Closed-End Fund Product Guide

(1)

(2)

The Fund’s investment objective is to provide total return, through a combination of capital appreciation and current income.

Advent Claymore Convertible Securities and

Income Fund II

AGC

Investment Objective

Distributions are not guaranteed and are subject to change.

1_{Distributions may be paid from sources of income other than ordinary income, such as short term capital gains, long term capital gains or return of capital. Based on our current estimates as of January} 2016, we anticipate that the current distribution has been paid from the following source(s): ordinary income and return of capital. If a distribution consists of something other than ordinary income, Shareholders of record, as of the applicable record date, will be sent a Section 19(a) notice with the anticipated source(s) of the distribution. Section 19(a) notices are provided for informational purposes only and not for tax reporting purposes. Please note the final determination of the source and tax characteristics of all distributions in a particular year will be made after the end of the year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters.

Fund Overview

Inception 5.24.2007

Market Price $5.18

NAV $6.12

Premium/(Discount) (15.36%)

Average 30-Day Volume 162,303

Distribution Per Share1 _$0.04700

Current Market Price Distribution Rate2 _10.89%

Leverage3 _43.19%

Expense Ratio (Common Shares)4 _2.04%

Inception NAV $19.10

Inception Price $20.00

NYSE Ticker AGC

CUSIP 007639107

Email [email protected]

NAV Ticker XAGCX

Website guggenheiminvestments.com/agc

Fund overview definitions and footnotes are found on back page.

4.07 9.07 2.08 7.08 12.08 6.09 12.09 6.10 12.10 6.11 12.11 6.12 12.12 6.13 12.13 5.14 11.14 5.15 11.15 $ 2 $ 6 $ 10 $ 14 $ 18 $ 22 -50% -40% -30% -20% -10% 0% 10% Price NAV

Since inception of fund (5/24/2007). Past performance is not indicative of future results. MARKET PRICE/NAV HISTORY As of 1.31.2016

PREMIUM/DISCOUNT % As of 1.31.2016

Market Price NAV Performance History As of 1.31.2016

2016 YTD -5.80% -8.09%

1 Year -9.88% -10.18%

3 Year -1.63% -0.29%

5 Year -3.56% -0.98%

10 Year N/A N/A

Since Inception -5.63% -4.18% 2015 -3.46% -1.11% 2014 -6.39% -6.62% 2013 21.60% 22.48% 2012 12.18% 14.59% 2011 -24.10% -19.11%

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Since Inception returns assume a purchase of common shares at each Fund’s initial offering price for market price returns or the Fund’s initial net asset value (NAV) for NAV returns. Returns for periods of less than one year are not annualized. All distributions are assumed to be reinvested either in accordance with the dividend reinvestment plan (DRIP) for market price returns or NAV for NAV returns. Until the DRIP price is available from the Plan Agent, the market price returns reflect the reinvestment at the closing market price on the last business day of the month. Once the DRIP is available around mid-month, the market price returns are updated to reflect reinvestment at the DRIP price. All returns include the deduction of management fees, operating expenses and all other fund expenses, and do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares.

SECTOR CONCENTRATION As of 1.31.2016 Financial 21.94% Healthcare 19.89% Technology 14.37% Consumer Discretionary 11.17% Industrials 11.05% Telecommunications 7.10% Energy 4.99% Materials 3.37% Media 2.86% Consumer Staples 1.90% Utilities 0.91% Transportation 0.45% TOP 10 HOLDINGS As of 1.31.2016 FRONTIER COMMUNICATIONS 3.00% TEVA PHARMACEUTICAL 1.65%

WELLS FARGO & COMPANY 1.44%

ELEMENT FINANCIAL 1.31%

CREDIT AGRICOLE 1.16%

THE PRICELINE GROUP 1.12%

ANTHEM 1.03%

HEALTHSOUTH CORP 1.00%

GILEAD SCIENCES 0.96%

(3)

1.31.2016

Advent Claymore Convertible Securities and Income Fund II

CREDIT QUALITY As of 1.31.2016 A 3.20% BBB/Baa 14.50% BB/Ba 23.45% B 16.50% Below B 1.94% Not Rated 40.41%

Ratings shown are assigned by one or more Nationally Recognized Statistical Credit Rating Organizations ("NRSRO"), including Standard & Poor's, Moody's, and Fitch. The ratings are an indication of an issuer's creditworthiness and typically range from AAA or Aaa (highest) to D (lowest). When two or more ratings are available, the highest rating is used; and when only one is available, that rating is used. The Non-Rated category consists of securities that have not been rated by either S&P, Moody’s, or Fitch. Bonds with a credit rating of BB or lower are considered below investment grade and carry a higher risk of default than investment grade rated bonds. Credit quality, as rated by S&P, Moody's, or Fitch is an assessment of the credit worthiness of an issuer of the underlying security and not the Fund or its shares. Please note, the Fund itself has not been rated by an independent rating agency.

PORTFOLIO CONCENTRATION As of 1.31.2016

Convertible 52.55%

High Yield 28.76%

Equity 13.12%

Cash 5.57%

GUGGENHEIM FUNDS INVESTMENT ADVISORS

Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), which includes Guggenheim Funds Investment Advisors, LLC (“GFIA”) the investment adviser to the referenced fund. Collectively Guggenheim Investments has a long, distinguished history of serving institutional investors, ultra-high-net-worth individuals, family offices and financial intermediaries. Guggenheim Investments offers clients a wide range of differentiated capabilities built on a proven commitment to investment excellence.

ADVENT CAPITAL MANAGEMENT, LLC

Advent Capital Management, LLC serves as the Fund’s Investment Manager. Based in New York, New York, Advent is a credit-oriented firm specializing in the management of convertible, high-yield and equity securities and the implementation of covered call and hedge fund strategies. The firm manages assets for several FORTUNE 500 companies, foundations, endowments, public pension plans and insurance companies.

2_{Latest declared distribution per share annualized and divided by the current share price.}3_{Represents the amount of financial leverage the Fund currently employs as a percentage of total Fund assets.}4

Expense ratios are annualized and reflect the funds operating expense, excluding interest expense, or in the case of a fund with a fee waiver, net operating expense, as of the most recent annual or semi-annual report. The expense ratio, based on common assets, including interest expense was 3.11%.

