Guggenheim Enhanced Equity Income Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | March 31, 2020 |
Shares | Value | ||||
COMMON STOCKS† - 97.2% | |||||
Consumer, Non-cyclical - 23.5% | |||||
Regeneron Pharmaceuticals, Inc.* | 1,713 | $ | 836,441 | ||
Clorox Co.1 | 4,250 | 736,313 | |||
Eli Lilly & Co.1 | 5,305 | 735,910 | |||
Gilead Sciences, Inc.1 | 9,802 | 732,798 | |||
Rollins, Inc. | 19,566 | 707,115 | |||
JM Smucker Co. | 6,351 | 704,961 | |||
Vertex Pharmaceuticals, Inc.* | 2,944 | 700,525 | |||
Kroger Co.1 | 22,952 | 691,314 | |||
Biogen, Inc.*,1 | 2,172 | 687,177 | |||
DaVita, Inc.*,1 | 8,867 | 674,424 | |||
AmerisourceBergen Corp. — Class A1 | 7,598 | 672,423 | |||
Hormel Foods Corp.1 | 14,359 | 669,704 | |||
Conagra Brands, Inc.1 | 22,717 | 666,517 | |||
Centene Corp.*,1 | 11,171 | 663,669 | |||
General Mills, Inc.1 | 12,495 | 659,361 | |||
Baxter International, Inc.1 | 7,678 | 623,377 | |||
Colgate-Palmolive Co.1 | 9,385 | 622,788 | |||
Campbell Soup Co.1 | 13,471 | 621,821 | |||
McKesson Corp. | 4,586 | 620,302 | |||
ResMed, Inc. | 4,197 | 618,176 | |||
IDEXX Laboratories, Inc.*,1 | 2,549 | 617,470 | |||
Zoetis, Inc. | 5,181 | 609,752 | |||
Kimberly-Clark Corp.1 | 4,743 | 606,487 | |||
Mondelez International, Inc. — Class A | 12,110 | 606,469 | |||
Allergan plc1 | 3,423 | 606,213 | |||
Verisk Analytics, Inc. — Class A | 4,322 | 602,400 | |||
Cigna Corp.1 | 3,396 | 601,703 | |||
Danaher Corp.1 | 4,341 | 600,838 | |||
Johnson & Johnson1 | 4,560 | 597,953 | |||
STERIS plc | 4,244 | 594,033 | |||
Church & Dwight Company, Inc.1 | 9,212 | 591,226 | |||
Abbott Laboratories1 | 7,467 | 589,221 | |||
Kellogg Co.1 | 9,731 | 583,763 | |||
Monster Beverage Corp.* | 10,363 | 583,022 | |||
S&P Global, Inc. | 2,378 | 582,729 | |||
Hershey Co.1 | 4,382 | 580,615 | |||
Moody's Corp. | 2,743 | 580,144 | |||
Cardinal Health, Inc.1 | 12,015 | 575,999 | |||
Perrigo Company plc1 | 11,955 | 574,916 | |||
Humana, Inc.1 | 1,826 | 573,401 | |||
PayPal Holdings, Inc.* | 5,989 | 573,387 | |||
MarketAxess Holdings, Inc. | 1,724 | 573,351 | |||
Corteva, Inc. | 24,338 | 571,943 | |||
Thermo Fisher Scientific, Inc. | 2,012 | 570,603 | |||
Procter & Gamble Co.1 | 5,139 | 565,290 | |||
UnitedHealth Group, Inc. | 2,259 | 563,349 | |||
Bristol-Myers Squibb Co.1 | 10,102 | 563,086 | |||
PepsiCo, Inc. | 4,674 | 561,347 | |||
Cooper Companies, Inc.1 | 2,035 | 560,988 | |||
Brown-Forman Corp. — Class B1 | 10,097 | 560,485 | |||
AbbVie, Inc.1 | 7,339 | 559,158 | |||
Merck & Company, Inc. | 7,228 | 556,122 | |||
Philip Morris International, Inc. | 7,614 | 555,517 | |||
Equifax, Inc.1 | 4,649 | 555,323 | |||
Amgen, Inc.1 | 2,723 | 552,034 | |||
Becton Dickinson and Co.1 | 2,399 | 551,218 | |||
Intuitive Surgical, Inc.*,1 | 1,112 | 550,673 |
Shares | Value | ||||
COMMON STOCKS† - 97.2% (continued) | |||||
Consumer, Non-cyclical - 23.5% (continued) | |||||
Pfizer, Inc. | 16,820 | $ | 549,005 | ||
McCormick & Company, Inc.1 | 3,849 | 543,517 | |||
Illumina, Inc.*,1 | 1,986 | 542,416 | |||
Stryker Corp. | 3,177 | 528,939 | |||
Teleflex, Inc. | 1,795 | 525,684 | |||
Coca-Cola Co.1 | 11,847 | 524,230 | |||
Alexion Pharmaceuticals, Inc.*,1 | 5,838 | 524,194 | |||
Automatic Data Processing, Inc.1 | 3,832 | 523,758 | |||
Edwards Lifesciences Corp.*,1 | 2,772 | 522,855 | |||
Global Payments, Inc.1 | 3,604 | 519,805 | |||
CVS Health Corp.1 | 8,761 | 519,790 | |||
IHS Markit Ltd. | 8,642 | 518,520 | |||
Incyte Corp.*,1 | 7,045 | 515,905 | |||
Anthem, Inc.1 | 2,269 | 515,154 | |||
ABIOMED, Inc.*,1 | 3,546 | 514,737 | |||
Medtronic plc1 | 5,679 | 512,132 | |||
Constellation Brands, Inc. — Class A1 | 3,541 | 507,638 | |||
Estee Lauder Companies, Inc. — Class A1 | 3,173 | 505,586 | |||
Avery Dennison Corp.1 | 4,960 | 505,275 | |||
Kraft Heinz Co.1 | 20,402 | 504,746 | |||
Mylan N.V.*,1 | 33,684 | 502,229 | |||
Archer-Daniels-Midland Co.1 | 14,264 | 501,808 | |||
Quanta Services, Inc. | 15,702 | 498,224 | |||
Altria Group, Inc.1 | 12,853 | 497,026 | |||
Molson Coors Beverage Co. — Class B | 12,689 | 494,998 | |||
Quest Diagnostics, Inc. | 6,128 | 492,078 | |||
Laboratory Corporation of America Holdings*,1 | 3,871 | 489,256 | |||
