this Prospectus, is not subject to all </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the investor protections of the Fund because the Subsidiary is not registered under the 1940 Act. The Fund is exposed to the risks of the Subsidiary’s investments, which are exposed to the risks of investing in the commodities markets. The Fund also will incur its pro rata share of the expenses of the Subsidiary. In addition, changes in the laws of the United States or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as intended and could negatively affect the Fund and its shareholders. The character, timing, or amount that the Fund will pay in taxes may be affected by the Fund’s investment in the Subsidiary. Future or new legislation, Treasury regulations and/or guidance issued by the Internal Revenue Service may also affect whether income derived from the Fund’s investments in the Subsidiary </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">is considered qualifying income.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s use of leverage, through borrowings or instruments such as derivatives and reverse </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">repurchase agreements, may cause the Fund to be more volatile and riskier and magnify the Fund's losses to an extent greater than if it had not been leveraged. The use of leverage may also increase the Fund’s sensitivity to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes of the Fund’s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Based on its investment strategies, a significant portion of the Fund's investments can be difficult to value and potentially less liquid and thus particularly prone to the foregoing risks. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment, particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is actively managed, which means that investment decisions are made based on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investment views. There is no guarantee that the investment views will produce the desired results or expected returns. As a result of these and other factors, the Fund may lose value or fail to meet its investment objective or underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active and frequent trading that can accompany active management, also called “high turnover,” may have a negative impact on performance. Active and frequent trading may result in higher brokerage costs or mark-up charges and tax costs, which are ultimately passed on to shareholders of the Fund. Active and frequent trading may also result in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adverse tax consequences.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund's investments may perform poorly or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">underperform the general securities markets or other types of securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Municipal Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Municipal securities are subject to a variety of risks generally associated with </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investments in debt instruments, including credit, interest rate, prepayment, liquidity, and valuation risks, as well as risks specific to municipal securities. The ability of issuers of municipal securities to pay their obligations can be adversely affected by, among other developments or events, (i) unfavorable legislative, tax, political, or other developments or events, including extreme weather, natural or man-made disasters and public health conditions, and (ii) changes in the economic and fiscal conditions of issuers of municipal securities or the federal government (in cases where it provides financial support to such issuers). In addition, the values of, and income generated by, municipal securities may fully or partially depend on a specific revenue or tax source, such as the taxing authority or revenue of a local government, the credit of a private issuer, or the current or anticipated revenues from a specific project. Developments adversely affecting such sources, such as economic, social or public health conditions, would negatively impact the cash flows of such sources and, in turn, municipal securities fully or partially backed by such sources. To the extent the Fund invests a substantial portion of its assets in municipal securities issued by issuers in a particular state, municipality or project or in municipal instruments that finance similar projects, such as those relating to education, healthcare, transportation, housing, utilities, or water and sewer, the Fund will be particularly sensitive to developments and events adversely affecting such state or municipality or with respect to such projects. Certain sectors of the municipal bond market have special risks that can affect them more significantly than the market as a whole. Because many municipal instruments are issued to finance similar projects (such as education, healthcare, transportation and utilities), conditions in these industries can significantly affect the overall municipal </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">market. Municipal securities that are insured may be adversely affected by developments relevant to that particular insurer, or more general developments relevant to the market as a whole. Municipal securities can be difficult to value and be less liquid than other investments, which may affect performance or the ability to meet Fund redemption </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">requests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Preferred Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A company’s preferred stock generally pays dividends only after the company makes </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">required payments to holders of its bonds and other debt. For this reason, the value of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">prospects.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Prepayment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including loans and mortgage- and other asset-backed securities, are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the risk that payments on principal may occur more quickly or earlier than expected. If this occurs, the Fund might be forced to forego future interest income on the principal repaid early and to reinvest income or proceeds at generally lower interest rates, thus reducing the Fund’s yield. These types of instruments are particularly </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">subject to prepayment risk, and offer less potential for gains, during periods of declining interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Real Estate Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in securities of real estate companies and companies related </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">to the real estate industry, including real estate investment trusts (“REITs”), which are subject to the same risks as direct investments in real estate and the real estate market generally. The real estate industry is particularly sensitive to, among other things, economic downturns, changes in interest rates, changes in national, state or local real estate conditions, changes in the availability, cost and terms of mortgages (and other types of financing) and fluctuations in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">occupancy levels and demand for properties.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation applying to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and operations of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreements and Reverse Repurchase Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In the event of the insolvency of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities or other assets sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">rate lower than the cost of the agreement, entering into the agreement will lower the Fund’s yield.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Residential Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Residential mortgage-backed securities (“RMBS”) are backed by </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">residential mortgage loans and are particularly subject to the credit risk of the borrower. RMBS are subject to the risks of asset-backed securities generally, in particular credit risk and interest rate risk, and the residential real estate markets. Delinquencies and losses on RMBS generally increase during periods of adverse economic conditions. Investments in non-agency RMBS, which are not guaranteed by the U.S. government or a government sponsored </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">enterprise, are subject to increased interest rate, credit and other risks, such as liquidity and valuation risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Restricted Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Restricted securities, including those acquired through private placement transactions, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">generally cannot be sold to the public and may involve a high degree of business, financial and liquidity risk, which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">may result in substantial losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Securities lending involves a risk that the borrower may fail to return the securities or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">deliver the proper amount of collateral, which may result in a loss to the Fund. In the event of bankruptcy of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">borrower, the Fund could experience losses or delays in recovering the loaned securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Short Sale and Short Exposure Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Short selling a security involves selling a borrowed security with the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">expectation that the value of that security will decline, so that the security may be purchased at a lower price when returning the borrowed security. A short exposure through a derivative exposes the Fund to counterparty credit and leverage risks. The loss on a short sale or other short exposure, which, in some cases, may be theoretically unlimited, may be greater than a direct investment in the security itself because the price of the borrowed security may rise, thereby increasing the price at which the security must be purchased. Government actions also may affect </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the Fund’s ability to engage in short selling.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sovereign Debt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The debt securities issued by sovereign entities may decline as a result of default or other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">adverse credit event resulting from a sovereign debtor's unwillingness or inability to repay principal and pay interest in a timely manner, which may be affected by a variety of factors, including its cash flow situation, the extent of its reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor's policy toward international lenders, and the political constraints to which a sovereign debtor may be subject. Sovereign debt risk is greater for issuers in emerging </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">markets than issuers in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Special Situation Investments/Securities in Default Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in the securities and debt of distressed </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">issuers or issuers in default or distressed situations involve far greater risk than investing in issuers whose debt obligations are being met and whose debt trades at or close to its “par” or full value because the investments in the securities and debt of distressed issuers or issuers in default are highly speculative with respect to the issuer’s ability </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">to make interest payments and/or to pay its principal obligations in full and/or on time.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">To Be Announced (“TBA”) Transactions Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund may enter into “To Be Announced” (“TBA”) transactions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">to purchase or sell mortgage-backed securities for a fixed price at a future date. In a TBA transaction, a seller agrees to deliver a mortgage-backed security to the Fund at a future date, but the seller does not specify the particular security to be delivered. Instead, the Fund agrees to accept or sell any security that meets specified terms. TBA purchase commitments involve a risk of loss if the value of the securities to be purchased declines prior to settlement date or if the counterparty may not deliver the securities as promised. Selling a TBA involves a risk of loss if the value of the securities to be sold goes up prior to settlement date. </span><span style="font-family:Arial;font-size:10.02pt;">Margin requirements applicable to the Fund’s TBA transactions</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">may increase the cost of TBA transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed-income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">When Issued, Forward Commitment and Delayed-Delivery Transactions Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—When-issued, forward-commitment</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;"> and delayed-delivery transactions involve a commitment to purchase or sell specific securities at a predetermined price or yield in which payment and delivery take place after the customary settlement period for that type of security. When purchasing securities pursuant to one of these transactions, payment for the securities is not required until the delivery date. However, the purchaser assumes the rights and risks of ownership, including the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">risks of price and yield fluctuations and the risk that the security will not be issued as anticipated.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s Class A share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s Class A, Class C, Institutional Class, and Class P shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) and an additional index (ICE BofA 3-Month U.S. Treasury Bill Index).</span><span style="font-family:Arial;font-size:10.02pt;">As with all mutual funds, past </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by </span><span style="font-family:Arial;font-size:10.02pt;">calling </span><span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span><span style="font-family:Arial;font-size:10.02pt;">.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart does not reflect the impact of the sales charge applicable to Class A shares which, if reflected, would lower the returns shown.</span><span style="font-family:Arial;font-size:10.02pt;"> Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s Class A share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s Class A, Class C, Institutional Class, and Class P shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) and an additional index (ICE BofA 3-Month U.S. Treasury Bill Index).</span> <span style="font-family:Arial;font-size:10.02pt;">As with all mutual funds, past </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart does not reflect the impact of the sales charge applicable to Class A shares which, if reflected, would lower the returns shown.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">September 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">6.02%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">June 30, 2022</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-6.60%</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2020-09-30 0.0602 <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2022-06-30 -0.0660 <span style="font-family:Arial;font-size:10.02pt;">Average Annual Total Returns (for the periods ended December 31, 2025)</span> 0.0296 0.0239 0.0396 0.0065 0.0031 0.0211 0.0171 0.0089 0.0220 0.0538 0.0246 0.0361 0.0761 0.0361 0.0478 0.0718 0.0319 0.0438 0.0730 -0.0036 0.0201 0.0418 0.0317 0.0218 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">After-tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">returns are shown for Class A only. After-tax returns for Class C, Institutional Class, and Class P will vary. The returns </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shown above reflect applicable sales charges, if any.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">After-tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">returns are shown for Class A only. After-tax returns for Class C, Institutional Class, and Class P will vary. The returns </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shown above reflect applicable sales charges, if any.</span> <span style="color:#000000;font-family:Arial;font-size:16.04pt;font-weight:bold;">Guggenheim Municipal Income Fund</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Guggenheim Municipal Income Fund (the “Fund”) seeks to provide current income with an emphasis on income </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">exempt from federal income tax, while also considering capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">You may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge discounts if you and your family </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">$</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in the Family of Funds, as defined on page 207 of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">prospectus. This amount may vary depending on the Guggenheim Fund in which you invest. More information about these and other discounts is available from your financial professional and in the “Sales Charges-Class A Shares” section on page </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">145 of the Fund’s prospectus and the “How to Purchase Shares” section on page 83 of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Statement of Additional Information.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> Different intermediaries and financial professionals may impose different sales </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">charges or offer different sales charge waivers or discounts. These variations are described in Appendix A to the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund’s prospectus (Intermediary-Specific Sales Charge Waivers and Discounts).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge discounts if you and your family </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">$</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in the Family of Funds, as defined on page 207 of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">prospectus. This amount may vary depending on the Guggenheim Fund in which you invest. More information about these and other discounts is available from your financial professional and in the “Sales Charges-Class A Shares” section on page </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">145 of the Fund’s prospectus and the “How to Purchase Shares” section on page 83 of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Statement of Additional Information.</span> 50000 50000 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(fees paid directly from your investment)</span> 0.0400 0 0 0 0 0.0100 0 0 <span style="color:#000000;font-family:Arial;font-size:8.02pt;">A 1.00% deferred sales charge will normally be imposed on purchases of $1,000,000 or more on Fund shares purchased without an initial sales charge that are redeemed within 12 months of purchase.</span><span style="color:#000000;font-family:Arial;font-size:8.02pt;">A 1.00% deferred sales charge will be imposed if Fund shares are redeemed within 12 months of purchase.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">ANNUAL FUND OPERATING EXPENSES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">)</span> 0.0050 0.0050 0.0050 0.0050 0.0025 0.0100 0 0.0025 0.0090 0.0108 0.0076 0.0131 0.0165 0.0258 0.0126 0.0206 -0.0087 -0.0105 -0.0073 -0.0128 0.0078 0.0153 0.0053 0.0078 <span style="font-family:Arial;font-size:8.02pt;">February 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods, unless otherwise indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">higher or lower, based on these assumptions your costs would be:</span> 476 818 1182 2206 256 703 1276 2836 54 327 621 1458 80 522 990 2287 <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You would pay the following expenses if you did not redeem your shares:</span> 156 703 1276 2836 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The above Example reflects applicable contractual fee waiver/expense reimbursement arrangements for the current </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">duration of the arrangements only.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="font-family:Arial;font-size:10.02pt;">was </span><span style="font-family:Arial;font-size:10.02pt;">39</span><span style="font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio.</span> 0.39 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">In pursuit of its objective, the Fund will invest, under normal circumstances, at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in a diversified portfolio of municipal securities whose interest is free from federal income tax. This investment policy may not be changed without shareholder approval. Interest from the Fund’s investments may be subject to the federal alternative minimum tax. The Fund may invest up to 20% of its assets in securities the interest on which is subject to federal income taxation, including, among others, corporate bonds and other corporate debt securities, taxable municipal securities (which include Build America Bonds and Qualified School Construction Bonds), mortgage-backed and asset backed securities (including collateralized debt obligations), repurchase and reverse repurchase agreements, syndicated bank loans and securities issued by the U.S. government or its agencies and instrumentalities (including those not backed by the full faith and credit of the U.S. government). The Fund also may invest up to 20% of its assets in a variety of investment vehicles, principally closed-end funds, exchange-traded funds (“ETFs”) and other mutual funds. The Fund may use derivatives for investment purposes (i.e., speculative purposes) and/or to seek to hedge against fluctuations in interest rates or to change the effective duration of its portfolio. Derivatives include futures, forward contracts, Secured Overnight Financing Rate (“SOFR”) futures, options, structured securities, inverse floating rate instruments, swaps, caps, floors, and collars (some of these instruments may be traded in the over-the-counter market). When market conditions are deemed appropriate, the Fund will use leverage to the full extent permitted by its investment policies and restrictions and applicable law. The Fund may use leverage by using derivatives and municipal tender option bonds (“TOBs”), or by entering into reverse repurchase agreements and borrowing transactions (principally lines of credit) for investment purposes. The fixed-income securities in which the Fund invests will primarily be domestic securities, but may also include, up to 20% of its assets, in foreign and emerging markets securities (such </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">as sovereign debt securities and Eurodollar bonds and obligations). </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund will allocate assets across different market sectors and maturities and may invest in municipal bonds rated in any rating category or in unrated municipal bonds. The Fund, however, will invest, under normal market conditions, at least 80% of its net assets in investment grade securities (i.e., rated in the top four long-term rating categories by a nationally recognized statistical ratings organization or, if unrated, determined by Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”), to be of comparable </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">quality). If nationally recognized statistical rating organizations assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality. The Fund may invest 25% or more of the Fund’s assets in municipal instruments that finance similar projects, such as those relating to education, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">healthcare, housing, utilities, or water and sewers. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Investment Manager selects securities and other investments for purchase and sale based on intensive credit research involving extensive due diligence on each issuer, region and sector, and also considers macroeconomic </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">outlook and geopolitical issues. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Investment Manager may determine to sell an instrument for several reasons, including but not limited to the following: (1) to adjust the portfolio’s average maturity or duration, or to shift assets into or out of higher-yielding securities; (2) if a security’s credit rating has been changed, the Investment Manager's credit outlook has changed, or for other similar reasons; (3) to meet redemption requests; (4) to take gains; or (5) due to relative value. Under adverse or unstable market conditions or abnormal circumstances (for example, in the event of credit events, where it is deemed opportune to preserve gains, or to preserve the relative value of investments or in the case of large cash inflows or anticipated large redemptions), the Fund can make temporary investments that are inconsistent with the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund’s principal investment strategies and may not be able to pursue or achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investors in asset-backed securities, including residential mortgage-backed </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities, commercial mortgage-backed securities and other structured finance investments (such as collateralized mortgage obligations), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. As a result, asset-backed securities are particularly subject to credit risk and borrower defaults on the obligations underlying the asset-backed security will result in losses. In addition, asset-backed securities are typically particularly sensitive to changes in interest rates, which can cause the prices of asset-backed securities to be increasingly volatile and adversely affect the Fund’s holdings of asset-backed securities. Some asset-backed securities, including mortgage-backed securities, may have structures that make their performance based on changes in interest rates and other factors difficult to predict, causing their prices to be volatile. Asset-backed securities are also particularly subject to market, liquidity, valuation, prepayment and extension risks, and are also subject to risk of impairment of the value of the underlying asset. Additional risks relating to investments in asset-backed securities may arise principally because of the type of asset-backed securities in which the Fund invests, with such risks primarily associated with the particular assets collateralizing the asset-backed securities, the structure of such asset-backed securities or the tranche or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">priority of the asset-backed security held by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Collateralized Loan Obligations and Collateralized Debt Obligations Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Collateralized loan obligations </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(“CLOs”) bear many of the same risks as other forms of asset-backed securities, including interest rate risk, credit risk and default risk. As they are backed primarily by commercial loans, CLOs also bear many of the same risks as investing in loans directly. However, in addition to the risks associated with investing in commercial loans, the complex structure and highly leveraged nature of a CLO poses additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in CLOs that are subordinate to other classes; and (iv) the complex structure of the CLO may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. CLOs incur indebtedness by issuing classes or “tranches” that vary in risk and yield. CLOs may experience substantial losses attributable to loan defaults or trading losses. Such losses on the underlying assets are borne first by the holders of subordinate tranches, which may take the form of an equity interest. The Fund’s investments in CLOs may decrease in market value or income when the CLO’s assets experience loan defaults or credit impairment, losses that exceed the most subordinate tranches, or market </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">anticipation of loan defaults and investor aversion to CLO securities as a class. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Collateralized debt obligations (“CDOs”) are structured similarly to CLOs and bear many of the same risks as CLOs, including interest rate risk, credit risk and default risk. CDOs are subject to additional risks because they are backed by pools of assets other than commercial loans, including securities (such as other asset-backed securities), synthetic instruments or bonds, and may be highly leveraged. Like CLOs, losses incurred by a CDO are borne first by holders of the most subordinate tranches. Accordingly, the risks of CDOs depend largely on the type of underlying collateral and the tranche of CDOs in which the Fund invests. Moreover, CDOs that obtain their exposure through </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">synthetic investments are exposed to risks associated with derivative instruments. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The terms of many structured finance investments, including CLOs and CDOs, are tied to SOFR or other reference rates. These relatively new and developing rates may not match the reference rate applicable to the underlying assets related to these investments. These may adversely affect the Fund and its investments in CLOs and CDOs, including their value, volatility and liquidity. CLOs, CDOs and their underlying loan obligations are typically not registered for sale to the public and therefore are subject to certain restrictions on transfer and sale, potentially subjecting them to increased liquidity risk as compared to other types of investments. As a result, the proceeds from the sale of CLO securities may not be readily available to meet the Fund’s redemption or other obligations and the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund may be unable to acquire or dispose of the securities at a price and time that are advantageous to the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and over-the-counter (“OTC”)-traded</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;"> derivatives involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (e.g., prime brokerage or securities lending arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">obligations to the Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having concentrated </span><span style="font-family:Arial;font-size:10.02pt;">exposure to such a counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund could lose money if the issuer or guarantor of a fixed-income or other debt instrument or a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a derivatives transaction or other transaction is unable or unwilling, or perceived by market participants, rating agencies, pricing services or otherwise to be unable or unwilling, to pay interest or repay principal on time, defaults or otherwise fails to meet its obligations. Actual or perceived changes in economic, social, public health, financial or political conditions in general or that affect a particular type of instrument, issuer, guarantor or counterparty can reduce the ability of the party to meet its obligations, which can affect the credit quality, liquidity and/or value of an instrument. The value of an instrument also may decline for reasons that relate directly to the issuer, guarantor or counterparty, such as management performance, financial leverage and reduced demand for goods and services or an actual or perceived change in financial condition or reputation. The issuer, guarantor or counterparty could also suffer a rapid decline in credit rating, which would adversely affect the value, price volatility </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and liquidity of the instrument. Credit ratings may not be an accurate assessment of liquidity or credit risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Derivatives and other similar instruments (collectively referred to in this paragraph as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">“derivatives”) pose risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, illiquidity, valuation, operational and legal restrictions and risk. Their use is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in leverage, which may cause the Fund to be more volatile and riskier than if it had not been leveraged. Changes in the value of a derivative may also create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund and its liquidity and other risk profiles. If the Investment Manager is incorrect about its expectations of market conditions, the use of derivatives could also result in a loss, which in some cases may be unlimited. In addition, the Fund's use of derivatives may cause the Fund to realize higher amounts of short term capital gains (generally taxed at ordinary income tax rates) than if the Fund had not used such instruments.  Some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC market. OTC derivatives are subject to heightened counterparty </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">credit, legal, liquidity and valuation risks. Certain risks also are specific to the derivatives in which the Fund invests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of swap transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in or exposure to emerging markets are generally subject to a greater level of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risks associated with investing in or being exposed to developed foreign markets, as emerging markets are considered to be less developed. Furthermore, investments in or exposure to emerging markets are generally subject to risks in addition to the risks associated with investing in foreign securities, including the risks associated with trading in smaller markets, lower volumes of trading, limited information about issuers and securities, being subject to lower levels of government regulation and less extensive and transparent accounting, auditing, recordkeeping, financial reporting and other requirements, and being subject to potential expropriation or nationalization of private </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">properties and other adverse political, economic and social events.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Extension Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including mortgage- and other asset-backed securities, are subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risk that payments on principal may occur at a slower rate or later than expected. In this event, the expected maturity could lengthen and the Fund’s investment may sharply decrease in value and the Fund’s income from the investment may quickly decline. These types of instruments are particularly subject to extension risk, and offer less potential for gains, during periods of rising interest rates. In addition, the Fund may be delayed in its ability to reinvest income or proceeds from these instruments in potentially higher yielding investments, which would adversely affect </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Foreign Securities and Currency Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Foreign securities carry unique,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">additional and heightened risks when </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">compared to U.S. securities, including</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">but not limited to: currency fluctuations; adverse political (including </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">geopolitical)</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">social and economic developments; trade restrictions (including tariffs) or other government restrictions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">by the U.S. or other governments; unreliable</span><span style="font-family:Arial;font-size:10.02pt;">, untimely or less publicly available information; less government </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">supervision; reporting</span><span style="font-family:Arial;font-size:10.02pt;">, accounting, and auditing standards that are not comparable to those in the United States; less liquidity and more volatility; limited legal recourse and higher transactional costs.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">High Yield and Unrated Securities Risk</span><span style="font-family:Arial;font-size:10.02pt;">—High yield, below investment grade and unrated high risk debt securities </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">(which also may be known as “junk bonds”) are regarded as predominantly speculative by certain rating agencies with respect to the issuer’s continuing ability to meet principal and interest payments. These securities generally present additional risks compared to investment grade bonds and are typically less liquid, and therefore more difficult to value accurately and sell at an advantageous price or time, and present more credit and default risk, including risk of loss (which may be substantial or total loss) of income and principal, than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific factors, such as operating results and outlook, and to real or perceived adverse economic and competitive industry conditions. High yield securities may be issued by companies that </span><span style="font-family:Arial;font-size:10.02pt;">are restructuring, are smaller and less credit worthy or are more highly leveraged </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">or indebted than other companies or are financially distressed, and therefore they typically have more difficulty making scheduled payments of principal and interest than issuers of higher rated investments. Under unusual or adverse economic, market or political conditions, high yield securities may be particularly susceptible to default risk and increased default rates. In the event of default, the Fund may incur additional expenses to seek recovery or to negotiate new terms with a defaulting issuer. Based on its investment strategies, a significant portion of the Fund’s investments (directly or indirectly) can be comprised of high yield, below investment grade and unrated securities </span><span style="font-family:Arial;font-size:10.02pt;">and thus particularly prone to the foregoing risks, which may result in losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed-income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed-income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed-income and other debt instruments decline, sometimes suddenly </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">and significantly. When interest rates decrease, the values of fixed-income and other debt instruments generally rise. During periods of rising interest rates, because changes in interest rates on adjustable rate securities may lag behind changes in market rates, the value of such securities may decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns and performance may be adversely affected by changing interest rates and the Fund's net asset value per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio turnover costs and lower valuations, thereby adversely affecting the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Investment Vehicles Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may seek to obtain certain exposure through investments in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other investment vehicles. Investing in other investment vehicles, including ETFs, closed-end funds, short-term funds advised by the Investment Manager and/or its affiliates and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, which will reduce the Fund’s performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the net asset value of the shares and the listing exchange may halt trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the shares.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Loans Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in loans directly or indirectly through assignments or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">participations. Investments in loans, including loan syndicates and other direct lending opportunities, involve special types of risks, including credit risk, interest rate risk, counterparty risk, prepayment risk, risk of subordination to other creditors, and extension risk and risk of insufficient or lack of protection under the federal securities laws. Loans may offer a fixed or floating interest rate. Loans are often below investment grade and may be unrated. The Fund’s investments in loans can also be difficult to value accurately because of, among other factors, limited public information regarding the loan or the borrowers and may be more susceptible to liquidity risk than fixed-income instruments of similar credit quality and/or maturity. The Fund is also subject to the risk that the value of any collateral for the loan may be insufficient or unavailable to cover the borrower’s obligations should the borrower fail to make payments, become insolvent, or otherwise default. This risk is increased if the Fund’s loans are secured by a single asset. The Fund may also invest in loans that are not secured by collateral which typically present greater risks than collateralized loans. Transactions in loans are often subject to long settlement periods and often require consent from borrowers and/or an agent acting for the lenders, thus potentially limiting the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. The Fund thus is subject to the risk of selling other investments at disadvantageous times or prices or taking other actions necessary to raise cash to meet its redemption obligations. Participations in loans may subject the Fund to the credit risk of both the borrower and the seller of the participation and may make enforcement of loan covenants, if any, more difficult for the Fund as legal action may have to go through the seller of the participation (or an agent acting on its behalf). Covenants contained in loan documentation are intended to protect lenders and investors by imposing certain restrictions and other limitations on a borrower’s and the credit group’s operations or assets and by providing certain </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">information and consent rights to lenders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s use of leverage, through borrowings or instruments such as derivatives and reverse </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">repurchase agreements, may cause the Fund to be more volatile and riskier and magnify the Fund's losses to an extent greater than if it had not been leveraged. The use of leverage may also increase the Fund’s sensitivity to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes of the Fund’s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Based on its investment strategies, a significant portion of the Fund's investments can be difficult to value and potentially less liquid and thus particularly prone to the foregoing risks. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment, particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is actively managed, which means that investment decisions are made based on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investment views. There is no guarantee that the investment views will produce the desired results or expected returns. As a result of these and other factors, the Fund may lose value or fail to meet its investment objective or underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active and frequent trading that can accompany active management, also called “high turnover,” may have a negative impact on performance. Active and frequent trading may result in higher brokerage costs or mark-up charges and tax costs, which are ultimately passed on to shareholders of the Fund. Active and frequent trading may also result in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adverse tax consequences.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund's investments may perform poorly or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">underperform the general securities markets or other types of securities.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Municipal Securities Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Municipal securities are subject to a variety of risks generally associated with </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">investments in debt instruments, including credit, interest rate, prepayment, liquidity, and valuation risks, as well as risks specific to municipal securities. The ability of issuers of municipal securities to pay their obligations can be adversely affected by, among other developments or events, (i) unfavorable legislative, tax, political or other developments or events, including extreme weather, natural or man-made disasters and public health conditions, the occurrence of natural disasters, or other events impacting markets and/or specific states and issuers, and (ii) changes in the economic and fiscal conditions of issuers of municipal securities or the federal government (in cases where it provides financial support to such issuers)</span><span style="font-family:Arial;font-size:10.02pt;">, and (iii) litigation involving such issuers. In addition, the values of, </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">and income generated by, municipal securities may fully or partially depend on a specific revenue or tax source, such as the taxing authority or revenue of a local government </span><span style="font-family:Arial;font-size:10.02pt;">(which may be limited by provisions of state constitutions or </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">laws)</span><span style="font-family:Arial;font-size:10.02pt;">, the credit of a private issuer or other issuer of municipal securities (which will depend on many factors, </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">including the entity's tax base and revenue sources,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">the extent to which the entity relies on federal or state aid and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">other factors which are beyond the entity's control), or the </span><span style="font-family:Arial;font-size:10.02pt;">current or anticipated revenues from a specific project. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Developments adversely affecting such sources, such as economic, social or public health conditions, would negatively impact the cash flows of such sources and, in turn, municipal securities fully or partially backed by such sources. To the extent the Fund invests a substantial portion of its assets in municipal securities issued by issuers in a particular state, municipality or project or in municipal instruments that finance similar projects </span><span style="font-family:Arial;font-size:10.02pt;">( or are backed by </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">current or anticipated revenues from a specific or similar project or assets)</span><span style="font-family:Arial;font-size:10.02pt;"> such as those relating to education, </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">healthcare, housing, utilities, or water and sewer, the Fund will be particularly sensitive to developments and events adversely affecting such state or municipality or with respect to such projects. For example, the Fund invests a substantial amount of its assets in municipal securities of issuers located in California. As a result, the Fund may be affected significantly by economic, regulatory, environmental, political or other developments affecting the ability of California issuers to pay interest or repay principal. From time to time, the Fund may invest a substantial amount of its assets in securities issued by issuers located in other states or municipalities. Certain sectors of the municipal bond market have special risks that can affect them more significantly than the market as a whole. Because many municipal instruments are issued to finance similar projects (such as education, health care, transportation and utilities), conditions in these industries can significantly affect the overall municipal market. Municipal securities that are insured may be adversely affected by developments relevant to that particular insurer, or more general developments relevant to the market as a whole</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">including proposed federal, state or local legislation involving the financing of,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">or declining markets or needs for, such projects.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Prepayment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including loans and mortgage- and other asset-backed securities, are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the risk that payments on principal may occur more quickly or earlier than expected. If this occurs, the Fund might be forced to forego future interest income on the principal repaid early and to reinvest income or proceeds at generally lower interest rates, thus reducing the Fund’s yield. These types of instruments are particularly </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">subject to prepayment risk, and offer less potential for gains, during periods of declining interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation applying to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and operations of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreements and Reverse Repurchase Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In the event of the insolvency of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities or other assets sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">rate lower than the cost of the agreement, entering into the agreement will lower the Fund’s yield.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Restricted Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Restricted securities, including those acquired through private placement transactions, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">generally cannot be sold to the public and may involve a high degree of business, financial and liquidity risk, which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">may result in substantial losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sovereign Debt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The debt securities issued by sovereign entities may decline as a result of default or other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">adverse credit event resulting from a sovereign debtor's unwillingness or inability to repay principal and pay interest in a timely manner, which may be affected by a variety of factors, including its cash flow situation, the extent of its reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor's policy toward international lenders, and the political constraints to which a sovereign debtor may be subject. Sovereign debt risk is greater for issuers in emerging </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">markets than issuers in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Tender Option Bonds Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Tender option bonds, residual interest tender option bonds and inverse floaters </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">expose the Fund to the same risks as investments in derivatives, as well as risks associated with leverage, especially the risk of increased volatility. An investment in these securities typically will involve greater risk than an investment in a municipal fixed rate security, including the risk of loss of principal. Because distributions on these securities will bear an inverse relationship to short-term municipal security interest rates, distributions will be reduced or, in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">extreme, eliminated as rates rise and will increase when rates fall.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed-income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s Class A share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s Class A, Class C, Institutional Class, and Class P shares compared to those of a regulatorily required broad-based securities market index (Bloomberg Municipal Bond Index).</span><span style="font-family:Arial;font-size:10.02pt;">As with all mutual funds, past performance (before and after taxes) is not necessarily an indication of how the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund will perform in the future.</span><span style="font-family:Arial;font-size:10.02pt;"> Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by calling </span><span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span><span style="font-family:Arial;font-size:10.02pt;">.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart does not reflect the impact of the sales charge applicable to Class A shares which, if reflected, would lower the returns shown.</span><span style="font-family:Arial;font-size:10.02pt;"> Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s Class A share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s Class A, Class C, Institutional Class, and Class P shares compared to those of a regulatorily required broad-based securities market index (Bloomberg Municipal Bond Index).</span> <span style="font-family:Arial;font-size:10.02pt;">As with all mutual funds, past performance (before and after taxes) is not necessarily an indication of how the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart does not reflect the impact of the sales charge applicable to Class A shares which, if reflected, would lower the returns shown.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">December 31, 2023</span><span style="font-family:Arial;font-size:10.02pt;">7.17%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">March 31, 2022</span><span style="font-family:Arial;font-size:10.02pt;">-9.15%</span> <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2023-12-31 0.0717 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2022-03-31 -0.0915 <span style="font-family:Arial;font-size:10.02pt;">Average Annual Total Returns (for the periods ended December 31, 2025)</span> 0.0092 -0.0099 0.0126 -0.0029 -0.0212 0.0021 0.0052 -0.0123 0.0051 0.0340 -0.0091 0.0092 0.0546 0.0009 0.0193 0.0518 -0.0017 0.0167 0.0425 0.0080 0.0234 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">After-tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">returns are shown for Class A only. After-tax returns for Class C, Institutional Class, and Class P will vary. The returns </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shown above reflect applicable sales charges, if any.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">After-tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">returns are shown for Class A only. After-tax returns for Class C, Institutional Class, and Class P will vary. The returns </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shown above reflect applicable sales charges, if any.</span> <span style="color:#000000;font-family:Arial;font-size:16.04pt;font-weight:bold;">Guggenheim Total Return Bond Fund</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Guggenheim Total Return Bond Fund (the “Fund”) seeks to provide total return, comprised of current income </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">You may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge discounts if you and your family </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">$</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in the Family of Funds, as defined on page 207 of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">prospectus. This amount may vary depending on the Guggenheim Fund in which you invest. More information about these and other discounts is available from your financial professional and in the “Sales Charges-Class A Shares” section on page </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">145 of the Fund’s prospectus and the “How to Purchase Shares” section on page 83 of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Statement of Additional Information.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> Different intermediaries and financial professionals may impose different sales </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">charges or offer different sales charge waivers or discounts. These variations are described in Appendix A to the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund’s prospectus (Intermediary-Specific Sales Charge Waivers and Discounts).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge discounts if you and your family </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">$</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in the Family of Funds, as defined on page 207 of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">prospectus. This amount may vary depending on the Guggenheim Fund in which you invest. More information about these and other discounts is available from your financial professional and in the “Sales Charges-Class A Shares” section on page </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">145 of the Fund’s prospectus and the “How to Purchase Shares” section on page 83 of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Statement of Additional Information.</span> 50000 50000 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(fees paid directly from your investment)</span> 0.0400 0 0 0 0 0.0100 0 0 <span style="color:#000000;font-family:Arial;font-size:8.02pt;">A 1.00% deferred sales charge will normally be imposed on purchases of $1,000,000 or more on Fund shares purchased without an initial sales charge that are redeemed within 12 months of purchase.</span><span style="color:#000000;font-family:Arial;font-size:8.02pt;">A 1.00% deferred sales charge will be imposed if Fund shares are redeemed within 12 months of purchase.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">ANNUAL FUND OPERATING EXPENSES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">)</span> 0.0039 0.0039 0.0039 0.0039 0.0025 0.0100 0 0.0025 0.0019 0.0021 0.0018 0.0025 0.0001 0.0001 0.0002 0.0001 0.0018 0.0020 0.0016 0.0024 0.0083 0.0160 0.0057 0.0089 -0.0006 -0.0008 -0.0009 -0.0012 0.0077 0.0152 0.0048 0.0077 <span style="font-family:Arial;font-size:8.02pt;">February 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods, unless otherwise indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">higher or lower, based on these assumptions your costs would be:</span> 475 649 836 1379 255 497 863 1893 49 174 309 705 79 272 481 1085 <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You would pay the following expenses if you did not redeem your shares:</span> 155 497 863 1893 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The above Example reflects applicable contractual fee waiver/expense reimbursement arrangements for the current </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">duration of the arrangements only.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="font-family:Arial;font-size:10.02pt;">was </span><span style="font-family:Arial;font-size:10.02pt;">49</span><span style="font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio.</span> 0.49 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund intends to pursue its investment objective by investing, under normal circumstances, at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in debt securities. Such debt securities may include corporate bonds and other corporate debt securities, securities issued by the U.S. government or its agencies and instrumentalities (including those not backed by the full faith and credit of the U.S. government), sovereign debt securities, Eurodollar bonds and obligations, agency and non-agency residential and commercial mortgage-backed securities and other asset-backed securities (including collateralized mortgage obligations), loans, participations in and assignments of bank and bridge loans, zero-coupon bonds, municipal bonds, payment-in-kind securities (such as payment-in-kind bonds), convertible fixed-income securities, non-registered or restricted securities (including those issued in reliance on Rule 144A and Regulation S securities), certain preferred securities and step-up securities (such as step-up bonds). These securities may pay fixed or variable rates of interest and may include adjustable rate securities. While the Fund will principally invest in debt securities listed, traded or dealt in developed markets countries globally, it may also invest without limitation in securities listed, traded or dealt in other countries, including emerging markets countries. Such securities may be denominated in foreign currencies. Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”) may attempt to reduce foreign currency exchange rate risk by entering into contracts with banks, brokers or dealers to purchase or sell securities or foreign currencies at a future date. The Fund may also invest in collateralized debt obligations (“CDOs”) (which include collateralized bond obligations, collateralized loan obligations and other similarly structured instruments), preferred stock and convertible securities. The Fund may seek to obtain exposure to the securities in which it primarily invests through a variety of investment vehicles, principally closed-end </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">funds, exchange-traded funds (“ETFs”) and other mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may hold fixed-income instruments of any quality, rated or unrated, including those that are rated below investment grade, or if unrated, determined to be of comparable quality (also known as “high yield securities” or “junk bonds”). If nationally recognized statistical rating organizations assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality. However, the Fund may not invest more than 33 1/3% of its total assets in fixed-income securities that are below investment grade. The Fund may hold </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities of any duration or maturity. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">With respect to bank loans, the Fund may purchase participations in, or assignments of, floating rate bank loans that meet certain liquidity standards and will provide for interest rate adjustments at least every 397 days and which may be secured by real estate or other assets. Participations may be interests in, or assignments of, the loan and may be acquired from banks or brokers that have made the loan or members of the lending syndicate. The Fund may also </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">participate in lending syndicates and other direct lending opportunities. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund also may seek exposures through derivative transactions, principally: foreign exchange forward contracts; futures on securities, indices, currencies and other investments; Secured Overnight Financing Rate (“SOFR”) futures; options; interest rate swaps; cross-currency swaps; total return swaps; credit default swaps; and other foreign currency contracts and foreign currency-related transactions, which may also create economic leverage in the Fund. The Fund may engage in derivative and foreign currency-related transactions for speculative purposes to enhance total return, to seek to hedge against fluctuations in securities prices, interest rates or currency rates, to change the effective duration of its portfolio, to manage certain investment risks, as a substitute for the purchase or sale of securities or currencies and/or to obtain or replicate market exposure. The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as “To Be Announced” (“TBA”) transactions and/or dollar rolls). The Fund may use leverage to the extent permitted by applicable law by entering into reverse repurchase agreements and transactions equivalent to a borrowing for investment purposes. The Fund also may engage, without limitation, in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs a diversified, multi-sector strategy focused on under-researched areas of the fixed income universe, including sectors not included in benchmark indices. Through its actively managed approach, the Fund seeks to potentially capitalize on changing relative values in fixed-income sectors. The Investment Manager selects securities and other investments for purchase and sale based on intensive credit research involving extensive due diligence on each issuer, region and sector. The Investment Manager also considers macroeconomic outlook and geopolitical issues, and may employ a tactical asset or sector allocation strategy to seek to capitalize on total return </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">potential created by changing market and economic conditions. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Investment Manager may determine to sell a security for several reasons, including but not limited to the following: (1) to adjust the portfolio’s average maturity or duration, or to shift assets into or out of higher-yielding securities; (2) if a security’s credit rating has been changed, the Investment Manager's credit outlook has changed, or for other similar reasons; (3) to meet redemption requests; (4) to take gains; or (5) due to relative value. The Fund does not intend to principally invest in defaulted securities, but if a security defaults subsequent to purchase by the Fund, the Investment Manager will determine in its discretion whether to hold or dispose of such security. Under adverse or unstable market conditions or abnormal circumstances (for example, in the event of credit events, where it is deemed opportune to preserve gains, or to preserve the relative value of investments or in the case of large cash inflows or anticipated large redemptions), the Fund can make temporary investments that are inconsistent with the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund’s principal investment strategies and may not be able to pursue or achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investors in asset-backed securities, including residential mortgage-backed </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities, commercial mortgage-backed securities and other structured finance investments (such as collateralized mortgage obligations), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. As a result, asset-backed securities are particularly subject to credit risk and borrower defaults on the obligations underlying the asset-backed security will result in losses. In addition, asset-backed securities are typically particularly sensitive to changes in interest rates, which can cause the prices of asset-backed securities to be increasingly volatile and adversely affect the Fund’s holdings of asset-backed securities. Some asset-backed securities, including mortgage-backed securities, may have structures that make their performance based on changes in interest rates and other factors </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">difficult to predict, causing their prices to be volatile. Asset-backed securities are also particularly subject to market, liquidity, valuation, prepayment and extension risks, and are also subject to risk of impairment of the value of the underlying asset. Additional risks relating to investments in asset-backed securities may arise principally because of the type of asset-backed securities in which the Fund invests, with such risks primarily associated with the particular assets collateralizing the asset-backed securities, the structure of such asset-backed securities or the tranche or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">priority of the asset-backed security held by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Collateralized Loan Obligations and Collateralized Debt Obligations Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Collateralized loan obligations </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(“CLOs”) bear many of the same risks as other forms of asset-backed securities, including interest rate risk, credit risk and default risk. As they are backed primarily by commercial loans, CLOs also bear many of the same risks as investing in loans directly. However, in addition to the risks associated with investing in commercial loans, the complex structure and highly leveraged nature of a CLO poses additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in CLOs that are subordinate to other classes; and (iv) the complex structure of the CLO may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. CLOs incur indebtedness by issuing classes or “tranches” that vary in risk and yield. CLOs may experience substantial losses attributable to loan defaults or trading losses. Such losses on the underlying assets are borne first by the holders of subordinate tranches, which may take the form of an equity interest. The Fund’s investments in CLOs may decrease in market value or income when the CLO’s assets experience loan defaults or credit impairment, losses that exceed the most subordinate tranches, or market </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">anticipation of loan defaults and investor aversion to CLO securities as a class. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Collateralized debt obligations (“CDOs”) are structured similarly to CLOs and bear many of the same risks as CLOs, including interest rate risk, credit risk and default risk. CDOs are subject to additional risks because they are backed by pools of assets other than commercial loans, including securities (such as other asset-backed securities), synthetic instruments or bonds, and may be highly leveraged. Like CLOs, losses incurred by a CDO are borne first by holders of the most subordinate tranches. Accordingly, the risks of CDOs depend largely on the type of underlying collateral and the tranche of CDOs in which the Fund invests. Moreover, CDOs that obtain their exposure through </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">synthetic investments are exposed to risks associated with derivative instruments. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The terms of many structured finance investments, including CLOs and CDOs, are tied to SOFR or other reference rates. These relatively new and developing rates may not match the reference rate applicable to the underlying assets related to these investments. These may adversely affect the Fund and its investments in CLOs and CDOs, including their value, volatility and liquidity. CLOs, CDOs and their underlying loan obligations are typically not registered for sale to the public and therefore are subject to certain restrictions on transfer and sale, potentially subjecting them to increased liquidity risk as compared to other types of investments. As a result, the proceeds from the sale of CLO securities may not be readily available to meet the Fund’s redemption or other obligations and the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund may be unable to acquire or dispose of the securities at a price and time that are advantageous to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commercial Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in commercial mortgage-backed securities (“CMBS”) are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">backed by commercial mortgage loans that may be secured, for example, by office properties, retail properties, hotels, mixed use properties or multi-family apartment buildings and are particularly subject to the credit risk of the borrower and the tenants of the properties securing the commercial mortgage loans. CMBS are subject to the risks of asset-backed securities generally, in particular credit risk and interest rate risk, and the commercial real estate markets. Economic downturns, tightening lending standards and increased interest and lending rates, developments adverse to the commercial real estate markets, and other developments that limit or reduce the activities of and demand for commercial retail and office spaces adversely impact the value of, and income generated by, such </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Convertible Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Convertible securities may be subordinate to other securities. The total return for a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">convertible security depends, in part, upon the performance of the underlying security into which it can be converted. The value of convertible securities tends to decline as interest rates increase. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Certain types of convertible securities may decline in value or lose their value entirely in the event that the issuer’s financial conditions become </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">significantly impaired.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and over-the-counter (“OTC”)-traded</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;"> derivatives involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">investment purposes. Through these investments and related arrangements (e.g., prime brokerage or securities lending arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">obligations to the Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having concentrated </span><span style="font-family:Arial;font-size:10.02pt;">exposure to such a counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund could lose money if the issuer or guarantor of a fixed-income or other debt instrument or a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a derivatives transaction or other transaction is unable or unwilling, or perceived by market participants, rating agencies, pricing services or otherwise to be unable or unwilling, to pay interest or repay principal on time, defaults or otherwise fails to meet its obligations. Actual or perceived changes in economic, social, public health, financial or political conditions in general or that affect a particular type of instrument, issuer, guarantor or counterparty can reduce the ability of the party to meet its obligations, which can affect the credit quality, liquidity and/or value of an instrument. The value of an instrument also may decline for reasons that relate directly to the issuer, guarantor or counterparty, such as management performance, financial leverage and reduced demand for goods and services or an actual or perceived change in financial condition or reputation. The issuer, guarantor or counterparty could also suffer a rapid decline in credit rating, which would adversely affect the value, price volatility </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and liquidity of the instrument. Credit ratings may not be an accurate assessment of liquidity or credit risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">currencies will decline in value relative to the U.S. Dollar, which would cause a decline in the value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. When the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Derivatives and other similar instruments (collectively referred to in this paragraph as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">“derivatives”) pose risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, illiquidity, valuation, operational and legal restrictions and risk. Their use is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in leverage, which may cause the Fund to be more volatile and riskier than if it had not been leveraged. Changes in the value of a derivative may also create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund and its liquidity and other risk profiles. If the Investment Manager is incorrect about its expectations of market conditions, the use of derivatives could also result in a loss, which in some cases may be unlimited. In addition, the Fund's use of derivatives may cause the Fund to realize higher amounts of short term capital gains (generally taxed at ordinary income tax rates) than if the Fund had not used such instruments.  Some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC market. OTC derivatives are subject to heightened counterparty </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">credit, legal, liquidity and valuation risks. Certain risks also are specific to the derivatives in which the Fund invests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Forward Foreign Currency Exchange Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A forward foreign currency exchange contract is an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">OTC obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract. Foreign currency transactions can be affected unpredictably by intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or by currency controls or political developments. Such events may prevent or restrict the Fund’s ability to enter into foreign currency transactions, force the Fund to exit a foreign currency transaction at a disadvantageous time or price or result in penalties for the Fund, any of which may result in a loss to the Fund. A contract to sell a foreign currency would limit any potential gain that might be realized if the value of the currency increases. Suitable hedging transactions may not be available in all circumstances. Engaging in forward foreign currency exchange contracts will subject the Fund to counterparty </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">credit risk and any failure to perform by a counterparty could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Futures Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Futures contracts are exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts may be caused by an imperfect correlation between movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of positions that can be held or controlled by the Fund or the Investment Manager, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">are also subject to leverage and liquidity risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Investment Manager’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions that can be held or controlled by the Fund or the Investment Manager, thus limiting the ability to implement the Fund’s strategies. Options are also particularly subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">leverage risk and can be subject to liquidity risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of swap transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Dollar Roll Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may enter into dollar roll transactions, in which the Fund sells a mortgage-backed</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;"> or other security for settlement on one date and buys back a substantially similar security for settlement at a later date. Dollar rolls involve a risk of loss if the market value of the securities that the Fund is committed to buy </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">declines below the price of the securities the Fund has sold.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in or exposure to emerging markets are generally subject to a greater level of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risks associated with investing in or being exposed to developed foreign markets, as emerging markets are considered to be less developed. Furthermore, investments in or exposure to emerging markets are generally subject to risks in addition to the risks associated with investing in foreign securities, including the risks associated with trading in smaller markets, lower volumes of trading, limited information about issuers and securities, being subject to lower levels of government regulation and less extensive and transparent accounting, auditing, recordkeeping, financial reporting and other requirements, and being subject to potential expropriation or nationalization of private </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">properties and other adverse political, economic and social events.