All data as of 1/31/2016 or otherwise noted. Data is subject to change on a daily basis. The securities mentioned are provided for informational purposes only and should not be deemed as a

recommendation to buy or sell. Net asset value (NAV) is the value of all fund assets (less liabilities) divided by the number of common shares outstanding. Market price is the price at which a fund trades on an exchange. Shareholders purchase and sell closed-end funds at the market price, not NAV. A closed-end fund’s premium/discount valuation is calculated as market price minus NAV, divided by NAV.

RISK CONSIDERATIONS There can be no assurance that the Fund will achieve its investment objective. The value of the Fund will fluctuate with the value of the underlying securities. Historically, closed-end funds often trade at a discount to their net asset value. The Fund is subject to investment risk, including the possible loss of the entire amount that you invest. Convertible Securities. The Fund is not limited in the percentage of its assets that may be invested in convertible securities. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. The market values of convertible securities tend to decline as interest rates increase and, conversely, to increase as interest rates decline. However, the convertible security’s market value tends to reflect the market price of the common stock of the issuing company when that stock price is greater than the convertible’s ‘‘conversion price, ’’ which is the predetermined price at which the convertible security could be exchanged for the associated stock. Structured and Synthetic Convertible Securities Risk. The value of structured convertible securities can be affected by interest rate changes and credit risks of the issuer. Such securities may be structured in ways that limit their potential for capital appreciation and the entire value of the security may be at a risk of loss depending on the performance of the underlying equity security. Structured convertible securities may be less liquid than other convertible securities. The value of a synthetic convertible security will respond differently to market fluctuations than a convertible security because a synthetic convertible security is composed of two or more separate securities, each with its own market value. In addition, if the value of the underlying common stock or the level of the index involved in the convertible component falls below the exercise price of the warrant or option, the warrant or option may lose all value. Lower Grade Securities Risks. Investing in lower grade securities (commonly known as "junk bonds") involves additional risks, including credit risk. Credit risk is the risk that one or more securities in the Fund’s portfolio will decline in price, or fail to pay interest or principal when due, because the issuer of the security experiences a decline in its financial status. Foreign Securities and Emerging Markets Risk. Investing in non-U.S. issuers may involve unique risks, such as currency, political, economic and market risk. In addition, investing in emerging markets entails additional risk including, but not limited to (1) news and events unique to a country or region (2) smaller market size, resulting in lack of liquidity and price volatility (3) certain national policies which may restrict the Fund’s investment opportunities Risk Associated with the Fund’s Covered Call Option Writing Strategy. The ability of the Fund to achieve its investment objective of providing total return through a combination of current income and capital

appreciation is partially dependent on the successful implementation of its covered call option strategy. There are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objectives. A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events. As the writer of a covered call option, the Fund forgoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call, but has retained the risk of loss should the price of the underlying security decline. Leverage Risk. Certain risks are associated with the leveraging of common stock. Both the net asset value and the market value of shares of common stock may be subject to higher volatility and a decline in value. In addition to the risks described above, the Fund is also subject to: Interest Rate Risk, Credit Risk, Preferred Securities Risks, Foreign Currency Risk, Derivatives Risk, Equity Securities Risk, Counterparty Risk, Liquidity Risk, Smaller Company Risk, REIT, Mortgage-Related and Asset-Backed Securities Risks, Income Trust and Master Limited Partnership Risks, Dividend Capture Trading Risk, Reinvestment Risk, Management Risk, Market Disruption Risk, and Anti-Takeover Provisions. Investors should consider the investment objectives and policies, risk considerations and expenses before investing. For this and more information, please refer to the most recent annual or semi-annual report, visit

www.guggenheiminvestments.com or contact a securities representative or Guggenheim Funds Distributors, LLC, 800.345.7999. Member FINRA/SIPC (01/16) #21941

CONTACT INFORMATION

TRANSFER AGENT Computershare 480 Washington Boulevard Jersey City, NJ 07310 --- 866-488-3559 INVESTMENT ADVISER

Guggenheim Funds Investment Advisors, LLC 227 West Monroe Street

7th Floor

Chicago, IL 60606 --- 866-274-2227 INVESTMENT MANAGER

Advent Capital Management, LLC 1271 Avenue of the Americas 45th Floor

(4)

The Fund’s investment objective is to provide total return, through a combination of capital appreciation and current income.

Advent Claymore Convertible Securities and

Income Fund

AVK

Investment Objective

Distributions are not guaranteed and are subject to change.

1_{Distributions may be paid from sources of income other than ordinary income, such as short term capital gains, long term capital gains or return of capital. Based on our current estimates as of January} 2016, we anticipate that the current distribution has been paid from the following source(s): ordinary income and return of capital. If a distribution consists of something other than ordinary income, Shareholders of record, as of the applicable record date, will be sent a Section 19(a) notice with the anticipated source(s) of the distribution. Section 19(a) notices are provided for informational purposes only and not for tax reporting purposes. Please note the final determination of the source and tax characteristics of all distributions in a particular year will be made after the end of the year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters.

Fund Overview

Inception 4.29.2003

Market Price $12.37

NAV $14.89

Premium/(Discount) (16.92%)

Average 30-Day Volume 145,734

Distribution Per Share1 _$0.09390

Current Market Price Distribution Rate2 _9.11%

Leverage3 _42.73%

Expense Ratio (Common Shares)4 _2.48%

Inception NAV $23.88

Inception Price $25.00

NYSE Ticker AVK

CUSIP 00764C109

Email [email protected]

NAV Ticker XAVKX

Website guggenheiminvestments.com/avk

2.03 10.03 6.04 2.05 10.05 6.06 2.07 10.07 6.08 1.09 9.09 5.10 1.11 9.11 5.12 1.13 9.13 5.14 12.14 8.15 $ 4 $ 8 $ 12 $ 16 $ 20 $ 24 $ 28 $ 32 -35% -25% -15% -5% 5% 15% Price NAV

Since inception of fund (4/29/2003). Past performance is not indicative of future results. MARKET PRICE/NAV HISTORY As of 1.31.2016

