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Investment Objectives

The Fund’s primary investment objective is to provide high income. As a secondary investment objective, the Fund will seek capital appreciation. There can be no assurance that the Fund will achieve its investment objectives, and you could lose some or all of your investment. The Fund’s investment objectives are not fundamental may be changed by the Fund’s board of trustees (the “Board of Trustees” or the “Board”) without shareholder approval on 60 days’ prior written notice to shareholders.

Investment Strategy

Under normal market conditions, the Fund will invest at least 80% of its Managed Assets (as defined in this prospectus) in (i) securities of energy companies and (ii) income producing securities of other issuers.

Energy companies include companies that have at least 50% of their assets, income, sales or profits committed to, or derived from, (i) production, exploration, development, mining, extraction, transportation (including marine transportation), refining, processing, storage, distribution, management, marketing and/or trading of oil, natural gas, natural gas liquids, refined petroleum products, coal, biofuels, or other natural resources used to produce energy, or ethanol, (ii) generation, transmission, distribution, marketing, sale and/or trading of all forms of electrical power (including through clean and renewable resources, such as solar energy, wind energy, geothermal energy or

hydropower) or gas, (iii) manufacturing, marketing, management, sale and/or trading of equipment, products or other supplies predominantly used by entities engaged in such businesses and (iv) provision of services to entities engaged in such businesses.

Under normal market conditions, the Fund will invest at least 70% of its Managed Assets in securities of energy companies. The Fund intends to focus its energy company investments in debt securities, including bonds, debentures,

notes, loans and loan participations, mezzanine and preferred securities, convertible securities and structured products. Certain investments in debt securities of energy companies may be convertible into equity securities or may be accompanied by warrants, options or other forms of equity participation. As a result of such investments, the Fund may also hold equity securities of the issuers of debt securities in which the Fund invests. The Adviser will generally evaluate these investments based primarily on their debt characteristics.

Other income-producing securities in which the Fund may invest include corporate bonds, debentures, notes, loans and loan participations, mezzanine and preferred securities, convertible securities, asset-backed securities, commercial paper, U.S. government securities, sovereign government and supranational debt securities, structured products and dividend paying common equity securities.

The Fund may invest in debt securities of any credit quality, and may invest without limitation in securities of below investment grade quality (also known as “high yield securities” or “junk bonds”). Securities of below

investment grade quality are considered predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal when due. Securities of below investment grade quality involve special risks as compared to investment grade quality securities. Securities rated below investment grade are rated below “BBB-” by Standard & Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc. (“S&P”), or Fitch Ratings, Inc. (“Fitch”), below “Baa3” by Moody’s Investors Service, Inc. (“Moody’s”) or comparably rated by another nationally recognized statistical rating organization (“NRSRO”).

The Fund may invest in securities of U.S. and non-U.S. issuers, and may invest without limitation in securities of non-U.S. issuers, including issuers in emerging markets. Investing in foreign issuers may involve certain risks not typically associated with investing in securities of U.S. issuers.

The Fund may invest in publicly offered securities and privately offered securities of both public and private issuers. The Fund may invest without limitation in unregistered securities, restricted securities and securities for which there is no readily available trading market or that are otherwise illiquid. Illiquid securities include securities legally restricted as to resale, securities for which there is no readily available trading market or that are otherwise illiquid. The Fund may acquire securities through private placements under which it may agree to contractual restrictions on the resale of such securities.

The Fund may invest in senior, junior, secured and unsecured securities including subordinated or mezzanine securities. Securities in which the Fund may invest may have fixed, floating or variable interest rates, interest rates that change based on multiples of changes in a specified index of interest rates or interest rates that change inversely to changes in interest rates, or may not bear interest.

The Fund may invest in securities of any maturity or duration and is not required to maintain any particular maturity or duration target for its portfolio as a whole.

The Fund may invest up to 25% of the value of its Managed Assets in debt or equity securities of master limited partnerships (“MLPs”).

As an alternative to holding investments directly, the Fund may also obtain investment exposure to securities in which it may invest by investing up to 20% of its Managed Assets in other investment companies. The Fund may invest in open-end funds, closed-end funds and exchange-traded funds. The Fund will include its investments in other investment companies that have a policy of investing at least 80% of their managed assets in securities of energy companies or income producing securities of other issuers for purposes of the Fund’s policy of investing at least 80% of its Managed Assets in securities of energy companies and income producing securities of other issuers and, as applicable, the Fund’s policy of investing at least 70% of its Managed Assets in securities of energy companies. See “The Fund’s Investments—Other Investment Companies.”

