Investment Grade Corporate Trust 3-7 Year Series 20

The Trust will primarily consist of a portfolio of investment-grade corporate debt obligations with a dollar weighted average maturity of between 3-7 years from the Trust’s initial date of deposit (the “Inception Date”). As of the Inception Date, the Trust’s dollar weighted average maturity is 4.28 years. The Sponsor will select debt obligations that it believes have the best chance to meet the Trust’s investment objective over its life.

The portfolio of the trust consists primarily of corporate debt obligations of U.S. and non-U.S. entities. Corporate debt obligations are fully taxable debt obligations issued by corporations to finance their operations. As of the Inception Date, at least 80% of the value of the Trust’s assets consists of investment-grade corporate debt obligations maturing in approximately 3-7 years. The portfolio may hold debt obligations with a maturity of less than three years or greater than seven years. Investment-grade securities will be those securities rated investment-grade quality (i.e., in the category of BBB/Baa or higher) by at least one nationally recognized statistical rating organization or, if unrated, deemed to be of comparable credit characteristics by the Sponsor. Such rating relates to the underlying securities and not the Trust or the value of the units, which will fluctuate. For purposes of the Trust’s 80% policy, the Sponsor believes that any unrated corporate debt obligation held by the Trust would have been rated investment-grade if it was rated by a nationally recognized statistical rating organization. There can be no assurance that any security contained in the Trust will retain an investment-grade rating for the life of the Trust. See “Description of Bond Rating” for additional information. As a result of this strategy, the Trust is concentrated in the financials sector and invests significantly in the energy sector.

The Sponsor has selected Guggenheim Partners Investment Management, LLC (“GPIM”), a subsidiary of Guggenheim Partners, LLC, to assist the Sponsor with the selection of the Trust’s portfolio.

The Sponsor considered the following factors, among others, in selecting the debt obligations, which may include securities of real estate investment trusts and securities of master limited partnerships:

• All ratings provided for the debt obligations must be rated as investment-grade or above by at least one nationally recognized statistical rating organization or in the case of a debt obligation with no issued ratings, such a debt obligation has credit characteristics similar to those of comparable debt obligations that were rated so as to be acceptable for acquisition by the Trust in the opinion of the Sponsor. For purposes of the Trust’s 80% policy, the Sponsor believes that any unrated corporate debt obligation held by the Trust would have been rated investment-grade if it was rated by a nationally recognized statistical rating organization;

• The price of the debt obligations relative to other debt obligations with comparable characteristics;

• The diversification of debt obligations with respect to the issuer with no one issuer comprising more than 20% of the final portfolio;

• Attractiveness of the interest payments relative to debt obligations with similar characteristics; and

• The potential for early return of principal or any event risk which could have a negative impact on the price of the debt obligations.

Following the Inception Date, a debt obligation may cease to be rated or its rating may be reduced, even to below investment-grade, and the Trust could continue to hold such debt obligation.

As with all investments, you may lose some or all of your investment in the Trust. Units of the Trust are not deposits of any bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. No assurance can be given that the Trust’s investment objective will be achieved. The Trust also might not perform as well as you expect. This can happen for reasons such as these:

• Corporate bonds are fixed rate debt obligations that generally decline in value with increases in interest rates. Foreign and U.S. interest rates may rise or fall by differing amounts and, as a result, the Trust’s investment in foreign securities may expose the Trust to additional risks. Generally, bonds with longer periods before maturity are more sensitive to interest rate changes. The Trust may be subject to greater risk of rising interest rates than would normally be the case due to the current economic environment and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.
• Corporate bonds are subject to credit risk in that an issuer of a bond may be unable to make interest and principal payments when due. In general, lower rated bonds carry greater credit risk.
• Because the Trust holds intermediate-term debt obligations, it is exposed to higher interest rate risk than a Trust that holds short-term debt obligations. Interest rate risk is the risk that debt obligation prices will decline because of rising interest rates. The prices of intermediate term debt obligations are more sensitive to interest rate changes than the prices of short-term debt obligations. As a result, the value of the Trust will have greater price sensitivity than if the Trust had held short-term debt obligations.
• There is no assurance that the Trust portfolio will retain for any length of time its present size and diversity. As indicated in the “Trust Portfolio,” a number of the bonds in the Trust may be called prior to their stated maturity date and will remain callable throughout the life of the Trust. A call provision is more likely to be exercised by the issuer when the offering price valuation of a bond is higher than its call price. Such price valuation is likely to be higher in periods of declining interest rates. In such cases, the proceeds from such redemptions will be distributed to unitholders. Return of the units may be adversely affected by such sales or redemptions. As stated below, the size and diversity of the Trust may also be affected by the Trust’s sale of bonds to meet redemptions, for credit issues and in other circumstances.
  
