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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>Large Cap
Value Fund</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><b>Large Cap Value Institutional
Fund</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6.75pt 0 0; text-align: justify; background-color: white"><b>INVESTMENT
OBJECTIVE</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; background-color: white"><b>INVESTMENT OBJECTIVE</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
Large Cap Value Fund seeks long-term growth of capital.</p>
<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">The Large Cap Value Institutional Fund seeks long-term
growth of capital.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>FEES
AND EXPENSES OF THE FUND</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; background-color: white"><b>FEES AND EXPENSES OF THE
FUND</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge
discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Family of Funds, as defined
on page 39 of the Fund’s prospectus. More information about these and other discounts is available from your financial professional
and in the “Buying Shares – Class A Shares” section on page 37 of the Fund’s prospectus and the
“How to Purchase Shares” section on page 36 of the Fund’s statement of additional information.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; background-color: white; color: #333333">This table
describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p>
<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">SHAREHOLDER FEES<font style="color: #333333; line-height: 115%"> <i>(fees
paid directly from your investment)</i></font></font></p>
<p style="margin: 0"><font style="font-size: 8pt">SHAREHOLDER FEES<font style="font-family: Times New Roman, Times, Serif; color: #333333; line-height: 115%"> <i>(fees
paid directly from your investment)</i></font></font></p>
<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">ANNUAL FUND OPERATING EXPENSES<font style="color: #333333; line-height: 115%"> <i>(expenses
that you pay each year as a percentage of the value of your investment)</i></font></font></p>
<p style="margin: 0"><font style="font-size: 8pt">ANNUAL FUND OPERATING EXPENSES<font style="font-family: Times New Roman, Times, Serif; color: #333333; line-height: 115%"> <i>(expenses
that you pay each year as a percentage of the value of your investment)</i></font></font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><font style="font: 8pt Times New Roman, Times, Serif"><b>EXAMPLE</b></font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; background-color: white"><b>EXAMPLE</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>PORTFOLIO
TURNOVER</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>PORTFOLIO
TURNOVER</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">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 was 16% of the average value of its portfolio.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">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 was 19% of the average value of its portfolio.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>PRINCIPAL
INVESTMENT STRATEGIES</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>PRINCIPAL
INVESTMENT STRATEGIES</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund pursues its objective by investing, under normal market conditions, at least 80% of its assets (net assets, plus the amount
of any borrowing for investment purposes) in equity securities, which include common stocks, rights, options, warrants, convertible
debt securities of both U.S. and U.S. dollar-denominated foreign issuers, and American Depositary Receipts (“ADRs”),
of companies that, when purchased, have market capitalizations that are usually within the range of companies in the Russell 1000
Value Index. Although a universal definition of large market capitalization companies does not exist, the Fund generally defines
large market capitalization companies as those whose market capitalization is similar to the market capitalization of companies
in the Russell 1000 Value Index, which is an unmanaged index measuring the performance of the large cap value segment of the U.S.
