Guggenheim Funds

FLAHERTY & CRUMRINE PREFERRED PORTFOLIO Series 22

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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
MET B METLIFE, INC., 6.50% NON-CUMULATIVE PREFERRED ST 4.89 %
GS B GOLDMAN SACHS GROUP, INC., 6.20% DEPOSITARY SHAR 4.64 %
STD E SANTANDER FINANCE, PREFERRED SA UNIPRSONAL 4.22 %
WB C WACHOVIA CAPITAL TRUST IX 3.87 %
KEY F KEYCORP CAPITAL X, 8.00% ENHANCED TRUST PREFERRE 3.71 %
MWG MORGAN STANLEY 6.25% DUE 4/1/2033 3.70 %
CFC B COUNTRYWIDE CAPITAL V 3.68 %
GE A GENERAL ELEC CAP CORP 3.66 %
BCS D BARCLAYS BANK PLC SER 5 PFD ADR 3.49 %
RNR D RENAISSANCERE HOLDING LTD 6.60% SER D 3.26 %
BBT B BB&T CAPITAL TRUST VI 3.22 %
DRU DOMINION RESOURCES, INC. - SERIES A 3.07 %
COF B CAPITAL ONE CAPITAL II 7.50% ENHANCED TR PFD 3.02 %
ELB ENERGY LOUISIANA LLC 2.60 %
HBC A HSBC HOLDINGS PLC, 6.20% AMERICAN DEPOSITARY SHA 2.60 %
JPM K JP MORGAN CHASE CAPITAL XI 5.875% DUE 06/15/2033 2.52 %
EDT ENTERGY TEXAS INC 2.38 %
CEG.A CONSTELLATION ENERGY GROUP, INC., 8.625% SERIES 2.36 %
PNH PNC CAPITAL TRUST E 2.35 %
DKT DEUTSCHE BANK CONTINGENT CAPITAL TRUST V, 8.05% 2.34 %
FGC NEXTERA ENERGY CAPITAL HOLDINGS INC 2.28 %
RE B EVEREST RE CAPITAL TRUST II 6.2000% 2.01 %
PFG B PRINCIPAL FINANCIAL GROUP-SERIES B 1.89 %
SCU SCANACORP 1.77 %
PLV PPL CAPITAL FUNDING, INC. 6.85% DUE 7/1/2047 1.70 %
XCJ XCEL ENERGY, INC., 7.60% JUNIOR SUBORDINATED NOT 1.67 %
DFP DELPHI FINANCIAL GROUP, 7.376% FIXED/FLOATING RA 1.36 %
WRI F WEINGARTEN REALTY INVESTORS 6.50% 1.34 %
C/PZ CITIGROUP VIII - 6.95% 1.33 %
PHA PULTE GROUP INC 1.30 %
PSA W PUBLIC STORAGE INC 6.50% DEPOSITARY SHARES CUMUL 1.24 %
HSBC B HSBC FINANCE CORP PFD SER B 1.23 %
JPM X JPMORGAN CHASE CAPITAL XII, 6.25% CAPITAL SECURI 1.20 %
WRB A W.R. BERKLEY CAPITAL TRUST II, 6.75% TRUST ORIGI 1.19 %
DRE O DUKE REALTY CORP 8.375% - SERIES O 1.16 %
FPC.A FPC CAPITAL I, 7.10% CUMULATIVE QUARTERLY INCOME 1.15 %
NXY B NEXEN, INC., 7.35% SUBORDINATED NOTES DUE 11/1/2 1.14 %
CRP CREDIT SUISSE 7.90% TIER 1 CAPITAL NOTES 1.13 %
JPM B JPMORGAN CHASE CAPITAL XXVIII - SERIES BB 1.10 %
FGE NEXTERA ENERGY CAPITAL HOLDINGS INC 1.09 %
HCS HSBC HOLDINGS PLC, 8.125% PERPETUAL SUBORDINATED 1.09 %
PRE D PARTNERRE LTD, 6.50% SERIES D CUMULATIVE REDEEMA 0.90 %
PRE C PARTNERRE LTD, 6.75% SERIES C CUMULATIVE REDEEMA 0.84 %
IPL B INTERSTATE POWER & LIGHT 8.375% SER B 0.82 %
AXS A AXIS CAPITAL HOLDINGS LTD, 7.25% SERIES A NON-C 0.69 %
PSB P PS BUSINESS PARKS, INC. 6.70% 0.62 %
FTB B FIFTH THIRD CAPITAL TRUST VI, 7.25% TRUST PREFER 0.60 %
RF.Z REGIONS FINANCING TRUST III, 8.875% TRUST PREFER 0.55 %

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