UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file
number811-21982
Guggenheim Strategic Opportunities
Fund
(Exact name of registrant as specified in charter)
227 West Monroe Street, Chicago,
60606
(Address of principal executive offices) (Zip code)
Amy J. Lee
227 West Monroe Street, Chicago,
60606
(Name and address of agent for service)
Registrant's telephone number,
including area code: (312) 827-0100
Date of fiscal year end: May
31
Date of reporting period: June 1,
2021 - May 31, 2022
Item 1. Reports to
Stockholders.
The registrant's annual report
transmitted to shareholders pursuant to Rule 30e-1 under the
Investment Company Act of 1940, as amended (the “Investment Company
Act”), is as follows:
5.31.2022
Guggenheim Funds Annual Report
Guggenheim Strategic Opportunities Fund
GuggenheimInvestments.com
CEF-GOF-AR-0522
GUGGENHEIMINVESTMENTS.COM/GOF
...
YOUR WINDOW TO THE LATEST, MOST UP-TO-DATE INFORMATION ABOUT
GUGGENHEIM STRATEGIC OPPORTUNITIES FUND
The
shareholder report you are reading right now is just the beginning
of the story.
Online
at guggenheiminvestments.com/gof, you will find:
- Daily,
weekly and monthly data on share prices, net asset values,
distributions and more
-
Portfolio overviews and performance analyses
-
Announcements, press releases and special notices
- Fund
and adviser contact information
Guggenheim Partners Investment Management, LLC and Guggenheim Funds
Investment Advisors, LLC are continually updating and expanding
shareholder information services on the Fund’s website in an
ongoing effort to provide you with the most current information
about how your Fund’s assets are managed and the results of our
efforts. It is just one more small way we are working to keep you
better informed about your investment in the Fund.
|
DEAR
SHAREHOLDER (Unaudited) |
May 31,
2022 |
We
thank you for your investment in the Guggenheim Strategic
Opportunities Fund (the “Fund”). This report covers the Fund’s
performance for the 12-month period ended May 31, 2022 (the
“Reporting Period”).
On
September 14, 2021, Guggenheim Investments announced that
shareholders approved the mergers of Guggenheim Enhanced Equity
Income Fund and Guggenheim Credit Allocation Fund with and into the
Fund. The mergers became effective with the open of the New York
Stock Exchange on October 25, 2021. More information regarding the
mergers is presented later in this report.
The
COVID-19 pandemic and the recovery response has caused and
continues to cause at times reduced consumer demand and economic
output, supply chain disruptions, market closures, travel
restrictions, quarantines, and disparate global vaccine
distributions. As with other serious economic disruptions,
governmental authorities and regulators have responded in recent
years to this situation with significant fiscal and monetary policy
changes. These included providing direct capital infusions into
companies, introducing new monetary programs, and lowering interest
rates. In some cases, these responses resulted in high inflation,
low interest rates, and negative interest rates (which have since
risen). Recently, the United States and other governments have also
made investments and engaged in infrastructure modernization
projects that have also increased public debt and spending. These
actions, including their reversal or potential ineffectiveness,
could further increase volatility in securities and other financial
markets, reduce market liquidity, continue to cause higher
inflation, heighten investor uncertainty, and adversely affect the
value of the Fund’s investments and the performance of the Fund.
These actions also contribute to a risk that asset prices have a
high degree of correlation across markets and asset classes. The
duration and extent of COVID-19 over the long term cannot be
reasonably estimated at this time. The ultimate impact of COVID-19
and the extent to which COVID-19 impacts the Fund will depend on
future developments, which are highly uncertain and difficult to
predict.
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. These movements may result from factors
affecting individual companies, or from broader influences,
including real or perceived changes in prevailing interest rates
(which have risen recently and may continue to rise), changes in
inflation rates or expectations about inflation rates (which are
currently elevated relative to normal conditions), adverse investor
confidence or sentiment, changing economic, political (including
geopolitical), social or financial market conditions, increased
instability or general uncertainty, environmental disasters,
governmental actions, public health emergencies (such as the spread
of infectious diseases, pandemics and epidemics), debt crises,
actual or threatened wars or other armed conflicts (such as the
current Russia-Ukraine conflict and its risk of expansion or
collateral economic and other effects) or ratings downgrades, and
other similar events, each of which may be temporary or last for
extended periods. Moreover, changing economic, political,
geopolitical, social, financial market or other conditions in one
country or geographic region could adversely affect the value,
yield and return of the investments held by the Fund in a different
country or geographic region and economies, markets and issuers
generally because of the increasingly interconnected global
economies and financial markets.
To
learn more about the Fund’s performance and investment strategy, we
encourage you to read the Economic and Market Overview and the
Management’s Discussion of Fund Performance, which begin on page 5.
There you will find information on Guggenheim’s investment
philosophy, views on the economy and market environment, and
detailed information about the factors that impacted the Fund’s
performance.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 3
|
DEAR
SHAREHOLDER (Unaudited) continued |
May 31,
2022 |
The
Fund’s investment objective is to maximize total return through a
combination of current income and capital appreciation. The Fund
pursues a relative value-based investment philosophy. The Fund’s
sub-advisers seek to combine a credit-managed fixed-income
portfolio with access to a diversified pool of alternative
investments and equity strategies.
All
Fund returns cited—whether based on net asset value (“NAV”) or
market price—assume the reinvestment of all distributions. For the
Reporting Period, the Fund provided a total return based on market
price of -3.48% and a total return based on NAV of -3.99%. As of
May 31, 2022, the Fund’s market price of $17.92 per share
represented a premium of 25.05% to its NAV of $14.33 per share.
Past
performance is not a guarantee of future results. All NAV returns
include the deduction of management fees, operating expenses, and
all other Fund expenses. The market price of the Fund’s shares
fluctuates from time to time, and it may be higher or lower than
the Fund’s NAV.
During
the Reporting Period, the Fund paid a monthly distribution of
$0.1821 per share. The most recent distribution represents an
annualized distribution rate of 12.19% based on the Fund’s closing
market price of $17.92 per share on May 31, 2022. The Fund’s
distribution rate is not constant and the amount of distributions,
when declared by the Fund’s Board of Trustees, is subject to
change. There is no guarantee of any future distribution or that
the current returns and distribution rate will be maintained.
Please see Distributions to Shareholders & Annualized
Distribution Rate on page 16, and Note 2(f) on page 79 for more
information on distributions for the period.
We
encourage shareholders to consider the opportunity to reinvest
their distributions from the Fund through the Dividend Reinvestment
Plan (“DRIP”), which is described in detail on page 200 of this
report. When shares trade at a discount to NAV, the DRIP takes
advantage of the discount by reinvesting the monthly dividend
distribution in common shares of the Fund purchased in the market
at a price less than NAV. Conversely, when the market price of the
Fund’s common shares is at a premium above NAV, the DRIP reinvests
participants’ dividends in newly-issued common shares at the
greater of NAV per share or 95% of the market price per share. The
DRIP provides a cost-effective means to accumulate additional
shares and enjoy the benefits of compounding returns over time. The
DRIP effectively provides an income averaging technique which
causes shareholders to accumulate a larger number of Fund shares
when the market price is depressed than when the price is
higher.
We
appreciate your investment and look forward to serving your
investment needs in the future. For the most up-to-date information
on your investment, please visit the Fund’s website at
guggenheiminvestments.com/gof.
Sincerely,
Guggenheim
Funds Investment Advisors, LLC
Guggenheim
Strategic Opportunities Fund
June 30,
2022
4 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
|
ECONOMIC
AND MARKET OVERVIEW (Unaudited) |
May 31,
2022 |
In the
12 months ended May 31, 2022, the yield on the two-year Treasury
rose 242 basis points to 2.56% from 0.14%, and the 10-year Treasury
increased by 125 basis points to 2.84% from 1.59% as the Federal
Reserve (the “Fed”) began raising rates in March 2022 to battle
inflation. The spread between the two-year Treasury and 10-year
Treasury narrowed to 29 basis points from 145 basis points. One
basis point is equal to one-hundredth of one percent, or 0.01%.
The
first half of 2022 was extremely challenging for investors, with
interest rates rising sharply even as downside risks to the
economic outlook accumulated, pushing stock and bond returns deep
into negative territory.
With
the labor market overheated and inflation considerably above the
Fed’s target, we have entered an uncomfortable regime where “good
news is bad news,” and the “Fed put” is deeply out of the money.
For the first time in many years, the Fed is aggressively
tightening financial conditions in an effort to slow down the
economy, keep inflation expectations in check, and bring inflation
down to the 2% target. The Fed’s crusade to crush inflation is
reverberating around the world, as the strengthening dollar is
boosting inflation and inflation expectations in other countries,
forcing central banks to tighten policy to avoid an erosion of
their own inflation credibility.
The
tightening of global financial conditions may further restrain
growth, which has already slowed meaningfully in the United States
in the first half of 2022 after a robust 2021. Growth this year has
been hampered by supply-side constraints as the unemployment rate
has fallen to 3.6%, commodity markets have been roiled by Russia’s
war in Ukraine and the Chinese economy has been hobbled by renewed
COVID-19 lockdowns.
Slower
demand growth and limited slack have already served to moderate the
pace of improvement in the labor market, with aggregate payroll
growth and the pace of the decline in the unemployment rate slowing
markedly since last fall. This indicates that the labor market has
already started to cool even before the tightening of financial
conditions has really been felt. High-frequency indicators and news
reports point to a further slowdown in the job market in coming
months.
Inflation is a lagging indicator and continues to run far above the
Fed’s target. While some measures of inflation have cooled in
recent months, the all-important headline consumer price index sits
at a cycle high of 8.6% as of May 2022. Our analysis indicates that
a recession will be required to bring inflation down to target, and
we believe a recession could begin by 2023.
With a
recession coming closer into view and the bond market already
pricing in wider credit spreads and substantial further Fed
tightening, we believe now is an opportune time to add
high-quality, longer-duration fixed income ahead of the Fed easing
cycle that we forecast to begin next year. We expect fixed income
to once again provide a ballast in multi-asset portfolios as growth
slows and inflation begins to recede.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 5
|
MANAGEMENT’S
DISCUSSION OF |
|
|
FUND
PERFORMANCE (Unaudited) |
May 31,
2022 |
MANAGEMENT TEAM
Guggenheim Funds Investment Advisors, LLC serves as the investment
adviser to Guggenheim Strategic Opportunities Fund (“Fund”). The
Fund is managed by a team of seasoned professionals at Guggenheim
Partners Investment Management, LLC (“GPIM”) and Guggenheim
Partners Advisors, LLC (“GPA”) (each a “Sub-Adviser” and together,
the “Sub-Advisers”).
This
team includes B. Scott Minerd, Chairman of Guggenheim Investments,
Chief Investment Officer of GPA, and Global Chief Investment
Officer and Managing Partner of Guggenheim Partners, LLC; Anne B.
Walsh, CFA, JD, Chief Investment Officer, Fixed Income, Portfolio
Manager, and Managing Partner of GPIM; Steven H. Brown, CFA, Chief
Investment Officer, Total Return and Macro Strategies, and Senior
Managing Director of GPIM; Adam J. Bloch, Managing Director and
Portfolio Manager of GPIM; and Evan L. Serdensky, Director and
Portfolio Manager of GPIM.
RETURN OF FUND AND COMPARATIVE INDEXES
All
Fund returns cited—whether based on net asset value (“NAV”) or
market price—assume the reinvestment of all distributions. For the
12-month period ended May 31, 2022 (“Reporting Period”), the Fund
provided a total return based on market price of -3.48% and a total
return based on NAV of -3.99%. As of May 31, 2022, the Fund’s
market price of $17.92 per share represented a premium of 25.05% to
its NAV of $14.33 per share. As of May 31, 2021, the Fund’s market
price of $20.90 per share represented a premium of 22.58% to its
NAV of $17.05 per share.
Past
performance is not a guarantee of future results. All NAV returns
include the deduction of management fees, operating expenses, and
all other Fund expenses. The market price of the Fund’s shares
fluctuates from time to time and may be higher or lower than the
Fund’s NAV.
Please
refer to the graphs and tables included within the Fund Summary,
beginning on page 13 for additional information about the Fund's
performance.
6 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
|
MANAGEMENT’S
DISCUSSION OF |
|
|
FUND
PERFORMANCE (Unaudited) continued |
May 31,
2022 |
|
Index |
Total
Return |
|
Bloomberg
U.S. Aggregate Bond Index |
-8.22% |
|
Bloomberg
U.S. Corporate Bond Index |
-10.28% |
|
Bloomberg
U.S. Corporate High Yield Index |
-5.27% |
|
Credit
Suisse Leveraged Loan Index |
-0.20% |
|
ICE
Bank of America Asset Backed Security Master BBB-AA
Index |
-5.46% |
|
NASDAQ
100 Index |
-6.96% |
|
Russell
2000 Index |
-16.92% |
|
Standard
& Poor's 500 (“S&P 500”) Index |
-0.30% |
DISTRIBUTIONS
During
the Reporting Period, the Fund paid a monthly distribution of
$0.1821 per share. The most recent distribution represents an
annualized distribution rate of 12.19% based on the Fund’s closing
market price of $17.92 per share on May 31, 2022.
There
is no guarantee of any future distribution or that the current
returns and distribution rate will be maintained. The Fund’s
distribution rate is not constant and the amount of distributions,
when declared by the Fund’s Board of Trustees, is subject to
change.
Please
see the Distributions to Shareholders & Annualized Distribution
Rate table on page 16, and Note 2(f) on page 79 for more
information on distributions for the period.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 7
|
MANAGEMENT’S
DISCUSSION OF |
|
|
FUND
PERFORMANCE (Unaudited) continued |
May 31,
2022 |
| |
|
|
Payable
Date |
Amount |
|
June
30, 2021 |
$0.1821 |
|
July
30, 2021 |
$0.1821 |
|
August
31, 2021 |
$0.1821 |
|
September
30, 2021 |
$0.1821 |
|
October
29, 2021 |
$0.1821 |
|
November
30, 2021 |
$0.1821 |
|
December
31, 2021 |
$0.1821 |
|
January
31, 2022 |
$0.1821 |
|
February
28, 2022 |
$0.1821 |
|
March
31, 2022 |
$0.1821 |
|
April
29, 2022 |
$0.1821 |
|
May 31,
2022 |
$0.1821 |
|
Total |
$2.1852 |
PERFORMANCE CONTRIBUTORS AND DETRACTORS
The
Reporting Period was comprised of two very unique periods, which
bore little-to-no resemblance to each other. The first seven months
of the period was generally marked by low interest rates, low
volatility, and strong performance across both equities and credit.
During this period, nearly all of the Fund’s allocations added to
performance, with high yield credit, bank loans, and equities
leading the way. As the Fund entered 2022, broader risk markets
began to deflate as expectations for the removal of easy monetary
conditions and the reduced prospects for growth began to dominate
the rhetoric. The widening in credit spreads that began in January
2022 was the primary detractor from the Fund’s performance during
the latter five months of the Reporting Period, with the Fund’s
allocations to high yield corporates and preferred stock
particularly impacted. Alongside widening in credit, equity markets
experienced negative returns during the Reporting Period, which
negatively impacted the Fund’s equity strategy, though that
strategy did outperform broader equity markets. The rise in
interest rates over the Reporting Period also detracted from
performance, though this was relatively limited given the Fund’s
shorter duration profile. The Fund’s use of leverage has been
relatively moderate, and negative total returns across all asset
classes over the Reporting Period meant leverage also detracted
from performance. The Fund’s portfolio allocations remained
relatively consistent during the Reporting Period.
8 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
|
MANAGEMENT’S
DISCUSSION OF |
|
|
FUND
PERFORMANCE (Unaudited) continued |
May 31,
2022 |
DURATION
The
Fund has no set policy regarding portfolio duration or maturity;
the Fund’s duration at the end of the Reporting Period was 3.46
years. (Duration is a measure of a bond’s price sensitivity to
changes in interest rates, expressed in years, and reflects the
weighted average term to maturity of discounted bond cash flow).