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Extension Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including mortgage- and other asset-backed securities, are subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risk that payments on principal may occur at a slower rate or later than expected. In this event, the expected maturity could lengthen and the Fund’s investment may sharply decrease in value and the Fund’s income from the investment may quickly decline. These types of instruments are particularly subject to extension risk, and offer less potential for gains, during periods of rising interest rates. In addition, the Fund may be delayed in its ability to reinvest income or proceeds from these instruments in potentially higher yielding investments, which would adversely affect </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Foreign Securities and Currency Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Foreign securities carry unique,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">additional and heightened risks when </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">compared to U.S. securities, including</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">but not limited to: currency fluctuations; adverse political (including </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">geopolitical)</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">social and economic developments; trade restrictions (including tariffs) or other government restrictions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">by the U.S. or other governments; unreliable</span><span style="font-family:Arial;font-size:10.02pt;">, untimely or less publicly available information; less government </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">supervision; reporting</span><span style="font-family:Arial;font-size:10.02pt;">, accounting, and auditing standards that are not comparable to those in the United States; less liquidity and more volatility; limited legal recourse and higher transactional costs.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Hedging Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may, but is not required to, engage in various investments or transactions that are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">designed to hedge a position that the Fund holds. There can be no assurance that the Fund’s hedging investments or transactions will be effective. Hedging investments or transactions involve costs and may reduce gains or result in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">losses, which may adversely affect the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">High Yield and Unrated Securities Risk</span><span style="font-family:Arial;font-size:10.02pt;">—High yield, below investment grade and unrated high risk debt securities </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">(which also may be known as “junk bonds”) are regarded as predominantly speculative by certain rating agencies with respect to the issuer’s continuing ability to meet principal and interest payments. These securities generally present additional risks compared to investment grade bonds and are typically less liquid, and therefore more difficult to value accurately and sell at an advantageous price or time, and present more credit and default risk, including risk of loss (which may be substantial or total loss) of income and principal, than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific factors, such as operating results and outlook, and to real or perceived adverse economic and competitive industry conditions. High yield securities may be issued by companies that </span><span style="font-family:Arial;font-size:10.02pt;">are restructuring, are smaller and less credit worthy or are more highly leveraged </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">or indebted than other companies or are financially distressed, and therefore they typically have more difficulty making scheduled payments of principal and interest than issuers of higher rated investments. Under unusual or adverse economic, market or political conditions, high yield securities may be particularly susceptible to default risk and increased default rates. In the event of default, the Fund may incur additional expenses to seek recovery or to negotiate new terms with a defaulting issuer. Based on its investment strategies, a significant portion of the Fund’s investments (directly or indirectly) can be comprised of high yield, below investment grade and unrated securities </span><span style="font-family:Arial;font-size:10.02pt;">and thus particularly prone to the foregoing risks, which may result in losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed-income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed-income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed-income and other debt instruments decline, sometimes suddenly and significantly. When interest rates decrease, the values of fixed-income and other debt instruments generally rise. During periods of rising interest rates, because changes in interest rates on adjustable rate securities may lag behind changes in market rates, the value of such securities may decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns and performance may be adversely affected by changing interest rates and the Fund's net asset value per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio turnover costs and lower valuations, thereby adversely affecting the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Investment Vehicles Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may seek to obtain certain exposure through investments in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other investment vehicles. Investing in other investment vehicles, including ETFs, closed-end funds, short-term funds advised by the Investment Manager and/or its affiliates and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, which will reduce the Fund’s performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the net asset value of the shares and the listing exchange may halt trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the shares.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Loans Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in loans directly or indirectly through assignments or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">participations. Investments in loans, including loan syndicates and other direct lending opportunities, involve special types of risks, including credit risk, interest rate risk, counterparty risk, prepayment risk, risk of subordination to other creditors, extension risk and risk of insufficient or lack of protection under the federal securities law. Loans may offer a fixed or floating interest rate. Loans are often below investment grade and may be unrated. The Fund’s investments in loans can also be difficult to value accurately because of, among other factors, limited public information regarding the loan or the borrowers and may be more susceptible to liquidity risk than fixed-income instruments of similar credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">quality and/or maturity. The Fund is also subject to the risk that the value of any collateral for the loan may be insufficient or unavailable to cover the borrower’s obligations should the borrower fail to make payments, become insolvent, or otherwise default. This risk is increased if the Fund’s loans are secured by a single asset. The Fund may also invest in loans that are not secured by collateral which typically present greater risks than collateralized loans. Transactions in loans are often subject to long settlement periods and often require consent from borrowers and/or an agent acting for the lenders, thus potentially limiting the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. The Fund thus is subject to the risk of selling other investments at disadvantageous times or prices or taking other actions necessary to raise cash to meet its redemption obligations. Participations in loans may subject the Fund to the credit risk of both the borrower and the seller of the participation and may make enforcement of loan covenants, if any, more difficult for the Fund as legal action may have to go through the seller of the participation (or an agent acting on its behalf). Covenants contained in loan documentation are intended to protect lenders and investors by imposing certain restrictions and other limitations on a borrower’s and the credit group’s operations or assets and by providing certain information and consent rights to lenders. In addition to operational covenants, loans and other debt obligations often contain financial covenants, which require a borrower and the related credit group to satisfy certain financial tests at periodic intervals or to maintain compliance with certain financial metrics. The Fund may invest in or have exposure loans and other similar debt obligations that are sometimes referred to as “covenant-lite” loans or obligations, which generally are loans or other similar debt obligations that lack financial maintenance covenants or possess fewer or contingent financial maintenance covenants and other financial protections for lenders and investors. These “covenant-lite” loans or similar debt obligations are particularly subject to the risks associated with investments in loans as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">described above.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s use of leverage, through borrowings or instruments such as derivatives and reverse </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">repurchase agreements, may cause the Fund to be more volatile and riskier and magnify the Fund's losses to an extent greater than if it had not been leveraged. The use of leverage may also increase the Fund’s sensitivity to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes of the Fund’s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Based on its investment strategies, a significant portion of the Fund's investments can be difficult to value and potentially less liquid and thus particularly prone to the foregoing risks. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment, particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is actively managed, which means that investment decisions are made based on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investment views. There is no guarantee that the investment views will produce the desired results or expected returns. As a result of these and other factors, the Fund may lose value or fail to meet its investment objective or underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active and frequent trading that can accompany active management, also called “high turnover,” may have a negative impact on performance. Active and frequent trading may result in higher brokerage costs or mark-up charges and tax costs, which are ultimately passed on to shareholders of the Fund. Active and frequent trading may also result in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adverse tax consequences.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund's investments may perform poorly or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">underperform the general securities markets or other types of securities.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Municipal Securities Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Municipal securities are subject to a variety of risks generally associated with </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">investments in debt instruments, including credit, interest rate, prepayment, liquidity, and valuation risks, as well as risks specific to municipal securities. The ability of issuers of municipal securities to pay their obligations can be adversely affected by, among other developments or events, (i) unfavorable legislative, tax, political, or other developments or events, including extreme weather, natural or man-made disasters and public health conditions, and (ii) changes in the economic and fiscal conditions of issuers of municipal securities or the federal government (in cases where it provides financial support to such issuers). In addition, the values of, and income generated by, municipal securities may fully or partially depend on a specific revenue or tax source, such as the taxing authority or revenue of a local government, the credit of a private issuer, or the current or anticipated revenues from a specific project. Developments adversely affecting such sources, such as economic, social or public health conditions, would negatively impact the cash flows of such sources and, in turn, municipal securities fully or partially backed by such sources. To the extent the Fund invests a substantial portion of its assets in municipal securities issued by issuers in a particular state, municipality or project or in municipal instruments that finance similar projects, such as those relating to education, </span><span style="font-family:Arial;font-size:10.02pt;">healthcare, transportation, housing, utilities, or water and sewer, the Fund will be particularly </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">sensitive to developments and events adversely affecting such state or municipality or with respect to such projects. Certain sectors of the municipal bond market have special risks that can affect them more significantly than the market as a whole. Because many municipal instruments are issued to finance similar projects (such as education, healthcare, transportation and utilities), conditions in these industries can significantly affect the overall municipal market. Municipal securities that are insured may be adversely affected by developments relevant to that particular insurer, or more general developments relevant to the market as a whole. Municipal securities can be difficult to value and be less liquid than other investments, which may affect performance or the ability to meet Fund redemption </span><span style="font-family:Arial;font-size:10.02pt;">requests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Preferred Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A company’s preferred stock generally pays dividends only after the company makes </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">required payments to holders of its bonds and other debt. For this reason, the value of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">prospects.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Prepayment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including loans and mortgage- and other asset-backed securities, are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the risk that payments on principal may occur more quickly or earlier than expected. If this occurs, the Fund might be forced to forego future interest income on the principal repaid early and to reinvest income or proceeds at generally lower interest rates, thus reducing the Fund’s yield. These types of instruments are particularly </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">subject to prepayment risk, and offer less potential for gains, during periods of declining interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Real Estate Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in securities of real estate companies and companies related </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">to the real estate industry, including real estate investment trusts (“REITs”), which are subject to the same risks as direct investments in real estate and the real estate market generally. The real estate industry is particularly sensitive to, among other things, economic downturns, changes in interest rates, changes in national, state or local real estate conditions, changes in the availability, cost and terms of mortgages (and other types of financing) and fluctuations in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">occupancy levels and demand for properties.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation applying to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and operations of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreements and Reverse Repurchase Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In the event of the insolvency of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities or other assets sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">rate lower than the cost of the agreement, entering into the agreement will lower the Fund’s yield.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Residential Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Residential mortgage-backed securities (“RMBS”) are backed by </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">residential mortgage loans and are particularly subject to the credit risk of the borrower. RMBS are subject to the risks of asset-backed securities generally, in particular credit risk and interest rate risk, and the residential real estate markets. Delinquencies and losses on RMBS generally increase during periods of adverse economic conditions. Investments in non-agency RMBS, which are not guaranteed by the U.S. government or a government sponsored </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">enterprise, are subject to increased interest rate, credit and other risks, such as liquidity and valuation risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Restricted Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Restricted securities, including those acquired through private placement transactions, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">generally cannot be sold to the public and may involve a high degree of business, financial and liquidity risk, which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">may result in substantial losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sovereign Debt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The debt securities issued by sovereign entities may decline as a result of default or other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">adverse credit event resulting from a sovereign debtor's unwillingness or inability to repay principal and pay interest in a timely manner, which may be affected by a variety of factors, including its cash flow situation, the extent of its reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor's policy toward international lenders, and the political constraints to which a sovereign debtor may be subject. Sovereign debt risk is greater for issuers in emerging </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">markets than issuers in developed countries.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">To Be Announced (“TBA”) Transactions Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund may enter into “To Be Announced” (“TBA”) transactions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">to purchase or sell mortgage-backed securities for a fixed price at a future date. In a TBA transaction, a seller agrees to deliver a mortgage-backed security to the Fund at a future date, but the seller does not specify the particular security to be delivered. Instead, the Fund agrees to accept or sell any security that meets specified terms. TBA purchase commitments involve a risk of loss if the value of the securities to be purchased declines prior to settlement date or if the counterparty may not deliver the securities as promised. Selling a TBA involves a risk of loss if the value of the securities to be sold goes up prior to settlement date. </span><span style="font-family:Arial;font-size:10.02pt;">Margin requirements applicable to the Fund’s TBA transactions</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">may increase the cost of TBA transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed-income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Zero Coupon and Payment-In-Kind Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Zero coupon and payment-in-kind securities pay no cash </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">interest income and usually are sold at substantial discounts from their value at maturity. Zero coupon and payment-in-kind securities are subject to greater market value fluctuations from changing interest rates than debt obligations of comparable maturities that make current cash-pay interest payments. Additionally, investments in payment-in-kind </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">loans are subject to increased price, volatility, credit risk and other risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s Class A share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s Class A, Class C, Institutional Class, and Class P shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index).</span><span style="font-family:Arial;font-size:10.02pt;">As with all mutual funds, past performance (before and after taxes) is not necessarily an indication of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:10.02pt;"> Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by calling </span><span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span><span style="font-family:Arial;font-size:10.02pt;">.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart does not reflect the impact of the sales charge applicable to Class A shares which, if reflected, would lower the returns shown.</span><span style="font-family:Arial;font-size:10.02pt;"> Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s Class A share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s Class A, Class C, Institutional Class, and Class P shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index).</span> <span style="font-family:Arial;font-size:10.02pt;">As with all mutual funds, past performance (before and after taxes) is not necessarily an indication of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart does not reflect the impact of the sales charge applicable to Class A shares which, if reflected, would lower the returns shown.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">December 31, 2023</span><span style="font-family:Arial;font-size:10.02pt;">6.97%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2022</span><span style="font-family:Arial;font-size:10.02pt;">-7.32%</span> <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2023-12-31 0.0697 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2022-06-30 -0.0732 <span style="font-family:Arial;font-size:10.02pt;">Average Annual Total Returns (for the periods ended December 31, 2025)</span> 0.0356 -0.0087 0.0264 0.0156 -0.0250 0.0107 0.0207 -0.0136 0.0134 0.0604 -0.0081 0.0229 0.0819 0.0023 0.0337 0.0790 -0.0007 0.0307 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">After-tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">returns are shown for Class A only. After-tax returns for Class C, Institutional Class, and Class P will vary. The returns </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shown above reflect applicable sales charges, if any.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">After-tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">returns are shown for Class A only. After-tax returns for Class C, Institutional Class, and Class P will vary. The returns </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shown above reflect applicable sales charges, if any.</span> <span style="color:#000000;font-family:Arial;font-size:16.04pt;font-weight:bold;">Guggenheim Ultra Short Duration Fund</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Guggenheim Ultra Short Duration Fund (the “Fund”) seeks a high level of income consistent with the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">preservation of capital.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">You may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(fees paid directly from your investment)</span> 0 0 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.02pt;">No contingent deferred sales charge is imposed on redemptions of Class A shares of the Fund unless you acquire Class A shares of the Fund by exchanging Class A shares of another fund in the Guggenheim family of funds that was subject to a contingent deferred sales charge.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">ANNUAL FUND OPERATING EXPENSES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">)</span> 0.0025 0.0025 0.0025 0.0025 0 0.0025 0.0020 0.0014 0.0020 0.0070 0.0039 0.0070 -0.0011 -0.0006 -0.0011 0.0059 0.0033 0.0059 <span style="color:#000000;font-family:Arial;font-size:8.02pt;">Other expenses are based on estimated amounts for the current fiscal year.</span> <span style="font-family:Arial;font-size:8.02pt;">February 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs (whether or not you </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">redeem your shares at the end of the given period) would be:</span> 60 213 379 860 34 119 213 487 60 213 379 860 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The above Example reflects applicable contractual fee waiver/expense reimbursement arrangements for the current </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">duration of the arrangements only.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="font-family:Arial;font-size:10.02pt;">was </span><span style="font-family:Arial;font-size:10.02pt;">54</span><span style="font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio.</span> 0.54 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund intends to pursue its investment objective by investing primarily in a diversified portfolio of investment-grade debt securities and similar instruments while maintaining a low duration portfolio (i.e., a duration normally not exceeding one year). The Fund is not a money market fund and does not seek to maintain a stable net asset value </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">(“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund’s investments will include: debt securities; financial instruments that are expected to perform similarly to debt securities and investment vehicles that provide exposure to debt securities; and debt-like securities, including individual securities, investment vehicles and derivatives giving exposure to (i.e., with economic characteristics similar to) debt securities or other similar instruments or debt security markets. The Fund may seek to obtain exposure to the securities in which it primarily invests through a variety of investment vehicles, principally closed-end funds, exchange-traded funds (“ETFs”) and other funds, including those advised by the Investment Manager or its </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">affiliates. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Debt securities and instruments in which the Fund may invest include corporate bonds and other corporate debt securities, securities issued by the U.S. government or its agencies and instrumentalities (including those not backed by the full faith and credit of the U.S. government), sovereign debt securities, Eurodollar bonds and obligations, agency and non-agency mortgage-backed and other asset-backed securities, participations in and assignments of bank and bridge loans, commercial paper (including asset-backed commercial paper), zero-coupon bonds, municipal bonds, payment-in-kind securities (such as payment-in-kind bonds), convertible securities, non-registered or restricted securities (including those issued in reliance on Rule 144A and Regulation S securities) and step-up securities (such as step-up bonds). These securities may pay fixed or variable rates of interest. The Fund may also invest in preferred stock and preferred debt securities. Although the Fund will principally invest in debt securities listed, traded or dealt in developed markets, it may also invest without limitation in securities listed, traded or dealt in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">other markets, including emerging and frontier markets. Such securities may be denominated in foreign currencies. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Although the Fund will invest predominantly in investment grade debt instruments, up to 10% of the Fund’s total assets may be invested in securities that are rated below investment grade (also known as “high yield securities” or “junk bonds”) or if unrated, determined by Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”) to be of comparable quality. If nationally recognized statistical rating organizations assign different ratings to a security, the Fund will use the higher rating for purposes of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">determining the security’s credit quality. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may invest in repurchase agreements, which are fixed-income securities in the form of agreements backed by collateral. These agreements, which may be viewed as a type of secured lending by the Fund, typically involve the acquisition by the Fund of securities from the selling institution (such as a bank or a broker-dealer), coupled with the agreement that the selling institution will repurchase the underlying securities at a specified price and at a fixed time in the future (or on demand). The Fund may accept a wide variety of underlying securities as collateral for the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">repurchase agreements entered into by the Fund. Such collateral may include U.S. government securities, corporate obligations, equity securities, municipal debt securities, asset- and mortgage-backed securities, convertible securities and other fixed income securities or a combination thereof. Any such securities serving as collateral are marked-to-market</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> daily in order to maintain full collateralization (typically purchase price plus accrued interest). </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">With respect to mortgage-backed securities (“MBS”) and other asset-backed securities, the Fund may invest in MBS issued or guaranteed by federal agencies and/or U.S. government sponsored instrumentalities, such as the Government National Mortgage Administration, the Federal Housing Administration, the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. In addition to securities issued or guaranteed by such agencies or instrumentalities, the Fund may invest in MBS or other asset-backed securities issued or guaranteed by private issuers. The MBS in which the Fund may invest also include residential mortgage-backed securities, collateralized mortgage obligations and commercial mortgage-backed securities. The other asset-backed securities in which the Fund may invest include collateralized debt obligations (“CDOs”). CDOs include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”), commercial real estate CDOs and other similarly structured securities. A CBO is a trust which is backed by a diversified pool of below investment grade fixed-income securities. A CLO is a trust typically collateralized by a pool of loans, which may include domestic and foreign senior secured loans, senior unsecured loans and subordinate corporate loans, including loans that may be rated below </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">investment grade or if unrated, determined by the Investment Manager to be of comparable quality. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">With respect to bank loans, the Fund may purchase participations in, or assignments of, floating rate bank loans that may be secured by real estate or other assets or lend directly, joining a lending syndicate. These participations or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">assignments may be acquired from banks or brokers that have made the loan or members of the lending syndicate. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">To seek to enhance the Fund’s debt exposure, hedge against investment risk or increase the Fund’s yield, the Fund may engage in derivatives transactions, including: foreign exchange forward contracts; futures on securities, indices, currencies and other investments; Secured Overnight Financing Rate (“SOFR”) futures; options; interest rate swaps; cross-currency swaps; total return swaps; and credit default swaps. The Fund may engage in derivative transactions for speculative purposes; to seek to enhance total return; to seek to hedge against fluctuations in securities prices, interest rates or currency rates; to seek to change the effective duration of its portfolio; to seek to manage certain investment risks; as a substitute for the purchase or sale of securities or currencies; and/or to obtain or replicate market exposure. These transactions may create economic leverage in the Fund. The Fund may seek to obtain market exposure to the instruments in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs, “To Be Announced” (“TBA”) transactions </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and/or dollar rolls). The Fund may also engage in securities lending. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may use leverage to the extent permitted by applicable law by entering into reverse repurchase </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">agreements and borrowing transactions for investment purposes. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may hold instruments of any duration or maturity but expects, under normal circumstances, to maintain a dollar-weighted average duration of less than one year. Duration is a measure of the price volatility of a debt instrument as a result of changes in market rates of interest, based on the weighted average timing of the instrument’s expected principal and interest payments. Duration differs from maturity in that it considers an instrument’s yield, coupon payments, principal payments and call features in addition to the amount of time until the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">instrument matures. As the value of an instrument changes over time, so will its duration. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund follows an actively managed approach that seeks to find a balance between yield and capital preservation. The Investment Manager selects securities and other investments for purchase and sale based on intensive credit research involving extensive due diligence on each investment (including the investment’s structure), issuer, region </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and sector, and also considers macroeconomic outlook and geopolitical issues. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Investment Manager may determine to sell an instrument for several reasons, including but not limited to the following: (1) to adjust the portfolio’s average maturity or duration, or to shift assets into or out of higher-yielding securities; (2) if a security’s credit rating has been changed, the Investment Manager's credit outlook has changed, or for other similar reasons; (3) to meet redemption requests; (4) to take gains; or (5) due to relative value. The Fund does not intend to principally invest in defaulted securities, but if a security defaults subsequent to purchase by the Fund, the Investment Manager will determine in its discretion whether to hold or dispose of such security. Under adverse or unstable market conditions or abnormal circumstances (for example, in the event of credit events, where it is deemed opportune to preserve gains or to preserve the relative value of investments or in the case of large cash inflows or anticipated large redemptions), the Fund can make temporary investments that are inconsistent with the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund’s principal investment strategies and may be unable to pursue or achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investors in asset-backed securities, including residential mortgage-backed </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities, commercial mortgage-backed securities and other structured finance investments (such as collateralized mortgage obligations), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. As a result, asset-backed securities are particularly subject to credit risk and borrower defaults on the obligations underlying the asset-backed security will result in losses. In addition, asset-backed securities are typically particularly sensitive to changes in interest rates, which can cause the prices of asset-backed securities to be increasingly volatile and adversely affect the Fund’s holdings of asset-backed securities. Some asset-backed securities, including mortgage-backed securities, may have structures that make their performance based on changes in interest rates and other factors difficult to predict, causing their prices to be volatile. Asset-backed securities are also particularly subject to market, liquidity, valuation, prepayment and extension risks, and are also subject to risk of impairment of the value of the underlying asset. Additional risks relating to investments in asset-backed securities may arise principally because of the type of asset-backed securities in which the Fund invests, with such risks primarily associated with the particular assets collateralizing the asset-backed securities, the structure of such asset-backed securities or the tranche or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">priority of the asset-backed security held by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Collateralized Loan Obligations and Collateralized Debt Obligations Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Collateralized loan obligations </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(“CLOs”) bear many of the same risks as other forms of asset-backed securities, including interest rate risk, credit risk and default risk. As they are backed primarily by commercial loans, CLOs also bear many of the same risks as investing in loans directly. However, in addition to the risks associated with investing in commercial loans, the complex structure and highly leveraged nature of a CLO poses additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in CLOs that are subordinate to other classes; and (iv) the complex structure of the CLO may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. CLOs incur indebtedness by issuing classes or “tranches” that vary in risk and yield. CLOs may experience substantial losses attributable to loan defaults or trading losses. Such losses on the underlying assets are borne first by the holders of subordinate tranches, which may take the form of an equity interest. The Fund’s investments in CLOs may decrease in market value or income when the CLO’s assets experience loan defaults or credit impairment, losses that exceed the most subordinate tranches, or market </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">anticipation of loan defaults and investor aversion to CLO securities as a class. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Collateralized debt obligations (“CDOs”) are structured similarly to CLOs and bear many of the same risks as CLOs, including interest rate risk, credit risk and default risk. CDOs are subject to additional risks because they are backed by pools of assets other than commercial loans, including securities (such as other asset-backed securities), synthetic instruments or bonds, and may be highly leveraged. Like CLOs, losses incurred by a CDO are borne first by holders of the most subordinate tranches. Accordingly, the risks of CDOs depend largely on the type of underlying collateral and the tranche of CDOs in which the Fund invests. Moreover, CDOs that obtain their exposure through </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">synthetic investments are exposed to risks associated with derivative instruments. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The terms of many structured finance investments, including CLOs and CDOs, are tied to SOFR or other reference rates. These relatively new and developing rates may not match the reference rate applicable to the underlying assets related to these investments. These may adversely affect the Fund and its investments in CLOs and CDOs, including their value, volatility and liquidity. CLOs, CDOs and their underlying loan obligations are typically not registered for sale to the public and therefore are subject to certain restrictions on transfer and sale, potentially subjecting them to increased liquidity risk as compared to other types of investments. As a result, the proceeds from the sale of CLO securities may not be readily available to meet the Fund’s redemption or other obligations and the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund may be unable to acquire or dispose of the securities at a price and time that are advantageous to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commercial Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in commercial mortgage-backed securities (“CMBS”) are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">backed by commercial mortgage loans that may be secured, for example, by office properties, retail properties, hotels, mixed use properties or multi-family apartment buildings and are particularly subject to the credit risk of the borrower and the tenants of the properties securing the commercial mortgage loans. CMBS are subject to the risks of asset-backed securities generally, in particular credit risk and interest rate risk, and the commercial real estate markets. Economic downturns, tightening lending standards and increased interest and lending rates, developments adverse to the commercial real estate markets, and other developments that limit or reduce the activities of and demand for commercial retail and office spaces adversely impact the value of, and income generated by, such </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commercial Paper Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of the Fund’s investment in commercial paper, which is an unsecured </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">promissory note that generally has a maturity date between one and 270 days and is issued by a U.S. or foreign entity, is susceptible to changes in the issuer’s financial condition or credit quality. Investments in commercial paper are usually discounted from their value at maturity. Commercial paper can be fixed-rate or variable rate and can be adversely affected by changes in interest rates. The Fund may invest in commercial paper collateralized by other financial assets, such as asset-backed commercial paper. These securities are exposed not only to the risks relating </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">to commercial paper, but also the risks relating to the collateral.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Convertible Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Convertible securities may be subordinate to other securities. The total return for a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">convertible security depends, in part, upon the performance of the underlying security into which it can be converted. The value of convertible securities tends to decline as interest rates increase. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Certain types of convertible securities may decline in value or lose their value entirely in the event that the issuer’s financial conditions become </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">significantly impaired.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and over-the-counter (“OTC”)-traded</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;"> derivatives involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (e.g., prime brokerage or securities lending arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">obligations to the Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having concentrated </span><span style="font-family:Arial;font-size:10.02pt;">exposure to such a counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund could lose money if the issuer or guarantor of a fixed-income or other debt instrument or a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a derivatives transaction or other transaction is unable or unwilling, or perceived by market participants, rating agencies, pricing services or otherwise to be unable or unwilling, to pay interest or repay principal on time, defaults or otherwise fails to meet its obligations. Actual or perceived changes in economic, social, public health, financial or political conditions in general or that affect a particular type of instrument, issuer, guarantor or counterparty can reduce the ability of the party to meet its obligations, which can affect the credit quality, liquidity and/or value of an instrument. The value of an instrument also may decline for reasons that relate directly to the issuer, guarantor or counterparty, such as management performance, financial leverage and reduced demand for goods and services or an actual or perceived change in financial condition or reputation. The issuer, guarantor or counterparty could also suffer a rapid decline in credit rating, which would adversely affect the value, price volatility </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and liquidity of the instrument. Credit ratings may not be an accurate assessment of liquidity or credit risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">currencies will decline in value relative to the U.S. Dollar, which would cause a decline in the value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. When the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Derivatives and other similar instruments (collectively referred to in this paragraph as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">“derivatives”) pose risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, illiquidity, valuation, operational and legal restrictions and risk. Their use is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in leverage, which may cause the Fund to be more volatile and riskier than if it had not been leveraged. Changes in the value of a derivative may also create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund and its liquidity and other risk profiles. If the Investment Manager is incorrect about its expectations of market conditions, the use of derivatives could also result in a loss, which in some cases may be unlimited. In addition, the Fund's use of derivatives may cause the Fund to realize higher amounts of short term capital gains (generally taxed at ordinary income tax rates) than if the Fund had not used such instruments.  Some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC market. OTC derivatives are subject to heightened counterparty </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">credit, legal, liquidity and valuation risks. Certain risks also are specific to the derivatives in which the Fund invests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Forward Foreign Currency Exchange Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A forward foreign currency exchange contract is an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">OTC obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract. Foreign currency transactions can be affected unpredictably by intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or by currency controls or political developments. Such events may prevent or restrict the Fund’s ability to enter into foreign currency transactions, force the Fund to exit a foreign currency transaction at a disadvantageous time or price or result in penalties for the Fund, any of which may result in a loss to the Fund. A contract to sell a foreign currency would limit any potential gain that might be realized if the value of the currency increases. Suitable hedging transactions may not be available in all circumstances. Engaging in forward foreign currency exchange contracts will subject the Fund to counterparty </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">credit risk and any failure to perform by a counterparty could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Futures Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Futures contracts are exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts may be caused by an imperfect correlation between movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of positions that can be held or controlled by the Fund or the Investment Manager, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">are also subject to leverage and liquidity risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Investment Manager’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions that can be held or controlled by the Fund or the Investment Manager, thus limiting the ability to implement the Fund’s strategies. Options are also particularly subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">leverage risk and can be subject to liquidity risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of swap transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Dollar Roll Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may enter into dollar roll transactions, in which the Fund sells a mortgage-backed</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;"> or other security for settlement on one date and buys back a substantially similar security for settlement at a later date. Dollar rolls involve a risk of loss if the market value of the securities that the Fund is committed to buy </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">declines below the price of the securities the Fund has sold.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in or exposure to emerging markets are generally subject to a greater level of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risks associated with investing in or being exposed to developed foreign markets, as emerging markets are considered to be less developed. Furthermore, investments in or exposure to emerging markets are generally subject to risks in addition to the risks associated with investing in foreign securities, including the risks associated with trading in smaller markets, lower volumes of trading, limited information about issuers and securities, being subject to lower levels of government regulation and less extensive and transparent accounting, auditing, recordkeeping, financial reporting and other requirements, and being subject to potential expropriation or nationalization of private </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">properties and other adverse political, economic and social events.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Extension Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including mortgage- and other asset-backed securities, are subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risk that payments on principal may occur at a slower rate or later than expected. In this event, the expected maturity could lengthen and the Fund’s investment may sharply decrease in value and the Fund’s income from the investment may quickly decline. These types of instruments are particularly subject to extension risk, and offer less potential for gains, during periods of rising interest rates. In addition, the Fund may be delayed in its ability to reinvest income or proceeds from these instruments in potentially higher yielding investments, which would adversely affect </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Foreign Securities and Currency Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Foreign securities carry unique,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">additional and heightened risks when </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">compared to U.S. securities, including</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">but not limited to: currency fluctuations; adverse political (including </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">geopolitical)</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">social and economic developments; trade restrictions (including tariffs) or other government restrictions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">by the U.S. or other governments; unreliable</span><span style="font-family:Arial;font-size:10.02pt;">, untimely or less publicly available information; less government </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">supervision; reporting</span><span style="font-family:Arial;font-size:10.02pt;">, accounting, and auditing standards that are not comparable to those in the United States; less liquidity and more volatility; limited legal recourse and higher transactional costs.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">High Yield and Unrated Securities Risk</span><span style="font-family:Arial;font-size:10.02pt;">—High yield, below investment grade and unrated high risk debt securities </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">(which also may be known as “junk bonds”) are regarded as predominantly speculative by certain rating agencies with respect to the issuer’s continuing ability to meet principal and interest payments. These securities generally present additional risks compared to investment grade bonds and are typically less liquid, and therefore more difficult to value accurately and sell at an advantageous price or time, and present more credit and default risk, including risk of loss (which may be substantial or total loss) of income and principal, than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific factors, such as operating results and outlook, and to real or perceived adverse economic and competitive industry conditions. High yield securities may be issued by companies that </span><span style="font-family:Arial;font-size:10.02pt;">are restructuring, are smaller and less credit worthy or are more highly leveraged </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">or indebted than other companies or are financially distressed, and therefore they typically have more difficulty making scheduled payments of principal and interest than issuers of higher rated investments. Under unusual or adverse economic, market or political conditions, high yield securities may be particularly susceptible to default risk and increased default rates. In the event of default, the Fund may incur additional expenses to seek recovery or to negotiate new terms with a defaulting issuer. Based on its investment strategies, a significant portion of the Fund’s investments (directly or indirectly) can be comprised of high yield, below investment grade and unrated securities </span><span style="font-family:Arial;font-size:10.02pt;">and thus particularly prone to the foregoing risks, which may result in losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed-income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed-income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed-income and other debt instruments decline, sometimes suddenly and significantly. When interest rates decrease, the values of fixed-income and other debt instruments generally rise. During periods of rising interest rates, because changes in interest rates on adjustable rate securities may lag behind changes in market rates, the value of such securities may decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund’s yield, returns and performance may be adversely affected by changing interest rates and the Fund's net asset value per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio turnover costs and lower valuations, thereby adversely affecting the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investments by Investing Funds and Other Large Shareholders and Redemption Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Shares of the Fund are </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">offered as an investment to certain other investment companies (including those advised by the Investment Manager and its affiliates), large retirement plans and other large investors. The Fund is subject to the risk that a large investor (or that shareholders)</span><span style="font-family:Arial;font-size:10.02pt;"> will purchase or redeem a large percentage of Fund shares at any time. Such large investors </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">may comprise a significant portion of the Fund's shareholders. Under certain circumstances, </span><span style="font-family:Arial;font-size:10.02pt;">the Fund may also </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">experience frequent shareholder transactions, including by large shareholders. </span><span style="font-family:Arial;font-size:10.02pt;">For example, to meet large </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests, the Fund may have to hold large uninvested cash positions or sell a significant amount of investments to raise the cash needed to satisfy redemption requests at times when it would not otherwise do so or otherwise at disadvantageous times. In turn, the Fund’s performance may suffer, as the Fund may experience increased portfolio turnover and will incur higher transaction costs, realize gains or losses at inopportune times, lose money, hold a less liquid portfolio, or experience other adverse consequences. For example, the sale of portfolio securities will accelerate the realization of taxable capital gains or losses, and purchases or redemptions of a large number of Fund shares relative to the size of the Fund will have adverse tax consequences limiting the use of any </span><span style="font-family:Arial;font-size:10.02pt;">capital loss carryforwards and certain other losses to offset any future realized capital gains.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Investment Vehicles Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may seek to obtain certain exposure through investments in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other investment vehicles. Investing in other investment vehicles, including ETFs, closed-end funds, short-term funds advised by the Investment Manager and/or its affiliates and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, which will reduce the Fund’s performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the net asset value of the shares and the listing exchange may halt trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the shares.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Loans Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in loans directly or indirectly through assignments or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">participations. Investments in loans, including loan syndicates and other direct lending opportunities, involve special types of risks, including credit risk, interest rate risk, counterparty risk, prepayment risk, risk of subordination to other creditors, extension risk and risk of insufficient or lack of protection under the federal securities law. Loans may offer a fixed or floating interest rate. Loans are often below investment grade and may be unrated. The Fund’s investments in loans can also be difficult to value accurately because of, among other factors, limited public information regarding the loan or the borrowers and may be more susceptible to liquidity risk than fixed-income instruments of similar credit quality and/or maturity. The Fund is also subject to the risk that the value of any collateral for the loan may be insufficient or unavailable to cover the borrower’s obligations should the borrower fail to make payments, become insolvent, or otherwise default. This risk is increased if the Fund’s loans are secured by a single asset. The Fund may also invest in loans that are not secured by collateral which typically present greater risks than collateralized loans. Transactions in loans are often subject to long settlement periods and often require consent from borrowers and/or an agent acting for the lenders, thus potentially limiting the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. The Fund thus is subject to the risk of selling other investments at disadvantageous times or prices or taking other actions necessary to raise cash to meet its redemption obligations. Participations in loans may subject the Fund to the credit risk of both the borrower and the seller of the participation and may make enforcement of loan covenants, if any, more difficult for the Fund as legal action may have to go through the seller of the participation (or an agent acting on its behalf). Covenants contained in loan documentation are intended to protect lenders and investors by imposing certain restrictions and other limitations on a borrower’s and the credit group’s operations or assets and by providing certain information and consent rights to lenders. In addition to operational covenants, loans and other debt obligations often contain financial covenants, which require a borrower and the related credit group to satisfy certain financial tests at periodic intervals or to maintain compliance with certain financial metrics. The Fund invests in or is exposed to loans and other similar debt obligations that are sometimes referred to as “covenant-lite” loans or obligations, which generally are loans or other similar debt obligations that lack financial maintenance covenants or possess fewer or contingent financial maintenance covenants and other financial protections for lenders and investors. These “covenant-lite” loans or similar debt obligations are particularly subject to the risks associated with investments in loans as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">described above.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s use of leverage, through borrowings or instruments such as derivatives and reverse </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">repurchase agreements, may cause the Fund to be more volatile and riskier and magnify the Fund's losses to an extent greater than if it had not been leveraged. The use of leverage may also increase the Fund’s sensitivity to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes of the Fund’s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Based on its investment strategies, a significant portion of the Fund's investments can be difficult to value and potentially less liquid and thus particularly prone to the foregoing risks. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment, particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is actively managed, which means that investment decisions are made based on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investment views. There is no guarantee that the investment views will produce the desired results or expected returns. As a result of these and other factors, the Fund may lose value or fail to meet its investment objective or underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active and frequent trading that can accompany active management, also called “high turnover,” may have a negative impact on performance. Active and frequent trading may result in higher brokerage costs or mark-up charges and tax costs, which are ultimately passed on to shareholders of the Fund. Active and frequent trading may also result in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adverse tax consequences.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund's investments may perform poorly or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">underperform the general securities markets or other types of securities.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Municipal Securities Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Municipal securities are subject to a variety of risks generally associated with </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">investments in debt instruments, including credit, interest rate, prepayment, liquidity, and valuation risks, as well as risks specific to municipal securities. The ability of issuers of municipal securities to pay their obligations can be adversely affected by, among other developments or events, (i) unfavorable legislative, tax, political, or other developments or events, including extreme weather, natural or man-made disasters and public health conditions, and (ii) changes in the economic and fiscal conditions of issuers of municipal securities or the federal government (in cases where it provides financial support to such issuers). In addition, the values of, and income generated by, municipal securities may fully or partially depend on a specific revenue or tax source, such as the taxing authority or revenue of a local government, the credit of a private issuer, or the current or anticipated revenues from a specific project. Developments adversely affecting such sources, such as economic, social or public health conditions, would negatively impact the cash flows of such sources and, in turn, municipal securities fully or partially backed by such sources. To the extent the Fund invests a substantial portion of its assets in municipal securities issued by issuers in a particular state, municipality or project or in municipal instruments that finance similar projects, such as those relating to education, </span><span style="font-family:Arial;font-size:10.02pt;">healthcare, transportation, housing, utilities, or water and sewer, the Fund will be particularly </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">sensitive to developments and events adversely affecting such state or municipality or with respect to such projects. Certain sectors of the municipal bond market have special risks that can affect them more significantly than the market as a whole. Because many municipal instruments are issued to finance similar projects (such as education, healthcare, transportation and utilities), conditions in these industries can significantly affect the overall municipal </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">market. Municipal securities that are insured may be adversely affected by developments relevant to that particular insurer, or more general developments relevant to the market as a whole. Municipal securities can be difficult to value and be less liquid than other investments, which may affect performance or the ability to meet Fund redemption </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">requests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Non-Money Market Fund Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is not a money market fund (or equivalent to a money market fund), does </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">not attempt to maintain a stable net asset value, and is not subject to the rules that govern the quality, maturity, liquidity, and other features of securities that money market funds may purchase. Under normal conditions, the Fund’s investments may be more susceptible than a money market fund to interest rate risk, valuation risk, credit risk, and other risks relevant to the Fund’s investments. The Fund’s net asset value will fluctuate and these fluctuations may be significant on certain days and for certain periods. There can be no guarantee that the Fund will generate </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">higher returns than money market funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Preferred Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A company’s preferred stock generally pays dividends only after the company makes </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">required payments to holders of its bonds and other debt. For this reason, the value of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">prospects.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Prepayment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including loans and mortgage- and other asset-backed securities, are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the risk that payments on principal may occur more quickly or earlier than expected. If this occurs, the Fund might be forced to forego future interest income on the principal repaid early and to reinvest income or proceeds at generally lower interest rates, thus reducing the Fund’s yield. These types of instruments are particularly </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">subject to prepayment risk, and offer less potential for gains, during periods of declining interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Real Estate Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in securities of real estate companies and companies related </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">to the real estate industry, including real estate investment trusts (“REITs”), which are subject to the same risks as direct investments in real estate and the real estate market generally. The real estate industry is particularly sensitive to, among other things, economic downturns, changes in interest rates, changes in national, state or local real estate conditions, changes in the availability, cost and terms of mortgages (and other types of financing) and fluctuations in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">occupancy levels and demand for properties.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation applying to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and operations of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreements and Reverse Repurchase Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In the event of the insolvency of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities or other assets sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">rate lower than the cost of the agreement, entering into the agreement will lower the Fund’s yield.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Residential Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Residential mortgage-backed securities (“RMBS”) are backed by </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">residential mortgage loans and are particularly subject to the credit risk of the borrower. RMBS are subject to the risks of asset-backed securities generally, in particular credit risk and interest rate risk, and the residential real estate markets. Delinquencies and losses on RMBS generally increase during periods of adverse economic conditions. Investments in non-agency RMBS, which are not guaranteed by the U.S. government or a government sponsored </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">enterprise, are subject to increased interest rate, credit and other risks, such as liquidity and valuation risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Restricted Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Restricted securities, including those acquired through private placement transactions, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">generally cannot be sold to the public and may involve a high degree of business, financial and liquidity risk, which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">may result in substantial losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Securities lending involves a risk that the borrower may fail to return the securities or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">deliver the proper amount of collateral, which may result in a loss to the Fund. In the event of bankruptcy of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">borrower, the Fund could experience losses or delays in recovering the loaned securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sovereign Debt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The debt securities issued by sovereign entities may decline as a result of default or other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">adverse credit event resulting from a sovereign debtor's unwillingness or inability to repay principal and pay interest in a timely manner, which may be affected by a variety of factors, including its cash flow situation, the extent of its reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor's policy toward international lenders, and the political constraints to which a sovereign debtor may be subject. Sovereign debt risk is greater for issuers in emerging </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">markets than issuers in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Special Situation Investments/Securities in Default Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in the securities and debt of distressed </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">issuers or issuers in default or distressed situations involve far greater risk than investing in issuers whose debt obligations are being met and whose debt trades at or close to its “par” or full value because the investments in the securities and debt of distressed issuers or issuers in default are highly speculative with respect to the issuer’s ability </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">to make interest payments and/or to pay its principal obligations in full and/or on time.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">To Be Announced (“TBA”) Transactions Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund may enter into “To Be Announced” (“TBA”) transactions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">to purchase or sell mortgage-backed securities for a fixed price at a future date. In a TBA transaction, a seller agrees to deliver a mortgage-backed security to the Fund at a future date, but the seller does not specify the particular security to be delivered. Instead, the Fund agrees to accept or sell any security that meets specified terms. TBA purchase commitments involve a risk of loss if the value of the securities to be purchased declines prior to settlement date or if the counterparty may not deliver the securities as promised. Selling a TBA involves a risk of loss if the value of the securities to be sold goes up prior to settlement date. </span><span style="font-family:Arial;font-size:10.02pt;">Margin requirements applicable to the Fund’s TBA transactions</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">may increase the cost of TBA transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed-income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">When Issued, Forward Commitment and Delayed-Delivery Transactions Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—When-issued, forward-commitment</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;"> and delayed-delivery transactions involve a commitment to purchase or sell specific securities at a predetermined price or yield in which payment and delivery take place after the customary settlement period for that type of security. When purchasing securities pursuant to one of these transactions, payment for the securities is not required until the delivery date. However, the purchaser assumes the rights and risks of ownership, including the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">risks of price and yield fluctuations and the risk that the security will not be issued as anticipated.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Zero Coupon and Payment-In-Kind Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Zero coupon and payment-in-kind securities pay no cash </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">interest income and usually are sold at substantial discounts from their value at maturity. Zero coupon and payment-in-kind securities are subject to greater market value fluctuations from changing interest rates than debt obligations of comparable maturities that make current cash-pay interest payments. Additionally, investments in payment-in-kind </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">loans are subject to increased price, volatility, credit risk and other risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s Institutional Class shares calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s Institutional Class and Class A shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate </span><span style="font-family:Arial;font-size:10.02pt;">Bond Index) and an additional index (Bloomberg 1-3 Month U.S. Treasury Bill Index).</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">On November 30, 2018, 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 Fund, which has adopted the Predecessor Fund’s performance history. Accordingly, the performance information shown below prior to that date reflects the performance of the Predecessor Fund and not that of the Fund. However, the Predecessor Fund’s policies, guidelines and investment objective were the same as those of the Fund’s in all material respects. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Because Class P shares of the Fund are not currently offered for sale and do not have a full calendar year of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance history as of the date of this Prospectus, no performance information for Class P shares is shown.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The returns shown below 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. </span><span style="font-family:Arial;font-size:10.02pt;">As with all </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">mutual funds, past performance (before and after taxes), including the past performance of the Predecessor Fund, is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:10.02pt;"> Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by calling </span><span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span><span style="font-family:Arial;font-size:10.02pt;">.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s Institutional Class shares calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s Institutional Class and Class A shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate </span><span style="font-family:Arial;font-size:10.02pt;">Bond Index) and an additional index (Bloomberg 1-3 Month U.S. Treasury Bill Index).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Because Class P shares of the Fund are not currently offered for sale and do not have a full calendar year of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance history as of the date of this Prospectus, no performance information for Class P shares is shown.</span> <span style="font-family:Arial;font-size:10.02pt;">As with all </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">mutual funds, past performance (before and after taxes), including the past performance of the Predecessor Fund, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">December 31, 2023</span><span style="font-family:Arial;font-size:10.02pt;">2.55%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10.02pt;">-1.30%</span> <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2023-12-31 0.0255 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2020-03-31 -0.0130 <span style="font-family:Arial;font-size:10.02pt;">Average Annual Total Returns (for the periods ended December 31, 2025)</span> 2014-03-11 0.0518 0.0388 0.0292 0.0333 0.0236 0.0177 0.0304 0.0231 0.0174 2018-11-30 0.0487 0.0361 0.0306 0.0730 -0.0036 0.0201 0.0429 0.0324 0.0218 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">After-tax returns are shown for Institutional Class only. After-tax returns for each Class will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">After-tax returns are shown for Institutional Class only. After-tax returns for each Class will vary.</span> <span style="color:#000000;font-family:Arial;font-size:16.04pt;font-weight:bold;">Guggenheim Core Bond Fund</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">The Guggenheim Core Bond Fund (the “Fund”) seeks to provide current income.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">You may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(fees paid directly from your investment)</span> 0 0 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:-9pt;">ANNUAL FUND OPERATING EXPENSES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">)</span> 0.0039 0 0.0020 0.0059 -0.0012 0.0047 <span style="font-family:Arial;font-size:8.02pt;">Other expenses are based on estimated amounts for the current fiscal year.</span> <span style="font-family:Arial;font-size:8.02pt;">February 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although the actual costs may be higher or lower, based on these assumptions your costs (whether </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">or not you redeem your shares at the end of the given period) would be:</span> 48 177 317 726 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The above Example reflects applicable contractual fee waiver/expense reimbursement arrangements for the current </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">duration of the arrangements only.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="font-family:Arial;font-size:10.02pt;">was </span><span style="font-family:Arial;font-size:10.02pt;">53</span><span style="font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio.</span> 0.53 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">In pursuit of its objective, the Fund will invest, under normal circumstances, at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in investment grade fixed-income securities (i.e., rated in the top four long-term rating categories by a nationally recognized statistical rating organization or, if unrated, determined by Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”), to be of comparable quality). If nationally recognized statistical rating organizations assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality. Such fixed-income securities may include corporate bonds and other corporate debt securities, commercial paper, securities issued by the U.S. government or its agencies and instrumentalities (including those not backed by the full faith and credit of the U.S. government), sovereign debt securities, Eurodollar bonds and obligations, agency and non-agency residential and commercial mortgage-backed securities and other asset-backed securities (such as corporate, consumer and commercial asset-backed securities) including collateralized debt, loan and mortgage obligations, participations in and assignments of loans (such as senior floating rate loans, syndicated bank loans, secured or unsecured loans, bridge loans and other loans), zero-coupon bonds, municipal bonds, payment-in-kind debt securities (such as payment-in-kind bonds), convertible fixed-income securities, non-registered or restricted securities (including securities originally issued in reliance on Rule 144A and Regulation S securities), certain preferred securities and step-up securities (such as step-up bonds). These securities may pay fixed or variable rates of interest. Although the Fund will invest at least 80% of its assets in investment grade fixed-income securities, such securities (especially those in the lowest of the top four long-term rating categories) may have </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">speculative characteristics. