Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Shares | Value | ||
COMMON STOCKS† - 33.4% | |||
Financial - 7.9% | |||
Pershing Square Tontine Holdings Ltd. — Class A*,1 | 329,700 | $ 6,531,357 | |
Colicity, Inc. — Class A*,1 | 205,002 | 1,992,619 | |
MSD Acquisition Corp. — Class A*,1 | 156,387 | 1,516,954 | |
SVB Financial Group*,2 | 1,052 | 637,512 | |
Signature Bank2 | 1,847 | 637,012 | |
Invesco Ltd. | 28,023 | 595,209 | |
Discover Financial Services2 | 4,801 | 592,635 | |
Blue Whale Acquisition Corp. I — Class A*,1 | 60,285 | 584,162 | |
Mastercard, Inc. — Class A2 | 1,576 | 568,652 | |
TPG Pace Beneficial II Corp.*,1 | 58,285 | 567,696 | |
Lincoln National Corp.2 | 8,376 | 564,710 | |
Franklin Resources, Inc.2 | 18,927 | 562,700 | |
Ameriprise Financial, Inc.2 | 1,857 | 556,710 | |
RXR Acquisition Corp. — Class A*,1 | 57,060 | 554,053 | |
Acropolis Infrastructure Acquisition Corp. — Class A*,1 | 56,005 | 541,008 | |
T. Rowe Price Group, Inc.2 | 3,474 | 502,201 | |
BlackRock, Inc. — Class A2 | 653 | 485,760 | |
Waverley Capital Acquisition Corp. 1 - Class A*,1 | 36,971 | 355,291 | |
M&T Bank Corp.2 | 1,814 | 330,565 | |
People's United Financial, Inc.2 | 15,656 | 330,028 | |
American Express Co.2 | 1,653 | 321,575 | |
Allstate Corp.2 | 2,557 | 312,874 | |
Comerica, Inc.2 | 3,267 | 311,966 | |
American International Group, Inc.2 | 5,078 | 310,977 | |
Raymond James Financial, Inc.2 | 2,830 | 310,310 | |
Zions Bancorp North America2 | 4,369 | 309,718 | |
Ventas, Inc. REIT2 | 5,710 | 308,340 | |
W R Berkley Corp.2 | 3,412 | 308,104 | |
Berkshire Hathaway, Inc. — Class B*,2 | 958 | 307,949 | |
Progressive Corp.2 | 2,905 | 307,727 | |
MetLife, Inc.2 | 4,555 | 307,690 | |
Travelers Companies, Inc.2 | 1,790 | 307,576 | |
Citizens Financial Group, Inc.2 | 5,827 | 305,451 | |
Everest Re Group Ltd. | 1,023 | 305,079 | |
Host Hotels & Resorts, Inc. REIT2 | 16,607 | 303,410 | |
Globe Life, Inc.2 | 3,005 | 303,385 | |
Colicity, Inc.*,1 | 30,787 | 303,252 | |
Assurant, Inc.2 | 1,782 | 302,423 | |
Fifth Third Bancorp2 | 6,311 | 301,918 | |
KeyCorp2 | 12,003 | 300,915 | |
Regions Financial Corp.2 | 12,424 | 300,537 | |
Loews Corp.2 | 4,837 | 296,702 | |
Boston Properties, Inc. REIT2 | 2,420 | 295,990 | |
Chubb Ltd. | 1,442 | 293,649 | |
Wells Fargo & Co.2 | 5,502 | 293,642 | |
Aflac, Inc.2 | 4,775 | 291,705 | |
Cincinnati Financial Corp.2 | 2,373 | 291,381 | |
Truist Financial Corp.2 | 4,650 | 289,323 | |
Charles Schwab Corp.2 | 3,418 | 288,684 | |
Prudential Financial, Inc.2 | 2,580 | 288,083 | |
CME Group, Inc. — Class A2 | 1,209 | 285,965 | |
Vornado Realty Trust REIT2 | 6,569 | 284,306 | |
Kimco Realty Corp. REIT2 | 12,029 | 283,042 | |
Public Storage REIT2 | 794 | 281,886 | |
Hartford Financial Services Group, Inc.2 | 4,053 | 281,602 | |
Capital One Financial Corp.2 | 1,836 | 281,404 | |
Huntington Bancshares, Inc.2 | 18,086 | 280,695 | |
Iron Mountain, Inc. REIT2 | 5,704 | 280,523 | |
Visa, Inc. — Class A2 | 1,294 | 279,659 | |
Welltower, Inc. REIT2 | 3,339 | 278,105 | |
Brown & Brown, Inc.2 | 4,109 | 277,809 | |
Aon plc — Class A | 940 | 274,612 | |
Bank of America Corp.2 | 6,203 | 274,173 | |
PNC Financial Services Group, Inc.2 | 1,370 | 272,973 | |
Realty Income Corp. REIT2 | 4,126 | 272,687 | |
Equity Residential REIT2 | 3,180 | 271,254 | |
Principal Financial Group, Inc.2 | 3,836 | 270,975 | |
U.S. Bancorp2 | 4,781 | 270,318 | |
Citigroup, Inc.2 | 4,549 | 269,437 | |
AvalonBay Communities, Inc. REIT2 | 1,128 | 269,130 | |
Weyerhaeuser Co. REIT2 | 6,901 | 268,311 | |
Northern Trust Corp.2 | 2,334 | 265,843 | |
Willis Towers Watson plc | 1,181 | 262,536 | |
Intercontinental Exchange, Inc.2 | 2,038 | 261,109 | |
Mid-America Apartment Communities, Inc. REIT2 | 1,276 | 261,082 | |
UDR, Inc. REIT2 | 4,731 | 259,590 | |
Bank of New York Mellon Corp.2 | 4,868 | 258,734 | |
CBRE Group, Inc. — Class A*,2 | 2,663 | 257,912 | |
Arthur J Gallagher & Co.2 | 1,628 | 257,533 | |
Morgan Stanley2 | 2,806 | 254,616 | |
Healthpeak Properties, Inc. REIT2 | 8,173 | 253,853 | |
Essex Property Trust, Inc. REIT2 | 799 | 253,419 | |
Prologis, Inc. REIT2 | 1,736 | 253,196 | |
State Street Corp.2 | 2,953 | 251,980 | |
Marsh & McLennan Companies, Inc.2 | 1,608 | 249,899 | |
Simon Property Group, Inc. REIT2 | 1,812 | 249,259 | |
Federal Realty Investment Trust REIT2 | 2,119 | 249,152 | |
Extra Space Storage, Inc. REIT2 | 1,323 | 248,922 | |
Regency Centers Corp. REIT2 | 3,769 | 248,339 | |
Synchrony Financial2 | 5,769 | 246,798 | |
Alexandria Real Estate Equities, Inc. REIT2 | 1,303 | 246,788 | |
Equinix, Inc. REIT2 | 346 | 245,567 | |
Cboe Global Markets, Inc.2 | 2,091 | 245,253 | |
JPMorgan Chase & Co.2 | 1,728 | 245,030 | |
Goldman Sachs Group, Inc.2 | 706 | 240,951 | |
Crown Castle International Corp. REIT2 | 1,429 | 238,057 | |
Duke Realty Corp. REIT2 | 4,484 | 237,652 | |
SBA Communications Corp. REIT2 | 769 | 233,307 | |
American Tower Corp. — Class A REIT2 | 1,013 | 229,819 | |
Nasdaq, Inc.2 | 1,342 | 229,683 | |
First Republic Bank2 | 1,323 | 229,223 | |
Digital Realty Trust, Inc. REIT2 | 1,653 | 223,023 | |
RXR Acquisition Corp.*,1 | 18,682 | 182,150 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Shares | Value | ||
COMMON STOCKS† - 33.4% (continued) | |||
Financial - 7.9% (continued) |
Acropolis Infrastructure Acquisition Corp.*,1 | 12,313 | $ 120,667 | |
TPG, Inc.* | 3,400 | 104,516 | |
Waverley Capital Acquisition Corp. 1*,1 | 10,153 | 99,652 | |
EastGroup Properties, Inc. REIT | 460 | 87,750 | |
MSD Acquisition Corp.*,1 | 8,720 | 86,590 | |
STAG Industrial, Inc. REIT | 2,005 | 78,115 | |
SouthState Corp. | 797 | 71,730 | |
First Financial Bankshares, Inc. | 1,481 | 70,970 | |
Glacier Bancorp, Inc. | 1,257 | 69,638 | |
Cadence Bank | 2,144 | 67,793 | |
Valley National Bancorp | 4,566 | 63,787 | |
Old National Bancorp | 3,346 | 61,165 | |
Houlihan Lokey, Inc. | 583 | 59,967 | |
Terreno Realty Corp. REIT | 838 | 57,646 | |
Blue Whale Acquisition Corp. I*,1 | 5,903 | 57,436 | |
Blackstone Mortgage Trust, Inc. — Class A REIT | 1,793 | 56,982 | |
Selective Insurance Group, Inc. | 677 | 56,320 | |
Hancock Whitney Corp. | 986 | 54,901 | |
United Bankshares, Inc. | 1,499 | 54,893 | |
Essent Group Ltd. | 1,239 | 54,739 | |
Kite Realty Group Trust REIT | 2,474 | 54,255 | |
Ryman Hospitality Properties, Inc. REIT* | 613 | 54,011 | |
National Storage Affiliates Trust REIT | 926 | 53,958 | |
Kinsale Capital Group, Inc. | 245 | 51,391 | |
Agree Realty Corp. REIT | 795 | 50,999 | |
UMB Financial Corp. | 500 | 50,930 | |
Innovative Industrial Properties, Inc. REIT | 270 | 50,884 | |
ServisFirst Bancshares, Inc. | 569 | 49,719 | |
LXP Industrial Trust REIT | 3,206 | 49,565 | |
Radian Group, Inc. | 2,062 | 49,282 | |
RLI Corp. | 457 | 46,385 | |
United Community Banks, Inc. | 1,193 | 46,121 | |
Walker & Dunlop, Inc. | 333 | 46,071 | |
BankUnited, Inc. | 1,020 | 45,084 | |
Independent Bank Corp. | 523 | 44,983 | |
Community Bank System, Inc. | 611 | 44,566 | |
Healthcare Realty Trust, Inc. REIT | 1,701 | 44,362 | |
Outfront Media, Inc. REIT | 1,659 | 44,295 | |
Investors Bancorp, Inc. | 2,608 | 43,658 | |
Apple Hospitality REIT, Inc. | 2,444 | 43,234 | |
Eastern Bankshares, Inc. | 1,958 | 42,802 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 875 | 41,423 | |
Associated Banc-Corp. | 1,698 | 41,414 | |
PotlatchDeltic Corp. REIT | 754 | 41,395 | |
Pacific Premier Bancorp, Inc. | 1,069 | 41,381 | |
Enstar Group Ltd.* | 145 | 41,329 | |
Physicians Realty Trust REIT | 2,520 | 40,975 | |
Home BancShares, Inc. | 1,739 | 40,710 | |
First Interstate BancSystem, Inc. — Class A | 996 | 40,438 | |
DigitalBridge Group, Inc. REIT* | 5,531 | 40,100 | |
Silvergate Capital Corp. — Class A* | 313 | 40,089 | |
Cathay General Bancorp | 847 | 39,834 | |
Texas Capital Bancshares, Inc.* | 593 | 39,494 | |
Broadstone Net Lease, Inc. REIT | 1,808 | 39,161 | |
Trupanion, Inc.* | 436 | 39,079 | |
WSFS Financial Corp. | 756 | 38,427 | |
Ameris Bancorp | 759 | 37,571 | |
Macerich Co. REIT | 2,438 | 37,301 | |
Simmons First National Corp. — Class A | 1,294 | 36,905 | |
Axos Financial, Inc.* | 667 | 36,512 | |
PS Business Parks, Inc. REIT | 229 | 36,477 | |
American Equity Investment Life Holding Co. | 967 | 36,446 | |
Equity Commonwealth REIT* | 1,371 | 36,427 | |
CVB Financial Corp. | 1,510 | 35,606 | |
Cushman & Wakefield plc* | 1,621 | 35,532 | |
Atlantic Union Bankshares Corp. | 862 | 35,023 | |
Sabra Health Care REIT, Inc. | 2,596 | 34,864 | |
Essential Properties Realty Trust, Inc. REIT | 1,377 | 34,811 | |
Federated Hermes, Inc. — Class B | 1,063 | 34,728 | |
Corporate Office Properties Trust REIT | 1,320 | 34,597 | |
Pebblebrook Hotel Trust REIT | 1,519 | 34,193 | |
CNO Financial Group, Inc. | 1,409 | 34,056 | |
Focus Financial Partners, Inc. — Class A* | 679 | 33,977 | |
Independent Bank Group, Inc. | 440 | 33,946 | |
Moelis & Co. — Class A | 697 | 33,602 | |
Columbia Banking System, Inc. | 915 | 33,516 | |
Fulton Financial Corp. | 1,858 | 33,481 | |
Chimera Investment Corp. REIT | 2,686 | 32,689 | |
First BanCorp | 2,314 | 32,674 | |
Navient Corp. | 1,812 | 31,909 | |
SITE Centers Corp. REIT | 2,025 | 31,489 | |
Hamilton Lane, Inc. — Class A | 398 | 31,084 | |
Independence Realty Trust, Inc. REIT | 1,229 | 31,057 | |
Newmark Group, Inc. — Class A | 1,744 | 30,834 | |
Piper Sandler Cos. | 204 | 30,194 | |
Kennedy-Wilson Holdings, Inc. | 1,357 | 30,044 | |
Uniti Group, Inc. REIT | 2,273 | 29,481 | |
Arbor Realty Trust, Inc. REIT | 1,636 | 29,448 | |
First Merchants Corp. | 648 | 28,344 | |
Flagstar Bancorp, Inc. | 609 | 27,758 | |
Triumph Bancorp, Inc.* | 275 | 27,588 | |
National Health Investors, Inc. REIT | 511 | 27,241 | |
RLJ Lodging Trust REIT | 1,933 | 27,043 | |
International Bancshares Corp. | 628 | 27,010 | |
Sunstone Hotel Investors, Inc. REIT* | 2,544 | 26,916 | |
Washington Federal, Inc. | 744 | 26,472 | |
Brandywine Realty Trust REIT | 1,983 | 26,433 | |
Artisan Partners Asset Management, Inc. — Class A | 684 | 26,067 | |
First Financial Bancorp | 1,060 | 26,055 | |
Redfin Corp.* | 1,189 | 25,718 | |
WesBanco, Inc. | 702 | 25,651 | |
Retail Opportunity Investments Corp. REIT | 1,389 | 25,224 | |
Banner Corp. | 405 | 24,952 | |
Xenia Hotels & Resorts, Inc. REIT* | 1,332 | 24,695 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Shares | Value | ||
COMMON STOCKS† - 33.4% (continued) | |||
Financial - 7.9% (continued) |
Piedmont Office Realty Trust, Inc. — Class A REIT | 1,449 | $ 24,691 | |
Urban Edge Properties REIT | 1,353 | 24,652 | |
TowneBank | 785 | 24,476 | |
Realogy Holdings Corp.* | 1,346 | 24,470 | |
Paramount Group, Inc. REIT | 2,182 | 24,417 | |
Sandy Spring Bancorp, Inc. | 513 | 24,157 | |
Genworth Financial, Inc. — Class A* | 5,925 | 24,055 | |
Cohen & Steers, Inc. | 291 | 23,647 | |
Renasant Corp. | 646 | 23,585 | |
Live Oak Bancshares, Inc. | 368 | 23,534 | |
Four Corners Property Trust, Inc. REIT | 889 | 23,452 | |
Heartland Financial USA, Inc. | 471 | 23,371 | |
DiamondRock Hospitality Co. REIT* | 2,444 | 23,340 | |
Washington Real Estate Investment Trust | 990 | 23,126 | |
McGrath RentCorp | 282 | 22,921 | |
Trustmark Corp. | 727 | 22,893 | |
Lakeland Financial Corp. | 285 | 22,860 | |
NMI Holdings, Inc. — Class A* | 981 | 22,700 | |
Veritex Holdings, Inc. | 556 | 22,590 | |
Park National Corp. | 168 | 22,522 | |
Bank of NT Butterfield & Son Ltd. | 586 | 22,502 | |
Hope Bancorp, Inc. | 1,324 | 22,455 | |
Eagle Bancorp, Inc. | 370 | 22,170 | |
PRA Group, Inc.* | 496 | 22,136 | |
NexPoint Residential Trust, Inc. REIT | 260 | 22,092 | |
Encore Capital Group, Inc.* | 334 | 22,041 | |
Hilltop Holdings, Inc. | 708 | 21,891 | |
Seacoast Banking Corporation of Florida | 597 | 21,880 | |
Acadia Realty Trust REIT | 1,015 | 21,762 | |
Customers Bancorp, Inc.* | 349 | 21,481 | |
Apollo Commercial Real Estate Finance, Inc. REIT | 1,640 | 21,402 | |
American Assets Trust, Inc. REIT | 584 | 21,351 | |
LendingClub Corp.* | 1,143 | 21,237 | |
Stewart Information Services Corp. | 312 | 21,179 | |
Provident Financial Services, Inc. | 887 | 21,049 | |
St. Joe Co. | 389 | 21,018 | |
MFA Financial, Inc. REIT | 5,174 | 21,006 | |
PennyMac Financial Services, Inc. | 358 | 20,675 | |
Easterly Government Properties, Inc. REIT | 985 | 20,508 | |
Enterprise Financial Services Corp. | 414 | 20,468 | |
Virtus Investment Partners, Inc. | 85 | 20,453 | |
Meta Financial Group, Inc. | 367 | 20,328 | |
Horace Mann Educators Corp. | 488 | 20,296 | |
Northwest Bancshares, Inc. | 1,430 | 20,134 | |
Tanger Factory Outlet Centers, Inc. REIT | 1,196 | 19,949 | |
Two Harbors Investment Corp. REIT | 3,911 | 19,790 | |
CareTrust REIT, Inc. | 1,128 | 19,740 | |
eXp World Holdings, Inc. | 733 | 19,600 | |
Flywire Corp.* | 716 | 19,375 | |
iStar, Inc. REIT | 768 | 19,292 | |
Alexander & Baldwin, Inc. REIT | 847 | 18,998 | |
NBT Bancorp, Inc. | 493 | 18,916 | |
Palomar Holdings, Inc.* | 287 | 18,491 | |
Westamerica BanCorp | 304 | 18,033 | |
First Commonwealth Financial Corp. | 1,115 | 18,007 | |
Goosehead Insurance, Inc. — Class A | 207 | 18,005 | |
First Bancorp | 401 | 17,997 | |
PJT Partners, Inc. — Class A | 281 | 17,933 | |
Bancorp, Inc.* | 611 | 17,902 | |
PennyMac Mortgage Investment Trust REIT | 1,145 | 17,862 | |
Berkshire Hills Bancorp, Inc. | 572 | 17,789 | |
Veris Residential, Inc. REIT* | 1,026 | 17,339 | |
FB Financial Corp. | 389 | 17,287 | |
Enova International, Inc.* | 424 | 17,287 | |
Industrial Logistics Properties Trust REIT | 759 | 16,979 | |
Global Net Lease, Inc. REIT | 1,186 | 16,853 | |
OFG Bancorp | 594 | 16,739 | |
BGC Partners, Inc. — Class A | 3,624 | 16,598 | |
Capitol Federal Financial, Inc. | 1,519 | 16,587 | |
Service Properties Trust REIT | 1,918 | 16,552 | |
LendingTree, Inc.* | 136 | 16,457 | |
American National Group, Inc. | 87 | 16,446 | |
StepStone Group, Inc. — Class A | 473 | 16,333 | |
First Busey Corp. | 594 | 16,305 | |
Brightsphere Investment Group, Inc. | 678 | 16,184 | |
Nelnet, Inc. — Class A | 198 | 15,949 | |
Empire State Realty Trust, Inc. — Class A REIT | 1,671 | 15,808 | |
BancFirst Corp. | 201 | 15,704 | |
Argo Group International Holdings Ltd. | 370 | 15,603 | |
OceanFirst Financial Corp. | 691 | 15,465 | |
Centerspace REIT | 164 | 15,414 | |
LTC Properties, Inc. REIT | 455 | 15,393 | |
Brookline Bancorp, Inc. | 897 | 15,375 | |
National Bank Holdings Corp. — Class A | 345 | 15,311 | |
Preferred Apartment Communities, Inc. — Class A REIT | 603 | 15,232 | |
BRP Group, Inc. — Class A* | 547 | 15,190 | |
Southside Bancshares, Inc. | 364 | 15,175 | |
ProAssurance Corp. | 628 | 15,135 | |
Stock Yards Bancorp, Inc. | 281 | 15,025 | |
StoneX Group, Inc.* | 196 | 14,788 | |
Safehold, Inc. REIT | 236 | 14,481 | |
ConnectOne Bancorp, Inc. | 436 | 14,388 | |
City Holding Co. | 178 | 14,181 | |
Safety Insurance Group, Inc. | 169 | 14,101 | |
S&T Bancorp, Inc. | 453 | 14,084 | |
B. Riley Financial, Inc. | 236 | 14,054 | |
Office Properties Income Trust REIT | 560 | 14,028 | |
TriCo Bancshares | 322 | 13,975 | |
Marcus & Millichap, Inc. | 277 | 13,775 | |
Dime Community Bancshares, Inc. | 404 | 13,732 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Shares | Value | ||
COMMON STOCKS† - 33.4% (continued) | |||
Financial - 7.9% (continued) |
Redwood Trust, Inc. REIT | 1,321 | $ 13,725 | |
Nicolet Bankshares, Inc.* | 142 | 13,527 | |
Premier Financial Corp. | 432 | 13,249 | |
Farmer Mac — Class C | 107 | 13,236 | |
Tompkins Financial Corp. | 165 | 13,052 | |
Broadmark Realty Capital, Inc. REIT | 1,501 | 12,999 | |
Employers Holdings, Inc. | 333 | 12,940 | |
Getty Realty Corp. REIT | 466 | 12,838 | |
Preferred Bank/Los Angeles CA | 161 | 12,635 | |
Banc of California, Inc. | 640 | 12,576 | |
Apartment Investment and Management Co. — Class A REIT* | 1,741 | 12,431 | |
First Foundation, Inc. | 464 | 12,375 | |
RPT Realty REIT | 952 | 12,328 | |
HomeStreet, Inc. | 236 | 12,145 | |
Summit Hotel Properties, Inc. REIT* | 1,212 | 11,987 | |
Origin Bancorp, Inc. | 259 | 11,961 | |
Community Healthcare Trust, Inc. REIT | 276 | 11,509 | |
German American Bancorp, Inc. | 289 | 11,496 | |
UMH Properties, Inc. REIT | 496 | 11,438 | |
James River Group Holdings Ltd. | 428 | 11,385 | |
Metropolitan Bank Holding Corp.* | 111 | 11,350 | |
Blucora, Inc.* | 568 | 11,303 | |
TriState Capital Holdings, Inc.* | 338 | 11,222 | |
Global Medical REIT, Inc. | 700 | 10,990 | |
Heritage Financial Corp. | 415 | 10,881 | |
Washington Trust Bancorp, Inc. | 200 | 10,854 | |
Ellington Financial, Inc. REIT | 612 | 10,814 | |
Gladstone Land Corp. REIT | 356 | 10,641 | |
AMERISAFE, Inc. | 224 | 10,550 | |
Armada Hoffler Properties, Inc. REIT | 706 | 10,364 | |
Kearny Financial Corp. | 780 | 10,304 | |
Lakeland Bancorp, Inc. | 571 | 10,301 | |
NETSTREIT Corp. REIT | 464 | 10,273 | |
Amerant Bancorp, Inc. | 316 | 10,254 | |
Ready Capital Corp. REIT | 679 | 10,083 | |
Horizon Bancorp, Inc. | 501 | 10,060 | |
QCR Holdings, Inc. | 180 | 10,055 | |
World Acceptance Corp.* | 51 | 10,020 | |
Necessity Retail REIT, Inc. | 1,411 | 9,933 | |
Univest Financial Corp. | 338 | 9,795 | |
Columbia Financial, Inc.* | 459 | 9,749 | |
Cowen, Inc. — Class A | 328 | 9,725 | |
1st Source Corp. | 198 | 9,561 | |
Allegiance Bancshares, Inc. | 223 | 9,556 | |
Central Pacific Financial Corp. | 323 | 9,428 | |
Hanmi Financial Corp. | 357 | 9,325 | |
Peoples Bancorp, Inc. | 296 | 9,259 | |
Plymouth Industrial REIT, Inc. | 355 | 9,258 | |
Gladstone Commercial Corp. REIT | 426 | 9,027 | |
WisdomTree Investments, Inc. | 1,574 | 8,862 | |
Radius Global Infrastructure, Inc. — Class A* | 689 | 8,861 | |
BrightSpire Capital, Inc. REIT | 987 | 8,745 | |
KKR Real Estate Finance Trust, Inc. REIT | 402 | 8,631 | |
City Office REIT, Inc. | 499 | 8,593 | |
CrossFirst Bankshares, Inc.* | 545 | 8,573 | |
Universal Health Realty Income Trust REIT | 150 | 8,567 | |
HarborOne Bancorp, Inc. | 579 | 8,563 | |
MBIA, Inc.* | 560 | 8,540 | |
First Bancshares, Inc. | 237 | 8,368 | |
TPG RE Finance Trust, Inc. REIT | 702 | 8,312 | |
Northfield Bancorp, Inc. | 527 | 8,274 | |
ARMOUR Residential REIT, Inc. | 1,012 | 8,228 | |
Camden National Corp. | 172 | 8,179 | |
Heritage Commerce Corp. | 683 | 8,121 | |
Flushing Financial Corp. | 345 | 8,104 | |
Peapack-Gladstone Financial Corp. | 212 | 7,997 | |
Diversified Healthcare Trust REIT | 2,773 | 7,986 | |
Byline Bancorp, Inc. | 291 | 7,936 | |
Invesco Mortgage Capital, Inc. REIT | 3,569 | 7,780 | |
First Mid Bancshares, Inc. | 194 | 7,774 | |
Community Trust Bancorp, Inc. | 182 | 7,695 | |
Chatham Lodging Trust REIT* | 559 | 7,686 | |
SiriusPoint Ltd.* | 1,035 | 7,649 | |
Great Southern Bancorp, Inc. | 124 | 7,616 | |
TrustCo Bank Corporation NY | 221 | 7,552 | |
Ares Commercial Real Estate Corp. REIT | 511 | 7,486 | |
Midland States Bancorp, Inc. | 254 | 7,457 | |
Atlantic Capital Bancshares, Inc.* | 230 | 7,438 | |
CorePoint Lodging, Inc. REIT* | 460 | 7,346 | |
Granite Point Mortgage Trust, Inc. REIT | 640 | 7,181 | |