GPIM may seek to manage the Fund’s duration in a flexible and
opportunistic manner based primarily on then-current market
conditions and interest rate levels.
LEVERAGE
As of
May 31, 2022, the Fund’s leverage was approximately 24% of Managed
Assets (as described herein), compared with about 30% at the
beginning of the Reporting Period.
The
Fund currently employs financial leverage through reverse
repurchase agreements and a credit facility with a major bank.
Given negative total returns across asset classes over the
Reporting Period, leverage detracted from performance.
One
purpose of leverage is to fund the purchase of additional
securities that may provide increased income and potentially
greater appreciation to common shareholders than could be achieved
from an unlevered portfolio. Leverage may result in greater NAV
volatility and entails more downside risk than an unleveraged
portfolio.
Investments in Investment Funds (as defined below in the Additional
Information Regarding the Fund section) frequently expose the Fund
to an additional layer of financial leverage and the associated
risks, such as the magnified effect of any losses. These risks are
further discussed below in the Additional Information Regarding the
Fund section.
DERIVATIVES TYPES, USES, AND IMPACT ON PERFORMANCE
The
Fund used a variety of derivatives during the Reporting Period both
to gain market exposure and to hedge certain exposures. Derivatives
used for market exposure included equity futures, which added to
performance over the period. Derivatives used for hedging include
call writing, which added to performance through monetization of
premium; foreign currency forwards, which benefitted as the dollar
strengthened versus both the Euro and the Pound; and interest rate
curve caps which detracted as the yield curve flattened (thus
benefitting the Fund’s long-duration bond exposure).
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 9
|
MANAGEMENT’S
DISCUSSION OF |
|
|
FUND
PERFORMANCE (Unaudited) continued |
May 31,
2022 |
MERGER UPDATE
On
September 14, 2021, Guggenheim Investments announced that
shareholders approved the mergers (together, the “Mergers”) of
Guggenheim Enhanced Equity Income Fund and Guggenheim Credit
Allocation Fund with and into the Fund, each a closed-end fund. The
Mergers became effective with the open of the New York Stock
Exchange on October 25, 2021.
The
Mergers had a positive impact on the Fund from several
perspectives, including that the Fund benefitted from certain
equity strategy exposure obtained in the Mergers that outperformed
broader equity markets and many credit markets for the period from
the Mergers to the end of the Reporting Period. Additionally, the
Fund benefitted from its increased market capitalization and
secondary trading liquidity, allowing it to issue shares at an
average 25% premium to NAV for the period from the Mergers to the
end of the Reporting Period.
FUND POSITIONING AND OUTLOOK
At the
end of the Reporting Period, risk assets continued to re-price
lower as markets came to terms with tighter monetary policy and
accordingly higher interest rates amid global central bankers’
efforts to curb record inflation. We expect volatility to continue
for several months after the Reporting Period as rapidly changing
economic data remains highly impactful on valuations. While that
outlook is likely negative for risk assets in the near term, the
Fund generally benefits from a long-term investment horizon. During
such periods of volatility, GPIM typically seeks to add to
attractive risk, particularly within credit, where, during the
Reporting Period, negative performance outpaced what we would
expect relative to equities. Accordingly, by the end of the
Reporting Period, the Fund had reduced its exposure to equities, in
particular taking advantage of gains in its covered call strategy,
to free up cash to re-deploy into credit sectors that cheapened. We
believe high yield bonds and certain areas of structured credit,
including CLOs, presented compelling relative value as of the end
of the Reporting Period, especially when combined with our
fundamental, bottom-up credit work.
10 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
|
MANAGEMENT’S
DISCUSSION OF |
|
|
FUND
PERFORMANCE (Unaudited) continued |
May 31,
2022 |
Index Definitions
Indices are unmanaged and reflect no expenses. It is not possible
to invest directly in an index.
The
Bloomberg U.S. Aggregate Bond Index is a broad-based
flagship benchmark that measures the investment grade, U.S.
dollar-denominated, fixed-rate taxable bond market, including U.S.
Treasuries, government-related and corporate securities,
mortgage-backed securities or “MBS” (agency fixed-rate and hybrid
adjustable-rate mortgage, or “ARM”, pass-throughs), asset-backed
securities (“ABS”), and commercial mortgage-backed securities
(“CMBS”) (agency and non-agency).
The
Bloomberg U.S. Corporate Bond Index is a broad-based
benchmark that measures the investment grade, fixed-rate, taxable
corporate bond market. It includes U.S. dollar-denominated
securities publicly issued by U.S. and non-U.S. industrial,
utility, and financial issuers that meet specified maturity,
liquidity, and quality requirements.
The
Bloomberg U.S. Corporate High Yield Index measures the U.S.
dollar-denominated, high yield, fixed-rate corporate bond market.
Securities are classified as high yield if the middle rating of
Moody’s, Fitch, and S&P is Ba1/BB +/BB + or below.
The
Credit Suisse Leveraged Loan Index is an index designed to
mirror the investable universe of the U.S.-dollar-denominated
leveraged loan market.
The
ICE Bank of America Asset Backed Security Master BBB-AA
Index is a subset of the ICE Bank of America U.S. Fixed Rate
Asset Backed Securities Index including all securities rated AA1
through BBB3, inclusive.
The
NASDAQ-100 Index includes 100 of the largest domestic and
international non-financial securities listed on The Nasdaq Stock
Market based on market capitalization. The Index reflects companies
across major industry groups including computer hardware and
software, telecommunications, retail/wholesale trade and
biotechnology. It does not contain securities of financial
companies including investment companies.
The
Russell 2000 Index measures the performance of the small-cap
segment of the U.S. equity universe.
The
Standard & Poor’s 500 (“S&P 500”) is a
capitalization-weighted index of 500 stocks designed to measure the
performance of the broad economy, representing all major industries
and is considered a representation of the U.S. stock market.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 11
|
MANAGEMENT’S
DISCUSSION OF |
|
|
FUND
PERFORMANCE (Unaudited) continued |
May 31,
2022 |
The
views expressed in this report reflect those of the portfolio
managers only through the report period as stated on the cover.
These views are subject to change at any time, based on market and
other conditions and should not be construed as a recommendation of
any kind. The material may also include forward looking statements
that involve risk and uncertainty, and there is no guarantee that
any predictions will come to pass.
There
can be no assurance that the Fund will achieve its investment
objective. The value of the Fund will fluctuate with the value of
the underlying securities. Risk is inherent in all investing,
including the loss of your entire principal. Therefore, before
investing you should consider the risks carefully. The Fund is
subject to various risk factors, including investment risk, which
could result in the loss of the entire principal amount that you
invest. Certain of these risk factors are described below. The
Fund’s Prospectus, Statement of Additional Information (SAI) and
guggenheiminvestments.com/gof also include information about the
risks of investing in the Fund. Shareholders may access the Fund’s
Prospectus and SAI on the EDGAR Database on the Securities and
Exchange Commission’s website at www.sec.gov.
This material is not intended as a recommendation or as
investment advice of any kind, including in connection with
rollovers, transfers, and distributions. Such material is not
provided in a fiduciary capacity, may not be relied upon for or in
connection with the making of investment decisions, and does not
constitute a solicitation of an offer to buy or sell securities.
All content has been provided for informational or educational
purposes only and is not intended to be and should not be construed
as legal or tax advice and/or a legal opinion. Always consult a
financial, tax and/or legal professional regarding your specific
situation.
12 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
|
FUND
SUMMARY (Unaudited) |
May 31,
2022 |
| |
|
|
Fund
Statistics |
|
|
Market
Price |
$17.92 |
|
Net
Asset Value |
$14.33 |
|
Premium
to NAV |
25.05% |
|
Net
Assets ($000) |
$1,492,615 |
Cumulative Fund Performance*
| * |
|
The performance data above
represents past performance that is not predictive of future
results. The investment return and principal value of an investment
in the Fund will fluctuate so that an investor’s shares, when sold,
may be worth more or less than their original cost. Returns are
historical and include changes in principal and reinvested
dividends and capital gains and do not reflect the effect of taxes.
The Bloomberg U.S. Aggregate Bond Index is an unmanaged index and,
unlike the Fund, has no management fees or operating expenses to
reduce its reported return. The Fund does not seek to achieve
performance that is comparative to an index. |
|
AVERAGE
ANNUAL TOTAL RETURNS FOR THE |
|
|
|
|
PERIOD
ENDED MAY 31, 2022 |
|
|
|
|
|
|
One |
Three |
Five |
Ten |
|
|
Year |
Year |
Year |
Year |
|
Guggenheim
Strategic Opportunities Fund |
|
|
|
|
|
NAV |
(3.99%) |
5.89% |
6.22% |
9.31% |
|
Market |
(3.48%) |
8.95% |
8.99% |
10.15% |
|
Bloomberg
U.S. Aggregate |
|
|
|
|
|
Bond
Index |
(8.22%) |
0.00%* |
1.18% |
1.71% |
Performance data quoted represents past performance, which is no
guarantee of future results and current performance may be lower or
higher than the figures shown. All NAV returns include the
deduction of management fees, operating expenses and all other Fund
expenses. The deduction of taxes that a shareholder would pay on
Fund distributions or the sale of Fund shares is not reflected in
the total returns. For the most recent month-end performance
figures, please visit guggenheiminvestments.com/gof. The investment
return and principal value of an investment will fluctuate with
changes in market conditions and other factors so that an
investor’s shares, when sold, may be worth more or less than their
original cost.
The
referenced index is an unmanaged index and not available for direct
investment. Index performance does not reflect transaction costs,
fees or expenses.
* Less
than 0.01%.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 13
|
FUND
SUMMARY (Unaudited) continued |
May 31,
2022 |
| |
|
|
Portfolio
Breakdown |
% of
Net Assets |
|
Investments |
|
|
Corporate
Bonds |
44.6% |
|
Senior
Floating Rate Interests |
30.7% |
|
Common
Stocks |
21.3% |
|
Asset-Backed
Securities |
12.9% |
|
Exchange-Traded
Funds |
8.5% |
|
Preferred
Stocks |
5.9% |
|
Closed-End
Funds |
2.6% |
|
Collateralized
Mortgage Obligations |
1.5% |
|
Money
Market Funds |
1.0% |
|
U.S.
Government Securities |
0.9% |
|
Other |
0.3% |
|
Total
Investments |
130.2% |
|
Options
Written |
(0.9%) |
|
Other
Assets & Liabilities, net |
(29.3%) |
|
Net
Assets |
100.0% |
|
|
|
Ten
Largest Holdings |
% of
Net Assets |
|
SPDR
S&P 500 ETF Trust |
2.9% |
|
Invesco
QQQ Trust Series |
2.8% |
|
iShares
Russell 2000 Index ETF |
2.8% |
|
Pershing
Square Tontine Holdings Ltd. — Class A |
1.4% |
|
Madison
Park Funding LIII Ltd., 6.40% |
1.1% |
|
Sprite
Ltd., 3.75% |
0.9% |
|
U.S.
Treasury Bonds |
0.9% |
|
Morgan
Stanley Finance LLC, 1.50% |
0.8% |
|
Delta
Air Lines, Inc., 7.00% |
0.8% |
|
CIFC
Funding Ltd., 8.04% |
0.7% |
|
Top Ten
Total |
15.1% |
| “ |
|
Ten Largest Holdings” excludes any
temporary cash or derivative investments. |
Portfolio breakdown and holdings are subject to change daily. For
more information, please visit guggenheiminvestments.com/gof. The
above summaries are provided for informational purposes only and
should not be viewed as recommendations. Past performance does not
guarantee future results.
14 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
|
FUND
SUMMARY (Unaudited) continued |
May 31,
2022 |
Portfolio Composition by Quality Rating1
|
|
% of
Total |
|
Rating |
Investments |
|
Fixed
Income Investments |
|
|
AAA |
1.0% |
|
AA |
0.2% |
|
A |
2.9% |
|
BBB |
9.5% |
|
BB |
20.3% |
|
B |
25.7% |
|
CCC |
3.8% |
|
CC |
0.1% |
|
C |
0.1% |
|
NR2 |
6.1% |
|
Other
Investments |
30.3% |
|
Total
Investments |
100.0% |
| 1 |
|
Source: BlackRock Solutions. Credit
quality ratings are measured on a scale that generally ranges from
AAA (highest) to D (lowest). All securities except for those
labeled “NR” have been rated by Moody’s, Standard & Poor’s
(“S&P”), or Fitch, each of which is a Nationally Recognized
Statistical Rating Organization (“NRSRO”). For purposes of this
presentation, when ratings are available from more than one agency,
the highest rating is used. Guggenheim Investments has converted
Moody’s and Fitch ratings to the equivalent S&P rating.
Security ratings are determined at the time of purchase and may
change thereafter. |
| 2 |
|
NR (not rated) securities do not
necessarily indicate low credit quality. |
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 15
| |
|
|
FUND
SUMMARY (Unaudited) continued |
May 31,
2022 |
All
or a portion of the above distributions may be characterized as a
return of capital. For the year ended May 31, 2022, 47.5% of the
distributions were characterized as ordinary income, 8.7% of the
distributions were characterized as long-term capital gains and
43.8% of the distributions were characterized as return of capital.
The final determination of the tax character of the distributions
paid by the Fund in 2022 will be reported to shareholders in
January 2023.
16 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| |
|
|
SCHEDULE
OF INVESTMENTS |
May 31,
2022 |
| |
|
|
|
|
Shares |
Value |
|
COMMON
STOCKS† – 21.3% |
|
|
|
Financial
– 5.9% |
|
|
|
Pershing
Square Tontine Holdings Ltd. — Class A*,1 |
1,042,742 |
$
20,708,841 |
|
KKR
Acquisition Holdings I Corp. — Class A*,1 |
783,532 |
7,678,614 |
|
RXR
Acquisition Corp. — Class A*,1 |
160,538 |
1,566,851 |
|
TPG
Pace Beneficial II Corp.*,1 |
160,210 |
1,563,650 |
|
Colicity,
Inc. — Class A*,1 |
120,524 |
1,177,519 |
|
MSD
Acquisition Corp. — Class A*,1 |
116,869 |
1,142,979 |
|
AfterNext
HealthTech Acquisition Corp. — Class A*,1 |
107,300 |
1,073,000 |
|
Conyers
Park III Acquisition Corp. — Class A*,1 |
99,600 |
963,132 |
|
Acropolis
Infrastructure Acquisition Corp. — Class
A*,1 |
98,300 |
948,595 |
|
Waverley
Capital Acquisition Corp. 1 — Class A*,1 |
93,900 |
907,543 |
|
Progressive
Corp.2 |
5,153 |
615,165 |
|
W R
Berkley Corp.2 |
8,641 |
614,634 |
|
Principal
Financial Group, Inc.2 |
8,359 |
609,622 |
|
Host
Hotels & Resorts, Inc. REIT2 |
30,178 |
603,258 |
|
Allstate
Corp.2 |
4,408 |
602,530 |
|
Mastercard,
Inc. — Class A2 |
1,674 |
599,074 |
|
Crown
Castle International Corp. REIT2 |
3,132 |
593,984 |
|
American
Tower Corp. — Class A REIT2 |
2,316 |
593,197 |
|
Discover
Financial Services2 |
5,205 |
590,715 |
|
Hartford
Financial Services Group, Inc.2 |
8,123 |
588,999 |
|
Visa,
Inc. — Class A2 |
2,765 |
586,650 |
|
Loews
Corp.2 |
8,933 |
585,022 |
|
Marsh
& McLennan Companies, Inc.2 |
3,635 |
581,418 |
|
Iron
Mountain, Inc. REIT2 |
10,762 |
580,072 |
|
Northern
Trust Corp.2 |
5,172 |
577,971 |
|
Synchrony
Financial2 |
15,520 |
574,861 |
|
Arthur
J Gallagher & Co.2 |
3,540 |
573,268 |
|
Cincinnati
Financial Corp.2 |
4,469 |
571,406 |
|
MetLife,
Inc.2 |
8,471 |
570,861 |
|
SBA
Communications Corp. REIT2 |
1,695 |
570,554 |
|
Chubb
Ltd. |
2,693 |
569,004 |
|
M&T
Bank Corp.2 |
3,158 |
568,345 |
|
Realty
Income Corp. REIT2 |
8,322 |
567,727 |
|
Everest
Re Group Ltd. |
2,003 |
565,847 |
|
Assurant,
Inc.2 |
3,200 |
565,408 |
|
Travelers
Companies, Inc.2 |
3,130 |
560,395 |
|
American
International Group, Inc.2 |
9,541 |
559,866 |
|
Digital
Realty Trust, Inc. REIT2 |
4,008 |
559,477 |
|
JPMorgan
Chase & Co.2 |
4,219 |
557,878 |
|
Raymond
James Financial, Inc.2 |
5,657 |
557,158 |
|
Regency
Centers Corp. REIT2 |
8,136 |
554,957 |
See
notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 17
| |
|
|
SCHEDULE
OF INVESTMENTS continued |
May 31,
2022 |
| |
|
|
|
|
Shares |
Value |
|
COMMON
STOCKS† – 21.3% (continued) |
|
|
|
Financial
– 5.9% (continued) |
|
|
|
Ameriprise
Financial, Inc.2 |
2,000 |
$
552,540 |
|
Blue
Whale Acquisition Corp. I — Class A*,1 |
57,300 |
552,372 |
|
Morgan
Stanley2 |
6,384 |
549,918 |
|
Aflac,
Inc.2 |
9,070 |
549,370 |
|
Regions
Financial Corp.2 |
24,821 |
548,296 |
|
U.S.
