| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Shares | Value | ||
| COMMON STOCKS† - 7.4% | |||
| Consumer, Non-cyclical - 1.6% | |||
| Catalent, Inc.*,1 | 5,912 | $ 338,994 | |
| Dentsply Sirona, Inc.1 | 9,569 | 312,715 | |
| United Rentals, Inc.1 | 446 | 309,199 | |
| Align Technology, Inc.*,1 | 992 | 300,001 | |
| GE HealthCare Technologies, Inc.1 | 3,221 | 294,013 | |
| Cigna Group1 | 851 | 286,055 | |
| Eli Lilly & Co.1 | 369 | 278,108 | |
| Viatris, Inc.1 | 22,428 | 277,434 | |
| Charles River Laboratories International, Inc.*,1 | 1,079 | 274,271 | |
| Intuitive Surgical, Inc.*,1 | 711 | 274,162 | |
| Illumina, Inc.*,1 | 1,944 | 271,829 | |
| Edwards Lifesciences Corp.*,1 | 3,185 | 270,311 | |
| Merck & Company, Inc.1 | 2,125 | 270,194 | |
| Universal Health Services, Inc. — Class B1 | 1,605 | 268,131 | |
| Quanta Services, Inc.1 | 1,106 | 267,110 | |
| HCA Healthcare, Inc.1 | 856 | 266,815 | |
| Stryker Corp.1 | 763 | 266,340 | |
| Boston Scientific Corp.*,1 | 4,015 | 265,833 | |
| Vertex Pharmaceuticals, Inc.*,1 | 630 | 265,066 | |
| Revvity, Inc.1 | 2,418 | 264,989 | |
| Equifax, Inc.1 | 966 | 264,288 | |
| Corteva, Inc.1 | 4,878 | 261,071 | |
| DaVita, Inc.*,1 | 2,051 | 260,415 | |
| AbbVie, Inc.1 | 1,478 | 260,202 | |
| Cencora, Inc. — Class A1 | 1,094 | 257,746 | |
| Danaher Corp.1 | 1,014 | 256,684 | |
| Thermo Fisher Scientific, Inc.1 | 449 | 256,011 | |
| STERIS plc1 | 1,098 | 255,735 | |
| Waters Corp.*,1 | 755 | 254,752 | |
| Regeneron Pharmaceuticals, Inc.*,1 | 263 | 254,082 | |
| IQVIA Holdings, Inc.*,1 | 1,025 | 253,339 | |
| Moderna, Inc.*,1 | 2,736 | 252,369 | |
| McKesson Corp.1 | 482 | 251,320 | |
| Cintas Corp.1 | 399 | 250,815 | |
| Abbott Laboratories1 | 2,111 | 250,449 | |
| Baxter International, Inc.1 | 6,095 | 249,407 | |
| Avery Dennison Corp.1 | 1,151 | 249,226 | |
| Hormel Foods Corp.1 | 7,012 | 247,664 | |
| Colgate-Palmolive Co.1 | 2,859 | 247,360 | |
| Cooper Companies, Inc.*,1 | 2,632 | 246,355 | |
| Kroger Co.1 | 4,944 | 245,272 | |
| Estee Lauder Companies, Inc. — Class A1 | 1,646 | 244,563 | |
| Sysco Corp.1 | 2,988 | 241,938 | |
| Monster Beverage Corp.*,1 | 4,088 | 241,601 | |
| Automatic Data Processing, Inc.1 | 961 | 241,336 | |
| Procter & Gamble Co.1 | 1,518 | 241,271 | |
| Brown-Forman Corp. — Class B1 | 3,995 | 240,619 | |
| FleetCor Technologies, Inc.*,1 | 860 | 240,172 | |
| IDEXX Laboratories, Inc.*,1 | 415 | 238,721 | |
| Clorox Co.1 | 1,557 | 238,704 | |
| Agilent Technologies, Inc.1 | 1,734 | 238,182 | |
| Global Payments, Inc.1 | 1,834 | 237,870 | |
| Hologic, Inc.*,1 | 3,223 | 237,857 | |
| Church & Dwight Company, Inc.1 | 2,372 | 237,485 | |
| Bio-Techne Corp.1 | 3,226 | 237,337 | |
| Zoetis, Inc.1 | 1,195 | 237,004 | |
| Molina Healthcare, Inc.*,1 | 600 | 236,346 | |
| Bio-Rad Laboratories, Inc. — Class A*,1 | 723 | 235,611 | |
| ResMed, Inc.1 | 1,355 | 235,391 | |
| Incyte Corp.*,1 | 4,023 | 234,782 | |
| Rollins, Inc.1 | 5,325 | 234,673 | |
| Centene Corp.*,1 | 2,991 | 234,584 | |
| Henry Schein, Inc.*,1 | 3,066 | 234,457 | |
| Zimmer Biomet Holdings, Inc.1 | 1,879 | 233,672 | |
| Constellation Brands, Inc. — Class A1 | 939 | 233,360 | |
| CoStar Group, Inc.*,1 | 2,677 | 232,979 | |
| Tyson Foods, Inc. — Class A1 | 4,292 | 232,798 | |
| Medtronic plc1 | 2,779 | 231,657 | |
| Elevance Health, Inc.1 | 462 | 231,578 | |
| Cardinal Health, Inc.1 | 2,065 | 231,239 | |
| West Pharmaceutical Services, Inc.1 | 644 | 230,784 | |
| Johnson & Johnson1 | 1,428 | 230,451 | |
| Verisk Analytics, Inc. — Class A1 | 946 | 228,837 | |
| S&P Global, Inc.1 | 532 | 227,752 | |
| Gartner, Inc.*,1 | 488 | 227,193 | |
| Mondelez International, Inc. — Class A1 | 3,103 | 226,736 | |
| Kellanova1 | 4,101 | 226,170 | |
| Coca-Cola Co.1 | 3,763 | 225,855 | |
| McCormick & Company, Inc.1 | 3,279 | 225,792 | |
| PayPal Holdings, Inc.*,1 | 3,740 | 225,672 | |
| Amgen, Inc.1 | 820 | 224,541 | |
| Moody's Corp.1 | 589 | 223,478 | |
| Lamb Weston Holdings, Inc.1 | 2,185 | 223,329 | |
| Becton Dickinson & Co.1 | 948 | 223,301 | |
| Hershey Co.1 | 1,185 | 222,685 | |
| Kimberly-Clark Corp.1 | 1,837 | 222,589 | |
| Bristol-Myers Squibb Co.1 | 4,372 | 221,879 | |
| J M Smucker Co.1 | 1,844 | 221,594 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Shares | Value | ||
| COMMON STOCKS† - 7.4% (continued) | |||
| Consumer, Non-cyclical - 1.6% (continued) | |||
| Molson Coors Beverage Co. — Class B1 | 3,539 | $ 220,905 | |
| Laboratory Corporation of America Holdings1 | 1,019 | 219,931 | |
| PepsiCo, Inc.1 | 1,330 | 219,902 | |
| Campbell Soup Co.1 | 5,141 | 219,212 | |
| CVS Health Corp.1 | 2,938 | 218,499 | |
| Altria Group, Inc.1 | 5,335 | 218,255 | |
| Philip Morris International, Inc.1 | 2,414 | 217,163 | |
| Dexcom, Inc.*,1 | 1,886 | 217,022 | |
| General Mills, Inc.1 | 3,368 | 216,158 | |
| Kraft Heinz Co.1 | 6,090 | 214,855 | |
| Robert Half, Inc.1 | 2,655 | 213,462 | |
| Teleflex, Inc.1 | 955 | 212,764 | |
| Conagra Brands, Inc.1 | 7,472 | 209,814 | |
| Keurig Dr Pepper, Inc.1 | 6,865 | 205,332 | |
| Kenvue, Inc.1 | 10,697 | 203,243 | |
| Pfizer, Inc.1 | 7,645 | 203,051 | |
| Quest Diagnostics, Inc.1 | 1,623 | 202,696 | |
| Gilead Sciences, Inc.1 | 2,792 | 201,303 | |
| Biogen, Inc.*,1 | 921 | 199,848 | |
| Bunge Global S.A.1 | 2,108 | 198,932 | |
| UnitedHealth Group, Inc.1 | 401 | 197,934 | |
| Insulet Corp.*,1 | 1,133 | 185,812 | |
| MarketAxess Holdings, Inc.1 | 843 | 179,905 | |
| Humana, Inc.1 | 458 | 160,447 | |
| Archer-Daniels-Midland Co.1 | 2,987 | 158,640 | |
| Cengage Learning Holdings II, Inc.*,†† | 11,126 | 120,528 | |
| Save-A-Lot*,††† | 40,316 | 7,741 | |
| Total Consumer, Non-cyclical | 27,115,911 | ||
| Financial - 1.3% | |||
| Checkers Holdings, Inc.*,††† | 84,343 | 335,685 | |
| American Express Co.1 | 1,310 | 287,440 | |
| Hartford Financial Services Group, Inc.1 | 2,818 | 270,077 | |
| Intercontinental Exchange, Inc.1 | 1,946 | 269,365 | |
| Travelers Companies, Inc.1 | 1,217 | 268,908 | |
| Wells Fargo & Co.1 | 4,786 | 266,054 | |
| Iron Mountain, Inc. REIT1 | 3,371 | 265,095 | |
| Progressive Corp.1 | 1,369 | 259,508 | |
| JPMorgan Chase & Co.1 | 1,392 | 258,996 | |
| W R Berkley Corp.1 | 3,093 | 258,575 | |
| Synchrony Financial1 | 6,252 | 258,208 | |
| Discover Financial Services1 | 2,136 | 257,815 | |
| Capital One Financial Corp.1 | 1,868 | 257,055 | |
| Berkshire Hathaway, Inc. — Class B*,1 | 625 | 255,875 | |
| Host Hotels & Resorts, Inc. REIT1 | 12,264 | 254,355 | |
| Mastercard, Inc. — Class A1 | 535 | 253,997 | |
| T. Rowe Price Group, Inc.1 | 2,237 | 253,564 | |
| Allstate Corp.1 | 1,584 | 252,680 | |
| Bank of New York Mellon Corp.1 | 4,497 | 252,237 | |
| Ameriprise Financial, Inc.1 | 617 | 251,341 | |
| Brown & Brown, Inc.1 | 2,975 | 250,525 | |
| Citigroup, Inc.1 | 4,513 | 250,426 | |
| Blackstone, Inc. — Class A1 | 1,958 | 250,272 | |
| Chubb Ltd.1 | 990 | 249,153 | |
| Raymond James Financial, Inc.1 | 2,061 | 247,979 | |
| Willis Towers Watson plc1 | 909 | 247,802 | |
| Bank of America Corp.1 | 7,126 | 245,989 | |
| Simon Property Group, Inc. REIT1 | 1,660 | 245,912 | |
| Weyerhaeuser Co. REIT1 | 7,141 | 245,508 | |
| American International Group, Inc.1 | 3,367 | 245,421 | |
| Prologis, Inc. REIT1 | 1,840 | 245,217 | |
| CBRE Group, Inc. — Class A*,1 | 2,666 | 244,979 | |
| Goldman Sachs Group, Inc.1 | 629 | 244,712 | |
| Cincinnati Financial Corp.1 | 2,145 | 244,530 | |
| Equinix, Inc. REIT1 | 275 | 244,426 | |
| Visa, Inc. — Class A1 | 863 | 243,918 | |
| Arch Capital Group Ltd.*,1 | 2,782 | 243,675 | |
| Fifth Third Bancorp1 | 7,060 | 242,440 | |
| Loews Corp.1 | 3,205 | 240,792 | |
| Digital Realty Trust, Inc. REIT1 | 1,636 | 240,181 | |
| BlackRock, Inc. — Class A1 | 296 | 240,157 | |
| MetLife, Inc.1 | 3,442 | 240,045 | |
| Huntington Bancshares, Inc.1 | 18,401 | 239,949 | |
| Assurant, Inc.1 | 1,316 | 238,788 | |
| Prudential Financial, Inc.1 | 2,187 | 238,361 | |
| KeyCorp1 | 16,638 | 237,424 | |
| Principal Financial Group, Inc.1 | 2,935 | 237,324 | |
| Cboe Global Markets, Inc.1 | 1,234 | 236,928 | |
| Franklin Resources, Inc.1 | 8,623 | 236,701 | |
| Regions Financial Corp.1 | 12,642 | 235,520 | |
| Citizens Financial Group, Inc.1 | 7,451 | 233,887 | |
| M&T Bank Corp.1 | 1,663 | 232,388 | |
| Welltower, Inc. REIT1 | 2,515 | 231,782 | |
| PNC Financial Services Group, Inc.1 | 1,568 | 230,810 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Shares | Value | ||
| COMMON STOCKS† - 7.4% (continued) | |||
| Financial - 1.3% (continued) | |||
| Morgan Stanley1 | 2,679 | $ 230,501 | |
| Alexandria Real Estate Equities, Inc. REIT1 | 1,847 | 230,376 | |
| Charles Schwab Corp.1 | 3,443 | 229,924 | |
| Nasdaq, Inc.1 | 4,088 | 229,746 | |
| CME Group, Inc. — Class A1 | 1,042 | 229,605 | |
| U.S. Bancorp1 | 5,457 | 228,976 | |
| Globe Life, Inc.1 | 1,803 | 228,855 | |
| Public Storage REIT1 | 806 | 228,799 | |
| Marsh & McLennan Companies, Inc.1 | 1,128 | 228,161 | |
| Invitation Homes, Inc. REIT1 | 6,665 | 227,077 | |
| Essex Property Trust, Inc. REIT1 | 976 | 225,846 | |
| Equity Residential REIT1 | 3,746 | 225,547 | |
| Northern Trust Corp.1 | 2,744 | 225,365 | |
| Truist Financial Corp.1 | 6,427 | 224,816 | |
| Federal Realty Investment Trust REIT1 | 2,226 | 224,492 | |
| Extra Space Storage, Inc. REIT1 | 1,591 | 224,283 | |
| Zions Bancorp North America1 | 5,667 | 223,450 | |
| Arthur J Gallagher & Co.1 | 916 | 223,440 | |
| Invesco Ltd.1 | 14,497 | 223,399 | |
| Boston Properties, Inc. REIT1 | 3,440 | 222,637 | |
| Camden Property Trust REIT1 | 2,352 | 222,217 | |
| AvalonBay Communities, Inc. REIT1 | 1,254 | 221,996 | |
| UDR, Inc. REIT1 | 6,228 | 221,094 | |
| State Street Corp.1 | 2,983 | 219,937 | |
| Comerica, Inc.1 | 4,415 | 218,013 | |
| Mid-America Apartment Communities, Inc. REIT1 | 1,732 | 217,678 | |
| VICI Properties, Inc. REIT1 | 7,226 | 216,274 | |
| Aflac, Inc.1 | 2,673 | 215,818 | |
| Kimco Realty Corp. REIT1 | 10,901 | 215,404 | |
| Aon plc — Class A1 | 681 | 215,189 | |
| Regency Centers Corp. REIT1 | 3,448 | 213,604 | |
| Realty Income Corp. REIT1 | 4,093 | 213,286 | |
| American Tower Corp. — Class A REIT1 | 1,069 | 212,581 | |
| Everest Group Ltd.1 | 573 | 211,368 | |
| Crown Castle, Inc. REIT1 | 1,901 | 208,996 | |
| Ventas, Inc. REIT1 | 4,722 | 199,693 | |
| Healthpeak Properties, Inc. REIT1 | 11,752 | 196,846 | |
| SBA Communications Corp. REIT1 | 903 | 188,935 | |
| Pershing Square Tontine Holdings, Ltd. — Class A*,†††,2 | 1,042,740 | 104 | |
| Tensor Ltd.*,††† | 505,754 | 51 | |
| Sparta Systems*,††† | 1,922 | – | |
| Total Financial | 21,875,130 | ||
| Industrial - 1.1% | |||
| Trimble, Inc.*,1 | 4,697 | 287,409 | |
| Builders FirstSource, Inc.*,1 | 1,471 | 287,110 | |
| General Electric Co.1 | 1,830 | 287,109 | |
| Axon Enterprise, Inc.*,1 | 933 | 286,776 | |
| Caterpillar, Inc.1 | 849 | 283,532 | |
| Mohawk Industries, Inc.*,1 | 2,389 | 283,383 | |
| Howmet Aerospace, Inc.1 | 4,142 | 275,650 | |
| Ingersoll Rand, Inc.1 | 3,009 | 274,812 | |
| Eaton Corporation plc1 | 949 | 274,261 | |
| Hubbell, Inc.1 | 715 | 272,179 | |
| Fortive Corp.1 | 3,197 | 272,161 | |
| Martin Marietta Materials, Inc.1 | 470 | 271,524 | |
| Vulcan Materials Co.1 | 1,021 | 271,433 | |
| Parker-Hannifin Corp.1 | 503 | 269,331 | |
| Trane Technologies plc1 | 943 | 265,898 | |
| Masco Corp.1 | 3,447 | 264,592 | |
| TransDigm Group, Inc.1 | 224 | 263,814 | |
| Old Dominion Freight Line, Inc.1 | 596 | 263,718 | |
| Xylem, Inc.1 | 2,074 | 263,502 | |
| Westinghouse Air Brake Technologies Corp.1 | 1,863 | 263,223 | |
| Jabil, Inc.1 | 1,826 | 263,108 | |
| Waste Management, Inc.1 | 1,279 | 263,026 | |
| Emerson Electric Co.1 | 2,460 | 262,851 | |
| Huntington Ingalls Industries, Inc.1 | 894 | 260,708 | |
| Textron, Inc.1 | 2,905 | 258,748 | |
| Amphenol Corp. — Class A1 | 2,366 | 258,462 | |
| Allegion plc1 | 1,999 | 255,612 | |
| Pentair plc1 | 3,272 | 254,529 | |
| Dover Corp.1 | 1,536 | 254,024 | |
| Jacobs Solutions, Inc.1 | 1,732 | 253,998 | |
| CSX Corp.1 | 6,694 | 253,970 | |
| IDEX Corp.1 | 1,076 | 253,829 | |
| AMETEK, Inc.1 | 1,404 | 252,973 | |
| Norfolk Southern Corp.1 | 998 | 252,873 | |
| Veralto Corp.1 | 2,921 | 252,402 | |
| Mettler-Toledo International, Inc.*,1 | 202 | 251,938 | |
| Republic Services, Inc. — Class A1 | 1,364 | 250,430 | |
| Ball Corp.1 | 3,836 | 245,581 | |
| Nordson Corp.1 | 922 | 244,929 | |
| Packaging Corporation of America1 | 1,346 | 243,882 | |
| J.B. Hunt Transport Services, Inc.1 | 1,182 | 243,858 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Shares | Value | ||
| COMMON STOCKS† - 7.4% (continued) | |||
| Industrial - 1.1% (continued) | |||
| Union Pacific Corp.1 | 960 | $ 243,542 | |
| Garmin Ltd.1 | 1,771 | 243,247 | |
| RTX Corp.1 | 2,711 | 243,095 | |
| Westrock Co.1 | 5,360 | 242,754 | |
| Otis Worldwide Corp.1 | 2,521 | 240,251 | |
| General Dynamics Corp.1 | 874 | 238,821 | |
| L3Harris Technologies, Inc.1 | 1,127 | 238,541 | |
| TE Connectivity Ltd.1 | 1,655 | 237,592 | |
| Keysight Technologies, Inc.*,1 | 1,529 | 235,925 | |
| A O Smith Corp.1 | 2,829 | 234,524 | |
| Illinois Tool Works, Inc.1 | 884 | 231,741 | |
| Teledyne Technologies, Inc.*,1 | 536 | 229,017 | |
| Rockwell Automation, Inc.1 | 791 | 225,498 | |
| Honeywell International, Inc.1 | 1,134 | 225,360 | |
| Johnson Controls International plc1 | 3,749 | 222,203 | |
| Carrier Global Corp.1 | 3,987 | 221,597 | |
| Deere & Co.1 | 606 | 221,220 | |
| Expeditors International of Washington, Inc.1 | 1,833 | 219,227 | |
| Snap-on, Inc.1 | 793 | 218,599 | |
| Northrop Grumman Corp.1 | 463 | 213,452 | |
| Stanley Black & Decker, Inc.1 | 2,376 | 212,153 | |
| Lockheed Martin Corp.1 | 492 | 210,694 | |
| United Parcel Service, Inc. — Class B1 | 1,410 | 209,047 | |
| Amcor plc1 | 22,863 | 207,139 | |
| Generac Holdings, Inc.*,1 | 1,815 | 204,205 | |
| FedEx Corp.1 | 810 | 201,666 | |
| 3M Co.1 | 2,133 | 196,492 | |
| CH Robinson Worldwide, Inc.1 | 2,609 | 193,275 | |
| Boeing Co.*,1 | 902 | 183,755 | |
| BP Holdco LLC*,†††,3 | 121,041 | 146,719 | |
| Schur Flexibles GesmbH*,†† | 660 | 145,200 | |
| Vector Phoenix Holdings, LP*,††† | 121,040 | 3,003 | |
| Targus, Inc.*,††† | 45,049 | 1,771 | |
| Targus, Inc.*,††† | 45,049 | 1,328 | |
| Targus, Inc.*,††† | 45,049 | 1,024 | |
| YAK BLOCKER 2 LLC*,††† | 34,136 | 341 | |
| YAK BLOCKER 2 LLC*,††† | 31,551 | 316 | |
| Targus, Inc.*,††† | 45,049 | 5 | |
| Total Industrial | 17,557,487 | ||
| Consumer, Cyclical - 1.0% | |||
| ATD New Holdings, Inc.*,†† | 23,593 | 550,496 | |
| Exide Technologies*,††† | 342 | 341,710 | |
| Tapestry, Inc.1 | 6,580 | 312,747 | |
| Ralph Lauren Corp. — Class A1 | 1,674 | 311,230 | |
| Wynn Resorts Ltd.1 | 2,615 | 275,098 | |
| Costco Wholesale Corp.1 | 361 | 268,544 | |
| Bath & Body Works, Inc.1 | 5,872 | 268,350 | |
| General Motors Co.1 | 6,537 | 267,886 | |
| WW Grainger, Inc.1 | 274 | 266,728 | |
| Tractor Supply Co.1 | 1,039 | 264,239 | |
| Chipotle Mexican Grill, Inc. — Class A*,1 | 98 | 263,499 | |
| Marriott International, Inc. — Class A1 | 1,054 | 263,363 | |
| Hilton Worldwide Holdings, Inc.1 | 1,288 | 263,164 | |
| Dollar Tree, Inc.*,1 | 1,773 | 260,064 | |
| Southwest Airlines Co.1 | 7,585 | 259,938 | |
| NVR, Inc.*,1 | 34 | 259,269 | |
| Las Vegas Sands Corp.1 | 4,750 | 258,970 | |
| Fastenal Co.1 | 3,542 | 258,601 | |
| CarMax, Inc.*,1 | 3,273 | 258,567 | |
| Home Depot, Inc.1 | 676 | 257,292 | |
| Cummins, Inc.1 | 956 | 256,791 | |
| Walmart, Inc.1 | 4,380 | 256,712 | |
| PACCAR, Inc.1 | 2,313 | 256,489 | |
| Lowe's Companies, Inc.1 | 1,060 | 255,110 | |
| LKQ Corp.1 | 4,851 | 253,659 | |
| O'Reilly Automotive, Inc.*,1 | 233 | 253,369 | |
| AutoZone, Inc.*,1 | 84 | 252,506 | |
| Dollar General Corp.1 | 1,733 | 251,822 | |
| American Airlines Group, Inc.*,1 | 16,024 | 251,256 | |
| Ulta Beauty, Inc.*,1 | 458 | 251,240 | |
| Live Nation Entertainment, Inc.*,1 | 2,590 | 251,178 | |
| Domino's Pizza, Inc.1 | 559 | 250,628 | |
| Lennar Corp. — Class A1 | 1,581 | 250,604 | |
| Target Corp.1 | 1,632 | 249,565 | |
| Ford Motor Co.1 | 20,000 | 248,800 | |
| Ross Stores, Inc.1 | 1,670 | 248,763 | |
| PulteGroup, Inc.1 | 2,291 | 248,299 | |
| Pool Corp.1 | 623 | 248,029 | |
| Copart, Inc.*,1 | 4,655 | 247,413 | |
| Genuine Parts Co.1 | 1,656 | 247,175 | |
| Yum! Brands, Inc.1 | 1,773 | 245,419 | |
| TJX Companies, Inc.1 | 2,473 | 245,173 | |
| United Airlines Holdings, Inc.*,1 | 5,372 | 244,372 | |
| Best Buy Company, Inc.1 | 2,981 | 241,103 | |
| DR Horton, Inc.1 | 1,593 | 238,058 | |
| Darden Restaurants, Inc.1 | 1,388 | 236,946 | |
| Delta Air Lines, Inc.1 | 5,466 | 231,048 | |
| MGM Resorts International*,1 | 5,320 | 230,250 | |
| Norwegian Cruise Line Holdings Ltd.*,1 | 11,811 | 229,015 | |
| Hasbro, Inc.1 | 4,508 | 226,707 | |
| McDonald's Corp.1 | 773 | 225,932 | |
| Royal Caribbean Cruises Ltd.*,1 | 1,831 | 225,854 | |
| Aptiv plc*,1 | 2,755 | 218,995 | |
| Starbucks Corp.1 | 2,284 | 216,752 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Shares | Value | ||
| COMMON STOCKS† - 7.4% (continued) | |||
| Consumer, Cyclical - 1.0% (continued) | |||
| Caesars Entertainment, Inc.*,1 | 4,977 | $ 216,350 | |
| Whirlpool Corp.1 | 1,975 | 212,095 | |
| Lululemon Athletica, Inc.*,1 | 451 | 210,658 | |
| BorgWarner, Inc.1 | 6,686 | 208,135 | |
| Walgreens Boots Alliance, Inc.1 | 9,526 | 202,523 | |
| VF Corp.1 | 12,152 | 198,564 | |
| NIKE, Inc. — Class B1 | 1,903 | 197,779 | |
| Carnival Corp.*,1 | 12,183 | 193,223 | |
| Tesla, Inc.*,1 | 904 | 182,500 | |
| Total Consumer, Cyclical | 15,836,614 | ||
| Technology - 0.8% | |||
| NVIDIA Corp.1 | 466 | 367,109 | |
| Advanced Micro Devices, Inc.*,1 | 1,712 | 329,611 | |
| Broadcom, Inc.1 | 234 | 304,315 | |
