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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 number 811-21982
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, 2022 -
May 31, 2023
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:
5.31.2023
Guggenheim Funds Annual Report
Guggenheim Strategic Opportunities Fund
| GuggenheimInvestments.com |
CEF-GOF-AR-0523 |
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, 2023 |
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, 2023 (the “Reporting
Period”).
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
information about the factors that impacted the Fund’s performance during the Reporting Period.
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-adviser seeks 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 0.80% and a total return based on NAV of 2.09%. At the end of the Reporting Period, the Fund’s market price of $15.69
per share represented a premium of 27.15% to its NAV of $12.34 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 13.93% based on the Fund’s closing
market price of $15.69 per share at the end of the Reporting Period.
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 the Distributions to Shareholders & Annualized Distribution
Rate table on page 15, and Note 2(f) on page 84 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 on page 211 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
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 3
| |
|
| DEAR SHAREHOLDER (Unaudited) continued |
May 31, 2023 |
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 for 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, 2023
4 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| |
|
| ECONOMIC AND MARKET OVERVIEW (Unaudited) |
May 31, 2023 |
Caution over the lagged effects of monetary tightening and banking
sector stability led to the U.S. Federal Reserve (the “Fed”) foregoing a hike at the June 2023 meeting, but this dovish decision
was somewhat offset by a projection of two more hikes during 2023. We see a hike in July as a very high probability, and we believe the
odds the Fed will need to deliver a second hike are rising as financial conditions ease and evidence mounts of some resurgence in the
housing market. The Fed is wary of letting financial conditions ease too far and too fast, which could undo the economic impact of the
aggressive rate hikes to-date.
Market hopes for a soft landing seem to have risen as some progress
is being made on inflation and the labor market has stayed resilient. We continue to see an elevated probability of a recession starting
this year as the Fed continues to explicitly target a weaker labor market, and believe several leading indicators point to rising unemployment
later this year as backlogs in hiring are alleviated and employers may resort to layoffs after aggressively shedding hours this year.
Consumption also faces headwinds from dwindling excess savings buffers and services consumption that has now returned to trend, indicating
the boost from pent up demand may be behind us.
With pressure still on the banking sector, we expect a further
tightening in bank lending standards resulting in a further slowdown in credit growth. Business investment may slow further as a result.
Because private sector balance sheets appear to us to be generally
healthy in the aggregate and the economy lacks major imbalances, we do not expect a particularly deep recession. Additionally, two of
the most cyclical sectors, housing, and autos, are out of sync with the broader cycle and could be smaller drags than is typical during
a recession.
Inflation may trend lower over the next year, helped by housing-related
inflation cooling. Services inflation outside of shelter is the main concern for the Fed, but a softening labor market and slowing wage
growth could gradually bring this category down as well. We expect core inflation to fall close to 2% in 2024. As evidence mounts that
inflation is heading back toward target and the rise in unemployment gets more substantial, we could see large rate cuts in 2024 and early
2025.
The opinions and forecasts expressed may not actually come to
pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation
of any specific security or strategy.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 5
| |
|
| MANAGEMENT’S DISCUSSION OF |
|
| FUND PERFORMANCE (Unaudited) |
May 31, 2023 |
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”).1
This team includes Anne B. Walsh, CFA, JD, Managing Partner, Chief
Investment Officer of GPIM and Portfolio Manager; Steven H. Brown, CFA, Chief Investment Officer - Total Return and Macro Strategies,
and Senior Managing Director and Portfolio Manager; Adam J. Bloch, Managing Director and Portfolio Manager; and Evan L. Serdensky, Director
and Portfolio Manager.
Discuss the Fund’s return and return of comparative indices
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 0.80% and a total return based on NAV of 2.09%. At the end of the Reporting Period, the Fund’s market price of $15.69
per share represented a premium of 27.15% to its NAV of $12.34 per share. At the beginning of the Reporting Period, 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 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 12 for additional information about the Fund's performance.
The returns for the Reporting Period of indices tracking performance
of the asset classes to which the Fund allocates the largest of its investments were:
| |
|
| Index |
Total Return |
| Bloomberg U.S. Aggregate Bond Index |
-2.14% |
| Bloomberg U.S. Corporate Bond Index |
-1.69% |
| Bloomberg U.S. Corporate High Yield Index |
0.05% |
| Credit Suisse Leveraged Loan Index |
5.47% |
| ICE Bank of America (“BofA”) Asset Backed Security Master BBB-AA Index |
1.33% |
| NASDAQ 100 Index |
13.77% |
| Russell 2000 Index |
2.91% |
| Standard & Poor’s 500 (“S&P 500”) Index |
-4.66% |
| 1 | | Guggenheim Partners Advisors, LLC (“GPA”) also served as an investment sub-adviser
to the Fund during the Reporting Period. GPA was terminated as an investment sub-adviser to the Fund effective December 22, 2022. |
6 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| |
|
| MANAGEMENT’S DISCUSSION OF |
|
| FUND PERFORMANCE (Unaudited) continued |
May 31, 2023 |
Discuss the Fund’s 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 13.93% based on the Fund’s closing
market price of $15.69 per share at the end of the Reporting Period.
The distribution paid consisted of (i) investment company taxable
income taxed as ordinary income, which includes, among other things, short-term capital gain and income from certain hedging and interest
rate transactions, (ii) long-term capital gain and (iii) return of capital.
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 15, and Note 2(f) on page 84 for more information on distributions for the period.
| Payable Date |
Amount |
| June 30, 2022 |
$0.1821 |
| July 29, 2022 |
$0.1821 |
| August 31, 2022 |
$0.1821 |
| September 30, 2022 |
$0.1821 |
| October 31, 2022 |
$0.1821 |
| November 30, 2022 |
$0.1821 |
| December 31, 2022 |
$0.1821 |
| January 31, 2023 |
$0.1821 |
| February 28, 2023 |
$0.1821 |
| March 31, 2023 |
$0.1821 |
| April 30, 2023 |
$0.1821 |
| May 31, 2023 |
$0.1821 |
| Total |
$2.1852 |
What factors contributed or detracted from the Fund’s
Performance during the Reporting Period?
The Reporting Period was marked by a rise in interest rates and
accompanying interest rate volatility. Duration detracted nearly 400 basis points during the period given the rapid rise in interest rates
amid an unprecedented pace of tightening of monetary policy. Additionally, as rates rose, credit spreads widened as risk assets sold off
in response to higher rate volatility and elevated recessionary risks from tighter financial conditions. Credit spread widening detracted
roughly 350 basis points from overall performance. Performance contributors included the Fund’s high degree of carry, or earned
income, which offset the mark-to-market impacts from duration and spread widening.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 7
| |
|
| MANAGEMENT’S DISCUSSION OF |
|
| FUND PERFORMANCE (Unaudited) continued |
May 31, 2023 |
Discuss the Fund’s Use of Leverage
At the end of the Reporting Period, the Fund’s leverage was
approximately 19% of Managed Assets, compared with about 24% 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.
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.
The Fund's use of leverage during the Reporting Period benefited
performance.
Investments in Investment Funds (as defined in the Additional Information
Regarding the Fund section, which begins on page 130) frequently expose the Fund to an additional layer of financial leverage and the
associated risks, such as the magnified effect of any losses.
How did the Fund use derivatives during the Reporting Period?
The Fund used a variety of derivatives during the Reporting Period,
both to gain market exposure, as well as to hedge certain exposures. Derivatives used for hedging mostly generated positive performance.
Foreign currency forwards, used to hedge non-USD exposures, contributed positively as the dollar strengthened versus both the euro and
the pound. Call writing on equities contributed positive performance and the equity put spreads, which were initiated to partially protect
against drawdowns in risk assets, also contributed positive performance. The Fund utilized credit default swaps to hedge broader credit
risks. This position was broadly flat during the period. Lastly, the Fund employed curve caps to hedge against moves in the yield curve;
the performance from these positions over the Reporting Period was negligible.
How was the Fund positioned at the end of the Reporting Period?
Though we appear to be nearing the end of the interest rate hiking
cycle that started over a year ago, we believe the long and variable lag effects of said tightening are just beginning to percolate through
to the real economy. It is our view that the probability of a recession starting within the next year remains high. With that outlook,
we have seen risk asset valuations remain volatile, and we expect this
8 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| |
|
| MANAGEMENT’S DISCUSSION OF |
|
| FUND PERFORMANCE (Unaudited) continued |
May 31, 2023 |
volatility to persist in the second half of 2023. Nonetheless,
credit markets continue to trade higher and credit spreads continue to grind tighter. Even as fixed income has broadly performed well,
equity markets have materially outperformed and are within ~10% of all-time highs. Given our outlook and the historical relationship between
the two asset classes, one of which is near its all-time highs, the Fund strategically rotated out of equities on their recent strength
and into fixed income. During the period, the Fund reduced exposure to lower quality credit, which we view as having larger drawdown potential
against the backdrop of an economic slowdown, and rotated into higher rated credit, particularly within structured credit. With heightened
uncertainty during the Reporting Period, we saw an opportunity to prioritize quality, in the forms of sector preference, seniority in
capital structure, and lending terms. A defensive posture does not necessarily mean sacrificing returns and we believe that for many sectors
there is significant excess spread to compensate for potential costs of rising credit risk. Our portfolio allocations shifted to reflect
an up-in-quality strategy, using market strength as an opportunity to increase diversification and add primarily to higher grade credit
sectors. Higher yields at the short end of the curve lowered the opportunity cost of short-term investments, and we built the Fund's allocation
to such holdings, which not only maintained the Fund's return profile, but it also provided the necessary dry powder for us to become
a source of opportunistic capital at the appropriate time.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 9
| |
|
| MANAGEMENT’S DISCUSSION OF |
|
| FUND PERFORMANCE (Unaudited) continued |
May 31, 2023 |
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”)
Index 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.
10 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| |
|
| MANAGEMENT’S DISCUSSION OF |
|
| FUND PERFORMANCE (Unaudited) continued |
May 31, 2023 |
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
objectives. 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. Certain of these risk factors are described in the Additional Information Regarding the Fund section, which begins on page
130. Please see the Fund’s Prospectus, Statement of Additional Information (SAI), most recent annual report on Form N-CSR and guggenheiminvestments.com/gof
for a more detailed description of the risks of investing in the Fund. Shareholders may access the Fund’s Prospectus, SAI and most
recent annual report 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.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 11
| |
|
| FUND SUMMARY (Unaudited) |
May 31, 2023 |
| Fund Statistics |
|
| Market Price |
$15.69 |
| Net Asset Value |
$12.34 |
| Premium to NAV |
27.15% |
| Net Assets ($000) |
$1,473,694 |
*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, 2023 |
|
|
|
| |
One |
Three |
Five |
Ten |
| |
Year |
Year |
Year |
Year |
| Guggenheim Strategic Opportunities Fund |
|
|
|
|
| NAV |
2.09% |
7.63% |
5.02% |
7.44% |
| Market |
0.80% |
12.31% |
6.47% |
8.79% |
| Bloomberg U.S. Aggregate |
|
|
|
|
| Bond Index |
(2.14%) |
(3.65%) |
0.81% |
1.39% |
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 unmanaged and not available for direct
investment. Index performance does not reflect transaction costs, fees or expenses.