Bancorp2 |
10,329 |
548,160 |
|
Globe
Life, Inc.2 |
5,615 |
547,856 |
|
American
Express Co.2 |
3,239 |
546,808 |
|
Prudential
Financial, Inc.2 |
5,128 |
544,850 |
|
Goldman
Sachs Group, Inc.2 |
1,663 |
543,552 |
|
Weyerhaeuser
Co. REIT2 |
13,726 |
542,451 |
|
Kimco
Realty Corp. REIT2 |
22,936 |
542,436 |
|
Franklin
Resources, Inc.2 |
19,949 |
540,219 |
|
Equinix,
Inc. REIT2 |
784 |
538,679 |
|
Citigroup,
Inc.2 |
10,041 |
536,290 |
|
Cboe
Global Markets, Inc.2 |
4,770 |
535,719 |
|
Duke
Realty Corp. REIT2 |
10,140 |
535,696 |
|
Capital
One Financial Corp.2 |
4,180 |
534,455 |
|
Welltower,
Inc. REIT2 |
5,962 |
531,155 |
|
BlackRock,
Inc. — Class A2 |
792 |
529,911 |
|
Federal
Realty Investment Trust REIT2 |
4,591 |
527,827 |
|
Ventas,
Inc. REIT2 |
9,296 |
527,455 |
|
Berkshire
Hathaway, Inc. — Class B*,2 |
1,665 |
526,107 |
|
First
Republic Bank2 |
3,390 |
525,552 |
|
Invesco
Ltd.2 |
27,137 |
524,830 |
|
PNC
Financial Services Group, Inc.2 |
2,985 |
523,599 |
|
Willis
Towers Watson plc2 |
2,464 |
520,076 |
|
Lincoln
National Corp.2 |
8,977 |
520,038 |
|
Brown
& Brown, Inc.2 |
8,672 |
514,857 |
|
CBRE
Group, Inc. — Class A*,2 |
6,210 |
514,436 |
|
Comerica,
Inc.2 |
6,177 |
513,988 |
|
Wells
Fargo & Co.2 |
11,220 |
513,539 |
|
Huntington
Bancshares, Inc.2 |
36,944 |
512,783 |
|
Nasdaq,
Inc.2 |
3,298 |
512,047 |
|
Aon plc
— Class A2 |
1,841 |
507,508 |
|
T. Rowe
Price Group, Inc.2 |
3,989 |
506,962 |
|
Bank of
New York Mellon Corp.2 |
10,876 |
506,930 |
|
Bank of
America Corp.2 |
13,484 |
501,605 |
|
SVB
Financial Group*,2 |
1,025 |
500,784 |
|
Healthpeak
Properties, Inc. REIT2 |
16,779 |
498,168 |
|
Extra
Space Storage, Inc. REIT2 |
2,767 |
493,079 |
See
notes to financial statements.
18 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| |
|
|
SCHEDULE
OF INVESTMENTS continued |
May 31,
2022 |
| |
|
|
|
|
Shares |
Value |
|
COMMON
STOCKS† – 21.3% (continued) |
|
|
|
Financial
– 5.9% (continued) |
|
|
|
Public
Storage REIT2 |
1,486 |
$
491,331 |
|
Boston
Properties, Inc. REIT2 |
4,405 |
489,748 |
|
Fifth
Third Bancorp2 |
12,359 |
487,315 |
|
Zions
Bancorp North America2 |
8,469 |
483,072 |
|
Equity
Residential REIT2 |
6,265 |
481,340 |
|
State
Street Corp.2 |
6,625 |
480,246 |
|
Citizens
Financial Group, Inc.2 |
11,600 |
480,008 |
|
Simon
Property Group, Inc. REIT2 |
4,181 |
479,352 |
|
Alexandria
Real Estate Equities, Inc. REIT2 |
2,886 |
478,932 |
|
CME
Group, Inc. — Class A2 |
2,407 |
478,584 |
|
Charles
Schwab Corp.2 |
6,777 |
475,068 |
|
KeyCorp2 |
23,727 |
473,591 |
|
Truist
Financial Corp.2 |
9,517 |
473,376 |
|
Mid-America
Apartment Communities, Inc. REIT2 |
2,608 |
472,048 |
|
Prologis,
Inc. REIT2 |
3,679 |
468,999 |
|
AvalonBay
Communities, Inc. REIT2 |
2,255 |
468,950 |
|
Essex
Property Trust, Inc. REIT2 |
1,618 |
459,269 |
|
UDR,
Inc. REIT2 |
9,601 |
458,928 |
|
Intercontinental
Exchange, Inc.2 |
4,304 |
440,687 |
|
Camden
Property Trust REIT2 |
3,029 |
434,631 |
|
Vornado
Realty Trust REIT2 |
11,766 |
411,339 |
|
Signature
Bank2 |
1,880 |
406,588 |
|
TPG,
Inc. |
8,300 |
242,111 |
|
Sparta
Systems*,††† |
1,922 |
— |
|
Total
Financial |
|
87,858,463 |
|
|
|
Consumer,
Non-cyclical – 4.1% |
|
|
|
Nielsen
Holdings plc2 |
31,058 |
793,842 |
|
Lamb
Weston Holdings, Inc.2 |
10,852 |
733,378 |
|
Viatris,
Inc.2 |
54,273 |
665,930 |
|
Monster
Beverage Corp.*,2 |
7,427 |
661,894 |
|
Philip
Morris International, Inc.2 |
6,119 |
650,144 |
|
Cigna
Corp.2 |
2,397 |
643,091 |
|
Eli
Lilly & Co.2 |
2,042 |
640,045 |
|
Merck
& Company, Inc.2 |
6,949 |
639,516 |
|
McKesson
Corp.2 |
1,934 |
635,686 |
|
Corteva,
Inc.2 |
10,136 |
634,716 |
|
Kellogg
Co.2 |
9,086 |
633,658 |
|
Constellation
Brands, Inc. — Class A2 |
2,560 |
628,403 |
|
Vertex
Pharmaceuticals, Inc.*,2 |
2,300 |
617,895 |
|
Campbell
Soup Co.2 |
12,896 |
617,847 |
|
Kimberly-Clark
Corp.2 |
4,627 |
615,484 |
See
notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 19
| |
|
|
SCHEDULE
OF INVESTMENTS continued |
May 31,
2022 |
| |
|
|
|
|
Shares |
Value |
|
COMMON
STOCKS† – 21.3% (continued) |
|
|
|
Consumer,
Non-cyclical – 4.1% (continued) |
|
|
|
Amgen,
Inc.2 |
2,376 |
$
610,014 |
|
General
Mills, Inc.2 |
8,733 |
610,000 |
|
Gilead
Sciences, Inc.2 |
9,376 |
608,034 |
|
Clorox
Co.2 |
4,178 |
607,314 |
|
Rollins,
Inc.2 |
16,889 |
598,884 |
|
Molson
Coors Beverage Co. — Class B2 |
10,701 |
597,544 |
|
Bristol-Myers
Squibb Co.2 |
7,896 |
595,753 |
|
Anthem,
Inc.2 |
1,169 |
595,734 |
|
Coca-Cola
Co.2 |
9,389 |
595,075 |
|
Conagra
Brands, Inc.2 |
18,067 |
594,224 |
|
PepsiCo,
Inc.2 |
3,537 |
593,332 |
|
Archer-Daniels-Midland
Co.2 |
6,505 |
590,784 |
|
Hologic,
Inc.*,2 |
7,831 |
589,439 |
|
FleetCor
Technologies, Inc.*,2 |
2,369 |
589,431 |
|
Sysco
Corp.2 |
6,988 |
588,250 |
|
Cintas
Corp.2 |
1,472 |
586,342 |
|
Automatic
Data Processing, Inc.2 |
2,624 |
584,995 |
|
Mondelez
International, Inc. — Class A2 |
9,198 |
584,625 |
|
Catalent,
Inc.*,2 |
5,658 |
583,113 |
|
Altria
Group, Inc.2 |
10,773 |
582,711 |
|
Cardinal
Health, Inc.2 |
10,345 |
582,630 |
|
Thermo
Fisher Scientific, Inc.2 |
1,026 |
582,327 |
|
AmerisourceBergen
Corp. — Class A2 |
3,762 |
582,320 |
|
Colgate-Palmolive
Co.2 |
7,372 |
580,987 |
|
Humana,
Inc.2 |
1,276 |
579,597 |
|
Avery
Dennison Corp.2 |
3,349 |
577,903 |
|
Johnson
& Johnson2 |
3,211 |
576,471 |
|
Organon
& Co.2 |
15,178 |
576,157 |
|
Brown-Forman
Corp. — Class B2 |
8,694 |
574,847 |
|
Pfizer,
Inc.2 |
10,818 |
573,787 |
|
Moderna,
Inc.*,2 |
3,935 |
571,874 |
|
Waters
Corp.*,2 |
1,738 |
569,977 |
|
STERIS
plc |
2,486 |
567,305 |
|
Quest
Diagnostics, Inc.2 |
3,989 |
562,529 |
|
Hershey
Co.2 |
2,657 |
562,513 |
|
Regeneron
Pharmaceuticals, Inc.*,2 |
846 |
562,370 |
|
Procter
& Gamble Co.2 |
3,797 |
561,500 |
|
Global
Payments, Inc.2 |
4,282 |
561,113 |
|
Abbott
Laboratories2 |
4,769 |
560,167 |
|
UnitedHealth
Group, Inc.2 |
1,126 |
559,374 |
|
Becton
Dickinson and Co.2 |
2,186 |
559,179 |
See
notes to financial statements.
20 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| |
|
|
SCHEDULE
OF INVESTMENTS continued |
May 31,
2022 |
| |
|
|
|
|
Shares |
Value |
|
COMMON
STOCKS† – 21.3% (continued) |
|
|
|
Consumer,
Non-cyclical – 4.1% (continued) |
|
|
|
Incyte
Corp.*,2 |
7,355 |
$
558,171 |
|
Tyson
Foods, Inc. — Class A2 |
6,205 |
556,030 |
|
Henry
Schein, Inc.*,2 |
6,461 |
553,320 |
|
Bio-Rad
Laboratories, Inc. — Class A*,2 |
1,026 |
551,772 |
|
Kraft
Heinz Co.2 |
14,556 |
550,654 |
|
Zimmer
Biomet Holdings, Inc.2 |
4,577 |
550,201 |
|
Biogen,
Inc.*,2 |
2,751 |
550,200 |
|
IQVIA
Holdings, Inc.*,2 |
2,546 |
548,027 |
|
Danaher
Corp.2 |
2,071 |
546,371 |
|
Moody's
Corp.2 |
1,786 |
538,604 |
|
Baxter
International, Inc.2 |
7,076 |
538,130 |
|
AbbVie,
Inc.2 |
3,648 |
537,606 |
|
Boston
Scientific Corp.*,2 |
13,041 |
534,811 |
|
Centene
Corp.*,2 |
6,520 |
530,989 |
|
Edwards
Lifesciences Corp.*,2 |
5,257 |
530,168 |
|
J M
Smucker Co.2 |
4,221 |
529,187 |
|
Quanta
Services, Inc.2 |
4,410 |
524,790 |
|
Medtronic
plc2 |
5,238 |
524,586 |
|
Hormel
Foods Corp.2 |
10,773 |
524,322 |
|
Estee
Lauder Companies, Inc. — Class A2 |
2,058 |
524,070 |
|
Verisk
Analytics, Inc. — Class A2 |
2,987 |
522,486 |
|
McCormick
& Company, Inc.2 |
5,634 |
522,384 |
|
Kroger
Co.2 |
9,730 |
515,398 |
|
Stryker
Corp.2 |
2,195 |
514,728 |
|
Church
& Dwight Company, Inc.2 |
5,715 |
514,693 |
|
Gartner,
Inc.*,2 |
1,943 |
509,843 |
|
CVS
Health Corp.2 |
5,256 |
508,518 |
|
Laboratory
Corporation of America Holdings2 |
2,048 |
505,283 |
|
Molina
Healthcare, Inc.*,2 |
1,737 |
504,112 |
|
United
Rentals, Inc.*,2 |
1,685 |
502,433 |
|
Cooper
Companies, Inc.2 |
1,431 |
501,909 |
|
Bio-Techne
Corp.2 |
1,357 |
501,724 |
|
Zoetis,
Inc.2 |
2,935 |
501,680 |
|
S&P
Global, Inc.2 |
1,433 |
500,686 |
|
ABIOMED,
Inc.*,2 |
1,896 |
499,975 |
|
Equifax,
Inc.2 |
2,429 |
492,067 |
|
PerkinElmer,
Inc.2 |
3,278 |
490,618 |
|
Charles
River Laboratories International, Inc.*,2 |
2,095 |
490,398 |
|
DaVita,
Inc.*,2 |
4,945 |
482,088 |
|
PayPal
Holdings, Inc.*,2 |
5,631 |
479,817 |
|
Teleflex,
Inc.2 |
1,618 |
465,563 |
See
notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 21
|
SCHEDULE
OF INVESTMENTS continued |
May 31,
2022 |
| |
|
|
|
|
Shares |
Value |
|
|
|
COMMON
STOCKS† – 21.3% (continued) |
|
|
|
Consumer,
Non-cyclical – 4.1% (continued) |
|
|
|
ResMed,
Inc.2 |
2,284 |
$
464,703 |
|
West
Pharmaceutical Services, Inc.2 |
1,497 |
464,639 |
|
Intuitive
Surgical, Inc.*,2 |
1,987 |
452,321 |
|
Robert
Half International, Inc.2 |
4,998 |
450,570 |
|
Universal
Health Services, Inc. — Class B2 |
3,609 |
449,717 |
|
MarketAxess
Holdings, Inc.2 |
1,587 |
447,026 |
|
Dentsply
Sirona, Inc.2 |
11,150 |
441,094 |
|
HCA
Healthcare, Inc.2 |
2,037 |
428,585 |
|
Illumina,
Inc.*,2 |
1,789 |
428,430 |
|
IDEXX
Laboratories, Inc.*,2 |
1,092 |
427,649 |
|
Dexcom,
Inc.*,2 |
1,393 |
415,030 |
|
Align
Technology, Inc.*,2 |
1,357 |
376,758 |
|
Cengage
Learning Holdings II, Inc.*,†† |
11,126 |
144,638 |
|
Targus
Group International Equity, Inc.*,†††,3 |
45,049 |
113,897 |
|
Save-A-Lot*,†† |
40,316 |
17,658 |
|
Total
Consumer, Non-cyclical |
|
60,533,181 |
|
Consumer,
Cyclical – 2.5% |
|
|
|
ATD New
Holdings, Inc.*,†† |
23,593 |
1,922,829 |
|
United
Airlines Holdings, Inc.*,2 |
15,595 |
742,790 |
|
Delta
Air Lines, Inc.*,2 |
16,957 |
706,937 |
|
American
Airlines Group, Inc.*,2 |
38,789 |
693,160 |
|
LKQ
Corp.2 |
12,345 |
634,409 |
|
Ulta
Beauty, Inc.*,2 |
1,476 |
624,496 |
|
Southwest
Airlines Co.*,2 |
13,514 |
619,752 |
|
Genuine
Parts Co.2 |
4,469 |
611,046 |
|
McDonald's
Corp.2 |
2,397 |
604,547 |
|
BorgWarner,
Inc.2 |
14,973 |
603,711 |
|
AutoZone,
Inc.*,2 |
291 |
599,358 |
|
Dollar
Tree, Inc.*,2 |
3,699 |
593,061 |
|
Dollar
General Corp.2 |
2,645 |
582,799 |
|
Cummins,
Inc.2 |
2,785 |
582,399 |
|
Marriott
International, Inc. — Class A2 |
3,364 |
577,195 |
|
Yum!