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may, without limitation, seek to obtain exposure to the securities in which it primarily invests through a variety of investment vehicles, principally closed-end funds, exchange-traded funds (“ETFs”) and other mutual funds. The Fund may invest up to 20% of its assets in preferred stock. While the Fund will principally invest in securities listed, traded or dealt in developed markets countries globally, it may also invest without limitation in securities listed, traded or dealt in other countries, including emerging markets countries. Such securities may be denominated in foreign currencies. The Investment Manager may attempt to reduce foreign currency exchange rate risk by entering </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">into contracts with banks, brokers or dealers to purchase or sell securities or foreign currencies at a future date. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Consistent with its investment objective and principal investment strategies, the Fund also may invest in debt securities or loans that are not investment grade (also known as “high yield/high risk securities” or “junk bonds”). The Fund also may seek exposures through derivative transactions, principally foreign exchange forward contracts, futures on securities, indices, currencies and other investments, Secured Overnight Financing Rate (“SOFR”) futures, options, interest rate swaps, cross-currency swaps, total return swaps, and credit default swaps, which may also create economic leverage in the Fund. The Fund may engage in derivative transactions for speculative purposes to enhance total return, to seek to hedge against fluctuations in securities prices, interest rates or currency rates, to change the effective duration of its portfolio, to manage certain investment risks, as a substitute for the purchase or sale of securities or currencies and/or to obtain or replicate market exposure. The Fund may use leverage to the extent permitted by applicable law by entering into reverse repurchase agreements and transactions equivalent to a borrowing for investment purposes. The Fund also may engage, without limitation, in repurchase agreements. The Fund may also seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as “To Be Announced” (“TBA”) </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">transactions and/or dollar rolls). </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs a diversified, multi-sector strategy focused on under-researched areas of the fixed-income universe, including sectors not typically included in benchmark indices. Through its actively managed approach, the Fund seeks to potentially capitalize on changing relative values in fixed-income sectors. The Investment Manager selects securities and other investments for purchase and sale based on intensive credit research involving extensive due diligence on each issuer, region and sector. The Investment Manager also considers macroeconomic outlook and geopolitical issues, and may employ a tactical asset or sector allocation strategy to seek to capitalize on total return </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">potential created by changing market and economic conditions. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Investment Manager may determine to sell a security for several reasons, including but not limited to the following: (1) to adjust the portfolio’s average maturity or duration, or to shift assets into or out of higher-yielding securities; (2) if a security’s credit rating has been changed, the Investment Manager's credit outlook has changed, or for other similar reasons; (3) to meet redemption requests; (4) to take gains; or (5) due to relative value. Under adverse or unstable market conditions or abnormal circumstances (for example, in the event of credit events, where it is deemed opportune to preserve gains, or to preserve the relative value of investments or in the case of large cash inflows or anticipated large redemptions), the Fund can make temporary investments that are inconsistent with the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund’s principal investment strategies and may not be able to pursue or achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investors in asset-backed securities, including residential mortgage-backed </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities, commercial mortgage-backed securities and other structured finance investments (such as collateralized mortgage obligations), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. As a result, asset-backed securities are particularly subject to credit risk and borrower defaults on the obligations underlying the asset-backed security will result in losses. In addition, asset-backed securities are typically particularly sensitive to changes in interest rates, which can cause the prices of asset-backed securities to be increasingly volatile and adversely affect the Fund’s holdings of asset-backed securities. Some asset-backed securities, including mortgage-backed securities, may have structures that make their performance based on changes in interest rates and other factors difficult to predict, causing their prices to be volatile. Asset-backed securities are also particularly subject to market, liquidity, valuation, prepayment and extension risks, and are also subject to risk of impairment of the value of the underlying asset. Additional risks relating to investments in asset-backed securities may arise principally because of the type of asset-backed securities in which the Fund invests, with such risks primarily associated with the particular assets collateralizing the asset-backed securities, the structure of such asset-backed securities or the tranche or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">priority of the asset-backed security held by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Collateralized Loan Obligations and Collateralized Debt Obligations Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Collateralized loan obligations </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(“CLOs”) bear many of the same risks as other forms of asset-backed securities, including interest rate risk, credit risk and default risk. As they are backed primarily by commercial loans, CLOs also bear many of the same risks as investing in loans directly. However, in addition to the risks associated with investing in commercial loans, the complex structure and highly leveraged nature of a CLO poses additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in CLOs that are subordinate to other classes; and (iv) the complex structure of the CLO may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. CLOs incur indebtedness by issuing classes or “tranches” that vary in risk and yield. CLOs may experience substantial losses attributable to loan defaults or trading losses. Such losses on the underlying assets are borne first by the holders of subordinate tranches, which may take the form of an equity interest. The Fund’s investments in CLOs may decrease in market value or income when the CLO’s assets experience loan defaults or credit impairment, losses that exceed the most subordinate tranches, or market </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">anticipation of loan defaults and investor aversion to CLO securities as a class. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Collateralized debt obligations (“CDOs”) are structured similarly to CLOs and bear many of the same risks as CLOs, including interest rate risk, credit risk and default risk. CDOs are subject to additional risks because they are backed by pools of assets other than commercial loans, including securities (such as other asset-backed securities), synthetic instruments or bonds, and may be highly leveraged. Like CLOs, losses incurred by a CDO are borne first by holders of the most subordinate tranches. Accordingly, the risks of CDOs depend largely on the type of underlying collateral and the tranche of CDOs in which the Fund invests. Moreover, CDOs that obtain their exposure through </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">synthetic investments are exposed to risks associated with derivative instruments. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The terms of many structured finance investments, including CLOs and CDOs, are tied to SOFR or other reference rates. These relatively new and developing rates may not match the reference rate applicable to the underlying assets related to these investments. These may adversely affect the Fund and its investments in CLOs and CDOs, including their value, volatility and liquidity. CLOs, CDOs and their underlying loan obligations are typically not registered for sale to the public and therefore are subject to certain restrictions on transfer and sale, potentially subjecting them to increased liquidity risk as compared to other types of investments. As a result, the proceeds from the sale of CLO securities may not be readily available to meet the Fund’s redemption or other obligations and the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund may be unable to acquire or dispose of the securities at a price and time that are advantageous to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commercial Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in commercial mortgage-backed securities (“CMBS”) are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">backed by commercial mortgage loans that may be secured, for example, by office properties, retail properties, hotels, mixed use properties or multi-family apartment buildings and are particularly subject to the credit risk of the borrower and the tenants of the properties securing the commercial mortgage loans. CMBS are subject to the risks of asset-backed securities generally, in particular credit risk and interest rate risk, and the commercial real estate markets. Economic downturns, tightening lending standards and increased interest and lending rates, developments adverse to the commercial real estate markets, and other developments that limit or reduce the activities of and demand for commercial retail and office spaces adversely impact the value of, and income generated by, such </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commercial Paper Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of the Fund’s investment in commercial paper, which is an unsecured </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">promissory note that generally has a maturity date between one and 270 days and is issued by a U.S. or foreign entity, is susceptible to changes in the issuer’s financial condition or credit quality. Investments in commercial paper are usually discounted from their value at maturity. Commercial paper can be fixed-rate or variable rate and can be </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adversely affected by changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Convertible Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Convertible securities may be subordinate to other securities. The total return for a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">convertible security depends, in part, upon the performance of the underlying security into which it can be converted. The value of convertible securities tends to decline as interest rates increase. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Certain types of convertible securities may decline in value or lose their value entirely in the event that the issuer’s financial conditions become </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">significantly impaired.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and over-the-counter (“OTC”)-traded</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;"> derivatives involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (e.g., prime brokerage or securities lending arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">obligations to the Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having concentrated </span><span style="font-family:Arial;font-size:10.02pt;">exposure to such a counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund could lose money if the issuer or guarantor of a fixed-income or other debt instrument or a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a derivatives transaction or other transaction is unable or unwilling, or perceived by market participants, rating agencies, pricing services or otherwise to be unable or unwilling, to pay interest or repay principal on time, defaults or otherwise fails to meet its obligations. Actual or perceived changes in economic, social, public health, financial or political conditions in general or that affect a particular type of instrument, issuer, guarantor or counterparty can reduce the ability of the party to meet its obligations, which can affect the credit quality, liquidity and/or value of an instrument. The value of an instrument also may decline for reasons that relate directly to the issuer, guarantor or counterparty, such as management performance, financial leverage and reduced demand for goods and services or an actual or perceived change in financial condition or reputation. The issuer, guarantor or counterparty could also suffer a rapid decline in credit rating, which would adversely affect the value, price volatility </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and liquidity of the instrument. Credit ratings may not be an accurate assessment of liquidity or credit risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">currencies will decline in value relative to the U.S. Dollar, which would cause a decline in the value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">tax developments in the U.S. or abroad.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Derivatives and other similar instruments (collectively referred to in this paragraph as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">“derivatives”) pose risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, illiquidity, valuation, operational and legal restrictions and risk. Their use is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in leverage, which may cause the Fund to be more volatile and riskier than if it had not been leveraged. Changes in the value of a derivative may also create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund and its liquidity and other risk profiles. If the Investment Manager is incorrect about its expectations of market conditions, the use of derivatives could also result in a loss, which in some cases may be unlimited. In addition, the Fund's use of derivatives may cause the Fund to realize higher amounts of short term capital gains (generally taxed at ordinary income tax rates) than if the Fund had not used such instruments.  Some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC market. OTC derivatives are subject to heightened counterparty </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">credit, legal, liquidity and valuation risks. Certain risks also are specific to the derivatives in which the Fund invests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Forward Foreign Currency Exchange Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A forward foreign currency exchange contract is an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">OTC obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract. Foreign currency transactions can be affected unpredictably by intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or by currency controls or political developments. Such events may prevent or restrict the Fund’s ability to enter into foreign currency transactions, force the Fund to exit a foreign currency transaction at a disadvantageous time or price or result in penalties for the Fund, any of which may result in a loss to the Fund. A contract to sell a foreign currency would limit any potential gain that might be realized if the value of the currency increases. Suitable hedging transactions may not be available in all circumstances. Engaging in forward foreign currency exchange contracts will subject the Fund to counterparty </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">credit risk and any failure to perform by a counterparty could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Futures Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Futures contracts are exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts may be caused by an imperfect correlation between movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of positions that can be held or controlled by the Fund or the Investment Manager, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">are also subject to leverage and liquidity risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Investment Manager’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions that can be held or controlled by the Fund or the Investment Manager, thus limiting the ability to implement the Fund’s strategies. Options are also particularly subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">leverage risk and can be subject to liquidity risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of swap transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Dollar Roll Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may enter into dollar roll transactions, in which the Fund sells a mortgage-backed</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;"> or other security for settlement on one date and buys back a substantially similar security for settlement at a later date. Dollar rolls involve a risk of loss if the market value of the securities that the Fund is committed to buy </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">declines below the price of the securities the Fund has sold.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in or exposure to emerging markets are generally subject to a greater level of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risks associated with investing in or being exposed to developed foreign markets, as emerging markets are considered to be less developed. Furthermore, investments in or exposure to emerging markets are generally subject to risks in addition to the risks associated with investing in foreign securities, including the risks associated with trading in smaller markets, lower volumes of trading, limited information about issuers and securities, being subject to lower levels of government regulation and less extensive and transparent accounting, auditing, recordkeeping, financial reporting and other requirements, and being subject to potential expropriation or nationalization of private </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">properties and other adverse political, economic and social events.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Extension Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including mortgage- and other asset-backed securities, are subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risk that payments on principal may occur at a slower rate or later than expected. In this event, the expected maturity could lengthen and the Fund’s investment may sharply decrease in value and the Fund’s income from the investment may quickly decline. These types of instruments are particularly subject to extension risk, and offer less potential for gains, during periods of rising interest rates. In addition, the Fund may be delayed in its ability to reinvest income or proceeds from these instruments in potentially higher yielding investments, which would adversely affect </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Foreign Securities and Currency Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Foreign securities carry unique,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">additional and heightened risks when </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">compared to U.S. securities, including</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">but not limited to: currency fluctuations; adverse political (including </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">geopolitical)</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">social and economic developments; trade restrictions (including tariffs) or other government restrictions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">by the U.S. or other governments; unreliable</span><span style="font-family:Arial;font-size:10.02pt;">, untimely or less publicly available information; less government </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">supervision; reporting</span><span style="font-family:Arial;font-size:10.02pt;">, accounting, and auditing standards that are not comparable to those in the United States; less liquidity and more volatility; limited legal recourse and higher transactional costs.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">High Yield and Unrated Securities Risk</span><span style="font-family:Arial;font-size:10.02pt;">—High yield, below investment grade and unrated high risk debt securities </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">(which also may be known as “junk bonds”) are regarded as predominantly speculative by certain rating agencies with respect to the issuer’s continuing ability to meet principal and interest payments. These securities generally present additional risks compared to investment grade bonds and are typically less liquid, and therefore more difficult to value accurately and sell at an advantageous price or time, and present more credit and default risk, including risk of loss (which may be substantial or total loss) of income and principal, than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific factors, such as operating results and outlook, and to real or perceived adverse economic and competitive industry conditions. High yield securities may be issued by companies that </span><span style="font-family:Arial;font-size:10.02pt;">are restructuring, are smaller and less credit worthy or are more highly leveraged </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">or indebted than other companies or are financially distressed, and therefore they typically have more difficulty making scheduled payments of principal and interest than issuers of higher rated investments. Under unusual or adverse economic, market or political conditions, high yield securities may be particularly susceptible to default risk and increased default rates. In the event of default, the Fund may incur additional expenses to seek recovery or to negotiate new terms with a defaulting issuer. Based on its investment strategies, a significant portion of the Fund’s investments (directly or indirectly) can be comprised of high yield, below investment grade and unrated securities </span><span style="font-family:Arial;font-size:10.02pt;">and thus particularly prone to the foregoing risks, which may result in losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed-income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed-income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">rates increase, the values of previously issued fixed-income and other debt instruments decline, sometimes suddenly and significantly. When interest rates decrease, the values of fixed-income and other debt instruments generally rise. During periods of rising interest rates, because changes in interest rates on adjustable rate securities may lag behind changes in market rates, the value of such securities may decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns and performance may be adversely affected by changing interest rates and the Fund's net asset value per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio turnover costs and lower valuations, thereby adversely affecting the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Investment Vehicles Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may seek to obtain certain exposure through investments in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other investment vehicles. Investing in other investment vehicles, including ETFs, closed-end funds, short-term funds advised by the Investment Manager and/or its affiliates and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, which will reduce the Fund’s performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the net asset value of the shares and the listing exchange may halt trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the shares.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Loans Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in loans directly or indirectly through assignments or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">participations. Investments in loans, including loan syndicates and other direct lending opportunities, involve special types of risks, including credit risk, interest rate risk, counterparty risk, prepayment risk, risk of subordination to other creditors, extension risk and risk of insufficient or lack of protection under the federal securities law. Loans may offer a fixed or floating interest rate. Loans are often below investment grade and may be unrated. The Fund’s investments in loans can also be difficult to value accurately because of, among other factors, limited public information regarding the loan or the borrowers and may be more susceptible to liquidity risk than fixed-income instruments of similar credit quality and/or maturity. The Fund is also subject to the risk that the value of any collateral for the loan may be insufficient or unavailable to cover the borrower’s obligations should the borrower fail to make payments, become insolvent, or otherwise default. This risk is increased if the Fund’s loans are secured by a single asset. The Fund may also invest in loans that are not secured by collateral which typically present greater risks than collateralized loans. Transactions in loans are often subject to long settlement periods and often require consent from borrowers and/or an agent acting for the lenders, thus potentially limiting the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. The Fund thus is subject to the risk of selling other investments at disadvantageous times or prices or taking other actions necessary to raise cash to meet its redemption obligations. Participations in loans may subject the Fund to the credit risk of both the borrower and the seller of the participation and may make enforcement of loan covenants, if any, more difficult for the Fund as legal action may have to go through the seller of the participation (or an agent acting on its behalf). Covenants contained in loan documentation are intended to protect lenders and investors by imposing certain restrictions and other limitations on a borrower’s and the credit group’s operations or assets and by providing certain information and consent rights to lenders. In addition to operational covenants, loans and other debt obligations often contain financial covenants which require a borrower and the related credit group to satisfy certain financial tests at periodic intervals or to maintain compliance with certain financial metrics. The Fund invests in or is exposed to loans and other similar debt obligations that are sometimes referred to as “covenant-lite” loans or obligations, which generally are loans or other similar debt obligations that lack financial maintenance covenants or possess fewer or contingent financial maintenance covenants and other financial protections for lenders and investors. These “covenant-lite” loans or similar debt obligations are particularly subject to the risks associated with investments in loans as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">described above.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s use of leverage, through borrowings or instruments such as derivatives and reverse </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">repurchase agreements, may cause the Fund to be more volatile and riskier and magnify the Fund's losses to an extent greater than if it had not been leveraged. The use of leverage may also increase the Fund’s sensitivity to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes of the Fund’s net asset value, causing the Fund to be less liquid and unable to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">realize what the Investment Manager believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Based on its investment strategies, a significant portion of the Fund's investments can be difficult to value and potentially less liquid and thus particularly prone to the foregoing risks. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment, particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is actively managed, which means that investment decisions are made based on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investment views. There is no guarantee that the investment views will produce the desired results or expected returns. As a result of these and other factors, the Fund may lose value or fail to meet its investment objective or underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active and frequent trading that can accompany active management, also called “high turnover,” may have a negative impact on performance. Active and frequent trading may result in higher brokerage costs or mark-up charges and tax costs, which are ultimately passed on to shareholders of the Fund. Active and frequent trading may also result in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adverse tax consequences.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund's investments may perform poorly or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">underperform the general securities markets or other types of securities.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Municipal Securities Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Municipal securities are subject to a variety of risks generally associated with </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">investments in debt instruments, including credit, interest rate, prepayment, liquidity, and valuation risks, as well as risks specific to municipal securities. The ability of issuers of municipal securities to pay their obligations can be adversely affected by, among other developments or events, (i) unfavorable legislative, tax, political, or other developments or events, including extreme weather, natural or man-made disasters and public health conditions, and (ii) changes in the economic and fiscal conditions of issuers of municipal securities or the federal government (in cases where it provides financial support to such issuers). In addition, the values of, and income generated by, municipal securities may fully or partially depend on a specific revenue or tax source, such as the taxing authority or revenue of a local government, the credit of a private issuer, or the current or anticipated revenues from a specific project. Developments adversely affecting such sources, such as economic, social or public health conditions, would negatively impact the cash flows of such sources and, in turn, municipal securities fully or partially backed by such sources. To the extent the Fund invests a substantial portion of its assets in municipal securities issued by issuers in a particular state, municipality or project or in municipal instruments that finance similar projects, such as those relating to education, </span><span style="font-family:Arial;font-size:10.02pt;">healthcare, transportation, housing, utilities, or water and sewer, the Fund will be particularly </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">sensitive to developments and events adversely affecting such state or municipality or with respect to such projects. Certain sectors of the municipal bond market have special risks that can affect them more significantly than the market as a whole. Because many municipal instruments are issued to finance similar projects (such as education, healthcare, transportation and utilities), conditions in these industries can significantly affect the overall municipal market. Municipal securities that are insured may be adversely affected by developments relevant to that particular insurer, or more general developments relevant to the market as a whole. Municipal securities can be difficult to value and be less liquid than other investments, which may affect performance or the ability to meet Fund redemption </span><span style="font-family:Arial;font-size:10.02pt;">requests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Preferred Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A company’s preferred stock generally pays dividends only after the company makes </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">required payments to holders of its bonds and other debt. For this reason, the value of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">prospects.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Prepayment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including loans and mortgage- and other asset-backed securities, are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the risk that payments on principal may occur more quickly or earlier than expected. If this occurs, the Fund might be forced to forego future interest income on the principal repaid early and to reinvest income or proceeds at generally lower interest rates, thus reducing the Fund’s yield. These types of instruments are particularly </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">subject to prepayment risk, and offer less potential for gains, during periods of declining interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation applying to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and operations of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreements and Reverse Repurchase Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In the event of the insolvency of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities or other assets sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">rate lower than the cost of the agreement, entering into the agreement will lower the Fund’s yield.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Residential Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Residential mortgage-backed securities (“RMBS”) are backed by </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">residential mortgage loans and are particularly subject to the credit risk of the borrower. RMBS are subject to the risks of asset-backed securities generally, in particular credit risk and interest rate risk, and the residential real estate markets. Delinquencies and losses on RMBS generally increase during periods of adverse economic conditions. Investments in non-agency RMBS, which are not guaranteed by the U.S. government or a government sponsored </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">enterprise, are subject to increased interest rate, credit and other risks, such as liquidity and valuation risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Restricted Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Restricted securities, including those acquired through private placement transactions, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">generally cannot be sold to the public and may involve a high degree of business, financial and liquidity risk, which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">may result in substantial losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sovereign Debt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The debt securities issued by sovereign entities may decline as a result of default or other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">adverse credit event resulting from a sovereign debtor's unwillingness or inability to repay principal and pay interest in a timely manner, which may be affected by a variety of factors, including its cash flow situation, the extent of its reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor's policy toward international lenders, and the political constraints to which a sovereign debtor may be subject. Sovereign debt risk is greater for issuers in emerging </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">markets than issuers in developed countries.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">To Be Announced (“TBA”) Transactions Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund may enter into “To Be Announced” (“TBA”) transactions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">to purchase or sell mortgage-backed securities for a fixed price at a future date. In a TBA transaction, a seller agrees to deliver a mortgage-backed security to the Fund at a future date, but the seller does not specify the particular security to be delivered. Instead, the Fund agrees to accept or sell any security that meets specified terms. TBA purchase commitments involve a risk of loss if the value of the securities to be purchased declines prior to settlement date or if the counterparty may not deliver the securities as promised. Selling a TBA involves a risk of loss if the value of the securities to be sold goes up prior to settlement date. </span><span style="font-family:Arial;font-size:10.02pt;">Margin requirements applicable to the Fund’s TBA transactions</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">may increase the cost of TBA transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed-income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Zero Coupon and Payment-In-Kind Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Zero coupon and payment-in-kind securities pay no cash </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">interest income and usually are sold at substantial discounts from their value at maturity. Zero coupon and payment-in-kind securities are subject to greater market value fluctuations from changing interest rates than debt obligations of comparable maturities that make current cash-pay interest payments. Additionally, investments in payment-in-kind </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">loans are subject to increased price, volatility, credit risk and other risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund. </span><span style="font-family:Arial;font-size:10.02pt;">Because Class R6 shares </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">had not commenced operations as of the date of this Prospectus,</span><span style="font-family:Arial;font-size:10.02pt;"> the following chart and table show the Fund’s </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Institutional Class share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund's Institutional Class shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index).</span><span style="font-family:Arial;font-size:10.02pt;">Class R6 shares and Institutional Class shares of the Fund would have substantially similar performance because </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">they invest in the same portfolio of securities. However, the performance of Class R6 shares would be higher than Institutional Class shares to the extent Class R6 shares pay lower expenses than Institutional Class shares. </span><span style="font-family:Arial;font-size:10.02pt;">As with </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">all mutual funds, past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:10.02pt;"> Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by calling </span><span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span><span style="font-family:Arial;font-size:10.02pt;">. </span><span style="font-family:Arial;font-size:10.02pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund. </span><span style="font-family:Arial;font-size:10.02pt;">Because Class R6 shares </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">had not commenced operations as of the date of this Prospectus,</span><span style="font-family:Arial;font-size:10.02pt;"> the following chart and table show the Fund’s </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Institutional Class share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund's Institutional Class shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index).</span> <span style="font-family:Arial;font-size:10.02pt;">Because Class R6 shares </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">had not commenced operations as of the date of this Prospectus,</span><span style="font-family:Arial;font-size:10.02pt;"> the following chart and table show the Fund’s </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Institutional Class share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund's Institutional Class shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index).</span> <span style="font-family:Arial;font-size:10.02pt;">Because Class R6 shares </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">had not commenced operations as of the date of this Prospectus,</span> <span style="font-family:Arial;font-size:10.02pt;">As with </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">all mutual funds, past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">December 31, 2023</span><span style="font-family:Arial;font-size:10.02pt;">6.64%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2022</span><span style="font-family:Arial;font-size:10.02pt;">-6.99%</span> <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2023-12-31 0.0664 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2022-06-30 -0.0699 <span style="font-family:Arial;font-size:10.02pt;">Average Annual Total Returns (for the periods ended December 31, 2025)</span> 0.0784 -0.0012 0.0310 0.0576 -0.0179 0.0151 0.0460 -0.0080 0.0170 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:16.04pt;font-weight:bold;">Guggenheim Floating Rate Strategies Fund</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Guggenheim Floating Rate Strategies Fund (the “Fund”) seeks to provide a high level of current income while </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">maximizing total return.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">You may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(fees paid directly from your investment)</span> 0 0 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:-9pt;">ANNUAL FUND OPERATING EXPENSES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">)</span> 0.0065 0 0.0016 0.0004 0.0012 0.0002 0.0083 -0.0003 0.0080 <span style="font-family:Arial;font-size:8.02pt;">February 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although the actual costs may be higher or lower, based on these assumptions your costs (whether </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">or not you redeem your shares at the end of the given period) would be:</span> 82 262 458 1023 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The above Example reflects applicable contractual fee waiver/expense reimbursement arrangements for the current </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">duration of the arrangements only.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="font-family:Arial;font-size:10.02pt;">was </span><span style="font-family:Arial;font-size:10.02pt;">44</span><span style="font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio.</span> 0.44 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund will, under normal circumstances, invest at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in floating rate senior secured syndicated bank loans, floating rate revolving credit facilities (“revolvers”), floating rate unsecured loans, floating rate asset</span><span style="font-family:Arial;font-size:10.02pt;">-backed securities (including floating </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">rate collateralized loan obligations (“CLOs”)), other floating rate bonds, loans, notes and other securities (which may include, principally, senior secured, senior unsecured and subordinated bonds), fixed income instruments with respect to which the Fund has entered into derivative instruments to effectively convert the fixed rate interest payments into floating rate income payments, and derivative instruments (based on their notional value for purposes of this 80% strategy) that provide exposure (i.e., economic characteristics similar) to floating rate or variable rate loans, obligations or other securities. The loans in which the Fund will invest, generally made by banks and other lending institutions, are made to (or issued by) corporations, partnerships and other business entities. Floating rate loans feature rates that reset regularly, maintaining a fixed spread over a reference rate, such as the Secured Overnight Financing Rate ("SOFR"), other references rates derived from SOFR or the prime rates of large money-center banks. The interest rates for floating rate loans typically reset quarterly, although rates on some loans may </span><span style="font-family:Arial;font-size:10.02pt;">adjust at other intervals. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund invests in other fixed-income instruments of various maturities which may be represented by bonds, debt securities, commercial paper, forwards, derivatives or other similar instruments that Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”), believes provide the potential to deliver a high level of current income. Securities in which the Fund invests also may include corporate bonds, convertible securities (including those that are deemed to be “busted” because they are trading well below their equity conversion value), agency and non-agency mortgage-backed securities, asset-backed securities (including collateralized mortgage-backed securities) and CLOs. The Fund may invest in a variety of investment </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">vehicles, such as closed-end funds, exchange-traded funds (“ETFs”) and other mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may hold securities of any quality, rated or unrated, including those that are rated below investment grade, or, if unrated, determined by the Investment Manager to be of quality comparable to below investment grade securities (also known as “high yield securities” or “junk bonds”) or any other quality. The Fund may hold below investment grade securities with no limit. The Fund may hold non-registered or restricted securities (consisting of securities originally issued in reliance on Rule 144A and Regulation S securities). The Fund may also invest in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities of real estate investment trusts (“REITs”) and other real estate companies. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund will principally invest in U.S. dollar denominated loans and other securities of U.S. companies, but may also invest in securities of non-U.S. companies, non-U.S. dollar denominated loans and securities (including, but not limited to, denominated in Euros, British pounds, Swiss francs or Canadian dollars), including loans and securities of emerging market countries, sovereign debt securities and Eurodollar bonds and obligations. The Investment Manager may attempt to reduce foreign currency exchange rate risk by entering into contracts with banks, brokers or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">dealers to purchase or sell securities or foreign currencies at a future date (“forward contracts”). </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund also may seek exposures through derivative transactions, including: foreign exchange forward contracts; futures on securities, indices, currencies and other investments; SOFR futures; options; interest rate swaps; cross-currency swaps; total return swaps; and credit default swaps, which may also create economic leverage in the Fund. The Fund may engage in derivative transactions for speculative purposes to enhance total return, to seek to hedge against fluctuations in securities prices, interest rates or currency rates, to change the effective duration of its portfolio, to manage certain investment risks, as a substitute for the purchase or sale of securities or currencies and/or to obtain or replicate market exposure. The Fund may use leverage to the extent permitted by applicable law </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">by entering into reverse repurchase agreements and transactions equivalent to a borrowing for investment purposes. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund also may engage, to the full extent permitted by applicable law, in repurchase agreements, forward commitments, short sales and securities lending. The Fund may, without limitation, seek to obtain exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">investment techniques (such as dollar rolls). </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Investment Manager’s investment philosophy is predicated upon the belief that thorough research and independent thought are rewarded with performance that has the potential to outperform benchmark indexes with </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">both lower volatility and lower correlation of returns as compared to such benchmark indexes. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Investment Manager may determine to sell a security for several reasons, including but not limited to the following: (1) to adjust the portfolio’s average maturity or duration, or to shift assets into or out of higher-yielding securities; (2) if a security’s credit rating has been changed, the Investment Manager's credit outlook has changed, or for other similar reasons; (3) to meet redemption requests; (4) to take gains; or (5) due to relative value. Under certain circumstances, the Fund may invest in securities that are in default at the time of purchase. If a security defaults subsequent to purchase by the Fund, the Investment Manager will determine in its discretion whether to hold or dispose of such security. Under adverse or unstable market conditions or abnormal circumstances (for example, in the event of credit events, where it is deemed opportune to preserve gains, or to preserve the relative value of investments or in the case of large cash inflows or anticipated large redemptions), the Fund can make temporary investments that are inconsistent with the Fund’s principal investment strategies and may not be able to pursue or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investors in asset-backed securities, including residential mortgage-backed </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities, commercial mortgage-backed securities and other structured finance investments (such as collateralized mortgage obligations), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. As a result, asset-backed securities are particularly subject to credit risk and borrower defaults on the obligations underlying the asset-backed security will result in losses. In addition, asset-backed securities are typically particularly sensitive to changes in interest rates, which can cause the prices of asset-backed securities to be increasingly volatile and adversely affect the Fund’s holdings of asset-backed securities. Some asset-backed securities, including mortgage-backed securities, may have structures that make their performance based on changes in interest rates and other factors difficult to predict, causing their prices to be volatile. Asset-backed securities are also particularly subject to market, liquidity, valuation, prepayment and extension risks, and are also subject to risk of impairment of the value of the underlying asset. Additional risks relating to investments in asset-backed securities may arise principally because of the type of asset-backed securities in which the Fund invests, with such risks primarily associated with the particular assets collateralizing the asset-backed securities, the structure of such asset-backed securities or the tranche or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">priority of the asset-backed security held by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Collateralized Loan Obligations and Collateralized Debt Obligations Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Collateralized loan obligations </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(“CLOs”) bear many of the same risks as other forms of asset-backed securities, including interest rate risk, credit risk and default risk. As they are backed primarily by commercial loans, CLOs also bear many of the same risks as investing in loans directly. However, in addition to the risks associated with investing in commercial loans, the complex structure and highly leveraged nature of a CLO poses additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in CLOs that are subordinate to other classes; and (iv) the complex structure of the CLO may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. CLOs incur indebtedness by issuing classes or “tranches” that vary in risk and yield. CLOs may experience substantial losses attributable to loan defaults or trading losses. Such losses on the underlying assets are borne first by the holders of subordinate tranches, which may take the form of an equity interest. The Fund’s investments in CLOs may decrease in market value or income when the CLO’s assets experience loan defaults or credit impairment, losses that exceed the most subordinate tranches, or market </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">anticipation of loan defaults and investor aversion to CLO securities as a class. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Collateralized debt obligations (“CDOs”) are structured similarly to CLOs and bear many of the same risks as CLOs, including interest rate risk, credit risk and default risk. CDOs are subject to additional risks because they are backed by pools of assets other than commercial loans, including securities (such as other asset-backed securities), synthetic instruments or bonds, and may be highly leveraged. Like CLOs, losses incurred by a CDO are borne first by holders of the most subordinate tranches. Accordingly, the risks of CDOs depend largely on the type of underlying collateral and the tranche of CDOs in which the Fund invests. Moreover, CDOs that obtain their exposure through </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">synthetic investments are exposed to risks associated with derivative instruments. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The terms of many structured finance investments, including CLOs and CDOs, are tied to SOFR or other reference rates. These relatively new and developing rates may not match the reference rate applicable to the underlying assets related to these investments. These may adversely affect the Fund and its investments in CLOs and CDOs, including their value, volatility and liquidity. CLOs, CDOs and their underlying loan obligations are typically not registered for sale to the public and therefore are subject to certain restrictions on transfer and sale, potentially subjecting them to increased liquidity risk as compared to other types of investments. As a result, the proceeds from the sale of CLO securities may not be readily available to meet the Fund’s redemption or other obligations and the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund may be unable to acquire or dispose of the securities at a price and time that are advantageous to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commercial Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in commercial mortgage-backed securities (“CMBS”) are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">backed by commercial mortgage loans that may be secured, for example, by office properties, retail properties, hotels, mixed use properties or multi-family apartment buildings and are particularly subject to the credit risk of the borrower and the tenants of the properties securing the commercial mortgage loans. CMBS are subject to the risks of asset-backed securities generally, in particular credit risk and interest rate risk, and the commercial real estate markets. Economic downturns, tightening lending standards and increased interest and lending rates, developments adverse to the commercial real estate markets, and other developments that limit or reduce the activities of and demand for commercial retail and office spaces adversely impact the value of, and income generated by, such </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commercial Paper Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of the Fund’s investment in commercial paper, which is an unsecured </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">promissory note that generally has a maturity date between one and 270 days and is issued by a U.S. or foreign entity, is susceptible to changes in the issuer’s financial condition or credit quality. Investments in commercial paper are usually discounted from their value at maturity. Commercial paper can be fixed-rate or variable rate and can be </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adversely affected by changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Convertible Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Convertible securities may be subordinate to other securities. The total return for a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">convertible security depends, in part, upon the performance of the underlying security into which it can be converted. The value of convertible securities tends to decline as interest rates increase. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Certain types of convertible securities may decline in value or lose their value entirely in the event that the issuer’s financial conditions become </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">significantly impaired.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and over-the-counter (“OTC”)-traded</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;"> derivatives involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (e.g., prime brokerage or securities lending arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">obligations to the Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having concentrated </span><span style="font-family:Arial;font-size:10.02pt;">exposure to such a counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund could lose money if the issuer or guarantor of a fixed-income or other debt instrument or a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a derivatives transaction or other transaction is unable or unwilling, or perceived by market participants, rating agencies, pricing services or otherwise to be unable or unwilling, to pay interest or repay principal on time, defaults or otherwise fails to meet its obligations. Actual or perceived changes in economic, social, public health, financial or political conditions in general or that affect a particular type of instrument, issuer, guarantor or counterparty can reduce the ability of the party to meet its obligations, which can affect the credit quality, liquidity and/or value of an instrument. The value of an instrument also may decline for reasons that relate directly to the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">issuer, guarantor or counterparty, such as management performance, financial leverage and reduced demand for goods and services or an actual or perceived change in financial condition or reputation. The issuer, guarantor or counterparty could also suffer a rapid decline in credit rating, which would adversely affect the value, price volatility </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and liquidity of the instrument. Credit ratings may not be an accurate assessment of liquidity or credit risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">currencies will decline in value relative to the U.S. Dollar, which would cause a decline in the value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">tax developments in the U.S. or abroad.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Derivatives and other similar instruments (collectively referred to in this paragraph as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">“derivatives”) pose risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, illiquidity, valuation, operational and legal restrictions and risk. Their use is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in leverage, which may cause the Fund to be more volatile and riskier than if it had not been leveraged. Changes in the value of a derivative may also create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund and its liquidity and other risk profiles. If the Investment Manager is incorrect about its expectations of market conditions, the use of derivatives could also result in a loss, which in some cases may be unlimited. In addition, the Fund's use of derivatives may cause the Fund to realize higher amounts of short term capital gains (generally taxed at ordinary income tax rates) than if the Fund had not used such instruments.  Some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC market. OTC derivatives are subject to heightened counterparty </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">credit, legal, liquidity and valuation risks. Certain risks also are specific to the derivatives in which the Fund invests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Forward Foreign Currency Exchange Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A forward foreign currency exchange contract is an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">OTC obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract. Foreign currency transactions can be affected unpredictably by intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or by currency controls or political developments. Such events may prevent or restrict the Fund’s ability to enter into foreign currency transactions, force the Fund to exit a foreign currency transaction at a disadvantageous time or price or result in penalties for the Fund, any of which may result in a loss to the Fund. A contract to sell a foreign currency would limit any potential gain that might be realized if the value of the currency increases. Suitable hedging transactions may not be available in all circumstances. Engaging in forward foreign currency exchange contracts will subject the Fund to counterparty </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">credit risk and any failure to perform by a counterparty could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Dollar Roll Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may enter into dollar roll transactions, in which the Fund sells a mortgage-backed</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;"> or other security for settlement on one date and buys back a substantially similar security for settlement at a later date. Dollar rolls involve a risk of loss if the market value of the securities that the Fund is committed to buy </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">declines below the price of the securities the Fund has sold.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in or exposure to emerging markets are generally subject to a greater level of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risks associated with investing in or being exposed to developed foreign markets, as emerging markets are considered to be less developed. Furthermore, investments in or exposure to emerging markets are generally subject to risks in addition to the risks associated with investing in foreign securities, including the risks associated with trading in smaller markets, lower volumes of trading, limited information about issuers and securities, being subject to lower levels of government regulation and less extensive and transparent accounting, auditing, recordkeeping, financial reporting and other requirements, and being subject to potential expropriation or nationalization of private </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">properties and other adverse political, economic and social events.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Extension Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including mortgage- and other asset-backed securities, are subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risk that payments on principal may occur at a slower rate or later than expected. In this event, the expected maturity could lengthen and the Fund’s investment may sharply decrease in value and the Fund’s income from the investment may quickly decline. These types of instruments are particularly subject to extension risk, and offer less potential for gains, during periods of rising interest rates. In addition, the Fund may be delayed in its ability to reinvest income or proceeds from these instruments in potentially higher yielding investments, which would adversely affect </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Foreign Securities and Currency Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Foreign securities carry unique,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">additional and heightened risks when </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">compared to U.S. securities, including</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">but not limited to: currency fluctuations; adverse political (including </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">geopolitical)</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">social and economic developments; trade restrictions (including tariffs) or other government restrictions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">by the U.S. or other governments; unreliable</span><span style="font-family:Arial;font-size:10.02pt;">, untimely or less publicly available information; less government </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">supervision; reporting</span><span style="font-family:Arial;font-size:10.02pt;">, accounting, and auditing standards that are not comparable to those in the United States; less liquidity and more volatility; limited legal recourse and higher transactional costs.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">High Yield and Unrated Securities Risk</span><span style="font-family:Arial;font-size:10.02pt;">—High yield, below investment grade and unrated high risk debt securities </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">(which also may be known as “junk bonds”) are regarded as predominantly speculative by certain rating agencies with respect to the issuer’s continuing ability to meet principal and interest payments. These securities generally present additional risks compared to investment grade bonds and are typically less liquid, and therefore more difficult to value accurately and sell at an advantageous price or time, and present more credit and default risk, including risk of loss (which may be substantial or total loss) of income and principal, than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific factors, such as operating results and outlook, and to real or perceived adverse economic and competitive industry conditions. High yield securities may be issued by companies that </span><span style="font-family:Arial;font-size:10.02pt;">are restructuring, are smaller and less credit worthy or are more highly leveraged </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">or indebted than other companies or are financially distressed, and therefore they typically have more difficulty making scheduled payments of principal and interest than issuers of higher rated investments. Under unusual or adverse economic, market or political conditions, high yield securities may be particularly susceptible to default risk and increased default rates. In the event of default, the Fund may incur additional expenses to seek recovery or to negotiate new terms with a defaulting issuer. Based on its investment strategies, a significant portion of the Fund’s investments (directly or indirectly) can be comprised of high yield, below investment grade and unrated securities </span><span style="font-family:Arial;font-size:10.02pt;">and thus particularly prone to the foregoing risks, which may result in losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed-income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed-income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed-income and other debt instruments decline, sometimes suddenly and significantly. When interest rates decrease, the values of fixed-income and other debt instruments generally rise. During periods of rising interest rates, because changes in interest rates on adjustable rate securities may lag behind changes in market rates, the value of such securities may decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns and performance may be adversely affected by changing interest rates and the Fund's net asset value per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio turnover costs and lower valuations, thereby adversely affecting the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Investment Vehicles Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may seek to obtain certain exposure through investments in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other investment vehicles. Investing in other investment vehicles, including ETFs, closed-end funds, short-term funds advised by the Investment Manager and/or its affiliates and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, which will reduce the Fund’s performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the net asset value of the shares and the listing exchange may halt trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the shares.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Loans Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in loans directly or indirectly through assignments or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">participations. Investments in loans, including loan syndicates and other direct lending opportunities, involve special types of risks, including credit risk, interest rate risk, counterparty risk, prepayment risk, risk of subordination to other creditors, extension risk and risk of insufficient or lack of protection under the federal securities law. Loans may offer a fixed or floating interest rate. Loans are often below investment grade and may be unrated. The Fund’s investments </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">in loans can also be difficult to value accurately because of, among other factors, limited public information regarding the loan or the borrowers and may be more susceptible to liquidity risk than fixed-income instruments of similar credit quality and/or maturity. The Fund is also subject to the risk that the value of any collateral for the loan may be insufficient or unavailable to cover the borrower’s obligations should the borrower fail to make payments, become insolvent, or otherwise default. This risk is increased if the Fund’s loans are secured by a single asset. The Fund may also invest in loans that are not secured by collateral which typically present greater risks than collateralized loans. Transactions in loans are often subject to long settlement periods and often require consent from borrowers and/or an agent acting for the lenders, thus potentially limiting the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. The Fund thus is subject to the risk of selling other investments at disadvantageous times or prices or taking other actions necessary to raise cash to meet its redemption obligations. Participations in loans may subject the Fund to the credit risk of both the borrower and the seller of the participation and may make enforcement of loan covenants, if any, more difficult for the Fund as legal action may have to go through the seller of the participation (or an agent acting on its behalf). Covenants contained in loan documentation are intended to protect lenders and investors by imposing certain restrictions and other limitations on a borrower’s and the credit group’s operations or assets and by providing certain information and consent rights to lenders. In addition to operational covenants, loans and other debt obligations often contain financial covenants, which require a borrower and the related credit group to satisfy certain financial tests at periodic intervals or to maintain compliance with certain financial metrics. The Fund invests predominantly in or is exposed to loans and other similar debt obligations that are sometimes referred to as “covenant-lite” loans or obligations, which generally are loans or other similar debt obligations that lack financial maintenance covenants or possess fewer or contingent financial maintenance covenants and other financial protections for lenders and investors. These “covenant-lite” loans or similar debt obligations are particularly subject to the risks associated with investments in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">loans as described above.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s use of leverage, through borrowings or instruments such as derivatives and reverse </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">repurchase agreements, may cause the Fund to be more volatile and riskier and magnify the Fund's losses to an extent greater than if it had not been leveraged. The use of leverage may also increase the Fund’s sensitivity to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes of the Fund’s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Based on its investment strategies, a significant portion of the Fund's investments can be difficult to value and potentially less liquid and thus particularly prone to the foregoing risks. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment, particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is actively managed, which means that investment decisions are made based on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investment views. There is no guarantee that the investment views will produce the desired results or expected returns. As a result of these and other factors, the Fund may lose value or fail to meet its investment objective or underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active and frequent trading that can accompany active management, also called “high turnover,” may have a negative impact on performance. Active and frequent trading may result in higher brokerage costs or mark-up charges and tax costs, which are ultimately passed on to shareholders of the Fund. Active and frequent trading may also result in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adverse tax consequences.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund's investments may perform poorly or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">underperform the general securities markets or other types of securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Prepayment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including loans and mortgage- and other asset-backed securities, are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the risk that payments on principal may occur more quickly or earlier than expected. If this occurs, the Fund might be forced to forego future interest income on the principal repaid early and to reinvest income or proceeds at generally lower interest rates, thus reducing the Fund’s yield. These types of instruments are particularly </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">subject to prepayment risk, and offer less potential for gains, during periods of declining interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Real Estate Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in securities of real estate companies and companies related </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">to the real estate industry, including real estate investment trusts (“REITs”), which are subject to the same risks as direct investments in real estate and the real estate market generally. The real estate industry is particularly sensitive to, among other things, economic downturns, changes in interest rates, changes in national, state or local real estate conditions, changes in the availability, cost and terms of mortgages (and other types of financing) and fluctuations in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">occupancy levels and demand for properties.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation applying to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and operations of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreements and Reverse Repurchase Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In the event of the insolvency of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities or other assets sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">rate lower than the cost of the agreement, entering into the agreement will lower the Fund’s yield.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Residential Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Residential mortgage-backed securities (“RMBS”) are backed by </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">residential mortgage loans and are particularly subject to the credit risk of the borrower. RMBS are subject to the risks of asset-backed securities generally, in particular credit risk and interest rate risk, and the residential real estate markets. Delinquencies and losses on RMBS generally increase during periods of adverse economic conditions. Investments in non-agency RMBS, which are not guaranteed by the U.S. government or a government sponsored </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">enterprise, are subject to increased interest rate, credit and other risks, such as liquidity and valuation risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Restricted Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Restricted securities, including those acquired through private placement transactions, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">generally cannot be sold to the public and may involve a high degree of business, financial and liquidity risk, which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">may result in substantial losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Securities lending involves a risk that the borrower may fail to return the securities or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">deliver the proper amount of collateral, which may result in a loss to the Fund. In the event of bankruptcy of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">borrower, the Fund could experience losses or delays in recovering the loaned securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Short Sale Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Short selling a security involves selling a borrowed security with the expectation that the value of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">that security will decline so that the security may be purchased at a lower price when returning the borrowed security. The loss on a short sale, which, in some cases, may be theoretically unlimited, may be greater than the original value of the securities sold short because the price of the borrowed security may rise, thereby increasing the price at which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the security must be purchased. Government actions also may affect the Fund’s ability to engage in short selling.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sovereign Debt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The debt securities issued by sovereign entities may decline as a result of default or other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">adverse credit event resulting from a sovereign debtor's unwillingness or inability to repay principal and pay interest in a timely manner, which may be affected by a variety of factors, including its cash flow situation, the extent of its reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor's policy toward international lenders, and the political constraints to which a sovereign debtor may be subject. Sovereign debt risk is greater for issuers in emerging </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">markets than issuers in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Special Situation Investments/Securities in Default Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in the securities and debt of distressed </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">issuers or issuers in default or distressed situations involve far greater risk than investing in issuers whose debt obligations are being met and whose debt trades at or close to its “par” or full value because the investments in the securities and debt of distressed issuers or issuers in default are highly speculative with respect to the issuer’s ability </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">to make interest payments and/or to pay its principal obligations in full and/or on time.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">When Issued, Forward Commitment and Delayed-Delivery Transactions Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—When-issued, forward-commitment</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;"> and delayed-delivery transactions involve a commitment to purchase or sell specific securities at a predetermined price or yield in which payment and delivery take place after the customary settlement period for that type of security. When purchasing securities pursuant to one of these transactions, payment for the securities is not required until the delivery date. However, the purchaser assumes the rights and risks of ownership, including the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">risks of price and yield fluctuations and the risk that the security will not be issued as anticipated.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s Class R6 share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s Class R6 shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) and an additional index (S&amp;P UBS Leveraged Loan Index).</span><span style="font-family:Arial;font-size:10.02pt;">As with all mutual funds, past performance (before and after taxes) is not </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:10.02pt;"> Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by calling </span><span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span><span style="font-family:Arial;font-size:10.02pt;">. </span><span style="font-family:Arial;font-size:10.02pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s Class R6 share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s Class R6 shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) and an additional index (S&amp;P UBS Leveraged Loan Index).