| Applied Materials, Inc.1 | 1,494 | 301,220 | |
| Lam Research Corp.1 | 314 | 294,611 | |
| Fortinet, Inc.*,1 | 4,217 | 291,437 | |
| KLA Corp.1 | 413 | 281,790 | |
| Monolithic Power Systems, Inc.1 | 383 | 275,775 | |
| Western Digital Corp.*,1 | 4,610 | 274,157 | |
| Salesforce, Inc.1 | 880 | 271,762 | |
| Micron Technology, Inc.1 | 2,943 | 266,665 | |
| QUALCOMM, Inc.1 | 1,659 | 261,774 | |
| Zebra Technologies Corp. — Class A*,1 | 933 | 260,755 | |
| Leidos Holdings, Inc.1 | 2,034 | 260,067 | |
| Fidelity National Information Services, Inc.1 | 3,743 | 258,978 | |
| Cadence Design Systems, Inc.*,1 | 849 | 258,419 | |
| ANSYS, Inc.*,1 | 767 | 256,308 | |
| NXP Semiconductor N.V.1 | 1,023 | 255,474 | |
| Seagate Technology Holdings plc1 | 2,738 | 254,771 | |
| Intuit, Inc.1 | 384 | 254,550 | |
| Autodesk, Inc.*,1 | 985 | 254,297 | |
| International Business Machines Corp.1 | 1,362 | 252,011 | |
| EPAM Systems, Inc.*,1 | 822 | 250,217 | |
| Fiserv, Inc.*,1 | 1,667 | 248,833 | |
| Cognizant Technology Solutions Corp. — Class A1 | 3,135 | 247,728 | |
| Teradyne, Inc.1 | 2,387 | 247,269 | |
| Fair Isaac Corp.*,1 | 194 | 246,362 | |
| Accenture plc — Class A1 | 654 | 245,106 | |
| Microsoft Corp.1 | 590 | 244,048 | |
| MSCI, Inc. — Class A1 | 435 | 244,022 | |
| Qorvo, Inc.*,1 | 2,122 | 243,075 | |
| ServiceNow, Inc.*,1 | 315 | 242,972 | |
| PTC, Inc.*,1 | 1,324 | 242,305 | |
| Tyler Technologies, Inc.*,1 | 547 | 239,115 | |
| Synopsys, Inc.*,1 | 412 | 236,377 | |
| Texas Instruments, Inc.1 | 1,404 | 234,931 | |
| Broadridge Financial Solutions, Inc.1 | 1,153 | 234,728 | |
| Jack Henry & Associates, Inc.1 | 1,340 | 232,852 | |
| Analog Devices, Inc.1 | 1,193 | 228,841 | |
| Dayforce, Inc.*,1 | 3,280 | 228,813 | |
| ON Semiconductor Corp.*,1 | 2,888 | 227,921 | |
| Electronic Arts, Inc.1 | 1,609 | 224,423 | |
| Roper Technologies, Inc.1 | 411 | 223,884 | |
| Skyworks Solutions, Inc.1 | 2,126 | 223,060 | |
| Intel Corp.1 | 5,167 | 222,440 | |
| NetApp, Inc.1 | 2,468 | 219,948 | |
| Paychex, Inc.1 | 1,779 | 218,141 | |
| Oracle Corp.1 | 1,939 | 216,547 | |
| Microchip Technology, Inc.1 | 2,563 | 215,651 | |
| Paycom Software, Inc.1 | 1,176 | 214,491 | |
| Akamai Technologies, Inc.*,1 | 1,928 | 213,854 | |
| HP, Inc.1 | 7,487 | 212,107 | |
| Take-Two Interactive Software, Inc.*,1 | 1,420 | 208,641 | |
| Hewlett Packard Enterprise Co.1 | 13,585 | 206,899 | |
| Apple, Inc.1 | 1,127 | 203,705 | |
| Adobe, Inc.*,1 | 362 | 202,821 | |
| Qlik Technologies, Inc. - Class A*,††† | 112 | 182,647 | |
| Qlik Technologies, Inc. - Class B*,††† | 27,624 | 3 | |
| Total Technology | 14,060,633 | ||
| Communications - 0.5% | |||
| Meta Platforms, Inc. — Class A1 | 663 | 324,956 | |
| Netflix, Inc.*,1 | 486 | 293,019 | |
| Juniper Networks, Inc.1 | 7,607 | 281,687 | |
| Uber Technologies, Inc.*,1 | 3,522 | 279,999 | |
| Arista Networks, Inc.*,1 | 985 | 273,377 | |
| Walt Disney Co.1 | 2,377 | 265,226 | |
| Amazon.com, Inc.*,1 | 1,497 | 264,610 | |
| CDW Corp.1 | 1,035 | 254,827 | |
| eBay, Inc.1 | 5,337 | 252,333 | |
| Match Group, Inc.*,1 | 6,843 | 246,622 | |
| Airbnb, Inc. — Class A*,1 | 1,565 | 246,441 | |
| Corning, Inc.1 | 7,568 | 243,993 | |
| F5, Inc.*,1 | 1,292 | 241,888 | |
| Omnicom Group, Inc.1 | 2,693 | 238,034 | |
| Booking Holdings, Inc.1 | 67 | 232,412 | |
| Verizon Communications, Inc.1 | 5,768 | 230,836 | |
| T-Mobile US, Inc.1 | 1,411 | 230,416 | |
| FactSet Research Systems, Inc.1 | 497 | 229,902 | |
| Palo Alto Networks, Inc.*,1 | 739 | 229,496 | |
| Shares | Value | ||
| COMMON STOCKS† - 7.4% (continued) | |||
| Communications - 0.5% (continued) | |||
| Motorola Solutions, Inc.1 | 680 | $ 224,665 | |
| Comcast Corp. — Class A1 | 5,233 | 224,234 | |
| Interpublic Group of Companies, Inc.1 | 7,062 | 221,747 | |
| AT&T, Inc.1 | 13,039 | 220,750 | |
| Cisco Systems, Inc.1 | 4,549 | 220,035 | |
| Gen Digital, Inc.1 | 9,961 | 214,062 | |
| Expedia Group, Inc.*,1 | 1,516 | 207,419 | |
| News Corp. — Class A1 | 7,645 | 205,497 | |
| VeriSign, Inc.*,1 | 1,036 | 202,320 | |
| Etsy, Inc.*,1 | 2,755 | 197,506 | |
| Charter Communications, Inc. — Class A*,1 | 599 | 176,064 | |
| Warner Bros Discovery, Inc.*,1 | 19,230 | 169,032 | |
| Fox Corp. — Class A1 | 4,911 | 146,299 | |
| Paramount Global — Class B1 | 13,094 | 144,558 | |
| Alphabet, Inc. — Class A*,1 | 883 | 122,260 | |
| Alphabet, Inc. — Class C*,1 | 743 | 103,857 | |
| Vacasa, Inc. — Class A* | 9,841 | 92,997 | |
| Fox Corp. — Class B1 | 2,620 | 71,735 | |
| News Corp. — Class B1 | 2,306 | 64,545 | |
| Figs, Inc. — Class A*,1 | 10,450 | 54,654 | |
| Total Communications | 8,144,310 | ||
| Utilities - 0.4% | |||
| Constellation Energy Corp.1 | 1,984 | 334,205 | |
| NRG Energy, Inc.1 | 4,615 | 255,302 | |
| American Electric Power Company, Inc.1 | 2,770 | 235,976 | |
| PPL Corp.1 | 8,466 | 223,248 | |
| Edison International1 | 3,268 | 222,289 | |
| Dominion Energy, Inc.1 | 4,645 | 222,170 | |
| DTE Energy Co.1 | 2,031 | 220,059 | |
| Public Service Enterprise Group, Inc.1 | 3,526 | 220,022 | |
| Entergy Corp.1 | 2,163 | 219,696 | |
| Atmos Energy Corp.1 | 1,943 | 219,384 | |
| NiSource, Inc.1 | 8,383 | 218,461 | |
| FirstEnergy Corp.1 | 5,950 | 217,830 | |
| CMS Energy Corp.1 | 3,794 | 217,662 | |
| Eversource Energy1 | 3,695 | 216,897 | |
| Sempra1 | 3,048 | 215,189 | |
| Duke Energy Corp.1 | 2,337 | 214,607 | |
| Evergy, Inc.1 | 4,275 | 211,784 | |
| CenterPoint Energy, Inc.1 | 7,669 | 210,897 | |
| Consolidated Edison, Inc.1 | 2,410 | 210,176 | |
| PG&E Corp.1 | 12,528 | 209,092 | |
| Southern Co.1 | 3,086 | 207,534 | |
| WEC Energy Group, Inc.1 | 2,623 | 205,879 | |
| Alliant Energy Corp.1 | 4,293 | 204,991 | |
| NextEra Energy, Inc.1 | 3,689 | 203,596 | |
| Exelon Corp.1 | 5,623 | 201,528 | |
| Ameren Corp.1 | 2,826 | 201,183 | |
| Pinnacle West Capital Corp.1 | 2,928 | 200,070 | |
| American Water Works Company, Inc.1 | 1,678 | 198,910 | |
| Xcel Energy, Inc.1 | 3,622 | 190,843 | |
| AES Corp.1 | 12,109 | 184,057 | |
| TexGen Power LLC*,†† | 68,676 | 68,676 | |
| Total Utilities | 6,582,213 | ||
| Energy - 0.4% | |||
| Enphase Energy, Inc.*,1 | 2,136 | 271,293 | |
| Diamondback Energy, Inc.1 | 1,482 | 270,495 | |
| Marathon Petroleum Corp.1 | 1,541 | 260,783 | |
| Valero Energy Corp.1 | 1,793 | 253,638 | |
| Phillips 661 | 1,760 | 250,817 | |
| Targa Resources Corp.1 | 2,549 | 250,414 | |
| ONEOK, Inc.1 | 3,233 | 242,863 | |
| Hess Corp.1 | 1,636 | 238,447 | |
| Occidental Petroleum Corp.1 | 3,898 | 236,258 | |
| First Solar, Inc.*,1 | 1,513 | 232,836 | |
| Pioneer Natural Resources Co.1 | 988 | 232,368 | |
| Chevron Corp.1 | 1,525 | 231,815 | |
| Exxon Mobil Corp.1 | 2,211 | 231,094 | |
| Coterra Energy, Inc. — Class A1 | 8,913 | 229,777 | |
| Williams Companies, Inc.1 | 6,211 | 223,223 | |
| Marathon Oil Corp.1 | 9,139 | 221,621 | |
| ConocoPhillips1 | 1,966 | 221,254 | |
| Halliburton Co.1 | 6,300 | 220,941 | |
| Equities Corp.1 | 5,929 | 220,262 | |
| Devon Energy Corp.1 | 4,990 | 219,859 | |
| Schlumberger N.V.1 | 4,507 | 217,823 | |
| Kinder Morgan, Inc.1 | 12,465 | 216,766 | |
| EOG Resources, Inc.1 | 1,852 | 211,980 | |
| Baker Hughes Co.1 | 6,828 | 202,041 | |
| APA Corp.1 | 6,377 | 189,971 | |
| Legacy Reserves, Inc.*,††† | 2,359 | 11,205 | |
| Permian Production Partners LLC*,††† | 184,043 | 8,242 | |
| Total Energy | 5,818,086 | ||
| Basic Materials - 0.3% | |||
| Nucor Corp.1 | 1,360 | 261,528 | |
| Steel Dynamics, Inc.1 | 1,950 | 260,949 | |
| Ecolab, Inc.1 | 1,148 | 258,116 | |
| Sherwin-Williams Co.1 | 761 | 252,675 | |
| Linde plc1 | 550 | 246,851 | |
| Dow, Inc.1 | 4,328 | 241,849 | |
| LyondellBasell Industries N.V. — Class A1 | 2,380 | 238,666 | |
| Celanese Corp. — Class A1 | 1,561 | 237,225 | |
| Albemarle Corp.1 | 1,715 | 236,413 | |
| CF Industries Holdings, Inc.1 | 2,878 | 232,312 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Shares | Value | ||
| COMMON STOCKS† - 7.4% (continued) | |||
| Basic Materials - 0.3% | |||
| Eastman Chemical Co.1 | 2,600 | $ 228,124 | |
| FMC Corp.1 | 3,931 | 221,669 | |
| Freeport-McMoRan, Inc.1 | 5,779 | 218,504 | |
| PPG Industries, Inc.1 | 1,532 | 216,931 | |
| International Flavors & Fragrances, Inc.1 | 2,872 | 216,836 | |
| DuPont de Nemours, Inc.1 | 3,108 | 215,043 | |
| International Paper Co.1 | 5,989 | 211,771 | |
| Air Products and Chemicals, Inc.1 | 836 | 195,658 | |
| Mosaic Co.1 | 6,176 | 192,444 | |
| Newmont Corp.1 | 5,645 | 176,406 | |
| Total Basic Materials | 4,559,970 | ||
| Total Common Stocks | |||
| (Cost $100,594,510) | 121,550,354 | ||
| PREFERRED STOCKS†† - 6.4% | |||
| Financial - 5.5% | |||
| Citigroup, Inc. | |||
| 7.38% | 4,300,000 | 4,397,313 | |
| 3.88% | 4,000,000 | 3,757,517 | |
| 4.15% | 2,000,000 | 1,802,455 | |
| 4.00% | 1,750,000 | 1,656,288 | |
| Bank of America Corp. | |||
| 4.38%1 | 2,925,000 | 8,040,309 | |
| 6.50% | 2,000,000 | 1,997,362 | |
| 6.30% | 1,000,000 | 1,002,155 | |
| 4.13% | 26,000 | 502,320 | |
| Wells Fargo & Co. | |||
| 4.75%1 | 183,750 | 3,816,488 | |
| 3.90% | 3,300,000 | 3,105,109 | |
| 4.70%1 | 148,000 | 3,075,440 | |
| 4.38%1 | 50,000 | 971,500 | |
| Goldman Sachs Group, Inc. | |||
| 7.50% | 7,700,000 | 8,096,733 | |
| Kuvare US Holdings, Inc. | |||
| 7.00% due 02/17/515 | 6,400,000 | 6,464,000 | |
| Equitable Holdings, Inc. | |||
| 4.95% | 3,650,000 | 3,538,989 | |
| 4.30%1 | 82,000 | 1,530,120 | |
| Markel Group, Inc. | |||
| 6.00% | 4,770,000 | 4,737,690 | |
| Jackson Financial, Inc. | |||
| 8.00%1 | 152,000 | 4,081,200 | |
| Lincoln National Corp. | |||
| 9.25% | 3,600,000 | 3,879,385 | |
| Public Storage | |||
| 4.63%1 | 144,400 | 3,168,136 | |
| 4.13% | 16,400 | 326,852 | |
| W R Berkley Corp. | |||
| 4.13% due 03/30/61 | 126,000 | 2,493,540 | |
| 4.25% due 09/30/60 | 36,800 | 804,448 | |
| PartnerRe Ltd. | |||
| 4.88% | 128,000 | 2,624,000 | |
| Charles Schwab Corp. | |||
| 4.00% | 3,150,000 | 2,594,273 | |
| JPMorgan Chase & Co. | |||
| 4.55%1 | 49,000 | 1,052,520 | |
| 4.20%1 | 40,000 | 796,000 | |
| 4.63% | 24,000 | 522,480 | |
| American Financial Group, Inc. | |||
| 4.50% due 09/15/60 | 100,000 | 2,015,000 | |
| MetLife, Inc. | |||
| 3.85% | 1,820,000 | 1,739,288 | |
| CNO Financial Group, Inc. | |||
| 5.13% due 11/25/60 | 80,000 | 1,375,200 | |
| Assurant, Inc. | |||
| 5.25% due 01/15/61 | 58,000 | 1,239,460 | |
| American Equity Investment Life Holding Co. | |||
| 5.95% | 46,000 | 1,095,260 | |
| Reinsurance Group of America, Inc. | |||
| 7.13% due 10/15/52 | 35,825 | 937,899 | |
| Arch Capital Group Ltd. | |||
| 4.55%1 | 38,000 | 771,020 | |
| Selective Insurance Group, Inc. | |||
| 4.60%1 | 36,000 | 664,560 | |
| RenaissanceRe Holdings Ltd. | |||
| 4.20% | 13,000 | 245,570 | |
| Globe Life, Inc. | |||
| 4.25% due 06/15/61 | 11,000 | 226,050 | |
| First Republic Bank | |||
| 4.50%* | 200,000 | 4,000 | |
| 4.25%* | 158,000 | 3,160 | |
| 4.13%* | 84,800 | 1,696 | |
| Total Financial | 91,152,785 | ||
| Communications - 0.6% | |||
| AT&T Mobility II LLC | |||
| 6.80%*,††† | 10,000 | 10,193,000 | |
| Government - 0.2% | |||
| Farmer Mac | |||
| 5.75%1 | 109,834 | 2,652,491 | |
| Consumer, Cyclical - 0.1% | |||
| Exide Technologies*,††† | 761 | 978,758 | |
| Industrial - 0.0% | |||
| YAK BLOCKER 2 LLC*,††† | 1,875,398 | 640,787 | |
| Total Preferred Stocks | |||
| (Cost $128,559,628) | 105,617,821 | ||
| WARRANTS† - 0.0% | |||
| Ginkgo Bioworks Holdings, Inc. | |||
| Expiring 09/16/26 | 26,852 | 3,759 | |
| Pershing Square Tontine Holdings, Ltd. | |||
| Expiring 07/24/25†††,2 | 115,860 | 12 | |
| Total Warrants | |||
| (Cost $62,178) | 3,771 | ||
| EXCHANGE-TRADED FUNDS† - 3.4% | |||
| SPDR S&P 500 ETF Trust1 | 38,409 | 19,514,845 | |
| Invesco QQQ Trust Series1 | 42,197 | 18,524,483 | |
| iShares Russell 2000 Index ETF1 | 90,622 | 18,462,420 | |
| Total Exchange-Traded Funds | |||
| (Cost $34,060,758) | 56,501,748 | ||
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| CLOSED-END MUTUAL FUNDS† - 2.5% | |||
| Guggenheim Active Allocation Fund3 | 950,000 | $ 13,680,000 | |
| BlackRock Taxable Municipal Bond Trust | 292,122 | 4,779,116 | |
| Nuveen Taxable Municipal Income Fund | 289,790 | 4,480,153 | |
| Nuveen AMT-Free Municipal Credit Income Fund | 295,196 | 3,489,217 | |
| Invesco Municipal Opportunity Trust | 229,099 | 2,201,642 | |
| Blackstone Strategic Credit Fund | 186,741 | 2,194,207 | |
| Invesco Trust for Investment Grade Municipals | 212,335 | 2,091,500 | |
| BlackRock Credit Allocation Income Trust | 184,289 | 1,973,735 | |
| Invesco Municipal Trust | 188,704 | 1,807,784 | |
| Eaton Vance Limited Duration Income Fund | 141,764 | 1,400,628 | |
| Invesco Advantage Municipal Income Trust II | 163,240 | 1,392,437 | |
| BlackRock Municipal Income Trust | 108,502 | 1,115,400 | |
| Western Asset High Income Opportunity Fund, Inc. | 160,170 | 626,265 | |
| Nuveen AMT-Free Quality Municipal Income Fund | 34,021 | 372,530 | |
| Nuveen Quality Municipal Income Fund | 28,176 | 317,825 | |
| BlackRock MuniVest Fund, Inc. | 24,898 | 173,539 | |
| Total Closed-End Mutual Funds | |||
| (Cost $50,767,428) | 42,095,978 | ||
| MONEY MARKET FUNDS† - 1.0% | |||
| Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 5.20%6 | 12,449,641 | 12,449,641 | |
| Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 5.21%6 | 4,473,066 | 4,473,066 | |
| Total Money Market Funds | |||
| (Cost $16,922,707) | 16,922,707 | ||
| Face Amount~ |
|||
| CORPORATE BONDS†† - 44.8% | |||
| Financial - 11.9% | |||
| NFP Corp. | |||
| 6.88% due 08/15/285 | 6,925,000 | $7,033,160 | |
| 7.50% due 10/01/305 | 3,700,000 | 3,893,076 | |
| Morgan Stanley Finance LLC | |||
| 0.50% due 10/23/29◊,†††,7 | 13,500,000 | 10,910,700 | |
| Dyal Capital Partners III | |||
| 4.40% due 06/15/40††† | 10,000,000 | 8,685,910 | |
| United Wholesale Mortgage LLC | |||
| 5.50% due 11/15/255 | 4,060,000 | 3,990,355 | |
| 5.50% due 04/15/295 | 1,925,000 | 1,796,826 | |
| 5.75% due 06/15/275 | 1,400,000 | 1,358,105 | |
| Accident Fund Insurance Company of America | |||
| 8.50% due 08/01/321,5 | 7,000,000 | 6,921,204 | |
| Wilton RE Ltd. | |||
| 6.00% 5,8 | 7,800,000 | 6,903,964 | |
| Jefferies Finance LLC / JFIN Company-Issuer Corp. | |||
| 5.00% due 08/15/281,5 | 7,500,000 | 6,745,552 | |
| Hunt Companies, Inc. | |||
| 5.25% due 04/15/291,5 | 7,325,000 | 6,701,810 | |
| Iron Mountain, Inc. | |||
| 5.63% due 07/15/321,5 | 6,500,000 | 6,041,127 | |
| Jones Deslauriers Insurance Management, Inc. | |||
| 10.50% due 12/15/305 | 3,650,000 | 3,801,201 | |
| 8.50% due 03/15/305 | 2,050,000 | 2,132,000 | |
| Global Atlantic Finance Co. | |||
| 4.70% due 10/15/511,5 | 4,700,000 | 4,149,884 | |
| 3.13% due 06/15/315 | 1,750,000 | 1,413,603 | |
| Maple Grove Funding Trust I | |||
| 4.16% due 08/15/511,5 | 8,000,000 | 5,496,342 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Face Amount~ |
|||
| CORPORATE BONDS†† - 44.8% (continued) | |||
| Financial - 11.9% (continued) | |||
| OneMain Finance Corp. | |||
| 4.00% due 09/15/301 | 2,200,000 | $ 1,853,349 | |
| 7.13% due 03/15/26 | 1,100,000 | 1,117,866 | |
| 7.88% due 03/15/30 | 750,000 | 762,776 | |
| 3.88% due 09/15/28 | 800,000 | 698,955 | |
| 6.63% due 01/15/28 | 450,000 | 447,445 | |
| 9.00% due 01/15/291 | 400,000 | 420,096 | |
| Cushman & Wakefield US Borrower LLC | |||
| 6.75% due 05/15/281,5 | 4,800,000 | 4,728,336 | |
| Liberty Mutual Group, Inc. | |||
| 4.30% due 02/01/615 | 7,300,000 | 4,644,021 | |
| Kennedy-Wilson, Inc. | |||
| 5.00% due 03/01/31 | 3,750,000 | 2,915,625 | |
| 4.75% due 02/01/30 | 1,450,000 | 1,147,313 | |
| 4.75% due 03/01/291 | 425,000 | 344,250 | |
| National Life Insurance Co. | |||
| 10.50% due 09/15/395 | 3,400,000 | 4,302,040 | |
| LPL Holdings, Inc. | |||
| 4.00% due 03/15/291,5 | 4,172,000 | 3,827,671 | |
| 4.38% due 05/15/311,5 | 476,000 | 430,568 | |
| RXR Realty LLC | |||
| 6.75% due 07/17/25††† | 4,200,000 | 4,105,239 | |
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. | |||
| 4.00% due 10/15/331,5 | 4,031,000 | 3,346,697 | |
| 3.88% due 03/01/311,5 | 825,000 | 708,312 | |
| PHM Group Holding Oy | |||
| 4.75% due 06/18/265 | EUR 3,900,000 | 3,923,189 | |
| Hampton Roads PPV LLC | |||
| 6.62% due 06/15/53†††,5 | 4,590,000 | 3,780,263 | |
| GLP Capital Limited Partnership / GLP Financing II, Inc. | |||
| 3.25% due 01/15/321 | 3,250,000 | 2,696,161 | |
| 5.30% due 01/15/29 | 1,050,000 | 1,018,716 | |
| Credit Suisse AG NY | |||
| 7.95% due 01/09/251 | 3,600,000 | 3,664,325 | |
| NatWest Group plc | |||
| 7.47% due 11/10/261 | 3,500,000 | 3,595,935 | |
| Sherwood Financing plc | |||
| 6.00% due 11/15/265 | GBP 2,000,000 | 2,254,422 | |
| 4.50% due 11/15/265 | EUR 1,000,000 | 999,968 | |
| Jane Street Group / JSG Finance, Inc. | |||
| 4.50% due 11/15/291,5 | 3,500,000 | 3,220,664 | |
| Host Hotels & Resorts, LP | |||
| 3.50% due 09/15/301 | 3,610,000 | 3,183,359 | |
| Standard Chartered plc | |||
| 7.78% due 11/16/251,5 | 3,100,000 | 3,138,524 | |
| Toronto-Dominion Bank | |||
| 8.13% due 10/31/821 | 2,850,000 | 2,966,163 | |
| Ares Finance Company IV LLC | |||
| 3.65% due 02/01/521,5 | 4,100,000 | 2,834,300 | |
| Americo Life, Inc. | |||
| 3.45% due 04/15/311,5 | 3,511,000 | 2,722,975 | |
| BBC Military Housing-Navy Northeast LLC | |||
| 6.30% due 10/15/499 | 2,800,000 | 2,603,593 | |
| Corebridge Financial, Inc. | |||
| 6.88% due 12/15/521 | 2,400,000 | 2,396,111 | |
| HUB International Ltd. | |||
| 5.63% due 12/01/295 | 2,500,000 | 2,320,353 | |
| Bank of Nova Scotia | |||
| 8.63% due 10/27/821 | 2,150,000 | 2,211,948 | |
| Kane Bidco Ltd. | |||
| 5.00% due 02/15/27 | EUR 2,050,000 | 2,162,052 | |
| Nationstar Mortgage Holdings, Inc. | |||
| 5.00% due 02/01/265 | 2,180,000 | 2,117,634 | |
| Lincoln National Corp. | |||
