Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
Shares | Value | ||||
COMMON STOCKS† - 10.9% | |||||
Financial - 3.8% | |||||
MSD Acquisition Corp. — Class A*,1 | 394,720 | $ | 3,895,918 | ||
Colicity, Inc. — Class A*,1 | 311,340 | 3,060,472 | |||
RXR Acquisition Corp. — Class A*,1 | 116,625 | 1,146,424 | |||
Blue Whale Acquisition Corp. I — Class A*,1 | 87,092 | 841,309 | |||
Acropolis Infrastructure Acquisition Corp. — Class A*,1 | 75,728 | 736,834 | |||
TPG Pace Beneficial II Corp.*,1 | 74,305 | 722,988 | |||
Franklin Resources, Inc.2 | 20,431 | 532,636 | |||
Waverley Capital Acquisition Corp. 1 — Class A*,1 | 52,224 | 511,795 | |||
BlackRock, Inc. — Class A2 | 735 | 489,797 | |||
Invesco Ltd.2 | 29,197 | 480,875 | |||
T. Rowe Price Group, Inc.2 | 3,987 | 478,440 | |||
SVB Financial Group*,2 | 1,156 | 469,937 | |||
Lincoln National Corp.2 | 8,597 | 395,978 | |||
Signature Bank2 | 1,846 | 321,869 | |||
Nasdaq, Inc.2 | 4,653 | 276,993 | |||
Goldman Sachs Group, Inc.2 | 782 | 260,148 | |||
First Republic Bank2 | 1,594 | 242,017 | |||
Synchrony Financial2 | 7,297 | 238,977 | |||
CBRE Group, Inc. — Class A*,2 | 2,920 | 230,563 | |||
Citigroup, Inc.2 | 4,721 | 230,432 | |||
Charles Schwab Corp.2 | 3,186 | 226,047 | |||
JPMorgan Chase & Co.2 | 1,984 | 225,640 | |||
Bank of America Corp.2 | 6,340 | 213,087 | |||
State Street Corp.2 | 3,115 | 212,910 | |||
Bank of New York Mellon Corp.2 | 5,113 | 212,343 | |||
Truist Financial Corp.2 | 4,474 | 209,562 | |||
Alexandria Real Estate Equities, Inc. REIT2 | 1,357 | 208,164 | |||
Capital One Financial Corp.2 | 1,965 | 207,936 | |||
Healthpeak Properties, Inc. REIT2 | 7,889 | 207,086 | |||
Intercontinental Exchange, Inc.2 | 2,023 | 204,019 | |||
Essex Property Trust, Inc. REIT2 | 761 | 201,711 | |||
Simon Property Group, Inc. REIT2 | 1,966 | 200,493 | |||
Citizens Financial Group, Inc.2 | 5,454 | 200,053 | |||
KeyCorp2 | 11,155 | 197,332 | |||
Vornado Realty Trust REIT2 | 5,532 | 145,049 | |||
EastGroup Properties, Inc. REIT | 473 | 78,059 | |||
Glacier Bancorp, Inc. | 1,288 | 65,276 | |||
First Financial Bankshares, Inc. | 1,517 | 64,488 | |||
STAG Industrial, Inc. REIT | 2,043 | 62,924 | |||
Valley National Bancorp | 4,679 | 54,370 | |||
Terreno Realty Corp. REIT | 863 | 52,634 | |||
National Storage Affiliates Trust REIT | 949 | 47,943 | |||
Houlihan Lokey, Inc. | 597 | 46,864 | |||
WSFS Financial Corp. | 760 | 36,746 | |||
Pacific Premier Bancorp, Inc. | 1,095 | 35,872 | |||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 896 | 35,410 | |||
Broadstone Net Lease, Inc. REIT | 1,850 | 35,409 | |||
Walker & Dunlop, Inc. | 341 | 34,257 | |||
LXP Industrial Trust REIT | 3,282 | 33,017 | |||
Essential Properties Realty Trust, Inc. REIT | 1,411 | 31,945 | |||
Trupanion, Inc.* | 446 | 31,479 | |||
Outfront Media, Inc. REIT | 1,700 | 30,090 | |||
Silvergate Capital Corp. — Class A* | 327 | 29,796 | |||
Moelis & Co. — Class A | 714 | 29,745 | |||
Focus Financial Partners, Inc. — Class A* | 751 | 29,402 | |||
Hamilton Lane, Inc. — Class A | 407 | 28,319 | |||
Axos Financial, Inc.* | 669 | 27,951 | |||
Navient Corp. | 1,773 | 27,286 | |||
Innovative Industrial Properties, Inc. REIT | 292 | 26,782 | |||
Macerich Co. REIT | 2,498 | 23,906 | |||
Flagstar Bancorp, Inc. | 611 | 23,542 | |||
Chimera Investment Corp. REIT | 2,752 | 23,392 | |||
Piper Sandler Cos. | 204 | 23,372 | |||
Artisan Partners Asset Management, Inc. — Class A | 687 | 23,193 | |||
Cannae Holdings, Inc.* | 994 | 21,480 | |||
Cohen & Steers, Inc. | 291 | 20,772 | |||
Newmark Group, Inc. — Class A | 1,942 | 19,906 | |||
BRP Group, Inc. — Class A* | 559 | 17,553 | |||
Triumph Bancorp, Inc.* | 281 | 17,397 | |||
Flywire Corp.* | 659 | 16,383 | |||
Virtus Investment Partners, Inc. | 85 | 16,256 | |||
Brandywine Realty Trust REIT | 1,990 | 15,980 | |||
Stewart Information Services Corp. | 313 | 15,850 | |||
LendingClub Corp.* | 1,171 | 15,305 | |||
Bancorp, Inc.* | 613 | 14,540 | |||
StepStone Group, Inc. — Class A | 527 | 14,382 | |||
Live Oak Bancshares, Inc. | 376 | 13,626 | |||
Service Properties Trust REIT | 1,924 | 13,160 | |||
CNO Financial Group, Inc. | 704 | 12,961 | |||
Customers Bancorp, Inc.* | 357 | 12,384 | |||
First Financial Bancorp | 542 | 11,696 | |||
Pathward Financial, Inc. | 345 | 11,371 | |||
Goosehead Insurance, Inc. — Class A* | 211 | 10,972 | |||
Uniti Group, Inc. REIT | 1,153 | 10,827 | |||
Renasant Corp. | 320 | 10,669 | |||
Redfin Corp.* | 1,216 | 9,959 | |||
Bank of NT Butterfield & Son Ltd. | 294 | 9,590 | |||
Hilltop Holdings, Inc. | 362 | 9,557 | |||
eXp World Holdings, Inc. | 736 | 9,517 | |||
PennyMac Financial Services, Inc. | 176 | 9,349 | |||
Tanger Factory Outlet Centers, Inc. REIT | 600 | 9,252 | |||
Safehold, Inc. REIT | 242 | 9,203 | |||
Eagle Bancorp, Inc. | 185 | 8,978 | |||
Piedmont Office Realty Trust, Inc. — Class A REIT | 727 | 8,564 | |||
Veritex Holdings, Inc. | 278 | 8,371 | |||
BGC Partners, Inc. — Class A | 1,855 | 7,457 | |||
Enova International, Inc.* | 212 | 7,407 | |||
First Bancorp | 201 | 7,318 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
Shares | Value | ||||
COMMON STOCKS† - 10.9% (continued) | |||||
Financial - 3.8% (continued) | |||||
Argo Group International Holdings Ltd. | 371 | $ | 7,283 | ||
MFA Financial, Inc. REIT | 649 | 7,094 | |||
Capitol Federal Financial, Inc. | 762 | 6,904 | |||
Anywhere Real Estate, Inc.* | 675 | 6,595 | |||
Centerspace REIT | 83 | 6,257 | |||
B Riley Financial, Inc. | 118 | 5,873 | |||
Empire State Realty Trust, Inc. — Class A REIT | 838 | 5,841 | |||
Farmer Mac — Class C | 53 | 5,790 | |||
ConnectOne Bancorp, Inc. | 218 | 5,457 | |||
iStar, Inc. REIT | 393 | 5,412 | |||
First Foundation, Inc. | 284 | 5,385 | |||
Redwood Trust, Inc. REIT | 675 | 5,231 | |||
Community Healthcare Trust, Inc. REIT | 141 | 5,202 | |||
Office Properties Income Trust REIT | 281 | 4,937 | |||
Broadmark Realty Capital, Inc. REIT | 753 | 4,857 | |||
LendingTree, Inc.* | 136 | 4,147 | |||
Ambac Financial Group, Inc.* | 271 | 4,089 | |||
Metropolitan Bank Holding Corp.* | 57 | 4,081 | |||
HomeStreet, Inc. | 114 | 3,968 | |||
Global Medical REIT, Inc. | 351 | 3,805 | |||
Northfield Bancorp, Inc. | 258 | 3,803 | |||
Plymouth Industrial REIT, Inc. | 182 | 3,689 | |||
ARMOUR Residential REIT, Inc. | 518 | 3,678 | |||
First Bancshares, Inc. | 120 | 3,588 | |||
Central Pacific Financial Corp. | 160 | 3,486 | |||
TPG RE Finance Trust, Inc. REIT | 358 | 3,315 | |||
Brightsphere Investment Group, Inc. | 189 | 3,230 | |||
First Community Bankshares, Inc. | 97 | 3,058 | |||
City Office REIT, Inc. | 254 | 2,934 | |||
Diamond Hill Investment Group, Inc. | 17 | 2,908 | |||
Invesco Mortgage Capital, Inc. REIT | 183 | 2,906 | |||
Industrial Logistics Properties Trust REIT | 380 | 2,846 | |||
World Acceptance Corp.* | 24 | 2,790 | |||
Seritage Growth Properties REIT* | 222 | 2,784 | |||
Business First Bancshares, Inc. | 114 | 2,689 | |||
Independent Bank Corp. | 122 | 2,504 | |||
Hingham Institution For Savings The | 8 | 2,375 | |||
Southern Missouri Bancorp, Inc. | 45 | 2,373 | |||
SiriusPoint Ltd.* | 527 | 2,356 | |||
Merchants Bancorp | 87 | 2,346 | |||
West BanCorp, Inc. | 95 | 2,338 | |||
One Liberty Properties, Inc. REIT | 95 | 2,294 | |||
Coastal Financial Corp.* | 57 | 2,291 | |||
Metrocity Bankshares, Inc. | 113 | 2,259 | |||
Waterstone Financial, Inc. | 128 | 2,213 | |||
Orchid Island Capital, Inc. REIT | 158 | 2,142 | |||
Alerus Financial Corp. | 89 | 2,115 | |||
AssetMark Financial Holdings, Inc.* | 108 | 2,089 | |||
Diversified Healthcare Trust REIT | 1,414 | 2,064 | |||
GCM Grosvenor, Inc. — Class A | 258 | 2,025 | |||
HomeTrust Bancshares, Inc. | 87 | 2,020 | |||
Oppenheimer Holdings, Inc. — Class A | 55 | 1,996 | |||
Douglas Elliman, Inc. | 429 | 1,978 | |||
Universal Insurance Holdings, Inc. | 161 | 1,922 | |||
Blue Foundry Bancorp* | 167 | 1,899 | |||
Southern First Bancshares, Inc.* | 44 | 1,897 | |||
Civista Bancshares, Inc. | 88 | 1,861 | |||
RBB Bancorp | 83 | 1,834 | |||
Enterprise Bancorp, Inc. | 55 | 1,770 | |||
Sierra Bancorp | 83 | 1,720 | |||
Franklin Street Properties Corp. REIT | 595 | 1,672 | |||
Tiptree, Inc. — Class A | 138 | 1,649 | |||
HCI Group, Inc. | 33 | 1,577 | |||
Regional Management Corp. | 44 | 1,482 | |||
Sculptor Capital Management, Inc. | 130 | 1,226 | |||
Great Ajax Corp. REIT | 129 | 1,167 | |||
Citizens, Inc.* | 297 | 1,126 | |||
Investors Title Co. | 7 | 1,031 | |||
Pzena Investment Management, Inc. — Class A | 100 | 952 | |||
Maiden Holdings Ltd.* | 414 | 944 | |||
eHealth, Inc.* | 145 | 928 | |||
Ashford Hospitality Trust, Inc. REIT* | 101 | 927 | |||
Fidelity D&D Bancorp, Inc. | 23 | 920 | |||
Curo Group Holdings Corp. | 125 | 825 | |||
Legacy Housing Corp.* | 47 | 803 | |||
Atlanticus Holdings Corp.* | 28 | 797 | |||
Greenhill & Company, Inc. | 85 | 665 | |||
Lemonade, Inc.* | 30 | 664 | |||
Pioneer Bancorp, Inc.* | 69 | 645 | |||
Oportun Financial Corp.* | 124 | 634 | |||
GAMCO Investors, Inc. — Class A | 30 | 607 | |||
Trean Insurance Group, Inc.* | 105 | 467 | |||
Heritage Insurance Holdings, Inc. | 154 | 406 | |||
Fathom Holdings, Inc.* | 36 | 247 | |||
M&T Bank Corp.2 | 1 | 182 | |||
Rafael Holdings, Inc. — Class B* | 60 | 130 | |||
Finance of America Companies, Inc. — Class A* | 106 | 129 | |||
SouthState Corp. | 2 | 125 | |||
United Insurance Holdings Corp. | 121 | 122 | |||
Pershing Square Tontine Holdings Ltd. — Class A Escrow*,†††,1 | 329,700 | 33 | |||
Total Financial | 20,388,970 | ||||
Technology - 1.9% | |||||
Paycom Software, Inc.*,2 | 1,974 | 693,269 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
Shares | Value | ||||
COMMON STOCKS† - 10.9% (continued) | |||||
Technology - 1.9% (continued) | |||||
Teradyne, Inc.2 | 6,613 | $ | 559,724 | ||
Applied Materials, Inc.2 | 5,633 | 529,896 | |||
Intuit, Inc.2 | 1,181 | 509,932 | |||
ANSYS, Inc.*,2 | 2,022 | 502,063 | |||
QUALCOMM, Inc.2 | 3,717 | 491,648 | |||
Advanced Micro Devices, Inc.*,2 | 5,788 | 491,228 | |||
NVIDIA Corp.2 | 3,103 | 468,367 | |||
Skyworks Solutions, Inc.2 | 4,710 | 464,170 | |||
NetApp, Inc.2 | 6,423 | 463,291 | |||
Qorvo, Inc.*,2 | 5,008 | 449,618 | |||
IPG Photonics Corp.*,2 | 4,423 | 400,680 | |||
Zebra Technologies Corp. — Class A*,2 | 1,317 | 397,260 | |||
Lam Research Corp.2 | 791 | 346,387 | |||
Micron Technology, Inc.2 | 4,612 | 260,716 | |||
MSCI, Inc. — Class A2 | 560 | 251,574 | |||
Ceridian HCM Holding, Inc.*,2 | 4,165 | 248,401 | |||
Oracle Corp.2 | 3,285 | 243,583 | |||
Tyler Technologies, Inc.*,2 | 642 | 238,509 | |||
Adobe, Inc.*,2 | 614 | 229,292 | |||
Take-Two Interactive Software, Inc.*,2 | 1,666 | 204,185 | |||
Salesforce, Inc.*,2 | 1,292 | 201,707 | |||
Seagate Technology Holdings plc2 | 2,826 | 189,229 | |||
Lattice Semiconductor Corp.* | 1,586 | 85,485 | |||
Silicon Laboratories, Inc.* | 444 | 55,646 | |||
Synaptics, Inc.* | 463 | 53,527 | |||
SPS Commerce, Inc.* | 422 | 51,535 | |||
Power Integrations, Inc. | 691 | 49,427 | |||
Maximus, Inc. | 716 | 43,383 | |||
Blackline, Inc.* | 633 | 43,006 | |||
Ziff Davis, Inc.* | 508 | 39,258 | |||
Rapid7, Inc.* | 659 | 37,893 | |||
Diodes, Inc.* | 510 | 36,297 | |||
Semtech Corp.* | 756 | 34,920 | |||
Varonis Systems, Inc.* | 1,250 | 34,188 | |||
Workiva, Inc.* | 501 | 34,013 | |||
Envestnet, Inc.* | 635 | 33,255 | |||
MACOM Technology Solutions Holdings, Inc.* | 577 | 31,822 | |||
Sprout Social, Inc. — Class A* | 530 | 31,821 | |||
MaxLinear, Inc. — Class A* | 829 | 29,786 | |||
Blackbaud, Inc.* | 560 | 29,288 | |||
Altair Engineering, Inc. — Class A* | 540 | 28,085 | |||
Ambarella, Inc.* | 412 | 27,967 | |||
PagerDuty, Inc.* | 967 | 25,181 | |||
MicroStrategy, Inc. — Class A* | 108 | 25,008 | |||
DigitalOcean Holdings, Inc.* | 593 | 24,959 | |||
Appian Corp.* | 461 | 21,621 | |||
SiTime Corp.* | 188 | 20,005 | |||
Digital Turbine, Inc.* | 1,060 | 19,578 | |||
Apollo Medical Holdings, Inc.* | 442 | 19,063 | |||
Asana, Inc. — Class A* | 853 | 16,335 | |||
Ultra Clean Holdings, Inc.* | 521 | 15,250 | |||
Phreesia, Inc.* | 584 | 14,985 | |||
3D Systems Corp.* | 1,453 | 14,719 | |||
Schrodinger Incorporated/United States* | 531 | 14,571 | |||
JFrog Ltd.* | 632 | 13,367 | |||
Appfolio, Inc. — Class A* | 112 | 11,355 | |||
Momentive Global, Inc.* | 1,553 | 11,011 | |||
Grid Dynamics Holdings, Inc.* | 530 | 10,711 | |||
Zuora, Inc. — Class A* | 1,333 | 10,237 | |||
SMART Global Holdings, Inc.* | 547 | 10,037 | |||
Outset Medical, Inc.* | 548 | 10,023 | |||
BigCommerce Holdings, Inc.* | 567 | 9,452 | |||
Cerence, Inc.* | 454 | 9,085 | |||
LivePerson, Inc.* | 775 | 8,990 | |||
Health Catalyst, Inc.* | 609 | 7,308 | |||
Donnelley Financial Solutions, Inc.* | 172 | 7,301 | |||
Desktop Metal, Inc. — Class A* | 2,196 | 6,983 | |||
8x8, Inc.* | 1,327 | 6,914 | |||
Domo, Inc. — Class B* | 330 | 6,356 | |||
Veeco Instruments, Inc.* | 291 | 6,152 | |||
Yext, Inc.* | 1,330 | 5,919 | |||
TTEC Holdings, Inc. | 108 | 5,654 | |||
PAR Technology Corp.* | 147 | 5,174 | |||
Cardlytics, Inc.* | 382 | 5,058 | |||
PDF Solutions, Inc.* | 177 | 4,669 | |||
Sumo Logic, Inc.* | 514 | 4,513 | |||
Bandwidth, Inc. — Class A* | 275 | 4,262 | |||
Sapiens International Corporation N.V. | 184 | 4,070 | |||
CEVA, Inc.* | 132 | 3,864 | |||
Unisys Corp.* | 384 | 3,575 | |||
American Software, Inc. — Class A | 187 | 3,166 | |||
Pitney Bowes, Inc. | 1,031 | 2,979 | |||
Vuzix Corp.* | 349 | 2,621 | |||
Mitek Systems, Inc.* | 255 | 2,606 | |||
Corsair Gaming, Inc.* | 163 | 2,509 | |||
OneSpan, Inc.* | 210 | 2,417 | |||
Alkami Technology, Inc.* | 165 | 2,392 | |||
Telos Corp.* | 238 | 2,356 | |||