Brands, Inc.2 |
4,677 |
568,115 |
|
Hasbro,
Inc.2 |
6,289 |
564,438 |
|
TJX
Companies, Inc.2 |
8,853 |
562,785 |
|
WW
Grainger, Inc.2 |
1,151 |
560,618 |
|
PACCAR,
Inc.2 |
6,356 |
551,955 |
|
Tapestry,
Inc.2 |
15,832 |
546,204 |
|
Aptiv
plc*,2 |
5,123 |
544,268 |
|
CarMax,
Inc.*,2 |
5,481 |
544,099 |
|
Whirlpool
Corp.2 |
2,933 |
540,376 |
See
notes to financial statements.
22 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| |
|
|
SCHEDULE
OF INVESTMENTS continued |
May 31,
2022 |
|
|
Shares |
Value |
|
COMMON
STOCKS† – 21.3% (continued) |
|
|
|
Consumer,
Cyclical – 2.5% (continued) |
|
|
|
Hilton
Worldwide Holdings, Inc.2 |
3,836 |
$
540,339 |
|
Newell
Brands, Inc.2 |
25,200 |
540,288 |
|
Fastenal
Co.2 |
10,076 |
539,671 |
|
Copart,
Inc.*,2 |
4,708 |
539,207 |
|
Alaska
Air Group, Inc.*,2 |
11,139 |
537,568 |
|
PVH
Corp.2 |
7,499 |
531,454 |
|
PulteGroup,
Inc.2 |
11,723 |
530,583 |
|
Las
Vegas Sands Corp.*,2 |
14,932 |
529,489 |
|
NIKE,
Inc. — Class B2 |
4,435 |
527,100 |
|
Darden
Restaurants, Inc.2 |
4,215 |
526,875 |
|
Ross
Stores, Inc.2 |
6,197 |
526,869 |
|
Home
Depot, Inc.2 |
1,717 |
519,822 |
|
Tesla,
Inc.*,2 |
684 |
518,650 |
|
Chipotle
Mexican Grill, Inc. — Class A*,2 |
368 |
516,138 |
|
Starbucks
Corp.2 |
6,573 |
515,981 |
|
VF
Corp.2 |
10,165 |
512,926 |
|
O'Reilly
Automotive, Inc.*,2 |
805 |
512,922 |
|
Ralph
Lauren Corp. — Class A2 |
5,057 |
511,212 |
|
Domino's
Pizza, Inc.2 |
1,407 |
510,980 |
|
NVR,
Inc.*,2 |
114 |
507,371 |
|
General
Motors Co.*,2 |
13,101 |
506,746 |
|
Advance
Auto Parts, Inc.2 |
2,665 |
505,977 |
|
DR
Horton, Inc.2 |
6,717 |
504,783 |
|
Lennar
Corp. — Class A2 |
6,282 |
504,130 |
|
Walgreens
Boots Alliance, Inc.2 |
11,463 |
502,423 |
|
Wynn
Resorts Ltd.*,2 |
7,519 |
497,006 |
|
Walmart,
Inc.2 |
3,828 |
492,396 |
|
Pool
Corp.2 |
1,230 |
490,303 |
|
Costco
Wholesale Corp.2 |
1,031 |
480,673 |
|
Lowe's
Companies, Inc.2 |
2,447 |
477,899 |
|
Bath
& Body Works, Inc.2 |
11,617 |
476,529 |
|
Live
Nation Entertainment, Inc.*,2 |
5,010 |
476,200 |
|
MGM
Resorts International2 |
13,558 |
474,123 |
|
Best
Buy Company, Inc.2 |
5,749 |
471,763 |
|
Ford
Motor Co.2 |
33,904 |
463,807 |
|
Royal
Caribbean Cruises Ltd.* |
7,947 |
461,482 |
|
Tractor
Supply Co.2 |
2,401 |
449,851 |
|
Carnival
Corp.*,2 |
31,599 |
438,594 |
|
Target
Corp.2 |
2,627 |
425,259 |
|
Penn
National Gaming, Inc.*,2 |
12,745 |
407,330 |
|
Norwegian
Cruise Line Holdings Ltd.* |
25,392 |
406,526 |
See
notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 23
|
SCHEDULE
OF INVESTMENTS continued |
May 31,
2022 |
| |
|
|
|
|
Shares |
Value |
|
COMMON
STOCKS† – 21.3% (continued) |
|
|
|
Consumer,
Cyclical – 2.5% (continued) |
|
|
|
Caesars
Entertainment, Inc.*,2 |
7,269 |
$
364,686 |
|
Exide
Technologies*,††† |
342 |
341,710 |
|
Under
Armour, Inc. — Class C*,2 |
19,788 |
191,944 |
|
Under
Armour, Inc. — Class A* |
17,357 |
183,637 |
|
Total
Consumer, Cyclical |
|
37,172,569 |
|
Industrial
– 2.4% |
|
|
|
Amcor
plc |
49,892 |
653,585 |
|
Jacobs
Engineering Group, Inc.2 |
4,349 |
609,251 |
|
Westrock
Co.2 |
12,559 |
608,986 |
|
Fortive
Corp.2 |
9,669 |
597,254 |
|
Expeditors
International of Washington, Inc.2 |
5,462 |
594,484 |
|
Mohawk
Industries, Inc.*,2 |
4,148 |
586,776 |
|
Snap-on,
Inc.2 |
2,644 |
586,651 |
|
Northrop
Grumman Corp.2 |
1,246 |
583,091 |
|
Honeywell
International, Inc.2 |
2,984 |
577,762 |
|
CH
Robinson Worldwide, Inc.2 |
5,319 |
577,165 |
|
Westinghouse
Air Brake Technologies Corp.2 |
6,107 |
576,867 |
|
Howmet
Aerospace, Inc.2 |
16,123 |
576,720 |
|
3M
Co.2 |
3,858 |
575,961 |
|
Republic
Services, Inc. — Class A2 |
4,298 |
575,244 |
|
Masco
Corp.2 |
10,121 |
573,760 |
|
FedEx
Corp.2 |
2,551 |
572,904 |
|
Packaging
Corporation of America2 |
3,631 |
571,084 |
|
Waste
Management, Inc.2 |
3,590 |
569,051 |
|
Trimble,
Inc.*,2 |
8,306 |
565,223 |
|
Otis
Worldwide Corp.2 |
7,511 |
558,818 |
|
Huntington
Ingalls Industries, Inc.2 |
2,639 |
555,404 |
|
Illinois
Tool Works, Inc.2 |
2,667 |
554,923 |
|
TE
Connectivity Ltd.2 |
4,268 |
552,236 |
|
Nordson
Corp.2 |
2,529 |
551,019 |
|
IDEX
Corp.2 |
2,868 |
549,365 |
|
Xylem,
Inc.2 |
6,503 |
547,878 |
|
Caterpillar,
Inc.2 |
2,531 |
546,316 |
|
Parker-Hannifin
Corp.2 |
2,007 |
546,245 |
|
Allegion
plc2 |
4,885 |
545,410 |
|
Lockheed
Martin Corp.2 |
1,239 |
545,296 |
|
Keysight
Technologies, Inc.*,2 |
3,728 |
542,797 |
|
Ingersoll
Rand, Inc.2 |
11,427 |
538,783 |
|
Mettler-Toledo
International, Inc.*,2 |
415 |
533,740 |
|
Raytheon
Technologies Corp.2 |
5,611 |
533,718 |
|
Agilent
Technologies, Inc.2 |
4,173 |
532,308 |
See
notes to financial statements.
24 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| |
|
|
SCHEDULE
OF INVESTMENTS continued |
May 31,
2022 |
| |
|
|
|
|
Shares |
Value |
|
COMMON
STOCKS† – 21.3% (continued) |
|
|
|
Industrial
– 2.4% (continued) |
|
|
|
TransDigm
Group, Inc.*,2 |
871 |
$
527,277 |
|
General
Dynamics Corp.2 |
2,339 |
526,065 |
|
L3Harris
Technologies, Inc.2 |
2,175 |
523,958 |
|
Teledyne
Technologies, Inc.*,2 |
1,293 |
523,859 |
|
Amphenol
Corp. — Class A2 |
7,388 |
523,514 |
|
Garmin
Ltd.2 |
4,953 |
523,136 |
|
AMETEK,
Inc.2 |
4,304 |
522,807 |
|
Sealed
Air Corp.2 |
8,396 |
522,063 |
|
Emerson
Electric Co.2 |
5,847 |
518,395 |
|
Textron,
Inc.2 |
7,860 |
513,179 |
|
Eaton
Corporation plc2 |
3,701 |
512,959 |
|
Vulcan
Materials Co.2 |
3,102 |
511,427 |
|
Pentair
plc2 |
10,108 |
507,119 |
|
Trane
Technologies plc2 |
3,654 |
504,471 |
|
Deere
& Co.2 |
1,396 |
499,461 |
|
CSX
Corp.2 |
15,676 |
498,340 |
|
Martin
Marietta Materials, Inc.2 |
1,466 |
497,531 |
|
A O
Smith Corp.2 |
8,275 |
497,493 |
|
Carrier
Global Corp.2 |
12,582 |
494,598 |
|
Johnson
Controls International plc2 |
8,992 |
490,154 |
|
Norfolk
Southern Corp.2 |
2,034 |
487,468 |
|
United
Parcel Service, Inc. — Class B2 |
2,667 |
486,061 |
|
Dover
Corp.2 |
3,610 |
483,415 |
|
Generac
Holdings, Inc.*,2 |
1,931 |
477,111 |
|
J.B.
Hunt Transport Services, Inc.2 |
2,742 |
473,214 |
|
General
Electric Co.2 |
5,893 |
461,363 |
|
Old
Dominion Freight Line, Inc.2 |
1,775 |
458,376 |
|
Union
Pacific Corp.2 |
2,079 |
456,923 |
|
Rockwell
Automation, Inc.2 |
2,116 |
451,131 |
|
Ball
Corp.2 |
6,356 |
450,577 |
|
Fortune
Brands Home & Security, Inc.2 |
6,483 |
449,596 |
|
Stanley
Black & Decker, Inc.2 |
3,713 |
440,696 |
|
Boeing
Co.*,2 |
3,086 |
405,500 |
|
BP
Holdco LLC*,†††,3 |
121,041 |
85,334 |
|
Vector
Phoenix Holdings, LP*,††† |
121,040 |
33,286 |
|
Total
Industrial |
|
36,203,932 |
|
Technology
– 2.2% |
|
|
|
Citrix
Systems, Inc.*,2 |
10,484 |
1,055,634 |
|
EPAM
Systems, Inc.* |
2,717 |
919,759 |
|
Western
Digital Corp.*,2 |
12,005 |
728,583 |
|
Fidelity
National Information Services, Inc.2 |
6,087 |
636,091 |
See
notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 25
|
SCHEDULE
OF INVESTMENTS continued |
May 31,
2022 |
| |
|
|
|
|
Shares |
Value |
|
COMMON
STOCKS† – 21.3% (continued) |
|
|
|
Technology
– 2.2% (continued) |
|
|
|
DXC
Technology Co.*,2 |
17,795 |
$
626,740 |
|
Analog
Devices, Inc.2 |
3,684 |
620,385 |
|
Monolithic
Power Systems, Inc.2 |
1,374 |
618,836 |
|
Electronic
Arts, Inc.2 |
4,445 |
616,299 |
|
KLA
Corp.2 |
1,682 |
613,678 |
|
PTC,
Inc.*,2 |
5,232 |
609,685 |
|
International
Business Machines Corp.2 |
4,387 |
609,091 |
|
Synopsys,
Inc.*,2 |
1,851 |
590,839 |
|
Autodesk,
Inc.*,2 |
2,828 |
587,517 |
|
Lam
Research Corp.2 |
1,125 |
585,034 |
|
HP,
Inc.2 |
14,985 |
582,017 |
|
Fiserv,
Inc.*,2 |
5,776 |
578,640 |
|
NXP
Semiconductor N.V.2 |
3,045 |
577,819 |
|
Cadence
Design Systems, Inc.*,2 |
3,753 |
576,949 |
|
Fortinet,
Inc.*,2 |
1,948 |
572,985 |
|
Microchip
Technology, Inc.2 |
7,877 |
572,264 |
|
Texas
Instruments, Inc.2 |
3,192 |
564,218 |
|
Paychex,
Inc.2 |
4,510 |
558,473 |
|
Jack
Henry & Associates, Inc.2 |
2,965 |
557,776 |
|
Leidos
Holdings, Inc.2 |
5,333 |
557,299 |
|
Roper
Technologies, Inc.2 |
1,258 |
556,589 |
|
Teradyne,
Inc.2 |
5,088 |
555,915 |
|
Cerner
Corp.2 |
5,822 |
552,217 |
|
Micron
Technology, Inc.2 |
7,468 |
551,437 |
|
Broadridge
Financial Solutions, Inc.2 |
3,761 |
549,933 |
|
Broadcom,
Inc.2 |
941 |
545,902 |
|
Adobe,
Inc.*,2 |
1,306 |
543,923 |
|
Advanced
Micro Devices, Inc.*,2 |
5,214 |
531,140 |
|
Microsoft
Corp.2 |
1,942 |
527,972 |
|
Activision
Blizzard, Inc.2 |
6,771 |
527,325 |
|
Seagate
Technology Holdings plc2 |
6,227 |
527,240 |
|
Intel
Corp.2 |
11,866 |
527,088 |
|
MSCI,
Inc. — Class A2 |
1,191 |
526,839 |
|
Apple,
Inc.2 |
3,514 |
523,024 |
|
Accenture
plc — Class A2 |
1,745 |
520,813 |
|
IPG
Photonics Corp.*,2 |
4,908 |
517,745 |
|
Applied
Materials, Inc.2 |
4,398 |
515,841 |
|
Intuit,
Inc.2 |
1,238 |
513,101 |
|
Hewlett
Packard Enterprise Co.2 |
32,859 |
512,600 |
|
QUALCOMM,
Inc.2 |
3,570 |
511,295 |
|
Paycom
Software, Inc.*,2 |
1,793 |
509,822 |
See
notes to financial statements.
