TRUST RESOURCES

Guggenheim Funds

FLAHERTY & CRUMRINE PREFERRED PORTFOLIO Series 21

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PORTFOLIO HOLDINGS

as of 5/23/12

Ticker symbols provided for securities traded on U.S. Exchanges only.
SYMBOL COMPANY WEIGHTING
BAC U BAC CAPITAL TRUST IV, 5.875%, DUE 05/03/2033 4.48 %
KEY F KEYCORP CAPITAL X, 8.00% ENHANCED TRUST PREFERRE 4.38 %
MET B METLIFE, INC., 6.50% NON-CUMULATIVE PREFERRED ST 3.86 %
DRU DOMINION RESOURCES, INC. - SERIES A 3.85 %
STD E SANTANDER FINANCE, PREFERRED SA UNIPRSONAL 3.82 %
RNR D RENAISSANCERE HOLDING LTD 6.60% SER D 3.75 %
NCC C NATIONAL CITY CAPITAL TRUST IV, 8.00% ENHANCED T 3.74 %
GS B GOLDMAN SACHS GROUP, INC., 6.20% DEPOSITARY SHAR 3.54 %
COF B CAPITAL ONE CAPITAL II 7.50% ENHANCED TR PFD 3.28 %
RE B EVEREST RE CAPITAL TRUST II 6.2000% 3.05 %
GAR GEORGIA POWER COMPANY, 6.375% SERIES 2007D SENIO 2.89 %
BBT B BB&T CAPITAL TRUST VI 2.88 %
JPM K JP MORGAN CHASE CAPITAL XI 5.875% DUE 06/15/2033 2.82 %
PRE D PARTNERRE LTD, 6.50% SERIES D CUMULATIVE REDEEMA 2.82 %
MWR MORGAN STANLEY CAPITAL TRUST III, 6.25% CAPITAL 2.63 %
GEJ GENERAL ELECTRIC CAPITAL CORPORATION, 6.05% NOTE 2.57 %
BCS D BARCLAYS BANK PLC SER 5 PFD ADR 2.54 %
PHA PULTE GROUP INC 2.44 %
XCJ XCEL ENERGY, INC., 7.60% JUNIOR SUBORDINATED NOT 2.36 %
FTB B FIFTH THIRD CAPITAL TRUST VI, 7.25% TRUST PREFER 2.27 %
HSBC B HSBC FINANCE CORP PFD SER B 2.17 %
HBC A HSBC HOLDINGS PLC, 6.20% AMERICAN DEPOSITARY SHA 2.10 %
CEG.A CONSTELLATION ENERGY GROUP, INC., 8.625% SERIES 1.90 %
NXY B NEXEN, INC., 7.35% SUBORDINATED NOTES DUE 11/1/2 1.89 %
DKT DEUTSCHE BANK CONTINGENT CAPITAL TRUST V, 8.05% 1.85 %
FPC.A FPC CAPITAL I, 7.10% CUMULATIVE QUARTERLY INCOME 1.82 %
AEP A AMERICAN ELECTRIC POWER COMPANY, 8.75% JUNIOR SU 1.76 %
PFG B PRINCIPAL FINANCIAL GROUP-SERIES B 1.53 %
WNA WACHOVIA PREFERRED FUNDING 1.50 %
RF.Z REGIONS FINANCING TRUST III, 8.875% TRUST PREFER 1.40 %
DD B E.I. DU PONT DE NEMOURS AND COMPANY $4.5000 SERI 1.37 %
WRB A W.R. BERKLEY CAPITAL TRUST II, 6.75% TRUST ORIGI 1.33 %
O E REALTY INCOME CORPORATION, 6.75% MONTHLY INCOME 1.28 %
DRE O DUKE REALTY CORP 8.375% - SERIES O 1.28 %
NRU NATIONAL RURAL UTILITIES 5.95% SUBORDINATED NOTE 1.27 %
IPL B INTERSTATE POWER & LIGHT 8.375% SER B 1.26 %
WRD WEINGARTEN REALTY INVEST 1.26 %
CRP CREDIT SUISSE 7.90% TIER 1 CAPITAL NOTES 1.22 %
NEE F NEXTERA ENERGY CAPITAL HOLDING INC 1.19 %
FGE NEXTERA ENERGY CAPITAL HOLDINGS INC 1.16 %
AXS A AXIS CAPITAL HOLDINGS LTD, 7.25% SERIES A NON-C 1.10 %
DFP DELPHI FINANCIAL GROUP, 7.376% FIXED/FLOATING RA 0.86 %
PSB P PS BUSINESS PARKS, INC. 6.70% 0.72 %
PSB H PS BUSINESS PARKS, 7.00% DEPOSITARY SHARES CUMUL 0.70 %
STI Z SUN TRUST CAPITAL IX, 7.875% TRUST PREFERRED SEC 0.61 %
BXS A BANCORPSOUTH CAP 0.55 %
VLY A VNB CAPITAL TRUST I 7.75% 0.55 %
JPM O BANK ONE CAP VI PFD SECS 7.20% 0.45 %

Trust holdings are provided for information purposes only and should not be deemed as a recommendation to buy or sell the individual securities shown. The holdings percentages for the Trust are based on invested assets and do not include any cash component of the portfolio.

Investors should carefully consider the investment objectives and policies, risk considerations, charges and ongoing expenses of any investment product before investing. The prospectus contains this and other relevant information. Please read the prospectus carefully before you invest. To obtain a prospectus, please contact a securities representative or Guggenheim Funds Distributors, LLC, 2455 Corporate West Drive, Lisle, Illinois 60532, 800-345-7999, or download one by accessing the Literature section of this website.

NOT FDIC INSURED | NOT BANK GUARANTEED | MAY LOSE VALUE