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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>Mid Cap Growth
Fund</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>Mid Cap Growth
Institutional Fund</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6.1pt 0 0; text-align: justify; background-color: white"><b>INVESTMENT
OBJECTIVE</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6.1pt 0 0; text-align: justify; background-color: white"><b>INVESTMENT
OBJECTIVE</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.05pt 0 0; text-align: justify; background-color: white; color: #333333">The
Mid Cap Growth Fund seeks capital appreciation.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.05pt 0 0; text-align: justify; background-color: white; color: #333333">The
Mid Cap Growth Institutional Fund seeks capital appreciation.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 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: 4.1pt 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: 2.05pt 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: 2.05pt 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.</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: 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: 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: 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="font: 8pt/normal Times New Roman, Times, Serif; margin: 8.15pt 0 0; text-align: justify; background-color: white"><b>EXAMPLE</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 8.15pt 0 0; text-align: justify; background-color: white"><b>EXAMPLE</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.05pt 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: 4.1pt 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: 2.05pt 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: 4.1pt 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/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><b>Redeemed</b></p>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><b>Redeemed</b></p>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><b>Not Redeemed</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 8.15pt 0 0; text-align: justify; background-color: white"><b>PORTFOLIO
TURNOVER</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 8.15pt 0 0; text-align: justify; background-color: white"><b>PORTFOLIO
TURNOVER</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.05pt 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 149% of the average value of its
portfolio.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.05pt 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 149% of the average value of its
portfolio.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 8.15pt 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: 8.15pt 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: 2.05pt 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 a diversified portfolio of equity securities, which include common stocks, rights,
options, warrants, convertible debt securities, and American Depositary Receipts (“ADRs”), that, when purchased, have
market capitalizations that are usually within the range of companies in the Russell Midcap Growth Index. Although a universal
definition of mid-capitalization companies does not exist, for purposes of this fund, the Fund generally defines mid-capitalization
companies as those whose market capitalization is similar to the market capitalization of companies in the Russell Mid Cap Growth
Index, which is an unmanaged index measuring the performance of the mid cap growth segment of the U.S. equity universe and which
includes companies with higher price-to-book ratios and higher forecasted growth values.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333">Security
Investors, LLC, also known as Guggenheim Investments (the “Investment Manager”), uses a combination of a qualitative
top-down approach in reviewing growth trends that is based upon several fixed income factors, such as bond spreads and interest
rates, along with a quantitative fundamental bottom-up approach in selecting growth stocks. The Investment Manager chooses portfolio
securities that it believes are attractively valued with the greatest potential for appreciation and may invest in a limited number
of industries or industry sectors. The Investment Manager identifies the securities of companies that it believes are in the early
to middle stages of growth and are valued at a reasonable price. Equity securities considered to have appreciation potential may
include securities of smaller and less mature companies which have unique proprietary products or profitable market niches and
the potential to grow very rapidly. Certain investment vehicles’ securities in which the Fund may invest may be illiquid.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund also may invest a portion of its assets in derivatives, including options and futures contracts. These instruments may be
used to hedge the Fund’s portfolio, to increase returns or to maintain exposure to the equity markets.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund actively trades its investments without regard to the length of time they have been owned by the Fund, which results in higher
portfolio turnover.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund may, from time to time, invest a portion of its assets in technology stocks.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 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 index-based investments
as a way of managing its cash position, to gain exposure to the equity markets, or a particular sector of the equity market, while
maintaining liquidity. Certain investment vehicles’ securities and other securities in which the Fund may invest are restricted
securities, which may be illiquid.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund typically sells a stock if its growth prospects diminish or if better opportunities become available.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 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: 2.05pt 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 a diversified portfolio of equity securities, which include common stocks, rights,
options, warrants, convertible debt securities, and American Depositary Receipts (“ADRs”), that, when purchased, have
market capitalizations that are usually within the range of companies in the Russell Midcap Growth Index. Although a universal
definition of mid-capitalization companies does not exist, for purposes of this fund, the Fund generally defines mid-capitalization
companies as those whose market capitalization is similar to the market capitalization of companies in the Russell Mid Cap Growth
Index, which is an unmanaged index measuring the performance of the mid cap growth segment of the U.S. equity universe and which
includes companies with higher price-to-book ratios and higher forecasted growth values.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333">Security
Investors, LLC, also known as Guggenheim Investments (the “Investment Manager”), uses a combination of a qualitative
top-down approach in reviewing growth trends that is based upon several fixed income factors, such as bond spreads and interest