12 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| FUND SUMMARY (Unaudited) |
May 31, 2023 |
| Portfolio Breakdown |
% of Net Assets |
| Investments |
|
| Corporate Bonds |
46.6% |
| Senior Floating Rate Interests |
29.5% |
| Asset-Backed Securities |
17.9% |
| Common Stocks |
7.6% |
| Preferred Stocks |
6.3% |
| Collateralized Mortgage Obligations |
5.1% |
| Exchange-Traded Funds |
3.4% |
| Closed-End Funds |
2.4% |
| U.S. Government Securities |
1.2% |
| Money Market Funds |
1.2% |
| Other |
0.4% |
| Total Investments |
121.6% |
| Options Written |
(0.2%) |
| Other Assets & Liabilities, net |
(21.4%) |
| Net Assets |
100.0% |
| Ten Largest Holdings |
% of Net Assets |
| SPDR S&P 500 ETF Trust |
1.2% |
| Invesco QQQ Trust Series |
1.1% |
| Madison Park Funding LIII Ltd., 11.06% |
1.1% |
| iShares Russell 2000 Index ETF |
1.1% |
| Sprite Ltd., 3.75% |
0.8% |
| U.S. Treasury Bonds due 08/15/51 |
0.8% |
| Delta Air Lines, Inc., 7.00% |
0.7% |
| Morgan Stanley Finance LLC, 0.50% |
0.7% |
| CIFC Funding Ltd., 12.25% |
0.7% |
| Boeing Co., 5.81% |
0.6% |
| Top Ten Total |
8.8% |
“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.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 13
| |
|
| FUND SUMMARY (Unaudited) continued |
May 31, 2023 |
| Portfolio Composition by Quality Rating1 |
|
| |
| |
% of Total |
| Rating |
Investments |
| Fixed Income Investments |
|
| AAA |
2.7% |
| AA |
0.4% |
| A |
5.5% |
| BBB |
11.9% |
| BB |
20.5% |
| B |
27.9% |
| CCC |
4.4% |
| CC |
0.1% |
| C |
0.1% |
| NR2 |
9.5% |
| Other Investments |
17.0% |
| 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. |
14 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| |
|
| FUND SUMMARY (Unaudited) continued |
May 31, 2023 |
All or a portion of the above distributions is characterized
as a return of capital (and not net investment income or profit). For the year ended May 31, 2023, 34.7% of the distributions were characterized
as ordinary income, 8.2% of the distributions were characterized as long-term capital gains and 57.1% of the distributions were characterized
as return of capital. The final determination of the tax character of the distributions paid by the Fund in 2023 will be reported to
shareholders in January 2024.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 15
| |
|
| SCHEDULE OF INVESTMENTS |
May 31, 2023 |
| |
Shares |
Value |
| COMMON STOCKS† – 7.6% |
|
|
| Consumer, Non-cyclical – 1.6% |
|
|
| Dentsply Sirona, Inc.1 |
9,569 |
$ 345,632 |
| Intuitive Surgical, Inc.*,1 |
913 |
281,058 |
| Eli Lilly & Co.1 |
651 |
279,578 |
| DaVita, Inc.*,1 |
2,747 |
257,311 |
| Verisk Analytics, Inc. — Class A1 |
1,139 |
249,566 |
| McCormick & Company, Inc.1 |
2,891 |
247,845 |
| CoStar Group, Inc.*,1 |
3,058 |
242,805 |
| Molson Coors Beverage Co. — Class B1 |
3,922 |
242,576 |
| Monster Beverage Corp.*,1 |
4,096 |
240,108 |
| McKesson Corp.1 |
610 |
238,412 |
| FleetCor Technologies, Inc.*,1 |
1,047 |
237,198 |
| Cardinal Health, Inc.1 |
2,882 |
237,189 |
| Biogen, Inc.*,1 |
800 |
237,128 |
| Constellation Brands, Inc. — Class A1 |
968 |
235,195 |
| Cooper Companies, Inc.1 |
632 |
234,807 |
| Lamb Weston Holdings, Inc.1 |
2,101 |
233,631 |
| AmerisourceBergen Corp. — Class A1 |
1,371 |
233,276 |
| Bio-Techne Corp.1 |
2,850 |
233,101 |
| Rollins, Inc.1 |
5,917 |
232,656 |
| Edwards Lifesciences Corp.*,1 |
2,760 |
232,475 |
| Mondelez International, Inc. — Class A1 |
3,161 |
232,049 |
| Quanta Services, Inc.1 |
1,304 |
231,564 |
| STERIS plc1 |
1,156 |
231,165 |
| Vertex Pharmaceuticals, Inc.*,1 |
714 |
231,029 |
| S&P Global, Inc.1 |
629 |
230,988 |
| Universal Health Services, Inc. — Class B1 |
1,743 |
230,303 |
| Moody’s Corp.1 |
720 |
228,154 |
| Boston Scientific Corp.*,1 |
4,414 |
227,233 |
| Cintas Corp.1 |
479 |
226,155 |
| Church & Dwight Company, Inc.1 |
2,446 |
226,133 |
| Kimberly-Clark Corp.1 |
1,677 |
225,187 |
| Hershey Co.1 |
863 |
224,121 |
| Gartner, Inc.*,1 |
653 |
223,888 |
| Dexcom, Inc.*,1 |
1,904 |
223,263 |
| Equifax, Inc.1 |
1,062 |
221,555 |
| Medtronic plc1 |
2,674 |
221,300 |
| General Mills, Inc.1 |
2,613 |
219,910 |
| HCA Healthcare, Inc.1 |
832 |
219,806 |
| Baxter International, Inc.1 |
5,396 |
219,725 |
See notes to financial statements.
16 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| |
|
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
|
|
| |
Shares |
Value |
| COMMON STOCKS† – 7.6% (continued) |
|
|
| Consumer, Non-cyclical – 1.6% (continued) |
|
|
| West Pharmaceutical Services, Inc.1 |
652 |
$ 218,179 |
| GE HealthCare Technologies, Inc.1 |
2,737 |
217,619 |
| PepsiCo, Inc.1 |
1,192 |
217,361 |
| UnitedHealth Group, Inc.1 |
446 |
217,309 |
| Clorox Co.1 |
1,366 |
216,074 |
| Teleflex, Inc.1 |
920 |
215,970 |
| Becton Dickinson and Co.1 |
893 |
215,892 |
| Abbott Laboratories1 |
2,116 |
215,832 |
| Molina Healthcare, Inc.*,1 |
785 |
215,011 |
| Humana, Inc.1 |
428 |
214,800 |
| Kellogg Co.1 |
3,211 |
214,399 |
| Colgate-Palmolive Co.1 |
2,877 |
213,991 |
| Stryker Corp.1 |
775 |
213,575 |
| Procter & Gamble Co.1 |
1,495 |
213,038 |
| Zimmer Biomet Holdings, Inc.1 |
1,661 |
211,512 |
| Merck & Company, Inc.1 |
1,905 |
210,331 |
| ResMed, Inc.1 |
997 |
210,158 |
| Johnson & Johnson1 |
1,353 |
209,796 |
| IDEXX Laboratories, Inc.*,1 |
451 |
209,611 |
| Hologic, Inc.*,1 |
2,641 |
208,348 |
| Illumina, Inc.*,1 |
1,057 |
207,859 |
| Zoetis, Inc.1 |
1,270 |
207,023 |
| Coca-Cola Co.1 |
3,465 |
206,722 |
| Kraft Heinz Co.1 |
5,407 |
206,656 |
| Brown-Forman Corp. — Class B1 |
3,335 |
206,003 |
| Bunge Ltd.1 |
2,217 |
205,383 |
| IQVIA Holdings, Inc.*,1 |
1,040 |
204,786 |
| Conagra Brands, Inc.1 |
5,860 |
204,338 |
| J M Smucker Co.1 |
1,387 |
203,320 |
| Quest Diagnostics, Inc.1 |
1,527 |
202,557 |
| Regeneron Pharmaceuticals, Inc.*,1 |
275 |
202,279 |
| Elevance Health, Inc.1 |
451 |
201,967 |
| Bristol-Myers Squibb Co.1 |
3,122 |
201,182 |
| Automatic Data Processing, Inc.1 |
961 |
200,839 |
| Insulet Corp.*,1 |
732 |
200,751 |
| Global Payments, Inc.1 |
2,051 |
200,362 |
| Hormel Foods Corp.1 |
5,236 |
200,277 |
| Amgen, Inc.1 |
900 |
198,585 |
| Gilead Sciences, Inc.1 |
2,580 |
198,505 |
| Pfizer, Inc.1 |
5,208 |
198,008 |
| Campbell Soup Co.1 |
3,907 |
197,499 |
See notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 17
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
Shares |
Value |
| COMMON STOCKS† – 7.6% (continued) |
|
|
| Consumer, Non-cyclical – 1.6% (continued) |
|
|
| Kroger Co.1 |
4,355 |
$ 197,412 |
| Henry Schein, Inc.*,1 |
2,663 |
196,796 |
| Revvity, Inc.1 |
1,706 |
196,736 |
| Centene Corp.*,1 |
3,151 |
196,654 |
| Danaher Corp.1 |
856 |
196,555 |
| Sysco Corp.1 |
2,805 |
196,210 |
| Laboratory Corporation of America Holdings1 |
922 |
195,953 |
| Charles River Laboratories International, Inc.*,1 |
1,013 |
195,894 |
| Altria Group, Inc.1 |
4,401 |
195,493 |
| Avery Dennison Corp.1 |
1,201 |
193,517 |
| Thermo Fisher Scientific, Inc.1 |
377 |
191,689 |
| Moderna, Inc.*,1 |
1,483 |
189,394 |
| Archer-Daniels-Midland Co.1 |
2,676 |
189,059 |
| AbbVie, Inc.1 |
1,370 |
189,005 |
| Philip Morris International, Inc.1 |
2,086 |
187,761 |
| Viatris, Inc.1 |
20,515 |
187,712 |
| Corteva, Inc.1 |
3,484 |
186,359 |
| Keurig Dr Pepper, Inc.1 |
5,978 |
186,035 |
| Align Technology, Inc.*,1 |
656 |
185,425 |
| Cigna Group1 |
744 |
184,073 |
| Tyson Foods, Inc. — Class A1 |
3,600 |
182,304 |
| CVS Health Corp.1 |
2,661 |
181,028 |
| Organon & Co.1 |
9,045 |
175,382 |
| Incyte Corp.*,1 |
2,849 |
175,356 |
| PayPal Holdings, Inc.*,1 |
2,794 |
173,200 |
| Robert Half International, Inc.1 |
2,650 |
172,303 |
| Waters Corp.*,1 |
673 |
169,071 |
| MarketAxess Holdings, Inc.1 |
592 |
161,267 |
| Bio-Rad Laboratories, Inc. — Class A*,1 |
429 |
160,167 |
| Estee Lauder Companies, Inc. — Class A1 |
868 |
159,738 |
| United Rentals, Inc.1 |
478 |
159,552 |
| Cengage Learning Holdings II, Inc.*,†† |
11,126 |
119,048 |
| Catalent, Inc.*,1 |
3,020 |
112,435 |
| Save-A-Lot*,†† |
40,316 |
10,402 |
| Total Consumer, Non-cyclical |
|
23,747,767 |
| Financial – 1.5% |
|
|
| AfterNext HealthTech Acquisition Corp. — Class A*,1,2 |
107,300 |
1,106,263 |
| Conyers Park III Acquisition Corp. — Class A*,1,2 |
99,600 |
1,014,924 |
| Acropolis Infrastructure Acquisition Corp. — Class A*,2 |
98,300 |
1,003,643 |
| Waverley Capital Acquisition Corp. 1 — Class A*,2 |
93,900 |
968,109 |
| Blue Whale Acquisition Corp. I — Class A*,2 |
57,300 |
578,730 |
See notes to financial statements.
