Guggenheim Investments offers its innovative funds in several different share classes. Multiple classes of shares represent ownership in the same pool of assets - the fund. Each class within the fund charges different fees in an effort to provide a variety of fee structures that fit the varying needs of Registered Investment Advisors, Broker/Dealers and individual investors. The different fees charged for each share class account for some of the differences in daily net asset value (NAV). Information is available in a fund’s Prospectus and Statement of Additional Information.
A-Class
A-Class shares are subject to a sales charge at the time of purchase. An order for A-Class shares will be priced at the next NAV calculated after the order is received in good order and accepted by the fund or an authorized financial intermediary, plus the sales charge set forth below (if applicable). The NAV plus the sales charge is the “offering price”. A fund’s NAV is generally calculated as of the close of trading on each day the New York Stock Exchange (NYSE) is open (usually 4:00 p.m. Eastern Time).
Sales Charge Table: Limited Duration | ||
| Amount of Order (Offering Price) | As a Percentage of Offering Price | As a Percentage of Net Amount Invested |
|---|---|---|
| Less than $100,000 | 2.25% | 2.30% |
| $100,000 to $249,999 | 1.25% | 1.27% |
| $250,000 or more | None* | None* |
| *Purchases of $250,000 or more are not subject to a sales charge at the time of purchase, but are subject to a deferred sales charge of 1.00% if redeemed within one year following purchase. The deferred sales charge is a percentage of the lesser of the NAV of the shares redeemed or the net cost of such shares. Shares that are not subject to a deferred sales charge are redeemed first. | ||
Sales Charge Table: Floating Rate Strategies | ||
| Amount of Order (Offering Price) | As a Percentage of Offering Price | As a Percentage of Net Amount Invested |
|---|---|---|
| Less than $50,000 | 3.00% | 3.09% |
| $50,000 to $99,999 | 2.75% | 2.83% |
| $100,000 to $249,999 | 2.25% | 2.30% |
| $250,000 to $999,999 | 1.25% | 1.27% |
| $1,000,000 or more | None* | None* |
| *Purchases of $1,000,000 or more are not subject to a sales charge at the time of purchase, but are subject to a deferred sales charge of 1.00% if redeemed within one year following purchase. The deferred sales charge is a percentage of the lesser of the NAV of the shares redeemed or the net cost of such shares. Shares that are not subject to a deferred sales charge are redeemed first. | ||
Sales Charge Table: High Yield, Investment Grade Bond, Macro Opportunities, Municipal Income, and Total Return Bond | ||
| Amount of Order (Offering Price) | As a Percentage of Offering Price | As a Percentage of Net Amount Invested |
|---|---|---|
| Less than $50,000 | 4.00% | 4.17% |
| $50,000 to $99,999 | 3.75% | 3.90% |
| $100,000 to $249,999 | 2.75% | 2.83% |
| $250,000 to $999,999 | 1.75% | 1.78% |
| $1,000,000 or more | None* | None* |
| *Purchases of $1,000,000 or more are not subject to a sales charge at the time of purchase, but are subject to a deferred sales charge of 1.00% if redeemed within one year following purchase. The deferred sales charge is a percentage of the lesser of the NAV of the shares redeemed or the net cost of such shares. Shares that are not subject to a deferred sales charge are redeemed first. | ||
Sales Charge Table: All Other Funds | ||
| Amount of Order (Offering Price) | As a Percentage of Offering Price | As a Percentage of Net Amount Invested |
|---|---|---|
| Less than $100,000 | 4.75% | 4.99% |
| $100,000 to $249,999 | 3.75% | 3.90% |
| $250,000 to $499,999 | 2.75% | 2.83% |
| $500,000 to $999,999 | 2.00% | 2.04% |
| $1,000,000 or more | None* | None* |
| *Purchases of $1,000.000 or more are not subject to a sales charge at the time of purchase, but are subject to a deferred sales charge of 1.00% if redeemed within one year following purchase. The deferred sales charge is a percentage of the lesser of the NAV of the shares redeemed or the net cost of such shares. Shares that are not subject to a deferred sales charge are redeemed first. | ||
C-Class
C-Class shares arenotsubject to a sales charge at the time of purchase. An order for C-Class shares will be priced at the next NAV calculated after the order is received in good order and accepted by the fund or an authorized financial intermediary. A fund’s NAV is generally calculated as of the close of trading on each day the NYSE is open (usually 4:00 pm Eastern Time).