| 4.38% due 06/15/50 | 2,560,000 | 1,973,901 | |
| First American Financial Corp. | |||
| 4.00% due 05/15/30 | 1,740,000 | 1,545,574 |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Face Amount~ |
Value | ||
| CORPORATE BONDS†† - 44.8% (continued) | |||
| Financial - 11.9% (continued) | |||
| Alliant Holdings Intermediate LLC / Alliant Holdings Company-Issuer | |||
| 4.25% due 10/15/271,5 | 725,000 | $ 669,150 | |
| 7.00% due 01/15/315 | 425,000 | 423,338 | |
| 6.75% due 04/15/285 | 350,000 | 347,665 | |
| Allianz SE | |||
| 3.50% 5,8 | 1,400,000 | 1,268,683 | |
| OneAmerica Financial Partners, Inc. | |||
| 4.25% due 10/15/505 | 1,730,000 | 1,196,968 | |
| Weyerhaeuser Co. | |||
| 6.88% due 12/15/33 | 1,100,000 | 1,183,504 | |
| Ryan Specialty LLC | |||
| 4.38% due 02/01/305 | 1,100,000 | 1,021,669 | |
| USI, Inc. | |||
| 7.50% due 01/15/325 | 970,000 | 966,363 | |
| QBE Insurance Group Ltd. | |||
| 5.88% 1,5,8 | 950,000 | 935,446 | |
| Reinsurance Group of America, Inc. | |||
| 3.15% due 06/15/30 | 1,000,000 | 882,373 | |
| Pershing Square Holdings Ltd. | |||
| 3.25% due 10/01/315 | 1,100,000 | 881,320 | |
| PennyMac Financial Services, Inc. | |||
| 7.88% due 12/15/295 | 850,000 | 870,068 | |
| PartnerRe Finance B LLC | |||
| 4.50% due 10/01/50 | 950,000 | 846,982 | |
| Galaxy Bidco Ltd. | |||
| 8.91% (3 Month EURIBOR + 5.00%, Rate Floor: 5.00%) due 07/31/26◊ | EUR 750,000 | 814,865 | |
| Prudential Financial, Inc. | |||
| 5.13% due 03/01/52 | 700,000 | 654,386 | |
| Fort Moore Family Communities LLC | |||
| 6.09% due 01/15/515 | 685,505 | 592,979 | |
| Pacific Beacon LLC | |||
| 5.63% due 07/15/515 | 659,758 | 590,807 | |
| Macquarie Bank Ltd. | |||
| 3.62% due 06/03/305 | 640,000 | 561,354 | |
| Assurant, Inc. | |||
| 7.00% due 03/27/48 | 400,000 | 405,150 | |
| Fort Gordon Housing LLC | |||
| 6.32% due 05/15/515 | 200,000 | 189,416 | |
| Atlas Mara Ltd. | |||
| due 12/31/21†††,9,10 | 198,586 | 25,240 | |
| Total Financial | 196,433,234 | ||
| Consumer, Non-cyclical - 6.8% | |||
| Medline Borrower, LP | |||
| 5.25% due 10/01/291,5 | 5,200,000 | 4,809,927 | |
| 3.88% due 04/01/295 | 2,000,000 | 1,793,266 | |
| BCP V Modular Services Finance II plc | |||
| 6.13% due 10/30/285 | GBP 4,250,000 | 4,976,172 | |
| 4.75% due 10/30/285 | EUR 1,550,000 | 1,579,324 | |
| Cheplapharm Arzneimittel GmbH | |||
| 5.50% due 01/15/281,5 | 6,945,000 | 6,528,300 | |
| CPI CG, Inc. | |||
| 8.63% due 03/15/261,5 | 5,425,000 | 5,323,769 | |
| Williams Scotsman, Inc. | |||
| 4.63% due 08/15/285 | 3,675,000 | 3,450,898 | |
| 6.13% due 06/15/255 | 1,683,000 | 1,679,819 | |
| Sotheby's | |||
| 7.38% due 10/15/271,5 | 4,899,000 | 4,705,609 | |
| Bausch Health Companies, Inc. | |||
| 4.88% due 06/01/285 | 8,025,000 | 4,572,075 | |
| US Foods, Inc. | |||
| 4.63% due 06/01/301,5 | 2,500,000 | 2,290,789 | |
| 4.75% due 02/15/295 | 2,250,000 | 2,112,232 | |
| Champions Financing, Inc. | |||
| 8.75% due 02/15/295 | 4,020,000 | 4,106,309 | |
| Altria Group, Inc. | |||
| 3.70% due 02/04/511 | 6,000,000 | 4,085,094 | |
| Reynolds American, Inc. | |||
| 5.70% due 08/15/351 | 4,150,000 | 3,964,065 | |
| Post Holdings, Inc. | |||
| 4.50% due 09/15/311,5 | 3,925,000 | 3,494,430 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Face Amount~ |
Value | ||
| CORPORATE BONDS†† - 44.8% (continued) | |||
| Consumer, Non-cyclical - 6.8% (continued) | |||
| Upbound Group, Inc. | |||
| 6.38% due 02/15/291,5 | 3,625,000 | $ 3,469,560 | |
| JBS USA LUX S.A. / JBS USA Food Company / JBS USA Finance, Inc. | |||
| 4.38% due 02/02/521 | 4,800,000 | 3,453,252 | |
| AZ Battery Property LLC | |||
| 6.73% due 02/20/46 | 3,000,000 | 3,018,596 | |
| Legends Hospitality Holding Company LLC / Legends Hospitality Co-Issuer, Inc. | |||
| 5.00% due 02/01/265 | 3,000,000 | 2,982,134 | |
| Acadia Healthcare Company, Inc. | |||
| 5.00% due 04/15/291,5 | 2,400,000 | 2,268,000 | |
| 5.50% due 07/01/285 | 550,000 | 531,680 | |
| DaVita, Inc. | |||
| 4.63% due 06/01/305 | 1,900,000 | 1,671,329 | |
| 3.75% due 02/15/315 | 1,200,000 | 984,693 | |
| Neogen Food Safety Corp. | |||
| 8.63% due 07/20/305 | 2,450,000 | 2,597,254 | |
| Avantor Funding, Inc. | |||
| 4.63% due 07/15/281,5 | 1,700,000 | 1,604,602 | |
| 3.88% due 11/01/295 | 925,000 | 829,079 | |
| Castor S.p.A. | |||
| 9.18% (3 Month EURIBOR + 5.25%, Rate Floor: 5.25%) due 02/15/29◊,5 | EUR 2,300,000 | 2,405,039 | |
| Sotheby's/Bidfair Holdings, Inc. | |||
| 5.88% due 06/01/295 | 2,700,000 | 2,370,816 | |
| Par Pharmaceutical, Inc. | |||
| due 04/01/275,10 | 3,345,000 | 2,120,992 | |
| Option Care Health, Inc. | |||
| 4.38% due 10/31/295 | 2,275,000 | 2,077,530 | |
| ADT Security Corp. | |||
| 4.13% due 08/01/295 | 1,050,000 | 948,937 | |
| 4.88% due 07/15/325 | 1,000,000 | 900,000 | |
| Spectrum Brands, Inc. | |||
| 5.50% due 07/15/305 | 1,700,000 | 1,663,431 | |
| Gartner, Inc. | |||
| 4.50% due 07/01/281,5 | 1,700,000 | 1,609,193 | |
| APi Group DE, Inc. | |||
| 4.75% due 10/15/295 | 1,225,000 | 1,136,188 | |
| 4.13% due 07/15/295 | 400,000 | 360,000 | |
| Nathan's Famous, Inc. | |||
| 6.63% due 11/01/255 | 1,462,000 | 1,454,690 | |
| Royalty Pharma plc | |||
| 3.55% due 09/02/501 | 2,100,000 | 1,429,501 | |
| HealthEquity, Inc. | |||
| 4.50% due 10/01/291,5 | 1,550,000 | 1,424,625 | |
| Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. | |||
| 7.00% due 12/31/271,5 | 1,038,000 | 1,001,670 | |
| 5.00% due 12/31/265 | 250,000 | 240,313 | |
| Endo Luxembourg Finance Company I SARL / Endo US, Inc. | |||
| due 04/01/295,10 | 1,900,000 | 1,196,031 | |
| Grifols S.A. | |||
| 4.75% due 10/15/285 | 1,350,000 | 1,124,280 | |
| TreeHouse Foods, Inc. | |||
| 4.00% due 09/01/28 | 1,150,000 | 1,014,875 | |
| Central Garden & Pet Co. | |||
| 4.13% due 10/15/301 | 625,000 | 555,230 | |
| 4.13% due 04/30/315 | 400,000 | 349,986 | |
| AMN Healthcare, Inc. | |||
| 4.63% due 10/01/275 | 725,000 | 682,189 | |
| Carriage Services, Inc. | |||
| 4.25% due 05/15/295 | 775,000 | 673,951 | |
| Valvoline, Inc. | |||
| 3.63% due 06/15/315 | 760,000 | 642,206 | |
| Catalent Pharma Solutions, Inc. | |||
| 3.50% due 04/01/301,5 | 625,000 | 601,988 | |
| Performance Food Group, Inc. | |||
| 6.88% due 05/01/255 | 450,000 | 451,161 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Face Amount~ |
Value | ||
| CORPORATE BONDS†† - 44.8% (continued) | |||
| Consumer, Non-cyclical - 6.8% (continued) | |||
| WW International, Inc. | |||
| 4.50% due 04/15/291,5 | 950,000 | $439,983 | |
| Prestige Brands, Inc. | |||
| 3.75% due 04/01/315 | 300,000 | 259,173 | |
| Darling Ingredients, Inc. | |||
| 6.00% due 06/15/305 | 250,000 | 246,361 | |
| Tenet Healthcare Corp. | |||
| 4.88% due 01/01/26 | 200,000 | 199,793 | |
| Nidda Healthcare Holding | |||
| 7.50% due 08/21/26 | EUR 175,000 | 195,353 | |
| Albertsons Companies Incorporated / Safeway Inc / New Albertsons Limited Partnership / Albertsons LLC | |||
| 5.88% due 02/15/285 | 100,000 | 98,551 | |
| Endo Dac / Endo Finance LLC / Endo Finco, Inc. | |||
| due 07/31/275,10 | 181,000 | 10,860 | |
| Total Consumer, Non-cyclical | 112,767,153 | ||
| Consumer, Cyclical - 6.5% | |||
| Delta Air Lines, Inc. | |||
| 7.00% due 05/01/251,5 | 10,535,000 | 10,707,687 | |
| Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp. | |||
| 5.88% due 03/01/271 | 3,210,000 | 3,161,850 | |
| 5.00% due 06/01/315 | 1,800,000 | 1,617,014 | |
| CD&R Smokey Buyer, Inc. | |||
| 6.75% due 07/15/251,5 | 4,445,000 | 4,427,442 | |
| Penn Entertainment, Inc. | |||
| 4.13% due 07/01/291,5 | 4,925,000 | 4,137,000 | |
| Crocs, Inc. | |||
| 4.25% due 03/15/295 | 3,188,000 | 2,861,265 | |
| 4.13% due 08/15/315 | 1,400,000 | 1,191,118 | |
| Wabash National Corp. | |||
| 4.50% due 10/15/285 | 4,350,000 | 3,980,250 | |
| Delta Air Lines, Inc. / SkyMiles IP Ltd. | |||
| 4.75% due 10/20/281,5 | 3,950,000 | 3,861,169 | |
| Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. | |||
| 5.75% due 01/20/261,5 | 4,075,000 | 3,845,781 | |
| Allwyn Entertainment Financing UK plc | |||
| 7.88% due 04/30/295 | 3,750,000 | 3,843,750 | |
| Station Casinos LLC | |||
| 4.63% due 12/01/311,5 | 4,200,000 | 3,734,136 | |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Company, Inc. | |||
| 4.63% due 01/15/295 | 4,100,000 | 3,720,586 | |
| Wolverine World Wide, Inc. | |||
| 4.00% due 08/15/295 | 4,450,000 | 3,565,563 | |
| Evergreen Acqco 1 Limited Partnership / TVI, Inc. | |||
| 9.75% due 04/26/285 | 3,240,000 | 3,418,556 | |
| Live Nation Entertainment, Inc. | |||
| 6.50% due 05/15/271,5 | 3,350,000 | 3,378,833 | |
| Air Canada Class A Pass Through Trust | |||
| 5.25% due 04/01/291,5 | 3,363,608 | 3,296,012 | |
| Air Canada | |||
| 4.63% due 08/15/295 | CAD 2,900,000 | 2,009,154 | |
| 3.88% due 08/15/261,5 | 825,000 | 781,320 | |
| Walgreens Boots Alliance, Inc. | |||
| 4.10% due 04/15/501 | 3,800,000 | 2,768,584 | |
| Clarios Global, LP / Clarios US Finance Co. | |||
| 8.50% due 05/15/271,5 | 2,650,000 | 2,663,732 | |
| PetSmart, Inc. / PetSmart Finance Corp. | |||
| 4.75% due 02/15/285 | 2,725,000 | 2,554,156 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Face Amount~ |
Value | ||
| CORPORATE BONDS†† - 44.8% (continued) | |||
| Consumer, Cyclical - 6.5% (continued) | |||
| Scotts Miracle-Gro Co. | |||
| 4.00% due 04/01/31 | 2,150,000 | $ 1,823,673 | |
| 4.38% due 02/01/32 | 700,000 | 585,351 | |
| United Airlines, Inc. | |||
| 4.63% due 04/15/291,5 | 2,575,000 | 2,375,192 | |
| JB Poindexter & Company, Inc. | |||
| 8.75% due 12/15/315 | 2,270,000 | 2,325,485 | |
| Ontario Gaming GTA, LP | |||
| 8.00% due 08/01/305 | 2,150,000 | 2,192,806 | |
| Ritchie Bros Holdings, Inc. | |||
| 7.75% due 03/15/315 | 1,750,000 | 1,839,687 | |
| Yum! Brands, Inc. | |||
| 4.63% due 01/31/321 | 1,987,000 | 1,824,086 | |
| Superior Plus Limited Partnership / Superior General Partner, Inc. | |||
| 4.50% due 03/15/295 | 2,000,000 | 1,810,000 | |
| Hanesbrands, Inc. | |||
| 9.00% due 02/15/311,5 | 1,500,000 | 1,503,323 | |
| 4.88% due 05/15/265 | 225,000 | 217,130 | |
| HP Communities LLC | |||
| 6.82% due 09/15/535 | 918,478 | 908,472 | |
| 6.16% due 09/15/535 | 1,000,000 | 810,264 | |
| Wyndham Hotels & Resorts, Inc. | |||
| 4.38% due 08/15/281,5 | 1,625,000 | 1,510,849 | |
| 1011778 BC ULC / New Red Finance, Inc. | |||
| 3.88% due 01/15/281,5 | 850,000 | 792,863 | |
| 4.00% due 10/15/305 | 725,000 | 636,843 | |
| Hilton Domestic Operating Company, Inc. | |||
| 3.63% due 02/15/321,5 | 1,350,000 | 1,153,251 | |
| Boyne USA, Inc. | |||
| 4.75% due 05/15/295 | 1,250,000 | 1,149,218 | |
| Deuce FinCo plc | |||
| 5.50% due 06/15/27 | GBP 900,000 | 1,065,139 | |
| Tempur Sealy International, Inc. | |||
| 3.88% due 10/15/315 | 700,000 | 582,223 | |
| 4.00% due 04/15/295 | 500,000 | 448,172 | |
| Vail Resorts, Inc. | |||
| 6.25% due 05/15/255 | 1,000,000 | 1,003,610 | |
| Clarios Global, LP | |||
| 6.75% due 05/15/255 | 990,000 | 989,318 | |
| Six Flags Theme Parks, Inc. | |||
| 7.00% due 07/01/255 | 969,000 | 971,251 | |
| Ferrellgas Limited Partnership / Ferrellgas Finance Corp. | |||
| 5.38% due 04/01/265 | 975,000 | 965,280 | |
| Allison Transmission, Inc. | |||
| 3.75% due 01/30/311,5 | 1,100,000 | 950,494 | |
| Scientific Games Holdings Limited Partnership/Scientific Games US FinCo, Inc. | |||
| 6.63% due 03/01/305 | 850,000 | 796,875 | |
| United Airlines Class AA Pass Through Trust | |||
| 3.45% due 12/01/27 | 405,994 | 379,686 | |
| Superior Plus, LP | |||
| 4.25% due 05/18/285 | CAD 350,000 | 240,064 | |
| Aramark Services, Inc. | |||
| 5.00% due 02/01/285 | 110,000 | 105,416 | |
| Exide Technologies | |||
| due 10/31/24†††,10 | 2,353,687 | 2 | |
| Total Consumer, Cyclical | 107,480,981 | ||
| Communications - 5.3% | |||
| Altice France S.A. | |||
| 5.50% due 10/15/291,5 | 8,175,000 | 6,189,858 | |
| 5.13% due 07/15/291,5 | 3,025,000 | 2,284,313 | |
| 8.13% due 02/01/275 | 1,300,000 | 1,194,602 | |
| McGraw-Hill Education, Inc. | |||
| 8.00% due 08/01/291,5 | 6,300,000 | 5,748,750 | |
| 5.75% due 08/01/281,5 | 3,525,000 | 3,274,779 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Face Amount~ |
Value | ||
| CORPORATE BONDS†† - 44.8% (continued) | |||
| Communications - 5.3% (continued) | |||
| Cogent Communications Group, Inc. | |||
| 7.00% due 06/15/271,5 | 7,500,000 | $ 7,489,650 | |
| VZ Secured Financing BV | |||
| 5.00% due 01/15/321,5 | 6,850,000 | 5,846,932 | |
| British Telecommunications plc | |||
| 4.88% due 11/23/815 | 5,550,000 | 4,882,636 | |
| 4.25% due 11/23/815 | 950,000 | 889,147 | |
| Outfront Media Capital LLC / Outfront Media Capital Corp. | |||
| 4.25% due 01/15/295 | 5,725,000 | 5,141,909 | |
| Paramount Global | |||
| 4.95% due 05/19/501 | 6,390,000 | 4,546,491 | |
| Sunrise FinCo I BV | |||
| 4.88% due 07/15/311,5 | 4,550,000 | 4,026,750 | |
| CSC Holdings LLC | |||
| 11.25% due 05/15/285 | 2,750,000 | 2,837,368 | |
| 4.63% due 12/01/301,5 | 1,913,000 | 1,063,886 | |
| Radiate Holdco LLC / Radiate Finance, Inc. | |||
| 4.50% due 09/15/261,5 | 4,700,000 | 3,701,075 | |
| LCPR Senior Secured Financing DAC | |||
| 6.75% due 10/15/271,5 | 2,114,000 | 1,997,730 | |
| 5.13% due 07/15/291,5 | 1,900,000 | 1,596,608 | |
| Corning, Inc. | |||
| 4.38% due 11/15/571 | 4,100,000 | 3,375,185 | |
| Vodafone Group plc | |||
| 5.13% due 06/04/81 | 4,100,000 | 3,037,172 | |
| CCO Holdings LLC / CCO Holdings Capital Corp. | |||
| 4.50% due 06/01/331,5 | 1,225,000 | 942,328 | |
| 4.25% due 02/01/315 | 850,000 | 683,687 | |
| 4.25% due 01/15/345 | 750,000 | 560,743 | |
| 4.50% due 05/01/32 | 325,000 | 256,752 | |
| AMC Networks, Inc. | |||
| 4.25% due 02/15/291 | 3,450,000 | 2,232,840 | |
| Ciena Corp. | |||
| 4.00% due 01/31/301,5 | 2,150,000 | 1,924,250 | |
| Sirius XM Radio, Inc. | |||
| 3.88% due 09/01/315 | 2,300,000 | 1,901,125 | |
| Rogers Communications, Inc. | |||
| 4.55% due 03/15/521 | 2,200,000 | 1,815,561 | |
| Vmed O2 UK Financing I plc | |||
| 4.25% due 01/31/311,5 | 1,225,000 | 1,038,865 | |
| 4.75% due 07/15/315 | 650,000 | 562,071 | |
| TripAdvisor, Inc. | |||
| 7.00% due 07/15/251,5 | 1,575,000 | 1,576,874 | |
| Charter Communications Operating LLC / Charter Communications Operating Capital | |||
| 3.90% due 06/01/52 | 2,000,000 | 1,257,397 | |
| Virgin Media Secured Finance plc | |||
| 4.50% due 08/15/301,5 | 1,200,000 | 1,048,812 | |
| Zayo Group Holdings, Inc. | |||
| 4.00% due 03/01/275 | 1,050,000 | 874,125 | |
| Match Group Holdings II LLC | |||
| 3.63% due 10/01/311,5 | 875,000 | 737,187 | |
| Ziggo BV | |||
| 4.88% due 01/15/305 | 725,000 | 645,838 | |
| Ziggo Bond Company BV | |||
| 5.13% due 02/28/305 | 500,000 | 427,812 | |
| Total Communications | 87,611,108 | ||
| Industrial - 4.8% | |||
| New Enterprise Stone & Lime Company, Inc. | |||
| 9.75% due 07/15/285 | 7,717,000 | 7,813,462 | |
| 5.25% due 07/15/281,5 | 2,025,000 | 1,929,607 | |
| Standard Industries, Inc. | |||
| 4.38% due 07/15/301,5 | 7,050,000 | 6,285,677 | |
| 3.38% due 01/15/315 | 1,100,000 | 911,457 | |
| IP Lending X Ltd. | |||
| 7.75% due 07/02/29†††,5 | 4,190,000 | 4,199,715 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Face Amount~ |
Value | ||
| CORPORATE BONDS†† - 44.8% (continued) | |||
| Industrial - 4.8% (continued) | |||
Calderys Financing LLC |
|||
| 11.25% due 06/01/285 | 3,737,000 | $4,000,844 | |
| Builders FirstSource, Inc. | |||
| 6.38% due 06/15/325 | 2,500,000 | 2,499,605 | |
| 4.25% due 02/01/325 | 1,675,000 | 1,471,697 | |
| Great Lakes Dredge & Dock Corp. | |||
| 5.25% due 06/01/291,5 | 4,500,000 | 3,931,065 | |
| Victoria plc | |||
| 3.63% due 08/05/26 | EUR 4,004,000 | 3,630,654 | |
| Enviri Corp. | |||
| 5.75% due 07/31/271,5 | 3,624,000 | 3,386,408 | |
| Waste Pro USA, Inc. | |||
| 5.50% due 02/15/265 | 3,370,000 | 3,302,600 | |
| Mauser Packaging Solutions Holding Co. | |||
| 7.88% due 08/15/265 | 1,875,000 | 1,899,969 | |
| 9.25% due 04/15/275 | 1,000,000 | 972,433 | |
| Howmet Aerospace, Inc. | |||
| 3.00% due 01/15/291 | 1,175,000 | 1,053,828 | |
| 5.95% due 02/01/37 | 875,000 | 888,477 | |
| 6.88% due 05/01/25 | 800,000 | 808,382 | |
| Artera Services LLC | |||
| 8.50% due 02/15/315 | 2,400,000 | 2,451,728 | |
| Clearwater Paper Corp. | |||
| 4.75% due 08/15/285 | 2,547,000 | 2,355,975 | |
| SCIL IV LLC / SCIL USA Holdings LLC | |||
| 9.50% due 07/15/28 | EUR 1,800,000 | 2,111,838 | |
| GrafTech Global Enterprises, Inc. | |||
| 9.88% due 12/15/281,5 | 2,600,000 | 2,064,400 | |
| AmeriTex HoldCo Intermediate LLC | |||
| 10.25% due 10/15/285 | 1,900,000 | 1,990,250 | |
| GrafTech Finance, Inc. | |||
| 4.63% due 12/15/281,5 | 2,860,000 | 1,879,917 | |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc | |||
| 4.00% due 09/01/291,5 | 2,300,000 | 1,867,971 | |
| Summit Materials LLC / Summit Materials Finance Corp. | |||
| 5.25% due 01/15/291,5 | 1,775,000 | 1,718,235 | |
| Brundage-Bone Concrete Pumping Holdings, Inc. | |||
| 6.00% due 02/01/265 | 1,625,000 | 1,603,456 | |
| Deuce FinCo plc | |||
| 5.50% due 06/15/275 | GBP 1,200,000 | 1,420,185 | |
| 8.68% (3 Month EURIBOR + 4.75%, Rate Floor: 4.75%) due 06/15/27◊ | EUR 100,000 | 109,155 | |
| TK Elevator US Newco, Inc. | |||
| 5.25% due 07/15/275 | 1,550,000 | 1,488,847 | |
| Cellnex Finance Company S.A. | |||
| 3.88% due 07/07/415 | 1,750,000 | 1,361,815 | |
| Level 3 Financing, Inc. | |||
| 3.63% due 01/15/29 | 1,500,000 | 877,500 | |
| 3.75% due 07/15/29 | 600,000 | 351,000 | |
| Worldpay US, Inc. | |||
| 8.50% due 01/15/31 | GBP 750,000 | 1,017,800 | |
| Amsted Industries, Inc. | |||
| 4.63% due 05/15/305 | 950,000 | 864,950 | |
| TVL Finance plc | |||
| 9.43% (3 Month EURIBOR + 5.50%, Rate Floor: 5.50%) due 04/28/28◊ | EUR 780,000 | 855,091 | |
| Ball Corp. | |||
| 3.13% due 09/15/311 | 875,000 | 737,150 | |