Cantaloupe, Inc.* | 347 | 2,210 | |||
Porch Group, Inc.* | 894 | 1,922 | |||
Daily Journal Corp.* | 7 | 1,828 | |||
Upland Software, Inc.* | 172 | 1,801 | |||
Brightcove, Inc.* | 242 | 1,607 | |||
Avaya Holdings Corp.* | 985 | 1,566 | |||
Enfusion, Inc. — Class A* | 126 | 1,561 | |||
Atomera, Inc.* | 120 | 1,552 | |||
Diebold Nixdorf, Inc.* | 429 | 1,493 | |||
Rackspace Technology, Inc.* | 324 | 1,445 | |||
ON24, Inc.* | 161 | 1,443 | |||
Integral Ad Science Holding Corp.* | 175 | 1,423 | |||
Digimarc Corp.* | 76 | 1,354 | |||
Inseego Corp.* | 498 | 1,345 | |||
Veritone, Inc.* | 169 | 1,242 | |||
CS Disco, Inc.* | 84 | 1,159 | |||
AvidXchange Holdings, Inc.* | 147 | 1,145 | |||
Ouster, Inc.* | 748 | 1,122 | |||
Intapp, Inc.* | 77 | 1,116 | |||
CoreCard Corp.* | 43 | 1,043 | |||
Smith Micro Software, Inc.* | 275 | 668 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
Shares | Value | ||||
COMMON STOCKS† - 10.9% (continued) | |||||
Technology - 1.9% (continued) | |||||
Tabula Rasa HealthCare, Inc.* | 134 | $ | 650 | ||
SecureWorks Corp. — Class A* | 58 | 603 | |||
Outbrain, Inc.* | 127 | 560 | |||
EMCORE Corp.* | 218 | 519 | |||
Forian, Inc.* | 112 | 464 | |||
iCAD, Inc.* | 130 | 391 | |||
DarioHealth Corp.* | 80 | 382 | |||
Viant Technology, Inc. — Class A* | 68 | 307 | |||
Arteris, Inc.* | 29 | 206 | |||
UserTesting, Inc.* | 44 | 183 | |||
Weave Communications, Inc.* | 27 | 156 | |||
GreenBox POS* | 109 | 126 | |||
NantHealth, Inc.* | 160 | 77 | |||
Society Pass, Inc.* | 19 | 36 | |||
Total Technology | 10,124,397 | ||||
Consumer, Cyclical - 1.8% | |||||
Tesla, Inc.*,2 | 2,487 | 685,442 | |||
Ross Stores, Inc.2 | 5,995 | 517,189 | |||
Penn Entertainment, Inc.*,2 | 15,035 | 469,543 | |||
Aptiv plc*,2 | 4,627 | 432,301 | |||
Bath & Body Works, Inc.2 | 10,922 | 407,718 | |||
PVH Corp.2 | 6,676 | 375,525 | |||
Caesars Entertainment, Inc.*,2 | 8,165 | 352,075 | |||
Royal Caribbean Cruises Ltd.*,2 | 7,219 | 294,896 | |||
Carnival Corp.*,2 | 29,371 | 277,850 | |||
Copart, Inc.*,2 | 2,213 | 264,785 | |||
Starbucks Corp.2 | 3,091 | 259,860 | |||
Domino's Pizza, Inc.2 | 662 | 246,171 | |||
Ford Motor Co.2 | 15,940 | 242,926 | |||
General Motors Co.2 | 6,159 | 235,335 | |||
Home Depot, Inc.2 | 807 | 232,755 | |||
Lennar Corp. — Class A2 | 2,953 | 228,710 | |||
CarMax, Inc.*,2 | 2,577 | 227,910 | |||
DR Horton, Inc.2 | 3,158 | 224,692 | |||
Lowe's Companies, Inc.2 | 1,151 | 223,455 | |||
NIKE, Inc. — Class B2 | 2,085 | 221,948 | |||
Whirlpool Corp.2 | 1,379 | 215,951 | |||
Wynn Resorts Ltd.*,2 | 3,535 | 214,186 | |||
Advance Auto Parts, Inc.2 | 1,253 | 211,306 | |||
MGM Resorts International2 | 6,107 | 199,332 | |||
VF Corp.2 | 4,779 | 198,090 | |||
Target Corp.2 | 1,235 | 198,020 | |||
Pool Corp.2 | 578 | 196,052 | |||
Best Buy Company, Inc.2 | 2,703 | 191,075 | |||
Under Armour, Inc. — Class C*,2 | 9,303 | 70,610 | |||
Under Armour, Inc. — Class A*,2 | 8,161 | 68,716 | |||
Macy's, Inc. | 3,538 | 61,278 | |||
AMC Entertainment Holdings, Inc. — Class A* | 6,030 | 54,994 | |||
Crocs, Inc.* | 683 | 50,337 | |||
Fox Factory Holding Corp.* | 493 | 45,953 | |||
Goodyear Tire & Rubber Co.* | 3,229 | 45,303 | |||
Signet Jewelers Ltd. | 620 | 40,529 | |||
Wingstop, Inc. | 348 | 39,623 | |||
Adient plc* | 1,106 | 36,719 | |||
Skyline Champion Corp.* | 613 | 34,739 | |||
Meritage Homes Corp.* | 432 | 33,847 | |||
LCI Industries | 289 | 33,486 | |||
National Vision Holdings, Inc.* | 969 | 32,200 | |||
Papa John's International, Inc. | 387 | 31,281 | |||
Callaway Golf Co.* | 1,357 | 30,030 | |||
Cracker Barrel Old Country Store, Inc. | 278 | 30,007 | |||
SeaWorld Entertainment, Inc.* | 590 | 29,647 | |||
Steven Madden Ltd. | 944 | 27,480 | |||
KB Home | 932 | 26,702 | |||
Dana, Inc. | 1,698 | 26,268 | |||
Cavco Industries, Inc.* | 108 | 25,273 | |||
Installed Building Products, Inc. | 276 | 24,995 | |||
MillerKnoll, Inc. | 872 | 24,137 | |||
LGI Homes, Inc.* | 252 | 23,917 | |||
Gentherm, Inc.* | 390 | 23,361 | |||
Boot Barn Holdings, Inc.* | 342 | 22,784 | |||
Kontoor Brands, Inc. | 608 | 22,636 | |||
Sonos, Inc.* | 1,488 | 22,380 | |||
Winnebago Industries, Inc. | 379 | 21,823 | |||
International Game Technology plc | 1,173 | 21,044 | |||
Shake Shack, Inc. — Class A* | 439 | 20,923 | |||
MDC Holdings, Inc. | 670 | 20,824 | |||
American Eagle Outfitters, Inc. | 1,778 | 20,020 | |||
Sally Beauty Holdings, Inc.* | 1,288 | 19,165 | |||
Wolverine World Wide, Inc. | 954 | 18,641 | |||
iRobot Corp.* | 315 | 18,547 | |||
Fisker, Inc.* | 1,915 | 17,292 | |||
Urban Outfitters, Inc.* | 804 | 16,184 | |||
Camping World Holdings, Inc. — Class A | 489 | 14,729 | |||
Nikola Corp.* | 2,630 | 14,097 | |||
Lions Gate Entertainment Corp. — Class B* | 1,385 | 12,922 | |||
SkyWest, Inc.* | 584 | 12,433 | |||
Tri Pointe Homes, Inc.* | 647 | 11,212 | |||
Sleep Number Corp.* | 260 | 10,772 | |||
Shyft Group, Inc. | 406 | 9,724 | |||
Acushnet Holdings Corp. | 201 | 9,578 | |||
Abercrombie & Fitch Co. — Class A* | 656 | 9,440 | |||
Vista Outdoor, Inc.* | 330 | 9,280 | |||
Allegiant Travel Co. — Class A* | 90 | 8,685 | |||
Cheesecake Factory, Inc. | 270 | 8,267 | |||
Century Communities, Inc. | 176 | 8,217 | |||
Big Lots, Inc. | 354 | 7,282 | |||
Malibu Boats, Inc. — Class A* | 121 | 7,264 | |||
M/I Homes, Inc.* | 167 | 7,221 | |||
Patrick Industries, Inc. | 133 | 7,045 | |||
La-Z-Boy, Inc. | 258 | 6,809 | |||
Children's Place, Inc.* | 161 | 6,791 | |||
Brinker International, Inc.* | 259 | 6,348 | |||
H&E Equipment Services, Inc. | 188 | 5,952 | |||
Buckle, Inc. | 174 | 5,617 | |||
Hibbett, Inc. | 80 | 4,688 | |||
Standard Motor Products, Inc. | 124 | 4,551 | |||
Bally's Corp.* | 191 | 4,525 | |||
MarineMax, Inc.* | 123 | 4,470 | |||
Winmark Corp. | 20 | 4,127 | |||
Canoo, Inc.* | 1,268 | 4,045 | |||
Douglas Dynamics, Inc. | 134 | 3,899 | |||
Aeva Technologies, Inc.* | 1,231 | 3,791 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
Shares | Value | ||||
COMMON STOCKS† - 10.9% (continued) | |||||
Consumer, Cyclical - 1.8% (continued) | |||||
Sun Country Airlines Holdings, Inc.* | 187 | $ | 3,725 | ||
Titan Machinery, Inc.* | 115 | 3,540 | |||
Aspen Aerogels, Inc.* | 263 | 3,422 | |||
Denny's Corp.* | 362 | 3,421 | |||
BJ's Restaurants, Inc.* | 134 | 3,361 | |||
Lions Gate Entertainment Corp. — Class A* | 341 | 3,359 | |||
Tupperware Brands Corp.* | 286 | 3,215 | |||
GrowGeneration Corp.* | 647 | 3,073 | |||
Portillo's, Inc. — Class A* | 136 | 2,995 | |||
Rush Street Interactive, Inc.* | 616 | 2,981 | |||
Zumiez, Inc.* | 114 | 2,959 | |||
Movado Group, Inc. | 91 | 2,902 | |||
Workhorse Group, Inc.* | 875 | 2,739 | |||
VSE Corp. | 63 | 2,637 | |||
Chuy's Holdings, Inc.* | 118 | 2,635 | |||
Shoe Carnival, Inc. | 105 | 2,498 | |||
Beazer Homes USA, Inc.* | 174 | 2,478 | |||
Hyliion Holdings Corp.* | 698 | 2,450 | |||
OneWater Marine, Inc. — Class A* | 61 | 2,431 | |||
PetMed Express, Inc. | 118 | 2,427 | |||
Rite Aid Corp.* | 328 | 2,355 | |||
Lovesac Co.* | 76 | 2,345 | |||
REV Group, Inc. | 200 | 2,304 | |||
Global Industrial Co. | 76 | 2,286 | |||
Marcus Corp. | 136 | 2,188 | |||
Sportsman's Warehouse Holdings, Inc.* | 259 | 2,062 | |||
Lordstown Motors Corp. — Class A* | 904 | 1,935 | |||
Johnson Outdoors, Inc. — Class A | 31 | 1,895 | |||
Ideanomics, Inc.* | 2,806 | 1,662 | |||
Universal Electronics, Inc.* | 74 | 1,645 | |||
Kimball International, Inc. — Class B | 215 | 1,645 | |||
Miller Industries, Inc. | 66 | 1,552 | |||
PLBY Group, Inc.* | 337 | 1,516 | |||
Big 5 Sporting Goods Corp. | 123 | 1,506 | |||
Fiesta Restaurant Group, Inc.* | 209 | 1,394 | |||
LL Flooring Holdings, Inc.* | 170 | 1,384 | |||
Full House Resorts, Inc.* | 194 | 1,308 | |||
Party City Holdco, Inc.* | 658 | 1,296 | |||
Container Store Group, Inc.* | 189 | 1,281 | |||
Cato Corp. — Class A | 117 | 1,265 | |||
Xponential Fitness, Inc. — Class A* | 69 | 1,265 | |||
Forestar Group, Inc.* | 101 | 1,256 | |||
Commercial Vehicle Group, Inc.* | 191 | 1,247 | |||
Hovnanian Enterprises, Inc. — Class A* | 30 | 1,203 | |||
Fossil Group, Inc.* | 284 | 1,201 | |||
Noodles & Co.* | 242 | 1,150 | |||
Blue Bird Corp.* | 95 | 1,128 | |||
Snap One Holdings Corp.* | 100 | 1,119 | |||
Hooker Furnishings Corp. | 69 | 1,095 | |||
El Pollo Loco Holdings, Inc.* | 113 | 1,023 | |||
Conn's, Inc.* | 106 | 1,019 | |||
Sweetgreen, Inc. — Class A* | 60 | 1,015 | |||
Tilly's, Inc. — Class A | 135 | 1,013 | |||
Purple Innovation, Inc.* | 343 | 981 | |||
NEOGAMES S.A.* | 60 | 959 | |||
Citi Trends, Inc.* | 47 | 949 | |||
VOXX International Corp. — Class A* | 92 | 887 | |||
ONE Group Hospitality, Inc.* | 123 | 878 | |||
Cooper-Standard Holdings, Inc.* | 100 | 783 | |||
Weber, Inc. — Class A | 107 | 768 | |||
Superior Group of Companies, Inc. | 69 | 767 | |||
Lazydays Holdings, Inc.* | 44 | 724 | |||
Escalade, Inc. | 60 | 702 | |||
Daktronics, Inc.* | 219 | 701 | |||
XL Fleet Corp.* | 625 | 700 | |||
Flexsteel Industries, Inc. | 39 | 682 | |||
Barnes & Noble Education, Inc.* | 263 | 673 | |||
Lifetime Brands, Inc. | 75 | 669 | |||
Duluth Holdings, Inc. — Class B* | 72 | 639 | |||
GAN Ltd.* | 239 | 617 | |||
Shift Technologies, Inc.* | 725 | 616 | |||
Vera Bradley, Inc.* | 155 | 614 | |||
Torrid Holdings, Inc.* | 103 | 578 | |||
Velodyne Lidar, Inc.* | 451 | 564 | |||
Hamilton Beach Brands Holding Co. — Class A | 44 | 543 | |||
Liberty TripAdvisor Holdings, Inc. — Class A* | 434 | 521 | |||
Mesa Air Group, Inc.* | 204 | 496 | |||
Traeger, Inc.* | 177 | 467 | |||
F45 Training Holdings, Inc.* | 176 | 440 | |||
Carrols Restaurant Group, Inc.* | 199 | 438 | |||
Arcimoto, Inc.* | 166 | 363 | |||
Nautilus, Inc.* | 179 | 361 | |||
Romeo Power, Inc.* | 573 | 352 | |||
Aterian, Inc.* | 154 | 351 | |||
Regis Corp.* | 248 | 347 | |||
EVI Industries, Inc.* | 27 | 337 | |||
Kirkland's, Inc.* | 74 | 302 | |||
CarLotz, Inc. — Class A* | 426 | 170 | |||
EBET, Inc.* | 68 | 126 | |||
Total Consumer, Cyclical | 9,642,445 | ||||
Consumer, Non-cyclical - 1.4% | |||||
PayPal Holdings, Inc.*,2 | 5,816 | 543,465 | |||
Bio-Techne Corp.2 | 1,412 | 468,516 | |||
Dexcom, Inc.*,2 | 5,436 | 446,894 | |||
Intuitive Surgical, Inc.*,2 | 2,121 | 436,375 | |||
IDEXX Laboratories, Inc.*,2 | 1,078 | 374,734 | |||
Align Technology, Inc.*,2 | 1,380 | 336,306 | |||
Illumina, Inc.*,2 | 1,645 | 331,698 | |||
Verisk Analytics, Inc. — Class A2 | 1,404 | 262,773 | |||
Moderna, Inc.*,2 | 1,850 | 244,699 | |||
Moody's Corp.2 | 840 | 238,997 | |||
S&P Global, Inc.2 | 673 | 237,017 | |||
Bio-Rad Laboratories, Inc. — Class A*,2 | 482 | 233,789 | |||
Zoetis, Inc.2 | 1,380 | 216,011 | |||
Equifax, Inc.2 | 1,142 | 215,552 | |||
West Pharmaceutical Services, Inc.2 | 704 | 208,870 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
Shares | Value | ||||
COMMON STOCKS† - 10.9% (continued) | |||||
Consumer, Non-cyclical - 1.4% (continued) | |||||
Charles River Laboratories International, Inc.*,2 | 985 | $ | 202,171 | ||
MarketAxess Holdings, Inc.2 | 746 | 185,448 | |||
Robert Half International, Inc.2 | 2,350 | 180,880 | |||
Dentsply Sirona, Inc.2 | 5,242 | 171,780 | |||
Avis Budget Group, Inc.* | 484 | 81,012 | |||
Inspire Medical Systems, Inc.* | 314 | 60,128 | |||
ASGN, Inc.* | 596 | 57,633 | |||
Omnicell, Inc.* | 513 | 52,475 | |||
Medpace Holdings, Inc.* | 339 | 50,040 | |||
Blueprint Medicines Corp.* | 683 | 50,009 | |||
Intellia Therapeutics, Inc.* | 814 | 48,889 | |||
Arrowhead Pharmaceuticals, Inc.* | 1,200 | 47,652 | |||
Insperity, Inc. | 425 | 46,333 | |||
TriNet Group, Inc.* | 474 | 39,058 | |||
Korn Ferry | 630 | 38,380 | |||
API Group Corp.* | 2,370 | 36,853 | |||
Alarm.com Holdings, Inc.* | 552 | 36,763 | |||
LivaNova plc* | 625 | 35,156 | |||
Helen of Troy Ltd.* | 281 | 34,740 | |||
Insmed, Inc.* | 1,377 | 33,902 | |||
Herc Holdings, Inc. | 292 | 32,859 | |||
Beam Therapeutics, Inc.* | 596 | 32,542 | |||
Progyny, Inc.* | 754 | 30,318 | |||
CONMED Corp. | 339 | 30,025 | |||
Denali Therapeutics, Inc.* | 1,062 | 29,386 | |||
Neogen Corp.* | 1,258 | 26,292 | |||
Twist Bioscience Corp.* | 633 | 25,396 | |||
Fate Therapeutics, Inc.* | 948 | 24,781 | |||
Primo Water Corp. | 1,845 | 24,244 | |||
AtriCure, Inc.* | 525 | 23,950 | |||
Arvinas, Inc.* | 548 | 23,202 | |||
Owens & Minor, Inc. | 718 | 21,188 | |||
Rent-A-Center, Inc. | 773 | 19,974 | |||
Relay Therapeutics, Inc.* | 815 | 18,721 | |||
Nevro Corp.* | 405 | 18,355 | |||
Vector Group Ltd. | 1,685 | 16,513 | |||
Celldex Therapeutics, Inc.* | 539 | 16,386 | |||
Ligand Pharmaceuticals, Inc. — Class B* | 177 | 16,353 | |||
Agios Pharmaceuticals, Inc.* | 640 | 16,320 | |||
Veracyte, Inc.* | 791 | 16,136 | |||
ModivCare, Inc.* | 145 | 15,706 | |||
LiveRamp Holdings, Inc.* | 775 | 15,384 | |||
REVOLUTION Medicines, Inc.* | 696 | 14,498 | |||
Recursion Pharmaceuticals, Inc. — Class A* | 1,343 | 14,115 | |||
Enanta Pharmaceuticals, Inc.* | 230 | 14,002 | |||
Vericel Corp.* | 545 | 13,598 | |||
NeoGenomics, Inc.* | 1,325 | 13,316 | |||
Pacific Biosciences of California, Inc.* | 2,271 | 13,308 | |||
Marathon Digital Holdings, Inc.* | 1,115 | 13,213 | |||
Bridgebio Pharma, Inc.* | 1,241 | 13,030 | |||
Arcus Biosciences, Inc.* | 526 | 12,666 | |||
Edgewell Personal Care Co. | 318 | 12,390 | |||
PROG Holdings, Inc.* | 663 | 12,292 | |||
Avid Bioservices, Inc.* | 708 | 12,192 | |||
Beauty Health Co.* | 1,022 | 11,855 | |||
Editas Medicine, Inc.* | 801 | 11,775 | |||
CareDx, Inc.* | 593 | 11,617 | |||
Prothena Corporation plc* | 421 | 11,607 | |||
Cassava Sciences, Inc.* | 448 | 11,527 | |||
Zentalis Pharmaceuticals, Inc.* | 428 | 11,475 | |||
Kymera Therapeutics, Inc.* | 403 | 11,393 | |||