IQVIA Holdings, Inc.* | 4,460 | 481,056 | |||
Henry Schein, Inc.* | 9,413 | 475,545 | |||
Varian Medical Systems, Inc.* | 4,556 | 467,719 | |||
Boston Scientific Corp.*,1 | 14,299 | 466,576 | |||
Dentsply Sirona, Inc.1 | 11,435 | 444,021 | |||
Universal Health Services, Inc. — Class B | 4,467 | 442,590 | |||
Zimmer Biomet Holdings, Inc.1 | 4,354 | 440,102 | |||
Lamb Weston Holdings, Inc. | 7,666 | 437,729 | |||
Cintas Corp. | 2,463 | 426,641 | |||
Hologic, Inc.*,1 | 12,130 | 425,763 | |||
Tyson Foods, Inc. — Class A | 7,328 | 424,071 | |||
Align Technology, Inc.*,1 | 2,423 | 421,481 | |||
United Rentals, Inc.* | 3,962 | 407,690 | |||
Gartner, Inc.*,1 | 4,089 | 407,142 | |||
HCA Healthcare, Inc.1 | 4,513 | 405,493 | |||
Nielsen Holdings plc1 | 32,316 | 405,243 | |||
Robert Half International, Inc.1 | 10,459 | 394,827 | |||
FleetCor Technologies, Inc.*,1 | 2,116 | 394,718 | |||
H&R Block, Inc.1 | 27,447 | 386,454 | |||
Sysco Corp. | 7,770 | 354,545 | |||
Coty, Inc. — Class A1 | 58,186 | 300,240 | |||
Total Consumer, Non-cyclical | 57,756,495 |
Guggenheim Enhanced Equity Income Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | March 31, 2020 |
Shares | Value | ||||
COMMON STOCKS† - 97.2% (continued) | |||||
Financial - 17.5% |
Digital Realty Trust, Inc. REIT1 | 5,669 | $ | 787,481 | ||
SBA Communications Corp. REIT | 2,738 | 739,178 | |||
Equinix, Inc. REIT1 | 1,168 | 729,498 | |||
Crown Castle International Corp. REIT1 | 4,860 | 701,784 |
American Tower Corp. — Class A REIT1 | 3,034 | 660,653 | |||
Progressive Corp. | 8,933 | 659,613 | |||
Public Storage REIT | 3,139 | 623,437 | |||
Duke Realty Corp. REIT | 18,845 | 610,201 | |||
Extra Space Storage, Inc. REIT1 | 6,302 | 603,480 | |||
Nasdaq, Inc. | 6,170 | 585,842 | |||
Prologis, Inc. REIT | 7,281 | 585,174 | |||
BlackRock, Inc. — Class A1 | 1,293 | 568,881 | |||
Intercontinental Exchange, Inc.1 | 7,014 | 566,381 | |||
Alexandria Real Estate Equities, Inc. REIT1 | 4,121 | 564,824 | |||
Visa, Inc. — Class A | 3,483 | 561,181 | |||
Arthur J Gallagher & Co.1 | 6,825 | 556,306 | |||
Willis Towers Watson plc1 | 3,223 | 547,426 | |||
CME Group, Inc. — Class A1 | 3,152 | 545,012 | |||
Allstate Corp.1 | 5,877 | 539,097 | |||
Mastercard, Inc. — Class A | 2,178 | 526,118 | |||
Berkshire Hathaway, Inc. — Class B*,1 | 2,861 | 523,077 | |||
Aon plc1 | 3,128 | 516,245 | |||
Assurant, Inc.1 | 4,954 | 515,662 | |||
T. Rowe Price Group, Inc. | 5,233 | 511,002 | |||
UDR, Inc. REIT | 13,937 | 509,258 | |||
Mid-America Apartment Communities, Inc. REIT | 4,941 | 509,071 | |||
Marsh & McLennan Companies, Inc.1 | 5,832 | 504,235 | |||
Cboe Global Markets, Inc.1 | 5,581 | 498,104 | |||
Equity Residential REIT1 | 7,958 | 491,088 | |||
E*TRADE Financial Corp. | 14,280 | 490,090 | |||
Iron Mountain, Inc. REIT1 | 20,408 | 485,710 | |||
WR Berkley Corp. | 9,268 | 483,512 | |||
Healthpeak Properties, Inc. REIT1 | 19,991 | 476,785 | |||
Essex Property Trust, Inc. REIT1 | 2,145 | 472,415 | |||
Travelers Companies, Inc. | 4,753 | 472,210 | |||
Chubb Ltd.1 | 4,169 | 465,636 | |||
First Republic Bank | 5,611 | 461,673 | |||
Cincinnati Financial Corp.1 | 6,113 | 461,226 | |||
AvalonBay Communities, Inc. REIT1 | 3,090 | 454,755 | |||
Everest Re Group Ltd. | 2,347 | 451,610 | |||
Northern Trust Corp. | 5,967 | 450,270 | |||
Raymond James Financial, Inc. | 7,094 | 448,341 | |||
Loews Corp.1 | 12,739 | 443,699 | |||
Realty Income Corp. REIT1 | 8,892 | 443,355 | |||
Goldman Sachs Group, Inc.1 | 2,866 | 443,055 | |||
Apartment Investment & Management Co. — Class A REIT1 | 12,604 | 443,031 | |||
American Express Co.1 | 5,170 | 442,604 | |||
Boston Properties, Inc. REIT1 | 4,772 | 440,122 | |||
Globe Life, Inc. | 6,104 | 439,305 | |||
Morgan Stanley | 12,833 | 436,322 | |||
State Street Corp. | 8,147 | 433,991 | |||
Charles Schwab Corp. | 12,907 | 433,933 | |||
Bank of New York Mellon Corp.1 | 12,838 | 432,384 | |||
Western Union Co. | 23,676 | 429,246 | |||
People's United Financial, Inc. | 38,722 | 427,878 | |||
JPMorgan Chase & Co.1 | 4,713 | 424,311 | |||
CBRE Group, Inc. — Class A*,1 | 11,066 | 417,299 |
Shares | Value | ||||