</span> <span style="font-family:Arial;font-size:10.02pt;">As with all mutual funds, past performance (before and after taxes) is not </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10.02pt;">8.21%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10.02pt;">-13.60%</span> <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2020-06-30 0.0821 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2020-03-31 -0.1360 <span style="font-family:Arial;font-size:10.02pt;">Average Annual Total Returns (for the periods ended December 31, 2025)</span> 2019-03-13 0.0409 0.0564 0.0494 0.0103 0.0287 0.0241 0.0239 0.0311 0.0267 0.0730 -0.0036 0.0180 0.0594 0.0637 0.0569 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:16.04pt;font-weight:bold;">Guggenheim High Yield Fund</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Guggenheim High Yield Fund (the “Fund”) seeks high current income. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Capital appreciation is a secondary objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Capital appreciation is a secondary objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">You may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(fees paid directly from your investment)</span> 0 0 -0.0200 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">ANNUAL FUND OPERATING EXPENSES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">)</span> 0.0060 0 0.0033 0.0093 -0.0027 0.0066 <span style="font-family:Arial;font-size:8.02pt;">February 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although the actual costs may be higher or lower, based on these assumptions your costs (whether </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">or not you redeem your shares at the end of the given period) would be:</span> 67 269 488 1118 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The above Example reflects applicable contractual fee waiver/expense reimbursement arrangements for the current </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">duration of the arrangements only.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="font-family:Arial;font-size:10.02pt;">was </span><span style="font-family:Arial;font-size:10.02pt;">49</span><span style="font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio.</span> 0.49 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pursues its objective by investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes), under normal circumstances, in a broad range of high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization or, if unrated, determined by Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”), to be of comparable quality (also known as “junk bonds”). If nationally recognized statistical rating organizations assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality. Debt securities in which the Fund may invest include, without limitation: corporate bonds and notes, convertible securities, commercial paper, discount notes, securities issued by the U.S. government or its agencies and instrumentalities (including those not backed by the full faith and credit of the U.S. government), agency and non-agency mortgage-backed securities and other asset-backed securities (including collateralized debt obligations), participations in and assignments of loans (such as senior floating rate loans, syndicated bank loans, secured or unsecured loans, bridge loans and other loans), floating rate revolving credit facilities (“revolvers”), debtor-in-possession loans (“DIPs”) and other loans, and sovereign debt securities and Eurodollar bonds and obligations. These securities may pay fixed or variable rates of interest. These securities also </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">may be restricted securities, including Rule 144A securities that are eligible for resale to qualified institutional buyers. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund also may invest in a variety of investment vehicles, principally closed-end funds, exchange-traded funds (“ETFs”) and other mutual funds. The Fund may invest up to 10% of its net assets in securities that are in default at the time of purchase. The debt securities in which the Fund invests will primarily be domestic securities, but may also include foreign securities. Such securities may be denominated in foreign currencies. The Investment Manager may attempt to reduce foreign currency exchange rate risk by entering into contracts with banks, brokers or dealers to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">purchase or sell securities or foreign currencies at a future date. The Fund may also invest in preferred securities. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund also may seek exposures through derivative transactions, including: foreign exchange forward contracts; futures on securities, indices, currencies and other investments; Secured Overnight Financing Rate (“SOFR”) futures; options; interest rate swaps; cross-currency swaps; total return swaps; and credit default swaps, which may also create economic leverage in the Fund. The Fund may engage in derivative transactions for speculative purposes to enhance total return, to seek to hedge against fluctuations in securities prices, interest rates or currency rates, to change the effective duration of its portfolio, to manage certain investment risks, as a substitute for the purchase or sale of securities or currencies and/or to obtain or replicate market exposure. The Fund may use leverage to the extent permitted by applicable law by entering into reverse repurchase agreements and transactions equivalent to a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">borrowing for investment purposes. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may invest in a basket of debt securities and other instruments (the “Debt Overlay Basket”) and write (sell) out-of-the-money call options (i.e., call options for which the current price of the underlying asset is below the strike price) or near at-the-money call options (i.e., call options for which the current price of the underlying asset is close to the strike price) on a fixed-income ETF (the “Underlying Bond ETF”) in an amount that creates a notional exposure approximately equal to or less than the investment exposure created by the Debt Overlay Basket. This strategy is </span><span style="font-family:Arial;font-size:10.02pt;">intended to generate current income in the form of options premiums. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund also may engage, to the full extent permitted by applicable law, in repurchase agreements, forward commitments, short sales and securities lending. The Fund may, without limitation, seek to obtain exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">investment techniques (such as dollar rolls). </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Investment Manager selects securities and other investments for purchase and sale based on intensive credit research involving extensive due diligence on each issuer, region and sector, and also considers macroeconomic </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">outlook and geopolitical issues. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Investment Manager may determine to sell a security for several reasons, including but not limited to the following: (1) to adjust the portfolio’s average maturity or duration, or to shift assets into or out of higher-yielding securities; (2) if a security’s credit rating has been changed, the Investment Manager's credit outlook has changed, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">or for other similar reasons; (3) to meet redemption requests; (4) to take gains; or (5) due to relative value. Under adverse or unstable market conditions or abnormal circumstances (for example, in the event of credit events, where it is deemed opportune to preserve gains, or to preserve the relative value of investments or in the case of large cash inflows or anticipated large redemptions), the Fund can make temporary investments that are inconsistent with the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund’s principal investment strategies and may not be able to pursue or achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investors in asset-backed securities, including residential mortgage-backed </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities, commercial mortgage-backed securities and other structured finance investments (such as collateralized mortgage obligations), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. As a result, asset-backed securities are particularly subject to credit risk and borrower defaults on the obligations underlying the asset-backed security will result in losses. In addition, asset-backed securities are typically particularly sensitive to changes in interest rates, which can cause the prices of asset-backed securities to be increasingly volatile and adversely affect the Fund’s holdings of asset-backed securities. Some asset-backed securities, including mortgage-backed securities, may have structures that make their performance based on changes in interest rates and other factors difficult to predict, causing their prices to be volatile. Asset-backed securities are also particularly subject to market, liquidity, valuation, prepayment and extension risks, and are also subject to risk of impairment of the value of the underlying asset. Additional risks relating to investments in asset-backed securities may arise principally because of the type of asset-backed securities in which the Fund invests, with such risks primarily associated with the particular assets collateralizing the asset-backed securities, the structure of such asset-backed securities or the tranche or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">priority of the asset-backed security held by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Collateralized Loan Obligations and Collateralized Debt Obligations Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Collateralized loan obligations </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(“CLOs”) bear many of the same risks as other forms of asset-backed securities, including interest rate risk, credit risk and default risk. As they are backed primarily by commercial loans, CLOs also bear many of the same risks as investing in loans directly. However, in addition to the risks associated with investing in commercial loans, the complex structure and highly leveraged nature of a CLO poses additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in CLOs that are subordinate to other classes; and (iv) the complex structure of the CLO may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. CLOs incur indebtedness by issuing classes or “tranches” that vary in risk and yield. CLOs may experience substantial losses attributable to loan defaults or trading losses. Such losses on the underlying assets are borne first by the holders of subordinate tranches, which may take the form of an equity interest. The Fund’s investments in CLOs may decrease in market value or income when the CLO’s assets experience loan defaults or credit impairment, losses that exceed the most subordinate tranches, or market </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">anticipation of loan defaults and investor aversion to CLO securities as a class. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Collateralized debt obligations (“CDOs”) are structured similarly to CLOs and bear many of the same risks as CLOs, including interest rate risk, credit risk and default risk. CDOs are subject to additional risks because they are backed by pools of assets other than commercial loans, including securities (such as other asset-backed securities), synthetic instruments or bonds, and may be highly leveraged. Like CLOs, losses incurred by a CDO are borne first by holders of the most subordinate tranches. Accordingly, the risks of CDOs depend largely on the type of underlying collateral and the tranche of CDOs in which the Fund invests. Moreover, CDOs that obtain their exposure through </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">synthetic investments are exposed to risks associated with derivative instruments. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The terms of many structured finance investments, including CLOs and CDOs, are tied to SOFR or other reference rates. These relatively new and developing rates may not match the reference rate applicable to the underlying assets related to these investments. These may adversely affect the Fund and its investments in CLOs and CDOs, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">including their value, volatility and liquidity. CLOs, CDOs and their underlying loan obligations are typically not registered for sale to the public and therefore are subject to certain restrictions on transfer and sale, potentially subjecting them to increased liquidity risk as compared to other types of investments. As a result, the proceeds from the sale of CLO securities may not be readily available to meet the Fund’s redemption or other obligations and the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund may be unable to acquire or dispose of the securities at a price and time that are advantageous to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commercial Paper Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of the Fund’s investment in commercial paper, which is an unsecured </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">promissory note that generally has a maturity date between one and 270 days and is issued by a U.S. or foreign entity, is susceptible to changes in the issuer’s financial condition or credit quality. Investments in commercial paper are usually discounted from their value at maturity. Commercial paper can be fixed-rate or variable rate and can be </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adversely affected by changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Convertible Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Convertible securities may be subordinate to other securities. The total return for a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">convertible security depends, in part, upon the performance of the underlying security into which it can be converted. The value of convertible securities tends to decline as interest rates increase. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Certain types of convertible securities may decline in value or lose their value entirely in the event that the issuer’s financial conditions become </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">significantly impaired.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and over-the-counter (“OTC”)-traded</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;"> derivatives involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (e.g., prime brokerage or securities lending arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">obligations to the Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having concentrated </span><span style="font-family:Arial;font-size:10.02pt;">exposure to such a counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund could lose money if the issuer or guarantor of a fixed-income or other debt instrument or a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a derivatives transaction or other transaction is unable or unwilling, or perceived by market participants, rating agencies, pricing services or otherwise to be unable or unwilling, to pay interest or repay principal on time, defaults or otherwise fails to meet its obligations. Actual or perceived changes in economic, social, public health, financial or political conditions in general or that affect a particular type of instrument, issuer, guarantor or counterparty can reduce the ability of the party to meet its obligations, which can affect the credit quality, liquidity and/or value of an instrument. The value of an instrument also may decline for reasons that relate directly to the issuer, guarantor or counterparty, such as management performance, financial leverage and reduced demand for goods and services or an actual or perceived change in financial condition or reputation. The issuer, guarantor or counterparty could also suffer a rapid decline in credit rating, which would adversely affect the value, price volatility </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and liquidity of the instrument. Credit ratings may not be an accurate assessment of liquidity or credit risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">currencies will decline in value relative to the U.S. Dollar, which would cause a decline in the value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">tax developments in the U.S. or abroad.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Derivatives and other similar instruments (collectively referred to in this paragraph as </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">“derivatives”) pose risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, illiquidity, valuation, operational and legal restrictions and risk. Their use is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in leverage, which may cause the Fund to be more volatile and riskier than if it had not been leveraged. </span><span style="font-family:Arial;font-size:10.02pt;">The Fund's use of derivatives to obtain short exposure may result in greater </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">volatility of the Fund's net asset value (“NAV”) per share.</span><span style="font-family:Arial;font-size:10.02pt;"> Changes in the value of a derivative may also create </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">of the Fund and its liquidity and other risk profiles. If the Investment Manager is incorrect about its expectations of market conditions, the use of derivatives could also result in a loss, which in some cases may be unlimited. In addition, the Fund's use of derivatives </span><span style="font-family:Arial;font-size:10.02pt;">(including written call options) may cause the Fund to realize higher amounts </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">of short term capital gains (generally taxed at ordinary income tax rates) than if the Fund had not used such instruments.  Some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC market. OTC derivatives are subject to heightened counterparty credit, legal, liquidity and valuation risks. Certain </span><span style="font-family:Arial;font-size:10.02pt;">risks also are specific to the derivatives in which the Fund invests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Forward Foreign Currency Exchange Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A forward foreign currency exchange contract is an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">OTC obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract. Foreign currency transactions can be affected unpredictably by intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or by currency controls or political developments. Such events may prevent or restrict the Fund’s ability to enter into foreign currency transactions, force the Fund to exit a foreign currency transaction at a disadvantageous time or price or result in penalties for the Fund, any of which may result in a loss to the Fund. A contract to sell a foreign currency would limit any potential gain that might be realized if the value of the currency increases. Suitable hedging transactions may not be available in all circumstances. Engaging in forward foreign currency exchange contracts will subject the Fund to counterparty </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">credit risk and any failure to perform by a counterparty could result in a loss to the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Investment Manager’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions that can be held or controlled by the Fund or the Investment Manager, thus limiting the ability to implement the Fund’s strategies. Options are also particularly subject to </span><span style="font-family:Arial;font-size:10.02pt;">leverage risk and can be subject to liquidity risk. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Additionally, the Fund’s strategy to invest in the Debt Overlay Basket and write call options on the Underlying Bond ETF is subject to additional risks, including, but not limited to,  the risk of loss associated with the Underlying Bond ETF outperforming the Debt Overlay Basket because the Fund’s obligation under the options on the Underlying Bond ETF at expiration is determined by the market price of the shares of the Underlying Bond ETF.  Moreover, the Fund’s potential gain in selling a call option on the Underlying Bond ETF is the premium received from the purchaser of the option; however, the Fund risks a loss equal to the entire exercise price of the option minus the call premium (although the extent of such loss could be offset by the performance </span><span style="font-family:Arial;font-size:10.02pt;">of the Debt Overlay Basket).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Dollar Roll Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may enter into dollar roll transactions, in which the Fund sells a mortgage-backed</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;"> or other security for settlement on one date and buys back a substantially similar security for settlement at a later date. Dollar rolls involve a risk of loss if the market value of the securities that the Fund is committed to buy </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">declines below the price of the securities the Fund has sold.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Equity securities include common stocks and other equity and equity-related securities </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(and securities convertible into stocks). The prices of equity securities generally fluctuate more than those of fixed-income investments, may rise or fall rapidly or unpredictably, and may reflect real or perceived changes in the issuing company’s financial condition and changes in the overall market or economy. A decline in the value of equity securities held by the Fund will adversely affect the value of your investment in the Fund. Common stocks generally represent the riskiest investment in a company and dividend payments (if declared) to preferred stockholders generally rank junior to payments due to a company’s debtholders. The Fund may lose a substantial part, or even all, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of its investment in a company’s stock.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Extension Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including mortgage- and other asset-backed securities, are subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risk that payments on principal may occur at a slower rate or later than expected. In this event, the expected maturity could lengthen and the Fund’s investment may sharply decrease in value and the Fund’s income from the investment may quickly decline. These types of instruments are particularly subject to extension risk, and offer less potential for gains, during periods of rising interest rates. In addition, the Fund may be delayed in its ability to reinvest income or proceeds from these instruments in potentially higher yielding investments, which would adversely affect </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Foreign Securities and Currency Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Foreign securities carry unique,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">additional and heightened risks when </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">compared to U.S. securities, including</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">but not limited to: currency fluctuations; adverse political (including </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">geopolitical)</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">social and economic developments; trade restrictions (including tariffs) or other government restrictions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">by the U.S. or other governments; unreliable</span><span style="font-family:Arial;font-size:10.02pt;">, untimely or less publicly available information; less government </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">supervision; reporting</span><span style="font-family:Arial;font-size:10.02pt;">, accounting, and auditing standards that are not comparable to those in the United States; less liquidity and more volatility; limited legal recourse and higher transactional costs.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">High Yield and Unrated Securities Risk</span><span style="font-family:Arial;font-size:10.02pt;">—High yield, below investment grade and unrated high risk debt securities </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">(which also may be known as “junk bonds”) are regarded as predominantly speculative by certain rating agencies with respect to the issuer’s continuing ability to meet principal and interest payments. These securities generally present additional risks compared to investment grade bonds and are typically less liquid, and therefore more difficult to value accurately and sell at an advantageous price or time, and present more credit and default risk, including risk of loss (which may be substantial or total loss) of income and principal, than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific factors, such as operating results and outlook, and to real or perceived adverse economic and competitive industry conditions. High yield securities may be issued by companies that </span><span style="font-family:Arial;font-size:10.02pt;">are restructuring, are smaller and less credit worthy or are more highly leveraged </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">or indebted than other companies or are financially distressed, and therefore they typically have more difficulty making scheduled payments of principal and interest than issuers of higher rated investments. Under unusual or adverse economic, market or political conditions, high yield securities may be particularly susceptible to default risk and increased default rates. In the event of default, the Fund may incur additional expenses to seek recovery or to negotiate new terms with a defaulting issuer. Based on its investment strategies, a significant portion of the Fund’s investments (directly or indirectly) can be comprised of high yield, below investment grade and unrated securities </span><span style="font-family:Arial;font-size:10.02pt;">and thus particularly prone to the foregoing risks, which may result in losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed-income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed-income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed-income and other debt instruments decline, sometimes suddenly and significantly. When interest rates decrease, the values of fixed-income and other debt instruments generally rise. During periods of rising interest rates, because changes in interest rates on adjustable rate securities may lag behind changes in market rates, the value of such securities may decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns and performance may be adversely affected by changing interest rates and the Fund's net asset value per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio turnover costs and lower valuations, thereby adversely affecting the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Investment Vehicles Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may seek to obtain certain exposure through investments in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other investment vehicles. Investing in other investment vehicles, including ETFs, closed-end funds, short-term funds advised by the Investment Manager and/or its affiliates and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, which will reduce the Fund’s performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the net asset value of the shares and the listing exchange may halt trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the shares.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Loans Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in loans directly or indirectly through assignments or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">participations. Investments in loans, including loan syndicates and other direct lending opportunities, involve special types of risks, including credit risk, interest rate risk, counterparty risk, prepayment risk, risk of subordination to other creditors, extension risk and risk of insufficient or lack of protection under the federal securities law. Loans may offer a fixed or floating interest rate. Loans are often below investment grade and may be unrated. The Fund’s investments </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">in loans can also be difficult to value accurately because of, among other factors, limited public information regarding the loan or the borrowers and may be more susceptible to liquidity risk than fixed-income instruments of similar credit quality and/or maturity. The Fund is also subject to the risk that the value of any collateral for the loan may be insufficient or unavailable to cover the borrower’s obligations should the borrower fail to make payments, become insolvent, or otherwise default. This risk is increased if the Fund’s loans are secured by a single asset. The Fund may also invest in loans that are not secured by collateral which typically present greater risks than collateralized loans. Transactions in loans are often subject to long settlement periods and often require consent from borrowers and/or an agent acting for the lenders, thus potentially limiting the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. The Fund thus is subject to the risk of selling other investments at disadvantageous times or prices or taking other actions necessary to raise cash to meet its redemption obligations. Participations in loans may subject the Fund to the credit risk of both the borrower and the seller of the participation and may make enforcement of loan covenants, if any, more difficult for the Fund as legal action may have to go through the seller of the participation (or an agent acting on its behalf). Covenants contained in loan documentation are intended to protect lenders and investors by imposing certain restrictions and other limitations on a borrower’s and the credit group’s operations or assets and by providing certain information and consent rights to lenders. In addition to operational covenants, loans and other debt obligations often contain financial covenants, which require a borrower and the related credit group to satisfy certain financial tests at periodic intervals or to maintain compliance with certain financial metrics. The Fund invests in or is exposed to loans and other similar debt obligations that are sometimes referred to as “covenant-lite” loans or obligations, which generally are loans or other similar debt obligations that lack financial maintenance covenants or possess fewer or contingent financial maintenance covenants and other financial protections for lenders and investors. These “covenant-lite” loans or similar debt obligations are particularly subject to the risks associated with investments in loans as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">described above.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investments by Investing Funds and Other Large Shareholders and Redemption Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Shares of the Fund are </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">offered as an investment to certain other investment companies (including those advised by the Investment Manager and its affiliates), large retirement plans and other large investors. The Fund is subject to the risk that a large investor (or that shareholders)</span><span style="font-family:Arial;font-size:10.02pt;"> will purchase or redeem a large percentage of Fund shares at any time. Such large investors </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">may comprise a significant portion of the Fund's shareholders. Under certain circumstances, </span><span style="font-family:Arial;font-size:10.02pt;">the Fund may also </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">experience frequent shareholder transactions, including by large shareholders. </span><span style="font-family:Arial;font-size:10.02pt;">For example, to meet large </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests, the Fund may have to hold large uninvested cash positions or sell a significant amount of investments to raise the cash needed to satisfy redemption requests at times when it would not otherwise do so or otherwise at disadvantageous times. In turn, the Fund’s performance may suffer, as the Fund may experience increased portfolio turnover and will incur higher transaction costs, realize gains or losses at inopportune times, lose money, hold a less liquid portfolio, or experience other adverse consequences. For example, the sale of portfolio securities will accelerate the realization of taxable capital gains or losses, and purchases or redemptions of a large number of Fund shares relative to the size of the Fund will have adverse tax consequences limiting the use of any </span><span style="font-family:Arial;font-size:10.02pt;">capital loss carryforwards and certain other losses to offset any future realized capital gains.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s use of leverage, through borrowings or instruments such as derivatives and reverse </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">repurchase agreements, may cause the Fund to be more volatile and riskier and magnify the Fund's losses to an extent greater than if it had not been leveraged. The use of leverage may also increase the Fund’s sensitivity to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes of the Fund’s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Based on its investment strategies, a significant portion of the Fund's investments can be difficult to value and potentially less liquid and thus particularly prone to the foregoing risks. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment, particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is actively managed, which means that investment decisions are made based on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investment views. There is no guarantee that the investment views will produce the desired results or expected returns. As a result of these and other factors, the Fund may lose value or fail to meet its investment objective or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active and frequent trading that can accompany active management, also called “high turnover,” may have a negative impact on performance. Active and frequent trading may result in higher brokerage costs or mark-up charges and tax costs, which are ultimately passed on to shareholders of the Fund. Active and frequent trading may also result in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adverse tax consequences.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund's investments may perform poorly or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">underperform the general securities markets or other types of securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Preferred Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A company’s preferred stock generally pays dividends only after the company makes </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">required payments to holders of its bonds and other debt. For this reason, the value of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">prospects.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Prepayment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including loans and mortgage- and other asset-backed securities, are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the risk that payments on principal may occur more quickly or earlier than expected. If this occurs, the Fund might be forced to forego future interest income on the principal repaid early and to reinvest income or proceeds at generally lower interest rates, thus reducing the Fund’s yield. These types of instruments are particularly </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">subject to prepayment risk, and offer less potential for gains, during periods of declining interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation applying to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and operations of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreements and Reverse Repurchase Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In the event of the insolvency of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities or other assets sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">rate lower than the cost of the agreement, entering into the agreement will lower the Fund’s yield.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Restricted Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Restricted securities, including those acquired through private placement transactions, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">generally cannot be sold to the public and may involve a high degree of business, financial and liquidity risk, which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">may result in substantial losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Securities lending involves a risk that the borrower may fail to return the securities or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">deliver the proper amount of collateral, which may result in a loss to the Fund. In the event of bankruptcy of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">borrower, the Fund could experience losses or delays in recovering the loaned securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Short Sale Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Short selling a security involves selling a borrowed security with the expectation that the value of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">that security will decline so that the security may be purchased at a lower price when returning the borrowed security. The loss on a short sale, which, in some cases, may be theoretically unlimited, may be greater than the original value of the securities sold short because the price of the borrowed security may rise, thereby increasing the price at which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the security must be purchased. Government actions also may affect the Fund’s ability to engage in short selling.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sovereign Debt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The debt securities issued by sovereign entities may decline as a result of default or other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">adverse credit event resulting from a sovereign debtor's unwillingness or inability to repay principal and pay interest in a timely manner, which may be affected by a variety of factors, including its cash flow situation, the extent of its </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor's policy toward international lenders, and the political constraints to which a sovereign debtor may be subject. Sovereign debt risk is greater for issuers in emerging </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">markets than issuers in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Special Situation Investments/Securities in Default Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in the securities and debt of distressed </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">issuers or issuers in default or distressed situations involve far greater risk than investing in issuers whose debt obligations are being met and whose debt trades at or close to its “par” or full value because the investments in the securities and debt of distressed issuers or issuers in default are highly speculative with respect to the issuer’s ability </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">to make interest payments and/or to pay its principal obligations in full and/or on time.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed-income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">When Issued, Forward Commitment and Delayed-Delivery Transactions Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—When-issued, forward-commitment</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;"> and delayed-delivery transactions involve a commitment to purchase or sell specific securities at a predetermined price or yield in which payment and delivery take place after the customary settlement period for that type of security. When purchasing securities pursuant to one of these transactions, payment for the securities is not required until the delivery date. However, the purchaser assumes the rights and risks of ownership, including the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">risks of price and yield fluctuations and the risk that the security will not be issued as anticipated.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s Class R6 share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s Class R6 shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) and an additional index (Bloomberg U.S. Corporate High Yield Index).</span><span style="font-family:Arial;font-size:10.02pt;">As with all mutual funds, past performance (before and after </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:10.02pt;"> Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by calling </span><span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span><span style="font-family:Arial;font-size:10.02pt;">. </span><span style="font-family:Arial;font-size:10.02pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s Class R6 share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s Class R6 shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) and an additional index (Bloomberg U.S. Corporate High Yield Index).</span> <span style="font-family:Arial;font-size:10.02pt;">As with all mutual funds, past performance (before and after </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10.02pt;">9.74%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10.02pt;">-13.88%</span> <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2020-06-30 0.0974 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2020-03-31 -0.1388 <span style="font-family:Arial;font-size:10.02pt;">Average Annual Total Returns (for the periods ended December 31, 2025)</span> 2017-05-15 0.0703 0.0454 0.0466 0.0419 0.0196 0.0205 0.0411 0.0231 0.0238 0.0730 -0.0036 0.0184 0.0862 0.0451 0.0514 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:16.04pt;font-weight:bold;">Guggenheim Limited Duration Fund</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Guggenheim Limited Duration Fund (the “Fund”) seeks to provide a high level of income consistent with </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">preservation of capital.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">You may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(fees paid directly from your investment)</span> 0 0 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:-9pt;">ANNUAL FUND OPERATING EXPENSES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">)</span> 0.0039 0 0.0007 0.0046 -0.0004 0.0042 <span style="font-family:Arial;font-size:8.02pt;">February 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although the actual costs may be higher or lower, based on these assumptions your costs (whether </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">or not you redeem your shares at the end of the given period) would be:</span> 43 144 254 575 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The above Example reflects applicable contractual fee waiver/expense reimbursement arrangements for the current </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">duration of the arrangements only.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="font-family:Arial;font-size:10.02pt;">was </span><span style="font-family:Arial;font-size:10.02pt;">49</span><span style="font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio.</span> 0.49 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund intends to pursue its investment objective by investing, under normal circumstances, at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in a diversified portfolio of debt securities, financial instruments that should perform similarly to debt securities and investment vehicles that provide exposure to debt securities, and debt-like securities, including individual securities, investment vehicles and derivatives giving exposure (i.e., similar economic characteristics) to fixed-income markets. Such debt securities may include corporate bonds and other corporate debt securities, securities issued by the U.S. government or its agencies and instrumentalities (including those not backed by the full faith and credit of the U.S. government), sovereign debt securities, Eurodollar bonds and obligations, agency and non-agency mortgage-backed securities and other asset-backed securities, repurchase agreements, participations in and assignments of bank and bridge loans, commercial paper (including asset-backed commercial paper), zero-coupon bonds, municipal bonds, payment-in-kind securities (such as payment-in-kind bonds), convertible fixed-income securities, non-registered or restricted securities (including those issued in reliance on Rule 144A and Regulation S securities), certain preferred securities and step-up securities (such as step-up bonds). These securities may pay fixed or variable rates of interest and may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">include adjustable rate securities. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">While the Fund will principally invest in debt securities listed, traded or dealt in developed markets countries globally, it may also invest without limitation in securities listed, traded or dealt in other countries, including emerging markets countries. Such securities may be denominated in foreign currencies. However, the Fund may not invest more than 35% of its total assets in debt securities listed, traded or dealt in emerging market countries as determined by Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”), and non-U.S. dollar denominated securities. Emerging market countries are generally considered to be countries with developing economies or markets and may include any country recognized to be an emerging market country by the International Monetary Fund, MSCI, Inc. or Standard &amp; Poor’s Corporation or recognized to be a developing country by the United Nations. The Fund may also invest in preferred stock and convertible securities. The Fund may seek to obtain exposure to the securities in which it primarily invests through a variety of investment </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">vehicles, including closed-end funds, exchange-traded funds (“ETFs”) and other mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may hold fixed-income securities of any quality, rated or unrated, including those that are rated below investment grade (also known as “high yield securities” or “junk bonds”), or if unrated, determined by the Investment Manager to be of comparable quality. If nationally recognized statistical rating organizations assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality. However, the Fund may not invest more than 35% of its total assets in fixed-income securities that are below </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">investment grade. These may include securities that are in default at the time of purchase. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may hold securities of any duration or maturity but expects, under normal circumstances, to maintain a dollar-weighted average duration of generally less than 3.5 years. Duration is a measure of the price volatility of a debt instrument as a result of changes in market rates of interest, based on the weighted average timing of the instrument’s expected principal and interest payments. Duration differs from maturity in that it considers a security’s yield, coupon payments, principal payments and call features in addition to the amount of time until the security </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">matures. As the value of a security changes over time, so will its duration. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may invest in repurchase agreements, which are fixed-income securities in the form of agreements backed by collateral. These agreements, which may be viewed as a type of secured lending by the Fund, typically involve the acquisition by the Fund of securities from the selling institution (such as a bank or a broker-dealer), coupled with the agreement that the selling institution will repurchase the underlying securities at a specified price and at a fixed time in the future (or on demand). The Fund may accept a wide variety of underlying securities as collateral for the repurchase agreements entered into by the Fund. Such collateral may include U.S. government securities, corporate obligations, equity securities, municipal debt securities, asset- and mortgage-backed securities, convertible securities and other fixed-income securities. Any such securities serving as collateral are marked-to-market daily in order to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">maintain full collateralization (typically purchase price plus accrued interest). </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">With respect to mortgage-backed securities (“MBS”) and other asset-backed securities, the Fund may invest in MBS issued or guaranteed by federal agencies and/or U.S. government sponsored instrumentalities, such as the Government National Mortgage Administration (“GNMA”), the Federal Housing Administration (“FHA”), the Federal National Mortgage Association (“FNMA”) and the Federal Home Loan Mortgage Corporation (“FHLMC”). In addition to securities issued or guaranteed by such agencies or instrumentalities, the Fund may invest in MBS or other asset-backed securities issued or guaranteed by private issuers. The MBS in which the Fund may invest also include residential mortgage-backed securities (“RMBS”), collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities (“CMBS”). The asset-backed securities in which the Fund may invest include collateralized debt obligations (“CDOs”). CDOs include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”), commercial real estate CDOs (“CRE CDOs”) and other similarly structured securities. A CBO is a trust which is backed by a diversified pool of below investment grade fixed-income securities. A CLO is a trust typically collateralized by a pool of loans, which may include domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">equivalent unrated loans. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">With respect to bank loans, the Fund may purchase participations in, or assignments of, floating rate bank loans that may be secured by real estate or other assets. These participations may be interests in, or assignments of, the loan </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and may be acquired from banks or brokers that have made the loan or members of the lending syndicate. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">To enhance the Fund’s debt exposure, to hedge against investment risk, or to increase the Fund’s yield, at the discretion of the Investment Manager, the direct debt strategy may be combined with a derivative strategy. This strategy could include: foreign exchange forward contracts; futures on securities, indices, currencies and other investments; Secured Overnight Financing Rate (“SOFR”) futures; options; interest rate swaps; cross-currency swaps; total return swaps; and credit default swaps. The Fund may engage in derivative transactions for speculative purposes to enhance total return, to seek to hedge against fluctuations in securities prices, interest rates or currency rates, to change the effective duration of its portfolio, to manage certain investment risks, as a substitute for the purchase or sale of securities or currencies and/or to obtain or replicate market exposure. These transactions may also create economic leverage in the Fund. The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as “To Be Announced” (“TBA”) transactions and/or dollar rolls). The Fund may also engage in securities </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">lending. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may use leverage to the extent permitted by applicable law by entering into reverse repurchase </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">agreements and transactions equivalent to a borrowing for investment purposes. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund invests in a broad universe of fixed-income securities in an attempt to maximize yield and diversification and manage risk. Through its actively managed approach, the Fund seeks to potentially capitalize on changing relative values in fixed-income securities/sectors. The Investment Manager selects securities and other investments for purchase and sale based on intensive credit research involving extensive due diligence on each investment (including the investment’s structure), issuer, region and sector. The Investment Manager also considers </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">macroeconomic outlook and geopolitical issues. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Investment Manager may determine to sell a security for several reasons, including but not limited to the following: (1) to adjust the portfolio’s average maturity or duration, or to shift assets into or out of higher-yielding securities; (2) if a security’s credit rating has been changed, the Investment Manager's credit outlook has changed, or for other similar reasons; (3) to meet redemption requests; (4) to take gains; or (5) due to relative value. Under adverse or unstable market conditions or abnormal circumstances (for example, in the event of credit events, where it is deemed opportune to preserve gains, or to preserve the relative value of investments or in the case of large cash inflows or anticipated large redemptions), the Fund can make temporary investments that are inconsistent with the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund’s principal investment strategies and may not be able to pursue or achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investors in asset-backed securities, including residential mortgage-backed </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities, commercial mortgage-backed securities and other structured finance investments (such as collateralized mortgage obligations), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. As a result, asset-backed securities are particularly subject to credit risk and borrower defaults on the obligations underlying the asset-backed security will result in losses. In addition, asset-backed securities are typically particularly sensitive to changes in interest rates, which can cause the prices of asset-backed securities to be increasingly volatile and adversely affect the Fund’s holdings of asset-backed securities. Some asset-backed securities, including mortgage-backed securities, may have structures that make their performance based on changes in interest rates and other factors difficult to predict, causing their prices to be volatile. Asset-backed securities are also particularly subject to market, liquidity, valuation, prepayment and extension risks, and are also subject to risk of impairment of the value of the underlying asset. Additional risks relating to investments in asset-backed securities may arise principally because of the type of asset-backed securities in which the Fund invests, with such risks primarily associated with the particular assets collateralizing the asset-backed securities, the structure of such asset-backed securities or the tranche or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">priority of the asset-backed security held by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Collateralized Loan Obligations and Collateralized Debt Obligations Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Collateralized loan obligations </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(“CLOs”) bear many of the same risks as other forms of asset-backed securities, including interest rate risk, credit risk and default risk. As they are backed primarily by commercial loans, CLOs also bear many of the same risks as investing in loans directly. However, in addition to the risks associated with investing in commercial loans, the complex structure and highly leveraged nature of a CLO poses additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in CLOs that are subordinate to other classes; and (iv) the complex structure of the CLO may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. CLOs incur indebtedness by issuing classes or “tranches” that vary in risk and yield. CLOs may experience substantial losses attributable to loan defaults or trading losses. Such losses on the underlying assets are borne first by the holders of subordinate tranches, which may take the form of an equity interest. The Fund’s investments in CLOs may decrease in market value or income when the CLO’s assets experience loan defaults or credit impairment, losses that exceed the most subordinate tranches, or market </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">anticipation of loan defaults and investor aversion to CLO securities as a class. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Collateralized debt obligations (“CDOs”) are structured similarly to CLOs and bear many of the same risks as CLOs, including interest rate risk, credit risk and default risk. CDOs are subject to additional risks because they are backed by pools of assets other than commercial loans, including securities (such as other asset-backed securities), synthetic instruments or bonds, and may be highly leveraged. Like CLOs, losses incurred by a CDO are borne first by holders of the most subordinate tranches. Accordingly, the risks of CDOs depend largely on the type of underlying collateral and the tranche of CDOs in which the Fund invests. Moreover, CDOs that obtain their exposure through </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">synthetic investments are exposed to risks associated with derivative instruments. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The terms of many structured finance investments, including CLOs and CDOs, are tied to SOFR or other reference rates. These relatively new and developing rates may not match the reference rate applicable to the underlying assets related to these investments. These may adversely affect the Fund and its investments in CLOs and CDOs, including their value, volatility and liquidity. CLOs, CDOs and their underlying loan obligations are typically not registered for sale to the public and therefore are subject to certain restrictions on transfer and sale, potentially subjecting them to increased liquidity risk as compared to other types of investments. As a result, the proceeds from the sale of CLO securities may not be readily available to meet the Fund’s redemption or other obligations and the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund may be unable to acquire or dispose of the securities at a price and time that are advantageous to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commercial Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in commercial mortgage-backed securities (“CMBS”) are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">backed by commercial mortgage loans that may be secured, for example, by office properties, retail properties, hotels, mixed use properties or multi-family apartment buildings and are particularly subject to the credit risk of the borrower and the tenants of the properties securing the commercial mortgage loans. CMBS are subject to the risks </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of asset-backed securities generally, in particular credit risk and interest rate risk, and the commercial real estate markets. Economic downturns, tightening lending standards and increased interest and lending rates, developments adverse to the commercial real estate markets, and other developments that limit or reduce the activities of and demand for commercial retail and office spaces adversely impact the value of, and income generated by, such </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commercial Paper Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of the Fund’s investment in commercial paper, which is an unsecured </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">promissory note that generally has a maturity date between one and 270 days and is issued by a U.S. or foreign entity, is susceptible to changes in the issuer’s financial condition or credit quality. Investments in commercial paper are usually discounted from their value at maturity. Commercial paper can be fixed-rate or variable rate and can be adversely affected by changes in interest rates. The Fund may invest in commercial paper collateralized by other financial assets, such as asset-backed commercial paper. These securities are exposed not only to the risks relating </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">to commercial paper, but also the risks relating to the collateral.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Convertible Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Convertible securities may be subordinate to other securities. The total return for a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">convertible security depends, in part, upon the performance of the underlying security into which it can be converted. The value of convertible securities tends to decline as interest rates increase. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Certain types of convertible securities may decline in value or lose their value entirely in the event that the issuer’s financial conditions become </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">significantly impaired.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and over-the-counter (“OTC”)-traded</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;"> derivatives involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (e.g., prime brokerage or securities lending arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">obligations to the Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having concentrated </span><span style="font-family:Arial;font-size:10.02pt;">exposure to such a counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund could lose money if the issuer or guarantor of a fixed-income or other debt instrument or a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a derivatives transaction or other transaction is unable or unwilling, or perceived by market participants, rating agencies, pricing services or otherwise to be unable or unwilling, to pay interest or repay principal on time, defaults or otherwise fails to meet its obligations. Actual or perceived changes in economic, social, public health, financial or political conditions in general or that affect a particular type of instrument, issuer, guarantor or counterparty can reduce the ability of the party to meet its obligations, which can affect the credit quality, liquidity and/or value of an instrument. The value of an instrument also may decline for reasons that relate directly to the issuer, guarantor or counterparty, such as management performance, financial leverage and reduced demand for goods and services or an actual or perceived change in financial condition or reputation. The issuer, guarantor or counterparty could also suffer a rapid decline in credit rating, which would adversely affect the value, price volatility </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and liquidity of the instrument. Credit ratings may not be an accurate assessment of liquidity or credit risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">currencies will decline in value relative to the U.S. Dollar, which would cause a decline in the value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">tax developments in the U.S. or abroad.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Derivatives and other similar instruments (collectively referred to in this paragraph as </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">“derivatives”) pose risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, illiquidity, valuation, operational and legal restrictions and risk. Their use is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in leverage, which may cause the Fund to be more volatile and riskier than if it had not been leveraged. </span><span style="font-family:Arial;font-size:10.02pt;">The Fund's use of derivatives to obtain short exposure may result in greater </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">volatility of the Fund's net asset value (“NAV”) per share.</span><span style="font-family:Arial;font-size:10.02pt;"> Changes in the value of a derivative may also create </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund and its liquidity and other risk profiles. If the Investment Manager is incorrect about its expectations of market conditions, the use of derivatives could also result in a loss, which in some cases may be unlimited. In addition, the Fund's use of derivatives may cause the Fund to realize higher amounts of short term capital gains (generally taxed at ordinary income tax rates) than if the Fund had not used such instruments.  Some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC market. OTC derivatives are subject to heightened counterparty credit, legal, liquidity and valuation risks. Certain risks also are specific to the </span><span style="font-family:Arial;font-size:10.02pt;">derivatives in which the Fund invests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Forward Foreign Currency Exchange Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A forward foreign currency exchange contract is an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">OTC obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract. Foreign currency transactions can be affected unpredictably by intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or by currency controls or political developments. Such events may prevent or restrict the Fund’s ability to enter into foreign currency transactions, force the Fund to exit a foreign currency transaction at a disadvantageous time or price or result in penalties for the Fund, any of which may result in a loss to the Fund. A contract to sell a foreign currency would limit any potential gain that might be realized if the value of the currency increases. Suitable hedging transactions may not be available in all circumstances. Engaging in forward foreign currency exchange contracts will subject the Fund to counterparty </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">credit risk and any failure to perform by a counterparty could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Futures Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Futures contracts are exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts may be caused by an imperfect correlation between movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of positions that can be held or controlled by the Fund or the Investment Manager, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">are also subject to leverage and liquidity risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Investment Manager’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions that can be held or controlled by the Fund or the Investment Manager, thus limiting the ability to implement the Fund’s strategies. Options are also particularly subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">leverage risk and can be subject to liquidity risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of swap transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Dollar Roll Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may enter into dollar roll transactions, in which the Fund sells a mortgage-backed</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;"> or other security for settlement on one date and buys back a substantially similar security for settlement at a later date. Dollar rolls involve a risk of loss if the market value of the securities that the Fund is committed to buy </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">declines below the price of the securities the Fund has sold.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in or exposure to emerging markets are generally subject to a greater level of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risks associated with investing in or being exposed to developed foreign markets, as emerging markets are considered to be less developed. Furthermore, investments in or exposure to emerging markets are generally subject to risks in addition to the risks associated with investing in foreign securities, including the risks associated with trading in smaller markets, lower volumes of trading, limited information about issuers and securities, being subject to lower levels of government regulation and less extensive and transparent accounting, auditing, recordkeeping, financial reporting and other requirements, and being subject to potential expropriation or nationalization of private </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">properties and other adverse political, economic and social events.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Extension Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including mortgage- and other asset-backed securities, are subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risk that payments on principal may occur at a slower rate or later than expected. In this event, the expected maturity could lengthen and the Fund’s investment may sharply decrease in value and the Fund’s income from the investment may quickly decline. These types of instruments are particularly subject to extension risk, and offer less potential for gains, during periods of rising interest rates. In addition, the Fund may be delayed in its ability to reinvest income or proceeds from these instruments in potentially higher yielding investments, which would adversely affect </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Foreign Securities and Currency Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Foreign securities carry unique,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">additional and heightened risks when </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">compared to U.S. securities, including</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">but not limited to: currency fluctuations; adverse political (including </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">geopolitical)</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">social and economic developments; trade restrictions (including tariffs) or other government restrictions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">by the U.S. or other governments; unreliable</span><span style="font-family:Arial;font-size:10.02pt;">, untimely or less publicly available information; less government </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">supervision; reporting</span><span style="font-family:Arial;font-size:10.02pt;">, accounting, and auditing standards that are not comparable to those in the United States; less liquidity and more volatility; limited legal recourse and higher transactional costs.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">High Yield and Unrated Securities Risk</span><span style="font-family:Arial;font-size:10.02pt;">—High yield, below investment grade and unrated high risk debt securities </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">(which also may be known as “junk bonds”) are regarded as predominantly speculative by certain rating agencies with respect to the issuer’s continuing ability to meet principal and interest payments. These securities generally present additional risks compared to investment grade bonds and are typically less liquid, and therefore more difficult to value accurately and sell at an advantageous price or time, and present more credit and default risk, including risk of loss (which may be substantial or total loss) of income and principal, than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific factors, such as operating results and outlook, and to real or perceived adverse economic and competitive industry conditions. High yield securities may be issued by companies that </span><span style="font-family:Arial;font-size:10.02pt;">are restructuring, are smaller and less credit worthy or are more highly leveraged </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">or indebted than other companies or are financially distressed, and therefore they typically have more difficulty making scheduled payments of principal and interest than issuers of higher rated investments. Under unusual or adverse economic, market or political conditions, high yield securities may be particularly susceptible to default risk and increased default rates. In the event of default, the Fund may incur additional expenses to seek recovery or to negotiate new terms with a defaulting issuer. Based on its investment strategies, a significant portion of the Fund’s investments (directly or indirectly) can be comprised of high yield, below investment grade and unrated securities </span><span style="font-family:Arial;font-size:10.02pt;">and thus particularly prone to the foregoing risks, which may result in losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed-income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed-income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed-income and other debt instruments decline, sometimes suddenly and significantly. When interest rates decrease, the values of fixed-income and other debt instruments generally rise. During periods of rising interest rates, because changes in interest rates on adjustable rate securities may lag behind changes in market rates, the value of such securities may decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns and performance may be adversely affected by changing interest rates and the Fund's net asset value per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio turnover costs and lower valuations, thereby adversely affecting the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Investment Vehicles Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may seek to obtain certain exposure through investments in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other investment vehicles. Investing in other investment vehicles, including ETFs, closed-end funds, short-term funds advised by the Investment Manager and/or its affiliates and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, which will reduce the Fund’s performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the net asset value of the shares and the listing exchange may halt trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the shares.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Loans Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in loans directly or indirectly through assignments or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">participations. Investments in loans, including loan syndicates and other direct lending opportunities, involve special types of risks, including credit risk, interest rate risk, counterparty risk, prepayment risk, risk of subordination to other creditors, extension risk and risk of insufficient or lack of protection under the federal securities law. Loans may offer a fixed or floating interest rate. Loans are often below investment grade and may be unrated. The Fund’s investments in loans can also be difficult to value accurately because of, among other factors, limited public information regarding the loan or the borrowers and may be more susceptible to liquidity risk than fixed-income instruments of similar credit quality and/or maturity. The Fund is also subject to the risk that the value of any collateral for the loan may be insufficient or unavailable to cover the borrower’s obligations should the borrower fail to make payments, become insolvent, or otherwise default. This risk is increased if the Fund’s loans are secured by a single asset. The Fund may also invest in loans that are not secured by collateral which typically present greater risks than collateralized loans. Transactions in loans are often subject to long settlement periods and often require consent from borrowers and/or an agent acting for the lenders, thus potentially limiting the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. The Fund thus is subject to the risk of selling other investments at disadvantageous times or prices or taking other actions necessary to raise cash to meet its redemption obligations. Participations in loans may subject the Fund to the credit risk of both the borrower and the seller of the participation and may make enforcement of loan covenants, if any, more difficult for the Fund as legal action may have to go through the seller of the participation (or an agent acting on its behalf). Covenants contained in loan documentation are intended to protect lenders and investors by imposing certain restrictions and other limitations on a borrower’s and the credit group’s operations or assets and by providing certain information and consent rights to lenders. In addition to operational covenants, loans and other debt obligations often contain financial covenants, which require a borrower and the related credit group to satisfy certain financial tests at periodic intervals or to maintain compliance with certain financial metrics. The Fund invests in or is exposed to loans and other similar debt obligations that are sometimes referred to as “covenant-lite” loans or obligations, which generally are loans or other similar debt obligations that lack financial maintenance covenants or possess fewer or contingent financial maintenance covenants and other financial protections for lenders and investors. These “covenant-lite” loans or similar debt obligations are particularly subject to the risks associated with investments in loans as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">described above.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s use of leverage, through borrowings or instruments such as derivatives and reverse </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">repurchase agreements, may cause the Fund to be more volatile and riskier and magnify the Fund's losses to an extent greater than if it had not been leveraged. The use of leverage may also increase the Fund’s sensitivity to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes of the Fund’s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Based on its investment strategies, a significant portion of the Fund's investments can be difficult to value and potentially less liquid and thus particularly prone to the foregoing risks. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment, particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is actively managed, which means that investment decisions are made based on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investment views. There is no guarantee that the investment views will produce the desired results or expected returns. As a result of these and other factors, the Fund may lose value or fail to meet its investment objective or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active and frequent trading that can accompany active management, also called “high turnover,” may have a negative impact on performance. Active and frequent trading may result in higher brokerage costs or mark-up charges and tax costs, which are ultimately passed on to shareholders of the Fund. Active and frequent trading may also result in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adverse tax consequences.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund's investments may perform poorly or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">underperform the general securities markets or other types of securities.