Phillips Edison & Company, Inc. REIT | 219 | 7,078 | |
Cambridge Bancorp | 80 | 7,052 | |
Franklin Street Properties Corp. REIT | 1,206 | 6,971 | |
Ambac Financial Group, Inc.* | 532 | 6,826 | |
United Fire Group, Inc. | 246 | 6,792 | |
Diamond Hill Investment Group, Inc. | 35 | 6,786 | |
Mercantile Bank Corp. | 182 | 6,710 | |
Bank of Marin Bancorp | 187 | 6,605 | |
I3 Verticals, Inc. — Class A* | 250 | 6,600 | |
Urstadt Biddle Properties, Inc. — Class A REIT | 348 | 6,553 | |
CBTX, Inc. | 215 | 6,463 | |
RE/MAX Holdings, Inc. — Class A | 216 | 6,402 | |
National Western Life Group, Inc. — Class A | 30 | 6,400 | |
Saul Centers, Inc. REIT | 138 | 6,352 | |
Alexander's, Inc. REIT | 25 | 6,336 | |
Douglas Elliman, Inc.* | 840 | 6,330 | |
First Financial Corp. | 136 | 6,325 | |
Dynex Capital, Inc. REIT | 410 | 6,302 | |
Farmers National Banc Corp. | 361 | 6,220 | |
Whitestone REIT — Class B | 523 | 6,161 | |
Hingham Institution For Savings The | 17 | 6,117 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Shares | Value | ||
COMMON STOCKS† - 33.4% (continued) | |||
Financial - 7.9% (continued) |
International Money Express, Inc.* | 374 | $ 6,006 | |
Business First Bancshares, Inc. | 224 | 5,867 | |
Financial Institutions, Inc. | 183 | 5,845 | |
First of Long Island Corp. | 267 | 5,813 | |
First Community Bankshares, Inc. | 198 | 5,807 | |
Independent Bank Corp. | 241 | 5,736 | |
Arrow Financial Corp. | 161 | 5,530 | |
Bank First Corp. | 78 | 5,494 | |
One Liberty Properties, Inc. REIT | 188 | 5,463 | |
West BanCorp, Inc. | 188 | 5,433 | |
Franklin BSP Realty Trust, Inc. REIT | 409 | 5,399 | |
Metrocity Bankshares, Inc. | 222 | 5,397 | |
HomeTrust Bancshares, Inc. | 178 | 5,354 | |
First Internet Bancorp | 109 | 5,328 | |
Coastal Financial Corp.* | 111 | 5,284 | |
RMR Group, Inc. — Class A | 178 | 5,187 | |
Capstar Financial Holdings, Inc. | 239 | 5,115 | |
MidWestOne Financial Group, Inc. | 169 | 5,102 | |
Orchid Island Capital, Inc. REIT | 1,545 | 5,083 | |
Alerus Financial Corp. | 176 | 5,060 | |
Republic Bancorp, Inc. — Class A | 110 | 5,047 | |
GCM Grosvenor, Inc. — Class A | 505 | 5,045 | |
AssetMark Financial Holdings, Inc.* | 213 | 5,003 | |
Merchants Bancorp | 172 | 4,979 | |
Bar Harbor Bankshares | 173 | 4,974 | |
Equity Bancshares, Inc. — Class A | 158 | 4,969 | |
Southern First Bancshares, Inc.* | 87 | 4,964 | |
Waterstone Financial, Inc. | 253 | 4,944 | |
CNB Financial Corp. | 188 | 4,916 | |
Southern Missouri Bancorp, Inc. | 90 | 4,822 | |
American National Bankshares, Inc. | 124 | 4,786 | |
Regional Management Corp. | 93 | 4,774 | |
Oppenheimer Holdings, Inc. — Class A | 108 | 4,665 | |
Old Second Bancorp, Inc. | 324 | 4,611 | |
Mid Penn Bancorp, Inc. | 163 | 4,562 | |
Blue Foundry Bancorp* | 328 | 4,556 | |
FRP Holdings, Inc.* | 78 | 4,519 | |
MVB Financial Corp. | 117 | 4,507 | |
Citizens & Northern Corp. | 181 | 4,483 | |
Seritage Growth Properties REIT* | 436 | 4,443 | |
eHealth, Inc.* | 285 | 4,429 | |
Capital City Bank Group, Inc. | 157 | 4,407 | |
Sierra Bancorp | 164 | 4,402 | |
CatchMark Timber Trust, Inc. — Class A REIT | 572 | 4,382 | |
Enterprise Bancorp, Inc. | 108 | 4,351 | |
Five Star Bancorp | 142 | 4,318 | |
Spirit of Texas Bancshares, Inc. | 150 | 4,280 | |
CTO Realty Growth, Inc. REIT | 68 | 4,263 | |
SmartFinancial, Inc. | 162 | 4,227 | |
Civista Bancshares, Inc. | 173 | 4,220 | |
Bridgewater Bancshares, Inc.* | 246 | 4,140 | |
HCI Group, Inc. | 66 | 4,109 | |
Primis Financial Corp. | 282 | 4,033 | |
Oportun Financial Corp.* | 244 | 3,987 | |
RBB Bancorp | 164 | 3,956 | |
Peoples Financial Services Corp. | 82 | 3,919 | |
Farmland Partners, Inc. REIT | 334 | 3,898 | |
Braemar Hotels & Resorts, Inc. REIT* | 649 | 3,868 | |
Universal Insurance Holdings, Inc. | 317 | 3,665 | |
Summit Financial Group, Inc. | 133 | 3,627 | |
First Bancorp, Inc. | 121 | 3,606 | |
Enact Holdings, Inc. | 168 | 3,494 | |
Home Bancorp, Inc. | 89 | 3,490 | |
Hersha Hospitality Trust REIT* | 377 | 3,480 | |
Tiptree, Inc. — Class A | 271 | 3,466 | |
EZCORP, Inc. — Class A* | 576 | 3,450 | |
South Plains Financial, Inc. | 124 | 3,431 | |
Atlanticus Holdings Corp.* | 62 | 3,303 | |
Curo Group Holdings Corp. | 246 | 3,289 | |
Sculptor Capital Management, Inc. | 256 | 3,279 | |
Blue Ridge Bankshares, Inc. | 203 | 3,258 | |
Guaranty Bancshares, Inc. | 93 | 3,252 | |
Northrim BanCorp, Inc. | 71 | 3,180 | |
Orrstown Financial Services, Inc. | 127 | 3,101 | |
Greenhill & Company, Inc. | 168 | 2,970 | |
Provident Bancorp, Inc. | 179 | 2,928 | |
BRT Apartments Corp. REIT | 133 | 2,927 | |
PCSB Financial Corp. | 157 | 2,925 | |
Great Ajax Corp. REIT | 253 | 2,882 | |
Investors Title Co. | 15 | 2,873 | |
Macatawa Bank Corp. | 307 | 2,818 | |
AFC Gamma, Inc. REIT | 141 | 2,785 | |
Amalgamated Financial Corp. | 159 | 2,730 | |
Ocwen Financial Corp.* | 95 | 2,720 | |
Red River Bancshares, Inc. | 53 | 2,714 | |
Republic First Bancorp, Inc.* | 522 | 2,709 | |
FS Bancorp, Inc. | 83 | 2,658 | |
First Bank/Hamilton NJ | 182 | 2,652 | |
Postal Realty Trust, Inc. — Class A REIT | 144 | 2,513 | |
Citizens, Inc.* | 583 | 2,478 | |
Legacy Housing Corp.* | 94 | 2,394 | |
Donegal Group, Inc. — Class A | 173 | 2,363 | |
Luther Burbank Corp. | 182 | 2,355 | |
Fidelity D&D Bancorp, Inc. | 47 | 2,319 | |
Capital Bancorp, Inc. | 91 | 2,258 | |
HBT Financial, Inc. | 116 | 2,220 | |
Greenlight Capital Re Ltd. — Class A* | 307 | 2,207 | |
Maiden Holdings Ltd.* | 812 | 1,981 | |
Pzena Investment Management, Inc. — Class A | 197 | 1,818 | |
NI Holdings, Inc.* | 100 | 1,793 | |
Ashford Hospitality Trust, Inc. REIT* | 199 | 1,713 | |
Heritage Insurance Holdings, Inc. | 302 | 1,685 | |
Crawford & Co. — Class A | 190 | 1,465 | |
Trean Insurance Group, Inc.* | 206 | 1,463 | |
Pioneer Bancorp, Inc.* | 136 | 1,436 | |
MetroMile, Inc.* | 1,095 | 1,402 | |
Angel Oak Mortgage, Inc. REIT | 85 | 1,380 | |
Clipper Realty, Inc. REIT | 143 | 1,361 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Shares | Value | ||
COMMON STOCKS† - 33.4% (continued) | |||
Financial - 7.9% (continued) |
Finance of America Companies, Inc. — Class A* | 410 | $ 1,328 | |
GAMCO Investors, Inc. — Class A | 61 | 1,313 | |
Velocity Financial, Inc.* | 100 | 1,279 | |
Stronghold Digital Mining, Inc. — Class A* | 84 | 1,059 | |
Third Coast Bancshares, Inc.* | 40 | 931 | |
Fathom Holdings, Inc.* | 70 | 898 | |
United Insurance Holdings Corp. | 238 | 871 | |
Associated Capital Group, Inc. — Class A | 20 | 783 | |
Retail Value, Inc. REIT | 204 | 632 | |
Rafael Holdings, Inc. — Class B* | 114 | 359 | |
Home Point Capital, Inc. | 85 | 281 | |
Total Financial | 49,577,285 | ||
Consumer, Non-cyclical - 6.2% | |||
Align Technology, Inc.*,2 | 1,139 | 582,553 | |
Quanta Services, Inc.2 | 5,317 | 579,234 | |
Intuitive Surgical, Inc.*,2 | 1,963 | 569,918 | |
United Rentals, Inc.*,2 | 1,764 | 567,338 | |
Bio-Techne Corp.2 | 1,350 | 566,203 | |
IDEXX Laboratories, Inc.*,2 | 1,007 | 536,076 | |
PayPal Holdings, Inc.*,2 | 4,566 | 511,072 | |
Illumina, Inc.*,2 | 1,524 | 497,738 | |
Dexcom, Inc.*,2 | 1,176 | 486,758 | |
S&P Global, Inc.2 | 1,173 | 440,810 | |
Organon & Co.2 | 9,610 | 358,741 | |
Archer-Daniels-Midland Co.2 | 4,353 | 341,493 | |
Bristol-Myers Squibb Co.2 | 4,900 | 336,483 | |
Sysco Corp.2 | 3,749 | 326,538 | |
McKesson Corp.2 | 1,185 | 325,828 | |
AbbVie, Inc.2 | 2,201 | 325,242 | |
Lamb Weston Holdings, Inc.2 | 4,841 | 321,588 | |
AmerisourceBergen Corp. — Class A2 | 2,243 | 319,695 | |
Kraft Heinz Co.2 | 8,087 | 317,172 | |
Henry Schein, Inc.*,2 | 3,649 | 315,201 | |
Altria Group, Inc.2 | 6,125 | 314,151 | |
Molson Coors Beverage Co. — Class B2 | 5,974 | 311,723 | |
Philip Morris International, Inc.2 | 3,067 | 309,982 | |
Universal Health Services, Inc. — Class B2 | 2,151 | 309,593 | |
Cardinal Health, Inc.2 | 5,696 | 307,641 | |
Becton Dickinson and Co.2 | 1,127 | 305,733 | |
Cigna Corp.2 | 1,285 | 305,547 | |
Coca-Cola Co.2 | 4,907 | 305,412 | |
Vertex Pharmaceuticals, Inc.*,2 | 1,327 | 305,237 | |
Tyson Foods, Inc. — Class A2 | 3,284 | 304,295 | |
Robert Half International, Inc.2 | 2,521 | 303,251 | |
Conagra Brands, Inc.2 | 8,609 | 301,057 | |
Corteva, Inc.2 | 5,758 | 299,589 | |
Hershey Co.2 | 1,481 | 299,547 | |
Amgen, Inc.2 | 1,310 | 296,689 | |
Boston Scientific Corp.*,2 | 6,708 | 296,292 | |
DaVita, Inc.*,2 | 2,610 | 294,330 | |
Global Payments, Inc.2 | 2,195 | 292,769 | |
Merck & Company, Inc.2 | 3,803 | 291,234 | |
Centene Corp.*,2 | 3,520 | 290,822 | |
Mondelez International, Inc. — Class A2 | 4,436 | 290,469 | |
McCormick & Company, Inc.2 | 3,051 | 290,364 | |
Baxter International, Inc.2 | 3,416 | 290,258 | |
FleetCor Technologies, Inc.*,2 | 1,239 | 290,174 | |
Kroger Co.2 | 6,192 | 289,786 | |
Anthem, Inc.2 | 641 | 289,636 | |
CVS Health Corp.2 | 2,794 | 289,598 | |
Teleflex, Inc.2 | 859 | 288,890 | |
STERIS plc | 1,202 | 288,480 | |
Incyte Corp.*,2 | 4,223 | 288,431 | |
Campbell Soup Co.2 | 6,400 | 287,808 | |
General Mills, Inc.2 | 4,265 | 287,589 | |
Hormel Foods Corp.2 | 6,004 | 286,031 | |
HCA Healthcare, Inc.2 | 1,134 | 283,852 | |
Eli Lilly & Co.2 | 1,131 | 282,693 | |
Cooper Companies, Inc.2 | 691 | 282,633 | |
Church & Dwight Company, Inc.2 | 2,887 | 282,493 | |
Rollins, Inc.2 | 8,655 | 282,413 | |
Zimmer Biomet Holdings, Inc.2 | 2,218 | 282,107 | |
Kellogg Co.2 | 4,410 | 281,975 | |
Dentsply Sirona, Inc.2 | 5,183 | 280,608 | |
ABIOMED, Inc.*,2 | 902 | 280,287 | |
J M Smucker Co.2 | 2,078 | 280,010 | |
Stryker Corp.2 | 1,061 | 279,414 | |
Procter & Gamble Co.2 | 1,777 | 277,017 | |
Johnson & Johnson2 | 1,669 | 274,667 | |
UnitedHealth Group, Inc.2 | 577 | 274,577 | |
MarketAxess Holdings, Inc.2 | 716 | 273,104 | |
PepsiCo, Inc.2 | 1,634 | 267,551 | |
Colgate-Palmolive Co.2 | 3,475 | 267,401 | |
PerkinElmer, Inc.2 | 1,471 | 264,206 | |
Kimberly-Clark Corp.2 | 2,030 | 264,205 | |
Hologic, Inc.*,2 | 3,695 | 262,973 | |
ResMed, Inc.2 | 1,057 | 260,815 | |
Monster Beverage Corp.*,2 | 3,084 | 260,290 | |
Humana, Inc.2 | 599 | 260,158 | |
Laboratory Corporation of America Holdings*,2 | 958 | 259,867 | |
Medtronic plc | 2,456 | 257,855 | |
Waters Corp.*,2 | 810 | 256,551 | |
Regeneron Pharmaceuticals, Inc.*,2 | 412 | 254,764 | |
Edwards Lifesciences Corp.*,2 | 2,267 | 254,743 | |
Constellation Brands, Inc. — Class A2 | 1,174 | 253,138 | |
Brown-Forman Corp. — Class B2 | 3,875 | 252,766 | |
Biogen, Inc.*,2 | 1,187 | 250,469 | |
Abbott Laboratories2 | 2,055 | 247,874 | |
West Pharmaceutical Services, Inc.2 | 640 | 247,731 | |
Pfizer, Inc.2 | 5,233 | 245,637 | |
Gartner, Inc.*,2 | 858 | 240,600 | |
Viatris, Inc.2 | 21,746 | 239,423 | |
Clorox Co.2 | 1,639 | 238,950 | |
Danaher Corp.2 | 870 | 238,737 | |
Automatic Data Processing, Inc.2 | 1,167 | 238,581 | |
Gilead Sciences, Inc.2 | 3,931 | 237,432 | |
IQVIA Holdings, Inc.*,2 | 1,022 | 235,183 | |
Thermo Fisher Scientific, Inc.2 | 430 | 233,920 | |
Nielsen Holdings plc | 13,355 | 232,644 | |
Bio-Rad Laboratories, Inc. — Class A*,2 | 370 | 231,605 | |
Zoetis, Inc.2 | 1,193 | 231,024 | |
Catalent, Inc.*,2 | 2,258 | 230,406 | |
Avery Dennison Corp.2 | 1,299 | 228,884 | |
Quest Diagnostics, Inc.2 | 1,725 | 226,441 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Shares | Value | ||
COMMON STOCKS† - 33.4% (continued) | |||
Consumer, Non-cyclical - 6.2% (continued) |
Estee Lauder Companies, Inc. — Class A2 | 764 | $ 226,396 | |
Cintas Corp.2 | 602 | 225,943 | |
Charles River Laboratories International, Inc.*,2 | 772 | 224,776 | |
Moody's Corp.2 | 694 | 223,489 | |
Verisk Analytics, Inc. — Class A2 | 1,218 | 216,000 | |
Equifax, Inc.2 | 936 | 204,366 | |
Moderna, Inc.*,2 | 1,074 | 164,966 | |
Tenet Healthcare Corp.* | 1,211 | 104,134 | |
Performance Food Group Co.* | 1,728 | 96,837 | |
Avis Budget Group, Inc.* | 480 | 88,051 | |
Intellia Therapeutics, Inc.* | 795 | 78,586 | |
Biohaven Pharmaceutical Holding Company Ltd.* | 635 | 75,381 | |
Inspire Medical Systems, Inc.* | 307 | 74,926 | |
Shockwave Medical, Inc.* | 385 | 68,234 | |
Arena Pharmaceuticals, Inc.* | 704 | 66,859 | |
Omnicell, Inc.* | 503 | 65,028 | |
ASGN, Inc.* | 582 | 64,480 | |
AMN Healthcare Services, Inc.* | 538 | 57,103 | |
Helen of Troy Ltd.* | 275 | 56,559 | |
Halozyme Therapeutics, Inc.* | 1,582 | 56,114 | |
Arrowhead Pharmaceuticals, Inc.* | 1,156 | 50,864 | |
Medpace Holdings, Inc.* | 331 | 50,633 | |
Ensign Group, Inc. | 599 | 50,340 | |
HealthEquity, Inc.* | 933 | 50,111 | |
Triton International Ltd. | 762 | 50,048 | |
API Group Corp.* | 2,316 | 49,956 | |
CONMED Corp. | 331 | 48,379 | |
LivaNova plc* | 610 | 48,080 | |
LHC Group, Inc.* | 348 | 47,387 | |
Option Care Health, Inc.* | 1,807 | 46,440 | |
Intra-Cellular Therapies, Inc.* | 826 | 45,826 | |
Beam Therapeutics, Inc.* | 582 | 45,600 | |
Alkermes plc* | 1,829 | 45,469 | |
Herc Holdings, Inc. | 285 | 45,349 | |
Neogen Corp.* | 1,228 | 43,840 | |
iRhythm Technologies, Inc.* | 336 | 43,435 | |
STAAR Surgical Co.* | 542 | 42,991 | |
Sanderson Farms, Inc. | 232 | 41,433 | |
Korn Ferry | 616 | 40,816 | |
TriNet Group, Inc.* | 463 | 40,425 | |
Blueprint Medicines Corp.* | 667 | 40,387 | |
Celsius Holdings, Inc.* | 615 | 39,292 | |
Simply Good Foods Co.* | 971 | 38,481 | |
Brink's Co. | 549 | 38,463 | |
Merit Medical Systems, Inc.* | 585 | 38,043 | |
R1 RCM, Inc.* | 1,388 | 37,740 | |
Lantheus Holdings, Inc.* | 787 | 37,634 | |
Lancaster Colony Corp. | 222 | 37,343 | |
Insperity, Inc. | 415 | 37,329 | |
Sprouts Farmers Market, Inc.* | 1,288 | 36,682 | |
AtriCure, Inc.* | 523 | 36,322 | |
Alarm.com Holdings, Inc.* | 539 | 35,482 | |
ABM Industries, Inc. | 787 | 35,281 | |
Inari Medical, Inc.* | 397 | 34,928 | |
Prestige Consumer Healthcare, Inc.* | 585 | 34,825 | |
Arvinas, Inc.* | 535 | 34,673 | |
Apellis Pharmaceuticals, Inc.* | 815 | 34,662 | |
ACADIA Pharmaceuticals, Inc.* | 1,364 | 34,659 | |
BioCryst Pharmaceuticals, Inc.* | 2,077 | 34,499 | |
Haemonetics Corp.* | 590 | 34,049 | |
Pacira BioSciences, Inc.* | 510 | 34,012 | |
Hostess Brands, Inc.* | 1,571 | 33,839 | |
Denali Therapeutics, Inc.* | 1,037 | 33,765 | |
LiveRamp Holdings, Inc.* | 772 | 33,320 | |
WD-40 Co. | 156 | 33,055 | |
NuVasive, Inc.* | 605 | 32,743 | |
Cytokinetics, Inc.* | 926 | 32,706 | |
Integer Holdings Corp.* | 384 | 32,206 | |
Insmed, Inc.* | 1,344 | 32,122 | |
Fate Therapeutics, Inc.* | 925 | 31,959 | |
Axonics, Inc.* | 535 | 30,367 | |
Twist Bioscience Corp.* | 539 | 30,152 | |
Patterson Companies, Inc. | 1,001 | 29,930 | |
Select Medical Holdings Corp. | 1,260 | 29,169 | |
Glaukos Corp.* | 525 | 29,038 | |
Progyny, Inc.* | 737 | 29,008 | |
Nevro Corp.* | 404 | 28,967 | |
EVERTEC, Inc. | 708 | 28,575 | |
PTC Therapeutics, Inc.* | 812 | 28,517 | |
J & J Snack Foods Corp. | 172 | 28,160 | |
NeoGenomics, Inc.* | 1,293 | 27,683 | |
Marathon Digital Holdings, Inc.* | 1,089 | 27,606 | |
Karuna Therapeutics, Inc.* | 259 | 27,195 | |
Graham Holdings Co. — Class B | 45 | 27,051 | |
Coca-Cola Consolidated, Inc. | 54 | 26,834 | |
Primo Water Corp. | 1,838 | 26,725 | |
Pacific Biosciences of California, Inc.* | 2,217 | 26,427 | |
John Wiley & Sons, Inc. — Class A | 504 | 25,356 | |
Corcept Therapeutics, Inc.* | 1,130 | 25,188 | |
Amicus Therapeutics, Inc.* | 3,073 | 25,014 | |
Invitae Corp.* | 2,284 | 24,644 | |
Medifast, Inc. | 132 | 24,552 | |
Ortho Clinical Diagnostics Holdings plc* | 1,369 | 24,218 | |
TreeHouse Foods, Inc.* | 608 | 23,864 | |
Emergent BioSolutions, Inc.* | 572 | 23,669 | |
PROG Holdings, Inc.* | 745 | 22,827 | |
CareDx, Inc.* | 591 | 22,683 | |
Edgewell Personal Care Co. | 635 | 22,657 | |
Vericel Corp.* | 543 | 22,377 | |
B&G Foods, Inc. | 749 | 22,170 | |
Myriad Genetics, Inc.* | 906 | 22,088 | |
Veracyte, Inc.* | 788 | 21,906 | |
Rent-A-Center, Inc. | 770 | 21,876 | |
CBIZ, Inc.* | 560 | 21,790 | |
Covetrus, Inc.* | 1,209 | 21,424 | |
Global Blood Therapeutics, Inc.* | 704 | 21,261 | |
IVERIC bio, Inc.* | 1,307 | 20,964 | |
Zentalis Pharmaceuticals, Inc.* | 419 | 20,904 | |
MEDNAX, Inc.* | 890 | 20,888 | |
Central Garden & Pet Co. — Class A* | 473 | 20,831 | |
Xencor, Inc.* | 661 | 20,696 | |
Cal-Maine Foods, Inc.* | 464 | 20,541 | |
Surgery Partners, Inc.* | 386 | 20,176 | |
Avanos Medical, Inc.* | 562 | 19,889 | |
Textainer Group Holdings Ltd. | 560 | 19,886 | |
Beauty Health Co.* | 1,019 | 19,748 | |
Arcus Biosciences, Inc.* | 529 | 19,679 | |
Agios Pharmaceuticals, Inc.* | 626 | 19,487 | |
Inter Parfums, Inc. | 209 | 19,412 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Shares | Value | ||
COMMON STOCKS† - 33.4% (continued) | |||
Consumer, Non-cyclical - 6.2% (continued) |
SpringWorks Therapeutics, Inc.* | 341 | $ 19,297 | |
Relay Therapeutics, Inc.* | 795 | 19,167 | |
ChemoCentryx, Inc.* | 631 | 19,145 | |
ICF International, Inc. | 216 | 19,142 | |
Cassava Sciences, Inc.* | 447 | 19,002 | |
Vector Group Ltd. | 1,679 | 18,822 | |
NanoString Technologies, Inc.* | 530 | 18,794 | |
Travere Therapeutics, Inc.* | 681 | 18,564 | |
Supernus Pharmaceuticals, Inc.* | 574 | 18,339 | |
Ironwood Pharmaceuticals, Inc. — Class A* | 1,697 | 18,260 | |
Monro, Inc. | 388 | 18,112 | |
Green Dot Corp. — Class A* | 625 | 17,906 | |
Kforce, Inc. | 237 | 17,818 | |
Ligand Pharmaceuticals, Inc. — Class B* | 176 | 17,815 | |
Repay Holdings Corp.* | 1,012 | 17,477 | |
Riot Blockchain, Inc.* | 1,011 | 17,420 | |
Vir Biotechnology, Inc.* | 685 | 17,255 | |
Zogenix, Inc.* | 655 | 17,200 | |
ModivCare, Inc.* | 145 | 17,110 | |
Turning Point Therapeutics, Inc.* | 537 | 17,001 | |
Coursera, Inc.* | 830 | 16,874 | |
Strategic Education, Inc. | 285 | 16,821 | |
Andersons, Inc. | 368 | 16,781 | |
CorVel Corp.* | 103 | 16,383 | |
Multiplan Corp.* | 4,328 | 16,273 | |
Heska Corp.* | 114 | 16,188 | |
Celldex Therapeutics, Inc.* | 537 | 16,056 | |
Kymera Therapeutics, Inc.* | 401 | 15,944 | |
Enanta Pharmaceuticals, Inc.* | 225 | 15,845 | |
Stride, Inc.* | 471 | 15,816 | |
Dynavax Technologies Corp.* | 1,260 | 15,448 | |
Universal Corp. | 283 | 15,313 | |
Addus HomeCare Corp.* | 180 | 15,307 | |
Deluxe Corp. | 492 | 15,306 | |
Community Health Systems, Inc.* | 1,452 | 15,261 | |
Fulgent Genetics, Inc.* | 241 | 15,014 | |
Brookdale Senior Living, Inc. — Class A* | 2,163 | 14,881 | |
elf Beauty, Inc.* | 563 | 14,880 | |
Prometheus Biosciences, Inc.* | 341 | 14,847 | |
TG Therapeutics, Inc.* | 1,498 | 14,785 | |
Silk Road Medical, Inc.* | 396 | 14,703 | |
OPKO Health, Inc.* | 4,669 | 14,614 | |
AdaptHealth Corp.* | 837 | 14,589 | |
Avid Bioservices, Inc.* | 706 | 14,459 | |
Recursion Pharmaceuticals, Inc. — Class A* | 1,310 | 14,344 | |
Prothena Corporation plc* | 411 | 14,221 | |
FibroGen, Inc.* | 1,006 | 14,154 | |
Tivity Health, Inc.* | 514 | 14,022 | |
US Physical Therapy, Inc. | 149 | 13,704 | |
Editas Medicine, Inc.* | 799 | 13,679 | |
Ingles Markets, Inc. — Class A | 164 | 13,484 | |
Evo Payments, Inc. — Class A* | 554 | 13,357 | |
Krystal Biotech, Inc.* | 210 | 13,345 | |
MGP Ingredients, Inc. | 166 | 13,215 | |
REVOLUTION Medicines, Inc.* | 694 | 13,130 | |
RadNet, Inc.* | 531 | 13,100 | |
