Portfolio Manager
Shareholder Servicing Agent
Flaherty & Crumrine Incorporated
Guggenheim Funds Distributors, Inc.
Claymore Securities, Inc. (“Claymore”) officially changed its name to Guggenheim Funds Distributors, Inc. (“Guggenheim Funds”). The change marks the next phase of business integration following the acquisition of Claymore by Guggenheim Partners, LLC (“Guggenheim Partners”) announced on October 15, 2009. For more information, please see the Claymore Securities Inc. Name Change FAQ.

There can be no assurance that any closed-end fund will achieve its investment objective(s). Past performance does not guarantee future results.The value of any closed-end fund will fluctuate with the value of the underlying securities. Until the original listing of a closed-end fund on an exchange, no closed-end fund's shares will have a history of public trading and, historically closed-end funds often trade at a discount to their net asset value.

Investors should carefully consider the investment objectives and policies, risk considerations, charges and ongoing expenses of any investment product before investing. For more information, please contact a securities representative or Guggenheim Funds Distributors, Inc., 2455 Corporate West Drive, Lisle, Illinois 60532, 800-345-7999.

NOT FDIC-INSURED | NOT BANK-GUARANTEED | MAY LOSE VALUE