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Guggenheim High Yield Fund


Guggenheim High Yield Fund (the "Fund") seeks high current income with capital appreciation as a secondary objective. The Fund pursues its objective by investing at least 80% of its assets, under normal market conditions, in a broad range of high yield debt securities.

  • Seeking to outperform the broad high yield market, the fund has the flexibility to invest across a broad array of high yield securities including corporate bonds, syndicated bank loans, mortgage-backed, asset-backed securities, and convertible securities.
  • Investments are made through rigorous credit selection based on proprietary research that incorporates knowledge of companies, industries and capital structures to develop a unique perspective on the worthiness of each investment.
  • An allocation to high yield securities, when added to a mixed asset portfolio, may provide additional diversification¹ along with higher income and return potential. Investors should note, high yield, below investment grade and unrated high risk debt securities may present additional risk because these securities may be less liquid and present more credit risk than investment grade bonds.

Portfolio Management Team

  • B. Scott Minerd, Chairman of Investments and Global Chief Investment Officer
  • Jeffrey B. Abrams, Senior Managing Director and Portfolio Manager
  • Kevin H. Gundersen, Senior Managing Director and Portfolio Manager

Overall Morningstar Rating™

5 Stars
Based on risk-adjusted returns out of 602 High Yield Bond funds. As of 12.31.2016 (Institutional Class).

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¹ Diversification neither assures a profit or eliminate risk.

Past performance is no guarantee of future results.

The High Yield Fund Institutional class was rated, based on its risk-adjusted returns, 5 stars for the overall, 5 stars for the 3-year, and 5 stars for the 5-year periods among 602, 602, and 477 High Yield Bond funds. As of 12.31.2016.

Source: Morningstar

The Morningstar Rating for funds, or "star rating", is calculated for managed products with at least a three-year history and does not include the effect of sales charges. Exchange-traded funds and open-end mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.

Morningstar Rankings do not include the effect of a fund's sales load, if applicable. Other share classes may have different performance characteristics. Morningstar rankings are based on a fund's average annual total return relative to all funds in the same Morningstar category, which includes both mutual funds and ETFs. Fund performance used within the rankings, reflects certain fee waivers, without which, returns and Morningstar rankings would have been lower. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Multiple share classes of a fund have a common portfolio but impose different expense structures.

©2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary of Morningstar and /or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar, nor its content providers, are responsible for any damages or losses arising from any use of its information.

The Funds may not be suitable for all investors. Investments in fixed-income securities are subject to the possibility that interest rates could rise, causing the value of the Funds’ securities and share price to decline. Fixed-income securities with longer durations are subject to more volatility than those with shorter durations. High yield, below investment grade, and unrated debt securities are subject to greater volatility and risk of default than investment grade bonds and may be less liquid. Some asset-backed securities, including mortgage-backed securities and CLOs, may have structures that make their reaction to interest rates and other factors difficult to predict, causing their prices to be volatile; and they are subject to interest rate, credit, liquidity, and valuation risks. Loan investments are often below investment grade or unrated and subject to special types of risks, including credit, interest rate, counterparty, and prepayment risk. The Funds’ use of leverage, through borrowings or instruments such as derivatives, may cause the Funds to be more volatile and riskier than if they had not been leveraged. Please see the Funds’ prospectus for more information on these and other risks.

©2017 Guggenheim Investments. All Rights Reserved.

• Not FDIC Insured • No Bank Guarantee • May Lose Value

Read the fund’s prospectus and summary prospectus (if available) carefully before investing. It contains the fund’s investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. To obtain a prospectus and summary prospectus (if available), click here or call 800.820.0888.

The referenced funds are distributed by Guggenheim Funds Distributors, LLC. Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC ("Guggenheim"), which includes Guggenheim Partners Investment Management ("GPIM") and Security Investors, LLC ("SI"), the investment advisors to the referenced funds. Guggenheim Funds Distributors, LLC, is affiliated with Guggenheim, SI, and GPIM.