COMMON STOCKS† - 97.2% (continued) | |||||
Financial - 17.5% (continued) | |||||
Aflac, Inc.1 | 12,125 | $ | 415,160 | ||
Franklin Resources, Inc.1 | 24,806 | 414,012 | |||
Regency Centers Corp. REIT | 10,584 | 406,743 | |||
Bank of America Corp.1 | 18,719 | 397,404 | |||
Host Hotels & Resorts, Inc. REIT1 | 35,917 | 396,524 | |||
Ameriprise Financial, Inc.1 | 3,851 | 394,650 | |||
M&T Bank Corp.1 | 3,791 | 392,103 | |||
MetLife, Inc. | 12,797 | 391,204 | |||
SVB Financial Group* | 2,586 | 390,693 | |||
PNC Financial Services Group, Inc. | 4,064 | 389,006 | |||
Federal Realty Investment Trust REIT1 | 5,046 | 376,482 | |||
Welltower, Inc. REIT1 | 8,195 | 375,167 | |||
Principal Financial Group, Inc. | 11,875 | 372,162 | |||
Hartford Financial Services Group, Inc.1 | 10,557 | 372,029 | |||
Weyerhaeuser Co. REIT | 21,751 | 368,679 | |||
U.S. Bancorp | 10,697 | 368,512 | |||
Vornado Realty Trust REIT | 9,877 | 357,646 | |||
Prudential Financial, Inc. | 6,848 | 357,055 | |||
Citigroup, Inc.1 | 8,439 | 355,451 | |||
Truist Financial Corp. | 11,509 | 354,938 | |||
Huntington Bancshares, Inc.1 | 42,000 | 344,820 | |||
Wells Fargo & Co. | 11,986 | 343,998 | |||
Zions Bancorp North America1 | 12,604 | 337,283 | |||
Regions Financial Corp. | 37,549 | 336,815 | |||
KeyCorp1 | 32,139 | 333,281 | |||
Invesco Ltd.1 | 36,590 | 332,237 | |||
Unum Group | 21,249 | 318,947 | |||
SL Green Realty Corp. REIT | 7,269 | 313,294 | |||
Capital One Financial Corp.1 | 6,177 | 311,444 | |||
Ventas, Inc. REIT | 11,616 | 311,309 | |||
Fifth Third Bancorp1 | 20,817 | 309,132 | |||
Kimco Realty Corp. REIT1 | 31,743 | 306,955 | |||
American International Group, Inc.1 | 12,495 | 303,004 | |||
Citizens Financial Group, Inc. | 16,069 | 302,258 | |||
Lincoln National Corp.1 | 10,794 | 284,098 | |||
Synchrony Financial | 17,105 | 275,219 | |||
Discover Financial Services1 | 7,437 | 265,278 | |||
Comerica, Inc.1 | 8,963 | 262,974 | |||
Simon Property Group, Inc. REIT | 4,467 | 245,060 | |||
Alliance Data Systems Corp.1 | 5,858 | 197,122 | |||
Total Financial | 43,124,225 | ||||
Industrial - 13.3% | |||||
Old Dominion Freight Line, Inc. | 5,189 | 681,043 |
Guggenheim Enhanced Equity Income Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | March 31, 2020 |
Shares | Value | ||||
COMMON STOCKS† - 97.2% (continued) | |||||
Industrial - 13.3% (continued) |
Ball Corp.1 | 10,179 | $ | 658,174 | ||
L3Harris Technologies, Inc. | 3,221 | 580,167 | |||
Mettler-Toledo International, Inc.* | 838 | 578,647 | |||
Roper Technologies, Inc. | 1,840 | 573,730 | |||
Jacobs Engineering Group, Inc.1 | 7,161 | 567,653 | |||
Northrop Grumman Corp. | 1,871 | 566,071 | |||
Lockheed Martin Corp.1 | 1,668 | 565,369 | |||
Expeditors International of Washington, Inc.1 | 8,466 | 564,852 | |||
CH Robinson Worldwide, Inc.1 | 8,422 | 557,536 | |||
Agilent Technologies, Inc.1 | 7,701 | 551,546 | |||
Republic Services, Inc. — Class A | 7,231 | 542,759 |
Kansas City Southern1 | 4,258 | 541,532 | |||
Xylem, Inc.1 | 8,295 | 540,253 | |||
Eaton Corporation plc1 | 6,888 | 535,129 | |||
Waste Management, Inc. | 5,756 | 532,775 | |||
IDEX Corp. | 3,852 | 532,000 | |||
J.B. Hunt Transport Services, Inc.1 | 5,705 | 526,172 | |||
AO Smith Corp. | 13,859 | 524,009 | |||
3M Co. | 3,820 | 521,468 | |||
Illinois Tool Works, Inc.1 | 3,637 | 516,890 | |||
Deere & Co.1 | 3,738 | 516,442 | |||
Caterpillar, Inc.1 | 4,431 | 514,173 | |||
PerkinElmer, Inc. | 6,830 | 514,162 | |||
Union Pacific Corp. | 3,645 | 514,091 | |||
Trane Technologies plc1 | 6,210 | 512,884 | |||
United Parcel Service, Inc. — Class B | 5,436 | 507,831 | |||
CSX Corp.1 | 8,858 | 507,563 | |||
Packaging Corporation of America | 5,806 | 504,135 | |||
Waters Corp.* | 2,754 | 501,366 | |||
Keysight Technologies, Inc.* | 5,980 | 500,407 | |||
Garmin Ltd.1 | 6,617 | 496,010 | |||
Amcor plc | 61,052 | 495,742 | |||
Norfolk Southern Corp. | 3,392 | 495,232 | |||
Honeywell International, Inc. | 3,643 | 487,397 | |||
Vulcan Materials Co. | 4,509 | 487,288 | |||
Allegion plc1 | 5,241 | 482,277 | |||
Rockwell Automation, Inc. | 3,169 | 478,234 | |||
General Dynamics Corp.1 | 3,601 | 476,448 | |||
Dover Corp.1 | 5,672 | 476,108 | |||
