NPORT-EX 2 gug89153nq.htm GOF NQ
Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

  Shares   Value
COMMON STOCKS† - 1.5%
Transport-Aircraft - 0.8%
FTAI Aircraft Leasing Offshore SPV*,††† 23,000,000   $   17,794,342  
Financial - 0.2%
Contra Mallinckro*,†† 17,657   1,712,729  
Fusion Buyer LLC*,†† 46,808   1,326,211  
Checkers Holdings, Inc.*,††† 84,343   335,685  
Invesco Ltd.1 1,109   24,276  
Citizens Financial Group, Inc.1 404   21,121  
Synchrony Financial1 271   20,688  
Citigroup, Inc.1 214   20,666  
Regions Financial Corp.1 751   20,570  
Coinbase Global, Inc. — Class A*,1 67   20,404  
CBRE Group, Inc. — Class A*,1 125   20,265  
Blackstone, Inc. — Class A1 118   20,225  
Northern Trust Corp.1 154   20,217  
Goldman Sachs Group, Inc.1 27   20,122  
KeyCorp1 1,032   19,979  
State Street Corp.1 172   19,775  
Bank of New York Mellon Corp.1 187   19,747  
Globe Life, Inc.1 140   19,593  
Fifth Third Bancorp1 428   19,590  
PNC Financial Services Group, Inc.1 94   19,499  
Truist Financial Corp.1 415   19,430  
Blackrock, Inc.1 17   19,161  
Raymond James Financial, Inc.1 113   19,147  
Morgan Stanley1 127   19,111  
Franklin Resources, Inc.1 743   19,065  
Bank of America Corp.1 374   18,977  
Simon Property Group, Inc. REIT1 105   18,969  
T. Rowe Price Group, Inc.1 176   18,941  
Capital One Financial Corp.1 83   18,859  
Alexandria Real Estate Equities, Inc. REIT1 227   18,714  
JPMorgan Chase & Co.1 62   18,688  
Welltower, Inc. REIT1 111   18,679  
Willis Towers Watson plc1 57   18,627  
KKR & Company, Inc. — Class A1 133   18,552  
American Express Co.1 56   18,552  
Huntington Bancshares, Inc.1 1,041   18,540  
U.S. Bancorp1 379   18,507  
M&T Bank Corp.1 91   18,351  
CoStar Group, Inc.*,1 205   18,346  
Assurant, Inc.1 85   18,327  
Wells Fargo & Co.1 223   18,326  
Loews Corp.1 189   18,295  
Nasdaq, Inc.1 193   18,285  
Charles Schwab Corp.1 189   18,114  
Host Hotels & Resorts, Inc. REIT1 1,048   18,036  
Kimco Realty Corp. REIT1 797   17,925  
Ventas, Inc. REIT1 263   17,905  
Hartford Insurance Group, Inc.1 135   17,862  
Cboe Global Markets, Inc.1 75   17,696  
Aflac, Inc.1 165   17,632  
Aon plc — Class A1 48   17,616  
Principal Financial Group, Inc.1 218   17,551  
Prudential Financial, Inc.1 160   17,546  
Cincinnati Financial Corp.1 114   17,511  
Federal Realty Investment Trust REIT1 174   17,496  
Prologis, Inc. REIT1 153   17,408  
VICI Properties, Inc. REIT1 515   17,397  
Travelers Companies, Inc.1 64   17,377  
Interactive Brokers Group, Inc. — Class A 278   17,303  
Allstate Corp.1 85   17,293  
MetLife, Inc.1 212   17,248  
Arch Capital Group Ltd.1 187   17,116  
Regency Centers Corp. REIT1 236   17,110  
Berkshire Hathaway, Inc. — Class B*,1 34   17,101  
Everest Group Ltd.1 50   17,094  
Healthpeak Properties, Inc. REIT1 950   17,043  
Realty Income Corp. REIT1 290   17,040  
Mastercard, Inc. — Class A1 28   16,668  
Erie Indemnity Co. — Class A1 47   16,656  
Crown Castle, Inc. REIT1 168   16,655  
BXP, Inc. REIT1 229   16,605  
Intercontinental Exchange, Inc.1 94   16,601  
W R Berkley Corp.1 231   16,560  
CME Group, Inc. — Class A1 62   16,524  
Public Storage REIT1 56   16,497  
Apollo Global Management, Inc.1 121   16,484  
Ameriprise Financial, Inc.1 32   16,474  
Arthur J Gallagher & Co.1 54   16,349  
Chubb Ltd.1 59   16,229  
Mid-America Apartment Communities, Inc. REIT1 111   16,186  
American International Group, Inc.1 198   16,101  
Camden Property Trust REIT1 143   16,013  

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

 

 

  Shares   Value
COMMON STOCKS† - 1.5% (continued)
Financials - 0.2% (continued)
Equity Residential REIT1 242   $   16,001  
Essex Property Trust, Inc. REIT1 59   15,942  
Extra Space Storage, Inc. REIT1 111   15,937  
Digital Realty Trust, Inc. REIT1 95   15,926  
UDR, Inc. REIT1 402   15,907  
American Tower Corp. — Class A REIT1 78   15,900  
AvalonBay Communities, Inc. REIT1 81   15,864  
Marsh & McLennan Companies, Inc.1 77   15,847  
Visa, Inc. — Class A1 45   15,830  
Progressive Corp.1 64   15,812  
Weyerhaeuser Co. REIT1 610   15,781  
Invitation Homes, Inc. REIT1 502   15,708  
Brown & Brown, Inc.1 159   15,415  
Iron Mountain, Inc. REIT1 166   15,327  
SBA Communications Corp. REIT1 74   15,159  
Equinix, Inc. REIT1 19   14,938  
Endo Luxembourg Finance Co I SARL / Endo US, Inc.†††,2 3,345,000   335  
Endo Luxembourg Finance Co I SARL / Endo US, Inc.†††,2 1,900,000   190  
Pershing Square Tontine Holdings, Ltd. — Class A*,†††,3 1,042,740   104  
Avison Young (Canada), Inc.*,†† 579   6  
Total Financial     5,049,762  
Consumer, Cyclical - 0.1%
SHO Holding I Corp.*,††† 768   603,024  
Exide Technologies*,††† 342   295,028  
Wynn Resorts Ltd.1 191   24,209  
Las Vegas Sands Corp.1 399   22,995  
DR Horton, Inc.1 134   22,711  
Royal Caribbean Cruises Ltd.1 62   22,519  
United Airlines Holdings, Inc.*,1 213   22,365  
Carnival Corp.*,1 701   22,355  
Norwegian Cruise Line Holdings Ltd.*,1 877   21,785  
PulteGroup, Inc.1 162   21,387  
Delta Air Lines, Inc.1 341   21,067  
AutoZone, Inc.*,1 5   20,993  
Tapestry, Inc.1 205   20,873  
Cummins, Inc.1 52   20,719  
NIKE, Inc. — Class B1 263   20,348  
Williams-Sonoma, Inc.1 107   20,136  
Tractor Supply Co.1 325   20,072  
MGM Resorts International*,1 504   20,004  
Lennar Corp. — Class A1 149   19,838  
Hasbro, Inc.1 243   19,724  
General Motors Co.1 336   19,686  
Lowe's Companies, Inc.1 76   19,613  
Fastenal Co.1 393   19,516  
Live Nation Entertainment, Inc.*,1 117   19,480  
Dollar Tree, Inc.*,1 178   19,432  
TKO Group Holdings, Inc.1 102   19,335  
O'Reilly Automotive, Inc.*,1 186   19,284  
Aptiv plc*,1 239   19,008  
Genuine Parts Co.1 136   18,949  
Home Depot, Inc.1 46   18,711  
Ralph Lauren Corp. — Class A1 63   18,707  
Ford Motor Co.1 1,571   18,491  
Deckers Outdoor Corp.*,1 154   18,423  
TJX Companies, Inc.1 134   18,306  
Ulta Beauty, Inc.*,1 37   18,231  
Hilton Worldwide Holdings, Inc.1 66   18,220  
Ross Stores, Inc.1 123   18,101  
PACCAR, Inc.1 177   17,697  
Pool Corp.1 56   17,400  
McDonald's Corp.1 55   17,245  
Yum! Brands, Inc.1 117   17,196  
Tesla, Inc.*,1 51   17,027  
Walmart, Inc.1 175   16,972  
Domino's Pizza, Inc.1 37   16,957  
Best Buy Company, Inc.1 230   16,937  
Marriott International, Inc. — Class A1 63   16,875  
Southwest Airlines Co.1 500   16,450  
Target Corp.1 170   16,317  
Dollar General Corp.1 150   16,314  
NVR, Inc.*,1 2   16,235  
WW Grainger, Inc.1 16   16,216  
Copart, Inc.*,1 331   16,156  
Costco Wholesale Corp.1 17   16,036  
Caesars Entertainment, Inc.*,1 599   16,035  
Darden Restaurants, Inc.1 77   15,934  
Starbucks Corp.1 176   15,521  
CarMax, Inc.*,1 246   15,092  
LKQ Corp.1 423   13,798  
Chipotle Mexican Grill, Inc. — Class A*,1 323   13,611  
Lululemon Athletica, Inc.*,1 65   13,143  
Accuride Corp*,†††,4 3,087,395   309  
Accuride Liquidating Trust*,†††,4 190       –  
Total Consumer, Cyclical     1,975,118  
Consumer, Non-cyclical - 0.1%
WW International, Inc.* 4,008   127,815  
Estee Lauder Companies, Inc. — Class A1 240   22,015  
United Rentals, Inc.1 23   21,996  
Humana, Inc.1 72   21,864  
Archer-Daniels-Midland Co.1 344   21,548  
IDEXX Laboratories, Inc.*,1 32   20,707  
Incyte Corp.*,1 243   20,560  

 

 

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

 

  Shares   Value
COMMON STOCKS† - 1.5% (continued)
Consumer, Non-cyclical - 0.1% (continued)
IQVIA Holdings, Inc.*,1 104   $   19,844  
Thermo Fisher Scientific, Inc.1 40   19,709  
Viatris, Inc.1 1,860   19,623  
J M Smucker Co.1 174   19,229  
Johnson & Johnson1 108   19,134  
PepsiCo, Inc.1 128   19,027  
Zimmer Biomet Holdings, Inc.1 177   18,780  
Altria Group, Inc.1 279   18,751  
Bunge Global S.A.1 222   18,697  
Insulet Corp.*,1 55   18,693  
CVS Health Corp.1 255   18,653  
Block, Inc. — Class A* 234   18,636  
Regeneron Pharmaceuticals, Inc.1 32   18,582  
HCA Healthcare, Inc.1 46   18,582  
Global Payments, Inc.1 209   18,563  
Becton Dickinson & Co.1 96   18,526  
West Pharmaceutical Services, Inc.1 75   18,521  
ResMed, Inc.1 67   18,392  
Hershey Co.1 100   18,375  
AbbVie, Inc.1 87   18,305  
S&P Global, Inc.1 33   18,098  
Brown-Forman Corp. — Class B1 604   18,084  
Edwards Lifesciences Corp.*,1 222   18,058  
Sysco Corp.1 224   18,025  
Charles River Laboratories International, Inc.*,1 110   17,964  
Moody's Corp.1 35   17,842  
Labcorp Holdings, Inc.1 64   17,791  
Quanta Services, Inc.1 47   17,764  
Boston Scientific Corp.*,1 168   17,724  
Bio-Techne Corp.1 323   17,646  
Kraft Heinz Co.1 630   17,621  
Universal Health Services, Inc. — Class B1 97   17,613  
Agilent Technologies, Inc.1 140   17,593  
Kroger Co.1 259   17,571  
Medtronic plc1 189   17,541  
Merck & Company, Inc.1 207   17,413  
Hologic, Inc.*,1 259   17,384  
Gilead Sciences, Inc.1 153   17,284  
Lamb Weston Holdings, Inc.1 300   17,259  
Quest Diagnostics, Inc.1 95   17,256  
Stryker Corp.1 44   17,222  
Corteva, Inc.1 232   17,212  
STERIS plc1 70   17,154  
Tyson Foods, Inc. — Class A1 301   17,091  
Cencora, Inc. — Class A1 58   16,913  
Pfizer, Inc.1 682   16,886  
Danaher Corp.1 82   16,877  
GE HealthCare Technologies, Inc.1 227   16,737  
Monster Beverage Corp.*,1 268   16,726  
DaVita, Inc.*,1 121   16,669  
Biogen, Inc.*,1 126   16,660  
Rollins, Inc.1 294   16,623  
Abbott Laboratories1 124   16,450  
Solventum Corp.*,1 225   16,445  
UnitedHealth Group, Inc.1 53   16,423  
Automatic Data Processing, Inc.1 54   16,419  
Amgen, Inc.1 57   16,400  
Henry Schein, Inc.*,1 235   16,351  
Kellanova1 205   16,297  
Kimberly-Clark Corp.1 126   16,272  
Cigna Group1 54   16,247  
Cardinal Health, Inc.1 109   16,217  
Molson Coors Beverage Co. — Class B1 321   16,207  
Procter & Gamble Co.1 103   16,175  
Avery Dennison Corp.1 94   16,135  
Constellation Brands, Inc. — Class A1 99   16,032  
Coca-Cola Co.1 232   16,006  
Cintas Corp.1 76   15,962  
The Campbell's Co.1 498   15,901  
Kenvue, Inc.1 764   15,822  
Zoetis, Inc.1 101   15,797  
McKesson Corp.1 23   15,793  
PayPal Holdings, Inc.*,1 224   15,723  
Cooper Companies, Inc.*,1 233   15,703  
Bristol-Myers Squibb Co.1 332   15,664  
Church & Dwight Company, Inc.1 168   15,651  
Corpay, Inc.*,1 48   15,632  
Clorox Co.1 132   15,602  
Revvity, Inc.1 173   15,589  
McCormick & Company, Inc.1 220   15,481  
Eli Lilly & Co.1 21   15,384  
Mondelez International, Inc. — Class A1 250   15,360  
Colgate-Palmolive Co.1 182   15,301  
Equifax, Inc.1 62   15,271  
Dexcom, Inc.*,1 202   15,219  
Philip Morris International, Inc.1 91   15,209  
General Mills, Inc.1 308   15,194  
Intuitive Surgical, Inc.*,1 32   15,146  
Keurig Dr Pepper, Inc.1 509   14,807  
Waters Corp.*,1 48   14,486  
Verisk Analytics, Inc. — Class A1 54   14,478  
Vertex Pharmaceuticals, Inc.*,1 37   14,468  
Moderna, Inc.*,1 598   14,406  
Conagra Brands, Inc.1 744   14,233  
Elevance Health, Inc.1 44   14,021  
Hormel Foods Corp.1 541   13,763  
MarketAxess Holdings, Inc.1 74   13,604  
Baxter International, Inc.1 531   13,110  
Align Technology, Inc.*,1 90   12,776  

 

 

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

 

  Shares   Value
COMMON STOCKS† - 1.5% (continued)
Consumer, Non-cyclical - 0.1% (continued)
Molina Healthcare, Inc.*,1 57   $   10,307  
Centene Corp.*,1 302   8,770  
Save-A-Lot*,††† 1,871,199     187  
Endo Guc Trust — Class A*,††† 13,803   2  
Total Consumer, Non-cyclical     1,933,326  
Industrial - 0.1%
BP Holdco LLC*,†††,4 121,041   98,944  
YAK BLOCKER 2 LLC††† 34,136   27,634  
YAK BLOCKER 2 LLC††† 31,551   25,541  
Generac Holdings, Inc.*,1 129   23,897  
CH Robinson Worldwide, Inc.1 177   22,780  
GE Vernova, Inc.1 35   21,454  
Mohawk Industries, Inc.*,1 159   21,098  
TE Connectivity plc1 101   20,856  
Allegion plc1 121   20,546  
Builders FirstSource, Inc.*,1 145   20,109  
Northrop Grumman Corp.1 34   20,061  
Huntington Ingalls Industries, Inc.1 74   20,039  
General Dynamics Corp.1 61   19,799  
Amphenol Corp. — Class A1 180   19,595  
Garmin Ltd.1 80   19,346  
Jacobs Solutions, Inc. 132   19,302  
Caterpillar, Inc.1 46   19,276  
Jabil, Inc.1 94   19,254  
Masco Corp.1 261   19,155  
Martin Marietta Materials, Inc.1 31   19,108  
Parker-Hannifin Corp.1 25   18,984  
Packaging Corporation of America1 87   18,963  
L3Harris Technologies, Inc.1 68   18,878  
Norfolk Southern Corp.1 67   18,759  
RTX Corp.1 118   18,715  
General Electric Co.1 68   18,714  
Xylem, Inc.1 132   18,686  
Trimble, Inc.*,1 231   18,669  
Vulcan Materials Co.1 64   18,634  
Hubbell, Inc.1 43   18,533  
Boeing Co.*,1 78   18,305  
Teledyne Technologies, Inc.*,1 34   18,298  
A O Smith Corp.1 256   18,250  
Smurfit WestRock plc1 385   18,234  
Mettler-Toledo International, Inc.*,1 14   18,214  
Pentair plc1 169   18,173  
Stanley Black & Decker, Inc.1 244   18,127  
Veralto Corp.1 170   18,052  
Illinois Tool Works, Inc.1 68   17,996  
Rockwell Automation, Inc.1 52   17,858  
Eaton Corporation plc1 51   17,806  
3M Co.1 114   17,731  
Expeditors International of Washington, Inc.1 146   17,599  
Textron, Inc.1 218   17,475  
Emerson Electric Co.1 132   17,424  
FedEx Corp.1 75   17,330  
Johnson Controls International plc1 162   17,316  
AMETEK, Inc.1 93   17,187  
J.B. Hunt Transport Services, Inc.1 118   17,109  
Nordson Corp.1 76   17,107  
Howmet Aerospace, Inc.1 98   17,062  
Snap-on, Inc.1 52   16,912  
Lockheed Martin Corp.1 37   16,858  
CSX Corp.1 518   16,840  
Keysight Technologies, Inc.*,1 103   16,833  
TransDigm Group, Inc.1 12   16,786  
Lennox International, Inc.1 30   16,736  
Dover Corp.1 93   16,634  
Trane Technologies plc1 40   16,624  
Union Pacific Corp.1 74   16,544  
Axon Enterprise, Inc.*,1 22   16,440  
Honeywell International, Inc.1 74   16,243  
Waste Management, Inc.1 71   16,074  
Ball Corp.1 305   16,055  
Ingersoll Rand, Inc.1 201   15,965  
Westinghouse Air Brake Technologies Corp.1 82   15,867  
Amcor plc1 1,821   15,715  
Republic Services, Inc. — Class A1 67   15,676  
Old Dominion Freight Line, Inc.1 103   15,550  
Deere & Co.1 32   15,316  
Otis Worldwide Corp.1 175   15,117  
Carrier Global Corp.1 231   15,061  
IDEX Corp.1 91   14,970  
Fortive Corp. 308   14,741  
United Parcel Service, Inc. — Class B1 165   14,427  
Vector Phoenix Holdings, LP*,††† 121,040   2,561  
Targus,  Inc. *,††† 45,049   797  
Ralliant Corp. 1   42  
Targus,  Inc.*,††† 45,049   5  
Total Industrial     1,445,371  
Technology - 0.1%
Palantir Technologies, Inc. — Class A*,1 236   36,983  
Western Digital Corp.1 301   24,182  
Teradyne, Inc.1 193   22,820  
Advanced Micro Devices, Inc.*,1 138   22,443  
Seagate Technology Holdings plc1 132   22,097  
Oracle Corp.1 95   21,482  
PTC, Inc.*,1 98   20,923  
Leidos Holdings, Inc.1 115   20,806  
Hewlett Packard Enterprise Co.1 919   20,742  

 

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

  Shares   Value
COMMON STOCKS† - 1.5% (continued)
Technology - 0.1% (continued)
NVIDIA Corp.1 117   $   20,379  
Synopsys, Inc.*,1 33   19,916  
Intel Corp.*,1 809   19,699  
Broadcom, Inc.1 66     19,628  
Apple, Inc.1 84   19,500  
Electronic Arts, Inc.1 113   19,430  
Cadence Design Systems, Inc.*,1 55   19,274  
Dayforce, Inc.*,1 276   19,256  
Monolithic Power Systems, Inc.1 23   19,223  
HP, Inc.1 671   19,150  
Dell Technologies, Inc. — Class C1 151   18,445  
Lam Research Corp.1 184   18,428  
NetApp, Inc.1 163   18,385  
Analog Devices, Inc.1 72   18,094  
NXP Semiconductor N.V.1 77   18,083  
Zebra Technologies Corp. — Class A*,1 57   18,074  
Microsoft Corp.1 35   17,734  
Broadridge Financial Solutions, Inc.1 69   17,638  
Autodesk, Inc.*,1 56   17,623  
Skyworks Solutions, Inc.1 230   17,236  
Micron Technology, Inc.1 144   17,137  
MSCI, Inc. — Class A1 30   17,032  
Texas Instruments, Inc.1 84   17,008  
Akamai Technologies, Inc.*,1 214   16,934  
QUALCOMM, Inc.1 105   16,877  
EPAM Systems, Inc.*,1 95   16,754  
Datadog, Inc. — Class A* 122   16,675  
KLA Corp.1 19   16,568  
Take-Two Interactive Software, Inc.*,1 71   16,562  
Tyler Technologies, Inc.*,1 29   16,323  
Salesforce, Inc.1 63   16,144  
Super Micro Computer, Inc.*,1 387   16,076  
ON Semiconductor Corp.*,1 323   16,018  
Microchip Technology, Inc.1 241   15,665  
ServiceNow, Inc.*,1 17   15,597  
Applied Materials, Inc.1 97   15,594  
Workday, Inc. — Class A*,1 67   15,465  
Roper Technologies, Inc.1 29   15,263  
Paychex, Inc.1 109   15,201  
Jack Henry & Associates, Inc.1 93   15,183  
Cognizant Technology Solutions Corp. — Class A1 208   15,028  
Paycom Software, Inc.1 66   14,992  
Crowdstrike Holdings, Inc. — Class A*,1 35   14,829  
Intuit, Inc.1 22   14,674  
Adobe, Inc.*,1 41   14,625  
Fidelity National Information Services, Inc.1 207   14,451  
International Business Machines Corp.1 59   14,366  
Fair Isaac Corp.*,1 9   13,695  
Fiserv, Inc.*,1 99   13,680  
Accenture plc — Class A1 52   13,518  
Fortinet, Inc.*,1 164   12,918  
Gartner, Inc.*,1 40   10,048  
Total Technology     1,078,573  
Communications - 0.1%
Xplore, Inc.*,†† 61,305   150,701  
Figs, Inc. — Class A*,1 10,450   73,672  
Arista Networks, Inc.*,1 178   24,306  
Corning, Inc.1 332   22,254  
Expedia Group, Inc.1 97   20,836  
Paramount Skydance Corp. — Class B*,1 1,368   20,110  
Match Group, Inc.1 531   19,828  
eBay, Inc.1 215   19,481  
Motorola Solutions, Inc.1 41   19,371  
DoorDash, Inc. — Class A*,1 77   18,884  
Interpublic Group of Companies, Inc.1 702   18,842  
Warner Bros Discovery, Inc.*,1 1,591   18,519  
T-Mobile US, Inc.1 73   18,395  
Uber Technologies, Inc.*,1 193   18,094  
Amazon.com, Inc.*,1 79   18,091  
Cisco Systems, Inc.1 261   18,033  
F5, Inc.*,1 57   17,849  
Omnicom Group, Inc.1 227   17,781  
Meta Platforms, Inc. — Class A1 24   17,729  
AT&T, Inc.1 591   17,310  
Gen Digital, Inc.1 569   17,184  
Verizon Communications, Inc.1 383   16,940  
Netflix, Inc.*,1 14   16,916  
Booking Holdings, Inc.1 3   16,797  
Walt Disney Co.1 140   16,573  
VeriSign, Inc.1 60   16,402  
Palo Alto Networks, Inc.*,1 86   16,385  
Comcast Corp. — Class A1 475   16,136  
Airbnb, Inc. — Class A*,1 121   15,794  
CDW Corp.1 95   15,652  
FactSet Research Systems, Inc.1 40   14,933  
GoDaddy, Inc. — Class A*,1 95   14,089  
News Corp. — Class A1 449   13,205  
Trade Desk, Inc. — Class A* 223   12,189  
Fox Corp. — Class A1 196   11,701  
Charter Communications, Inc. — Class A*,1 42   11,154  
Alphabet, Inc. — Class A1 52   11,071  
Alphabet, Inc. — Class C1 42   8,968  