equity universe and which includes companies with lower price-to-book ratios and lower expected growth values.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">In
choosing securities, Security Investors, LLC, also known as Guggenheim Investments (the “Investment Manager”), primarily
invests in value-oriented companies. Value-oriented companies are companies that appear to be undervalued relative to assets, earnings,
growth potential or cash flows. The Investment Manager uses a blend of quantitative analysis and fundamental research to identify
securities that appear favorably priced and that may be able to sustain or improve their pre-tax ROIC (Return on Invested Capital)
over time. The Fund may, consistent with its status as a non-diversified mutual fund, focus its investments in a limited number
of issuers.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund may invest a portion of its assets in futures contracts, options on futures contracts, and options on securities. These instruments
are used to hedge the Fund’s portfolio, to maintain exposure to the equity markets, or to increase returns. The Fund may
invest in a variety of investment vehicles, including those that seek to track the composition and performance of a specific index,
such as exchange traded funds (“ETFs”) and other mutual funds. The Fund may use these investments as a way of managing
its cash position or to gain exposure to the equity markets or a particular sector of the equity markets, while maintaining liquidity.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund typically sells a security when its issuer is no longer considered a value company, shows deteriorating fundamentals or falls
short of the Investment Manager’s expectations, among other reasons.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">Under
adverse or unstable market conditions, the Fund could invest some or all of its assets in cash, fixed-income securities, government
bonds, money market securities, or repurchase agreements. Although the Fund would do this only in seeking to avoid losses, the
Fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the
market.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund pursues its objective by investing, under normal market conditions, at least 80% of its assets (net assets, plus the amount
of any borrowing for investment purposes) in equity securities, which include common stocks, rights, options, warrants, convertible
debt securities of both U.S. and U.S. dollar-denominated foreign issuers, and American Depositary Receipts (“ADRs”),
of companies that, when purchased, have market capitalizations that are usually within the range of companies in the Russell 1000
Value Index. Although a universal definition of large market capitalization companies does not exist, the Fund generally defines
large market capitalization companies as those whose market capitalization is similar to the market capitalization of companies
in the Russell 1000 Value Index, which is an unmanaged index measuring the performance of the large cap value segment of the U.S.
equity universe and which includes companies with lower price-to-book ratios and lower expected growth values.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">In
choosing securities, Security Investors, LLC, also known as Guggenheim Investments (the “Investment Manager”), primarily
invests in value-oriented companies. Value-oriented companies are companies that appear to be undervalued relative to assets, earnings,
growth potential or cash flows. The Investment Manager uses a blend of quantitative analysis and fundamental research to identify
securities that appear favorably priced and that may be able to sustain or improve their pre-tax ROIC (Return on Invested Capital)
over time. The Fund may, consistent with its status as a non-diversified mutual fund, focus its investments in a limited number
of issuers.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund may invest a portion of its assets in futures contracts, options on futures contracts, and options on securities. These instruments
are used to hedge the Fund’s portfolio, to maintain exposure to the equity markets, or to increase returns.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund may invest in a variety of investment vehicles, including those that seek to track the composition and performance of a specific
index, such as exchange traded funds (“ETFs”) and other mutual funds. The Fund may use these investments as a way of
managing its cash position or to gain exposure to the equity markets or a particular sector of the equity markets, while maintaining
liquidity.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund typically sells a security when its issuer is no longer considered a value company, shows deteriorating fundamentals or falls
short of the Investment Manager’s expectations, among other reasons.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">Under
adverse or unstable market conditions, the Fund could invest some or all of its assets in cash, fixed-income securities, government
bonds, money market securities, or repurchase agreements. Although the Fund would do this only in seeking to avoid losses, the
Fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the
market.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>PRINCIPAL
RISKS</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>PRINCIPAL
RISKS</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">An
investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency. The value of an investment in the Fund will fluctuate and is subject to investment risks, which
means investors could lose money. The principal risks of investing in the Fund are listed below.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Derivatives
Risk</b> – Derivatives may pose risks in addition to those associated with investing directly in securities or other