Masco Corp.1 | 13,714 | 474,093 | |||
Fortive Corp.1 | 8,574 | 473,199 | |||
FedEx Corp.1 | 3,892 | 471,944 | |||
AMETEK, Inc.1 | 6,541 | 471,083 | |||
Huntington Ingalls Industries, Inc.1 | 2,566 | 467,551 | |||
General Electric Co.1 | 56,853 | 451,413 | |||
Westrock Co. | 15,767 | 445,576 | |||
Martin Marietta Materials, Inc.1 | 2,334 | 441,663 | |||
Amphenol Corp. — Class A1 | 6,017 | 438,519 | |||
TE Connectivity Ltd.1 | 6,858 | 431,917 | |||
Johnson Controls International plc1 | 15,942 | 429,796 | |||
Fortune Brands Home & Security, Inc.1 | 9,905 | 428,391 | |||
Sealed Air Corp. | 16,961 | 419,106 | |||
Pentair plc1 | 14,063 | 418,515 | |||
Westinghouse Air Brake Technologies Corp.1 | 8,578 | 412,859 | |||
Snap-on, Inc. | 3,784 | 411,775 | |||
United Technologies Corp. | 4,325 | 407,977 | |||
Emerson Electric Co.1 | 8,511 | 405,549 | |||
Parker-Hannifin Corp. | 3,123 | 405,147 | |||
Textron, Inc. | 14,838 | 395,729 | |||
Stanley Black & Decker, Inc. | 3,919 | 391,900 | |||
Raytheon Co. | 2,966 | 388,991 | |||
FLIR Systems, Inc. | 12,125 | 386,666 | |||
TransDigm Group, Inc. | 1,120 | 358,613 | |||
Ingersoll Rand, Inc.*,1 | 13,379 | 331,799 | |||
Arconic, Inc.1 | 20,370 | 327,142 |
Shares | Value | ||||
COMMON STOCKS† - 97.2% (continued) | |||||
Industrial - 13.3% (continued) | |||||
Flowserve Corp.1 | 13,318 | $ | 318,167 | ||
Boeing Co.1 | 1,887 | 281,427 | |||
Total Industrial | 32,712,072 | ||||
Technology - 12.1% | |||||
Citrix Systems, Inc.1 | 5,842 | 826,935 | |||
NVIDIA Corp. | 2,879 | 758,904 | |||
MSCI, Inc. — Class A | 2,479 | 716,332 | |||
Advanced Micro Devices, Inc.* | 15,668 | 712,581 | |||
Akamai Technologies, Inc.*,1 | 7,627 | 697,794 | |||
Jack Henry & Associates, Inc.1 | 4,421 | 686,316 | |||
ServiceNow, Inc.* | 2,362 | 676,902 | |||
Microsoft Corp. | 4,172 | 657,966 | |||
Activision Blizzard, Inc.1 | 10,993 | 653,864 | |||
Adobe, Inc.*,1 | 2,028 | 645,391 | |||
Leidos Holdings, Inc. | 7,021 | 643,475 | |||
Take-Two Interactive Software, Inc.* | 5,293 | 627,803 | |||
Cadence Design Systems, Inc.* | 9,492 | 626,852 | |||
Electronic Arts, Inc.*,1 | 6,166 | 617,648 | |||
Fortinet, Inc.* | 6,102 | 617,339 | |||
Synopsys, Inc.* | 4,717 | 607,502 | |||
Intel Corp.1 | 11,156 | 603,763 | |||
Apple, Inc.1 | 2,343 | 595,801 | |||
ANSYS, Inc.*,1 | 2,539 | 590,241 | |||
salesforce.com, Inc.* | 4,001 | 576,064 | |||
Oracle Corp. | 11,828 | 571,647 | |||
Intuit, Inc.1 | 2,483 | 571,090 | |||
Fidelity National Information Services, Inc.1 | 4,666 | 567,572 | |||
Cerner Corp.1 | 8,925 | 562,186 | |||
Autodesk, Inc.*,1 | 3,594 | 561,023 | |||
HP, Inc.1 | 31,681 | 549,982 | |||
Lam Research Corp.1 | 2,287 | 548,880 | |||
KLA Corp.1 | 3,765 | 541,181 | |||
Seagate Technology plc1 | 10,972 | 535,434 | |||
International Business Machines Corp.1 | 4,804 | 532,908 | |||
Micron Technology, Inc.* | 12,592 | 529,619 | |||
Maxim Integrated Products, Inc. | 10,819 | 525,912 | |||
Fiserv, Inc.*,1 | 5,522 | 524,535 | |||
Xilinx, Inc.1 | 6,699 | 522,120 | |||
Skyworks Solutions, Inc. | 5,763 | 515,097 | |||
Broadridge Financial Solutions, Inc. | 5,385 | 510,660 |
Guggenheim Enhanced Equity Income Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | March 31, 2020 |
Shares | Value | ||||
COMMON STOCKS† - 97.2% (continued) | |||||
Technology - 12.1% (continued) |
Accenture plc — Class A1 | 3,120 | $ | 509,371 | ||
Texas Instruments, Inc. | 5,091 | 508,744 | |||
QUALCOMM, Inc. | 7,340 | 496,551 | |||
Western Digital Corp. | 11,873 | 494,154 | |||
Applied Materials, Inc.1 | 10,769 | 493,435 | |||
IPG Photonics Corp.*,1 | 4,458 | 491,628 | |||
Analog Devices, Inc.1 | 5,429 | 486,710 | |||
Cognizant Technology Solutions Corp. — Class A1 | 10,459 | 486,030 | |||
Broadcom, Inc.1 | 2,044 | 484,632 | |||
Paychex, Inc. | 7,577 | 476,745 | |||
Zebra Technologies Corp. — Class A* | 2,501 | 459,183 | |||
Qorvo, Inc.* | 5,684 | 458,301 | |||
Paycom Software, Inc.* | 2,207 | 445,836 | |||
Microchip Technology, Inc. | 6,316 | 428,225 | |||
NetApp, Inc. | 10,195 | 425,030 |
Hewlett Packard Enterprise Co.1 | 40,218 | 390,517 | |||
Xerox Holdings Corp. | 17,500 | 331,450 | |||