 

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

  Shares   Value
COMMON STOCKS† - 1.5% (continued)
Communications - 0.1% (continued)
Fox Corp. — Class B1 121   $   6,600  
News Corp. — Class B1 133   4,505  
Total Communications     843,280  
Utilities - 0.0%
AES Corp.1 1,455   19,701  
Vistra Corp.1 100   18,911  
Edison International1 336   18,860  
Atmos Energy Corp.1 110   18,274  
American Electric Power Company, Inc.1 164   18,207  
Sempra1 220   18,163  
FirstEnergy Corp.1 416   18,146  
PPL Corp.1 495   18,053  
Dominion Energy, Inc.1 301   18,030  
Entergy Corp.1 204   17,970  
NiSource, Inc.1 423   17,880  
Alliant Energy Corp.1 273   17,764  
Xcel Energy, Inc.1 245   17,736  
PG&E Corp.1 1,158   17,694  
Evergy, Inc.1 248   17,672  
Duke Energy Corp.1 144   17,639  
Constellation Energy Corp.1 57   17,555  
CenterPoint Energy, Inc.1 465   17,535  
Ameren Corp.1 175   17,461  
Southern Co.1 187   17,260  
American Water Works Company, Inc.1 119   17,078  
Public Service Enterprise Group, Inc.1 207   17,042  
CMS Energy Corp.1 238   17,034  
Exelon Corp.1 389   16,992  
DTE Energy Co.1 124   16,945  
WEC Energy Group, Inc.1 159   16,935  
Pinnacle West Capital Corp.1 188   16,800  
NextEra Energy, Inc.1 229   16,499  
Eversource Energy1 255   16,338  
NRG Energy, Inc.1 112   16,303  
Consolidated Edison, Inc.1 163   16,011  
Total Utilities     544,488  
Energy - 0.0%
APA Corp.1 853   19,807  
First Solar, Inc.*,1 100   19,519  
Baker Hughes Co.1 427   19,386  
Valero Energy Corp.1 125   19,001  
Chevron Corp.1 116   18,630  
Phillips 661 138   18,434  
Marathon Petroleum Corp.1 102   18,330  
Occidental Petroleum Corp.1 372   17,711  
ConocoPhillips1 178   17,617  
Devon Energy Corp.1 485   17,509  
Exxon Mobil Corp.1 153   17,486  
EOG Resources, Inc.1 140   17,475  
Schlumberger N.V.1 467   17,204  
Halliburton Co.1 751   17,070  
Diamondback Energy, Inc.1 112   16,661  
Targa Resources Corp.1 99   16,608  
Kinder Morgan, Inc.1 608   16,404  
Williams Companies, Inc.1 282   16,322  
Equities Corp.1 310   16,070  
Coterra Energy, Inc. — Class A1 647   15,813  
ONEOK, Inc.1 201   15,353  
Expand Energy Corp.1 149   14,420  
Texas Pacific Land Corp.1 15   14,002  
Enphase Energy, Inc.*,1 367   13,836  
Legacy Reserves, Inc.††† 2,359   266  
Permian Production Partners LLC*,††† 184,043   18  
Total Energy     410,952  
Basic Materials - 0.0%
Newmont Corp.1 314   23,362  
Nucor Corp.1 142   21,119  
Albemarle Corp.1 219   18,598  
DuPont de Nemours, Inc.1 240   18,461  
Freeport-McMoRan, Inc.1 408   18,115  
International Paper Co.1 355   17,636  
Air Products and Chemicals, Inc.1 59   17,353  
Linde plc1 36   17,218  
Sherwin-Williams Co.1 47   17,194  
Ecolab, Inc.1 62   17,176  
Steel Dynamics, Inc.1 129   16,889  
PPG Industries, Inc.1 148   16,462  
Mosaic Co.1 483   16,132  
LyondellBasell Industries N.V. — Class A1 272   15,327  
CF Industries Holdings, Inc.1 176   15,247  
Eastman Chemical Co.1 208   14,631  
International Flavors & Fragrances, Inc.1 214   14,447  
Dow, Inc.1 543   13,374  
Total Basic Materials     308,741  
Total Common Stocks    
(Cost $31,763,996)     31,383,953  
PREFERRED STOCKS† - 5.0%
Financial - 3.9%
Citigroup, Inc. ††
6.88%* 4,500,000     4,578,791  
3.88%* 4,000,000   3,953,328  
6.75%* 3,100,000   3,125,122  
6.95%* 2,000,000   2,030,784  
4.15%* 2,000,000   1,952,030  
Wells Fargo & Co.
4.75%1 183,750   3,575,775  
3.90%*,1, †† 3,300,000   3,268,262  
4.70%1 148,000   2,835,680  
4.38%1 50,000   893,000  
Bank of America Corp.
4.38%*,1, †† 2,925,000   7,634,814  
6.25%*,1 1,400,000   1,401,250  
6.30%*,1, †† 1,000,000   1,003,954  
4.13%1 26,000   446,680  
Goldman Sachs Group, Inc. ††
7.50%* 8,350,000   8,765,287  
6.85%* 1,500,000   1,544,810  
JPMorgan Chase & Co.
6.50%*,1, †† 2,400,000   2,464,975  
4.55%1 49,000   962,850  
4.20%1 40,000   742,400  
4.63%1 24,000   485,040  

 

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

  Shares   Value
PREFERRED STOCKS† - 5.0% (continued)

 Financial - 3.9% (continued)

Jackson Financial, Inc.
8.00%1 152,000   $   3,967,200  
Lincoln National Corp. ††
9.25%*,1 3,600,000   3,899,711  
Public Storage
4.63%1 144,400   2,695,948  
4.13%1 16,400   274,864  
Charles Schwab Corp. ††
4.00%*,1 3,150,000   2,880,123  
W R Berkley Corp.
4.13% due 03/30/61 126,000   2,227,680  
4.25% due 09/30/60 36,800   650,256  
American National Group, Inc.
7.38% 88,000   2,235,200  
PartnerRe Ltd.††
4.88% 128,000   2,176,000  
MetLife, Inc. ††
3.85%*,1 1,820,000   1,814,294  
American Financial Group, Inc.
4.50% due 09/15/60 100,000   1,747,000  
CNO Financial Group, Inc.
5.13% due 11/25/60 80,000   1,608,800  
Kuvare US Holdings, Inc. ††
7.00% due 02/17/51*,5 1,430,000   1,424,965  
State Street Corp. ††
6.45%*,1 1,400,000   1,423,850  
Equitable Holdings, Inc.
4.30%1 82,000   1,422,700  
Assurant, Inc.
5.25% due 01/15/61 58,000   1,183,780  
Arch Capital Group Ltd.
4.55%1 38,000   669,560  
Selective Insurance Group, Inc.
4.60%1 36,000   624,240  
RenaissanceRe Holdings Ltd.††
4.20% 13,000   212,810  
Globe Life, Inc.
4.25% due 06/15/61 11,000   183,810  
Avison Young (Canada), Inc.*, †† 815,493   8,155  
First Republic Bank††
4.50%* 200,000   600  
4.25%* 158,000   16  
4.13%* 84,800   8  
Total Financial     84,996,402  
Communications - 0.5%
AT&T Mobility II LLC
6.80%*,††† 10,000   10,205,700  
Government - 0.3%
CoBank ACB††
7.25%*,1 4,300,000   4,417,781  
7.13%*,1 500,000   512,327  
Farmer Mac
5.75%1 80,821   1,832,212  
Total Government     6,762,320  
Energy - 0.1%
Venture Global LNG, Inc. ††
9.00%*,5 1,800,000   1,787,475  
Utilities - 0.1%
NextEra Energy Capital Holdings, Inc.
6.50% due 06/01/85 60,600   1,527,726  
Consumer, Cyclical - 0.1%
Exide Technologies*,††† 761   1,098,412  
Total Preferred Stocks    
(Cost $127,376,201)     106,378,035  
WARRANTS† - 0.0%
Ginkgo Bioworks Holdings, Inc.      
Expiring 09/16/26* 26,852   349  
Pershing Square SPARC Holdings, Ltd.      
Expiring 12/31/49*,†††,3 318,615   32  
Pershing Square Tontine Holdings, Ltd.      
Expiring 07/24/27*,†††,3 115,860   11  
Total Warrants    
(Cost $62,178)     392  
RIGHTS† - 0.0%
Communications - 0.0%
Xplore, Inc.*,††† 4,673       –  
Total Rights    
(Cost $–)         –  
EXCHANGE-TRADED FUNDS***,† - 3.2%
iShares Core S&P 500 ETF1 82,471   53,467,599  
iShares Silver Trust* 304,800   11,030,712  
SPDR S&P 500 ETF Trust1 3,866   2,493,763  
iShares Russell 2000 Index ETF1 5,398   1,269,448  
Invesco QQQ Trust Series1 2,216   1,264,006  
Total Exchange-Traded Funds    
(Cost $63,146,388)     69,525,528  
CLOSED-END MUTUAL FUNDS***,† - 1.0%
Guggenheim Active Allocation Fund4 950,000   14,991,000  
Blackstone Strategic Credit Fund 186,741   2,352,937  
BlackRock Credit Allocation Income Trust 184,289   2,027,179  
Eaton Vance Limited Duration Income Fund 141,764   1,463,004  
Total Closed-End Mutual Funds    
(Cost $19,143,524)     20,834,120  
MONEY MARKET FUNDS***,† - 2.3%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.12%6 49,257,314     49,257,314  
Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.15%6 624,295     624,295  
Total Money Market Funds    
(Cost $49,881,609)     49,881,609  

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

 

 Face
 Amount~		    Value
PRIVATE FUND††† - 0.1%
Coller Credit Backed Loans & Notes II Ltd.* 1,845,664   $   2,503,111  
Total Private Fund    
(Cost $1,985,557)     2,503,111  
CORPORATE BONDS†† - 37.2%
Financial - 11.7%      
Morgan Stanley Finance LLC      
0.50%due 10/23/29◊,†††,7  13,500,000    11,445,300
Dyal Capital Partners III      
4.40% due 06/15/40†††  10,000,000    9,492,300
Encore Capital Group, Inc.      
8.50% due 05/15/305  6,100,000    6,446,962
9.25% due 04/01/295  2,300,000    2,428,546
Jane Street Group / JSG Finance, Inc.      
7.13% due 04/30/311,5  5,200,000    5,432,716
4.50% due 11/15/295  3,500,000    3,380,345
United Wholesale Mortgage LLC      
5.50% due 11/15/255  4,060,000    4,055,576
5.50% due 04/15/291,5  1,925,000    1,895,829
5.75% due 06/15/271,5  1,400,000    1,398,383
Jefferies Finance LLC / JFIN Company-Issuer Corp.      
5.00% due 08/15/281,5  7,500,000    7,278,445
Hunt Companies, Inc.      
5.25% due 04/15/291,5  7,325,000    7,172,015
Accident Fund Insurance Company of America      
8.50% due 08/01/321,5  7,000,000    6,969,927
Allianz SE      
6.55% 5,8,9  5,400,000    5,503,410
3.50% 5,8,9  1,400,000    1,387,341
Wilton RE Ltd.      
6.00% 1,5,8,9  6,786,000    6,720,618
PennyMac Financial Services, Inc.      
6.88% due 02/15/335  2,800,000    2,860,911
7.13% due 11/15/305  2,650,000    2,744,902
7.88% due 12/15/295  850,000    903,459
Jones Deslauriers Insurance Management, Inc.      
10.50% due 12/15/305  3,650,000    3,871,259
8.50% due 03/15/305  2,050,000    2,168,273
Corebridge Financial, Inc.      
6.88% due 12/15/521,9  5,840,000    6,039,437
Maple Grove Funding Trust I      
4.16% due 08/15/511,5  8,000,000    5,427,243
American National Group, Inc.      
7.00% due 12/01/559  5,250,000    5,372,010
Fidelis Insurance Holdings Ltd.      
7.75% due 06/15/559  5,000,000    5,278,250
Alliant Holdings Intermediate LLC / Alliant Holdings Company-Issuer      
7.38% due 10/01/325  3,550,000    3,657,334
4.25% due 10/15/271,5  725,000    714,703
7.00% due 01/15/315  425,000    439,553
6.75% due 04/15/285  350,000    357,033
Focus Financial Partners LLC      
6.75% due 09/15/311,5  4,950,000    5,115,206
Sherwood Financing plc      
9.63% due 12/15/295 GBP  2,000,000    2,722,599
7.63% due 12/15/295 EUR  1,700,000    1,969,946
7.48% (3 Month EURIBOR + 5.50%, Rate Floor: 0.00%) due 12/15/29◊ EUR  300,000    351,004
Kennedy-Wilson, Inc.      
5.00% due 03/01/31  3,750,000    3,500,908
4.75% due 02/01/30  1,450,000    1,359,201
MidCap Funding XLVI Trust      
6.85% (1 Month Term SOFR + 2.50%, Rate Floor: 0.00%) due 04/15/28◊,†††  4,850,000    4,850,000
Cushman & Wakefield US Borrower LLC      
6.75% due 05/15/281,5  4,800,000    4,847,309
Liberty Mutual Group, Inc.      
4.30% due 02/01/611,5  7,300,000    4,594,493
AmFam Holdings, Inc.      
3.83% due 03/11/511,5  7,200,000    4,542,470
National Life Insurance Co.      
10.50% due 09/15/395  3,400,000    4,539,714
LPL Holdings, Inc.      
4.00% due 03/15/291,5  4,172,000    4,077,650
4.38% due 05/15/315  476,000    459,012
Global Atlantic Finance Co.      
4.70% due 10/15/511,5,9  2,900,000    2,853,209
3.13% due 06/15/311,5  1,750,000    1,580,334

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

   Face
 Amount~		   Value
CORPORATE BONDS†† - 37.2% (continued)
Financial - 11.7% (continued)      
Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc.      
4.00% due 10/15/331,5  4,031,000    $   3,634,289
3.88% due 03/01/311,5  825,000    770,937
Equitable Holdings, Inc.      
6.70% due 03/28/559  4,050,000    4,134,228
OneMain Finance Corp.      
4.00% due 09/15/301  2,200,000    2,033,616
7.88% due 03/15/30  750,000    793,486
3.88% due 09/15/28  800,000    766,879
7.13% due 03/15/26  384,000    388,231
GLP Capital Limited Partnership / GLP Financing II, Inc.      
3.25% due 01/15/321  3,250,000    2,900,571
5.30% due 01/15/29  1,050,000    1,069,041
Kane Bidco Ltd.      
8.25% due 06/30/315 GBP  2,750,000    3,803,089
NatWest Group plc      
7.47% due 11/10/269  3,500,000    3,518,684
Hampton Roads PPV LLC      
6.62% due 06/15/53†††,5  4,390,000    3,504,361
Host Hotels & Resorts, LP      
3.50% due 09/15/30  3,610,000    3,394,381
Belrose Funding Trust II      
6.79% due 05/15/551,5  3,150,000    3,264,716
Americo Life, Inc.      
3.45% due 04/15/311,5  3,511,000    3,170,513
Toronto-Dominion Bank      
8.13% due 10/31/829  2,850,000    3,001,452
Ares Finance Company IV LLC      
3.65% due 02/01/521,5  4,100,000    2,827,723
Galaxy Bidco Ltd.      
8.13% due 12/19/295 GBP  1,800,000    2,526,580
BBC Military Housing-Navy Northeast LLC      
6.30% due 10/15/495  2,700,000    2,520,796
Walker & Dunlop, Inc.      
6.63% due 04/01/335  2,300,000    2,392,943
Nassau Companies of New York      
7.88% due 07/15/305  2,350,000    2,385,337
Enstar Group Ltd.      
7.50% due 04/01/455,9  2,200,000    2,292,770
Bank of Nova Scotia      
8.63% due 10/27/829  2,150,000    2,277,099
Nationstar Mortgage Holdings, Inc.      
5.00% due 02/01/265  2,180,000    2,175,112
Farmers Insurance Exchange      
7.00% due 10/15/645,9  1,920,000    1,951,738
VFH Parent LLC / Valor Company-Issuer, Inc.      
7.50% due 06/15/315  1,800,000    1,889,402
Reinsurance Group of America, Inc.      
3.15% due 06/15/301  1,000,000    947,023
6.65% due 09/15/559  800,000    814,888
First American Financial Corp.      
4.00% due 05/15/30  1,740,000    1,670,027
Nippon Life Insurance Co.      
6.50% due 04/30/551,5,9  1,550,000    1,652,833
OneAmerica Financial Partners, Inc.      
4.25% due 10/15/501,5  1,730,000    1,319,877
Ardonagh Finco Ltd.      
7.75% due 02/15/315  850,000    889,493
6.88% due 02/15/31 EUR  350,000    426,344
Weyerhaeuser Co.      
6.88% due 12/15/331  1,100,000    1,223,100
Fortitude Group Holdings LLC      
6.25% due 04/01/305  1,150,000    1,194,895
Ryan Specialty LLC      
4.38% due 02/01/305  1,100,000    1,063,153
USI, Inc.      
7.50% due 01/15/325  970,000    1,027,756
Pershing Square Holdings Ltd.      
3.25% due 10/01/315  1,100,000    978,443
PartnerRe Finance B LLC      
4.50% due 10/01/501,9  950,000    889,553
Prudential Financial, Inc.      
5.13% due 03/01/529  700,000    685,948
Rfna, LP      
7.88% due 02/15/305  650,000    672,717
Fort Moore Family Communities LLC      
6.09% due 01/15/515  669,591    574,523
Pacific Beacon LLC      
5.63% due 07/15/515  643,216    573,084
Starwood Property Trust, Inc.      
6.50% due 07/01/305  505,000    524,131
Osaic Holdings, Inc.      
6.75% due 08/01/325  500,000    509,453
Assurant, Inc.      
7.00% due 03/27/489  400,000    409,308
Macquarie Bank Ltd.      
3.62% due 06/03/305  375,000    357,377
Fort Eisenhower Housing LLC      
6.32% due 05/15/515  200,000    182,822

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

   Face
 Amount~ 		  Value
CORPORATE BONDS†† - 37.2% (continued)
Financial - 11.7% (continued)      
Atlas Mara Ltd.      
due 12/31/21†††,2,10  180,783   $    –
Total Financial      250,179,857
Consumer, Cyclical - 4.8%      
Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp.      
5.88% due 03/01/27  3,210,000    3,193,628
5.00% due 06/01/315  1,800,000    1,703,080
Penn Entertainment, Inc.      
4.13% due 07/01/291,5  4,925,000    4,590,042
AccorInvest Group S.A.      
5.63% due 05/15/325 EUR  2,550,000    3,041,036
6.38% due 10/15/295 EUR  600,000    741,895
5.79% (3 Month EURIBOR + 3.75%, Rate Floor: 0.00%) due 05/15/32◊,5 EUR  600,000    705,094
Crocs, Inc.      
4.25% due 03/15/295  3,238,000    3,079,140
4.13% due 08/15/315  1,525,000    1,368,957
Wabash National Corp.      
4.50% due 10/15/285  4,800,000    4,405,337
Wolverine World Wide, Inc.      
4.00% due 08/15/295  4,450,000    4,092,329
TVL Finance plc      
5.73% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 06/30/30◊ EUR  3,500,000    3,985,490
Station Casinos LLC      
4.63% due 12/01/311,5  4,200,000    3,974,350
Delta Air Lines, Inc. / SkyMiles IP Ltd.      
4.75% due 10/20/281,5  3,950,000    3,972,323
Fertitta Entertainment LLC / Fertitta Entertainment Finance Company, Inc.      
4.63% due 01/15/295  4,100,000    3,919,397
Evergreen Acqco 1 Limited Partnership / TVI, Inc.      
9.75% due 04/26/281,5  3,660,000    3,812,992
Allwyn Entertainment Financing UK plc      
7.88% due 04/30/291,5  3,353,000    3,487,120
Live Nation Entertainment, Inc.      
6.50% due 05/15/271,5  3,350,000    3,385,138
QuickTop HoldCo AB      
6.54% (3 Month EURIBOR + 4.50%, Rate Floor: 0.00%) due 03/31/30◊ EUR  2,800,000    3,370,003
JB Poindexter & Company, Inc.      
8.75% due 12/15/315  3,020,000    3,119,030
Air Canada      
4.63% due 08/15/291,5 CAD  2,900,000    2,091,118
3.88% due 08/15/265  825,000    815,030
Clarios Global Limited Partnership / Clarios US Finance Co.      
8.50% due 05/15/275  2,650,000    2,661,149
Scotts Miracle-Gro Co.      
4.00% due 04/01/31  2,150,000    1,978,123
4.38% due 02/01/32  700,000    646,099
Air Canada Class A Pass Through Trust      
5.25% due 04/01/291,5  2,548,974    2,588,234
United Airlines, Inc.      
4.63% due 04/15/291,5  2,575,000    2,534,041
Deuce FinCo plc      
5.50% due 06/15/27 GBP  1,600,000    2,158,751
Superior Plus Limited Partnership / Superior General Partner, Inc.      
4.50% due 03/15/295  2,000,000    1,921,658
Yum! Brands, Inc.      
4.63% due 01/31/321  1,987,000    1,920,686
Whirlpool Corp.      
4.70% due 05/14/32  1,200,000    1,114,677
4.50% due 06/01/46  550,000    414,210
4.60% due 05/15/50  500,000    371,904
RB Global Holdings, Inc.      
7.75% due 03/15/315  1,750,000    1,836,439
ONE Hotels GmbH      
7.75% due 04/02/315 EUR  1,300,000    1,646,809
HP Communities LLC      
6.82% due 09/15/535  902,174    859,670
6.16% due 09/15/535  1,000,000    765,009
Hanesbrands, Inc.      
9.00% due 02/15/315  1,500,000    1,594,648
Wyndham Hotels & Resorts, Inc.      
4.38% due 08/15/285  1,625,000    1,586,508
1011778 BC ULC / New Red Finance, Inc.      
3.88% due 01/15/285  850,000    827,364
4.00% due 10/15/305  725,000    677,888
QXO Building Products, Inc.      
6.75% due 04/30/325  1,200,000    1,239,366
Hilton Domestic Operating Company, Inc.      
3.63% due 02/15/325  1,350,000    1,232,236
Lindblad Expeditions LLC      
7.00% due 09/15/305  1,200,000    1,228,921
Boyne USA, Inc.      
4.75% due 05/15/295  1,250,000    1,227,180
Somnigroup International, Inc.      
3.88% due 10/15/315  700,000    640,392
4.00% due 04/15/295  500,000    480,611