26 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| |
|
|
SCHEDULE
OF INVESTMENTS continued |
May 31,
2022 |
| |
|
|
|
|
Shares |
Value |
|
COMMON
STOCKS† – 21.3% (continued) |
|
|
|
Technology
– 2.2% (continued) |
|
|
|
Akamai
Technologies, Inc.*,2 |
5,015 |
$
506,716 |
|
Oracle
Corp.2 |
6,988 |
502,577 |
|
Ceridian
HCM Holding, Inc.*,2 |
8,860 |
498,818 |
|
ServiceNow,
Inc.*,2 |
1,062 |
496,453 |
|
Qorvo,
Inc.*,2 |
4,399 |
491,588 |
|
Tyler
Technologies, Inc.*,2 |
1,365 |
485,694 |
|
ANSYS,
Inc.*,2 |
1,852 |
482,187 |
|
Zebra
Technologies Corp. — Class A*,2 |
1,408 |
476,172 |
|
NetApp,
Inc.2 |
6,466 |
465,229 |
|
Skyworks
Solutions, Inc.2 |
4,264 |
464,222 |
|
Cognizant
Technology Solutions Corp. — Class A2 |
6,177 |
461,422 |
|
NVIDIA
Corp.2 |
2,461 |
459,518 |
|
Take-Two
Interactive Software, Inc.*,2 |
3,543 |
441,210 |
|
Salesforce,
Inc.*,2 |
2,748 |
440,340 |
|
Qlik
Technologies, Inc. - Class A*,††† |
112 |
168,441 |
|
Qlik
Technologies, Inc. - Class B*,††† |
27,624 |
3 |
|
Total
Technology |
|
33,104,962 |
|
Utilities
– 1.3% |
|
|
|
TexGen
Power LLC*,††† |
68,676 |
1,648,224 |
|
Dominion
Energy, Inc.2 |
9,667 |
814,155 |
|
Constellation
Energy Corp.2 |
11,026 |
684,494 |
|
NRG
Energy, Inc.2 |
14,133 |
650,683 |
|
PPL
Corp.2 |
20,701 |
624,756 |
|
CenterPoint
Energy, Inc.2 |
19,115 |
612,636 |
|
Exelon
Corp.2 |
12,464 |
612,606 |
|
WEC
Energy Group, Inc.2 |
5,794 |
608,776 |
|
Consolidated
Edison, Inc.2 |
6,087 |
604,196 |
|
Entergy
Corp.2 |
5,000 |
601,600 |
|
Eversource
Energy2 |
6,489 |
599,064 |
|
Southern
Co.2 |
7,917 |
599,000 |
|
Ameren
Corp.2 |
6,216 |
591,701 |
|
Evergy,
Inc.2 |
8,451 |
591,063 |
|
Edison
International2 |
8,393 |
586,755 |
|
CMS
Energy Corp.2 |
8,245 |
585,725 |
|
Xcel
Energy, Inc.2 |
7,728 |
582,228 |
|
American
Electric Power Company, Inc.2 |
5,692 |
580,755 |
|
Sempra
Energy2 |
3,526 |
577,770 |
|
Duke
Energy Corp.2 |
5,124 |
576,552 |
|
Alliant
Energy Corp.2 |
9,029 |
576,231 |
|
NiSource,
Inc.2 |
18,255 |
574,120 |
|
Pinnacle
West Capital Corp.2 |
7,373 |
572,513 |
See
notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 27
| |
|
|
SCHEDULE
OF INVESTMENTS continued |
May 31,
2022 |
| |
|
|
|
|
Shares |
Value |
|
COMMON
STOCKS† – 21.3% (continued) |
|
|
|
Utilities
– 1.3% (continued) |
|
|
|
DTE
Energy Co.2 |
4,283 |
$
568,397 |
|
Public
Service Enterprise Group, Inc.2 |
8,275 |
567,168 |
|
Atmos
Energy Corp.2 |
4,781 |
556,078 |
|
American
Water Works Company, Inc.2 |
3,576 |
540,870 |
|
AES
Corp.2 |
24,496 |
539,892 |
|
FirstEnergy
Corp.2 |
12,368 |
531,329 |
|
NextEra
Energy, Inc.2 |
6,858 |
519,082 |
|
Total
Utilities |
|
18,878,419 |
|
Communications
– 1.2% |
|
|
|
Vacasa,
Inc. — Class A* |
196,839 |
875,934 |
|
Twitter,
Inc.*,2 |
17,407 |
689,317 |
|
AT&T,
Inc.2 |
30,612 |
651,729 |
|
Lumen
Technologies, Inc.2 |
50,919 |
623,249 |
|
Booking
Holdings, Inc.*,2 |
269 |
603,518 |
|
T-Mobile
US, Inc.*,2 |
4,366 |
581,944 |
|
Paramount
Global — Class B2 |
16,671 |
572,315 |
|
Meta
Platforms, Inc. — Class A*,2 |
2,899 |
561,362 |
|
CDW
Corp.2 |
3,199 |
543,382 |
|
Motorola
Solutions, Inc.2 |
2,452 |
538,802 |
|
Comcast
Corp. — Class A2 |
12,079 |
534,858 |
|
Corning,
Inc.2 |
14,924 |
534,578 |
|
Omnicom
Group, Inc.2 |
7,132 |
532,119 |
|
Interpublic
Group of Companies, Inc.2 |
16,484 |
531,279 |
|
eBay,
Inc.2 |
10,863 |
528,702 |
|
Verizon
Communications, Inc.2 |
10,253 |
525,876 |
|
FactSet
Research Systems, Inc.2 |
1,333 |
508,913 |
|
Juniper
Networks, Inc.2 |
16,410 |
503,459 |
|
Charter
Communications, Inc. — Class A*,2 |
972 |
492,736 |
|
Match
Group, Inc.*,2 |
6,148 |
484,339 |
|
NortonLifeLock,
Inc.2 |
19,689 |
479,230 |
|
VeriSign,
Inc.*,2 |
2,664 |
465,001 |
|
Arista
Networks, Inc.*,2 |
4,535 |
463,840 |
|
F5,
Inc.*,2 |
2,797 |
456,023 |
|
Walt
Disney Co.*,2 |
4,128 |
455,896 |
|
Amazon.com,
Inc.*,2 |
187 |
449,584 |
|
Cisco
Systems, Inc.2 |
9,943 |
447,932 |
|
Warner
Bros Discovery, Inc.*,2 |
22,684 |
418,520 |
|
DISH
Network Corp. — Class A*,2 |
18,097 |
413,155 |
|
Expedia
Group, Inc.*,2 |
3,033 |
392,258 |
|
Etsy,
Inc.*,2 |
4,486 |
363,904 |
|
Fox
Corp. — Class A2 |
9,722 |
345,228 |
See
notes to financial statements.
28 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| |
|
|
SCHEDULE
OF INVESTMENTS continued |
May 31,
2022 |
| |
|
|
|
|
Shares |
Value |
|
COMMON
STOCKS† – 21.3% (continued) |
|
|
|
Communications
– 1.2% (continued) |
|
|
|
News
Corp. — Class A2 |
19,708 |
$
342,919 |
|
Netflix,
Inc.*,2 |
1,598 |
315,509 |
|
Alphabet,
Inc. — Class A*,2 |
108 |
245,726 |
|
Alphabet,
Inc. — Class C*,2 |
101 |
230,359 |
|
Fox
Corp. — Class B |
4,463 |
145,985 |
|
News
Corp. — Class B |
6,106 |
107,344 |
|
Figs,
Inc. — Class A*,2 |
10,450 |
93,005 |
|
Total
Communications |
|
18,049,829 |
|
Energy
– 1.0% |
|
|
|
Valero
Energy Corp.2 |
5,932 |
768,787 |
|
Marathon
Oil Corp.2 |
23,471 |
737,694 |
|
Coterra
Energy, Inc. — Class A2 |
21,218 |
728,414 |
|
Hess
Corp.2 |
5,748 |
707,406 |
|
Marathon
Petroleum Corp.2 |
6,927 |
705,099 |
|
Devon
Energy Corp.2 |
9,274 |
694,623 |
|
Phillips
662 |
6,733 |
678,754 |
|
APA
Corp.2 |
13,926 |
654,661 |
|
Occidental
Petroleum Corp.2 |
9,384 |
650,405 |
|
Pioneer
Natural Resources Co.2 |
2,339 |
650,102 |
|
EOG
Resources, Inc.2 |
4,701 |
643,849 |
|
Diamondback
Energy, Inc.2 |
4,194 |
637,572 |
|
Williams
Companies, Inc.2 |
17,047 |
631,762 |
|
ConocoPhillips2 |
5,526 |
620,901 |
|
Exxon
Mobil Corp.2 |
6,404 |
614,784 |
|
Enphase
Energy, Inc.*,2 |
3,179 |
591,898 |
|
Kinder
Morgan, Inc.2 |
30,045 |
591,586 |
|
Halliburton
Co.2 |
14,537 |
588,749 |
|
Schlumberger
N.V.2 |
12,676 |
582,589 |
|
Chevron
Corp.2 |
3,182 |
555,768 |
|
ONEOK,
Inc.2 |
8,232 |
542,077 |
|
Baker
Hughes Co.2 |
14,448 |
519,839 |
|
SolarEdge
Technologies, Inc.*,2 |
1,710 |
466,471 |
|
Permian
Production Partners LLC††† |
184,043 |
150,915 |
|
Legacy
Reserves, Inc.*,††† |
2,359 |
23,590 |
|
Bruin
E&P Partnership Units††† |
40,617 |
2,112 |
|
Total
Energy |
|
14,740,407 |
|
Basic
Materials – 0.7% |
|
|
|
Albemarle
Corp.2 |
2,943 |
766,416 |
|
Linde
plc |
1,937 |
628,905 |
|
Sherwin-Williams
Co.2 |
2,328 |
623,997 |
|
International
Paper Co.2 |
12,817 |
620,983 |
See
notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 29
|
SCHEDULE
OF INVESTMENTS continued |
May 31,
2022 |
| |
|
|
|
|
Shares |
Value |
|
COMMON
STOCKS† – 21.3% (continued) |
|
|
|
Basic
Materials – 0.7% |
|
|
|
Celanese
Corp. — Class A2 |
3,940 |
$
616,689 |
|
Air
Products and Chemicals, Inc.2 |
2,479 |
610,231 |
|
International
Flavors & Fragrances, Inc.2 |
4,603 |
608,379 |
|
Dow,
Inc.2 |
8,928 |
606,925 |
|
LyondellBasell
Industries N.V. — Class A2 |
5,258 |
600,727 |
|
PPG
Industries, Inc.2 |
4,523 |
572,114 |
|
Eastman
Chemical Co.2 |
5,158 |
568,205 |
|
Ecolab,
Inc.2 |
3,423 |
561,064 |
|
CF
Industries Holdings, Inc.2 |
5,662 |
559,236 |
|
Mosaic
Co.2 |
8,782 |
550,192 |
|
FMC
Corp.2 |
4,411 |
540,700 |
|
Nucor
Corp.2 |
4,021 |
532,622 |
|
DuPont
de Nemours, Inc.2 |
7,502 |
509,011 |
|
Newmont
Corp.2 |
7,073 |
479,903 |
|
Freeport-McMoRan,
Inc.2 |
11,588 |
452,859 |
|
Total
Basic Materials |
|
11,009,158 |
|
Total
Common Stocks |
|
|
|
(Cost
$272,162,485) |
|
317,550,920 |
|
PREFERRED
STOCKS†† – 5.9% |
|
|
|
Financial
– 5.7% |
|
|
|
Bank of
America Corp. |
|
|
|
4.38% |
275,000 |
5,464,250 |
|
4.38%
due 12/31/70 |
2,650,000 |
2,331,824 |
|
6.50%
due 12/31/702 |
2,000,000 |
2,029,484 |
|
6.30%
due 12/31/702 |
1,000,000 |
1,019,025 |
|
4.13% |
26,000 |
505,700 |
|
Wells
Fargo & Co. |
|
|
|
4.75% |
183,750 |
3,809,137 |
|
3.90%
due 12/31/70 |
3,300,000 |
3,037,539 |
|
4.70% |
148,000 |
3,025,120 |
|
4.38% |
50,000 |
952,000 |
|
First
Republic Bank |
|
|
|
4.50% |
200,000 |
3,960,000 |
|
4.25% |
158,000 |
2,998,840 |
|
4.13% |
84,800 |
1,549,296 |
|
Citigroup,
Inc. |
|
|
|
3.88%
due 12/31/702 |
4,000,000 |
3,570,800 |
|
4.15%
due 12/31/70 |
2,000,000 |
1,764,377 |
|
4.00%
due 12/31/702 |
1,750,000 |
1,578,604 |
|
Kuvare
US Holdings, Inc. |
|
|
|
7.00%
due 02/17/514 |
6,400,000 |
6,495,593 |
See
notes to financial statements.
30 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
|
SCHEDULE
OF INVESTMENTS continued |
May 31,
2022 |
| |
|
|
|
|
Shares |
Value |
|
PREFERRED
STOCKS†† – 5.9% (continued) |
|
|
|
Financial
– 5.7% (continued) |
|
|
|
Charles
Schwab Corp. |
|
|
|
5.38%
due 12/31/702 |
3,000,000 |
$
3,030,290 |
|
4.00%
due 12/31/70 |
3,150,000 |
2,509,472 |
|
Equitable
Holdings, Inc. |
|
|
|
4.95%
due 12/31/702 |
3,650,000 |
3,539,888 |
|
4.30% |
82,000 |
1,579,320 |
|
Markel
Corp. |
|
|
|
6.00%
due 12/31/70 |
4,770,000 |
4,797,260 |
|
Public
Storage |
|
|
|
4.63% |
144,400 |
3,267,772 |
|
4.13% |
16,400 |
336,856 |
|
W R
Berkley Corp. |
|
|
|
4.13%
due 03/30/61 |
126,000 |
2,540,160 |
|
4.25%
due 09/30/60 |
36,800 |
730,848 |
|
Prudential
Financial, Inc. |
|
|
|
4.13%
due 09/01/60 |
140,000 |
2,994,600 |
|
PartnerRe
Ltd. |
|
|
|
4.88% |
128,000 |
2,814,720 |
|
JPMorgan
Chase & Co. |
|
|
|
4.55% |
49,000 |
1,014,790 |
|
4.20% |
40,000 |
796,400 |
|
4.63% |
24,000 |
504,240 |
|
American
Financial Group, Inc. |
|
|
|
4.50%
due 09/15/60 |
100,000 |
2,134,000 |
|
MetLife,
Inc. |
|
|
|
3.85%
due 12/31/702 |
1,820,000 |
1,688,954 |
|
CNO
Financial Group, Inc. |
|
|
|
5.13%
due 11/25/60 |
80,000 |
1,661,600 |
|
Assurant,
Inc. |
|
|
|
5.25%
due 01/15/61 |
58,000 |
1,296,880 |
|
American
Equity Investment Life Holding Co. |
|
|
|
5.95% |
46,000 |
1,141,720 |
|
Arch
Capital Group Ltd. |
|
|
|
4.55% |
38,000 |
753,920 |
|
Selective
Insurance Group, Inc. |
|
|
|
4.60% |
36,000 |
747,720 |
|
RenaissanceRe
Holdings Ltd. |
|
|
|
4.20% |
13,000 |
244,010 |
|
Globe
Life, Inc. |
|
|
|
4.25%
due 06/15/61 |
11,000 |
217,470 |
|
Total
Financial |
|
84,434,479 |
|
Government
– 0.2% |
|
|
|
Farmer
Mac |
|
|
|
5.75% |
112,000 |
2,668,960 |
See
notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 31
|
SCHEDULE
OF INVESTMENTS continued |
May 31,
2022 |
| |
|
|
|
|
Shares |
Value |
|
|
|
PREFERRED
STOCKS†† – 5.9% (continued) |
|
|
|
Government
– 0.2% (continued) |
|
|
|
AgriBank
FCB |
|
|
|
6.88% |
4,000 |
$
408,000 |
|
Total
Government |
|
3,076,960 |
|
Consumer,
Cyclical – 0.0% |
|
|
|
Exide
Technologies*,††† |
761 |
855,025 |
|
Total
Preferred Stocks |
|
|
|
(Cost
$100,461,558) |
|
88,366,464 |
|
WARRANTS†
– 0.0% |
|
|
|
KKR
Acquisition Holdings I Corp. — Class A |
|
|
|
Expiring
12/31/27*,1 |
195,882 |
78,842 |
|
Pershing
Square Tontine Holdings, Ltd. — Class A |
|
|
|
Expiring
07/24/25*,1 |
115,860 |
53,319 |
|
Aequi
Acquisition Corp. |
|
|
|
Expiring
11/30/27*,1 |
246,299 |
35,713 |
|
Ginkgo
Bioworks Holdings, Inc. |
|
|
|
Expiring
12/31/27* |
26,852 |
16,380 |
|
AfterNext
HealthTech Acquisition Corp. — Class A |
|
|
|
Expiring
05/13/23*,1 |
35,766 |
11,198 |
|
Conyers
Park III Acquisition Corp. — Class A |
|
|
|
Expiring
08/12/28* |
33,200 |
10,083 |
|
MSD
Acquisition Corp. — Class A |
|
|
|
Expiring
05/13/23*,1 |
23,373 |
8,730 |
|
Acropolis
Infrastructure Acquisition Corp. — Class A |
|
|
|
Expiring
03/31/26*,1 |
32,766 |
8,516 |
|
RXR
Acquisition Corp. — Class A |
|
|
|
Expiring
03/08/26*,1 |
32,105 |
7,856 |
|
Waverley
Capital Acquisition Corp. 1— Class A |
|
|
|
Expiring
04/30/27*,1 |
31,300 |
6,783 |
|
Colicity,
Inc. — Class A |
|
|
|
Expiring
12/31/27*,1 |
24,102 |
5,218 |
|
Blue
Whale Acquisition Corp. I — Class A |
|
|
|
Expiring
07/30/26*,1 |
14,324 |
4,154 |
|
Total
Warrants |
|
|
|
(Cost
$2,301,369) |
|
246,792 |
|
EXCHANGE-TRADED
FUNDS† – 8.5% |
|
|
|
SPDR
S&P 500 ETF Trust2 |
103,730 |
42,833,229 |
|
Invesco
QQQ Trust Series2 |
138,135 |
42,584,258 |
|
iShares
Russell 2000 Index ETF2 |
225,485 |
41,784,625 |
|
Total
Exchange-Traded Funds |
|
|
|
(Cost
$98,552,569) |
|
127,202,112 |
See
notes to financial statements.