DXC Technology Co.1 | 17,183 | 224,238 | |||
Total Technology | 29,900,099 | ||||
Consumer, Cyclical - 11.4% | |||||
Costco Wholesale Corp.1 | 2,209 | 629,852 | |||
Dollar General Corp.1 | 4,170 | 629,712 | |||
Tiffany & Co. | 4,823 | 624,578 | |||
Walmart, Inc. | 5,360 | 609,003 | |||
Tractor Supply Co. | 6,791 | 574,179 | |||
Home Depot, Inc.1 | 3,012 | 562,371 | |||
NIKE, Inc. — Class B | 6,594 | 545,588 | |||
Fastenal Co.1 | 17,410 | 544,063 | |||
McDonald's Corp.1 | 3,271 | 540,860 | |||
Chipotle Mexican Grill, Inc. — Class A*,1 | 791 | 517,630 | |||
TJX Companies, Inc. | 10,679 | 510,563 | |||
Walgreens Boots Alliance, Inc. | 11,139 | 509,609 | |||
Dollar Tree, Inc.*,1 | 6,888 | 506,061 | |||
Copart, Inc.* | 7,291 | 499,579 | |||
Ross Stores, Inc. | 5,583 | 485,554 | |||
WW Grainger, Inc.1 | 1,940 | 482,090 | |||
PACCAR, Inc. | 7,861 | 480,543 | |||
Cummins, Inc.1 | 3,533 | 478,086 | |||
Starbucks Corp.1 | 7,271 | 477,996 | |||
Target Corp. | 5,068 | 471,172 | |||
Lowe's Companies, Inc.1 | 5,440 | 468,112 | |||
Live Nation Entertainment, Inc.* | 10,020 | 455,509 | |||
Ulta Beauty, Inc.* | 2,544 | 446,981 | |||
Newell Brands, Inc. | 33,561 | 445,690 | |||
Hasbro, Inc.1 | 6,204 | 443,896 | |||
AutoZone, Inc.*,1 | 522 | 441,612 | |||
Yum! Brands, Inc.1 | 6,440 | 441,333 | |||
O'Reilly Automotive, Inc.* | 1,461 | 439,834 | |||
NVR, Inc.* | 170 | 436,749 | |||
Best Buy Company, Inc.1 | 7,603 | 433,371 | |||
Southwest Airlines Co. | 11,906 | 423,973 | |||
Lennar Corp. — Class A1 | 11,058 | 422,415 | |||
L Brands, Inc.1 | 36,425 | 421,073 | |||
Genuine Parts Co.1 | 6,130 | 412,733 | |||
Hilton Worldwide Holdings, Inc. | 6,014 | 410,395 | |||
DR Horton, Inc.1 | 11,763 | 399,942 | |||
Las Vegas Sands Corp. | 9,338 | 396,585 | |||
Advance Auto Parts, Inc.1 | 4,154 | 387,651 | |||
General Motors Co.1 | 18,084 | 375,785 | |||
VF Corp. | 6,921 | 374,288 | |||
Whirlpool Corp. | 4,344 | 372,715 | |||
LKQ Corp.*,1 | 17,987 | 368,913 | |||
Ralph Lauren Corp. — Class A | 5,514 | 368,501 | |||
BorgWarner, Inc.1 | 14,720 | 358,727 | |||
PulteGroup, Inc. | 15,966 | 356,361 | |||
Mohawk Industries, Inc.* | 4,674 | 356,346 | |||
CarMax, Inc.*,1 | 6,586 | 354,524 | |||
Hanesbrands, Inc.1 | 44,771 | 352,348 | |||
Aptiv plc1 | 6,934 | 341,430 | |||
Leggett & Platt, Inc.1 | 12,711 | 339,130 | |||
Ford Motor Co.1 | 69,850 | 337,375 | |||
Marriott International, Inc. — Class A1 | 4,411 | 329,987 | |||
Harley-Davidson, Inc.1 | 17,261 | 326,751 | |||
Delta Air Lines, Inc.1 | 11,365 | 324,243 |
Shares | Value | ||||
COMMON STOCKS† - 97.2% (continued) | |||||
Consumer, Cyclical - 11.4% (continued) | |||||
Tapestry, Inc. | 24,854 | $ | 321,859 | ||
Darden Restaurants, Inc.1 | 5,578 | 303,778 | |||
Wynn Resorts Ltd.1 | 4,968 | 299,024 | |||
American Airlines Group, Inc.1 | 23,461 | 285,990 | |||
Alaska Air Group, Inc.1 | 9,564 | 272,287 | |||
Gap, Inc.1 | 38,628 | 271,941 | |||
Nordstrom, Inc. | 16,797 | 257,666 | |||
PVH Corp. | 6,174 | 232,389 | |||
MGM Resorts International | 19,686 | 232,295 | |||
United Airlines Holdings, Inc.* | 7,361 | 232,239 | |||
Macy's, Inc.1 | 42,471 | 208,533 | |||
Kohl's Corp.1 | 13,354 | 194,835 | |||
Capri Holdings Ltd.*,1 | 16,624 | 179,373 | |||
Carnival Corp.1 | 13,587 | 178,941 | |||
Royal Caribbean Cruises Ltd. | 5,132 | 165,096 | |||
Under Armour, Inc. — Class A* | 17,012 | 156,680 | |||
Under Armour, Inc. — Class C* | 17,573 | 141,638 | |||
Norwegian Cruise Line Holdings Ltd.* | 11,558 | 126,676 | |||
Total Consumer, Cyclical | 28,105,607 | ||||
Communications - 6.4% | |||||
Netflix, Inc.* | 2,160 | 811,080 | |||
T-Mobile US, Inc.* | 8,542 | 716,674 | |||
Amazon.com, Inc.*,1 | 366 | 713,597 | |||
Arista Networks, Inc.*,1 | 3,342 | 676,922 | |||
VeriSign, Inc.* | 3,367 | 606,363 | |||
Charter Communications, Inc. — Class A*,1 | 1,357 | 592,072 | |||
Verizon Communications, Inc. | 10,602 | 569,645 | |||
Cisco Systems, Inc.1 | 14,232 | 559,460 | |||
Facebook, Inc. — Class A*,1 | 3,322 | 554,110 | |||
eBay, Inc.1 | 18,171 | 546,220 | |||
Motorola Solutions, Inc. | 4,017 | 533,940 | |||
Twitter, Inc.*,1 | 21,214 | 521,016 | |||
Juniper Networks, Inc.1 | 26,717 | 511,363 | |||