ImmunoGen, Inc.* | 2,311 | 13,034 | |
Huron Consulting Group, Inc.* | 261 | 12,875 | |
Protagonist Therapeutics, Inc.* | 523 | 12,698 | |
Atara Biotherapeutics, Inc.* | 988 | 12,696 | |
Meridian Bioscience, Inc.* | 498 | 12,599 | |
Cimpress plc* | 200 | 12,598 | |
Laureate Education, Inc. — Class A | 1,160 | 12,574 | |
Madrigal Pharmaceuticals, Inc.* | 134 | 12,442 | |
Cerevel Therapeutics Holdings, Inc.* | 468 | 12,388 | |
Quanterix Corp.* | 361 | 12,180 | |
REGENXBIO, Inc.* | 461 | 12,083 | |
National Beverage Corp. | 274 | 12,059 | |
USANA Health Sciences, Inc.* | 137 | 12,057 | |
Chefs' Warehouse, Inc.* | 367 | 12,056 | |
Adtalem Global Education, Inc.* | 579 | 12,032 | |
Amphastar Pharmaceuticals, Inc.* | 432 | 11,971 | |
BellRing Brands, Inc. — Class A* | 465 | 11,890 | |
Weis Markets, Inc. | 192 | 11,841 | |
Kura Oncology, Inc.* | 742 | 11,776 | |
SpartanNash Co. | 418 | 11,763 | |
Cerus Corp.* | 1,965 | 11,535 | |
Atrion Corp. | 16 | 11,447 | |
MoneyGram International, Inc.* | 1,046 | 11,234 | |
Revance Therapeutics, Inc.* | 820 | 11,127 | |
TrueBlue, Inc.* | 409 | 11,125 | |
Natus Medical, Inc.* | 394 | 10,961 | |
Vaxcyte, Inc.* | 472 | 10,936 | |
Alector, Inc.* | 682 | 10,803 | |
Castle Biosciences, Inc.* | 249 | 10,779 | |
Varex Imaging Corp.* | 448 | 10,591 | |
Intersect ENT, Inc.* | 389 | 10,581 | |
Accolade, Inc.* | 588 | 10,572 | |
Reata Pharmaceuticals, Inc. — Class A* | 321 | 10,510 | |
LeMaitre Vascular, Inc. | 221 | 10,491 | |
Crinetics Pharmaceuticals, Inc.* | 524 | 10,490 | |
Harmony Biosciences Holdings, Inc.* | 261 | 10,430 | |
Utz Brands, Inc. | 671 | 10,233 | |
AngioDynamics, Inc.* | 432 | 10,165 | |
Fresh Del Monte Produce, Inc. | 392 | 10,145 | |
C4 Therapeutics, Inc.* | 451 | 10,116 | |
First Advantage Corp.* | 626 | 10,110 | |
Keros Therapeutics, Inc.* | 182 | 9,773 | |
Innoviva, Inc.* | 507 | 9,739 | |
Cardiovascular Systems, Inc.* | 459 | 9,667 | |
Heidrick & Struggles International, Inc. | 226 | 9,662 | |
Morphic Holding, Inc.* | 242 | 9,646 | |
National Healthcare Corp. | 147 | 9,558 | |
Bridgebio Pharma, Inc.* | 1,212 | 9,454 | |
ACCO Brands Corp. | 1,089 | 9,365 | |
Nuvation Bio, Inc.* | 1,807 | 9,143 | |
Axsome Therapeutics, Inc.* | 325 | 9,136 | |
Alphatec Holdings, Inc.* | 826 | 9,103 | |
Senseonics Holdings, Inc.* | 5,050 | 9,090 | |
OrthoPediatrics Corp.* | 162 | 9,080 | |
American Well Corp. — Class A* | 2,140 | 9,052 | |
Arlo Technologies, Inc.* | 971 | 9,011 | |
Quanex Building Products Corp. | 391 | 8,938 | |
Aclaris Therapeutics, Inc.* | 596 | 8,880 | |
Catalyst Pharmaceuticals, Inc.* | 1,135 | 8,853 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Shares | Value | ||
COMMON STOCKS† - 33.4% (continued) | |||
Consumer, Non-cyclical - 6.2% (continued) |
Coherus Biosciences, Inc.* | 749 | $ 8,831 | |
2U, Inc.* | 838 | 8,799 | |
Kelly Services, Inc. — Class A | 411 | 8,721 | |
Carriage Services, Inc. — Class A | 177 | 8,710 | |
Karyopharm Therapeutics, Inc.* | 841 | 8,688 | |
Artivion, Inc.* | 444 | 8,680 | |
Perdoceo Education Corp.* | 822 | 8,606 | |
Sorrento Therapeutics, Inc.* | 3,395 | 8,589 | |
Calavo Growers, Inc. | 200 | 8,538 | |
iTeos Therapeutics, Inc.* | 236 | 8,527 | |
Rocket Pharmaceuticals, Inc.* | 476 | 8,478 | |
SI-BONE, Inc.* | 380 | 8,383 | |
Anavex Life Sciences Corp.* | 762 | 8,352 | |
Endo International plc* | 2,678 | 8,329 | |
Apria, Inc.* | 223 | 8,327 | |
Viad Corp.* | 237 | 8,281 | |
John B Sanfilippo & Son, Inc. | 104 | 8,270 | |
Syndax Pharmaceuticals, Inc.* | 525 | 8,185 | |
Sangamo Therapeutics, Inc.* | 1,387 | 8,114 | |
SP Plus Corp.* | 270 | 8,060 | |
Pulmonx Corp.* | 305 | 8,009 | |
Duckhorn Portfolio, Inc.* | 408 | 8,005 | |
Collegium Pharmaceutical, Inc.* | 411 | 8,002 | |
Aaron's Company, Inc. | 379 | 7,955 | |
Inogen, Inc.* | 228 | 7,955 | |
Cutera, Inc.* | 206 | 7,902 | |
Inovio Pharmaceuticals, Inc.* | 2,416 | 7,828 | |
Vivint Smart Home, Inc.* | 1,071 | 7,701 | |
Butterfly Network, Inc.* | 1,491 | 7,679 | |
Heron Therapeutics, Inc.* | 1,079 | 7,661 | |
Ocugen, Inc.* | 2,158 | 7,596 | |
MaxCyte, Inc.* | 1,091 | 7,593 | |
MannKind Corp.* | 2,885 | 7,559 | |
Orthofix Medical, Inc.* | 221 | 7,510 | |
Avidity Biosciences, Inc.* | 440 | 7,462 | |
Seer, Inc.* | 486 | 7,446 | |
CRA International, Inc. | 83 | 7,373 | |
Treace Medical Concepts, Inc.* | 342 | 7,367 | |
Allogene Therapeutics, Inc.* | 795 | 7,274 | |
Vanda Pharmaceuticals, Inc.* | 640 | 7,270 | |
Bionano Genomics, Inc.* | 3,316 | 7,096 | |
Vaxart, Inc.* | 1,396 | 7,092 | |
Surmodics, Inc.* | 158 | 7,091 | |
Theravance Biopharma, Inc.* | 701 | 7,059 | |
Inhibrx, Inc.* | 326 | 7,009 | |
AnaptysBio, Inc.* | 225 | 6,878 | |
Forrester Research, Inc.* | 132 | 6,855 | |
Antares Pharma, Inc.* | 1,950 | 6,825 | |
Franklin Covey Co.* | 146 | 6,731 | |
ViewRay, Inc.* | 1,617 | 6,727 | |
Agenus, Inc.* | 2,491 | 6,726 | |
Tattooed Chef, Inc.* | 552 | 6,701 | |
Joint Corp.* | 162 | 6,642 | |
Instil Bio, Inc.* | 614 | 6,588 | |
Cass Information Systems, Inc. | 166 | 6,570 | |
Albireo Pharma, Inc.* | 197 | 6,568 | |
Gossamer Bio, Inc.* | 727 | 6,565 | |
MacroGenics, Inc.* | 702 | 6,564 | |
MiMedx Group, Inc.* | 1,298 | 6,555 | |
OraSure Technologies, Inc.* | 836 | 6,521 | |
Sana Biotechnology, Inc.* | 1,009 | 6,518 | |
Transcat, Inc.* | 83 | 6,512 | |
Seres Therapeutics, Inc.* | 813 | 6,504 | |
National Research Corp. — Class A | 163 | 6,484 | |
BrightView Holdings, Inc.* | 479 | 6,471 | |
Eagle Pharmaceuticals, Inc.* | 136 | 6,445 | |
Paya Holdings, Inc.* | 974 | 6,282 | |
WW International, Inc.* | 615 | 6,267 | |
PetIQ, Inc.* | 314 | 6,230 | |
Vectrus, Inc.* | 135 | 6,188 | |
Tootsie Roll Industries, Inc. | 182 | 6,142 | |
Resources Connection, Inc. | 369 | 6,125 | |
BioDelivery Sciences International, Inc.* | 1,088 | 6,071 | |
Verve Therapeutics, Inc.* | 185 | 6,040 | |
Affimed N.V.* | 1,356 | 5,980 | |
Hackett Group, Inc. | 287 | 5,947 | |
Kezar Life Sciences, Inc.* | 400 | 5,940 | |
Arcturus Therapeutics Holdings, Inc.* | 247 | 5,921 | |
Nurix Therapeutics, Inc.* | 366 | 5,918 | |
Arcutis Biotherapeutics, Inc.* | 323 | 5,749 | |
Turning Point Brands, Inc. | 170 | 5,698 | |
Chinook Therapeutics, Inc.* | 444 | 5,665 | |
Mission Produce, Inc.* | 433 | 5,620 | |
Scholar Rock Holding Corp.* | 323 | 5,620 | |
TransMedics Group, Inc.* | 303 | 5,612 | |
Ennis, Inc. | 298 | 5,596 | |
Honest Company, Inc.* | 967 | 5,589 | |
Replimune Group, Inc.* | 347 | 5,566 | |
Anika Therapeutics, Inc.* | 169 | 5,493 | |
NGM Biopharmaceuticals, Inc.* | 368 | 5,468 | |
ImmunityBio, Inc.* | 798 | 5,458 | |
Central Garden & Pet Co.* | 115 | 5,444 | |
Cara Therapeutics, Inc.* | 519 | 5,382 | |
Akero Therapeutics, Inc.* | 300 | 5,319 | |
Amneal Pharmaceuticals, Inc.* | 1,165 | 5,277 | |
Barrett Business Services, Inc. | 87 | 5,233 | |
Edgewise Therapeutics, Inc.* | 440 | 5,188 | |
LifeStance Health Group, Inc.* | 542 | 5,111 | |
Phibro Animal Health Corp. — Class A | 239 | 5,091 | |
Omeros Corp.* | 705 | 5,076 | |
Ideaya Biosciences, Inc.* | 383 | 5,056 | |
Rigel Pharmaceuticals, Inc.* | 1,996 | 5,010 | |
Ocular Therapeutix, Inc.* | 896 | 5,000 | |
MeiraGTx Holdings plc* | 348 | 4,987 | |
RAPT Therapeutics, Inc.* | 249 | 4,980 | |
Praxis Precision Medicines, Inc.* | 379 | 4,965 | |
Mind Medicine MindMed, Inc.* | 4,066 | 4,961 | |
Agiliti, Inc.* | 275 | 4,953 | |
Pennant Group, Inc.* | 300 | 4,875 | |
G1 Therapeutics, Inc.* | 458 | 4,859 | |
PMV Pharmaceuticals, Inc.* | 306 | 4,847 | |
Chimerix, Inc.* | 853 | 4,811 | |
Atea Pharmaceuticals, Inc.* | 755 | 4,787 | |
Bluebird Bio, Inc.* | 789 | 4,766 | |
SeaSpine Holdings Corp.* | 371 | 4,701 | |
Intercept Pharmaceuticals, Inc.* | 328 | 4,677 | |
ANI Pharmaceuticals, Inc.* | 124 | 4,644 | |
Tactile Systems Technology, Inc.* | 224 | 4,561 | |
Radius Health, Inc.* | 547 | 4,551 | |
Sutro Biopharma, Inc.* | 507 | 4,522 | |
Inotiv, Inc.* | 168 | 4,440 | |
Personalis, Inc.* | 421 | 4,421 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Shares | Value | ||
COMMON STOCKS† - 33.4% (continued) | |||
Consumer, Non-cyclical - 6.2% (continued) |
Akebia Therapeutics, Inc.* | 2,038 | $ 4,402 | |
22nd Century Group, Inc.* | 1,881 | 4,401 | |
Bioventus, Inc. — Class A* | 338 | 4,394 | |
Berkeley Lights, Inc.* | 567 | 4,349 | |
Stoke Therapeutics, Inc.* | 223 | 4,348 | |
4D Molecular Therapeutics, Inc.* | 317 | 4,343 | |
Cullinan Oncology, Inc.* | 302 | 4,331 | |
Phathom Pharmaceuticals, Inc.* | 237 | 4,297 | |
Custom Truck One Source, Inc.* | 540 | 4,244 | |
Veru, Inc.* | 753 | 4,209 | |
Willdan Group, Inc.* | 130 | 4,199 | |
Axogen, Inc.* | 446 | 4,166 | |
Whole Earth Brands, Inc.* | 437 | 4,147 | |
Tejon Ranch Co.* | 244 | 4,143 | |
Aerie Pharmaceuticals, Inc.* | 495 | 4,109 | |
Design Therapeutics, Inc.* | 302 | 4,098 | |
KalVista Pharmaceuticals, Inc.* | 255 | 4,093 | |
Vital Farms, Inc.* | 287 | 4,090 | |
Provention Bio, Inc.* | 648 | 4,063 | |
Vapotherm, Inc.* | 266 | 4,041 | |
Rhythm Pharmaceuticals, Inc.* | 515 | 3,924 | |
Forma Therapeutics Holdings, Inc.* | 397 | 3,914 | |
2seventy bio, Inc.* | 263 | 3,903 | |
Geron Corp.* | 3,523 | 3,840 | |
Krispy Kreme, Inc. | 257 | 3,832 | |
Relmada Therapeutics, Inc.* | 183 | 3,753 | |
Accuray, Inc.* | 1,081 | 3,751 | |
ALX Oncology Holdings, Inc.* | 207 | 3,751 | |
European Wax Center, Inc. — Class A* | 150 | 3,731 | |
Y-mAbs Therapeutics, Inc.* | 408 | 3,717 | |
Apyx Medical Corp.* | 364 | 3,684 | |
Seneca Foods Corp. — Class A* | 74 | 3,681 | |
Bioxcel Therapeutics, Inc.* | 201 | 3,680 | |
iRadimed Corp. | 74 | 3,678 | |
Mersana Therapeutics, Inc.* | 836 | 3,670 | |
Oramed Pharmaceuticals, Inc.* | 354 | 3,646 | |
DermTech, Inc.* | 284 | 3,632 | |
Utah Medical Products, Inc. | 40 | 3,600 | |
Deciphera Pharmaceuticals, Inc.* | 460 | 3,547 | |
Kiniksa Pharmaceuticals Ltd. — Class A* | 341 | 3,492 | |
Evolus, Inc.* | 381 | 3,486 | |
Athira Pharma, Inc.* | 377 | 3,453 | |
Fulcrum Therapeutics, Inc.* | 312 | 3,432 | |
Altimmune, Inc.* | 463 | 3,431 | |
SIGA Technologies, Inc.* | 571 | 3,426 | |
Kronos Bio, Inc.* | 454 | 3,419 | |
Curis, Inc.* | 1,012 | 3,390 | |
Kodiak Sciences, Inc.* | 391 | 3,378 | |
Marinus Pharmaceuticals, Inc.* | 432 | 3,378 | |
Organogenesis Holdings, Inc.* | 446 | 3,318 | |
VBI Vaccines, Inc.* | 2,176 | 3,242 | |
Adicet Bio, Inc.* | 244 | 3,191 | |
VistaGen Therapeutics, Inc.* | 2,267 | 3,174 | |
BioLife Solutions, Inc.* | 135 | 3,172 | |
AppHarvest, Inc.* | 815 | 3,113 | |
Allovir, Inc.* | 345 | 3,105 | |
Dyne Therapeutics, Inc.* | 351 | 3,008 | |
Arbutus Biopharma Corp.* | 939 | 3,005 | |
Erasca, Inc.* | 242 | 3,001 | |
DICE Therapeutics, Inc.* | 158 | 2,921 | |
CytomX Therapeutics, Inc.* | 758 | 2,903 | |
Jounce Therapeutics, Inc.* | 385 | 2,872 | |
ORIC Pharmaceuticals, Inc.* | 369 | 2,863 | |
Alta Equipment Group, Inc.* | 221 | 2,787 | |
MEI Pharma, Inc.* | 1,267 | 2,737 | |
Icosavax, Inc.* | 156 | 2,718 | |
Spero Therapeutics, Inc.* | 283 | 2,717 | |
Clovis Oncology, Inc.* | 1,318 | 2,715 | |
Imago Biosciences, Inc.* | 114 | 2,685 | |
Rubius Therapeutics, Inc.* | 537 | 2,680 | |
Stereotaxis, Inc.* | 580 | 2,680 | |
Janux Therapeutics, Inc.* | 155 | 2,678 | |
Viking Therapeutics, Inc.* | 799 | 2,677 | |
Limoneira Co. | 183 | 2,672 | |
HF Foods Group, Inc.* | 423 | 2,644 | |
Generation Bio Co.* | 512 | 2,621 | |
Avita Medical, Inc.* | 284 | 2,613 | |
Immunovant, Inc.* | 468 | 2,611 | |
Vera Therapeutics, Inc.* | 112 | 2,600 | |
Cymabay Therapeutics, Inc.* | 810 | 2,576 | |
Cogent Biosciences, Inc.* | 434 | 2,574 | |
Cytek Biosciences, Inc.* | 188 | 2,564 | |
Immunic, Inc.* | 219 | 2,551 | |
ShotSpotter, Inc.* | 99 | 2,542 | |
Pliant Therapeutics, Inc.* | 281 | 2,521 | |
Precigen, Inc.* | 1,108 | 2,493 | |
Gritstone bio, Inc.* | 486 | 2,479 | |
Harvard Bioscience, Inc.* | 459 | 2,479 | |
Precision BioSciences, Inc.* | 579 | 2,461 | |
EyePoint Pharmaceuticals, Inc.* | 247 | 2,458 | |
Nature's Sunshine Products, Inc. | 139 | 2,437 | |
InfuSystem Holdings, Inc.* | 212 | 2,436 | |
CEL-SCI Corp.* | 420 | 2,428 | |
Aveanna Healthcare Holdings, Inc.* | 461 | 2,420 | |
Verastem, Inc.* | 2,014 | 2,417 | |
Alaunos Therapeutics, Inc.* | 2,449 | 2,414 | |
Kinnate Biopharma, Inc.* | 301 | 2,342 | |
Caribou Biosciences, Inc.* | 230 | 2,295 | |
Aldeyra Therapeutics, Inc.* | 567 | 2,291 | |
Allakos, Inc.* | 408 | 2,281 | |
Village Super Market, Inc. — Class A | 99 | 2,255 | |
Foghorn Therapeutics, Inc.* | 229 | 2,201 | |
Acacia Research Corp.* | 573 | 2,195 | |
CorMedix, Inc.* | 443 | 2,162 | |
Werewolf Therapeutics, Inc.* | 300 | 2,148 | |
Athersys, Inc.* | 2,393 | 2,147 | |
Asensus Surgical, Inc.* | 2,734 | 2,105 | |
SOC Telemed, Inc.* | 710 | 2,087 | |
Cue Biopharma, Inc.* | 359 | 2,082 | |
Lineage Cell Therapeutics, Inc.* | 1,465 | 2,066 | |
PROCEPT BioRobotics Corp.* | 82 | 2,048 | |
Citius Pharmaceuticals, Inc.* | 1,327 | 2,044 | |
Vor BioPharma, Inc.* | 222 | 2,005 | |
KemPharm, Inc.* | 337 | 1,998 | |
Lyell Immunopharma, Inc.* | 276 | 1,998 | |
Monte Rosa Therapeutics, Inc.* | 137 | 1,965 | |
Selecta Biosciences, Inc.* | 1,061 | 1,963 | |
Paratek Pharmaceuticals, Inc.* | 557 | 1,961 | |
ClearPoint Neuro, Inc.* | 223 | 1,951 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Shares | Value | ||
COMMON STOCKS† - 33.4% (continued) | |||
Consumer, Non-cyclical - 6.2% (continued) |
Century Therapeutics, Inc.* | 138 | $ 1,946 | |
Ikena Oncology, Inc.* | 315 | 1,925 | |
Nathan's Famous, Inc. | 33 | 1,919 | |
Applied Molecular Transport, Inc.* | 292 | 1,918 | |
Tenaya Therapeutics, Inc.* | 163 | 1,901 | |
Sientra, Inc.* | 671 | 1,899 | |
Nuvalent, Inc. — Class A* | 125 | 1,869 | |
CytoSorbents Corp.* | 482 | 1,865 | |
Natural Grocers by Vitamin Cottage, Inc. | 108 | 1,833 | |
Annexon, Inc.* | 364 | 1,767 | |
Day One Biopharmaceuticals, Inc.* | 129 | 1,762 | |
XBiotech, Inc. | 178 | 1,755 | |
Durect Corp.* | 2,643 | 1,753 | |
Graphite Bio, Inc.* | 190 | 1,748 | |
Tarsus Pharmaceuticals, Inc.* | 99 | 1,745 | |
Homology Medicines, Inc.* | 490 | 1,710 | |
Outlook Therapeutics, Inc.* | 1,041 | 1,697 | |
Talaris Therapeutics, Inc.* | 242 | 1,696 | |
Akoya Biosciences, Inc.* | 153 | 1,695 | |
Paragon 28, Inc.* | 103 | 1,679 | |
Atossa Therapeutics, Inc.* | 1,367 | 1,668 | |
Taysha Gene Therapies, Inc.* | 260 | 1,656 | |
Adagio Therapeutics, Inc.* | 247 | 1,652 | |
Lexicon Pharmaceuticals, Inc.* | 796 | 1,648 | |
Eargo, Inc.* | 342 | 1,645 | |
Tyra Biosciences, Inc.* | 138 | 1,635 | |
Viemed Healthcare, Inc.* | 414 | 1,590 | |
Biomea Fusion, Inc.* | 246 | 1,577 | |
Zynex, Inc. | 250 | 1,572 | |
IGM Biosciences, Inc.* | 94 | 1,568 | |
Epizyme, Inc.* | 1,049 | 1,563 | |
Shattuck Labs, Inc.* | 311 | 1,555 | |
XOMA Corp.* | 70 | 1,535 | |
Remitly Global, Inc.* | 139 | 1,522 | |
Absci Corp.* | 162 | 1,518 | |
ChromaDex Corp.* | 548 | 1,496 | |
Eiger BioPharmaceuticals, Inc.* | 374 | 1,496 | |
Akouos, Inc.* | 280 | 1,495 | |
Nkarta, Inc.* | 165 | 1,495 | |
Sesen Bio, Inc.* | 2,311 | 1,466 | |
Surface Oncology, Inc.* | 407 | 1,465 | |
Vita Coco Company, Inc.* | 125 | 1,449 | |
Passage Bio, Inc.* | 433 | 1,438 | |
9 Meters Biopharma, Inc.* | 2,610 | 1,424 | |
SQZ Biotechnologies Co.* | 266 | 1,402 | |
Ventyx Biosciences, Inc.* | 119 | 1,391 | |
Alpha Teknova, Inc.* | 81 | 1,377 | |
Olema Pharmaceuticals, Inc.* | 294 | 1,376 | |
Cue Health, Inc.* | 166 | 1,373 | |
UroGen Pharma Ltd.* | 228 | 1,368 | |
Fortress Biotech, Inc.* | 846 | 1,362 | |
Adverum Biotechnologies, Inc.* | 1,015 | 1,360 | |
Theseus Pharmaceuticals, Inc.* | 131 | 1,323 | |
Aeglea BioTherapeutics, Inc.* | 472 | 1,307 | |
RxSight, Inc.* | 97 | 1,302 | |
Spectrum Pharmaceuticals, Inc.* | 1,905 | 1,295 | |
Oyster Point Pharma, Inc.* | 130 | 1,295 | |
PAVmed, Inc.* | 840 | 1,285 | |
Quotient Ltd.* | 917 | 1,284 | |
Verrica Pharmaceuticals, Inc.* | 153 | 1,282 | |
Entrada Therapeutics, Inc.* | 104 | 1,262 | |
Esperion Therapeutics, Inc.* | 308 | 1,260 | |
WaVe Life Sciences Ltd.* | 503 | 1,235 | |
Poseida Therapeutics, Inc.* | 336 | 1,226 | |
Seelos Therapeutics, Inc.* | 1,148 | 1,217 | |
Cardiff Oncology, Inc.* | 445 | 1,197 | |
Rent the Runway, Inc. — Class A* | 195 | 1,184 | |
BioAtla, Inc.* | 181 | 1,173 | |
Viracta Therapeutics, Inc.* | 424 | 1,158 | |
Aerovate Therapeutics, Inc.* | 118 | 1,154 | |
Celcuity, Inc.* | 113 | 1,141 | |
Ampio Pharmaceuticals, Inc.* | 2,277 | 1,138 | |
Singular Genomics Systems, Inc.* | 138 | 1,136 | |
Humanigen, Inc.* | 555 | 1,127 | |
Infinity Pharmaceuticals, Inc.* | 1,023 | 1,125 | |
Alpine Immune Sciences, Inc.* | 136 | 1,121 | |
Prelude Therapeutics, Inc.* | 126 | 1,113 | |
Aura Biosciences, Inc.* | 62 | 1,110 | |
Evelo Biosciences, Inc.* | 355 | 1,109 | |
HireQuest, Inc. | 59 | 1,107 | |
Magenta Therapeutics, Inc.* | 350 | 1,102 | |
Accelerate Diagnostics, Inc.* | 385 | 1,093 | |
TherapeuticsMD, Inc.* | 4,556 | 1,090 | |
Rain Therapeutics, Inc.* | 181 | 1,082 | |
Frequency Therapeutics, Inc.* | 374 | 1,062 | |
Neoleukin Therapeutics, Inc.* | 411 | 1,060 | |
Innovage Holding Corp.* | 214 | 1,055 | |
Silverback Therapeutics, Inc.* | 240 | 1,032 | |
Oncocyte Corp.* | 703 | 1,026 | |
Omega Therapeutics, Inc.* | 86 | 1,021 | |
AirSculpt Technologies, Inc.* | 75 | 1,016 | |
Molecular Templates, Inc.* | 432 | 1,015 | |
Cortexyme, Inc.* | 233 | 1,014 | |
Emerald Holding, Inc.* | 280 | 1,002 | |
Mirum Pharmaceuticals, Inc.* | 42 | 995 | |
Neuronetics, Inc.* | 298 | 995 | |
Xilio Therapeutics, Inc.* | 84 | 990 | |
StoneMor, Inc.* | 376 | 978 | |
AquaBounty Technologies, Inc.* | 613 | 975 | |
Inozyme Pharma, Inc.* | 168 | 969 | |
TCR2 Therapeutics, Inc.* | 356 | 965 | |
Retractable Technologies, Inc.* | 203 | 962 | |
Vincerx Pharma, Inc.* | 187 | 948 | |
Oncternal Therapeutics, Inc.* | 517 | 946 | |
Bolt Biotherapeutics, Inc.* | 267 | 932 | |
Tonix Pharmaceuticals Holding Corp.* | 5,038 | 932 | |
Codex DNA, Inc.* | 91 | 928 | |
Aspira Women's Health, Inc.* | 849 | 925 | |
Rallybio Corp.* | 84 | 923 | |
Exagen, Inc.* | 121 | 920 | |
Greenwich Lifesciences, Inc.* | 47 | 916 | |
Harpoon Therapeutics, Inc.* | 219 | 898 | |
Sensei Biotherapeutics, Inc.* | 244 | 881 | |
Codiak Biosciences, Inc.* | 186 | 878 | |
Trevena, Inc.* | 1,911 | 874 | |
Syros Pharmaceuticals, Inc.* | 673 | 868 | |
Puma Biotechnology, Inc.* | 377 | 867 | |
Ardelyx, Inc.* | 1,098 | 845 | |
Summit Therapeutics, Inc.* | 308 | 844 | |
Black Diamond Therapeutics, Inc.* | 266 | 835 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Shares | Value | ||
COMMON STOCKS† - 33.4% (continued) | |||
Consumer, Non-cyclical - 6.2% (continued) |
CVRx, Inc.* | 95 | $ 834 | |
Pulse Biosciences, Inc.* | 163 | 828 | |
Athenex, Inc.* | 1,010 | 813 | |
iBio, Inc.* | 2,525 | 808 | |
Invacare Corp.* | 393 | 806 | |
Brooklyn ImmunoTherapeutics, Inc.* | 347 | 784 | |
Zevia PBC — Class A* | 120 | 750 | |
Eliem Therapeutics, Inc.* | 82 | 739 | |
Finch Therapeutics Group, Inc.* | 88 | 737 | |
Pyxis Oncology, Inc.* | 121 | 736 | |
Immuneering Corp. — Class A* | 97 | 725 | |
Clene, Inc.* | 233 | 720 | |
Mustang Bio, Inc.* | 828 | 720 | |
Acumen Pharmaceuticals, Inc.* | 114 | 668 | |