| Masonite International Corp. | |||
| 3.50% due 02/15/305 | 700,000 | 617,825 | |
| GATX Corp. | |||
| 4.00% due 06/30/30 | 560,000 | 518,680 | |
| PGT Innovations, Inc. | |||
| 4.38% due 10/01/295 | 400,000 | 402,686 | |
| TopBuild Corp. | |||
| 4.13% due 02/15/325 | 400,000 | 350,332 | |
| Arcosa, Inc. | |||
| 4.38% due 04/15/295 | 350,000 | 323,049 | |
| EnerSys | |||
| 4.38% due 12/15/275 | 325,000 | 305,906 | |
| Hillenbrand, Inc. | |||
| 3.75% due 03/01/311 | 250,000 | 213,125 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Face Amount~ |
Value | ||
| CORPORATE BONDS†† - 44.8% (continued) | |||
| Industrial - 4.8% (continued) | |||
| MIWD Holdco II LLC / MIWD Finance Corp. | |||
| 5.50% due 02/01/305 | 125,000 | $ 114,055 | |
| Enpro, Inc. | |||
| 5.75% due 10/15/26 | 115,000 | 113,235 | |
| Vertical Midco GmbH | |||
| 4.38% due 07/15/27 | EUR 100,000 | 104,324 | |
| Level 3 Financing, Inc. | |||
| 11.00% due 11/15/29††† | 312,448 | – | |
| Total Industrial | 79,176,360 | ||
| Energy - 4.2% | |||
| Global Partners Limited Partnership / GLP Finance Corp. | |||
| 7.00% due 08/01/271 | 4,800,000 | 4,801,536 | |
| 6.88% due 01/15/29 | 2,980,000 | 2,937,118 | |
| ITT Holdings LLC | |||
| 6.50% due 08/01/291,5 | 8,050,000 | 7,145,011 | |
| Occidental Petroleum Corp. | |||
| 6.20% due 03/15/40 | 2,100,000 | 2,132,885 | |
| 7.00% due 11/15/27 | 2,000,000 | 2,046,100 | |
| 4.30% due 08/15/39 | 2,100,000 | 1,693,104 | |
| 4.63% due 06/15/45 | 750,000 | 605,393 | |
| BP Capital Markets plc | |||
| 4.88% 1,8 | 6,750,000 | 6,370,306 | |
| Venture Global LNG, Inc. | |||
| 9.88% due 02/01/321,5 | 6,000,000 | 6,317,286 | |
| NuStar Logistics, LP | |||
| 6.38% due 10/01/301 | 5,625,000 | 5,640,919 | |
| 5.63% due 04/28/27 | 200,000 | 197,942 | |
| 6.00% due 06/01/26 | 125,000 | 123,569 | |
| CVR Energy, Inc. | |||
| 8.50% due 01/15/295 | 3,500,000 | 3,521,875 | |
| 5.75% due 02/15/285 | 2,100,000 | 1,949,241 | |
| Energy Transfer, LP | |||
| 7.38% due 02/01/311,5 | 3,800,000 | 3,976,130 | |
| 4.25% due 04/01/24 | 1,000,000 | 998,890 | |
| Buckeye Partners, LP | |||
| 5.85% due 11/15/43 | 3,750,000 | 3,089,437 | |
| 4.35% due 10/15/24 | 750,000 | 739,192 | |
| TransMontaigne Partners Limited Partnership / TLP Finance Corp. | |||
| 6.13% due 02/15/26 | 4,025,000 | 3,715,228 | |
| Parkland Corp. | |||
| 4.63% due 05/01/305 | 2,700,000 | 2,466,342 | |
| 4.50% due 10/01/295 | 1,300,000 | 1,187,875 | |
| EnLink Midstream LLC | |||
| 6.50% due 09/01/301,5 | 2,600,000 | 2,665,172 | |
| Hess Corp. | |||
| 5.60% due 02/15/41 | 1,550,000 | 1,560,809 | |
| 6.00% due 01/15/40 | 1,000,000 | 1,049,676 | |
| Southwestern Energy Co. | |||
| 5.38% due 02/01/291 | 1,400,000 | 1,352,970 | |
| Venture Global Calcasieu Pass LLC | |||
| 4.13% due 08/15/315 | 775,000 | 680,186 | |
| Viper Energy, Inc. | |||
| 7.38% due 11/01/315 | 300,000 | 308,898 | |
| 5.38% due 11/01/275 | 200,000 | 194,019 | |
| DT Midstream, Inc. | |||
| 4.13% due 06/15/291,5 | 425,000 | 388,342 | |
| FLNG Liquefaction 2 LLC | |||
| 4.13% due 03/31/385 | 232,128 | 201,388 | |
| Basic Energy Services, Inc. | |||
| due 10/15/2310 | 1,030,000 | 5,150 | |
| Total Energy | 70,061,989 | ||
| Basic Materials - 2.5% | |||
| Carpenter Technology Corp. | |||
| 6.38% due 07/15/281 | 5,225,000 | 5,202,271 | |
| 7.63% due 03/15/30 | 2,500,000 | 2,581,975 | |
| SCIL IV LLC / SCIL USA Holdings LLC | |||
| 5.38% due 11/01/261,5 | 6,075,000 | 5,886,127 | |
| Kaiser Aluminum Corp. | |||
| 4.50% due 06/01/315 | 4,860,000 | 4,152,654 | |
| 4.63% due 03/01/285 | 1,000,000 | 922,036 | |
| Alcoa Nederland Holding BV | |||
| 5.50% due 12/15/271,5 | 3,625,000 | 3,562,569 | |
| 6.13% due 05/15/281,5 | 1,475,000 | 1,475,270 | |
| SK Invictus Intermediate II SARL | |||
| 5.00% due 10/30/291,5 | 5,250,000 | 4,457,232 | |
| International Flavors & Fragrances, Inc. | |||
| 1.23% due 10/01/251,5 | 3,060,000 | 2,851,716 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Face Amount~ |
Value | ||
| CORPORATE BONDS†† - 44.8% (continued) | |||
| Basic Materials - 2.5% (continued) | |||
| WR Grace Holdings LLC | |||
| 4.88% due 06/15/275 | 2,325,000 | $ 2,208,707 | |
| 7.38% due 03/01/315 | 500,000 | 506,970 | |
| Compass Minerals International, Inc. | |||
| 6.75% due 12/01/271,5 | 2,550,000 | 2,487,499 | |
| Arsenal AIC Parent LLC | |||
| 8.00% due 10/01/301,5 | 1,550,000 | 1,623,625 | |
| Illuminate Buyer LLC / Illuminate Holdings IV, Inc. | |||
| 9.00% due 07/01/285 | 1,625,000 | 1,599,115 | |
| Minerals Technologies, Inc. | |||
| 5.00% due 07/01/285 | 1,350,000 | 1,280,813 | |
| HB Fuller Co. | |||
| 4.25% due 10/15/28 | 1,150,000 | 1,065,113 | |
| Mirabela Nickel Ltd. | |||
| due 06/24/19†††,9,10 | 2,667,995 | 13,340 | |
| Total Basic Materials | 41,877,032 | ||
| Technology - 2.2% | |||
| AthenaHealth Group, Inc. | |||
| 6.50% due 02/15/305 | 7,900,000 | 7,072,686 | |
| Cloud Software Group, Inc. | |||
| 6.50% due 03/31/291,5 | 5,630,000 | 5,242,983 | |
| Capstone Borrower, Inc. | |||
| 8.00% due 06/15/301,5 | 3,800,000 | 3,927,490 | |
| NCR Voyix Corp. | |||
| 5.25% due 10/01/301,5 | 3,150,000 | 2,845,427 | |
| 5.13% due 04/15/295 | 900,000 | 834,458 | |
| Broadcom, Inc. | |||
| 3.19% due 11/15/361,5 | 4,400,000 | 3,449,415 | |
| Central Parent Incorporated / CDK Global, Inc. | |||
| 7.25% due 06/15/291,5 | 3,400,000 | 3,422,525 | |
| TeamSystem S.p.A. | |||
| 3.50% due 02/15/28 | EUR 1,700,000 | 1,745,946 | |
| Twilio, Inc. | |||
| 3.88% due 03/15/311 | 2,000,000 | 1,740,127 | |
| Playtika Holding Corp. | |||
| 4.25% due 03/15/291,5 | 2,025,000 | 1,727,811 | |
| Dun & Bradstreet Corp. | |||
| 5.00% due 12/15/295 | 1,800,000 | 1,656,000 | |
| Oracle Corp. | |||
| 3.95% due 03/25/511 | 2,100,000 | 1,566,500 | |
| Central Parent LLC / CDK Global II LLC / CDK Financing Company, Inc. | |||
| 8.00% due 06/15/295 | 350,000 | 358,729 | |
| Booz Allen Hamilton, Inc. | |||
| 4.00% due 07/01/295 | 325,000 | 300,020 | |
| Total Technology | 35,890,117 | ||
| Utilities - 0.6% | |||
| Terraform Global Operating, LP | |||
| 6.13% due 03/01/261,5 | 5,255,000 | 5,176,964 | |
| Alexander Funding Trust II | |||
| 7.47% due 07/31/281,5 | 1,950,000 | 2,040,906 | |
| Clearway Energy Operating LLC | |||
| 3.75% due 02/15/311,5 | 1,663,000 | 1,402,350 | |
| 3.75% due 01/15/325 | 525,000 | 439,142 | |
| Total Utilities | 9,059,362 | ||
| Total Corporate Bonds | |||
| (Cost $810,205,813) | 740,357,336 | ||
| SENIOR FLOATING RATE INTERESTS††,◊ - 35.9% | |||
| Consumer, Cyclical - 8.0% | |||
| First Brands Group LLC | |||
| 10.57% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 03/30/27 | 7,867,736 | 7,877,155 | |
| Pacific Bells LLC | |||
| 10.11% (3 Month Term SOFR + 4.50%, Rate Floor: 5.00%) due 11/10/28 | 7,889,207 | 7,822,149 | |
| FR Refuel LLC | |||
| 10.19% (1 Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 11/08/28 | 7,830,667 | 7,654,477 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Face Amount~ |
Value | ||
| SENIOR FLOATING RATE INTERESTS††,◊ - 35.9% (continued) | |||
| Consumer, Cyclical - 8.0% (continued) | |||
| MB2 Dental Solutions, LLC | |||
| 11.32% (1 Month Term SOFR + 6.00%, Rate Floor: 6.75%) due 01/29/31 | 5,739,964 | $ 5,728,278 | |
| Alexander Mann | |||
| 11.40% (1 Month SOFR + 6.00%, Rate Floor: 6.00%) due 06/29/27 | 5,358,570 | 5,204,511 | |
| BRE/Everbright M6 Borrower LLC | |||
| 10.42% (1 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 09/09/26 | 5,181,821 | 5,164,566 | |
| Shaw Development LLC | |||
| 11.16% (6 Month Term SOFR + 6.00%, Rate Floor: 6.00%) due 10/30/29††† | 4,468,085 | 4,383,697 | |
| Secretariat Advisors LLC | |||
| 10.36% (3 Month Term SOFR + 5.01%, Rate Floor: 5.76%) due 12/29/28††† | 4,318,000 | 4,274,820 | |
| Accuride Corp. | |||
| 12.20% (1 Month Term SOFR + 5.25%, Rate Floor: 6.25%) (in-kind rate was 1.62%) due 05/18/2611 | 5,353,929 | 4,176,064 | |
| ImageFIRST Holdings LLC | |||
| 9.57% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 04/27/28 | 3,069,352 | 3,061,679 | |
| 10.47% (6 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 04/27/28 | 1,073,111 | 1,070,428 | |
| Albion Financing 3 SARL | |||
| 9.21% (3 Month EURIBOR + 5.25%, Rate Floor: 5.25%) due 08/17/26 | EUR 3,700,000 | 3,994,249 | |
| Truck Hero, Inc. | |||
| 8.94% (1 Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 01/31/28 | 3,890,000 | 3,816,596 | |
| Zephyr Bidco Ltd. | |||
| 11.19% (3 Month GBP SONIA + 6.00%, Rate Floor: 6.00%) due 07/31/28 | GBP 3,000,000 | 3,772,960 | |
| Alterra Mountain Co. | |||
| due 05/31/30 | 2,650,000 | 2,650,000 | |
| 8.94% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 08/17/28 | 579,801 | 579,801 | |
| The Facilities Group | |||
| 11.19% (3 Month Term SOFR + 5.75%, Rate Floor: 6.75%) due 11/30/27††† | 3,293,083 | 3,229,284 | |
| NFM & J LLC | |||
| 11.16% (3 Month Term SOFR + 5.75%, Rate Floor: 6.75%) due 11/30/27††† | 3,239,773 | 3,177,007 | |
| WIRB - Copernicus Group, Inc. | |||
| 9.44% (1 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 01/08/27 | 3,144,831 | 3,142,252 | |
| Breitling Financing SARL | |||
| 7.79% (6 Month EURIBOR + 3.90%, Rate Floor: 3.90%) due 10/25/28 | EUR 2,800,000 | 2,944,934 | |
| Thevelia US LLC | |||
| 7.68% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 06/01/29 | EUR 2,100,000 | 2,269,794 | |
| 9.07% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 06/01/29 | 650,000 | 650,539 | |
| PetSmart LLC | |||
| 9.18% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 02/11/28 | 2,778,750 | 2,766,023 | |
| Arcis Golf LLC | |||
| 9.19% (1 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 11/24/28 | 2,684,125 | 2,687,480 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Face Amount~ |
Value | ||
| SENIOR FLOATING RATE INTERESTS††,◊ - 35.9% (continued) | |||
| Consumer, Cyclical - 8.0% (continued) | |||
| BGIS (BIFM CA Buyer, Inc.) | |||
| 8.95% (1 Month Term SOFR + 3.61%, Rate Floor: 3.61%) due 06/01/26 | 2,635,896 | $2,631,495 | |
| Caesars Entertainment, Inc. | |||
| 8.04% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 01/24/31 | 2,000,000 | 1,995,840 | |
| 8.66% (3 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 02/06/30 | 545,875 | 545,951 | |
| TTF Holdings Intermediate LLC | |||
| 9.44% (1 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 03/31/28 | 2,262,299 | 2,259,471 | |
| BCP V Modular Services Holdings IV Ltd. | |||
| 8.35% (3 Month EURIBOR + 4.43%, Rate Floor: 4.43%) due 12/15/28 | EUR 2,000,000 | 2,122,789 | |
| BCPE Empire Holdings, Inc. | |||
| 9.33% (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 12/11/28 | 2,075,000 | 2,073,962 | |
| OEConnection LLC | |||
| 9.43% (1 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 09/25/26 | 1,982,272 | 1,977,812 | |
| PAI Holdco, Inc. | |||
| 9.32% (3 Month Term SOFR + 4.01%, Rate Floor: 4.76%) due 10/28/27 | 2,065,059 | 1,955,611 | |
| CNT Holdings I Corp. | |||
| 8.82% (3 Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 11/08/27 | 1,799,125 | 1,797,002 | |
| Sweetwater Sound | |||
| 9.69% (1 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 08/07/28 | 1,800,000 | 1,791,000 | |
| ScribeAmerica Intermediate Holdco LLC (Healthchannels) | |||
| 9.94% (1 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 04/03/25 | 2,440,512 | 1,769,371 | |
| Packers Holdings LLC | |||
| 8.67% (1 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 03/09/28 | 2,701,144 | 1,737,186 | |
| Orion Group | |||
| 11.86% ((1 Month Term SOFR + 6.25%) and (3 Month Term SOFR + 6.25%), Rate Floor: 7.25%) due 03/19/27††† | 1,619,604 | 1,579,437 | |
| 11.52% ((3 Month Term SOFR + 6.00%) and (Commercial Prime Lending Rate + 5.00%), Rate Floor: 7.00%) due 03/19/27††† | 81,326 | 74,489 | |
| Ontario Gaming GTA LP | |||
| 9.60% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 08/01/30 | 1,500,000 | 1,497,990 | |
| BIFM CA Buyer Inc. | |||
| 9.57% (1 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 05/31/28 | 1,475,000 | 1,472,537 | |
| Holding SOCOTEC | |||
| 9.57% (3 Month SOFR + 4.00%, Rate Floor: 4.75%) due 06/30/28 | 1,323,000 | 1,312,522 | |
| Fertitta Entertainment LLC | |||
| 9.33% (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 01/29/29 | 1,179,741 | 1,180,189 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Face Amount~ |
Value | ||
| SENIOR FLOATING RATE INTERESTS††,◊ - 35.9% (continued) | |||
| Consumer, Cyclical - 8.0% (continued) | |||
| Galls LLC | |||
| 12.22% (3 Month Term SOFR + 6.75%, Rate Floor: 7.75%) due 01/31/25††† | 926,905 | $919,953 | |
| 12.21% (3 Month Term SOFR + 6.90%, Rate Floor: 7.90%) due 01/31/25††† | 124,522 | 123,588 | |
| 12.15% ((1 Month Term SOFR + 6.75%) and (3 Month Term SOFR + 6.75%), Rate Floor: 7.75%) due 01/31/25††† | 92,106 | 91,416 | |
| SHO Holding I Corp. | |||
| 10.82% (3 Month Term SOFR + 5.51%, Rate Floor: 6.51%) due 04/29/24 | 1,910,162 | 1,101,533 | |
| 10.87% (3 Month Term SOFR + 5.49%, Rate Floor: 6.49%) due 04/29/24 | 32,514 | 18,750 | |
| Congruex Group LLC | |||
| 11.21% (3 Month Term SOFR + 5.75%, Rate Floor: 6.50%) due 05/03/29 | 1,182,000 | 1,116,990 | |
| Parts Holding Europe | |||
| 7.64% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 01/22/31 | EUR 1,000,000 | 1,078,389 | |
| PT Intermediate Holdings III LLC | |||
| 11.47% (3 Month Term SOFR + 5.98%, Rate Floor: 6.73%) due 11/01/28††† | 979,210 | 974,314 | |
| CD&R Firefly Bidco Ltd. | |||
| 9.54% (3 Month GBP SONIA + 4.25%, Rate Floor: 4.25%) due 06/23/25††† | GBP 703,016 | 885,260 | |
| Elvis UK HoldCo Ltd. | |||
| 8.58% (3 Month EURIBOR + 4.68%, Rate Floor: 4.68%) due 10/19/28 | EUR 800,000 | 862,166 | |
| Checkers Holdings, Inc. | |||
| 20.72% (6 Month Term SOFR + 9.43%, Rate Floor: 9.43%) (in-kind rate was 6.00%) due 06/16/28†††,11 | 660,172 | 660,172 | |
| 16.72% (6 Month Term SOFR + 7.43%, Rate Floor: 7.43%) (in-kind rate was 4.00%) due 06/16/27†††,11 | 93,651 | 93,651 | |
| CCRR Parent, Inc. | |||
| 9.19% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 03/06/28 | 745,532 | 664,456 | |
| Outcomes Group Holdings, Inc. | |||
| 12.93% (1 Month Term SOFR + 7.50%, Rate Floor: 8.00%) due 10/26/26††† | 450,000 | 423,000 | |
| Sotheby's | |||
| 10.08% (3 Month Term SOFR + 4.50%, Rate Floor: 5.00%) due 01/15/27 | 357,021 | 353,540 | |
| Mavis Tire Express Services TopCo Corp. | |||
| 9.08% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 05/04/28 | 316,875 | 316,827 | |
| SHO Holding I Corp. | |||
| 10.38% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 04/27/24††† | 484,000 | 301,694 | |
| 10.83% (3 Month Term SOFR + 5.49%, Rate Floor: 6.49%) due 04/29/24††† | 323 | 201 | |
| EG Finco Ltd. | |||
| 11.24% (12 Month SOFR + 5.50%, Rate Floor: 5.50%) due 02/07/28 | 169,290 | 166,115 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Face Amount~ |
Value | ||
| SENIOR FLOATING RATE INTERESTS††,◊ - 35.9% (continued) | |||
| Consumer, Cyclical - 8.0% (continued) | |||
| Scientific Games Holdings, LP | |||
| 8.58% (3 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 04/04/29 | 123,438 | $123,129 | |
| Total Consumer, Cyclical | 132,148,541 | ||
| Consumer, Non-cyclical - 7.6% | |||
| HAH Group Holding Co. LLC | |||
| 10.43% (1 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 10/29/27 | 7,668,928 | 7,601,825 | |
| LaserAway Intermediate Holdings II LLC | |||
| 11.33% (3 Month Term SOFR + 5.75%, Rate Floor: 6.50%) due 10/14/27 | 7,557,327 | 7,494,374 | |
| Quirch Foods Holdings LLC | |||
| 10.39% (3 Month Term SOFR + 4.75%, Rate Floor: 5.75%) due 10/27/27 | 6,830,490 | 6,819,835 | |
| Southern Veterinary Partners LLC | |||
| 9.44% (1 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 10/05/27 | 6,560,698 | 6,546,330 | |
| Women's Care Holdings, Inc. | |||
| 9.91% (3 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 01/17/28 | 6,654,375 | 5,761,557 | |
| Blue Ribbon LLC | |||
| 11.63% (3 Month Term SOFR + 6.00%, Rate Floor: 6.75%) due 05/08/28 | 5,968,835 | 5,166,027 | |
| PlayCore | |||
| 9.84% (3 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 02/14/30 | 4,900,000 | 4,900,000 | |
| Florida Food Products LLC | |||
| 10.44% (1 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 10/18/28 | 5,600,992 | 4,865,862 | |
| Kronos Acquisition Holdings, Inc. | |||
| 9.36% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 12/22/26 | 2,889,208 | 2,889,208 | |
| 11.49% (3 Month Term SOFR + 6.00%, Rate Floor: 7.00%) due 12/22/26 | 1,764,000 | 1,765,464 | |
| Gibson Brands, Inc. | |||
| 10.58% (3 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 08/11/28 | 4,826,500 | 4,518,811 | |
| National Mentor Holdings, Inc. | |||
| 9.18% ((1 Month Term SOFR + 3.75%) and (3 Month Term SOFR + 3.75%), Rate Floor: 4.50%) due 03/02/28 | 4,279,813 | 3,985,575 | |
| 9.20% (3 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 03/02/28 | 150,000 | 139,687 | |
| Curriculum Associates LLC | |||
| 10.17% (1 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 01/09/27 | 4,200,000 | 4,116,000 | |
| Celeste Bidco B.V. | |||
| due 07/02/29 | EUR 3,750,000 | 4,023,649 | |
| Mission Veterinary Partners | |||
| 9.44% (1 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 04/27/28 | 3,910,000 | 3,898,583 | |
| Inception Holdco SARL | |||
| 9.68% (3 Month EURIBOR + 5.75%, Rate Floor: 5.75%) due 09/26/29††† | EUR 3,600,000 | 3,852,973 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Face Amount~ |
Value | ||
| SENIOR FLOATING RATE INTERESTS††,◊ - 35.9% (continued) | |||
| Consumer, Non-cyclical - 7.6% (continued) | |||
| Heritage Grocers Group LLC | |||
| 12.20% (3 Month Term SOFR + 6.75%, Rate Floor: 7.50%) due 08/01/29 | 3,820,980 | $3,823,387 | |
| AI Aqua Merger Sub, Inc. | |||