Allogene Therapeutics, Inc.* | 811 | 11,119 | |||
TG Therapeutics, Inc.* | 1,531 | 10,916 | |||
Fulgent Genetics, Inc.* | 246 | 10,694 | |||
Heska Corp.* | 114 | 10,382 | |||
American Well Corp. — Class A* | 2,183 | 9,933 | |||
Coursera, Inc.* | 851 | 9,786 | |||
Deluxe Corp. | 503 | 9,678 | |||
SpringWorks Therapeutics, Inc.* | 342 | 9,497 | |||
Travere Therapeutics, Inc.* | 348 | 9,312 | |||
Senseonics Holdings, Inc.* | 5,152 | 9,171 | |||
Monro, Inc. | 194 | 8,984 | |||
Riot Blockchain, Inc.* | 1,226 | 8,790 | |||
Coherus Biosciences, Inc.* | 766 | 8,564 | |||
Inter Parfums, Inc. | 104 | 8,166 | |||
B&G Foods, Inc. | 375 | 8,123 | |||
CorVel Corp.* | 51 | 7,924 | |||
Reata Pharmaceuticals, Inc. — Class A* | 321 | 7,675 | |||
Sangamo Therapeutics, Inc.* | 1,415 | 7,641 | |||
Rocket Pharmaceuticals, Inc.* | 486 | 7,489 | |||
NanoString Technologies, Inc.* | 532 | 7,214 | |||
Alector, Inc.* | 695 | 7,193 | |||
Sorrento Therapeutics, Inc.* | 3,481 | 7,136 | |||
Invitae Corp.* | 2,340 | 7,113 | |||
Sana Biotechnology, Inc.* | 1,029 | 7,007 | |||
Emergent BioSolutions, Inc.* | 287 | 6,894 | |||
Cimpress plc* | 205 | 6,884 | |||
Morphic Holding, Inc.* | 247 | 6,797 | |||
IVERIC bio, Inc.* | 670 | 6,593 | |||
Green Dot Corp. — Class A* | 313 | 6,351 | |||
Accolade, Inc.* | 601 | 6,118 | |||
2U, Inc.* | 857 | 6,102 | |||
Inhibrx, Inc.* | 332 | 5,890 | |||
Nurix Therapeutics, Inc.* | 373 | 5,867 | |||
Ocugen, Inc.* | 2,201 | 5,679 | |||
Inovio Pharmaceuticals, Inc.* | 2,464 | 5,643 | |||
RadNet, Inc.* | 266 | 5,344 | |||
Nuvation Bio, Inc.* | 1,852 | 5,186 | |||
OPKO Health, Inc.* | 2,343 | 5,108 | |||
Seer, Inc.* | 495 | 4,999 | |||
AngioDynamics, Inc.* | 220 | 4,871 | |||
Atrion Corp. | 8 | 4,832 | |||
Varex Imaging Corp.* | 224 | 4,724 | |||
Repay Holdings Corp.* | 507 | 4,710 | |||
C4 Therapeutics, Inc.* | 460 | 4,637 | |||
Viad Corp.* | 120 | 4,582 | |||
Protagonist Therapeutics, Inc.* | 524 | 4,569 | |||
USANA Health Sciences, Inc.* | 70 | 4,516 | |||
Heron Therapeutics, Inc.* | 1,100 | 4,499 | |||
First Advantage Corp.* | 320 | 4,429 | |||
TrueBlue, Inc.* | 205 | 4,211 | |||
Atara Biotherapeutics, Inc.* | 1,012 | 4,058 | |||
Cerus Corp.* | 986 | 4,052 | |||
Kodiak Sciences, Inc.* | 399 | 3,994 | |||
OrthoPediatrics Corp.* | 80 | 3,927 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
Shares | Value | ||||
COMMON STOCKS† - 10.9% (continued) | |||||
Consumer, Non-cyclical - 1.4% (continued) | |||||
Community Health Systems, Inc.* | 1,457 | $ | 3,876 | ||
Castle Biosciences, Inc.* | 124 | 3,596 | |||
Custom Truck One Source, Inc.* | 540 | 3,553 | |||
Mission Produce, Inc.* | 220 | 3,542 | |||
Vanda Pharmaceuticals, Inc.* | 326 | 3,449 | |||
Agenus, Inc.* | 1,277 | 3,448 | |||
Vivint Smart Home, Inc.* | 546 | 3,418 | |||
Quanterix Corp.* | 361 | 3,375 | |||
Replimune Group, Inc.* | 177 | 3,374 | |||
Inogen, Inc.* | 116 | 3,321 | |||
WW International, Inc.* | 627 | 3,273 | |||
Heidrick & Struggles International, Inc. | 115 | 3,273 | |||
Instil Bio, Inc.* | 629 | 3,271 | |||
Keros Therapeutics, Inc.* | 92 | 3,254 | |||
European Wax Center, Inc. — Class A | 150 | 3,244 | |||
Alphatec Holdings, Inc.* | 421 | 3,195 | |||
Carriage Services, Inc. — Class A | 90 | 3,187 | |||
SI-BONE, Inc.* | 193 | 3,185 | |||
Transcat, Inc.* | 42 | 3,112 | |||
Cardiovascular Systems, Inc.* | 234 | 3,091 | |||
Erasca, Inc.* | 335 | 3,022 | |||
Joint Corp.* | 165 | 3,010 | |||
Cass Information Systems, Inc. | 81 | 2,971 | |||
MaxCyte, Inc.* | 563 | 2,928 | |||
Sutro Biopharma, Inc.* | 517 | 2,926 | |||
ViewRay, Inc.* | 837 | 2,863 | |||
Pulmonx Corp.* | 155 | 2,847 | |||
MacroGenics, Inc.* | 716 | 2,842 | |||
Scholar Rock Holding Corp.* | 330 | 2,752 | |||
Cara Therapeutics, Inc.* | 264 | 2,724 | |||
Forma Therapeutics Holdings, Inc.* | 202 | 2,707 | |||
Surmodics, Inc.* | 80 | 2,695 | |||
Generation Bio Co.* | 522 | 2,673 | |||
iTeos Therapeutics, Inc.* | 120 | 2,662 | |||
AnaptysBio, Inc.* | 114 | 2,647 | |||
NGM Biopharmaceuticals, Inc.* | 187 | 2,639 | |||
Pennant Group, Inc.* | 152 | 2,382 | |||
V2X, Inc.* | 68 | 2,357 | |||
Bluebird Bio, Inc.* | 402 | 2,348 | |||
MiMedx Group, Inc.* | 662 | 2,337 | |||
ANI Pharmaceuticals, Inc.* | 63 | 2,324 | |||
Ocular Therapeutix, Inc.* | 457 | 2,322 | |||
Edgewise Therapeutics, Inc.* | 225 | 2,268 | |||
Kezar Life Sciences, Inc.* | 219 | 2,251 | |||
Vaxart, Inc.* | 715 | 2,216 | |||
Kinnate Biopharma, Inc.* | 153 | 2,215 | |||
Aaron's Company, Inc. | 183 | 2,178 | |||
PMV Pharmaceuticals, Inc.* | 156 | 2,172 | |||
Seres Therapeutics, Inc.* | 414 | 2,128 | |||
Berkeley Lights, Inc.* | 578 | 2,121 | |||
Cullinan Oncology, Inc.* | 154 | 2,076 | |||
Allakos, Inc.* | 417 | 2,022 | |||
Turning Point Brands, Inc. | 86 | 2,005 | |||
2seventy bio, Inc.* | 135 | 1,989 | |||
Anika Therapeutics, Inc.* | 86 | 1,944 | |||
Inotiv, Inc.* | 99 | 1,937 | |||
Ideaya Biosciences, Inc.* | 195 | 1,917 | |||
Vital Farms, Inc.* | 146 | 1,891 | |||
Tattooed Chef, Inc.* | 281 | 1,871 | |||
Utah Medical Products, Inc. | 20 | 1,838 | |||
Oramed Pharmaceuticals, Inc.* | 212 | 1,815 | |||
Affimed N.V.* | 691 | 1,810 | |||
Akero Therapeutics, Inc.* | 153 | 1,798 | |||
Honest Company, Inc.* | 495 | 1,787 | |||
Arcturus Therapeutics Holdings, Inc.* | 125 | 1,755 | |||
Dyne Therapeutics, Inc.* | 179 | 1,754 | |||
OraSure Technologies, Inc.* | 426 | 1,742 | |||
Stoke Therapeutics, Inc.* | 113 | 1,702 | |||
Vera Therapeutics, Inc.* | 76 | 1,651 | |||
ImmunityBio, Inc.* | 408 | 1,632 | |||
Marinus Pharmaceuticals, Inc.* | 220 | 1,531 | |||
Willdan Group, Inc.* | 66 | 1,502 | |||
PetIQ, Inc.* | 160 | 1,494 | |||
Mind Medicine MindMed, Inc.* | 126 | 1,475 | |||
MeiraGTx Holdings plc* | 177 | 1,469 | |||
Rigel Pharmaceuticals, Inc.* | 1,018 | 1,446 | |||
BioLife Solutions, Inc.* | 61 | 1,440 | |||
Provention Bio, Inc.* | 330 | 1,426 | |||
EyePoint Pharmaceuticals, Inc.* | 142 | 1,420 | |||
Bioxcel Therapeutics, Inc.* | 102 | 1,395 | |||
ALX Oncology Holdings, Inc.* | 105 | 1,365 | |||
Organogenesis Holdings, Inc.* | 379 | 1,361 | |||
Alta Equipment Group, Inc. | 112 | 1,318 | |||
Allovir, Inc.* | 175 | 1,314 | |||
Accuray, Inc.* | 550 | 1,309 | |||
Viking Therapeutics, Inc.* | 407 | 1,294 | |||
Amneal Pharmaceuticals, Inc.* | 594 | 1,289 | |||
22nd Century Group, Inc.* | 959 | 1,285 | |||
4D Molecular Therapeutics, Inc.* | 162 | 1,273 | |||
DICE Therapeutics, Inc.* | 81 | 1,272 | |||
Precigen, Inc.* | 565 | 1,249 | |||
iRadimed Corp. | 37 | 1,241 | |||
Immunovant, Inc.* | 239 | 1,231 | |||
SeaSpine Holdings Corp.* | 189 | 1,210 | |||
Udemy, Inc.* | 81 | 1,204 | |||
Bioventus, Inc. — Class A* | 164 | 1,199 | |||
AppHarvest, Inc.* | 415 | 1,195 | |||
Verastem, Inc.* | 1,027 | 1,191 | |||
Fulcrum Therapeutics, Inc.* | 160 | 1,184 | |||
Zynex, Inc. | 128 | 1,144 | |||
Whole Earth Brands, Inc.* | 222 | 1,134 | |||
Lexicon Pharmaceuticals, Inc.* | 408 | 1,122 | |||
HF Foods Group, Inc.* | 217 | 1,105 | |||
Spectrum Pharmaceuticals, Inc.* | 971 | 1,097 | |||
Annexon, Inc.* | 185 | 1,088 | |||
Apyx Medical Corp.* | 185 | 1,060 | |||
Lineage Cell Therapeutics, Inc.* | 747 | 1,053 | |||
Phathom Pharmaceuticals, Inc.* | 120 | 1,025 | |||
Selecta Biosciences, Inc.* | 542 | 1,019 | |||
Century Therapeutics, Inc.* | 96 | 1,010 | |||
VBI Vaccines, Inc.* | 1,112 | 996 | |||
Durect Corp.* | 1,348 | 981 | |||
Absci Corp.* | 287 | 967 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
Shares | Value | ||||
COMMON STOCKS† - 10.9% (continued) | |||||
Consumer, Non-cyclical - 1.4% (continued) | |||||
Chimerix, Inc.* | 435 | $ | 957 | ||
Tactile Systems Technology, Inc.* | 114 | 941 | |||
KemPharm, Inc.* | 172 | 939 | |||
IGM Biosciences, Inc.* | 48 | 932 | |||
Kronos Bio, Inc.* | 231 | 924 | |||
Avita Medical, Inc.* | 144 | 890 | |||
Viracta Therapeutics, Inc.* | 216 | 875 | |||
UroGen Pharma Ltd.* | 116 | 864 | |||
Citius Pharmaceuticals, Inc.* | 687 | 845 | |||
CEL-SCI Corp.* | 214 | 843 | |||
Infinity Pharmaceuticals, Inc.* | 521 | 839 | |||
InfuSystem Holdings, Inc.* | 108 | 833 | |||
Gritstone bio, Inc.* | 249 | 819 | |||
Sesen Bio, Inc.* | 1,182 | 816 | |||
BioAtla, Inc.* | 92 | 801 | |||
DermTech, Inc.* | 144 | 801 | |||
Remitly Global, Inc.* | 71 | 781 | |||
Werewolf Therapeutics, Inc.* | 153 | 774 | |||
Harvard Bioscience, Inc.* | 234 | 772 | |||
Tarsus Pharmaceuticals, Inc.* | 50 | 769 | |||
Ikena Oncology, Inc.* | 161 | 765 | |||
Asensus Surgical, Inc.* | 1,394 | 753 | |||
Clovis Oncology, Inc.* | 672 | 753 | |||
Outlook Therapeutics, Inc.* | 646 | 724 | |||
Jounce Therapeutics, Inc.* | 196 | 717 | |||
Paratek Pharmaceuticals, Inc.* | 285 | 715 | |||
Personalis, Inc.* | 214 | 708 | |||
Nature's Sunshine Products, Inc.* | 70 | 679 | |||
Tenaya Therapeutics, Inc.* | 153 | 672 | |||
Silverback Therapeutics, Inc.* | 122 | 664 | |||
Seelos Therapeutics, Inc.* | 585 | 661 | |||
Singular Genomics Systems, Inc.* | 244 | 651 | |||
ORIC Pharmaceuticals, Inc.* | 188 | 650 | |||
Athira Pharma, Inc.* | 192 | 649 | |||
Atossa Therapeutics, Inc.* | 697 | 642 | |||
Icosavax, Inc.* | 132 | 623 | |||
Cardiff Oncology, Inc.* | 226 | 608 | |||
Stereotaxis, Inc.* | 295 | 608 | |||
Praxis Precision Medicines, Inc.* | 194 | 605 | |||
Adverum Biotechnologies, Inc.* | 517 | 600 | |||
Olema Pharmaceuticals, Inc.* | 150 | 592 | |||
Homology Medicines, Inc.* | 249 | 583 | |||
Vor BioPharma, Inc.* | 113 | 580 | |||
CytomX Therapeutics, Inc.* | 386 | 579 | |||
Poseida Therapeutics, Inc.* | 171 | 566 | |||
Rain Therapeutics, Inc.* | 92 | 546 | |||
Cue Biopharma, Inc.* | 183 | 538 | |||
Celcuity, Inc.* | 57 | 533 | |||
Graphite Bio, Inc.* | 160 | 530 | |||
Omega Therapeutics, Inc.* | 116 | 518 | |||
Alpine Immune Sciences, Inc.* | 69 | 518 | |||
Shattuck Labs, Inc.* | 158 | 513 | |||
PAVmed, Inc.* | 429 | 511 | |||
Curis, Inc.* | 516 | 500 | |||
Immunic, Inc.* | 111 | 494 | |||
TCR2 Therapeutics, Inc.* | 181 | 492 | |||
Precision BioSciences, Inc.* | 296 | 477 | |||
Akouos, Inc.* | 142 | 476 | |||
CytoSorbents Corp.* | 245 | 465 | |||
Prelude Therapeutics, Inc.* | 64 | 461 | |||
Theseus Pharmaceuticals, Inc.* | 67 | 457 | |||
TherapeuticsMD, Inc.* | 46 | 455 | |||
Passage Bio, Inc.* | 220 | 444 | |||
Fortress Biotech, Inc.* | 432 | 441 | |||
Rent the Runway, Inc. — Class A* | 99 | 441 | |||
Black Diamond Therapeutics, Inc.* | 135 | 431 | |||
Aveanna Healthcare Holdings, Inc.* | 235 | 428 | |||
HireQuest, Inc. | 30 | 422 | |||
Taysha Gene Therapies, Inc.* | 133 | 420 | |||
Oyster Point Pharma, Inc.* | 66 | 412 | |||
Talaris Therapeutics, Inc.* | 124 | 410 | |||
SQZ Biotechnologies Co.* | 135 | 405 | |||
ChromaDex Corp.* | 279 | 402 | |||
Innovage Holding Corp.* | 109 | 400 | |||
Evelo Biosciences, Inc.* | 181 | 396 | |||
Frequency Therapeutics, Inc.* | 191 | 393 | |||
AquaBounty Technologies, Inc.* | 326 | 391 | |||
Rubius Therapeutics, Inc.* | 547 | 383 | |||
Akebia Therapeutics, Inc.* | 1,039 | 379 | |||
CVRx, Inc.* | 51 | 370 | |||
XBiotech, Inc.* | 90 | 361 | |||
iBio, Inc.* | 1,288 | 357 | |||
9 Meters Biopharma, Inc.* | 1,334 | 354 | |||
MEI Pharma, Inc.* | 666 | 337 | |||
AirSculpt Technologies, Inc. | 38 | 331 | |||
Accelerate Diagnostics, Inc.* | 196 | 319 | |||
Eargo, Inc.* | 175 | 319 | |||
Terns Pharmaceuticals, Inc.* | 81 | 316 | |||
Magenta Therapeutics, Inc.* | 178 | 313 | |||
Verrica Pharmaceuticals, Inc.* | 78 | 306 | |||
Oncternal Therapeutics, Inc.* | 263 | 295 | |||
Endo International plc* | 2,732 | 292 | |||
Atreca, Inc. — Class A* | 154 | 286 | |||
Rapid Micro Biosystems, Inc. — Class A* | 86 | 286 | |||
Cue Health, Inc.* | 85 | 283 | |||
Surface Oncology, Inc.* | 208 | 283 | |||
Oncocyte Corp.* | 358 | 283 | |||
Vigil Neuroscience, Inc.* | 33 | 281 | |||
Exagen, Inc.* | 61 | 276 | |||
Syros Pharmaceuticals, Inc.* | 343 | 275 | |||
GT Biopharma, Inc.* | 105 | 271 | |||
Zevia PBC — Class A* | 61 | 270 | |||
Vapotherm, Inc.* | 135 | 263 | |||
Mustang Bio, Inc.* | 426 | 259 | |||
89bio, Inc.* | 58 | 259 | |||
Inozyme Pharma, Inc.* | 85 | 255 | |||
Athenex, Inc.* | 515 | 247 | |||
Bolt Biotherapeutics, Inc.* | 136 | 245 | |||
Priority Technology Holdings, Inc.* | 61 | 244 | |||
Retractable Technologies, Inc.* | 103 | 240 | |||
Sensei Biotherapeutics, Inc.* | 124 | 237 | |||
Greenwich Lifesciences, Inc.* | 24 | 227 | |||
Solid Biosciences, Inc.* | 355 | 227 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
Shares | Value | ||||
COMMON STOCKS† - 10.9% (continued) | |||||
Consumer, Non-cyclical - 1.4% (continued) | |||||
Aspira Women's Health, Inc.* | 433 | $ | 221 | ||
Sientra, Inc.* | 342 | 221 | |||
Applied Molecular Transport, Inc.* | 148 | 219 | |||
Portage Biotech, Inc.* | 29 | 216 | |||
Neoleukin Therapeutics, Inc.* | 209 | 215 | |||
Cyteir Therapeutics, Inc.* | 99 | 214 | |||
Avrobio, Inc.* | 225 | 214 | |||
VistaGen Therapeutics, Inc.* | 1,156 | 213 | |||
Trevena, Inc.* | 974 | 210 | |||
Quince Therapeutics, Inc.* | 118 | 208 | |||
Codiak Biosciences, Inc.* | 94 | 202 | |||
Gemini Therapeutics, Inc.* | 130 | 201 | |||
Summit Therapeutics, Inc.* | 157 | 188 | |||
Alpha Teknova, Inc.* | 41 | 185 | |||
Harpoon Therapeutics, Inc.* | 111 | 184 | |||
Beyondspring, Inc.* | 133 | 176 | |||
Invacare Corp.* | 200 | 173 | |||
NeuroPace, Inc.* | 42 | 173 | |||
Hookipa Pharma, Inc.* | 114 | 170 | |||
Molecular Templates, Inc.* | 220 | 161 | |||
Pyxis Oncology, Inc.* | 62 | 161 | |||
Reneo Pharmaceuticals, Inc.* | 50 | 158 | |||
Oncorus, Inc.* | 121 | 157 | |||
Aligos Therapeutics, Inc.* | 125 | 156 | |||
Vincerx Pharma, Inc.* | 95 | 144 | |||
Applied Therapeutics, Inc.* | 105 | 144 | |||
Avalo Therapeutics, Inc.* | 30 | 143 | |||