Comcast Corp. — Class A1 | 14,794 | 508,618 | |||
F5 Networks, Inc.*,1 | 4,630 | 493,697 | |||
AT&T, Inc.1 | 16,753 | 488,350 | |||
NortonLifeLock, Inc. | 24,797 | 463,952 | |||
Corning, Inc.1 | 22,432 | 460,753 |
Guggenheim Enhanced Equity Income Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | March 31, 2020 |
Shares | Value | ||||
COMMON STOCKS† - 97.2% (continued) | |||||
Communications - 6.4% (continued) |
Interpublic Group of Companies, Inc.1 | 27,994 | $ | 453,223 | ||
CenturyLink, Inc.1 | 47,404 | 448,442 | |||
Booking Holdings, Inc.*,1 | 327 | 439,920 | |||
CDW Corp. | 4,680 | 436,504 | |||
Omnicom Group, Inc. | 7,858 | 431,404 | |||
Walt Disney Co.1 | 4,405 | 425,523 | |||
DISH Network Corp. — Class A*,1 | 18,892 | 377,651 | |||
News Corp. — Class A | 35,852 | 321,772 | |||
Expedia Group, Inc.1 | 5,718 | 321,752 | |||
Fox Corp. — Class A | 12,119 | 286,372 | |||
Alphabet, Inc. — Class C*,1 | 241 | 280,237 | |||
Alphabet, Inc. — Class A*,1 | 239 | 277,706 | |||
Discovery, Inc. — Class C*,1 | 14,394 | 252,471 | |||
ViacomCBS, Inc. — Class B | 16,685 | 233,757 | |||
Discovery, Inc. — Class A*,1 | 6,556 | 127,448 | |||
Fox Corp. — Class B | 5,551 | 127,007 | |||
News Corp. — Class B | 11,321 | 101,776 | |||
Total Communications | 15,670,797 | ||||
Utilities - 6.3% | |||||
NextEra Energy, Inc. | 2,722 | 654,968 |
Shares | Value | ||||
COMMON STOCKS† - 97.2% (continued) | |||||
Utilities - 6.3% (continued) | |||||
American Water Works Company, Inc.1 | 5,409 | $ | 646,700 | ||
WEC Energy Group, Inc. | 7,229 | 637,092 | |||
Ameren Corp.1 | 8,594 | 625,901 | |||
Xcel Energy, Inc.1 | 10,355 | 624,406 | |||
CMS Energy Corp.1 | 10,571 | 621,046 | |||
Eversource Energy1 | 7,926 | 619,892 | |||
NiSource, Inc. | 23,985 | 598,905 | |||
Atmos Energy Corp. | 6,022 | 597,563 | |||
Alliant Energy Corp.1 | 12,182 | 588,269 | |||
Duke Energy Corp.1 | 7,155 | 578,696 | |||
Dominion Energy, Inc.1 | 7,971 | 575,426 | |||
Southern Co. | 10,611 | 574,480 | |||
Consolidated Edison, Inc.1 | 7,340 | 572,520 | |||
Pinnacle West Capital Corp.1 | 7,484 | 567,212 | |||
Evergy, Inc. | 10,272 | 565,474 | |||
American Electric Power Company, Inc.1 | 7,003 | 560,100 | |||
Exelon Corp.1 | 14,713 | 541,586 | |||
FirstEnergy Corp.1 | 13,446 | 538,781 | |||
Entergy Corp.1 | 5,450 | 512,137 | |||
Public Service Enterprise Group, Inc.1 | 11,011 | 494,504 | |||
DTE Energy Co.1 | 5,164 | 490,425 | |||
Sempra Energy | 4,334 | 489,699 | |||
Edison International1 | 8,894 | 487,302 | |||
AES Corp.1 | 34,075 | 463,420 | |||
PPL Corp. | 18,089 | 446,437 | |||
NRG Energy, Inc.1 | 16,376 | 446,410 | |||
CenterPoint Energy, Inc.1 | 24,854 | 383,994 | |||
Total Utilities | 15,503,345 | ||||
Basic Materials - 3.5% | |||||
Newmont Corp. | 15,615 | 707,047 | |||
Air Products & Chemicals, Inc.1 | 2,794 | 557,710 | |||
Albemarle Corp.1 | 9,676 | 545,436 | |||
Ecolab, Inc.1 | 3,476 | 541,665 | |||
Linde plc | 3,084 | 533,532 | |||
FMC Corp.1 | 6,500 | 530,985 | |||
Sherwin-Williams Co. | 1,127 | 517,879 | |||
International Flavors & Fragrances, Inc.1 | 4,813 | 491,311 | |||
International Paper Co.1 | 13,907 | 432,925 | |||
Nucor Corp. | 11,417 | 411,240 | |||
PPG Industries, Inc. | 4,847 | 405,209 | |||
CF Industries Holdings, Inc.1 | 14,292 | 388,743 | |||
Eastman Chemical Co.1 | 8,205 | 382,189 | |||
Celanese Corp. — Class A1 | 5,180 | 380,160 | |||
Mosaic Co.1 | 34,606 | 374,437 | |||
Dow, Inc. | 12,101 | 353,833 | |||
LyondellBasell Industries N.V. — Class A1 | 6,961 | 345,475 | |||
DuPont de Nemours, Inc. | 9,949 | 339,261 | |||
Freeport-McMoRan, Inc. | 50,093 | 338,128 | |||
Total Basic Materials | 8,577,165 | ||||
Energy - 3.2% | |||||
Cabot Oil & Gas Corp. — Class A1 | 40,044 | 688,356 | |||
Kinder Morgan, Inc.1 | 31,916 | 444,271 | |||
Williams Companies, Inc. | 28,388 | 401,690 | |||
Chevron Corp.1 | 5,466 | 396,066 | |||
Exxon Mobil Corp.1 | 9,312 | 353,577 | |||
Concho Resources, Inc.1 | 8,187 | 350,813 |
Shares | Value | ||||
COMMON STOCKS† - 97.2% (continued) | |||||
Energy - 3.2% (continued) | |||||
Hess Corp.1 | 10,345 | $ | 344,489 | ||
Pioneer Natural Resources Co. | 4,606 | 323,111 | |||