18 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| |
|
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
Shares |
Value |
| COMMON STOCKS† – 7.6% (continued) |
|
|
| Financial – 1.5% (continued) |
|
|
| Brown & Brown, Inc.1 |
3,735 |
$ 232,803 |
| Invitation Homes, Inc. REIT1 |
6,779 |
229,672 |
| Equinix, Inc. REIT1 |
308 |
229,629 |
| Cboe Global Markets, Inc.1 |
1,729 |
228,954 |
| Intercontinental Exchange, Inc.1 |
2,151 |
227,898 |
| Marsh & McLennan Companies, Inc.1 |
1,305 |
226,000 |
| Welltower, Inc. REIT1 |
3,024 |
225,621 |
| Arthur J Gallagher & Co.1 |
1,122 |
224,770 |
| Prologis, Inc. REIT1 |
1,754 |
218,461 |
| Capital One Financial Corp.1 |
2,089 |
217,695 |
| Berkshire Hathaway, Inc. — Class B*,1 |
676 |
217,050 |
| Nasdaq, Inc.1 |
3,900 |
215,865 |
| Mastercard, Inc. — Class A1 |
591 |
215,727 |
| AvalonBay Communities, Inc. REIT1 |
1,239 |
215,561 |
| Aon plc — Class A1 |
697 |
214,878 |
| Arch Capital Group Ltd.*,1 |
3,080 |
214,676 |
| Host Hotels & Resorts, Inc. REIT1 |
12,902 |
214,173 |
| Iron Mountain, Inc. REIT1 |
3,997 |
213,520 |
| Equity Residential REIT1 |
3,509 |
213,347 |
| BlackRock, Inc. — Class A1 |
323 |
212,389 |
| Assurant, Inc.1 |
1,757 |
210,822 |
| CME Group, Inc. — Class A1 |
1,174 |
209,853 |
| Essex Property Trust, Inc. REIT1 |
971 |
209,794 |
| Visa, Inc. — Class A1 |
949 |
209,757 |
| T. Rowe Price Group, Inc.1 |
1,953 |
209,283 |
| JPMorgan Chase & Co.1 |
1,535 |
208,315 |
| Public Storage REIT1 |
729 |
206,526 |
| Discover Financial Services1 |
2,008 |
206,302 |
| Aflac, Inc.1 |
3,204 |
205,729 |
| Digital Realty Trust, Inc. REIT1 |
2,001 |
205,022 |
| American International Group, Inc.1 |
3,860 |
203,924 |
| UDR, Inc. REIT1 |
5,139 |
203,864 |
| Ameriprise Financial, Inc.1 |
680 |
202,960 |
| Goldman Sachs Group, Inc.1 |
626 |
202,761 |
| Mid-America Apartment Communities, Inc. REIT1 |
1,376 |
202,355 |
| Kimco Realty Corp. REIT1 |
10,924 |
200,783 |
| Camden Property Trust REIT1 |
1,919 |
200,478 |
| Loews Corp.1 |
3,577 |
200,312 |
| Hartford Financial Services Group, Inc.1 |
2,922 |
200,216 |
| VICI Properties, Inc. REIT1 |
6,435 |
199,035 |
See notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 19
| |
|
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
Shares |
Value |
| COMMON STOCKS† – 7.6% (continued) |
|
|
| Financial – 1.5% (continued) |
|
|
| Realty Income Corp. REIT1 |
3,342 |
$ 198,648 |
| Ventas, Inc. REIT1 |
4,593 |
198,142 |
| American Tower Corp. — Class A REIT1 |
1,073 |
197,904 |
| Synchrony Financial1 |
6,385 |
197,680 |
| Travelers Companies, Inc.1 |
1,168 |
197,672 |
| Wells Fargo & Co.1 |
4,960 |
197,458 |
| Regency Centers Corp. REIT1 |
3,502 |
197,058 |
| Weyerhaeuser Co. REIT1 |
6,870 |
196,894 |
| American Express Co.1 |
1,238 |
196,297 |
| CBRE Group, Inc. — Class A*,1 |
2,617 |
196,066 |
| Everest Re Group Ltd.1 |
575 |
195,512 |
| Raymond James Financial, Inc.1 |
2,163 |
195,427 |
| Willis Towers Watson plc1 |
888 |
194,339 |
| Simon Property Group, Inc. REIT1 |
1,840 |
193,476 |
| Extra Space Storage, Inc. REIT1 |
1,336 |
192,745 |
| Chubb Ltd.1 |
1,034 |
192,117 |
| Healthpeak Properties, Inc. REIT1 |
9,577 |
191,157 |
| SBA Communications Corp. REIT1 |
854 |
189,400 |
| Bank of America Corp.1 |
6,777 |
188,333 |
| Allstate Corp.1 |
1,736 |
188,269 |
| Citigroup, Inc.1 |
4,244 |
188,094 |
| Federal Realty Investment Trust REIT1 |
2,126 |
187,513 |
| Progressive Corp.1 |
1,458 |
186,493 |
| Morgan Stanley1 |
2,278 |
186,249 |
| Globe Life, Inc.1 |
1,800 |
185,724 |
| M&T Bank Corp.1 |
1,557 |
185,532 |
| Charles Schwab Corp.1 |
3,495 |
184,152 |
| Alexandria Real Estate Equities, Inc. REIT1 |
1,618 |
183,578 |
| Crown Castle, Inc. REIT1 |
1,617 |
183,061 |
| Prudential Financial, Inc.1 |
2,317 |
182,325 |
| W R Berkley Corp.1 |
3,274 |
182,296 |
| Invesco Ltd.1 |
12,501 |
179,764 |
| Franklin Resources, Inc.1 |
7,441 |
178,658 |
| Cincinnati Financial Corp.1 |
1,822 |
175,823 |
| Regions Financial Corp.1 |
10,116 |
174,703 |
| State Street Corp.1 |
2,568 |
174,675 |
| Principal Financial Group, Inc.1 |
2,664 |
174,385 |
| Bank of New York Mellon Corp.1 |
4,336 |
174,307 |
| Boston Properties, Inc. REIT1 |
3,571 |
173,801 |
| Northern Trust Corp.1 |
2,416 |
173,759 |
See notes to financial statements.