Biodesix, Inc.* | 75 | 142 | |||
Athersys, Inc.* | 49 | 135 | |||
Acutus Medical, Inc.* | 113 | 134 | |||
Angion Biomedica Corp.* | 129 | 132 | |||
Aeglea BioTherapeutics, Inc.* | 240 | 126 | |||
Eliem Therapeutics, Inc.* | 41 | 123 | |||
NexImmune, Inc.* | 105 | 121 | |||
Ampio Pharmaceuticals, Inc.* | 1,161 | 117 | |||
Spero Therapeutics, Inc.* | 144 | 116 | |||
Spruce Biosciences, Inc.* | 51 | 107 | |||
Pulse Biosciences, Inc.* | 83 | 105 | |||
Xilio Therapeutics, Inc.* | 43 | 96 | |||
IsoPlexis Corp.* | 49 | 95 | |||
Finch Therapeutics Group, Inc.* | 44 | 95 | |||
Laird Superfood, Inc.* | 37 | 93 | |||
Quotient Ltd.* | 468 | 91 | |||
Codex DNA, Inc.* | 47 | 90 | |||
Kala Pharmaceuticals, Inc.* | 288 | 88 | |||
Forte Biosciences, Inc.* | 67 | 87 | |||
Tonix Pharmaceuticals Holding Corp.* | 82 | 84 | |||
Talis Biomedical Corp.* | 86 | 77 | |||
Brooklyn ImmunoTherapeutics, Inc.* | 177 | 73 | |||
Sera Prognostics, Inc. — Class A* | 31 | 65 | |||
Humanigen, Inc.* | 284 | 63 | |||
Lucid Diagnostics, Inc.* | 29 | 63 | |||
Sigilon Therapeutics, Inc.* | 90 | 56 | |||
Ontrak, Inc.* | 56 | 36 | |||
MiNK Therapeutics, Inc.* | 11 | 29 | |||
Landos Biopharma, Inc.* | 28 | 25 | |||
Greenlane Holdings, Inc. — Class A* | 5 | 13 | |||
Total Consumer, Non-cyclical | 7,684,669 | ||||
Industrial - 1.1% | |||||
Boeing Co.*,2 | 2,959 | 474,180 | |||
Generac Holdings, Inc.*,2 | 2,048 | 451,400 | |||
Fortune Brands Home & Security, Inc.2 | 6,201 | 380,927 | |||
Keysight Technologies, Inc.*,2 | 1,753 | 287,299 | |||
Xylem, Inc.2 | 3,058 | 278,584 | |||
Trane Technologies plc2 | 1,718 | 264,692 | |||
Martin Marietta Materials, Inc.2 | 689 | 239,572 | |||
Rockwell Automation, Inc.2 | 995 | 235,755 | |||
Carrier Global Corp.2 | 5,916 | 231,434 | |||
Johnson Controls International plc2 | 4,227 | 228,850 | |||
Old Dominion Freight Line, Inc.2 | 834 | 226,356 | |||
Mohawk Industries, Inc.*,2 | 2,047 | 225,907 | |||
A O Smith Corp.2 | 3,890 | 219,591 | |||
Dover Corp.2 | 1,697 | 212,057 | |||
Pentair plc2 | 4,752 | 211,464 | |||
Garmin Ltd.2 | 2,328 | 206,005 | |||
General Electric Co.2 | 2,771 | 203,502 | |||
Ball Corp.2 | 2,988 | 166,760 | |||
Stanley Black & Decker, Inc.2 | 1,746 | 153,823 | |||
Tetra Tech, Inc. | 630 | 85,560 | |||
Saia, Inc.* | 310 | 64,117 | |||
Exponent, Inc. | 606 | 56,879 | |||
Novanta, Inc.* | 412 | 55,080 | |||
Evoqua Water Technologies Corp.* | 1,351 | 47,393 | |||
Casella Waste Systems, Inc. — Class A* | 574 | 47,028 | |||
Watts Water Technologies, Inc. — Class A | 321 | 44,465 | |||
Summit Materials, Inc. — Class A* | 1,387 | 39,419 | |||
Zurn Elkay Water Solutions Corp. | 1,417 | 39,081 | |||
John Bean Technologies Corp. | 366 | 37,793 | |||
Badger Meter, Inc. | 343 | 32,479 | |||
Altra Industrial Motion Corp. | 757 | 28,728 | |||
AAON, Inc. | 490 | 28,165 | |||
Federal Signal Corp. | 706 | 28,148 | |||
Terex Corp. | 802 | 26,643 | |||
Itron, Inc.* | 530 | 25,217 | |||
Kadant, Inc. | 135 | 24,223 | |||
ArcBest Corp. | 296 | 23,837 | |||
Kennametal, Inc. | 980 | 22,971 | |||
Energizer Holdings, Inc. | 783 | 22,002 | |||
Helios Technologies, Inc. | 378 | 20,647 | |||
Kratos Defense & Security Solutions, Inc.* | 1,438 | 18,032 | |||
Vicor Corp.* | 247 | 17,572 | |||
Gibraltar Industries, Inc.* | 384 | 16,070 | |||
CryoPort, Inc.* | 476 | 15,546 | |||
GrafTech International Ltd. | 2,345 | 13,789 | |||
Montrose Environmental Group, Inc.* | 305 | 12,264 | |||
Ichor Holdings Ltd.* | 331 | 10,168 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
Shares | Value | ||||
COMMON STOCKS† - 10.9% (continued) | |||||
Industrial - 1.1% (continued) | |||||
MicroVision, Inc.* | 1,959 | $ | 9,481 | ||
Blink Charging Co.* | 428 | 9,146 | |||
MYR Group, Inc.* | 96 | 8,922 | |||
Barnes Group, Inc. | 277 | 8,601 | |||
Granite Construction, Inc. | 268 | 8,035 | |||
Alamo Group, Inc. | 58 | 7,584 | |||
FARO Technologies, Inc.* | 212 | 7,113 | |||
TriMas Corp. | 253 | 6,962 | |||
Construction Partners, Inc. — Class A* | 223 | 6,525 | |||
Tennant Co. | 108 | 6,518 | |||
nLight, Inc.* | 509 | 6,358 | |||
AZZ, Inc. | 143 | 6,093 | |||
Astec Industries, Inc. | 133 | 5,078 | |||
American Woodmark Corp.* | 97 | 5,028 | |||
Columbus McKinnon Corp. | 163 | 4,993 | |||
Mesa Laboratories, Inc. | 29 | 4,955 | |||
Triumph Group, Inc.* | 373 | 4,845 | |||
GoPro, Inc. — Class A* | 755 | 4,598 | |||
Chase Corp. | 44 | 3,879 | |||
Smith & Wesson Brands, Inc. | 285 | 3,791 | |||
Gorman-Rupp Co. | 135 | 3,565 | |||
Pactiv Evergreen, Inc. | 256 | 2,842 | |||
Centrus Energy Corp. — Class A* | 57 | 2,839 | |||
Luxfer Holdings plc | 164 | 2,698 | |||
Harsco Corp.* | 459 | 2,603 | |||
Allied Motion Technologies, Inc. | 69 | 2,416 | |||
Ranpak Holdings Corp.* | 447 | 2,365 | |||
National Presto Industries, Inc. | 30 | 2,047 | |||
AMMO, Inc.* | 515 | 1,962 | |||
Manitowoc Company, Inc.* | 204 | 1,948 | |||
Identiv, Inc.* | 127 | 1,895 | |||
Yellow Corp.* | 300 | 1,884 | |||
CIRCOR International, Inc.* | 109 | 1,777 | |||
Comtech Telecommunications Corp. | 152 | 1,716 | |||
Tutor Perini Corp.* | 245 | 1,661 | |||
Hydrofarm Holdings Group, Inc.* | 465 | 1,581 | |||
IES Holdings, Inc.* | 51 | 1,550 | |||
Daseke, Inc.* | 239 | 1,448 | |||
NVE Corp. | 28 | 1,420 | |||
Latham Group, Inc.* | 240 | 1,370 | |||
Caesarstone Ltd. | 134 | 1,365 | |||
Akoustis Technologies, Inc.* | 287 | 1,257 | |||
Pure Cycle Corp.* | 114 | 1,176 | |||
Concrete Pumping Holdings, Inc.* | 154 | 1,032 | |||
Meta Materials, Inc.* | 1,187 | 1,027 | |||
View, Inc.* | 575 | 1,024 | |||
Byrna Technologies, Inc.* | 109 | 973 | |||
American Superconductor Corp.* | 164 | 876 | |||
Turtle Beach Corp.* | 90 | 845 | |||
Sight Sciences, Inc.* | 120 | 836 | |||
Iteris, Inc.* | 252 | 824 | |||
American Outdoor Brands, Inc.* | 84 | 722 | |||
Atlas Technical Consultants, Inc.* | 84 | 716 | |||
Standard BioTools, Inc.* | 454 | 640 | |||
Kopin Corp.* | 462 | 633 | |||
INNOVATE Corp.* | 282 | 431 | |||
US Xpress Enterprises, Inc. — Class A* | 160 | 394 | |||
Mayville Engineering Company, Inc.* | 53 | 369 | |||
AgEagle Aerial Systems, Inc.* | 406 | 233 | |||
Total Industrial | 5,986,939 | ||||
Communications - 0.8% | |||||
Twitter, Inc.*,2 | 17,113 | 663,129 | |||
Etsy, Inc.*,2 | 4,899 | 517,383 | |||
Meta Platforms, Inc. — Class A*,2 | 2,732 | 445,125 | |||
Match Group, Inc.*,2 | 5,697 | 322,051 | |||
Expedia Group, Inc.*,2 | 2,988 | 306,718 | |||
VeriSign, Inc.*,2 | 1,252 | 228,139 | |||
eBay, Inc.2 | 5,107 | 225,372 | |||
Amazon.com, Inc.*,2 | 1,757 | 222,735 | |||
Walt Disney Co.*,2 | 1,941 | 217,547 | |||
F5, Inc.*,2 | 1,315 | 206,534 | |||
Charter Communications, Inc. — Class A*,2 | 457 | 188,572 | |||
Netflix, Inc.*,2 | 751 | 167,894 | |||
News Corp. — Class A2 | 9,266 | 156,781 | |||
DISH Network Corp. — Class A*,2 | 8,508 | 147,614 | |||
Warner Bros Discovery, Inc.*,2 | 10,665 | 141,205 | |||
News Corp. — Class B2 | 2,871 | 49,496 | |||
Calix, Inc.* | 644 | 37,899 | |||
Perficient, Inc.* | 380 | 29,678 | |||
Cogent Communications Holdings, Inc. | 500 | 26,625 | |||
Q2 Holdings, Inc.* | 638 | 25,341 | |||
DigitalBridge Group, Inc.* | 1,417 | 25,223 | |||
Upwork, Inc.* | 1,378 | 23,977 | |||
Cargurus, Inc.* | 1,120 | 20,944 | |||
TechTarget, Inc.* | 305 | 19,795 | |||
Shutterstock, Inc. | 274 | 15,182 | |||
ePlus, Inc.* | 312 | 14,702 | |||
Overstock.com, Inc.* | 504 | 13,154 | |||
Open Lending Corp. — Class A* | 1,223 | 11,875 | |||
iHeartMedia, Inc. — Class A* | 1,313 | 11,620 | |||
Magnite, Inc.* | 1,523 | 11,468 | |||
Revolve Group, Inc.* | 420 | 9,866 | |||
Clear Channel Outdoor Holdings, Inc.* | 4,259 | 6,814 | |||
Liberty Latin America Ltd. — Class C* | 906 | 6,315 | |||
Infinera Corp.* | 1,081 | 5,924 | |||
EW Scripps Co. — Class A* | 335 | 5,008 | |||
Stitch Fix, Inc. — Class A* | 949 | 4,764 | |||
EchoStar Corp. — Class A* | 219 | 4,032 | |||
NETGEAR, Inc.* | 169 | 3,987 | |||
QuinStreet, Inc.* | 296 | 3,555 | |||
OptimizeRx Corp.* | 205 | 3,253 | |||
Eventbrite, Inc. — Class A* | 448 | 3,185 | |||
Boston Omaha Corp. — Class A* | 118 | 3,166 | |||
Anterix, Inc.* | 68 | 2,886 | |||
1-800-Flowers.com, Inc. — Class A* | 317 | 2,752 | |||
Tucows, Inc. — Class A* | 58 | 2,725 | |||
ChannelAdvisor Corp.* | 174 | 2,626 | |||
Liquidity Services, Inc.* | 135 | 2,361 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
Shares | Value | ||||
COMMON STOCKS† - 10.9% (continued) | |||||
Communications - 0.8% (continued) | |||||
Thryv Holdings, Inc.* | 90 | $ | 2,302 | ||
IDT Corp. — Class B* | 85 | 2,173 | |||
RealReal, Inc.* | 940 | 2,012 | |||
Gannett Company, Inc.* | 838 | 1,944 | |||
CarParts.com, Inc.* | 291 | 1,886 | |||
Entravision Communications Corp. — Class A | 358 | 1,819 | |||
Liberty Latin America Ltd. — Class A* | 237 | 1,659 | |||
Advantage Solutions, Inc.* | 455 | 1,656 | |||
Ooma, Inc.* | 130 | 1,573 | |||
Ribbon Communications, Inc.* | 419 | 1,471 | |||
Groupon, Inc.* | 140 | 1,387 | |||
CalAmp Corp.* | 208 | 1,285 | |||
Cambium Networks Corp.* | 63 | 1,226 | |||
Lands' End, Inc.* | 85 | 1,175 | |||
Luna Innovations, Inc.* | 184 | 1,058 | |||
MediaAlpha, Inc. — Class A* | 126 | 1,052 | |||
Quotient Technology, Inc.* | 531 | 988 | |||
EverQuote, Inc. — Class A* | 114 | 986 | |||
comScore, Inc.* | 417 | 909 | |||
KVH Industries, Inc.* | 90 | 882 | |||
VirnetX Holding Corp.* | 378 | 771 | |||
1stdibs.com, Inc.* | 106 | 718 | |||
Telesat Corp.* | 41 | 447 | |||
National CineMedia, Inc. | 358 | 444 | |||
Fluent, Inc.* | 258 | 413 | |||
Audacy, Inc.* | 703 | 388 | |||
LiveOne, Inc.* | 350 | 350 | |||
Solo Brands, Inc. — Class A* | 71 | 295 | |||
CuriosityStream, Inc.* | 155 | 263 | |||
aka Brands Holding Corp.* | 55 | 114 | |||
HyreCar, Inc.* | 104 | 83 | |||
Digital Media Solutions, Inc. — Class A* | 19 | 25 | |||
Total Communications | 4,600,751 | ||||
Basic Materials - 0.1% | |||||
Ecolab, Inc.2 | 1,609 | 263,603 | |||
Balchem Corp. | 377 | 49,696 | |||
Quaker Chemical Corp. | 157 | 27,368 | |||
Tronox Holdings plc — Class A | 1,344 | 19,663 | |||
Compass Minerals International, Inc. | 200 | 8,098 | |||
Energy Fuels, Inc.* | 900 | 7,308 | |||
Novagold Resources, Inc.* | 1,390 | 6,158 | |||
Amyris, Inc.* | 2,060 | 6,056 | |||
Schnitzer Steel Industries, Inc. — Class A | 154 | 5,088 | |||
Codexis, Inc.* | 706 | 4,949 | |||
Danimer Scientific, Inc.* | 1,055 | 4,695 | |||
Coeur Mining, Inc.* | 1,501 | 4,143 | |||
Mativ Holdings, Inc. | 136 | 3,208 | |||
Rayonier Advanced Materials, Inc.* | 368 | 1,663 | |||
Glatfelter Corp. | 261 | 1,271 | |||
Zymergen, Inc.* | 467 | 1,107 | |||
Unifi, Inc.* | 81 | 920 | |||
Gatos Silver, Inc.* | 276 | 839 | |||
Perpetua Resources Corp.* | 189 | 487 | |||
Total Basic Materials | 416,320 | ||||
Energy - 0.0% | |||||
Equitrans Midstream Corp. | 4,777 | 44,296 | |||
Sunnova Energy International, Inc.* | 1,009 | 25,447 | |||
SunPower Corp. — Class A* | 937 | 22,488 | |||
Stem, Inc.* | 1,328 | 20,876 | |||
Gevo, Inc.* | 1,167 | 3,653 | |||
DMC Global, Inc.* | 111 | 2,477 | |||
National Energy Services Reunited Corp.* | 226 | 1,587 | |||
Aemetis, Inc.* | 161 | 1,468 | |||
Cleanspark, Inc.* | 228 | 976 | |||
Matrix Service Co.* | 155 | 880 | |||
Beam Global* | 52 | 763 | |||
Eos Energy Enterprises, Inc.* | 259 | 533 | |||
Total Energy | 125,444 | ||||
Utilities - 0.0% | |||||
Ameresco, Inc. — Class A* | 362 | 24,924 | |||
Middlesex Water Co. | 101 | 8,966 | |||
Global Water Resources, Inc. | 75 | 1,021 | |||
Via Renewables, Inc. | 71 | 606 | |||
Constellation Energy Corp.2 | 1 | 81 | |||
Stronghold Digital Mining, Inc. — Class A* | 43 | 60 | |||
Total Utilities | 35,658 | ||||
Total Common Stocks | |||||
(Cost $85,670,759) | 59,005,593 | ||||
PREFERRED STOCKS†† - 6.5% | |||||
Financial - 6.0% | |||||
Markel Corp. | |||||
6.00% due 12/31/70 | 5,000,000 | 4,976,384 | |||
Citigroup, Inc. | |||||
4.15% due 12/31/70 | 5,000,000 | 4,236,500 | |||
Bank of New York Mellon Corp. | |||||
3.75%2 | 5,000,000 | 4,212,100 | |||
Goldman Sachs Group, Inc. | |||||
3.80%2 | 5,000,000 | 4,137,500 | |||
Wells Fargo & Co. | |||||
4.38%2 | 139,386 | 2,561,915 | |||
4.75%2 | 61,250 | 1,209,687 | |||
3.90% due 12/31/70 | 400,000 | 352,500 | |||
Bank of America Corp. | |||||
4.38%2 | 131,500 | 2,564,250 | |||
4.38% due 12/31/70 | 1,650,000 | 1,414,165 | |||
First Republic Bank | |||||
4.50%2 | 200,000 | 3,804,000 | |||
Selective Insurance Group, Inc. | |||||
4.60%2 | 85,536 | 1,599,523 | |||
Public Storage | |||||
4.10%2 | 58,000 | 1,100,840 | |||
RenaissanceRe Holdings Ltd. | |||||
4.20% | 38,000 | 663,100 | |||
Total Financial | 32,832,464 | ||||
Government - 0.5% | |||||
CoBank ACB | |||||
4.25%2 | 3,000,000 | 2,610,642 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
Shares | Value | ||||
PREFERRED STOCKS†† - 6.5% (continued) | |||||
Consumer, Cyclical - 0.0% | |||||
AMC Entertainment Holdings, Inc.* | 6,030 | $ | 29,547 | ||
Total Preferred Stocks | |||||
(Cost $42,971,374) | 35,472,653 | ||||
WARRANTS† - 0.0% | |||||
MSD Acquisition Corp. | |||||
Expiring 05/13/23*,1 | 8,944 | 1,968 | |||
Colicity, Inc. | |||||
Expiring 12/31/27*,1 | 6,716 | 1,310 | |||
Waverley Capital Acquisition Corp. | |||||
Expiring 04/30/27*,1 | 5,084 | 1,220 | |||
Acropolis Infrastructure Acquisition Corp. | |||||
Expiring 03/31/26*,1 | 4,204 | 635 | |||
RXR Acquisition Corp. | |||||
Expiring 03/08/26*,1 | 4,484 | 493 | |||
Blue Whale Acquisition Corp. I | |||||
Expiring 07/30/26*,1 | 1,500 | 360 | |||
Total Warrants | |||||
(Cost $3,207) | 5,986 | ||||
RIGHTS††† - 0.0% | |||||
Consumer, Non-cyclical - 0.0% | |||||
Epizyme, Inc. | 793 | – | |||
Radius Health, Inc. | 558 | – | |||
UCB | 655 | – | |||