ConocoPhillips1 | 10,282 | 316,686 | |||
HollyFrontier Corp. | 12,846 | 314,855 | |||
Valero Energy Corp. | 6,872 | 311,714 | |||
EOG Resources, Inc.1 | 8,540 | 306,757 | |||
Phillips 66 | 5,706 | 306,127 | |||
Baker Hughes Co.1 | 27,272 | 286,356 | |||
National Oilwell Varco, Inc. | 27,219 | 267,563 | |||
Marathon Petroleum Corp.1 | 11,000 | 259,820 | |||
Helmerich & Payne, Inc.1 | 15,318 | 239,727 | |||
Schlumberger Ltd. | 16,531 | 223,003 | |||
TechnipFMC plc1 | 32,235 | 217,264 | |||
Diamondback Energy, Inc. | 7,577 | 198,517 | |||
Occidental Petroleum Corp. | 17,096 | 197,972 | |||
ONEOK, Inc. | 8,811 | 192,168 | |||
Devon Energy Corp.1 | 27,458 | 189,735 | |||
Halliburton Co.1 | 26,892 | 184,210 | |||
Noble Energy, Inc. | 28,851 | 174,260 | |||
Marathon Oil Corp.1 | 50,684 | 166,750 | |||
Apache Corp.1 | 30,197 | 126,223 | |||
Total Energy | 7,782,080 | ||||
Total Common Stocks | |||||
(Cost $306,813,823) | 239,131,885 | ||||
EXCHANGE-TRADED FUNDS† - 45.1% | |||||
iShares Russell 2000 Index ETF2,3 | 324,453 | 37,136,891 | |||
SPDR S&P 500 ETF Trust1,2,3 | 143,035 | 36,867,271 | |||
Invesco QQQ Trust Series 11,2,3 | 193,593 | 36,860,107 | |||
Total Exchange-Traded Funds | |||||
(Cost $113,579,977) | 110,864,269 |
Guggenheim Enhanced Equity Income Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | March 31, 2020 |
Shares | Value |
MONEY MARKET FUND† - 6.5% | |||||
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares 0.51%4 | 15,986,464 | $ | 15,986,464 | ||
Total Money Market Fund | |||||
(Cost $15,986,464) | 15,986,464 | ||||
Total Investments - 148.8% | |||||
(Cost $436,380,264) | $ | 365,982,618 |
Contracts | |||||
LISTED OPTIONS WRITTEN† - (4.6)% | |||||
Call options on: | |||||
BNP Paribas S&P 500 Index Expiring April 2020 with strike price of $2,540 (Notional Value $73,660,815)* | 285 | $ | (3,498,375 | ) | |
BNP Paribas NASDAQ-100 Index Expiring April 2020 with strike price of $7,675 (Notional Value $73,446,891)* | 94 | (3,590,800 | ) | ||
BNP Paribas Russell 2000 Index Expiring April 2020 with strike price of $1,125 (Notional Value $74,144,523)* | 643 | (4,166,640 | ) | ||
Total Call Options Written | |||||
(Premiums received $12,924,247) | $ | (11,255,815 | ) | ||
Other Assets & Liabilities, net - (44.2)% | (108,734,634 | ) | |||
Total Net Assets - 100.0% | $ | 245,992,169 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
1 | All or a portion of these securities have been physically segregated in connection with borrowings. As of March 31, 2020, the total market value of segregated securities was $193,647,943. |
2 | All or a portion of this security is pledged as collateral for open call options written contracts at March 31, 2020. |
3 | Security represents cover for outstanding options written. |
4 | Rate indicated is the 7-day yield as of March 31, 2020. |
plc — Public Limited Company REIT — Real Estate Investment Trust | |
See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at March 31, 2020 (See Note 3 in the Notes to Schedule of Investments): |
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 239,131,885 | $ | — | $ | — | $ | 239,131,885 | ||||||||
Exchange-Traded Funds | 110,864,269 | — | — | 110,864,269 | ||||||||||||
Money Market Fund | 15,986,464 | — | — | 15,986,464 | ||||||||||||
Total Assets | $ | 365,982,618 | $ | — | $ | — | $ | 365,982,618 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Options Written | $ | 11,255,815 | $ | — | $ | — | $ | 11,255,815 |
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
Note 1 – Organization and Significant Accounting Policies
Organization
Guggenheim Enhanced Equity Income Fund (the “Fund” or “GPM”) a Delaware statutory trust, 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 primary investment objective is to seek to provide a high level of current income and current gains, with a secondary objective of long-term capital appreciation. The Fund seeks to achieve its investment objective by obtaining broadly diversified exposure to the equity markets and utilizing a covered call strategy which will follow a proprietary dynamic rules-based methodology. The Fund seeks to earn income and gains both from dividends paid by the securities owned by the Fund and cash premiums received from selling options.