rates, along with a quantitative fundamental bottom-up approach in selecting growth stocks. The Investment Manager chooses portfolio
securities that it believes are attractively valued with the greatest potential for appreciation and may invest in a limited number
of industries or industry sectors. The Investment Manager identifies the securities of companies that it believes are in the early
to middle stages of growth and are valued at a reasonable price. Equity securities considered to have appreciation potential may
include securities of smaller and less mature companies which have unique proprietary products or profitable market niches and
the potential to grow very rapidly. Certain investment vehicles’ securities in which the Fund may invest may be illiquid.</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">The
Fund also may invest a portion of its assets in derivatives, including options and futures contracts. These instruments may be
used to hedge the Fund’s portfolio, to increase returns or to maintain exposure to the equity markets.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund actively trades its investments without regard to the length of time they have been owned by the Fund, which results in higher
portfolio turnover.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund may, from time to time, invest a portion of its assets in technology stocks.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 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 index-based investments
as a way of managing its cash position, to gain exposure to the equity markets, or a particular sector of the equity market, while
maintaining liquidity. Certain investment vehicles’ securities and other securities in which the Fund may invest are restricted
securities, which may be illiquid.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333">The
Fund typically sells a stock if its growth prospects diminish or if better opportunities become available.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 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: 8.15pt 0 0; text-align: justify; background-color: white"><b>PRINCIPAL
RISKS</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 8.15pt 0 0; text-align: justify; background-color: white"><b>PRINCIPAL
RISKS</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.05pt 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: 4.1pt 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: 4.1pt 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: 4.1pt 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: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Growth
Stocks Risk</b> – Growth stocks typically invest a high portion of their earnings back into their business and may lack
the dividend yield that could cushion their decline in a market downturn. Growth stocks may be more volatile than other stocks
because they are more sensitive to investor perceptions regarding the growth potential of the issuing company.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white"><font style="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 </font><font style="color: black"> </font><font style="color: #333333">the investment vehicle could decrease. Moreover,
the Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 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: 4.1pt 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: 4.1pt 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: 4.1pt 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: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Mid-Capitalization
Securities Risk</b> – The Fund is subject to the risk that medium-capitalization stocks may underperform other segments
of the equity market or the equity market as a whole. Securities of medium-capitalization companies may experience more price volatility,
greater spreads between their bid and ask prices, lower trading volumes, and cyclical or static growth prospects. Medium-capitalization
companies often have limited product lines, markets or financial resources, and may therefore be more vulnerable to adverse developments
than larger capitalization companies.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 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: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Restricted
Securities Risk</b> – Restricted securities generally cannot be sold to the public and may involve a high degree of
business, financial and liquidity risk, which may result in substantial losses to the Fund.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Technology
Stocks Risk</b> – Stocks of companies involved in the technology sector may be very volatile.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.05pt 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: 4.1pt 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: 4.1pt 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: 4.1pt 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: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Growth
Stocks Risk –</b> Growth stocks typically invest a high portion of their earnings back into their business and may lack
the dividend yield that could cushion their decline in a market downturn. Growth stocks may be more volatile than other stocks
because they are more sensitive to investor perceptions regarding the growth potential of the issuing company.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 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: 4.1pt 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: 4.1pt 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: 4.1pt 0 0; text-align: justify; background-color: white"><font style="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 </font><font style="color: black"> </font><font style="color: #333333">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.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 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: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Mid-Capitalization
Securities Risk – </b>The Fund is subject to the risk that medium-capitalization stocks may underperform other segments
of the equity market or the equity market as a whole. Securities of medium-capitalization companies may experience more price volatility,
greater spreads between their bid and ask prices, lower trading volumes, and cyclical or static growth prospects. Medium-capitalization
companies often have limited product lines, markets or financial resources, and may therefore be more vulnerable to adverse developments
than larger capitalization companies.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 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: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Restricted
Securities Risk –</b> Restricted securities generally cannot be sold to the public and may involve a high degree of
business, financial and liquidity risk, which may result in substantial losses to the Fund.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333"><b>Technology
Stocks Risk –</b> Stocks of companies involved in the technology sector may be very volatile.</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: 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: 2.05pt 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: 2.05pt 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 performance of