20 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| |
|
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
Shares |
Value |
| COMMON STOCKS† – 7.6% (continued) |
|
|
| Financial – 1.5% (continued) |
|
|
| PNC Financial Services Group, Inc.1 |
1,496 |
$ 173,282 |
| Lincoln National Corp.1 |
7,995 |
167,255 |
| Fifth Third Bancorp1 |
6,755 |
163,944 |
| MetLife, Inc.1 |
3,289 |
162,970 |
| Truist Financial Corp.1 |
5,282 |
160,943 |
| Huntington Bancshares, Inc.1 |
15,344 |
158,197 |
| Citizens Financial Group, Inc.1 |
5,957 |
153,571 |
| U.S. Bancorp1 |
5,050 |
150,995 |
| Zions Bancorp North America1 |
5,084 |
138,742 |
| Comerica, Inc.1 |
3,488 |
125,917 |
| KeyCorp1 |
13,100 |
122,354 |
| Pershing Square Tontine Holdings, Ltd. — Class A*,†††,2 |
1,042,740 |
104 |
| Sparta Systems*,††† |
1,922 |
– |
| Total Financial |
|
22,366,209 |
| Consumer, Cyclical – 1.0% |
|
|
| ATD New Holdings, Inc.*,††,1 |
23,595 |
1,120,685 |
| Norwegian Cruise Line Holdings Ltd.*,1 |
25,392 |
377,071 |
| Exide Technologies*,††† |
342 |
341,710 |
| Chipotle Mexican Grill, Inc. — Class A*,1 |
132 |
274,097 |
| Copart, Inc.*,1 |
2,999 |
262,682 |
| PulteGroup, Inc.1 |
3,837 |
253,549 |
| Royal Caribbean Cruises Ltd.*,1 |
3,068 |
248,416 |
| Hasbro, Inc.1 |
4,169 |
247,430 |
| Live Nation Entertainment, Inc.*,1 |
3,078 |
246,055 |
| Tesla, Inc.*,1 |
1,183 |
241,249 |
| Carnival Corp.*,1 |
21,171 |
237,750 |
| DR Horton, Inc.1 |
2,180 |
232,911 |
| CarMax, Inc.*,1 |
3,219 |
232,444 |
| Darden Restaurants, Inc.1 |
1,425 |
225,891 |
| O’Reilly Automotive, Inc.*,1 |
250 |
225,827 |
| Lennar Corp. — Class A1 |
2,107 |
225,702 |
| McDonald’s Corp.1 |
783 |
223,241 |
| Costco Wholesale Corp.1 |
435 |
222,529 |
| Walmart, Inc.1 |
1,498 |
220,011 |
| NVR, Inc.*,1 |
39 |
216,614 |
| Fastenal Co.1 |
3,982 |
214,431 |
| TJX Companies, Inc.1 |
2,761 |
212,017 |
| Yum! Brands, Inc.1 |
1,647 |
211,952 |
| Lowe’s Companies, Inc.1 |
1,043 |
209,779 |
| Marriott International, Inc. — Class A1 |
1,247 |
209,234 |
See notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 21
| |
|
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
Shares |
Value |
| COMMON STOCKS† – 7.6% (continued) |
|
|
| Consumer, Cyclical – 1.0% (continued) |
|
|
| Ross Stores, Inc.1 |
1,969 |
$ 204,028 |
| Ford Motor Co.1 |
16,954 |
203,448 |
| Home Depot, Inc.1 |
716 |
202,950 |
| AutoZone, Inc.*,1 |
85 |
202,881 |
| Whirlpool Corp.1 |
1,561 |
201,822 |
| Starbucks Corp.1 |
2,064 |
201,529 |
| Las Vegas Sands Corp.*,1 |
3,650 |
201,225 |
| Delta Air Lines, Inc.*,1 |
5,507 |
200,069 |
| Alaska Air Group, Inc.*,1 |
4,450 |
199,938 |
| Hilton Worldwide Holdings, Inc.1 |
1,460 |
198,735 |
| Tapestry, Inc.1 |
4,960 |
198,499 |
| LKQ Corp.1 |
3,757 |
198,182 |
| Domino’s Pizza, Inc.1 |
683 |
197,967 |
| Dollar Tree, Inc.*,1 |
1,462 |
197,195 |
| WW Grainger, Inc.1 |
303 |
196,653 |
| American Airlines Group, Inc.*,1 |
13,270 |
196,131 |
| PACCAR, Inc.1 |
2,837 |
195,129 |
| Bath & Body Works, Inc.1 |
5,503 |
193,926 |
| Ralph Lauren Corp. — Class A1 |
1,810 |
192,421 |
| United Airlines Holdings, Inc.*,1 |
4,025 |
191,047 |
| Dollar General Corp.1 |
949 |
190,834 |
| BorgWarner, Inc.1 |
4,279 |
189,688 |
| Best Buy Company, Inc.1 |
2,610 |
189,669 |
| Tractor Supply Co.1 |
903 |
189,260 |
| MGM Resorts International1 |
4,807 |
188,867 |
| Genuine Parts Co.1 |
1,259 |
187,503 |
| Walgreens Boots Alliance, Inc.1 |
6,168 |
187,322 |
| Southwest Airlines Co.1 |
6,260 |
186,986 |
| Wynn Resorts Ltd.1 |
1,894 |
186,938 |
| Pool Corp.1 |
589 |
186,259 |
| NIKE, Inc. — Class B1 |
1,746 |
183,784 |
| General Motors Co.1 |
5,617 |
182,047 |
| Caesars Entertainment, Inc.*,1 |
4,336 |
177,820 |
| Cummins, Inc.1 |
848 |
173,340 |
| Target Corp.1 |
1,297 |
169,816 |
| Aptiv plc*,1 |
1,847 |
162,684 |
| VF Corp.1 |
9,419 |
162,195 |
| Ulta Beauty, Inc.*,1 |
394 |
161,473 |
| Newell Brands, Inc.1 |
16,760 |
139,276 |
| Advance Auto Parts, Inc.1 |
1,602 |
116,770 |
| Total Consumer, Cyclical |
|
14,419,583 |
See notes to financial statements.
22 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| |
|
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
Shares |
Value |
| COMMON STOCKS† – 7.6% (continued) |
|
|
| Industrial – 0.9% |
|
|
| Schur Flexibles GesmbH*,†† |
660 |
$ 240,812 |
| Martin Marietta Materials, Inc.1 |
601 |
239,222 |
| Vulcan Materials Co.1 |
1,212 |
236,946 |
| General Electric Co.1 |
2,254 |
228,849 |
| Republic Services, Inc. — Class A1 |
1,615 |
228,733 |
| Garmin Ltd.1 |
2,158 |
222,598 |
| Waste Management, Inc.1 |
1,374 |
222,478 |
| FedEx Corp.1 |
1,020 |
222,340 |
| TransDigm Group, Inc.1 |
286 |
221,264 |
| AMETEK, Inc.1 |
1,512 |
219,346 |
| Pentair plc1 |
3,894 |
216,000 |
| Keysight Technologies, Inc.*,1 |
1,328 |
214,870 |
| Howmet Aerospace, Inc.1 |
5,023 |
214,733 |
| CSX Corp.1 |
6,956 |
213,341 |
| Snap-on, Inc.1 |
854 |
212,526 |
| Eaton Corporation plc1 |
1,205 |
211,959 |
| Expeditors International of Washington, Inc.1 |
1,910 |
210,692 |
| Nordson Corp.1 |
963 |
209,866 |
| Ingersoll Rand, Inc.1 |
3,680 |
208,509 |
| Boeing Co.*,1 |
1,010 |
207,757 |
| Xylem, Inc.1 |
2,073 |
207,715 |
| Fortive Corp.1 |
3,185 |
207,375 |
| Honeywell International, Inc.1 |
1,061 |
203,288 |
| Norfolk Southern Corp.1 |
975 |
202,975 |
| Amphenol Corp. — Class A1 |
2,682 |
202,357 |
| TE Connectivity Ltd.1 |
1,647 |
201,725 |
| Union Pacific Corp.1 |
1,046 |
201,376 |
| Allegion plc1 |
1,908 |
199,844 |
| Ball Corp.1 |
3,905 |
199,780 |
| Johnson Controls International plc1 |
3,338 |
199,279 |
| Huntington Ingalls Industries, Inc.1 |
986 |
198,561 |
| Otis Worldwide Corp.1 |
2,497 |
198,536 |
| A O Smith Corp.1 |
3,104 |
198,470 |
| Trimble, Inc.*,1 |
4,249 |
198,301 |
| Masco Corp.1 |
4,095 |
197,870 |
| Rockwell Automation, Inc.1 |
710 |
197,806 |
| Generac Holdings, Inc.*,1 |
1,813 |
197,472 |
| Raytheon Technologies Corp.1 |
2,137 |
196,903 |
| Jacobs Solutions, Inc.1 |
1,782 |
195,307 |
| J.B. Hunt Transport Services, Inc.1 |
1,169 |
195,188 |
See notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 23
| |
|
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
Shares |
Value |
| COMMON STOCKS† – 7.6% (continued) |
|
|
| Industrial – 0.9% (continued) |
|
|
| Illinois Tool Works, Inc.1 |
891 |
$ 194,888 |
| Northrop Grumman Corp.1 |
446 |
194,229 |
| Parker-Hannifin Corp.1 |
606 |
194,187 |
| Emerson Electric Co.1 |
2,497 |
193,967 |
| Teledyne Technologies, Inc.*,1 |
497 |
193,159 |
| Mohawk Industries, Inc.*,1 |
2,096 |
192,916 |
| Westrock Co.1 |
6,882 |
192,765 |
| Packaging Corporation of America1 |
1,549 |
192,122 |
| Lockheed Martin Corp.1 |
431 |
191,368 |
| Stanley Black & Decker, Inc.1 |
2,541 |
190,499 |
| Westinghouse Air Brake Technologies Corp.1 |
2,052 |
190,077 |
| CH Robinson Worldwide, Inc.1 |
2,005 |
189,553 |
| General Dynamics Corp.1 |
928 |
189,479 |
| Old Dominion Freight Line, Inc.1 |
610 |
189,368 |
| Mettler-Toledo International, Inc.*,1 |
143 |
189,027 |
| United Parcel Service, Inc. — Class B1 |
1,130 |
188,710 |
| Dover Corp.1 |
1,407 |
187,595 |
| Caterpillar, Inc.1 |
904 |
185,998 |
| IDEX Corp.1 |
933 |
185,816 |
| Amcor plc1 |
19,101 |
184,134 |
| 3M Co.1 |
1,971 |
183,914 |
| Carrier Global Corp.1 |
4,495 |
183,846 |
| Textron, Inc.1 |
2,962 |
183,259 |
| Trane Technologies plc1 |
1,102 |
179,879 |
| Deere & Co.1 |
518 |
179,218 |
| L3Harris Technologies, Inc.1 |
1,009 |
177,503 |
| Agilent Technologies, Inc.1 |
1,512 |
174,893 |
| Sealed Air Corp.1 |
4,532 |
171,536 |
| BP Holdco LLC*,†††,3 |
121,041 |
155,475 |
| Vector Phoenix Holdings, LP*,††† |
121,040 |
28,923 |
| Targus Inc*,††† |
45,049 |
1,328 |
| Targus Inc*,††† |
45,049 |
1,328 |
| Targus Inc*,††† |
45,049 |
1,081 |
| Axon Enterprise, Inc.*,1 |
4 |
772 |
| Targus Inc*,††† |
45,049 |
448 |
| YAK BLOCKER 2 LLC*,††† |
34,136 |
341 |
| YAK BLOCKER 2 LLC*,††† |
31,551 |
316 |
| Targus Inc*,††† |
45,049 |
5 |
| Total Industrial |
|
13,836,891 |
See notes to financial statements.