PREMIUM/DISCOUNT % As of 1.31.2016

Market Price NAV

Performance History As of 1.31.2016 2016 YTD -7.81% -7.85% 1 Year -19.21% -12.49% 3 Year -4.05% -1.06% 5 Year -1.33% 0.50% 10 Year 1.29% 1.88% Since Inception 3.08% 4.35% 2015 -11.07% -5.22% 2014 -6.11% -5.13% 2013 22.56% 22.26% 2012 17.33% 14.03% 2011 -11.85% -8.48%

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Since Inception returns assume a purchase of common shares at each Fund’s initial offering price for market price returns or the Fund’s initial net asset value (NAV) for NAV returns. Returns for periods of less than one year are not annualized. All distributions are assumed to be reinvested either in accordance with the dividend reinvestment plan (DRIP) for market price returns or NAV for NAV returns. Until the DRIP price is available from the Plan Agent, the market price returns reflect the reinvestment at the closing market price on the last business day of the month. Once the DRIP is available around mid-month, the market price returns are updated to reflect reinvestment at the DRIP price. All returns include the deduction of management fees, operating expenses and all other fund expenses, and do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares.

SECTOR CONCENTRATION As of 1.31.2016 Technology 23.3% Healthcare 21.6% Financial 14.9% Consumer Discretionary 9.6% Industrials 9.4% Telecommunications 6.6% Energy 4.3% Materials 3.8% Media 3.4% Utilities 1.4% Consumer Staples 1.4% Transportation 0.3% TOP 10 HOLDINGS As of 1.31.2016 Frontier Communications 2.94% Teva Pharmaceutical 2.06% Priceline Group 1.56% Allergan PLC 1.50% Intel Corp. 1.42% Healthsouth 1.26%

Colony Cap Inc. 1.24%

Anthem Inc. 1.19%

Ciena Corp 1.13%

(5)

1.31.2016

Advent Claymore Convertible Securities and Income Fund

CREDIT QUALITY As of 1.31.2016 A 2.4% BBB/Baa 14.9% BB/Ba 26.6% B 18.8% Below B 2.0% Not Rated 35.3%

Ratings shown are assigned by one or more Nationally Recognized Statistical Credit Rating Organizations ("NRSRO"), including Standard & Poor's, Moody's, and Fitch. The ratings are an indication of an issuer's creditworthiness and typically range from AAA or Aaa (highest) to D (lowest). When two or more ratings are available, the highest rating is used; and when only one is available, that rating is used. The Non-Rated category consists of securities that have not been rated by either S&P, Moody’s, or Fitch. Bonds with a credit rating of BB or lower are considered below investment grade and carry a higher risk of default than investment grade rated bonds. Credit quality, as rated by S&P, Moody's, or Fitch is an assessment of the credit worthiness of an issuer of the underlying security and not the Fund or its shares. Please note, the Fund itself has not been rated by an independent rating agency.

PORTFOLIO CONCENTRATION As of 1.31.2016

Convertible 53.0%

High Yield 29.2%

Equities 12.1%

Cash 5.7%

GUGGENHEIM FUNDS DISTRIBUTORS, LLC

Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), which includes Guggenheim Funds Investment Advisors, LLC (“GFIA”) and Guggenheim Funds Distributors, LLC, the serving agent for the referenced fund. Collectively Guggenheim Investments has a long, distinguished history of serving institutional investors, ultra-high-net-worth individuals, family offices and financial intermediaries. Guggenheim Investments offers clients a wide range of differentiated capabilities built on a proven commitment to investment excellence. ADVENT CAPITAL MANAGEMENT, LLC

Advent Capital Management, LLC serves as the Fund’s Investment Manager. Based in New York, New York, Advent is a credit-oriented firm specializing in the management of convertible, high-yield and equity securities and the implementation of covered call and hedge fund strategies. The firm manages assets for several FORTUNE 500 companies, foundations, endowments, public pension plans and insurance companies.

recommendation to buy or sell. Net asset value (NAV) is the value of all fund assets (less liabilities) divided by the number of common shares outstanding. Market price is the price at which a fund trades on an exchange. Shareholders purchase and sell closed-end funds at the market price, not NAV. A closed-end fund’s premium/discount valuation is calculated as market price minus NAV, divided by NAV.

RISK CONSIDERATIONS There can be no assurance that the Fund will achieve its investment objective. The value of the Fund will fluctuate with the value of the underlying securities. Historically, closed-end funds often trade at a discount to their net asset value. The Fund is subject to investment risk, including the possible loss of the entire amount that you invest. Convertible Securities. The Fund is not limited in the percentage of its assets that may be invested in convertible securities. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. The market values of convertible securities tend to decline as interest rates increase and, conversely, to increase as interest rates decline. However, the convertible security’s market value tends to reflect the market price of the common stock of the issuing company when that stock price is greater than the convertible’s ‘‘conversion price, ’’ which is the predetermined price at which the convertible security could be exchanged for the associated stock. Synthetic Convertible Securities The value of a synthetic convertible security will respond differently to market fluctuations than a convertible security because a synthetic convertible security is composed of two or more separate securities, each with its own market value. In addition, if the value of the underlying common stock or the level of the index involved in the convertible component falls below the exercise price of the warrant or option, the warrant or option may lose all value. Lower Grade Securities. Investing in lower grade securities (commonly known as "junk bonds") involves additional risks, including credit risk. Credit risk is the risk that one or more securities in the Fund’s portfolio will decline in price, or fail to pay interest or principal when due, because the issuer of the security experiences a decline in its financial status. Leverage Risk. Certain risks are associated with the leveraging of common stock. Both the net asset value and the market value of shares of common stock may be subject to higher volatility and a decline in value. In addition to the risks described above, the Fund is also subject to: Interest Rate Risk, Illiquid Investments, Foreign Securities, Management Risk, Strategic Transactions, Market Disruption Risk, and Anti-Takeover Provisions. Investors should consider the investment objectives and policies, risk considerations and expenses before investing. For this and more information, please refer to the most recent annual or semi-annual report, visit www.guggenheiminvestments.com or contact a securities representative or Guggenheim Funds Distributors, LLC, 800.345.7999. Member FINRA/SIPC (01/16) #21825

CONTACT INFORMATION

TRANSFER AGENT Computershare 480 Washington Boulevard Jersey City, NJ 07310 --- 866-488-3559 SERVICING AGENT

Guggenheim Funds Distributors, LLC 227 West Monroe Street

7th Floor

Chicago, IL 60606 --- 866-274-2227 INVESTMENT ADVISER

Advent Capital Management, LLC 1271 Avenue of the Americas 45th Floor

(6)

The Fund's investment objective is to provide a high level of after-tax total return with an emphasis on current distributions paid to shareholders.

