Guggenheim Funds Trust

805 King Farm Blvd., Suite 600

Rockville, Maryland 20850

Supplement Dated October 12, 2016

to the currently effective Statutory Prospectuses (the “Prospectuses”) and Statements of Additional Information (the “SAIs”), as supplemented from time to time, dated October 12, 2016 for Guggenheim Funds Trust (the “Trust”).

This supplement provides updated information beyond that contained in the Prospectuses and SAIs for the Trust and should be read in conjunction with the Prospectuses and SAIs.

Until further notice, the Trust is only accepting subscriptions for Class R6 shares for Guggenheim Total Return Bond Fund and is not accepting subscriptions for Class R6 shares in the remaining series of the Trust, as listed below:

Guggenheim Alpha Opportunity Fund

Guggenheim Diversified Income Fund

Guggenheim Floating Rate Strategies Fund

Guggenheim High Yield Fund

Guggenheim Investment Grade Bond Fund

Guggenheim Large Cap Value Fund

Guggenheim Limited Duration Fund

Guggenheim Macro Opportunities Fund

Guggenheim Market Neutral Real Estate Fund

Guggenheim Mid Cap Value Institutional Fund

Guggenheim Municipal Income Fund

Guggenheim Risk Managed Real Estate Fund

Guggenheim Small Cap Value Fund

Guggenheim StylePlus—Large Core Fund

Guggenheim StylePlus—Mid Growth Fund

Guggenheim World Equity Income Fund

Please Retain This Supplement for Future Reference

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