Total Consumer, Non-cyclical | – | ||||
Total Rights | |||||
(Cost $61) | – | ||||
EXCHANGE-TRADED FUNDS† - 12.6% | |||||
iShares Russell 2000 Index ETF2 | 107,111 | 19,654,868 | |||
Invesco QQQ Trust Series2 | 65,522 | 19,608,769 | |||
SPDR S&P 500 ETF Trust2 | 49,614 | 19,606,461 | |||
iShares Silver Trust*,2 | 320,800 | 5,318,864 | |||
VanEck Gold Miners ETF2 | 162,400 | 3,865,120 | |||
Total Exchange-Traded Funds | |||||
(Cost $85,258,778) | 68,054,082 | ||||
MUTUAL FUND† - 1.1% | |||||
Guggenheim Risk Managed Real Estate Fund — Institutional Class5 | 176,990 | 5,976,961 | |||
Total Mutual Fund | |||||
(Cost $6,912,374) | 5,976,961 | ||||
CLOSED-END FUNDS† - 2.4% | |||||
Eaton Vance Limited Duration Income Fund2 | 309,597 | 3,281,728 | |||
BlackRock Credit Allocation Income Trust2 | 283,098 | 3,099,923 | |||
Western Asset High Income Opportunity Fund, Inc.2 | 744,627 | 2,971,061 | |||
BlackRock Debt Strategies Fund, Inc.2 | 193,981 | 1,869,977 | |||
Blackstone Strategic Credit Fund2 | 88,264 | 1,047,694 | |||
Ares Dynamic Credit Allocation Fund, Inc.2 | 51,928 | 678,180 | |||
Total Closed-End Funds | |||||
(Cost $16,126,613) | 12,948,563 | ||||
MONEY MARKET FUNDS† - 0.6% | |||||
Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 2.18%6 | 2,237,613 | 2,237,613 | |||
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 2.00%6 | 1,210,273 | 1,210,273 | |||
Total Money Market Funds | |||||
(Cost $3,447,886) | 3,447,886 | ||||
Face | |||||
Amount~ | |||||
CORPORATE BONDS†† - 51.2% | |||||
Financial - 10.4% | |||||
NFP Corp. | |||||
6.88% due 08/15/284 | 3,250,000 | 2,670,590 | |||
7.50% due 10/01/302,4 | 1,400,000 | 1,379,070 | |||
Liberty Mutual Group, Inc. | |||||
4.30% due 02/01/614 | 5,250,000 | 3,622,500 | |||
United Wholesale Mortgage LLC | |||||
5.50% due 04/15/292,4 | 4,300,000 | 3,345,056 | |||
Jefferies Finance LLC / JFIN Company-Issuer Corp. | |||||
5.00% due 08/15/282,4 | 3,810,000 | 3,255,988 | |||
Kennedy-Wilson, Inc. | |||||
5.00% due 03/01/312 | 3,500,000 | 2,878,225 | |||
FS KKR Capital Corp. | |||||
3.25% due 07/15/272 | 3,300,000 | 2,861,947 | |||
Ceamer Finance LLC | |||||
6.92% due 05/15/38 | 2,750,000 | 2,743,267 | |||
GLP Capital Limited Partnership / GLP Financing II, Inc. | |||||
3.25% due 01/15/322 | 3,250,000 | 2,631,087 | |||
Iron Mountain, Inc. | |||||
5.25% due 07/15/302,4 | 2,940,000 | 2,601,900 | |||
OneMain Finance Corp. | |||||
4.00% due 09/15/302 | 3,300,000 | 2,458,822 | |||
AmWINS Group, Inc. | |||||
4.88% due 06/30/292,4 | 2,320,000 | 2,018,462 | |||
Atlantic Marine Corporations Communities LLC | |||||
5.38% due 02/15/48 | 2,110,756 | 1,766,259 | |||
Hunt Companies, Inc. | |||||
5.25% due 04/15/292,4 | 1,850,000 | 1,563,250 | |||
HUB International Ltd. | |||||
5.63% due 12/01/294 | 1,750,000 | 1,530,640 | |||
Starwood Property Trust, Inc. | |||||
4.38% due 01/15/272,4 | 1,700,000 | 1,513,000 | |||
Home Point Capital, Inc. | |||||
5.00% due 02/01/264 | 2,100,000 | 1,491,000 | |||
Cushman & Wakefield US Borrower LLC | |||||
6.75% due 05/15/282,4 | 1,500,000 | 1,486,875 | |||
Prudential Financial, Inc. | |||||
5.13% due 03/01/522,3 | 1,550,000 | 1,439,672 | |||
Global Atlantic Finance Co. | |||||
3.13% due 06/15/312,4 | 1,750,000 | 1,368,164 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
Face | |||||
Amount~ | Value | ||||
CORPORATE BONDS†† - 51.2% (continued) | |||||
Financial - 10.4% (continued) | |||||
Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. | |||||
4.00% due 10/15/334 | 1,800,000 | $1,341,193 | |||
Swiss Re Finance Luxembourg S.A. | |||||
5.00% due 04/02/493,4 | 1,400,000 | 1,330,000 | |||
Iron Mountain Information Management Services, Inc. | |||||
5.00% due 07/15/324 | 1,600,000 | 1,328,171 | |||
USI, Inc. | |||||
6.88% due 05/01/252,4 | 1,300,000 | 1,273,194 | |||
Sherwood Financing plc | |||||
4.50% due 11/15/26 | EUR 1,500,000 | 1,263,005 | |||
KKR Group Finance Company X LLC | |||||
3.25% due 12/15/512,4 | 1,600,000 | 1,153,208 | |||
Ares Finance Company IV LLC | |||||
3.65% due 02/01/524 | 1,650,000 | 1,145,174 | |||
PHM Group Holding Oy | |||||
4.75% due 06/18/264 | EUR 1,000,000 | 894,475 | |||
Corebridge Financial, Inc. | |||||
6.88% due 12/15/523,4 | 900,000 | 869,195 | |||
Kane Bidco Ltd. | |||||
5.00% due 02/15/27 | EUR 700,000 | 632,502 | |||
Ryan Specialty Group LLC | |||||
4.38% due 02/01/304 | 450,000 | 405,563 | |||
Total Financial | 56,261,454 | ||||
Consumer, Non-cyclical - 9.7% | |||||
DaVita, Inc. | |||||
4.63% due 06/01/302,4 | 5,200,000 | 4,186,208 | |||
Sotheby's/Bidfair Holdings, Inc. | |||||
5.88% due 06/01/292,4 | 4,400,000 | 3,869,094 | |||
Sabre GLBL, Inc. | |||||
7.38% due 09/01/252,4 | 4,000,000 | 3,789,600 | |||
US Foods, Inc. | |||||
4.63% due 06/01/302,4 | 4,250,000 | 3,665,625 | |||
Nielsen Finance LLC / Nielsen Finance Co. | |||||
4.75% due 07/15/312,4 | 3,200,000 | 3,179,840 | |||
FAGE International S.A. / FAGE USA Dairy Industry, Inc. | |||||
5.63% due 08/15/262,4 | 3,242,000 | 2,958,361 | |||
Rent-A-Center, Inc. | |||||
6.38% due 02/15/292,4 | 3,412,000 | 2,882,048 | |||
ADT Security Corp. | |||||
4.88% due 07/15/322,4 | 3,300,000 | 2,760,603 | |||
CPI CG, Inc. | |||||
8.63% due 03/15/262,4 | 2,814,000 | 2,704,162 | |||
Cheplapharm Arzneimittel GmbH | |||||
5.50% due 01/15/282,4 | 3,125,000 | 2,678,463 | |||
Carriage Services, Inc. | |||||
4.25% due 05/15/292,4 | 3,150,000 | 2,677,469 | |||
BCP V Modular Services Finance II plc | |||||
4.75% due 11/30/28 | EUR 3,000,000 | 2,508,716 | |||
Bausch Health Companies, Inc. | |||||
4.88% due 06/01/282,4 | 3,300,000 | 2,281,158 | |||
TreeHouse Foods, Inc. | |||||
4.00% due 09/01/282 | 2,000,000 | 1,676,800 | |||
Post Holdings, Inc. | |||||
5.50% due 12/15/292,4 | 1,700,000 | 1,557,888 | |||
Medline Borrower, LP | |||||
5.25% due 10/01/292,4 | 1,750,000 | 1,470,735 | |||
JBS USA LUX S.A. / JBS USA Food Company / JBS USA Finance, Inc. | |||||
4.38% due 02/02/522,4 | 1,750,000 | 1,382,988 | |||
HCA, Inc. | |||||
3.50% due 07/15/51 | 2,000,000 | 1,372,880 | |||
Castor S.p.A. | |||||
5.25% (3 Month EURIBOR + 5.25%, Rate Floor: 5.25%) due 02/15/29◊,4 | EUR 1,400,000 | 1,308,101 | |||
WW International, Inc. | |||||
4.50% due 04/15/292,4 | 1,750,000 | 1,092,901 | |||
Legends Hospitality Holding Company LLC / Legends Hospitality Co-Issuer, Inc. | |||||
5.00% due 02/01/264 | 1,075,000 | 980,938 | |||
Garden Spinco Corp. | |||||
8.63% due 07/20/304 | 850,000 | 905,250 | |||
Endo Dac / Endo Finance LLC / Endo Finco, Inc. | |||||
due 07/31/272,4,7 | 1,750,000 | 457,111 | |||
APi Group DE, Inc. | |||||
4.75% due 10/15/294 | 175,000 | 144,780 | |||
Grifols Escrow Issuer, S.A.U. | |||||
3.88% due 10/15/28 | EUR 100,000 | 80,370 | |||
HealthEquity, Inc. | |||||
4.50% due 10/01/294 | 75,000 | 65,966 | |||
Total Consumer, Non-cyclical | 52,638,055 | ||||
Communications - 7.9% | |||||
Altice France S.A. | |||||
5.13% due 01/15/292,4 | 5,260,000 | 4,096,921 | |||
5.13% due 07/15/292,4 | 2,000,000 | 1,519,320 | |||
CCO Holdings LLC / CCO Holdings Capital Corp. | |||||
4.50% due 06/01/332,4 | 6,500,000 | 5,102,500 | |||
Level 3 Financing, Inc. | |||||
3.75% due 07/15/292,4 | 6,100,000 | 4,897,568 | |||
British Telecommunications plc | |||||
4.88% due 11/23/813,4 | 5,000,000 | 4,245,971 | |||
Ziggo Bond Company BV | |||||
5.13% due 02/28/302,4 | 4,361,000 | 3,490,981 | |||
Vodafone Group plc | |||||
5.13% due 06/04/813 | 4,750,000 | 3,459,050 | |||
McGraw-Hill Education, Inc. | |||||
5.75% due 08/01/282,4 | 1,800,000 | 1,580,525 | |||
8.00% due 08/01/294 | 1,700,000 | 1,474,835 | |||
Zayo Group Holdings, Inc. | |||||
4.00% due 03/01/272,4 | 3,250,000 | 2,770,625 | |||
Vmed O2 UK Financing I plc | |||||
4.25% due 01/31/312,4 | 3,250,000 | 2,626,715 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
Face | |||||
Amount~ | Value | ||||
CORPORATE BONDS†† - 51.2% (continued) | |||||
Communications - 7.9% (continued) | |||||
LCPR Senior Secured Financing DAC | |||||
6.75% due 10/15/274 | 1,750,000 | $1,651,720 | |||
5.13% due 07/15/292,4 | 445,000 | 382,700 | |||
Cengage Learning, Inc. | |||||
9.50% due 06/15/244 | 1,600,000 | 1,525,424 | |||
Rogers Communications, Inc. | |||||
5.25% due 03/15/822,4 | 1,600,000 | 1,459,648 | |||
Ciena Corp. | |||||
4.00% due 01/31/302,4 | 850,000 | 734,188 | |||
UPC Broadband Finco BV | |||||
4.88% due 07/15/314 | 750,000 | 648,728 | |||
VZ Secured Financing BV | |||||
5.00% due 01/15/324 | 500,000 | 411,265 | |||
CSC Holdings LLC | |||||
4.50% due 11/15/314 | 300,000 | 240,669 | |||
6.50% due 02/01/294 | 100,000 | 92,023 | |||
Cogent Communications Group, Inc. | |||||
7.00% due 06/15/274 | 300,000 | 286,707 | |||
Outfront Media Capital LLC / Outfront Media Capital Corp. | |||||
4.25% due 01/15/294 | 275,000 | 229,567 | |||
Total Communications | 42,927,650 | ||||
Consumer, Cyclical - 5.0% | |||||
1011778 BC ULC / New Red Finance, Inc. | |||||
4.00% due 10/15/302,4 | 4,500,000 | 3,652,043 | |||
Station Casinos LLC | |||||
4.63% due 12/01/312,4 | 3,250,000 | 2,715,408 | |||
Penn Entertainment, Inc. | |||||
4.13% due 07/01/292,4 | 3,350,000 | 2,705,929 | |||
Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp. | |||||
5.00% due 06/01/312,4 | 2,200,000 | 1,942,744 | |||
Aramark Services, Inc. | |||||
5.00% due 02/01/282,4 | 2,000,000 | 1,840,640 | |||
Air Canada | |||||
4.63% due 08/15/294 | CAD 2,750,000 | 1,806,413 | |||
Wabash National Corp. | |||||
4.50% due 10/15/284 | 1,750,000 | 1,486,935 | |||
Fertitta Entertainment LLC / Fertitta Entertainment Finance Company, Inc. | |||||
4.63% due 01/15/292,4 | 1,650,000 | 1,437,859 | |||
Boyne USA, Inc. | |||||
4.75% due 05/15/292,4 | 1,600,000 | 1,423,068 | |||
Scientific Games Holdings Limited Partnership/Scientific Games US FinCo, Inc. | |||||
6.63% due 03/01/304 | 1,600,000 | 1,422,889 | |||
Steelcase, Inc. | |||||
5.13% due 01/18/292 | 1,450,000 | 1,355,841 | |||
Crocs, Inc. | |||||
4.25% due 03/15/294 | 1,625,000 | 1,326,656 | |||
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. | |||||
5.75% due 01/20/264 | 1,400,000 | 1,277,899 | |||
Deuce FinCo plc | |||||
5.50% due 06/15/27 | GBP 1,200,000 | 1,145,929 | |||
Tempur Sealy International, Inc. | |||||
3.88% due 10/15/314 | 600,000 | 461,687 | |||
Michaels Companies, Inc. | |||||
5.25% due 05/01/284 | 600,000 | 460,020 | |||
JB Poindexter & Company, Inc. | |||||
7.13% due 04/15/264 | 325,000 | 314,844 | |||
Wolverine World Wide, Inc. | |||||
4.00% due 08/15/294 | 200,000 | 162,800 | |||
Total Consumer, Cyclical | 26,939,604 | ||||
Energy - 4.5% | |||||
NuStar Logistics, LP | |||||
6.38% due 10/01/302 | 6,000,000 | 5,460,000 | |||
Occidental Petroleum Corp. | |||||
7.95% due 06/15/392 | 3,190,000 | 3,779,831 | |||
ITT Holdings LLC | |||||
6.50% due 08/01/292,4 | 3,750,000 | 3,167,213 | |||
CVR Energy, Inc. | |||||
5.75% due 02/15/282,4 | 3,300,000 | 3,003,000 | |||
Global Partners Limited Partnership / GLP Finance Corp. | |||||
7.00% due 08/01/272 | 2,400,000 | 2,267,526 | |||
6.88% due 01/15/29 | 675,000 | 617,774 | |||
Valero Energy Corp. | |||||
4.00% due 06/01/522 | 3,350,000 | 2,702,435 | |||
TransMontaigne Partners Limited Partnership / TLP Finance Corp. | |||||
6.13% due 02/15/26 | 1,750,000 | 1,505,000 | |||
EnLink Midstream LLC | |||||
6.50% due 09/01/304 | 950,000 | 945,250 | |||
BP Capital Markets plc | |||||
4.88%2,3,8 | 500,000 | 457,375 | |||
Crestwood Midstream Partners Limited Partnership / Crestwood Midstream Finance Corp. | |||||
5.75% due 04/01/25 | 150,000 | 144,566 | |||
5.63% due 05/01/274 | 125,000 | 116,562 | |||
Total Energy | 24,166,532 | ||||
Basic Materials - 4.4% | |||||
EverArc Escrow SARL | |||||
5.00% due 10/30/294 | 4,250,000 | 3,640,677 | |||
Kaiser Aluminum Corp. | |||||
4.50% due 06/01/312,4 | 4,350,000 | 3,424,886 | |||
Carpenter Technology Corp. | |||||
7.63% due 03/15/302 | 3,000,000 | 2,956,540 | |||
6.38% due 07/15/28 | 200,000 | 191,226 | |||
Diamond BC BV | |||||
4.63% due 10/01/292,4 | 3,250,000 | 2,770,820 | |||
Ingevity Corp. | |||||
3.88% due 11/01/282,4 | 2,900,000 | 2,508,500 | |||
SCIL IV LLC / SCIL USA Holdings LLC | |||||
5.38% due 11/01/264 | 2,250,000 | 1,867,500 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
Face | |||||
Amount~ | Value | ||||
CORPORATE BONDS†† - 51.2% (continued) | |||||
Basic Materials - 4.4% (continued) | |||||
Compass Minerals International, Inc. | |||||
6.75% due 12/01/272,4 | 1,943,000 | $1,850,183 | |||
Illuminate Buyer LLC / Illuminate Holdings IV, Inc. | |||||
9.00% due 07/01/282,4 | 1,850,000 | 1,591,000 | |||
Clearwater Paper Corp. | |||||
4.75% due 08/15/284 | 1,609,000 | 1,438,575 | |||
Anglo American Capital plc | |||||
5.63% due 04/01/304 | 1,050,000 | 1,045,334 | |||
Valvoline, Inc. | |||||
4.25% due 02/15/304 | 400,000 | 389,960 | |||
Total Basic Materials | 23,675,201 | ||||
Industrial - 4.2% | |||||
PGT Innovations, Inc. | |||||
4.38% due 10/01/292,4 | 3,295,000 | 2,787,029 | |||
GrafTech Finance, Inc. | |||||
4.63% due 12/15/282,4 | 3,200,000 | 2,730,316 | |||
Standard Industries, Inc. | |||||
4.38% due 07/15/302,4 | 2,400,000 | 1,905,660 | |||
3.38% due 01/15/312,4 | 1,000,000 | 733,230 | |||
TK Elevator US Newco, Inc. | |||||
5.25% due 07/15/272,4 | 2,630,000 | 2,393,300 | |||
New Enterprise Stone & Lime Company, Inc. | |||||
9.75% due 07/15/284 | 2,300,000 | 1,988,959 | |||
5.25% due 07/15/282,4 | 450,000 | 399,908 | |||
MIWD Holdco II LLC / MIWD Finance Corp. | |||||
5.50% due 02/01/302,4 | 2,600,000 | 2,135,322 | |||
Pactiv Evergreen Group Issuer Incorporated/Pactiv Evergreen Group Issuer LLC | |||||
4.00% due 10/15/272,4 | 2,150,000 | 1,876,628 | |||