GT Biopharma, Inc.* | 207 | 658 | |
Rapid Micro Biosystems, Inc. — Class A* | 94 | 657 | |
NeuroPace, Inc.* | 83 | 647 | |
Avrobio, Inc.* | 443 | 642 | |
Beyondspring, Inc.* | 262 | 631 | |
Priority Technology Holdings, Inc.* | 117 | 615 | |
Aligos Therapeutics, Inc.* | 247 | 598 | |
Cyteir Therapeutics, Inc.* | 98 | 568 | |
Solid Biosciences, Inc.* | 697 | 568 | |
Atreca, Inc. — Class A* | 303 | 545 | |
Hookipa Pharma, Inc.* | 224 | 538 | |
Terns Pharmaceuticals, Inc.* | 160 | 531 | |
89bio, Inc.* | 114 | 528 | |
Avalo Therapeutics, Inc.* | 708 | 517 | |
NexImmune, Inc.* | 206 | 511 | |
Oncorus, Inc.* | 239 | 504 | |
Reneo Pharmaceuticals, Inc.* | 99 | 477 | |
Angion Biomedica Corp.* | 254 | 472 | |
IsoPlexis Corp.* | 96 | 465 | |
Portage Biotech, Inc.* | 58 | 461 | |
Impel Neuropharma, Inc.* | 63 | 455 | |
Laird Superfood, Inc.* | 73 | 449 | |
Applied Therapeutics, Inc.* | 207 | 389 | |
Kala Pharmaceuticals, Inc.* | 565 | 374 | |
Acutus Medical, Inc.* | 223 | 363 | |
Talis Biomedical Corp.* | 169 | 353 | |
Gemini Therapeutics, Inc.* | 256 | 348 | |
Biodesix, Inc.* | 144 | 343 | |
Thorne HealthTech, Inc.* | 76 | 340 | |
Kaleido Biosciences, Inc.* | 226 | 337 | |
Sera Prognostics, Inc. — Class A* | 55 | 295 | |
Ontrak, Inc.* | 106 | 284 | |
Sigilon Therapeutics, Inc.* | 178 | 258 | |
Spruce Biosciences, Inc.* | 101 | 229 | |
Lucid Diagnostics, Inc.* | 57 | 213 | |
Forte Biosciences, Inc.* | 132 | 166 | |
Landos Biopharma, Inc.* | 55 | 117 | |
Greenlane Holdings, Inc. — Class A* | 191 | 103 | |
MiNK Therapeutics, Inc.* | 22 | 65 | |
Total Consumer, Non-cyclical | 39,291,582 | ||
Technology - 4.9% | |||
Monolithic Power Systems, Inc.2 | 1,587 | 727,957 | |
Applied Materials, Inc.2 | 5,297 | 710,857 | |
Fortinet, Inc.*,2 | 2,043 | 703,854 | |
Teradyne, Inc.2 | 5,860 | 691,011 | |
Micron Technology, Inc.2 | 7,742 | 687,954 | |
NVIDIA Corp.2 | 2,819 | 687,413 | |
Lam Research Corp.2 | 1,165 | 653,973 | |
Advanced Micro Devices, Inc.* | 5,257 | 648,398 | |
KLA Corp.2 | 1,847 | 643,679 | |
NXP Semiconductor N.V. | 3,374 | 641,465 | |
Microchip Technology, Inc.2 | 8,973 | 631,071 | |
Qorvo, Inc.*,2 | 4,611 | 630,693 | |
Synopsys, Inc.*,2 | 1,989 | 621,344 | |
Cadence Design Systems, Inc.*,2 | 4,075 | 617,077 | |
QUALCOMM, Inc.2 | 3,497 | 601,449 | |
Skyworks Solutions, Inc.2 | 4,347 | 600,625 | |
Broadcom, Inc.2 | 1,022 | 600,364 | |
Paycom Software, Inc.*,2 | 1,765 | 598,706 | |
ServiceNow, Inc.*,2 | 1,026 | 594,998 | |
ANSYS, Inc.*,2 | 1,820 | 590,026 | |
Western Digital Corp.*,2 | 11,580 | 589,885 | |
DXC Technology Co.*,2 | 16,832 | 572,793 | |
Seagate Technology Holdings plc | 5,423 | 559,437 | |
PTC, Inc.*,2 | 4,979 | 554,063 | |
Apple, Inc.2 | 3,324 | 548,859 | |
Autodesk, Inc.*,2 | 2,477 | 545,510 | |
Analog Devices, Inc.2 | 3,371 | 540,338 | |
Texas Instruments, Inc.2 | 3,177 | 540,058 | |
Ceridian HCM Holding, Inc.*,2 | 7,226 | 526,848 | |
salesforce.com, Inc.*,2 | 2,448 | 515,377 | |
Tyler Technologies, Inc.*,2 | 1,183 | 506,632 | |
MSCI, Inc. — Class A2 | 1,009 | 506,205 | |
NetApp, Inc.2 | 6,403 | 501,867 | |
Adobe, Inc.*,2 | 1,069 | 499,950 | |
IPG Photonics Corp.*,2 | 3,725 | 485,554 | |
Intuit, Inc.2 | 994 | 471,524 | |
Zebra Technologies Corp. — Class A*,2 | 1,090 | 450,540 | |
Activision Blizzard, Inc.2 | 4,713 | 384,109 | |
Citrix Systems, Inc.2 | 3,404 | 348,910 | |
Cerner Corp.2 | 3,714 | 346,330 | |
Leidos Holdings, Inc.2 | 3,135 | 319,268 | |
Jack Henry & Associates, Inc.2 | 1,745 | 308,516 | |
Cognizant Technology Solutions Corp. — Class A2 | 3,364 | 289,741 | |
Hewlett Packard Enterprise Co.2 | 18,158 | 289,075 | |
Electronic Arts, Inc.2 | 2,198 | 285,938 | |
International Business Machines Corp.2 | 2,226 | 272,707 | |
Take-Two Interactive Software, Inc.*,2 | 1,668 | 270,216 | |
Paychex, Inc.2 | 2,223 | 264,670 | |
Akamai Technologies, Inc.*,2 | 2,444 | 264,587 | |
Fiserv, Inc.*,2 | 2,676 | 261,365 | |
Roper Technologies, Inc.2 | 583 | 261,312 | |
HP, Inc.2 | 7,581 | 260,483 | |
Intel Corp.2 | 5,459 | 260,394 | |
Fidelity National Information Services, Inc.2 | 2,643 | 251,693 | |
EPAM Systems, Inc.*,2 | 1,181 | 245,353 | |
Microsoft Corp.2 | 806 | 240,825 | |
Accenture plc — Class A | 728 | 230,063 | |
Broadridge Financial Solutions, Inc.2 | 1,548 | 226,333 | |
Oracle Corp.2 | 2,691 | 204,435 | |
Synaptics, Inc.* | 445 | 101,651 | |
Lattice Semiconductor Corp.* | 1,548 | 96,936 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Shares | Value | ||
COMMON STOCKS† - 33.4% (continued) | |||
Technology - 4.9% (continued) |
KBR, Inc. | 1,612 | $ 80,020 | |
Silicon Laboratories, Inc.* | 460 | 70,707 | |
Rapid7, Inc.* | 640 | 66,214 | |
Power Integrations, Inc. | 688 | 61,920 | |
CMC Materials, Inc. | 325 | 60,265 | |
Tenable Holdings, Inc.* | 1,060 | 58,682 | |
Ambarella, Inc.* | 403 | 56,303 | |
Maximus, Inc. | 699 | 55,123 | |
SPS Commerce, Inc.* | 412 | 53,498 | |
Varonis Systems, Inc.* | 1,220 | 53,192 | |
Workiva, Inc.* | 489 | 51,492 | |
Semtech Corp.* | 738 | 51,202 | |
Digital Turbine, Inc.* | 1,035 | 50,177 | |
Ziff Davis, Inc.* | 496 | 49,898 | |
MaxLinear, Inc. — Class A* | 810 | 49,693 | |
Qualys, Inc.* | 389 | 48,746 | |
Onto Innovation, Inc.* | 556 | 47,933 | |
Blackline, Inc.* | 618 | 46,542 | |
Envestnet, Inc.* | 620 | 46,388 | |
ExlService Holdings, Inc.* | 375 | 45,296 | |
ACI Worldwide, Inc.* | 1,345 | 45,084 | |
Asana, Inc. — Class A* | 816 | 44,709 | |
Diodes, Inc.* | 498 | 44,616 | |
Sailpoint Technologies Holdings, Inc.* | 1,043 | 43,149 | |
MicroStrategy, Inc. — Class A* | 96 | 42,528 | |
Insight Enterprises, Inc.* | 394 | 40,976 | |
Box, Inc. — Class A* | 1,595 | 40,848 | |
Verint Systems, Inc.* | 735 | 36,919 | |
SiTime Corp.* | 181 | 36,587 | |
Kulicke & Soffa Industries, Inc. | 698 | 36,464 | |
FormFactor, Inc.* | 887 | 35,915 | |
Altair Engineering, Inc. — Class A* | 528 | 35,070 | |
DigitalOcean Holdings, Inc.* | 579 | 34,346 | |
Rambus, Inc.* | 1,268 | 34,236 | |
Blackbaud, Inc.* | 547 | 34,182 | |
Sprout Social, Inc. — Class A* | 523 | 34,053 | |
MACOM Technology Solutions Holdings, Inc.* | 555 | 33,355 | |
CommVault Systems, Inc.* | 523 | 32,902 | |
PagerDuty, Inc.* | 943 | 31,892 | |
Bottomline Technologies DE, Inc.* | 517 | 29,283 | |
Appian Corp.* | 460 | 28,042 | |
Verra Mobility Corp.* | 1,636 | 27,485 | |
Amkor Technology, Inc. | 1,193 | 27,045 | |
Allscripts Healthcare Solutions, Inc.* | 1,388 | 27,010 | |
Axcelis Technologies, Inc.* | 389 | 26,927 | |
ManTech International Corp. — Class A | 320 | 26,678 | |
NetScout Systems, Inc.* | 820 | 25,527 | |
3D Systems Corp.* | 1,419 | 25,287 | |
Appfolio, Inc. — Class A* | 219 | 24,778 | |
Evolent Health, Inc. — Class A* | 906 | 24,145 | |
Momentive Global, Inc.* | 1,517 | 23,847 | |
Ultra Clean Holdings, Inc.* | 519 | 23,775 | |
Outset Medical, Inc.* | 535 | 23,524 | |
CSG Systems International, Inc. | 380 | 23,454 | |
Progress Software Corp. | 514 | 22,657 | |
Cardlytics, Inc.* | 374 | 21,692 | |
Xperi Holding Corp. | 1,227 | 21,252 | |
Apollo Medical Holdings, Inc.* | 440 | 21,173 | |
Super Micro Computer, Inc.* | 504 | 19,802 | |
Zuora, Inc. — Class A* | 1,303 | 19,780 | |
Schrodinger Incorporated/United States* | 530 | 18,423 | |
Phreesia, Inc.* | 571 | 17,581 | |
Cohu, Inc.* | 560 | 17,461 | |
TTEC Holdings, Inc. | 216 | 17,172 | |
8x8, Inc.* | 1,297 | 16,809 | |
Veeco Instruments, Inc.* | 582 | 16,628 | |
Unisys Corp.* | 767 | 16,391 | |
Health Catalyst, Inc.* | 594 | 16,109 | |
Cerence, Inc.* | 442 | 15,961 | |
LivePerson, Inc.* | 758 | 15,372 | |
JFrog Ltd.* | 618 | 15,308 | |
Impinj, Inc.* | 218 | 14,987 | |
PROS Holdings, Inc.* | 467 | 14,841 | |
1Life Healthcare, Inc.* | 1,362 | 14,723 | |
BigCommerce Holdings, Inc.* | 565 | 14,633 | |
Domo, Inc. — Class B* | 322 | 14,329 | |
CTS Corp. | 373 | 14,152 | |
Alpha & Omega Semiconductor Ltd.* | 247 | 13,281 | |
Avid Technology, Inc.* | 422 | 13,276 | |
Avaya Holdings Corp.* | 964 | 13,274 | |
Photronics, Inc.* | 704 | 12,968 | |
NextGen Healthcare, Inc.* | 656 | 12,812 | |
PAR Technology Corp.* | 288 | 12,079 | |
Sumo Logic, Inc.* | 1,002 | 12,064 | |
SMART Global Holdings, Inc.* | 410 | 11,254 | |
Donnelley Financial Solutions, Inc.* | 344 | 11,042 | |
CEVA, Inc.* | 263 | 10,723 | |
Parsons Corp.* | 308 | 10,675 | |
Pitney Bowes, Inc. | 2,055 | 10,234 | |
Model N, Inc.* | 415 | 10,205 | |
Consensus Cloud Solutions, Inc.* | 183 | 10,186 | |
Agilysys, Inc.* | 242 | 10,171 | |
Sapiens International Corporation N.V. | 361 | 9,743 | |
Yext, Inc.* | 1,298 | 9,631 | |
PowerSchool Holdings, Inc. — Class A* | 611 | 9,623 | |
Conduent, Inc.* | 1,958 | 9,535 | |
PDF Solutions, Inc.* | 347 | 9,494 | |
Ebix, Inc. | 310 | 9,148 | |
Desktop Metal, Inc. — Class A* | 2,188 | 9,102 | |
Bandwidth, Inc. — Class A* | 270 | 8,248 | |
American Software, Inc. — Class A | 367 | 8,063 | |
Digi International, Inc.* | 395 | 7,932 | |
Alignment Healthcare, Inc.* | 902 | 7,613 | |
Mitek Systems, Inc.* | 501 | 7,445 | |
Corsair Gaming, Inc.* | 320 | 7,386 | |
Diebold Nixdorf, Inc.* | 841 | 7,317 | |
Porch Group, Inc.* | 901 | 7,298 | |
Rackspace Technology, Inc.* | 637 | 7,090 | |
Simulations Plus, Inc. | 179 | 7,051 | |
Upland Software, Inc.* | 338 | 6,375 | |
Grid Dynamics Holdings, Inc.* | 517 | 6,282 | |
Ouster, Inc.* | 1,780 | 6,016 | |
OneSpan, Inc.* | 412 | 5,677 | |
Veritone, Inc.* | 332 | 5,591 | |
Telos Corp.* | 467 | 5,333 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Shares | Value | ||
COMMON STOCKS† - 33.4% (continued) | |||
Technology - 4.9% (continued) |
Cantaloupe, Inc.* | 681 | $ 5,291 | |
Alkami Technology, Inc.* | 323 | 5,090 | |
Computer Programs and Systems, Inc.* | 165 | 5,079 | |
ON24, Inc.* | 314 | 4,898 | |
Privia Health Group, Inc.* | 189 | 4,865 | |
BTRS Holdings, Inc. — Class A* | 756 | 4,612 | |
Inseego Corp.* | 974 | 4,588 | |
Daily Journal Corp.* | 14 | 4,527 | |
Digimarc Corp.* | 149 | 4,489 | |
Enfusion, Inc. — Class A* | 247 | 4,098 | |
EngageSmart, Inc.* | 182 | 4,004 | |
Sterling Check Corp.* | 188 | 3,959 | |
Vuzix Corp.* | 686 | 3,883 | |
Atomera, Inc.* | 237 | 3,804 | |
Integral Ad Science Holding Corp.* | 198 | 3,705 | |
Brightcove, Inc.* | 475 | 3,553 | |
CS Disco, Inc.* | 94 | 3,551 | |
AXT, Inc.* | 467 | 3,479 | |
HireRight Holdings Corp.* | 255 | 3,333 | |
Instructure Holdings, Inc.* | 140 | 3,137 | |
Benefitfocus, Inc.* | 292 | 2,943 | |
Genius Brands International, Inc.* | 3,298 | 2,928 | |
MeridianLink, Inc.* | 148 | 2,898 | |
eGain Corp.* | 239 | 2,818 | |
AvidXchange Holdings, Inc.* | 288 | 2,773 | |
Intapp, Inc.* | 119 | 2,744 | |
CoreCard Corp.* | 85 | 2,739 | |
PlayAGS, Inc.* | 321 | 2,687 | |
EverCommerce, Inc.* | 194 | 2,324 | |
Smith Micro Software, Inc.* | 538 | 2,238 | |
Udemy, Inc.* | 158 | 2,084 | |
SecureWorks Corp. — Class A* | 117 | 1,798 | |
EMCORE Corp.* | 427 | 1,657 | |
Forian, Inc.* | 220 | 1,529 | |
Tabula Rasa HealthCare, Inc.* | 263 | 1,499 | |
iCAD, Inc.* | 256 | 1,236 | |
Outbrain, Inc.* | 94 | 1,226 | |
DarioHealth Corp.* | 158 | 1,153 | |
Viant Technology, Inc. — Class A* | 135 | 1,111 | |
SkyWater Technology, Inc.* | 94 | 1,086 | |
IBEX Holdings Ltd.* | 66 | 1,041 | |
Convey Health Solutions Holdings, Inc.* | 157 | 909 | |
StarTek, Inc.* | 197 | 863 | |
Arteris, Inc.* | 57 | 851 | |
GreenBox POS* | 214 | 728 | |
Weave Communications, Inc.* | 53 | 533 | |
Kaltura, Inc.* | 203 | 455 | |
NantHealth, Inc.* | 314 | 261 | |
Society Pass, Inc.* | 36 | 94 | |
Total Technology | 31,170,817 | ||
Consumer, Cyclical - 4.1% | |||
Penn National Gaming, Inc.*,2 | 14,491 | 744,113 | |
Tesla, Inc.*,2 | 768 | 668,490 | |
Caesars Entertainment, Inc.*,2 | 7,750 | 652,472 | |
Live Nation Entertainment, Inc.*,2 | 4,995 | 603,496 | |
Carnival Corp.*,2 | 28,530 | 580,015 | |
Royal Caribbean Cruises Ltd.* | 7,067 | 570,448 | |
PVH Corp.2 | 5,799 | 567,664 | |
United Airlines Holdings, Inc.*,2 | 12,655 | 561,882 | |
MGM Resorts International2 | 12,645 | 560,047 | |
PulteGroup, Inc.2 | 11,179 | 555,149 | |
DR Horton, Inc.2 | 6,264 | 534,946 | |
Lennar Corp. — Class A2 | 5,695 | 511,867 | |
Copart, Inc.*,2 | 4,164 | 511,672 | |
Mohawk Industries, Inc.*,2 | 3,551 | 499,910 | |
Ross Stores, Inc.2 | 5,464 | 499,355 | |
Aptiv plc* | 3,804 | 492,390 | |
Bath & Body Works, Inc.2 | 8,955 | 477,928 | |
Las Vegas Sands Corp.*,2 | 7,333 | 314,292 | |
Alaska Air Group, Inc.*,2 | 5,345 | 300,068 | |
Ralph Lauren Corp. — Class A2 | 2,247 | 296,694 | |
Newell Brands, Inc.2 | 12,368 | 293,740 | |
Marriott International, Inc. — Class A*,2 | 1,717 | 292,130 | |
Delta Air Lines, Inc.*,2 | 7,234 | 288,781 | |
Southwest Airlines Co.*,2 | 6,580 | 288,204 | |
PACCAR, Inc.2 | 3,098 | 284,427 | |
Hilton Worldwide Holdings, Inc.*,2 | 1,890 | 281,346 | |
Dollar Tree, Inc.*,2 | 1,951 | 277,198 | |
Wynn Resorts Ltd.*,2 | 3,153 | 272,798 | |
Hasbro, Inc.2 | 2,739 | 265,820 | |
Walmart, Inc.2 | 1,958 | 264,643 | |
American Airlines Group, Inc.*,2 | 15,335 | 264,529 | |
Darden Restaurants, Inc.2 | 1,819 | 264,155 | |
O'Reilly Automotive, Inc.*,2 | 405 | 262,942 | |
Tapestry, Inc.2 | 6,389 | 261,310 | |
Cummins, Inc.2 | 1,266 | 258,416 | |
AutoZone, Inc.*,2 | 138 | 257,148 | |
Walgreens Boots Alliance, Inc.2 | 5,579 | 257,136 | |
Best Buy Company, Inc.2 | 2,660 | 257,062 | |
WW Grainger, Inc.2 | 538 | 256,658 | |
Costco Wholesale Corp.2 | 494 | 256,509 | |
Ulta Beauty, Inc.*,2 | 684 | 256,158 | |
McDonald's Corp.2 | 1,042 | 255,050 | |
Yum! Brands, Inc.2 | 2,063 | 252,883 | |
Genuine Parts Co.2 | 2,048 | 250,184 | |
Dollar General Corp.2 | 1,242 | 246,338 | |
BorgWarner, Inc.2 | 5,995 | 245,855 | |
TJX Companies, Inc.2 | 3,696 | 244,306 | |
Chipotle Mexican Grill, Inc. — Class A*,2 | 160 | 243,736 | |
Whirlpool Corp.2 | 1,201 | 241,725 | |
Tractor Supply Co.2 | 1,179 | 240,268 | |
Advance Auto Parts, Inc.2 | 1,150 | 235,152 | |
Lowe's Companies, Inc.2 | 1,057 | 233,660 | |
Target Corp.2 | 1,160 | 231,733 | |
NVR, Inc.*,2 | 46 | 228,088 | |
Ford Motor Co.2 | 12,876 | 226,103 | |
Pool Corp.2 | 491 | 225,163 | |
LKQ Corp.2 | 4,764 | 223,670 | |
Domino's Pizza, Inc.2 | 517 | 223,453 | |
NIKE, Inc. — Class B2 | 1,634 | 223,123 | |
Fastenal Co.2 | 4,309 | 221,741 | |
Starbucks Corp.2 | 2,366 | 217,175 | |
VF Corp.2 | 3,635 | 210,903 | |
Home Depot, Inc.2 | 665 | 210,027 | |
General Motors Co.*,2 | 4,369 | 204,120 | |
CarMax, Inc.*,2 | 1,848 | 202,042 | |
AMC Entertainment Holdings, Inc. — Class A* | 5,884 | 110,972 | |
Under Armour, Inc. — Class A*,2 | 6,034 | 107,948 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Shares | Value | ||
COMMON STOCKS† - 33.4% (continued) | |||
Consumer, Cyclical - 4.1% (continued) |
Under Armour, Inc. — Class C*,2 | 6,666 | $ 104,190 | |
BJ's Wholesale Club Holdings, Inc.* | 1,563 | 98,266 | |
Macy's, Inc. | 3,581 | 92,820 | |
Texas Roadhouse, Inc. — Class A | 799 | 75,833 | |
Scientific Games Corp. — Class A* | 1,097 | 69,023 | |
WESCO International, Inc.* | 508 | 61,839 | |
Fox Factory Holding Corp.* | 482 | 56,886 | |
Crocs, Inc.* | 668 | 55,932 | |
Avient Corp. | 1,038 | 54,381 | |
Asbury Automotive Group, Inc.* | 265 | 51,439 | |
Hilton Grand Vacations, Inc.* | 976 | 50,615 | |
Murphy USA, Inc. | 276 | 49,884 | |
Wingstop, Inc. | 340 | 49,419 | |
Goodyear Tire & Rubber Co.* | 3,151 | 48,809 | |
Adient plc* | 1,080 | 48,330 | |
Signet Jewelers Ltd. | 609 | 42,934 | |
Resideo Technologies, Inc.* | 1,648 | 42,419 | |
Meritage Homes Corp.* | 422 | 41,601 | |
SeaWorld Entertainment, Inc.* | 587 | 40,732 | |
Papa John's International, Inc. | 378 | 40,378 | |
Taylor Morrison Home Corp. — Class A* | 1,367 | 40,326 | |
Skyline Champion Corp.* | 599 | 40,277 | |
Steven Madden Ltd. | 922 | 39,333 | |
Visteon Corp.* | 324 | 38,935 | |
Beacon Roofing Supply, Inc.* | 652 | 38,918 | |
Sonos, Inc.* | 1,371 | 37,552 | |
Group 1 Automotive, Inc. | 205 | 37,296 | |
Cracker Barrel Old Country Store, Inc. | 277 | 37,193 | |
American Eagle Outfitters, Inc. | 1,735 | 36,574 | |
International Game Technology plc | 1,168 | 35,764 | |
LCI Industries | 283 | 35,239 | |
KB Home | 911 | 35,174 | |
Red Rock Resorts, Inc. — Class A | 683 | 34,341 | |
National Vision Holdings, Inc.* | 931 | 34,140 | |
MillerKnoll, Inc. | 869 | 33,787 | |
Callaway Golf Co.* | 1,352 | 33,449 | |
FirstCash Holdings, Inc. | 464 | 33,427 | |
Gentherm, Inc.* | 389 | 33,003 | |
Shake Shack, Inc. — Class A* | 437 | 32,653 | |
UniFirst Corp. | 172 | 31,175 | |
Allegiant Travel Co. — Class A* | 179 | 31,162 | |
LGI Homes, Inc.* | 247 | 31,154 | |
Dana, Inc. | 1,657 | 30,853 | |
Kontoor Brands, Inc. | 606 | 30,021 | |
MDC Holdings, Inc. | 668 | 29,619 | |
Cavco Industries, Inc.* | 108 | 29,444 | |
Academy Sports & Outdoors, Inc.* | 908 | 29,392 | |
Boot Barn Holdings, Inc.* | 334 | 29,065 | |
Spirit Airlines, Inc.* | 1,149 | 28,817 | |
Tri Pointe Homes, Inc.* | 1,275 | 28,522 | |
Meritor, Inc.* | 793 | 28,239 | |
Dorman Products, Inc.* | 302 | 28,213 | |
GMS, Inc.* | 500 | 27,125 | |
Nu Skin Enterprises, Inc. — Class A | 581 | 26,953 | |
Cannae Holdings, Inc.* | 990 | 26,581 | |
Installed Building Products, Inc. | 270 | 26,109 | |
Rush Enterprises, Inc. — Class A | 494 | 25,658 | |
KAR Auction Services, Inc.* | 1,389 | 25,641 | |
Abercrombie & Fitch Co. — Class A* | 671 | 25,552 | |
Bloomin' Brands, Inc. | 1,035 | 25,471 | |
Vista Outdoor, Inc.* | 672 | 24,494 | |
Winnebago Industries, Inc. | 378 | 24,218 | |
Madison Square Garden Entertainment Corp.* | 305 | 23,900 | |
Everi Holdings, Inc.* | 998 | 23,353 | |
Fisker, Inc.* | 1,908 | 23,278 | |
ODP Corp.* | 528 | 23,232 | |
Cheesecake Factory, Inc.* | 538 | 23,021 | |
Sally Beauty Holdings, Inc.* | 1,317 | 22,758 | |
Brinker International, Inc.* | 531 | 22,589 | |
Century Communities, Inc. | 351 | 22,366 | |
Cinemark Holdings, Inc.* | 1,263 | 22,153 | |
Urban Outfitters, Inc.* | 802 | 22,063 | |
Dave & Buster's Entertainment, Inc.* | 505 | 21,887 | |
Wolverine World Wide, Inc. | 950 | 21,878 | |
Nikola Corp.* | 2,630 | 20,777 | |
HNI Corp. | 509 | 20,711 | |
World Fuel Services Corp. | 729 | 20,660 | |
Methode Electronics, Inc. | 446 | 20,355 | |
PriceSmart, Inc. | 274 | 19,925 | |
Lions Gate Entertainment Corp. — Class B* | 1,380 | 19,665 | |
Bed Bath & Beyond, Inc.* | 1,163 | 19,643 | |
iRobot Corp.* | 308 | 19,145 | |
Veritiv Corp.* | 171 | 18,326 | |
Acushnet Holdings Corp. | 401 | 17,564 | |
Dillard's, Inc. — Class A | 70 | 17,550 | |
Malibu Boats, Inc. — Class A* | 242 | 16,860 | |
Sleep Number Corp.* | 254 | 16,688 | |
Oxford Industries, Inc. | 188 | 16,617 | |
M/I Homes, Inc.* | 334 | 16,463 | |
SkyWest, Inc.* | 582 | 16,360 | |
Shyft Group, Inc. | 404 | 16,326 | |
Dine Brands Global, Inc. | 190 | 15,930 | |
H&E Equipment Services, Inc. | 376 | 15,702 | |
Tenneco, Inc. — Class A* | 795 | 15,328 | |
Camping World Holdings, Inc. — Class A | 499 | 15,324 | |
La-Z-Boy, Inc. | 525 | 15,319 | |
XPEL, Inc.* | 210 | 15,246 | |
G-III Apparel Group Ltd.* | 516 | 14,314 | |
Healthcare Services Group, Inc. | 876 | 13,858 | |
Bally's Corp.* | 382 | 13,760 | |
Sonic Automotive, Inc. — Class A | 256 | 13,750 | |