investments, including possible illiquidity of the derivative, limited ability to enter into or unwind a position, imperfect correlations
with underlying investments or the Fund’s other portfolio holdings, leverage risk, lack of availability and the risk that
the counterparty may default on its obligations. If the Investment Manager is incorrect about its expectations of market conditions,
the use of derivatives could result in a loss, which in some cases may be unlimited.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Equity
Securities Risk</b> – Equity securities include common stocks and other equity securities (and securities convertible
into stocks), and the prices of equity securities fluctuate in value more than other investments. They reflect changes in the issuing
company’s financial condition and changes in the overall market. Common stocks generally represent the riskiest investment
in a company. The Fund may lose a substantial part, or even all, of its investment in a company’s stock. Growth stocks may
be more volatile than value stocks.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Foreign
Securities Risk</b> – Foreign securities, including investments in foreign securities through ADRs, carry additional
risks when compared to U.S. securities, including currency fluctuations, adverse political and economic developments, unreliable
or untimely information, less liquidity, limited legal recourse and higher transactional costs.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Investment
in Investment Vehicles Risk</b> – Investing in other investment vehicles, including ETFs 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. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying
vehicles’ expenses.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333"><b>Large-Capitalization
Securities Risk</b> – The Fund is subject to the risk that large-capitalization stocks may underperform other segments
of the equity market or the equity market as a whole. Larger, more established companies may be unable to respond quickly to new
competitive challenges such as changes in technology and may not be able to attain the high growth rate of smaller companies, especially
during extended periods of economic expansion.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Leverage
Risk</b> – The Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund
to be more volatile than if it had not been leveraged.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Liquidity
and Valuation Risk</b> – In certain circumstances, it may be difficult for the Fund to purchase and sell particular
investments 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.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Management
Risk</b> – The Fund is actively managed, which means that investment decisions are made based on investment views. There
is no guarantee that the investment views will be successful. Furthermore, active trading that can accompany active management,
also called “high turnover,” may have a negative impact on performance. Active trading may result in higher brokerage
costs or mark-up charges, which are ultimately passed on to shareholders of the Fund.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Market
Risk</b> – The market value of the securities held by the Fund may fluctuate resulting from factors affecting the individual
company or other factors such as changing economic, political or financial market conditions.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Non-Diversification
Risk</b> – The Fund is considered non-diversified because it invests a large portion of its assets in a small number
of issuers. As a result, the Fund is more susceptible to risks associated with those issuers than a more diversified portfolio,
and its performance may be more volatile.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Regulatory
and Legal Risk</b> – U.S. and other regulators and governmental agencies may implement additional regulations and legislators
may 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 (such as regulations related to investments in derivatives). These may impact the investment strategies, performance,
costs and operations of the Fund or taxation of shareholders.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Value
Stocks Risk</b> – Value stocks are subject to the risk that the intrinsic value of the stock may never be realized by
the market or that the price goes down.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">An
investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency. The value of an investment in the Fund will fluctuate and is subject to investment risks, which
means investors could lose money. The principal risks of investing in the Fund are listed below.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Derivatives
Risk</b> – Derivatives may pose risks in addition to those associated with investing directly in securities or other
investments, including possible illiquidity of the derivative, limited ability to enter into or unwind a position, imperfect correlations
with underlying investments or the Fund’s other portfolio holdings, leverage risk, lack of availability and the risk that
the counterparty may default on its obligations. If the Investment Manager is incorrect about its expectations of market conditions,
the use of derivatives could result in a loss, which in some cases may be unlimited.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Equity
Securities Risk</b> – Equity securities include common stocks and other equity securities (and securities convertible
into stocks), and the prices of equity securities fluctuate in value more than other investments. They reflect changes in the issuing
company’s financial condition and changes in the overall market. Common stocks generally represent the riskiest investment