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

   Face
 Amount~ 		  Value
CORPORATE BONDS†† - 37.2% (continued)
Consumer, Cyclical - 4.8% (continued)      
Allison Transmission, Inc.      
3.75% due 01/30/315  1,100,000   $   1,015,228
Ferrellgas Limited Partnership / Ferrellgas Finance Corp.      
5.38% due 04/01/265  975,000    962,023
New Flyer Holdings, Inc.      
9.25% due 07/01/305  800,000    858,157
Beach Acquisition Bidco, LLC      
5.25% due 07/15/32 EUR  700,000    836,754
Scientific Games Holdings Limited Partnership/Scientific Games US FinCo, Inc.      
6.63% due 03/01/305  850,000    815,749
Velocity Vehicle Group LLC      
8.00% due 06/01/295  370,000    375,008
United Airlines Class AA Pass Through Trust      
3.45% due 12/01/271  359,792    351,091
Superior Plus, LP      
4.25% due 05/18/281,5 CAD  350,000    250,146
Caesars Entertainment, Inc.      
6.00% due 10/15/325  225,000    220,602
Aramark Services, Inc.      
5.00% due 02/01/285  110,000    109,192
Exide Technologies      
due 10/31/24†††,2,10  2,353,687    3
Total Consumer, Cyclical      102,799,055
Communications - 4.7%      
Altice France S.A.      
5.50% due 10/15/295  8,175,000    7,010,062
5.13% due 07/15/295  3,025,000    2,586,375
due 02/01/275,10  1,300,000    1,203,521
McGraw-Hill Education, Inc.      
8.00% due 08/01/295  6,300,000    6,427,197
5.75% due 08/01/281,5  3,525,000    3,543,347
Cogent Communications Group LLC      
7.00% due 06/15/271,5  7,500,000    7,472,374
Bell Telephone Company of Canada or Bell Canada      
6.88% due 09/15/559  6,550,000    6,689,587
British Telecommunications plc      
4.88% due 11/23/811,5,9  5,550,000    5,209,646
4.25% due 11/23/811,5,9  950,000    938,568
VZ Secured Financing B.V.      
5.00% due 01/15/321,5  6,850,000    6,082,791
Outfront Media Capital LLC / Outfront Media Capital Corp.      
4.25% due 01/15/291,5  5,725,000    5,502,237
AMC Networks, Inc.      
10.50% due 07/15/325  4,092,000    4,226,177
10.25% due 01/15/295  1,100,000    1,144,990
4.25% due 02/15/29  81,000    66,674
Paramount Global      
4.95% due 05/19/501  6,390,000    4,989,560
Rogers Communications, Inc.      
7.13% due 04/15/551,9  3,000,000    3,114,230
4.55% due 03/15/52  2,200,000    1,771,780
TELUS Corp.      
7.00% due 10/15/559  4,500,000    4,617,814
Sunrise FinCo I B.V.      
4.88% due 07/15/315  4,550,000    4,347,343
CSC Holdings LLC      
11.25% due 05/15/285  2,750,000    2,748,394
4.63% due 12/01/305  1,913,000    838,119
Corning, Inc.      
4.38% due 11/15/571  4,100,000    3,270,864
Vodafone Group plc      
5.13% due 06/04/811,9  4,100,000    3,179,392
Sirius XM Radio LLC      
3.88% due 09/01/315  2,300,000    2,068,459
Ciena Corp.      
4.00% due 01/31/301,5  2,150,000    2,040,941
Vmed O2 UK Financing I plc      
4.25% due 01/31/315  1,225,000    1,130,721
4.75% due 07/15/315  650,000    607,761
Level 3 Financing, Inc.      
3.88% due 10/15/305  1,500,000    1,275,000
4.00% due 04/15/315  410,000    343,375
Virgin Media Secured Finance plc      
4.50% due 08/15/305  1,200,000    1,126,552
Zayo Group Holdings, Inc.      
4.00% due 03/01/275  1,050,000    1,015,721
Charter Communications Operating LLC / Charter Communications Operating Capital      
3.90% due 06/01/52  1,282,000    849,560
Match Group Holdings II LLC      
3.63% due 10/01/315  875,000    789,779
Ziggo B.V.      
4.88% due 01/15/305  725,000    680,384

 

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

 

   Face
 Amount~ 		  Value
CORPORATE BONDS†† - 37.2% (continued)
Communications - 4.7% (continued)      
Time Warner Cable LLC      
4.50% due 09/15/42  620,000   $  491,703
CCO Holdings LLC / CCO Holdings Capital Corp.      
4.50% due 06/01/331,5  538,000   479,875
Ziggo Bond Company B.V.      
5.13% due 02/28/305  500,000    441,321
Castor S.p.A.      
7.23% (3 Month EURIBOR + 5.25%, Rate Floor: 5.25%) due 02/15/29◊ EUR  200,000    218,621
Total Communications      100,540,815
Industrial - 4.6%      
AP Grange Holdings LLC      
6.50% due 03/20/45†††  11,000,000    11,316,250
5.00% due 03/20/45†††  1,200,000    1,212,000
New Enterprise Stone & Lime Company, Inc.      
9.75% due 07/15/285  7,717,000    7,738,839
5.25% due 07/15/285  1,309,000    1,293,911
Standard Industries, Inc.      
4.38% due 07/15/301,5  7,050,000    6,755,875
3.38% due 01/15/315  1,100,000    998,283
Terminal Investment Limited Holding      
6.23% due 10/01/40†††  5,000,000    4,952,850
Brundage-Bone Concrete Pumping Holdings, Inc.      
7.50% due 02/01/325  4,650,000    4,639,556
Homestead Spe Issuer LLC      
7.21% due 04/01/55†††  4,500,000    4,560,390
Great Lakes Dredge & Dock Corp.      
5.25% due 06/01/291,5  4,500,000    4,325,349
Builders FirstSource, Inc.      
6.38% due 06/15/325  2,500,000    2,578,040
4.25% due 02/01/325  1,675,000    1,574,366
Calderys Financing LLC      
11.25% due 06/01/281,5  3,737,000    3,955,073
Enviri Corp.      
5.75% due 07/31/275  3,824,000    3,781,011
AmeriTex HoldCo Intermediate LLC      
7.63% due 08/15/335  3,600,000    3,714,526
Boots Group Finco L.P.      
5.38% due 08/31/32 EUR  2,200,000    2,641,512
7.38% due 08/31/32 GBP  500,000    689,647
Lottomatica Group SpA      
4.88% due 01/31/31 EUR  2,550,000    3,054,076
Mauser Packaging Solutions Holding Co.      
7.88% due 04/15/275  1,875,000    1,897,318
9.25% due 04/15/275  1,000,000    995,416
Quikrete Holdings, Inc.      
6.75% due 03/01/335  2,425,000    2,513,590
Clearwater Paper Corp.      
4.75% due 08/15/285  2,547,000    2,410,812
GrafTech Global Enterprises, Inc.      
9.88% due 12/23/295  2,600,000    2,210,000
SCIL IV LLC / SCIL USA Holdings LLC      
9.50% due 07/15/28 EUR  1,800,000    2,207,942
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc      
4.00% due 09/01/295  2,300,000    2,110,558
Howmet Aerospace, Inc.      
3.00% due 01/15/291  1,175,000    1,130,202
5.95% due 02/01/371  875,000    930,699
GrafTech Finance, Inc.      
4.63% due 12/23/295  2,860,000    2,030,600
Deuce FinCo plc      
5.50% due 06/15/275 GBP  1,200,000    1,619,064
6.73% (3 Month EURIBOR + 4.75%, Rate Floor: 4.75%) due 06/15/27◊ EUR  100,000    117,963
TK Elevator US Newco, Inc.      
5.25% due 07/15/275  1,550,000    1,545,602
Amsted Industries, Inc.      
4.63% due 05/15/305  950,000    914,735
6.38% due 03/15/335  500,000    512,142
Cellnex Finance Company S.A.      
3.88% due 07/07/415  1,750,000    1,367,189
Waste Pro USA, Inc.      
7.00% due 02/01/335  1,200,000    1,254,757
Worldpay US, Inc.      
8.50% due 01/15/31 GBP  750,000    1,092,200
AP Grange Holdings LLC Deferral      
6.50% due 03/20/45†††  601,025    601,025
GATX Corp.      
4.00% due 06/30/301  560,000    550,321
Emerald Debt Merger Sub LLC      
6.38% due 12/15/30 EUR  450,000    549,355
TopBuild Corp.      
4.13% due 02/15/325  400,000    372,802
Clarios Global LP      
4.75% due 06/15/31 EUR  300,000    355,672
Arcosa, Inc.      
4.38% due 04/15/295  350,000    339,832
Hillenbrand, Inc.      
3.75% due 03/01/311  250,000    229,857
MIWD Holdco II LLC / MIWD Finance Corp.      
5.50% due 02/01/305  125,000    122,880

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

 

   Face
 Amount~ 		  Value
CORPORATE BONDS†† - 37.2% (continued)
Industrial - 4.6% (continued)      
Vertical Midco GmbH      
4.38% due 07/15/27 EUR  100,000   $   117,078
Total Industrial      99,881,165
Consumer, Non-cyclical - 4.6%      
Bausch Health Companies, Inc.      
4.88% due 06/01/285  8,025,000    7,242,562
BCP V Modular Services Finance II plc      
6.13% due 10/30/285 GBP  4,250,000    5,376,282
4.75% due 10/30/285 EUR  1,550,000    1,703,807
Medline Borrower, LP      
5.25% due 10/01/291,5  5,200,000    5,149,445
3.88% due 04/01/295  2,000,000    1,920,494
Acadia Healthcare Company, Inc.      
5.00% due 04/15/295  2,400,000    2,345,781
7.38% due 03/15/335  2,250,000    2,343,114
5.50% due 07/01/285  550,000    547,227
Reynolds American, Inc.      
5.70% due 08/15/351  4,150,000    4,271,054
CPI CG, Inc.      
10.00% due 07/15/295  3,998,000    4,184,906
Altria Group, Inc.      
3.70% due 02/04/511  6,000,000    4,153,967
Post Holdings, Inc.      
4.50% due 09/15/315  3,925,000    3,661,349
JBS USA Holding Lux SARL/ JBS USA Food Company/ JBS Lux Co SARL      
4.38% due 02/02/521  4,800,000    3,657,932
Upbound Group, Inc.      
6.38% due 02/15/295  3,625,000    3,552,870
Sotheby's      
7.38% due 10/15/275  3,399,000    3,361,587
Cheplapharm Arzneimittel GmbH      
5.50% due 01/15/285  3,063,000    2,975,875
DaVita, Inc.      
4.63% due 06/01/305  1,900,000    1,829,176
3.75% due 02/15/315  1,200,000    1,095,004
AZ Battery Property LLC      
6.73% due 02/20/46†††  3,000,000    2,864,220
Neogen Food Safety Corp.      
8.63% due 07/20/305  2,450,000    2,566,235
Sotheby's/Bidfair Holdings, Inc.      
5.88% due 06/01/295  2,700,000    2,458,561
US Foods, Inc.      
4.63% due 06/01/301,5  2,500,000    2,438,133
Verisure Holding AB      
5.50% due 05/15/305 EUR  1,950,000    2,369,019
Option Care Health, Inc.      
4.38% due 10/31/295  2,275,000    2,193,765
Albion Financing 1 SARL      
5.38% due 05/21/305 EUR  1,700,000    2,055,928
Nobel Bidco B.V.      
3.13% due 06/15/28 EUR  1,750,000    1,983,284
ADT Security Corp.      
4.13% due 08/01/295  1,050,000    1,014,990
4.88% due 07/15/325  1,000,000    962,258
CVS Health Corp.      
7.00% due 03/10/559  1,850,000    1,926,050
Albion Financing 1 SARL / Aggreko Holdings, Inc.      
7.00% due 05/21/305  1,550,000    1,599,450
APi Group DE, Inc.      
4.75% due 10/15/295  1,225,000    1,204,121
4.13% due 07/15/295  400,000    383,959
HealthEquity, Inc.      
4.50% due 10/01/295  1,550,000    1,498,367
Herc Holdings, Inc.      
7.00% due 06/15/305  820,000    853,418
7.25% due 06/15/335  580,000    608,412
Royalty Pharma plc      
3.55% due 09/02/50  2,100,000    1,419,936
Sammontana Italia SpA      
5.78% (3 Month EURIBOR + 3.75%, Rate Floor: 0.00%) due 10/15/31◊ EUR  1,200,000    1,399,752
Grifols S.A.      
4.75% due 10/15/281,5  1,350,000    1,308,174
Perrigo Finance Unlimited Co.      
5.38% due 09/30/32 EUR  900,000    1,088,368
TreeHouse Foods, Inc.      
4.00% due 09/01/28  1,150,000    1,068,222
Central Garden & Pet Co.      
4.13% due 10/15/30  625,000    591,152
4.13% due 04/30/315  400,000    372,749
Carriage Services, Inc.      
4.25% due 05/15/295  975,000    919,573
Avantor Funding, Inc.      
3.88% due 11/01/295  925,000    878,889
AMN Healthcare, Inc.      
4.63% due 10/01/275  725,000    713,292
Valvoline, Inc.      
3.63% due 06/15/315  760,000    693,226
Prestige Brands, Inc.      
3.75% due 04/01/315  300,000    276,468
Darling Ingredients, Inc.      
6.00% due 06/15/305  250,000    252,711
Albion Financing 1 SARL/Aggreko Holdings, Inc.      
5.38% due 05/21/30 EUR  100,000    120,937
Albertsons Companies Incorporated / Safeway Inc / New Albertsons Limited Partnership / Albertsons LLC      
5.88% due 02/15/285  100,000    99,969
Total Consumer, Non-cyclical      99,556,020
Energy - 2.8%      
ITT Holdings LLC      
6.50% due 08/01/291,5  8,050,000    7,891,404

 

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

   Face
 Amount~ 		  Value
CORPORATE BONDS†† - 37.2% (continued)
Energy - 2.8% (continued)      
Venture Global LNG, Inc.      
9.88% due 02/01/321,5  6,000,000   $   6,533,274
Occidental Petroleum Corp.      
6.20% due 03/15/40  2,100,000    2,074,064
7.00% due 11/15/27  2,000,000    2,047,772
4.30% due 08/15/39  2,100,000    1,707,279
4.63% due 06/15/45  750,000    573,680
BP Capital Markets plc      
4.88% 8,9  6,083,000    6,030,021
CVR Energy, Inc.      
8.50% due 01/15/291,5  3,500,000    3,537,706
5.75% due 02/15/285  2,100,000    2,046,365
Energy Transfer, LP      
7.38% due 02/01/311,5  3,800,000    3,975,091
Parkland Corp.      
4.63% due 05/01/305  2,700,000    2,613,450
4.50% due 10/01/295  1,300,000    1,262,466
Global Partners Limited Partnership / GLP Finance Corp.      
6.88% due 01/15/29  2,980,000    3,019,950
7.13% due 07/01/335  500,000    511,748
Buckeye Partners, LP      
5.85% due 11/15/43  3,750,000    3,359,214
ONEOK, Inc.      
6.50% due 09/01/301,5  2,600,000    2,798,039
Hess Corp.      
5.60% due 02/15/41  1,550,000    1,572,319
6.00% due 01/15/40  1,000,000    1,070,792
NuStar Logistics, LP      
6.38% due 10/01/30  1,916,000    1,983,811
5.63% due 04/28/27  200,000    201,069
6.00% due 06/01/26  125,000    125,430
TransMontaigne Partners LLC      
8.50% due 06/15/305  1,600,000    1,682,970
Expand Energy Corp.      
5.38% due 02/01/291  1,400,000    1,402,639
Venture Global Calcasieu Pass LLC      
4.13% due 08/15/315  775,000    727,646
Vnom Sub, Inc.      
5.38% due 11/01/275  277,000    276,818
FLNG Liquefaction 2 LLC      
4.13% due 03/31/381,5  215,078    198,658
Total Energy      59,223,675
Basic Materials - 1.7%      
Carpenter Technology Corp.      
6.38% due 07/15/281  5,225,000    5,240,550
7.63% due 03/15/30  2,500,000    2,574,110
SCIL IV LLC / SCIL USA Holdings LLC      
5.38% due 11/01/261,5  6,075,000    6,033,983
SK Invictus Intermediate II SARL      
5.00% due 10/30/291,5  5,250,000    5,144,291
Kaiser Aluminum Corp.      
4.50% due 06/01/311,5  4,860,000    4,559,212
Alumina Pty Ltd.      
6.38% due 09/15/325  2,850,000    2,906,444
WR Grace Holdings LLC      
4.88% due 06/15/275  1,535,000    1,522,649
7.38% due 03/01/315  500,000    508,929
6.63% due 08/15/325  200,000    199,440
Compass Minerals International, Inc.      
8.00% due 07/01/305  910,000    951,847
6.75% due 12/01/275  766,000    765,453
Arsenal AIC Parent LLC      
8.00% due 10/01/305  1,550,000    1,641,738
Illuminate Buyer LLC / Illuminate Holdings IV, Inc.      
9.00% due 07/01/285  1,625,000    1,625,574
Minerals Technologies, Inc.      
5.00% due 07/01/285  1,350,000    1,329,750
International Flavors & Fragrances, Inc.      
1.23% due 10/01/251,5  1,258,000    1,254,273
HB Fuller Co.      
4.25% due 10/15/28  1,150,000    1,116,890
Mirabela Nickel Ltd.      
due 06/24/19†††,2,10  2,667,995    6,670
Total Basic Materials      37,381,803
Technology - 1.5%      
Cloud Software Group, Inc.      
6.50% due 03/31/291,5  5,630,000    5,691,913
Foundry JV Holdco LLC      
6.20% due 01/25/371,5  4,750,000    4,994,714
TeamSystem SpA      
5.53% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 07/31/31◊,5 EUR  2,500,000    2,930,472
3.50% due 02/15/28 EUR  1,700,000    1,970,645
Capstone Borrower, Inc.      
8.00% due 06/15/305  3,800,000    3,978,873
Castor S.p.A.      
7.23% (3 Month EURIBOR + 5.25%, Rate Floor: 5.25%) due 02/15/29◊,5 EUR  2,300,000    2,514,136
Dye & Durham Ltd.      
8.63% due 04/15/295  2,400,000    2,508,329
Twilio, Inc.      
3.88% due 03/15/311  2,000,000    1,868,023
Playtika Holding Corp.      
4.25% due 03/15/291,5  2,025,000    1,863,000

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

   Face
 Amount~ 		  Value
CORPORATE BONDS†† - 37.2% (continued)
Technology - 1.5% (continued)      
Xerox Corp.      
10.25% due 10/15/305  1,645,000   $   1,706,990
Gartner, Inc.      
4.50% due 07/01/281,5  1,700,000    1,679,941
Oracle Corp.      
3.95% due 03/25/511  2,100,000    1,515,212
Total Technology      33,222,248
Utilities - 0.8%      
PacifiCorp      
7.38% due 09/15/559  5,000,000    5,188,304
ContourGlobal Power Holdings S.A.      
5.00% due 02/28/305 EUR  2,950,000    3,531,422
Alexander Funding Trust II      
7.47% due 07/31/285  1,950,000    2,088,075
Terraform Global Operating, LP      
6.13% due 03/01/265  2,035,000    2,023,870
Clearway Energy Operating LLC      
3.75% due 02/15/311,5  1,663,000    1,529,638
3.75% due 01/15/325  525,000    472,617
NextEra Energy Capital Holdings, Inc.      
6.38% due 08/15/559  1,576,000    1,624,668
CMS Energy Corp.      
6.50% due 06/01/559  1,570,000    1,601,468
Total Utilities      18,060,062
Total Corporate Bonds    
(Cost $820,866,013)   800,844,700
SENIOR FLOATING RATE INTERESTS††,◊ - 35.6%
Consumer, Cyclical - 8.9%      
Pacific Bells LLC      
8.56% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 11/13/28  7,768,457    7,778,168
FR Refuel LLC      
9.18% (1 Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 11/08/28  7,696,667    7,619,700
MB2 Dental Solutions LLC      
9.82% (1 Month Term SOFR + 5.50%, Rate Floor: 6.25%) due 02/13/31†††  7,306,735    7,268,531
PetSmart LLC      
8.36% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 08/09/32  3,400,000    3,363,892
8.21% (3 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 02/11/28  2,736,000    2,725,740
Applegreen Ltd.      
7.03% (3 Month EURIBOR + 5.00%, Rate Floor: 5.00%) due 01/23/32 EUR  4,800,000    5,669,807
PHM Group Holding OY      
5.46% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 04/22/32 EUR  4,600,000    5,373,609
Allwyn Entertainment Financing US LLC      
4.87% (1 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 03/19/32 EUR  4,350,000    5,091,337
Alexander Mann      
10.46% (1 Month Term SOFR + 6.00%, Rate Floor: 6.00%) due 06/29/27  5,277,990    5,014,090
B&B Hotels      
5.62% (1 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 03/21/31 EUR  4,150,000    4,863,614
Normec 1 B.V.      
5.41% (1 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 04/16/31 EUR  4,125,000    4,850,386
QSRP Finco B.V.      
6.07% (6 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 06/19/31 EUR  4,100,000    4,815,090
Accuride Corp.      
8.81% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) (in-kind rate was 3.00%) due 03/07/30†††,4,11  2,237,825    4,205,823
Shaw Development LLC      
10.31% (3 Month Term SOFR + 6.00%, Rate Floor: 6.00%) due 10/30/29†††  4,412,234    4,144,988
ATG Entertainment      
8.97% (3 Month GBP SONIA + 4.75%, Rate Floor: 4.75%) due 04/19/32 GBP  3,000,000    4,071,510
Zephyr Bidco Ltd.      
9.47% (1 Month GBP SONIA + 5.50%, Rate Floor: 5.50%) due 07/20/28 GBP  3,000,000    4,058,170