Harsco Corp. | |||||
5.75% due 07/31/272,4 | 2,625,000 | 1,861,571 | |||
Builders FirstSource, Inc. | |||||
6.38% due 06/15/322,4 | 1,500,000 | 1,391,250 | |||
Artera Services LLC | |||||
9.03% due 12/04/254 | 1,600,000 | 1,314,752 | |||
Mauser Packaging Solutions Holding Co. | |||||
5.50% due 04/15/244 | 800,000 | 774,462 | |||
Great Lakes Dredge & Dock Corp. | |||||
5.25% due 06/01/294 | 375,000 | 319,849 | |||
Waste Pro USA, Inc. | |||||
5.50% due 02/15/264 | 100,000 | 89,625 | |||
Total Industrial | 22,701,861 | ||||
Utilities - 2.6% | |||||
Midcap Funding XLVI Trust | |||||
5.88% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 11/22/23◊,††† | 13,000,000 | 13,025,106 | |||
Terraform Global Operating LLC | |||||
6.13% due 03/01/264 | 1,150,000 | 1,083,300 | |||
Total Utilities | 14,108,406 | ||||
Technology - 2.5% | |||||
NCR Corp. | |||||
5.25% due 10/01/302,4 | 3,250,000 | 3,001,283 | |||
Dun & Bradstreet Corp. | |||||
5.00% due 12/15/292,4 | 3,300,000 | 2,928,750 | |||
Minerva Merger Sub, Inc. | |||||
6.50% due 02/15/304 | 3,200,000 | 2,716,912 | |||
CDW LLC / CDW Finance Corp. | |||||
3.57% due 12/01/312 | 1,900,000 | 1,595,880 | |||
Broadcom, Inc. | |||||
3.19% due 11/15/362,4 | 1,750,000 | 1,300,576 | |||
Central Parent Incorporated / CDK Global Inc | |||||
7.25% due 06/15/294 | 1,200,000 | 1,149,132 | |||
Boxer Parent Company, Inc. | |||||
7.13% due 10/02/254 | 1,050,000 | 1,037,270 | |||
Total Technology | 13,729,803 | ||||
Total Corporate Bonds | |||||
(Cost $320,901,523) | 277,148,566 | ||||
SENIOR FLOATING RATE INTERESTS††,◊ - 27.7% | |||||
Consumer, Non-cyclical - 9.4% | |||||
LaserAway Intermediate Holdings II LLC | |||||
8.23% (3 Month USD LIBOR + 5.75%, Rate Floor: 6.50%) due 10/14/27 | 5,721,250 | 5,578,219 | |||
Sierra Acquisition, Inc. | |||||
6.52% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 11/11/24 | 5,705,311 | 5,284,544 | |||
Gibson Brands, Inc. | |||||
7.39% (3 Month USD LIBOR + 5.00%, Rate Floor: 5.75%) due 08/11/28††† | 5,721,250 | 4,920,275 | |||
National Mentor Holdings, Inc. | |||||
6.13% ((1 Month USD LIBOR + 3.75%) and (3 Month USD LIBOR + 3.75%), Rate Floor: 4.50%) due 03/02/28 | 5,293,921 | 4,473,363 | |||
6.01% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 03/02/28 | 168,375 | 142,277 | |||
Blue Ribbon LLC | |||||
8.37% (1 Month USD LIBOR + 6.00%, Rate Floor: 6.75%) due 05/08/28 | 3,898,734 | 3,507,652 | |||
Kronos Acquisition Holdings, Inc. | |||||
8.48% (1 Month Term SOFR + 6.00%, Rate Floor: 6.00%) due 12/22/26 | 3,283,500 | 3,163,094 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
Face | |||||
Amount~ | Value | ||||
SENIOR FLOATING RATE INTERESTS††,◊ - 27.7% (continued) | |||||
Consumer, Non-cyclical - 9.4% (continued) | |||||
Florida Food Products LLC | |||||
7.52% (1 Month USD LIBOR + 5.00%, Rate Floor: 5.75%) due 10/18/28††† | 3,241,875 | $3,031,153 | |||
HAH Group Holding Co. LLC | |||||
7.21% (3 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 10/29/27 | 3,134,153 | 2,970,004 | |||
Women's Care Holdings, Inc. | |||||
7.87% (6 Month USD LIBOR + 4.50%, Rate Floor: 5.25%) due 01/17/28 | 2,977,444 | 2,789,865 | |||
Triton Water Holdings, Inc. | |||||
5.75% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 03/31/28 | 2,977,446 | 2,778,701 | |||
Southern Veterinary Partners LLC | |||||
6.52% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 10/05/27 | 2,138,515 | 2,058,321 | |||
PetIQ LLC | |||||
6.64% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.75%) due 04/13/28††† | 1,937,084 | 1,743,376 | |||
Zep, Inc. | |||||
5.00% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 08/12/24 | 1,986,043 | 1,727,857 | |||
Mission Veterinary Partners | |||||
6.95% ((1 Month USD LIBOR + 4.00%) and (2 Month USD LIBOR + 4.00%), Rate Floor: 4.75%) due 04/27/28 | 1,687,250 | 1,590,233 | |||
Pimente Investissement S.A.S. | |||||
4.25% (3 Month EURIBOR + 4.25%, Rate Floor: 4.25%) due 12/29/28 | EUR 1,350,000 | 1,261,302 | |||
Dhanani Group, Inc. | |||||
8.41% (1 Month Term SOFR + 6.00%, Rate Floor: 6.00%) due 04/30/27††† | 1,150,000 | 1,138,500 | |||
Chefs' Warehouse, Inc. | |||||
7.16% (1 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 08/23/29 | 1,150,000 | 1,127,000 | |||
Weber-Stephen Products LLC | |||||
5.77% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 10/29/27 | 550,000 | 465,734 | |||
Grifols Worldwide Operations USA, Inc. | |||||
4.52% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 11/15/27 | 300,000 | 289,668 | |||
Elanco Animal Health, Inc. | |||||
4.12% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 08/02/27 | 293,344 | 282,848 | |||
Bombardier Recreational Products, Inc. | |||||
4.57% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 05/24/27 | 272,901 | 262,872 | |||
TGP Holdings LLC | |||||
5.77% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 06/29/28 | 88,745 | 70,603 | |||
Total Consumer, Non-cyclical | 50,657,461 | ||||
Industrial - 6.3% | |||||
American Bath Group LLC | |||||
6.27% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.25%) due 11/23/27 | 5,707,793 | 5,274,343 | |||
Pelican Products, Inc. | |||||
6.50% (3 Month USD LIBOR + 4.25%, Rate Floor: 4.75%) due 12/29/28 | 5,721,250 | 5,130,073 | |||
Arcline FM Holdings LLC | |||||
7.00% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 06/23/28††† | 4,466,250 | 4,287,600 | |||
Protective Industrial Products, Inc. | |||||
6.52% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 12/29/27 | 3,801,356 | 3,578,026 | |||
Merlin Buyer, Inc. | |||||
6.46% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 12/14/28 | 3,291,750 | 3,171,042 | |||
ASP Dream Acquisiton Co. LLC | |||||
6.81% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 12/15/28 | 3,241,875 | 3,079,781 | |||
Rinchem Company LLC | |||||
6.65% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 03/02/29††† | 3,200,000 | 3,052,000 | |||
Icebox Holdco III, Inc. | |||||
6.00% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.25%) due 12/22/28 | 2,644,800 | 2,529,090 | |||
Saverglass | |||||
4.25% (3 Month EURIBOR + 4.25%, Rate Floor: 4.25%) due 02/19/29 | EUR 1,500,000 | 1,382,610 | |||
Atlantic Aviation | |||||
6.38% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 09/22/28 | 800,000 | 787,000 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
Face | |||||
Amount~ | Value | ||||
SENIOR FLOATING RATE INTERESTS††,◊ - 27.7% (continued) | |||||
Industrial - 6.3% (continued) | |||||
LTI Holdings, Inc. | |||||
7.02% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 07/24/26 | 498,750 | $473,190 | |||
PECF USS Intermediate Holding III Corp. | |||||
6.77% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.75%) due 12/15/28 | 450,000 | 418,162 | |||
Armor Holdco, Inc. | |||||
6.75% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.00%) due 12/11/28 | 398,000 | 390,040 | |||
US Farathane LLC | |||||
6.50% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 12/23/24††† | 300,000 | 259,500 | |||
Dispatch Terra Acquisition LLC | |||||
6.50% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 03/27/28 | 198,496 | 182,617 | |||
Total Industrial | 33,995,074 | ||||
Consumer, Cyclical - 6.1% | |||||
Pacific Bells LLC | |||||
6.82% (3 Month Term SOFR + 4.50%, Rate Floor: 5.00%) due 11/10/28 | 4,975,258 | 4,751,371 | |||
Secretariat Advisors LLC | |||||
7.00% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 12/29/28††† | 3,781,000 | 3,610,855 | |||
First Brands Group LLC | |||||
7.94% (6 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 03/30/27 | 3,276,376 | 3,166,814 | |||
BRE/Everbright M6 Borrower LLC | |||||
7.44% (1 Month USD LIBOR + 5.00%, Rate Floor: 5.75%) due 09/09/26 | 2,977,500 | 2,903,063 | |||
Cordobes Holdco SL | |||||
4.75% (3 Month EURIBOR + 4.50%, Rate Floor: 4.50%) due 02/02/29††† | EUR 2,400,000 | 2,212,176 | |||
Breitling Financing SARL | |||||
4.00% (6 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 10/25/28 | EUR 2,000,000 | 1,936,207 | |||
FR Refuel LLC | |||||
7.25% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 11/08/28††† | 1,991,167 | 1,901,564 | |||
NFM & J LLC | |||||
8.27% (1 Month USD LIBOR + 5.75%, Rate Floor: 6.75%) due 11/30/27††† | 1,854,903 | 1,806,731 | |||
IBC Capital Ltd. | |||||
5.78% (3 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 09/11/23 | 1,984,456 | 1,797,580 | |||
SP PF Buyer LLC | |||||
7.02% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 12/22/25 | 1,984,615 | 1,664,041 | |||
Fertitta Entertainment LLC | |||||
6.46% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 01/27/29 | 1,695,750 | 1,627,072 | |||
Freshworld Holding IV GmbH | |||||
3.25% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 10/02/26 | EUR 1,250,000 | 1,196,127 | |||
The Facilities Group | |||||
8.32% ((1 Month USD LIBOR + 5.75%) and (3 Month USD LIBOR + 5.75%), Rate Floor: 6.75%) due 11/30/27††† | 1,199,704 | 1,168,547 | |||
Piolin BidCo S.A.U. | |||||
7.73% (6 Month EURIBOR + 7.50%, Rate Floor: 7.50%) due 09/16/26 | EUR 1,000,000 | 1,002,612 | |||
Michaels Stores, Inc. | |||||
6.50% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 04/14/28 | 1,022,418 | 844,456 | |||
New Trojan Parent, Inc. | |||||
due 01/06/28 | 675,000 | 611,435 | |||
Congruex Group LLC | |||||
8.48% (3 Month Term SOFR + 5.75%, Rate Floor: 5.75%) due 05/03/29 | 450,000 | 428,625 | |||
American Tire Distributors, Inc. | |||||
9.03% (3 Month USD LIBOR + 6.25%, Rate Floor: 7.00%) due 10/20/28 | 448,875 | 428,536 | |||
Outcomes Group Holdings, Inc. | |||||
10.66% (6 Month Term SOFR + 7.50%, Rate Floor: 7.50%) due 10/26/26††† | 150,000 | 146,250 | |||
CCRR Parent, Inc. | |||||
6.01% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 03/06/28††† | 24,696 | 23,955 | |||
Total Consumer, Cyclical | 33,228,017 | ||||
Technology - 2.4% | |||||
Misys Ltd. | |||||
6.87% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/13/24 | 5,686,886 | 5,309,447 | |||
Project Ruby Ultimate Parent Corp. | |||||
8.05% (1 Month Term SOFR + 5.75%, Rate Floor: 5.75%) due 03/10/28 | 2,750,000 | 2,667,500 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
Face | |||||
Amount~ | Value | ||||
SENIOR FLOATING RATE INTERESTS††,◊ - 27.7% (continued) | |||||
Technology - 2.4% (continued) | |||||
Avalara, Inc. | |||||
due 08/12/28 | 2,636,364 | $2,603,409 | |||
Precise Midco BV | |||||
4.00% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 05/13/26 | EUR 1,500,000 | 1,463,879 | |||
CoreLogic, Inc. | |||||
6.06% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 06/02/28 | 500,000 | 428,125 | |||
Apttus Corp. | |||||
7.12% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 05/08/28 | 396,992 | 388,060 | |||
VT TopCo, Inc. | |||||
6.27% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 08/01/25 | 159,908 | 156,310 | |||
5.97% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 08/01/25 | 5,884 | 5,751 | |||
Atlas CC Acquisition Corp. | |||||
due 05/25/28 | 100,000 | 94,293 | |||
Total Technology | 13,116,774 | ||||
Financial - 1.8% | |||||
Jones Deslauriers Insurance Management, Inc. | |||||
11.00% (3 Month Canada Banker Acceptance + 7.50%, Rate Floor: 8.00%) due 03/26/29††† | CAD 2,100,000 | 1,527,383 | |||
7.75% (3 Month Canada Banker Acceptance + 4.25%, Rate Floor: 5.00%) due 03/27/28††† | CAD 2,084,220 | 1,507,969 | |||
Eisner Advisory Group | |||||
7.32% (1 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 07/28/28††† | 3,126,256 | 3,001,206 | |||
HighTower Holding LLC | |||||
6.73% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 04/21/28 | 2,810,539 | 2,722,709 | |||
Apex Group Treasury LLC | |||||
due 07/27/2814 | 550,000 | 536,938 | |||
Claros Mortgage Trust, Inc. | |||||
6.89% (1 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 08/10/26††† | 348,250 | 338,673 | |||
Total Financial | 9,634,878 | ||||
Communications - 0.8% | |||||
Cengage Learning Acquisitions, Inc. | |||||
7.81% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 07/14/26 | 3,979,950 | 3,753,929 | |||
McGraw Hill LLC | |||||
8.31% ((1 Month USD LIBOR + 4.75%) and (3 Month USD LIBOR + 4.75%), Rate Floor: 5.25%) due 07/28/28 | 397,995 | 384,065 | |||
Flight Bidco, Inc. | |||||
6.02% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 07/23/25 | 150,000 | 139,641 | |||
Total Communications | 4,277,635 | ||||
Basic Materials - 0.5% | |||||
NIC Acquisition Corp. | |||||
6.00% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 12/29/27 | 3,473,618 | 2,969,943 | |||
Utilities - 0.4% | |||||
Hamilton Projects Acquiror LLC | |||||
6.75% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 06/17/27 | 2,255,786 | 2,212,543 | |||
Total Senior Floating Rate Interests | |||||
(Cost $160,386,450) | 150,092,325 | ||||
ASSET-BACKED SECURITIES†† - 12.4% | |||||
Collateralized Loan Obligations - 6.8% | |||||
CIFC Funding Ltd. | |||||
2021-4RA DR, 9.74% (3 Month USD LIBOR + 7.00%, Rate Floor: 7.00%) due 01/17/35◊,4 | 9,000,000 | 8,047,698 | |||
Madison Park Funding LIII Ltd. | |||||
2022-53A E, 8.47% (3 Month Term SOFR + 6.00%, Rate Floor: 6.00%) due 04/21/35◊,4 | 7,500,000 | 6,851,590 | |||
Boyce Park CLO Ltd. | |||||
2022-1A E, 6.80% (3 Month Term SOFR + 6.25%, Rate Floor: 6.25%) due 04/21/35◊,4 | 4,000,000 | 3,659,169 | |||
ABPCI Direct Lending Fund IX LLC | |||||
2021-9A BR, 5.27% (3 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 11/18/31◊,2,4 | 3,500,000 | 3,269,552 | |||
Palmer Square Loan Funding Ltd. | |||||
2022-1A D, 7.33% (3 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 04/15/30◊,4 | 3,500,000 | 3,105,568 | |||
ACRES Commercial Realty Ltd. | |||||
