Important Notices and Disclosures INDEX DEFINITIONS Barclays Municipal Bond Index is a broad market performance benchmark for the tax exempt bond market. The bonds included in this index must have a minimum credit rating of at least Baa. The referenced index is unmanaged and not available for direct investments. Index performance does not reflect transaction costs, fees, or expenses. RISK CONSIDERATIONS Fixed income investments are subject to credit, liquidity, interest rate and, depending on the instrument, counter party risk. These risks may be increased to the extent fixed income investments are concentrated in any one issuer, industry, region or country. The market value of fixed income investments generally will fluctuate with, among other things, the financial condition of the obligors on the underlying debt obligations or, with respect to synthetic securities, of the obligors on or issuers of the reference obligations, general economic conditions, the condition of certain financial markets, political events, developments or trends in any particular industry and changes in prevailing interest rates. The municipal bond market may be impacted by 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 the municipal bonds held could be declared taxable because of changes in tax laws. 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 an investment. Municipalities currently experience budget shortfalls, which could cause them to default on their debts. •A bonds 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.
Guggenheim Investments
Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy or, nor liability for, decisions based on such information. This article is distributed for informational purposes only and should not be considered as investment advice, a recommendation of any particular security, strategy or investment product or as an offer of solicitation with respect to the purchase or sale of any investment. This article should not be considered research nor is the article intended to provide a sufficient basis on which to make an investment decision. The article contains opinions of the author but not necessarily those of Guggenheim Partners, LLC its subsidiaries or its affiliates. The author’s opinions are subject to change without notice. Forward looking statements, estimates, and certain information contained herein are based upon proprietary and non proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed as to accuracy. The value of any financial instruments or markets mentioned in the article can fall as well as rise. Securities mentioned are for illustrative purposes only and are neither a recommendation nor an endorsement.
Management, LLC, Guggenheim Funds and its affiliated entities, and some business units including Guggenheim Real Estate, LLC, Guggenheim Aviation, GS GAMMA Advisors, LLC, Guggenheim Partners Europe Limited, Transparent Value Advisors, LLC, and Guggenheim Partners India Management. Values from some funds are based upon prior periods. Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC ( GP ): GS GAMMA Advisors, LLC, Guggenheim Aviation, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners India Management, Guggenheim Real Estate, LLC, Security Investors, LLC and Transparent Value Advisors, LLC. Guggenheim Partners Investment Management, LLC (GPIM) is a registered investment adviser and serves as the adviser to the strategies discussed herein. This material is intended to inform you of services available through Guggenheim Investments’ affiliate businesses. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. ©2014, Guggenheim Partners, LLC.
Individuals and institutions outside of the United States are subject to securities and tax regulations within their applicable jurisdictions and should consult with their advisors as appropriate.
Guggenheim Funds Distributors, LLC and Guggenheim Distributors, LLC are affiliates of Guggenheim Partners, LLC and Guggenheim Investments. For information, call 800.345.7999 or 800.820.0888.
Guggenheim Partners’ assets under management figure is updated as of 3.31.2014 and includes consulting services for clients whose assets are valued at approximately $39 billion.
Member FINRA/SIPC GI FIO 0114 #11494
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Guggenheim Investments total asset figure is as of 3.31.2014 and includes $12.9bn of leverage for assets under management and $0.4bn of leverage for serviced assets. Total assets include assets from Security Investors, LLC, Guggenheim Partners Investment 2
Municipal Market Outlook | May 2014
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