 

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

   Face
 Amount~ 		  Value
SENIOR FLOATING RATE INTERESTS††,◊ - 35.6% (continued)
Consumer, Cyclical - 8.9% (continued)      
Citrin Cooperman Advisors LLC      
7.30% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 04/01/32  3,851,515   $   3,845,507
Tortuga Resorts GHD LLC      
3.25% due 08/13/32  3,825,000    3,825,000
Tipico      
5.37% (6 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 05/22/28 EUR  1,650,000    1,931,158
3.25% due 05/18/28 EUR  1,600,000    1,872,788
Betclic Everest Group SAS      
5.00% (3 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 12/09/31 EUR  3,150,000    3,701,388
One Hotels GmbH      
6.19% (3 Month EURIBOR + 4.25%, Rate Floor: 4.25%) due 06/04/32 EUR  3,000,000    3,535,065
First Brands Group LLC      
9.57% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 03/30/27  3,718,616    3,530,845
Socotec Holding      
7.61% (1 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 06/02/31  2,277,000    2,287,429
5.48% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 06/02/31 EUR  1,050,000    1,234,644
Alterra Mountain Co.      
6.82% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 05/31/30  2,993,908    2,995,794
6.82% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 08/17/28  461,985    461,407
Shilton BidCo Ltd.      
5.73% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 01/14/30 EUR  2,000,000    2,346,695
5.69% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 01/14/30 EUR  900,000    1,056,013
Scenic Cruises      
8.51% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 07/19/32  3,400,000    3,400,102
Entain Holdings (Gibraltar) Ltd.      
5.29% (6 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 06/30/28 EUR  2,750,000    3,225,869
The Facilities Group      
10.06% (3 Month Term SOFR + 5.75%, Rate Floor: 6.75%) due 11/30/27†††  3,242,921    3,201,771
NFM & J LLC      
10.16% (3 Month Term SOFR + 5.75%, Rate Floor: 6.75%) due 11/30/27†††  3,190,185    3,149,703
Apro LLC      
8.11% (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 07/09/31  3,151,312    3,145,419
Grant Thornton Advisors LLC      
7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 05/30/31  3,050,000    3,056,862
Breitling Financing SARL      
5.94% (6 Month EURIBOR + 3.90%, Rate Floor: 3.90%) due 10/25/28 EUR  2,800,000    2,953,513
Restaurant Brands      
5.60% (3 Month EURIBOR + 3.60%, Rate Floor: 3.60%) due 10/31/31 EUR  2,450,000    2,883,071
Cervantes Bidco S.L.U.      
5.79% (6 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 12/03/31 EUR  2,400,000    2,817,213
Seren BidCo AB      
7.76% (3 Month Term SOFR + 3.40%, Rate Floor: 3.90%) due 11/16/28  2,765,019    2,767,618
Mavis Tire Express Services TopCo Corp.      
7.20% (3 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 05/04/28  2,665,185    2,670,755

 

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

   Face
 Amount~ 		  Value
SENIOR FLOATING RATE INTERESTS††,◊ - 35.6% (continued)
Consumer, Cyclical - 8.9% (continued)      
Drive Bidco B.V.      
5.72% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 07/23/31 EUR  2,200,000   $   2,574,003
Paint Intermediate III LLC      
7.24% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 10/09/31  2,493,750   2,494,523
Bulldog Purchaser, Inc.      
8.04% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 06/28/31  2,477,184    2,489,049
Caesars Entertainment, Inc.      
6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 02/06/31  1,975,000    1,967,594
6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 02/06/30  449,625    447,939
Eagle Bidco Ltd.      
5.15% (6 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 03/20/28 EUR  2,000,000    2,349,947
Oil Changer Holding Corp.      
11.06% (6 Month Term SOFR + 6.75%, Rate Floor: 7.75%) due 02/08/27†††  2,109,785    2,109,785
Clarios Global, LP      
7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 01/28/32  1,400,000    1,400,000
4.87% (1 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 07/16/31 EUR  600,000    703,117
Blue Ribbon LLC      
12.28% (3 Month Term SOFR + 4.00%, Rate Floor: 4.75%) (in-kind rate was 4.00%) due 05/08/28†††,11  2,091,950    2,081,490
CCRR Parent, Inc.      
8.71% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/06/28  6,591,434    1,977,430
TransNetwork LLC      
9.05% (3 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 12/30/30  1,885,642    1,878,571
ScribeAmerica Intermediate Holdco LLC (Healthchannels)      
13.00% (Commercial Prime Lending Rate + 3.50%, Rate Floor: 3.50%) (in-kind rate was 2.00%) due 12/15/2510,11  2,466,616    1,837,629
Scientific Games Corp.      
7.29% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 04/04/29  1,829,302    1,808,338
Sweetwater Sound      
8.68% (1 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 08/07/28  1,706,713    1,704,580
Thevelia US LLC      
7.30% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 06/18/29  1,578,627    1,581,911
Secretariat Advisors LLC      
8.30% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 02/27/32  1,557,923    1,562,800
Upbound Group, Inc.      
7.10% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 08/12/32  1,550,000    1,548,713
EG Finco Ltd.      
7.70% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 02/07/28  1,536,228    1,542,127
SHO Holding I Corp.      
10.93% (1 Month Term SOFR + 6.50%, Rate Floor: 7.50%) due 06/30/29†††  1,135,961    1,127,399
6.43% (1 Month Term SOFR + 2.00%, Rate Floor: 3.00%) due 06/30/29†††  423,926    373,055
Arcis Golf LLC      
7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 11/24/28  1,296,962    1,299,128
Parts Europe SA      
5.27% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 02/03/31 EUR  1,000,000    1,174,751

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

   Face
 Amount~ 		  Value
SENIOR FLOATING RATE INTERESTS††,◊ - 35.6% (continued)
Consumer, Cyclical - 8.9% (continued)      
Fertitta Entertainment LLC      
7.57% (1 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 01/27/29  1,161,729   $   1,160,428
American Auto Auction Group LLC      
8.82% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 05/22/32  1,097,250    1,106,390
Congruex Group LLC      
10.96% (3 Month Term SOFR + 1.50%, Rate Floor: 2.25%) (in-kind rate was 5.00%) due 05/03/2911  1,238,859    1,037,544
Dealer Tire LLC      
7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 07/02/31  992,513    989,724
PT Intermediate Holdings III LLC      
9.30% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) (in-kind rate was 1.75%) due 04/09/30†††,11  933,775    926,772
AmSpec Parent LLC      
7.80% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 12/22/31  520,000    522,111
7.82% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 12/22/31  32,000    32,130
Student Transportation Of America Holdings, Inc.      
7.57% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 06/24/32  420,000    421,315
7.56% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 06/24/32  9,600    9,630
Weight Watchers International, Inc.      
11.12% (3 Month Term SOFR + 6.80%, Rate Floor: 6.80%) due 06/24/30  273,050    249,158
Total Consumer, Cyclical      191,299,165
Industrial - 7.0%      
Capstone Acquisition Holdings, Inc.      
8.92% (1 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 11/12/29†††  8,296,915    8,258,262
Fugue Finance LLC      
6.95% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 01/09/32  5,083,153    5,091,336
Hunter Douglas, Inc.      
7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 01/17/32  3,631,750    3,630,225
5.23% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 01/17/32 EUR  1,250,000    1,459,533
Pregis TopCo LLC      
8.32% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 02/28/29  5,047,883    5,089,528
FCG Acquisitions, Inc.      
7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 03/31/28  5,014,473    5,021,293
Integrated Power Services Holdings, Inc.      
9.18% (1 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 11/22/28†††  3,863,324    3,854,402
8.93% (1 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 11/22/28†††  1,096,314    1,093,783
Atlantic Aviation      
6.82% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 09/23/31  4,931,425    4,930,488
Aegion Corp.      
7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 05/17/28  4,908,399    4,911,491

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

 

   Face
 Amount~ 		  Value
SENIOR FLOATING RATE INTERESTS††,◊ - 35.6% (continued)
Industrial - 7.0% (continued)      
Michael Baker International LLC      
8.31% (3 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 12/01/28  4,776,340   $   4,792,245
Boluda Towage S.L.      
5.37% (1 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 01/31/30 EUR  3,950,000    4,649,511
Charter Next Generation, Inc.      
7.11% (1 Month Term SOFR + 2.75%, Rate Floor: 3.50%) due 11/29/30  4,608,487    4,626,414
Engineering Research And Consulting LLC      
9.29% (6 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 08/29/31  4,577,000    4,451,133
Inspired Finco Holdings, Ltd.      
5.12% (1 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 02/28/31 EUR  3,800,000    4,448,316
VDK Groep B.V.      
5.39% (1 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 02/23/32 EUR  3,750,000    4,402,115
Engineered Machinery Holdings, Inc.      
8.06% (3 Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 05/19/28  2,269,121    2,281,692
5.98% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 05/21/28 EUR  1,600,000    1,877,861
Foundation Building Materials Holding Company LLC      
8.31% ((1 Month Term SOFR + 4.00%) and (3 Month Term SOFR + 4.00%), Rate Floor: 4.00%) due 01/29/31  4,098,125    4,109,395
Merlin Buyer, Inc.      
8.30% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 12/14/28  4,039,936    4,001,233
Dispatch Terra Acquisition LLC      
8.70% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/27/28  4,067,908    3,965,356
STS Operating, Inc.      
8.42% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 03/25/31  3,950,000    3,914,213
Pelican Products, Inc.      
8.81% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 12/29/28  4,428,958    3,808,904
ASP Dream Acquisiton Co. LLC      
8.67% (1 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 12/15/28  4,201,395    3,781,255
Galileo Global Education      
5.28% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 07/31/31 EUR  2,898,444    3,381,654
5.28% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 07/31/31 EUR  251,556    293,493
Convergint      
8.10% (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 07/12/32  3,480,598    3,489,300
Cognita Ltd.      
7.82% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 10/27/31  1,990,013    1,994,988
5.73% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 04/25/29 EUR  1,000,000    1,174,096
Infragroup      
5.48% (3 Month EURIBOR + 3.45%, Rate Floor: 3.45%) due 09/27/30 EUR  2,600,000    3,054,506
Talbot Participation SAS      
5.44% (6 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 06/27/32 EUR  2,550,000    2,999,345
Climater Bidco II      
6.38% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 03/31/32 EUR  2,450,000    2,859,337
Anchor Packaging LLC      
7.61% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 07/18/29  2,849,836    2,852,686
IFCO Management GmbH      
3.50% due 07/30/32 EUR  2,400,000    2,810,642

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

   Face
 Amount~ 		  Value
SENIOR FLOATING RATE INTERESTS††,◊ - 35.6% (continued)
Industrial - 7.0% (continued)      
DXP Enterprises, Inc.      
8.07% (1 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 10/11/30  2,568,109   $   2,576,943
Service Logic Acquisition, Inc.      
7.31% ((1 Month Term SOFR + 3.00%) and (3 Month Term SOFR + 3.00%), Rate Floor: 3.75%) due 10/29/27  2,466,664    2,468,711
Quimper AB      
5.70% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 03/25/30 EUR  2,000,000    2,347,678
Mauser Packaging Solutions Holding Co.      
7.35% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 04/15/27  2,263,194    2,262,719
White Cap Supply Holdings LLC      
7.57% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/19/29  2,152,477    2,152,692
Mannington Mills, Inc.      
9.05% (3 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 03/07/32  1,836,125    1,790,222
OptiGroup      
7.12% (1 Month EURIBOR + 5.25%, Rate Floor: 5.25%) due 03/16/29 EUR  1,600,000    1,765,541
API Holdings III Corp.      
11.30% (3 Month Term SOFR + 1.00%, Rate Floor: 1.00%) (in-kind rate was 6.00%) due 05/09/2711  1,734,229    1,505,311
11.30% (3 Month Term SOFR + 1.00%, Rate Floor: 2.00%) (in-kind rate was 6.00%) due 03/25/2711  130,601    131,907
LBM Acquisition LLC      
8.21% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 06/06/31  1,628,550    1,579,400
Vista Management Holding, Inc.      
8.04% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 03/26/31  1,350,000    1,356,332
Apave S.A.      
5.16% (1 Month EURIBOR + 3.27%, Rate Floor: 3.27%) due 12/09/31 EUR  1,150,000    1,348,300
ProAmpac PG Borrower LLC      
8.27% (3 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 09/15/28  1,307,203    1,305,569
ILPEA Parent, Inc.      
8.32% (1 Month Term SOFR + 4.01%, Rate Floor: 4.76%) due 06/22/28  1,222,670    1,218,855
Spring Education Group, Inc.      
8.30% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 10/04/30  1,182,000    1,188,406
Merlin Buyer, Inc.      
9.05% (3 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 12/14/28†††  1,080,653    1,069,847
Valcour Packaging LLC      
8.23% (1 Month Term SOFR + 1.50%, Rate Floor: 1.50%) (in-kind rate was 2.25%) due 10/04/2811  443,893    374,201
9.62% (1 Month Term SOFR + 5.25%, Rate Floor: 5.25%) due 10/04/28  360,023    360,250
Park River Holdings, Inc.      
7.80% (3 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 12/28/27  581,135    578,712
Osmose Utility Services, Inc.      
7.68% (1 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 06/23/28  491,667    482,079
Berlin Packaging LLC      
7.59% ((1 Month Term SOFR + 3.25%) and (3 Month Term SOFR + 3.25%), Rate Floor: 3.25%) due 06/09/31  466,481    467,572

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

 

   Face
 Amount~ 		  Value
SENIOR FLOATING RATE INTERESTS††,◊ - 35.6% (continued)
Industrial - 7.0% (continued)      
Beacon Roofing Supply, Inc.      
7.30% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 04/23/32  113,333   $   114,272
Total Industrial      151,805,550
Technology - 6.2%      
Visma AS      
6.08% (6 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 12/05/28††† EUR  7,250,000    8,482,508
6.03% (6 Month EURIBOR + 3.70%, Rate Floor: 3.70%) due 12/05/28††† EUR  500,000    585,001
Datix Bidco Ltd.      
9.46% (6 Month GBP SONIA + 5.25%, Rate Floor: 5.25%) due 04/30/31††† GBP  3,920,000    5,258,390
9.54% (6 Month Term SOFR + 5.25%, Rate Floor: 5.75%) due 04/30/31†††  1,110,000    1,110,000
9.54% (6 Month Term SOFR + 5.25%, Rate Floor: 5.75%) due 10/30/30†††  105,000    94,128
Total Webhosting Solutions BV      
5.90% (6 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 11/06/31 EUR  5,000,000    5,871,943
TSG Solutions Holding      
6.03% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 05/04/32 EUR  4,775,000    5,614,689
Kerridge Commercial Systems Bidco Ltd.      
9.47% (3 Month GBP SONIA + 5.25%, Rate Floor: 6.00%) due 09/07/30††† GBP  3,800,000    5,066,020
Team.Blue Finco SARL      
5.68% (3 Month EURIBOR + 3.45%, Rate Floor: 3.45%) due 09/30/29 EUR  4,150,000    4,864,002
Kaseya, Inc.      
7.61% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 03/22/32  4,837,875    4,845,277
Precise Midco B.V.      
4.98% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 11/22/30 EUR  4,117,500    4,822,394
Finastra      
11.43% (6 Month Term SOFR + 7.25%, Rate Floor: 8.25%) due 09/13/29  4,838,750    4,790,362
DS Admiral Bidco LLC      
8.55% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 06/26/31  4,744,083    4,738,153
Modena Buyer LLC      
8.81% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 07/01/31  4,641,684    4,562,126
Planview Parent, Inc.      
7.80% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 12/17/27  4,662,300    4,547,701
Boxer Parent Co., Inc.      
7.20% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 07/30/31  4,486,256    4,478,046
Bock Capital Bidco B.V.      
5.48% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 06/29/28 EUR  3,800,000    4,471,569
Leia Finco US LLC      
7.57% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/09/31  4,189,500    4,197,376
Blackhawk Network Holdings, Inc.      
8.32% (1 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 03/12/29  4,148,205    4,163,180
Wrench Group LLC      
8.56% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 10/30/28  4,093,562    4,087,176
Sitecore Holding III A/S      
11.60% (3 Month Term SOFR + 3.18%, Rate Floor: 3.18%) (in-kind rate was 6.24%) due 03/12/29†††,11  2,214,304    2,199,649
9.25% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) (in-kind rate was 5.06%) due 03/12/29†††,11 EUR  1,614,600    1,876,582

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

   Face
 Amount~ 		  Value
SENIOR FLOATING RATE INTERESTS††,◊ - 35.6%(continued)
Technology - 6.2% (continued)      
Pushpay USA, Inc.      
8.30% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 08/15/31  3,880,500   $   3,895,052
Apttus Corp.      
7.81% (3 Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 05/08/28  3,858,959    3,857,763
Indicor LLC      
5.48% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 11/22/29 EUR  3,092,231    3,626,958
CoreLogic, Inc.      
7.93% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 06/02/28  3,519,676    3,507,357
Polaris Newco LLC      
5.78% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 06/02/28 EUR  2,480,670    2,711,149
8.32% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 06/02/28  627,539    595,020
Cordobes Holdco SL      
5.87% (1 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 02/02/29 EUR  2,700,000    3,160,993
Alteryx, Inc.      
10.32% (1 Month Term SOFR + 6.00%, Rate Floor: 6.75%) due 03/19/31†††  2,881,944    2,881,944
Zuora, Inc.      
7.82% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 02/17/32  2,795,000    2,782,786
Xerox Corp.      
8.27% ((3 Month Term SOFR + 4.00%) and (6 Month Term SOFR + 4.00%), Rate Floor: 4.50%) due 11/17/29  2,714,943    2,528,969
Redhalo Midco Ltd.      
5.23% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 03/24/31 EUR  2,100,000    2,455,479
Athena Bidco Gmbh (P&I)      
5.77% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 05/31/32 EUR  1,575,000    1,850,970
Polaris Newco LLC      
7.94% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 06/04/26†††  1,652,364    1,620,805
Dye & Durham Corp.      
8.65% (3 Month Term SOFR + 4.25%, Rate Floor: 5.25%) due 04/11/31  1,424,464    1,425,803
Central Parent LLC      
7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 07/06/29  1,529,591    1,276,383
Azurite Intermediate Holdings, Inc.      
10.32% (1 Month Term SOFR + 6.00%, Rate Floor: 6.75%) due 03/19/31†††  1,268,056    1,268,056
BEP Intermediate Holdco LLC      
7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 04/28/31  891,017    893,806
Conair Holdings LLC      
8.18% (1 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 05/17/28  1,328,308    870,041
Storable, Inc.      
7.57% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 04/16/31  847,875    850,419
RealPage, Inc.      
7.56% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.50%) due 04/24/28  500,000    499,150
Marcel Bidco LLC      
7.35% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 11/13/30  496,259    496,880
Finastra USA, Inc.      
11.57% (3 Month Term SOFR + 7.25%, Rate Floor: 8.25%) due 09/13/29†††  17,469    16,016
Total Technology      133,798,071
Financial - 5.8%      
Eisner Advisory Group      
8.32% (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 02/28/31  8,323,830    8,370,693

 

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

   Face
 Amount~ 		  Value
SENIOR FLOATING RATE INTERESTS††,◊ - 35.6% (continued)
Financial - 5.8% (continued)      
Higginbotham Insurance Agency, Inc.      
8.82% (1 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 11/24/28†††  7,980,807   $   7,931,745
9.07% (1 Month Term SOFR + 4.75%, Rate Floor: 5.75%) due 11/24/28†††  342,584    340,478
HighTower Holding LLC      
7.07% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 02/03/32  7,936,810    7,920,301
Cliffwater LLC      
9.31% (3 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 03/19/32†††  6,792,975    6,771,308
Asurion LLC      
8.67% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 08/19/28  3,867,372    3,861,919
8.57% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 09/19/30  2,494,750    2,463,924
Cegid Group      
4.78% (3 Month EURIBOR + 2.75%, Rate Floor: 2.75%) due 07/10/28 EUR  4,650,000    5,433,052
Sandy Bidco B.V.      
6.26% (6 Month EURIBOR + 3.85%, Rate Floor: 3.85%) due 08/17/29 EUR  4,550,000    5,294,971
Aretec Group, Inc.      
7.82% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 08/09/30  4,694,450    4,696,562
Nexus Buyer LLC      
7.82% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 07/31/31  4,699,137    4,688,376
Cobham Ultra SeniorCo SARL      
8.37% (6 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 08/03/29  4,627,304    4,631,422
Orion Advisor Solutions, Inc.      
7.57% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 09/09/30  4,565,500    4,577,325
Howden Group Holdings Ltd.      
5.38% (1 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 02/15/31 EUR  3,750,000    4,403,475
AqGen Island Holdings, Inc.      
7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 08/02/28  4,134,061    4,134,930
Duff & Phelps      
8.05% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 04/09/27  2,063,598    2,053,610
5.98% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 04/09/27 EUR  1,713,918    1,993,474
Diot-Siaci      
5.43% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 07/26/32 EUR  3,450,000    4,039,653
Ardonagh Midco 3 plc      
6.95% ((3 Month Term SOFR + 2.75%) and (6 Month Term SOFR + 2.75%), Rate Floor: 2.75%) due 02/18/31  3,840,375    3,833,194
Tegra118 Wealth Solutions, Inc.      
8.20% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 02/18/27  3,691,710    3,645,564
Claros Mortgage Trust, Inc.      
8.92% (1 Month Term SOFR + 4.50%, Rate Floor: 5.00%) due 08/09/26  3,394,416    3,284,097
IntraFi      
10.07% (1 Month Term SOFR + 5.75%, Rate Floor: 5.75%) due 01/31/32  3,300,000    3,279,375
CFC USA 2025 LLC      
8.04% (0 - –%) due 05/29/32  3,200,000    3,170,016
Cross Financial Corp.      
7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 10/31/31  2,786,000    2,791,795