  In addition, the Trust contains bonds that have “make whole” call options that generally cause the bonds to be redeemable at any time at a designated price. Such bonds are generally more likely to be subject to early redemption and may result in the reduction of income received by the Trust and the early termination of the Trust.
• The sponsor does not actively manage the portfolio. Because the portfolio is fixed and not managed, in general, the Trust only sells bonds at the Trust’s termination or in order to meet redemptions, for tax purposes, for credit issues or to pay sales charges and expenses. As a result, the price at which a bond is sold may not be the highest price the Trust could have received during the life of the Trust.
• No assurance can be given that the Trust’s investment objective will be achieved. This objective is subject to the continuing ability of the respective issuers of the bonds to meet their obligations.
• The Trust is subject to market risk. Market value fluctuates in response to various factors. These can include changes in interest rates, inflation, the financial condition of a bond’s issuer, perceptions of the issuer, ratings on a bond, or political or economic events affecting the issuer. Additionally, events such as war, terrorism, natural and environmental disasters and the spread of infectious illnesses or other public health emergencies may adversely affect the economy, various markets and issuers. An outbreak of a novel form of coronavirus disease (“COVID-19”) was first detected in December 2019 and rapidly spread around the globe leading the World Health Organization to declare the COVID-19 outbreak a pandemic in March 2020 and resulting in major disruptions to economies and markets around the world. The complete economic impacts of COVID-19 are not yet fully known. The COVID-19 pandemic, or any future public health crisis, is impossible to predict and could result in adverse market conditions which may negatively impact the performance of the Trust and the Trust's ability to achieve its investment objectives.
• An issuer or an insurer of the bonds may be unwilling or unable to make principal payments and/or interest payments in the future, may call a security before its stated maturity or may reduce the level of payments made. In addition, there is no guarantee that the issuers will be able to satisfy their interest or principal payment obligations to the Trust over the life of the Trust. This may result in a reduction in the value of your units.
• The Trust is concentrated in the financial sector. As a result, the factors that impact the financial sector will likely have a greater effect on this Trust than on a more broadly diversified Trust. Companies in the financial sector include banks, insurance companies and investment firms. The profitability of companies in the financial sector is largely dependent upon the availability and cost of capital which may fluctuate significantly in response to changes in interest rates and general economic developments. Financial sector companies are especially subject to the adverse effects of economic recession, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets and in commercial and residential real estate loans, and competition from new entrants in their fields of business.
• The Trust invests significantly in the energy sector. As a result, the factors that impact the energy sector will likely have a greater effect on this Trust than on a more broadly diversified trust. Companies in the energy sector are subject to volatile fluctuations in price and supply of energy fuels, and can be impacted by international politics and conflicts, including the unrest and hostilities in the Middle East, terrorist attacks, the success of exploration projects, reduced demand as a result of increases in energy efficiency and energy conservation, natural disasters, clean-up and litigation costs associated with environmental damage and extensive regulation.
• The Trust invests in foreign securities. The Trust’s investment in U.S.-listed foreign securities presents additional risk. Securities of foreign issuers present risks beyond those of domestic securities. More specifically, foreign risk is the risk that foreign securities will be more volatile than U.S. securities due to such factors as adverse economic, currency, political, social or regulatory developments in a country, including government seizure of assets, excessive taxation, limitations on the use or transfer of assets, the lack of liquidity or regulatory controls with respect to certain industries or differing legal and/or accounting standards.
• The financial condition of an issuer or an insurer of the bonds may worsen or its credit ratings may drop, resulting in a reduction in the value of your units. This may occur at any point in time, including during the primary offering period. There can be no assurance that any security contained in the Trust will retain an investment-grade rating for the life of the Trust. As the Trust is unmanaged, a downgraded security will remain in the portfolio.
• The income generated by the Trust may be reduced over time in response to bond sales, changes in distributions paid by issuers, unit redemptions and expenses.
• Certain debt obligations may be rated as investment-grade by only one rating agency. As a result, such split-rated securities may have more speculative characteristics with respect to the issuer’s ability to make principal and interest payments and may be more volatile than securities of similar maturity that are rated investment-grade by more than one rating agency. Additionally, these securities may have greater market, credit and liquidity risks and may be subject to a greater risk of default than securities rated as investment-grade by more than one rating agency.
• Certain bonds in the Trust may have been purchased by the sponsor on a “when issued” basis. Bonds purchased on a “when issued” basis have not yet been issued by the issuer on the Inception Date (although such issuer has committed to issue such bonds). The effect of the Trust holding a “when issued” bond is that unitholders who purchase their units prior to the delivery date of such bond may have to make a downward adjustment in the tax basis of their units. Such downward adjustment may be necessary to account for interest accruing on such “when issued” bond during the time between their purchase of units and delivery of such bonds to the Trust.
• The Trust may sell bonds to meet redemptions, to pay expenses, for credit issues and in other circumstances. Accordingly, the size, diversity, composition, returns and income generated by the Trust may be adversely affected. In addition, such sales of bonds may be at a loss. If such sales are substantial enough, provisions of the Trust’s indenture could cause a complete and unexpected liquidation of the Trust before its scheduled maturity, resulting in unanticipated losses for investors.
• Certain bonds in the Trust may be subject to liquidity risk. The principal trading market for the bonds in the Trust will generally be in the over-the-counter market. As a result, the existence of a liquid trading market for the bonds may depend on whether dealers will make a market in the bonds. There can be no assurance that a market will be made for any of the bonds, that any market for the bonds will be maintained or of the liquidity of the bonds in any markets made. The price at which the bonds may be sold to meet redemptions and the value of the Trust will be adversely affected if trading markets for the bonds are limited or absent.
• The Trust may be susceptible to potential risks through breaches in cybersecurity. A breach in cybersecurity refers to both intentional and unintentional events that may cause the Trust to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause the sponsor of the Trust to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. In addition, cybersecurity breaches of the Trust’s third-party service providers, or issuers in which the Trust invests, can also subject the Trust to many of the same risks associated with direct cybersecurity breaches.
• The Trust is subject to risks arising from various operational factors and their service providers. Operational factors include, but not limited to, human error, processing and communication errors, errors of the Trust’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. Additionally, the Trust may be subject to the risk that a service provider may not be willing or able to perform their duties as required or contemplated by their agreements with the Trust. Although the Trust seeks to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.
• Inflation may lead to a decrease in the value of assets or income from investments.

See “Investment Risks” for additional information.