32 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
|
SCHEDULE
OF INVESTMENTS continued |
May 31,
2022 |
| |
|
|
|
|
Shares |
Value |
|
CLOSED-END
FUNDS† – 2.6% |
|
|
|
BlackRock
Taxable Municipal Bond Trust2 |
292,122 |
$
5,857,046 |
|
Nuveen
Taxable Municipal Income Fund |
289,790 |
5,427,767 |
|
Nuveen
AMT-Free Municipal Credit Income Fund |
291,077 |
4,121,650 |
|
BlackRock
Corporate High Yield Fund, Inc.2 |
371,445 |
3,840,741 |
|
Invesco
Municipal Opportunity Trust |
229,099 |
2,465,105 |
|
Invesco
Trust for Investment Grade Municipals |
212,335 |
2,367,535 |
|
Blackstone
Strategic Credit Fund2 |
186,741 |
2,211,013 |
|
BlackRock
Credit Allocation Income Trust2 |
184,289 |
2,126,695 |
|
Invesco
Municipal Trust |
188,704 |
2,024,794 |
|
Invesco
Advantage Municipal Income Trust II |
163,240 |
1,603,017 |
|
Eaton
Vance Limited Duration Income Fund |
141,764 |
1,504,116 |
|
BlackRock
Municipal Income Trust |
108,502 |
1,400,761 |
|
Ares
Dynamic Credit Allocation Fund, Inc. |
68,740 |
922,491 |
|
BlackRock
Debt Strategies Fund, Inc.2 |
83,425 |
801,714 |
|
Western
Asset High Income Opportunity Fund, Inc.2 |
160,170 |
682,324 |
|
Nuveen
AMT-Free Quality Municipal Income Fund |
31,454 |
396,635 |
|
Nuveen
Quality Municipal Income Fund |
25,984 |
340,391 |
|
BlackRock
MuniVest Fund, Inc. |
24,898 |
193,707 |
|
Total
Closed-End Funds |
|
|
|
(Cost
$41,761,450) |
|
38,287,502 |
|
|
|
MONEY
MARKET FUNDS† – 1.0% |
|
|
|
Dreyfus
Treasury Securities |
|
|
|
Cash
Management Fund — Institutional Shares,
0.64%5 |
12,849,910 |
12,849,910 |
|
Dreyfus
Treasury Obligations |
|
|
|
Cash
Management Fund — Institutional Shares,
0.65%5 |
2,341,558 |
2,341,558 |
|
Total
Money Market Funds |
|
|
|
(Cost
$15,191,468) |
|
15,191,468 |
|
|
Face |
|
|
|
Amount~ |
|
|
CORPORATE
BONDS†† – 44.6% |
|
|
|
Financial
– 11.0% |
|
|
|
Morgan
Stanley Finance LLC |
|
|
|
1.50%
due 10/23/296 |
13,500,000 |
11,364,300 |
|
Dyal
Capital Partners III |
|
|
|
4.40%
due 06/15/40††† |
10,000,000 |
8,953,078 |
|
Wilton
RE Ltd. |
|
|
|
6.00%2,4,7,8 |
7,800,000 |
6,922,578 |
|
Hunt
Companies, Inc. |
|
|
|
5.25%
due 04/15/292,4 |
7,325,000 |
6,903,812 |
|
Jefferies
Finance LLC / JFIN Company-Issuer Corp. |
|
|
|
5.00%
due 08/15/282,4 |
7,500,000 |
6,763,950 |
See
notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 33
|
SCHEDULE
OF INVESTMENTS continued |
May 31,
2022 |
| |
|
|
|
|
Face |
|
|
|
Amount~ |
Value |
|
CORPORATE
BONDS†† – 44.6% (continued) |
|
|
|
Financial
– 11.0% (continued) |
|
|
|
United
Wholesale Mortgage LLC |
|
|
|
5.50%
due 11/15/252,4 |
4,060,000 |
$
3,836,700 |
|
5.50%
due 04/15/292,4 |
1,925,000 |
1,690,420 |
|
5.75%
due 06/15/272,4 |
1,250,000 |
1,126,638 |
|
Maple
Grove Funding Trust I |
|
|
|
4.16%
due 08/15/512,4 |
8,000,000 |
6,407,162 |
|
Iron
Mountain, Inc. |
|
|
|
5.63%
due 07/15/322,4 |
6,500,000 |
6,196,580 |
|
NFP
Corp. |
|
|
|
6.88%
due 08/15/282,4 |
6,925,000 |
6,036,453 |
|
OneMain
Finance Corp. |
|
|
|
4.00%
due 09/15/302 |
2,200,000 |
1,868,240 |
|
6.13%
due 03/15/242 |
1,500,000 |
1,515,220 |
|
7.13%
due 03/15/26 |
1,100,000 |
1,126,400 |
|
3.88%
due 09/15/28 |
800,000 |
690,966 |
|
6.63%
due 01/15/28 |
450,000 |
450,562 |
|
8.88%
due 06/01/25 |
350,000 |
365,533 |
|
Home
Point Capital, Inc. |
|
|
|
5.00%
due 02/01/262,4 |
6,650,000 |
5,461,113 |
|
Liberty
Mutual Group, Inc. |
|
|
|
4.30%
due 02/01/614 |
7,300,000 |
5,383,750 |
|
Cushman
& Wakefield US Borrower LLC |
|
|
|
6.75%
due 05/15/282,4 |
4,800,000 |
4,829,280 |
|
National
Life Insurance Co. |
|
|
|
10.50%
due 09/15/394 |
3,400,000 |
4,803,003 |
|
Kennedy-Wilson,
Inc. |
|
|
|
5.00%
due 03/01/312 |
3,225,000 |
2,862,187 |
|
4.75%
due 02/01/302 |
1,450,000 |
1,292,835 |
|
4.75%
due 03/01/292 |
425,000 |
381,437 |
|
Hampton
Roads PPV LLC |
|
|
|
6.62%
due 06/15/534 |
4,735,000 |
4,411,929 |
|
LPL
Holdings, Inc. |
|
|
|
4.00%
due 03/15/292,4 |
4,172,000 |
3,864,315 |
|
4.38%
due 05/15/314 |
550,000 |
494,312 |
|
RXR
Realty LLC |
|
|
|
5.25%
due 07/17/25††† |
4,200,000 |
4,171,147 |
|
QBE
Insurance Group Ltd. |
|
|
|
7.50%
due 11/24/434,8 |
3,000,000 |
3,086,503 |
|
5.88%4,7,8 |
950,000 |
940,051 |
|
Jane
Street Group / JSG Finance, Inc. |
|
|
|
4.50%
due 11/15/292,4 |
3,500,000 |
3,272,500 |
|
Host
Hotels & Resorts, LP |
|
|
|
3.50%
due 09/15/302 |
3,610,000 |
3,220,398 |
|
Sherwood
Financing plc |
|
|
|
6.00%
due 11/15/264 |
GBP
2,000,000 |
2,192,734 |
|
4.50%
due 11/15/264 |
EUR
1,000,000 |
972,833 |
See
notes to financial statements.
34 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| |
|
|
SCHEDULE
OF INVESTMENTS continued |
May 31,
2022 |
| |
|
|
|
|
Face |
|
|
|
Amount~ |
Value |
|
CORPORATE
BONDS†† – 44.6% (continued) |
|
|
|
Financial
– 11.0% (continued) |
|
|
|
Barclays
plc |
|
|
|
7.75%2,7,8 |
3,000,000 |
$
3,054,608 |
|
Ares
Finance Company IV LLC |
|
|
|
3.65%
due 02/01/522,4 |
4,100,000 |
3,049,785 |
|
HUB
International Ltd. |
|
|
|
5.63%
due 12/01/292,4 |
2,500,000 |
2,331,250 |
|
7.00%
due 05/01/262,4 |
550,000 |
555,429 |
|
BBC
Military Housing-Navy Northeast LLC |
|
|
|
6.30%
due 10/15/49††† |
2,800,000 |
2,606,375 |
|
Global
Atlantic Finance Co. |
|
|
|
4.70%
due 10/15/514,8 |
2,700,000 |
2,288,539 |
|
Lincoln
National Corp. |
|
|
|
4.38%
due 06/15/502 |
2,560,000 |
2,286,103 |
|
Fort
Knox Military Housing Privatization Project |
|
|
|
5.82%
due 02/15/524 |
1,865,251 |
1,859,461 |
|
First
American Financial Corp. |
|
|
|
4.00%
due 05/15/302 |
1,740,000 |
1,625,170 |
|
AmWINS
Group, Inc. |
|
|
|
4.88%
due 06/30/292,4 |
1,725,000 |
1,597,393 |
|
Atlas
Mara Ltd. |
|
|
|
due
12/31/21†††,9,10 |
2,200,000 |
1,573,000 |
|
OneAmerica
Financial Partners, Inc. |
|
|
|
4.25%
due 10/15/502,4 |
1,730,000 |
1,480,960 |
|
Newmark
Group, Inc. |
|
|
|
6.13%
due 11/15/232 |
1,450,000 |
1,462,688 |
|
PHM
Group Holding Oy |
|
|
|
4.75%
due 06/18/264 |
EUR
1,400,000 |
1,442,834 |
|
Weyerhaeuser
Co. |
|
|
|
6.88%
due 12/15/332 |
1,100,000 |
1,283,279 |
|
Allianz
SE |
|
|
|
3.50%2,4,7,8 |
1,400,000 |
1,226,694 |
|
GLP
Capital Limited Partnership / GLP Financing II, Inc. |
|
|
|
5.30%
due 01/15/29 |
1,050,000 |
1,043,721 |
|
Ryan
Specialty Group LLC |
|
|
|
4.38%
due 02/01/304 |
1,100,000 |
990,093 |
|
Reinsurance
Group of America, Inc. |
|
|
|
3.15%
due 06/15/302 |
1,000,000 |
915,020 |
|
Pershing
Square Holdings Ltd. |
|
|
|
3.25%
due 10/01/31 |
1,100,000 |
910,303 |
|
PartnerRe
Finance B LLC |
|
|
|
4.50%
due 10/01/502,8 |
950,000 |
846,849 |
|
Fort
Benning Family Communities LLC |
|
|
|
6.09%
due 01/15/512,4 |
704,631 |
704,777 |
|
Alliant
Holdings Intermediate LLC / Alliant Holdings
Company-Issuer |
|
|
|
4.25%
due 10/15/272,4 |
725,000 |
686,617 |
See
notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 35
| |
|
|
SCHEDULE
OF INVESTMENTS continued |
May 31,
2022 |
| |
|
|
|
|
Face |
|
|
|
Amount~ |
Value |
|
CORPORATE
BONDS†† – 44.6% (continued) |
|
|
|
Financial
– 11.0% (continued) |
|
|
|
Pacific
Beacon LLC |
|
|
|
5.63%
due 07/15/514 |
677,334 |
$
678,209 |
|
Prudential
Financial, Inc. |
|
|
|
5.13%
due 03/01/528 |
700,000 |
672,875 |
|
Rocket
Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. |
|
|
|
3.88%
due 03/01/314 |
700,000 |
589,267 |
|
Macquarie
Bank Ltd. |
|
|
|
3.62%
due 06/03/304 |
640,000 |
569,266 |
|
Greystar
Real Estate Partners LLC |
|
|
|
5.75%
due 12/01/252,4 |
450,000 |
450,364 |
|
Assurant,
Inc. |
|
|
|
7.00%
due 03/27/488 |
400,000 |
399,429 |
|
Fort
Gordon Housing LLC |
|
|
|
6.32%
due 05/15/514 |
200,000 |
219,596 |
|
USI,
Inc. |
|
|
|
6.88%
due 05/01/252,4 |
150,000 |
147,535 |
|
Total
Financial |
|
163,406,408 |
|
Consumer,
Non-cyclical – 7.9% |
|
|
|
US
Foods, Inc. |
|
|
|
6.25%
due 04/15/252,4 |
3,000,000 |
3,090,000 |
|
4.63%
due 06/01/302,4 |
2,500,000 |
2,295,000 |
|
4.75%
due 02/15/292,4 |
2,250,000 |
2,112,019 |
|
Bausch
Health Companies, Inc. |
|
|
|
4.88%
due 06/01/282,4 |
8,025,000 |
6,894,077 |
|
Mozart
Debt Merger Sub, Inc. |
|
|
|
5.25%
due 10/01/292,4 |
5,200,000 |
4,603,092 |
|
3.88%
due 04/01/294 |
2,000,000 |
1,805,000 |
|
BCP V
Modular Services Finance II plc |
|
|
|
6.13%
due 10/30/284 |
GBP
4,250,000 |
4,686,338 |
|
4.75%
due 10/30/284 |
EUR
1,550,000 |
1,474,705 |
|
CPI CG,
Inc. |
|
|
|
8.63%
due 03/15/262,4 |
6,348,000 |
6,061,814 |
|
Sabre
GLBL, Inc. |
|
|
|
7.38%
due 09/01/252,4 |
3,725,000 |
3,678,438 |
|
9.25%
due 04/15/252,4 |
1,875,000 |
1,940,475 |
|
Cheplapharm
Arzneimittel GmbH |
|
|
|
5.50%
due 01/15/282,4 |
5,370,000 |
4,851,473 |
|
Sotheby's |
|
|
|
7.38%
due 10/15/272,4 |
4,899,000 |
4,784,532 |
|
Kraft
Heinz Foods Co. |
|
|
|
5.20%
due 07/15/452 |
1,400,000 |
1,362,679 |
|
5.00%
due 06/04/42 |
1,225,000 |
1,174,808 |
|
4.38%
due 06/01/462 |
1,300,000 |
1,141,516 |
|
4.88%
due 10/01/492 |
600,000 |
560,996 |
See
notes to financial statements.