| 9.58% (1 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 07/30/28 | 3,750,000 | 3,752,362 | |
| Balrog Acquisition, Inc. | |||
| 9.94% (1 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 09/05/28 | 3,034,750 | 3,030,957 | |
| 9.44% (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 09/05/28 | 711,490 | 710,159 | |
| Cambrex Corp. | |||
| 8.93% (1 Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 12/04/26 | 3,400,548 | 3,333,966 | |
| Dhanani Group, Inc. | |||
| 11.42% (1 Month Term SOFR + 6.00%, Rate Floor: 7.00%) due 06/10/27††† | 2,918,182 | 2,889,000 | |
| Weber-Stephen Products LLC | |||
| 8.69% (1 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 10/29/27 | 3,019,200 | 2,730,233 | |
| Chefs' Warehouse, Inc. | |||
| 10.18% (1 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 08/23/29 | 2,495,625 | 2,494,078 | |
| Lyons Magnus | |||
| 12.06% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) (in-kind rate was 4.25%) due 05/10/2711 | 2,497,611 | 2,276,997 | |
| PetIQ LLC | |||
| 10.17% (6 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 04/13/28 | 2,242,500 | 2,220,075 | |
| Confluent Health LLC | |||
| 9.44% (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 11/30/28††† | 2,163,589 | 2,136,545 | |
| Nidda Healthcare Holding GmbH | |||
| 7.45% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 08/21/26 | EUR 1,900,000 | 2,039,203 | |
| PlayPower, Inc. | |||
| 10.98% (3 Month Term SOFR + 5.50%, Rate Floor: 6.50%) due 05/08/26 | 2,127,053 | 1,999,429 | |
| Resonetics LLC | |||
| 9.60% (3 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 04/28/28 | 1,466,250 | 1,464,681 | |
| Artisan Newco B.V. | |||
| 8.15% (3 Month EURIBOR + 4.25%, Rate Floor: 4.25%) due 02/12/29 | EUR 1,100,000 | 1,185,717 | |
| Moran Foods LLC | |||
| 12.70% (3 Month Term SOFR + 7.25%, Rate Floor: 8.25%) due 06/30/26††† | 1,775,748 | 1,182,795 | |
| Financiere N | |||
| 8.89% (6 Month EURIBOR + 5.00%, Rate Floor: 5.00%) due 01/31/29 | EUR 1,000,000 | 1,080,746 | |
| AI Monet (Luxembourg) Parentco SARL | |||
| due 02/07/31 | EUR 1,000,000 | 1,079,059 | |
| Stars UK Bidco Ltd. | |||
| 8.04% (6 Month EURIBOR + 4.15%, Rate Floor: 4.25%) due 08/09/29 | EUR 1,000,000 | 1,078,713 | |
| Hearthside Group Holdings LLC | |||
| 9.60% (3 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 05/23/25 | 1,377,500 | 1,011,884 | |
| Summit Behavioral Healthcare, LLC | |||
| 10.35% (3 Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 11/24/28 | 997,462 | 995,597 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Face Amount~ |
Value | ||
| SENIOR FLOATING RATE INTERESTS††,◊ - 35.9% (continued) | |||
| Consumer, Non-cyclical - 7.6% (continued) | |||
| Financiere Mendel | |||
| 9.56% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 11/08/30 | 925,000 | $925,388 | |
| EyeCare Partners LLC | |||
| 9.32% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 02/18/27 | 1,687,177 | 898,422 | |
| Endo Luxembourg Finance Company I SARL | |||
| 14.50% (Commercial Prime Lending Rate + 6.00%, Rate Floor: 7.75%) due 03/27/28 | 1,283,750 | 837,005 | |
| Rainbow Finco SARL | |||
| 9.55% (6 Month SOFR + 4.25%, Rate Floor: 5.00%) due 02/26/29††† | 700,000 | 668,500 | |
| Snacking Investments US LLC (Arnott's) | |||
| 9.33% (1 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 12/18/26 | 458,792 | 458,218 | |
| TGP Holdings LLC | |||
| 8.68% (1 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 06/29/28 | 376,748 | 349,965 | |
| Triton Water Holdings, Inc. | |||
| 8.86% (3 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 03/31/28 | 222,716 | 218,587 | |
| Surgery Center Holdings, Inc. | |||
| 8.82% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 12/04/30 | 125,000 | 125,139 | |
| Total Consumer, Non-cyclical | 125,342,567 | ||
| Industrial - 6.1% | |||
| Arcline FM Holdings LLC | |||
| 10.36% (3 Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 06/23/28 | 7,135,750 | 7,138,462 | |
| Charter Next Generation Inc. | |||
| 8.83% (1 Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 12/01/27 | 4,680,872 | 4,677,642 | |
| Fugue Finance LLC | |||
| due 02/13/31 | 2,200,000 | 2,198,174 | |
| 8.20% (3 Month EURIBOR + 4.25%, Rate Floor: 4.25%) due 01/31/28 | EUR 2,000,000 | 2,160,692 | |
| NA Rail Hold Co. LLC | |||
| 9.61% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 10/19/26 | 4,228,450 | 4,220,543 | |
| Pelican Products, Inc. | |||
| 9.75% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 12/29/28 | 4,497,802 | 4,149,222 | |
| Foundation Building Materials Holding Company LLC | |||
| due 01/25/31 | 4,150,000 | 4,144,813 | |
| American Bath Group LLC | |||
| 9.18% (1 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 11/23/27 | 4,046,104 | 3,985,413 | |
| Merlin Buyer, Inc. | |||
| 9.33% (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 12/14/28 | 3,930,000 | 3,912,001 | |
| Integrated Power Services Holdings, Inc. | |||
| 9.94% (1 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 11/22/28††† | 3,923,375 | 3,896,861 | |
| CPM Holdings, Inc. | |||
| 9.83% (1 Month Term SOFR + 4.50%, Rate Floor: 5.00%) due 09/22/28 | 3,862,027 | 3,861,216 | |
| Michael Baker International LLC | |||
| 10.44% (1 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 12/01/28 | 3,830,457 | 3,840,033 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Face Amount~ |
Value | ||
| SENIOR FLOATING RATE INTERESTS††,◊ - 35.9% (continued) | |||
| Industrial - 6.1% (continued) | |||
| Dispatch Terra Acquisition LLC | |||
| 9.75% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/27/28 | 4,131,469 | $3,834,541 | |
| Geo Parent Corp. | |||
| 10.50% (6 Month Term SOFR + 5.25%, Rate Floor: 5.25%) due 12/19/28 | 3,800,000 | 3,771,500 | |
| ASP Dream Acquisiton Co. LLC | |||
| 9.43% (1 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 12/15/28 | 3,256,250 | 3,252,180 | |
| Aegion Corp. | |||
| 9.58% (1 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 05/17/28 | 3,014,102 | 3,006,566 | |
| StandardAero | |||
| 9.33% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 08/24/28 | 2,760,801 | 2,766,157 | |
| Mileage Plus Holdings LLC | |||
| 10.77% (3 Month Term SOFR + 5.25%, Rate Floor: 6.25%) due 06/21/27 | 2,625,000 | 2,701,072 | |
| STS Operating, Inc. (SunSource) | |||
| 9.68% (1 Month Term SOFR + 4.25%, Rate Floor: 5.25%) due 12/11/24 | 2,356,332 | 2,355,601 | |
| AI Convoy Luxembourg SARL | |||
| 7.61% (6 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 01/18/27 | EUR 2,200,000 | 2,353,524 | |
| Mauser Packaging Solutions Holding Co. | |||
| 9.33% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 08/14/26 | 2,297,924 | 2,302,703 | |
| CapStone Acquisition Holdings, Inc. | |||
| 10.18% (1 Month Term SOFR + 4.75%, Rate Floor: 5.75%) due 11/12/27††† | 2,302,801 | 2,290,668 | |
| Atlantic Aviation | |||
| 8.83% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 09/22/28 | 2,178,041 | 2,179,065 | |
| Weener Plastics Group BV | |||
| 8.43% (3 Month EURIBOR + 4.50%, Rate Floor: 4.50%) due 11/30/28 | EUR 1,900,000 | 2,048,919 | |
| Artera Services LLC | |||
| 9.81% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 02/06/31 | 1,750,000 | 1,754,375 | |
| Service Logic Acquisition, Inc. | |||
| 9.57% ((1 Month Term SOFR + 4.00%) and (3 Month Term SOFR + 4.00%), Rate Floor: 4.75%) due 10/29/27 | 1,650,000 | 1,647,937 | |
| ILPEA Parent, Inc. | |||
| 9.94% (1 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 06/22/28††† | 1,613,260 | 1,580,995 | |
| Anchor Packaging LLC | |||
| 8.93% (1 Month Term SOFR + 3.50%, Rate Floor: 4.50%) due 07/20/26 | 1,582,012 | 1,579,054 | |
| DXP Enterprises, Inc. | |||
| 10.29% (6 Month Term SOFR + 4.75%, Rate Floor: 5.75%) due 10/05/30 | 1,546,125 | 1,544,192 | |
| Inspired Finco Holdings Ltd. | |||
| 8.11% (1 Month EURIBOR + 4.25%, Rate Floor: 4.25%) due 12/31/28 | EUR 1,250,000 | 1,347,608 | |
| Protective Industrial Products, Inc. | |||
| 9.44% (1 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 12/29/27 | 1,337,182 | 1,323,810 | |
| Spring Education Group, Inc. | |||
| 9.85% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 10/04/30 | 1,200,000 | 1,199,256 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Face Amount~ |
Value | ||
| SENIOR FLOATING RATE INTERESTS††,◊ - 35.9% (continued) | |||
| Industrial - 6.1% (continued) | |||
| Merlin Buyer, Inc. | |||
| 10.08% (1 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 12/14/28††† | 1,097,236 | $1,097,236 | |
| API Holdings III Corp. | |||
| 12.35% (3 Month Term SOFR + 1.00%, Rate Floor: 2.00%) (in-kind rate was 6.00%) due 05/09/26†††,11 | 1,583,684 | 966,047 | |
| 12.35% (3 Month Term SOFR + 1.00%, Rate Floor: 1.00%) (in-kind rate was 6.00%) due 03/25/27†††,11 | 119,264 | 116,027 | |
| Solis IV B.V. | |||
| 7.95% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 02/26/29 | EUR 1,000,000 | 1,065,135 | |
| TK Elevator Midco GmbH | |||
| 6.61% (1 Month EURIBOR + 2.75%, Rate Floor: 2.75%) due 01/29/27††† | EUR 665,382 | 683,567 | |
| TK Elevator Midco GmbH | |||
| 9.08% (6 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 07/30/27 | 626,000 | 626,426 | |
| Valcour Packaging LLC | |||
| 9.19% (1 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 10/04/28 | 645,076 | 523,892 | |
| ProAmpac PG Borrower LLC | |||
| 9.81% (3 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 09/15/28 | 500,000 | 500,000 | |
| Bleriot US Bidco LLC | |||
| 9.61% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 10/31/28 | 398,000 | 398,685 | |
| Patriot Container Corp. (Wastequip) | |||
| 9.18% (1 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 03/20/25 | 349,074 | 337,837 | |
| Sundyne (Star US Bidco) | |||
| 9.68% (1 Month Term SOFR + 4.25%, Rate Floor: 5.25%) due 03/17/27 | 319,753 | 319,833 | |
| Osmose Utility Services, Inc. | |||
| 8.69% (1 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 06/23/28 | 296,212 | 294,115 | |
| Titan Acquisition Ltd. (Husky) | |||
| 8.44% (1 Month Term SOFR + 3.00%, Rate Floor: 4.00%) due 03/28/25††† | 285,846 | 282,631 | |
| Park River Holdings, Inc. | |||
| 8.84% (3 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 12/28/27 | 235,748 | 228,994 | |
| White Cap Supply Holdings LLC | |||
| 9.08% (1 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 10/19/27 | 98,492 | 98,568 | |
| Air Canada | |||
| 8.93% (1 Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 08/11/28 | 82,155 | 82,166 | |
| Total Industrial | 100,645,954 | ||
| Technology - 5.8% | |||
| Visma AS | |||
| 7.18% (6 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 12/03/25††† | EUR 7,250,000 | 7,798,649 | |
| Avalara, Inc. | |||
| 12.60% (3 Month Term SOFR + 7.25%, Rate Floor: 8.00%) due 10/19/28††† | 7,000,000 | 6,922,112 | |
| Polaris Newco LLC | |||
| 8.98% ((1 Month Term SOFR + 3.50%) and (3 Month Term SOFR + 3.50%), Rate Floor: 3.50%) due 06/04/26††† | 5,286,400 | 4,987,484 | |
| Finastra | |||
| 12.71% (6 Month Term SOFR + 7.25%, Rate Floor: 8.25%) due 09/13/29††† | 4,900,000 | 4,859,313 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Face Amount~ |
Value | ||
| SENIOR FLOATING RATE INTERESTS††,◊ - 35.9% (continued) | |||
| Technology - 5.8% (continued) | |||
| Concorde Lux | |||
| 7.91% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 03/01/28 | EUR 4,252,725 | $4,583,196 | |
| Datix Bidco Ltd. | |||
| 12.94% (6 Month GBP SONIA + 7.75%, Rate Floor: 8.44%) due 04/27/26††† | GBP 1,775,000 | 2,236,704 | |
| 9.94% (6 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 04/28/25††† | 2,001,644 | 1,999,242 | |
| 13.19% (6 Month Term SOFR + 7.75%, Rate Floor: 8.26%) due 04/27/26††† | 300,111 | 299,571 | |
| Alteryx Inc. | |||
| due 05/14/24 | 4,150,000 | 4,150,000 | |
| Wrench Group LLC | |||
| 9.61% (3 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 04/30/26 | 4,145,379 | 4,145,379 | |
| Blackhawk Network Holdings, Inc. | |||
| due 02/23/29 | 4,190,000 | 4,137,625 | |
| 24-7 Intouch, Inc. | |||
| 10.18% (1 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 08/25/25 | 4,085,648 | 3,971,577 | |
| Apttus Corp. | |||
| 9.44% (1 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 05/08/28 | 3,802,437 | 3,801,259 | |
| Park Place Technologies, LLC | |||
| 10.43% (1 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 11/10/27 | 3,770,479 | 3,765,766 | |
| Precise Midco BV | |||
| 8.43% (3 Month EURIBOR + 4.50%, Rate Floor: 4.50%) due 10/16/30 | EUR 2,624,615 | 2,831,520 | |
| 7.68% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 05/13/26 | EUR 775,385 | 835,220 | |
| Xerox Corp. | |||
| 9.33% (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 11/19/29 | 3,550,000 | 3,551,491 | |
| Sitecore Holding III A/S | |||
| 13.38% (6 Month Term SOFR + 7.75%, Rate Floor: 8.25%) due 03/12/29††† | 1,965,959 | 1,947,434 | |
| 11.83% (6 Month EURIBOR + 7.75%, Rate Floor: 7.75%) due 03/12/29††† | EUR 1,455,989 | 1,559,211 | |
| Central Parent LLC | |||
| 9.35% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 07/06/29 | 3,206,250 | 3,212,406 | |
| Indicor, LLC | |||
| 9.35% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 11/22/29 | 2,580,533 | 2,587,629 | |
| IRIS Software Group | |||
| 9.22% (1 Month GBP SONIA + 4.00%, Rate Floor: 4.00%) due 09/08/25 | GBP 2,000,000 | 2,518,462 | |
| iSolved, Inc. | |||
| 9.48% (6 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 10/14/30 | 2,400,000 | 2,406,000 | |
| Project Ruby Ultimate Parent Corp. | |||
| 8.69% (1 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 03/10/28 | 2,236,750 | 2,221,182 | |
| Atlas CC Acquisition Corp. | |||
| 9.85% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 05/25/28 | 2,489,205 | 2,218,503 | |
| RLDatix | |||
| 13.19% (6 Month Term SOFR + 7.75%, Rate Floor: 7.75%) due 04/27/26††† | 1,387,999 | 1,385,500 | |
| 9.94% (6 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 04/28/25††† | 652,084 | 651,302 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Face Amount~ |
Value | ||
| SENIOR FLOATING RATE INTERESTS††,◊ - 35.9% (continued) | |||
| Technology - 5.8% (continued) | |||
| Waystar Technologies Inc. | |||
| 9.33% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 10/31/29 | 1,983,854 | $1,983,855 | |
| Aston FinCo SARL | |||
| 9.69% (1 Month Term SOFR + 4.25%, Rate Floor: 5.25%) due 10/09/26 | 1,636,250 | 1,441,356 | |
| 9.96% (1 Month GBP SONIA + 4.77%, Rate Floor: 4.77%) due 10/09/26 | GBP 390,040 | 450,529 | |
| Team.Blue Finco SARL | |||
| 7.13% (3 Month EURIBOR + 3.20%, Rate Floor: 3.20%) due 03/30/28 | EUR 1,750,000 | 1,846,014 | |
| Upland Software, Inc. | |||
| 9.18% (1 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 08/06/26 | 1,785,370 | 1,714,402 | |
| CoreLogic, Inc. | |||
| 8.94% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 06/02/28 | 1,254,864 | 1,218,197 | |
| Boxer Parent Co., Inc. | |||
| due 12/06/28 | 500,000 | 501,365 | |
| SUSE | |||
| 9.82% (1 Month Term SOFR + 4.50%, Rate Floor: 5.00%) due 11/11/30 | 500,000 | 500,155 | |
| Epicor Software | |||
| 8.69% (1 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 07/30/27 | 483,750 | 484,809 | |
| Project Ruby Ultimate Parent Corp. | |||
| 8.94% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 03/10/28††† | 450,000 | 450,000 | |
| Polaris Newco LLC | |||
| 9.57% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 06/02/28 | 335,776 | 328,181 | |
| Total Technology | 96,502,600 | ||
| Financial - 4.6% | |||
| Eisner Advisory Group | |||
| due 02/22/31 | 8,450,000 | 8,386,625 | |
| HighTower Holding LLC | |||
| 9.59% (3 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 04/21/28 | 8,017,704 | 8,007,682 | |
| Higginbotham Insurance Agency, Inc. | |||
| 10.93% (1 Month Term SOFR + 5.50%, Rate Floor: 6.50%) due 11/24/28††† | 7,262,361 | 7,197,090 | |
| AqGen Island Holdings, Inc. | |||
| 8.94% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 08/02/28 | 4,200,000 | 4,169,550 | |
| Howden Group Holdings Ltd. | |||
| due 03/03/31 | EUR 3,750,000 | 4,033,784 | |
| Asurion LLC | |||
| 9.68% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 08/20/28 | 3,926,718 | 3,900,959 | |
| Duff & Phelps | |||
| 9.10% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 04/09/27 | 2,005,000 | 1,979,376 | |
| 7.93% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 04/09/27 | EUR 1,740,979 | 1,866,857 | |
| Tegra118 Wealth Solutions, Inc. | |||
| 9.32% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 02/18/27 | 3,750,000 | 3,561,337 | |
| Franchise Group, Inc. | |||
| 10.36% (6 Month Term SOFR + 5.18%, Rate Floor: 5.93%) due 03/10/26 | 3,995,519 | 3,516,057 | |
| Teneo Holdings LLC | |||
| 10.68% (1 Month Term SOFR + 5.25%, Rate Floor: 6.25%) due 07/11/25 | 3,355,923 | 3,351,728 | |
| Aretec Group, Inc. | |||
| 9.93% (1 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 08/09/30 | 3,191,980 | 3,202,769 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Face Amount~ |
Value | ||
| SENIOR FLOATING RATE INTERESTS††,◊ - 35.9% (continued) | |||
| Financial - 4.6% (continued) | |||
| Claros Mortgage Trust, Inc. | |||
| 9.92% (1 Month Term SOFR + 4.50%, Rate Floor: 5.00%) due 08/10/26 | 3,448,805 | $3,172,901 | |
| Osaic Holdings, Inc. | |||
| 9.83% (1 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 08/10/28 | 2,950,000 | 2,948,171 | |
| Alter Domus | |||
| 8.82% (3 Month SOFR + 3.25%, Rate Floor: 4.00%) due 02/17/28 | 2,723,000 | 2,717,908 | |
| Ardonagh Midco 3 plc | |||
| due 02/16/31 | 2,518,072 | 2,480,301 | |
| Apex Group Treasury LLC | |||
| 10.32% (3 Month Term SOFR + 5.00%, Rate Floor: 5.50%) due 07/27/28††† | 2,029,500 | 2,026,963 | |
| Navacord Inc. | |||
| 8.82% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 03/15/30 | 1,850,000 | 1,850,777 | |