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Municipal Securities Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Municipal securities are subject to a variety of risks generally associated with </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">investments in debt instruments, including credit, interest rate, prepayment, liquidity, and valuation risks, as well as risks specific to municipal securities. The ability of issuers of municipal securities to pay their obligations can be adversely affected by, among other developments or events, (i) unfavorable legislative, tax, political, or other developments or events, including extreme weather, natural or man-made disasters and public health conditions, and (ii) changes in the economic and fiscal conditions of issuers of municipal securities or the federal government (in cases where it provides financial support to such issuers). In addition, the values of, and income generated by, municipal securities may fully or partially depend on a specific revenue or tax source, such as the taxing authority or revenue of a local government, the credit of a private issuer, or the current or anticipated revenues from a specific project. Developments adversely affecting such sources, such as economic, social or public health conditions, would negatively impact the cash flows of such sources and, in turn, municipal securities fully or partially backed by such sources. To the extent the Fund invests a substantial portion of its assets in municipal securities issued by issuers in a particular state, municipality or project or in municipal instruments that finance similar projects, such as those relating to education, </span><span style="font-family:Arial;font-size:10.02pt;">healthcare, transportation, housing, utilities, or water and sewer, the Fund will be particularly </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">sensitive to developments and events adversely affecting such state or municipality or with respect to such projects. Certain sectors of the municipal bond market have special risks that can affect them more significantly than the market as a whole. Because many municipal instruments are issued to finance similar projects (such as education, healthcare, transportation and utilities), conditions in these industries can significantly affect the overall municipal market. Municipal securities that are insured may be adversely affected by developments relevant to that particular insurer, or more general developments relevant to the market as a whole. Municipal securities can be difficult to value and be less liquid than other investments, which may affect performance or the ability to meet Fund redemption </span><span style="font-family:Arial;font-size:10.02pt;">requests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Preferred Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A company’s preferred stock generally pays dividends only after the company makes </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">required payments to holders of its bonds and other debt. For this reason, the value of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">prospects.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Prepayment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including loans and mortgage- and other asset-backed securities, are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the risk that payments on principal may occur more quickly or earlier than expected. If this occurs, the Fund might be forced to forego future interest income on the principal repaid early and to reinvest income or proceeds at generally lower interest rates, thus reducing the Fund’s yield. These types of instruments are particularly </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">subject to prepayment risk, and offer less potential for gains, during periods of declining interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Real Estate Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in securities of real estate companies and companies related </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">to the real estate industry, including real estate investment trusts (“REITs”), which are subject to the same risks as direct investments in real estate and the real estate market generally. The real estate industry is particularly sensitive to, among other things, economic downturns, changes in interest rates, changes in national, state or local real estate conditions, changes in the availability, cost and terms of mortgages (and other types of financing) and fluctuations in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">occupancy levels and demand for properties.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation applying to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and operations of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreements and Reverse Repurchase Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In the event of the insolvency of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities or other assets sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">rate lower than the cost of the agreement, entering into the agreement will lower the Fund’s yield.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Residential Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Residential mortgage-backed securities (“RMBS”) are backed by </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">residential mortgage loans and are particularly subject to the credit risk of the borrower. RMBS are subject to the risks of asset-backed securities generally, in particular credit risk and interest rate risk, and the residential real estate markets. Delinquencies and losses on RMBS generally increase during periods of adverse economic conditions. Investments in non-agency RMBS, which are not guaranteed by the U.S. government or a government sponsored </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">enterprise, are subject to increased interest rate, credit and other risks, such as liquidity and valuation risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Restricted Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Restricted securities, including those acquired through private placement transactions, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">generally cannot be sold to the public and may involve a high degree of business, financial and liquidity risk, which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">may result in substantial losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Securities lending involves a risk that the borrower may fail to return the securities or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">deliver the proper amount of collateral, which may result in a loss to the Fund. In the event of bankruptcy of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">borrower, the Fund could experience losses or delays in recovering the loaned securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sovereign Debt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The debt securities issued by sovereign entities may decline as a result of default or other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">adverse credit event resulting from a sovereign debtor's unwillingness or inability to repay principal and pay interest in a timely manner, which may be affected by a variety of factors, including its cash flow situation, the extent of its reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor's policy toward international lenders, and the political constraints to which a sovereign debtor may be subject. Sovereign debt risk is greater for issuers in emerging </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">markets than issuers in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Special Situation Investments/Securities in Default Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in the securities and debt of distressed </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">issuers or issuers in default or distressed situations involve far greater risk than investing in issuers whose debt obligations are being met and whose debt trades at or close to its “par” or full value because the investments in the securities and debt of distressed issuers or issuers in default are highly speculative with respect to the issuer’s ability </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">to make interest payments and/or to pay its principal obligations in full and/or on time.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">To Be Announced (“TBA”) Transactions Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund may enter into “To Be Announced” (“TBA”) transactions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">to purchase or sell mortgage-backed securities for a fixed price at a future date. In a TBA transaction, a seller agrees to deliver a mortgage-backed security to the Fund at a future date, but the seller does not specify the particular security to be delivered. Instead, the Fund agrees to accept or sell any security that meets specified terms. TBA purchase commitments involve a risk of loss if the value of the securities to be purchased declines prior to settlement date or if the counterparty may not deliver the securities as promised. Selling a TBA involves a risk of loss if the value of the securities to be sold goes up prior to settlement date. </span><span style="font-family:Arial;font-size:10.02pt;">Margin requirements applicable to the Fund’s TBA transactions</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">may increase the cost of TBA transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed-income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Zero Coupon and Payment-In-Kind Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Zero coupon and payment-in-kind securities pay no cash </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">interest income and usually are sold at substantial discounts from their value at maturity. Zero coupon and payment-in-kind securities are subject to greater market value fluctuations from changing interest rates than debt obligations of comparable maturities that make current cash-pay interest payments. Additionally, investments in payment-in-kind </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">loans are subject to increased price, volatility, credit risk and other risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s Class R6 share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s Class R6 shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) and an additional index (Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index).</span><span style="font-family:Arial;font-size:10.02pt;">As with all mutual funds, past performance </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">(before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:10.02pt;"> Updated </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by calling </span><span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span><span style="font-family:Arial;font-size:10.02pt;">. </span><span style="font-family:Arial;font-size:10.02pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s Class R6 share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s Class R6 shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) and an additional index (Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index).</span> <span style="font-family:Arial;font-size:10.02pt;">As with all mutual funds, past performance </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">(before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">4.29%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">March 31, 2022</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-2.33%</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2020-06-30 0.0429 <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2022-03-31 -0.0233 <span style="font-family:Arial;font-size:10.02pt;">Average Annual Total Returns (for the periods ended December 31, 2025)</span> 2019-03-13 0.0606 0.0297 0.0346 0.0413 0.0148 0.0208 0.0356 0.0162 0.0206 0.0730 -0.0036 0.0180 0.0539 0.0198 0.0238 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:16.04pt;font-weight:bold;">Guggenheim Macro Opportunities Fund</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Guggenheim Macro Opportunities Fund (the “Fund”) seeks to provide total return, comprised of current income </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">You may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(fees paid directly from your investment)</span> 0 0 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:-9pt;">ANNUAL FUND OPERATING EXPENSES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">)</span> 0.0087 0 0.0009 0.0000 0.0001 0.0008 0.0002 0.0098 -0.0004 0.0094 <span style="font-family:Arial;font-size:8.02pt;">February 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although the actual costs may be higher or lower, based on these assumptions your costs (whether </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">or not you redeem your shares at the end of the given period) would be:</span> 96 308 538 1198 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The above Example reflects applicable contractual fee waiver/expense reimbursement arrangements for the current </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">duration of the arrangements only.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="font-family:Arial;font-size:10.02pt;">was </span><span style="font-family:Arial;font-size:10.02pt;">35</span><span style="font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio.</span> 0.35 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund will seek to achieve its investment objective by investing in a wide range of fixed-income and other debt and equity securities selected from a variety of sectors and credit qualities, principally corporate bonds, syndicated bank loans and other direct lending opportunities, participations in and assignments of syndicated bank loans (including senior floating rate loans), asset-backed securities (including agency and non-agency residential and commercial mortgage-backed securities, collateralized mortgage obligations and other structured finance investments), U.S. government and agency securities (including those not backed by the full faith and credit of the U.S. government), sovereign debt securities, Eurodollar bonds and obligations, mezzanine and preferred securities, commercial paper, zero-coupon bonds, municipal securities, non-registered or restricted securities (consisting of securities originally issued in reliance on Rule 144A and Regulation S), step-up securities (such as step-up bonds) and convertible securities, and in common stocks and other equity investments that Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”), believes offer attractive yield and/or capital appreciation potential. The Investment Manager may employ a strategy of writing </span><span style="font-family:Arial;font-size:10.02pt;">(selling) covered call and put options on such equity securities and debt securities. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may invest in a basket of debt securities and other instruments (the “Debt Overlay Basket”) and write (sell) out-of-the-money call options (i.e., call options for which the current price of the underlying asset is below the strike price) or near at-the-money call options (i.e., call options for which the current price of the underlying asset is close to the strike price) on a fixed-income exchange-traded fund (the “Underlying Bond ETF”) in an amount that creates a notional exposure approximately equal to or less than the investment exposure created by the Debt Overlay Basket. </span><span style="font-family:Arial;font-size:10.02pt;">This strategy is intended to generate current income in the form of options premiums. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">While the Fund will principally invest in securities listed, traded or dealt in developed markets countries globally, it may also invest without limitation in securities listed, traded or dealt in other countries, including emerging markets countries. Such securities may be denominated in foreign currencies. The Fund may hold securities of any duration or maturity. Securities in which the Fund may invest may pay fixed or variable rates of interest. The Fund may invest in a variety of investment vehicles, principally closed-end funds, exchange-traded funds (“ETFs”) and other mutual </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">funds. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may also invest in commodities (such as precious metals), commodity-linked notes and other commodity-linked derivative instruments, such as swaps, options, or forward contracts based on the value of commodities or commodities indices and commodity futures. The Fund may gain exposure to such commodity instruments by investing a portion of the Fund’s total assets in a wholly-owned subsidiary, which is organized as a limited company under the laws of the Cayman Islands (the “Subsidiary”). The Subsidiary primarily obtains its commodities exposure by investing in commodities, commodity-linked notes, and commodity-linked derivative instruments. The Subsidiary’s investments in such instruments are subject to limits on leverage imposed by the Investment Company Act of 1940 (“1940 Act”). The Fund must maintain no more than 25% of its total assets in the Subsidiary at the end of every </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">quarter of its taxable year. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may invest in derivatives instruments, such as swaps, that are intended to synthetically replicate exposure similar to autocallable equity linked-notes (“ELNs”). An autocallable ELN (i.e., the instrument that the Fund intends to synthetically replicate by investing in derivatives instruments) is a debt instrument with coupon payments (i.e., income) made at regular intervals and linked to equity market performance. The autocallable ELNs that the Fund seeks to replicate synthetically, as further described below, are typically linked to one or more broad-based equity market indexes (e.g., the S&amp;P 500 Index, Russell 2000 Index, or “worst of” two or more indices). This strategy is designed to generate current income based on equity market performance rather than traditional fixed income and </span><span style="font-family:Arial;font-size:10.02pt;">credit factors, such as duration and interest rates. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may use leverage to the extent permitted by applicable law by entering into reverse repurchase agreements and transactions equivalent to a borrowing for investment purposes. The Fund also may invest or engage in collateralized debt obligations (“CDOs”) (which include collateralized bond obligations, collateralized loan obligations and other similarly structured instruments), repurchase agreements, forward commitments, short sales and securities lending and it may seek exposures through derivative transactions, including: foreign exchange forward contracts; futures on securities, indices, currencies and other investments; Secured Overnight Financing Rate (“SOFR”) futures; options; interest rate swaps; cross-currency swaps; total return swaps; credit default swaps; and other foreign currency contracts and foreign currency-related transactions. These investments and transactions may create economic leverage in the Fund and these investments may be traded in the over-the-counter market. The Fund may engage, without limit, in derivative and foreign currency-related transactions for speculative purposes to enhance total return, to seek to hedge against fluctuations in securities prices, interest rates or currency rates, to change the effective duration of its portfolio, to manage certain investment risks, as a substitute for the purchase or sale of securities or currencies and/or to obtain or replicate market exposure. The Fund may also, without limitation, seek to obtain exposure to the securities in which it primarily invests by entering into a series of purchase and sale </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">contracts or by using other investment techniques (such as “To Be Announced” (“TBA”) transactions and dollar rolls). </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Unconstrained to a benchmark, the Fund has the flexibility to invest across a broad array of fixed-income investments. The Fund may also opportunistically allocate to other asset classes to seek to enhance return and/or mitigate risk. The Investment Manager will use a relative value-based investment philosophy, which utilizes quantitative and qualitative analysis to seek to identify securities or spreads between securities that deviate from their perceived fair value and/or historical norms. The Investment Manager seeks to combine a credit managed fixed-income portfolio with access to a diversified pool of alternative investments and equity strategies. The Investment Manager’s investment philosophy is predicated upon the belief that thorough research and independent thought are rewarded with performance that has the potential to outperform benchmark indexes with both lower volatility and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">lower correlation of returns as compared to such benchmark indexes. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Investment Manager may determine to sell a security for several reasons, including but not limited to the following: (1) to adjust the portfolio’s average maturity or duration, or to shift assets into or out of higher-yielding securities; (2) if a security’s credit rating has been changed, the Investment Manager's credit outlook has changed, or for other similar reasons; (3) to meet redemption requests; (4) to take gains; or (5) due to relative value. The Fund may hold, without limit, fixed-income securities of any quality, rated or unrated, including those that are rated below investment grade, or, if unrated, determined to be of comparable quality (also known as “high yield securities” or “junk bonds”) and defaulted securities. If nationally recognized statistical rating organizations assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality. Under adverse or unstable market conditions or abnormal circumstances (for example, in the event of credit events, where it is deemed opportune to preserve gains, or to preserve the relative value of investments or in the case of large cash inflows or anticipated large redemptions), the Fund can make temporary investments that are inconsistent </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">with the Fund’s principal investment strategies and may not be able to pursue or achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investors in asset-backed securities, including residential mortgage-backed </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities, commercial mortgage-backed securities and other structured finance investments (such as collateralized mortgage obligations), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. As a result, asset-backed securities are particularly subject to credit risk and borrower defaults on the obligations underlying the asset-backed security will result in losses. In addition, asset-backed securities are typically particularly sensitive to changes in interest rates, which can cause the prices of asset-backed securities to be increasingly volatile and adversely affect the Fund’s holdings of asset-backed securities. Some asset-backed securities, including mortgage-backed securities, may have structures that make their performance based on changes in interest rates and other factors difficult to predict, causing their prices to be volatile. Asset-backed securities are also particularly subject to market, liquidity, valuation, prepayment and extension risks, and are also subject to risk of impairment of the value of the underlying asset. Additional risks relating to investments in asset-backed securities may arise principally because of the type of asset-backed securities in which the Fund invests, with such risks primarily associated with the particular assets collateralizing the asset-backed securities, the structure of such asset-backed securities or the tranche or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">priority of the asset-backed security held by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Collateralized Loan Obligations and Collateralized Debt Obligations Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Collateralized loan obligations </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(“CLOs”) bear many of the same risks as other forms of asset-backed securities, including interest rate risk, credit risk and default risk. As they are backed primarily by commercial loans, CLOs also bear many of the same risks as investing in loans directly. However, in addition to the risks associated with investing in commercial loans, the complex structure and highly leveraged nature of a CLO poses additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in CLOs that are subordinate to other classes; and (iv) the complex structure of the CLO may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. CLOs incur indebtedness by issuing classes or “tranches” that vary in risk and yield. CLOs may experience substantial losses attributable to loan defaults or trading losses. Such losses on the underlying assets are borne first by the holders of subordinate tranches, which may take the form of an equity interest. The Fund’s investments in CLOs may decrease in market value or income when the CLO’s assets experience loan defaults or credit impairment, losses that exceed the most subordinate tranches, or market </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">anticipation of loan defaults and investor aversion to CLO securities as a class. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Collateralized debt obligations (“CDOs”) are structured similarly to CLOs and bear many of the same risks as CLOs, including interest rate risk, credit risk and default risk. CDOs are subject to additional risks because they are backed by pools of assets other than commercial loans, including securities (such as other asset-backed securities), synthetic instruments or bonds, and may be highly leveraged. Like CLOs, losses incurred by a CDO are borne first by holders of the most subordinate tranches. Accordingly, the risks of CDOs depend largely on the type of underlying collateral and the tranche of CDOs in which the Fund invests. Moreover, CDOs that obtain their exposure through </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">synthetic investments are exposed to risks associated with derivative instruments. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The terms of many structured finance investments, including CLOs and CDOs, are tied to SOFR or other reference rates. These relatively new and developing rates may not match the reference rate applicable to the underlying assets related to these investments. These may adversely affect the Fund and its investments in CLOs and CDOs, including their value, volatility and liquidity. CLOs, CDOs and their underlying loan obligations are typically not registered for sale to the public and therefore are subject to certain restrictions on transfer and sale, potentially subjecting them to increased liquidity risk as compared to other types of investments. As a result, the proceeds from the sale of CLO securities may not be readily available to meet the Fund’s redemption or other obligations and the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund may be unable to acquire or dispose of the securities at a price and time that are advantageous to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commercial Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in commercial mortgage-backed securities (“CMBS”) are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">backed by commercial mortgage loans that may be secured, for example, by office properties, retail properties, hotels, mixed use properties or multi-family apartment buildings and are particularly subject to the credit risk of the borrower and the tenants of the properties securing the commercial mortgage loans. CMBS are subject to the risks of asset-backed securities generally, in particular credit risk and interest rate risk, and the commercial real estate markets. Economic downturns, tightening lending standards and increased interest and lending rates, developments adverse to the commercial real estate markets, and other developments that limit or reduce the activities of and demand for commercial retail and office spaces adversely impact the value of, and income generated by, such </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commercial Paper Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of the Fund’s investment in commercial paper, which is an unsecured </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">promissory note that generally has a maturity date between one and 270 days and is issued by a U.S. or foreign entity, is susceptible to changes in the issuer’s financial condition or credit quality. Investments in commercial paper are usually discounted from their value at maturity. Commercial paper can be fixed-rate or variable rate and can be </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adversely affected by changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commodities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to risks associated with investing in commodities. The commodities </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">industries can be significantly affected by: weather; the level and volatility of commodity prices; world events including international monetary and political developments; import controls and worldwide competition; exploration </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and production spending; and tax and other government regulations and economic conditions.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commodity-Linked Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Commodity-linked investments may be more volatile and less liquid than </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the underlying commodity, instruments, or measures and their value may be affected by the performance of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">overall commodities markets as well as weather, tax, and other regulatory developments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Convertible Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Convertible securities may be subordinate to other securities. The total return for a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">convertible security depends, in part, upon the performance of the underlying security into which it can be converted. The value of convertible securities tends to decline as interest rates increase. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Certain types of convertible securities may decline in value or lose their value entirely in the event that the issuer’s financial conditions become </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">significantly impaired.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and over-the-counter (“OTC”)-traded</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;"> derivatives involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (e.g., prime brokerage or securities lending arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">obligations to the Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having concentrated </span><span style="font-family:Arial;font-size:10.02pt;">exposure to such a counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund could lose money if the issuer or guarantor of a fixed-income or other debt instrument or a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a derivatives transaction or other transaction is unable or unwilling, or perceived by market participants, rating agencies, pricing services or otherwise to be unable or unwilling, to pay interest or repay principal on time, defaults or otherwise fails to meet its obligations. Actual or perceived changes in economic, social, public health, financial or political conditions in general or that affect a particular type of instrument, issuer, guarantor or counterparty can reduce the ability of the party to meet its obligations, which can affect the credit quality, liquidity and/or value of an instrument. The value of an instrument also may decline for reasons that relate directly to the issuer, guarantor or counterparty, such as management performance, financial leverage and reduced demand for goods and services or an actual or perceived change in financial condition or reputation. The issuer, guarantor or counterparty could also suffer a rapid decline in credit rating, which would adversely affect the value, price volatility </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and liquidity of the instrument. Credit ratings may not be an accurate assessment of liquidity or credit risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">currencies will decline in value relative to the U.S. Dollar, which would cause a decline in the value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. When the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Derivatives and other similar instruments (collectively referred to in this paragraph as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">“derivatives”) pose risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, illiquidity, valuation, operational and legal restrictions and risk. Their use is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in leverage, which may cause the Fund to be more volatile and riskier than if it had not been leveraged. The Fund's use of derivatives to obtain short exposure may result in greater volatility of the Fund's net asset value (“NAV”) per share. Changes in the value of a derivative may also create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund and its liquidity and other risk profiles. If the Investment Manager is incorrect about its expectations of market conditions, the use of derivatives could also result in a loss, which in some cases may be unlimited. In addition, the Fund’s use of derivatives (including </span><span style="font-family:Arial;font-size:10.02pt;">written call options) may cause the Fund to realize higher amounts </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">of short term capital gains (generally taxed at ordinary income tax rates) than if the Fund had not used such instruments. Some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC market. OTC derivatives are subject to heightened counterparty credit, legal, liquidity and valuation risks. Certain </span><span style="font-family:Arial;font-size:10.02pt;">risks also are specific to the derivatives in which the Fund invests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Forward Foreign Currency Exchange Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A forward foreign currency exchange contract is an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">OTC obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract. Foreign currency transactions can be affected unpredictably by intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or by currency controls or political developments. Such events may prevent or restrict the Fund’s ability to enter into foreign currency transactions, force the Fund to exit a foreign currency transaction at a disadvantageous time or price or result in penalties for the Fund, any of which may result in a loss to the Fund. A contract to sell a foreign currency would limit any potential gain that might be realized if the value of the currency increases. Suitable hedging transactions may not be available in all circumstances. Engaging in forward foreign currency exchange contracts will subject the Fund to counterparty </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">credit risk and any failure to perform by a counterparty could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Futures Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Futures contracts are exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts may be caused by an imperfect correlation between movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of positions that can be held or controlled by the Fund or the Investment Manager, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">are also subject to leverage and liquidity risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Investment Manager’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions that can be held or controlled by the Fund or the Investment Manager, thus limiting the ability to implement the Fund’s strategies. Options are also particularly subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">leverage risk and can be subject to liquidity risk. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Additionally, the Fund’s strategy to invest in the Debt Overlay Basket and write call options on the Underlying Bond ETF is subject to additional risks, including, but not limited to,  the risk of loss associated with the Underlying Bond ETF outperforming the Debt Overlay Basket because the Fund’s obligation under the options on the Underlying Bond ETF at expiration is determined by the market price of the shares of the Underlying Bond ETF.  Moreover, the Fund’s potential gain in selling a call option on the Underlying Bond ETF is the premium received from the purchaser of the option; however, the Fund risks a loss equal to the entire exercise price of the option minus the call premium (although the extent of such loss could be offset by the performance </span><span style="font-family:Arial;font-size:10.02pt;">of the Debt Overlay Basket).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost of swap transactions to the Fund and impose added operational complexity.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's swap agreements may include contracts that synthetically replicate autocallable equity-linked notes. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">The Fund’s synthetic autocallable ELN investments are designed to convert equity market performance into an income source, which may provide the potential for higher income than traditional fixed income assets and which exposes the Fund to risks such as those associated with the autocallable structure and equity markets, such as market downturns interrupting coupon payments or resulting in principal loss. These investments are also subject certain additional or heightened risks, including, but not limited to, that coupon payments are not guaranteed and may not be paid, the synthetic autocallable contracts may be automatically called (i.e., cancelled without further coupon payments and with principal returned) before their scheduled maturity and adverse changes and volatility in the relevant reference index may result in losses to the Fund.  Investing in these synthetic autocallable contracts is subject to risks associated with investing in autocallable ELNs directly and derivatives instruments on the relevant reference index, including Equity Securities Risk, Market Risk, </span><span style="font-family:Arial;font-size:10.02pt;">Prepayment Risk, Derivatives Risk, Hybrid Securities Risk, and Swap Agreements Risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Dollar Roll Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may enter into dollar roll transactions, in which the Fund sells a mortgage-backed</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;"> or other security for settlement on one date and buys back a substantially similar security for settlement at a later date. Dollar rolls involve a risk of loss if the market value of the securities that the Fund is committed to buy </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">declines below the price of the securities the Fund has sold.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in or exposure to emerging markets are generally subject to a greater level of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risks associated with investing in or being exposed to developed foreign markets, as emerging markets are considered to be less developed. Furthermore, investments in or exposure to emerging markets are generally subject to risks in addition to the risks associated with investing in foreign securities, including the risks associated with trading in smaller markets, lower volumes of trading, limited information about issuers and securities, being subject to lower levels of government regulation and less extensive and transparent accounting, auditing, recordkeeping, financial reporting and other requirements, and being subject to potential expropriation or nationalization of private </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">properties and other adverse political, economic and social events.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Equity securities include common stocks and other equity and equity-related securities </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(and securities convertible into stocks). The prices of equity securities generally fluctuate more than those of fixed-income investments, may rise or fall rapidly or unpredictably, and may reflect real or perceived changes in the issuing company’s financial condition and changes in the overall market or economy. A decline in the value of equity securities held by the Fund will adversely affect the value of your investment in the Fund. Common stocks generally represent the riskiest investment in a company and dividend payments (if declared) to preferred stockholders generally rank junior to payments due to a company’s debtholders. The Fund may lose a substantial part, or even all, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of its investment in a company’s stock.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Extension Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including mortgage- and other asset-backed securities, are subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risk that payments on principal may occur at a slower rate or later than expected. In this event, the expected maturity could lengthen and the Fund’s investment may sharply decrease in value and the Fund’s income from the investment may quickly decline. These types of instruments are particularly subject to extension risk, and offer less potential for gains, during periods of rising interest rates. In addition, the Fund may be delayed in its ability to reinvest income or proceeds from these instruments in potentially higher yielding investments, which would adversely affect </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Foreign Securities and Currency Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Foreign securities carry unique,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">additional and heightened risks when </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">compared to U.S. securities, including</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">but not limited to: currency fluctuations; adverse political (including </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">geopolitical)</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">social and economic developments; trade restrictions (including tariffs) or other government restrictions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">by the U.S. or other governments; unreliable</span><span style="font-family:Arial;font-size:10.02pt;">, untimely or less publicly available information; less government </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">supervision; reporting</span><span style="font-family:Arial;font-size:10.02pt;">, accounting, and auditing standards that are not comparable to those in the United States; less liquidity and more volatility; limited legal recourse and higher transactional costs.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Geographic Emphasis Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—To the extent the Fund invests a significant portion of its assets in one country or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">geographic region, the Fund will be more vulnerable to the economic, financial, social, political or other developments affecting that country or region than a fund that invests its assets more broadly. Such developments may have a significant impact on the Fund’s investment performance causing such performance to be more volatile than the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">investment performance of a more geographically diversified fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Hedging Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may, but is not required to, engage in various investments or transactions that are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">designed to hedge a position that the Fund holds. There can be no assurance that the Fund’s hedging investments or transactions will be effective. Hedging investments or transactions involve costs and may reduce gains or result in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">losses, which may adversely affect the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">High Yield and Unrated Securities Risk</span><span style="font-family:Arial;font-size:10.02pt;">—High yield, below investment grade and unrated high risk debt securities </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">(which also may be known as “junk bonds”) are regarded as predominantly speculative by certain rating agencies with respect to the issuer’s continuing ability to meet principal and interest payments. These securities generally present additional risks compared to investment grade bonds and are typically less liquid, and therefore more difficult to value accurately and sell at an advantageous price or time, and present more credit and default risk, including risk of loss (which may be substantial or total loss) of income and principal, than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific factors, such as operating results and outlook, and to real or perceived adverse economic and competitive industry conditions. High yield securities may be issued by companies that </span><span style="font-family:Arial;font-size:10.02pt;">are restructuring, are smaller and less credit worthy or are more highly leveraged </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">or indebted than other companies or are financially distressed, and therefore they typically have more difficulty making scheduled payments of principal and interest than issuers of higher rated investments. Under unusual or adverse economic, market or political conditions, high yield securities may be particularly susceptible to default risk and increased default rates. In the event of default, the Fund may incur additional expenses to seek recovery or to negotiate new terms with a defaulting issuer. Based on its investment strategies, a significant portion of the Fund’s investments (directly or indirectly) can be comprised of high yield, below investment grade and unrated securities </span><span style="font-family:Arial;font-size:10.02pt;">and thus particularly prone to the foregoing risks, which may result in losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed-income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed-income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed-income and other debt instruments decline, sometimes suddenly and significantly. When interest rates decrease, the values of fixed-income and other debt instruments generally rise. During periods of rising interest rates, because changes in interest rates on adjustable rate securities may lag behind changes in market rates, the value of such securities may decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns and performance may be adversely affected by changing interest rates and the Fund's net asset value per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio turnover costs and lower valuations, thereby adversely affecting the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Investment Vehicles Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may seek to obtain certain exposure through investments in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other investment vehicles. Investing in other investment vehicles, including ETFs, closed-end funds, short-term funds advised by the Investment Manager and/or its affiliates and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, which will reduce the Fund’s performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the net asset value of the shares and the listing exchange may halt trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the shares.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Loans Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in loans directly or indirectly through assignments or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">participations. Investments in loans, including loan syndicates and other direct lending opportunities, involve special types of risks, including credit risk, interest rate risk, counterparty risk, prepayment risk, risk of subordination to other creditors, extension risk and risk of insufficient or lack of protection under the federal securities law. Loans may offer a fixed or floating interest rate. Loans are often below investment grade and may be unrated. The Fund’s investments in loans can also be difficult to value accurately because of, among other factors, limited public information regarding the loan or the borrowers and may be more susceptible to liquidity risk than fixed-income instruments of similar credit quality and/or maturity. The Fund is also subject to the risk that the value of any collateral for the loan may be insufficient or unavailable to cover the borrower’s obligations should the borrower fail to make payments, become insolvent, or otherwise default. This risk is increased if the Fund’s loans are secured by a single asset. The Fund may also invest in loans that are not secured by collateral which typically present greater risks than collateralized loans. Transactions in loans are often subject to long settlement periods and often require consent from borrowers and/or an agent acting for the lenders, thus potentially limiting the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. The Fund thus is subject to the risk of selling other investments at disadvantageous times or prices or taking other actions necessary to raise cash to meet its redemption obligations. Participations in loans may subject the Fund to the credit risk of both the borrower and the seller of the participation and may make enforcement of loan covenants, if any, more difficult for the Fund as legal action may have to go through the seller of the participation (or an agent acting on its behalf). Covenants contained in loan documentation are intended to protect lenders and investors by imposing certain restrictions and other limitations on a borrower’s and the credit group’s operations or assets and by providing certain information and consent rights to lenders. In addition to operational covenants, loans and other debt obligations often contain financial covenants, which require a borrower and the related credit group to satisfy certain financial tests at periodic intervals or to maintain compliance with certain financial metrics. The Fund invests in or is exposed to loans and other similar debt obligations that are sometimes referred to as “covenant-lite” loans or obligations, which generally are loans or other similar debt obligations that lack financial maintenance covenants or possess fewer or contingent financial maintenance covenants and other financial protections for lenders and investors. These “covenant-lite” loans or similar debt obligations are particularly subject to the risks associated with investments in loans as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">described above.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in the Subsidiary Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Subsidiary, unless otherwise noted in this Prospectus, is not subject to all </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the investor protections of the Fund because the Subsidiary is not registered under the 1940 Act. The Fund is exposed to the risks of the Subsidiary’s investments, which are exposed to the risks of investing in the commodities markets. The Fund also will incur its pro rata share of the expenses of the Subsidiary. In addition, changes in the laws of the United States or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as intended and could negatively affect the Fund and its shareholders. The character, timing, or amount that the Fund will pay in taxes may be affected by the Fund’s investment in the Subsidiary. Future or new legislation, Treasury regulations and/or guidance issued by the Internal Revenue Service may also affect whether income derived from the Fund’s investments in the Subsidiary </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">is considered qualifying income.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s use of leverage, through borrowings or instruments such as derivatives and reverse </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">repurchase agreements, may cause the Fund to be more volatile and riskier and magnify the Fund's losses to an extent greater than if it had not been leveraged. The use of leverage may also increase the Fund’s sensitivity to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes of the Fund’s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Based on its investment strategies, a significant portion of the Fund's investments can be difficult to value and potentially less liquid and thus particularly prone to the foregoing risks. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment, particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is actively managed, which means that investment decisions are made based on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investment views. There is no guarantee that the investment views will produce the desired results or expected returns. As a result of these and other factors, the Fund may lose value or fail to meet its investment objective or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active and frequent trading that can accompany active management, also called “high turnover,” may have a negative impact on performance. Active and frequent trading may result in higher brokerage costs or mark-up charges and tax costs, which are ultimately passed on to shareholders of the Fund. Active and frequent trading may also result in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adverse tax consequences.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund's investments may perform poorly or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">underperform the general securities markets or other types of securities.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Municipal Securities Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Municipal securities are subject to a variety of risks generally associated with </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">investments in debt instruments, including credit, interest rate, prepayment, liquidity, and valuation risks, as well as risks specific to municipal securities. The ability of issuers of municipal securities to pay their obligations can be adversely affected by, among other developments or events, (i) unfavorable legislative, tax, political, or other developments or events, including extreme weather, natural or man-made disasters and public health conditions, and (ii) changes in the economic and fiscal conditions of issuers of municipal securities or the federal government (in cases where it provides financial support to such issuers). In addition, the values of, and income generated by, municipal securities may fully or partially depend on a specific revenue or tax source, such as the taxing authority or revenue of a local government, the credit of a private issuer, or the current or anticipated revenues from a specific project. Developments adversely affecting such sources, such as economic, social or public health conditions, would negatively impact the cash flows of such sources and, in turn, municipal securities fully or partially backed by such sources. To the extent the Fund invests a substantial portion of its assets in municipal securities issued by issuers in a particular state, municipality or project or in municipal instruments that finance similar projects, such as those relating to education, </span><span style="font-family:Arial;font-size:10.02pt;">healthcare, transportation, housing, utilities, or water and sewer, the Fund will be particularly </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">sensitive to developments and events adversely affecting such state or municipality or with respect to such projects. Certain sectors of the municipal bond market have special risks that can affect them more significantly than the market as a whole. Because many municipal instruments are issued to finance similar projects (such as education, healthcare, transportation and utilities), conditions in these industries can significantly affect the overall municipal market. Municipal securities that are insured may be adversely affected by developments relevant to that particular insurer, or more general developments relevant to the market as a whole. Municipal securities can be difficult to value and be less liquid than other investments, which may affect performance or the ability to meet Fund redemption </span><span style="font-family:Arial;font-size:10.02pt;">requests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Preferred Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A company’s preferred stock generally pays dividends only after the company makes </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">required payments to holders of its bonds and other debt. For this reason, the value of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">prospects.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Prepayment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including loans and mortgage- and other asset-backed securities, are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the risk that payments on principal may occur more quickly or earlier than expected. If this occurs, the Fund might be forced to forego future interest income on the principal repaid early and to reinvest income or proceeds at generally lower interest rates, thus reducing the Fund’s yield. These types of instruments are particularly </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">subject to prepayment risk, and offer less potential for gains, during periods of declining interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Real Estate Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in securities of real estate companies and companies related </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">to the real estate industry, including real estate investment trusts (“REITs”), which are subject to the same risks as direct investments in real estate and the real estate market generally. The real estate industry is particularly sensitive to, among other things, economic downturns, changes in interest rates, changes in national, state or local real estate conditions, changes in the availability, cost and terms of mortgages (and other types of financing) and fluctuations in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">occupancy levels and demand for properties.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation applying to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and operations of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreements and Reverse Repurchase Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In the event of the insolvency of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities or other assets sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">rate lower than the cost of the agreement, entering into the agreement will lower the Fund’s yield.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Residential Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Residential mortgage-backed securities (“RMBS”) are backed by </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">residential mortgage loans and are particularly subject to the credit risk of the borrower. RMBS are subject to the risks of asset-backed securities generally, in particular credit risk and interest rate risk, and the residential real estate markets. Delinquencies and losses on RMBS generally increase during periods of adverse economic conditions. Investments in non-agency RMBS, which are not guaranteed by the U.S. government or a government sponsored </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">enterprise, are subject to increased interest rate, credit and other risks, such as liquidity and valuation risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Restricted Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Restricted securities, including those acquired through private placement transactions, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">generally cannot be sold to the public and may involve a high degree of business, financial and liquidity risk, which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">may result in substantial losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Securities lending involves a risk that the borrower may fail to return the securities or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">deliver the proper amount of collateral, which may result in a loss to the Fund. In the event of bankruptcy of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">borrower, the Fund could experience losses or delays in recovering the loaned securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Short Sale and Short Exposure Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Short selling a security involves selling a borrowed security with the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">expectation that the value of that security will decline, so that the security may be purchased at a lower price when returning the borrowed security. A short exposure through a derivative exposes the Fund to counterparty credit and leverage risks. The loss on a short sale or other short exposure, which, in some cases, may be theoretically unlimited, may be greater than a direct investment in the security itself because the price of the borrowed security may rise, thereby increasing the price at which the security must be purchased. Government actions also may affect </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the Fund’s ability to engage in short selling.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sovereign Debt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The debt securities issued by sovereign entities may decline as a result of default or other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">adverse credit event resulting from a sovereign debtor's unwillingness or inability to repay principal and pay interest in a timely manner, which may be affected by a variety of factors, including its cash flow situation, the extent of its reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor's policy toward international lenders, and the political constraints to which a sovereign debtor may be subject. Sovereign debt risk is greater for issuers in emerging </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">markets than issuers in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Special Situation Investments/Securities in Default Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in the securities and debt of distressed </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">issuers or issuers in default or distressed situations involve far greater risk than investing in issuers whose debt obligations are being met and whose debt trades at or close to its “par” or full value because the investments in the securities and debt of distressed issuers or issuers in default are highly speculative with respect to the issuer’s ability </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">to make interest payments and/or to pay its principal obligations in full and/or on time.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">To Be Announced (“TBA”) Transactions Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund may enter into “To Be Announced” (“TBA”) transactions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">to purchase or sell mortgage-backed securities for a fixed price at a future date. In a TBA transaction, a seller agrees to deliver a mortgage-backed security to the Fund at a future date, but the seller does not specify the particular security to be delivered. Instead, the Fund agrees to accept or sell any security that meets specified terms. TBA purchase commitments involve a risk of loss if the value of the securities to be purchased declines prior to settlement date or if the counterparty may not deliver the securities as promised. Selling a TBA involves a risk of loss if the value of the securities to be sold goes up prior to settlement date. </span><span style="font-family:Arial;font-size:10.02pt;">Margin requirements applicable to the Fund’s TBA transactions</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">may increase the cost of TBA transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed-income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">When Issued, Forward Commitment and Delayed-Delivery Transactions Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—When-issued, forward-commitment</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;"> and delayed-delivery transactions involve a commitment to purchase or sell specific securities at a predetermined price or yield in which payment and delivery take place after the customary settlement period for that type of security. When purchasing securities pursuant to one of these transactions, payment for the securities is not required until the delivery date. However, the purchaser assumes the rights and risks of ownership, including the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">risks of price and yield fluctuations and the risk that the security will not be issued as anticipated.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s Class R6 share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s Class R6 shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) and an additional index (ICE BofA 3-Month U.S. Treasury Bill Index).</span><span style="font-family:Arial;font-size:10.02pt;">As with all mutual funds, past performance (before and after </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:10.02pt;"> Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by calling </span><span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span><span style="font-family:Arial;font-size:10.02pt;">. </span><span style="font-family:Arial;font-size:10.02pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s Class R6 share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s Class R6 shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) and an additional index (ICE BofA 3-Month U.S. Treasury Bill Index).</span> <span style="font-family:Arial;font-size:10.02pt;">As with all mutual funds, past performance (before and after </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">September 30, 2020</span><span style="font-family:Arial;font-size:10.02pt;">6.14%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2022</span><span style="font-family:Arial;font-size:10.02pt;">-6.50%</span> <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2020-09-30 0.0614 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2022-06-30 -0.0650 <span style="font-family:Arial;font-size:10.02pt;">Average Annual Total Returns (for the periods ended December 31, 2025)</span> 2019-03-13 0.0757 0.0361 0.0454 0.0502 0.0135 0.0244 0.0443 0.0174 0.0255 0.0730 -0.0036 0.0180 0.0418 0.0317 0.0269 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:16.04pt;font-weight:bold;">Guggenheim Municipal Income Fund</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Guggenheim Municipal Income Fund (the “Fund”) seeks to provide current income with an emphasis on income </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">exempt from federal income tax, while also considering capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">You may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(fees paid directly from your investment)</span> 0 0 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:-9pt;">ANNUAL FUND OPERATING EXPENSES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">)</span> 0.0050 0 0.0076 0.0126 -0.0073 0.0053 <span style="font-family:Arial;font-size:8.02pt;">Other expenses are based on estimated amounts for the current fiscal year.</span> <span style="font-family:Arial;font-size:8.02pt;">February 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although the actual costs may be higher or lower, based on these assumptions your costs (whether </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">or not you redeem your shares at the end of the given period) would be:</span> 54 327 621 1458 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The above Example reflects applicable contractual fee waiver/expense reimbursement arrangements for the current </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">duration of the arrangements only.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="font-family:Arial;font-size:10.02pt;">was </span><span style="font-family:Arial;font-size:10.02pt;">39</span><span style="font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio.</span> 0.39 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">In pursuit of its objective, the Fund will invest, under normal circumstances, at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in a diversified portfolio of municipal securities whose interest is free from federal income tax. This investment policy may not be changed without shareholder approval. Interest from the Fund’s investments may be subject to the federal alternative minimum tax. The Fund may invest up to 20% of its assets in securities the interest on which is subject to federal income taxation, including, among others, corporate bonds and other corporate debt securities, taxable municipal securities (which include Build America Bonds and Qualified School Construction Bonds), mortgage-backed and asset backed securities (including collateralized debt obligations), repurchase and reverse repurchase agreements, syndicated bank loans and securities issued by the U.S. government or its agencies and instrumentalities (including those not backed by the full faith and credit of the U.S. government). The Fund also may invest up to 20% of its assets in a variety of investment vehicles, principally closed-end funds, exchange-traded funds (“ETFs”) and other mutual funds. The Fund may use derivatives for investment purposes (i.e., speculative purposes) and/or to seek to hedge against fluctuations in interest rates or to change the effective duration of its portfolio. Derivatives include futures, forward contracts, Secured Overnight Financing Rate (“SOFR”) futures, options, structured securities, inverse floating rate instruments, swaps, caps, floors, and collars (some of these instruments may be traded in the over-the-counter market). When market conditions are deemed appropriate, the Fund will use leverage to the full extent permitted by its investment policies and restrictions and applicable law. The Fund may use leverage by using derivatives and municipal tender option bonds (“TOBs”), or by entering into reverse repurchase agreements and borrowing transactions (principally lines of credit) for investment purposes. The fixed-income securities in which the Fund invests will primarily be domestic securities, but may also include, up to 20% of its assets, in foreign and emerging markets securities (such </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">as sovereign debt securities and Eurodollar bonds and obligations). </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund will allocate assets across different market sectors and maturities and may invest in municipal bonds rated in any rating category or in unrated municipal bonds. The Fund, however, will invest, under normal market conditions, at least 80% of its net assets in investment grade securities (i.e., rated in the top four long-term rating categories by a nationally recognized statistical ratings organization or, if unrated, determined by Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”), to be of comparable quality). If nationally recognized statistical rating organizations assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality. The Fund may invest 25% or more of the Fund’s assets in municipal instruments that finance similar projects, such as those relating to education, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">healthcare, housing, utilities, or water and sewers. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Investment Manager selects securities and other investments for purchase and sale based on intensive credit research involving extensive due diligence on each issuer, region and sector, and also considers macroeconomic </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">outlook and geopolitical issues. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Investment Manager may determine to sell an instrument for several reasons, including but not limited to the following: (1) to adjust the portfolio’s average maturity or duration, or to shift assets into or out of higher-yielding securities; (2) if a security’s credit rating has been changed, the Investment Manager's credit outlook has changed, or for other similar reasons; (3) to meet redemption requests; (4) to take gains; or (5) due to relative value. Under adverse or unstable market conditions or abnormal circumstances (for example, in the event of credit events, where it is deemed opportune to preserve gains, or to preserve the relative value of investments or in the case of large cash inflows or anticipated large redemptions), the Fund can make temporary investments that are inconsistent with the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund’s principal investment strategies and may not be able to pursue or achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investors in asset-backed securities, including residential mortgage-backed </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities, commercial mortgage-backed securities and other structured finance investments (such as collateralized mortgage obligations), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. As a result, asset-backed securities are particularly subject to credit risk and borrower defaults on the obligations underlying the asset-backed security will result in losses. In addition, asset-backed securities are typically particularly sensitive to changes in interest rates, which can cause the prices of asset-backed securities to be increasingly volatile and adversely affect the Fund’s holdings of asset-backed securities. Some asset-backed securities, including mortgage-backed securities, may have structures that make their performance based on changes in interest rates and other factors difficult to predict, causing their prices to be volatile. Asset-backed securities are also particularly subject to market, liquidity, valuation, prepayment and extension risks, and are also subject to risk of impairment of the value of the underlying asset. Additional risks relating to investments in asset-backed securities may arise principally because of the type of asset-backed securities in which the Fund invests, with such risks primarily associated with the particular assets collateralizing the asset-backed securities, the structure of such asset-backed securities or the tranche or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">priority of the asset-backed security held by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Collateralized Loan Obligations and Collateralized Debt Obligations Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Collateralized loan obligations </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(“CLOs”) bear many of the same risks as other forms of asset-backed securities, including interest rate risk, credit risk and default risk. As they are backed primarily by commercial loans, CLOs also bear many of the same risks as investing in loans directly. However, in addition to the risks associated with investing in commercial loans, the complex structure and highly leveraged nature of a CLO poses additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in CLOs that are subordinate to other classes; and (iv) the complex structure of the CLO may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. CLOs incur indebtedness by issuing classes or “tranches” that vary in risk and yield. CLOs may experience substantial losses attributable to loan defaults or trading losses. Such losses on the underlying assets are borne first by the holders of subordinate tranches, which may take the form of an equity interest. The Fund’s investments in CLOs may decrease in market value or income when the CLO’s assets experience loan defaults or credit impairment, losses that exceed the most subordinate tranches, or market </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">anticipation of loan defaults and investor aversion to CLO securities as a class. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Collateralized debt obligations (“CDOs”) are structured similarly to CLOs and bear many of the same risks as CLOs, including interest rate risk, credit risk and default risk. CDOs are subject to additional risks because they are backed by pools of assets other than commercial loans, including securities (such as other asset-backed securities), synthetic instruments or bonds, and may be highly leveraged. Like CLOs, losses incurred by a CDO are borne first by holders of the most subordinate tranches. Accordingly, the risks of CDOs depend largely on the type of underlying collateral and the tranche of CDOs in which the Fund invests. Moreover, CDOs that obtain their exposure through </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">synthetic investments are exposed to risks associated with derivative instruments. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The terms of many structured finance investments, including CLOs and CDOs, are tied to SOFR or other reference rates. These relatively new and developing rates may not match the reference rate applicable to the underlying assets related to these investments. These may adversely affect the Fund and its investments in CLOs and CDOs, including their value, volatility and liquidity. CLOs, CDOs and their underlying loan obligations are typically not registered for sale to the public and therefore are subject to certain restrictions on transfer and sale, potentially subjecting them to increased liquidity risk as compared to other types of investments. As a result, the proceeds from the sale of CLO securities may not be readily available to meet the Fund’s redemption or other obligations and the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund may be unable to acquire or dispose of the securities at a price and time that are advantageous to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and over-the-counter (“OTC”)-traded</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;"> derivatives involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (e.g., prime brokerage or securities lending arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">obligations to the Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having concentrated </span><span style="font-family:Arial;font-size:10.02pt;">exposure to such a counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund could lose money if the issuer or guarantor of a fixed-income or other debt instrument or a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a derivatives transaction or other transaction is unable or unwilling, or perceived by market participants, rating agencies, pricing services or otherwise to be unable or unwilling, to pay interest or repay principal on time, defaults or otherwise fails to meet its obligations. Actual or perceived changes in economic, social, public health, financial or political conditions in general or that affect a particular type of instrument, issuer, guarantor or counterparty can reduce the ability of the party to meet its obligations, which can affect the credit quality, liquidity and/or value of an instrument. The value of an instrument also may decline for reasons that relate directly to the issuer, guarantor or counterparty, such as management performance, financial leverage and reduced demand for goods and services or an actual or perceived change in financial condition or reputation. The issuer, guarantor or counterparty could also suffer a rapid decline in credit rating, which would adversely affect the value, price volatility </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and liquidity of the instrument. Credit ratings may not be an accurate assessment of liquidity or credit risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Derivatives and other similar instruments (collectively referred to in this paragraph as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">“derivatives”) pose risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, illiquidity, valuation, operational and legal restrictions and risk. Their use is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in leverage, which may cause the Fund to be more volatile and riskier than if it had not been leveraged. Changes in the value of a derivative may also create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund and its liquidity and other risk profiles. If the Investment Manager is incorrect about its expectations of market conditions, the use of derivatives could also result in a loss, which in some cases may be unlimited. In addition, the Fund's use of derivatives may cause the Fund to realize higher amounts of short term capital gains (generally taxed at ordinary income tax rates) than if the Fund had not used such instruments.  Some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC market. OTC derivatives are subject to heightened counterparty </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">credit, legal, liquidity and valuation risks. Certain risks also are specific to the derivatives in which the Fund invests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of swap transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in or exposure to emerging markets are generally subject to a greater level of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risks associated with investing in or being exposed to developed foreign markets, as emerging markets are considered to be less developed. Furthermore, investments in or exposure to emerging markets are generally subject to risks in addition to the risks associated with investing in foreign securities, including the risks associated with trading in smaller markets, lower volumes of trading, limited information about issuers and securities, being subject to lower levels of government regulation and less extensive and transparent accounting, auditing, recordkeeping, financial reporting and other requirements, and being subject to potential expropriation or nationalization of private </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">properties and other adverse political, economic and social events.