For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual shareholder report.
Significant Accounting Policies
The Fund operates as an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.
The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. 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 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.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
Open-end investment companies are valued at their net asset value (“NAV”) 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.
Exchange-traded options are valued at the mean between the bid and ask prices on the principal exchange on which they are traded. Over-the-counter (“OTC”) options are valued using a price provided by a pricing service.
Investments for which market quotations are not readily available are fair-valued as determined in good faith by Guggenheim Funds Investment Advisors, LLC (“GFIA” or the “Adviser”), 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.
Note 2 – Derivatives
As part of its investment strategy, the Fund utilizes a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Schedule of Investments.
Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used 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 utilized derivatives for the following purposes:
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.
Speculation: the use of an instrument to express macro-economic and other investment views.
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. As of March 31, 2020, there were no options purchased outstanding.
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.
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.
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.
Note 3 - Fair Value Measurement
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
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 may be computed by the Fund’s investment adviser or an affiliate. In any event, values may 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.
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.
Note 4 - 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 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 tax returns are subject to examination by the Internal Revenue Service for a period of three years after they are filed.
At March 31, 2020, the cost of securities for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all securities for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over value were as follows:
Tax Cost | Tax Unrealized Appreciation | Tax Unrealized Depreciation | Net Unrealized Depreciation |
$ 425,114,155 | $ 28,600,112 | $ (98,987,464) | $ (70,387,352) |
Note 5 - COVID-19 and Recent Developments
The global ongoing crisis caused by the outbreak of COVID-19 is causing materially reduced consumer demand and economic output, disrupting supply chains, resulting in market closures, travel restrictions and quarantines, and adversely impacting local and global economies. Investors should be aware that in light of the current
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
uncertainty, volatility and distress in economies, financial markets, and labor and health conditions all over the world, the Fund's investments and a shareholder’s investment in the Fund are subject to sudden and substantial losses, increased volatility and other adverse events. Firms through which investors invest with the Fund, the Fund, its service providers, the markets in which they invest and market intermediaries are also impacted by quarantines and similar measures intended to contain the ongoing pandemic, which can obstruct their functioning and subject them to heightened operational risks.
OTHER INFORMATION (Unaudited)
Sector Classification
Information in the "Schedule of Investments" is categorized by sectors using sector-level Classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund's registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/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.