in a company. The Fund may lose a substantial part, or even all, of its investment in a company’s stock. Growth stocks may
be more volatile than value stocks.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Foreign
Securities Risk</b> – Foreign securities, including investments in foreign securities through ADRs, carry additional
risks when compared to U.S. securities, including currency fluctuations, adverse political and economic developments, unreliable
or untimely information, less liquidity, limited legal recourse and higher transactional costs.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Investment
in Investment Vehicles Risk</b> – Investing in other investment vehicles, including ETFs 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. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying
vehicles’ expenses.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #333333"><b>Large-Capitalization
Securities Risk</b> – The Fund is subject to the risk that large-capitalization stocks may underperform other segments
of the equity market or the equity market as a whole. Larger, more established companies may be unable to respond quickly to new
competitive challenges such as changes in technology and may not be able to attain the high growth rate of smaller companies, especially
during extended periods of economic expansion.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Leverage
Risk</b> – The Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund
to be more volatile than if it had not been leveraged.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Liquidity
and Valuation Risk</b> – In certain circumstances, it may be difficult for the Fund to purchase and sell particular
investments 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.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Management
Risk </b>– The Fund is actively managed, which means that investment decisions are made based on investment views. There
is no guarantee that the investment views will be successful. Furthermore, active trading that can accompany active management,
also called “high turnover,” may have a negative impact on performance. Active trading may result in higher brokerage
costs or mark-up charges, which are ultimately passed on to shareholders of the Fund.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Market
Risk</b> – The market value of the securities held by the Fund may fluctuate resulting from factors affecting the individual
company or other factors such as changing economic, political or financial market conditions.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Non-Diversification
Risk</b> – The Fund is considered non-diversified because it invests a large portion of its assets in a small number
of issuers. As a result, the Fund is more susceptible to risks associated with those issuers than a more diversified portfolio,
and its performance may be more volatile.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Regulatory
and Legal Risk</b> – U.S. and other regulators and governmental agencies may implement additional regulations and legislators
may 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 (such as regulations related to investments in derivatives). These may impact the investment strategies, performance,
costs and operations of the Fund or taxation of shareholders.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Value
Stocks Risk</b> – Value stocks are subject to the risk that the intrinsic value of the stock may never be realized by
the market or that the price goes down.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 8.15pt 0 0; text-align: justify; background-color: white"><b>PERFORMANCE
INFORMATION</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><b>PERFORMANCE
INFORMATION</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">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. Actual after-tax returns depend on an investor’s tax 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. After-tax returns are shown for Class A only. After-tax returns for
Class B and C will vary.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">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. Actual after-tax returns depend on an investor’s tax 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.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 8pt Times New Roman, Times, Serif"><b>AVERAGE
ANNUAL TOTAL RETURNS</b></font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 8pt Times New Roman, Times, Serif"><b>(for
the periods ended December 31, 2012)</b></font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>AVERAGE ANNUAL
TOTAL RETURNS</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>(For the
periods ended December 31, 2012)</b></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; background-color: white; border-collapse: collapse">
<tr style="background-color: #CCEEFF">
<td style="vertical-align: top">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-align: justify; text-indent: -12pt; color: #333333">Highest
Quarter Return</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0.75pt 12pt; text-align: justify; text-indent: -12pt; color: #333333">2Q
2009 19.19%</p></td>
<td style="vertical-align: bottom; font: 8pt/115% Times New Roman, Times, Serif; text-align: justify"> </td>
<td nowrap="nowrap" style="vertical-align: bottom">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #333333">Lowest Quarter Return</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: justify; color: #333333">4Q 2008 -23.63%</p></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<tr>
<td style="vertical-align: top; padding-left: 12pt; line-height: 115%; color: #333333; text-align: justify; text-indent: -12pt">Highest Quarter Return</td>
<td style="vertical-align: bottom; line-height: 115%; text-align: justify"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; line-height: 115%; color: #333333; text-align: justify">Lowest Quarter Return</td></tr>