2021-FL2 D, 5.48% (1 Month USD LIBOR + 3.10%, Rate Floor: 3.10%) due 01/15/37◊,2,4 | 3,250,000 | 3,019,799 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
Face | |||||
Amount~ | Value | ||||
ASSET-BACKED SECURITIES†† - 12.4% (continued) | |||||
Collateralized Loan Obligations - 6.8% (continued) | |||||
Carlyle Global Market Strategies | |||||
2022-1A E, 8.27% (3 Month Term SOFR + 7.35%, Rate Floor: 7.35%) due 04/15/35◊,4 | 2,250,000 | $2,027,358 | |||
Neuberger Berman Loan Advisers CLO 47 Ltd. | |||||
2022-47A E, 8.55% (3 Month Term SOFR + 6.25%, Rate Floor: 6.25%) due 04/14/35◊,4 | 1,750,000 | 1,626,486 | |||
Voya CLO Ltd. | |||||
2022-1A SUB, due 04/20/354,9 | 1,750,000 | 1,470,344 | |||
FS Rialto Issuer LLC | |||||
2022-FL6 C, 6.23% (1 Month Term SOFR + 4.23%, Rate Floor: 4.23%) due 08/19/37◊,4 | 1,000,000 | 993,806 | |||
CIFC Funding 2022-III Ltd. | |||||
2022-3A E, 8.51% (3 Month Term SOFR + 7.27%, Rate Floor: 7.27%) due 04/21/35◊,4 | 1,000,000 | 949,270 | |||
LCCM Trust | |||||
2021-FL2 C, 4.54% (1 Month USD LIBOR + 2.15%, Rate Floor: 2.15%) due 12/13/38◊,4 | 1,000,000 | 936,933 | |||
Carlyle US CLO Ltd. | |||||
2022-4A DR, 8.93% (3 Month Term SOFR + 6.60%, Rate Floor: 6.60%) due 04/15/35◊,4 | 1,000,000 | 878,037 | |||
Total Collateralized Loan Obligations | 36,835,610 | ||||
Transport-Aircraft - 2.4% | |||||
JOL Air Ltd. | |||||
2019-1, 3.97% due 04/15/444 | 3,721,798 | 3,200,783 | |||
Start Ltd. | |||||
2018-1, 4.09% due 05/15/434 | 1,904,211 | 1,695,814 | |||
2018-1, 5.32% due 05/15/434 | 1,610,750 | 1,184,030 | |||
KDAC Aviation Finance Ltd. | |||||
2017-1A, 4.21% due 12/15/424 | 3,603,662 | 2,865,164 | |||
AASET Trust | |||||
2021-1A, 2.95% due 11/16/412,4 | 1,089,284 | 907,890 | |||
2019-1, 3.84% due 05/15/392,4 | 1,228,112 | 850,468 | |||
2021-2A, 3.54% due 01/15/472,4 | 672,731 | 533,712 | |||
2020-1A, 3.35% due 01/16/404 | 269,791 | 222,864 | |||
GAIA Aviation Ltd. | |||||
2019-1, 3.97% due 12/15/444,10 | 1,509,684 | 1,253,184 | |||
START Ireland | |||||
2019-1, 4.09% due 03/15/444 | 276,475 | 251,615 | |||
Total Transport-Aircraft | 12,965,524 | ||||
Infrastructure - 2.0% | |||||
Hotwire Funding LLC | |||||
2021-1, 4.46% due 11/20/514 | 7,700,000 | 6,462,098 | |||
VB-S1 Issuer LLC - VBTEL | |||||
2022-1A, 5.27% due 02/15/524 | 5,000,000 | 4,499,418 | |||
Total Infrastructure | 10,961,516 | ||||
Financial - 1.0% | |||||
Thunderbird A | |||||
5.50% due 03/01/37††† | 2,465,000 | 2,465,000 | |||
Lightning A | |||||
5.50% due 03/01/37††† | 2,465,000 | 2,465,000 | |||
Thunderbird B | |||||
7.50% due 03/01/37††† | 319,000 | 319,000 | |||
Lightning B | |||||
7.50% due 03/01/37††† | 319,000 | 319,000 | |||
Total Financial | 5,568,000 | ||||
Net Lease - 0.2% | |||||
CARS-DB4, LP | |||||
2020-1A, 4.52% due 02/15/504 | 1,000,000 | 873,856 | |||
Total Asset-Backed Securities | |||||
(Cost $74,300,812) | 67,204,506 | ||||
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 9.2% | |||||
Government Agency - 8.3% | |||||
Uniform MBS 30 Year | |||||
due 11/01/2214 | 34,840,000 | 33,953,357 | |||
Fannie Mae | |||||
4.00% due 07/01/522 | 7,473,159 | 7,395,129 | |||
Freddie Mac | |||||
4.00% due 06/01/522 | 3,741,133 | 3,682,332 | |||
Total Government Agency | 45,030,818 | ||||
Residential Mortgage-Backed Securities - 0.9% | |||||
Finance of America HECM Buyout | |||||
2022-HB2, 6.00% (WAC) due 04/25/26◊,4 | 1,450,000 | 1,406,603 | |||
Carrington Mortgage Loan Trust Series | |||||
2006-NC5, 2.59% (1 Month USD LIBOR + 0.15%, Rate Cap/Floor: 14.50%/0.15%) due 01/25/37◊ | 1,639,180 | 1,381,587 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
Face | |||||
Amount~ | Value | ||||
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 9.2% (continued) | |||||
Residential Mortgage-Backed Securities - 0.9% (continued) | |||||
NYMT Loan Trust | |||||
2022-SP1, 5.25% due 07/25/624,10 | 1,400,000 | $1,356,351 | |||
Citigroup Mortgage Loan Trust | |||||
2022-A, 6.17% due 09/25/624,10 | 450,000 | 449,203 | |||
Total Residential Mortgage-Backed Securities | 4,593,744 | ||||
Total Collateralized Mortgage Obligations | |||||
(Cost $49,976,936) | 49,624,562 | ||||
U.S. GOVERNMENT SECURITIES†† - 1.5% | |||||
U.S. Treasury Bonds | |||||
due 08/15/512,11,12 | 12,650,000 | 4,918,926 | |||
due 05/15/442,11,12 | 1,910,000 | 866,495 | |||
due 11/15/4411,12 | 1,910,000 | 848,118 | |||
due 02/15/462,11,12 | 1,920,000 | 820,360 | |||
U.S. Treasury Notes | |||||
2.88% due 05/15/32 | 1,010,000 | 984,435 | |||
Total U.S. Government Securities | |||||
(Cost $8,690,711) | 8,438,334 | ||||
U.S. TREASURY BILLS†† - 0.8% | |||||
U.S. Treasury Bills | |||||
2.15% due 12/08/2213 | 2,700,000 | 2,679,431 | |||
2.82% due 01/12/2313 | 1,500,000 | 1,483,284 | |||
Total U.S. Treasury Bills | |||||
(Cost $4,168,563) | 4,162,715 | ||||
FOREIGN GOVERNMENT DEBT†† - 0.2% | |||||
Panama Government International Bond | |||||
4.50% due 01/19/63 | 1,700,000 | 1,283,848 | |||
Total Foreign Government Debt | |||||
(Cost $1,689,432) | 1,283,848 | ||||
CONVERTIBLE BONDS†† - 0.1% | |||||
Consumer, Non-cyclical - 0.1% | |||||
Block, Inc. | |||||
due 05/01/2611 | 650,000 | 536,900 | |||
Communications - 0.0% | |||||
Cable One, Inc. | |||||
due 03/15/2611 | 150,000 | 122,700 | |||
Total Convertible Bonds | |||||
(Cost $677,297) | 659,600 | ||||
Contracts | Value | ||||
LISTED OPTIONS PURCHASED† - 0.8% | |||||
Put Options on: | |||||
S&P 500 Index Expiring October 2022 with strike price of $4,200.00 (Notional Value $25,707,500) | 65 | 1,753,050 | |||
S&P 500 Index Expiring December 2022 with strike price of $4,200.00 (Notional Value $21,752,500) | 55 | 1,720,950 | |||
S&P 500 Index Expiring April 2023 with strike price of $4,000.00 (Notional Value $9,887,500) | 25 | 722,375 | |||
Total Listed Options Purchased | |||||
(Cost $2,442,569) | 4,196,375 | ||||
Total Investments - 138.0% | |||||
(Cost $863,625,345) | $ | 747,722,555 | |||
LISTED OPTIONS WRITTEN† - (0.5)% | |||||
Call Options on: | |||||
S&P 500 Index Expiring September 2022 with strike price of $3,970.00 (Notional Value $19,775,000) | 50 | (360,950 | ) | ||
Russell 2000 Index Expiring September 2022 with strike price of $1,850.00 (Notional Value $19,732,031) | 107 | (415,267 | ) | ||
NASDAQ-100 Index Expiring September 2022 with strike price of $12,325.00 (Notional Value $19,635,248) | 16 | (455,520 | ) | ||
Put Options on: | |||||
S&P 500 Index Expiring October 2022 with strike price of $3,800.00 (Notional Value $25,707,500) | 65 | (515,775 | ) | ||
S&P 500 Index Expiring December 2022 with strike price of $3,800.00 (Notional Value $21,752,500) | 55 | (753,775 | ) | ||
Total Listed Options Written | |||||
(Premiums received $1,911,982) | (2,501,287 | ) | |||
Other Assets & Liabilities, net - (37.5)% | (203,415,625 | ) | |||
Total Net Assets - 100.0% | $ | 541,805,643 |
Centrally Cleared Credit Default Swap Agreements Protection Sold†† | |||||||||
Counterparty | Exchange | Index | Protection Premium Rate | Payment Frequency | Maturity Date |
Notional Amount |
Value | Upfront Premiums Paid(Received) | Unrealized Depreciation** |
J.P. Morgan Securities LLC | ICE | CDX.NA.HY.37.V2 | 5.00% | Quarterly | 12/20/26 | $29,700,000 | $27,848 | $2,072,370 | $(2,044,522) |
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 (Received) |
Unrealized Depreciation** | |
J.P. Morgan Securities LLC | CME | Pay | U.S. Secured Overnight Financing Rate | 2.78% | Annually | 07/18/27 | $53,800,000 | $(754,949) | $479 | $(755,428) |
Total Return Swap Agreements†† | ||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Depreciation |
OTC Equity Index Swap Agreements | ||||||||
Goldman Sachs International | SPDR Gold Trust ETF | Pay | 2.63% (Federal Funds Rate + 0.30%) | At Maturity | 06/07/23 | 42,000 | $6,689,340 | $(569,100) |
Forward Foreign Currency Exchange Contracts†† | ||||||
Counterparty | Currency | Type | Quantity | Contract Amount | Settlement Date | Unrealized Appreciation (Depreciation) |
JPMorgan Chase Bank, N.A. | EUR | Sell | 17,184,000 | 17,784,632 USD | 09/16/22 | $504,749 |
Goldman Sachs International | CAD | Sell | 6,379,000 | 5,001,921 USD | 09/16/22 | 144,224 |
Barclays Bank plc | GBP | Sell | 1,038,000 | 1,268,065 USD | 09/16/22 | 62,102 |
UBS AG | EUR | Sell | 280,000 | 282,506 USD | 09/16/22 | 943 |
Bank of America, N.A. | EUR | Buy | 60,000 | 59,882 USD | 09/16/22 | 453 |
Morgan Stanley Capital Services LLC | CAD | Buy | 78,000 | 59,586 USD | 09/16/22 | (188) |
Citibank, N.A. | CAD | Buy | 60,000 | 46,474 USD | 09/16/22 | (783) |
$711,500 |
~ | 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 4. |
†† | Value determined based on Level 2 inputs, unless otherwise noted — See Note 4. |
††† | Value determined based on Level 3 inputs — See Note 4. |
◊ | Variable rate security. Rate indicated is the rate effective at August 31, 2022. 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 | Special Purpose Acquisition Company (SPAC). |
2 | All or a portion of these securities have been physically segregated in connections with borrowings, options, reverse repurchase agreements and unfunded loan commitments.As of August 31, 2022, the total value of segregated securities was $180,663,988. |
3 | Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date. |
4 | 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 $277,019,598 (cost $318,582,420), or 51.1% of total net assets. |
5 | Affiliated issuer. |
6 | Rate indicated is the 7-day yield as of August 31, 2022. |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
7 | Security is in default of interest and/or principal obligations. |
8 | Perpetual maturity. |
9 | Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates. |
10 | 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 August 31, 2022. See table below for additional step information for each security. |
11 | Zero coupon rate security. |
12 | Security is a principal-only strip. |
13 | Rate indicated is the effective yield at the time of purchase. |
14 | Security is unsettled at period end and does not have a stated effective rate. |
CAD — Canadian Dollar | |
CDX.NA.HY.37.V2 — Credit Default Swap North American High Yield Series XX Index Version 2 | |
CME — Chicago Mercantile Exchange | |
EUR — Euro | |
EURIBOR — European Interbank Offered Rate | |
GBP — British Pound | |
ICE — Intercontinental Exchange | |
LIBOR — London Interbank Offered Rate | |
plc — Public Limited Company | |
REIT — Real Estate Investment Trust | |
SARL — Société à Responsabilité Limitée | |
SOFR — Secured Overnight Financing Rate | |
WAC — Weighted Average Coupon | |
See Sector Classification in Other Information section. | |
The following table summarizes the inputs used to value the Fund's investments at August 31, 2022 (See Note 4 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 | $ 59,005,560 | $ — | $ 33 | $ 59,005,593 | |
Preferred Stocks | — | 35,472,653 | — | 35,472,653 | |
Warrants | 5,986 | — | — | 5,986 | |
Rights | — | — | — * | — | |
Exchange-Traded Funds | 68,054,082 | — | — | 68,054,082 | |
Mutual Fund | 5,976,961 | — | — | 5,976,961 | |
Closed-End Funds | 12,948,563 | — | — | 12,948,563 | |
Money Market Funds | 3,447,886 | — | — | 3,447,886 | |
Corporate Bonds | — | 264,123,460 | 13,025,106 | 277,148,566 | |
Senior Floating Rate Interests | — | 114,414,612 | 35,677,713 | 150,092,325 | |
Asset-Backed Securities | — | 61,636,506 | 5,568,000 | 67,204,506 | |
Collateralized Mortgage Obligations | — | 49,624,562 | — | 49,624,562 | |
U.S. Government Securities | — | 8,438,334 | — | 8,438,334 | |
U.S. Treasury Bills | — | 4,162,715 | — | 4,162,715 | |
Foreign Government Debt | — | 1,283,848 | — | 1,283,848 | |
Convertible Bonds | — | 659,600 | — | 659,600 | |
Options Purchased | 4,196,375 | — | — | 4,196,375 | |
Forward Foreign Currency Exchange Contracts** | — | 712,471 | — | 712,471 | |
Total Assets | $ 153,635,413 | $ 540,528,761 | $ 54,270,852 | $ 748,435,026 | |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |
Options Written | $ 2,501,287 | $ — | $ — | $ 2,501,287 | |
Credit Default Swap Agreements** | — | 2,044,522 | — | 2,044,522 | |
Interest Rate Swap Agreements** | — | 755,428 | — | 755,428 | |
Forward Foreign Currency Exchange Contracts** | — | 971 | — | 971 | |
Equity Index Swap Agreements** | — | 569,100 | — | 569,100 | |
Unfunded Loan Commitments (Note 6) | — | — | 74,390 | 74,390 | |
Total Liabilities | $ 2,501,287 | $ 3,370,021 | $ 74,390 | $ 5,945,698 | |
* Security has a market value of $0. | |||||
** This derivative is reported as unrealized appreciation/depreciation at period end. |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
Please refer to the detailed Schedule of Investments for a breakdown on 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 $165,779,300 are categorized as Level 2 within the disclosure hierarchy — See Note 3.
The following is a summary for significant unobservable inputs used in the fair valuation of assets and liabilities categorized with Level 3 of the fair value hierarchy:
Category | Valuation Technique | Unobservable Inputs | Input Range | Weighted Average | |
Assets: | |||||
Asset-Backed Securities | $ 5,568,000 | Third Party Pricing | Trade Price | — | — |
Common Stocks | 33 | Model Price | Liquidation Value | — | — |
Corporate Bonds | 13,025,106 | Option adjusted spread off prior month end broker quote | Broker Quote | — | — |
Senior Floating Rate Interests | 31,563,935 | Third Party Pricing | Broker Quote | — | — |
Senior Floating Rate Interests | 2,975,278 | Yield Analysis | Yield | 8.9% | — |