Clean Energy Fuels Corp.* | 1,813 | 13,180 | |
Big Lots, Inc. | 370 | 12,861 | |
Steelcase, Inc. — Class A | 1,036 | 12,608 | |
Buckle, Inc. | 348 | 12,528 | |
American Axle & Manufacturing Holdings, Inc.* | 1,318 | 12,205 | |
IMAX Corp.* | 582 | 12,036 | |
Monarch Casino & Resort, Inc.* | 152 | 11,841 | |
Arko Corp. | 1,411 | 11,782 | |
Denny's Corp.* | 732 | 11,580 | |
Golden Entertainment, Inc.* | 201 | 11,443 | |
Zumiez, Inc.* | 255 | 11,345 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Shares | Value | ||
COMMON STOCKS† - 33.4% (continued) | |||
Consumer, Cyclical - 4.1% (continued) |
Hawaiian Holdings, Inc.* | 591 | $11,336 | |
MarineMax, Inc.* | 247 | 11,303 | |
Genesco, Inc.* | 171 | 10,970 | |
Standard Motor Products, Inc. | 244 | 10,665 | |
Tupperware Brands Corp.* | 580 | 10,573 | |
Liberty Media Corporation-Liberty Braves — Class C* | 427 | 10,547 | |
Lions Gate Entertainment Corp. — Class A* | 681 | 10,460 | |
Children's Place, Inc.* | 164 | 10,325 | |
Guess?, Inc. | 470 | 10,293 | |
Wabash National Corp. | 584 | 9,951 | |
Sun Country Airlines Holdings, Inc.* | 366 | 9,900 | |
Ruth's Hospitality Group, Inc. | 393 | 9,750 | |
Douglas Dynamics, Inc. | 264 | 9,699 | |
BlueLinx Holdings, Inc.* | 108 | 9,653 | |
ScanSource, Inc.* | 294 | 9,284 | |
Designer Brands, Inc. — Class A* | 703 | 9,174 | |
OptimizeRx Corp.* | 201 | 9,103 | |
Winmark Corp. | 40 | 9,049 | |
Caleres, Inc. | 431 | 8,948 | |
Interface, Inc. — Class A | 679 | 8,861 | |
Accel Entertainment, Inc.* | 658 | 8,613 | |
BJ's Restaurants, Inc.* | 263 | 8,434 | |
Green Brick Partners, Inc.* | 359 | 8,325 | |
Hibbett, Inc. | 171 | 7,709 | |
Aspen Aerogels, Inc.* | 258 | 7,637 | |
Chuy's Holdings, Inc.* | 233 | 7,596 | |
Fossil Group, Inc.* | 558 | 7,544 | |
Movado Group, Inc. | 186 | 7,332 | |
A-Mark Precious Metals, Inc. | 102 | 7,313 | |
Canoo, Inc.* | 1,243 | 7,135 | |
Life Time Group Holdings, Inc.* | 442 | 6,873 | |
Ethan Allen Interiors, Inc. | 263 | 6,854 | |
Clarus Corp. | 301 | 6,854 | |
Portillo's, Inc. — Class A* | 267 | 6,691 | |
Titan International, Inc.* | 597 | 6,686 | |
Chico's FAS, Inc.* | 1,406 | 6,608 | |
Rush Street Interactive, Inc.* | 630 | 6,508 | |
Titan Machinery, Inc.* | 226 | 6,403 | |
OneSpaWorld Holdings Ltd.* | 618 | 6,390 | |
Lindblad Expeditions Holdings, Inc.* | 359 | 6,365 | |
RCI Hospitality Holdings, Inc. | 98 | 6,362 | |
PC Connection, Inc. | 130 | 6,343 | |
Lovesac Co.* | 149 | 6,331 | |
MasterCraft Boat Holdings, Inc.* | 220 | 6,301 | |
PetMed Express, Inc. | 231 | 6,225 | |
TravelCenters of America, Inc.* | 146 | 6,166 | |
OneWater Marine, Inc. — Class A | 120 | 6,097 | |
Shoe Carnival, Inc. | 206 | 6,007 | |
Hyliion Holdings Corp.* | 1,370 | 5,918 | |
VSE Corp. | 124 | 5,909 | |
Modine Manufacturing Co.* | 585 | 5,908 | |
Rite Aid Corp.* | 642 | 5,881 | |
Sportsman's Warehouse Holdings, Inc.* | 509 | 5,808 | |
Hovnanian Enterprises, Inc. — Class A* | 60 | 5,767 | |
Beazer Homes USA, Inc.* | 342 | 5,598 | |
Party City Holdco, Inc.* | 1,291 | 5,590 | |
Haverty Furniture Companies, Inc. | 195 | 5,540 | |
Funko, Inc. — Class A* | 310 | 5,413 | |
LL Flooring Holdings, Inc.* | 335 | 5,380 | |
GrowGeneration Corp.* | 632 | 5,315 | |
Ideanomics, Inc.* | 4,996 | 5,246 | |
Frontier Group Holdings, Inc.* | 407 | 5,242 | |
PLBY Group, Inc.* | 328 | 5,222 | |
Universal Electronics, Inc.* | 153 | 5,084 | |
Aeva Technologies, Inc.* | 1,201 | 5,044 | |
Johnson Outdoors, Inc. — Class A | 61 | 5,031 | |
Bluegreen Vacations Holding Corp.* | 177 | 5,016 | |
Marcus Corp.* | 267 | 4,854 | |
Global Industrial Co. | 149 | 4,735 | |
Lordstown Motors Corp. — Class A* | 1,764 | 4,534 | |
REV Group, Inc. | 333 | 4,502 | |
Workhorse Group, Inc.* | 1,411 | 4,416 | |
Cato Corp. — Class A | 231 | 4,066 | |
Purple Innovation, Inc.* | 673 | 4,051 | |
Miller Industries, Inc. | 130 | 4,027 | |
Big 5 Sporting Goods Corp. | 243 | 4,024 | |
Golden Nugget Online Gaming, Inc.* | 466 | 4,008 | |
Blue Bird Corp.* | 185 | 3,942 | |
Kimball International, Inc. — Class B | 422 | 3,912 | |
Citi Trends, Inc.* | 103 | 3,843 | |
Conn's, Inc.* | 209 | 3,833 | |
Rush Enterprises, Inc. — Class B | 77 | 3,774 | |
F45 Training Holdings, Inc.* | 240 | 3,691 | |
Forestar Group, Inc.* | 199 | 3,644 | |
Sovos Brands, Inc.* | 292 | 3,545 | |
Motorcar Parts of America, Inc.* | 219 | 3,537 | |
Tilly's, Inc. — Class A | 265 | 3,365 | |
Full House Resorts, Inc.* | 382 | 3,362 | |
Container Store Group, Inc.* | 371 | 3,276 | |
Velodyne Lidar, Inc.* | 883 | 3,258 | |
Noodles & Co.* | 475 | 3,249 | |
GAN Ltd.* | 469 | 3,128 | |
Rocky Brands, Inc. | 80 | 3,083 | |
Snap One Holdings Corp.* | 155 | 3,044 | |
Liberty Media Corporation-Liberty Braves — Class A* | 117 | 2,999 | |
Commercial Vehicle Group, Inc.* | 375 | 2,996 | |
El Pollo Loco Holdings, Inc.* | 223 | 2,959 | |
Hooker Furnishings Corp. | 137 | 2,877 | |
ONE Group Hospitality, Inc.* | 242 | 2,841 | |
Barnes & Noble Education, Inc.* | 513 | 2,811 | |
Superior Group of Companies, Inc. | 137 | 2,808 | |
Romeo Power, Inc.* | 1,472 | 2,694 | |
NEOGAMES S.A.* | 118 | 2,667 | |
Traeger, Inc.* | 264 | 2,605 | |
Cooper-Standard Holdings, Inc.* | 197 | 2,506 | |
Kura Sushi USA, Inc. — Class A* | 47 | 2,477 | |
Weber, Inc. — Class A | 202 | 2,307 | |
Vera Bradley, Inc.* | 304 | 2,298 | |
Kirkland's, Inc.* | 164 | 2,270 | |
Xponential Fitness, Inc. — Class A* | 108 | 2,262 | |
Fiesta Restaurant Group, Inc.* | 206 | 2,074 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Shares | Value | ||
COMMON STOCKS† - 33.4% (continued) | |||
Consumer, Cyclical - 4.1% (continued) |
Duluth Holdings, Inc. — Class B* | 142 | $ 1,978 | |
Daktronics, Inc.* | 429 | 1,978 | |
VOXX International Corp. — Class A* | 182 | 1,953 | |
Lifetime Brands, Inc. | 148 | 1,939 | |
Arcimoto, Inc.* | 325 | 1,911 | |
Bassett Furniture Industries, Inc. | 108 | 1,895 | |
First Watch Restaurant Group, Inc.* | 125 | 1,814 | |
Liberty TripAdvisor Holdings, Inc. — Class A* | 851 | 1,804 | |
Mesa Air Group, Inc.* | 401 | 1,745 | |
Nautilus, Inc.* | 352 | 1,714 | |
CarLotz, Inc.* | 836 | 1,689 | |
Flexsteel Industries, Inc. | 78 | 1,684 | |
JOANN, Inc. | 141 | 1,605 | |
Lazydays Holdings, Inc.* | 87 | 1,586 | |
Escalade, Inc. | 118 | 1,564 | |
Shift Technologies, Inc.* | 725 | 1,464 | |
EVI Industries, Inc.* | 67 | 1,384 | |
Hamilton Beach Brands Holding Co. — Class A | 87 | 1,314 | |
Torrid Holdings, Inc.* | 149 | 1,304 | |
Drive Shack, Inc.* | 965 | 1,283 | |
Biglari Holdings, Inc. — Class B* | 9 | 1,237 | |
Marine Products Corp. | 95 | 1,149 | |
Esports Technologies, Inc.* | 129 | 1,067 | |
Carrols Restaurant Group, Inc. | 391 | 1,032 | |
Target Hospitality Corp.* | 291 | 917 | |
Aterian, Inc.* | 303 | 906 | |
Regis Corp.* | 485 | 878 | |
Landsea Homes Corp.* | 125 | 816 | |
Chicken Soup For The Soul Entertainment, Inc.* | 83 | 805 | |
XL Fleet Corp.* | 408 | 796 | |
CompX International, Inc. | 19 | 420 | |
MedAvail Holdings, Inc.* | 140 | 168 | |
Total Consumer, Cyclical | 25,982,479 | ||
Industrial - 3.8% | |||
Generac Holdings, Inc.*,2 | 1,909 | 602,232 | |
Trimble, Inc.*,2 | 8,329 | 580,948 | |
Boeing Co.*,2 | 2,823 | 579,675 | |
Textron, Inc.2 | 7,835 | 572,974 | |
TE Connectivity Ltd. | 3,746 | 533,543 | |
Amphenol Corp. — Class A2 | 6,962 | 529,182 | |
Fortune Brands Home & Security, Inc.2 | 5,699 | 495,243 | |
Keysight Technologies, Inc.*,2 | 3,072 | 483,441 | |
Lockheed Martin Corp.2 | 801 | 347,474 | |
Raytheon Technologies Corp.2 | 3,205 | 329,154 | |
Northrop Grumman Corp.2 | 744 | 328,952 | |
Howmet Aerospace, Inc.2 | 8,949 | 321,448 | |
L3Harris Technologies, Inc.2 | 1,274 | 321,443 | |
Packaging Corporation of America2 | 2,155 | 317,194 | |
General Dynamics Corp.2 | 1,348 | 316,039 | |
TransDigm Group, Inc.*,2 | 456 | 303,965 | |
Huntington Ingalls Industries, Inc.2 | 1,485 | 303,534 | |
Westrock Co.2 | 6,331 | 286,604 | |
Sealed Air Corp.2 | 4,242 | 284,765 | |
J.B. Hunt Transport Services, Inc.2 | 1,391 | 282,276 | |
Westinghouse Air Brake Technologies Corp.2 | 3,037 | 281,894 | |
United Parcel Service, Inc. — Class B2 | 1,321 | 277,965 | |
Deere & Co.2 | 771 | 277,575 | |
Emerson Electric Co.2 | 2,983 | 277,180 | |
Amcor plc | 23,809 | 276,899 | |
Union Pacific Corp.2 | 1,111 | 273,250 | |
Teledyne Technologies, Inc.*,2 | 634 | 272,227 | |
General Electric Co.2 | 2,849 | 272,108 | |
Snap-on, Inc.2 | 1,270 | 266,929 | |
Ball Corp.2 | 2,954 | 265,092 | |
Parker-Hannifin Corp.2 | 866 | 256,674 | |
Nordson Corp. | 1,128 | 255,481 | |
CH Robinson Worldwide, Inc.2 | 2,638 | 255,042 | |
CSX Corp.2 | 7,517 | 254,901 | |
Caterpillar, Inc.2 | 1,357 | 254,546 | |
Dover Corp.2 | 1,612 | 252,858 | |
Otis Worldwide Corp.2 | 3,208 | 251,283 | |
AMETEK, Inc.2 | 1,935 | 251,144 | |
Eaton Corporation plc2 | 1,620 | 249,950 | |
Honeywell International, Inc.2 | 1,316 | 249,711 | |
FedEx Corp.2 | 1,121 | 249,165 | |
Illinois Tool Works, Inc.2 | 1,138 | 246,195 | |
Republic Services, Inc. — Class A2 | 2,038 | 245,131 | |
Mettler-Toledo International, Inc.*,2 | 174 | 245,121 | |
Norfolk Southern Corp.2 | 954 | 244,720 | |
Vulcan Materials Co.2 | 1,344 | 243,869 | |
Old Dominion Freight Line, Inc.2 | 775 | 243,373 | |
Waste Management, Inc.2 | 1,677 | 242,159 | |
Allegion plc | 2,107 | 241,294 | |
Martin Marietta Materials, Inc.2 | 628 | 238,263 | |
Fortive Corp.2 | 3,674 | 237,891 | |
Jacobs Engineering Group, Inc.2 | 1,925 | 236,775 | |
Ingersoll Rand, Inc.2 | 4,635 | 234,160 | |
3M Co.2 | 1,559 | 231,745 | |
Stanley Black & Decker, Inc.2 | 1,419 | 230,871 | |
Agilent Technologies, Inc.2 | 1,767 | 230,346 | |
A O Smith Corp.2 | 3,302 | 226,451 | |
Johnson Controls International plc | 3,482 | 226,191 | |
Masco Corp.2 | 4,019 | 225,225 | |
IDEX Corp.2 | 1,169 | 224,331 | |
Garmin Ltd. | 2,029 | 224,083 | |
Carrier Global Corp.2 | 4,975 | 223,278 | |
Expeditors International of Washington, Inc.2 | 2,108 | 217,883 | |
Pentair plc | 3,672 | 212,645 | |
Rockwell Automation, Inc.2 | 788 | 210,065 | |
Trane Technologies plc | 1,363 | 209,807 | |
Xylem, Inc.2 | 2,249 | 200,049 | |
Tetra Tech, Inc. | 615 | 97,644 | |
Saia, Inc.* | 303 | 87,031 | |
WillScot Mobile Mini Holdings Corp.* | 2,408 | 85,556 | |
II-VI, Inc.* | 1,206 | 83,769 | |
EMCOR Group, Inc. | 608 | 70,248 | |
RBC Bearings, Inc.* | 319 | 61,838 | |
Chart Industries, Inc.* | 417 | 60,215 | |
Simpson Manufacturing Company, Inc. | 497 | 58,899 | |
UFP Industries, Inc. | 686 | 58,825 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Shares | Value | ||
COMMON STOCKS† - 33.4% (continued) | |||
Industrial - 3.8% (continued) |
Evoqua Water Technologies Corp.* | 1,319 | $ 56,269 | |
Exponent, Inc. | 592 | 56,098 | |
Novanta, Inc.* | 403 | 55,062 | |
Atkore, Inc.* | 526 | 53,499 | |
Matson, Inc. | 476 | 52,726 | |
Watts Water Technologies, Inc. — Class A | 314 | 45,200 | |
Zurn Water Solutions Corp. | 1,383 | 44,975 | |
Franklin Electric Company, Inc. | 529 | 44,732 | |
Applied Industrial Technologies, Inc. | 439 | 44,383 | |
GATX Corp. | 403 | 42,972 | |
Casella Waste Systems, Inc. — Class A* | 561 | 42,299 | |
Summit Materials, Inc. — Class A* | 1,354 | 42,272 | |
Fabrinet* | 422 | 42,255 | |
SPX FLOW, Inc. | 474 | 40,712 | |
John Bean Technologies Corp. | 358 | 40,586 | |
Hillenbrand, Inc. | 832 | 39,695 | |
Advanced Energy Industries, Inc. | 432 | 37,087 | |
Boise Cascade Co. | 460 | 36,772 | |
Mueller Industries, Inc. | 641 | 36,569 | |
Welbilt, Inc.* | 1,528 | 36,122 | |
Bloom Energy Corp. — Class A* | 1,627 | 36,119 | |
EnerSys | 489 | 35,565 | |
Fluor Corp.* | 1,619 | 35,068 | |
Comfort Systems USA, Inc. | 407 | 34,994 | |
Badger Meter, Inc. | 341 | 33,899 | |
Aerojet Rocketdyne Holdings, Inc. | 854 | 33,093 | |
Terex Corp. | 800 | 33,024 | |
Hub Group, Inc. — Class A* | 387 | 32,663 | |
Cactus, Inc. — Class A | 638 | 32,321 | |
Forward Air Corp. | 307 | 31,676 | |
Albany International Corp. — Class A | 360 | 31,615 | |
Altra Industrial Motion Corp. | 739 | 31,385 | |
Kennametal, Inc. | 977 | 30,981 | |
Werner Enterprises, Inc. | 705 | 30,639 | |
Kratos Defense & Security Solutions, Inc.* | 1,434 | 29,999 | |
Vishay Intertechnology, Inc. | 1,558 | 29,898 | |
Arcosa, Inc. | 566 | 29,811 | |
Helios Technologies, Inc. | 378 | 29,639 | |
Dycom Industries, Inc.* | 337 | 29,339 | |
Belden, Inc. | 517 | 29,133 | |
Sanmina Corp.* | 725 | 28,840 | |
Moog, Inc. — Class A | 338 | 28,091 | |
AAON, Inc. | 479 | 28,050 | |
ArcBest Corp. | 296 | 27,433 | |
Kadant, Inc. | 135 | 26,642 | |
Plexus Corp.* | 327 | 26,641 | |
EnPro Industries, Inc. | 241 | 26,616 | |
Energizer Holdings, Inc. | 795 | 26,545 | |
Atlas Air Worldwide Holdings, Inc.* | 336 | 26,329 | |
Encore Wire Corp. | 226 | 26,311 | |
SPX Corp.* | 513 | 26,009 | |
Masonite International Corp.* | 273 | 25,752 | |
Barnes Group, Inc. | 553 | 25,687 | |
Trinity Industries, Inc. | 883 | 25,483 | |
Federal Signal Corp. | 704 | 25,421 | |
Brady Corp. — Class A | 551 | 25,390 | |
Itron, Inc.* | 529 | 25,217 | |
O-I Glass, Inc.* | 1,846 | 23,592 | |
Mueller Water Products, Inc. — Class A | 1,841 | 23,362 | |
GrafTech International Ltd. | 2,289 | 23,073 | |
Knowles Corp.* | 1,040 | 22,651 | |
Air Transport Services Group, Inc.* | 690 | 21,742 | |
Worthington Industries, Inc. | 377 | 21,496 | |
CSW Industrials, Inc. | 174 | 20,937 | |
Golar LNG Ltd.* | 1,202 | 20,915 | |
ESCO Technologies, Inc. | 299 | 20,801 | |
Materion Corp. | 238 | 19,885 | |
Patrick Industries, Inc. | 265 | 18,905 | |
AeroVironment, Inc.* | 263 | 18,686 | |
Triumph Group, Inc.* | 744 | 18,630 | |
Gibraltar Industries, Inc.* | 383 | 18,507 | |
Vicor Corp.* | 247 | 18,468 | |
Proto Labs, Inc.* | 325 | 18,275 | |
AAR Corp.* | 397 | 17,841 | |
US Ecology, Inc.* | 368 | 17,458 | |
MYR Group, Inc.* | 193 | 17,322 | |
Greif, Inc. — Class A | 301 | 17,305 | |
Tennant Co. | 216 | 17,016 | |
Lindsay Corp. | 127 | 16,664 | |
Greenbrier Companies, Inc. | 373 | 16,572 | |
NV5 Global, Inc.* | 154 | 16,517 | |
Primoris Services Corp. | 625 | 16,481 | |
TriMas Corp. | 505 | 16,418 | |
CryoPort, Inc.* | 474 | 16,272 | |
Granite Construction, Inc. | 535 | 16,194 | |
Alamo Group, Inc. | 116 | 16,137 | |
OSI Systems, Inc.* | 198 | 15,973 | |
TTM Technologies, Inc.* | 1,252 | 15,738 | |
Standex International Corp. | 141 | 14,936 | |
Columbus McKinnon Corp. | 325 | 14,833 | |
Mesa Laboratories, Inc. | 58 | 14,809 | |
Sturm Ruger & Company, Inc. | 201 | 14,554 | |
PGT Innovations, Inc.* | 674 | 14,498 | |
AZZ, Inc. | 291 | 14,326 | |
Cornerstone Building Brands, Inc.* | 640 | 14,131 | |
Kaman Corp. | 323 | 14,021 | |
SFL Corporation Ltd. | 1,409 | 14,020 | |
Apogee Enterprises, Inc. | 296 | 13,341 | |
Astec Industries, Inc. | 265 | 13,197 | |
Montrose Environmental Group, Inc.* | 298 | 13,145 | |
Frontline Ltd.* | 1,396 | 13,136 | |
GoPro, Inc. — Class A* | 1,475 | 12,685 | |
Griffon Corp. | 543 | 12,516 | |
Enerpac Tool Group Corp. | 706 | 12,179 | |
Matthews International Corp. — Class A | 362 | 12,011 | |
Marten Transport Ltd. | 695 | 11,989 | |
FARO Technologies, Inc.* | 213 | 11,660 | |
Ichor Holdings Ltd.* | 324 | 11,415 | |
Benchmark Electronics, Inc. | 418 | 10,927 | |
Harsco Corp.* | 915 | 10,898 | |
Great Lakes Dredge & Dock Corp.* | 757 | 10,681 | |
Ranpak Holdings Corp.* | 439 | 10,624 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Shares | Value | ||
COMMON STOCKS† - 33.4% (continued) | |||
Industrial - 3.8% (continued) |
American Woodmark Corp.* | 196 | $ 10,502 | |
Blink Charging Co.* | 427 | 10,496 | |
DHT Holdings, Inc. | 1,657 | 10,422 | |
Scorpio Tankers, Inc. | 570 | 9,912 | |
Gorman-Rupp Co. | 265 | 9,874 | |
Smith & Wesson Brands, Inc. | 560 | 9,873 | |
International Seaways, Inc. | 537 | 9,822 | |
TimkenSteel Corp.* | 537 | 9,682 | |
Sterling Construction Company, Inc.* | 325 | 9,597 | |
Energy Recovery, Inc.* | 493 | 9,367 | |
Hydrofarm Holdings Group, Inc.* | 455 | 9,214 | |
Construction Partners, Inc. — Class A* | 340 | 9,098 | |
Costamare, Inc. | 617 | 8,329 | |
nLight, Inc.* | 497 | 8,101 | |
Insteel Industries, Inc. | 218 | 8,090 | |
Heartland Express, Inc. | 558 | 8,013 | |
Forterra, Inc.* | 340 | 8,010 | |
Chase Corp. | 87 | 7,989 | |
MicroVision, Inc.* | 1,921 | 7,703 | |
Genco Shipping & Trading Ltd. | 375 | 7,230 | |
Myers Industries, Inc. | 422 | 7,014 | |
Napco Security Technologies, Inc.* | 338 | 6,892 | |
Argan, Inc. | 174 | 6,767 | |
Manitowoc Company, Inc.* | 401 | 6,629 | |
Thermon Group Holdings, Inc.* | 385 | 6,591 | |
Ducommun, Inc.* | 127 | 6,415 | |
Latham Group, Inc.* | 363 | 6,349 | |
Comtech Telecommunications Corp. | 298 | 6,133 | |
DXP Enterprises, Inc.* | 208 | 5,972 | |
Daseke, Inc.* | 469 | 5,886 | |
CIRCOR International, Inc.* | 215 | 5,792 | |
Luxfer Holdings plc | 322 | 5,609 | |
UFP Technologies, Inc.* | 81 | 5,600 | |
Meta Materials, Inc.* | 2,560 | 5,504 | |
Eagle Bulk Shipping, Inc. | 104 | 5,484 | |
Haynes International, Inc. | 146 | 5,338 | |
Yellow Corp.* | 588 | 5,298 | |
Omega Flex, Inc. | 36 | 5,229 | |
Identiv, Inc.* | 249 | 5,219 | |
Heritage-Crystal Clean, Inc.* | 183 | 5,131 | |
Centrus Energy Corp. — Class A* | 113 | 5,115 | |
Stoneridge, Inc.* | 305 | 5,036 | |
Dorian LPG Ltd. | 364 | 5,016 | |
Ryerson Holding Corp. | 192 | 5,015 | |
Kimball Electronics, Inc.* | 281 | 4,844 | |
Pactiv Evergreen, Inc. | 503 | 4,839 | |
National Presto Industries, Inc. | 60 | 4,770 | |
AMMO, Inc.* | 1,006 | 4,738 | |
Allied Motion Technologies, Inc. | 136 | 4,736 | |
Tutor Perini Corp.* | 482 | 4,724 | |
Nordic American Tankers Ltd. | 1,911 | 4,625 | |
Xometry, Inc. — Class A* | 94 | 4,598 | |
Vishay Precision Group, Inc.* | 145 | 4,554 | |
Hyster-Yale Materials Handling, Inc. | 117 | 4,479 | |
IES Holdings, Inc.* | 101 | 4,246 | |
Turtle Beach Corp.* | 178 | 4,231 | |
PureCycle Technologies, Inc.* | 607 | 4,225 | |
Astronics Corp.* | 285 | 4,192 | |
Teekay Tankers Ltd. — Class A* | 279 | 3,987 | |
Greif, Inc. — Class B | 69 | 3,927 | |
View, Inc.* | 1,586 | 3,838 | |
908 Devices, Inc.* | 212 | 3,526 | |
Tredegar Corp. | 306 | 3,522 | |
Akoustis Technologies, Inc.* | 555 | 3,496 | |
Infrastructure and Energy Alternatives, Inc.* | 321 | 3,492 | |
Fluidigm Corp.* | 890 | 3,275 | |
Aris Water Solution, Inc. — Class A | 221 | 3,229 | |
Northwest Pipe Co.* | 113 | 3,220 | |
NVE Corp. | 56 | 3,203 | |
Covenant Logistics Group, Inc. — Class A | 141 | 3,174 | |
Radiant Logistics, Inc.* | 459 | 3,167 | |
Caesarstone Ltd. | 264 | 3,165 | |
Park Aerospace Corp. | 228 | 3,162 | |
Safe Bulkers, Inc.* | 727 | 3,039 | |
Olympic Steel, Inc. | 110 | 2,945 | |
PAM Transportation Services, Inc.* | 42 | 2,834 | |
American Superconductor Corp.* | 323 | 2,742 | |
Teekay Corp.* | 812 | 2,736 | |
Pure Cycle Corp.* | 225 | 2,666 | |
American Outdoor Brands, Inc.* | 165 | 2,579 | |
Eastman Kodak Co.* | 524 | 2,500 | |
Luna Innovations, Inc.* | 361 | 2,466 | |
Kopin Corp.* | 907 | 2,394 | |
Lawson Products, Inc.* | 56 | 2,381 | |
Sight Sciences, Inc.* | 130 | 2,263 | |
Concrete Pumping Holdings, Inc.* | 302 | 2,247 | |