<tr>
<td style="vertical-align: top; padding-left: 12pt; line-height: 115%; color: #333333; text-align: justify; text-indent: -12pt">2Q 2009 19.40%</td>
<td style="vertical-align: bottom; line-height: 115%; text-align: justify"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; line-height: 115%; color: #333333; text-align: justify">3Q 2011 -18.41%</td></tr>
</table>
0.0475
0
0
0
0.05
0.01
0
0.0025
0.0100
0.0100
0
0.0065
0.0065
0.0065
0.0065
0.0072
0.0125
0.0077
.0341
0.0003
0.0003
0.0003
0.0003
0.0118
0.0193
0.0193
0.0103
0.0165
0.0293
0.0245
.0409
2299
2875
2747
4093
1287
1655
1259
1837
927
1113
714
963
590
696
296
105
2299
2875
2747
1287
1455
1259
927
813
714
590
196
196
0.2730
0.1010
0.0960
0.2080
0.0460
-0.3830
0.2720
0.2680
0.1430
0.16
-0.0410
-0.0330
0.1540
0.1470
0.0613
0.0642
0.0591
0.0587
0.0526
0.0738
-0.0135
-0.0043
-0.0103
-0.0162
-0.0130
0.0059
0.0987
0.1068
0.1349
0.0952
0.0641
0.1751
0.1473
0.1435
0.0957
0.1751
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<p style="margin: 0pt"></p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Class
A Return Before Taxes</font></p>
<font style="font: 8pt Times New Roman, Times, Serif">Class
B Return Before Taxes</font>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Class
C Return Before Taxes</font></p>
<p style="font: 8.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font-family: Times New Roman, Times, Serif; background-color: white">Class
A Return After Taxes on Distributions</font></p>
<p style="margin: 0pt; text-align: justify"></p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Class
A Return After Taxes on Distributions and Sale of Fund Shares</font></p>
<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Russell 1000 Value Index <i>(reflects no deductions
for fees, expenses or taxes)</i></font></p>
<p style="margin: 0pt"></p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Institutional
Fund Return Before Taxes</font></p>
<p style="font: 8.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Institutional
Fund<font style="background-color: white"> Return After Taxes on Distributions</font></font></p>
<p style="margin: 0pt; text-align: justify"></p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Institutional
Fund Return After Taxes on Distributions and Sale of Fund Shares</font></p>
<p style="margin: 0"><font style="font-size: 8pt">Russell 1000 Value Index <i>(reflects no deductions for fees, expenses
or taxes)</i></font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
following chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s
Class A share performance from year to year and by showing how the Fund’s average annual returns for one, five, and
ten years have compared to those of a broad measure of market performance. As with all mutual funds, past performance (before and
after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available
on the Fund’s website at www.guggenheiminvestments.com or by calling  1-800-820-0888.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">The
following chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s
performance from year to year and by showing how the Fund’s average annual returns for the one year and since inception periods
have compared to those of a broad measure of market performance. As with all mutual funds, past performance (before and after taxes)
is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the
Fund’s website at www.guggenheiminvestments.com or by calling  1-800-820-0888.</p>
0.0391
0.0359
0.0315
0.0491
2008-07-14
2008-07-14
2008-07-14
2008-07-14
0.0075
0.0128
0.0080
0.0344
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">This
Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">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. The 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 would be:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">This
Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">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. The 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 would be:</p>
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<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">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.</p>
<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">February 1, 2014</font></p>
<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">February 1, 2014</font></p>
0.16
0.19
<p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">You may qualify for sales charge
discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Family of Funds, as defined
on page 39 of the Fund’s prospectus. More information about these and other discounts is available from your financial professional
and in the “Buying Shares – Class A Shares” section on page 37 of the Fund’s prospectus and
the “How to Purchase Shares” section on page 36 of the Fund’s statement of additional information.</font></p>
100000
<p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The Fund pursues its objective by investing, under
normal market conditions, at least 80% of its assets (net assets, plus the amount of any borrowing for investment purposes) in
equity securities, which include common stocks, rights, options, warrants, convertible debt securities of both U.S. and U.S. dollar-denominated
foreign issuers, and American Depositary Receipts (“ADRs”), of companies that, when purchased, have market capitalizations
that are usually within the range of companies in the Russell 1000 Value Index.</font></p>
<p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The Fund pursues its objective
by investing, under normal market conditions, at least 80% of its assets (net assets, plus the amount of any borrowing for investment
purposes) in equity securities, which include common stocks, rights, options, warrants, convertible debt securities of both U.S.