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Extension Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including mortgage- and other asset-backed securities, are subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risk that payments on principal may occur at a slower rate or later than expected. In this event, the expected maturity could lengthen and the Fund’s investment may sharply decrease in value and the Fund’s income from the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investment may quickly decline. These types of instruments are particularly subject to extension risk, and offer less potential for gains, during periods of rising interest rates. In addition, the Fund may be delayed in its ability to reinvest income or proceeds from these instruments in potentially higher yielding investments, which would adversely affect </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Foreign Securities and Currency Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Foreign securities carry unique,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">additional and heightened risks when </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">compared to U.S. securities, including</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">but not limited to: currency fluctuations; adverse political (including </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">geopolitical)</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">social and economic developments; trade restrictions (including tariffs) or other government restrictions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">by the U.S. or other governments; unreliable</span><span style="font-family:Arial;font-size:10.02pt;">, untimely or less publicly available information; less government </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">supervision; reporting</span><span style="font-family:Arial;font-size:10.02pt;">, accounting, and auditing standards that are not comparable to those in the United States; less liquidity and more volatility; limited legal recourse and higher transactional costs.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">High Yield and Unrated Securities Risk</span><span style="font-family:Arial;font-size:10.02pt;">—High yield, below investment grade and unrated high risk debt securities </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">(which also may be known as “junk bonds”) are regarded as predominantly speculative by certain rating agencies with respect to the issuer’s continuing ability to meet principal and interest payments. These securities generally present additional risks compared to investment grade bonds and are typically less liquid, and therefore more difficult to value accurately and sell at an advantageous price or time, and present more credit and default risk, including risk of loss (which may be substantial or total loss) of income and principal, than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific factors, such as operating results and outlook, and to real or perceived adverse economic and competitive industry conditions. High yield securities may be issued by companies that </span><span style="font-family:Arial;font-size:10.02pt;">are restructuring, are smaller and less credit worthy or are more highly leveraged </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">or indebted than other companies or are financially distressed, and therefore they typically have more difficulty making scheduled payments of principal and interest than issuers of higher rated investments. Under unusual or adverse economic, market or political conditions, high yield securities may be particularly susceptible to default risk and increased default rates. In the event of default, the Fund may incur additional expenses to seek recovery or to negotiate new terms with a defaulting issuer. Based on its investment strategies, a significant portion of the Fund’s investments (directly or indirectly) can be comprised of high yield, below investment grade and unrated securities </span><span style="font-family:Arial;font-size:10.02pt;">and thus particularly prone to the foregoing risks, which may result in losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed-income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed-income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed-income and other debt instruments decline, sometimes suddenly and significantly. When interest rates decrease, the values of fixed-income and other debt instruments generally rise. During periods of rising interest rates, because changes in interest rates on adjustable rate securities may lag behind changes in market rates, the value of such securities may decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns and performance may be adversely affected by changing interest rates and the Fund's net asset value per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio turnover costs and lower valuations, thereby adversely affecting the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Investment Vehicles Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may seek to obtain certain exposure through investments in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other investment vehicles. Investing in other investment vehicles, including ETFs, closed-end funds, short-term funds advised by the Investment Manager and/or its affiliates and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, which will reduce the Fund’s performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the net asset value of the shares and the listing exchange may halt trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the shares.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Loans Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in loans directly or indirectly through assignments or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">participations. Investments in loans, including loan syndicates and other direct lending opportunities, involve special types of risks, including credit risk, interest rate risk, counterparty risk, prepayment risk, risk of subordination to other creditors, and extension risk and risk of insufficient or lack of protection under the federal securities laws. Loans may offer a fixed or floating interest rate. Loans are often below investment grade and may be unrated. The Fund’s investments in loans can also be difficult to value accurately because of, among other factors, limited public information regarding the loan or the borrowers and may be more susceptible to liquidity risk than fixed-income instruments of similar credit quality and/or maturity. The Fund is also subject to the risk that the value of any collateral for the loan may be insufficient or unavailable to cover the borrower’s obligations should the borrower fail to make payments, become insolvent, or otherwise default. This risk is increased if the Fund’s loans are secured by a single asset. The Fund may also invest in loans that are not secured by collateral which typically present greater risks than collateralized loans. Transactions in loans are often subject to long settlement periods and often require consent from borrowers and/or an agent acting for the lenders, thus potentially limiting the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. The Fund thus is subject to the risk of selling other investments at disadvantageous times or prices or taking other actions necessary to raise cash to meet its redemption obligations. Participations in loans may subject the Fund to the credit risk of both the borrower and the seller of the participation and may make enforcement of loan covenants, if any, more difficult for the Fund as legal action may have to go through the seller of the participation (or an agent acting on its behalf). Covenants contained in loan documentation are intended to protect lenders and investors by imposing certain restrictions and other limitations on a borrower’s and the credit group’s operations or assets and by providing certain </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">information and consent rights to lenders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s use of leverage, through borrowings or instruments such as derivatives and reverse </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">repurchase agreements, may cause the Fund to be more volatile and riskier and magnify the Fund's losses to an extent greater than if it had not been leveraged. The use of leverage may also increase the Fund’s sensitivity to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes of the Fund’s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Based on its investment strategies, a significant portion of the Fund's investments can be difficult to value and potentially less liquid and thus particularly prone to the foregoing risks. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment, particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is actively managed, which means that investment decisions are made based on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investment views. There is no guarantee that the investment views will produce the desired results or expected returns. As a result of these and other factors, the Fund may lose value or fail to meet its investment objective or underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active and frequent trading that can accompany active management, also called “high turnover,” may have a negative impact on performance. Active and frequent trading may result in higher brokerage costs or mark-up charges and tax costs, which are ultimately passed on to shareholders of the Fund. Active and frequent trading may also result in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adverse tax consequences.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund's investments may perform poorly or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">underperform the general securities markets or other types of securities.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Municipal Securities Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Municipal securities are subject to a variety of risks generally associated with </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">investments in debt instruments, including credit, interest rate, prepayment, liquidity, and valuation risks, as well as risks specific to municipal securities. The ability of issuers of municipal securities to pay their obligations can be adversely affected by, among other developments or events, (i) unfavorable legislative, tax, political or other developments or events, including extreme weather, natural or man-made disasters and public health conditions, the occurrence of natural disasters, or other events impacting markets and/or specific states and issuers, and (ii) changes in the economic and fiscal conditions of issuers of municipal securities or the federal government (in cases where it provides financial support to such issuers)</span><span style="font-family:Arial;font-size:10.02pt;">, and (iii) litigation involving such issuers. In addition, the values of, </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">and income generated by, municipal securities may fully or partially depend on a specific revenue or tax source, such as the taxing authority or revenue of a local government </span><span style="font-family:Arial;font-size:10.02pt;">(which may be limited by provisions of state constitutions or </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">laws)</span><span style="font-family:Arial;font-size:10.02pt;">, the credit of a private issuer or other issuer of municipal securities (which will depend on many factors, </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">including the entity's tax base and revenue sources,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">the extent to which the entity relies on federal or state aid and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">other factors which are beyond the entity's control), or the </span><span style="font-family:Arial;font-size:10.02pt;">current or anticipated revenues from a specific project. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Developments adversely affecting such sources, such as economic, social or public health conditions, would negatively impact the cash flows of such sources and, in turn, municipal securities fully or partially backed by such sources. To the extent the Fund invests a substantial portion of its assets in municipal securities issued by issuers in a particular state, municipality or project or in municipal instruments that finance similar projects </span><span style="font-family:Arial;font-size:10.02pt;">( or are backed by </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">current or anticipated revenues from a specific or similar project or assets)</span><span style="font-family:Arial;font-size:10.02pt;"> such as those relating to education, </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">healthcare, housing, utilities, or water and sewer, the Fund will be particularly sensitive to developments and events adversely affecting such state or municipality or with respect to such projects. For example, the Fund invests a substantial amount of its assets in municipal securities of issuers located in California. As a result, the Fund may be affected significantly by economic, regulatory, environmental, political or other developments affecting the ability of California issuers to pay interest or repay principal. From time to time, the Fund may invest a substantial amount of its assets in securities issued by issuers located in other states or municipalities. Certain sectors of the municipal bond market have special risks that can affect them more significantly than the market as a whole. Because many municipal instruments are issued to finance similar projects (such as education, health care, transportation and utilities), conditions in these industries can significantly affect the overall municipal market. Municipal securities that are insured may be adversely affected by developments relevant to that particular insurer, or more general developments relevant to the market as a whole</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">including proposed federal, state or local legislation involving the financing of,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">or declining markets or needs for, such projects.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Prepayment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including loans and mortgage- and other asset-backed securities, are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the risk that payments on principal may occur more quickly or earlier than expected. If this occurs, the Fund might be forced to forego future interest income on the principal repaid early and to reinvest income or proceeds at generally lower interest rates, thus reducing the Fund’s yield. These types of instruments are particularly </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">subject to prepayment risk, and offer less potential for gains, during periods of declining interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation applying to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and operations of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreements and Reverse Repurchase Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In the event of the insolvency of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities or other assets sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">rate lower than the cost of the agreement, entering into the agreement will lower the Fund’s yield.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Restricted Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Restricted securities, including those acquired through private placement transactions, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">generally cannot be sold to the public and may involve a high degree of business, financial and liquidity risk, which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">may result in substantial losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sovereign Debt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The debt securities issued by sovereign entities may decline as a result of default or other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">adverse credit event resulting from a sovereign debtor's unwillingness or inability to repay principal and pay interest in a timely manner, which may be affected by a variety of factors, including its cash flow situation, the extent of its reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">service burden to the economy as a whole, the sovereign debtor's policy toward international lenders, and the political constraints to which a sovereign debtor may be subject. Sovereign debt risk is greater for issuers in emerging </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">markets than issuers in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Tender Option Bonds Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Tender option bonds, residual interest tender option bonds and inverse floaters </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">expose the Fund to the same risks as investments in derivatives, as well as risks associated with leverage, especially the risk of increased volatility. An investment in these securities typically will involve greater risk than an investment in a municipal fixed rate security, including the risk of loss of principal. Because distributions on these securities will bear an inverse relationship to short-term municipal security interest rates, distributions will be reduced or, in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">extreme, eliminated as rates rise and will increase when rates fall.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed-income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund. </span><span style="font-family:Arial;font-size:10.02pt;">Because Class R6 shares </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">had not commenced operations as of the date of this Prospectus,</span><span style="font-family:Arial;font-size:10.02pt;"> the following chart and table show the Fund’s </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Institutional Class share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund's Institutional Class shares compared to those of a regulatorily required broad-based securities market index (Bloomberg Municipal Bond Index).</span><span style="font-family:Arial;font-size:10.02pt;">Class R6 </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">shares and Institutional Class shares of the Fund would have substantially similar performance because they invest in the same portfolio of securities. However, the performance of Class R6 shares would be higher than Institutional Class shares to the extent Class R6 shares pay lower expenses than Institutional Class shares. </span><span style="font-family:Arial;font-size:10.02pt;">As with all mutual </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">funds, past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:10.02pt;"> Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by calling </span><span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span><span style="font-family:Arial;font-size:10.02pt;">. </span><span style="font-family:Arial;font-size:10.02pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund. </span><span style="font-family:Arial;font-size:10.02pt;">Because Class R6 shares </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">had not commenced operations as of the date of this Prospectus,</span><span style="font-family:Arial;font-size:10.02pt;"> the following chart and table show the Fund’s </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Institutional Class share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund's Institutional Class shares compared to those of a regulatorily required broad-based securities market index (Bloomberg Municipal Bond Index).</span> <span style="font-family:Arial;font-size:10.02pt;">Because Class R6 shares </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">had not commenced operations as of the date of this Prospectus,</span><span style="font-family:Arial;font-size:10.02pt;"> the following chart and table show the Fund’s </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Institutional Class share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund's Institutional Class shares compared to those of a regulatorily required broad-based securities market index (Bloomberg Municipal Bond Index).</span> <span style="font-family:Arial;font-size:10.02pt;">Because Class R6 shares </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">had not commenced operations as of the date of this Prospectus,</span> <span style="font-family:Arial;font-size:10.02pt;">As with all mutual </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">funds, past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">December 31, 2023</span><span style="font-family:Arial;font-size:10.02pt;">7.24%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">March 31, 2022</span><span style="font-family:Arial;font-size:10.02pt;">-9.09%</span> <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2023-12-31 0.0724 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2022-03-31 -0.0909 <span style="font-family:Arial;font-size:10.02pt;">Average Annual Total Returns (for the periods ended December 31, 2025)</span> 0.0546 0.0009 0.0193 0.0408 -0.0116 0.0077 0.0321 -0.0046 0.0098 0.0425 0.0080 0.0234 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:16.04pt;font-weight:bold;">Guggenheim Total Return Bond Fund</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Guggenheim Total Return Bond Fund (the “Fund”) seeks to provide total return, comprised of current income </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">You may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(fees paid directly from your investment)</span> 0 0 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:-9pt;">ANNUAL FUND OPERATING EXPENSES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">)</span> 0.0039 0 0.0007 0.0001 0.0006 0.0046 -0.0004 0.0042 <span style="font-family:Arial;font-size:8.02pt;">February 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although the actual costs may be higher or lower, based on these assumptions your costs (whether </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">or not you redeem your shares at the end of the given period) would be:</span> 43 144 254 575 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The above Example reflects applicable contractual fee waiver/expense reimbursement arrangements for the current </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">duration of the arrangements only.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="font-family:Arial;font-size:10.02pt;">was </span><span style="font-family:Arial;font-size:10.02pt;">49</span><span style="font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio.</span> 0.49 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund intends to pursue its investment objective by investing, under normal circumstances, at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in debt securities. Such debt securities may include corporate bonds and other corporate debt securities, securities issued by the U.S. government or its agencies and instrumentalities (including those not backed by the full faith and credit of the U.S. government), sovereign debt securities, Eurodollar bonds and obligations, agency and non-agency residential and commercial mortgage-backed securities and other asset-backed securities (including collateralized mortgage obligations), loans, participations in and assignments of bank and bridge loans, zero-coupon bonds, municipal bonds, payment-in-kind securities (such as payment-in-kind bonds), convertible fixed-income securities, non-registered or restricted securities (including those issued in reliance on Rule 144A and Regulation S securities), certain preferred securities and step-up securities (such as step-up bonds). These securities may pay fixed or variable rates of interest and may include adjustable rate securities. While the Fund will principally invest in debt securities listed, traded or dealt in developed markets countries globally, it may also invest without limitation in securities listed, traded or dealt in other countries, including emerging markets countries. Such securities may be denominated in foreign currencies. Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”) may attempt to reduce foreign currency exchange rate risk by entering into contracts with banks, brokers or dealers to purchase or sell securities or foreign currencies at a future date. The Fund may also invest in collateralized debt obligations (“CDOs”) (which include collateralized bond obligations, collateralized loan obligations and other similarly structured instruments), preferred stock and convertible securities. The Fund may seek to obtain exposure to the securities in which it primarily invests through a variety of investment vehicles, principally closed-end </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">funds, exchange-traded funds (“ETFs”) and other mutual funds. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may hold fixed-income instruments of any quality, rated or unrated, including those that are rated below investment grade, or if unrated, determined to be of comparable quality (also known as “high yield securities” or “junk bonds”). If nationally recognized statistical rating organizations assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality. However, the Fund may not invest more than 33 1/3% of its total assets in fixed-income securities that are below investment grade. The Fund may hold </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities of any duration or maturity. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">With respect to bank loans, the Fund may purchase participations in, or assignments of, floating rate bank loans that meet certain liquidity standards and will provide for interest rate adjustments at least every 397 days and which may be secured by real estate or other assets. Participations may be interests in, or assignments of, the loan and may be acquired from banks or brokers that have made the loan or members of the lending syndicate. The Fund may also </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">participate in lending syndicates and other direct lending opportunities. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund also may seek exposures through derivative transactions, principally: foreign exchange forward contracts; futures on securities, indices, currencies and other investments; Secured Overnight Financing Rate (“SOFR”) futures; options; interest rate swaps; cross-currency swaps; total return swaps; credit default swaps; and other foreign currency contracts and foreign currency-related transactions, which may also create economic leverage in the Fund. The Fund may engage in derivative and foreign currency-related transactions for speculative purposes to enhance total return, to seek to hedge against fluctuations in securities prices, interest rates or currency rates, to change the effective duration of its portfolio, to manage certain investment risks, as a substitute for the purchase or sale of securities or currencies and/or to obtain or replicate market exposure. The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as “To Be Announced” (“TBA”) transactions and/or dollar rolls). The Fund may use leverage to the extent permitted by applicable law by entering into reverse repurchase agreements and transactions equivalent to a borrowing for investment purposes. The Fund also may engage, without limitation, in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs a diversified, multi-sector strategy focused on under-researched areas of the fixed income universe, including sectors not included in benchmark indices. Through its actively managed approach, the Fund seeks to potentially capitalize on changing relative values in fixed-income sectors. The Investment Manager selects </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities and other investments for purchase and sale based on intensive credit research involving extensive due diligence on each issuer, region and sector. The Investment Manager also considers macroeconomic outlook and geopolitical issues, and may employ a tactical asset or sector allocation strategy to seek to capitalize on total return </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">potential created by changing market and economic conditions. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Investment Manager may determine to sell a security for several reasons, including but not limited to the following: (1) to adjust the portfolio’s average maturity or duration, or to shift assets into or out of higher-yielding securities; (2) if a security’s credit rating has been changed, the Investment Manager's credit outlook has changed, or for other similar reasons; (3) to meet redemption requests; (4) to take gains; or (5) due to relative value. The Fund does not intend to principally invest in defaulted securities, but if a security defaults subsequent to purchase by the Fund, the Investment Manager will determine in its discretion whether to hold or dispose of such security. Under adverse or unstable market conditions or abnormal circumstances (for example, in the event of credit events, where it is deemed opportune to preserve gains, or to preserve the relative value of investments or in the case of large cash inflows or anticipated large redemptions), the Fund can make temporary investments that are inconsistent with the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund’s principal investment strategies and may not be able to pursue or achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investors in asset-backed securities, including residential mortgage-backed </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities, commercial mortgage-backed securities and other structured finance investments (such as collateralized mortgage obligations), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. As a result, asset-backed securities are particularly subject to credit risk and borrower defaults on the obligations underlying the asset-backed security will result in losses. In addition, asset-backed securities are typically particularly sensitive to changes in interest rates, which can cause the prices of asset-backed securities to be increasingly volatile and adversely affect the Fund’s holdings of asset-backed securities. Some asset-backed securities, including mortgage-backed securities, may have structures that make their performance based on changes in interest rates and other factors difficult to predict, causing their prices to be volatile. Asset-backed securities are also particularly subject to market, liquidity, valuation, prepayment and extension risks, and are also subject to risk of impairment of the value of the underlying asset. Additional risks relating to investments in asset-backed securities may arise principally because of the type of asset-backed securities in which the Fund invests, with such risks primarily associated with the particular assets collateralizing the asset-backed securities, the structure of such asset-backed securities or the tranche or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">priority of the asset-backed security held by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Collateralized Loan Obligations and Collateralized Debt Obligations Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Collateralized loan obligations </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(“CLOs”) bear many of the same risks as other forms of asset-backed securities, including interest rate risk, credit risk and default risk. As they are backed primarily by commercial loans, CLOs also bear many of the same risks as investing in loans directly. However, in addition to the risks associated with investing in commercial loans, the complex structure and highly leveraged nature of a CLO poses additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in CLOs that are subordinate to other classes; and (iv) the complex structure of the CLO may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. CLOs incur indebtedness by issuing classes or “tranches” that vary in risk and yield. CLOs may experience substantial losses attributable to loan defaults or trading losses. Such losses on the underlying assets are borne first by the holders of subordinate tranches, which may take the form of an equity interest. The Fund’s investments in CLOs may decrease in market value or income when the CLO’s assets experience loan defaults or credit impairment, losses that exceed the most subordinate tranches, or market </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">anticipation of loan defaults and investor aversion to CLO securities as a class. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Collateralized debt obligations (“CDOs”) are structured similarly to CLOs and bear many of the same risks as CLOs, including interest rate risk, credit risk and default risk. CDOs are subject to additional risks because they are backed by pools of assets other than commercial loans, including securities (such as other asset-backed securities), synthetic instruments or bonds, and may be highly leveraged. Like CLOs, losses incurred by a CDO are borne first by holders of the most subordinate tranches. Accordingly, the risks of CDOs depend largely on the type of underlying collateral and the tranche of CDOs in which the Fund invests. Moreover, CDOs that obtain their exposure through </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">synthetic investments are exposed to risks associated with derivative instruments. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The terms of many structured finance investments, including CLOs and CDOs, are tied to SOFR or other reference rates. These relatively new and developing rates may not match the reference rate applicable to the underlying assets related to these investments. These may adversely affect the Fund and its investments in CLOs and CDOs, including their value, volatility and liquidity. CLOs, CDOs and their underlying loan obligations are typically not registered for sale to the public and therefore are subject to certain restrictions on transfer and sale, potentially subjecting them to increased liquidity risk as compared to other types of investments. As a result, the proceeds from the sale of CLO securities may not be readily available to meet the Fund’s redemption or other obligations and the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund may be unable to acquire or dispose of the securities at a price and time that are advantageous to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commercial Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in commercial mortgage-backed securities (“CMBS”) are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">backed by commercial mortgage loans that may be secured, for example, by office properties, retail properties, hotels, mixed use properties or multi-family apartment buildings and are particularly subject to the credit risk of the borrower and the tenants of the properties securing the commercial mortgage loans. CMBS are subject to the risks of asset-backed securities generally, in particular credit risk and interest rate risk, and the commercial real estate markets. Economic downturns, tightening lending standards and increased interest and lending rates, developments adverse to the commercial real estate markets, and other developments that limit or reduce the activities of and demand for commercial retail and office spaces adversely impact the value of, and income generated by, such </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Convertible Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Convertible securities may be subordinate to other securities. The total return for a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">convertible security depends, in part, upon the performance of the underlying security into which it can be converted. The value of convertible securities tends to decline as interest rates increase. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Certain types of convertible securities may decline in value or lose their value entirely in the event that the issuer’s financial conditions become </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">significantly impaired.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and over-the-counter (“OTC”)-traded</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;"> derivatives involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (e.g., prime brokerage or securities lending arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">obligations to the Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having concentrated </span><span style="font-family:Arial;font-size:10.02pt;">exposure to such a counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund could lose money if the issuer or guarantor of a fixed-income or other debt instrument or a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a derivatives transaction or other transaction is unable or unwilling, or perceived by market participants, rating agencies, pricing services or otherwise to be unable or unwilling, to pay interest or repay principal on time, defaults or otherwise fails to meet its obligations. Actual or perceived changes in economic, social, public health, financial or political conditions in general or that affect a particular type of instrument, issuer, guarantor or counterparty can reduce the ability of the party to meet its obligations, which can affect the credit quality, liquidity and/or value of an instrument. The value of an instrument also may decline for reasons that relate directly to the issuer, guarantor or counterparty, such as management performance, financial leverage and reduced demand for goods and services or an actual or perceived change in financial condition or reputation. The issuer, guarantor or counterparty could also suffer a rapid decline in credit rating, which would adversely affect the value, price volatility </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and liquidity of the instrument. Credit ratings may not be an accurate assessment of liquidity or credit risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">currencies will decline in value relative to the U.S. Dollar, which would cause a decline in the value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. When the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Derivatives and other similar instruments (collectively referred to in this paragraph as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">“derivatives”) pose risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, illiquidity, valuation, operational and legal restrictions and risk. Their use is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in leverage, which may cause the Fund to be more volatile and riskier than if it had not been leveraged. Changes in the value of a derivative may also create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund and its liquidity and other risk profiles. If the Investment Manager is incorrect about its expectations of market conditions, the use of derivatives could also result in a loss, which in some cases may be unlimited. In addition, the Fund's use of derivatives may cause the Fund to realize higher amounts of short term capital gains (generally taxed at ordinary income tax rates) than if the Fund had not used such instruments.  Some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC market. OTC derivatives are subject to heightened counterparty </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">credit, legal, liquidity and valuation risks. Certain risks also are specific to the derivatives in which the Fund invests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Forward Foreign Currency Exchange Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A forward foreign currency exchange contract is an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">OTC obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract. Foreign currency transactions can be affected unpredictably by intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or by currency controls or political developments. Such events may prevent or restrict the Fund’s ability to enter into foreign currency transactions, force the Fund to exit a foreign currency transaction at a disadvantageous time or price or result in penalties for the Fund, any of which may result in a loss to the Fund. A contract to sell a foreign currency would limit any potential gain that might be realized if the value of the currency increases. Suitable hedging transactions may not be available in all circumstances. Engaging in forward foreign currency exchange contracts will subject the Fund to counterparty </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">credit risk and any failure to perform by a counterparty could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Futures Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Futures contracts are exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts may be caused by an imperfect correlation between movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of positions that can be held or controlled by the Fund or the Investment Manager, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">are also subject to leverage and liquidity risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Investment Manager’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions that can be held or controlled by the Fund or the Investment Manager, thus limiting the ability to implement the Fund’s strategies. Options are also particularly subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">leverage risk and can be subject to liquidity risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of swap transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Dollar Roll Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may enter into dollar roll transactions, in which the Fund sells a mortgage-backed</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;"> or other security for settlement on one date and buys back a substantially similar security for settlement at a later date. Dollar rolls involve a risk of loss if the market value of the securities that the Fund is committed to buy </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">declines below the price of the securities the Fund has sold.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in or exposure to emerging markets are generally subject to a greater level of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risks associated with investing in or being exposed to developed foreign markets, as emerging markets are considered to be less developed. Furthermore, investments in or exposure to emerging markets are generally subject to risks in addition to the risks associated with investing in foreign securities, including the risks associated with trading in smaller markets, lower volumes of trading, limited information about issuers and securities, being subject to lower levels of government regulation and less extensive and transparent accounting, auditing, recordkeeping, financial reporting and other requirements, and being subject to potential expropriation or nationalization of private </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">properties and other adverse political, economic and social events.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Extension Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including mortgage- and other asset-backed securities, are subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risk that payments on principal may occur at a slower rate or later than expected. In this event, the expected maturity could lengthen and the Fund’s investment may sharply decrease in value and the Fund’s income from the investment may quickly decline. These types of instruments are particularly subject to extension risk, and offer less potential for gains, during periods of rising interest rates. In addition, the Fund may be delayed in its ability to reinvest income or proceeds from these instruments in potentially higher yielding investments, which would adversely affect </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Foreign Securities and Currency Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Foreign securities carry unique,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">additional and heightened risks when </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">compared to U.S. securities, including</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">but not limited to: currency fluctuations; adverse political (including </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">geopolitical)</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">social and economic developments; trade restrictions (including tariffs) or other government restrictions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">by the U.S. or other governments; unreliable</span><span style="font-family:Arial;font-size:10.02pt;">, untimely or less publicly available information; less government </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">supervision; reporting</span><span style="font-family:Arial;font-size:10.02pt;">, accounting, and auditing standards that are not comparable to those in the United States; less liquidity and more volatility; limited legal recourse and higher transactional costs.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Hedging Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may, but is not required to, engage in various investments or transactions that are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">designed to hedge a position that the Fund holds. There can be no assurance that the Fund’s hedging investments or transactions will be effective. Hedging investments or transactions involve costs and may reduce gains or result in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">losses, which may adversely affect the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">High Yield and Unrated Securities Risk</span><span style="font-family:Arial;font-size:10.02pt;">—High yield, below investment grade and unrated high risk debt securities </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">(which also may be known as “junk bonds”) are regarded as predominantly speculative by certain rating agencies with respect to the issuer’s continuing ability to meet principal and interest payments. These securities generally present additional risks compared to investment grade bonds and are typically less liquid, and therefore more difficult to value accurately and sell at an advantageous price or time, and present more credit and default risk, including risk of loss (which may be substantial or total loss) of income and principal, than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific factors, such as operating results and outlook, and to real or perceived adverse economic and competitive industry conditions. High yield securities may be issued by companies that </span><span style="font-family:Arial;font-size:10.02pt;">are restructuring, are smaller and less credit worthy or are more highly leveraged </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">or indebted than other companies or are financially distressed, and therefore they typically have more difficulty making scheduled payments of principal and interest than issuers of higher rated investments. Under unusual or adverse economic, market or political conditions, high yield securities may be particularly susceptible to default risk and increased default rates. In the event of default, the Fund may incur additional expenses to seek recovery or to negotiate new terms with a defaulting issuer. Based on its investment strategies, a significant portion of the Fund’s investments (directly or indirectly) can be comprised of high yield, below investment grade and unrated securities </span><span style="font-family:Arial;font-size:10.02pt;">and thus particularly prone to the foregoing risks, which may result in losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed-income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed-income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed-income and other debt instruments decline, sometimes suddenly and significantly. When interest rates decrease, the values of fixed-income and other debt instruments generally rise. During periods of rising interest rates, because changes in interest rates on adjustable rate securities may lag behind changes in market rates, the value of such securities may decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns and performance may be adversely affected by changing interest rates and the Fund's net asset value per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio turnover costs and lower valuations, thereby adversely affecting the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Investment Vehicles Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may seek to obtain certain exposure through investments in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other investment vehicles. Investing in other investment vehicles, including ETFs, closed-end funds, short-term funds advised by the Investment Manager and/or its affiliates and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, which will reduce the Fund’s performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the net asset value of the shares and the listing exchange may halt trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the shares.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Loans Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in loans directly or indirectly through assignments or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">participations. Investments in loans, including loan syndicates and other direct lending opportunities, involve special types of risks, including credit risk, interest rate risk, counterparty risk, prepayment risk, risk of subordination to other creditors, extension risk and risk of insufficient or lack of protection under the federal securities law. Loans may offer a fixed or floating interest rate. Loans are often below investment grade and may be unrated. The Fund’s investments in loans can also be difficult to value accurately because of, among other factors, limited public information regarding the loan or the borrowers and may be more susceptible to liquidity risk than fixed-income instruments of similar credit quality and/or maturity. The Fund is also subject to the risk that the value of any collateral for the loan may be insufficient or unavailable to cover the borrower’s obligations should the borrower fail to make payments, become insolvent, or otherwise default. This risk is increased if the Fund’s loans are secured by a single asset. The Fund may also invest in loans that are not secured by collateral which typically present greater risks than collateralized loans. Transactions in loans are often subject to long settlement periods and often require consent from borrowers and/or an agent acting for the lenders, thus potentially limiting the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. The Fund thus is subject to the risk of selling other investments at disadvantageous times or prices or taking other actions necessary to raise cash to meet its redemption obligations. Participations in loans may subject the Fund to the credit risk of both the borrower and the seller of the participation and may make enforcement of loan covenants, if any, more difficult for the Fund as legal action may have to go through the seller of the participation (or an agent acting on its behalf). Covenants contained in loan documentation are intended to protect lenders and investors by imposing certain restrictions and other limitations on a borrower’s and the credit group’s operations or assets and by providing certain information and consent rights to lenders. In addition to operational covenants, loans and other debt obligations often contain financial covenants, which require a borrower and the related credit group to satisfy certain financial tests at periodic intervals or to maintain compliance with certain financial metrics. The Fund may invest in or have exposure loans and other similar debt obligations that are sometimes referred to as “covenant-lite” loans or obligations, which generally are loans or other similar debt obligations that lack financial maintenance covenants or possess fewer or contingent financial maintenance covenants and other financial protections for lenders and investors. These “covenant-lite” loans or similar debt obligations are particularly subject to the risks associated with investments in loans as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">described above.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s use of leverage, through borrowings or instruments such as derivatives and reverse </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">repurchase agreements, may cause the Fund to be more volatile and riskier and magnify the Fund's losses to an extent greater than if it had not been leveraged. The use of leverage may also increase the Fund’s sensitivity to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes of the Fund’s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Based on its investment strategies, a significant portion of the Fund's investments can be difficult to value and potentially less liquid and thus particularly prone to the foregoing risks. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment, particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is actively managed, which means that investment decisions are made based on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investment views. There is no guarantee that the investment views will produce the desired results or expected returns. As a result of these and other factors, the Fund may lose value or fail to meet its investment objective or underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active and frequent trading that can accompany active management, also called “high turnover,” may have a negative impact on performance. Active and frequent trading may result in higher brokerage costs or mark-up charges and tax costs, which are ultimately passed on to shareholders of the Fund. Active and frequent trading may also result in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adverse tax consequences.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund's investments may perform poorly or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">underperform the general securities markets or other types of securities.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Municipal Securities Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Municipal securities are subject to a variety of risks generally associated with </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">investments in debt instruments, including credit, interest rate, prepayment, liquidity, and valuation risks, as well as risks specific to municipal securities. The ability of issuers of municipal securities to pay their obligations can be adversely affected by, among other developments or events, (i) unfavorable legislative, tax, political, or other developments or events, including extreme weather, natural or man-made disasters and public health conditions, and (ii) changes in the economic and fiscal conditions of issuers of municipal securities or the federal government (in cases where it provides financial support to such issuers). In addition, the values of, and income generated by, municipal securities may fully or partially depend on a specific revenue or tax source, such as the taxing authority or revenue of a local government, the credit of a private issuer, or the current or anticipated revenues from a specific project. Developments adversely affecting such sources, such as economic, social or public health conditions, would negatively impact the cash flows of such sources and, in turn, municipal securities fully or partially backed by such sources. To the extent the Fund invests a substantial portion of its assets in municipal securities issued by issuers in a particular state, municipality or project or in municipal instruments that finance similar projects, such as those relating to education, </span><span style="font-family:Arial;font-size:10.02pt;">healthcare, transportation, housing, utilities, or water and sewer, the Fund will be particularly </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">sensitive to developments and events adversely affecting such state or municipality or with respect to such projects. Certain sectors of the municipal bond market have special risks that can affect them more significantly than the market as a whole. Because many municipal instruments are issued to finance similar projects (such as education, healthcare, transportation and utilities), conditions in these industries can significantly affect the overall municipal </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">market. Municipal securities that are insured may be adversely affected by developments relevant to that particular insurer, or more general developments relevant to the market as a whole. Municipal securities can be difficult to value and be less liquid than other investments, which may affect performance or the ability to meet Fund redemption </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">requests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Preferred Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A company’s preferred stock generally pays dividends only after the company makes </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">required payments to holders of its bonds and other debt. For this reason, the value of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">prospects.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Prepayment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including loans and mortgage- and other asset-backed securities, are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the risk that payments on principal may occur more quickly or earlier than expected. If this occurs, the Fund might be forced to forego future interest income on the principal repaid early and to reinvest income or proceeds at generally lower interest rates, thus reducing the Fund’s yield. These types of instruments are particularly </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">subject to prepayment risk, and offer less potential for gains, during periods of declining interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Real Estate Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in securities of real estate companies and companies related </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">to the real estate industry, including real estate investment trusts (“REITs”), which are subject to the same risks as direct investments in real estate and the real estate market generally. The real estate industry is particularly sensitive to, among other things, economic downturns, changes in interest rates, changes in national, state or local real estate conditions, changes in the availability, cost and terms of mortgages (and other types of financing) and fluctuations in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">occupancy levels and demand for properties.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation applying to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and operations of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreements and Reverse Repurchase Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In the event of the insolvency of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities or other assets sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">rate lower than the cost of the agreement, entering into the agreement will lower the Fund’s yield.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Residential Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Residential mortgage-backed securities (“RMBS”) are backed by </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">residential mortgage loans and are particularly subject to the credit risk of the borrower. RMBS are subject to the risks of asset-backed securities generally, in particular credit risk and interest rate risk, and the residential real estate markets. Delinquencies and losses on RMBS generally increase during periods of adverse economic conditions. Investments in non-agency RMBS, which are not guaranteed by the U.S. government or a government sponsored </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">enterprise, are subject to increased interest rate, credit and other risks, such as liquidity and valuation risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Restricted Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Restricted securities, including those acquired through private placement transactions, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">generally cannot be sold to the public and may involve a high degree of business, financial and liquidity risk, which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">may result in substantial losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sovereign Debt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The debt securities issued by sovereign entities may decline as a result of default or other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">adverse credit event resulting from a sovereign debtor's unwillingness or inability to repay principal and pay interest in a timely manner, which may be affected by a variety of factors, including its cash flow situation, the extent of its reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor's policy toward international lenders, and the political constraints to which a sovereign debtor may be subject. Sovereign debt risk is greater for issuers in emerging </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">markets than issuers in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">To Be Announced (“TBA”) Transactions Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may enter into “To Be Announced” (“TBA”) transactions </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">to purchase or sell mortgage-backed securities for a fixed price at a future date. In a TBA transaction, a seller agrees to deliver a mortgage-backed security to the Fund at a future date, but the seller does not specify the particular security to be delivered. Instead, the Fund agrees to accept or sell any security that meets specified terms. TBA purchase commitments involve a risk of loss if the value of the securities to be purchased declines prior to </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">settlement date or if the counterparty may not deliver the securities as promised. Selling a TBA involves a risk of loss if the value of the securities to be sold goes up prior to settlement date. </span><span style="font-family:Arial;font-size:10.02pt;">Margin requirements applicable to the Fund’s TBA transactions</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">may increase the cost of TBA transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed-income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Zero Coupon and Payment-In-Kind Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Zero coupon and payment-in-kind securities pay no cash </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">interest income and usually are sold at substantial discounts from their value at maturity. Zero coupon and payment-in-kind securities are subject to greater market value fluctuations from changing interest rates than debt obligations of comparable maturities that make current cash-pay interest payments. Additionally, investments in payment-in-kind </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">loans are subject to increased price, volatility, credit risk and other risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s Class R6 share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s Class R6 shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index).</span><span style="font-family:Arial;font-size:10.02pt;">As with all mutual </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">funds, past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:10.02pt;">Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by calling </span><span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span><span style="font-family:Arial;font-size:10.02pt;">. </span><span style="font-family:Arial;font-size:10.02pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s Class R6 share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s Class R6 shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index).</span> <span style="font-family:Arial;font-size:10.02pt;">As with all mutual </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">funds, past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">December 31, 2023</span><span style="font-family:Arial;font-size:10.02pt;">7.05%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2022</span><span style="font-family:Arial;font-size:10.02pt;">-7.24%</span> <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2023-12-31 0.0705 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2022-06-30 -0.0724 <span style="font-family:Arial;font-size:10.02pt;">Average Annual Total Returns (for the periods ended December 31, 2025)</span> 2016-10-19 0.0824 0.0025 0.0288 0.0602 -0.0152 0.0118 0.0484 -0.0058 0.0147 0.0730 -0.0036 0.0160 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:16.04pt;font-weight:bold;">Guggenheim Ultra Short Duration Fund</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Guggenheim Ultra Short Duration Fund (the “Fund”) seeks a high level of income consistent with the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">preservation of capital.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">You may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(fees paid directly from your investment)</span> 0 0 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:-9pt;">ANNUAL FUND OPERATING EXPENSES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">)</span> 0.0025 0 0.0014 0.0039 -0.0006 0.0033 <span style="font-family:Arial;font-size:8.02pt;">Other expenses are based on estimated amounts for the current fiscal year.</span> <span style="font-family:Arial;font-size:8.02pt;">February 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although the actual costs may be higher or lower, based on these assumptions your costs (whether </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">or not you redeem your shares at the end of the given period) would be:</span> 34 119 213 487 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The above Example reflects applicable contractual fee waiver/expense reimbursement arrangements for the current </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">duration of the arrangements only.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="font-family:Arial;font-size:10.02pt;">was </span><span style="font-family:Arial;font-size:10.02pt;">54</span><span style="font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio.</span> 0.54 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund intends to pursue its investment objective by investing primarily in a diversified portfolio of investment-grade debt securities and similar instruments while maintaining a low duration portfolio (i.e., a duration normally not exceeding one year). The Fund is not a money market fund and does not seek to maintain a stable net asset value </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">(“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund’s investments will include: debt securities; financial instruments that are expected to perform similarly to debt securities and investment vehicles that provide exposure to debt securities; and debt-like securities, including individual securities, investment vehicles and derivatives giving exposure to (i.e., with economic characteristics similar to) debt securities or other similar instruments or debt security markets. The Fund may seek to obtain exposure to the securities in which it primarily invests through a variety of investment vehicles, principally closed-end funds, exchange-traded funds (“ETFs”) and other funds, including those advised by the Investment Manager or its </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">affiliates. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Debt securities and instruments in which the Fund may invest include corporate bonds and other corporate debt securities, securities issued by the U.S. government or its agencies and instrumentalities (including those not backed by the full faith and credit of the U.S. government), sovereign debt securities, Eurodollar bonds and obligations, agency and non-agency mortgage-backed and other asset-backed securities, participations in and assignments of bank and bridge loans, commercial paper (including asset-backed commercial paper), zero-coupon bonds, municipal bonds, payment-in-kind securities (such as payment-in-kind bonds), convertible securities, non-registered or restricted securities (including those issued in reliance on Rule 144A and Regulation S securities) and step-up securities (such as step-up bonds). These securities may pay fixed or variable rates of interest. The Fund may also invest in preferred stock and preferred debt securities. Although the Fund will principally invest in debt securities listed, traded or dealt in developed markets, it may also invest without limitation in securities listed, traded or dealt in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">other markets, including emerging and frontier markets. Such securities may be denominated in foreign currencies. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Although the Fund will invest predominantly in investment grade debt instruments, up to 10% of the Fund’s total assets may be invested in securities that are rated below investment grade (also known as “high yield securities” or “junk bonds”) or if unrated, determined by Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”) to be of comparable quality. If nationally recognized statistical rating organizations assign different ratings to a security, the Fund will use the higher rating for purposes of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">determining the security’s credit quality. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may invest in repurchase agreements, which are fixed-income securities in the form of agreements backed by collateral. These agreements, which may be viewed as a type of secured lending by the Fund, typically involve the acquisition by the Fund of securities from the selling institution (such as a bank or a broker-dealer), coupled with the agreement that the selling institution will repurchase the underlying securities at a specified price and at a fixed time in the future (or on demand). The Fund may accept a wide variety of underlying securities as collateral for the repurchase agreements entered into by the Fund. Such collateral may include U.S. government securities, corporate obligations, equity securities, municipal debt securities, asset- and mortgage-backed securities, convertible securities and other fixed income securities or a combination thereof. Any such securities serving as collateral are marked-to-market</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> daily in order to maintain full collateralization (typically purchase price plus accrued interest). </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">With respect to mortgage-backed securities (“MBS”) and other asset-backed securities, the Fund may invest in MBS issued or guaranteed by federal agencies and/or U.S. government sponsored instrumentalities, such as the Government National Mortgage Administration, the Federal Housing Administration, the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. In addition to securities issued or guaranteed by such agencies or instrumentalities, the Fund may invest in MBS or other asset-backed securities issued or guaranteed by private issuers. The MBS in which the Fund may invest also include residential mortgage-backed securities, collateralized mortgage obligations and commercial mortgage-backed securities. The other asset-backed securities in which the Fund may invest include collateralized debt obligations (“CDOs”). CDOs include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”), commercial real estate CDOs and other similarly </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">structured securities. A CBO is a trust which is backed by a diversified pool of below investment grade fixed-income securities. A CLO is a trust typically collateralized by a pool of loans, which may include domestic and foreign senior secured loans, senior unsecured loans and subordinate corporate loans, including loans that may be rated below </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">investment grade or if unrated, determined by the Investment Manager to be of comparable quality. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">With respect to bank loans, the Fund may purchase participations in, or assignments of, floating rate bank loans that may be secured by real estate or other assets or lend directly, joining a lending syndicate. These participations or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">assignments may be acquired from banks or brokers that have made the loan or members of the lending syndicate. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">To seek to enhance the Fund’s debt exposure, hedge against investment risk or increase the Fund’s yield, the Fund may engage in derivatives transactions, including: foreign exchange forward contracts; futures on securities, indices, currencies and other investments; Secured Overnight Financing Rate (“SOFR”) futures; options; interest rate swaps; cross-currency swaps; total return swaps; and credit default swaps. The Fund may engage in derivative transactions for speculative purposes; to seek to enhance total return; to seek to hedge against fluctuations in securities prices, interest rates or currency rates; to seek to change the effective duration of its portfolio; to seek to manage certain investment risks; as a substitute for the purchase or sale of securities or currencies; and/or to obtain or replicate market exposure. These transactions may create economic leverage in the Fund. The Fund may seek to obtain market exposure to the instruments in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs, “To Be Announced” (“TBA”) transactions </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and/or dollar rolls). The Fund may also engage in securities lending. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may use leverage to the extent permitted by applicable law by entering into reverse repurchase </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">agreements and borrowing transactions for investment purposes. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may hold instruments of any duration or maturity but expects, under normal circumstances, to maintain a dollar-weighted average duration of less than one year. Duration is a measure of the price volatility of a debt instrument as a result of changes in market rates of interest, based on the weighted average timing of the instrument’s expected principal and interest payments. Duration differs from maturity in that it considers an instrument’s yield, coupon payments, principal payments and call features in addition to the amount of time until the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">instrument matures. As the value of an instrument changes over time, so will its duration. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund follows an actively managed approach that seeks to find a balance between yield and capital preservation. The Investment Manager selects securities and other investments for purchase and sale based on intensive credit research involving extensive due diligence on each investment (including the investment’s structure), issuer, region </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and sector, and also considers macroeconomic outlook and geopolitical issues. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Investment Manager may determine to sell an instrument for several reasons, including but not limited to the following: (1) to adjust the portfolio’s average maturity or duration, or to shift assets into or out of higher-yielding securities; (2) if a security’s credit rating has been changed, the Investment Manager's credit outlook has changed, or for other similar reasons; (3) to meet redemption requests; (4) to take gains; or (5) due to relative value. The Fund does not intend to principally invest in defaulted securities, but if a security defaults subsequent to purchase by the Fund, the Investment Manager will determine in its discretion whether to hold or dispose of such security. Under adverse or unstable market conditions or abnormal circumstances (for example, in the event of credit events, where it is deemed opportune to preserve gains or to preserve the relative value of investments or in the case of large cash inflows or anticipated large redemptions), the Fund can make temporary investments that are inconsistent with the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund’s principal investment strategies and may be unable to pursue or achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investors in asset-backed securities, including residential mortgage-backed </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities, commercial mortgage-backed securities and other structured finance investments (such as collateralized mortgage obligations), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. As a result, asset-backed securities are particularly subject to credit risk and borrower defaults on the obligations underlying the asset-backed security will result in losses. In addition, asset-backed securities are typically particularly sensitive to changes in interest rates, which can cause the prices of asset-backed securities to be increasingly volatile and adversely affect the Fund’s holdings of asset-backed securities. Some asset-backed securities, including mortgage-backed securities, may have structures that make their performance based on changes in interest rates and other factors difficult to predict, causing their prices to be volatile. Asset-backed securities are also particularly subject to market, liquidity, valuation, prepayment and extension risks, and are also subject to risk of impairment of the value of the underlying asset. Additional risks relating to investments in asset-backed securities may arise principally because of the type of asset-backed securities in which the Fund invests, with such risks primarily associated with the particular assets collateralizing the asset-backed securities, the structure of such asset-backed securities or the tranche or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">priority of the asset-backed security held by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Collateralized Loan Obligations and Collateralized Debt Obligations Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Collateralized loan obligations </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(“CLOs”) bear many of the same risks as other forms of asset-backed securities, including interest rate risk, credit risk and default risk. As they are backed primarily by commercial loans, CLOs also bear many of the same risks as investing in loans directly. However, in addition to the risks associated with investing in commercial loans, the complex structure and highly leveraged nature of a CLO poses additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in CLOs that are subordinate to other classes; and (iv) the complex structure of the CLO may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. CLOs incur indebtedness by issuing classes or “tranches” that vary in risk and yield. CLOs may experience substantial losses attributable to loan defaults or trading losses. Such losses on the underlying assets are borne first by the holders of subordinate tranches, which may take the form of an equity interest. The Fund’s investments in CLOs may decrease in market value or income when the CLO’s assets experience loan defaults or credit impairment, losses that exceed the most subordinate tranches, or market </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">anticipation of loan defaults and investor aversion to CLO securities as a class. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Collateralized debt obligations (“CDOs”) are structured similarly to CLOs and bear many of the same risks as CLOs, including interest rate risk, credit risk and default risk. CDOs are subject to additional risks because they are backed by pools of assets other than commercial loans, including securities (such as other asset-backed securities), synthetic instruments or bonds, and may be highly leveraged. Like CLOs, losses incurred by a CDO are borne first by holders of the most subordinate tranches. Accordingly, the risks of CDOs depend largely on the type of underlying collateral and the tranche of CDOs in which the Fund invests. Moreover, CDOs that obtain their exposure through </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">synthetic investments are exposed to risks associated with derivative instruments. