UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

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Frequently Asked Questions Guggenheim Investments Proxy—Guggenheim and Rydex Funds Important Dates The Boards of Trustees (each, a “Board” and collectively, the “Boards”) of Guggenheim 8.26.2019 Record date Funds Trust, Guggenheim Strategy Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Energy & Income Fund, Transparent Value Trust, Rydex Dynamic Funds, 9.13.2019 Anticipated mailing of proxy materials to Rydex Series Funds and Rydex Variable Trust (each, a “Trust” and collectively, the shareholders “Trusts”) recently approved a proposal affecting the funds and their shareholders, which 10.24.2019 Rydex Funds shareholder is subject to shareholder approval. meeting 10.28.2019 Guggenheim Funds The proposal provides for the alignment and consolidation of the Boards of Trustees shareholder meeting of the Guggenheim funds and the Rydex funds such that the funds are overseen by a “consolidated board” composed of one set of trustees. Currently, the Guggenheim funds We encourage you to carefully review and the Rydex funds are overseen by two separate groups of trustees. Election of all of this FAQ together with the proxy the nominees will bring the membership of the Boards into alignment. This alignment materials distributed to you, which and consolidation would immediately enhance the diversity of the Board of each Trust, provide additional important information regarding the proposal and are available address trustee succession needs, provide the opportunity to further streamline and on the internet at: enhance the effectiveness of board oversight, and result in other potential benefits, including the potential over time for economies of scale for fund shareholders as certain ▪ Rydex Series Funds, Rydex Dynamic Funds and Rydex Variable Trust: costs are spread over a larger asset base. www.proxyonline.com/docs/Rydex.pdf The proposal requires approval by shareholders; accordingly, we are requesting that ▪ Guggenheim Funds Trust and Transparent Value Trust: shareholders carefully review each proxy statement and vote. The Boards have called www.proxyonline.com/docs/GFTTVT.pdf for special meetings of shareholders to be held on October 24, 2019 (Rydex Funds) and October 28, 2019 (Guggenheim Funds), at which shareholders of record as of August ▪ Guggenheim Strategy Funds Trust: www.proxyonline.com/docs/GSFT.pdf 26, 2019 of each of the funds will be asked to consider and act upon the proposal. The special meeting for shareholders of the Guggenheim funds will be conducted separately ▪ Guggenheim Variable Funds Trust: www.proxyonline.com/docs/GVFT.pdf from the special meeting for shareholders of the Rydex funds. Shareholder approval is required before the proposal would take effect. ▪ Guggenheim Energy & Income Fund: www.proxyonline.com/docs/XGEIX.pdf It is expected that each Notice of Special Meeting of Shareholders, proxy statement and On this website, you will be able to proxy ballot will first be mailed to shareholders on or about September 13, 2019. access the notice of special meeting of shareholders, the Proxy Statement and the form of proxy cards. These and other relevant materials may also be obtained free of charge at the SEC’s website at www.sec.gov. For financial professional use only. Do not distribute to the public. Guggenheim Investments Proxy 1