The Fund may, but is not required to, use various derivatives transactions for hedging and risk management purposes, to facilitate portfolio management and to earn income or capital appreciation. The use of derivatives transactions to earn income or capital appreciation may be particularly speculative. Derivatives are financial instruments the value of which is derived from a reference instrument. The Fund may engage in a variety of derivatives transactions. The Fund may purchase and sell exchange-listed and over-the-counter put and call options, purchase and sell futures contracts and options thereon, and enter into swap, cap, floor or collar transactions. The Fund may utilize derivatives that reference one or more securities, indices, commodities, currencies or interest rates.

In addition, the Fund may utilize new techniques, transactions, instruments or strategies that are developed or permitted as regulatory changes occur. The Fund has not adopted a maximum percentage limit with respect to derivatives transactions. See “The Fund’s Investments—Derivatives Transactions” in this prospectus and “Investment Objectives and Policies—Derivatives Transactions” in the SAI for additional information about particular instruments and transactions that the Fund may enter into.

As an alternative to holding investments directly, the Fund may also obtain investment exposure through

derivatives transactions intended to replicate, modify or replace the economic attributes associated with an investment in securities in which the Fund may invest directly. The Fund may be exposed to certain additional risks should the Adviser use derivatives as a means to synthetically implement the Fund’s investment strategies. Such transactions may expose the Fund to counterparty risk, lack of liquidity in such derivative instruments and additional expenses

associated with using such derivative instruments. To the extent that the Fund invests in synthetic investments with economic characteristics similar to securities of energy companies or income producing securities of other issuers, the market value of such investments will be counted for purposes of the Fund’s policies of investing at least 80% of its Managed Assets in securities of energy companies and income producing securities of other issuers and, as applicable, the Fund’s policy of investing at least 70% of its Managed Assets in securities of energy companies.

Percentage limitations described in this prospectus are as of the time of investment by the Fund and may be exceeded on a going-forward basis as a result of market value fluctuations of the Fund’s portfolio securities.

These policies may be changed by the Board of Trustees of the Fund without shareholder approval but no change is anticipated. If the Fund’s policy with respect to investing at least 80% of its Managed Assets in securities of energy companies and income producing securities of other issuers changes the Fund will provide shareholders at least 60 days’ prior written notice before implementation of the change.

Market Opportunity

The Adviser believes there are and will continue to be attractive investment opportunities in the energy sector for a variety of reasons, including the following:

• In the Near-Term, Energy Companies Need Capital at a Time when Traditional Sources of Liquidity are Shrinking, Creating Attractive Lending Opportunities. Energy companies are capital intensive and often service near-term liquidity needs by accessing traditional asset or reserve based lines of credit from banks. The Adviser believes that in the near-term, many energy companies’ cash flows will shrink and their need for liquidity will increase just as their access to these traditional liquidity sources decreases. In turn the Adviser believes this will create opportunities for alternative capital providers to find attractive investments,

particularly in the secured portion of the capital structure. Secured investments may limit potential downside risk, especially given the reserve and asset heavy nature of the energy sector.

• Volatility in Commodity Prices Creates Secondary Market Dislocations. The dramatic downshift in

commodity prices, which occurred between May 2014 and December 2014 before stabilizing at lower levels in early 2015, elevated volatility and uncertainty in overall credit markets and has created dislocations in the market. An investment opportunity may present itself when investors overreact to market conditions. The Adviser believes these overreactions may provide attractive risk-adjusted returns for those investors capable of identifying investments, which based on their fundamentals, such investors believe may be mispriced. The Adviser believes that this dynamic currently exists in high yielding energy debt and that volatility in the energy credit sector will persist in the near term.

• Capital Intensive Sector Provides for Long Term Opportunity. The Adviser believes there is a significant need for infrastructure build-out across the subsectors of the energy space which will create additional opportunities to provide capital.

• Attractive Middle Market Segment. The Adviser believes the fragmented nature of the energy sector will continue to create compelling investment opportunities in the middle market space within the energy sector. Compared to larger companies, middle market companies often offer more attractive economic terms and flexibility in the structuring of transactions, which the Adviser believes allows for more attractive debt instruments. Middle market investments are more likely to have tighter covenants and loan documentation, more attractive fees, and enhanced pricing compared to financing packages of larger companies.