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

   Face
 Amount~ 		  Value
SENIOR FLOATING RATE INTERESTS††,◊ - 35.6% (continued)
Financial - 5.8% (continued)      
Assetmark Financial Holdings, Inc.      
7.06% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/05/31  2,606,900   $   2,611,175
Saphilux SARL      
7.74% (6 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 07/18/28  2,482,554    2,496,531
Apex Group Treasury LLC      
7.75% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 02/19/32  2,296,922    2,297,496
Penta Technologies B.V.      
5.19% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 06/28/32 EUR  1,950,000    2,279,609
Fusion Intermediate, LLC      
12.40% (3 Month Term SOFR + 8.00%, Rate Floor: 8.00%) due 06/06/30  2,228,226    2,243,088
Galaxy Bidco Ltd.      
6.04% (6 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 12/19/29 EUR  1,800,000    2,118,512
Boots Group Bidco Ltd.      
4.75% due 08/30/32 GBP  1,500,000    2,037,113
OEG Borrower LLC      
7.81% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 06/30/31  1,736,875    1,743,388
Orion US FinCo      
3.50% due 05/20/32  1,150,000    1,157,602
IMC Global Holdings      
7.86% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 06/18/32  850,000    857,438
Avison Young (Canada), Inc.      
12.59% (3 Month Term SOFR + 1.50%, Rate Floor: 3.50%) (in-kind rate was 6.50%) due 03/12/2911  985,258    480,313
12.49% (3 Month Term SOFR + 1.50%, Rate Floor: 3.50%) (in-kind rate was 6.50%) due 03/12/2911  176,732    35,346
Osaic Holdings, Inc.      
7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 08/02/32  500,000    499,445
Eagle Point Holdings Borrower, LLC      
8.06% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 03/31/28†††  250,000    250,000
Total Financial      124,718,315
Consumer, Non-cyclical - 5.6%      
LaserAway Intermediate Holdings II LLC      
10.33% (3 Month Term SOFR + 5.75%, Rate Floor: 6.50%) due 10/14/27  7,441,653    7,292,820
Quirch Foods Holdings LLC      
9.57% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 10/27/27  6,724,864    6,587,004
Nidda Healthcare Holding GmbH      
5.42% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 02/21/30 EUR  5,450,000    6,380,524
HAH Group Holding Co. LLC      
9.32% (1 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 09/24/31  7,045,604    6,299,968
Women's Care Holdings, Inc.      
8.91% (3 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 01/15/28  6,552,000    5,945,940
Domidep      
5.41% (1 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 10/24/29 EUR  4,400,000    5,165,714
Bowtie Germany Bidco GmbH      
5.98% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 08/01/31 EUR  4,200,000    4,910,958
Recess Holdings, Inc.      
8.07% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 02/20/30  4,838,934    4,860,128

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

 

   Face
 Amount~ 		  Value
SENIOR FLOATING RATE INTERESTS††,◊ - 35.6% (continued)
Consumer, Non-cyclical - 5.6% (continued)      
Gibson Brands, Inc.      
9.58% (3 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 08/11/28  4,752,625   $   4,449,645
Affidea      
5.69% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 07/20/29 EUR  3,750,000    4,396,630
Artisan Newco B.V.      
5.96% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 04/01/32 EUR  3,682,773    4,326,816
Hanger, Inc.      
7.82% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 10/23/31  4,233,686    4,241,645
Curriculum Associates LLC      
8.95% (3 Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 05/07/32†††  4,200,000    4,179,987
Rainbow Finco SARL      
8.47% (6 Month GBP SONIA + 4.50%, Rate Floor: 4.50%) due 02/26/29 GBP  3,000,000    4,042,763
Blue Ribbon LLC      
10.55% (3 Month Term SOFR + 6.00%, Rate Floor: 6.75%) due 05/08/28  5,542,490    3,935,168
AI Monet (Luxembourg) Parentco SARL      
5.72% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 03/06/31 EUR  3,250,000    3,818,360
Culligan      
7.35% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 07/31/28  3,721,945    3,722,131
Florida Food Products LLC      
9.56% (3 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 10/18/28  5,515,481    3,695,372
CHG PPC Parent LLC      
5.37% (1 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 12/08/28 EUR  2,500,000    2,925,003
Balrog Acquisition, Inc.      
8.93% (1 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 09/05/28†††  2,989,000    2,914,275
Chefs' Warehouse, Inc.      
7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 08/23/29  2,316,875    2,325,563
Outcomes Group Holdings, Inc.      
7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 05/06/31  2,128,540    2,138,800
IVI America LLC      
8.05% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 04/18/31  2,029,500    2,035,426
3.75% (0 - –%) due 04/09/31  100,000    100,292
Aenova Holding Gmbh      
5.03% (3 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 08/22/31 EUR  1,725,000    2,018,252
Confluent Health LLC      
8.43% (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 11/30/28†††  1,967,487    1,800,251
Skio Bidco B.V.      
5.59% (6 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 05/19/32 EUR  1,400,000    1,642,359
Eyecare Partners LLC      
8.84% (6 Month Term SOFR + 1.00%, Rate Floor: 1.00%) (in-kind rate was 3.61%) due 11/30/2811  1,259,280    968,298
9.88% (6 Month Term SOFR + 5.75%, Rate Floor: 5.75%) due 08/31/28  350,691    357,704
Asterix AcquiCo GmbH      
6.77% (3 Month EURIBOR + 4.75%, Rate Floor: 4.75%) due 03/30/32 EUR  1,100,000    1,292,368
Almaviva Sante      
6.18% (3 Month EURIBOR + 4.25%, Rate Floor: 4.25%) due 04/08/31 EUR  1,050,000    1,229,656
Skechers      
3.50% due 06/28/32 EUR  1,000,000    1,170,598
HomeVi S.A.S.      
6.78% (3 Month EURIBOR + 4.75%, Rate Floor: 4.75%) due 10/24/29 EUR  1,000,000    1,166,831

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

   Face
 Amount~ 		  Value
SENIOR FLOATING RATE INTERESTS††,◊ - 35.6% (continued)
Consumer, Non-cyclical - 5.6% (continued)      
Ceva Sante      
6.98% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 11/08/30  1,112,472   $   1,113,396
Midwest Physician Administrative Services      
7.56% (3 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 03/12/28  1,178,818    1,102,443
MDVIP      
7.34% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 10/16/31  1,000,000    999,580
Resonetics LLC      
7.06% (3 Month Term SOFR + 2.75%, Rate Floor: 3.50%) due 06/18/31  880,464    878,994
Balrog Acquisition, Inc.      
8.43% (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 09/05/28  900,600    871,709
Rainbow Finco SARL      
8.58% (6 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 02/24/29†††  700,000    689,500
Moran Foods LLC      
11.65% (3 Month Term SOFR + 7.25%, Rate Floor: 8.25%) due 06/30/26†††  1,886,679    570,828
Snacking Investments US LLC (Arnott's)      
8.31% (3 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 12/18/26  451,623    453,457
Confluent Medical Technologies, Inc.      
7.31% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 02/16/29  397,000    396,833
Topgolf Callaway Brands Corp.      
7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/15/30  225,000    221,063
Bausch Health Companies, Inc.      
10.57% (1 Month Term SOFR + 6.25%, Rate Floor: 6.25%) due 10/08/30  150,000    147,792
Total Consumer, Non-cyclical      119,782,844
Communications - 1.1%      
FirstDigital Communications LLC      
10.75% (Commercial Prime Lending Rate + 3.25%, Rate Floor: 4.00%) due 12/17/26†††  7,860,000    7,735,789
Level 3 Financing, Inc.      
8.57% (1 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 03/21/32  4,480,000    4,497,741
Syndigo LLC      
8.93% (1 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 12/15/27  4,404,500    4,398,994
Speedster Bidco GmbH      
5.88% (6 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 12/10/31 EUR  1,400,000    1,644,832
7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 12/10/31  1,396,500    1,397,087
Cengage Learning, Inc.      
7.76% ((1 Month Term SOFR + 3.50%) and (3 Month Term SOFR + 3.50%), Rate Floor: 4.50%) due 03/24/31  1,795,080    1,797,018
Xplore, Inc.      
6.00% (3 Month Term SOFR + 1.76%, Rate Floor: 1.76%) due 10/24/31  1,087,432    750,328
9.43% (1 Month Term SOFR + 1.50%, Rate Floor: 1.50%) (in-kind rate was 3.50%) due 10/23/2911  310,657    292,018

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

 

   Face
 Amount~ 		  Value
SENIOR FLOATING RATE INTERESTS††,◊ - 35.6% (continued)
Communications - 1.1% (continued)      
UPC Financing Partnership      
6.69% (6 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 02/29/32  500,000   $   499,065
Total Communications      23,012,872
Basic Materials - 0.7%      
Lummus Technology Holdings V LLC      
6.82% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 12/31/29  3,258,874    3,269,351
Vector WP Holdco, Inc.      
9.43% (1 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 10/12/28†††  3,040,885    2,934,454
Eden S.A.S.      
5.48% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 06/22/29 EUR  2,100,000    2,464,472
GrafTech Finance, Inc.      
10.32% (1 Month Term SOFR + 6.00%, Rate Floor: 8.00%) due 12/21/29  1,725,656    1,748,314
Discovery Purchaser Corp.      
8.08% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 10/04/29  1,676,586    1,671,002
Wr Grace Holdings LLC      
7.19% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 08/11/32  1,350,000    1,348,312
Arsenal AIC Parent LLC      
7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 08/19/30  884,351    884,077
NIC Acquisition Corp.      
8.31% (3 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 12/29/27  1,043,229    882,572
Vantage Specialty Chemicals, Inc.      
9.07% (3 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 10/26/26  122,796    119,700
Total Basic Materials      15,322,254
Energy - 0.2%      
Par Petroleum LLC      
8.03% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 02/28/30  3,812,318    3,803,741
Venture Global Calcasieu Pass LLC      
7.29% (1 Month Term SOFR + 2.88%, Rate Floor: 2.88%) due 08/19/26  659,493    659,084
Total Energy      4,462,825
Utilities - 0.1%      
Powergrid Services LLC      
9.04% (3 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 03/31/32†††  2,454,706    2,454,706
Powergrid Services LLC      
9.04% (1 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 03/31/32  28,678    28,677
Total Utilities      2,483,383
Total Senior Floating Rate Interests    
(Cost $758,178,590)   766,685,279
ASSET-BACKED SECURITIES†† - 19.3%
Collateralized Loan Obligations - 9.1%      
Madison Park Funding LIII Ltd.      
2022-53A E, 10.33% (3 Month Term SOFR + 6.00%, Rate Floor: 6.00%) due 04/21/35◊,5  18,500,000    18,284,140
Boyce Park CLO Ltd.      
2022-1A E, 10.58% (3 Month Term SOFR + 6.25%, Rate Floor: 6.25%) due 04/21/35◊,5  10,000,000    10,010,637
FS Rialto Issuer LLC      
2024-FL9 C, 7.00% (1 Month Term SOFR + 2.64%, Rate Floor: 2.65%) due 10/19/39◊,5  5,100,000    5,088,713
2025-FL10 C, 6.50% (1 Month Term SOFR + 2.15%, Rate Floor: 2.15%) due 08/19/42◊,5  3,000,000    2,954,761

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

   Face
 Amount~ 		  Value
ASSET-BACKED SECURITIES†† - 19.3% (continued)
Collateralized Loan Obligations - 9.1% (continued)    
Fortress Credit Opportunities IX CLO Ltd.      
2021-9A DR, 8.53% (3 Month Term SOFR + 4.21%, Rate Floor: 3.95%) due 10/15/33◊,5  8,000,000   $   7,871,973
Cerberus Loan Funding 52 LLC      
2025-3A C, due 10/15/37◊,5  7,300,000    7,300,000
Fontainbleau Vegas      
 10.01% (1 Month Term SOFR + 5.65%, Rate Floor: 1.00%) due 01/31/28◊,†††  6,500,000    6,500,000
Cerberus Loan Funding XLIV LLC      
2024-5A C, 8.52% (3 Month Term SOFR + 4.20%, Rate Floor: 4.20%) due 01/15/36◊,5  6,100,000    6,170,661
Cerberus Loan Funding XLII LLC      
2023-3A C, 8.47% (3 Month Term SOFR + 4.15%, Rate Floor: 4.15%) due 09/13/35◊,5  5,750,000    5,750,000
Carlyle Global Market Strategies      
2022-1A E, 11.67% (3 Month Term SOFR + 7.35%, Rate Floor: 7.35%) due 04/15/35◊,5  5,500,000    5,499,795
Cerberus Loan Funding XLV LLC      
2024-1A D, 9.32% (3 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 04/15/36◊,5  5,000,000    5,046,581
Ares Direct Lending CLO 2 LLC      
2024-2A D, 8.23% (3 Month Term SOFR + 3.90%, Rate Floor: 3.90%) due 10/20/36◊,5  4,800,000    4,903,673
Owl Rock CLO I LLC      
2024-1A C, 8.45% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 02/20/36◊,5  4,600,000    4,646,911
HPS Private Credit CLO LLC      
2025-3A D, 8.26% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 07/20/37◊,5  2,500,000    2,518,297
2025-3A C, 7.06% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 07/20/37◊,5  2,000,000    2,006,062
Neuberger Berman Loan Advisers CLO 57 Ltd.      
2024-57A SUB, due 10/24/385,12  5,230,000    4,322,155
Neuberger Berman Loan Advisers CLO 47 Ltd.      
2022-47A E, 10.57% (3 Month Term SOFR + 6.25%, Rate Floor: 6.25%) due 04/14/35◊,5  4,250,000    4,270,220
Ares Loan Funding V Ltd.      
2024-ALF5A E, 10.92% (3 Month Term SOFR + 6.60%, Rate Floor: 6.60%) due 07/27/37◊,5  4,000,000    4,046,473
LoanCore      
2025-CRE8 C, 6.50% (1 Month Term SOFR + 2.14%, Rate Floor: 2.14%) due 08/17/42◊,5  4,000,000    3,963,066
RR Ltd.      
2025-39A SUB, due 04/15/385,12  4,350,000    3,947,973
Wonder Lake Park CLO Ltd.      
2025-1A SUB, due 07/24/385,12  4,450,000    3,768,818
Octagon 78 Ltd.      
2025-3A SUB, (WAC) due 10/20/38◊,†††,5,12  4,150,000    3,567,008
Palmer Square Loan Funding Ltd.      
2024-3A CR, 7.32% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 04/15/31◊,5  3,500,000    3,521,336
Brant Point CLO Ltd.      
2025-7A SUB, due 07/25/385,12  3,050,000    2,633,548
2025-8A SUB, due 03/31/38◊,5,12  1,000,000    843,368

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

   Face
 Amount~ 		  Value
ASSET-BACKED SECURITIES†† - 19.3% (continued)
Collateralized Loan Obligations - 9.1% (continued)    
GoldenTree Loan Management US CLO 1 Ltd.      
2024-9A DR, 7.68% (3 Month Term SOFR + 3.35%, Rate Floor: 3.35%) due 04/20/37◊,5  3,450,000   $   3,470,745
Ares CLO Ltd.      
2025-77A SUB, due 07/15/385,12  3,600,000    3,437,427
Cerberus Loan Funding XLVI, LP      
2024-2A D, 9.27% (3 Month Term SOFR + 4.95%, Rate Floor: 4.95%) due 07/15/36◊,5  3,200,000    3,228,860
OCP CLO 2025-44 Ltd.      
2025-44A SUB, (WAC) due
10/24/38◊,5,12		  2,400,000    2,069,174
2024-38A SUB, due
01/21/385,12		  1,000,000    744,434
KREF Ltd.      
2021-FL2 AS, 5.78% (1 Month Term SOFR + 1.41%, Rate Floor: 1.30%) due 02/15/39◊,5  2,850,000    2,796,487
Symphony CLO 48 Ltd.      
2025-48A SUB, due 04/20/385,12  3,000,000    2,669,433
Owl Rock CLO XVI LLC      
2024-16A C, 7.63% (3 Month Term SOFR + 3.30%, Rate Floor: 3.30%) due 04/20/36◊,5  2,650,000    2,660,860
Golub Capital Partners CLO 46M Ltd.      
2024-46A CR, 7.38% (3 Month Term SOFR + 3.05%, Rate Floor: 3.05%) due 04/20/37◊,5  2,600,000    2,608,474
Cerberus Loan Funding XL LLC      
2023-1A D, 10.72% (3 Month Term SOFR + 6.40%, Rate Floor: 6.40%) due 03/22/35◊,5  2,500,000    2,528,800
Cerberus Loan Funding XLVII LLC      
2024-3A D, 8.67% (3 Month Term SOFR + 4.35%, Rate Floor: 4.35%) due 07/15/36◊,5  2,450,000    2,470,027
Generate CLO 21 Ltd.      
2025-21A SUB, due 07/25/385,12  2,800,000    2,465,659
Regatta 34 Funding Ltd.      
2025-3A SUB, due 07/20/385,12  2,300,000    2,292,927
Hamlin Park CLO Ltd.      
2024-1A SUB, due 10/20/375,12  2,700,000    2,245,049
Regatta 33 Funding Ltd.      
2025-2A SUB, due 07/25/385,12  2,250,000    2,243,081
Voya CLO Ltd.      
2022-1A SUB, due 04/20/355,12  3,650,000    2,109,590
2013-1A INC, due 10/15/305,12  3,000,000    103,410
Carlyle US CLO Ltd.      
2025-4A SUB, due 10/25/37◊,†††,5,12  2,350,000    2,095,965
CIFC Funding Ltd.      
2022-3A E, 11.60% (3 Month Term SOFR + 7.27%, Rate Floor: 7.27%) due 04/21/35◊,5  2,000,000    2,003,001
Carlyle US CLO Ltd.      
2022-4A DR, 10.92% (3 Month Term SOFR + 6.60%, Rate Floor: 6.60%) due 04/15/35◊,5  2,000,000    2,000,872
GoldenTree Loan Management US CLO 24 Ltd.      
2025-24A E, 8.88% (3 Month Term SOFR + 4.60%, Rate Floor: 4.60%) due 10/20/38◊,5  2,000,000    1,996,589
Madison Park Funding LVIII Ltd.      
2024-58A D, 7.97% (3 Month Term SOFR + 3.65%, Rate Floor: 3.65%) due 04/25/37◊,5  1,700,000    1,713,442
Elmwood CLO 16 Ltd.      
2024-3A ER, 11.08% (3 Month Term SOFR + 6.75%, Rate Floor: 6.75%) due 04/20/37◊,5  1,500,000    1,502,845
Madison Park Funding LXXI Ltd.      
2025-71A E, 9.02% (3 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 04/23/38◊,5  1,500,000    1,499,048
AGL CLO 17 Ltd.      
2025-17A ER, 8.98% (3 Month Term SOFR + 4.65%, Rate Floor: 4.65%) due 01/21/35◊,5  1,500,000    1,447,501
Octagon 74 Ltd.      
2025-2A SUB, due 04/22/385,12  2,000,000    1,441,138

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

   Face
 Amount~ 		  Value
ASSET-BACKED SECURITIES†† - 19.3% (continued)
Collateralized Loan Obligations - 9.1% (continued)    
FS Rialto      
2021-FL2 C, 6.52% (1 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 05/16/38◊,5  1,400,000   $   1,394,723
Ballyrock CLO 1 Ltd.      
2021-1A DR, 11.33% (3 Month Term SOFR + 7.01%, Rate Floor: 6.75%) due 07/15/32◊,5  1,350,000    1,350,852
AREIT Ltd.      
2025-CRE10 B, 6.20% (1 Month Term SOFR + 1.84%, Rate Floor: 1.84%) due 01/17/30◊,5  1,300,000    1,294,038
Cerberus Loan Funding 50 LLC      
2025-1A D, 8.12% (3 Month Term SOFR + 3.80%, Rate Floor: 3.80%) due 07/15/37◊,5  1,200,000    1,208,694
Neuberger Berman Loan Advisers CLO 60 Ltd.      
2025-60A SUB, due 04/22/395,12  1,100,000    978,792
Elmwood CLO VI Ltd.      
2024-3A ERR, 10.23% (3 Month Term SOFR + 5.90%, Rate Floor: 5.90%) due 07/18/37◊,5  950,000    940,383
Bayard Park CLO Ltd.      
2025-1A SUB, due 07/24/385,12  1,000,000    817,466
Neuberger Berman Loan Advisers CLO 38 Ltd.      
2025-38A ER2, 8.93% (3 Month Term SOFR + 4.60%, Rate Floor: 4.60%) due 10/20/36◊,5  750,000    748,289
Great Lakes CLO Ltd.      
2014-1A SUB, due 10/15/295,12  1,153,846    517,591
Dryden 50 Senior Loan Fund      
2017-50A SUB, due 07/15/30†††,5,12  3,555,000    227,520
A10 Permanent Asset Financing LLC      
2017-II C1, 6.24% (WAC) due 06/15/51◊,5  250,000    203,573
Carlyle Global Market Strategies CLO Ltd.      
2012-3A SUB, due 01/14/325,12  2,600,000    50,440
Dryden Senior Loan Fund      
2015-37X , due 01/15/3112  2,998,799    14,179
Dryden 41 Senior Loan Fund      
2015-41A SUB, due 04/15/315,12  1,850,000    9,930
Dryden 37 Senior Loan Fund      
2015-37A SUB, due 01/15/315,12  1,050,000    4,964
Treman Park CLO Ltd.      
2015-1A COM, due 10/20/285,12  814,751    2,273
Marathon CLO V Ltd.      
2013-5A SUB, due 11/21/275,12  3,566,667    357
Babson CLO Ltd.      
2014-IA SUB, due 07/20/255,12  3,000,000    300
Venture XIII CLO Ltd.      
2013-13A SUB, due 09/10/295,12  1,500,000    150
Total Collateralized Loan Obligations      195,045,521
Financial - 3.2%      
Thunderbird A      
5.50% due 03/01/37†††  21,200,000    19,776,844
Lightning A      
5.50% due 03/01/37†††  21,200,000    19,776,844
Obsidian Issuer LLC      
6.93% due 05/15/555  5,450,000    5,450,000
Ceamer Finance LLC      
6.92% due 11/15/37†††  3,048,001    3,138,740
3.69% due 03/24/31†††  1,666,191    1,611,973
Metis Issuer, LLC      
6.89% due 05/15/55†††  4,150,000    4,129,540
LVNV Funding LLC      
6.84% due 06/12/29†††  3,850,000    3,953,103
Thunderbird B      
7.50% due 03/01/37†††  2,700,000    2,529,900
Lightning B      
7.50% due 03/01/37†††  2,700,000    2,529,900
KKR Core Holding Company LLC      
4.00% due 08/12/31†††  2,512,528    2,334,114
Akso Health Group      
7.27% due 12/31/44†††  1,987,562    2,032,202
Nassau LLC      
2019-1, 3.98% due 08/15/342  580,282    549,388