List of affected funds Mutual Funds Mutual Funds Mutual Funds Fixed Income Rydex—Equity Inverse Rydex—Sectors Floating Rate Strategies Inverse Dow 2x Strategy Banking High Yield Inverse Emerging Markets 2x Strategy Basic Materials Biotechnology Investment Grade Bond Inverse Mid-Cap Strategy Consumer Products Limited Duration Inverse NASDAQ-100® 2x Strategy Inverse NASDAQ-100® Strategy Electronics Macro Opportunities Inverse Russell 2000® 2x Strategy Energy Municipal Income Inverse Russell 2000® Strategy Energy Services Total Return Bond Inverse S&P 500® 2x Strategy Financial Services Ultra Short Duration Inverse S&P 500® Strategy Health Care Alternative Rydex—Equity Leveraged Internet Alpha Opportunity Dow 2x Strategy Leisure Diversified Income Emerging Markets 2x Strategy Precious Metals Long Short Equity Europe 1.25x Strategy Real Estate Retailing Managed Futures Strategy Japan 2x Strategy Technology Market Neutral Real Estate Mid-Cap 1.5x Strategy Monthly Rebalance NASDAQ-100® 2x Telecommunications Multi-Hedge Strategies Strategy Transportation Risk Managed Real Estate NASDAQ-100® 2x Strategy Utilities Equity Nova Rydex—Style Box Directional Allocation Russell 2000® 1.5x Strategy S&P 500® Pure Growth Large Cap Value Russell 2000® 2x Strategy S&P 500® Pure Value Mid Cap Value S&P 500® 2x Strategy S&P MidCap 400® Pure Growth Mid Cap Value Institutional Rydex—Fixed Income, Commodities, S&P MidCap 400® Pure Value RBP Dividend Currency (FICC) S&P SmallCap 600® Pure Growth Commodities Strategy S&P SmallCap 600® Pure Value RBP Large-Cap Defensive Emerging Markets Bond Strategy Closed-End Fund RBP Large-Cap Market Government Long Bond 1.2x Strategy Energy & Income Fund RBP Large-Cap Value High Yield Strategy Capital Stewardship Small Cap Value Inverse Government Long Bond Strategy StylePlus–Large Core Inverse High Yield Strategy StylePlus–Mid Growth Strengthening Dollar 2x Strategy World Equity Income Weakening Dollar 2x Strategy Rydex—Equity Broad Market Rydex—Money Market Dow Jones Industrial Average® U.S. Government Money Market NASDAQ-100® Cash Strategy Guggenheim Strategy Fund II Russell 2000® Guggenheim Strategy Fund III S&P 500® Guggenheim Variable Insurance Strategy Fund III For financial professional use only. Do not distribute to the public. Guggenheim Investments Proxy 2

List of affected funds—Continued MutualVariable Funds Insurance Funds MutualVariable Funds Insurance Funds Fixed Income Rydex—Style Box Series E (Total Return Bond) S&P 500® Pure Growth Series F (Floating Rate Strategies) S&P 500® Pure Value Series P (High Yield Series) S&P MidCap 400® Pure Growth Alternative S&P MidCap 400® Pure Value Global Managed Futures Strategy S&P SmallCap 600® Pure Growth Long Short Equity S&P SmallCap 600® Pure Value Multi-Hedge Strategies Rydex—Sectors Series Z (Alpha Opportunity Series) Banking Equity Basic Materials Series A (StylePlus Large Core Series) Biotechnology Series B (Large Cap Value Series) Consumer Products Series D (World Equity Income Series) Electronics Series J (StylePlus Mid Growth Series) Energy Series N (Managed Asset Allocation Energy Services Series) Financial Services Series O (All Cap Value Series) Health Care Series Q (Small Cap Value Series) Internet Series V (Mid Cap Value Series) Leisure Series X (StylePlus Small Growth Series) Precious Metals Series Y (StylePlus Large Growth Series) Real Estate Rydex Equity Broad Market Retailing NASDAQ-100® Technology Rydex Equity Leveraged Telecommunications Dow 2x Strategy Transportation Europe 1.25x Strategy Utilities Japan 2x Strategy Rydex—Fixed Income, Commodities, Mid-Cap 1.5x Strategy Currency (FICC) NASDAQ-100® 2x Strategy Commodities Strategy Nova Government Long Bond 1.2x Strategy Russell 2000® 1.5x Strategy High Yield Strategy Inverse Dow 2x Strategy Inverse Government Long Bond Strategy Russell 2000® 2x Strategy Strengthening Dollar 2x Strategy S&P 500 2x Strategy Weakening Dollar 2x Strategy Rydex Equity Leveraged Rydex—Money Market Inverse Dow 2x Strategy U.S. Government Money Market Inverse Mid-Cap Strategy Inverse NASDAQ-100® Strategy Inverse Russell 2000® Strategy Inverse S&P 500® Strategy For financial professional use only. Do not distribute to the public. Guggenheim Investments Proxy 3

