GUGGEnHEim INVESTMENTS CLOSED-END FUNDS

HISTORICAL CLOSED-END FUND MARKET PRICE PREMIUMfDISCOUNTTO NET ASSETVALUE 12.31.2002-12.31.2012


5%------------------------------------------------

-15%

-2CJ',{,

-25%

-3CJ',{,

12.2002 12.2004 12.200)

Past performance is not a guarantee offuture results. Data is subject to change daily.

SOURCE:MORNINGSTAR,12.31.2012

During any period oftime, a closed-end fund's market price may beat, above or below its net asset value ("NAV")- The premium or discount valuation is in reference to the closed-end fund's underlying NAV and is calculated as market price minus NAV,divided by NAV [(Market Price­ NAV)fNAV].Although there is no single reason that succinctly explains why closed-end funds trade at discounts or premiums to their underlying
net asset values,there are several factors that may contribute to premiums or discounts.Some factors include,but are not limited to,investor sentiment,supply and demand ofthe fund,historical performance and the yield the strategy has historically been able to generate far shareholders.
The Historical Closed-End Fund Market Price PremiumfDiscount to Net
Asset Value chart illustrates the average premium or discount of ali U.S. listed closed-end funds far a given day during the time period 12.31.2002

12.2008 12.2010 12.2012

through 12.31.2012.This includes ali closed-end funds that were traded far a given day,and is calculated using an unweighted average.As illustrated in the above chart,closed-end funds have historically traded at a discount,which may be advantageous far investors.That's because buying a fund when it is trading at a discount can mean that every dollar
working far the Fund (NAV) is greater than every dollar invested (market
price).The distribution rate, if purchased at a discount,will be higher than ifpurchased at NAV. Conversely, ifa closed-end fund is purchased at a premium,the distribution rate would be lower than if purchased at NAV. There is no guarantee that a fund's distribution will not fail regardless of whether the discount widens.ln addition, as an investor's total return will be impacted by the value ofthe fund's shares,a widening discount may negatively effect total return.

The ehart is meant lo be a representation of the historical volatility in the market prices of closed-end funds relative to their nel asse!values, not a chart of closed-end fund performance, an d should not be taken as a recommendation of closed-end funds as an investment

T here ca n be no assu rancethat any closed-end fu nd wi Il ach ieve its investment objective (s). The value of any closed-end fu nd will fluctuate with the value of the underlying securities_ Unti l the originallisting of a closed-end fund o n an exchange, no closed-end fund's shares wi l l have a history of public trading and, historically closed-end funds often !rade at a discount to their net asse!val ue.

lnvestors should consider the investment objectives and policies, risk considerations, charges and expenses ofany investment before they invest. For this and more information, please contact a securities representative or Guggenheim Funds Distributors, LLC, 2455 Corporate West Drive, Liste, Illinois 60532, 800.345.7999.

Mem ber Fl NRAJSI PC G ICEF-PD-0113 x0313 #7357

NOT FDIC INSURED • NOT BAN K GUARANTEED • MAY LOSE VALUE GUGGENHEIM INVESTMENTS.COM

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