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

   Face
 Amount~ 		  Value
ASSET-BACKED SECURITIES†† - 19.3% (continued)
Financial - 3.2% (continued)      
Bib Merchant Voucher Receivables Ltd.      
4.18% due 04/07/28†††  501,867   $   500,426
Total Financial      68,312,974
Transport-Aircraft - 2.3%      
GAIA Aviation Ltd.      
2019-1, 3.97% due 12/15/445,13  8,476,348    8,218,074
2019-1, 5.19% due 12/15/445,13  2,050,214    1,865,572
AASET Trust      
2021-2A, 3.54% due 01/15/475  3,360,730    3,180,197
2021-2A, 2.80% due 01/15/475  3,151,017    2,967,663
2020-1A, 3.35% due 01/16/405  947,938    932,714
2019-2, 4.46% due 10/16/395  743,090    724,596
2020-1A, 4.34% due 01/16/405  495,291    477,307
Project Silver      
2019-1, 3.97% due 07/15/445  6,943,230    6,720,839
Sprite Ltd.      
2021-1, 3.75% due 11/15/465  6,084,056    5,885,933
KDAC Aviation Finance Ltd.      
2017-1A, 4.21% due 12/15/425  3,595,162    3,550,222
Labrador Aviation Finance Ltd.      
2016-1A, 4.30% due 01/15/425  2,896,870    2,824,333
JOL Air Ltd.      
2019-1, 3.97% due 04/15/445  2,234,243    2,217,866
Start Ltd.      
2018-1, 4.09% due 05/15/435  1,132,882    1,132,315
2018-1, 5.32% due 05/15/435  801,502    800,797
Lunar Structured Aircraft Portfolio Notes      
2021-1, 3.43% due 10/15/465  1,721,202    1,624,625
Start II Ltd.      
2019-1, 4.09% due 03/15/445  1,610,371    1,600,226
WAVE LLC      
2019-1, 3.60% due 09/15/445  1,339,691    1,294,543
Castlelake Aircraft Securitization Trust      
2019-1A, 3.97% due 04/15/395  702,687    676,470
2018-1, 4.13% due 06/15/435  521,545    507,666
MACH 1 Cayman Ltd.      
2019-1, 3.47% due 10/15/395  1,152,203    1,138,376
Sapphire Aviation Finance II Ltd.      
2020-1A, 4.34% due 03/15/405  1,018,005    934,589
Falcon Aerospace Ltd.      
2019-1, 3.60% due 09/15/395  293,662    289,257
2017-1, 6.30% due 02/15/425  191,265    189,831
Castlelake Aircraft Securitization Trust      
2014-1, due 12/31/30†††  3,054,105    113
Total Transport-Aircraft      49,754,124
Infrastructure - 1.9%      
Hotwire Funding LLC      
2023-1A, 8.84% due 05/20/535  11,000,000    11,341,285
2021-1, 4.46% due 11/20/515  5,250,000    5,142,495
2024-1A, 9.19% due 06/20/545  2,000,000    2,101,093
VB-S1 Issuer LLC - VBTEL      
2022-1A, 5.27% due 02/15/525  8,000,000    7,604,493
2024-1A, 8.87% due 05/15/545  5,600,000    5,845,310
Switch ABS Issuer LLC      
2024-2A, 5.44% due 06/25/545  4,450,000    4,492,756
Vault DI Issuer LLC      
2021-1A, 2.80% due 07/15/465  1,850,000    1,804,883
Aligned Data Centers Issuer LLC      
2021-1A, 2.48% due 08/15/465  1,500,000    1,449,918
Blue Stream Issuer LLC      
2023-1A, 6.90% due 05/20/535  1,000,000    1,018,083
Total Infrastructure      40,800,316
Insurance - 1.4%      
Obra Longevity      
8.48% due 06/30/39†††  17,400,000    18,483,498
Dogwood State Bank      
6.45% due 06/24/32†††  10,000,000    10,058,600
CHEST      
7.13% due 03/23/43†††  1,350,000    1,417,851
CBC Insurance Revenue Securitization LLC      
2016-1, 5.25% due 07/15/462  260,156    236,986
Total Insurance      30,196,935
Net Lease - 0.6%      
CARS-DB4, LP      
2020-1A, 4.95% due 02/15/505  7,110,000    6,468,295
SVC ABS LLC      
2023-1A, 5.55% due 02/20/535  3,676,875    3,612,907

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

 

   Face
 Amount~ 		  Value
ASSET-BACKED SECURITIES†† - 19.3% (continued)
Net Lease - 0.6% (continued)      
CARS-DB7, LP      
2023-1A, 6.50% due 09/15/535  3,280,208   $   3,313,406
Total Net Lease      13,394,608
Single Family Residence - 0.5%      
FirstKey Homes Trust      
2022-SFR3, 4.50% due 07/17/385  3,200,000    3,177,870
2020-SFR2, 4.00% due 10/19/375  3,050,000    3,031,798
2020-SFR2, 4.50% due 10/19/375  3,000,000    2,983,396
2020-SFR2, 3.37% due 10/19/375  1,900,000    1,887,404
Total Single Family Residence      11,080,468
Whole Business - 0.2%      
SERVPRO Master Issuer LLC      
2019-1A, 3.88% due 10/25/495  1,932,125    1,908,359
Sonic Capital LLC      
2020-1A, 3.85% due 01/20/505  1,187,500    1,166,805
2020-1A, 4.34% due 01/20/505  760,000    732,661
Wingstop Funding LLC      
2020-1A, 2.84% due 12/05/505  98,500    94,573
Total Whole Business      3,902,398
Other - 0.1%      
RR Ltd.      
2025-41A, due 10/15/405  2,400,000    2,160,000
Collateralized Debt Obligations - 0.0%      
Anchorage Credit Funding 4 Ltd.      
2021-4A CR, 3.52% due 04/27/395  1,000,000    906,601
Total Asset-Backed Securities    
(Cost $418,732,848)   415,553,945
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 7.2%
Government Agency - 4.1%      
Uniform MBS 30 Year      
 due 11/01/25  19,059,000    19,731,840
 due 11/01/25  16,300,000    16,378,989
Fannie Mae      
5.50% due 06/01/551  12,630,862    12,706,926
4.00% due 06/01/521  5,847,735    5,516,228
4.00% due 07/01/521  5,556,625    5,257,796
5.00% due 08/01/531  5,176,337    5,125,602
5.00% due 09/01/52  1,876,327    1,860,646
5.00% due 06/01/531  1,810,177    1,792,365
4.00% due 05/01/521  1,470,131    1,377,989
Freddie Mac      
5.00% due 09/01/521  5,056,897    5,014,895
4.00% due 05/01/521  4,529,835    4,260,152
5.50% due 06/01/55  3,983,453    4,007,442
4.00% due 06/01/521  4,035,611    3,800,460
4.00% due 08/01/521  1,443,830    1,371,766
Total Government Agency      88,203,096
Residential Mortgage-Backed Securities - 1.7%      
Mill City Securities Ltd.      
2024-RS1, 4.00% due 11/01/695,13  10,250,000    9,363,375
LSTAR Securities Investment Ltd.      
2024-1, 7.45% (30 Day Average SOFR + 3.10%, Rate Floor: 3.10%) due 01/01/29◊,5  3,269,124    3,287,685
CFMT LLC      
2022-HB9, 3.25% (WAC) due 09/25/37◊,5  3,400,000    3,253,722
Carrington Mortgage Loan Trust Series      
2006-NC5, 4.59% (1 Month Term SOFR + 0.26%, Rate Cap/Floor: 14.50%/0.15%) due 01/25/37◊  3,374,409    3,014,201
OBX Trust      
2024-NQM6, 6.92% (WAC) due 02/25/64◊,5  1,750,000    1,777,848
2022-NQM8, 6.10% due 09/25/625,13  877,944    874,687
Top Pressure Recovery Turbines      
7.51% due 11/01/69  1,989,073    1,989,073
WaMu Asset-Backed Certificates WaMu Series      
2007-HE4, 4.61% (1 Month Term SOFR + 0.28%, Rate Floor: 0.28%) due 07/25/47◊  1,415,541    1,058,561
2007-HE4, 4.69% (1 Month Term SOFR + 0.36%, Rate Floor: 0.36%) due 07/25/47◊  826,639    473,211
2007-HE2, 4.82% (1 Month Term SOFR + 0.30%, Rate Floor: 0.30%) due 04/25/37◊  1,263,214    453,539
New Residential Mortgage Loan Trust      
2022-NQM5, 6.50% due 11/25/525,13  1,715,922    1,709,170
GCAT Trust      
2022-NQM5, 5.71% due 08/25/675,13  1,692,443    1,685,699

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

   Face
 Amount~ 		  Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 7.2% (continued)
Residential Mortgage-Backed Securities - 1.7% (continued)    
Lehman XS Trust Series      
2006-18N, 4.80% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 12/25/36◊  1,500,619   $   1,460,787
BRAVO Residential Funding Trust      
2022-NQM3, 5.50% (WAC) due 07/25/62◊,5  1,240,956    1,239,319
Saluda Grade Alternative Mortgage Trust      
2023-FIG4, 7.12% (WAC) due 11/25/53◊,5  947,773    979,804
PRKCM Trust      
2022-AFC2, 6.14% (WAC) due 08/25/57◊,5  913,467    911,921
Citigroup Mortgage Loan Trust, Inc.      
2022-A, 9.17% due 09/25/625,13  864,076    866,401
JP Morgan Mortgage Acquisition Trust      
2006-WMC4, 4.70% (1 Month Term SOFR + 0.37%, Rate Floor: 0.26%) due 12/25/36◊  1,286,683    802,363
Total Residential Mortgage-Backed Securities      35,201,366
Commercial Mortgage-Backed Securities - 0.9%      
BX Trust      
2024-VLT4, 6.80% (1 Month Term SOFR + 2.44%, Rate Floor: 2.44%) due 07/15/29◊,5  5,200,000    5,187,000
2023-DELC, 7.70% (1 Month Term SOFR + 3.34%, Rate Floor: 3.34%) due 05/15/38◊,5  2,750,000    2,768,892
BX Commercial Mortgage Trust      
2021-VOLT, 6.48% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 09/15/36◊,5  3,626,324    3,611,592
2024-AIRC, 6.95% (1 Month Term SOFR + 2.59%, Rate Floor: 2.59%) due 08/15/39◊,5  1,497,912    1,503,062
BXHPP Trust      
2021-FILM, 5.58% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 08/15/36◊,5  5,350,000    4,837,764
GS Mortgage Securities Corporation Trust      
2020-DUNE, 7.13% (1 Month Term SOFR + 2.76%, Rate Floor: 2.65%) due 12/15/36◊,5  1,844,285    1,781,083
Total Commercial Mortgage-Backed Securities      19,689,393
Military Housing - 0.5%      
Freddie Mac Military Housing Bonds Resecuritization Trust Certificates      
2015-R1, 5.95% (WAC) due 11/25/52◊,5  3,217,034    2,672,327
2015-R1, 0.70% (WAC) due 10/25/52◊,5,14  38,408,504    2,190,944
2015-R1, 0.70% (WAC) due 11/25/55◊,5,14  38,572,705    2,165,132
2015-R1, 0.70% (WAC) due 11/25/52◊,5,14  30,157,786    1,417,238
Capmark Military Housing Trust      
2007-AETC, 5.75% due 02/10/52†††,5  1,475,090    1,300,100
2007-AET2, 6.06% due 10/10/52†††,5  444,736    427,298
GMAC Commercial Mortgage Asset Corp.      
2006-LEAV, 5.46% due 03/10/51†††,5  945,530    772,309
Total Military Housing      10,945,348
Total Collateralized Mortgage Obligations    
(Cost $157,451,394)   154,039,203
U.S. GOVERNMENT SECURITIES †† - 1.8%
U.S. Treasury Bills
4.18% due 10/23/2515 19,400,000     19,286,768  
4.20% due 10/23/2515 3,200,000     3,181,323  
4.24% due 09/04/251,15 1,500,000     1,499,647  
3.86% due 09/16/251,15 390,000     389,353  
U.S. Treasury Bonds
 due 08/15/511,16,17 32,650,000     8,789,087  
 due 05/15/441,16,17 5,030,000     1,981,423  
 due 11/15/4416,17 5,030,000     1,926,257  
 due 02/15/461,16,17,18 5,060,000     1,810,368  
Total U.S. Government Securities    
(Cost $46,413,490)     38,864,226  

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

   Face
 Amount~ 		  Value
FOREIGN GOVERNMENT DEBT†† - 0.3%
Panama Government International Bond
4.50% due 01/19/63  4,150,000   $   2,816,190  
Eagle Funding Luxco SARL
5.50% due 08/17/305  2,650,000   2,687,365  
Total Foreign Government Debt    
(Cost $6,768,306)     5,503,555  
SENIOR FIXED RATE INTERESTS†† - 0.1%
Consumer, Non-cyclical - 0.1%      
Stars UK Bidco Ltd.      
5.23% due 08/10/29 EUR  1,900,000    2,221,224
Industrial - 0.0%      
Cognita Ltd.      
7.84% due 10/27/31  800,000    802,000
Total Senior Fixed Rate Interests    
(Cost $2,813,972)   3,023,224
CONVERTIBLE BONDS†† - 0.1%
Consumer, Non-cyclical - 0.1%      
Block, Inc.      
 due 05/01/2617  2,840,000    2,740,548
       
Total Convertible Bonds    
(Cost $2,749,412)   2,740,548
MUNICIPAL BONDS†† - 0.0%
Oklahoma - 0.0%      
Oklahoma Development Finance Authority Revenue Bonds      
5.45% due 08/15/28  400,000    392,132
Total Municipal Bonds    
(Cost $400,000)   392,132
 

Contracts/Notional

Value~

   Value
LISTED OPTIONS PURCHASED† - 0.1%
Put Options on:      
Equity Options      
 Invesco QQQ Trust Series Expiring October 2025 with strike price of $570.00 (Notional Value $41,696,240) 731   $   968,575  
Total Listed Options Purchased    
(Cost $821,751)     968,575  

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

 

 

Contracts/Notional

Value~

   Value
       
OTC OPTIONS PURCHASED†† - 0.0%
Put Options on:      
Foreign Exchange Options      
Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $16,714,653) EUR 14,272,000   $   49,199  
Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $16,714,653) EUR 14,272,000   49,199  
Goldman Sachs International Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.73 USD 4,857,000   89,937  
Goldman Sachs International Foreign Exchange USD/JPY Expiring May 2026 with strike price of $123.50 USD 1,640,000   72,500  
Goldman Sachs International Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.64 USD 3,885,000   71,938  
UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 USD 10,190,000   63,633  
Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $21,358,263) EUR 18,237,000   63,467  
Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $19,102,628) EUR 16,311,000   55,838  
Goldman Sachs International Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $9,460,550) EUR 8,078,000   27,847  
UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 USD 3,057,000   19,090  
JPMorgan Chase Bank, N.A. Foreign Exchange USD/JPY Expiring May 2026 with strike price of $123.50 USD 386,000   17,064  
Bank of America, N.A. Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.63 USD 858,000   15,888  
Goldman Sachs International Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 USD 932,000   5,820  
Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $22,747,246) EUR 19,423,000   452  
Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $22,747,246) EUR 19,423,000   452  
Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $15,922,955) EUR 13,596,000   344  
Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $8,003,639) EUR 6,834,000   173  
Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $6,824,291) EUR 5,827,000   147  
BNP Paribas Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $1,317,544) EUR 1,125,000   28  
Total OTC Options Purchased    
(Cost $2,101,129)     603,016  

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

 

Contracts/Notional

Value~

   Value
       
OTC INTEREST RATE SWAPTIONS PURCHASED††,19 - 0.1%
Call Swaptions on:      
Interest Rate Swaptions      
Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% (Notional Value $32,082,500) USD 32,082,500   $   519,207  
BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% (Notional Value $32,082,500) USD 32,082,500   519,207  
The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% (Notional Value $32,082,500) USD 32,082,500   519,207  
BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% (Notional Value $32,082,500) USD 32,082,500   519,207  
Total Interest Rate Call Swaptions     2,076,828  
Put Swaptions on:      
Interest Rate Swaptions      
Bank of America, N.A. 12-Month/2-Year Interest Rate Swap Expiring July 2027 with exercise rate of 3.50% (Notional Value $44,135,473) USD 44,135,473   291,351  
BNP Paribas 12-Month/2-Year Interest Rate Swap Expiring July 2027 with exercise rate of 3.50% (Notional Value $40,304,527) USD 40,304,527   266,061  
Total Interest Rate Put Swaptions     557,412  
Total OTC Interest Rate Swaptions Purchased    
(Cost $2,369,076)     2,634,240  
Total Investments - 114.9%    
(Cost $2,513,025,434)   $   2,472,359,391  

 

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

 

 

Contracts

   Value
LISTED OPTIONS WRITTEN† - (0.1)%
Call Options on:      
Equity Options      
 SPDR S&P 500 ETF Trust Expiring September 2025 with strike price of $645.00 (Notional Value $1,225,595) 19   $   (14,886)
 S&P 500 Index Expiring September 2025 with strike price of $6,455.00 (Notional Value $25,841,040) 40       (18,000)
 S&P 500 Index Expiring September 2025 with strike price of $6,485.00 (Notional Value $2,584,104) 4       (25,980)
 Russell 2000 Index Expiring September 2025 with strike price of $2,375.00 (Notional Value $2,603,060) 11       (48,455)
 S&P 500 Index Expiring September 2025 with strike price of $6,450.00 (Notional Value $25,841,040) 40       (94,000)
 S&P 500 Index Expiring September 2025 with strike price of $6,465.00 (Notional Value $25,841,040) 40       (149,000)
 S&P 500 Index Expiring September 2025 with strike price of $6,505.00 (Notional Value $25,841,040) 40       (150,200)
 S&P 500 Index Expiring September 2025 with strike price of $6,470.00 (Notional Value $25,841,040) 40       (155,000)
 S&P 500 Index Expiring September 2025 with strike price of $6,485.00 (Notional Value $25,841,040) 40       (174,600)
 S&P 500 Index Expiring September 2025 with strike price of $6,455.00 (Notional Value $25,841,040) 40       (206,000)
 S&P 500 Index Expiring September 2025 with strike price of $6,450.00 (Notional Value $25,841,040) 40       (234,000)
 S&P 500 Index Expiring September 2025 with strike price of $6,400.00 (Notional Value $25,841,040) 40       (280,400)
 S&P 500 Index Expiring September 2025 with strike price of $6,385.00 (Notional Value $25,841,040) 40       (347,600)
 S&P 500 Index Expiring September 2025 with strike price of $6,375.00 (Notional Value $25,841,040) 40       (412,800)
Total Equity Call Options         (2,310,921)
Put Options on:      
Equity Options      
 S&P 500 Index
Expiring September 2025 with strike price of $6,455.00 (Notional Value $25,841,010)††		 40       (268,000)
 Invesco QQQ Trust Series Expiring October 2025 with strike price of $515.00 (Notional Value $62,572,880) 1,097       (337,876)

Total Equity Put Options         (605,876)
Total Listed Options Written    
(Premiums received $3,458,385)         (2,916,797)

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

 

 

Contracts/Notional

Value~

   Value
OTC OPTIONS WRITTEN†† - 0.0%
Put Options on:      
Foreign Exchange Options      
Goldman Sachs International Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 USD 932,000   $   (768)
UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 USD 3,057,000       (2,519)
UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 USD 10,190,000       (8,397)
Total OTC Options Written    
(Premiums received $111,964)         (11,684)
OTC INTEREST RATE SWAPTIONS WRITTEN††,19 - (0.1)%
Call Swaptions on:      
Interest Rate Swaptions      
BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.85% (Notional Value $10,090,625) USD 10,090,625       (40,557)
Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.85% (Notional Value $10,090,625) USD 10,090,625       (40,658)
Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.86% (Notional Value $10,090,625) USD 10,090,625       (41,365)
BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.89% (Notional Value $10,090,625) USD 10,090,625       (46,324)
Barclays Bank plc
 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.93% (Notional Value $10,090,625)		 USD 10,090,625       (50,127)
The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.93% (Notional Value $10,090,625) USD 10,090,625       (50,609)
Barclays Bank plc
 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.71% (Notional Value $10,090,625)		 USD 10,090,625       (43,306)
BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.71% (Notional Value $10,090,625) USD 10,090,625       (43,306)
BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.94% (Notional Value $10,090,625) USD 10,090,625       (51,627)
The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.94% (Notional Value $10,090,625) USD 10,090,625       (51,627)
BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.64% (Notional Value $14,126,875) USD 14,126,875       (54,056)
Morgan Stanley Capital Services LLC 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.64% (Notional Value $14,126,875) USD 14,126,875       (54,056)
The Toronto-Dominion Bank 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.69% (Notional Value $16,145,000) USD 16,145,000       (66,183)
BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.69% (Notional Value $16,145,000) USD 16,145,000       (66,183)
Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% (Notional Value $32,082,500) USD 32,082,500       (177,938)
BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% (Notional Value $32,082,500) USD 32,082,500       (177,938)
The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% (Notional Value $32,082,500) USD 32,082,500       (177,939)
BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% (Notional Value $32,082,500) USD 32,082,500       (177,939)
Total Interest Rate Call Swaptions         (1,411,738)

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

 