Summary of the Proposal Election of Trustees—The election of nominees to the Board of each Trust. The Board of each Trust has voted to approve the proposal, which would result in a consolidated board comprised of certain current members of the Boards of the Guggenheim funds and the Boards of the Rydex funds, such that the funds are overseen by a “consolidated board” composed of one set of trustees. The Board of each Trust has determined that the alignment and proposed consolidation would be in the best interest of each fund’s shareholders. Trustee Nominees Shareholders Entitled to Vote Randall C. Barnes Shareholders of each fund of each Trust Angela Brock-Kyle Shareholders of each fund of each Trust Donald A. Chubb, Jr. Shareholders of each fund of each Trust Jerry B. Farley Shareholders of each fund of each Trust Roman Friedrich III Shareholders of each fund of each Trust Thomas F. Lydon, Jr. Shareholders of each fund of each Trust Ronald A. Nyberg Shareholders of each fund of each Trust Sandra G. Sponem Shareholders of each fund of each Trust Ronald E. Toupin, Jr. Shareholders of each fund of each Trust Amy J. Lee Shareholders of each fund of each Trust Q. Why are shareholders being asked to Shareholders, as of August 26, 2019, of one or more of the funds listed, are being asked vote? to vote. The proposal requires the approval of shareholders of the applicable Trust. The proposal applies on a Trust-wide basis, and each fund of each Trust will vote together on the proposal. However, the vote on the proposal or the election of a nominee by the shareholders of one Trust will not affect the proposal or the election of a nominee with respect to the other Trust. Q. How can shareholders vote? Individual shareholders can vote via the internet, telephone or mail per the instructions on the proxy cards. Shareholders may also submit their vote in person at the applicable shareholder meeting. In certain circumstances, a shareholder’s broker-dealer may have the ability to vote the proxy on the shareholder’s behalf. Q. How does the Board recommend that For the reasons set forth in the Proxy Statement, after careful consideration, the Board shareholders vote? of each Trust recommends that shareholders vote “FOR” the proposal. Q. Will the proposal affect the value of a The proposal will not affect the value of investment in the funds. shareholder’s investments? Q. Will the funds’ benchmarks or No. Benchmarks and investment objectives for each of the funds will not change. investment objectives change? Q. Will the fund’s ticker symbols or No. Ticker symbols and portfolio management teams will not change. portfolio management teams change? For financial professional use only. Do not distribute to the public. Guggenheim Investments Proxy 4

Q. When will the shareholder meeting on The Boards have called a Special Meeting of Shareholders of each Trust to be held at the the proposals be held? offices of Guggenheim Partners, LLC, 227 West Monroe Street, Chicago, Illinois 60606, on October 28, 2019 at 10:00 a.m., Central Time (Guggenheim Funds) and October 24, 2019 at 10:00 a.m. Central Time (Rydex Funds). Q. Who can shareholders and The number for direct shareholder calls is 800 783 5609. Financial advisors can call financial advisors contact for more their Guggenheim sales representative at 800 345 7999. information? RISK CONSIDERATIONS The funds may not be suitable for deposits of, or guaranteed or endorsed by, any financial institution; are be considered carefully before investing. Obtain a all investors. Certain funds may be affected by risks that include not insured by the Federal Deposit Insurance Corporation (FDIC), the prospectus at guggenheiminvestments.com or call 800 those associated with sector concentration, international investing, Federal Reserve Board, or any other agency; and involve risk, including 820 0888. investing in small and/or medium size companies, and/or the funds’ the possible loss of the principal amount invested. Diversification Guggenheim Investments represents the investment management possible use of investment techniques and strategies such as neither assures a profit nor eliminates the risk of experiencing businesses of Guggenheim Partners, LLC (“Guggenheim”). Securities leverage, derivatives and short sales of securities and alternative or investment losses. offered through Guggenheim Funds Distributors, LLC. Guggenheim nontraditional asset classes and strategies such as absolute return, Read the fund’s prospectus carefully before investing. Funds Distributors, LLC. is affiliated with Guggenheim Partners, LLC. long/short, commodities, currencies and managed futures. Please see It contains the fund’s investment objectives, risks, RDXPROXY-FPFAQ-0919 x1219 #40091 the fund’s prospectus for more information. Shares of the funds are not charges, expenses and other information, which should For financial professional use only. Do not distribute to the public. Guggenheim Investments Proxy 5