Contingency plan

BUSINESS CONTINUITY SUMMARY DISCLOSURE STATEMENT

Guggenheim Funds' business continuity plan is designed to address significant business disruptions affecting Guggenheim Fund's business operations conducted at its Lisle, IL headquarters location as well as its other offices located in Geneva, IL, Bayside, NY, and Toronto, Ontario, Canada.

Guggenheim Funds' mission for contingency planning is to ensure the continuous, reliable delivery of service to Guggenheim Funds' customers while maintaining regulatory compliance.

Guggenheim Fund's plan incorporates the company's mission critical systems and processes, related employees that are essential for Guggenheim Funds to continue to conduct business during a business interruption. Every important aspect of Guggenheim Funds' business is addressed in the plan and Guggenheim Funds' goal is to recover its mission critical processes with minimal interruption, on the same day, if possible, depending on the nature of the business disruption.

Guggenheim Funds has taken significant steps to reduce the impacts of potential business disruptions resulting from a variety of events, including the loss of facilities and resources. Guggenheim Funds has designed a business continuity plan in light of possible scenarios in an effort to minimize any business interruption, including off-site electronic back-up of our data, re-routing of telephone lines, and alternate physical workspace.

Guggenheim Funds' investment manager partners have also adopted similar continuity plans to address significant business interruption affecting operations at their offices in Madison, WI, New York, NY, Jersey City, NJ, Pasadena, CA, St. Louis, MO, Armonk, NY, Los Angeles, CA, Richmond, VA, St. Petersburg, FL, Princeton, NJ and Toronto, Ontario, Canada.

Since events causing business disruptions vary in nature and scope, Guggenheim Funds has anticipated situations in which any one of our four offices may be affected by an incident specific to that location such as a fire, as well as incidents that may affect a citywide or regional area.

Investors in Guggenheim Funds' closed-end funds, ETFs, and unit investment trusts should be aware that these funds and trusts are served by independent, third party transfer agents and/or custodians. Customers will continue to have access, through normal channels (via telephone, fax and e-mail), to their investments through these third parties, and the ability to make purchases and sales despite the fact that Guggenheim Funds may be experiencing a significant business disruption, unless the disruption is industry wide in scope.

At a minimum, the Guggenheim Funds business continuity plan is reviewed, updated and tested on an annual basis and any material modifications to the plan will be posted on the company websites at www.Guggenheim Funds.com and www.Guggenheim Fundsinvestments.ca. Customers may alternatively obtain a copy of this Summary Disclosure Statement my mail by contacting Guggenheim Funds Distributors, Inc. at 2455 Corporate West Drive, Lisle, IL 60532.

Making sure that any type of business disruption does not unduly impact our clients is extremely important to us. Please be assured that every reasonable effort will be made to restore and maintain normal service levels as soon as possible. Effects of a disaster are difficult to predict and the disruption of systems and processes on an industry wide basis pose great challenges for any business continuity plan. There can be no assurance that any plan can address such unforeseen contingencies. Regardless of the nature or scope of the potential business disruption, Guggenheim Funds will strive to provide continuous service to its clients.