and U.S. dollar-denominated foreign issuers, and American Depositary Receipts (“ADRs”), of companies that, when purchased,
have market capitalizations that are usually within the range of companies in the Russell 1000 Value Index.</font></p>
<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will fluctuate
and is subject to investment risks, which means investors could lose money.</font></p>
<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">The value of an investment in the Fund will fluctuate
and is subject to investment risks, which means investors could lose money.</font></p>
<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">An investment in the Fund is not a deposit of a bank
and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p>
<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">An investment in the Fund is not a deposit of a bank
and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Non-Diversification
Risk</b> – The Fund is considered non-diversified because it invests a large portion of its assets in a small number
of issuers. As a result, the Fund is more susceptible to risks associated with those issuers than a more diversified portfolio,
and its performance may be more volatile.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Non-Diversification
Risk</b> – The Fund is considered non-diversified because it invests a large portion of its assets in a small number
of issuers. As a result, the Fund is more susceptible to risks associated with those issuers than a more diversified portfolio,
and its performance may be more volatile.</p>
<p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The following chart and table
provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class A share performance
from year to year and by showing how the Fund’s average annual returns for one, five, and ten years have compared to those
of a broad measure of market performance</font></p>
<p style="margin: 0; text-align: justify"><font style="font-size: 8pt">The following chart and table provide some indication of
the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the
Fund’s average annual returns for the one year and since inception periods have compared to those of a broad measure of
market performance.</font></p>
<p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As with all mutual funds, past
performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</font></p>
<p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As with all mutual funds, past
performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</font></p>
<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">1-800-820-0888</font></p>
<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">1-800-820-0888</font></p>
<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">www.guggenheiminvestments.com</font></p>
<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">www.guggenheiminvestments.com</font></p>
<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Highest Quarter Return</font></p>
<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Highest Quarter Return</font></p>
<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Lowest Quarter Return</font></p>
<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Lowest Quarter Return</font></p>
2009-06-30
2009-06-30
0.1919
.1940
2008-12-31
2011-09-30
-0.2363
-.1841
<p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="margin: 0; text-align: justify"><font style="font-size: 8pt">Actual after-tax returns depend on an investor’s
tax 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.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">Actual
after-tax returns depend on an investor’s tax 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.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333">After-tax
returns are shown for Class A only. After-tax returns for Class B and C will vary.</p>
<p style="margin: 0"><font style="font-size: 8pt">(reflects no deductions for fees, expenses or taxes)</font></p>
<p style="margin: 0"><font style="font-size: 8pt">(reflects no deductions for fees, expenses or taxes)</font></p>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">The
above Examples reflect applicable contractual fee waiver/expense reimbursement arrangements for the duration of the arrangements
only.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; background-color: white; color: #333333">The
above Examples reflect applicable contractual fee waiver/expense reimbursement arrangements for the duration of the arrangements
only.</p>
Closed to new subscriptions
The Investment Manager has contractually agreed through February 1, 2014 to waive fees and or reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees, 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 - 1.15%, Class B - 1.90% and Class C - 1.90%. The Fund may have 'Total annual fund operating expenses after fee waiver' greater than the expense cap as a result of any acquired fund fees and expenses or other expenses that are excluded from the calculation. The Investment Manager is entitled to reimbursement by the Fund of fees waived during any of the previous 36 months beginning on the date of the expense limitation agreement. The agreement will expire when it reaches its termination or when the investment adviser ceases to serve as such (subject to recoupment rights).
The Investment Manager has contractually agreed through February 1, 2014 to waive fees and or reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees, 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 0.96% of the average daily net assets for the Fund. The Fund may have 'Total annual fund operating expenses after fee waiver' greater than the expense cap as a result of any acquired fund fees and expenses or other expenses that are excluded from the calculation. The Investment Manager is entitled to reimbursement by the Fund of fees waived during any of the previous 36 months beginning on the date of the expense limitation agreement. The agreement will expire when it reaches its termination or when the investment adviser ceases to serve as such (subject to rec