OTC INTEREST RATE SWAPTIONS WRITTEN††,19 - (0.1)% (continued)
Put Swaptions on:      
Interest Rate Swaptions      
The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.93% (Notional Value $10,090,625) USD 10,090,625   $   (19,279)
Barclays Bank plc
 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.93% (Notional Value $10,090,625)		 USD 10,090,625       (19,499)
BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.89% (Notional Value $10,090,625) USD 10,090,625       (21,700)
Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.86% (Notional Value $10,090,625) USD 10,090,625       (22,221)
Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.85% (Notional Value $10,090,625) USD 10,090,625       (22,674)
BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.85% (Notional Value $10,090,625) USD 10,090,625       (22,739)
BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.94% (Notional Value $10,090,625) USD 10,090,625       (18,518)
The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.94% (Notional Value $10,090,625) USD 10,090,625       (18,518)
Barclays Bank plc
 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.71% (Notional Value $10,090,625)		 USD 10,090,625       (22,763)
BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.71% (Notional Value $10,090,625) USD 10,090,625       (22,763)
BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.64% (Notional Value $14,126,875) USD 14,126,875       (35,485)
Morgan Stanley Capital Services LLC 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.64% (Notional Value $14,126,875) USD 14,126,875       (35,485)
The Toronto-Dominion Bank 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.69% (Notional Value $16,145,000) USD 16,145,000       (37,448)
BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.69% (Notional Value $16,145,000) USD 16,145,000       (37,448)
BNP Paribas 12-Month/2-Year Interest Rate Swap Expiring July 2027 with exercise rate of 4.25% (Notional Value $40,304,527) USD 40,304,527       (116,052)
Bank of America, N.A. 12-Month/2-Year Interest Rate Swap Expiring July 2027 with exercise rate of 4.25% (Notional Value $44,135,473) USD 44,135,473       (127,083)
Total Interest Rate Put Swaptions         (599,675)
Total OTC Interest Rate Swaptions Written    
(Premiums received $2,170,550)         (2,011,413)
Other Assets & Liabilities, net - (14.7)%     (315,959,340)
Total Net Assets - 100.0%   $   2,151,460,157  
       
       

 

 

 

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

Futures Contracts      
Description Number of Contracts Expiration Date Notional Amount Value and Unrealized
Appreciation**
Equity Futures Contracts Purchased†  
S&P 500 Index Mini Futures Contracts 1,038   Sep 2025 $336,065,475 $20,065,252
       
Commodity Futures Contracts Purchased†  
Gold 100 oz. Futures Contracts 16   Dec 2025  5,625,600  211,171
       

 

       
OTC Credit Default Swap Agreements Protection Purchased††      
Counterparty   Index Protection Premium Rate Payment Frequency Maturity Date   Notional Amount Value

Upfront Premiums

(Received)

 Unrealized Depreciation
Morgan Stanley Capital Services LLC   CDX.NA.HY.43.V1 (15-25%) 5.00% Quarterly 12/20/29   $6,610,000 $(530,867) $(361,613) $(169,254)
Morgan Stanley Capital Services LLC   CDX.NA.HY.43.V1 (25-35%) 5.00% Quarterly 12/20/29    6,610,000  (1,037,002)  (864,395)  (172,607)
                $(1,567,869) $(1,226,008) $(341,861)
                     

 

Centrally Cleared Interest Rate Swap Agreements††    
Counterparty Exchange Floating Rate Type

Floating

Rate

Index

 Fixed Rate

Payment

Frequency

 Maturity Date   Notional Amount Value Upfront Premiums Paid Unrealized Depreciation**
BofA Securities, Inc. CME Receive U.S. Secured Overnight Financing Rate 4.05% Annually 01/31/30   $24,060,000 $(722,822) $360 $(723,182)
BofA Securities, Inc. CME Pay U.S. Secured Overnight Financing Rate 2.78% Annually 07/18/27    143,900,000  (1,732,907)  355  (1,733,262)
                  $(2,455,729) $715 $(2,456,444)
                       

 

Total Return Swap Agreements          
Counterparty Index Type Financing Rate Payment Frequency Maturity Date Units Notional Amount Value and Unrealized Appreciation (Depreciation)
OTC Credit Index Swap Agreements††          
Morgan Stanley Capital Services LLC Markit iBoxx USD Liquid Leveraged Loans Total Return Index Pay 4.36% (SOFR) At Maturity 09/20/25 N/A $35,000,000 $1,023,308
                 
OTC Equity Index Swap Agreements††          
Bank of America, N.A. SPDR S&P 500 ETF Trust Pay 4.94% (Federal Funds Rate + 0.61%) At Maturity 06/16/26 100,000  64,505,000  5,085,000
                 

 

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

Counterparty Index Type Financing Rate Payment Frequency Maturity Date Units Notional Amount Value and Unrealized Appreciation (Depreciation)
OTC Interest Rate Swap Agreements††          
Goldman Sachs International Goldman Sachs Swaption Forward Volatility Index 3.33% (Federal Funds Rate - 1.00%) At Maturity 05/15/26 68,228  $10,440,937  $(141,232)
                 

 

Forward Foreign Currency Exchange Contracts††    
Counterparty Currency Type Quantity Contract Amount Settlement Date Unrealized Appreciation (Depreciation)
Toronto-Dominion Bank EUR Sell 223,132,000 261,727,981 USD 09/16/25 $444,330
Morgan Stanley Capital Services LLC GBP Sell 32,200,000 43,697,911 USD 09/16/25  172,985
Morgan Stanley Capital Services LLC EUR Sell 2,050,000 2,403,771 USD 09/16/25  3,258
Morgan Stanley Capital Services LLC EUR Buy 175,000 203,798 USD 09/16/25  1,124
Toronto-Dominion Bank GBP Buy 90,000 121,307 USD 09/16/25  347
Toronto-Dominion Bank EUR Sell 73,000 85,844 USD 10/15/25  201
Citibank, N.A. CAD Buy 56,000 40,615 USD 09/16/25  199
Morgan Stanley Capital Services LLC EUR Sell 175,000 205,457 USD 10/15/25  148
Barclays Bank plc EUR Sell 88,000 102,732 USD 10/15/25  (509)
Nomura Global Financial Products, Inc. EUR Sell 2,653,000 3,105,512 USD 09/16/25  (1,105)
JPMorgan Chase Bank, N.A. CAD Sell 3,520,000 2,560,556 USD 09/16/25  (4,894)
JPMorgan Chase Bank, N.A. EUR Sell 2,145,000 2,503,893 USD 09/16/25  (7,865)
            $608,219
             

 

OTC Interest Rate Swaptions Purchased  
Counterparty/Description Floating Rate Type Floating Rate Index Payment Frequency Fixed Rate Expiration Date Exercise Rate Swaption Notional Amount Swaption Value
Call                
BNP Paribas
9-Month/5-Year Interest Rate Swap		 Pay 12 Month Term SOFR Annual 3.50% 02/13/26 3.50% $32,082,500 $519,207
BNP Paribas
9-Month/5-Year Interest Rate Swap		 Pay 12 Month Term SOFR Annual 3.50% 02/13/26 3.50% 32,082,500 519,207
Morgan Stanley Capital Services LLC
9-Month/5-Year Interest Rate Swap		 Pay 12 Month Term SOFR Annual 3.50% 02/13/26 3.50%  32,082,500  519,207
The Toronto-Dominion Bank
9-Month/5-Year Interest Rate Swap		 Pay 12 Month Term SOFR Annual 3.50% 02/13/26 3.50%  32,082,500  519,207
                $2,076,828
Put                
Bank of America, N.A.
12-Month/2-Year Interest Rate Swap		 Pay 12 Month SOFR Annual 3.50% 07/12/27 3.50%  $44,135,473  $291,351
BNP Paribas
12-Month/2-Year Interest Rate Swap		 Pay 12 Month SOFR Annual 3.50% 07/12/27 3.50%  40,304,527  266,061
                $557,412

 

 

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

OTC Interest Rate Swaptions Written  
Counterparty/Description Floating Rate Type Floating Rate Index Payment Frequency Fixed Rate Expiration Date Exercise Rate Swaption Notional Amount Swaption Value
Call                
BNP Paribas
6-Month/5-Year Interest Rate Swap		 Receive 12 Month SOFR Annual 2.85% 02/13/26 2.85%  $10,090,625  $(40,557)
Morgan Stanley Capital Services LLC
6-Month/5-Year Interest Rate Swap		 Receive 12 Month SOFR Annual 2.85% 02/13/26 2.85%  10,090,625  (40,658)
Morgan Stanley Capital Services LLC
6-Month/5-Year Interest Rate Swap		 Receive 12 Month SOFR Annual 2.86% 02/13/26 2.86%  10,090,625  (41,365)
BNP Paribas
1-Year/2-Year Interest Rate Swap		 Receive 12 Month SOFR Annual 2.71% 08/19/26 2.71%  10,090,625  (43,306)
Barclays Bank plc
1-Year/2-Year Interest Rate Swap		 Receive 12 Month SOFR Annual 2.71% 08/19/26 2.71%  10,090,625  (43,306)
BNP Paribas
6-Month/5-Year Interest Rate Swap		 Receive 12 Month SOFR Annual 2.89% 02/20/26 2.89%  10,090,625  (46,324)
Barclays Bank plc
6-Month/5-Year Interest Rate Swap		 Receive 12 Month SOFR Annual 2.93% 02/19/26 2.93%  10,090,625  (50,127)
The Toronto-Dominion Bank
6-Month/5-Year Interest Rate Swap		 Receive 12 Month SOFR Annual 2.93% 02/19/26 2.93%  10,090,625  (50,609)
BNP Paribas
6-Month/5-Year Interest Rate Swap		 Receive 12 Month SOFR Annual 2.94% 02/18/26 2.94%  10,090,625  (51,627)
The Toronto-Dominion Bank
6-Month/5-Year Interest Rate Swap		 Receive 12 Month SOFR Annual 2.94% 02/18/26 2.94%  10,090,625  (51,627)
Morgan Stanley Capital Services LLC
1-Year/2-Year Interest Rate Swap		 Receive 12 Month SOFR Annual 2.64% 08/13/26 2.64%  14,126,875  (54,056)
BNP Paribas
1-Year/2-Year Interest Rate Swap		 Receive 12 Month SOFR Annual 2.64% 08/13/26 2.64%  14,126,875  (54,056)
The Toronto-Dominion Bank
1-Year/2-Year Interest Rate Swap		 Receive 12 Month SOFR Annual 2.69% 08/14/26 2.69%  16,145,000  (66,183)
BNP Paribas
1-Year/2-Year Interest Rate Swap		 Receive 12 Month SOFR Annual 2.69% 08/14/26 2.69%  16,145,000  (66,183)
Morgan Stanley Capital Services LLC
9-Month/5-Year Interest Rate Swap		 Receive 12 Month Term SOFR Annual 3.00% 02/13/26 3.00%  32,082,500  (177,938)
BNP Paribas
9-Month/5-Year Interest Rate Swap		 Receive 12 Month Term SOFR Annual 3.00% 02/13/26 3.00% 32,082,500  (177,938)
The Toronto-Dominion Bank
9-Month/5-Year Interest Rate Swap		 Receive 12 Month Term SOFR Annual 3.00% 02/13/26 3.00%  32,082,500  (177,939)
BNP Paribas
9-Month/5-Year Interest Rate Swap		 Receive 12 Month Term SOFR Annual 3.00% 02/13/26 3.00%  32,082,500  (177,939)
                $(1,411,738)

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

 

Put                
BNP Paribas
6-Month/5-Year Interest Rate Swap		 Pay 12 Month SOFR Annual 3.94% 02/18/26 3.94%  10,090,625  (18,518)
The Toronto-Dominion Bank
6-Month/5-Year Interest Rate Swap		 Pay 12 Month SOFR Annual 3.94% 02/18/26 3.94%  10,090,625  (18,518)
The Toronto-Dominion Bank
6-Month/5-Year Interest Rate Swap		 Pay 12 Month SOFR Annual 3.93% 02/19/26 3.93%  10,090,625  (19,279)
Barclays Bank plc
6-Month/5-Year Interest Rate Swap		 Pay 12 Month SOFR Annual 3.93% 02/19/26 3.93%  10,090,625  (19,499)
BNP Paribas
6-Month/5-Year Interest Rate Swap		 Pay 12 Month SOFR Annual 3.89% 02/20/26 3.89%  10,090,625  (21,700)
Morgan Stanley Capital Services LLC
6-Month/5-Year Interest Rate Swap		 Pay 12 Month SOFR Annual 3.86% 02/13/26 3.86%  10,090,625  (22,221)
Morgan Stanley Capital Services LLC
6-Month/5-Year Interest Rate Swap		 Pay 12 Month SOFR Annual 3.85% 02/13/26 3.85%  10,090,625  (22,674)
BNP Paribas
6-Month/5-Year Interest Rate Swap		 Pay 12 Month SOFR Annual 3.85% 02/13/26 3.85%  10,090,625  (22,739)
Barclays Bank plc
1-Year/2-Year Interest Rate Swap		 Pay 12 Month SOFR Annual 3.71% 08/19/26 3.71%  10,090,625  (22,763)
BNP Paribas
1-Year/2-Year Interest Rate Swap		 Pay 12 Month SOFR Annual 3.71% 08/19/26 3.71%  10,090,625  (22,763)
BNP Paribas
1-Year/2-Year Interest Rate Swap		 Pay 12 Month SOFR Annual 3.64% 08/13/26 3.64%  14,126,875  (35,485)
Morgan Stanley Capital Services LLC
1-Year/2-Year Interest Rate Swap		 Pay 12 Month SOFR Annual 3.64% 08/13/26 3.64%  14,126,875  (35,485)
The Toronto-Dominion Bank
1-Year/2-Year Interest Rate Swap		 Pay 12 Month SOFR Annual 3.69% 08/14/26 3.69%  16,145,000  (37,448)
BNP Paribas
1-Year/2-Year Interest Rate Swap		 Pay 12 Month SOFR Annual 3.69% 08/14/26 3.69%  16,145,000  (37,448)
BNP Paribas
12-Month/2-Year Interest Rate Swap		 Receive 12 Month SOFR Annual 4.25% 07/12/27 4.25%  40,304,527  (116,052)
Bank of America, N.A.
12-Month/2-Year Interest Rate Swap		 Receive 12 Month SOFR Annual 4.25% 07/12/27 4.25%  44,135,473  (127,083)
                $(599,675)
 

 

 

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

~ The face amount is denominated in U.S. dollars unless otherwise indicated.
* Non-income producing security.
** Includes cumulative appreciation (depreciation).
*** A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov.

† Value determined based on Level 1 inputs, unless otherwise noted — See Note 3.
†† Value determined based on Level 2 inputs, unless otherwise noted — See Note 3.
††† Value determined based on Level 3 inputs — See Note 3.
◊ Variable rate security. Rate indicated is the rate effective at August 31, 2025. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
1 All or a portion of these securities have been physically segregated in connection with borrowings, options, reverse repurchase agreements and unfunded loan commitments. As of August 31, 2025, the total value of segregated securities was $460,141,273. 
2 Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $793,572 (cost $3,979,484), or less than 0.1% of total net assets — See Note 6.
3 Special Purpose Acquisition Company (SPAC).
4 Affiliated issuer.
5 Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $941,767,091 (cost $953,386,476), or 43.8% of total net assets.
6 Rate indicated is the 7-day yield as of August 31, 2025.
7 Variable rate security. Rate indicated is the rate effective at August 31, 2025. The rate is linked to the volatility-adjusted performance of the series 1 securities due 2069 of the underlying company, Alphas Managed Accounts Platform LXXIX Limited.
8 Perpetual maturity.
9 Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.
10 Security is in default of interest and/or principal obligations.
11 Payment-in-kind security.
12 Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
13 Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at August 31, 2025. See table below for additional step information for each security.
14 Security is an interest-only strip.
15 Rate indicated is the effective yield at the time of purchase.
16 Zero coupon rate security.
17 Security is a principal-only strip.
18 All or a portion of this security is pledged as futures collateral at August 31, 2025.
19 Swaptions - See additional disclosure in the swaptions table above for more information on swaptions.

 

 

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

  BofA — Bank of America
  CAD — Canadian Dollar
  CDX.NA.HY.43.V1 (15-25%) — Credit Default Swap North American High Yield Series 43 Index Version 1
  CDX.NA.HY.43.V1 (25-35%) — Credit Default Swap North American High Yield Series 43 Index Version 1
  CME — Chicago Mercantile Exchange
  EUR — Euro
  EURIBOR — European Interbank Offered Rate
  GBP — British Pound
  LIBOR — London Interbank Offered Rate
  plc — Public Limited Company
  PPV — Public-Private Venture
  REIT — Real Estate Investment Trust
  SARL — Société à Responsabilité Limitée
  SOFR — Secured Overnight Financing Rate
  SONIA — Sterling Overnight Index Average
  WAC — Weighted Average Coupon
 
 See Sector Classification in Other Information section.
 

  

 

The following table summarizes the inputs used to value the Fund's investments at August 31, 2025 (See Note 3 in the Notes to Schedule of Investments):
 
Investments in Securities (Assets)

Level 1

Quoted

Prices

Level 2

Significant

Observable

Inputs

Level 3

Significant

Unobservable

Inputs

  Total
Common Stocks $ 9,009,334   $ 3,189,647   $ 19,184,972     $ 31,383,953  
Preferred Stocks    34,193,651   60,880,272   11,304,112     106,378,035  
Warrants 349       —   43     392  
Rights     —       —       — *       —  
Exchange-Traded Funds 69,525,528       —       —     69,525,528  
Closed-End Funds 20,834,120       —       —     20,834,120  
Money Market Funds 49,881,609       —       —     49,881,609  
Private Fund   —     —     2,503,111       2,503,111  
Corporate Bonds     —   746,039,331   54,805,369     800,844,700  
Senior Floating Rate Interests     —   654,787,248   111,898,031     766,685,279  
Asset-Backed Securities     —   310,889,804   104,664,141     415,553,945  
Collateralized Mortgage Obligations     —   151,539,496   2,499,707     154,039,203  
U.S. Government Securities     —   38,864,226       —     38,864,226  
Foreign Government Debt     —   5,503,555       —     5,503,555  
Senior Fixed Rate Interests     —   3,023,224       —     3,023,224  
Convertible Bonds     —   2,740,548       —     2,740,548  
Municipal Bonds     —   392,132       —     392,132  
Options Purchased 968,575   603,016       —     1,571,591  
Interest Rate Swaptions Purchased     —   2,634,240       —     2,634,240  
Equity Futures Contracts** 20,065,252       —       —     20,065,252  
Commodity Futures Contracts** 211,171       —       —     211,171  
Forward Foreign Currency Exchange Contracts**     —   622,592       —     622,592  
Equity Index Swap Agreements**     —   5,085,000       —     5,085,000  
Credit Index Swap Agreements**     —   1,023,308       —     1,023,308  
Total Assets $ 204,689,589   $ 1,987,817,639   $ 306,859,486     $ 2,499,366,714  
           

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

Investments in Securities (Liabilities)

Level 1

Quoted

Prices

Level 2

Significant

Observable

Inputs

Level 3

Significant

Unobservable

Inputs

  Total
Options Written $ 2,648,797   $ 279,684     $ —     $ 2,928,481  
Interest Rate Swaptions Written     —   2,011,413       —     2,011,413  
Credit Default Swap Agreements**     —   341,861       —     341,861  
Interest Rate Swap Agreements**     —   2,597,676       —     2,597,676  
Forward Foreign Currency Exchange Contracts**     —   14,373       —     14,373  
Unfunded Loan Commitments (Note 5)     —       —   448,287     448,287  
Total Liabilities $ 2,648,797   $ 5,245,007   $ 448,287     $ 8,342,091  
           
 * Security has a market value of $0.
** 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 $287,635,982 are categorized as Level 2 within the disclosure hierarchy — See Note 2.

 

The following is a summary of significant unobservable inputs used in the fair valuation of assets and liabilities categorized within Level 3 of the fair value hierarchy: 

 

Category

Ending  

Balance at  

August 31, 2025  

 Valuation Technique Unobservable Inputs Input Range Weighted Average*
Assets:          
Asset-Backed Securities $ 59,319,095   Yield Analysis Yield 4.3%-13.0% 7.1%
Asset-Backed Securities    39,454,553   Option adjusted spread off prior month end broker quote Broker Quote — —
Asset-Backed Securities       3,567,008   Third Party Pricing Broker Quote — —
Asset-Backed Securities       2,095,965   Third Party Pricing Trade Price — —
Asset-Backed Securities   227,520   Third Party Pricing Vendor Price — —
Collateralized Mortgage Obligations       2,499,707   Option adjusted spread off prior month end broker quote Broker Quote — —
Common Stocks    18,089,370   Model Price Purchase Price — —
Common Stocks       1,040,480   Enterprise Value Valuation Multiple 2.6x-8.6x 5.3x
Common Stocks     55,122   Model Price Liquidation Value — —
Corporate Bonds    28,830,220   Third Party Pricing Broker Quote — —
Corporate Bonds    25,374,121   Option adjusted spread off prior month end broker quote Broker Quote — —
Corporate Bonds       3   Model Price Purchase Price — —
Corporate Bonds   601,025   Third Party Pricing Trade Price — —
Private Fund 2,503,111 Model Price Purchase Price — —
Preferred Stocks    10,205,700   Yield Analysis Yield 5.8% —
Preferred Stocks       1,098,412   Model Price Purchase Price — —
Senior Floating Rate Interests    60,552,059   Model Price Purchase Price — —
Senior Floating Rate Interests    25,085,223   Yield Analysis Yield 9.8%-15.4% 10.5%
Senior Floating Rate Interests    21,484,098   Third Party Pricing Broker Quote — —
Senior Floating Rate Interests       4,776,651   Model Price Liquidation Value — —
Warrants      43   Model Price Liquidation Value — —
Total Assets $ 306,859,486          
Liabilities:          
Unfunded Loan Commitments $ 448,287   Model Price Purchase Price — —

* Inputs are weighted by the fair value of the instruments.          

 

Significant changes in a quote, yield, liquidation value or valuation multiple would generally result in significant changes in the fair value of the security.

 

The Fund’s fair valuation leveling guidelines classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3, if such a quote or price cannot be supported with other available market information.

 

Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. For the period ended August 31, 2025, the Fund had securities with a total value of $10,212,059 transfer into Level 3 from Level 2 due to a lack of observable inputs and had securities with a total value of $12,430,170 transfer out of Level 3 into Level 2 due to the availability of current and reliable market-based data provided by a third-party pricing service which utilizes significant observable inputs.