the Fund’s Class A shares from year to year and by showing how the Fund’s average annual returns for the Fund’s
Class A shares 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: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333">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="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333">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. Although the table reflects the sales charge, Institutional Class shares are not subject to the sales charge.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.1pt 0 0; text-align: justify; background-color: white; color: #333333">Because
Institutional Class shares have not operated for a full calendar year as of the date of this Prospectus, the figures shown provide
performance for Class A shares of the Fund. Class A shares are not offered in this Prospectus. Institutional Class shares
would have substantially similar returns as the Class A shares because Institutional Class shares represent interests in the
same portfolio of securities. Annual returns would differ only to the extent that Institutional Class shares have different expenses.</p>
<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: center">Highest Quarter Return</td>
<td style="vertical-align: bottom; line-height: 115%; text-align: center"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; line-height: 115%; color: #333333; text-align: center">Lowest Quarter Return</td></tr>
<tr>
<td style="vertical-align: top; padding-left: 12pt; line-height: 115%; color: #333333; text-align: center">2Q 2003 28.83%</td>
<td style="vertical-align: bottom; line-height: 115%; text-align: center"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; line-height: 115%; color: #333333; text-align: center">4Q 2008 -25.69%</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: center">Highest Quarter Return</td>
<td style="vertical-align: bottom; line-height: 115%; text-align: center"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; line-height: 115%; color: #333333; text-align: center">Lowest Quarter Return</td></tr>
<tr>
<td style="vertical-align: top; padding-left: 12pt; line-height: 115%; color: #333333; text-align: center">2Q 2003 28.83%</td>
<td style="vertical-align: bottom; line-height: 115%; text-align: center"> </td>
<td nowrap="nowrap" style="vertical-align: bottom; line-height: 115%; color: #333333; text-align: center">4Q 2008 -25.69%</td></tr>
</table>
<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>
<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>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.05pt 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: 2.05pt 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>
0.0475
0
0
0
0.05
0.01
0
0.0075
0.0075
0.0075
0.0075
0.0025
0.0100
0.0100
0.0000
0.0001
0.0001
0.0001
0.0001
0.0163
0.0296
0.0246
0.0138
2316
2966
2796
1657
1319
1757
1311
755
965
1215
767
437
633
799
349
140
2316
2966
2796
1319
1557
1311
965
915
767
633
299
249
0.56
0.56
0.0960
0.0960
0.07
0.07
0.0460
0.0460
-0.0990
-0.0990
-0.4050
-0.4050
0.43
0.43
0.23
0.23
-0.0480
-0.0480
0.1490
0.1490
0.0640
0.0551
0.0544
0.0641
0.0623
0.1032
0.0640
0.0551
0.0544
0.1032
0.0153
0.0150
0.0129
0.0144
0.0191
0.0323
0.0153
0.0150
0.0129
0.0323
0.0946
0.0946
0.0615
0.0827
0.1294
0.1581
0.0946
0.0946
0.0615
0.1581
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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>
<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>
<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="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Russell Midcap Growth Index (reflects no deductions
for fees, expenses or taxes)</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">Class
A 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="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; color: #333333"><font style="background-color: white">Russell
Midcap Growth Index (reflects no deductions for fees, expenses or taxes).</font></p>
1.49
1.49
100000
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; color: #333333"><font style="background-color: white">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>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white"><font style="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 a diversified portfolio of equity securities, which include common stocks, rights,
options, warrants, convertible debt securities, and American Depositary Receipts (“ADRs”), that, when purchased, have
market capitalizations that are usually within the range of companies in the Russell Midcap Growth Index. Although a universal
definition of mid-capitalization companies does not exist, for purposes of this fund, the Fund generally defines mid-capitalization
companies as those whose market capitalization is similar to the market capitalization of companies in the Russell Mid Cap Growth
Index, which</font><font style="color: black"> </font><font style="color: #333333">is an unmanaged index measuring the performance
of the mid cap growth segment of the U.S. equity universe and which includes companies with higher price-to-book ratios and higher
forecasted growth values.</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
a diversified portfolio of equity securities, which include common stocks, rights, options, warrants, convertible debt securities,
and American Depositary Receipts (“ADRs”), that, when purchased, have market capitalizations that are usually within
the range of companies in the Russell Midcap Growth Index.</font></p>
<p style="margin: 0pt"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333"><font style="background-color: white">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: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 2.25pt 0 0; text-align: justify; background-color: white; color: #333333"><font style="background-color: white">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: 0pt"></p>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; color: #333333"><font style="background-color: white">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"><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 performance of the Fund’s Class A shares from year
to year and by showing how the Fund’s average annual returns for the Fund’s Class A shares for one, five, and
ten years have compared to those of a broad measure of market performance.</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; 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">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>
2003-06-30
2003-06-30
0.2883
0.2883
2008-12-31
2008-12-31
-0.2569
-0.2569
<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees, expenses or taxes</font></p>
<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">reflects no deductions for fees, expenses or taxes</font></p>
<p style="margin: 0"><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"><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">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="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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">After-tax
returns are shown for Class A only. After-tax returns for Class B and C will vary.</p>
0.0062
0.0120
0.0070
0.0062
Closed to new subscription