Fiduciary/Claymore MLP Opportunity Fund

FMO

Investment Objective

Distributions are not guaranteed and are subject to change.

1_{Distributions may be paid from sources of income other than ordinary income, such as short term capital gains, long term capital gains or return of capital. Based on our current estimates as of}

November 2015, we anticipate that the current distribution has been paid from the following source(s): ordinary income and return of capital. If a distribution consists of something other than ordinary income, Shareholders of record, as of the applicable record date, will be sent a Section 19(a) notice with the anticipated source(s) of the distribution. Section 19(a) notices are provided for informational purposes only and not for tax reporting purposes. Please note the final determination of the source and tax characteristics of all distributions in a particular year will be made after the end of the year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters.

Fund Overview

Inception 12.22.2004

Market Price $11.21

NAV $11.88

Premium/(Discount) (5.64%)

Average 30-Day Volume 380,801

Distribution Per Share1 _$0.43080

Current Market Price Distribution Rate2 _15.37%

Leverage3 _29.14%

Inception NAV $19.10

Inception Price $20.00

NYSE Ticker FMO

CUSIP 31647Q106

Email [email protected]

NAV Ticker XFMOX

Website guggenheiminvestments.com/fmo

10.04 5.05 12.05 7.06 2.07 9.07 4.08 10.08 5.09 12.09 7.10 2.11 9.11 4.12 11.12 6.13 1.14 7.14 2.15 9.15 $ 6 $ 10 $ 14 $ 18 $ 22 $ 26 $ 30 $ 34 -20% -10% 0% 10% 20% 30% Price NAV

Market Price NAV

Performance History As of 1.31.2016 2016 YTD -13.64% -17.67% 1 Year -49.07% -47.09% 3 Year -16.90% -13.69% 5 Year -6.33% -3.96% 10 Year 1.75% 1.75% Since Inception 1.72% 2.71% 2015 -45.80% -38.43% 2014 9.17% 8.49% 2013 24.83% 29.97% 2012 8.84% 4.00% 2011 6.06% 12.05%

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Since Inception returns assume a purchase of common shares at each Fund’s initial offering price for market price returns or the Fund’s initial net asset value (NAV) for NAV returns. Returns for periods of less than one year are not annualized. All distributions are assumed to be reinvested either in accordance with the dividend reinvestment plan (DRIP) for market price returns or NAV for NAV returns. Until the DRIP price is available from the Plan Agent, the market price returns reflect the reinvestment at the closing market price on the last business day of the month. Once the DRIP is available around mid-month, the market price returns are updated to reflect reinvestment at the DRIP price. All returns include the deduction of management fees, operating expenses and all other fund expenses, and do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares.

PORTFOLIO CONCENTRATION As of 1.31.2016

Midstream Oil 37.9%

Diversified Infrastructure 18.2%

Midstream Natural Gas 17.7%

Gathering & Processing 13.2%

Marine Transportation 5.1%

Natural Gas Pipelines & Storage 4.7%

Other Energy Infrastructure 2.2%

Coal 1.0%

TOP 10 HOLDINGS As of 1.31.2016

Magellan Midstream Partners L.P. 10.6%

Williams Partners L.P. 10.6%

Buckeye Partners L.P. 6.6%

DCP Midstream Partners L.P. 6.1%

Energy Transfer Partners L.P. 6.0%

Plains All American Pipeline L.P. 5.5%

TC Pipelines L.P. 4.7%

EnLink Midstream Partners L.P. 4.4%

Enbridge Energy Partners L.P. 4.3%

(7)

1.31.2016

Fiduciary/Claymore MLP Opportunity Fund

GUGGENHEIM FUNDS INVESTMENT ADVISORS

ADVISORY RESEARCH, INC.

Advisory Research, Inc. serves as the Fund's Investment Manager. The Advisory Research, Inc. team is dedicated to managing Master Limited Partnerships (MLPs) and energy infrastructure strategies for open and closed-end mutual funds, public and corporate pension plans, endowments and foundations and private wealth individuals. Advisory Research, Inc.'s core philosophy is that investment decisions should always be guided by a disciplined, risk-aware strategy that seeks to add value in all market environments. This philosophy has served the Advisory Research, Inc. team well as it has navigated through MLP cycles since 1995. Advisory Research, Inc. (“ARI”) is a wholly owned subsidiary of Piper Jaffray Companies (“PJC”). In 2012, the Advisory Research, Inc. team and its business was transferred from Fiduciary Asset Management Inc. to its affiliated investment adviser, Advisory Research, Inc.

2_{Latest declared distribution per share annualized and divided by the current share price.}3_{Represents the amount of financial leverage the Fund currently employs as a percentage of total Fund assets.}

recommendation to buy or sell. Net asset value (NAV) is the value of all fund assets (less liabilities) divided by the number of common shares outstanding. Market price is the price at which a fund trades on an exchange. Shareholders purchase and sell closed-end funds at the market price, not NAV. A closed-end fund’s premium/discount valuation is calculated as market price minus NAV, divided by NAV.