C-Class shares are subject to a 1.00% contingent-deferred sales charge (CDSC) when redeemed within 12 months of their purchase. The CDSC is a percentage of the shares’ NAV at the time they are redeemed or the original purchase price, whichever is less. Shares that are not subject to a CDSC are redeemed first, followed by shares owned the longest. The Distributor will waive the CDSC under certain circ*mstances; see a fund prospectus for details. Purchases greater than $1 million dollars will be made into A-Class.
NOTE: The following share classes are not available for all funds.
Investor Class
This is a no-load class that offers shares with a fee structure that doesnotinclude a 12b-1 fee.
H-Class
This is a no-load class that offers shares with a fee structure that includes a .25% 12b-1 fee.
Institutional Class
This is a no-load class that offers shares with a fee structure that doesnotinclude a 12b-1 fee. The minimum initial investment into Institutional Class shares is generally$2 million. Additional details can be found in the fund’s prospectus.
P-Class
This is a no-load class that offers shares with a fee structure that includes a .25% 12b-1 fee. P-Class shares areonlyavailable for purchase through financial intermediaries.
R6-Class
This is a no-load class that offers shares with a fee structure that does not include a 12b-1 fee. Class R6 shares are available to qualified retirement and benefit plans, and certain plans and platforms sponsored by financial intermediaries that only have omnibus accounts on the books of the Fund and do not charge service fees to the Fund.
How to Reduce Your Sales Charge
You may be eligible to purchase A-Class shares for reduced sales charges. To qualify for these reductions, you or your financial intermediary must provide sufficient information, in writing and at the time of purchase, to verify that your purchase qualifies for such treatment. You are responsible for notifying your financial intermediary of any facts that may qualify you for a sales charge waiver or discount. For additional information, including information on aggregating purchases among related accounts to receive reduced sales charges, see the fund’s SAI. Consistent with the policies described in the fund’s prospectus, you and your family may combine your fund holdings to reduce your sales charge.
- Rights of Accumulation.To qualify for the lower sales charge rates that apply to larger purchases of A-Class shares, you may combine your new purchases of A-Class shares with the shares of any other A-Class shares or C-Class shares of any other series of Transparent Value Trust, Rydex Series Funds, Rydex Dynamic Funds, or Guggenheim Funds Trust (some of which are offered in a separate prospectus) that you already own. Current share value may be more or less than at the time of purchase due to price fluctuations and account activity. The applicable initial sales charge for the new purchase is based on the total of your current purchase and the current value of all other A-Class shares and C-Class shares that you own. Additionally, you may combine simultaneous purchases of A-Class shares of one series of Transparent Value Trust, Rydex Series Funds, Rydex Dynamic Funds, or Guggenheim Funds Trust with A-Class shares of any other series of Transparent Value Trust, Rydex Series Funds, Rydex Dynamic Funds, or Guggenheim Funds Trust to reduce the sales charge rate that applies to the purchase of A-Class shares of any series of Rydex Series Funds, Rydex Dynamic Funds, or Guggenheim Funds Trust. The reduced sales charge will apply only to current purchases and must be requested in writing when you buy your shares.
- Letters of Intent.Under a Letter of Intent (“LOI”), you commit to purchase a specified dollar amount of A-Class shares of any series of Rydex Series Funds, Rydex Dynamic Funds, or Guggenheim Funds Trust during a 13-month period. At your written request, A-Class shares purchases made during the previous 90 days may be included. The amount you agree to purchase determines the initial sales charge you pay. If the full-face amount of the LOI is not invested by the end of the 13-month period, your account will be adjusted to the higher initial sales charge level for the amount actually invested. You are not legally bound by the terms of your LOI to purchase the amount of your shares stated in the LOI. The LOI does, however, authorize the Fund to hold in escrow 4% of the total amount you intend to purchase. If you do not complete the total intended purchase at the end of the 13-month period, the Funds’ transfer agent will redeem the necessary portion of the escrowed shares to make up the difference between the reduced rate sales charge (based on the amount you intended to purchase) and the sales charge that would normally apply (based on the actual amount you purchased). A LOI may be revised during the 13-month period. Additional A-Class shares acquired through reinvestment of income dividends and capital gains distributions are not applied to the LOI. A LOI may be obtained from the Funds.
- Reinstatement Privilege. If you have redeemed A-Class shares of any series of Rydex Series Funds, Rydex Dynamic Funds, or Guggenheim Funds Trust within the past 90 days, you may repurchase an equivalent amount of A-Class shares of any series of Rydex Series Funds, Rydex Dynamic Funds, or Guggenheim Funds Trust at NAV, without the normal front-end sales charge. In effect, this allows you to reacquire shares that you may have had to redeem, without re-paying the front-end sales charge. You must notify the Funds that you intend to exercise the reinstatement privilege in writing. The Funds are generally required to receive your purchase order within 90 days of your redemption.
