MZF

Portfolio Characteristics

as of 1/31/12

Average Duration 6.721
Average Coupon 5.49
Average Bond Price 106.318

Average duration does not reflect leverage or the effects of the hedging strategy used in the portfolio.

This data is subject to change on a daily basis.


Sector Concentration

as of 1/31/12

Sector %
Medical 18.34 %
Development 13.40 %
General Obligation 9.79 %
Housing 9.05 %
Higher Education 7.88 %
Power 5.27 %
Water/Sewer 5.01 %
Transportation 4.29 %
Utilities 4.08 %
Pre-Refunded 3.82 %
Other 19.07 %

This data is subject to change on a daily basis.


Top 10 Holdings

as of 1/31/12

Name %
California State, General Obligation 3.79 %
Henderson, NV Hlth Care Fac, Cath. Hlthcare West 3.41 %
California State, Department of Mental Health 3.07 %
South Dakota Housing Development Authority 2.82 %
Metropolitan Transportation Authority 2.39 %
Sweetwater Cnty WY - FMC Corp 2.38 %
Lorain Co Ohio Hospital, Catholic Healthcare 2.22 %
Highlands Co Florida, Adventist Health System 1.92 %
Louisiana Environmental, Westlake Chemical Corp 1.90 %
Tobacco Settlement Finance Corp 1.88 %

This data is subject to change on a daily basis.


State/Territory Concentration

as of 1/31/12

State %
New York 12.76 %
California 12.23 %
Texas 8.79 %
Illinois 6.89 %
Ohio 5.92 %
Florida 4.75 %
Louisiana 4.69 %
Nevada 4.32 %
Wyoming 4.20 %
Pennsylvania 4.13 %
Other 31.32 %

This data is subject to change on a daily basis.


Credit Quality

as of 1/31/12

Credit Ratings %
AAA/Aaa 2.44 %
AA/Aa 33.19 %
A 28.03 %
BBB/Baa 30.27 %
BB/Ba 0.88 %
B 2.61 %
Not Rated 2.58 %

Ratings shown are assigned by one or more Nationally Recognized Statistical Credit Rating Organizations ("NRSRO"), such as 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 lower 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 an NRSRO. U.S. Treasury securities and U.S. Government Agency securities are not rated but deemed to be equivalent to securities rated AAA/Aaa. 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.

This data is subject to change on a daily basis.


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