24 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| |
|
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
Shares |
Value |
| COMMON STOCKS† – 7.6% (continued) |
|
|
| Technology – 0.9% |
|
|
| NVIDIA Corp.1 |
893 |
$ 337,858 |
| Advanced Micro Devices, Inc.*,1 |
2,481 |
293,279 |
| Microsoft Corp.1 |
825 |
270,922 |
| Broadcom, Inc.1 |
334 |
269,859 |
| ServiceNow, Inc.*,1 |
494 |
269,121 |
| Salesforce, Inc.*,1 |
1,185 |
264,705 |
| Lam Research Corp.1 |
428 |
263,948 |
| Tyler Technologies, Inc.*,1 |
662 |
262,788 |
| Akamai Technologies, Inc.*,1 |
2,851 |
262,634 |
| Synopsys, Inc.*,1 |
577 |
262,512 |
| Adobe, Inc.*,1 |
623 |
260,283 |
| Oracle Corp.1 |
2,440 |
258,494 |
| Take-Two Interactive Software, Inc.*,1 |
1,855 |
255,489 |
| Micron Technology, Inc.1 |
3,735 |
254,727 |
| Accenture plc — Class A1 |
811 |
248,101 |
| KLA Corp.1 |
558 |
247,188 |
| Apple, Inc.1 |
1,381 |
244,782 |
| Cadence Design Systems, Inc.*,1 |
1,048 |
241,994 |
| Electronic Arts, Inc.1 |
1,879 |
240,512 |
| Applied Materials, Inc.1 |
1,793 |
239,007 |
| Fortinet, Inc.*,1 |
3,491 |
238,540 |
| Intel Corp.1 |
7,537 |
236,963 |
| PTC, Inc.*,1 |
1,733 |
232,915 |
| Fair Isaac Corp.*,1 |
295 |
232,363 |
| ANSYS, Inc.*,1 |
693 |
224,248 |
| Roper Technologies, Inc.1 |
488 |
221,659 |
| Western Digital Corp.*,1 |
5,689 |
220,335 |
| Broadridge Financial Solutions, Inc.1 |
1,497 |
219,640 |
| Intuit, Inc.1 |
523 |
219,200 |
| ON Semiconductor Corp.*,1 |
2,617 |
218,781 |
| NetApp, Inc.1 |
3,297 |
218,756 |
| HP, Inc.1 |
7,473 |
217,166 |
| Cognizant Technology Solutions Corp. — Class A1 |
3,398 |
212,341 |
| Activision Blizzard, Inc.*,1 |
2,631 |
211,006 |
| Autodesk, Inc.*,1 |
1,057 |
210,755 |
| Paycom Software, Inc.1 |
751 |
210,378 |
| International Business Machines Corp.1 |
1,635 |
210,245 |
| NXP Semiconductor N.V.1 |
1,172 |
209,905 |
| Monolithic Power Systems, Inc.1 |
428 |
209,681 |
| Qorvo, Inc.*,1 |
2,152 |
209,303 |
See notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 25
| |
|
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
Shares |
Value |
| COMMON STOCKS† – 7.6% (continued) |
|
|
| Technology – 0.9% (continued) |
|
|
| Texas Instruments, Inc.1 |
1,195 |
$ 207,787 |
| Hewlett Packard Enterprise Co.1 |
14,316 |
206,437 |
| Fiserv, Inc.*,1 |
1,834 |
205,756 |
| Teradyne, Inc.1 |
2,025 |
202,885 |
| QUALCOMM, Inc.1 |
1,781 |
201,983 |
| DXC Technology Co.*,1 |
8,042 |
201,291 |
| Analog Devices, Inc.1 |
1,129 |
200,612 |
| Seagate Technology Holdings plc1 |
3,322 |
199,652 |
| Paychex, Inc.1 |
1,902 |
199,577 |
| Jack Henry & Associates, Inc.1 |
1,298 |
198,451 |
| Fidelity National Information Services, Inc.1 |
3,585 |
195,633 |
| Skyworks Solutions, Inc.1 |
1,843 |
190,769 |
| Microchip Technology, Inc.1 |
2,515 |
189,279 |
| Ceridian HCM Holding, Inc.*,1 |
3,041 |
188,086 |
| Zebra Technologies Corp. — Class A*,1 |
712 |
186,950 |
| EPAM Systems, Inc.*,1 |
726 |
186,306 |
| MSCI, Inc. — Class A1 |
393 |
184,918 |
| Qlik Technologies, Inc. – Class A*,††† |
112 |
180,624 |
| Leidos Holdings, Inc.1 |
2,218 |
173,137 |
| Qlik Technologies, Inc. – Class B*,††† |
27,624 |
3 |
| Total Technology |
|
13,332,519 |
| Utilities – 0.6% |
|
|
| TexGen Power LLC*,†† |
68,676 |
1,819,914 |
| Southern Co.1 |
3,208 |
223,758 |
| Constellation Energy Corp.1 |
2,645 |
222,233 |
| American Water Works Company, Inc.1 |
1,535 |
221,731 |
| PG&E Corp.*,1 |
12,959 |
219,526 |
| NRG Energy, Inc.1 |
6,486 |
219,162 |
| Public Service Enterprise Group, Inc.1 |
3,640 |
217,490 |
| Atmos Energy Corp.1 |
1,879 |
216,611 |
| Pinnacle West Capital Corp.1 |
2,772 |
214,220 |
| Xcel Energy, Inc.1 |
3,245 |
211,866 |
| Consolidated Edison, Inc.1 |
2,264 |
211,231 |
| DTE Energy Co.1 |
1,963 |
211,219 |
| Alliant Energy Corp.1 |
4,087 |
210,317 |
| CenterPoint Energy, Inc.1 |
7,444 |
209,995 |
| Edison International1 |
3,097 |
209,109 |
| NiSource, Inc.1 |
7,681 |
206,542 |
| NextEra Energy, Inc.1 |
2,810 |
206,423 |
| Evergy, Inc.1 |
3,564 |
206,177 |
See notes to financial statements.
26 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
Shares |
Value |
| COMMON STOCKS† – 7.6% (continued) |
|
|
| Utilities – 0.6% (continued) |
|
|
| Ameren Corp.1 |
2,531 |
$ 205,188 |
| CMS Energy Corp.1 |
3,532 |
204,785 |
| PPL Corp.1 |
7,815 |
204,753 |
| WEC Energy Group, Inc.1 |
2,343 |
204,661 |
| Sempra Energy1 |
1,424 |
204,387 |
| Exelon Corp.1 |
5,106 |
202,453 |
| FirstEnergy Corp.1 |
5,386 |
201,383 |
| Entergy Corp.1 |
2,039 |
200,230 |
| Duke Energy Corp.1 |
2,210 |
197,331 |
| Eversource Energy1 |
2,815 |
194,882 |
| American Electric Power Company, Inc.1 |
2,344 |
194,833 |
| Dominion Energy, Inc.1 |
3,855 |
193,829 |
| AES Corp.1 |
8,820 |
174,107 |
| Total Utilities |
|
8,040,346 |
| Communications – 0.5% |
|
|
| Meta Platforms, Inc. — Class A*,1 |
1,143 |
302,575 |
| Netflix, Inc.*,1 |
701 |
277,056 |
| Amazon.com, Inc.*,1 |
2,261 |
272,631 |
| VeriSign, Inc.*,1 |
1,073 |
239,622 |
| Arista Networks, Inc.*,1 |
1,401 |
233,042 |
| Comcast Corp. — Class A1 |
5,810 |
228,624 |
| Interpublic Group of Companies, Inc.1 |
6,075 |
225,929 |
| Motorola Solutions, Inc.1 |
784 |
221,025 |
| F5, Inc.*,1 |
1,481 |
218,566 |
| Gen Digital, Inc.1 |
12,351 |
216,637 |
| Cisco Systems, Inc.1 |
4,225 |
209,856 |
| Booking Holdings, Inc.*,1 |
83 |
208,228 |
| eBay, Inc.1 |
4,880 |
207,595 |
| Omnicom Group, Inc.1 |
2,346 |
206,894 |
| Charter Communications, Inc. — Class A*,1 |
623 |
203,191 |
| Juniper Networks, Inc.1 |
6,661 |
202,295 |
| T-Mobile US, Inc.*,1 |
1,470 |
201,757 |
| FactSet Research Systems, Inc.1 |
519 |
199,758 |
| Expedia Group, Inc.*,1 |
2,087 |
199,747 |
| Match Group, Inc.*,1 |
5,780 |
199,410 |
| Verizon Communications, Inc.1 |
5,593 |
199,279 |
| Walt Disney Co.*,1 |
2,192 |
192,808 |
| Corning, Inc.1 |
6,168 |
190,036 |
| CDW Corp.1 |
1,077 |
184,910 |
| News Corp. — Class A1 |
9,770 |
178,889 |
See notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 27
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
Shares |
Value |
| COMMON STOCKS† – 7.6% (continued) |
|
|
| Communications – 0.5% (continued) |
|
|
| AT&T, Inc.1 |
11,131 |
$ 175,091 |
| Warner Bros Discovery, Inc.*,1 |
14,296 |
161,259 |
| Etsy, Inc.*,1 |
1,936 |
156,913 |
| Paramount Global — Class B1 |
10,314 |
156,876 |
| Vacasa, Inc. — Class A*,1 |
196,839 |
151,015 |
| Alphabet, Inc. — Class A*,1 |
1,207 |
148,304 |
| Fox Corp. — Class A1 |
4,337 |
135,314 |
| Alphabet, Inc. — Class C*,1 |
1,052 |
129,785 |
| DISH Network Corp. — Class A*,1 |
19,482 |
125,269 |
| Figs, Inc. — Class A*,1 |
10,450 |
86,108 |
| Fox Corp. — Class B1 |
2,013 |
58,800 |
| News Corp. — Class B1 |
3,012 |
55,662 |
| Total Communications |
|
6,960,756 |
| Energy – 0.3% |
|
|
| Equities Corp.1 |
6,746 |
234,558 |
| Pioneer Natural Resources Co.1 |
1,032 |
205,822 |
| Williams Companies, Inc.1 |
7,099 |
203,457 |
| Hess Corp.1 |
1,583 |
200,519 |
| First Solar, Inc.*,1 |
987 |
200,322 |
| Occidental Petroleum Corp.1 |
3,427 |
197,601 |
| Kinder Morgan, Inc.1 |
12,233 |
197,074 |
| EOG Resources, Inc.1 |
1,829 |
196,233 |
| ConocoPhillips1 |
1,968 |
195,422 |
| Exxon Mobil Corp.1 |
1,903 |
194,449 |
| Coterra Energy, Inc. — Class A1 |
8,343 |
193,975 |
| Chevron Corp.1 |
1,285 |
193,547 |
| Baker Hughes Co.1 |
7,057 |
192,303 |
| SolarEdge Technologies, Inc.*,1 |
674 |
191,975 |
| Diamondback Energy, Inc.1 |
1,509 |
191,869 |
| Targa Resources Corp.1 |
2,789 |
189,791 |
| Marathon Oil Corp.1 |
8,558 |
189,645 |
| Phillips 661 |
2,027 |
185,694 |
| Devon Energy Corp.1 |
3,963 |
182,694 |
| APA Corp.1 |
5,706 |
181,337 |
| ONEOK, Inc.1 |
3,185 |
180,462 |
| Schlumberger N.V.1 |
4,022 |
172,262 |
| Halliburton Co.1 |
5,941 |
170,210 |
| Enphase Energy, Inc.*,1 |
976 |
169,707 |
| Marathon Petroleum Corp.1 |
1,596 |
167,436 |
| Valero Energy Corp.1 |
1,552 |
166,126 |
See notes to financial statements.