Senior Floating Rate Interests | 1,138,500 | Third Party Pricing | Trade Price | — | — |
Total Assets | $54,270,852 | ||||
Liabilities: | |||||
Unfunded Loan Commitments | $ 74,390 | Model Price | Purchase Price | — | — |
Significant changes in a quote or yield would generally result in significant changes in the fair value of the security. Any remaining Level 3 securities held by the Fund and excluded from the table above, were not considered material to the Fund.
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.
Transfer 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 August 31, 2022, the Fund had securities with a total value of $11,874,682 transfer into Level 3 from Level 2 due to a lack of observable inputs and had securities with a total value of $8,364,325 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 dermine fiar value for the period ended August 31, 2022:
Assets | Liabilities | ||||||
Asset-Backed Securities | Corporate Bonds | Senior Floating Rate Interests | Rights | Common Stocks | Total Assets | Unfunded Loan Commitments | |
Beginning Balance | $ 4,051,141 | $ 13,039,216 | $ 31,783,834 | $ - | $ - | $ 48,874,191 | $ (60,563) |
Purchases/(Receipts) | 1,536,000 | - | 1,529,681 | 61 | - | 3,065,742 | (33,516) |
(Sales, maturities and paydowns)/Fundings | - | - | (368,998) | (2) | - | (369,000) | 1,315 |
Amortization of premiums/discounts | - | - | 7,025 | - | - | 7,025 | (2) |
Total realized gains (losses) included in earnings | - | - | (7,198) | 2 | - | (7,196) | 6 |
Total change in unrealized appreciation (depreciation) included in earnings | (19,141) | (14,110) | (776,988) | (61) | 33 | (810,267) | 18,370 |
Transfers into Level 3 | - | - | 11,874,682 | - | - | 11,874,682 | - |
Transfers out of Level 3 | - | - | (8,364,325) | - | - | (8,364,325) | - |
Ending Balance | $ 5,568,000 | $ 13,025,106 | $ 35,677,713 | $ - | $ 33 | $ 54,270,852 | $ (74,390) |
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at August 31, 2022 | $ (19,141) | $ (14,110) | $ (534,237) | $ (61) | $ 33 | $ (567,516) | $ 4,099 |
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, none are scheduled to decrease.
Name | Coupon Rate at Next Reset Date | Next Rate Reset Date | Future Reset Rate(s) | Future Reset Date(s) |
Citigroup Mortgage Loan Trust 2022-A, 6.17% due 09/25/62 | 9.17% | 09/25/25 | 10.17% | 9/25/26 |
GAIA Aviation Ltd. 2019-1, 3.97% due 12/15/44 | 2.00% | 11/15/26 | — | — |
NYMT Loan Trust 2022-SP1, 5.25% due 07/25/62 | 8.25% | 07/01/25 | 9.25% | 7/1/26 |
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.
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
Transactions during the period ended August 31, 2022, in which the company is an affiliated issuer, were as follows: | ||||||||
Security Name | Value 05/31/22 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 08/31/22 | Shares 08/31/22 | Investment Income |
Mutual Funds | ||||||||
Guggenheim Risk Managed Real Estate Fund — Institutional Class | $6,259,675 | $25,011 | $– | $– | $(307,725) | $5,976,961 | 176,990 | $25,011 |
Guggenheim Active Allocation Fund | |
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
Note 1 – Organization
Guggenheim Active Allocation Fund (the “Fund”) was organized as a Delaware statutory trust on May 20, 2021. 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.
For information on the Fund’s other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual shareholder report.
Note 2 – 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”) has adopted policies and procedures for the valuation of the Fund's investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Fund's securities and/or other assets.
Valuations of the Fund's securities and other assets are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Fund's officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used and valuations provided by the pricing services.
If the pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Valuation Committee.
Equity securities listed or traded on a recognized U.S. securities exchange or the National Association of Securities Dealers Automated Quotations (“NASDAQ”) National Market System shall 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. If there is no sale on the valuation date, exchange-traded U.S. equity securities will be valued on the basis of the last bid 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 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 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 Valuation Committee will determine the current value of such foreign securities by taking into consideration certain factors which may include those discussed above, as well as the following factors, among others: the value of the securities traded on other foreign markets, 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 Valuation Committee and Guggenheim Funds Investment Advisors, LLC (“GFIA” or the “Adviser”) are authorized to use prices and other information supplied by a third party pricing vendor in valuing foreign securities.
Guggenheim Active Allocation Fund | |
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
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 independent pricing services, 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 Valuation Committee concludes that amortized cost does not represent the fair value of the applicable asset in which case it will be valued using a third party pricing vendor.
Repurchase agreements are valued at amortized cost, provided such amounts approximate market value.
Typically, loans are valued using information provided by an independent third party pricing service which uses broker quotes, among other inputs. If the pricing service 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 Valuation Committee.
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”) are valued using a price provided by a pricing service.
The value of interest rate swap agreements entered into by the Fund is valued on the basis of the last sale price on the primary exchange on which the swap is traded. The values of other swap agreements entered into by the Fund generally be valued using an evaluated price provided by a third party pricing vendor.
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 GFIA, subject to review and approval by the Valuation Committee, pursuant to methods established or ratified by the Board. 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.
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.
Guggenheim Active Allocation Fund | |
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
Note 3 – Financial Instruments and 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 2 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 to increase investment flexibility (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Derivative instruments may also be used to mitigate certain investment risks, such as 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 a 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 may utilize 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 a 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 a 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 a Fund may not be able to enter into a closing transaction because of an illiquid secondary market; or, for OTC options, a Fund may be at risk because of the counterparty’s inability to perform.
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 over-the-counter ("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. For a Fund utilizing centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. There is no guarantee that a 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.
Guggenheim Active Allocation Fund | |
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
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. A 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 event 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 event 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 default recovery 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 selling the credit protection. For a fund utilizing 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, a 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 a 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.
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 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 of 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 when it is able 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.
Guggenheim Active Allocation Fund | |
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
Note 4 – 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 with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. 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 — 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.
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.
Independent pricing services
are used to value a majority of the Fund’s investments. When values are not available from a pricing service, 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 third party vendor based on a single
daily or monthly broker quote.
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.
Guggenheim Active Allocation Fund | |
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
Note 5 – Federal Income Tax Information
The Fund intends to comply with the provisions of Subchapter M of 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 for a period of three years after they are filed.
At August 31, 2022, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excel of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excel of tax cost over value, were as follows:
Net Tax Unrealized | |||
Tax | Tax Unrealized | Tax Unrealized | Appreciation |
Cost | Appreciation | Depreciation | Depreciation |
$ 862,279,747 | $ 501,824 | $ (120,217,853) | $ (119,716,029) |
Note 6 – Unfunded Loan Commitments
Pursuant to the terms of certain loan agreements, the Fund held unfunded loan commitments as of August 31, 2022. The Fund is obligated to fund these loan commitments at the borrower’s discretion.
The unfunded loan commitments as of August 31, 2022, were as follows: | |||||
Borrower | Maturity Date | Face Amount* | Value | ||
Avalara, Inc. | 08/12/28 | 263,636 | $3,295 | ||
Icebox Holdco | 12/22/28 | 548,571 | 24,000 | ||
Inception Holdco SARL | 11/15/22 | EUR | 1,400,000 | – | |
Lightning A | 03/01/37 | 6,035,000 | – | ||
Lightning B | 03/01/37 | 781,000 | – | ||
Secretariat Advisors LLC | 12/29/28 | 600,000 | 27,000 | ||
TGP Holdings LLC | 06/29/28 | 11,255 | 2,301 | ||
The Facilities Group | 11/30/27 | 681,034 | 17,686 | ||
Thunderbird A | 03/01/37 | 6,035,000 | – | ||
Thunderbird B | 03/01/37 | 781,000 | – | ||
VT TopCo, Inc. | 08/01/25 | 4,780 | 108 | ||
$74,390 | |||||
* The face amount is denominated in U.S. dollars unless otherwise indicated. |
EUR – Euro
Note 7 – COVID-19 and Other Market Risks
The COVID-19 pandemic and the recovery response has caused and continues to cause at times reduced consumer demand and economic output, supply chain disruptions, market closures, travel restrictions, quarantines, and disparate global vaccine distributions. As with other serious economic disruptions, governmental authorities and regulators have responded in recent years to this situation with significant fiscal and monetary policy changes. These included providing direct capital infusions into companies, introducing new monetary programs, and lowering interest rates. In some cases, these responses resulted in high inflation, low interest rates, and negative interest rates (which have since risen). Recently, the United States and other governments have also made investments and engaged in infrastructure modernization projects that have also increased public debt and spending. These actions, including their reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets, reduce market liquidity, continue to cause higher inflation, heighten investor uncertainty, and adversely affect the value of the Fund’s investments and the performance of the Fund. These actions also contribute to a risk that asset prices have a high degree of correlation across markets and asset classes. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Fund will depend on future developments, which are highly uncertain and difficult to predict.
Guggenheim Active Allocation Fund | |
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | August 31, 2022 |
The value of, or income generated by, the investments held by the Fund is subject to the possibility of rapid and unpredictable fluctuation, and loss. These movements may result from factors affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (which have since risen and may continue to rise), changes in inflation rates or expectations about inflation rates (which are currently elevated relative to normal conditions), 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 current Russia-Ukraine conflict and its risk of expansion or collateral economic and other effects) 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 or geographic region could adversely affect the value, yield and return of the investments held by the Fund in a different country or geographic region and economies, markets and issuers generally because of the increasingly interconnected global economies and financial markets.
Guggenheim Active Allocation Fund | |
OTHER INFORMATION (Unaudited) | August 31, 2022 |
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.