Powell Industries, Inc. | 106 | 2,241 | |
Byrna Technologies, Inc.* | 215 | 2,152 | |
CECO Environmental Corp.* | 364 | 1,958 | |
Atlas Technical Consultants, Inc.* | 164 | 1,883 | |
INNOVATE Corp.* | 553 | 1,841 | |
Universal Logistics Holdings, Inc. | 89 | 1,703 | |
AerSale Corp.* | 108 | 1,691 | |
Iteris, Inc.* | 495 | 1,629 | |
Cadre Holdings, Inc. | 72 | 1,585 | |
Park-Ohio Holdings Corp. | 99 | 1,573 | |
US Xpress Enterprises, Inc. — Class A* | 314 | 1,426 | |
Sharps Compliance Corp.* | 211 | 1,300 | |
Willis Lease Finance Corp.* | 33 | 1,154 | |
Mayville Engineering Company, Inc.* | 105 | 1,086 | |
AgEagle Aerial Systems, Inc.* | 793 | 928 | |
Karat Packaging, Inc.* | 54 | 878 | |
NL Industries, Inc. | 98 | 625 | |
Total Industrial | 23,664,861 | ||
Communications - 2.0% | |||
Expedia Group, Inc.*,2 | 3,182 | 624,022 | |
Etsy, Inc.*,2 | 3,956 | 612,745 | |
Arista Networks, Inc.*,2 | 4,521 | 554,862 | |
Twitter, Inc.*,2 | 15,260 | 542,493 | |
Match Group, Inc.*,2 | 4,865 | 542,399 | |
CDW Corp.2 | 2,946 | 508,067 | |
Meta Platforms, Inc. — Class A*,2 | 2,178 | 459,623 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Shares | Value | ||
COMMON STOCKS† - 33.4% (continued) | |||
Communications - 2.0% (continued) |
NortonLifeLock, Inc.2 | 11,356 | $ 329,097 | |
Omnicom Group, Inc.2 | 3,895 | 326,751 | |
Corning, Inc.2 | 7,343 | 296,657 | |
T-Mobile US, Inc.*,2 | 2,406 | 296,443 | |
Verizon Communications, Inc.2 | 5,503 | 295,346 | |
AT&T, Inc.2 | 12,092 | 286,459 | |
DISH Network Corp. — Class A*,2 | 8,596 | 274,728 | |
Juniper Networks, Inc.2 | 8,123 | 274,476 | |
Interpublic Group of Companies, Inc.2 | 7,456 | 274,381 | |
Charter Communications, Inc. — Class A*,2 | 452 | 272,005 | |
Paramount Global — Class B2 | 8,846 | 270,776 | |
Walt Disney Co.*,2 | 1,808 | 268,416 | |
Booking Holdings, Inc.*,2 | 123 | 267,187 | |
Comcast Corp. — Class A2 | 5,700 | 266,532 | |
Cisco Systems, Inc.2 | 4,661 | 259,944 | |
Amazon.com, Inc.*,2 | 80 | 245,701 | |
F5, Inc.*,2 | 1,204 | 241,823 | |
VeriSign, Inc.*,2 | 1,129 | 241,290 | |
FactSet Research Systems, Inc.2 | 593 | 240,811 | |
Lumen Technologies, Inc.2 | 22,768 | 235,876 | |
Motorola Solutions, Inc.2 | 1,042 | 229,688 | |
eBay, Inc.2 | 4,129 | 225,402 | |
Fox Corp. — Class A2 | 5,258 | 219,942 | |
Discovery, Inc. — Class C*,2 | 7,803 | 218,250 | |
News Corp. — Class A2 | 9,665 | 215,723 | |
Netflix, Inc.*,2 | 451 | 177,929 | |
Alphabet, Inc. — Class A*,2 | 48 | 129,655 | |
Discovery, Inc. — Class A*,2 | 4,344 | 121,849 | |
Alphabet, Inc. — Class C*,2 | 45 | 121,402 | |
Fox Corp. — Class B2 | 2,411 | 92,245 | |
News Corp. — Class B2 | 3,009 | 67,492 | |
TEGNA, Inc. | 2,522 | 57,804 | |
Vonage Holdings Corp.* | 2,755 | 55,982 | |
Mimecast Ltd.* | 694 | 55,194 | |
Cargurus, Inc.* | 1,103 | 53,440 | |
Iridium Communications, Inc.* | 1,347 | 53,328 | |
Viavi Solutions, Inc.* | 2,722 | 44,641 | |
Q2 Holdings, Inc.* | 623 | 40,526 | |
Perficient, Inc.* | 371 | 37,805 | |
Calix, Inc.* | 629 | 34,180 | |
Upwork, Inc.* | 1,345 | 34,002 | |
Cogent Communications Holdings, Inc. | 498 | 31,573 | |
Houghton Mifflin Harcourt Co.* | 1,486 | 31,132 | |
Overstock.com, Inc.* | 502 | 28,564 | |
Yelp, Inc. — Class A* | 836 | 28,332 | |
iHeartMedia, Inc. — Class A* | 1,309 | 28,078 | |
Maxar Technologies, Inc. | 838 | 27,185 | |
Open Lending Corp. — Class A* | 1,218 | 25,371 | |
Shutterstock, Inc. | 273 | 24,715 | |
Gray Television, Inc. | 999 | 23,407 | |
TechTarget, Inc.* | 298 | 23,357 | |
InterDigital, Inc. | 362 | 23,320 | |
Magnite, Inc.* | 1,517 | 22,118 | |
Telephone & Data Systems, Inc. | 1,181 | 20,490 | |
Revolve Group, Inc.* | 420 | 19,921 | |
Infinera Corp.* | 2,116 | 19,531 | |
Liberty Latin America Ltd. — Class C* | 1,806 | 18,222 | |
Extreme Networks, Inc.* | 1,444 | 16,592 | |
Sinclair Broadcast Group, Inc. — Class A | 537 | 16,110 | |
Clear Channel Outdoor Holdings, Inc.* | 4,244 | 15,872 | |
EW Scripps Co. — Class A* | 670 | 14,914 | |
ePlus, Inc.* | 310 | 14,539 | |
AMC Networks, Inc. — Class A* | 340 | 14,093 | |
Plantronics, Inc.* | 493 | 13,888 | |
Eventbrite, Inc. — Class A* | 877 | 13,251 | |
Scholastic Corp. | 308 | 12,961 | |
Cars.com, Inc.* | 800 | 12,944 | |
Shenandoah Telecommunications Co. | 565 | 12,628 | |
Stitch Fix, Inc. — Class A* | 926 | 11,621 | |
ADTRAN, Inc. | 564 | 11,613 | |
EchoStar Corp. — Class A* | 462 | 11,245 | |
WideOpenWest, Inc.* | 613 | 10,415 | |
A10 Networks, Inc. | 702 | 9,996 | |
Gogo, Inc.* | 691 | 9,840 | |
Harmonic, Inc.* | 1,044 | 9,720 | |
NETGEAR, Inc.* | 352 | 9,367 | |
NeoPhotonics Corp.* | 599 | 9,171 | |
Clearfield, Inc.* | 133 | 8,527 | |
IDT Corp. — Class B* | 234 | 8,438 | |
Globalstar, Inc.* | 7,094 | 8,371 | |
RealReal, Inc.* | 919 | 8,188 | |
Gannett Company, Inc.* | 1,644 | 8,154 | |
Tucows, Inc. — Class A* | 114 | 7,659 | |
Anterix, Inc.* | 134 | 7,140 | |
Advantage Solutions, Inc.* | 893 | 7,028 | |
Quotient Technology, Inc.* | 1,039 | 6,899 | |
QuinStreet, Inc.* | 580 | 6,525 | |
Boston Omaha Corp. — Class A* | 232 | 6,494 | |
ChannelAdvisor Corp.* | 341 | 6,121 | |
Consolidated Communications Holdings, Inc.* | 852 | 6,066 | |
HealthStream, Inc.* | 295 | 6,045 | |
Groupon, Inc.* | 275 | 5,973 | |
Limelight Networks, Inc.* | 1,460 | 5,709 | |
Stagwell, Inc.* | 721 | 5,465 | |
Liquidity Services, Inc.* | 310 | 5,341 | |
United States Cellular Corp.* | 181 | 4,979 | |
Liberty Latin America Ltd. — Class A* | 489 | 4,914 | |
1-800-Flowers.com, Inc. — Class A* | 311 | 4,814 | |
CarParts.com, Inc.* | 571 | 4,779 | |
Entravision Communications Corp. — Class A | 703 | 4,499 | |
ATN International, Inc. | 130 | 4,333 | |
Audacy, Inc.* | 1,378 | 4,272 | |
Ooma, Inc.* | 254 | 4,247 | |
MediaAlpha, Inc. — Class A* | 248 | 3,561 | |
Aviat Networks, Inc.* | 124 | 3,509 | |
Cambium Networks Corp.* | 124 | 3,448 | |
EverQuote, Inc. — Class A* | 224 | 3,333 | |
Telesat Corp.* | 150 | 3,109 | |
CalAmp Corp.* | 408 | 2,880 | |
Lands' End, Inc.* | 168 | 2,849 | |
DZS, Inc.* | 196 | 2,840 | |
Thryv Holdings, Inc.* | 90 | 2,736 | |
Ribbon Communications, Inc.* | 822 | 2,499 | |
Couchbase, Inc.* | 113 | 2,381 | |
comScore, Inc.* | 818 | 2,143 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Shares | Value | ||
COMMON STOCKS† - 33.4% (continued) | |||
Communications - 2.0% (continued) |
National CineMedia, Inc. | 702 | $ 2,085 | |
Bright Health Group, Inc.* | 620 | 2,058 | |
Preformed Line Products Co. | 34 | 1,895 | |
Casa Systems, Inc.* | 367 | 1,527 | |
KVH Industries, Inc.* | 177 | 1,526 | |
Solo Brands, Inc. — Class A* | 133 | 1,404 | |
VirnetX Holding Corp.* | 741 | 1,349 | |
CuriosityStream, Inc.* | 304 | 1,113 | |
Hemisphere Media Group, Inc.* | 189 | 1,011 | |
1stdibs.com, Inc.* | 79 | 865 | |
aka Brands Holding Corp.* | 108 | 813 | |
Fluent, Inc.* | 507 | 720 | |
Lulu's Fashion Lounge Holdings, Inc.* | 66 | 658 | |
Value Line, Inc. | 11 | 649 | |
LiveOne, Inc.* | 681 | 583 | |
HyreCar, Inc.* | 205 | 558 | |
Digital Media Solutions, Inc. — Class A* | 38 | 130 | |
Total Communications | 12,456,697 | ||
Energy - 1.9% | |||
SolarEdge Technologies, Inc.*,2 | 2,663 | 850,615 | |
Devon Energy Corp.2 | 13,161 | 783,738 | |
APA Corp.2 | 21,874 | 779,371 | |
Occidental Petroleum Corp.2 | 17,362 | 759,240 | |
Marathon Oil Corp.2 | 32,306 | 728,823 | |
Diamondback Energy, Inc.2 | 5,042 | 696,300 | |
Enphase Energy, Inc.*,2 | 4,139 | 689,971 | |
Halliburton Co.2 | 11,541 | 386,970 | |
Pioneer Natural Resources Co.2 | 1,499 | 359,160 | |
ConocoPhillips2 | 3,758 | 356,484 | |
EOG Resources, Inc.2 | 3,080 | 353,954 | |
Hess Corp.2 | 3,489 | 352,598 | |
Schlumberger N.V.2 | 8,912 | 349,707 | |
Exxon Mobil Corp.2 | 4,383 | 343,715 | |
Marathon Petroleum Corp.2 | 4,336 | 337,644 | |
Chevron Corp.2 | 2,334 | 336,096 | |
Valero Energy Corp.2 | 3,898 | 325,522 | |
Williams Companies, Inc.2 | 10,367 | 324,280 | |
Phillips 662 | 3,808 | 320,786 | |
Baker Hughes Co.2 | 10,856 | 318,949 | |
Coterra Energy, Inc. — Class A2 | 13,208 | 308,143 | |
Kinder Morgan, Inc.2 | 17,090 | 297,366 | |
ONEOK, Inc.2 | 4,455 | 290,912 | |
Ovintiv, Inc. | 2,988 | 137,000 | |
Chesapeake Energy Corp. | 1,197 | 92,468 | |
PDC Energy, Inc. | 1,114 | 71,875 | |
Matador Resources Co. | 1,263 | 62,645 | |
Range Resources Corp.* | 2,726 | 62,562 | |
Murphy Oil Corp. | 1,671 | 57,934 | |
Southwestern Energy Co.* | 11,550 | 57,635 | |
ChampionX Corp. | 2,312 | 49,500 | |
SM Energy Co. | 1,368 | 48,578 | |
Helmerich & Payne, Inc. | 1,231 | 44,599 | |
Denbury, Inc.* | 575 | 41,780 | |
CNX Resources Corp.* | 2,399 | 39,200 | |
California Resources Corp. | 927 | 38,220 | |
Magnolia Oil & Gas Corp. — Class A | 1,639 | 36,632 | |
Renewable Energy Group, Inc.* | 523 | 32,164 | |
Patterson-UTI Energy, Inc. | 2,180 | 31,457 | |
Callon Petroleum Co.* | 540 | 30,434 | |
Oasis Petroleum, Inc. | 227 | 30,080 | |
Equitrans Midstream Corp. | 4,662 | 29,883 | |
Civitas Resources, Inc. | 503 | 25,386 | |
Kosmos Energy Ltd.* | 5,100 | 24,786 | |
Arch Resources, Inc. | 177 | 21,129 | |
Sunnova Energy International, Inc.* | 1,006 | 20,271 | |
Warrior Met Coal, Inc. | 602 | 18,963 | |
PBF Energy, Inc. — Class A* | 1,126 | 18,714 | |
Centennial Resource Development, Inc. — Class A* | 2,116 | 18,578 | |
Green Plains, Inc.* | 558 | 18,269 | |
Peabody Energy Corp.* | 1,012 | 17,548 | |
Oceaneering International, Inc.* | 1,164 | 17,041 | |
SunPower Corp. — Class A* | 935 | 16,765 | |
NexTier Oilfield Solutions, Inc.* | 2,021 | 16,087 | |
Tellurian, Inc.* | 4,212 | 16,048 | |
Northern Oil and Gas, Inc. | 612 | 15,349 | |
Liberty Oilfield Services, Inc. — Class A* | 1,062 | 13,254 | |
Delek US Holdings, Inc.* | 767 | 13,215 | |
Archrock, Inc. | 1,576 | 13,159 | |
ProPetro Holding Corp.* | 998 | 12,744 | |
US Silica Holdings, Inc.* | 858 | 12,407 | |
Stem, Inc.* | 1,296 | 12,338 | |
CONSOL Energy, Inc.* | 400 | 12,296 | |
NOW, Inc.* | 1,288 | 12,030 | |
Dril-Quip, Inc.* | 410 | 11,824 | |
Brigham Minerals, Inc. — Class A | 510 | 11,618 | |
Laredo Petroleum, Inc.* | 147 | 11,254 | |
Nabors Industries Ltd.* | 83 | 10,420 | |
MRC Global, Inc.* | 941 | 9,504 | |
Bristow Group, Inc.* | 276 | 9,147 | |
Comstock Resources, Inc.* | 1,070 | 8,881 | |
Expro Group Holdings N.V.* | 528 | 8,495 | |
Ranger Oil Corp. — Class A* | 241 | 8,136 | |
Gevo, Inc.* | 2,281 | 8,098 | |
Berry Corp. | 788 | 7,880 | |
SunCoke Energy, Inc. | 972 | 7,708 | |
Par Pacific Holdings, Inc.* | 523 | 7,113 | |
Tidewater, Inc.* | 480 | 7,109 | |
RPC, Inc.* | 789 | 6,919 | |
Helix Energy Solutions Group, Inc.* | 1,673 | 6,776 | |
Talos Energy, Inc.* | 431 | 6,771 | |
DMC Global, Inc.* | 217 | 6,380 | |
CVR Energy, Inc. | 346 | 6,017 | |
Select Energy Services, Inc. — Class A* | 721 | 5,970 | |
REX American Resources Corp.* | 62 | 5,856 | |
TPI Composites, Inc.* | 423 | 5,719 | |
W&T Offshore, Inc.* | 1,097 | 5,331 | |
Crescent Energy, Inc. — Class A* | 343 | 5,196 | |
Alto Ingredients, Inc.* | 836 | 4,874 | |
TETRA Technologies, Inc.* | 1,434 | 4,589 | |
Cleanspark, Inc.* | 390 | 4,134 | |
Aemetis, Inc.* | 316 | 4,051 | |
Newpark Resources, Inc.* | 1,055 | 3,977 | |
National Energy Services Reunited Corp.* | 444 | 3,956 | |
Solaris Oilfield Infrastructure, Inc. — Class A | 365 | 3,796 | |
Earthstone Energy, Inc. — Class A* | 288 | 3,744 | |
Oil States International, Inc.* | 708 | 3,703 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Shares | Value | ||
COMMON STOCKS† - 33.4% (continued) | |||
Energy - 1.9% (continued) |
FTS International, Inc. — Class A* | 104 | $ 2,753 | |
Falcon Minerals Corp. | 460 | 2,640 | |
Kinetik Holdings, Inc. — Class A | 38 | 2,584 | |
FutureFuel Corp. | 302 | 2,223 | |
Matrix Service Co.* | 304 | 2,110 | |
Beam Global* | 103 | 1,495 | |
Eos Energy Enterprises, Inc.* | 506 | 1,467 | |
HighPeak Energy, Inc. | 58 | 1,226 | |
Riley Exploration Permian, Inc. | 29 | 972 | |
Advent Technologies Holdings, Inc.* | 184 | 477 | |
Total Energy | 12,254,260 | ||
Utilities - 1.4% | |||
Atmos Energy Corp.2 | 2,885 | 316,802 | |
Sempra Energy2 | 2,178 | 314,111 | |
NiSource, Inc.2 | 10,651 | 308,133 | |
Exelon Corp.2 | 7,235 | 307,922 | |
American Electric Power Company, Inc.2 | 3,288 | 298,057 | |
Pinnacle West Capital Corp.2 | 4,167 | 295,149 | |
FirstEnergy Corp.2 | 6,971 | 291,736 | |
Dominion Energy, Inc.2 | 3,636 | 289,171 | |
DTE Energy Co.2 | 2,376 | 288,898 | |
Consolidated Edison, Inc.2 | 3,343 | 286,729 | |
CMS Energy Corp.2 | 4,417 | 282,732 | |
Public Service Enterprise Group, Inc.2 | 4,329 | 280,649 | |
Xcel Energy, Inc.2 | 4,152 | 279,554 | |
Southern Co.2 | 4,244 | 274,884 | |
Alliant Energy Corp.2 | 4,690 | 273,896 | |
Duke Energy Corp.2 | 2,721 | 273,216 | |
Ameren Corp.2 | 3,166 | 272,118 | |
CenterPoint Energy, Inc.2 | 9,909 | 271,011 | |
Entergy Corp.2 | 2,571 | 270,495 | |
NRG Energy, Inc.2 | 7,107 | 268,929 | |
WEC Energy Group, Inc.2 | 2,954 | 268,460 | |
Edison International2 | 4,118 | 261,164 | |
Evergy, Inc.2 | 4,126 | 257,504 | |
Eversource Energy2 | 3,143 | 257,097 | |
PPL Corp.2 | 9,613 | 251,572 | |
Constellation Energy Corp.2 | 5,434 | 249,855 | |
AES Corp.2 | 11,310 | 240,111 | |
NextEra Energy, Inc.2 | 3,059 | 239,428 | |
American Water Works Company, Inc.2 | 1,568 | 236,909 | |
Portland General Electric Co. | 1,026 | 52,090 | |
Black Hills Corp. | 737 | 51,583 | |
ONE Gas, Inc. | 601 | 49,937 | |
Brookfield Infrastructure Corp. — Class A | 704 | 49,590 | |
Southwest Gas Holdings, Inc. | 691 | 49,019 | |
New Jersey Resources Corp. | 1,102 | 48,069 | |
PNM Resources, Inc. | 976 | 44,086 | |
South Jersey Industries, Inc. | 1,204 | 40,852 | |
Spire, Inc. | 578 | 38,790 | |
ALLETE, Inc. | 599 | 37,701 | |
Ormat Technologies, Inc. | 517 | 36,888 | |
NorthWestern Corp. | 605 | 36,590 | |
Avista Corp. | 810 | 36,150 | |
American States Water Co. | 421 | 35,431 | |
California Water Service Group | 602 | 34,272 | |
Clearway Energy, Inc. — Class C | 959 | 32,031 | |
MGE Energy, Inc. | 426 | 30,680 | |
Otter Tail Corp. | 481 | 29,755 | |
Chesapeake Utilities Corp. | 201 | 26,723 | |
Ameresco, Inc. — Class A* | 361 | 23,194 | |
SJW Group | 323 | 21,066 | |
Middlesex Water Co. | 202 | 20,198 | |
Northwest Natural Holding Co. | 357 | 18,568 | |
Clearway Energy, Inc. — Class A | 407 | 12,450 | |
Unitil Corp. | 182 | 9,189 | |
York Water Co. | 152 | 6,820 | |
Artesian Resources Corp. — Class A | 95 | 4,416 | |
Global Water Resources, Inc. | 148 | 2,257 | |
Via Renewables, Inc. | 140 | 1,561 | |
FTC Solar, Inc.* | 222 | 1,046 | |
Total Utilities | 8,887,294 | ||
Basic Materials - 1.2% | |||
Mosaic Co.2 | 14,842 | 778,166 | |
Freeport-McMoRan, Inc.2 | 15,917 | 747,303 | |
Albemarle Corp.2 | 2,602 | 509,706 | |
CF Industries Holdings, Inc.2 | 4,515 | 366,573 | |
Newmont Corp.2 | 4,923 | 325,903 | |
Nucor Corp.2 | 2,439 | 321,021 | |
FMC Corp.2 | 2,553 | 299,339 | |
LyondellBasell Industries N.V. — Class A | 3,072 | 298,691 | |
Dow, Inc.2 | 5,051 | 297,807 | |
Eastman Chemical Co.2 | 2,354 | 278,878 | |
DuPont de Nemours, Inc.2 | 3,450 | 266,926 | |
International Paper Co.2 | 6,018 | 261,964 | |
International Flavors & Fragrances, Inc.2 | 1,877 | 249,641 | |
Linde plc | 827 | 242,509 | |
Celanese Corp. — Class A2 | 1,716 | 239,004 | |
PPG Industries, Inc.2 | 1,690 | 225,531 | |
Air Products and Chemicals, Inc.2 | 935 | 220,940 | |
Ecolab, Inc.2 | 1,190 | 209,749 | |
Sherwin-Williams Co.2 | 797 | 209,715 | |
Rogers Corp.* | 214 | 58,422 | |
Commercial Metals Co. | 1,369 | 52,775 | |
Balchem Corp. | 368 | 50,909 | |
Cabot Corp. | 656 | 47,993 | |
Livent Corp.* | 1,848 | 43,520 | |
HB Fuller Co. | 595 | 40,680 | |
Sensient Technologies Corp. | 483 | 39,669 | |
MP Materials Corp.* | 862 | 39,324 | |
Allegheny Technologies, Inc.* | 1,489 | 38,327 | |
Arconic Corp.* | 1,222 | 37,515 | |
Hecla Mining Co. | 6,212 | 35,781 | |
Ingevity Corp.* | 464 | 31,659 | |
Quaker Chemical Corp. | 154 | 28,584 | |
Constellium SE* | 1,435 | 27,882 | |
Innospec, Inc. | 287 | 27,409 | |
Tronox Holdings plc — Class A | 1,339 | 27,182 | |
Minerals Technologies, Inc. | 379 | 26,526 | |
Stepan Co. | 252 | 26,112 | |
Trinseo plc | 455 | 23,642 | |
Compass Minerals International, Inc. | 400 | 23,448 | |
Carpenter Technology Corp. | 557 | 21,383 | |
Ferro Corp.* | 960 | 20,861 | |
Novagold Resources, Inc.* | 2,772 | 19,349 | |
GCP Applied Technologies, Inc.* | 575 | 18,159 | |
Kaiser Aluminum Corp. | 185 | 17,852 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Shares | Value | ||
COMMON STOCKS† - 33.4% (continued) | |||
Basic Materials - 1.2% (continued) |
Kraton Corp.* | 367 | $ 16,937 | |
Schnitzer Steel Industries, Inc. — Class A | 303 | 14,741 | |
Energy Fuels, Inc.* | 1,757 | 14,355 | |
Century Aluminum Co.* | 600 | 14,172 | |
Codexis, Inc.* | 703 | 14,011 | |
Coeur Mining, Inc.* | 2,990 | 12,857 | |
AdvanSix, Inc. | 319 | 12,779 | |
Uranium Energy Corp.* | 2,912 | 11,619 | |
Schweitzer-Mauduit International, Inc. | 366 | 11,426 | |
Orion Engineered Carbons S.A. | 708 | 11,002 | |
Hawkins, Inc. | 225 | 10,184 | |
Amyris, Inc.* | 2,010 | 9,166 | |
Verso Corp. — Class A | 315 | 8,351 | |
Neenah, Inc. | 197 | 7,673 | |
Glatfelter Corp. | 512 | 7,035 | |
Koppers Holdings, Inc. | 243 | 6,957 | |
Intrepid Potash, Inc.* | 116 | 6,599 | |
Ecovyst, Inc. | 600 | 6,558 | |
Clearwater Paper Corp.* | 193 | 5,564 | |
American Vanguard Corp. | 343 | 5,169 | |
Rayonier Advanced Materials, Inc.* | 722 | 4,238 | |
Danimer Scientific, Inc.* | 1,029 | 4,095 | |
Kronos Worldwide, Inc. | 260 | 3,830 | |
Zymergen, Inc.* | 911 | 3,489 | |
Ur-Energy, Inc.* | 2,114 | 3,129 | |
Unifi, Inc.* | 159 | 2,984 | |
United States Lime & Minerals, Inc. | 24 | 2,821 | |
Oil-Dri Corporation of America | 61 | 1,884 | |
Gatos Silver, Inc.* | 542 | 1,827 | |
Perpetua Resources Corp.* | 369 | 1,328 | |
PolyMet Mining Corp.* | 337 | 917 | |
Marrone Bio Innovations, Inc.* | 1,171 | 807 | |
Valhi, Inc. | 28 | 713 | |
Total Basic Materials | 7,413,546 | ||
Government - 0.0% | |||
Banco Latinoamericano de Comercio Exterior S.A. — Class E | 362 | 5,593 | |
Total Common Stocks |
|||
(Cost $222,275,345) | 210,704,414 | ||
PREFERRED STOCKS†† - 6.1% | |||
Financial - 5.6% | |||
Markel Corp. | |||
6.00%* | 5,000,000 | 5,283,450 | |
Wells Fargo & Co. | |||
4.38% | 139,386 | 3,052,553 | |
4.75% | 61,250 | 1,399,563 | |
3.90%* | 400,000 | 385,000 | |
Citigroup, Inc. | |||
4.15%* | 5,000,000 | 4,768,750 | |
Goldman Sachs Group, Inc. | |||
3.80%* | 5,000,000 | 4,737,500 | |
Bank of New York Mellon Corp. | |||
3.75%* | 5,000,000 | 4,651,700 | |
First Republic Bank | |||
4.50% | 200,000 | 4,382,000 | |
Bank of America Corp. | |||
4.38% | 131,500 | 2,910,095 | |
Selective Insurance Group, Inc. | |||
4.60% | 85,536 | 1,900,610 | |
Public Storage | |||
4.10%* | 58,000 | 1,230,760 | |
RenaissanceRe Holdings Ltd. | |||
4.20% | 38,000 | 815,100 | |
Total Financial | 35,517,081 | ||
Government - 0.5% | |||
CoBank ACB | |||
4.25%* | 3,000,000 | 2,891,250 | |
Total Preferred Stocks | |||
(Cost $41,302,037) | 38,408,331 | ||
EXCHANGE-TRADED FUNDS† - 13.2% | |||