| Cobham Ultra SeniorCo SARL | |||
| 9.01% (6 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 08/06/29 | 1,728,234 | 1,710,952 | |
| Nexus Buyer LLC | |||
| 9.18% (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 11/09/26 | 1,731,740 | 1,701,435 | |
| Sandy Bidco BV | |||
| 8.13% (6 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 08/17/29 | EUR 1,100,000 | 1,183,243 | |
| Saphilux SARL | |||
| 10.14% ((6 Month Term SOFR + 4.75%) and (6 Month SOFR + 4.75%), Rate Floor: 4.75%) due 07/18/28 | 1,150,000 | 1,150,725 | |
| Global Blue Acquisition B.V. | |||
| 8.87% (1 Month EURIBOR + 5.00%, Rate Floor: 5.00%) due 11/13/30 | EUR 1,000,000 | 1,083,114 | |
| Avison Young (Canada), Inc. | |||
| 11.94% (1 Month Term SOFR + 6.50%, Rate Floor: 6.50%) due 01/31/26 | 2,305,623 | 849,230 | |
| Avison Young (Canada), Inc. | |||
| 9.50% (1 Month Term SOFR + 7.50%, Rate Floor: 8.50%) due 11/24/27††† | 373,134 | – | |
| Total Financial | 76,049,534 | ||
| Communications - 1.5% | |||
| FirstDigital Communications LLC | |||
| 9.69% (1 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 12/17/26††† | 7,980,000 | 7,769,050 | |
| Syndigo LLC | |||
| 9.94% (1 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 12/15/27 | 4,473,500 | 4,451,132 | |
| Flight Bidco, Inc. | |||
| 12.94% (1 Month Term SOFR + 7.50%, Rate Floor: 7.50%) due 07/23/26 | 3,715,000 | 3,640,700 | |
| 8.94% (1 Month Term SOFR + 3.50%, Rate Floor: 4.50%) due 07/23/25 | 428,518 | 422,304 | |
| Simon & Schuster | |||
| 9.32% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 10/30/30 | 2,500,000 | 2,507,825 | |
| Conterra Ultra Broadband Holdings, Inc. | |||
| 10.18% (1 Month Term SOFR + 4.75%, Rate Floor: 5.75%) due 04/30/26 | 2,398,890 | 2,375,645 | |
| Xplornet Communications, Inc. | |||
| 9.61% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 10/02/28 | 4,545,375 | 2,063,418 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Face Amount~ |
Value | ||
| SENIOR FLOATING RATE INTERESTS††,◊ - 35.9% (continued) | |||
| Communications - 1.5% (continued) | |||
| McGraw Hill LLC | |||
| 10.19% (1 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 07/28/28 | 975,000 | $970,652 | |
| Cengage Learning Acquisitions, Inc. | |||
| 10.33% (3 Month Term SOFR + 4.75%, Rate Floor: 5.75%) due 07/14/26 | 439,875 | 439,602 | |
| Titan AcquisitionCo New Zealand Ltd. (Trade Me) | |||
| 9.61% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 10/18/28 | 442,125 | 439,088 | |
| Total Communications | 25,079,416 | ||
| Basic Materials - 1.4% | |||
| Illuminate Buyer LLC | |||
| due 12/31/29 | 3,300,000 | 3,296,337 | |
| Barentz Midco BV | |||
| 9.70% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 11/30/27††† | 3,202,350 | 3,170,326 | |
| Pregis TopCo Corp. | |||
| due 07/31/26 | 3,150,000 | 3,149,433 | |
| Vector WP Holdco, Inc. | |||
| 10.44% (1 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 10/12/28 | 3,052,700 | 3,052,700 | |
| LTI Holdings, Inc. | |||
| 10.19% (1 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 07/24/26 | 2,950,235 | 2,902,294 | |
| Eden S.A.S. | |||
| 8.55% (3 Month EURIBOR + 4.63%, Rate Floor: 4.63%) due 06/22/29 | EUR 2,100,000 | 2,266,207 | |
| DCG Acquisition Corp. | |||
| 9.93% (1 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 09/30/26 | 1,918,836 | 1,908,436 | |
| Barentz Midco BV | |||
| due 11/30/27 | EUR 1,000,000 | 1,078,108 | |
| Arsenal AIC Parent LLC | |||
| 9.07% (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 08/19/30 | 897,750 | 897,373 | |
| NIC Acquisition Corp. | |||
| 9.36% (3 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 12/29/27 | 1,043,229 | 858,056 | |
| Pregis TopCo LLC | |||
| 9.19% (1 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 07/31/26 | 654,925 | 653,943 | |
| Schur Flexibles GmbH | |||
| 9.59% (6 Month EURIBOR + 5.50%, Rate Floor: 5.50%) due 09/28/27††† | EUR 312,500 | 195,946 | |
| Vantage Specialty Chemicals, Inc. | |||
| 10.07% (3 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 10/26/26 | 124,685 | 121,958 | |
| Total Basic Materials | 23,551,117 | ||
| Energy - 0.8% | |||
| BANGL LLC | |||
| 9.83% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 02/01/29 | 7,581,000 | 7,609,429 | |
| Par Petroleum LLC | |||
| 9.69% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 02/28/30 | 3,870,750 | 3,868,350 | |
| Venture Global Calcasieu Pass LLC | |||
| 8.05% (1 Month Term SOFR + 2.63%, Rate Floor: 3.63%) due 08/19/26 | 857,515 | 853,227 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Face Amount~ |
Value | ||
| SENIOR FLOATING RATE INTERESTS††,◊ - 35.9% (continued) | |||
| Energy - 0.8% (continued) | |||
| Permian Production Partners LLC | |||
| 13.44% (1 Month Term SOFR + 6.11%, Rate Floor: 7.11%) (in-kind rate was 2.00%) due 11/24/2511 | 376,749 | $362,621 | |
| Total Energy | 12,693,627 | ||
| Utilities - 0.1% | |||
| Franklin Energy (KAMC Holdings, Inc.) | |||
| 9.60% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 08/14/26 | 1,579,875 | 1,423,467 | |
| EIF Channelview Cogeneration LLC | |||
| 9.75% (3 Month Term SOFR + 4.25%, Rate Floor: 5.25%) due 05/03/25 | 43,472 | 43,037 | |
| Total Utilities | 1,466,504 | ||
| Total Senior Floating Rate Interests | |||
| (Cost $607,019,270) | 593,479,860 | ||
| ASSET-BACKED SECURITIES†† - 18.1% | |||
| Collateralized Loan Obligations - 8.1% | |||
| Madison Park Funding LIII Ltd. | |||
| 2022-53A E, 11.32% (3 Month Term SOFR + 6.00%, Rate Floor: 6.00%) due 04/21/35◊,5 | 18,500,000 | 17,667,674 | |
| Palmer Square Loan Funding Ltd. | |||
| 2022-1A D, 10.32% (3 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 04/15/30◊,5 | 8,750,000 | 8,468,137 | |
| 2021-3A D, 10.58% (3 Month Term SOFR + 5.26%, Rate Floor: 5.26%) due 07/20/29◊,5 | 7,000,000 | 6,864,789 | |
| 2021-2A D, 10.58% (3 Month Term SOFR + 5.26%, Rate Floor: 5.26%) due 05/20/29◊,5 | 2,000,000 | 1,961,978 | |
| CIFC Funding Ltd. | |||
| 2021-4RA DR, 12.58% (3 Month Term SOFR + 7.26%, Rate Floor: 7.00%) due 01/17/35◊,5 | 11,000,000 | 10,653,037 | |
| 2022-3A E, 12.59% (3 Month Term SOFR + 7.27%, Rate Floor: 7.27%) due 04/21/35◊,5 | 2,000,000 | 1,972,340 | |
| Boyce Park CLO Ltd. | |||
| 2022-1A E, 11.57% (3 Month Term SOFR + 6.25%, Rate Floor: 6.25%) due 04/21/35◊,5 | 10,000,000 | 9,800,435 | |
| Fortress Credit Opportunities IX CLO Ltd. | |||
| 2021-9A DR, 9.53% (3 Month Term SOFR + 4.21%, Rate Floor: 3.95%) due 10/15/33◊,5 | 8,000,000 | 7,305,005 | |
| Fontainbleau Vegas | |||
| 10.97% (1 Month Term SOFR + 5.65%, Rate Floor: 5.65%) due 01/31/26◊,††† | 6,500,000 | 6,500,000 | |
| Cerberus Loan Funding XLIV LLC | |||
| 2024-5A C, 9.30% (3 Month Term SOFR + 4.20%, Rate Floor: 4.20%) due 01/15/36◊,5 | 6,100,000 | 6,104,369 | |
| Cerberus Loan Funding XLII LLC | |||
| 2023-3A C, 9.46% (3 Month Term SOFR + 4.15%, Rate Floor: 4.15%) due 09/13/35◊,5 | 5,750,000 | 5,749,324 | |
| Carlyle Global Market Strategies | |||
| 2022-1A E, 12.66% (3 Month Term SOFR + 7.35%, Rate Floor: 7.35%) due 04/15/35◊,5 | 5,500,000 | 5,296,946 | |
| Cerberus Loan Funding XLV LLC | |||
| 2024-1A D, due 04/15/36◊,5 | 5,000,000 | 5,000,000 | |
| Owl Rock CLO I LLC | |||
| 2024-1A C, 9.59% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 02/20/36◊,5 | 4,600,000 | 4,601,562 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Face Amount~ |
Value | ||
| ASSET-BACKED SECURITIES†† - 18.1% (continued) | |||
| Collateralized Loan Obligations - 8.1% (continued) | |||
| Neuberger Berman Loan Advisers CLO 47 Ltd. | |||
| 2022-47A E, 11.57% (3 Month Term SOFR + 6.25%, Rate Floor: 6.25%) due 04/14/35◊,5 | 4,250,000 | $4,173,079 | |
| ACRES Commercial Realty Ltd. | |||
| 2021-FL2 C, 8.09% (1 Month Term SOFR + 2.76%, Rate Floor: 2.76%) due 01/15/37◊,5 | 1,750,000 | 1,641,278 | |
| 2021-FL2 D, 8.54% (1 Month Term SOFR + 3.21%, Rate Floor: 3.21%) due 01/15/37◊,5 | 1,750,000 | 1,615,597 | |
| Voya CLO Ltd. | |||
| 2022-1A SUB, due 04/20/355,12 | 3,650,000 | 2,878,025 | |
| 2013-1A INC, due 10/15/305,12 | 3,000,000 | 97,830 | |
| ABPCI Direct Lending Fund CLO II LLC | |||
| 2021-1A DR, 10.08% (3 Month Term SOFR + 4.76%, Rate Floor: 4.50%) due 04/20/32◊,5 | 3,000,000 | 2,887,883 | |
| KREF Ltd. | |||
| 2021-FL2 AS, 6.74% (1 Month Term SOFR + 1.41%, Rate Floor: 1.30%) due 02/15/39◊,5 | 2,850,000 | 2,738,376 | |
| Owl Rock CLO XVI | |||
| 2024-16A C, due 04/20/36◊,5 | 2,650,000 | 2,650,000 | |
| Cerberus Loan Funding XL LLC | |||
| 2023-1A D, 11.71% (3 Month Term SOFR + 6.40%, Rate Floor: 6.40%) due 03/22/35◊,5 | 2,500,000 | 2,502,009 | |
| LCCM Trust | |||
| 2021-FL2 C, 7.58% (1 Month Term SOFR + 2.26%, Rate Floor: 2.26%) due 12/13/38◊,5 | 2,600,000 | 2,405,390 | |
| FS Rialto Issuer LLC | |||
| 2022-FL6 C, 9.55% (1 Month Term SOFR + 4.23%, Rate Floor: 4.23%) due 08/17/37◊,5 | 2,250,000 | 2,242,899 | |
| Golub Capital Partners CLO 49M Ltd. | |||
| 2021-49A D, 9.43% (3 Month Term SOFR + 4.11%, Rate Floor: 4.11%) due 08/26/33◊,5 | 2,250,000 | 2,071,640 | |
| Carlyle US CLO Ltd. | |||
| 2022-4A DR, 11.91% (3 Month Term SOFR + 6.60%, Rate Floor: 6.60%) due 04/15/35◊,5 | 2,000,000 | 1,883,273 | |
| FS Rialto | |||
| 2021-FL2 C, 7.49% (1 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 05/16/38◊,5 | 1,400,000 | 1,328,044 | |
| Cerberus Loan Funding XXXIII, LP | |||
| 2021-3A D, 9.58% (3 Month Term SOFR + 4.26%, Rate Floor: 4.00%) due 07/23/33◊,5 | 1,200,000 | 1,170,034 | |
| Dryden 50 Senior Loan Fund | |||
| 2017-50A SUB, due 07/15/305,12 | 3,555,000 | 906,880 | |
| Carlyle Global Market Strategies CLO Ltd. | |||
| 2012-3A SUB, due 01/14/325,12 | 2,600,000 | 764,140 | |
| Great Lakes CLO Ltd. | |||
| 2014-1A SUB, due 10/15/295,12 | 1,153,846 | 439,069 | |
| Dryden Senior Loan Fund | |||
| 2015-37X, due 01/15/3112 | 2,998,799 | 226,125 | |
| A10 Permanent Asset Financing LLC | |||
| 2017-II C1, 6.24% (WAC) due 06/15/51◊,5 | 250,000 | 172,409 | |
| Dryden 41 Senior Loan Fund | |||
| 2015-41A SUB, due 04/15/315,12 | 1,850,000 | 135,507 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Face Amount~ |
Value | ||
| ASSET-BACKED SECURITIES†† - 18.1% (continued) | |||
| Collateralized Loan Obligations - 8.1% (continued) | |||
| Marathon CLO V Ltd. | |||
| 2013-5A SUB, due 11/21/275,12 | 3,566,667 | $118,502 | |
| KVK CLO Ltd. | |||
| 2013-1A SUB, due 01/14/281,5,12 | 2,300,000 | 114,770 | |
| Babson CLO Ltd. | |||
| 2014-IA SUB, due 07/20/255,12 | 2,923,125 | 86,144 | |
| Dryden 37 Senior Loan Fund | |||
| 2015-37A SUB, due 01/15/315,12 | 1,050,000 | 79,175 | |
| Atlas Senior Loan Fund IX Ltd. | |||
| 2018-9A SUB, due 04/20/281,5,12 | 2,600,000 | 53,586 | |
| Venture XIII CLO Ltd. | |||
| 2013-13A SUB, due 09/10/295,12 | 1,500,000 | 42,693 | |
| Treman Park CLO Ltd. | |||
| 2015-1A COM, due 10/20/285,12 | 814,751 | 2,746 | |
| West CLO Ltd. | |||
| 2013-1A SUB, due 11/07/255,12 | 1,350,000 | 135 | |
| Total Collateralized Loan Obligations | 133,372,834 | ||
| Transport-Aircraft - 3.8% | |||
| Sprite Ltd. | |||
| 2021-1, 3.75% due 11/15/465 | 11,410,891 | 10,600,370 | |
| GAIA Aviation Ltd. | |||
| 2019-1, 3.97% due 12/15/445,13 | 9,618,537 | 8,824,533 | |
| 2019-1, 5.19% due 12/15/445,13 | 1,444,220 | 1,191,020 | |
| AASET Trust | |||
| 2021-2A, 2.80% due 01/15/475 | 3,785,496 | 3,293,684 | |
| 2020-1A, 3.35% due 01/16/405 | 2,064,544 | 1,844,474 | |
| 2019-2, 4.46% due 10/16/395 | 3,524,131 | 1,638,980 | |
| 2020-1A, 4.34% due 01/16/405 | 1,111,510 | 622,579 | |
| 2019-1, 3.84% due 05/15/395 | 383,761 | 307,023 | |
| Project Silver | |||
| 2019-1, 3.97% due 07/15/445 | 7,769,476 | 6,692,005 | |
| KDAC Aviation Finance Ltd. | |||
| 2017-1A, 4.21% due 12/15/425 | 6,780,400 | 5,831,614 | |
| Labrador Aviation Finance Ltd. | |||
| 2016-1A, 4.30% due 01/15/425 | 4,267,869 | 3,734,385 | |
| MACH 1 Cayman Ltd. | |||
| 2019-1, 3.47% due 10/15/395 | 3,721,243 | 3,251,568 | |
| Start Ltd. | |||
| 2018-1, 4.09% due 05/15/435 | 1,754,347 | 1,605,473 | |
| 2018-1, 5.32% due 05/15/435 | 1,292,028 | 1,117,746 | |
| JOL Air Ltd. | |||
| 2019-1, 3.97% due 04/15/445 | 2,679,123 | 2,451,612 | |
| Castlelake Aircraft Securitization Trust | |||
| 2019-1A, 3.97% due 04/15/395 | 1,298,938 | 1,169,115 | |
| 2018-1, 4.13% due 06/15/435 | 1,203,475 | 1,097,173 | |
| Start II Ltd. | |||
| 2019-1, 4.09% due 03/15/445 | 1,940,939 | 1,795,446 | |
| WAVE LLC | |||
| 2019-1, 3.60% due 09/15/445 | 1,896,905 | 1,620,052 | |
| Castlelake Aircraft Structured Trust | |||
| 2021-1A, 6.66% due 01/15/465 | 1,404,424 | 1,306,237 | |
| Sapphire Aviation Finance II Ltd. | |||
| 2020-1A, 4.34% due 03/15/405 | 1,526,812 | 1,153,690 | |
| Falcon Aerospace Ltd. | |||
| 2019-1, 3.60% due 09/15/395 | 729,859 | 667,822 | |
| 2017-1, 6.30% due 02/15/425 | 466,653 | 414,159 | |
| MAPS Ltd. | |||
| 2019-1A, 4.46% due 03/15/445 | 421,232 | 377,209 | |
| Sapphire Aviation Finance I Ltd. | |||
| 2018-1A, 4.25% due 03/15/405 | 294,337 | 268,691 | |
| Castlelake Aircraft Securitization Trust | |||
| 2014-1, due 12/31/30††† | 3,054,105 | 619 | |
| Total Transport-Aircraft | 62,877,279 | ||
| Financial - 2.4% | |||
| Lightning A | |||
| 5.50% due 03/01/37††† | 13,780,000 | 12,672,652 | |
| Thunderbird A | |||
| 5.50% due 03/01/37††† | 13,780,000 | 12,672,651 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Face Amount~ |
Value | ||
| ASSET-BACKED SECURITIES†† - 18.1% (continued) | |||
| Financial - 2.4% (continued) | |||
| Ceamer Finance LLC | |||
| 6.92% due 11/15/37††† | 3,866,541 | $3,756,699 | |
| 3.69% due 03/24/31††† | 3,315,370 | 3,110,857 | |
| KKR Core Holding Company LLC | |||
| 4.00% due 08/12/31††† | 2,791,497 | 2,470,368 | |
| Lightning B | |||
| 7.50% due 03/01/37††† | 1,755,000 | 1,617,155 | |
| Thunderbird B | |||
| 7.50% due 03/01/37††† | 1,755,000 | 1,617,155 | |
| Nassau LLC | |||
| 2019-1, 3.98% due 08/15/345 | 1,016,227 | 969,208 | |
| Bib Merchant Voucher Receivables Ltd. | |||
| 4.18% due 04/07/28††† | 752,365 | 719,954 | |
| Total Financial | 39,606,699 | ||
| Infrastructure - 1.5% | |||
| Hotwire Funding LLC | |||
| 2023-1A, 8.84% due 05/20/535 | 11,000,000 | 10,205,859 | |
| 2021-1, 4.46% due 11/20/515 | 5,250,000 | 4,614,188 | |
| VB-S1 Issuer LLC - VBTEL | |||
| 2022-1A, 5.27% due 02/15/525 | 8,000,000 | 6,884,124 | |
| Vault DI Issuer LLC | |||
| 2021-1A, 2.80% due 07/15/465 | 1,850,000 | 1,609,211 | |
| Aligned Data Centers Issuer LLC | |||
| 2021-1A, 2.48% due 08/15/465 | 1,500,000 | 1,330,324 | |
| Blue Stream Issuer LLC | |||
| 2023-1A, 6.90% due 05/20/535 | 1,000,000 | 946,439 | |
| Total Infrastructure | 25,590,145 | ||
| Net Lease - 0.8% | |||
| CARS-DB4, LP | |||
| 2020-1A, 4.95% due 02/15/505 | 7,110,000 | 5,889,469 | |
| SVC ABS LLC | |||
| 2023-1A, 5.55% due 02/20/535 | 3,690,750 | 3,449,970 | |
| CARS-DB7, LP | |||
| 2023-1A, 6.50% due 09/15/535 | 3,332,552 | 3,295,187 | |
| Total Net Lease | 12,634,626 | ||
| Whole Business - 0.7% | |||
| Applebee's Funding LLC / IHOP Funding LLC | |||
| 2019-1A, 4.72% due 06/05/495 | 8,217,000 | 7,911,379 | |
| SERVPRO Master Issuer LLC | |||
| 2019-1A, 3.88% due 10/25/495 | 1,962,875 | 1,861,292 | |
| Sonic Capital LLC | |||
| 2020-1A, 3.85% due 01/20/505 | 1,206,250 | 1,142,377 | |
| 2020-1A, 4.34% due 01/20/505 | 772,000 | 718,520 | |
| Wingstop Funding LLC | |||
| 2020-1A, 2.84% due 12/05/505 | 98,500 | 89,021 | |
| Total Whole Business | 11,722,589 | ||
| Single Family Residence - 0.6% | |||
| FirstKey Homes Trust | |||
| 2022-SFR3, 4.50% due 07/17/385 | 3,200,000 | 3,081,984 | |
| 2020-SFR2, 4.00% due 10/19/375 | 3,050,000 | 2,875,289 | |
| 2020-SFR2, 4.50% due 10/19/375 | 3,000,000 | 2,835,742 | |
| 2020-SFR2, 3.37% due 10/19/375 | 1,900,000 | 1,779,484 | |
| Total Single Family Residence | 10,572,499 | ||
| Insurance - 0.1% | |||
| CHEST | |||
| 7.13% due 03/15/43††† | 1,425,000 | 1,433,856 | |
| CBC Insurance Revenue Securitization LLC | |||
| 2016-1, 5.25% due 07/15/469 | 286,425 | 251,721 | |
| Total Insurance | 1,685,577 | ||
| Collateralized Debt Obligations - 0.1% | |||
| Anchorage Credit Funding 4 Ltd. | |||
| 2021-4A CR, 3.52% due 04/27/395 | 1,000,000 | 826,373 | |
| Transport-Rail - 0.0% | |||
| Trinity Rail Leasing, LP | |||
| 2009-1A, 6.66% due 11/16/395 | 99,860 | 100,556 | |
| Total Asset-Backed Securities | |||
| (Cost $313,508,080) | 298,989,177 | ||
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 5.6% | |||
| Government Agency - 2.4% | |||
| Fannie Mae | |||
| 4.00% due 06/01/521 | 6,893,837 | $6,418,510 | |
| 4.00% due 07/01/521 | 6,422,442 | 6,006,018 | |
| 5.00% due 08/01/531 | 5,837,430 | 5,665,296 | |
| 5.00% due 09/01/521 | 2,138,491 | 2,076,483 | |
| 5.00% due 06/01/531 | 1,959,754 | 1,900,890 | |
| 4.00% due 05/01/521 | 1,670,322 | 1,546,883 | |
| Freddie Mac | |||
| 5.00% due 09/01/521 | 5,641,281 | 5,477,572 | |
| 4.00% due 05/01/521 | 5,343,525 | 4,947,231 | |
| 4.00% due 06/01/521 | 4,632,899 | 4,306,706 | |
| 4.00% due 08/01/521 | 1,703,440 | 1,603,956 | |
| Total Government Agency | 39,949,545 | ||
| Residential Mortgage-Backed Securities - 2.1% | |||
| LSTAR Securities Investment Ltd. | |||
| 2024-1, 8.43% (30 Day Average SOFR + 3.10%, Rate Floor: 3.10%) due 01/01/29◊,†††,5 | 7,812,821 | 7,832,737 | |
| Finance of America HECM Buyout | |||
| 2022-HB2, 6.00% (WAC) due 08/01/32◊,5 | 3,800,000 | 3,608,877 | |
| Carrington Mortgage Loan Trust Series | |||
| 2006-NC5, 5.59% (1 Month Term SOFR + 0.26%, Rate Cap/Floor: 14.50%/0.15%) due 01/25/37◊ | 3,827,710 | 3,269,394 | |
| CFMT LLC | |||
| 2022-HB9, 3.25% (WAC) due 09/25/37◊,9 | 3,400,000 | 2,779,127 | |
| WaMu Asset-Backed Certificates WaMu Series | |||
| 2007-HE4, 5.61% (1 Month Term SOFR + 0.28%, Rate Floor: 0.28%) due 07/25/47◊ | 1,584,707 | 1,122,954 | |