Risks and Other Considerations There can be no assurance that the Fund will achieve its investment objective. The value of the Fund will fluctuate with the value of the underlying securities. Historically, closed-end funds often trade at a discount to their net asset value. The Fund is subject to investment risk, including the possible loss of the entire amount that you invest. Risks of Investing in MLP Units. An investment in MLP units involves risks that differ from a similar investment in equity securities, such as common stock, of a corporation. Holders of MLP units have the rights typically afforded to limited partners in a limited partnership. As compared to common shareholders of a corporation, holders of MLP units have more limited control and limited rights to vote on matters affecting the partnership. There are certain tax risks associated with an investment in MLP units. Additionally, conflicts of interest may exist between common unit holders, subordinated unit holders and the general partner of an MLP; for example a conflict may arise as a result of incentive distribution payments. Equity Securities Risk. Equity risk is the risk that MLP units or other equity securities held by the Fund will fall due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, changes in interest rates, and the particular circumstances and performance of particular companies whose securities the Fund holds. In addition, MLP units or other equity securities held by the Fund may decline in price if the issuer fails to make anticipated distributions or dividend payments because, among other reasons, the issuer experiences a decline in its financial condition. Concentration Risk. Because the Fund will invest in MLP entities, a substantial portion of which are expected to be engaged primarily in the energy, natural resources and real estate sectors of the economy, such concentration may present more risks than if the Fund were broadly diversified over numerous industries and sectors of the economy Risks Associated with Options on Securities. There are several risks associated with transactions in options on securities. A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events. As the writer of a covered call option, the Fund forgoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call, but has retained the risk of loss should the price of the underlying security decline. The writer of an option has no control over the time when it may be required to fulfill its obligation as a writer of the option.

Because of the Fund’s concentration in MLPs, the Fund is not eligible to be treated as a “regulated investment company” under the Internal Revenue Code of 1986, as amended. Instead, the Fund will be treated as a regular corporation for US federal income tax purposes and as a result, unlike most investment companies, will be subject to corporate income tax to the extent the Fund recognizes taxable income. The Fund believes that as a result of the tax characterization of cash distributions made by MLPs, a significant portion of the Fund’s income will be tax-deferred, which will allow distributions by the Fund to its shareholders to include high levels of tax-deferred income. However, there can be no assurance in this regard. If this expectation is not realized, the Fund will have a larger corporate income tax expense than expected, which will result in less cash available to distribute to shareholders. In addition to the risks described above, the Fund is also subject to: Tax Risks of Investing in Equity Securities of MLPs, Affiliated Party Risk, Energy Sector Risks, Other Sector Risks, Small Capitalization Risk, Restricted Securities Risks, Cash Flow Risk, Liquidity Risk, Valuation Risk, Interest Rate Risk, Lower Grade Securities Risk, Portfolio Turnover Risk, Foreign Securities, Derivatives Risk, Market Discount Risk, Other Investment Companies Risk, Royalty Trust Risk, Financial Leverage, Non-Diversified Status, Management Risk, and Current Developments. Investors should consider the investment objectives and policies, risk considerations and expenses before investing. For this and more

information, please refer to the most recent annual or semi-annual report, visit www.guggenheiminvestments.com or contact a securities representative or Guggenheim Funds Distributors, LLC, 800.345.7999. Member FINRA/SIPC (01/16) #21824

CONTACT INFORMATION

TRANSFER AGENT Computershare 480 Washington Boulevard Jersey City, NJ 07310 --- 866-488-3559 INVESTMENT ADVISER

Guggenheim Funds Investment Advisors, LLC 227 West Monroe Street

7th Floor

Chicago, IL 60606 --- 888-991-0091

INVESTMENT MANAGER

Advisory Research, Inc. 8235 Forsyth Boulevard Suite 700

(8)

The Trust’s primary investment objective is to provide current income with a secondary objective of long-term capital appreciation.

Guggenheim Build America Bonds

Managed Duration Trust

GBAB

Investment Objective

December 2015, we anticipate that the current distribution has been paid from the following source(s): ordinary income and long term capital gain. If a distribution consists of something other than ordinary income, Shareholders of record, as of the applicable record date, will be sent a Section 19(a) notice with the anticipated source(s) of the distribution. Section 19(a) notices are provided for informational purposes only and not for tax reporting purposes. Please note the final determination of the source and tax characteristics of all distributions in a particular year will be made after the end of the year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters.

Fund Overview

Market Price $22.61

NAV $22.90

Leverage3 _23.76%

Expense Ratio (Common Shares)4 _1.29%

NYSE Ticker GBAB

CUSIP 401664107

NAV Ticker XGBAX

Website guggenheiminvestments.com/gbab

9.10 1.11 4.11 7.11 11.11 3.12 6.12 9.12 1.13 4.13 7.13 11.13 3.14 5.14 8.14 12.14 4.15 7.15 11.15 $ 16 $ 18 $ 20 $ 22 $ 24 $ 26 $ 28 -15% -10% -5% 0% 5% 10% Price NAV

Market Price NAV

Performance History As of 1.31.2016

2016 YTD 6.69% 1.94%

1 Year 3.16% 0.48%

3 Year 7.73% 6.22%

5 Year 12.45% 10.99%

10 Year N/A N/A

Since Inception 9.94% 10.75% 2015 3.60% 1.44% 2014 20.88% 19.55% 2013 -6.60% -2.97% 2012 14.92% 14.65% 2011 26.30% 24.72%

ASSET CLASS BREAKDOWN As of 1.31.2016

BAB/QSCB 91.83% ABS 6.26% Bank Loans 3.77% Muni Other 3.72% Preferred Securities 1.24% Non-Agency Mortgage-Backed 0.81%

Investment Grade Corporates 0.69%

High Yield Corporates 0.55%

Other Fixed Income -0.25%

Cash & Cash Equivalents -8.62%

WEST VA HIGHER ED POL COMMN 3.01%

NEW JERSEY ST TURNPIKE 2.95%

DALLAS TEX CONVENTION CTR HOTEL

DEV CORP 2.77%

CALIFORNIA (STATE OF) 2.55%

WESTCHESTER COUNTY HEALTH CARE CORPORATION (WEST CHESTER COUNTY MEDICAL CENTER)

2.55%

NOBLESVILLE IND MULTI SCH BLDG CORP 2.45% LOS ANGELES CALIF DEPT WTR & PWR

(Electric) 2.45%

LOS ANGELES CALIF DEPT WTR & PWR

(Water) 2.44%

EL PASO TEX 2.39%

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1.31.2016

Guggenheim Build America Bonds Managed Duration Trust

SECTOR CONCENTRATION As of 1.31.2016

School 26.35%

University 19.21%

Transportation 12.00%

Water & Sewer 10.08%

Hospital 7.33% District-Special 7.19% State 6.51% ABS 6.26% Power 4.85% Loans 3.77% Preferred Securities 1.24% City 1.06% County 0.97% Non-Agency Mortgage-Backed 0.81% Investment Grade Corporates 0.69% High Yield Corporates 0.55% Other Fixed Income -0.25% Cash & Cash Equivalents -8.62%