 

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

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 August 31, 2025:

 

  Assets       Liabilities
  Asset-Backed Securities Collateralized Mortgage Obligations Corporate Bonds Senior Floating Rate Interests Warrants Common Stocks Preferred Stocks Private Fund Rights Total Assets Unfunded Loan Commitments
Beginning Balance  $ 90,573,389  $ 2,424,192  $ 55,688,542  $ 107,663,479  $  44  $ 1,433,716  $ 11,414,217  $ -  $  1  $ 269,197,580  $  (428,183)
Purchases/(Receipts)  15,663,013   -  8,102,385   5,414,437   -  17,794,342   -  2,458,985   -  49,433,162    (322,937)
(Sales, maturities and paydowns)/Fundings   (74,997)   (11,363)   (9,998,235)   (4,063,578)   -   -   -   -   -  (14,148,173)   242,142
Amortization of premiums/discounts   1,422   1,236   289  129,423   -   -   -   -   -  132,370    (23,162)
Total realized gains (losses) included in earnings   -   -   1,826  (201,810)   -   -   -   -   -  (199,984)   213,509
Total change in unrealized appreciation (depreciation) included in earnings   3,413,415  85,642   1,010,562  262,090   (1)   (43,086)  (110,105)  44,126   (1)   4,662,642    (129,556)
Transfers into Level 3   227,520   -    -    9,984,539   -    -    -    -    -   10,212,059    - 
Transfers out of Level 3   (5,139,621)   -    -    (7,290,549)   -    -    -    -    -   (12,430,170)    (100)
Ending Balance  $ 104,664,141  $ 2,499,707  $ 54,805,369  $ 111,898,031  $  43  $ 19,184,972  $ 11,304,112  $ 2,503,111  $  -   $ 306,859,486  $   (448,287)
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at August 31, 2025  $ 3,371,751  $  85,642  $ 1,020,756  $ 242,667  $  (1)  $ (43,086)  $ (110,105)  $  44,126  $  (1)  $ 4,611,749  $   (139,139)

 

Step Coupon Bonds

 

The following table discloses additional information related to step coupon bonds held by the Fund. Certain securities are subject to multiple rate changes prior to maturity. For those securities, a range of rates and corresponding dates have been provided. Rates for all step coupon bonds held by the Fund are scheduled to increase, except GAIA Aviation Ltd., which are scheduled to decrease.

 

Name Coupon Rate at Next Reset Date

Next Rate

Reset Date

 Future Reset Rate Future Reset Date
Citigroup Mortgage Loan Trust, Inc. 2022-A, 6.17% due 09/25/62 9.17% 09/25/25 10.17% 09/25/26
GAIA Aviation Ltd. 2019-1, 3.97% due 12/15/44 2.00% 10/15/26 — —
GAIA Aviation Ltd. 2019-1, 5.19% due 12/15/44 2.00% 10/15/26 — —
GCAT Trust 2022-NQM5, 5.71% due 08/25/67 6.71% 10/01/26 — —
Mill City Securities Ltd. 2024-RS1, 4.00% due 11/01/69 7.00% 10/01/27 — —
New Residential Mortgage Loan Trust 2022-NQM5, 6.50% due 11/25/52 7.50% 09/01/26 — —
OBX Trust 2022-NQM8, 6.10% due 09/25/62 7.10% 10/01/26 — —
 

 

 

 

Guggenheim Strategic Opportunities Fund  
SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

 

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 person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

 

Transactions during the period ended August 31, 2025, in which the company is an affiliated issuer, were as follows:
Security Name Value 05/31/25 Additions Reductions Realized Gain (Loss) Change in Unrealized Appreciation (Depreciation) Value 08/31/25 Shares 08/31/25 Investment Income
Common Stocks                
 Accuride Corp * $309 $– $– $– $– $309 3,087,395 $–
 Accuride Liquidating Trust * –  –  –  –  –  – 190  –
 BP Holdco LLC *  98,944  –  –  –  –  98,944 121,041  –
Closed-End Mutual Funds                
 Guggenheim Active Allocation Fund   14,354,500  –  –  –  636,500  14,991,000 950,000  338,438
Senior Floating Rate Interests                
 Accuride Corp. 8.81% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 3/7/2030  4,225,481  19,606  –  –  (39,264)  4,205,823 2,237,825  52,031
  $18,679,234 $19,606 $– $– $597,236 $19,296,076   $390,469

 

 

 

 

 

* Non-income producing security.

 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

Note 1 – Organization and Significant Accounting Policies

Organization

Guggenheim Strategic Opportunities Fund (the “Fund”) was organized as a Delaware statutory trust on November 13, 2006. The Fund is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”).

 

The Fund’s investment objective is to maximize total return through a combination of current income and capital appreciation. There can be no assurance that the Fund will achieve its investment objective. The Fund’s investment objective is considered fundamental and may not be changed without shareholder approval.

 

For information on the Fund’s other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual shareholder report. 

 

Significant Accounting Policies

The Fund operates as an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. 

 

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Fund. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

 

(a) Valuation of Investments 

The Board of Trustees of the Fund (the “Board”) has adopted policies and procedures for the valuation of the Fund's investments (the “Fund Valuation Procedures”).

 

Pursuant to Rule 2a-5 under the 1940 Act, the Board designated Guggenheim Funds Investment Advisors, LLC (“GFIA” or the “Adviser”) as the valuation designee to perform fair valuation determinations for the Fund with respect to all Fund investments and/or other assets. As the Fund's valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures” and together with the Fund Valuation Procedures, the "Valuation Procedures") reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4 under the 1940 Act. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Fund's securities and/or other assets.

 

Valuations of the Fund's securities and other assets are supplied primarily by independent third-party pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Adviser, with the assistance of the Valuation Committee, convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed by the independent third-party pricing services.

 

If the independent third-party 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 Adviser.

 

In general, portfolio securities and assets of the Fund will be valued on the basis of readily available market quotations at their current market value. With respect to portfolio securities and assets of the Fund for which market quotations are not readily available, or deemed unreliable by the Adviser, the Fund will fair value those securities and assets in good faith in accordance with the Valuation Procedures. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value.” Fair value represents a good faith approximation of the value of a security. Fair value determinations may be based on limited inputs and involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances, and the exercise of judgment. 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. As a result, it is possible that the fair value for a security determined in good faith in accordance with the

 
 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

 

Valuation Procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a portfolio security or asset at the price the Fund may reasonably expect to receive upon its sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund could reasonably expect to receive upon the sale of the portfolio security or asset.

 

Equity securities listed or traded on a recognized U.S. securities exchange or the Nasdaq Stock Market (“NASDAQ”) will generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ official closing price, which may not necessarily represent the last sale price.

 

Open-end investment companies are valued at their net asset value (“NAV”) as of the close of the New York Stock Exchange ("NYSE"), on the valuation date. Exchange-traded funds and closed-end investment companies are generally valued at the last quoted sale price.

 

Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the 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 E.T. Investments in foreign securities may involve risks not present in domestic investments. The Adviser will determine the current value of such foreign securities by taking into consideration certain factors which may include those discussed above, as well as the following factors, among others: the value of the securities traded on other foreign markets, American Depositary Receipts ("ADRs") trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities. In addition, under the Valuation Procedures, the Adviser is authorized to use prices and other information supplied by an independent third-party pricing vendor in valuing foreign securities.

 

Commercial paper and discount notes with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from independent third-party pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Commercial paper and discount notes with a maturity of 60 days or less at acquisition are valued at amortized cost, unless the Adviser concludes that amortized cost does not represent the fair value of the applicable asset in which case it will be valued using an independent third-party pricing service.

 

U.S. Government securities are valued by independent third-party pricing services, using the last traded fill price, or at the reported bid price at the close of business on the valuation date.

 

CLOs, CDOs, MBS, ABS, and other structured finance securities are generally valued using an independent third-party pricing service.

 

Typically, loans are valued using information provided by an independent third-party pricing service that uses broker quotes, among other inputs. If the independent third-party 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 Adviser. As the Fund invests in loans and asset-backed securities as part of its investment strategies, it may have a significant amount of these instruments fair valued by the Adviser.

 

Repurchase agreements are generally valued at amortized cost, provided such amounts approximate market value.

 

Exchange-traded options are valued at the mean of the bid and ask prices on the principal exchange on which they are traded. Over-the-counter (“OTC”) options and options on swaps ("swaptions") are valued using a price provided by a pricing service.

 

Futures contracts are valued on the basis of the last sale price as of 4:00 p.m. on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the official settlement price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation would provide a more accurate valuation.

 

Interest rate swap agreements entered into by the Fund are valued on the basis of the last sale price on the primary exchange on which the swap is traded. Other swap agreements entered into by the Fund are generally valued using an evaluated price provided by an independent third-party pricing service.

 
 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

 

Forward foreign currency exchange contracts are valued daily based on the applicable exchange rate of the underlying currency.

 

The Fund may also fair value securities and assets when a significant event is deemed to have occurred after the time of a market quotation including for securities and assets traded on foreign markets and securities and assets for which market quotations are provided by independent third-party pricing services as of a time that is prior to the time when the Fund determines its NAV. There can be no assurance in each case that significant events will be identified.

 

Valuations of the Fund’s securities and other assets are supplied primarily by independent third-party pricing services pursuant to the processes set forth in the Valuation Designee Procedures. Valuations provided by the independent third-party pricing services are generally based on methods designed to approximate the amount that the Fund could reasonably expect to receive upon the sale of the portfolio security or asset. When providing valuations to the Fund, independent third-party pricing services use various inputs, methods, models and assumptions, which may include information provided by broker-dealers and other market makers. Independent third-party pricing services face the same challenges as the Fund in valuing securities and assets and may rely on limited available information. If the independent third-party 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 Adviser. The Fund may also use third-party service providers to model certain securities to determine fair market value. While the Fund’s use of fair valuation is intended to result in calculation of NAV that fairly reflects values of the Fund’s portfolio securities as of the time of pricing, the Fund cannot guarantee that any fair valuation will, in fact, approximate the amount the Fund would actually realize upon the sale of the securities in question.

 

Quotes from broker-dealers (i.e., prices provided by a broker-dealer or other market participant, which may or may not be committed to trade at that price), adjusted for fluctuations in criteria such as credit spreads and interest rates, may also be used to value the Fund’s assets. Quotes from broker-dealers and vendor prices based on broker quotes can vary in terms of depth (e.g., provided by a single broker-dealer) and frequency (e.g., provided on a daily, weekly, or monthly basis, or any other regular or irregular interval). Although quotes from broker-dealers and vendor prices based on broker quotes are typically received from established market participants, the Fund may not have the transparency to view the underlying inputs which support such quotes. Significant changes in a quote from a broker-dealer would generally result in significant changes in the fair value of the security.

 

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.

 

Note 2 – Derivatives

As part of its investment strategy, the Fund utilizes a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Schedule of Investments.

 

 
 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

 

Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used for investment purposes (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, for diversification purposes, to change the duration of the Fund, for leverage purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Derivative instruments may also be used to seek to mitigate certain investment risks, 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 the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

 

The Fund may utilize derivatives for the following purposes:

 

Duration: the use of an instrument to manage the interest rate risk of a portfolio.

 

Hedge: an investment made in order to reduce the risk of adverse price movements in a security, by taking an offsetting position to protect against broad market moves.

 

Income: the use of any instrument that distributes cash flows typically based upon some rate of interest.

 

Index Exposure: the use of an instrument to obtain exposure to a listed or other type of index.

 

Speculation: the use of an instrument to express macro-economic and other investment views. 

 

To the extent the Fund's investment strategy consistently involves applying leverage, the value of the Fund's shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index or other asset. In addition, because an investment in derivative instruments generally requires a small investment relative to the amount of investment exposure assumed, an opportunity for increased net income is created; but, at the same time, leverage risk will increase. The Fund's use of leverage, through borrowings or instruments such as derivatives, may cause an investment in the Fund to be more volatile and riskier than if the Fund had not been leveraged.

 

Options Purchased and Written 

A call option on a security gives the purchaser of the option the right to buy, and the writer of a call option the obligation to sell, the underlying security. The purchaser of a put option has the right to sell, and the writer of the put option the obligation to buy, the underlying security at any time during the option period. The risk associated with purchasing options is limited to the premium originally paid.

 

The risk in writing a call option is that the Fund may incur a loss if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the underlying security decreases and the option is exercised. In addition, there may be an imperfect correlation between the movement in prices of options and the underlying securities where the Fund may not be able to enter into a closing transaction because of an illiquid secondary market; or, for OTC options, the Fund may be at risk because of the counterparty’s inability to perform.

 

Futures Contracts

A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with the Fund's use of futures contracts, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to the Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Securities held as collateral are noted on the Schedule of Investments.

 

Swap Agreements

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. When utilizing OTC swaps, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to

 
 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

 

centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. If the Fund utilizes centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. There is no guarantee that the Fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

 

Total return swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as an index) for a fixed or variable interest rate. Total return swaps will usually be computed based on the current value of the reference asset as of the close of regular trading on the NYSE or other exchange, with the swap value being adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreement. When utilizing total return swaps, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying reference asset declines in value.

 

Interest rate swaps involve the exchange by the Fund with another party for its respective commitment to pay or receive a fixed or variable interest rate on a notional amount of principal. Interest rate swaps are generally centrally-cleared, but central clearing does not make interest rate swap transactions risk free.

 

Credit default swaps are instruments which allow for the full or partial transfer of third-party credit risk, with respect to a particular entity or entities, from one counterparty to the other. The Fund enters into credit default swaps as a “seller” or “buyer” of protection primarily to gain or reduce exposure to the investment grade and/or high yield bond market. A seller of credit default swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. The buyer in a credit default swap is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If a credit event occurs, as defined under the terms of the swap agreement, the seller will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The notional amount reflects the maximum potential amount the seller of credit protection could be required to pay to the buyer if a credit event occurs. The seller of protection receives periodic premium payments from the buyer and may also receive or pay an upfront premium adjustment to the stated periodic payments. In the event a credit event occurs on a credit default swap referencing an index, a factor adjustment will take place and the buyer of protection will receive a payment reflecting the par less the default recovery rate of the defaulted index component based on its weighting in the index. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the Fund if the Fund is selling the credit protection. If the Fund utilizes centrally cleared credit default swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. For OTC credit default swaps, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty, or in the case of a credit default swap in which the Fund is selling credit protection, the default of a third-party issuer.

 

The quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

 

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 seek to hedge or manage exposure to foreign currency risks with portfolio investments or to seek 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.

 

 

 
 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

 

In conjunction with short sales and the use of derivative instruments, the Fund is required to maintain collateral in various forms. Depending on the financial instrument utilized and the broker involved, the Fund uses margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes or repurchase agreements allocated to the Fund as collateral.

 

The Fund has established counterparty credit guidelines and enters into transactions only with financial institutions rated/identified as investment grade or better. The Fund monitors the counterparty credit risk associated with each such financial institution.

 

Foreign Investments

There are several risks associated with exposure to foreign currencies, foreign issuers and emerging markets. The Fund's  indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, or in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. In addition, the Fund may incur transaction costs in connection with conversions between various currencies. The Fund may, but is not obligated to, engage in currency hedging transactions, which generally involve buying currency forward, options or futures contracts. However, not all currency risks may be effectively hedged, and in some cases the costs of hedging techniques may outweigh expected benefits. In such instances, the value of securities denominated in foreign currencies can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar.

 

The Fund may invest in securities of foreign companies directly, or in financial instruments, such as ADRs and exchange-traded funds, which are indirectly linked to the performance of foreign issuers. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities of foreign companies directly, or in financial instruments that are indirectly linked to the performance of foreign issuers, may involve heightened risks and risks not typically associated with investing in U.S. issuers. The value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets, and prices in some foreign markets may fluctuate more than those of securities traded on U.S. markets. Many foreign countries lack accounting and disclosure standards comparable to those that apply to U.S. companies, and it may be more difficult to obtain reliable information regarding a foreign issuer’s financial condition and operations. Transaction costs and costs associated with custody services are generally higher for foreign securities than they are for U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries portions of these taxes are recoverable, the non-recovered portion will reduce the income received by the Fund.

 

Reverse Repurchase Agreements

The Fund may enter into reverse repurchase agreements as part of its financial leverage strategy. Under a reverse repurchase agreement, the Fund temporarily transfers possession of a portfolio instrument to another party, such as a bank or broker-dealer, in return for cash. At the same time, the Fund agrees to repurchase the instrument at an agreed upon time and price, which reflects an interest payment. Such agreements have the economic effect of borrowings. The Fund may enter into such agreements to seek 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 are 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.

 

Note 3 – Fair Value Measurement 

In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

 

Level 1 — unadjusted quoted prices in active markets for identical assets or liabilities.

 

Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

 

 
 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

 

Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

 

Rule 2a-5 sets forth a definition of “readily available market quotations,” which is consistent with the definition of a Level 1 input under U.S. GAAP. Rule 2a-5 provides that “a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.”

 

Securities for which market quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other than Level 1 inputs will be subject to fair value requirements. The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

 

Independent third-party pricing services are used to value a majority of the Fund's investments. When values are not available from an independent third-party 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 (i.e., prices provided by a broker-dealer or other market participant, which may or may not be committed to trade at that price), adjusted for fluctuations in criteria such as credit spreads and interest rates, may also be used to value the Fund's assets. Quotes from broker-dealers and vendor prices based on broker quotes can vary in terms of depth (e.g., provided by a single broker-dealer) and frequency (e.g., provided on a daily, weekly, or monthly basis, or any other regular or irregular interval). Although quotes from broker-dealers and vendor prices based on broker quotes are typically received from established market participants, the Fund may not have the transparency to view the underlying inputs which support such quotes. Significant changes in a quote from a broker-dealer 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 an independent third-party pricing service provider based on a single daily or monthly broker quote.

 

The inputs or methodologies selected and applied for valuing securities or other assets are not necessarily an indication of the risk associated with investing in those securities. The suitability, appropriateness and accuracy of the techniques, methodologies and sources employed to determine fair valuation are periodically reviewed and subject to change.

 

Note 4 – Federal Income Tax Information

The Fund intends to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Fund from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

 

Tax positions taken or expected to be taken in the course of preparing the Fund's tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Fund's tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. The Fund's U.S. federal income tax returns are subject to examination by the Internal Revenue Service (“IRS”) for a period of three years after they are filed.

 

If the Fund makes a distribution to its shareholders in excess of its current and accumulated “earnings and profits” in any taxable year, the excess distribution will be treated as a return of capital to the extent of each shareholder’s basis (for tax purposes) in its shares, and any distribution in excess of basis will be treated as capital gain. A return of capital is not taxable, but it reduces the shareholder’s basis in its shares, which reduces the loss (or increases the gain) on a subsequent taxable disposition by such shareholder of the shares.

 

 
 

 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

At August 31, 2025, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

 

Tax Cost

Tax Unrealized

Appreciation

Tax Unrealized

Depreciation

Net Tax Unrealized

Appreciation (Depreciation)

 $     2,507,408,855  $      93,562,954  $     (109,498,899)  $     (15,935,945)

 

 

Note 5 – Unfunded Loan Commitments

Pursuant to the terms of certain loan agreements, the Fund held unfunded loan commitments as of August 31, 2025. The Fund is obligated to fund these loan commitments at the borrower’s discretion.

 

The unfunded loan commitments as of August 31, 2025, were as follows: 

 

Borrower Maturity Date   Face Amount* Value
         
Aegion Corp. 05/17/28   155,844 $–
Akso Health Group 07/20/26    1,000,000  –
Alteryx, Inc. 02/08/31    461,111  –
AmSpec Parent LLC 12/11/31    48,000  –
Capstone Acquisition Holdings, Inc. 11/12/29    531,324  2,475
Care BidCo 05/04/28 EUR  1,000,000  41,734
Citrin Cooperman Advisors LLC 04/01/32    248,485  388
Cliffwater LLC 03/19/32    640,000  –
Coller Capital Ltd. 09/25/36   3,014,443 –
Datix Bidco Ltd. 04/25/31    2,072,500  92,413
Eagle Point Holdings Borrower, LLC 03/31/28    250,000  –
Finastra USA, Inc. 09/13/29    312,531  25,986
GrafTech Finance, Inc. 11/04/29    986,089  –
Hanger, Inc. 10/23/31    455,703  –
Higginbotham Insurance Agency, Inc. 11/24/28    255,158  1,568
Integrated Power Services Holdings, Inc. 11/22/28    594,359  1,373
Kerridge Commercial Systems Bidco Ltd. 09/07/30 GBP  2,500,000  45,927
MB2 Dental Solutions LLC 02/13/31    1,567,964  30,062
Oil Changer Holding Corp. 02/08/27    282,105  –
Polaris Newco LLC 06/04/26    3,655,101  69,809
Powergrid Services LLC 03/31/30    2,416,617  118,300
PT Intermediate Holdings III LLC 04/09/30    65,352  125
Secretariat Advisors LLC 02/21/32    188,172  –
SHO Holding I Corp. 06/30/29    295,159  18,127
Student Transportation Of America Holdings, Inc. 06/10/32    20,400  –
TK Elevator Midco GmbH 01/29/27 EUR  1,750,000  –
        $448,287
             

 

 

* The face amount is denominated in U.S. dollars unless otherwise indicated.

EUR - Euro

GBP - British Pound

 

Note 6 – Restricted Securities

The securities below are considered illiquid and restricted under guidelines established by the Board:

 

 

 

Restricted Securities Acquisition Date Cost Value
       
Atlas Mara Ltd.      
 8.00% due 12/31/211 10/01/15 $504,832 $–
CBC Insurance Revenue Securitization LLC      
2016-1, 5.25% due 07/15/46 08/09/19  255,071  236,986
           
 
 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)  August 31, 2025

 

 

Restricted Securities Acquisition Date Cost Value
   
Endo Luxembourg Finance Co I SARL / Endo US, Inc.*      
  04/23/24  19,970  335
Endo Luxembourg Finance Co I SARL / Endo US, Inc.*      
  04/23/24  11,343  190
Exide Technologies      
 11.00% due 10/31/241 10/27/20  –  2
Exide Technologies      
 11.00% due 10/31/241 07/02/19  266,406  1
Mirabela Nickel Ltd.      
 9.50% due 06/24/191 12/31/13  2,341,590  6,670
Nassau LLC      
2019-1, 3.98% due 08/15/34 08/16/19  580,272  549,388
    $3,979,484 $793,572

 

* Non-income producing security.

 

1 Security is in default of interest and/or principal obligations.

 

 

Note 7 – Market Risks

The value of, or income generated by, the investments held by the Fund are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting (or perceived to affect) individual companies, or issuers or particular industries, or from broader influences, including real or perceived changes in prevailing interest rates (which may change at any time based on changes in monetary policies and various market and other economic conditions), changes in inflation rates or expectations about inflation rates, deflation, adverse investor confidence or sentiment, general outlook for corporate earnings, changing economic, political (including geopolitical), social or financial market conditions, bank failures, increased instability or general uncertainty, extreme weather, environmental or man-made disasters, or geological events, governmental actions, actual or threatened imposition of tariffs (which may be imposed by U.S. and foreign governments) and trade disruptions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, terrorism, actual or threatened wars or other armed conflicts (such as the conflict in the Middle East and the ongoing Russia-Ukraine conflict and its collateral economic and other effects, including, but not limited to, sanctions and other international trade barriers) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Different sectors, industries and security types may react differently to such developments. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country, geographic region or industry could adversely affect the value, yield and return of the investments held by the Fund in a different country, geographic region, economy, industry or market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Fund's investments and performance of the Fund.

 

OTHER INFORMATION (Unaudited)  August 31, 2025

 

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.