| 2007-HE4, 5.69% (1 Month Term SOFR + 0.36%, Rate Floor: 0.36%) due 07/25/47◊ | 904,841 | 530,785 | |
| 2007-HE2, 5.63% (1 Month Term SOFR + 0.30%, Rate Floor: 0.30%) due 04/25/37◊ | 1,346,545 | 502,624 | |
| New Residential Mortgage Loan Trust | |||
| 2022-NQM5, 6.50% due 11/25/525,13 | 2,080,909 | 2,063,312 | |
| GCAT Trust | |||
| 2022-NQM5, 5.71% due 08/25/675,13 | 1,981,995 | 1,956,766 | |
| Lehman XS Trust Series | |||
| 2006-18N, 5.80% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 12/25/36◊ | 1,859,675 | 1,770,994 | |
| PRPM LLC | |||
| 2023-1, 6.88% (WAC) due 02/25/28◊,5 | 1,556,527 | 1,566,830 | |
| BRAVO Residential Funding Trust | |||
| 2022-NQM3, 5.50% (WAC) due 07/25/62◊,5 | 1,576,312 | 1,543,129 | |
| Saluda Grade Alternative Mortgage Trust | |||
| 2023-FIG4, 7.12% (WAC) due 11/25/53◊,5 | 1,305,204 | 1,322,702 | |
| PRKCM Trust | |||
| 2022-AFC2, 6.14% (WAC) due 08/25/57◊,5 | 1,201,901 | 1,190,510 | |
| OBX Trust | |||
| 2022-NQM8, 6.10% due 09/25/625,13 | 1,065,854 | 1,052,958 | |
| Citigroup Mortgage Loan Trust | |||
| 2022-A, 6.17% due 09/25/625,13 | 1,025,420 | 1,026,233 | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Face Amount~ |
Value | ||
| COLLATERALIZED MORTGAGE OBLIGATIONS†† - 5.6% (continued) | |||
| Residential Mortgage-Backed Securities - 2.1% (continued) | |||
| JP Morgan Mortgage Acquisition Trust | |||
| 2006-WMC4, 5.57% (1 Month Term SOFR + 0.24%, Rate Floor: 0.13%) due 12/25/36◊ | 1,401,465 | $835,889 | |
| CSMC Trust | |||
| 2020-RPL5, 4.68% (WAC) due 08/25/60◊,5 | 738,168 | 734,953 | |
| Total Residential Mortgage-Backed Securities | 34,710,774 | ||
| Military Housing - 0.6% | |||
| Freddie Mac Military Housing Bonds Resecuritization Trust Certificates | |||
| 2015-R1, 5.94% (WAC) due 11/25/52◊,9 | 3,366,973 | 2,974,977 | |
| 2015-R1, 0.70% (WAC) due 11/25/55◊,5,14 | 39,575,735 | 2,503,323 | |
| 2015-R1, 0.70% (WAC) due 11/25/52◊,5,14 | 31,563,373 | 1,785,837 | |
| Capmark Military Housing Trust | |||
| 2007-AETC, 5.75% due 02/10/52†††,5 | 1,508,230 | 1,325,490 | |
| 2007-AET2, 6.06% due 10/10/52†††,5 | 453,691 | 437,491 | |
| Total Military Housing | 9,027,118 | ||
| Commercial Mortgage-Backed Securities - 0.5% | |||
| BX Commercial Mortgage Trust | |||
| 2021-VOLT, 7.43% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 09/15/36◊,5 | 3,743,000 | 3,689,215 | |
| BX Trust | |||
| 2023-DELC, 8.66% (1 Month Term SOFR + 3.34%, Rate Floor: 3.34%) due 05/15/38◊,5 | 2,750,000 | 2,780,937 | |
| GS Mortgage Securities Corporation Trust | |||
| 2020-DUNE, 8.09% (1 Month Term SOFR + 2.76%, Rate Floor: 2.65%) due 12/15/36◊,5 | 2,000,000 | 1,912,167 | |
| Total Commercial Mortgage-Backed Securities | 8,382,319 | ||
| Total Collateralized Mortgage Obligations | |||
| (Cost $95,931,411) | 92,069,756 | ||
| U.S. GOVERNMENT SECURITIES†† - 1.0% | |||
| U.S. Treasury Bonds | |||
| due 08/15/511,15,16 | 32,650,000 | 9,947,962 | |
| due 05/15/441,15,16 | 5,030,000 | 2,020,993 | |
| due 11/15/441,15,16 | 5,030,000 | 1,977,155 | |
| due 02/15/4615,16 | 5,060,000 | 1,883,946 | |
| Total U.S. Government Securities | |||
| (Cost $20,999,416) | 15,830,056 | ||
| MUNICIPAL BONDS†† - 0.4% | |||
| District of Columbia - 0.4% | |||
| District of Columbia Revenue Bonds | |||
| 6.73% due 09/01/475 | 5,300,000 | 5,537,783 | |
| Oklahoma - 0.0% | |||
| Oklahoma Development Finance Authority Revenue Bonds | |||
| 5.45% due 08/15/28 | 400,000 | 359,863 | |
| Total Municipal Bonds | |||
| (Cost $6,054,154) | 5,897,646 | ||
| U.S. TREASURY BILLS†† - 0.2% | |||
| U.S. Treasury Bills | |||
| 5.20% due 03/28/244 | 3,296,000 | 3,282,948 | |
| 5.23% due 05/02/244 | 230,000 | 227,912 | |
| 5.17% due 03/14/244 | 150,000 | 149,714 | |
| Total U.S. Treasury Bills | |||
| (Cost $3,660,785) | 3,660,574 | ||
| CONVERTIBLE BONDS†† - 0.2% | |||
| Consumer, Non-cyclical - 0.1% | |||
| Block, Inc. | |||
| due 05/01/261,15 | 2,840,000 | 2,508,004 | |
| Communications - 0.1% | |||
| Cable One, Inc. | |||
| due 03/15/2615 | 1,250,000 | 1,065,625 | |
| Total Convertible Bonds | |||
| (Cost $3,674,116) | 3,573,629 | ||
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Face Amount~ |
Value | ||
| FOREIGN GOVERNMENT DEBT†† - 0.1% | |||
| Panama Government International Bond | |||
| 4.50% due 01/19/63 | 4,150,000 | $2,570,149 | |
| Total Foreign Government Debt | |||
| (Cost $4,124,551) | 2,570,149 | ||
| SENIOR FIXED RATE INTERESTS†† - 0.0% | |||
| Industrial - 0.0% | |||
| Schur Flexibles GmbH | |||
| 13.40% due 09/30/26 | EUR 167,285 | 159,147 | |
| 9.59% due 09/30/26 | EUR 113,552 | 108,027 | |
| 13.55% due 09/30/26 | EUR 29,571 | 28,132 | |
| Total Senior Fixed Rate Interests | |||
| (Cost $316,213) | 295,306 | ||
| Contracts | |||
| LISTED OPTIONS PURCHASED† - 0.1% | |||
| Put Options on: | |||
| Equity Options | |||
| SPDR S&P Regional Banking ETF Expiring January 2025 with strike price of $43.00 (Notional Value $10,874,826) | 2,259 | 695,772 | |
| SPDR S&P Regional Banking ETF Expiring December 2024 with strike price of $42.00 (Notional Value $13,127,778) | 2,727 | 695,385 | |
| Total Listed Options Purchased | |||
| (Cost $1,527,699) | 1,391,157 | ||
| Notional Value | |||
| OTC OPTIONS PURCHASED†† - 0.0% | |||
| Call Options on: | |||
| Goldman Sachs International 10Y-2Y SOFR CMS CAP Expiring June 2024 with strike price of $0.10 | USD 44,500,000 | 15,548 | |
| Morgan Stanley Capital Services LLC 10Y-2Y SOFR CMS CAP Expiring June 2024 with strike price of $0.10 | USD 41,200,000 | 14,395 | |
| Barclays
Bank plc 10Y-2Y SOFR CMS CAP Expiring June 2024 with strike price of $0.10 |
USD 40,800,000 | 14,256 | |
| Bank of America, N.A. 10Y-2Y SOFR CMS CAP Expiring June 2024 with strike price of $0.10 | USD 20,600,000 | 7,198 | |
| 51,397 | |||
|
Put Options on: |
Contracts |
||
| Goldman Sachs International SPDR S&P Regional Banking ETF Expiring December 2024 with strike price of $42.00 (Notional Value $4,351,856) | 904 | 271,381 | |
| Total OTC Options Purchased | |||
| (Cost $936,678) | 322,778 | ||
| Total Investments - 127.1% | |||
| (Cost $2,198,925,395) | $ 2,101,129,803 | ||
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Contracts | Value | ||
| LISTED OPTIONS WRITTEN† - (0.1)% | |||
| Call Options on: | |||
| S&P 500 Index Expiring March 2024 with strike price of $4,925.00 (Notional Value $509,627) | 1 | – | |
| S&P 500 Index Expiring March 2024 with strike price of $5,095.00 (Notional Value $509,627) | 1 | (3,290) | |
| S&P 500 Index Expiring March 2024 with strike price of $5,080.00 (Notional Value $509,627) | 1 | (3,725) | |
| S&P 500 Index Expiring March 2024 with strike price of $5,075.00 (Notional Value $509,627) | 1 | (4,755) | |
| S&P 500 Index Expiring March 2024 with strike price of $5,085.00 (Notional Value $509,627) | 1 | (4,790) | |
| S&P 500 Index Expiring March 2024 with strike price of $5,075.00 (Notional Value $509,627) | 1 | (5,170) | |
| S&P 500 Index Expiring March 2024 with strike price of $5,070.00 (Notional Value $509,627) | 1 | (5,700) | |
| S&P 500 Index Expiring March 2024 with strike price of $5,030.00 (Notional Value $509,627) | 1 | (6,245) | |
| S&P 500 Index Expiring March 2024 with strike price of $5,015.00 (Notional Value $509,627) | 1 | (7,960) | |
| S&P 500 Index Expiring March 2024 with strike price of $4,985.00 (Notional Value $509,627) | 1 | (10,890) | |
| S&P 500 Index Expiring March 2024 with strike price of $4,975.00 (Notional Value $509,627) | 1 | (12,115) | |
| S&P 500 Index Expiring March 2024 with strike price of $4,955.00 (Notional Value $509,627) | 1 | (14,060) | |
| SPDR S&P 500 ETF Trust Expiring March 2024 with strike price of $502.00 (Notional Value $1,066,968) | 21 | (19,362) | |
| S&P 500 Index Expiring March 2024 with strike price of $5,065.00 (Notional Value $36,693,144) | 72 | (464,400) | |
| NASDAQ-100 Index Expiring March 2024 with strike price of $17,870.00 (Notional Value $37,892,085) | 21 | (692,265) | |
| Russell 2000 Index Expiring March 2024 with strike price of $2,040.00 (Notional Value $36,987,174) | 180 | (800,100) | |
| Total Listed Options Written | |||
| (Premiums received $1,649,650) | (2,054,827) | ||
| Other Assets & Liabilities, net - (27.0)% | (446,896,115) | ||
| Total Net Assets - 100.0% | $ 1,652,178,861 | ||
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Futures Contracts | ||||
| Description | Number of Contracts | Expiration Date | Notional Amount | Value
and Unrealized Appreciation** |
| Equity Futures Contracts Purchased† | ||||
| S&P 500 Index Mini Futures Contracts | 30 | Mar 2024 | $7,644,750 | $654,965 |
| Centrally Cleared Credit Default Swap Agreements Protection Purchased†† |
| Counterparty | Exchange | Index | Protection Premium Rate | Payment Frequency | Maturity Date | Notional Amount | Value | Upfront Premiums (Received) | Unrealized Depreciation** | |
| BofA Securities, Inc. | ICE | ITRAXX.EUR.38.V1 | 1.00% | Quarterly | 12/20/27 | EUR | $63,300,000 | $(1,407,961) | $(307,793) | $(1,100,168) |
| Centrally Cleared Interest Rate Swap Agreements†† | |||||||||||
| Counterparty | Exchange | Floating Rate Type | Floating Rate Index | Fixed Rate | Payment Frequency | Maturity Date | Notional Amount | Value | Upfront Premiums Paid |
Unrealized Depreciation** | |
| BofA Securities, Inc. | CME | Pay | U.S. Secured Overnight Financing Rate | 2.78% | Annually | 07/18/27 | $143,900,000 | $(6,312,335) | $639 | $(6,312,974) | |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| Forward Foreign Currency Exchange Contracts†† | ||||||
| Counterparty | Currency | Type | Quantity | Contract Amount | Settlement Date | Unrealized Appreciation (Depreciation) |
| Bank of America, N.A. | GBP | Sell | 16,585,000 | 20,958,995 USD | 03/15/24 | $20,811 |
| JPMorgan Chase Bank, N.A. | CAD | Sell | 3,118,000 | 2,317,031 USD | 03/15/24 | 18,565 |
| UBS AG | EUR | Sell | 985,000 | 1,069,316 USD | 03/15/24 | 3,956 |
| Barclays Bank plc | EUR | Buy | 50,000 | 54,074 USD | 03/15/24 | 5 |
| UBS AG | CAD | Buy | 65,000 | 48,074 USD | 03/15/24 | (159) |
| Citibank, N.A. | EUR | Sell | 1,100,000 | 1,181,720 USD | 03/15/24 | (8,022) |
| Bank of America, N.A. | EUR | Sell | 71,505,000 | 77,228,117 USD | 03/15/24 | (110,544) |
| $(75,388) | ||||||
| ~ | The face amount is denominated in U.S. dollars unless otherwise indicated. |
| * | Non-income producing security. |
| ** | Includes cumulative appreciation (depreciation). |
| † | Value determined based on Level 1 inputs, unless otherwise noted — See Note 3. |
| †† | Value determined based on Level 2 inputs, unless otherwise noted — See Note 3. |
| ††† | Value determined based on Level 3 inputs — See Note 3. |
| ◊ | Variable rate security. Rate indicated is the rate effective at February 29, 2024. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
| 1 | All or a portion of these securities have been physically segregated in connection with borrowings, options, reverse repurchase agreements and unfunded loan commitments. As of February 29, 2024, the total value of segregated securities was $594,033,871. |
| 2 | Special Purpose Acquisition Company (SPAC). |
| 3 | Affiliated issuer. |
| 4 | Rate indicated is the effective yield at the time of purchase. |
| 5 | Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $861,980,826 (cost $917,299,861), or 52.2% of total net assets. |
| 6 | Rate indicated is the 7-day yield as of February 29, 2024. |
| 7 | Variable rate security. Rate indicated is the rate effective at February 29, 2024. The rate is linked to the volatility-adjusted performance of the series 1 securities due 2069 of the underlying company, Alphas Managed Accounts Platform LXXIX Limited. |
| 8 | Perpetual maturity. |
| 9 | Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $8,647,998 (cost $12,153,481), or 0.5% of total net assets — See Note 6. |
| 10 | Security is in default of interest and/or principal obligations. |
| 11 | Payment-in-kind security. |
| 12 | Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates. |
| 13 | Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at February 29, 2024. See table below for additional step information for each security. |
| 14 | Security is an interest-only strip. |
| 15 | Zero coupon rate security. |
| 16 | Security is a principal-only strip. |
| BofA — Bank of America | |
| CAD — Canadian Dollar | |
| CME — Chicago Mercantile Exchange | |
| CMS — Constant Maturity Swap | |
| EUR — Euro | |
| EURIBOR — European Interbank Offered Rate | |
| GBP — British Pound | |
| ICE — Intercontinental Exchange | |
| ITRAXX.EUR.38.V1 — iTraxx Europe Series 38 Index Version 1 | |
| plc — Public Limited Company | |
| PPV — Public-Private Venture | |
| REIT — Real Estate Investment Trust | |
| SARL — Société à Responsabilité Limitée | |
| SOFR — Secured Overnight Financing Rate | |
| SONIA — Sterling Overnight Index Average | |
| WAC — Weighted Average Coupon |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
| See Sector Classification in Other Information section. |
| The following table summarizes the inputs used to value the Fund's investments at February 29, 2024 (See Note 3 in the Notes to Schedule of Investments): | |||||
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |
| Common Stocks | $ 119,623,559 | $ 884,900 | $ 1,041,895 | $ 121,550,354 | |
| Preferred Stocks | — | 93,805,276 | 11,812,545 | 105,617,821 | |
| Warrants | 3,759 | — | 12 | 3,771 | |
| Exchange-Traded Funds | 56,501,748 | — | — | 56,501,748 | |
| Closed-End Mutual Funds | 42,095,978 | — | — | 42,095,978 | |
| Money Market Funds | 16,922,707 | — | — | 16,922,707 | |
| Corporate Bonds | — | 708,636,927 | 31,720,409 | 740,357,336 | |
| Senior Floating Rate Interests | — | 495,188,135 | 98,291,725 | 593,479,860 | |
| Asset-Backed Securities | — | 252,417,211 | 46,571,966 | 298,989,177 | |
| Collateralized Mortgage Obligations | — | 82,474,038 | 9,595,718 | 92,069,756 | |
| U.S. Government Securities | — | 15,830,056 | — | 15,830,056 | |
| Municipal Bonds | — | 5,897,646 | — | 5,897,646 | |
| U.S. Treasury Bills | — | 3,660,574 | — | 3,660,574 | |
| Convertible Bonds | — | 3,573,629 | — | 3,573,629 | |
| Foreign Government Debt | — | 2,570,149 | — | 2,570,149 | |
| Senior Fixed Rate Interests | — | 295,306 | — | 295,306 | |
| Options Purchased | 1,391,157 | 322,778 | — | 1,713,935 | |
| Equity Futures Contracts** | 654,965 | — | — | 654,965 | |
| Forward Foreign Currency Exchange Contracts** | — | 43,337 | — | 43,337 | |
| Total Assets | $ 237,193,873 | $1,665,599,962 | $199,034,270 | $ 2,101,828,105 | |
| Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |
| Options Written | $ 2,054,827 | $ — | $ — | $ 2,054,827 | |
| Credit Default Swap Agreements** | — | 1,100,168 | — | 1,100,168 | |
| Interest Rate Swap Agreements** | — | 6,312,974 | — | 6,312,974 | |
| Forward Foreign Currency Exchange Contracts** | — | 118,725 | — | 118,725 | |
| Unfunded Loan Commitments (Note 5) | — | — | 357,264 | 357,264 | |
| Total Liabilities | $ 2,054,827 | $ 7,531,867 | $ 357,264 | $ 9,943,958 | |
| ** This derivative is reported as unrealized appreciation/depreciation at period end. | |||||
| Please refer to the detailed Schedule of Investments for a breakdown of investment type by industry category. | |||||
| The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of the period end, reverse repurchase agreements of $350,995,337 are categorized as Level 2 within the disclosure hierarchy — See Note 2. | |||||
The following is a summary of significant unobservable inputs used in the fair valuation of assets and liabilities categorized within Level 3 of the fair value hierarchy:
| Category | Ending Balance at February 29, 2024 | Valuation Technique | Unobservable Inputs | Input Range | Weighted Average* |
| Assets: | |||||
| Asset-Backed Securities | $ 39,704,410 | Yield Analysis | Yield | 5.9%-13.0% | 7.2% |
| Asset-Backed Securities | 6,867,556 | Option adjusted spread off prior month end broker quote | Broker Quote | — | — |
| Collateralized Mortgage Obligations | 7,832,737 | Third Party Pricing | Trade Price | — | — |
| Collateralized Mortgage Obligations | 1,762,981 | Option adjusted spread off prior month end broker quote | Broker Quote | — | — |
| Common Stocks | 688,158 | Enterprise Value | Valuation Multiple | 2.4x-17.6x | 6.6x |
| Common Stocks | 341,710 | Model Price | Purchase Price | — | — |
| Common Stocks | 11,976 | Model Price | Liquidation Value | — | — |
| Common Stocks | 51 | Third Party Pricing | Trade Price | — | — |
| Corporate Bonds | 20,771,127 | Option adjusted spread off prior month end broker quote | Broker Quote | — | — |
| Corporate Bonds | 10,924,040 | Third Party Pricing | Broker Quote | — | — |
| Corporate Bonds | 25,242 | Model Price | Purchase Price | — | — |
| Preferred Stocks | 10,193,000 | Yield Analysis | Yield | 6.8% | — |
| Preferred Stocks | 978,758 | Model Price | Purchase Price | — | — |
| Preferred Stocks | 640,787 | Enterprise Value | Valuation Multiple | 5.0x | — |
| Senior Floating Rate Interests | 52,178,683 | Yield Analysis | Yield | 10.3%-14.2% | 11.7% |
| Senior Floating Rate Interests | 30,784,205 | Third Party Pricing | Broker Quote | — | — |
| Senior Floating Rate Interests | 13,011,085 | Model Price | Purchase Price | — | — |
| Senior Floating Rate Interests | 1,182,795 | Model Price | Liquidation Value | — | — |
| Senior Floating Rate Interests | 1,134,957 | Model Price | Market Comparable Yields | 13.0% | — |
| Warrants | 12 | Model Price | Liquidation Value | — | — |
| Total Assets | $199,034,270 | ||||
| Liabilities: | |||||
| Unfunded Loan Commitments | $ 357,264 | Model Price | Purchase Price | — | — |
* Inputs are weighted by the fair value of the instruments.