28 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
Shares |
Value |
| COMMON STOCKS† – 7.6% (continued) |
|
|
| Energy – 0.3% (continued) |
|
|
| Permian Production Partners LLC*,††† |
184,043 |
$ 30,130 |
| Legacy Reserves, Inc.*,††† |
2,359 |
20,641 |
| Bruin E&P Partnership Units*,††† |
40,617 |
910 |
| Total Energy |
|
4,996,171 |
| Basic Materials – 0.3% |
|
|
| Sherwin-Williams Co.1 |
958 |
218,213 |
| Ecolab, Inc.1 |
1,298 |
214,235 |
| PPG Industries, Inc.1 |
1,628 |
213,740 |
| Linde plc1 |
601 |
212,550 |
| LyondellBasell Industries N.V. — Class A1 |
2,307 |
197,341 |
| Newmont Corp.1 |
4,866 |
197,316 |
| Air Products and Chemicals, Inc.1 |
729 |
196,203 |
| DuPont de Nemours, Inc.1 |
2,916 |
195,926 |
| Eastman Chemical Co.1 |
2,540 |
195,809 |
| Celanese Corp. — Class A1 |
1,880 |
195,557 |
| International Flavors & Fragrances, Inc.1 |
2,424 |
187,351 |
| Freeport-McMoRan, Inc.1 |
5,416 |
185,986 |
| Dow, Inc.1 |
3,807 |
185,705 |
| FMC Corp.1 |
1,702 |
177,144 |
| Albemarle Corp.1 |
911 |
176,306 |
| Nucor Corp.1 |
1,291 |
170,489 |
| International Paper Co.1 |
5,776 |
170,046 |
| CF Industries Holdings, Inc.1 |
2,614 |
160,787 |
| Steel Dynamics, Inc.1 |
1,704 |
156,598 |
| Mosaic Co.1 |
4,180 |
133,593 |
| Total Basic Materials |
|
3,740,895 |
| Total Common Stocks |
|
|
| (Cost $103,601,269) |
|
111,441,137 |
| PREFERRED STOCKS†† – 6.3% |
|
|
| Financial – 6.0% |
|
|
| Bank of America Corp. |
|
|
| 4.38% |
2,925,000 |
7,380,000 |
| 6.50% |
2,000,000 |
2,000,000 |
| 6.30% |
1,000,000 |
1,005,000 |
| 4.13% |
26,000 |
463,320 |
| Citigroup, Inc. |
|
|
| 7.38% |
4,300,000 |
4,267,750 |
| 3.88% |
4,000,000 |
3,330,400 |
| 4.15% |
2,000,000 |
1,620,360 |
| 4.00% |
1,750,000 |
1,498,350 |
See notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 29
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
Shares |
Value |
| PREFERRED STOCKS†† – 6.3% (continued) |
|
|
| Financial – 6.0% (continued) |
|
|
| Wells Fargo & Co. |
|
|
| 4.75% |
183,750 |
$ 3,480,225 |
| 3.90% |
3,300,000 |
2,890,800 |
| 4.70% |
148,000 |
2,727,640 |
| 4.38% |
50,000 |
862,500 |
| Reinsurance Group of America, Inc. |
|
|
| 7.13% due 10/15/52 |
294,000 |
7,529,340 |
| Lincoln National Corp. |
|
|
| 9.25%1 |
7,200,000 |
7,380,000 |
| Kuvare US Holdings, Inc. |
|
|
| 7.00% due 02/17/515 |
6,400,000 |
6,528,000 |
| Equitable Holdings, Inc. |
|
|
| 4.95% |
3,650,000 |
3,295,950 |
| 4.30% |
82,000 |
1,361,200 |
| Markel Group, Inc. |
|
|
| 6.00% |
4,770,000 |
4,599,135 |
| Jackson Financial, Inc. |
|
|
| 8.00% |
152,000 |
3,689,040 |
| Public Storage |
|
|
| 4.63% |
144,400 |
3,113,264 |
| 4.13% |
16,400 |
313,732 |
| W R Berkley Corp. |
|
|
| 4.13% due 03/30/61 |
126,000 |
2,222,640 |
| 4.25% due 09/30/60 |
36,800 |
712,816 |
| PartnerRe Ltd. |
|
|
| 4.88% |
128,000 |
2,444,800 |
| Charles Schwab Corp. |
|
|
| 4.00%4 |
3,150,000 |
2,369,588 |
| JPMorgan Chase & Co. |
|
|
| 4.55% |
49,000 |
1,004,990 |
| 4.20% |
40,000 |
789,200 |
| 4.63% |
24,000 |
498,000 |
| American Financial Group, Inc. |
|
|
| 4.50% due 09/15/60 |
100,000 |
1,815,000 |
| MetLife, Inc. |
|
|
| 3.85% |
1,820,000 |
1,689,762 |
| CNO Financial Group, Inc. |
|
|
| 5.13% due 11/25/60 |
80,000 |
1,208,000 |
| Assurant, Inc. |
|
|
| 5.25% due 01/15/61 |
58,000 |
1,137,960 |
| American Equity Investment Life Holding Co. |
|
|
| 5.95%4 |
46,000 |
1,046,500 |
| Arch Capital Group Ltd. |
|
|
| 4.55% |
38,000 |
763,800 |
See notes to financial statements.
30 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
Shares |
Value |
| PREFERRED STOCKS†† – 6.3% (continued) |
|
|
| Financial – 6.0% (continued) |
|
|
| Selective Insurance Group, Inc. |
|
|
| 4.60% |
36,000 |
$ 589,680 |
| RenaissanceRe Holdings Ltd. |
|
|
| 4.20% |
13,000 |
234,650 |
| Globe Life, Inc. |
|
|
| 4.25% due 06/15/61 |
11,000 |
203,720 |
| B Riley Financial, Inc. |
|
|
| 6.75% due 05/31/24 |
1,415 |
34,639 |
| First Republic Bank |
|
|
| 4.50% |
200,000 |
1,220 |
| 4.25% |
158,000 |
632 |
| 4.13% |
84,800 |
356 |
| Total Financial |
|
88,103,959 |
| Government – 0.2% |
|
|
| Farmer Mac |
|
|
| 5.75% |
112,000 |
2,550,240 |
| AgriBank FCB |
|
|
| 6.88% |
4,000 |
400,000 |
| Total Government |
|
2,950,240 |
| Consumer, Cyclical – 0.1% |
|
|
| Exide Technologies*,††† |
761 |
923,425 |
| Industrial – 0.0% |
|
|
| YAK BLOCKER 2 LLC*,††† |
1,875,398 |
462,245 |
| Total Industrial |
|
462,245 |
| Total Preferred Stocks |
|
|
| (Cost $121,420,999) |
|
92,439,869 |
| WARRANTS† – 0.0% |
|
|
| Aequi Acquisition Corp. |
|
|
| Expiring 11/30/272 |
246,299 |
22,167 |
| AfterNext HealthTech Acquisition Corp. |
|
|
| Expiring 07/09/232 |
35,766 |
10,014 |
| Ginkgo Bioworks Holdings, Inc. |
|
|
| Expiring 08/01/26 |
26,852 |
5,582 |
| Conyers Park III Acquisition Corp. |
|
|
| Expiring 08/12/282 |
33,200 |
3,987 |
| Acropolis Infrastructure Acquisition Corp. |
|
|
| Expiring 03/31/262 |
32,766 |
3,277 |
| Waverley Capital Acquisition Corp. 1 |
|
|
| Expiring 04/30/27*,2 |
31,300 |
1,565 |
| Blue Whale Acquisition Corp. I |
|
|
| Expiring 07/09/23*,2 |
14,324 |
921 |
See notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 31
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
Shares |
Value |
| WARRANTS† – 0.0% (continued) |
|
|
| Pershing Square Tontine Holdings, Ltd. |
|
|
| Expiring 07/24/25*,†††,2 |
115,860 |
$ 12 |
| Total Warrants |
|
|
| (Cost $1,362,296) |
|
47,525 |
| EXCHANGE-TRADED FUNDS† – 3.4% |
|
|
| SPDR S&P 500 ETF Trust1 |
41,324 |
17,267,234 |
| Invesco QQQ Trust Series1 |
48,306 |
16,810,005 |
| iShares Russell 2000 Index ETF1 |
91,295 |
15,864,332 |
| Total Exchange-Traded Funds |
|
|
| (Cost $36,312,095) |
|
49,941,571 |
| CLOSED-END FUNDS† – 2.4% |
|
|
| BlackRock Taxable Municipal Bond Trust |
292,122 |
4,916,413 |
| Guggenheim Active Allocation Fund3 |
341,165 |
4,643,255 |
| Nuveen Taxable Municipal Income Fund |
289,790 |
4,465,664 |
| Nuveen AMT-Free Municipal Credit Income Fund |
293,467 |
3,366,067 |
| Invesco Municipal Opportunity Trust |
229,099 |
2,153,531 |
| Invesco Trust for Investment Grade Municipals |
212,335 |
2,049,033 |
| BlackRock Corporate High Yield Fund, Inc. |
237,682 |
2,034,558 |
| Blackstone Strategic Credit Fund |
186,741 |
1,951,443 |
| BlackRock Credit Allocation Income Trust |
184,289 |
1,903,705 |
| Invesco Municipal Trust |
188,704 |
1,768,157 |
| Invesco Advantage Municipal Income Trust II |
163,240 |
1,363,054 |
| Eaton Vance Limited Duration Income Fund |
141,764 |
1,282,964 |
| BlackRock Municipal Income Trust |
108,502 |
1,056,809 |
| BlackRock Debt Strategies Fund, Inc. |
83,425 |
780,858 |
| Western Asset High Income Opportunity Fund, Inc. |
160,170 |
599,036 |
| Ares Dynamic Credit Allocation Fund, Inc. |
37,786 |
445,497 |
| Nuveen AMT-Free Quality Municipal Income Fund |
32,952 |
353,245 |
| Nuveen Quality Municipal Income Fund |
27,269 |
303,504 |
| BlackRock MuniVest Fund, Inc. |
24,898 |
165,074 |
| Total Closed-End Funds |
|
|
| (Cost $45,412,317) |
|
35,601,867 |
| MONEY MARKET FUNDS† – 1.2% |
|
|
| Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, |
|
|
| 4.86%6 |
9,662,194 |
9,662,194 |
| Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, |
|
|
| 4.98%6 |
7,545,282 |
7,545,282 |
| Total Money Market Funds |
|
|
| (Cost $17,207,476) |
|
17,207,476 |
See notes to financial statements.