iShares Russell 2000 Index ETF2 | 102,711 | 20,883,201 | |
Invesco QQQ Trust Series2 | 60,068 | 20,831,582 | |
SPDR S&P 500 ETF Trust2 | 47,005 | 20,523,793 | |
SPDR Gold Shares — Class D* | 42,000 | 7,491,960 | |
iShares Silver Trust* | 320,800 | 7,256,496 | |
VanEck Gold Miners ETF | 162,400 | 5,583,312 | |
iShares Preferred & Income Securities ETF | 20,485 | 745,654 | |
Total Exchange-Traded Funds | |||
(Cost $89,419,595) | 83,315,998 | ||
MUTUAL FUNDS† - 1.0% | |||
Guggenheim Risk Managed Real Estate Fund — Institutional Class4 | 175,662 | 6,548,697 | |
Total Mutual Funds | |||
(Cost $6,865,172) | 6,548,697 | ||
CLOSED-END FUNDS† - 2.0% | |||
Western Asset High Income Opportunity Fund, Inc. | 688,153 | 3,193,030 | |
Eaton Vance Limited Duration Income Fund | 266,166 | 3,119,465 | |
BlackRock Credit Allocation Income Trust | 236,855 | 3,050,692 | |
BlackRock Debt Strategies Fund, Inc. | 169,978 | 1,801,767 | |
Blackstone Strategic Credit Fund | 67,557 | 893,104 | |
Ares Dynamic Credit Allocation Fund, Inc. | 51,307 | 754,726 | |
Total Closed-End Funds | |||
(Cost $14,268,712) | 12,812,784 | ||
MONEY MARKET FUND† - 1.0% | |||
Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 0.01%5 | 3,965,035 | 3,965,035 | |
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 0.01%5 | 2,526,020 | 2,526,020 | |
Total Money Market Fund | |||
(Cost $6,491,055) | 6,491,055 |
Face Amount~ |
|||
CORPORATE BONDS†† - 45.4% | |||
Consumer, Non-cyclical - 8.8% | |||
DaVita, Inc. | |||
4.63% due 06/01/302,6 | 5,200,000 | 4,985,500 | |
Sotheby's/Bidfair Holdings, Inc. | |||
5.88% due 06/01/292,6 | 4,400,000 | 4,356,000 | |
Sabre GLBL, Inc. | |||
7.38% due 09/01/252,6 | 4,000,000 | 4,145,820 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Face Amount~ |
Value | ||
CORPORATE BONDS†† - 45.4% (continued) | |||
Consumer, Non-cyclical - 8.8% (continued) |
US Foods, Inc. | |||
4.63% due 06/01/302,6 | 4,250,000 | $ 4,132,615 | |
FAGE International S.A. / FAGE USA Dairy Industry, Inc. | |||
5.63% due 08/15/262,6 | 3,242,000 | 3,282,525 | |
BCP V Modular Services Finance II plc | |||
4.75% due 11/30/28 | EUR 3,000,000 | 3,194,504 | |
Bausch Health Companies, Inc. | |||
4.88% due 06/01/282,6 | 3,300,000 | 3,169,881 | |
ADT Security Corp. | |||
4.88% due 07/15/322,6 | 3,300,000 | 3,077,250 | |
Rent-A-Center, Inc. | |||
6.38% due 02/15/292,6 | 3,112,000 | 2,979,740 | |
Carriage Services, Inc. | |||
4.25% due 05/15/292,6 | 3,150,000 | 2,972,655 | |
CPI CG, Inc. | |||
8.63% due 03/15/262,6 | 3,000,000 | 2,852,820 | |
Nielsen Finance LLC / Nielsen Finance Co. | |||
4.75% due 07/15/312,6 | 3,200,000 | 2,848,000 | |
Cheplapharm Arzneimittel GmbH | |||
5.50% due 01/15/282,6 | 2,675,000 | 2,673,288 | |
TreeHouse Foods, Inc. | |||
4.00% due 09/01/282 | 2,000,000 | 1,825,000 | |
Post Holdings, Inc. | |||
5.50% due 12/15/292,6 | 1,700,000 | 1,714,254 | |
Endo Dac / Endo Finance LLC / Endo Finco, Inc. | |||
9.50% due 07/31/276 | 1,750,000 | 1,706,250 | |
Mozart Debt Merger Sub, Inc. | |||
5.25% due 10/01/296 | 1,750,000 | 1,671,250 | |
Castor S.p.A. | |||
5.25% (3 Month EURIBOR + 5.25%, Rate Floor: 5.25%) due 02/15/29◊,6 | EUR 1,400,000 | 1,558,609 | |
WW International, Inc. | |||
4.50% due 04/15/292,6 | 1,750,000 | 1,469,387 | |
Legends Hospitality Holding Company LLC / Legends Hospitality Co-Issuer, Inc. | |||
5.00% due 02/01/266 | 1,075,000 | 1,053,500 | |
HealthEquity, Inc. | |||
4.50% due 10/01/296 | 75,000 | 71,389 | |
Total Consumer, Non-cyclical | 55,740,237 | ||
Financial - 8.7% | |||
Liberty Mutual Group, Inc. | |||
4.30% due 02/01/612,6 | 5,250,000 | 4,318,125 | |
United Wholesale Mortgage LLC | |||
5.50% due 04/15/292,6 | 4,300,000 | 3,934,500 | |
Jefferies Finance LLC / JFIN Company-Issuer Corp. | |||
5.00% due 08/15/282,6 | 3,810,000 | 3,667,125 | |
Kennedy-Wilson, Inc. | |||
5.00% due 03/01/312 | 3,500,000 | 3,396,138 | |
FS KKR Capital Corp. | |||
3.25% due 07/15/272 | 3,300,000 | 3,170,244 | |
GLP Capital Limited Partnership / GLP Financing II, Inc. | |||
3.25% due 01/15/322 | 3,250,000 | 3,050,629 | |
NFP Corp. | |||
6.88% due 08/15/282,6 | 3,250,000 | 3,021,687 | |
OneMain Finance Corp. | |||
4.00% due 09/15/302 | 3,300,000 | 3,009,749 | |
Iron Mountain, Inc. | |||
5.25% due 07/15/302,6 | 2,940,000 | 2,917,171 | |
AmWINS Group, Inc. | |||
4.88% due 06/30/292,6 | 2,320,000 | 2,209,800 | |
Atlantic Marine Corporations Communities LLC | |||
5.38% due 02/15/48 | 2,110,756 | 2,008,299 | |
Hunt Companies, Inc. | |||
5.25% due 04/15/296 | 1,850,000 | 1,770,797 | |
Home Point Capital, Inc. | |||
5.00% due 02/01/266 | 2,100,000 | 1,732,500 | |
HUB International Ltd. | |||
5.63% due 12/01/296 | 1,750,000 | 1,662,500 | |
Starwood Property Trust, Inc. | |||
4.38% due 01/15/276 | 1,700,000 | 1,649,915 | |
Sherwood Financing plc | |||
4.50% due 11/15/26 | EUR 1,500,000 | 1,605,698 | |
Bank of America Corp. | |||
4.38%3,7 | 1,650,000 | 1,590,105 | |
Prudential Financial, Inc. | |||
5.13% due 03/01/523 | 1,550,000 | 1,571,312 | |
Iron Mountain Information Management Services, Inc. | |||
5.00% due 07/15/326 | 1,600,000 | 1,520,000 | |
Swiss Re Finance Luxembourg S.A. | |||
5.00% due 04/02/493,6 | 1,400,000 | 1,482,306 | |
Ares Finance Company IV LLC | |||
3.65% due 02/01/526 | 1,650,000 | 1,437,049 | |
KKR Group Finance Company X LLC | |||
3.25% due 12/15/512,6 | 1,600,000 | 1,400,968 | |
USI, Inc. | |||
6.88% due 05/01/256 | 1,300,000 | 1,305,473 | |
PHM Group Holding Oy | |||
4.75% due 06/18/266 | EUR 1,000,000 | 1,111,834 | |
Ryan Specialty Group LLC | |||
4.38% due 02/01/306 | 450,000 | 432,923 | |
Total Financial | 54,976,847 | ||
Communications - 7.7% | |||
Altice France S.A. | |||
5.13% due 01/15/292,6 | 5,260,000 | 4,773,450 | |
5.13% due 07/15/292,6 | 2,000,000 | 1,810,000 | |
CCO Holdings LLC / CCO Holdings Capital Corp. | |||
4.50% due 06/01/332,6 | 6,500,000 | 6,093,750 | |
Level 3 Financing, Inc. | |||
3.75% due 07/15/292,6 | 6,100,000 | 5,440,712 | |
British Telecommunications plc | |||
4.88% due 11/23/813,6 | 5,000,000 | 4,800,000 | |
Vodafone Group plc | |||
5.13% due 06/04/813 | 4,750,000 | 4,239,375 | |
Ziggo Bond Company BV | |||
5.13% due 02/28/302,6 | 4,361,000 | 4,066,632 | |
McGraw-Hill Education, Inc. | |||
5.75% due 08/01/282,6 | 1,800,000 | 1,708,470 | |
8.00% due 08/01/296 | 1,700,000 | 1,556,418 | |
Zayo Group Holdings, Inc. | |||
4.00% due 03/01/272,6 | 3,250,000 | 3,089,775 | |
Vmed O2 UK Financing I plc | |||
4.25% due 01/31/312,6 | 3,250,000 | 2,990,000 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Face Amount~ |
Value | ||
CORPORATE BONDS†† - 45.4% (continued) | |||
Communications - 7.7% (continued) |
LCPR Senior Secured Financing DAC | |||
6.75% due 10/15/276 | 1,750,000 | $ 1,808,144 | |
5.13% due 07/15/296 | 445,000 | 427,645 | |
Cengage Learning, Inc. | |||
9.50% due 06/15/246 | 1,600,000 | 1,602,736 | |
Rogers Communications, Inc. | |||
5.25% due 03/15/823,6 | 1,600,000 | 1,602,129 | |
Ciena Corp. | |||
4.00% due 01/31/306 | 850,000 | 837,097 | |
UPC Broadband Finco BV | |||
4.88% due 07/15/316 | 750,000 | 716,250 | |
VZ Secured Financing BV | |||
5.00% due 01/15/326 | 500,000 | 473,750 | |
CSC Holdings LLC | |||
4.50% due 11/15/316 | 300,000 | 273,000 | |
Total Communications | 48,309,333 | ||
Consumer, Cyclical - 4.6% | |||
1011778 BC ULC / New Red Finance, Inc. | |||
4.00% due 10/15/302,6 | 4,500,000 | 4,156,875 | |
Station Casinos LLC | |||
4.63% due 12/01/312,6 | 3,250,000 | 3,063,125 | |
Penn National Gaming, Inc. | |||
4.13% due 07/01/292,6 | 3,250,000 | 3,006,250 | |
Ritchie Bros Holdings, Inc. | |||
4.75% due 12/15/316 | 2,185,000 | 2,170,973 | |
Air Canada | |||
4.63% due 08/15/296 | CAD 2,750,000 | 2,118,414 | |
Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp. | |||
5.00% due 06/01/312,6 | 2,200,000 | 2,090,000 | |
Aramark Services, Inc. | |||
5.00% due 02/01/282,6 | 2,000,000 | 2,003,570 | |
Scientific Games Holdings Limited Partnership/Scientific Games US FinCo, Inc. | |||
6.63% due 03/01/306 | 1,600,000 | 1,589,168 | |
Steelcase, Inc. | |||
5.13% due 01/18/292 | 1,450,000 | 1,582,802 | |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Company, Inc. | |||
4.63% due 01/15/296 | 1,650,000 | 1,579,875 | |
Boyne USA, Inc. | |||
4.75% due 05/15/296 | 1,600,000 | 1,572,000 | |
Deuce FinCo plc | |||
5.50% due 06/15/27 | GBP 1,200,000 | 1,543,156 | |
Wabash National Corp. | |||
4.50% due 10/15/286 | 1,500,000 | 1,422,675 | |
Ritchie Bros Holdings Ltd. | |||
4.95% due 12/15/296 | CAD 1,500,000 | 1,159,937 | |
Wolverine World Wide, Inc. | |||
4.00% due 08/15/296 | 200,000 | 184,500 | |
Total Consumer, Cyclical | 29,243,320 | ||
Energy - 4.3% | |||
NuStar Logistics, LP | |||
6.38% due 10/01/302 | 6,000,000 | 6,078,480 | |
Occidental Petroleum Corp. | |||
7.95% due 06/15/392 | 3,190,000 | 4,019,400 | |
ITT Holdings LLC | |||
6.50% due 08/01/292,6 | 3,750,000 | 3,515,625 | |
Valero Energy Corp. | |||
4.00% due 06/01/522 | 3,350,000 | 3,196,180 | |
CVR Energy, Inc. | |||
5.75% due 02/15/282,6 | 3,300,000 | 3,110,250 | |
Global Partners Limited Partnership / GLP Finance Corp. | |||
7.00% due 08/01/272 | 2,400,000 | 2,418,000 | |
6.88% due 01/15/29 | 675,000 | 685,267 | |
TransMontaigne Partners Limited Partnership / TLP Finance Corp. | |||
6.13% due 02/15/26 | 1,750,000 | 1,697,500 | |
PDC Energy, Inc. | |||
5.75% due 05/15/26 | 1,252,000 | 1,270,780 | |
BP Capital Markets plc | |||
4.88%3,7 | 500,000 | 495,550 | |
Crestwood Midstream Partners Limited Partnership / Crestwood Midstream Finance Corp. | |||
5.75% due 04/01/25 | 150,000 | 150,937 | |
5.63% due 05/01/276 | 125,000 | 124,063 | |
Total Energy | 26,762,032 | ||
Industrial - 3.8% | |||
Standard Industries, Inc. | |||
4.38% due 07/15/302,6 | 2,400,000 | 2,272,272 | |
3.38% due 01/15/316 | 1,000,000 | 885,000 | |
GrafTech Finance, Inc. | |||
4.63% due 12/15/286 | 3,200,000 | 3,109,600 | |
PGT Innovations, Inc. | |||
4.38% due 10/01/292,6 | 3,295,000 | 3,096,707 | |
TK Elevator US Newco, Inc. | |||
5.25% due 07/15/272,6 | 2,630,000 | 2,603,700 | |
Harsco Corp. | |||
5.75% due 07/31/272,6 | 2,625,000 | 2,585,625 | |
MIWD Holdco II LLC / MIWD Finance Corp. | |||
5.50% due 02/01/302,6 | 2,600,000 | 2,478,996 | |
Pactiv Evergreen Group Issuer Incorporated/Pactiv Evergreen Group Issuer LLC/Reynolds Gro | |||
4.00% due 10/15/272,6 | 2,150,000 | 1,993,749 | |
New Enterprise Stone & Lime Company, Inc. | |||
9.75% due 07/15/286 | 1,500,000 | 1,548,750 | |
5.25% due 07/15/286 | 450,000 | 437,625 | |
Cleaver-Brooks, Inc. | |||
7.88% due 03/01/236 | 1,777,000 | 1,708,994 | |
Mauser Packaging Solutions Holding Co. | |||
5.50% due 04/15/246 | 800,000 | 796,000 | |
Waste Pro USA, Inc. | |||
5.50% due 02/15/266 | 100,000 | 94,300 | |
Total Industrial | 23,611,318 | ||
Basic Materials - 3.3% | |||
EverArc Escrow SARL | |||
5.00% due 10/30/292,6 | 4,250,000 | 3,931,250 | |
Kaiser Aluminum Corp. | |||
4.50% due 06/01/312,6 | 4,350,000 | 3,917,697 | |
Diamond BC BV | |||
4.63% due 10/01/292,6 | 3,250,000 | 2,958,182 | |
Ingevity Corp. | |||
3.88% due 11/01/282,6 | 2,900,000 | 2,733,105 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Face Amount~ |
Value | ||
CORPORATE BONDS†† - 45.4% (continued) | |||
Basic Materials - 3.3% (continued) |
Compass Minerals International, Inc. | |||
6.75% due 12/01/272,6 | 1,943,000 | $ 2,017,517 | |
Illuminate Buyer LLC / Illuminate Holdings IV, Inc. | |||
9.00% due 07/01/286 | 1,850,000 | 1,957,189 | |
Clearwater Paper Corp. | |||
4.75% due 08/15/286 | 1,609,000 | 1,512,460 | |
Anglo American Capital plc | |||
5.63% due 04/01/306 | 1,050,000 | 1,185,794 | |
Valvoline, Inc. | |||
4.25% due 02/15/306 | 400,000 | 378,782 | |
Carpenter Technology Corp. | |||
6.38% due 07/15/28 | 200,000 | 201,750 | |
Total Basic Materials | 20,793,726 | ||
Utilities - 2.2% | |||
Midcap Funding XLVI Trust | |||
3.61% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.61%) due 11/22/23◊,††† | 13,000,000 | 13,003,510 | |
Terraform Global Operating LLC | |||
6.13% due 03/01/266 | 1,150,000 | 1,147,125 | |
Total Utilities | 14,150,635 | ||
Technology - 2.0% | |||
Dun & Bradstreet Corp. | |||
5.00% due 12/15/292,6 | 3,300,000 | 3,168,000 | |
NCR Corp. | |||
5.25% due 10/01/302,6 | 3,250,000 | 3,149,640 | |
Minerva Merger Sub, Inc. | |||
6.50% due 02/15/306 | 3,200,000 | 3,080,704 | |
CDW LLC / CDW Finance Corp. | |||
3.57% due 12/01/312 | 1,900,000 | 1,845,660 | |
Boxer Parent Company, Inc. | |||
7.13% due 10/02/256 | 1,000,000 | 1,035,000 | |
Total Technology | 12,279,004 | ||
Total Corporate Bonds | |||
(Cost $297,846,934) | 285,866,452 | ||
SENIOR FLOATING RATE INTERESTS††,◊ - 26.5% | |||
Consumer, Non-cyclical - 8.5% | |||
Gibson Brands, Inc. | |||
5.75% (3 Month USD LIBOR + 5.00%, Rate Floor: 5.75%) due 08/11/28††† | 5,750,000 | 5,692,500 | |
LaserAway Intermediate Holdings II LLC | |||
6.50% (3 Month USD LIBOR + 5.75%, Rate Floor: 6.50%) due 10/14/27††† | 5,750,000 | 5,692,500 | |
Sierra Acquisition, Inc. | |||
5.00% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 11/11/24††† | 5,735,104 | 5,534,375 | |
National Mentor Holdings, Inc. | |||
4.50% ((1 Month USD LIBOR + 3.75%) and (3 Month USD LIBOR + 3.75%), Rate Floor: 4.50%) due 03/02/28 | 5,489,101 | 5,371,689 | |
Blue Ribbon LLC | |||
6.75% (3 Month USD LIBOR + 6.00%, Rate Floor: 6.75%) due 05/08/28 | 3,974,684 | 3,927,504 | |
Kronos Acquisition Holdings, Inc. | |||
7.00% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 12/22/26 | 3,300,000 | 3,279,375 | |
Sharp Midco LLC | |||
4.50% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.50%) due 12/31/28††† | 3,300,000 | 3,275,250 | |
Florida Food Products LLC | |||
5.75% (1 Month USD LIBOR + 5.00%, Rate Floor: 5.75%) due 10/18/28 | 3,250,000 | 3,168,750 | |
Women's Care Holdings, Inc. | |||
5.25% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.25%) due 01/17/28 | 2,992,481 | 2,977,519 | |
Triton Water Holdings, Inc. | |||
4.00% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 03/31/28 | 2,992,482 | 2,915,994 | |
Southern Veterinary Partners LLC | |||
5.00% (6 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 10/05/27 | 2,149,370 | 2,139,977 | |
PetIQ LLC | |||
4.75% (3 Month USD LIBOR + 4.25%, Rate Floor: 4.75%) due 04/13/28 | 1,946,867 | 1,932,266 | |
Zep, Inc. | |||
5.00% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 08/12/24 | 1,986,043 | 1,921,496 | |
Mission Veterinary Partners | |||
4.75% (6 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 04/27/28 | 1,695,750 | 1,683,032 | |
Pimente Investissement S.A.S. | |||
4.25% (2 Month EURIBOR + 4.25%, Rate Floor: 4.25%) due 12/01/28 | EUR 1,350,000 | 1,500,113 | |
HAH Group Holding Co. LLC | |||
6.00% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 10/29/27 | 1,495,811 | 1,485,999 | |
Grifols Worldwide Operations USA, Inc. | |||
2.21% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.11%) due 11/15/27 | 300,000 | 292,977 | |
Elanco Animal Health, Inc. | |||
1.86% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 08/02/27 | 294,901 | 288,083 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Face Amount~ |
Value | ||
SENIOR FLOATING RATE INTERESTS††,◊ - 26.5% (continued) | |||
Consumer, Non-cyclical - 8.5% (continued) |
Bombardier Recreational Products, Inc. | |||
2.21% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 05/24/27 | 274,300 | $ 269,157 | |
Total Consumer, Non-cyclical | 53,348,556 | ||
Consumer, Cyclical - 6.6% | |||
Pacific Bells, LLC | |||
5.00% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.00%) due 11/10/28 | 4,948,454 | 4,908,272 | |
Secretariat Advisors LLC | |||
5.50% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 12/29/28††† | 3,800,000 | 3,790,500 | |
First Brands Group LLC | |||
6.00% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 03/30/27 | 3,292,965 | 3,268,268 | |
BRE/Everbright M6 Borrower LLC | |||
5.75% (1 Month USD LIBOR + 5.00%, Rate Floor: 5.75%) due 09/09/26 | 2,992,500 | 2,980,021 | |
CCRR Parent, Inc. | |||
4.50% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 03/06/28 | 2,992,462 | 2,973,759 | |
Seren BidCo AB | |||
due 11/16/28††† | 3,000,000 | 2,973,750 | |
Arcis Golf LLC | |||
4.75% (3 Month USD LIBOR + 4.25%, Rate Floor: 4.75%) due 11/24/28 | 2,900,271 | 2,891,223 | |
NFM & J LLC | |||
6.75% (1 Month USD LIBOR + 5.75%, Rate Floor: 6.75%) due 11/23/27††† | 2,807,112 | 2,777,699 | |
Cordobes Holdco SL | |||
due 01/28/29 | EUR 2,400,000 | 2,673,597 | |
Breitling Financing SARL | |||
4.00% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 10/25/28 | EUR 2,000,000 | 2,220,976 | |
IBC Capital Ltd. | |||
3.97% (3 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 09/11/23 | 1,994,819 | 1,969,524 | |
SP PF Buyer LLC | |||
4.71% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 12/22/25 | 1,994,872 | 1,909,252 | |
FR Refuel LLC | |||
5.50% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 11/08/28††† | 1,766,667 | 1,749,000 | |
Fertitta Entertainment LLC | |||
4.50% (1 Month USD Term SOFR + 4.00%, Rate Floor: 4.50%) due 01/12/29 | 1,700,000 | 1,690,922 | |
Freshworld Holding IV GmbH | |||
3.75% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 10/02/26 | EUR 1,250,000 | 1,376,725 | |
WIRB - Copernicus Group, Inc. | |||
5.00% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 01/08/27 | 1,097,215 | 1,091,049 | |
Total Consumer, Cyclical | 41,244,537 | ||
Industrial - 6.5% | |||
Pelican Products, Inc. | |||
4.75% (3 Month USD LIBOR + 4.25%, Rate Floor: 4.75%) due 11/16/28 | 5,750,000 | 5,663,750 | |
American Bath Group LLC | |||
4.25% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.25%) due 11/23/27 | 5,735,931 | 5,622,245 | |
CapStone Acquisition Holdings, Inc. | |||
5.75% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 11/12/27 | 4,667,595 | 4,661,760 | |
Arcline FM Holdings LLC | |||
5.50% (6 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 06/23/28 | 4,488,750 | 4,457,912 | |
Protective Industrial Products, Inc. | |||
4.75% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 12/29/27 | 3,820,607 | 3,782,401 | |
Merlin Buyer, Inc. | |||
4.50% (1 Month USD Term SOFR + 4.00%, Rate Floor: 4.50%) due 12/10/28††† | 3,300,000 | 3,267,000 | |
ASP Dream Acquisiton Co. LLC | |||
5.15% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 12/09/28††† | 3,250,000 | 3,201,250 | |
Rinchem Company LLC | |||
due 02/04/29††† | 3,200,000 | 3,188,000 | |
Icebox Holdco III, Inc. | |||
4.25% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.25%) due 12/14/28 | 2,651,429 | 2,627,115 | |
TSG Solutions Holding | |||
due 02/01/29 | EUR 2,000,000 | 2,220,976 | |
Saverglass | |||
due 02/04/29 | EUR 1,500,000 | 1,674,145 | |
Armor Holdco, Inc. | |||
5.00% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.00%) due 12/11/28 | 400,000 | 397,668 | |
LTI Holdings, Inc. | |||
4.96% (1 Month USD LIBOR + 4.75%, Rate Floor: 4.75%) due 07/24/26††† | 250,000 | 248,750 | |
Dispatch Terra Acquisition LLC | |||
