Company Press Release

NEW YORK, Jan 25, 2012 -- Guggenheim Investments, the investment management division of Guggenheim Partners, announced today a new open-end mutual fund offering: Guggenheim Municipal Income Fund (GIJAX). The fund is the latest addition to Guggenheim's recently expanded suite of fixed-income mutual funds that provide access to the firm's institutional strategies and investment capabilities.

The Guggenheim Municipal Income Fund seeks to provide current income, with an emphasis on income exempt from federal income tax, while also considering capital appreciation. The fund invests in a diversified portfolio of primarily investment-grade municipal securities whose interest is exempt from federal income tax.1

With over $78 billion in fixed-income assets*, Guggenheim draws on a wealth of dedicated resources to exercise its research rigor across a full spectrum of investments including diversified credit, private placements, and debt origination. More than 100 investment professionals are dedicated to research, evaluation and management of fixed-income assets, including a 14-person, in-house fixed-income legal team that works closely with the credit team to assess the structural integrity of every potential investment.

"We have designed an approach to the municipal market that leverages the strengths of our hallmark investment process -- research-intensive security selection by sector specialists and portfolio managers," said Scott Minerd, chief investment officer for Guggenheim. "We are pleased to now offer all investors access to our approach in a tax-exempt municipal bond fund."

The fund is managed by a team that has more than 75 years of combined industry experience and includes Minerd, who has been with Guggenheim Partners for over 12 years and guides the investment strategies of the portfolio management and research teams. Anne Walsh, senior managing director with 27 years of industry experience, and James Pass, managing director with 25 years of experience, also manage the fund.

"Our comprehensive credit approach to municipal investing allows us, we believe, to identify tax-exempt securities with the potential to provide higher income and capital appreciation," commented Pass. "Our relationships with issuers, both large and small, and other municipal market participants, enhance our investment approach as well. We are excited to offer this fund and believe it offers sound value to a diversified fixed income portfolio."

1 Income may be subject to the federal Alternative Minimum Tax (AMT).

Guggenheim Investments

Guggenheim Investments represents the investment management businesses of Guggenheim Partners. With assets exceeding $115 billion*, including more than $78 billion in fixed-income, we have a long, distinguished history of serving institutional investors, ultra-high-net-worth individuals, family offices and financial intermediaries. We offer clients a wide range of differentiated capabilities built on a proven commitment to investment excellence. Guggenheim Investments has offices in Chicago, New York and Santa Monica along with a global network of offices throughout the United States, Europe, and Asia.

The Guggenheim Investments logo is available at: http://www.globenewswire.com/newsroom/prs/?pkgid=10618

* The total asset figure is as of Q3 2011 and includes $8.7B of leverage for Assets Under Management and $0.8B of leverage for Serviced Assets. Total assets includes Security Investors doing business as Security Global Investors and Rydex Investments, Guggenheim Partners Asset Management, Guggenheim Investment Management, Guggenheim Funds and its affiliated entities, and some business units including Guggenheim Real Estate, Guggenheim Structured Real Estate Advisors, Guggenheim Aviation, GS GAMMA Advisors, Guggenheim Partners Europe, Transparent Value Advisors, and Guggenheim Partners India Management. Values from some funds are based upon prior periods.

This fund may not be suitable for all investors. ? The fund will be significantly affected by events that affect the municipal bond market, which could include unfavorable legislative or political developments and adverse changes in the financial conditions of state and municipal issuers or the federal government in case it provides financial support to the municipality. Income from municipal bonds held by the fund could be declared taxable because of changes in tax laws. The fund may invest in securities that generate taxable income. A portion of the fund's otherwise tax-exempt dividends may be taxable to those shareholders subject to the alternative minimum tax. ? Certain sectors of the municipal bond market have special risks that can affect them more significantly than the market as a whole. Because many municipal instruments are issued to finance similar projects, conditions in these industries can significantly affect the fund and the overall municipal market. ? Municipalities currently experience budget shortfalls, which could cause them to default on their debt and thus subject the fund to unforeseen losses. ? Like other funds that hold bonds and other fixed-income investments, the fund's market value will change in response to interest rate changes and market conditions, among other factors. In general, bond prices rise when interest rates fall and vice versa. ? The fund's exposure to high-yield securities may subject the fund to greater volatility. ? When market conditions are deemed appropriate, the fund will leverage to the full extent permitted by its investment policies and restrictions and applicable law. Leveraging will exaggerate the effect on net asset value of any increase or decrease in the market value of the fund's portfolio. ? The fund may invest in derivative instruments, which may be more volatile and less liquid, increasing the risk of loss when compared to traditional securities. Certain of the derivative instruments are also subject to the risks of counterparty default and adverse tax treatment. ? Instruments and strategies (such as reverse repurchase agreements, unfunded commitments, tender option bonds and borrowings) may expose the fund to many of the same risks as investments in derivatives and may provide leveraged exposure to a particular investment, which will magnify any gains or losses on those investments. ? The fund's investments in other investment vehicles subject the fund to those risks and expenses affecting the investment vehicle. ? The fund's investments in foreign securities carry additional risks when compared to U.S. securities, due to the impact of diplomatic, political or economic developments in the country in question (investments in emerging markets securities are generally subject to an even greater level of risks). ? Investments in syndicated bank loans generally offer a floating interest rate and involve special types of risks. ? The fund is subject to active trading risks that may increase volatility and impact its ability to achieve its investment objective. ? You may have a gain or loss when you sell your shares. ? It is important to note that the fund is not guaranteed by the U.S. government.

Read the fund's prospectus and summary prospectus (if available) carefully before investing. It contains the fund's investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. To download a prospectus and summary prospectus (if available) click here or call 800.820.0888.

The fund is distributed by Rydex Distributors, LLC (RDL). Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LL C (GP), which includes Security Investors, LL C (SI) (d.b.a., Security Global Investors and Rydex Investments), the investment advisor to the fund and Guggenheim Partners Asset Management, LLC (GPAM), the sub-advisor to the fund. RDL is affiliated with GP, SI and GPAM.

SOURCE: Guggenheim Investments


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