32 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
Face |
|
| |
Amount~ |
Value |
| CORPORATE BONDS†† – 46.6% |
|
|
| Financial – 13.0% |
|
|
| Morgan Stanley Finance LLC |
|
|
| 0.50% due 10/23/291,7 |
13,500,000 |
$ 10,727,100 |
| NFP Corp. |
|
|
| 6.88% due 08/15/285 |
6,925,000 |
5,743,123 |
| 7.50% due 10/01/301,5 |
3,700,000 |
3,568,394 |
| Dyal Capital Partners III |
|
|
| 4.40% due 06/15/40††† |
10,000,000 |
8,316,871 |
| Accident Fund Insurance Company of America |
|
|
| 8.50% due 08/01/321,5 |
7,000,000 |
7,252,141 |
| Wilton RE Ltd. |
|
|
| 6.00% 4,5,8 |
7,800,000 |
7,001,514 |
| United Wholesale Mortgage LLC |
|
|
| 5.50% due 11/15/251,5 |
4,060,000 |
3,801,381 |
| 5.50% due 04/15/295 |
1,925,000 |
1,607,375 |
| 5.75% due 06/15/275 |
1,400,000 |
1,262,604 |
| Jefferies Finance LLC / JFIN Company-Issuer Corp. |
|
|
| 5.00% due 08/15/281,5 |
7,500,000 |
6,101,624 |
| Iron Mountain, Inc. |
|
|
| 5.63% due 07/15/321,5 |
6,500,000 |
5,791,101 |
| Jones Deslauriers Insurance Management, Inc. |
|
|
| 10.50% due 12/15/301,5 |
3,650,000 |
3,650,000 |
| 8.50% due 03/15/301,5 |
2,050,000 |
2,045,618 |
| Hunt Companies, Inc. |
|
|
| 5.25% due 04/15/291,5 |
7,325,000 |
5,625,869 |
| Maple Grove Funding Trust I |
|
|
| 4.16% due 08/15/515 |
8,000,000 |
5,606,686 |
| OneMain Finance Corp. |
|
|
| 4.00% due 09/15/301 |
2,200,000 |
1,623,226 |
| 6.13% due 03/15/241 |
1,500,000 |
1,465,355 |
| 7.13% due 03/15/26 |
1,100,000 |
1,051,788 |
| 3.88% due 09/15/28 |
800,000 |
629,000 |
| 6.63% due 01/15/28 |
450,000 |
407,267 |
| National Life Insurance Co. |
|
|
| 10.50% due 09/15/391,5 |
3,400,000 |
4,455,283 |
| Liberty Mutual Group, Inc. |
|
|
| 4.30% due 02/01/611,5 |
7,300,000 |
4,352,215 |
| Cushman & Wakefield US Borrower LLC |
|
|
| 6.75% due 05/15/281,5 |
4,800,000 |
4,284,000 |
| Kennedy-Wilson, Inc. |
|
|
| 5.00% due 03/01/311 |
3,750,000 |
2,803,125 |
| 4.75% due 02/01/30 |
1,450,000 |
1,092,937 |
| 4.75% due 03/01/291 |
425,000 |
333,892 |
See notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 33
| |
|
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
Face |
|
| |
Amount~ |
Value |
| CORPORATE BONDS†† – 46.6% (continued) |
|
|
| Financial – 13.0% (continued) |
|
|
| Hampton Roads PPV LLC |
|
|
| 6.62% due 06/15/531,5 |
4,680,000 |
$ 4,144,395 |
| LPL Holdings, Inc. |
|
|
| 4.00% due 03/15/291,5 |
4,172,000 |
3,663,404 |
| 4.38% due 05/15/311,5 |
476,000 |
413,788 |
| RXR Realty LLC |
|
|
| 5.25% due 07/17/25††† |
4,200,000 |
3,976,469 |
| QBE Insurance Group Ltd. |
|
|
| 7.50% due 11/24/431,4,5 |
3,000,000 |
2,997,928 |
| 5.88%1,4,5,8 |
950,000 |
897,355 |
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. |
|
|
| 4.00% due 10/15/331,5 |
4,031,000 |
3,035,847 |
| 3.88% due 03/01/311,5 |
825,000 |
649,539 |
| Credit Suisse AG NY |
|
|
| 7.95% due 01/09/251 |
3,600,000 |
3,654,900 |
| GLP Capital Limited Partnership / GLP Financing II, Inc. |
|
|
| 3.25% due 01/15/321 |
3,250,000 |
2,634,595 |
| 5.30% due 01/15/29 |
1,050,000 |
1,003,867 |
| NatWest Group plc |
|
|
| 7.47% due 11/10/261,4 |
3,500,000 |
3,632,840 |
| Global Atlantic Finance Co. |
|
|
| 4.70% due 10/15/511,4,5 |
2,700,000 |
2,099,250 |
| 3.13% due 06/15/315 |
1,750,000 |
1,310,221 |
| Standard Chartered plc |
|
|
| 7.78% due 11/16/251,4,5 |
3,100,000 |
3,184,615 |
| Host Hotels & Resorts, LP |
|
|
| 3.50% due 09/15/301 |
3,610,000 |
3,054,779 |
| Jane Street Group / JSG Finance, Inc. |
|
|
| 4.50% due 11/15/291,5 |
3,500,000 |
2,984,200 |
| Sherwood Financing plc |
|
|
| 6.00% due 11/15/265 |
GBP 2,000,000 |
2,024,153 |
| 4.50% due 11/15/265 |
EUR 1,000,000 |
898,717 |
| Toronto-Dominion Bank |
|
|
| 8.13% due 10/31/821,4 |
2,850,000 |
2,920,737 |
| Barclays plc |
|
|
| 7.75% 1,4,8 |
3,000,000 |
2,902,860 |
| HUB International Ltd. |
|
|
| 5.63% due 12/01/295 |
2,500,000 |
2,242,902 |
| 7.00% due 05/01/265 |
550,000 |
541,746 |
| BBC Military Housing-Navy Northeast LLC |
|
|
| 6.30% due 10/15/491 |
2,800,000 |
2,728,266 |
| Americo Life, Inc. |
|
|
| 3.45% due 04/15/315 |
3,511,000 |
2,715,023 |
| Ares Finance Company IV LLC |
|
|
| 3.65% due 02/01/521,5 |
4,100,000 |
2,616,516 |
See notes to financial statements.
34 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
Face |
|
| |
Amount~ |
Value |
| CORPORATE BONDS†† – 46.6% (continued) |
|
|
| Financial – 13.0% (continued) |
|
|
| Corebridge Financial, Inc. |
|
|
| 6.88% due 12/15/524,5 |
2,400,000 |
$ 2,240,795 |
| Bank of Nova Scotia |
|
|
| 8.63% due 10/27/821,4 |
2,150,000 |
2,208,721 |
| Kane Bidco Ltd. |
|
|
| 5.00% due 02/15/27 |
EUR 2,050,000 |
2,021,534 |
| Home Point Capital, Inc. |
|
|
| 5.00% due 02/01/265 |
2,180,000 |
1,951,119 |
| Lincoln National Corp. |
|
|
| 4.38% due 06/15/501 |
2,560,000 |
1,799,338 |
| AmWINS Group, Inc. |
|
|
| 4.88% due 06/30/295 |
1,725,000 |
1,539,636 |
| First American Financial Corp. |
|
|
| 4.00% due 05/15/301 |
1,740,000 |
1,535,936 |
| Newmark Group, Inc. |
|
|
| 6.13% due 11/15/23 |
1,450,000 |
1,437,240 |
| PHM Group Holding Oy |
|
|
| 4.75% due 06/18/265 |
EUR 1,400,000 |
1,349,118 |
| OneAmerica Financial Partners, Inc. |
|
|
| 4.25% due 10/15/505 |
1,730,000 |
1,226,427 |
| Weyerhaeuser Co. |
|
|
| 6.88% due 12/15/33 |
1,100,000 |
1,200,979 |
| Allianz SE |
|
|
| 3.50%4,5,8 |
1,400,000 |
1,134,327 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Company-Issuer |
|
|
| 4.25% due 10/15/271,5 |
725,000 |
652,147 |
| 6.75% due 04/15/281,5 |
350,000 |
343,362 |
| Ryan Specialty LLC |
|
|
| 4.38% due 02/01/301,5 |
1,100,000 |
975,471 |
| Reinsurance Group of America, Inc. |
|
|
| 3.15% due 06/15/30 |
1,000,000 |
869,111 |
| Pershing Square Holdings Ltd. |
|
|
| 3.25% due 10/01/31 |
1,100,000 |
834,834 |
| PartnerRe Finance B LLC |
|
|
| 4.50% due 10/01/501,4 |
950,000 |
788,500 |
| Fort Benning Family Communities LLC |
|
|
| 6.09% due 01/15/511,5 |
695,360 |
630,398 |
| Prudential Financial, Inc. |
|
|
| 5.13% due 03/01/521,4 |
700,000 |
627,641 |
| Pacific Beacon LLC |
|
|
| 5.63% due 07/15/511,5 |
669,063 |
609,899 |
| Greystar Real Estate Partners LLC |
|
|
| 5.75% due 12/01/251,5 |
600,000 |
577,177 |
See notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 35
| |
|
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
Face |
|
| |
Amount~ |
Value |
| CORPORATE BONDS†† – 46.6% (continued) |
|
|
| Financial – 13.0% (continued) |
|
|
| Macquarie Bank Ltd. |
|
|
| 3.62% due 06/03/301,5 |
640,000 |
$ 539,949 |
| Assurant, Inc. |
|
|
| 7.00% due 03/27/481,4 |
400,000 |
381,398 |
| Atlas Mara Ltd. |
|
|
| due 12/31/21†††,9,10 |
709,271 |
238,315 |
| Fort Gordon Housing LLC |
|
|
| 6.32% due 05/15/515 |
200,000 |
199,319 |
| USI, Inc. |
|
|
| 6.88% due 05/01/255 |
150,000 |
147,472 |
| Total Financial |
|
191,588,564 |
| Consumer, Non-cyclical – 7.7% |
|
|
| US Foods, Inc. |
|
|
| 6.25% due 04/15/251,5 |
3,000,000 |
2,993,742 |
| 4.63% due 06/01/301,5 |
2,500,000 |
2,250,312 |
| 4.75% due 02/15/295 |
2,250,000 |
2,052,094 |
| Cheplapharm Arzneimittel GmbH |
|
|
| 5.50% due 01/15/281,5 |
6,945,000 |
6,216,080 |
| Medline Borrower, LP |
|
|
| 5.25% due 10/01/291,5 |
5,200,000 |
4,449,238 |
| 3.88% due 04/01/291,5 |
2,000,000 |
1,724,909 |
| BCP V Modular Services Finance II plc |
|
|
| 6.13% due 10/30/285 |
GBP 4,250,000 |
4,347,999 |
| 4.75% due 10/30/285 |
EUR 1,550,000 |
1,375,201 |
| CPI CG, Inc. |
|
|
| 8.63% due 03/15/261,5 |
5,425,000 |
5,236,373 |
| Williams Scotsman International, Inc. |
|
|
| 4.63% due 08/15/281,5 |
3,675,000 |
3,356,929 |
| 6.13% due 06/15/251,5 |
1,683,000 |
1,674,785 |
| Bausch Health Companies, Inc. |
|
|
| 4.88% due 06/01/281,5 |
8,025,000 |
4,839,877 |
| Sotheby’s |
|
|
| 7.38% due 10/15/271,5 |
4,899,000 |
4,292,845 |
| Altria Group, Inc. |
|
|
| 3.70% due 02/04/51 |
6,000,000 |
3,889,352 |
| Reynolds American, Inc. |
|
|
| 5.70% due 08/15/351 |
4,150,000 |
3,882,794 |
| KeHE Distributors LLC / KeHE Finance Corp. |
|
|
| 8.63% due 10/15/261,5 |
3,632,000 |
3,632,000 |
| Post Holdings, Inc. |
|
|
| 4.50% due 09/15/311,5 |
3,925,000 |
3,321,657 |
| JBS USA LUX S.A. / JBS USA Food Company / JBS USA Finance, Inc. |
|
|
| 4.38% due 02/02/521,5 |
4,800,000 |
3,210,633 |
See notes to financial statements.