STATE CONCENTRATION As of 1.31.2016 California 19.14% Illinois 9.63% Washington 8.54% New Jersey 5.38% Indiana 5.23% Pennsylvania 5.22% Texas 5.17% New York 5.13% Michigan 4.77% Other 27.34%

GUGGENHEIM PARTNERS INVESTMENT MANAGEMENT

Guggenheim Partners Investment Management, LLC ("GPIM"), a subsidiary of Guggenheim Partners, LLC, is an investment manager specializing in innovative investment strategies that aim to add alpha relative to benchmarks in both up and down markets. GPIM's investment philosophy is predicated upon the belief that thorough research and independent thought are rewarded with performance that has the potential to outperform benchmark indexes with both lower volatility and lower correlation of returns over time as compared to such benchmark indexes. GPIM manages investments for a mix of individuals, family offices, endowments, foundations, insurance companies and other institutions. GPIM, Guggenheim Funds Investment Advisors, LLC and Guggenheim Funds Distributors, LLC are affiliates of Guggenheim Partners, LLC.

Risks and Other Considerations There can be no assurance that the Trust will achieve its investment objectives. The value of any closed-end fund will fluctuate with the value of the underlying securities. Historically, closed-end funds often trade at a discount to their net asset value. The Trust is subject to investment risk, including the possible loss of the entire principal amount invested. Build America Bonds Risk: BABs are a new form of municipal financing, and the market is smaller, less diverse, and potentially less liquid than other types of municipal securities. In addition, because the relevant provisions of the American Recovery and Reinvestment Act of 2009 have not been extended, bonds issued after December 31, 2010 currently cannot not qualify as BABs. Therefore, the number of BABs available in the market is limited. BABs may be less actively traded which may negatively affect the value of BABs held by the Trust. Credit Risk: Credit risk is the risk that one or more credit securities in the Trust’s portfolio will decline in price, or fail to pay interest or principal when due, because the issuer of the obligation experiences a decline in its financial status. Interest Rate Risk: Interest rate risk is the risk that credit securities will decline in value because of changes in market interest rates. When market interest rates rise, the market value of credit securities generally will fall. Below Investment-Grade Securities Risk: The Trust may invest in below investment-grade quality (“high yield” or “junk bonds”) which are regarded as having predominately speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal when due. In addition, the Trust is subject to additional risks and other considerations not mentioned above. Investors should consider the investment objectives and policies, risk considerations and expenses before investing. For this and more information, please refer to the most recent annual or semi-annual report, visit

www.guggenheiminvestments.com or contact a securities representative or Guggenheim Funds Distributors, LLC, 800.345.7999. Member FINRA/SIPC (01/16) #21823

CONTACT INFORMATION

Guggenheim Funds Investment Advisors, LLC 227 West Monroe Street

7th Floor

Chicago, IL 60606 --- 800-345-7999

INVESTMENT MANAGER

Guggenheim Partners Investment Management, LLC 100 Wilshire Boulevard

Suite 500

(10)

The Fund’s investment objective is to provide a high level of risk-adjusted total return with an emphasis on current income.

Guggenheim Equal Weight Enhanced

Equity Income Fund

GEQ

Investment Objective

1_{Distributions may be paid from sources of income other than ordinary income, such as short term capital gains, long term capital gains or return of capital. Based on our current estimates as of January}

2016, we anticipate that the current distribution has been paid from the following source(s): ordinary income, short term capital gains, and long term capital gains. If a distribution consists of something other than ordinary income, Shareholders of record, as of the applicable record date, will be sent a Section 19(a) notice with the anticipated source(s) of the distribution. Section 19(a) notices are provided for informational purposes only and not for tax reporting purposes. Please note the final determination of the source and tax characteristics of all distributions in a particular year will be made after the end of the year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters.

Fund Overview

Market Price $14.78

NAV $16.60

Leverage3 _25.37%

NYSE Ticker GEQ

CUSIP 40167M106

NAV Ticker XGEQX

Website guggenheiminvestments.com/GEQ

9.11 12.11 3.12 6.12 9.12 12.12 3.13 6.13 9.13 12.13 3.14 5.14 8.14 11.14 2.15 5.15 8.15 11.15 2.16 $ 12 $ 14 $ 16 $ 18 $ 20 $ 22 $ 24 $ 26 -20% -15% -10% -5% 0% 5% 10% Price NAV

Market Price NAV

Performance History As of 1.31.2016

2016 YTD -9.55% -7.73%

1 Year -16.52% -8.42%

3 Year 2.25% 3.43%

5 Year N/A N/A

Since Inception 2.31% 5.60% 2015 -9.79% -3.48% 2014 18.40% 7.87% 2013 17.12% 20.28% 2012 9.28% 7.00% 2011 (Partial Year) -11.15% 2.04%

SOUTHWESTERN ENERGY CO 0.32%

RANGE RESOURCES CORP 0.27%

CABOT OIL & GAS CORP 0.27%

FIRST SOLAR INC 0.26%

EQT CORP 0.26%

ONEOK INC 0.26%

COACH INC 0.26%

SPECTRA ENERGY CORP 0.25%

NEXTERA ENERGY INC 0.24%

REALTY INCOME CORP 0.24%

This data is subject to change on a daily basis. SECTOR CONCENTRATION As of 1.31.2016 Financials 17.15% Consumer Discretionary 16.64% Information Technology 13.12% Industrials 13.01% Health Care 11.12% Energy 8.10% Consumer Staples 8.11% Utilities 6.59% Materials 5.08% Telecommunication Services 1.08%

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1.31.2016

Guggenheim Equal Weight Enhanced Equity Income Fund

OPTION STRATEGY INFORMATION As of 1.31.2016

Option Type (stock/index) Index Average Length of Option Contracts

(Weighted Avg.) 16 Days Option Strategy (ITM, ATM, OTM) OTM This data is subject to change on a daily basis. ITM: In-The-Money; ATM: At-The-In-The-Money; OTM: Out-of-The-Money