36 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
|
SCHEDULE
OF INVESTMENTS continued |
May 31,
2022 |
| |
|
|
|
|
Face |
|
|
|
Amount~ |
Value |
|
CORPORATE
BONDS†† – 44.6% (continued) |
|
|
|
Consumer,
Non-cyclical – 7.9% (continued) |
|
|
|
Altria
Group, Inc. |
|
|
|
3.70%
due 02/04/512 |
6,000,000 |
$
4,202,393 |
|
Nielsen
Finance LLC / Nielsen Finance Co. |
|
|
|
5.63%
due 10/01/282,4 |
1,900,000 |
1,883,109 |
|
4.75%
due 07/15/312,4 |
1,300,000 |
1,244,750 |
|
5.88%
due 10/01/302,4 |
975,000 |
958,025 |
|
KeHE
Distributors LLC / KeHE Finance Corp. |
|
|
|
8.63%
due 10/15/262,4 |
3,632,000 |
3,775,181 |
|
Williams
Scotsman International, Inc. |
|
|
|
4.63%
due 08/15/282,4 |
3,675,000 |
3,474,602 |
|
Post
Holdings, Inc. |
|
|
|
4.50%
due 09/15/312,4 |
3,925,000 |
3,444,187 |
|
Rent-A-Center,
Inc. |
|
|
|
6.38%
due 02/15/292,4 |
3,625,000 |
3,176,624 |
|
FAGE
International S.A. / FAGE USA Dairy Industry, Inc. |
|
|
|
5.63%
due 08/15/262,4 |
3,301,000 |
2,920,395 |
|
Acadia
Healthcare Company, Inc. |
|
|
|
5.00%
due 04/15/292,4 |
2,400,000 |
2,329,829 |
|
5.50%
due 07/01/284 |
550,000 |
543,812 |
|
Nathan's
Famous, Inc. |
|
|
|
6.63%
due 11/01/252,4 |
2,676,000 |
2,667,669 |
|
Par
Pharmaceutical, Inc. |
|
|
|
7.50%
due 04/01/272,4 |
3,345,000 |
2,617,462 |
|
Legends
Hospitality Holding Company LLC / Legends Hospitality Co-Issuer,
Inc. |
|
|
|
5.00%
due 02/01/262,4 |
2,775,000 |
2,595,638 |
|
Avantor
Funding, Inc. |
|
|
|
4.63%
due 07/15/282,4 |
1,700,000 |
1,655,001 |
|
3.88%
due 11/01/292,4 |
925,000 |
858,622 |
|
Castor
S.p.A. |
|
|
|
5.25%
(3 Month EURIBOR + 5.25%, Rate Floor: 5.25%) due
02/15/29◊,4 |
EUR
2,300,000 |
2,390,958 |
|
Sotheby's/Bidfair
Holdings, Inc. |
|
|
|
5.88%
due 06/01/292,4 |
2,700,000 |
2,376,000 |
|
Option
Care Health, Inc. |
|
|
|
4.38%
due 10/31/292,4 |
2,275,000 |
2,073,640 |
|
ADT
Security Corp. |
|
|
|
4.13%
due 08/01/292,4 |
1,050,000 |
934,395 |
|
4.88%
due 07/15/322,4 |
1,000,000 |
868,654 |
|
Gartner,
Inc. |
|
|
|
4.50%
due 07/01/282,4 |
1,700,000 |
1,653,165 |
|
DaVita,
Inc. |
|
|
|
4.63%
due 06/01/302,4 |
1,900,000 |
1,650,625 |
|
Spectrum
Brands, Inc. |
|
|
|
5.50%
due 07/15/302,4 |
1,700,000 |
1,571,480 |
|
Royalty
Pharma plc |
|
|
|
3.55%
due 09/02/502 |
2,100,000 |
1,540,595 |
See
notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 37
|
SCHEDULE
OF INVESTMENTS continued |
May 31,
2022 |
| |
|
|
|
|
Face |
|
|
|
Amount~ |
Value |
|
CORPORATE
BONDS†† – 44.6% (continued) |
|
|
|
Consumer,
Non-cyclical – 7.9% (continued) |
|
|
|
HealthEquity,
Inc. |
|
|
|
4.50%
due 10/01/292,4 |
1,550,000 |
$
1,445,375 |
|
Endo
Luxembourg Finance Company I SARL / Endo US, Inc. |
|
|
|
6.13%
due 04/01/292,4 |
1,900,000 |
1,444,646 |
|
Grifols
Escrow Issuer S.A. |
|
|
|
4.75%
due 10/15/282,4 |
1,350,000 |
1,233,562 |
|
APi
Escrow Corp. |
|
|
|
4.75%
due 10/15/292,4 |
1,225,000 |
1,078,000 |
|
Kronos
Acquisition Holdings, Inc. / KIK Custom Products, Inc. |
|
|
|
7.00%
due 12/31/274 |
1,038,000 |
833,089 |
|
5.00%
due 12/31/264 |
250,000 |
226,250 |
|
TreeHouse
Foods, Inc. |
|
|
|
4.00%
due 09/01/28 |
1,150,000 |
997,050 |
|
Central
Garden & Pet Co. |
|
|
|
4.13%
due 10/15/302 |
625,000 |
553,125 |
|
4.13%
due 04/30/314 |
400,000 |
354,294 |
|
AMN
Healthcare, Inc. |
|
|
|
4.63%
due 10/01/272,4 |
725,000 |
697,725 |
|
WW
International, Inc. |
|
|
|
4.50%
due 04/15/294 |
950,000 |
672,125 |
|
Catalent
Pharma Solutions, Inc. |
|
|
|
3.50%
due 04/01/304 |
625,000 |
560,594 |
|
Carriage
Services, Inc. |
|
|
|
4.25%
due 05/15/292,4 |
575,000 |
485,875 |
|
Performance
Food Group, Inc. |
|
|
|
6.88%
due 05/01/254 |
450,000 |
459,596 |
|
APi
Group DE, Inc. |
|
|
|
4.13%
due 07/15/294 |
400,000 |
344,500 |
|
Charles
River Laboratories International, Inc. |
|
|
|
4.00%
due 03/15/314 |
300,000 |
276,479 |
|
Prestige
Brands, Inc. |
|
|
|
3.75%
due 04/01/314 |
300,000 |
253,443 |
|
Endo
Dac / Endo Finance LLC / Endo Finco, Inc. |
|
|
|
9.50%
due 07/31/272,4 |
181,000 |
43,440 |
|
Total
Consumer, Non-cyclical |
|
117,882,941 |
|
Consumer,
Cyclical – 6.9% |
|
|
|
Delta
Air Lines, Inc. |
|
|
|
7.00%
due 05/01/252,4 |
10,535,000 |
11,269,387 |
|
JB
Poindexter & Company, Inc. |
|
|
|
7.13%
due 04/15/262,4 |
5,275,000 |
5,225,468 |
|
Marriott
International, Inc. |
|
|
|
4.63%
due 06/15/302 |
2,320,000 |
2,297,208 |
|
3.50%
due 10/15/32 |
1,400,000 |
1,257,557 |
|
2.85%
due 04/15/31 |
1,280,000 |
1,108,883 |
|
5.75%
due 05/01/25 |
490,000 |
516,898 |
See
notes to financial statements.
38 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
|
SCHEDULE
OF INVESTMENTS continued |
May 31,
2022 |
| |
|
|
|
|
Face |
|
|
|
Amount~ |
Value |
|
CORPORATE
BONDS†† – 44.6% (continued) |
|
|
|
Consumer,
Cyclical – 6.9% (continued) |
|
|
|
Suburban
Propane Partners Limited Partnership/Suburban Energy Finance
Corp. |
|
|
|
5.88%
due 03/01/272 |
3,210,000 |
$
3,187,209 |
|
5.00%
due 06/01/312,4 |
1,800,000 |
1,658,397 |
|
Air
Canada Class A Pass Through Trust |
|
|
|
5.25%
due 04/01/292,4 |
4,381,804 |
4,434,833 |
|
Delta
Air Lines, Inc. / SkyMiles IP Ltd. |
|
|
|
4.75%
due 10/20/282,4 |
3,950,000 |
3,944,674 |
|
Fertitta
Entertainment LLC / Fertitta Entertainment Finance Company,
Inc. |
|
|
|
4.63%
due 01/15/292,4 |
4,100,000 |
3,731,000 |
|
Live
Nation Entertainment, Inc. |
|
|
|
6.50%
due 05/15/272,4 |
3,350,000 |
3,467,451 |
|
Mileage
Plus Holdings LLC / Mileage Plus Intellectual Property Assets
Ltd. |
|
|
|
6.50%
due 06/20/272,4 |
3,350,000 |
3,400,585 |
|
Station
Casinos LLC |
|
|
|
4.63%
due 12/01/312,4 |
4,000,000 |
3,388,290 |
|
Wabash
National Corp. |
|
|
|
4.50%
due 10/15/282,4 |
4,100,000 |
3,341,500 |
|
Walgreens
Boots Alliance, Inc. |
|
|
|
4.10%
due 04/15/502 |
3,800,000 |
3,165,832 |
|
Powdr
Corp. |
|
|
|
6.00%
due 08/01/252,4 |
2,790,000 |
2,814,413 |
|
Air
Canada |
|
|
|
4.63%
due 08/15/294 |
CAD
2,900,000 |
2,030,539 |
|
3.88%
due 08/15/262,4 |
825,000 |
768,941 |
|
Hawaiian
Brand Intellectual Property Ltd. / HawaiianMiles Loyalty
Ltd. |
|
|
|
5.75%
due 01/20/262,4 |
2,575,000 |
2,557,632 |
|
PetSmart,
Inc. / PetSmart Finance Corp. |
|
|
|
4.75%
due 02/15/282,4 |
2,725,000 |
2,507,000 |
|
Aramark
Services, Inc. |
|
|
|
6.38%
due 05/01/252,4 |
2,300,000 |
2,357,212 |
|
5.00%
due 02/01/282,4 |
110,000 |
107,140 |
|
United
Airlines, Inc. |
|
|
|
4.63%
due 04/15/292,4 |
2,575,000 |
2,415,865 |
|
Scotts
Miracle-Gro Co. |
|
|
|
4.00%
due 04/01/312 |
2,150,000 |
1,793,971 |
|
4.38%
due 02/01/32 |
700,000 |
577,500 |
|
HP
Communities LLC |
|
|
|
6.82%
due 09/15/534 |
934,783 |
1,059,825 |
|
6.16%
due 09/15/534 |
1,000,000 |
1,049,713 |
|
Six
Flags Theme Parks, Inc. |
|
|
|
7.00%
due 07/01/254 |
1,925,000 |
1,992,375 |
|
Superior
Plus Limited Partnership / Superior General Partner,
Inc. |
|
|
|
4.50%
due 03/15/292,4 |
2,000,000 |
1,867,500 |
|
Yum!
Brands, Inc. |
|
|
|
4.63%
due 01/31/322 |
1,987,000 |
1,854,129 |
See
notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 39
| |
|
|
SCHEDULE
OF INVESTMENTS continued |
May 31,
2022 |
| |
|
|
|
|
Face |
|
|
|
Amount~ |
Value |
|
CORPORATE
BONDS†† – 44.6% (continued) |
|
|
|
Consumer,
Cyclical – 6.9% (continued) |
|
|
|
Hyatt
Hotels Corp. |
|
|
|
5.75%
due 04/23/302 |
1,690,000 |
$
1,765,046 |
|
Picasso
Finance Sub, Inc. |
|
|
|
6.13%
due 06/15/252,4 |
1,683,000 |
1,712,452 |
|
Boyd
Gaming Corp. |
|
|
|
8.63%
due 06/01/252,4 |
1,624,000 |
1,694,043 |
|
CD&R
Smokey Buyer, Inc. |
|
|
|
6.75%
due 07/15/252,4 |
1,650,000 |
1,686,481 |
|
Wyndham
Hotels & Resorts, Inc. |
|
|
|
4.38%
due 08/15/282,4 |
1,625,000 |
1,533,382 |
|
1011778
BC ULC / New Red Finance, Inc. |
|
|
|
3.88%
due 01/15/284 |
850,000 |
802,188 |
|
4.00%
due 10/15/304 |
725,000 |
639,019 |
|
Hilton
Domestic Operating Company, Inc. |
|
|
|
3.63%
due 02/15/324 |
1,350,000 |
1,171,125 |
|
Boyne
USA, Inc. |
|
|
|
4.75%
due 05/15/292,4 |
1,250,000 |
1,162,500 |
|
Crocs,
Inc. |
|
|
|
4.13%
due 08/15/314 |
1,400,000 |
1,116,759 |
|
4.25%
due 03/15/294 |
50,000 |
41,652 |
|
Clarios
Global, LP / Clarios US Finance Co. |
|
|
|
8.50%
due 05/15/274 |
1,050,000 |
1,046,483 |
|
Vail
Resorts, Inc. |
|
|
|
6.25%
due 05/15/254 |
1,000,000 |
1,027,110 |
|
Clarios
Global, LP |
|
|
|
6.75%
due 05/15/254 |
990,000 |
996,160 |
|
Wolverine
World Wide, Inc. |
|
|
|
4.00%
due 08/15/294 |
1,150,000 |
953,815 |
|
Allison
Transmission, Inc. |
|
|
|
3.75%
due 01/30/312,4 |
1,100,000 |
941,875 |
|
Scientific
Games Holdings Limited Partnership/Scientific Games US FinCo,
Inc. |
|
|
|
6.63%
due 03/01/302,4 |
650,000 |
602,966 |
|
Tempur
Sealy International, Inc. |
|
|
|
3.88%
due 10/15/312,4 |
700,000 |
583,870 |
|
Penn
National Gaming, Inc. |
|
|
|
4.13%
due 07/01/294 |
675,000 |
552,420 |
|
Rite
Aid Corp. |
|
|
|
7.50%
due 07/01/254 |
625,000 |
526,797 |
|
United
Airlines Class AA Pass Through Trust |
|
|
|
3.45%
due 12/01/27 |
467,596 |
442,024 |
|
Superior
Plus, LP |
|
|
|
4.25%
due 05/18/284 |
CAD
350,000 |
247,717 |
|
Exide
Technologies |
|
|
|
due
10/31/24†††,9 |
2,353,687 |
2 |
|
Total
Consumer, Cyclical |
|
102,394,813 |
See
notes to financial statements.
