|Municipal Income||Bloomberg Barclays Municipal Bond Index|
|Weighted Average Life (WAL) to Worst||5.9||6.1|
|Number of Holdings||98||53706|
Weighted average life (WAL) to worst represents the weighted average number of years for which each dollar of unpaid principal on a fixed-income security remains outstanding. This calculation is made by making the worst-case scenario assumptions on the issue, assuming any prepayment, call, or sinking fund options are used by the issuer.
Weighted average effective duration of the securities comprising the fund portfolio or the index. Effective duration takes into account any embedded options (i.e., a put or a call) and reflects the expected change in future cash flows caused by the options in response to changing interest rates.
Average Price excludes zero coupon, interest only and principal only bonds, preferred securities not priced at 100 par, and other alternative sector buckets when applicable.
|Cash & Cash Equivalents||4.0%|
|Stockton Public Financing Authority Revenue Bonds 6.25% due 10/1/2038||3.3%|
|Tustin Unified School District General Obligation Unlimited 6.00% due 8/1/2036||3.2%|
|Detroit Wayne County Stadium Authority Revenue Bonds 5.00% due 10/1/2026||3.1%|
|Hudson County Improvement Authority Revenue Bonds 6.00% due 1/1/2040||3.0%|
|College of the Sequoias Tulare Area Improvement District No. 3 General Obligation Unlimited 6.85% due 8/1/2042||1.9%|
|Massachusetts Development Finance Agency Revenue Bonds 6.88% due 1/1/2021||1.9%|
|Newport Mesa Unified School District General Obligation Unlimited due 8/1/2039||1.7%|
|Pennsylvania Economic Development Financing Authority Revenue Bonds 5.00% due 2/1/2027||1.6%|
|Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds 5.00% due 10/1/2037||1.6%|
|North Texas Tollway Authority Revenue Bonds due 1/1/2036||1.6%|
Top 10 Holdings excludes any temporary cash investments.
|Cash & Cash Equivalents||4.0%|
Source: BlackRock Solutions and Bloomberg Barclays. The fund credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). All securities except for those labeled “Not Rated” or “Other Fixed Income” have been rated by a Nationally Recognized Statistical Rating Organization (“NRSRO”). For purposes of this presentation, when ratings are available from more than one NRSRO, the highest rating is used. Guggenheim Investments converts ratings to the equivalent S&P rating.
Unrated securities do not necessarily indicate low credit quality.
Other includes non-fixed-income holdings such as equity, alternatives, non-fixed-income investment vehicles, and derivatives.
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Investing involves risk, including the possible loss of principal.
Guggenheim Investments represents the investment management business of Guggenheim Partners, LLC ("Guggenheim"), which includes Security Investors, LLC ("SI"), Guggenheim Funds Investments Advisors, LLC ("GFIA") and Guggenheim Partners Investment Management ("GPIM") the investment advisors to the referenced funds.
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