Sales Charge Waivers
A-Class shares of the Funds may be purchased at NAV by:
- Directors and officers of the Funds or any other mutual funds managed by the Advisor or one or more of its affiliates;
- Directors, officers and employees of Guggenheim Partners, LLC and its affiliates, and spouses, grandparents, parents, children, grandchildren, siblings, nieces and nephews of such directors, officers and employees (and their spouses);
- Any trust, pension, profit sharing or other benefit plan established by any of the foregoing corporations for persons described above;
- Retirement plans/retirement plan platforms that have assets of at least $1 million or at least 25 eligible employees;
- Officers, directors, partners or registered representatives (and their spouses and minor children) of broker/dealers who have a selling agreement with the Distributor. Such sales are made upon the written assurance of the purchaser that the purchase is made for investment purposes and that the securities will not be transferred or resold except through redemption or repurchase by or on behalf of the funds;
- A registered investment adviser, trustee or financial intermediary who has authority to make investment decisions on behalf of investors;
- A registered broker-dealer or registered investment advisor not affiliated with a broker-dealer who either charges periodic fees to its customers for financial planning, investment advisory or asset management services including investment accounts for which a “wrap fee” is imposed; and
- Customers of financial intermediaries that have a contractual arrangement with the Distributor or Advisor where such contract provides for the waiver of the front-end sales charge. Each such contractual arrangement with a financial intermediary is described in Appendix A to the Funds’ prospectus (Intermediary-Specific Sales Charge Waivers and Discounts).
The Funds do not waive sales charges for the reinvestment of proceeds from the sale of shares of a non-Guggenheim Investments fund where those shares were subject to a front-end sales charge (sometimes called a “NAV Transfer”).
The availability of A-Class sales charge waivers may also depend upon the policies, procedures, and trading platforms of your financial intermediary.
For information regarding intermediary-specific sales charge waivers and discounts, please refer to Appendix A to the Funds’ prospectus (Intermediary-Specific Sales Charge Waivers and Discounts).
Sales Charge Exceptions
You will not pay initial sales charges on the following:
- A-Class shares purchased by reinvesting dividends and distributions.
- When exchanging A-Class shares of a Fund for A-Class shares of another series of Rydex Series Funds, Rydex Dynamic Funds, or Guggenheim Funds Trust, unless you are exchanging shares of the U.S. Government Money Market Fund that have not previously been subject to a sales charge.
Waiver of CDSC
The CDSC (when applicable) will be waived when A-Class and C-Class shares are redeemed under the following circ*mstances:
- An initial 1.00% sales commission was not paid to the intermediary at the time of purchase;
- Following the death or disability of the shareholder;
- For the redemption of the first 10% of shares sold within 12 month of purchase;
- In connection with the required minimum distributions from a retirement plan qualified under Section 401(a),
- 401(k), 403(b), or 408 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”); or
- In connection with distributions from retirement plans qualified under Section 401(a), 401(k), 403(b) of the
- Internal Revenue Code for:
- Returns of excess contributions to the plan;
- Retirement of a participant in the plan;
- A loan from the plan (loan repayments are treated as new sales for purposes of the deferred sales charge);
- Financial hardship (as defined in regulations under the Internal Revenue Code) of a participant in a plan;
- Termination of employment of a participant in a plan; or
- Any other permissible withdrawal under the terms of the plan.
In addition, the CDSC applicable to Class A or Class C shares will be waived for shares converted to Institutional Class shares through traditional individual retirement accounts (IRAs), Roth IRAs, Rollover IRAs, Inherited IRAs, SEP IRAs, SIMPLE IRAs, BASIC Plans, Educational Savings Accounts and Medical Savings Accounts on a Merrill Lynch platform. With respect to such waiver, Merrill Lynch will pay a portion of the CDSC to the Distributor. For more information regarding this conversion feature, please see the description in the section of the Funds’ prospectus titled “Buying, Selling and Exchanging Fund Shares” or consult your financial advisor.
The policy of waiving the CDSC for certain redemptions may be modified or discontinued, with respect to new shareholders, at any time.
For information regarding intermediary-specific sales charge waivers and discounts, please refer to Appendix A to the Funds’ prospectus (Intermediary-Specific Sales Charge Waivers and Discounts).