Significant changes in a quote, yield, market comparable yields, liquidation value or valuation multiple would generally result in significant changes in the fair value of the security.
The Fund’s fair valuation leveling guidelines classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3, if such a quote or price cannot be supported with other available market information.
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. For the period ended February 29, 2024, the Fund had securities with a total value of $23,924,721 transfer into Level 3 from Level 2 due to a lack of observable inputs and had securities with a total value of $24,035,728 transfer out of Level 3 into Level 2 due to the availability of current and reliable market-based data provided by a third-party pricing service which utilizes significant observable inputs.
Summary of Fair Value Level 3 Activity
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended February 29, 2024:
| Assets | Liabilities | ||||||||
Asset- Backed Securities |
Collateralized Mortgage Obligations |
Corporate Bonds | Senior Floating Rate Interests |
Warrants | Common Stocks | Preferred Stocks | Total Assets | Unfunded Loan Commitments | |
| Beginning Balance | $ 41,462,306 | $ 1,885,323 | $ 12,658,388 | $ 105,421,682 | $ 12 | $ 763,367 | $ 1,385,670 | $ 163,576,748 | $ (345,330) |
| Purchases/(Receipts) | 12,650,187 | 7,900,000 | 4,190,000 | 17,280,194 | - | 335,685 | 10,000,000 | 52,356,066 | (507,068) |
| (Sales, maturities and paydowns)/Fundings | (5,587,492) | (106,855) | (529,506) | (17,135,948) | - | (509) | - | (23,360,310) | 403,918 |
| Amortization of premiums/discounts | 17,420 | 279 | 122,420 | 511,146 | - | - | - | 651,265 | 81,210 |
| Corporate actions | - | - | - | 6,236,149 | - | - | - | 6,236,149 | - |
| Total realized gains (losses) included in earnings | (2,222) | - | (1,381,179) | (217,787) | - | (23,294) | - | (1,624,482) | 48,449 |
| Total change in unrealized appreciation (depreciation) included in earnings | (1,021,794) | (83,029) | 1,969,323 | 59,561 | - | (41,095) | 426,875 | 1,309,841 | (38,443) |
| Transfers into Level 3 | - | - | 14,690,963 | 9,226,017 | - | 7,741 | - | 23,924,721 | - |
| Transfers out of Level 3 | (946,439) | - | - | (23,089,289) | - | - | - | (24,035,728) | - |
| Ending Balance | $ 46,571,966 | $ 9,595,718 | $ 31,720,409 | $ 98,291,725 | $ 12 | $ 1,041,895 | $ 11,812,545 | $ 199,034,270 | $ (357,264) |
| Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at February 29, 2024 | $(1,297,655) | $ (83,029) | $ 580,084 | $ (590,019) | $- | $ (63,540) | $ 426,875 | $(1,027,284) | $ (68,522) |
| Guggenheim Strategic Opportunities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
Step Coupon Bonds
The following table discloses additional information related to step coupon bonds held by the Fund. Certain securities are subject to multiple rate changes prior to maturity. For those securities, a range of rates and corresponding dates have been provided. Rates for all step coupon bonds held by the Fund are scheduled to increase, except GAIA Aviation Ltd., which are scheduled to decrease.
| Name | Coupon Rate at Next Reset Date |
Next Rate Reset Date |
Future Reset Rate | Future Reset Date |
| Citigroup Mortgage Loan Trust 2022-A, 6.17% due 09/25/62 | 9.17% | 09/25/25 | 10.17% | 09/25/26 |
| GAIA Aviation Ltd. 2019-1, 3.97% due 12/15/44 | 2.00% | 11/15/26 | — | — |
| GAIA Aviation Ltd. 2019-1, 5.19% due 12/15/44 | 2.00% | 10/15/26 | — | — |
| GCAT Trust 2022-NQM5, 5.71% due 08/25/67 | 6.71% | 10/01/26 | — | — |
| New Residential Mortgage Loan Trust 2022-NQM5, 6.50% due 11/25/52 | 7.50% | 09/01/26 | — | — |
| OBX Trust 2022-NQM8, 6.10% due 09/25/62 | 7.10% | 10/01/26 | — | — |
Affiliated Transactions
Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments, result in that company being considered an affiliated issuer, as defined in the 1940 Act.
| Transactions during the period ended February 29, 2024, in which the company is an affiliated issuer, were as follows: | ||||||||
| Security Name | Value 05/31/23 | Additions | Reductions | Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) | Value 02/29/24 | Shares 02/29/24 | Investment Income |
| Common Stocks | ||||||||
| BP Holdco LLC* | $155,475 | $ – | $ – | $ – | $ (8,756) | $ 146,719 | 121,041 | $ – |
| Closed-End Mutual Funds | ||||||||
| Guggenheim Active Allocation Fund | 4,643,255 | 8,596,852 | – | – | 439,893 | 13,680,000 | 950,000 | 928,719 |
| $4,798,730 | $8,596,852 | $ – | $ – | $431,137 | $13,826,719 | $928,719 | ||
| * | Non-income producing security. |
| NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | February 29, 2024 |
Note 1 – Organization and Significant Accounting Policies
Organization
Guggenheim Strategic Opportunities Fund (the “Fund”) was organized as a Delaware statutory trust on November 13, 2006. The Fund is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”).
The Fund’s investment objective is to maximize total return through a combination of current income and capital appreciation. There can be no assurance that the Fund will achieve its investment objective. The Fund's investment objective is considered fundamental and may not be changed without shareholder approval.
For information on the Fund’s other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual shareholder report.
Significant Accounting Policies
The Fund operates as an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.
The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Fund. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.
(a) Valuation of Investments
The Board of Trustees of the Fund (the “Board”) adopted policies and procedures for the valuation of the Fund's investments (the “Fund Valuation Procedures”). The U.S. Securities and Exchange Commission (the “SEC”) adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith. Rule 2a-5 also defines “readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.
Pursuant to Rule 2a-5, the Board has designated Guggenheim Funds Investment Advisors, LLC (“GFIA” or the “Adviser”) as the valuation designee to perform fair valuation determinations for the Fund with respect to all Fund investments and other assets. As the Fund’s valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures” and collectively with the Fund Valuation Procedures, the "Valuation Procedures") reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Fund's securities and other assets.
Valuations of the Fund's securities and other assets are supplied primarily by pricing service providers appointed pursuant to the processes set forth in the Valuation Procedures. The Adviser, with the assistance of the Valuation Committee, convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed by the pricing service provider.
If the pricing service provider cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Adviser.
Equity securities listed or traded on a recognized U.S. securities exchange or the Nasdaq Stock Market (“NASDAQ”) will generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ official closing price, which may not necessarily represent the last sale price.
Open-end investment companies are valued at their net asset value as of the close of business, on the valuation date. Exchange-traded funds and closed-end investment companies are generally valued at the last quoted sale price.
Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the New York Stock Exchange ("NYSE"). The values of foreign securities are determined as of the close of such foreign markets or the close of the NYSE, if earlier. All investments quoted in foreign currencies are valued in U.S. dollars on the
| NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) continued | February 29, 2024 |
basis of the foreign currency exchange rates prevailing at the close of U.S. business at 4:00 p.m. Investments in foreign securities may involve risks not present in domestic investments. The Adviser will determine the current value of such foreign securities by taking into consideration certain factors which may include the following factors, among others: the value of the securities traded on other foreign markets, American Depositary Receipts ("ADR") trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities. In addition, under the Valuation Procedures, the Adviser is authorized to use prices and other information supplied by a pricing service provider in valuing foreign securities.
Commercial paper and discount notes with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from pricing service providers, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Commercial paper and discount notes with a maturity of 60 days or less at acquisition are valued at amortized cost, unless the Adviser concludes that amortized cost does not represent the fair value of the applicable asset in which case it will be valued using an independent pricing service provider.
U.S. Government securities are valued by pricing service providers, using the last traded fill price, or at the reported bid price at the close of business.
Typically, loans are valued using information provided by a pricing service provider which uses broker quotes, among other inputs. If the pricing service provider cannot or does not provide a valuation for a particular loan, or such valuation is deemed unreliable, such investment is valued based on a quote from a broker-dealer or is fair valued by the Adviser.
Repurchase agreements are valued at amortized cost, provided such amounts approximate market value.
Exchange-traded options are valued at the mean of the bid and ask prices on the principal exchange on which they are traded. Over-the-counter (“OTC”) options and options on swaps ("swaptions") are valued using a price provided by a pricing service provider.
Futures contracts are valued on the basis of the last sale price at the 4:00 p.m. price on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the official settlement price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation would provide a more accurate valuation.
Interest rate swap agreements entered into by the Fund are valued on the basis of the last sale price on the primary exchange on which the swap is traded. Other swap agreements entered into by the Fund will generally be valued using an evaluated price provided by a pricing service provider.
Forward foreign currency exchange contracts are valued daily based on the applicable exchange rate of the underlying currency.
Investments for which market quotations are not readily available are fair valued as determined in good faith by the Adviser. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value". Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis. In connection with futures contracts and other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.
The Fund may acquire an interest in a special purpose acquisition company (“SPAC”) in an initial public offering or a secondary market transaction. SPAC investments carry many of the same risks as investments in initial public offering securities, such as erratic price movements, greater risk of loss, lack of information about the issuer, limited operating and little public or no trading history, and higher transaction costs. An investment in a SPAC is typically subject to a higher risk of dilution by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC and interests in SPACs may be illiquid and/or be subject to restrictions on resale. A SPAC is a publicly traded company that raises investment capital for the purpose of acquiring the equity securities of one or more existing companies (or interests therein) via merger, combination, acquisition or other similar transactions. Unless and until an acquisition is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. government securities, money market securities and cash and does not typically pay dividends in respect of its common stock. SPAC investments are also subject to the risk that a significant portion of the funds raised by the SPAC may be expended during the search for a target acquisition or merger and that the SPAC may have limited time in which to conduct due diligence on potential business combination targets. Because SPACs are in essence blank check companies without operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. Among other conflicts of interest, the economic interests of the management, directors, officers and related parties of a SPAC can differ from the economic interests of public shareholders, which may lead to conflicts as they evaluate, negotiate and recommend business combination transactions to shareholders. This risk may become more acute as the deadline for the completion of a business combination nears. There is no guarantee that the SPACs in which the Fund invests will complete an acquisition or that any acquisitions that are completed will be profitable.
| NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) continued | February 29, 2024 |
Note 2 – Derivatives
As part of its investment strategy, the Fund utilizes a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Schedule of Investments.
Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used for investment purposes (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, for diversification purposes, to change the duration of the Fund, for leverage purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Derivative instruments may also be used to seek to mitigate certain investment risks, foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund’s financial position and results of operations.
The Fund utilized derivatives for the following purposes:
Duration: the use of an instrument to manage the interest rate risk of a portfolio.
Hedge: an investment made in order to reduce the risk of adverse price movements in a security, by taking an offsetting position to protect against broad market moves.
Income: the use of any instrument that distributes cash flows typically based upon some rate of interest.
Index Exposure: the use of an instrument to obtain exposure to a listed or other type of index.
Options Purchased and Written
A call option on a security gives the purchaser of the option the right to buy, and the writer of a call option the obligation to sell, the underlying security. The purchaser of a put option has the right to sell, and the writer of the put option the obligation to buy, the underlying security at any time during the option period. The risk associated with purchasing options is limited to the premium originally paid.
The risk in writing a call option is that the Fund may incur a loss if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the underlying security decreases and the option is exercised. In addition, there may be an imperfect correlation between the movement in prices of options and the underlying securities where the Fund may not be able to enter into a closing transaction because of an illiquid secondary market; or, for OTC options, the Fund may be at risk because of the counterparty’s inability to perform.
| NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) continued | February 29, 2024 |
Futures Contracts
A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with the Fund’s use of futures contracts, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to the Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Securities held as collateral are noted on the Schedule of Investments.
Swap Agreements
A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. When utilizing OTC swaps, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. If the Fund utilizes centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. There is no guarantee that the Fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.
Total return swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as an index) for a fixed or variable interest rate. Total return swaps will usually be computed based on the current value of the reference asset as of the close of regular trading on the NYSE or other exchange, with the swap value being adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreement. When utilizing total return swaps, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying reference asset declines in value.
Interest rate swaps involve the exchange by the Fund with another party for its respective commitment to pay or receive a fixed or variable interest rate on a notional amount of principal. Interest rate swaps are generally centrally-cleared, but central clearing does not make interest rate swap transactions risk free.
Credit default swaps are instruments which allow for the full or partial transfer of third-party credit risk, with respect to a particular entity or entities, from one counterparty to the other. The Fund enters into credit default swaps as a “seller” or “buyer” of protection primarily to gain or reduce exposure to the investment grade and/or high yield bond market. A seller of credit default swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. The buyer in a credit default swap is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If a credit default occurs, as defined under the terms of the swap agreement, the seller will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The notional amount reflects the maximum potential amount the seller of credit protection could be required to pay to the buyer if a credit event occurs. The seller of protection receives periodic premium payments from the buyer and may also receive or pay an upfront premium adjustment to the stated periodic payments. In the event a credit default occurs on a credit default swap referencing an index, a factor adjustment will take place and the buyer of protection will receive a payment reflecting the par less the default recovery rate of the defaulted index component based on its weighting in the index. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the Fund if it is selling the credit protection. If the Fund utilizes centrally cleared credit default swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. For OTC credit default swaps, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty, or in the case of a credit default swap in which the Fund is selling credit protection, the default of a third-party issuer.
The quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
| NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) continued | February 29, 2024 |
Forward Foreign Currency Exchange Contracts
A forward foreign currency exchange contract is an agreement between two parties to exchange two designated currencies at a specific time in the future. Certain types of contracts may be cash settled, in an amount equal to the change in exchange rates during the term of the contract. The contracts can be used to hedge or manage exposure to foreign currency risks with portfolio investments or to gain exposure to foreign currencies.
The market value of a forward foreign currency exchange contract changes with fluctuations in foreign currency exchange rates. Furthermore, the Fund may be exposed to risk if the counterparties cannot meet the contract terms or if the currency value changes unfavorably as compared to the U.S. dollar.
In conjunction with short sales and the use of derivative instruments, the Fund is required to maintain collateral in various forms. Depending on the financial instrument utilized and the broker involved, the Fund uses margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes or repurchase agreements allocated to the Fund as collateral.
The Fund has established counterparty credit guidelines and enters into transactions only with financial institutions rated/identified as investment grade or better. The Fund monitors the counterparty credit risk.
Foreign Investments
There are several risks associated with exposure to foreign currencies, foreign issuers and emerging markets. The Fund’s indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, or in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. In addition, the Fund may incur transaction costs in connection with conversions between various currencies. The Fund may, but is not obligated to, engage in currency hedging transactions, which generally involve buying currency forward, options or futures
contracts. However, not all currency risks may be effectively hedged, and in some cases the costs of hedging techniques may outweigh expected benefits. In such instances, the value of securities denominated in foreign currencies can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar.
The Fund may invest in securities of foreign companies directly, or in financial instruments, such as ADRs and exchange-traded funds, which are indirectly linked to the performance of foreign issuers. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities of foreign companies directly, or in financial instruments that are
indirectly linked to the performance of foreign issuers, may involve risks not typically associated with investing in U.S. issuers. The value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets, and prices in some foreign markets may fluctuate more than those of securities traded on U.S. markets. Many foreign countries lack accounting and disclosure standards comparable to those that apply to U.S. companies, and it may be more difficult to obtain reliable information regarding a foreign issuer’s financial condition and operations. Transaction costs and costs associated with custody services are generally higher for foreign securities than they are for U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries portions of these taxes are recoverable, the non-recovered portion will reduce the income received by the Fund.
Reverse Repurchase Agreements
The Fund may enter into reverse repurchase agreements as part of its financial leverage strategy. Under a reverse repurchase agreement, the Fund temporarily transfers possession of a portfolio instrument to another party, such as a bank or broker-dealer, in return for cash. At the same time, the Fund agrees to repurchase the instrument at an agreed upon time and price, which reflects an interest payment. Such agreements have the economic effect of borrowings. The Fund may enter into such agreements to invest the cash acquired at a rate higher than the cost of the agreement, which would increase earned income. When the Fund enters into a reverse repurchase agreement, any fluctuations in the market value of either the instruments transferred to another party or the instruments in which the proceeds may be invested would affect the market value of the Fund's assets. As a result, such transactions may increase fluctuations in the market value of the Fund's assets.
| NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) continued | February 29, 2024 |
Note 3 – Fair Value Measurement
In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:
Level 1 — unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).
Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.
Rule 2a-5 sets forth a definition of “readily available market quotations,” which is consistent with the definition of a Level 1 input under U.S. GAAP. Rule 2a-5 provides that “a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.”
Securities for which market quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other than Level 1 inputs will be subject to fair value requirements. The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.
Pricing service providers
are used to value a majority of the Fund’s investments. When values are not available from a pricing service provider, they will
be determined using a variety of sources and techniques, including: market prices; broker quotes; and models which derive prices based
on inputs such as prices of securities with comparable maturities and characteristics or based on inputs such as anticipated cash flows
or collateral, spread over U.S. Treasury securities, and other information and analysis. A significant portion of the Fund’s assets
and liabilities are categorized as Level 2, as indicated in this report.
Quotes from broker-dealers, adjusted for fluctuations in criteria such as credit spreads and interest rates, may also be used to value
the Fund’s assets and liabilities, i.e. prices provided by a broker-dealer or other market participant who has not committed to
trade at that price. Although quotes are typically received from established market participants, the Fund may not have the transparency
to view the underlying inputs which support the market quotations. Significant changes in a quote would generally result in significant
changes in the fair value of the security.
Certain fixed income securities are valued by obtaining a monthly quote from a broker-dealer, adjusted for fluctuations in criteria such
as credit spreads and interest rates.
Certain loans and other securities are valued using a single daily broker quote or a price from a pricing service provider based on a
single daily or monthly broker quote.
The inputs or methodologies selected and applied for valuing securities or other assets are not necessarily an indication of the risk associated with investing in those securities. The suitability, appropriateness and accuracy of the techniques, methodologies and sources employed to determine fair valuation are periodically reviewed and subject to change.
Note 4 – Federal Income Tax Information
The Fund intends to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Fund from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.
Tax positions taken or expected to be taken in the course of preparing the Fund's tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Fund's tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. The Fund's U.S. federal income tax returns are subject to examination by the Internal Revenue Service (“IRS”) for a period of three years after they are filed.
| NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) continued | February 29, 2024 |
At February 29, 2024, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value were as follows:
| Tax Cost | Tax Unrealized Appreciation | Tax Unrealized Depreciation | Net Tax Unrealized Appreciation (Depreciation) |
| $2,199,396,398 | $71,450,540 | $(178,605,527) | $(107,154,987) |
Note 5 – Unfunded Loan Commitments
Pursuant to the terms of certain loan agreements, the Fund held unfunded loan commitments as of February 29, 2024. The Fund is obligated to fund these loan commitments at the borrower’s discretion.
The unfunded loan commitments as of February 29, 2024 were as follows:
| Borrower | Maturity Date | Face Amount* | Value | |||
| Alteryx Inc. | 05/14/24 | $461,111 | $– | |||
| Ardonagh Midco 3 plc | 02/16/25 | 231,928 | 3,479 | |||
| Avalara, Inc. | 10/19/28 | 700,000 | 7,789 | |||
| Care BidCo | 05/04/28 | EUR | 1,000,000 | 60,108 | ||
| Checkers Holdings, Inc. | 06/16/27 | 139,346 | – | |||
| Datix Bidco Ltd. | 05/16/24 | 6,390,000 | – | |||
| Finastra USA, Inc. | 09/13/29 | 330,000 | – | |||
| Galls LLC | 01/31/24 | 46,052 | 345 | |||
| Higginbotham Insurance Agency, Inc. | 11/25/28 | 538,556 | 4,840 | |||
| Inspired Finco Holdings Ltd. | 02/15/31 | EUR | 2,550,000 | 11,882 | ||
| Lightning A | 03/01/37 | 7,420,000 | – | |||
| Lightning B | 03/01/37 | 945,000 | – | |||
| MB2 Dental Solutions, LLC | 01/29/31 | 3,580,036 | 93,726 | |||
| Orion Group | 03/19/27 | 1,334,870 | 36,745 | |||
| Polaris Newco LLC | 06/04/26 | 1,113,600 | 62,968 | |||
| Schur Flexibles GmbH | 09/30/26 | EUR | 85,220 | 11,056 | ||
| Shaw Development LLC | 10/30/29 | 531,915 | – | |||
| SHO Holding I Corp. | 04/27/24 | 16,000 | 6,027 | |||
| Thunderbird A | 03/01/37 | 7,420,000 | – | |||
| Thunderbird B | 03/01/37 | 945,000 | – | |||
| TK Elevator Midco GmbH | 01/29/27 | EUR | 1,084,618 | 58,299 | ||
| $357,264 | ||||||
* The face amount is denominated in U.S. dollars unless otherwise indicated.
EUR - Euro
Note 6– Restricted Securities
The securities below are considered illiquid and restricted under guidelines established by the Board:
| Restricted Securities | Acquisition Date | Cost | Value |
| Atlas Mara Ltd. | |||
| due 12/31/211 | 10/01/15 | $519,661 | $25,240 |
| BBC Military Housing-Navy Northeast LLC | |||
| 6.30% due 10/15/49 | 05/05/15 | 2,740,170 | 2,603,593 |
| CBC Insurance Revenue Securitization LLC | |||
| 2016-1, 5.25% due 07/15/46 | 08/09/19 | 280,188 | 251,721 |
| CFMT LLC | |||
| 2022-HB9, 3.25% (WAC) due 09/25/372 | 09/23/22 | 2,904,899 | 2,779,127 |
| Freddie Mac Military Housing Bonds Resecuritization Trust Certificates | |||
| 2015-R1, 5.94% (WAC) due 11/25/522 | 09/10/19 | 3,366,973 | 2,974,977 |
| Mirabela Nickel Ltd. | |||
| due 06/24/191 | 12/31/13 | 2,341,590 | 13,340 |
| $12,153,481 | $8,647,998 |
| 1 | Security is in default of interest and/or principal obligations. |
| 2 | Variable rate security. Rate indicated is the rate effective at February 29, 2024. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
| NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) continued | February 29, 2024 |
Note 7 – Market Risks
The value of, or income generated by, the investments held by the Fund are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (which may change at any time based on changes in monetary policies and various market and other economic conditions), changes in inflation rates or expectations about inflation rates, adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the ongoing Russia-Ukraine conflict and its collateral economic and other effects, including, but not limited to, sanctions and other international trade barriers) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country, geographic region or industry could adversely affect the value, yield and return of the investments held by the Fund in a different country, geographic region, economy, and market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Fund’s investments and performance of the Fund.
| OTHER INFORMATION (Unaudited) | February 29, 2024 |
Sector Classification
Information in the “Schedule of Investments” is categorized by sectors using sector-level classifications used by Bloomberg Industry Classification System, a widely recognized industry classification system provider. In the Fund’s registration statement, the Fund has investment policies relating to concentration in specific industries. For purposes of these investment policies, the Fund usually classifies industries based on industry-level classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.