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The terms of many structured finance investments, including CLOs and CDOs, are tied to SOFR or other reference rates. These relatively new and developing rates may not match the reference rate applicable to the underlying assets related to these investments. These may adversely affect the Fund and its investments in CLOs and CDOs, including their value, volatility and liquidity. CLOs, CDOs and their underlying loan obligations are typically not registered for sale to the public and therefore are subject to certain restrictions on transfer and sale, potentially subjecting them to increased liquidity risk as compared to other types of investments. As a result, the proceeds from the sale of CLO securities may not be readily available to meet the Fund’s redemption or other obligations and the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund may be unable to acquire or dispose of the securities at a price and time that are advantageous to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commercial Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in commercial mortgage-backed securities (“CMBS”) are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">backed by commercial mortgage loans that may be secured, for example, by office properties, retail properties, hotels, mixed use properties or multi-family apartment buildings and are particularly subject to the credit risk of the borrower and the tenants of the properties securing the commercial mortgage loans. CMBS are subject to the risks of asset-backed securities generally, in particular credit risk and interest rate risk, and the commercial real estate markets. Economic downturns, tightening lending standards and increased interest and lending rates, developments adverse to the commercial real estate markets, and other developments that limit or reduce the activities of and demand for commercial retail and office spaces adversely impact the value of, and income generated by, such </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commercial Paper Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of the Fund’s investment in commercial paper, which is an unsecured </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">promissory note that generally has a maturity date between one and 270 days and is issued by a U.S. or foreign entity, is susceptible to changes in the issuer’s financial condition or credit quality. Investments in commercial paper are usually discounted from their value at maturity. Commercial paper can be fixed-rate or variable rate and can be adversely affected by changes in interest rates. The Fund may invest in commercial paper collateralized by other financial assets, such as asset-backed commercial paper. These securities are exposed not only to the risks relating </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">to commercial paper, but also the risks relating to the collateral.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Convertible Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Convertible securities may be subordinate to other securities. The total return for a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">convertible security depends, in part, upon the performance of the underlying security into which it can be converted. The value of convertible securities tends to decline as interest rates increase. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Certain types of convertible securities may decline in value or lose their value entirely in the event that the issuer’s financial conditions become </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">significantly impaired.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and over-the-counter (“OTC”)-traded</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;"> derivatives involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (e.g., prime brokerage or securities lending arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">obligations to the Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having concentrated </span><span style="font-family:Arial;font-size:10.02pt;">exposure to such a counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund could lose money if the issuer or guarantor of a fixed-income or other debt instrument or a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a derivatives transaction or other transaction is unable or unwilling, or perceived by market participants, rating agencies, pricing services or otherwise to be unable or unwilling, to pay interest or repay principal on time, defaults or otherwise fails to meet its obligations. Actual or perceived changes in economic, social, public health, financial or political conditions in general or that affect a particular type of instrument, issuer, guarantor or counterparty can reduce the ability of the party to meet its obligations, which can affect the credit quality, liquidity and/or value of an instrument. The value of an instrument also may decline for reasons that relate directly to the issuer, guarantor or counterparty, such as management performance, financial leverage and reduced demand for goods and services or an actual or perceived change in financial condition or reputation. The issuer, guarantor or counterparty could also suffer a rapid decline in credit rating, which would adversely affect the value, price volatility </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and liquidity of the instrument. Credit ratings may not be an accurate assessment of liquidity or credit risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">currencies will decline in value relative to the U.S. Dollar, which would cause a decline in the value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. When the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Derivatives and other similar instruments (collectively referred to in this paragraph as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">“derivatives”) pose risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, illiquidity, valuation, operational and legal restrictions and risk. Their use is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in leverage, which may cause the Fund to be more volatile and riskier than if it had not been leveraged. Changes in the value of a derivative may also create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund and its liquidity and other risk profiles. If the Investment Manager is incorrect about its expectations of market conditions, the use of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">derivatives could also result in a loss, which in some cases may be unlimited. In addition, the Fund's use of derivatives may cause the Fund to realize higher amounts of short term capital gains (generally taxed at ordinary income tax rates) than if the Fund had not used such instruments.  Some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC market. OTC derivatives are subject to heightened counterparty </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">credit, legal, liquidity and valuation risks. Certain risks also are specific to the derivatives in which the Fund invests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Forward Foreign Currency Exchange Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A forward foreign currency exchange contract is an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">OTC obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract. Foreign currency transactions can be affected unpredictably by intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or by currency controls or political developments. Such events may prevent or restrict the Fund’s ability to enter into foreign currency transactions, force the Fund to exit a foreign currency transaction at a disadvantageous time or price or result in penalties for the Fund, any of which may result in a loss to the Fund. A contract to sell a foreign currency would limit any potential gain that might be realized if the value of the currency increases. Suitable hedging transactions may not be available in all circumstances. Engaging in forward foreign currency exchange contracts will subject the Fund to counterparty </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">credit risk and any failure to perform by a counterparty could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Futures Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Futures contracts are exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts may be caused by an imperfect correlation between movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of positions that can be held or controlled by the Fund or the Investment Manager, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">are also subject to leverage and liquidity risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Investment Manager’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions that can be held or controlled by the Fund or the Investment Manager, thus limiting the ability to implement the Fund’s strategies. Options are also particularly subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">leverage risk and can be subject to liquidity risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of swap transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Dollar Roll Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may enter into dollar roll transactions, in which the Fund sells a mortgage-backed</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;"> or other security for settlement on one date and buys back a substantially similar security for settlement at a later date. Dollar rolls involve a risk of loss if the market value of the securities that the Fund is committed to buy </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">declines below the price of the securities the Fund has sold.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in or exposure to emerging markets are generally subject to a greater level of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risks associated with investing in or being exposed to developed foreign markets, as emerging markets are considered to be less developed. Furthermore, investments in or exposure to emerging markets are generally subject to risks in addition to the risks associated with investing in foreign securities, including the risks associated with trading in smaller markets, lower volumes of trading, limited information about issuers and securities, being subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">lower levels of government regulation and less extensive and transparent accounting, auditing, recordkeeping, financial reporting and other requirements, and being subject to potential expropriation or nationalization of private </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">properties and other adverse political, economic and social events.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Extension Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including mortgage- and other asset-backed securities, are subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risk that payments on principal may occur at a slower rate or later than expected. In this event, the expected maturity could lengthen and the Fund’s investment may sharply decrease in value and the Fund’s income from the investment may quickly decline. These types of instruments are particularly subject to extension risk, and offer less potential for gains, during periods of rising interest rates. In addition, the Fund may be delayed in its ability to reinvest income or proceeds from these instruments in potentially higher yielding investments, which would adversely affect </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Foreign Securities and Currency Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Foreign securities carry unique,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">additional and heightened risks when </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">compared to U.S. securities, including</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">but not limited to: currency fluctuations; adverse political (including </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">geopolitical)</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">social and economic developments; trade restrictions (including tariffs) or other government restrictions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">by the U.S. or other governments; unreliable</span><span style="font-family:Arial;font-size:10.02pt;">, untimely or less publicly available information; less government </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">supervision; reporting</span><span style="font-family:Arial;font-size:10.02pt;">, accounting, and auditing standards that are not comparable to those in the United States; less liquidity and more volatility; limited legal recourse and higher transactional costs.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">High Yield and Unrated Securities Risk</span><span style="font-family:Arial;font-size:10.02pt;">—High yield, below investment grade and unrated high risk debt securities </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">(which also may be known as “junk bonds”) are regarded as predominantly speculative by certain rating agencies with respect to the issuer’s continuing ability to meet principal and interest payments. These securities generally present additional risks compared to investment grade bonds and are typically less liquid, and therefore more difficult to value accurately and sell at an advantageous price or time, and present more credit and default risk, including risk of loss (which may be substantial or total loss) of income and principal, than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific factors, such as operating results and outlook, and to real or perceived adverse economic and competitive industry conditions. High yield securities may be issued by companies that </span><span style="font-family:Arial;font-size:10.02pt;">are restructuring, are smaller and less credit worthy or are more highly leveraged </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">or indebted than other companies or are financially distressed, and therefore they typically have more difficulty making scheduled payments of principal and interest than issuers of higher rated investments. Under unusual or adverse economic, market or political conditions, high yield securities may be particularly susceptible to default risk and increased default rates. In the event of default, the Fund may incur additional expenses to seek recovery or to negotiate new terms with a defaulting issuer. Based on its investment strategies, a significant portion of the Fund’s investments (directly or indirectly) can be comprised of high yield, below investment grade and unrated securities </span><span style="font-family:Arial;font-size:10.02pt;">and thus particularly prone to the foregoing risks, which may result in losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed-income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed-income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed-income and other debt instruments decline, sometimes suddenly and significantly. When interest rates decrease, the values of fixed-income and other debt instruments generally rise. During periods of rising interest rates, because changes in interest rates on adjustable rate securities may lag behind changes in market rates, the value of such securities may decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns and performance may be adversely affected by changing interest rates and the Fund's net asset value per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio turnover costs and lower valuations, thereby adversely affecting the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investments by Investing Funds and Other Large Shareholders and Redemption Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Shares of the Fund are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">offered as an investment to certain other investment companies (including those advised by the Investment Manager and its affiliates), large retirement plans and other large investors. The Fund is subject to the risk that a large investor </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">(or that shareholders)</span><span style="font-family:Arial;font-size:10.02pt;"> will purchase or redeem a large percentage of Fund shares at any time. Such large investors </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">may comprise a significant portion of the Fund's shareholders. Under certain circumstances, </span><span style="font-family:Arial;font-size:10.02pt;">the Fund may also </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">experience frequent shareholder transactions, including by large shareholders. </span><span style="font-family:Arial;font-size:10.02pt;">For example, to meet large </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests, the Fund may have to hold large uninvested cash positions or sell a significant amount of investments to raise the cash needed to satisfy redemption requests at times when it would not otherwise do so or otherwise at disadvantageous times. In turn, the Fund’s performance may suffer, as the Fund may experience increased portfolio turnover and will incur higher transaction costs, realize gains or losses at inopportune times, lose money, hold a less liquid portfolio, or experience other adverse consequences. For example, the sale of portfolio securities will accelerate the realization of taxable capital gains or losses, and purchases or redemptions of a large number of Fund shares relative to the size of the Fund will have adverse tax consequences limiting the use of any </span><span style="font-family:Arial;font-size:10.02pt;">capital loss carryforwards and certain other losses to offset any future realized capital gains.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Investment Vehicles Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may seek to obtain certain exposure through investments in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other investment vehicles. Investing in other investment vehicles, including ETFs, closed-end funds, short-term funds advised by the Investment Manager and/or its affiliates and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, which will reduce the Fund’s performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the net asset value of the shares and the listing exchange may halt trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the shares.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Loans Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in loans directly or indirectly through assignments or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">participations. Investments in loans, including loan syndicates and other direct lending opportunities, involve special types of risks, including credit risk, interest rate risk, counterparty risk, prepayment risk, risk of subordination to other creditors, extension risk and risk of insufficient or lack of protection under the federal securities law. Loans may offer a fixed or floating interest rate. Loans are often below investment grade and may be unrated. The Fund’s investments in loans can also be difficult to value accurately because of, among other factors, limited public information regarding the loan or the borrowers and may be more susceptible to liquidity risk than fixed-income instruments of similar credit quality and/or maturity. The Fund is also subject to the risk that the value of any collateral for the loan may be insufficient or unavailable to cover the borrower’s obligations should the borrower fail to make payments, become insolvent, or otherwise default. This risk is increased if the Fund’s loans are secured by a single asset. The Fund may also invest in loans that are not secured by collateral which typically present greater risks than collateralized loans. Transactions in loans are often subject to long settlement periods and often require consent from borrowers and/or an agent acting for the lenders, thus potentially limiting the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. The Fund thus is subject to the risk of selling other investments at disadvantageous times or prices or taking other actions necessary to raise cash to meet its redemption obligations. Participations in loans may subject the Fund to the credit risk of both the borrower and the seller of the participation and may make enforcement of loan covenants, if any, more difficult for the Fund as legal action may have to go through the seller of the participation (or an agent acting on its behalf). Covenants contained in loan documentation are intended to protect lenders and investors by imposing certain restrictions and other limitations on a borrower’s and the credit group’s operations or assets and by providing certain information and consent rights to lenders. In addition to operational covenants, loans and other debt obligations often contain financial covenants, which require a borrower and the related credit group to satisfy certain financial tests at periodic intervals or to maintain compliance with certain financial metrics. The Fund invests in or is exposed to loans and other similar debt obligations that are sometimes referred to as “covenant-lite” loans or obligations, which generally are loans or other similar debt obligations that lack financial maintenance covenants or possess fewer or contingent financial maintenance covenants and other financial protections for lenders and investors. These “covenant-lite” loans or similar debt obligations are particularly subject to the risks associated with investments in loans as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">described above.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s use of leverage, through borrowings or instruments such as derivatives and reverse </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">repurchase agreements, may cause the Fund to be more volatile and riskier and magnify the Fund's losses to an extent greater than if it had not been leveraged. The use of leverage may also increase the Fund’s sensitivity to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes of the Fund’s net asset value, causing the Fund to be less liquid and unable to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">realize what the Investment Manager believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Based on its investment strategies, a significant portion of the Fund's investments can be difficult to value and potentially less liquid and thus particularly prone to the foregoing risks. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment, particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is actively managed, which means that investment decisions are made based on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investment views. There is no guarantee that the investment views will produce the desired results or expected returns. As a result of these and other factors, the Fund may lose value or fail to meet its investment objective or underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active and frequent trading that can accompany active management, also called “high turnover,” may have a negative impact on performance. Active and frequent trading may result in higher brokerage costs or mark-up charges and tax costs, which are ultimately passed on to shareholders of the Fund. Active and frequent trading may also result in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adverse tax consequences.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund's investments may perform poorly or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">underperform the general securities markets or other types of securities.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Municipal Securities Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Municipal securities are subject to a variety of risks generally associated with </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">investments in debt instruments, including credit, interest rate, prepayment, liquidity, and valuation risks, as well as risks specific to municipal securities. The ability of issuers of municipal securities to pay their obligations can be adversely affected by, among other developments or events, (i) unfavorable legislative, tax, political, or other developments or events, including extreme weather, natural or man-made disasters and public health conditions, and (ii) changes in the economic and fiscal conditions of issuers of municipal securities or the federal government (in cases where it provides financial support to such issuers). In addition, the values of, and income generated by, municipal securities may fully or partially depend on a specific revenue or tax source, such as the taxing authority or revenue of a local government, the credit of a private issuer, or the current or anticipated revenues from a specific project. Developments adversely affecting such sources, such as economic, social or public health conditions, would negatively impact the cash flows of such sources and, in turn, municipal securities fully or partially backed by such sources. To the extent the Fund invests a substantial portion of its assets in municipal securities issued by issuers in a particular state, municipality or project or in municipal instruments that finance similar projects, such as those relating to education, </span><span style="font-family:Arial;font-size:10.02pt;">healthcare, transportation, housing, utilities, or water and sewer, the Fund will be particularly </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">sensitive to developments and events adversely affecting such state or municipality or with respect to such projects. Certain sectors of the municipal bond market have special risks that can affect them more significantly than the market as a whole. Because many municipal instruments are issued to finance similar projects (such as education, healthcare, transportation and utilities), conditions in these industries can significantly affect the overall municipal market. Municipal securities that are insured may be adversely affected by developments relevant to that particular insurer, or more general developments relevant to the market as a whole. Municipal securities can be difficult to value and be less liquid than other investments, which may affect performance or the ability to meet Fund redemption </span><span style="font-family:Arial;font-size:10.02pt;">requests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Non-Money Market Fund Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is not a money market fund (or equivalent to a money market fund), does </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">not attempt to maintain a stable net asset value, and is not subject to the rules that govern the quality, maturity, liquidity, and other features of securities that money market funds may purchase. Under normal conditions, the Fund’s investments may be more susceptible than a money market fund to interest rate risk, valuation risk, credit risk, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">and other risks relevant to the Fund’s investments. The Fund’s net asset value will fluctuate and these fluctuations may be significant on certain days and for certain periods. There can be no guarantee that the Fund will generate </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">higher returns than money market funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Preferred Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A company’s preferred stock generally pays dividends only after the company makes </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">required payments to holders of its bonds and other debt. For this reason, the value of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">prospects.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Prepayment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including loans and mortgage- and other asset-backed securities, are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the risk that payments on principal may occur more quickly or earlier than expected. If this occurs, the Fund might be forced to forego future interest income on the principal repaid early and to reinvest income or proceeds at generally lower interest rates, thus reducing the Fund’s yield. These types of instruments are particularly </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">subject to prepayment risk, and offer less potential for gains, during periods of declining interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Real Estate Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in securities of real estate companies and companies related </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">to the real estate industry, including real estate investment trusts (“REITs”), which are subject to the same risks as direct investments in real estate and the real estate market generally. The real estate industry is particularly sensitive to, among other things, economic downturns, changes in interest rates, changes in national, state or local real estate conditions, changes in the availability, cost and terms of mortgages (and other types of financing) and fluctuations in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">occupancy levels and demand for properties.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation applying to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and operations of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreements and Reverse Repurchase Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In the event of the insolvency of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities or other assets sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">rate lower than the cost of the agreement, entering into the agreement will lower the Fund’s yield.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Residential Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Residential mortgage-backed securities (“RMBS”) are backed by </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">residential mortgage loans and are particularly subject to the credit risk of the borrower. RMBS are subject to the risks of asset-backed securities generally, in particular credit risk and interest rate risk, and the residential real estate markets. Delinquencies and losses on RMBS generally increase during periods of adverse economic conditions. Investments in non-agency RMBS, which are not guaranteed by the U.S. government or a government sponsored </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">enterprise, are subject to increased interest rate, credit and other risks, such as liquidity and valuation risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Restricted Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Restricted securities, including those acquired through private placement transactions, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">generally cannot be sold to the public and may involve a high degree of business, financial and liquidity risk, which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">may result in substantial losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Securities lending involves a risk that the borrower may fail to return the securities or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">deliver the proper amount of collateral, which may result in a loss to the Fund. In the event of bankruptcy of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">borrower, the Fund could experience losses or delays in recovering the loaned securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sovereign Debt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The debt securities issued by sovereign entities may decline as a result of default or other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">adverse credit event resulting from a sovereign debtor's unwillingness or inability to repay principal and pay interest in a timely manner, which may be affected by a variety of factors, including its cash flow situation, the extent of its reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor's policy toward international lenders, and the political constraints to which a sovereign debtor may be subject. Sovereign debt risk is greater for issuers in emerging </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">markets than issuers in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Special Situation Investments/Securities in Default Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in the securities and debt of distressed </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">issuers or issuers in default or distressed situations involve far greater risk than investing in issuers whose debt obligations are being met and whose debt trades at or close to its “par” or full value because the investments in the securities and debt of distressed issuers or issuers in default are highly speculative with respect to the issuer’s ability </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">to make interest payments and/or to pay its principal obligations in full and/or on time.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">To Be Announced (“TBA”) Transactions Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund may enter into “To Be Announced” (“TBA”) transactions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">to purchase or sell mortgage-backed securities for a fixed price at a future date. In a TBA transaction, a seller agrees to deliver a mortgage-backed security to the Fund at a future date, but the seller does not specify the particular security to be delivered. Instead, the Fund agrees to accept or sell any security that meets specified terms. TBA purchase commitments involve a risk of loss if the value of the securities to be purchased declines prior to settlement date or if the counterparty may not deliver the securities as promised. Selling a TBA involves a risk of loss if the value of the securities to be sold goes up prior to settlement date. </span><span style="font-family:Arial;font-size:10.02pt;">Margin requirements applicable to the Fund’s TBA transactions</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">may increase the cost of TBA transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed-income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">When Issued, Forward Commitment and Delayed-Delivery Transactions Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—When-issued, forward-commitment</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;"> and delayed-delivery transactions involve a commitment to purchase or sell specific securities at a predetermined price or yield in which payment and delivery take place after the customary settlement period for that type of security. When purchasing securities pursuant to one of these transactions, payment for the securities is not required until the delivery date. However, the purchaser assumes the rights and risks of ownership, including the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">risks of price and yield fluctuations and the risk that the security will not be issued as anticipated.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Zero Coupon and Payment-In-Kind Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Zero coupon and payment-in-kind securities pay no cash </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">interest income and usually are sold at substantial discounts from their value at maturity. Zero coupon and payment-in-kind securities are subject to greater market value fluctuations from changing interest rates than debt obligations of comparable maturities that make current cash-pay interest payments. Additionally, investments in payment-in-kind </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">loans are subject to increased price, volatility, credit risk and other risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund. </span><span style="font-family:Arial;font-size:10.02pt;">Because Class R6 shares </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">had not commenced operations as of the date of this Prospectus,</span><span style="font-family:Arial;font-size:10.02pt;"> the following chart and table show the Fund’s </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Institutional Class share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund's Institutional Class shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) and an additional index (Bloomberg 1-3 Month U.S. Treasury Bill Index).</span><span style="font-family:Arial;font-size:10.02pt;">Class R6 shares and Institutional Class shares of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">the Fund would have substantially similar performance because they invest in the same portfolio of securities. However, the performance of Class R6 shares would be higher than Institutional Class shares to the extent Class R6 </span><span style="font-family:Arial;font-size:10.02pt;">shares pay lower expenses than Institutional Class shares. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">On November 30, 2018, 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 Fund, which has adopted the Predecessor Fund’s performance history. Accordingly, the performance information shown below for Institutional Class shares of the Fund prior to that date reflects the performance of the Predecessor Fund and not that of the Fund. However, the Predecessor Fund’s policies, guidelines and investment objective were the same as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">those of the Fund’s in all material respects. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The returns shown below 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. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">As with all </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">mutual funds, past performance (before and after taxes), including the past performance of the Predecessor Fund, is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> or by calling </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">800.820.0888</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">. </span><span style="font-family:Arial;font-size:10.02pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The following chart and table provide some indication of the risks of investing in the Fund. </span><span style="font-family:Arial;font-size:10.02pt;">Because Class R6 shares </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">had not commenced operations as of the date of this Prospectus,</span><span style="font-family:Arial;font-size:10.02pt;"> the following chart and table show the Fund’s </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Institutional Class share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund's Institutional Class shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) and an additional index (Bloomberg 1-3 Month U.S. Treasury Bill Index).</span> <span style="font-family:Arial;font-size:10.02pt;">Because Class R6 shares </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">had not commenced operations as of the date of this Prospectus,</span><span style="font-family:Arial;font-size:10.02pt;"> the following chart and table show the Fund’s </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Institutional Class share calendar year performance from year to year and average annual returns for the one, five and ten year or, if shorter, since inception periods, as applicable, for the Fund's Institutional Class shares compared to those of a regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index) and an additional index (Bloomberg 1-3 Month U.S. Treasury Bill Index).</span> <span style="font-family:Arial;font-size:10.02pt;">Because Class R6 shares </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">had not commenced operations as of the date of this Prospectus,</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">As with all </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">mutual funds, past performance (before and after taxes), including the past performance of the Predecessor Fund, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">800.820.0888</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">December 31, 2023</span><span style="font-family:Arial;font-size:10.02pt;">2.55%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10.02pt;">-1.30%</span> <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2023-12-31 0.0255 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2020-03-31 -0.0130 <span style="font-family:Arial;font-size:10.02pt;">Average Annual Total Returns (for the periods ended December 31, 2025)</span> 0.0518 0.0388 0.0292 0.0333 0.0236 0.0177 0.0304 0.0231 0.0174 0.0730 -0.0036 0.0201 0.0429 0.0324 0.0218 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:16.04pt;font-weight:bold;">Guggenheim Active INvestment Series (GAINS) – Core Plus Fund</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Guggenheim Active INvestment Series (GAINS) - Core Plus Fund (the “Fund”) seeks to provide total return, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">comprised of current income and capital appreciation. </span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">You may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(fees paid directly from your investment)</span> 0 0 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:-9pt;">ANNUAL FUND OPERATING EXPENSES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">)</span> 0.0000 0 0.0081 0.0014 0.0067 0.0081 -0.0072 0.0009 <span style="font-family:Arial;font-size:8.02pt;">February 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although the actual costs may be higher or lower, based on these assumptions your costs (whether </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">or not you redeem your shares at the end of the given period) would be:</span> 9 186 379 935 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The above Example reflects applicable contractual expense reimbursement arrangements for the current duration of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the arrangements only.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="font-family:Arial;font-size:10.02pt;">year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:10.02pt;">28</span><span style="font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio.</span> 0.28 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund intends to pursue its investment objective by investing, under normal circumstances, at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in debt securities. Such debt securities may include corporate bonds and other corporate debt securities, securities issued by the U.S. government or its agencies and instrumentalities (including those not backed by the full faith and credit of the U.S. government), sovereign debt securities, Eurodollar bonds and obligations, agency and non-agency residential and commercial mortgage-backed securities and other asset-backed securities (including collateralized mortgage obligations), loans, participations in and assignments of bank and bridge loans, zero-coupon bonds, municipal bonds, payment-in-kind securities (such as payment-in-kind bonds), convertible fixed-income securities, non-registered or restricted securities (including those issued in reliance on Rule 144A and Regulation S securities), certain preferred securities, step-up securities (such as step-up bonds) and private placements. These securities may pay fixed or variable rates of interest and may include adjustable rate securities. While the Fund will principally invest in debt securities listed, traded or dealt in developed markets countries globally, it may also invest without limitation in securities listed, traded or dealt in other countries, including emerging markets countries. Such securities may be denominated in foreign currencies. Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”) may attempt to reduce foreign currency exchange rate risk by entering into contracts with banks, brokers or dealers to purchase or sell securities or foreign currencies at a future date. The Fund may also invest in collateralized debt obligations (“CDOs”) (which include collateralized bond obligations, collateralized loan obligations and other similarly structured instruments), preferred stock and convertible securities. The Fund may seek to obtain exposure to the securities in which it primarily invests through a variety of investment vehicles, principally closed-end funds, exchange-traded funds (“ETFs”) and other mutual funds. The Fund may also invest in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">short-term funds advised by the Investment Manager and/or its affiliates. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may hold fixed-income instruments of any quality, rated or unrated, including those that are rated below investment grade, or if unrated, determined by the Investment Manager to be of comparable quality (also known as “high yield securities” or “junk bonds”). If nationally recognized statistical rating organizations assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality. The </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund may hold securities of any duration or maturity. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">With respect to bank loans, the Fund may purchase participations in, or assignments of, floating rate bank loans that meet certain liquidity standards and will provide for interest rate adjustments at least every 397 days and which may be secured by real estate or other assets. Participations may be interests in, or assignments of, the loan and may be acquired from banks or brokers that have made the loan or members of the lending syndicate. The Fund may also </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">participate in lending syndicates and other direct lending opportunities. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund also may seek exposures through derivative transactions, principally: foreign exchange forward contracts; futures on securities, indices, currencies and other investments; Secured Overnight Financing Rate (“SOFR”) futures; options; interest rate swaps; cross-currency swaps; total return swaps; credit default swaps; and other foreign currency contracts and foreign currency-related transactions, which may also create economic leverage in the Fund. The Fund may engage in derivative and foreign currency-related transactions for speculative purposes to enhance total return, to seek to hedge against fluctuations in securities prices, interest rates or currency rates, to change the effective duration of its portfolio, to manage certain investment risks, as a substitute for the purchase or sale of securities or currencies and/or to obtain or replicate market exposure. The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as “To Be Announced” (“TBA”) transactions and/or dollar rolls). The Fund may use leverage to the extent permitted by applicable law by entering into reverse repurchase agreements and transactions equivalent to a borrowing for investment purposes. The Fund also may engage, without limitation, in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs a diversified, multi-sector strategy focused on under-researched areas of the fixed income universe, including sectors not included in benchmark indices, such as structured credit, non-index investment grade corporates, below investment grade corporates, and preferred stock. Through its actively managed approach, the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund seeks to potentially capitalize on changing relative values in fixed-income sectors. The Investment Manager selects securities and other investments for purchase and sale based on intensive credit research involving extensive due diligence on each issuer, region and sector. The Investment Manager also considers macroeconomic outlook and geopolitical issues and may employ a tactical asset or sector allocation strategy to seek to capitalize on total return </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">potential created by changing market and economic conditions. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Investment Manager may determine to sell a security for several reasons, including but not limited to the following: (1) to adjust the portfolio’s average maturity or duration, or to shift assets into or out of higher-yielding securities; (2) if a security’s credit rating has been changed, the Investment Manager’s credit outlook has changed, or for other similar reasons; (3) to meet redemption requests; or (4) due to relative value. The Fund does not intend to principally invest in defaulted securities, but if a security defaults subsequent to purchase by the Fund, the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Investment Manager will determine in its discretion whether to hold or dispose of such security. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Under adverse or unstable market conditions or abnormal circumstances (for example, in the event of credit events, where it is deemed opportune to preserve gains, or to preserve the relative value of investments or in the case of large cash inflows or anticipated large redemptions), the Fund can make temporary investments that are inconsistent </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">with the Fund’s principal investment strategies and may not be able to pursue or achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investors in asset-backed securities, including residential mortgage-backed </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities, commercial mortgage-backed securities and other structured finance investments (such as collateralized mortgage obligations), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. As a result, asset-backed securities are particularly subject to credit risk and borrower defaults on the obligations underlying the asset-backed security will result in losses. In addition, asset-backed securities are typically particularly sensitive to changes in interest rates, which can cause the prices of asset-backed securities to be increasingly volatile and adversely affect the Fund’s holdings of asset-backed securities. Some asset-backed securities, including mortgage-backed securities, may have structures that make their performance based on changes in interest rates and other factors difficult to predict, causing their prices to be volatile. Asset-backed securities are also particularly subject to market, liquidity, valuation, prepayment and extension risks, and are also subject to risk of impairment of the value of the underlying asset. Additional risks relating to investments in asset-backed securities may arise principally because of the type of asset-backed securities in which the Fund invests, with such risks primarily associated with the particular assets collateralizing the asset-backed securities, the structure of such asset-backed securities or the tranche or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">priority of the asset-backed security held by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Collateralized Loan Obligations and Collateralized Debt Obligations Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Collateralized loan obligations </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(“CLOs”) bear many of the same risks as other forms of asset-backed securities, including interest rate risk, credit risk and default risk. As they are backed primarily by commercial loans, CLOs also bear many of the same risks as investing in loans directly. However, in addition to the risks associated with investing in commercial loans, the complex structure and highly leveraged nature of a CLO poses additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in CLOs that are subordinate to other classes; and (iv) the complex structure of the CLO may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. CLOs incur indebtedness by issuing classes or “tranches” that vary in risk and yield. CLOs may experience substantial losses attributable to loan defaults or trading losses. Such losses on the underlying assets are borne first by the holders of subordinate tranches, which may take the form of an equity interest. The Fund’s investments in CLOs may decrease in market value or income when the CLO’s assets experience loan defaults or credit impairment, losses that exceed the most subordinate tranches, or market </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">anticipation of loan defaults and investor aversion to CLO securities as a class. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Collateralized debt obligations (“CDOs”) are structured similarly to CLOs and bear many of the same risks as CLOs, including interest rate risk, credit risk and default risk. CDOs are subject to additional risks because they are backed by pools of assets other than commercial loans, including securities (such as other asset-backed securities), synthetic instruments or bonds, and may be highly leveraged. Like CLOs, losses incurred by a CDO are borne first by holders of the most subordinate tranches. Accordingly, the risks of CDOs depend largely on the type of underlying collateral and the tranche of CDOs in which the Fund invests. Moreover, CDOs that obtain their exposure through </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">synthetic investments are exposed to risks associated with derivative instruments. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The terms of many structured finance investments, including CLOs and CDOs, are tied to SOFR or other reference rates. These relatively new and developing rates may not match the reference rate applicable to the underlying assets related to these investments. These may adversely affect the Fund and its investments in CLOs and CDOs, including their value, volatility and liquidity. CLOs, CDOs and their underlying loan obligations are typically not registered for sale to the public and therefore are subject to certain restrictions on transfer and sale, potentially subjecting them to increased liquidity risk as compared to other types of investments. As a result, the proceeds from the sale of CLO securities may not be readily available to meet the Fund’s redemption or other obligations and the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund may be unable to acquire or dispose of the securities at a price and time that are advantageous to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Convertible Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Convertible securities may be subordinate to other securities. The total return for a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">convertible security depends, in part, upon the performance of the underlying security into which it can be converted. The value of convertible securities tends to decline as interest rates increase. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Certain types of convertible securities may decline in value or lose their value entirely in the event that the issuer’s financial conditions become </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">significantly impaired.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commercial Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in commercial mortgage-backed securities (“CMBS”) are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">backed by commercial mortgage loans that may be secured, for example, by office properties, retail properties, hotels, mixed use properties or multi-family apartment buildings and are particularly subject to the credit risk of the borrower and the tenants of the properties securing the commercial mortgage loans. CMBS are subject to the risks of asset-backed securities generally, in particular credit risk and interest rate risk, and the commercial real estate markets. Economic downturns, tightening lending standards and increased interest and lending rates, developments adverse to the commercial real estate markets, and other developments that limit or reduce the activities of and demand for commercial retail and office spaces adversely impact the value of, and income generated by, such </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and over-the-counter (“OTC”)-traded</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;"> derivatives involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (e.g., prime brokerage or securities lending arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">obligations to the Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having concentrated </span><span style="font-family:Arial;font-size:10.02pt;">exposure to such a counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund could lose money if the issuer or guarantor of a fixed-income or other debt instrument or a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a derivatives transaction or other transaction is unable or unwilling, or perceived by market participants, rating agencies, pricing services or otherwise to be unable or unwilling, to pay interest or repay principal on time, defaults or otherwise fails to meet its obligations. Actual or perceived changes in economic, social, public health, financial or political conditions in general or that affect a particular type of instrument, issuer, guarantor or counterparty can reduce the ability of the party to meet its obligations, which can affect the credit quality, liquidity and/or value of an instrument. The value of an instrument also may decline for reasons that relate directly to the issuer, guarantor or counterparty, such as management performance, financial leverage and reduced demand for goods and services or an actual or perceived change in financial condition or reputation. The issuer, guarantor or counterparty could also suffer a rapid decline in credit rating, which would adversely affect the value, price volatility </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and liquidity of the instrument. Credit ratings may not be an accurate assessment of liquidity or credit risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">currencies will decline in value relative to the U.S. Dollar, which would cause a decline in the value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. When the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Derivatives and other similar instruments (collectively referred to in this paragraph as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">“derivatives”) pose risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, illiquidity, valuation, operational and legal restrictions and risk. Their use is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in leverage, which may cause the Fund to be more volatile and riskier than if it had not been leveraged. The use of derivatives may result in leverage, which may cause the Fund to be more volatile and riskier than if it had not been leveraged. Changes in the value of a derivative may also create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund and its liquidity and other risk profiles. If the Investment Manager is incorrect about its expectations of market conditions, the use of derivatives could also result in a loss, which in some cases may be unlimited. In addition, the Fund's use of derivatives may cause the Fund to realize higher amounts of short term capital gains (generally taxed at ordinary income tax rates) than if the Fund had not used such instruments.  Some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC market. OTC derivatives are subject to heightened counterparty credit, legal, liquidity and valuation risks. Certain risks also are specific to the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">derivatives in which the Fund invests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Forward Foreign Currency Exchange Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A forward foreign currency exchange contract is an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">OTC obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract. Foreign currency transactions can be affected unpredictably by intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or by currency controls or political developments. Such events may prevent or restrict the Fund’s ability to enter into foreign currency transactions, force the Fund to exit a foreign currency transaction at a disadvantageous time or price or result in penalties for the Fund, any of which may result in a loss to the Fund. A contract to sell a foreign currency would limit any potential gain that might be realized if the value of the currency increases. Suitable hedging transactions may not be available in all circumstances. Engaging in forward foreign currency exchange contracts will subject the Fund to counterparty </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">credit risk and any failure to perform by a counterparty could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Futures Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Futures contracts are exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts may be caused by an imperfect correlation between movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of positions that can be held or controlled by the Fund or the Investment Manager, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s net asset </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">value (“NAV”). Futures are also subject to leverage and liquidity risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Investment Manager’s  ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions that can be held or controlled by the Fund or the Investment Manager, thus limiting the ability to implement the Fund’s strategies. Options are also particularly subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">leverage risk and can be subject to liquidity risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of swap transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Dollar Roll Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may enter into dollar roll transactions, in which the Fund sells a mortgage-backed</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;"> or other security for settlement on one date and buys back a substantially similar security for settlement at a later date. Dollar rolls involve a risk of loss if the market value of the securities that the Fund is committed to buy </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">declines below the price of the securities the Fund has sold.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in or exposure to emerging markets are generally subject to a greater level of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risks associated with investing in or being exposed to developed foreign markets, as emerging markets are considered to be less developed. Furthermore, investments in or exposure to emerging markets are generally subject to risks in addition to the risks associated with investing in foreign securities, including the risks associated with trading in smaller markets, lower volumes of trading, limited information about issuers and securities, being subject to lower levels of government regulation and less extensive and transparent accounting, auditing, recordkeeping, financial reporting and other requirements, and being subject to potential expropriation or nationalization of private </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">properties and other adverse political, economic and social events.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Extension Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including mortgage- and other asset-backed securities, are subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risk that payments on principal may occur at a slower rate or later than expected. In this event, the expected maturity could lengthen and the Fund’s investment may sharply decrease in value and the Fund’s income from the investment may quickly decline. These types of instruments are particularly subject to extension risk, and offer less potential for gains, during periods of rising interest rates. In addition, the Fund may be delayed in its ability to reinvest income or proceeds from these instruments in potentially higher yielding investments, which would adversely affect </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Foreign Securities and Currency Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Foreign securities carry unique,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">additional and heightened risks when </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">compared to U.S. securities, including</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">but not limited to: currency fluctuations; adverse political (including </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">geopolitical)</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">social and economic developments; trade restrictions (including tariffs) or other government restrictions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">by the U.S. or other governments; unreliable</span><span style="font-family:Arial;font-size:10.02pt;">, untimely or less publicly available information; less government </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">supervision; reporting</span><span style="font-family:Arial;font-size:10.02pt;">, accounting, and auditing standards that are not comparable to those in the United States; less liquidity and more volatility; limited legal recourse and higher transactional costs.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Hedging Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may, but is not required to, engage in various investments or transactions that are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">designed to hedge a position that the Fund holds. There can be no assurance that the Fund’s hedging investments or transactions will be effective. Hedging investments or transactions involve costs and may reduce gains or result in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">losses, which may adversely affect the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">High Yield and Unrated Securities Risk</span><span style="font-family:Arial;font-size:10.02pt;">—High yield, below investment grade and unrated high risk debt securities </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">(which also may be known as “junk bonds”) are regarded as predominantly speculative by certain rating agencies with respect to the issuer’s continuing ability to meet principal and interest payments. These securities generally present additional risks compared to investment grade bonds and are typically less liquid, and therefore more difficult to value accurately and sell at an advantageous price or time, and present more credit and default risk, including risk of loss (which may be substantial or total loss) of income and principal, than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific factors, such as operating results and outlook, and to real or perceived adverse economic and competitive industry conditions. High yield securities may be issued by companies that </span><span style="font-family:Arial;font-size:10.02pt;">are restructuring, are smaller and less credit worthy or are more highly leveraged </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">or indebted than other companies or are financially distressed, and therefore they typically have more difficulty making scheduled payments of principal and interest than issuers of higher rated investments. Under unusual or adverse economic, market or political conditions, high yield securities may be particularly susceptible to default risk </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">and increased default rates. In the event of default, the Fund may incur additional expenses to seek recovery or to negotiate new terms with a defaulting issuer. Based on its investment strategies, a significant portion of the Fund’s investments  (directly or indirectly) can be comprised of high yield, below investment grade and unrated securities </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and thus particularly prone to the foregoing risks, which may result in losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed-income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed-income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed-income and other debt instruments decline, sometimes suddenly and significantly. When interest rates decrease, the values of fixed-income and other debt instruments generally rise. During periods of rising interest rates, because changes in interest rates on adjustable rate securities may lag behind changes in market rates, the value of such securities may decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns and performance may be adversely affected by changing interest rates and the Fund's net asset value per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio turnover costs and lower valuations, thereby adversely affecting the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Investment Vehicles Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may seek to obtain certain exposure through investments in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other investment vehicles. Investing in other investment vehicles, including ETFs, closed-end funds, short-term funds advised by the Investment Manager and/or its affiliates and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, which will reduce the Fund’s performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the net asset value of the shares and the listing exchange may halt trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the shares.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Loans Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in loans directly or indirectly through assignments or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">participations. Investments in loans, including loan syndicates and other direct lending opportunities, involve special types of risks, including credit risk, interest rate risk, counterparty risk, prepayment risk, risk of subordination to other creditors, extension risk and risk of insufficient or lack of protection under the federal securities law. Loans may offer a fixed or floating interest rate. Loans are often below investment grade and may be unrated. The Fund’s investments in loans can also be difficult to value accurately because of, among other factors, limited public information regarding the loan or the borrowers and may be more susceptible to liquidity risk than fixed-income instruments of similar credit quality and/or maturity. The Fund is also subject to the risk that the value of any collateral for the loan may be insufficient or unavailable to cover the borrower’s obligations should the borrower fail to make payments, become insolvent, or otherwise default. This risk is increased if the Fund’s loans are secured by a single asset. The Fund may also invest in loans that are not secured by collateral which typically present greater risks than collateralized loans. Transactions in loans are often subject to long settlement periods and often require consent from borrowers and/or an agent acting for the lenders, thus potentially limiting the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. The Fund thus is subject to the risk of selling other investments at disadvantageous times or prices or taking other actions necessary to raise cash to meet its redemption obligations. Participations in loans may subject the Fund to the credit risk of both the borrower and the seller of the participation and may make enforcement of loan covenants, if any, more difficult for the Fund as legal action may have to go through the seller of the participation (or an agent acting on its behalf). Covenants contained in loan documentation are intended to protect lenders and investors by imposing certain restrictions and other limitations on a borrower’s and the credit group’s operations or assets and by providing certain information and consent rights to lenders. In addition to operational covenants, loans and other debt obligations often contain financial covenants which require a borrower and the related credit group to satisfy certain financial tests at periodic intervals or to maintain compliance with certain financial metrics. The Fund invests in or is exposed to loans and other similar debt obligations that are sometimes referred to as “covenant-lite” loans or obligations, which generally </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">are loans or other similar debt obligations that lack financial maintenance covenants or possess fewer or contingent financial maintenance covenants and other financial protections for lenders and investors. These “covenant-lite” loans or similar debt obligations are particularly subject to the risks associated with investments in loans as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">described above.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s use of leverage, through borrowings or instruments such as derivatives and reverse </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">repurchase agreements, may cause the Fund to be more volatile and riskier and magnify the Fund's losses to an extent greater than if it had not been leveraged. The use of leverage may also increase the Fund’s sensitivity to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes of the Fund’s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Based on its investment strategies, a significant portion of the Fund's investments can be difficult to value and potentially less liquid and thus particularly prone to the foregoing risks. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment, particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is actively managed, which means that investment decisions are made based on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investment views. There is no guarantee that the investment views will produce the desired results or expected returns. As a result of these and other factors, the Fund may lose value or fail to meet its investment objective or underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active and frequent trading that can accompany active management, also called “high turnover,” may have a negative impact on performance. Active and frequent trading may result in higher brokerage costs or mark-up charges and tax costs, which are ultimately passed on to shareholders of the Fund. Active and frequent trading may also result in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adverse tax consequences.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund's investments may perform poorly or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">underperform the general securities markets or other types of securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Municipal Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Municipal securities are subject to a variety of risks generally associated with </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investments in debt instruments, including credit, interest rate, prepayment, liquidity, and valuation risks, as well as risks specific to municipal securities. The ability of issuers of municipal securities to pay their obligations can be adversely affected by, among other developments or events, (i) unfavorable legislative, tax, political, or other developments or events, including extreme weather, natural or man-made disasters and public health conditions, and (ii) changes in the economic and fiscal conditions of issuers of municipal securities or the federal government (in cases where it provides financial support to such issuers). In addition, the values of, and income generated by, municipal securities may fully or partially depend on a specific revenue or tax source, such as the taxing authority or revenue of a local government, the credit of a private issuer, or the current or anticipated revenues from a specific project. Developments adversely affecting such sources, such as economic, social or public health conditions, would negatively impact the cash flows of such sources and, in turn, municipal securities fully or partially backed by such sources. To the extent the Fund invests a substantial portion of its assets in municipal securities issued by issuers in a particular state, municipality or project or in municipal instruments that finance similar projects, such as those relating to education, healthcare, transportation, housing, utilities, or water and sewer, the Fund will be particularly sensitive to developments and events adversely affecting such state or municipality or with respect to such projects. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Certain sectors of the municipal bond market have special risks that can affect them more significantly than the market as a whole. Because many municipal instruments are issued to finance similar projects (such as education, healthcare, transportation and utilities), conditions in these industries can significantly affect the overall municipal market. Municipal securities that are insured may be adversely affected by developments relevant to that particular insurer, or more general developments relevant to the market as a whole. Municipal securities can be difficult to value and be less liquid than other investments, which may affect performance or the ability to meet Fund redemption </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">requests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Preferred Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A company’s preferred stock generally pays dividends only after the company makes </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">required payments to holders of its bonds and other debt. For this reason, the value of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">prospects.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Prepayment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including loans and mortgage- and other asset-backed securities, are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the risk that payments on principal may occur more quickly or earlier than expected. If this occurs, the Fund might be forced to forego future interest income on the principal repaid early and to reinvest income or proceeds at generally lower interest rates, thus reducing the Fund’s yield. These types of instruments are particularly </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">subject to prepayment risk, and offer less potential for gains, during periods of declining interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Real Estate Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in securities of real estate companies and companies related </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">to the real estate industry, including real estate investment trusts (“REITs”), which are subject to the same risks as direct investments in real estate and the real estate market generally. The real estate industry is particularly sensitive to, among other things, economic downturns, changes in interest rates, changes in national, state or local real estate conditions, changes in the availability, cost and terms of mortgages (and other types of financing) and fluctuations in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">occupancy levels and demand for properties.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation applying to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and operations of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund  or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreements and Reverse Repurchase Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In the event of the insolvency of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities or other assets sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">rate lower than the cost of the agreement, entering into the agreement will lower the Fund’s yield.