Risks and Other Considerations There can be no assurance that the Fund will achieve its investment objective. The value of the Fund will fluctuate with the value of the underlying securities. Historically, closed-end funds often trade at a discount to their net asset value. The Fund is subject to investment risk, including the possible loss of the entire amount that you invest Management Risk: Although substantially all of the Fund’s net assets will be invested in the portfolio of stocks making up the Index in equal weight, the Fund has an actively managed portfolio and therefore is subject to management risk. The Fund is not, nor is it intended to be, an index fund. In managing the Fund’s portfolio securities, the Investment Adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results. Concentration Risk. To the extent that stocks included in the Index in the same industry in equal weight comprise 25% or more of the Fund’s total assets, the Fund will invest more than 25% of its assets in the securities of issuers in that industry, in which case the Fund may be more susceptible to risks associated with such industry. Options Risk. There are various risks associated with the Option Strategy. The purchaser of an individual and index option written by the Fund has the right to any appreciation in the cash value of the stock or index over the strike price on the expiration date. Therefore, as the writer of a stock or index call option, the Fund forgoes the opportunity to profit from increases in the stock or index over the strike price of the option. However, the Fund has retained the risk of loss (net of premiums received) should the price of the Fund’s portfolio securities decline. Similarly, as the writer of a call option on an individual security held in the Fund’s portfolio, the Fund forgoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call but has retained the risk of loss (net of premiums received) should the price of the underlying security decline. Synthetic Investment Risk. As an alternative to holding investments directly, the Fund may also obtain investment exposure through the use of derivative instruments (including swaps, options, forwards, notional principal contracts or customized derivative or financial instruments). The Fund may be exposed to certain additional risks should the Sub Advisers use derivatives as a means to synthetically implement the Fund’s investment strategies. The Fund may enter into derivative instruments, such contract will have a predetermined period of time. During such period, the Fund may not have the ability to act in a timely manner to market events. In addition, customized derivative instruments will likely be highly illiquid, and it is possible that the Fund will not be able to terminate such derivative instruments prior to their expiration date or that the penalties associated with such a termination might impact the Fund’s performance in a materially adverse manner. Furthermore, derivative instruments typically contain provisions giving the counterparty the right to terminate the contract upon the occurrence of certain events. If a termination were to occur, the Fund’s return could be adversely affected as it would lose the benefit of the indirect exposure to the reference securities and it may incur significant termination expenses. Financial Leverage Risk. Although the use of Financial Leverage by the Fund may result in additional risks and can magnify the effect of any losses. If the income and gains earned on securities purchased with Financial Leverage proceeds are greater than the cost of Financial Leverage, the Fund's return will be greater than if Financial Leverage had not been used. Conversely, if the income or gains from the securities purchased with such proceeds does not cover the cost of Financial Leverage, the return to the Fund will be less than if Financial Leverage had not been used. Financial Leverage involves risks and special considerations for shareholders, including the likelihood of greater volatility of net asset value and market price of and dividends on the Common Shares than a comparable portfolio without leverage; the risk that fluctuations in interest rates on borrowings or in the dividend rates on any preferred shares that the Fund must pay will reduce the return to the Common Shareholders; and the effect of Financial Leverage in a declining market, which is likely to cause a greater decline in the net asset value of the Common Shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the Common Shares. In addition to the risks described above, the Fund is also subject to: Counterparty Risk, Tax Risk, Investment and Market Risk, Common Stock Risk, Strategic Transactions Risk, Investment Funds Risk, Inflation/Deflation Risk, Volatility Risk, Recent Market Developments Risk, Market Discount Risk, United States Credit Rating Downgrade Risk, Legislation and Regulation Risk, Portfolio Turnover Risk, Securities Lending Risk, Anti-Takeover Provisions Risk and Market Disruption and Geopolitical Risk. Investors should consider the investment objectives and policies, risk considerations and expenses before investing. For this and more information, please refer to the most recent annual or semi-annual report, visit www.guggenheiminvestments.com or contact a securities representative or Guggenheim Funds Distributors, LLC, 800.345.7999. Member FINRA/SIPC (01/16) #21822

CONTACT INFORMATION

Guggenheim Funds Investment Advisors, LLC 227 West Monroe Street, 7th Floor Chicago, IL 60606 --- 866-274-2227

OPTIONS STRATEGY SUB-ADVISER

Guggenheim Partners Investment Management, LLC 100 Wilshire Boulevard

Santa Monica, CA 90401

EQUITY PORTFOLIO SUB-ADVISER

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The Fund's primary investment objective is to provide a high level of current income, with a secondary objective of capital appreciation.

Guggenheim Enhanced Equity Strategy

Fund

GGE

Investment Objective

November 2015, we anticipate that the current distribution has been paid from the following source(s): ordinary income and return of capital. If a distribution consists of something other than ordinary income, Shareholders of record, as of the applicable record date, will be sent a Section 19(a) notice with the anticipated source(s) of the distribution. Section 19(a) notices are provided for informational purposes only and not for tax reporting purposes. Please note the final determination of the source and tax characteristics of all distributions in a particular year will be made after the end of the year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters.

Fund Overview

Inception 1.27.2004

Market Price $14.40

NAV $16.65

Leverage3 _33.02%

NYSE Ticker GGE

CUSIP 40167K100

NAV Ticker XGGEX

Website guggenheiminvestments.com/gge

11.03 7.04 2.05 9.05 4.06 12.06 8.07 3.08 9.08 4.09 12.09 8.10 3.11 11.11 7.12 2.13 9.13 4.14 11.14 7.15 2.16 $ 0 $ 16 $ 32 $ 48 $ 64 $ 80 $ 96 $ 112 $ 128 -40% -30% -20% -10% 0% 10% Price NAV

Market Price NAV

Performance History As of 1.31.2016 2016 YTD -8.69% -6.09% 1 Year -5.78% -2.53% 3 Year 2.45% 5.02% 5 Year 8.21% 7.40% 10 Year -10.49% -11.27% Since Inception -8.25% -7.51% 2015 -0.25% 1.90% 2014 6.87% 6.17% 2013 22.60% 18.38% 2012 11.75% 6.37% 2011 12.75% 13.70%

OPTION STRATEGY INFORMATION As of 1.31.2016

Option Type (Stock/Index) Index

Average Length of Option Contracts

(Weighted Avg.) 16 days

Option Strategy (ITM, ATM, OTM) OTM

This data is subject to change on a daily basis. ITM: In-The-Money; ATM: At-The-In-The-Money; OTM: Out-of-The-Money SECTOR CONCENTRATION As of 1.31.2016 Information Technology 24.46% Financials 15.18% Healthcare 14.60% Consumer Discretionary 13.86% Consumer Staples 9.47% Industrials 9.29% Energy 5.37% Utilities 2.98% Materials 2.42% Telecommunication Services 2.30%

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1.31.2016

Guggenheim Enhanced Equity Strategy Fund

SPDR S&P 500 ETF Trust 44.54% ISHARES S&P 500 GROWTH ETF 18.00% ISHARES S&P 500 VALUE ETF 15.63% PowerShares QQQ Trust 10.92% iShares Russell 2000 Index Fund 10.91% This data is subject to change on a daily basis.