Investment Philosophy and Investment Process

Investment Philosophy.The Adviser believes that rigorous credit research, deep industry expertise and valuation conviction are critical to identifying superior investment opportunities and managing downside risk. The Adviser believes that its broad relationships with management teams, financial sponsors and capital markets professionals creates opportunities for unique investment opportunities and its deep understanding of underfollowed companies and complex capital structures creates opportunities to drive better investment outcomes. The Adviser’s investment process is structured around its core beliefs:

• Properly pricing risk and assessing value is a complex process. Therefore, the Adviser employs extensive resources to analyze companies and capital structures in their entirety and regularly meets with a company’s competitors, suppliers and customers in order to get a complete view of the company and its position within its industry.

• Portfolios should be driven by best investment opportunities, not a benchmark. Therefore, the Adviser sources investment opportunities from a broad universe and constructs portfolios that are less exposed to the largest issuers in the benchmark.

• Underfollowed companies can be compelling investment opportunities. Therefore, the Adviser seeks to utilize Guggenheim Partners’ extensive corporate credit platform to uncover value in companies that are often overlooked by other investors.

• Legal nuances can determine an investment’s success or failure. Therefore, the Adviser’s large in-house legal team plays an active role in covenant analysis and reviewing credit agreements.

• Proactive relative value decisions contribute to outperformance. Therefore, the Adviser seeks to position the Fund’s portfolio to reflect Guggenheim Partners’ macro views and relative value analysis, monitors portfolio allocations on an ongoing basis and maintains individual portfolio holdings in line with original research conclusions.

Investment Process.The Adviser operates on the thesis that a disciplined, research-intensive process can uncover compelling investment opportunities. By analyzing a broad set of opportunities up and down the capital structure, as well as overlaying macroeconomic research, the Adviser gains better insight into the dynamics of the business, enterprise value and where it may seek to deliver the best packages of risk and return. The Adviser’s rigorous research process is described below:

• Sourcing. The depth of the Adviser’s industry coverage, combined with the size and scope of its capital markets footprint, relationships with deal sponsors, banks and corporate entities allows the Adviser to source transactions from multiple sources.

• Rigorous Due Diligence. The Adviser distinguishes itself by its industry expertise and valuation insights, which enable the Adviser to identify relative value and investment opportunities across the entire capital structure of a borrower. The investment process begins with the Adviser’s research team performing deep fundamental research on the companies within their industries. This includes meeting with management teams, visits to company facilities and discussions with customers, suppliers, competitors and industry experts. The Adviser’s extensive financial analysis focuses on understanding the industry and company fundamentals, enterprise value, downside scenarios and capital market dynamics within varying capital structures. Within the broader corporate credit group there is a team that is dedicated to energy sector investments based in both New York and Houston. The team has a long history of energy investing across the credit spectrum including both syndicated and private transactions.

• Transaction Structuring and Execution. In addition to detailed due diligence, the Adviser believes that protecting capital through structuring transactions is equally important. Our investment team includes a dedicated group of 15 in-house attorneys that play an active role in reviewing and analyzing credit agreements and all legal documentation relating to a particular investment.

• Ongoing Monitoring. The Adviser’s investment professionals take an active approach to monitoring investments, including continuous financial review, industry analysis, and regular discussions with

news, announcements, and credit developments to achieve a detailed reporting and monitoring process. When the Adviser’s investment analysts receive new financial information or news on a company they update financial models and projections and assess how the investment is performing compared to the thesis at the time the original investment was made. In addition to company specific news and reporting, members of the investment team continuously monitor the overall industry in which they focus to be aware of trends and how they may affect investments within the Fund’s portfolio.

• Global Macroeconomic Team. The Adviser’s global macroeconomic team provides a top down view on the commodity price environment and outlook. While the investment team performs bottoms-up fundamental credit analysis on each potential investment, the team overlays the macroeconomic teams views on top of their analysis. This allows the team to get the most wholesome picture of the economic and credit specific landscape.

The Adviser divides the energy sector into five distinct subsectors, which include: Upstream (exploration and production), Energy Services (provide equipment and services to energy companies), Midstream (pipeline companies), Downstream (refiners), and Power and Chemical (produce and distribute to end users). The Adviser believes that each of these subsectors exhibits different levels of energy price sensitivity. In addition to considering the unique dynamics of each subsector, it is also important to understand each company’s cash liquidity, commodity exposures, basin exposures and capital spending requirements when evaluating their ability to service their debt. The Adviser applies its macroeconomic and credit expertise to the unique characteristics of the energy sector, subsectors and individual companies. In doing so, the investment team seeks to identify those high yielding debt instruments that it believes represent compelling investment opportunities.