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Residential Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Residential mortgage-backed securities (“RMBS”) are backed by </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">residential mortgage loans and are particularly subject to the credit risk of the borrower. RMBS are subject to the risks of asset-backed securities generally, in particular credit risk and interest rate risk, and the residential real estate markets. Delinquencies and losses on RMBS generally increase during periods of adverse economic conditions. Investments in non-agency RMBS, which are not guaranteed by the U.S. government or a government sponsored </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">enterprise, are subject to increased interest rate, credit and other risks, such as liquidity and valuation risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Restricted Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Restricted securities, including those acquired through private placement transactions, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">generally cannot be sold to the public and may involve a high degree of business, financial and liquidity risk, which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">may result in substantial losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sovereign Debt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The debt securities issued by sovereign entities may decline as a result of default or other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">adverse credit event resulting from a sovereign debtor's unwillingness or inability to repay principal and pay interest in a timely manner, which may be affected by a variety of factors, including its cash flow situation, the extent of its reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor's policy toward international lenders, and the political constraints to which a sovereign debtor may be subject. Sovereign debt risk is greater for issuers in emerging </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">markets than issuers in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Strategy Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">— An investment in a Fund is not designed to be a complete investment program or a standalone </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investment. The Fund is intended to be a component of a broader investment program for whose use the Fund is exclusively designed. Actions taken to manage the Fund in accordance with the investment goals of the broader investment program may be ineffective and/or cause the Fund to lose value or underperform its benchmark index or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">funds with similar investment objectives and strategies. </span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">To Be Announced (“TBA”) Transactions Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund may enter into “To Be Announced” (“TBA”) transactions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">to purchase or sell mortgage-backed securities for a fixed price at a future date. In a TBA transaction, a seller agrees to deliver a mortgage-backed security to the Fund at a future date, but the seller does not specify the particular security to be delivered. Instead, the Fund agrees to accept or sell any security that meets specified terms. TBA purchase commitments involve a risk of loss if the value of the securities to be purchased declines prior to settlement date or if the counterparty may not deliver the securities as promised. Selling a TBA involves a risk of loss if the value of the securities to be sold goes up prior to settlement date. </span><span style="font-family:Arial;font-size:10.02pt;">Margin requirements applicable to the Fund’s TBA transactions</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">may increase the cost of TBA transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed-income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Zero Coupon and Payment-In-Kind Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Zero coupon and payment-in-kind securities pay no cash </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">interest income and usually are sold at substantial discounts from their value at maturity. Zero coupon and payment-in-kind securities are subject to greater market value fluctuations from changing interest rates than debt obligations of comparable maturities that make current cash-pay interest payments. Additionally, investments in payment-in-kind </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">loans are subject to increased price, volatility, credit risk and other risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">SMA Class share</span><span style="font-family:Arial;font-size:10.02pt;"> calendar year performance from year to year and average annual returns for the one,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s SMA Class shares compared to those of a </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index).</span><span style="font-family:Arial;font-size:10.02pt;">As with all mutual </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">funds, past </span><span style="font-family:Arial;font-size:10.02pt;">performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">future</span><span style="font-family:Arial;font-size:10.02pt;">.</span><span style="font-family:Arial;font-size:10.02pt;"> Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or </span><span style="font-family:Arial;font-size:10.02pt;">by calling </span><span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span><span style="font-family:Arial;font-size:10.02pt;">. </span><span style="font-family:Arial;font-size:10.02pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Arial;font-size:10.02pt;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">SMA Class share</span><span style="font-family:Arial;font-size:10.02pt;"> calendar year performance from year to year and average annual returns for the one,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s SMA Class shares compared to those of a </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index).</span> <span style="font-family:Arial;font-size:10.02pt;">As with all mutual </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">funds, past </span><span style="font-family:Arial;font-size:10.02pt;">performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">future</span><span style="font-family:Arial;font-size:10.02pt;">.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2025</span><span style="font-family:Arial;font-size:10.02pt;">2.52%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">December 31, 2025</span><span style="font-family:Arial;font-size:10.02pt;">1.29%</span> <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2025-06-30 0.0252 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2025-12-31 0.0129 <span style="font-family:Arial;font-size:10.02pt;">Average Annual Total Returns (for the periods ended December 31, 2025)</span> 2024-08-14 0.0848 0.0758 0.0598 0.0510 0.0497 0.0472 0.0730 0.0385 <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span> <span style="font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund </span><span style="font-family:Arial;font-size:10.02pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:16.04pt;font-weight:bold;">Guggenheim Active INvestment Series (GAINS) – Limited Duration Fund</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Guggenheim Active INvestment Series (GAINS) - Limited Duration Fund (the “Fund”) seeks to provide total </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">return, comprised of current income and capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">You may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(fees paid directly from your investment)</span> 0 0 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:-9pt;">ANNUAL FUND OPERATING EXPENSES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">)</span> 0.0000 0 0.0173 0.0173 -0.0171 0.0002 <span style="font-family:Arial;font-size:8.02pt;">February 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although the actual costs may be higher or lower, based on these assumptions your costs (whether </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">or not you redeem your shares at the end of the given period) would be:</span> 2 377 777 1898 <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The above Example reflects applicable contractual expense reimbursement arrangements for the current duration of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the arrangements only.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="font-family:Arial;font-size:10.02pt;">year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:10.02pt;">25</span><span style="font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio.</span> 0.25 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund intends to pursue its investment objective by investing, under normal circumstances, at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in debt securities. Such debt securities may include corporate bonds and other corporate debt securities, securities issued by the U.S. government or its agencies and instrumentalities (including those not backed by the full faith and credit of the U.S. government), sovereign debt securities, Eurodollar bonds and obligations, agency and non-agency residential and commercial mortgage-backed securities and other asset-backed securities (including collateralized mortgage obligations), loans, participations in and assignments of bank and bridge loans, zero-coupon bonds, municipal bonds, payment-in-kind securities (such as payment-in-kind bonds), convertible fixed-income securities, non-registered or restricted securities (including those issued in reliance on Rule 144A and Regulation S securities), certain preferred securities, step-up securities (such as step-up bonds) and private placements. These securities may pay fixed or variable rates of interest and may include adjustable rate securities. While the Fund will principally invest in debt securities listed, traded or dealt in developed markets countries globally, it may also invest without limitation in securities listed, traded or dealt in other countries, including emerging markets countries. Such securities may be denominated in foreign currencies. Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”) may attempt to reduce foreign currency exchange rate risk by entering into contracts with banks, brokers or dealers to purchase or sell securities or foreign currencies at a future date. The Fund may also invest in collateralized debt obligations (“CDOs”) (which include collateralized bond obligations, collateralized loan obligations and other similarly structured instruments), preferred stock and convertible securities. The Fund may seek to obtain exposure to the securities in which it primarily invests through a variety of investment vehicles, principally closed-end funds, exchange-traded funds (“ETFs”) and other mutual funds. The Fund may also invest in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">short-term funds advised by the Investment Manager and/or its affiliates. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may hold securities of any duration or maturity but expects, under normal circumstances, to maintain a dollar-weighted average duration of generally less than 3 years. Duration is a measure of the price volatility of a debt instrument as a result of changes in market rates of interest, based on the weighted average timing of the instrument’s expected principal and interest payments. Duration differs from maturity in that it considers a security’s yield, coupon payments, principal payments and call features in addition to the amount of time until the security </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">matures. As the value of a security changes over time, so will its duration. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund may hold fixed-income instruments of any quality, rated or unrated, including those that are rated below investment grade, or if unrated, determined by the Investment Manager to be of comparable quality (also known as “high yield securities” or “junk bonds”). If nationally recognized statistical rating organizations assign different ratings </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">With respect to bank loans, the Fund may purchase participations in, or assignments of, floating rate bank loans that meet certain liquidity standards and will provide for interest rate adjustments at least every 397 days and which may be secured by real estate or other assets. Participations may be interests in, or assignments of, the loan and may be acquired from banks or brokers that have made the loan or members of the lending syndicate. The Fund may also </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">participate in lending syndicates and other direct lending opportunities. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund also may seek exposures through derivative transactions, principally: foreign exchange forward contracts; futures on securities, indices, currencies and other investments; Secured Overnight Financing Rate (“SOFR”) futures; options; interest rate swaps; cross-currency swaps; total return swaps; credit default swaps; and other foreign currency contracts and foreign currency-related transactions, which may also create economic leverage in the Fund. The Fund may engage in derivative and foreign currency-related transactions for speculative purposes to enhance total return, to seek to hedge against fluctuations in securities prices, interest rates or currency rates, to change the effective duration of its portfolio, to manage certain investment risks, as a substitute for the purchase or sale of securities or currencies and/or to obtain or replicate market exposure. The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">using other investment techniques (such as “To Be Announced” (“TBA”) transactions and/or dollar rolls). The Fund may use leverage to the extent permitted by applicable law by entering into reverse repurchase agreements and transactions equivalent to a borrowing for investment purposes. The Fund also may engage, without limitation, in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs a diversified, multi-sector strategy focused on under-researched areas of the fixed income universe, including sectors not included in benchmark indices, such as structured credit, non-index investment grade corporates, below investment grade corporates, and preferred stock. Through its actively managed approach, the Fund seeks to potentially capitalize on changing relative values in fixed-income sectors. The Investment Manager selects securities and other investments for purchase and sale based on intensive credit research involving extensive due diligence on each issuer, region and sector. The Investment Manager also considers macroeconomic outlook and geopolitical issues and may employ a tactical asset or sector allocation strategy to seek to capitalize on total return </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">potential created by changing market and economic conditions. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Investment Manager may determine to sell a security for several reasons, including but not limited to the following: (1) to adjust the portfolio’s average maturity or duration, or to shift assets into or out of higher-yielding securities; (2) if a security’s credit rating has been changed, the Investment Manager’s credit outlook has changed, or for other similar reasons; (3) to meet redemption requests; or (4) due to relative value. The Fund does not intend to principally invest in defaulted securities, but if a security defaults subsequent to purchase by the Fund, the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Investment Manager will determine in its discretion whether to hold or dispose of such security. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Under adverse or unstable market conditions or abnormal circumstances (for example, in the event of credit events, where it is deemed opportune to preserve gains, or to preserve the relative value of investments or in the case of large cash inflows or anticipated large redemptions), the Fund can make temporary investments that are inconsistent </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">with the Fund’s principal investment strategies and may not be able to pursue or achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investors in asset-backed securities, including residential mortgage-backed </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities, commercial mortgage-backed securities and other structured finance investments (such as collateralized mortgage obligations), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans. As a result, asset-backed securities are particularly subject to credit risk and borrower defaults on the obligations underlying the asset-backed security will result in losses. In addition, asset-backed securities are typically particularly sensitive to changes in interest rates, which can cause the prices of asset-backed securities to be increasingly volatile and adversely affect the Fund’s holdings of asset-backed securities. Some asset-backed securities, including mortgage-backed securities, may have structures that make their performance based on changes in interest rates and other factors difficult to predict, causing their prices to be volatile. Asset-backed securities are also particularly subject to market, liquidity, valuation, prepayment and extension risks, and are also subject to risk of impairment of the value of the underlying asset. Additional risks relating to investments in asset-backed securities may arise principally because of the type of asset-backed securities in which the Fund invests, with such risks primarily associated with the particular assets collateralizing the asset-backed securities, the structure of such asset-backed securities or the tranche or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">priority of the asset-backed security held by the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Collateralized Loan Obligations and Collateralized Debt Obligations Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Collateralized loan obligations </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(“CLOs”) bear many of the same risks as other forms of asset-backed securities, including interest rate risk, credit risk and default risk. As they are backed primarily by commercial loans, CLOs also bear many of the same risks as investing in loans directly. However, in addition to the risks associated with investing in commercial loans, the complex structure and highly leveraged nature of a CLO poses additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the collateral may decline in value or default; (iii) the Fund may invest in CLOs that are subordinate to other classes; and (iv) the complex structure of the CLO may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. CLOs incur indebtedness by issuing classes or “tranches” that vary in risk and yield. CLOs may experience substantial losses attributable to loan defaults or trading losses. Such losses on the underlying assets are borne first by the holders of subordinate tranches, which may take the form of an equity interest. The Fund’s investments in CLOs may decrease in market value or income when the CLO’s assets experience loan defaults or credit impairment, losses that exceed the most subordinate tranches, or market </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">anticipation of loan defaults and investor aversion to CLO securities as a class. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Collateralized debt obligations (“CDOs”) are structured similarly to CLOs and bear many of the same risks as CLOs, including interest rate risk, credit risk and default risk. CDOs are subject to additional risks because they are backed by pools of assets other than commercial loans, including securities (such as other asset-backed securities), synthetic instruments or bonds, and may be highly leveraged. Like CLOs, losses incurred by a CDO are borne first by holders of the most subordinate tranches. Accordingly, the risks of CDOs depend largely on the type of underlying collateral and the tranche of CDOs in which the Fund invests. Moreover, CDOs that obtain their exposure through </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">synthetic investments are exposed to risks associated with derivative instruments. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The terms of many structured finance investments, including CLOs and CDOs, are tied to SOFR or other reference rates. These relatively new and developing rates may not match the reference rate applicable to the underlying assets related to these investments. These may adversely affect the Fund and its investments in CLOs and CDOs, including their value, volatility and liquidity. CLOs, CDOs and their underlying loan obligations are typically not registered for sale to the public and therefore are subject to certain restrictions on transfer and sale, potentially subjecting them to increased liquidity risk as compared to other types of investments. As a result, the proceeds from the sale of CLO securities may not be readily available to meet the Fund’s redemption or other obligations and the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund may be unable to acquire or dispose of the securities at a price and time that are advantageous to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Commercial Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in commercial mortgage-backed securities (“CMBS”) are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">backed by commercial mortgage loans that may be secured, for example, by office properties, retail properties, hotels, mixed use properties or multi-family apartment buildings and are particularly subject to the credit risk of the borrower and the tenants of the properties securing the commercial mortgage loans. CMBS are subject to the risks of asset-backed securities generally, in particular credit risk and interest rate risk, and the commercial real estate markets. Economic downturns, tightening lending standards and increased interest and lending rates, developments adverse to the commercial real estate markets, and other developments that limit or reduce the activities of and demand for commercial retail and office spaces adversely impact the value of, and income generated by, such </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Convertible Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Convertible securities may be subordinate to other securities. The total return for a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">convertible security depends, in part, upon the performance of the underlying security into which it can be converted. The value of convertible securities tends to decline as interest rates increase. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Certain types of convertible securities may decline in value or lose their value entirely in the event that the issuer’s financial conditions become </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">significantly impaired.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and over-the-counter (“OTC”)-traded</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;"> derivatives involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (e.g., prime brokerage or securities lending arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">obligations to the Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having concentrated </span><span style="font-family:Arial;font-size:10.02pt;">exposure to such a counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Credit Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund could lose money if the issuer or guarantor of a fixed-income or other debt instrument or a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a derivatives transaction or other transaction is unable or unwilling, or perceived by market participants, rating agencies, pricing services or otherwise to be unable or unwilling, to pay interest or repay principal on time, defaults or otherwise fails to meet its obligations. Actual or perceived changes in economic, social, public </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">health, financial or political conditions in general or that affect a particular type of instrument, issuer, guarantor or counterparty can reduce the ability of the party to meet its obligations, which can affect the credit quality, liquidity and/or value of an instrument. The value of an instrument also may decline for reasons that relate directly to the issuer, guarantor or counterparty, such as management performance, financial leverage and reduced demand for goods and services or an actual or perceived change in financial condition or reputation. The issuer, guarantor or counterparty could also suffer a rapid decline in credit rating, which would adversely affect the value, price volatility </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">and liquidity of the instrument. Credit ratings may not be an accurate assessment of liquidity or credit risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">currencies will decline in value relative to the U.S. Dollar, which would cause a decline in the value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. When the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">fluctuations in the value of currencies may be magnified.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Derivatives and other similar instruments (collectively referred to in this paragraph as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">“derivatives”) pose risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, illiquidity, valuation, operational and legal restrictions and risk. Their use is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in leverage, which may cause the Fund to be more volatile and riskier than if it had not been leveraged. The use of derivatives may result in leverage, which may cause the Fund to be more volatile and riskier than if it had not been leveraged. Changes in the value of a derivative may also create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund and its liquidity and other risk profiles. If the Investment Manager is incorrect about its expectations of market conditions, the use of derivatives could also result in a loss, which in some cases may be unlimited. In addition, the Fund's use of derivatives may cause the Fund to realize higher amounts of short term capital gains (generally taxed at ordinary income tax rates) than if the Fund had not used such instruments.  Some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC market. OTC derivatives are subject to heightened counterparty credit, legal, liquidity and valuation risks. Certain risks also are specific to the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">derivatives in which the Fund invests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Forward Foreign Currency Exchange Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A forward foreign currency exchange contract is an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">OTC obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract. Foreign currency transactions can be affected unpredictably by intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or by currency controls or political developments. Such events may prevent or restrict the Fund’s ability to enter into foreign currency transactions, force the Fund to exit a foreign currency transaction at a disadvantageous time or price or result in penalties for the Fund, any of which may result in a loss to the Fund. A contract to sell a foreign currency would limit any potential gain that might be realized if the value of the currency increases. Suitable hedging transactions may not be available in all circumstances. Engaging in forward foreign currency exchange contracts will subject the Fund to counterparty </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">credit risk and any failure to perform by a counterparty could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Futures Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Futures contracts are exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts may be caused by an imperfect correlation between movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of positions that can be held or controlled by the Fund or the Investment Manager, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s net asset </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">value (“NAV”). Futures are also subject to leverage and liquidity risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Investment Manager’s  ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions that can be held or controlled by the Fund or the Investment Manager, thus limiting the ability to implement the Fund’s strategies. Options are also particularly subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">leverage risk and can be subject to liquidity risk.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of swap transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Dollar Roll Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may enter into dollar roll transactions, in which the Fund sells a mortgage-backed</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;"> or other security for settlement on one date and buys back a substantially similar security for settlement at a later date. Dollar rolls involve a risk of loss if the market value of the securities that the Fund is committed to buy </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">declines below the price of the securities the Fund has sold.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Emerging Markets Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Investments in or exposure to emerging markets are generally subject to a greater level of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risks associated with investing in or being exposed to developed foreign markets, as emerging markets are considered to be less developed. Furthermore, investments in or exposure to emerging markets are generally subject to risks in addition to the risks associated with investing in foreign securities, including the risks associated with trading in smaller markets, lower volumes of trading, limited information about issuers and securities, being subject to lower levels of government regulation and less extensive and transparent accounting, auditing, recordkeeping, financial reporting and other requirements, and being subject to potential expropriation or nationalization of private </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">properties and other adverse political, economic and social events.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Extension Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including mortgage- and other asset-backed securities, are subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">the risk that payments on principal may occur at a slower rate or later than expected. In this event, the expected maturity could lengthen and the Fund’s investment may sharply decrease in value and the Fund’s income from the investment may quickly decline. These types of instruments are particularly subject to extension risk, and offer less potential for gains, during periods of rising interest rates. In addition, the Fund may be delayed in its ability to reinvest income or proceeds from these instruments in potentially higher yielding investments, which would adversely affect </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Foreign Securities and Currency Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Foreign securities carry unique,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">additional and heightened risks when </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">compared to U.S. securities, including</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">but not limited to: currency fluctuations; adverse political (including </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">geopolitical)</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">social and economic developments; trade restrictions (including tariffs) or other government restrictions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">by the U.S. or other governments; unreliable</span><span style="font-family:Arial;font-size:10.02pt;">, untimely or less publicly available information; less government </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">supervision; reporting</span><span style="font-family:Arial;font-size:10.02pt;">, accounting, and auditing standards that are not comparable to those in the United States; less liquidity and more volatility; limited legal recourse and higher transactional costs.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Hedging Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may, but is not required to, engage in various investments or transactions that are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">designed to hedge a position that the Fund holds. There can be no assurance that the Fund’s hedging investments or transactions will be effective. Hedging investments or transactions involve costs and may reduce gains or result in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">losses, which may adversely affect the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">High Yield and Unrated Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—High yield, below investment grade and unrated high risk debt securities </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(which also may be known as “junk bonds”) are regarded as predominantly speculative by certain rating agencies with respect to the issuer’s continuing ability to meet principal and interest payments. These securities generally present additional risks compared to investment grade bonds and are typically less liquid, and therefore more difficult to value accurately and sell at an advantageous price or time, and present more credit and default risk, including risk </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">of loss (which may be substantial or total loss) of income and principal, than investment grade bonds. The price of high yield securities tends to be subject to greater volatility due to issuer-specific factors, such as operating results and outlook, and to real or perceived adverse economic and competitive industry conditions. High yield securities may be issued by companies that </span><span style="font-family:Arial;font-size:10.02pt;">are restructuring, are smaller and less credit worthy or are more highly leveraged </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">or indebted than other companies or are financially distressed, and therefore they typically have more difficulty making scheduled payments of principal and interest than issuers of higher rated investments. Under unusual or adverse economic, market or political conditions, high yield securities may be particularly susceptible to default risk and increased default rates. In the event of default, the Fund may incur additional expenses to seek recovery or to negotiate new terms with a defaulting issuer. Based on its investment strategies, a significant portion of the Fund’s investments  (directly or indirectly) can be comprised of high yield, below investment grade and unrated securities </span><span style="font-family:Arial;font-size:10.02pt;">and thus particularly prone to the foregoing risks, which may result in losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed-income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed-income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed-income and other debt instruments decline, sometimes suddenly and significantly. When interest rates decrease, the values of fixed-income and other debt instruments generally rise. During periods of rising interest rates, because changes in interest rates on adjustable rate securities may lag behind changes in market rates, the value of such securities may decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns and performance may be adversely affected by changing interest rates and the Fund's net asset value per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio turnover costs and lower valuations, thereby adversely affecting the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Investment Vehicles Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may seek to obtain certain exposure through investments in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other investment vehicles. Investing in other investment vehicles, including ETFs, closed-end funds, short-term funds advised by the Investment Manager and/or its affiliates and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, which will reduce the Fund’s performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the net asset value of the shares and the listing exchange may halt trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the shares.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Loans Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in loans directly or indirectly through assignments or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">participations. Investments in loans, including loan syndicates and other direct lending opportunities, involve special types of risks, including credit risk, interest rate risk, counterparty risk, prepayment risk, risk of subordination to other creditors, extension risk and risk of insufficient or lack of protection under the federal securities law. Loans may offer a fixed or floating interest rate. Loans are often below investment grade and may be unrated. The Fund’s investments in loans can also be difficult to value accurately because of, among other factors, limited public information regarding the loan or the borrowers and may be more susceptible to liquidity risk than fixed-income instruments of similar credit quality and/or maturity. The Fund is also subject to the risk that the value of any collateral for the loan may be insufficient or unavailable to cover the borrower’s obligations should the borrower fail to make payments, become insolvent, or otherwise default. This risk is increased if the Fund’s loans are secured by a single asset. The Fund may also invest in loans that are not secured by collateral which typically present greater risks than collateralized loans. Transactions in loans are often subject to long settlement periods and often require consent from borrowers and/or an agent acting for the lenders, thus potentially limiting the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. The Fund thus is subject to the risk of selling other investments at disadvantageous times or prices or taking other actions necessary to raise cash to meet its redemption obligations. Participations in loans may subject the Fund to the credit risk of both the borrower and the seller of the participation and may make enforcement of loan covenants, if any, more difficult for the Fund as legal </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">action may have to go through the seller of the participation (or an agent acting on its behalf). Covenants contained in loan documentation are intended to protect lenders and investors by imposing certain restrictions and other limitations on a borrower’s and the credit group’s operations or assets and by providing certain information and consent rights to lenders. In addition to operational covenants, loans and other debt obligations often contain financial covenants, which require a borrower and the related credit group to satisfy certain financial tests at periodic intervals or to maintain compliance with certain financial metrics. The Fund invests in or is exposed to loans and other similar debt obligations that are sometimes referred to as “covenant-lite” loans or obligations, which generally are loans or other similar debt obligations that lack financial maintenance covenants or possess fewer or contingent financial maintenance covenants and other financial protections for lenders and investors. These “covenant-lite” loans or similar debt obligations are particularly subject to the risks associated with investments in loans as </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">described above.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s use of leverage, through borrowings or instruments such as derivatives and reverse </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">repurchase agreements, may cause the Fund to be more volatile and riskier and magnify the Fund's losses to an extent greater than if it had not been leveraged. The use of leverage may also increase the Fund’s sensitivity to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Investment Manager for purposes of the Fund’s net asset value, causing the Fund to be less liquid and unable to realize what the Investment Manager believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Based on its investment strategies, a significant portion of the Fund's investments can be difficult to value and potentially less liquid and thus particularly prone to the foregoing risks. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment, particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Management Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is actively managed, which means that investment decisions are made based on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investment views. There is no guarantee that the investment views will produce the desired results or expected returns. As a result of these and other factors, the Fund may lose value or fail to meet its investment objective or underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active and frequent trading that can accompany active management, also called “high turnover,” may have a negative impact on performance. Active and frequent trading may result in higher brokerage costs or mark-up charges and tax costs, which are ultimately passed on to shareholders of the Fund. Active and frequent trading may also result in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adverse tax consequences.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund's investments may perform poorly or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">underperform the general securities markets or other types of securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Municipal Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Municipal securities are subject to a variety of risks generally associated with </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investments in debt instruments, including credit, interest rate, prepayment, liquidity, and valuation risks, as well as risks specific to municipal securities. The ability of issuers of municipal securities to pay their obligations can be adversely affected by, among other developments or events, (i) unfavorable legislative, tax, political, or other developments or events, including extreme weather, natural or man-made disasters and public health conditions, and (ii) changes in the economic and fiscal conditions of issuers of municipal securities or the federal government (in cases where it provides financial support to such issuers). In addition, the values of, and income generated by, municipal securities may fully or partially depend on a specific revenue or tax source, such as the taxing authority or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">revenue of a local government, the credit of a private issuer, or the current or anticipated revenues from a specific project. Developments adversely affecting such sources, such as economic, social or public health conditions, would negatively impact the cash flows of such sources and, in turn, municipal securities fully or partially backed by such sources. To the extent the Fund invests a substantial portion of its assets in municipal securities issued by issuers in a particular state, municipality or project or in municipal instruments that finance similar projects, such as those relating to education, healthcare, transportation, housing, utilities, or water and sewer, the Fund will be particularly sensitive to developments and events adversely affecting such state or municipality or with respect to such projects. Certain sectors of the municipal bond market have special risks that can affect them more significantly than the market as a whole. Because many municipal instruments are issued to finance similar projects (such as education, healthcare, transportation and utilities), conditions in these industries can significantly affect the overall municipal market. Municipal securities that are insured may be adversely affected by developments relevant to that particular insurer, or more general developments relevant to the market as a whole. Municipal securities can be difficult to value and be less liquid than other investments, which may affect performance or the ability to meet Fund redemption </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">requests.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Preferred Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A company’s preferred stock generally pays dividends only after the company makes </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">required payments to holders of its bonds and other debt. For this reason, the value of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">prospects.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Prepayment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain debt instruments, including loans and mortgage- and other asset-backed securities, are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the risk that payments on principal may occur more quickly or earlier than expected. If this occurs, the Fund might be forced to forego future interest income on the principal repaid early and to reinvest income or proceeds at generally lower interest rates, thus reducing the Fund’s yield. These types of instruments are particularly </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">subject to prepayment risk, and offer less potential for gains, during periods of declining interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Real Estate Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may invest in securities of real estate companies and companies related </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">to the real estate industry, including real estate investment trusts (“REITs”), which are subject to the same risks as direct investments in real estate and the real estate market generally. The real estate industry is particularly sensitive to, among other things, economic downturns, changes in interest rates, changes in national, state or local real estate conditions, changes in the availability, cost and terms of mortgages (and other types of financing) and fluctuations in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">occupancy levels and demand for properties.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund or the level of regulation or taxation applying to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and operations of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Fund  or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreements and Reverse Repurchase Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In the event of the insolvency of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities or other assets sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">rate lower than the cost of the agreement, entering into the agreement will lower the Fund’s yield.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Residential Mortgage-Backed Securities</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Residential mortgage-backed securities (“RMBS”) are backed by </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">residential mortgage loans and are particularly subject to the credit risk of the borrower. RMBS are subject to the risks of asset-backed securities generally, in particular credit risk and interest rate risk, and the residential real estate markets. Delinquencies and losses on RMBS generally increase during periods of adverse economic conditions. Investments in non-agency RMBS, which are not guaranteed by the U.S. government or a government sponsored </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">enterprise, are subject to increased interest rate, credit and other risks, such as liquidity and valuation risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Restricted Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Restricted securities, including those acquired through private placement transactions, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">generally cannot be sold to the public and may involve a high degree of business, financial and liquidity risk, which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">may result in substantial losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sovereign Debt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The debt securities issued by sovereign entities may decline as a result of default or other </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">adverse credit event resulting from a sovereign debtor's unwillingness or inability to repay principal and pay interest in a timely manner, which may be affected by a variety of factors, including its cash flow situation, the extent of its </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor's policy toward international lenders, and the political constraints to which a sovereign debtor may be subject. Sovereign debt risk is greater for issuers in emerging </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">markets than issuers in developed countries.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Strategy Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">— An investment in a Fund is not designed to be a complete investment program or a standalone </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investment. The Fund is intended to be a component of a broader investment program for whose use the Fund is exclusively designed. Actions taken to manage the Fund in accordance with the investment goals of the broader investment program may be ineffective and/or cause the Fund to lose value or underperform its benchmark index or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">funds with similar investment objectives and strategies. </span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">To Be Announced (“TBA”) Transactions Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund may enter into “To Be Announced” (“TBA”) transactions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">to purchase or sell mortgage-backed securities for a fixed price at a future date. In a TBA transaction, a seller agrees to deliver a mortgage-backed security to the Fund at a future date, but the seller does not specify the particular security to be delivered. Instead, the Fund agrees to accept or sell any security that meets specified terms. TBA purchase commitments involve a risk of loss if the value of the securities to be purchased declines prior to settlement date or if the counterparty may not deliver the securities as promised. Selling a TBA involves a risk of loss if the value of the securities to be sold goes up prior to settlement date. </span><span style="font-family:Arial;font-size:10.02pt;">Margin requirements applicable to the Fund’s TBA transactions</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">may increase the cost of TBA transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed-income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Zero Coupon and Payment-In-Kind Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Zero coupon and payment-in-kind securities pay no cash </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">interest income and usually are sold at substantial discounts from their value at maturity. Zero coupon and payment-in-kind securities are subject to greater market value fluctuations from changing interest rates than debt obligations of comparable maturities that make current cash-pay interest payments. Additionally, investments in payment-in-kind </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">loans are subject to increased price, volatility, credit risk and other risks.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">SMA Class share</span><span style="font-family:Arial;font-size:10.02pt;"> calendar year performance from year to year and average annual returns for the one,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s SMA Class shares compared to those of a </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index).</span><span style="font-family:Arial;font-size:10.02pt;">As with all mutual </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">funds, past </span><span style="font-family:Arial;font-size:10.02pt;">performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">future</span><span style="font-family:Arial;font-size:10.02pt;">.</span><span style="font-family:Arial;font-size:10.02pt;"> Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or </span><span style="font-family:Arial;font-size:10.02pt;">by calling </span><span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span><span style="font-family:Arial;font-size:10.02pt;">. </span><span style="font-family:Arial;font-size:10.02pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.</span> <span style="font-family:Arial;font-size:10.02pt;">The following chart and table provide some indication of the risks of investing in the Fund by showing the Fund’s </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">SMA Class share</span><span style="font-family:Arial;font-size:10.02pt;"> calendar year performance from year to year and average annual returns for the one,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">five and ten year or, if shorter, since inception periods, as applicable, for the Fund’s SMA Class shares compared to those of a </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">regulatorily required broad-based securities market index (Bloomberg U.S. Aggregate Bond Index).</span> <span style="font-family:Arial;font-size:10.02pt;">As with all mutual </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">funds, past </span><span style="font-family:Arial;font-size:10.02pt;">performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">future</span><span style="font-family:Arial;font-size:10.02pt;">.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">800.820.0888</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2025</span><span style="font-family:Arial;font-size:10.02pt;">1.90%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">March 31, 2025</span><span style="font-family:Arial;font-size:10.02pt;">1.08%</span> <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2025-06-30 0.0190 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2025-03-31 0.0108 <span style="font-family:Arial;font-size:10.02pt;">Average Annual Total Returns (for the periods ended December 31, 2025)</span> 2024-08-14 0.0623 0.0553 0.0386 0.0315 0.0365 0.0320 0.0730 0.0385 <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</span> <span style="font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an investor’s tax </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund </span><span style="font-family:Arial;font-size:10.02pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> No contingent deferred sales charge is imposed on redemptions of Class A shares of the Fund unless you acquire Class A shares of the Fund by exchanging Class A shares of another fund in the Guggenheim family of funds that was subject to a contingent deferred sales charge. Other expenses are based on estimated amounts for the current fiscal year. Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”), has contractually agreed through February 1, 2027 to waive fees and/or reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees (if any), but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) (“Operating Expenses”) of the Fund to the annual percentage of average daily net assets for each class of shares as follows: Class A-0.58%, Institutional Class-0.33%, and Class P-0.58%. The Investment Manager is entitled to reimbursement by the Fund of fees waived or expenses reimbursed during any of the previous 36 months beginning on the date of the expense limitation agreement, provided that the Operating Expenses do not exceed the then-applicable expense cap. The agreement will expire when it reaches its termination or when the Investment Manager ceases to serve as such and it can be terminated by the Fund’s Board of Trustees, with certain waived fees and reimbursed expenses subject to the recoupment rights of the Investment Manager. Performance reflects return since inception of Class A shares. Bloomberg U.S. Aggregate Bond Index is an index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, fixed-rate agency mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities (agency and non-agency). Performance of the benchmark index is shown for the same periods as shown for performance of Institutional Class shares. Bloomberg 1-3 Month U.S. Treasury Bill Index is an index that tracks the market for treasury bills issued by the U.S. government with maturities of one to three months. Other expenses are based on estimated amounts for the current fiscal year. Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”), has contractually agreed through February 1, 2027 to waive fees and/or reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees (if any), but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) (“Operating Expenses”) to the annual percentage of average daily net assets for Class R6 shares to 0.33%. The Investment Manager is entitled to reimbursement by the Fund of fees waived or expenses reimbursed during any of the previous 36 months beginning on the date of the expense limitation agreement, provided that the Operating Expenses do not exceed the then-applicable expense cap. The agreement will expire when it reaches its termination or when the Investment Manager ceases to serve as such and it can be terminated by the Fund’s Board of Trustees, with certain waived fees and reimbursed expenses subject to the recoupment rights of the Investment Manager. Bloomberg U.S. Aggregate Bond Index is an index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, fixed-rate agency mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities (agency and non-agency). Bloomberg 1-3 Month U.S. Treasury Bill Index is an index that tracks the market for treasury bills issued by the U.S. government with maturities of one to three months. A 1.00% deferred sales charge will normally be imposed on purchases of $1,000,000 or more on Fund shares purchased without an initial sales charge that are redeemed within 12 months of purchase. A 1.00% deferred sales charge will be imposed if Fund shares are redeemed within 12 months of purchase. Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”), has contractually agreed through February 1, 2027 to waive fees and/or reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees (if any), but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) (“Operating Expenses”) of the Fund to the annual percentage of average daily net assets for each class of shares as follows: Class A-0.98%, Class C-1.73%, Institutional Class-0.74%, and Class P-0.98%. The Investment Manager is entitled to reimbursement by the Fund of fees waived or expenses reimbursed during any of the previous 36 months beginning on the date of the expense limitation agreement, provided that the Operating Expenses do not exceed the then-applicable expense cap. The agreement will expire when it reaches its termination or when the Investment Manager ceases to serve as such and it can be terminated by the Fund’s Board of Trustees, with certain waived fees and reimbursed expenses subject to the recoupment rights of the Investment Manager. Bloomberg U.S. Aggregate Bond Index is an index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, fixed-rate agency mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities (agency and non-agency). S&P UBS Leveraged Loan Index is an index that measures the market-value weighted performance of the investable universe of U.S. dollar-denominated leveraged loans. Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”), has contractually agreed through February 1, 2027 to waive fees and/or reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees (if any), but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) (“Operating Expenses”) of the Fund to the annual percentage of average daily net assets for Class R6 shares to 0.74%. The Investment Manager is entitled to reimbursement by the Fund of fees waived or expenses reimbursed during any of the previous 36 months beginning on the date of the expense limitation agreement, provided that the Operating Expenses do not exceed the then-applicable expense cap. The agreement will expire when it reaches its termination or when the Investment Manager ceases to serve as such and it can be terminated by the Fund’s Board of Trustees, with certain waived fees and reimbursed expenses subject to the recoupment rights of the Investment Manager. Bloomberg U.S. Aggregate Bond Index is an index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, fixed-rate agency mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities (agency and non-agency). S&P UBS Leveraged Loan Index is an index that measures the market-value weighted performance of the investable universe of U.S. dollar-denominated leveraged loans. A 1.00% deferred sales charge will normally be imposed on purchases of $1,000,000 or more on Fund shares purchased without an initial sales charge that are redeemed within 12 months of purchase. A 1.00% deferred sales charge will be imposed if Fund shares are redeemed within 12 months of purchase. Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”), has contractually agreed through February 1, 2027 to waive fees and/or reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees (if any), but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) (“Operating Expenses”) of the Fund to the annual percentage of average daily net assets for each class of shares as follows: Class A-0.76%, Class C-1.51%, Institutional Class-0.51%, and Class P-0.76%. The Investment Manager is entitled to reimbursement by the Fund of fees waived or expenses reimbursed during any of the previous 36 months beginning on the date of the expense limitation agreement, provided that the Operating Expenses do not exceed the then-applicable expense cap. The agreement will expire when it reaches its termination or when the Investment Manager ceases to serve as such and it can be terminated by the Fund’s Board of Trustees, with certain waived fees and reimbursed expenses subject to the recoupment rights of the Investment Manager. Bloomberg Municipal Bond Index is an index considered representative of the broad market for tax-exempt investment-grade municipal bonds. Bonds in the index have remaining maturities of at least one year. Other expenses are based on estimated amounts for the current fiscal year. Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”), has contractually agreed through February 1, 2027 to waive fees and/or reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees (if any), but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) (“Operating Expenses”) of the Fund to the annual percentage of average daily net assets for Class R6 shares to 0.51%. The Investment Manager is entitled to reimbursement by the Fund of fees waived or expenses reimbursed during any of the previous 36 months beginning on the date of the expense limitation agreement, provided that the Operating Expenses do not exceed the then-applicable expense cap. The agreement will expire when it reaches its termination or when the Investment Manager ceases to serve as such and it can be terminated by the Fund’s Board of Trustees, with certain waived fees and reimbursed expenses subject to the recoupment rights of the Investment Manager. Bloomberg Municipal Bond Index is an index considered representative of the broad market for tax-exempt investment-grade municipal bonds. Bonds in the index have remaining maturities of at least one year. A 1.00% deferred sales charge will normally be imposed on purchases of $1,000,000 or more on Fund shares purchased without an initial sales charge that are redeemed within 12 months of purchase. A 1.00% deferred sales charge will be imposed if Fund shares are redeemed within 12 months of purchase. Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”), has contractually agreed through February 1, 2027 to waive fees and/or reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees (if any), but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) (“Operating Expenses”) of the Fund to the annual percentage of average daily net assets for each class of shares as follows: Class A-0.75%, Class C-1.50%, Institutional Class-0.46%, and Class P-0.75%. The Investment Manager is entitled to reimbursement by the Fund of fees waived or expenses reimbursed during any of the previous 36 months beginning on the date of the expense limitation agreement, provided that the Operating Expenses do not exceed the then-applicable expense cap. The agreement will expire when it reaches its termination or when the Investment Manager ceases to serve as such and it can be terminated by the Fund’s Board of Trustees, with certain waived fees and reimbursed expenses subject to the recoupment rights of the Investment Manager. Bloomberg U.S. Aggregate Bond Index is an index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, fixed-rate agency mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities (agency and non-agency). Other expenses are based on estimated amounts for the current fiscal year. Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”), has contractually agreed through February 1, 2027 to waive fees and/or reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees (if any), but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) (“Operating Expenses”) of the Fund to the annual percentage of average daily net assets for Class R6 shares to 0.46%. The Investment Manager is entitled to reimbursement by the Fund of fees waived or expenses reimbursed during any of the previous 36 months beginning on the date of the expense limitation agreement, provided that the Operating Expenses do not exceed the then-applicable expense cap. The agreement will expire when it reaches its termination or when the Investment Manager ceases to serve as such and it can be terminated by the Fund’s Board of Trustees, with certain waived fees and reimbursed expenses subject to the recoupment rights of the Investment Manager. The Fund does not pay a management fee. The Fund is a part of “wrap fee” programs, separately managed account programs or other similar programs, including those sponsored by investment advisers and broker/dealers unaffiliated with the Fund or Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”). The Investment Manager or an affiliate thereof is compensated directly or indirectly by such program sponsors or participants for account advisory services. The Fund is also offered to other funds in the Guggenheim Family of Funds, as defined on page 78 of this Prospectus. The Investment Manager has contractually agreed through February 1, 2027, to reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees (if any), but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) of the Fund to the annual percentage of average daily net assets for SMA Class shares to 0.00%. The agreement will expire when it reaches its termination or when the Investment Manager ceases to serve as such and it can be terminated by the Fund’s Board of Trustees. Bloomberg U.S. Aggregate Bond Index is an index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, fixed-rate agency mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities (agency and non-agency). A 1.00% deferred sales charge will normally be imposed on purchases of $1,000,000 or more on Fund shares purchased without an initial sales charge that are redeemed within 12 months of purchase. A 1.00% deferred sales charge will be imposed if Fund shares are redeemed within 12 months of purchase. Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”), has contractually agreed through February 1, 2027 to waive fees and/or reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees (if any), but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) (“Operating Expenses”) of the Fund to the annual percentage of average daily net assets for each class of shares as follows: Class A-0.75%, Class C-1.50%, Institutional Class-0.46%, and Class P-0.75%. The Investment Manager is entitled to reimbursement by the Fund of fees waived or expenses reimbursed during any of the previous 36 months beginning on the date of the expense limitation agreement, provided that the Operating Expenses do not exceed the then-applicable expense cap. The agreement will expire when it reaches its termination or when the Investment Manager ceases to serve as such and it can be terminated by the Fund’s Board of Trustees, with certain waived fees and reimbursed expenses subject to the recoupment rights of the Investment Manager. Bloomberg U.S. Aggregate Bond Index is an index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, fixed-rate agency mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities (agency and non-agency). Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”), has contractually agreed through February 1, 2027 to waive fees and/or reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees (if any), but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) (“Operating Expenses”) of the Fund to the annual percentage of average daily net assets for Class R6 shares to 0.46%. The Investment Manager is entitled to reimbursement by the Fund of fees waived or expenses reimbursed during any of the previous 36 months beginning on the date of the expense limitation agreement, provided that the Operating Expenses do not exceed the then-applicable expense cap. The agreement will expire when it reaches its termination or when the Investment Manager ceases to serve as such and it can be terminated by the Fund’s Board of Trustees, with certain waived fees and reimbursed expenses subject to the recoupment rights of the Investment Manager. Bloomberg U.S. Aggregate Bond Index is an index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, fixed-rate agency mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities (agency and non-agency). A 1.00% deferred sales charge will normally be imposed on purchases of $250,000 or more on Fund shares purchased without an initial sales charge that are redeemed within 12 months of purchase. A 1.00% deferred sales charge will be imposed if Fund shares are redeemed within 12 months of purchase. Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”), has contractually agreed through February 1, 2027 to waive fees and/or reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees (if any), but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) (“Operating Expenses”) of the Fund to the annual percentage of average daily net assets for each class of shares as follows: Class A-0.71%, Class C-1.46%, Institutional Class-0.46%, and Class P-0.71%. The Investment Manager is entitled to reimbursement by the Fund of fees waived or expenses reimbursed during any of the previous 36 months beginning on the date of the expense limitation agreement, provided that the Operating Expenses do not exceed the then-applicable expense cap. The agreement will expire when it reaches its termination or when the Investment Manager ceases to serve as such and it can be terminated by the Fund’s Board of Trustees, with certain waived fees and reimbursed expenses subject to the recoupment rights of the Investment Manager. Bloomberg U.S. Aggregate Bond Index is an index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, fixed-rate agency mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities (agency and non-agency). Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index is a subset of the Bloomberg U.S. Aggregate Bond Index, and measures the performance of publicly issued investment grade corporate, U.S. Treasury and government agency securities with remaining maturities of one to three years. Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”), has contractually agreed through February 1, 2027 to waive fees and/or reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees (if any), but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) (“Operating Expenses”) of the Fund to the annual percentage of average daily net assets for Class R6 shares to 0.46%. The Investment Manager is entitled to reimbursement by the Fund of fees waived or expenses reimbursed during any of the previous 36 months beginning on the date of the expense limitation agreement, provided that the Operating Expenses do not exceed the then-applicable expense cap. The agreement will expire when it reaches its termination or when the Investment Manager ceases to serve as such and it can be terminated by the Fund’s Board of Trustees, with certain waived fees and reimbursed expenses subject to the recoupment rights of the Investment Manager. Bloomberg U.S. Aggregate Bond Index is an index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, fixed-rate agency mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities (agency and non-agency). Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index is a subset of the Bloomberg U.S. Aggregate Bond Index, and measures the performance of publicly issued investment grade corporate, U.S. Treasury and government agency securities with remaining maturities of one to three years. The Fund does not pay a management fee. The Fund is a part of “wrap fee” programs, separately managed account programs or other similar programs, including those sponsored by investment advisers and broker/dealers unaffiliated with the Fund or Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”). The Investment Manager or an affiliate thereof is compensated directly or indirectly by such program sponsors or participants for account advisory services. The Fund is also offered to other funds in the Guggenheim Family of Funds, as defined on page 78 of this Prospectus. The Investment Manager has contractually agreed through February 1, 2027, to reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees (if any), but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) of the Fund to the annual percentage of average daily net assets for SMA Class shares to 0.00%. The agreement will expire when it reaches its termination or when the Investment Manager ceases to serve as such and it can be terminated by the Fund’s Board of Trustees. Bloomberg U.S. Aggregate Bond Index is an index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, fixed-rate agency mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities (agency and non-agency). A 1.00% deferred sales charge will normally be imposed on purchases of $1,000,000 or more on Fund shares purchased without an initial sales charge that are redeemed within 12 months of purchase. A 1.00% deferred sales charge will be imposed if Fund shares are redeemed within 12 months of purchase. Other expenses of the Subsidiary (as defined below) were less than 0.01% for the most recently completed fiscal year. Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”), has contractually agreed through February 1, 2027 to waive fees and/or reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees (if any), but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) (“Operating Expenses”) of the Fund to the annual percentage of average daily net assets for each class of shares as follows: Class A-1.32%, Class C-2.07%, Institutional Class-0.91%, and Class P-1.32%. The Investment Manager has also contractually agreed to waive the management fee it receives from the Fund in any amount equal to the management fee paid to the Investment Manager by the Subsidiary. This undertaking will continue for so long as the Fund invests in the Subsidiary, and may be terminated only with the approval of the Fund’s Board of Trustees. The Investment Manager is entitled to reimbursement by the Fund of fees waived or expenses reimbursed during any of the previous 36 months beginning on the date of the expense limitation agreement, provided that the Operating Expenses do not exceed the then-applicable expense cap. The agreement will expire when it reaches its termination or when the Investment Manager ceases to serve as such and it can be terminated by the Fund’s Board of Trustees, with certain waived fees and reimbursed expenses subject to the recoupment rights of the Investment Manager. The Investment Manager has contractually agreed through February 1, 2027, to waive the amount of the Fund’s management fee to the extent necessary to offset the proportionate share of any management fee paid by the Fund with respect to any Fund investment in an underlying fund for which the Investment Manager or any of its affiliates also serves as investment manager. The agreement will expire when it reaches its termination or when the Investment Manager ceases to serve as such and it can be terminated by the Fund’s Board of Trustees. Bloomberg U.S. Aggregate Bond Index is an index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, fixed-rate agency mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities (agency and non-agency). ICE BofA 3-Month U.S. Treasury Bill Index is an unmanaged index comprised of a single U.S. Treasury issue with approximately three months to final maturity, purchased at the beginning of each month and held for one full month. Other expenses of the Subsidiary (as defined below) were less than 0.01% for the most recently completed fiscal year. Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”), has contractually agreed through February 1, 2027 to waive fees and/or reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees (if any), but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) (“Operating Expenses”) of the Fund to the annual percentage of average daily net assets for Class R6 shares to 0.91%. The Investment Manager has also contractually agreed to waive the management fee it receives from the Fund in any amount equal to the management fee paid to the Investment Manager by the Subsidiary. This undertaking will continue for so long as the Fund invests in the Subsidiary, and may be terminated only with the approval of the Fund’s Board of Trustees. The Investment Manager is entitled to reimbursement by the Fund of fees waived or expenses reimbursed during any of the previous 36 months beginning on the date of the expense limitation agreement, provided that the Operating Expenses do not exceed the then-applicable expense cap. The agreement will expire when it reaches its termination or when the Investment Manager ceases to serve as such and it can be terminated by the Fund’s Board of Trustees, with certain waived fees and reimbursed expenses subject to the recoupment rights of the Investment Manager. The Investment Manager has contractually agreed through February 1, 2027, to waive the amount of the Fund’s management fee to the extent necessary to offset the proportionate share of any management fee paid by the Fund with respect to any Fund investment in an underlying fund for which the Investment Manager or any of its affiliates also serves as investment manager. The agreement will expire when it reaches its termination or when the Investment Manager ceases to serve as such and it can be terminated by the Fund’s Board of Trustees. Bloomberg U.S. Aggregate Bond Index is an index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, fixed-rate agency mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities (agency and non-agency). ICE BofA 3-Month U.S. Treasury Bill Index is an unmanaged index comprised of a single U.S. Treasury issue with approximately three months to final maturity, purchased at the beginning of each month and held for one full month. A 1.00% deferred sales charge will normally be imposed on purchases of $1,000,000 or more on Fund shares purchased without an initial sales charge that are redeemed within 12 months of purchase. A 1.00% deferred sales charge will be imposed if Fund shares are redeemed within 12 months of purchase. A 2.00% redemption charge will be imposed if Fund shares are redeemed within 90 days of purchase. The Fund reserves the right to waive the redemption charge in its discretion. Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”), has contractually agreed through February 1, 2027 to waive fees and/or reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees (if any), but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) (“Operating Expenses”) of the Fund to the annual percentage of average daily net assets for each class of shares as follows: Class A 0.90%, Class C 1.65%, Institutional Class 0.65%, and Class P 0.90%. The Investment Manager is entitled to reimbursement by the Fund of fees waived or expenses reimbursed during any of the previous 36 months beginning on the date of the expense limitation agreement, provided that the Operating Expenses do not exceed the then-applicable expense cap. The agreement will expire when it reaches its termination or when the Investment Manager ceases to serve as such and it can be terminated by the Fund’s Board of Trustees, with certain waived fees and reimbursed expenses subject to the recoupment rights of the Investment Manager. Bloomberg U.S. Aggregate Bond Index is an index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, fixed-rate agency mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities (agency and non-agency). Bloomberg U.S. Corporate High Yield Index is an index that measures the market for U.S. dollar-denominated non-investment grade, fixed rate, taxable corporate bonds. A 2.00% redemption charge will be imposed if Fund shares are redeemed within 90 days of purchase. The Fund reserves the right to waive the redemption charge in its discretion. Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the “Investment Manager”), has contractually agreed through February 1, 2027 to waive fees and/or reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees (if any), but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) (“Operating Expenses”) of the Fund to the annual percentage of average daily net assets for Class R6 shares to 0.65%. The Investment Manager is entitled to reimbursement by the Fund of fees waived or expenses reimbursed during any of the previous 36 months beginning on the date of the expense limitation agreement, provided that the Operating Expenses do not exceed the then-applicable expense cap. The agreement will expire when it reaches its termination or when the Investment Manager ceases to serve as such and it can be terminated by the Fund’s Board of Trustees, with certain waived fees and reimbursed expenses subject to the recoupment rights of the Investment Manager. Bloomberg U.S. Aggregate Bond Index is an index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, fixed-rate agency mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities (agency and non-agency). Bloomberg U.S. Corporate High Yield Index is an index that measures the market for U.S. dollar-denominated non-investment grade, fixed rate, taxable corporate bonds.