40 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
|
SCHEDULE
OF INVESTMENTS continued |
May 31,
2022 |
|
|
Face |
|
|
|
Amount~ |
Value |
|
CORPORATE
BONDS†† – 44.6% (continued) |
|
|
|
Communications
– 5.1% |
|
|
|
Altice
France S.A. |
|
|
|
5.50%
due 10/15/292,4 |
8,175,000 |
$
7,091,813 |
|
5.13%
due 07/15/292,4 |
3,025,000 |
2,640,447 |
|
8.13%
due 02/01/272,4 |
1,300,000 |
1,301,846 |
|
McGraw-Hill
Education, Inc. |
|
|
|
8.00%
due 08/01/292,4 |
6,300,000 |
5,454,330 |
|
5.75%
due 08/01/284 |
3,525,000 |
3,214,747 |
|
VZ
Secured Financing BV |
|
|
|
5.00%
due 01/15/324 |
6,850,000 |
6,200,757 |
|
British
Telecommunications plc |
|
|
|
4.88%
due 11/23/812,4,8 |
5,550,000 |
5,012,635 |
|
4.25%
due 11/23/814,8 |
950,000 |
875,265 |
|
Paramount
Global |
|
|
|
4.95%
due 05/19/502 |
6,390,000 |
5,757,376 |
|
Cengage
Learning, Inc. |
|
|
|
9.50%
due 06/15/242,4 |
4,976,000 |
4,695,503 |
|
UPC
Broadband Finco BV |
|
|
|
4.88%
due 07/15/312,4 |
4,550,000 |
4,172,953 |
|
LCPR
Senior Secured Financing DAC |
|
|
|
6.75%
due 10/15/274 |
2,114,000 |
2,129,855 |
|
5.13%
due 07/15/292,4 |
1,900,000 |
1,728,525 |
|
Corning,
Inc. |
|
|
|
4.38%
due 11/15/572 |
4,100,000 |
3,744,890 |
|
Vodafone
Group plc |
|
|
|
5.13%
due 06/04/812,8 |
4,100,000 |
3,183,060 |
|
AMC
Networks, Inc. |
|
|
|
4.25%
due 02/15/292 |
3,450,000 |
3,157,181 |
|
Ciena
Corp. |
|
|
|
4.00%
due 01/31/302,4 |
2,150,000 |
1,978,000 |
|
CCO
Holdings LLC / CCO Holdings Capital Corp. |
|
|
|
4.50%
due 06/01/332,4 |
1,225,000 |
1,054,217 |
|
4.25%
due 01/15/344 |
750,000 |
621,274 |
|
4.50%
due 05/01/32 |
325,000 |
285,935 |
|
Level 3
Financing, Inc. |
|
|
|
3.63%
due 01/15/292,4 |
1,500,000 |
1,267,500 |
|
3.75%
due 07/15/294 |
600,000 |
511,598 |
|
Vmed O2
UK Financing I plc |
|
|
|
4.25%
due 01/31/312,4 |
1,225,000 |
1,084,125 |
|
4.75%
due 07/15/314 |
650,000 |
588,250 |
|
Radiate
Holdco LLC / Radiate Finance, Inc. |
|
|
|
4.50%
due 09/15/262,4 |
1,800,000 |
1,668,582 |
|
TripAdvisor,
Inc. |
|
|
|
7.00%
due 07/15/252,4 |
1,575,000 |
1,629,416 |
|
CSC
Holdings LLC |
|
|
|
4.63%
due 12/01/302,4 |
1,913,000 |
1,501,896 |
See
notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 41
| |
|
|
SCHEDULE
OF INVESTMENTS continued |
May 31,
2022 |
| |
|
|
|
|
Face |
|
|
|
Amount~ |
Value |
|
CORPORATE
BONDS†† – 44.6% (continued) |
|
|
|
Communications
– 5.1% (continued) |
|
|
|
Virgin
Media Secured Finance plc |
|
|
|
4.50%
due 08/15/302,4 |
1,200,000 |
$
1,085,640 |
|
Sirius
XM Radio, Inc. |
|
|
|
3.88%
due 09/01/312,4 |
900,000 |
791,298 |
|
Match
Group Holdings II LLC |
|
|
|
3.63%
due 10/01/314 |
875,000 |
743,488 |
|
Ziggo
BV |
|
|
|
4.88%
due 01/15/304 |
725,000 |
671,386 |
|
Ziggo
Bond Company BV |
|
|
|
5.13%
due 02/28/304 |
500,000 |
444,182 |
|
Total
Communications |
|
76,287,970 |
|
Industrial
– 4.6% |
|
|
|
Boeing
Co. |
|
|
|
5.81%
due 05/01/502 |
9,400,000 |
9,249,205 |
|
New
Enterprise Stone & Lime Company, Inc. |
|
|
|
9.75%
due 07/15/282,4 |
7,717,000 |
7,401,432 |
|
5.25%
due 07/15/282,4 |
2,025,000 |
1,792,062 |
|
Standard
Industries, Inc. |
|
|
|
4.38%
due 07/15/302,4 |
7,050,000 |
6,351,380 |
|
3.38%
due 01/15/312,4 |
1,100,000 |
923,241 |
|
Cleaver-Brooks,
Inc. |
|
|
|
7.88%
due 03/01/232,4 |
5,853,000 |
5,443,290 |
|
Artera
Services LLC |
|
|
|
9.03%
due 12/04/252,4 |
6,290,000 |
4,969,100 |
|
Great
Lakes Dredge & Dock Corp. |
|
|
|
5.25%
due 06/01/292,4 |
3,450,000 |
3,243,000 |
|
Harsco
Corp. |
|
|
|
5.75%
due 07/31/272,4 |
3,624,000 |
3,122,076 |
|
Howmet
Aerospace, Inc. |
|
|
|
3.00%
due 01/15/292 |
1,175,000 |
1,071,765 |
|
5.95%
due 02/01/372 |
875,000 |
874,943 |
|
6.88%
due 05/01/252 |
800,000 |
854,920 |
|
GrafTech
Finance, Inc. |
|
|
|
4.63%
due 12/15/282,4 |
2,785,000 |
2,549,027 |
|
Mauser
Packaging Solutions Holding Co. |
|
|
|
8.50%
due 04/15/244 |
1,700,000 |
1,691,500 |
|
5.50%
due 04/15/242,4 |
800,000 |
790,160 |
|
TransDigm,
Inc. |
|
|
|
8.00%
due 12/15/252,4 |
2,050,000 |
2,138,396 |
|
Ardagh
Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance
plc |
|
|
|
4.00%
due 09/01/292,4 |
2,300,000 |
1,992,962 |
|
Summit
Materials LLC / Summit Materials Finance Corp. |
|
|
|
5.25%
due 01/15/292,4 |
1,775,000 |
1,676,052 |
See
notes to financial statements.
42 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
|
SCHEDULE
OF INVESTMENTS continued |
May 31,
2022 |
| |
|
|
|
|
Face |
|
|
|
Amount~ |
Value |
|
CORPORATE
BONDS†† – 44.6% (continued) |
|
|
|
Industrial
– 4.6% (continued) |
|
|
|
TK
Elevator US Newco, Inc. |
|
|
|
5.25%
due 07/15/272,4 |
1,550,000 |
$
1,511,250 |
|
Builders
FirstSource, Inc. |
|
|
|
4.25%
due 02/01/324 |
1,675,000 |
1,493,631 |
|
JELD-WEN,
Inc. |
|
|
|
6.25%
due 05/15/252,4 |
1,350,000 |
1,356,750 |
|
Brundage-Bone
Concrete Pumping Holdings, Inc. |
|
|
|
6.00%
due 02/01/262,4 |
1,525,000 |
1,305,636 |
|
Deuce
FinCo plc |
|
|
|
5.50%
due 06/15/27 |
GBP
1,200,000 |
1,292,563 |
|
Cellnex
Finance Company S.A. |
|
|
|
3.88%
due 07/07/414 |
1,750,000 |
1,286,093 |
|
Amsted
Industries, Inc. |
|
|
|
4.63%
due 05/15/302,4 |
950,000 |
855,000 |
|
Ball
Corp. |
|
|
|
3.13%
due 09/15/312 |
875,000 |
764,356 |
|
Intertape
Polymer Group, Inc. |
|
|
|
4.38%
due 06/15/294 |
600,000 |
618,000 |
|
Hillenbrand,
Inc. |
|
|
|
5.75%
due 06/15/25 |
325,000 |
333,534 |
|
3.75%
due 03/01/31 |
250,000 |
220,000 |
|
GATX
Corp. |
|
|
|
4.00%
due 06/30/302 |
560,000 |
540,748 |
|
PGT
Innovations, Inc. |
|
|
|
4.38%
due 10/01/294 |
400,000 |
357,781 |
|
TopBuild
Corp. |
|
|
|
4.13%
due 02/15/324 |
400,000 |
352,910 |
|
Arcosa,
Inc. |
|
|
|
4.38%
due 04/15/294 |
350,000 |
318,633 |
|
EnerSys |
|
|
|
4.38%
due 12/15/272,4 |
325,000 |
295,110 |
|
EnPro
Industries, Inc. |
|
|
|
5.75%
due 10/15/26 |
115,000 |
115,000 |
|
Total
Industrial |
|
69,151,506 |
|
Energy
– 3.6% |
|
|
|
Global
Partners Limited Partnership / GLP Finance Corp. |
|
|
|
7.00%
due 08/01/27 |
4,800,000 |
4,663,680 |
|
6.88%
due 01/15/292 |
2,980,000 |
2,803,165 |
|
Occidental
Petroleum Corp. |
|
|
|
6.20%
due 03/15/402 |
2,100,000 |
2,215,500 |
|
7.00%
due 11/15/27 |
2,000,000 |
2,116,410 |
|
4.30%
due 08/15/392 |
2,100,000 |
1,900,500 |
|
4.63%
due 06/15/45 |
750,000 |
678,750 |
See
notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 43
| |
|
|
SCHEDULE
OF INVESTMENTS continued |
May 31,
2022 |
| |
|
|
|
|
Face |
|
|
|
Amount~ |
Value |
|
CORPORATE
BONDS†† – 44.6% (continued) |
|
|
|
Energy
– 3.6% (continued) |
|
|
|
ITT
Holdings LLC |
|
|
|
6.50%
due 08/01/292,4 |
7,950,000 |
$
6,812,355 |
|
BP
Capital Markets plc |
|
|
|
4.88%2,7,8 |
6,750,000 |
6,311,862 |
|
NuStar
Logistics, LP |
|
|
|
6.38%
due 10/01/302 |
5,625,000 |
5,503,500 |
|
5.63%
due 04/28/27 |
200,000 |
200,600 |
|
6.00%
due 06/01/26 |
125,000 |
126,046 |
|
CVR
Energy, Inc. |
|
|
|
5.25%
due 02/15/252,4 |
2,275,000 |
2,235,415 |
|
5.75%
due 02/15/282,4 |
2,100,000 |
1,994,895 |
|
Parkland
Corp. |
|
|
|
4.63%
due 05/01/302,4 |
2,700,000 |
2,434,887 |
|
4.50%
due 10/01/292,4 |
1,300,000 |
1,174,043 |
|
Hess
Corp. |
|
|
|
5.60%
due 02/15/412 |
1,550,000 |
1,578,895 |
|
6.00%
due 01/15/402 |
1,000,000 |
1,062,106 |
|
7.13%
due 03/15/33 |
500,000 |
577,777 |
|
Rattler
Midstream, LP |
|
|
|
5.63%
due 07/15/252,4 |
1,650,000 |
1,687,273 |
|
TransMontaigne
Partners Limited Partnership / TLP Finance Corp. |
|
|
|
6.13%
due 02/15/262 |
1,525,000 |
1,490,078 |
|
Southwestern
Energy Co. |
|
|
|
5.38%
due 02/01/29 |
1,400,000 |
1,408,435 |
|
Exterran
Energy Solutions Limited Partnership / EES Finance
Corp. |
|
|
|
8.13%
due 05/01/252 |
1,201,000 |
1,200,706 |
|
Energy
Transfer, LP |
|
|
|
4.25%
due 04/01/242 |
1,000,000 |
1,006,785 |
|
Buckeye
Partners, LP |
|
|
|
4.35%
due 10/15/24 |
750,000 |
744,551 |
|
Venture
Global Calcasieu Pass LLC |
|
|
|
4.13%
due 08/15/314 |
775,000 |
726,563 |
|
DT
Midstream, Inc. |
|
|
|
4.13%
due 06/15/292,4 |
425,000 |
397,959 |
|
FLNG
Liquefaction 2 LLC |
|
|
|
4.13%
due 03/31/384 |
248,353 |
238,024 |
|
Viper
Energy Partners, LP |
|
|
|
5.38%
due 11/01/272,4 |
200,000 |
198,997 |
|
Basic
Energy Services, Inc. |
|
|
|
due
10/15/239,10 |
1,075,000 |
43,000 |
|
Schahin
II Finance Co. SPV Ltd. |
|
|
|
due
09/25/229,10 |
1,216,133 |
30,403 |
|
Total
Energy |
|
53,563,160 |
See
notes to financial statements.
44 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| |
|
|
SCHEDULE
OF INVESTMENTS continued |
May 31,
2022 |
| |
|
|
|
|
Face |
|
|
|
Amount~ |
Value |
|
CORPORATE
BONDS†† – 44.6% (continued) |
|
|
|
Basic
Materials – 2.4% |
|
|
|
Carpenter
Technology Corp. |
|
|
|
6.38%
due 07/15/282 |
5,225,000 |
$
5,118,488 |
|
7.63%
due 03/15/302 |
2,500,000 |
2,469,018 |
|
SCIL IV
LLC / SCIL USA Holdings LLC |
|
|
|
5.38%
due 11/01/262,4 |
5,875,000 |
5,460,107 |
|
Alcoa
Nederland Holding BV |
|
|
|
5.50%
due 12/15/272,4 |
3,625,000 |
3,644,648 |
|
6.13%
due 05/15/282,4 |
1,475,000 |
1,496,988 |
|
EverArc
Escrow SARL |
|
|
|
5.00%
due 10/30/292,4 |
5,250,000 |
4,567,500 |
|
Clearwater
Paper Corp. |
|
|
|
4.75%
due 08/15/282,4 |
2,547,000 |
2,290,854 |
|
WR
Grace Holdings LLC |
|
|
|
4.88%
due 06/15/272,4 |
2,050,000 |
1,916,279 |
|
Compass
Minerals International, Inc. |
|
|
|
6.75%
due 12/01/272,4 |
1,725,000 |
1,630,209 |
|
Illuminate
Buyer LLC / Illuminate Holdings IV, Inc. |
|
|
|
9.00%
due 07/01/284 |
1,625,000 |
1,430,000 |
|
Kaiser
Aluminum Corp. |
|
|
|
4.63%
due 03/01/284 |
1,000,000 |
919,428 |
|
4.50%
due 06/01/314 |
500,000 |
436,596 |
|
Minerals
Technologies, Inc. |
|
|
|
5.00%
due 07/01/282,4 |
1,350,000 |
1,255,500 |
|
Arconic
Corp. |
|
|
|
6.00%
due 05/15/252,4 |
1,200,000 |
1,227,000 |
|
HB
Fuller Co. |
|
|
|
4.25%
due 10/15/282 |
1,150,000 |
1,036,906 |
|
Diamond
BC BV |
|
|
|
4.63%
due 10/01/294 |
825,000 |
701,250 |
|
Valvoline,
Inc. |
|
|
|
3.63%
due 06/15/314 |
760,000 |
675,163 |
|
Mirabela
Nickel Ltd. |
|
|
|
due
06/24/199,10 |
2,667,995 |
133,400 |
|
Total
Basic Materials |
|
36,409,334 |
|
Technology
– 1.6% |
|
|
|
Minerva
Merger Sub, Inc. |
|
|
|
6.50%
due 02/15/304 |
7,900,000 |
7,248,250 |
|
NCR
Corp. |
|
|
|
5.25%
due 10/01/302,4 |
3,150,000 |
2,895,188 |
|
6.13%
due 09/01/294 |
1,550,000 |
1,473,002 |
|
5.13%
due 04/15/294 |
900,000 |
858,317 |
|
Boxer
Parent Company, Inc. |
|
|
|
7.13%
due 10/02/252,4 |
2,350,000 |
2,301,684 |
See
notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 45
| |
|
|
SCHEDULE
OF INVESTMENTS continued |
May 31,
2022 |
| |
|
|
|
|
Face |
|
|
|
Amount~ |
Value |
|
CORPORATE
BONDS†† – 44.6% (continued) |
|
|
|
Technology
– 1.6% (continued) |
|
|
|
Twilio,
Inc. |
|
|
|
3.88%
due 03/15/312 |
2,000,000 |
$
1,814,660 |
|
Playtika
Holding Corp. |
|
|
|
4.25%
due 03/15/292,4 |
2,025,000 |
1,773,394 |
|
TeamSystem
S.p.A. |
|
|
|
3.50%
due 02/15/28 |
EUR
1,700,000 |
1,650,177 |
|
Dun
& Bradstreet Corp. |
|
|
|
5.00%
due 12/15/292,4 |
1,800,000 |
1,636,866 |
|
Oracle
Corp. |
|
|
|
3.95%
due 03/25/51 |
2,100,000 |
1,601,206 |
|
Change
Healthcare Holdings LLC / Change Healthcare Finance,
Inc. |
|
|
|
5.75%
due 03/01/254 |
370,000 |
367,732 |
|
Booz
Allen Hamilton, Inc. |
|
|
|
4.00%
due 07/01/292,4 |
325,000 |
307,549 |
|
Total
Technology |
|
23,928,025 |
|
Utilities
– 1.5% |
|