Historical data has been adjusted to reflect a 1-for-5 reverse stock split as of the close of business on June 4, 2009.

Risks and Other Considerations There can be no assurance that the Fund will achieve its investment objective. The value of the Fund will fluctuate with the value of the underlying securities. Historically, closed-end funds often trade at a discount to their net asset value. The Fund is subject to investment risk, including the possible loss of the entire amount that you invest. Equity Securities and Related Market Risk. The Fund will ordinarily have substantial exposure to common stocks and other equity securities in pursuing its investment objectives and policies. The market price of common stocks and other equity securities in which the Fund invests may go up or down, sometimes rapidly or unpredictably. Equity securities may decline in value due to factors affecting equity securities markets generally, particular industries represented in those markets or the issuer itself. Equity securities generally have greater price volatility than bonds and other debt securities. Fund Distributions Risk. The distributions shareholders receive from the Fund are based primarily on the dividends it earns from its equity investments as well as the gains the Fund receives from writing options and using other derivative instruments, and selling portfolio securities, each of which can vary widely over the short and long term. The dividend income from the Fund’s investments in equity securities will be influenced by both general economic activity and issuer-specific factors. In the event of a recession or adverse events affecting a specific industry or issuer, an issuer of equity securities held by the Fund may reduce the dividends paid on such securities. If prevailing market interest rates decline, interest rates on any debt instruments held by the Fund, and shareholders’ income from the Fund, would likely decline as well. Options Risk. There are various risks associated with the Option Strategy. The purchaser of an individual and index option written by the Fund has the right to any appreciation in the cash value of the stock or index over the strike price on the expiration date. Therefore, as the writer of a stock or index call option, the Fund forgoes the opportunity to profit from increases in the stock or index over the strike price of the option. However, the Fund has retained the risk of loss (net of premiums received) should the price of the Fund’s portfolio securities decline. Similarly, as the writer of a call option on an individual security held in the Fund’s portfolio, the Fund forgoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call but has retained the risk of loss (net of premiums received) should the price of the underlying security decline. Other Derivatives Risk. In addition to options, the Fund may use a variety of derivative instruments in an attempt to enhance the Fund’s investment returns or to hedge against market and other risks in the portfolio, including futures contracts, options on futures contracts, forward contracts and swap agreements. The Fund also may use derivatives to gain exposure to equity and other securities in which the Fund may invest. Derivatives are subject to a number of risks described elsewhere in this prospectus, such as liquidity risk, equity securities risk, issuer risk, interest rate risk, credit risk, leveraging risk, counterparty risk, management risk and, if applicable, medium and smaller company risk. They also involve the risk of mispricing or improper valuation, the risk of ambiguous documentation and the risk that changes in the value of a derivative may not correlate perfectly with an underlying asset, interest rate or index. Suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Fund will engage in these transactions to reduce exposure to other risks when that would be beneficial. The Fund may enter into derivatives transactions that may in certain circumstances produce effects similar to leverage and expose the Fund to related risks. Investment Companies Risk. The Fund may invest in securities of other open- or closed-end investment companies, including ETFs, that invest primarily in securities of the types in which the Fund may invest directly. The Fund expects that these investments will be primarily in ETFs. As a stockholder in an investment company, the Fund will bear its ratable share of that investment company’s expenses, and would remain subject to payment of the Fund’s investment management fees with respect to the assets so invested. Common Shareholders would therefore be subject to duplicative expenses to the extent the Fund invests in other investment companies. In addition, the securities of other investment companies may be leveraged and will therefore be subject to the same leverage risks. Financial Leverage Risk. Although the use of Financial Leverage by the Fund may result in additional risks and can magnify the effect of any losses. If the income and gains earned on securities purchased with Financial Leverage proceeds are greater than the cost of Financial Leverage, the Fund's return will be greater than if Financial Leverage had not been used. Conversely, if the income or gains from the securities purchased with such proceeds does not cover the cost of Financial Leverage, the return to the Fund will be less than if Financial Leverage had not been used. Financial Leverage involves risks and special considerations for shareholders, including the likelihood of greater volatility of net asset value and market price of and dividends on the Common Shares than a comparable portfolio without leverage; the risk that fluctuations in interest rates on borrowings or in the dividend rates on any preferred shares that the Fund must pay will reduce the return to the Common Shareholders; and the effect of Financial Leverage in a declining market, which is likely to cause a greater decline in the net asset value of the Common Shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the Common Shares. In addition to the risks described above, the Fund is also subject to: Counterparty Risk, Tax Risk, Medium and Smaller Company Risk, Focused Investment Risk, Management Risk, Foreign (Non-U.S.) Investment Risk, Inflation/Deflation Risk, Liquidity Risk, and Market Disruption and Geopolitical Risk. Investors should consider the investment objectives and policies, risk considerations and expenses before investing. For this and more information, please refer to the most recent annual or semi-annual report, visit www.guggenheiminvestments.com or contact a securities representative or Guggenheim Funds Distributors, LLC, 800.345.7999. Member FINRA/SIPC (01/16) #21837

CONTACT INFORMATION

Guggenheim Funds Investment Advisors, LLC 227 West Monroe Street, 7th Floor Chicago, IL 60606 --- 866-392-3004

INVESTMENT MANAGER

Guggenheim Partners Investment Management, LLC 100 Wilshire Boulevard, Suite 500