5.00% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 03/27/28 | 199,499 | 198,002 | |
Total Industrial | 41,210,974 | ||
Technology - 1.7% | |||
Misys Ltd. | |||
4.50% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/13/24 | 5,730,015 | 5,642,002 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Face Amount~ |
Value | ||
SENIOR FLOATING RATE INTERESTS††,◊ - 26.5% (continued) | |||
Technology - 1.7% (continued) |
VT TopCo, Inc. | |||
4.50% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 08/01/25††† | 2,716,596 | $ 2,699,617 | |
Precise Midco BV | |||
4.00% (2 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 05/13/26 | EUR 1,500,000 | 1,667,415 | |
Apttus Corp. | |||
5.00% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 05/08/28 | 398,997 | 396,671 | |
Total Technology | 10,405,705 | ||
Financial - 1.4% | |||
HighTower Holding LLC | |||
4.75% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 04/21/28 | 3,291,750 | 3,266,239 | |
Jones Deslauriers Insurance Management, Inc. | |||
8.24% (3 Month Canada Banker Acceptance + 7.50%, Rate Floor: 8.00%) due 03/26/29 | CAD 2,100,000 | 1,648,768 | |
5.00% (3 Month Canada Banker Acceptance + 4.25%, Rate Floor: 5.00%) due 03/27/28 | CAD 2,094,740 | 1,607,448 | |
Aretec Group, Inc. | |||
4.46% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 10/01/25 | 1,733,875 | 1,726,298 | |
Claros Mortgage Trust, Inc. | |||
5.00% (1 Month USD Term SOFR + 4.50%, Rate Floor: 5.00%) due 08/10/26 | 350,000 | 348,250 | |
Eisner Advisory Group | |||
6.00% (1 Month USD LIBOR + 5.25%, Rate Floor: 6.00%) due 07/28/28 | 199,500 | 198,502 | |
Teneo Holdings LLC | |||
due 07/11/25 | 200,000 | 197,950 | |
Total Financial | 8,993,455 | ||
Communications - 0.7% | |||
Cengage Learning Acquisitions, Inc. | |||
5.75% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 07/14/26 | 4,000,000 | 3,990,000 | |
McGraw Hill LLC | |||
5.25% ((1 Month USD LIBOR + 4.75%) and (3 Month USD LIBOR + 4.75%), Rate Floor: 5.25%) due 07/28/28 | 400,000 | 396,000 | |
Total Communications | 4,386,000 | ||
Utilities - 0.6% | |||
Hamilton Projects Acquiror LLC | |||
5.50% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 06/17/27 | 3,890,127 | 3,854,882 | |
Basic Materials - 0.5% | |||
NIC Acquisition Corp. | |||
4.50% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 12/29/27 | 3,491,206 | 3,369,014 | |
Total Senior Floating Rate Interests | |||
(Cost $168,021,866) | 166,813,123 | ||
ASSET-BACKED SECURITIES†† - 10.2% | |||
Collateralized Loan Obligations - 5.3% | |||
CIFC Funding Ltd. | |||
2021-4RA, 7.00% (3 Month USD LIBOR + 7.00%, Rate Floor: 7.00%) due 01/17/35◊,6 | 9,000,000 | 8,685,282 | |
Madison Park Funding LIII Ltd. | |||
2022-53A, due 04/21/356,10 | 7,500,000 | 7,564,275 | |
Boyce Park CLO Ltd. | |||
2022-1A, due 04/21/35†††,6,10 | 4,000,000 | 4,020,280 | |
ABPCI Direct Lending Fund IX LLC | |||
2021-9A, 2.77% (3 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 11/18/31◊,6 | 3,500,000 | 3,499,962 | |
Palmer Square Loan Funding Ltd. | |||
2022-1A, 5.48% (3 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 04/15/30◊,6 | 3,500,000 | 3,482,500 | |
ACRES Commercial Realty Ltd. | |||
2021-FL2, 3.22% (1 Month USD LIBOR + 3.10%, Rate Floor: 3.10%) due 01/15/37◊,6 | 3,250,000 | 3,231,535 | |
Neuberger Berman Loan Advisers CLO 47 Ltd. | |||
2022-47A, due 04/14/356,10 | 1,750,000 | 1,741,250 | |
Carlyle US CLO Ltd. | |||
2022-4A, 6.87% (3 Month Term SOFR + 6.60%, Rate Floor: 6.60%) due 04/15/35◊,6 | 1,000,000 | 1,001,260 | |
Total Collateralized Loan Obligations | 33,226,344 | ||
Transport-Aircraft - 2.3% | |||
JOL Air Ltd. | |||
2019-1, 3.97% due 04/15/446 | 3,940,125 | 3,847,943 | |
KDAC Aviation Finance Ltd. | |||
2017-1A, 4.21% due 12/15/426 | 3,865,621 | 3,384,628 | |
AASET Trust | |||
2019-1, 3.84% due 05/15/396 | 1,524,563 | 1,346,242 | |
2021-1A, 2.95% due 11/16/416 | 1,207,373 | 1,139,564 | |
2021-2A, 3.54% due 01/15/476 | 693,350 | 670,268 | |
Start Ltd. | |||
2018-1, 5.32% due 05/15/436 | 1,610,750 | 1,319,551 | |
2018-1, 4.09% due 05/15/436 | 873,986 | 848,823 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Face Amount~ |
Value | ||
ASSET-BACKED SECURITIES†† - 10.2% (continued) | |||
Transport-Aircraft - 2.3% (continued) |
GAIA Aviation Ltd. | |||
2019-1, 3.97% due 12/15/446,8 | 1,592,019 | $ 1,579,072 | |
START Ireland | |||
2019-1, 4.09% due 03/15/446 | 319,765 | 316,636 | |
Total Transport-Aircraft | 14,452,727 | ||
Infrastructure - 2.0% | |||
Hotwire Funding LLC | |||
2021-1, 4.46% due 11/20/516 | 7,700,000 | 7,349,756 | |
VB-S1 Issuer LLC - VBTEL | |||
2022-1A, 5.27% due 02/15/526 | 5,000,000 | 5,013,150 | |
Total Infrastructure | 12,362,906 | ||
Financial - 0.5% | |||
Thunderbird A | |||
due 03/01/3710 | 1,275,000 | 1,290,466 | |
Lightning A | |||
due 03/01/3710 | 1,275,000 | 1,290,466 | |
Thunderbird B | |||
due 03/01/3710 | 165,000 | 167,134 | |
Lightning B | |||
due 03/01/3710 | 165,000 | 167,133 | |
Total Financial | 2,915,199 | ||
Net Lease - 0.1% | |||
CARS-DB4, LP | |||
2020-1A, 4.52% due 02/15/506 | 1,000,000 | 1,005,202 | |
Total Asset-Backed Securities | |||
(Cost $64,598,933) | 63,962,378 | ||
U.S. TREASURY BILLS†† - 0.4% | |||
U.S. Treasury Bills | |||
0.19% due 04/19/229,11 | 2,500,000 | 2,499,494 | |
Total U.S. Treasury Bills | |||
(Cost $2,499,292) | 2,499,494 | ||
FOREIGN GOVERNMENT DEBT†† - 0.3% | |||
Panama Government International Bond | |||
4.50% due 01/19/63 | 1,700,000 | 1,616,122 | |
Total Foreign Government Debt | |||
(Cost $1,689,385) | 1,616,122 | ||
Total Investments - 139.5% | |||
(Cost $915,278,326) | $ 879,038,848 |
Contracts | |||
OTC OPTIONS WRITTEN†† - (1.0)% | |||
Call Options on: | |||
Morgan Stanley Capital Services LLC S&P 500 Index Expiring March 2022 with strike price of $4,255.00 (Notional Value $41,115,036) | 94 | (1,668,970) | |
Morgan Stanley Capital Services LLC NASDAQ-100 Index Expiring March 2022 with strike price of $13,625.00 (Notional Value $41,289,649) | 29 | (2,311,155) | |
Morgan Stanley Capital Services LLC Russell 2000 Index Expiring March 2022 with strike price of $1,960.00 (Notional Value $41,781,016) | 204 | (2,384,760) | |
Total OTC Options Written | |||
(Premiums received $3,599,215) | (6,364,885) | ||
Other Assets & Liabilities, net - (38.5)% | (242,544,319) | ||
Total Net Assets - 100.0% | $ 630,129,644 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Centrally Cleared Credit Default Swap Agreements Protection Sold†† |
Counterparty | Exchange | Index | Protection Premium Rate | Payment Frequency | Maturity Date | Notional Amount | Value | Upfront Premiums Paid | Unrealized Depreciation** |
J.P. Morgan Securities LLC | ICE | CDX.NA.HY.37.V1 | 5.00% | Quarterly | 12/20/26 | $30,000,000 | $1,677,000 | $2,333,103 | $(656,103) |
Forward Foreign Currency Exchange Contracts†† |
||||||
Counterparty | Currency | Type | Quantity | Contract Amount | Settlement Date | Unrealized Appreciation (Depreciation) |
Barclays Bank plc | EUR | Sell | 8,290,000 | 9,469,588 USD | 03/16/22 | $164,638 |
UBS AG | EUR | Sell | 2,595,000 | 2,939,747 USD | 03/16/22 | 27,041 |
UBS AG | GBP | Sell | 1,172,000 | 1,590,069 USD | 03/16/22 | 17,683 |
Citibank, N.A. | GBP | Sell | 49,000 | 66,771 USD | 03/16/22 | 1,031 |
Citibank, N.A. | CAD | Buy | 98,000 | 76,920 USD | 03/16/22 | 415 |
Barclays Bank plc | CAD | Buy | 70,000 | 55,150 USD | 03/16/22 | 89 |
Citibank, N.A. | GBP | Buy | 50,000 | 67,910 USD | 03/16/22 | (828) |
Goldman Sachs International | CAD | Sell | 8,473,000 | 6,681,566 USD | 03/16/22 | (4,757) |
$205,312 |
~ | 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 — 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 February 28, 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 connection with borrowings, options, reverse repurchase agreements and unfunded loan commitments. As of February 28, 2022, the total value of segregated securities was $319,491,087. |
3 | Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date. |
4 | Affiliated issuer. |
5 | Rate indicated is the 7-day yield as of February 28, 2022. |
6 | 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 $280,063,606 (cost $290,231,051), or 44.4% of total net assets. |
7 | Perpetual maturity. |
8 | Security is a step down bond with a 3.97% coupon rate until November 14, 2026. Future rate will be 2.00% commencing on November 15, 2026. |
9 | Rate indicated is the effective yield at the time of purchase. |
10 | Security is unsettled at period end and does not have a stated effective rate. |
11 | All or a portion of this security is pledged as credit default swap collateral at February 28, 2022. |
CAD — Canadian Dollar | |
CDX.NA.HY.37.V1 — Credit Default Swap North American High Yield Series 37 Index Version 1 | |
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 | |
See Sector Classification in Other Information section. | |
The following table summarizes the inputs used to value the Fund's investments at February 28, 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 | $ 210,704,414 | $ — | $ — | $ 210,704,414 | |
Preferred Stocks | — | 38,408,331 | — | 38,408,331 | |
Exchange-Traded Funds | 83,315,998 | — | — | 83,315,998 | |
Mutual Funds | 6,548,697 | — | — | 6,548,697 | |
Closed-End Funds | 12,812,784 | — | — | 12,812,784 | |
Money Market Funds | 6,491,055 | — | — | 6,491,055 | |
Corporate Bonds | — | 272,862,942 | 13,003,510 | 285,866,452 | |
Senior Floating Rate Interests | — | 122,722,932 | 44,090,191 | 166,813,123 | |
Asset-Backed Securities | — | 59,942,098 | 4,020,280 | 63,962,378 | |
U.S. Treasury Bills | — | 2,499,494 | — | 2,499,494 | |
Foreign Government Debt | — | 1,616,122 | — | 1,616,122 | |
Forward Foreign Currency Exchange Contracts** | — | 210,897 | — | 210,897 | |
Total Assets | $ 319,872,948 | $ 498,262,816 | $ 61,113,981 | $ 879,249,745 |
Guggenheim Active Allocation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |
Options Written | $ — | $ 6,364,885 | $ — | $ 6,364,885 | |
Credit Default Swap Agreements** | — | 656,103 | — | 656,103 | |
Forward Foreign Currency Exchange Contracts** | — | 5,585 | — | 5,585 | |
Unfunded Loan Commitments (Note 6) | — | — | 24,996 | 24,996 | |
Total Liabilities | $ — | $ 7,026,573 | $ 24,996 | $ 7,051,569 | |
** This derivative is reported as unrealized appreciation/depreciation at period end. | |||||
Please refer to the detailed Schedule of Investments for a breakdown of investment type by industry category.
| |||||
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of the period end, reverse repurchase agreements of $144,459,151 are categorized as Level 2 within the disclosure hierarchy — See Note 3. |
The following is a summary of significant unobservable inputs used in the fair valuation of assets and liabilities categorized within Level 3 of the fair value hierarchy:
Category | Ending Balance at February 28, 2022 | Valuation Technique | Unobservable Inputs | Input Range | Weighted Average |
Assets: | |||||
Asset-Backed Securities | $ 4,020,280 | Option adjusted spread off third party pricing | Trade Price | — | — |
Corporate Bonds | 13,003,510 | Option adjusted spread off prior month end broker quote | Broker Quote | — | — |
Senior Floating Rate Interests | 41,312,492 | Third Party Pricing | Broker Quote | — | — |
Senior Floating Rate Interests | 2,777,699 | Yield Analysis | Yield | 7.0% | — |
Total Assets | $ 61,113,981 | ||||
Liabilities: | |||||
Unfunded Loan Commitments | $ 24,996 | Model Price | Purchase Price | — | — |
Significant changes in a quote or yield would generally result in significant changes in the fair value of the security.
The Fund’s fair valuation leveling guidelines classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3, if such a quote or price cannot be supported with other available market information.
Summary of Fair Value Level 3 Activity
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended February 28, 2022:
Assets | Liabilities | ||||
Asset-Backed Securities | Corporate Bonds | Senior Floating Rate Interests | Total Assets | Unfunded Loan Commitments | |
Beginning Balance | $ - | $ - | $ - | $ - | $ - |
Purchases/(Receipts) | 4,000,000 | 13,000,000 | 44,449,166 | 61,449,166 | (16,352) |
(Sales, maturities and paydowns)/Fundings | - | - | (21,706) | (21,706) | 1,606 |
Amortization of premiums/discounts | - | - | 4,830 | 4,830 | 4,724 |
Total realized gains (losses) included in earnings | - | - | - | - | (849) |
Total change in unrealized appreciation (depreciation) included in earnings | 20,280 | 3,510 | (342,099) | (318,309) | (14,125) |
Ending Balance | $ 4,020,280 | $ 13,003,510 | $ 44,090,191 | $ 61,113,981 | $ (24,996) |
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at February 28, 2022 | $ 20,280 | $ 3,510 | $ (342,099) | $ (318,309) | $ (14,125) |
Affiliated Transactions
Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments, result in that company being considered an affiliated issuer, as defined in the 1940 Act.
Transactions during the period ended February 28, 2022, in which the company is an affiliated issuer, were as follows:
Security Name | Value 11/23/21 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 02/28/22 | Shares 02/28/22 | Investment Income | Capital Gain Distributions |
Mutual Funds | |||||||||
Guggenheim Risk Managed Real Estate Fund — Institutional Class |
$– | $6,865,172 | $– | $– | $(316,475) | $6,548,697 | 175,662 | $25,611 | $289,561 |
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
Note 1 – Organization
Guggenheim Active Allocation Fund (the “Fund”) was organized as a Delaware statutory trust on May 20, 2021, and commenced investment operations on November 23, 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 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
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
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.
Debt securities 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. Short-term debt securities with a maturity of 60 days or less at acquisition are valued at amortized cost, provided such amount approximates market value.
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”) options are valued using a price provided by a pricing service.
The values of swap agreements entered into by the Fund are accounted for using the unrealized appreciation or depreciation on the agreements that are determined by marking the agreements to the last quoted value of the index or other underlying position that the swaps pertain to at the close of the NYSE.
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.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 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 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.
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 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.
Credit default swaps are instruments which allow for the full or partial transfer of third party credit risk, with respect to a particular entity or entities, from one counterparty to the other. The Fund enters into credit default swaps as a “seller” or “buyer” of protection primarily to gain or reduce exposure to the investment grade and/or high yield bond market. A seller of credit default swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. The buyer in a credit default swap is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If a credit 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
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
of credit protection could be required to pay to the buyer if a credit event occurs. The seller of protection receives periodic premium payments from the buyer and may also receive or pay an upfront premium adjustment to the stated periodic payments. In the event a credit default occurs on a credit default swap referencing an index, a factor adjustment will take place and the buyer of protection will receive a payment reflecting the par less the default recovery rate of the defaulted index component based on its weighting in the index. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the fund 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.
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.
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.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 2022 |
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.
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.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | February 28, 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 February 28, 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 excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:
Tax Cost | Tax Unrealized Appreciation |
Tax Unrealized Depreciation |
Net Tax Unrealized Appreciation (Depreciation) |
$ 912,196,486 | $ 8,497,692 | $ (48,471,006) | $ (39,973,314) |
Note 6 – Unfunded Loan Commitments
Pursuant to the terms of certain loan agreements, the Fund held unfunded loan commitments as of February 28, 2022. The Fund is obligated to fund these loan commitments at the borrower’s discretion.
The unfunded loan commitments as of February 28, 2022, were as follows:
Borrower | Maturity Date | Face Amount | Value |
Boyd Corp. | 07/24/2026 | $250,000 | $1,250 |
CapStone Acquisition Holdings, Inc. | 11/12/2027 | 487,552 | 609 |
Facilities Group | 11/23/2027 | 942,888 | 9,880 |
FR Refuel LLC | 11/08/2028 | 233,333 | 2,333 |
DiversiTech Holdings | 12/14/2028 | 548,571 | 5,030 |
Lightning A | 03/01/2037 | 7,225,000 | — |
Lightning B | 03/01/2037 | 935,000 | — |
National Mentor Holdings, Inc. | 03/02/2028 | 248,184 | 996 |
Pacific Bells, LLC | 11/10/2028 | 51,546 | 419 |
Secretariat Advisors LLC | 12/29/2028 | 600,000 | 1,500 |
Thunderbird A | 03/01/2037 | 7,225,000 | — |
Thunderbird B | 03/01/2037 | 935,000 | — |
VT TopCo, Inc. | 08/01/2025 | 476,596 | 2,979 |
$20,158,670 | $24,996 |
Note 7 – COVID-19
The outbreak of COVID-19 and the recovery response causes at times disruption to consumer demand, economic output, and supply chains. There are still travel restrictions, quarantines, and disparate global vaccine distributions. As with other serious economic disruptions, governmental authorities and regulators have responded to this situation with significant fiscal and monetary policy changes. These include providing direct capital infusions into companies, introducing new monetary programs, and considerably lowering interest rates. In some cases, these responses resulted in negative interest rates and higher inflation. Recently, the U.S. 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 possible unexpected or sudden 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 higher degree of correlation than historically seen 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. Management continues to monitor and evaluate this situation.
Other Information (Unaudited) | February 28, 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.