36 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
Face |
|
| |
Amount~ |
Value |
| CORPORATE BONDS†† – 46.6% (continued) |
|
|
| Consumer, Non-cyclical – 7.7% (continued) |
|
|
| Upbound Group, Inc. |
|
|
| 6.38% due 02/15/291,5 |
3,625,000 |
$ 3,191,547 |
| FAGE International S.A. / FAGE USA Dairy Industry, Inc. |
|
|
| 5.63% due 08/15/261,5 |
3,301,000 |
3,119,389 |
| Acadia Healthcare Company, Inc. |
|
|
| 5.00% due 04/15/295 |
2,400,000 |
2,200,604 |
| 5.50% due 07/01/285 |
550,000 |
522,792 |
| Legends Hospitality Holding Company LLC / Legends Hospitality Co-Issuer, Inc. |
|
|
| 5.00% due 02/01/261,5 |
3,000,000 |
2,677,500 |
| Garden Spinco Corp. |
|
|
| 8.63% due 07/20/305 |
2,450,000 |
2,651,317 |
| DaVita, Inc. |
|
|
| 4.63% due 06/01/305 |
1,900,000 |
1,627,246 |
| 3.75% due 02/15/315 |
1,200,000 |
952,033 |
| Par Pharmaceutical, Inc. |
|
|
| due 04/01/275,10 |
3,345,000 |
2,470,885 |
| Sabre GLBL, Inc. |
|
|
| 7.38% due 09/01/251,5 |
2,816,000 |
2,381,298 |
| Avantor Funding, Inc. |
|
|
| 4.63% due 07/15/281,5 |
1,700,000 |
1,572,447 |
| 3.88% due 11/01/295 |
925,000 |
806,922 |
| Castor S.p.A. |
|
|
| 8.21% (3 Month EURIBOR + 5.25%, Rate Floor: 5.25%) due 02/15/29◊,5 |
EUR 2,300,000 |
2,221,817 |
| Sotheby’s/Bidfair Holdings, Inc. |
|
|
| 5.88% due 06/01/295 |
2,700,000 |
2,126,250 |
| Option Care Health, Inc. |
|
|
| 4.38% due 10/31/295 |
2,275,000 |
1,962,097 |
| Nathan’s Famous, Inc. |
|
|
| 6.63% due 11/01/251,5 |
1,948,000 |
1,933,390 |
| ADT Security Corp. |
|
|
| 4.13% due 08/01/295 |
1,050,000 |
916,125 |
| 4.88% due 07/15/325 |
1,000,000 |
851,850 |
| Gartner, Inc. |
|
|
| 4.50% due 07/01/281,5 |
1,700,000 |
1,600,426 |
| Spectrum Brands, Inc. |
|
|
| 5.50% due 07/15/305 |
1,700,000 |
1,555,500 |
| APi Group DE, Inc. |
|
|
| 4.75% due 10/15/295 |
1,225,000 |
1,100,619 |
| 4.13% due 07/15/295 |
400,000 |
347,380 |
| Royalty Pharma plc |
|
|
| 3.55% due 09/02/50 |
2,100,000 |
1,392,340 |
| Endo Luxembourg Finance Company I SARL / Endo US, Inc. |
|
|
| due 04/01/295,10 |
1,900,000 |
1,385,337 |
| HealthEquity, Inc. |
|
|
| 4.50% due 10/01/291,5 |
1,550,000 |
1,376,351 |
See notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 37
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
Face |
|
| |
Amount~ |
Value |
| CORPORATE BONDS†† – 46.6% (continued) |
|
|
| Consumer, Non-cyclical – 7.7% (continued) |
|
|
| Grifols Escrow Issuer S.A. |
|
|
| 4.75% due 10/15/281,5 |
1,350,000 |
$ 1,142,032 |
| Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. |
|
|
| 7.00% due 12/31/275 |
1,038,000 |
891,050 |
| 5.00% due 12/31/265 |
250,000 |
228,125 |
| TreeHouse Foods, Inc. |
|
|
| 4.00% due 09/01/28 |
1,150,000 |
989,598 |
| Central Garden & Pet Co. |
|
|
| 4.13% due 10/15/30 |
625,000 |
524,254 |
| 4.13% due 04/30/315 |
400,000 |
329,396 |
| AMN Healthcare, Inc. |
|
|
| 4.63% due 10/01/275 |
725,000 |
669,719 |
| WW International, Inc. |
|
|
| 4.50% due 04/15/295 |
950,000 |
572,375 |
| Carriage Services, Inc. |
|
|
| 4.25% due 05/15/295 |
675,000 |
548,390 |
| Catalent Pharma Solutions, Inc. |
|
|
| 3.50% due 04/01/305 |
625,000 |
503,871 |
| Performance Food Group, Inc. |
|
|
| 6.88% due 05/01/255 |
450,000 |
450,999 |
| Prestige Brands, Inc. |
|
|
| 3.75% due 04/01/315 |
300,000 |
246,885 |
| Nidda Healthcare Holding |
|
|
| 7.50% due 08/21/26 |
EUR 175,000 |
184,727 |
| Albertsons Companies Incorporated / Safeway Inc / New Albertsons |
|
|
| Limited Partnership / Albertsons LLC |
|
|
| 5.88% due 02/15/285 |
100,000 |
97,673 |
| Endo Dac / Endo Finance LLC / Endo Finco, Inc. |
|
|
| due 07/31/275,10 |
181,000 |
9,955 |
| Total Consumer, Non-cyclical |
|
113,079,331 |
| Consumer, Cyclical – 7.1% |
|
|
| Delta Air Lines, Inc. |
|
|
| 7.00% due 05/01/251,5 |
10,535,000 |
10,822,028 |
| JB Poindexter & Company, Inc. |
|
|
| 7.13% due 04/15/261,5 |
5,275,000 |
5,020,217 |
| Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp. |
|
|
| 5.88% due 03/01/271 |
3,210,000 |
3,075,663 |
| 5.00% due 06/01/315 |
1,800,000 |
1,533,798 |
| Penn Entertainment, Inc. |
|
|
| 4.13% due 07/01/291,5 |
4,925,000 |
3,971,766 |
| Crocs, Inc. |
|
|
| 4.25% due 03/15/291,5 |
3,188,000 |
2,745,888 |
| 4.13% due 08/15/315 |
1,400,000 |
1,139,257 |
See notes to financial statements.
38 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
Face |
|
| |
Amount~ |
Value |
| CORPORATE BONDS†† – 46.6% (continued) |
|
|
| Consumer, Cyclical – 7.1% (continued) |
|
|
| Delta Air Lines, Inc. / SkyMiles IP Ltd. |
|
|
| 4.75% due 10/20/281,5 |
3,950,000 |
$ 3,815,791 |
| Allwyn Entertainment Financing UK plc |
|
|
| 7.88% due 04/30/295 |
3,750,000 |
3,706,388 |
| Air Canada Class A Pass Through Trust |
|
|
| 5.25% due 04/01/295 |
3,703,006 |
3,593,397 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Company, Inc. |
|
|
| 4.63% due 01/15/291,5 |
4,100,000 |
3,578,562 |
| Wabash National Corp. |
|
|
| 4.50% due 10/15/281,5 |
4,100,000 |
3,566,815 |
| Station Casinos LLC |
|
|
| 4.63% due 12/01/311,5 |
4,200,000 |
3,492,090 |
| Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. |
|
|
| 5.75% due 01/20/261,5 |
3,725,000 |
3,462,674 |
| Live Nation Entertainment, Inc. |
|
|
| 6.50% due 05/15/271,5 |
3,350,000 |
3,355,692 |
| Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. |
|
|
| 6.50% due 06/20/275 |
2,847,500 |
2,842,619 |
| Walgreens Boots Alliance, Inc. |
|
|
| 4.10% due 04/15/501 |
3,800,000 |
2,769,440 |
| Air Canada |
|
|
| 4.63% due 08/15/295 |
CAD 2,900,000 |
1,923,091 |
| 3.88% due 08/15/265 |
825,000 |
765,836 |
| PetSmart, Inc. / PetSmart Finance Corp. |
|
|
| 4.75% due 02/15/285 |
2,725,000 |
2,521,183 |
| Aramark Services, Inc. |
|
|
| 6.38% due 05/01/251,5 |
2,300,000 |
2,282,750 |
| 5.00% due 02/01/285 |
110,000 |
103,961 |
| United Airlines, Inc. |
|
|
| 4.63% due 04/15/291,5 |
2,575,000 |
2,332,544 |
| Evergreen Acqco 1 Limited Partnership / TVI, Inc. |
|
|
| 9.75% due 04/26/281,5 |
2,300,000 |
2,301,219 |
| Scotts Miracle-Gro Co. |
|
|
| 4.00% due 04/01/31 |
2,150,000 |
1,706,949 |
| 4.38% due 02/01/32 |
700,000 |
559,391 |
| Ritchie Bros Holdings, Inc. |
|
|
| 7.75% due 03/15/315 |
1,750,000 |
1,823,973 |
| HP Communities LLC |
|
|
| 6.82% due 09/15/531,5 |
923,913 |
964,240 |
| 6.16% due 09/15/531,5 |
1,000,000 |
859,209 |
| Yum! Brands, Inc. |
|
|
| 4.63% due 01/31/321 |
1,987,000 |
1,807,138 |
See notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 39
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
Face |
|
| |
Amount~ |
Value |
| CORPORATE BONDS†† – 46.6% (continued) |
|
|
| Consumer, Cyclical – 7.1% (continued) |
|
|
| Superior Plus Limited Partnership / Superior General Partner, Inc. |
|
|
| 4.50% due 03/15/291,5 |
2,000,000 |
$ 1,750,860 |
| Hanesbrands, Inc. |
|
|
| 9.00% due 02/15/311,5 |
1,500,000 |
1,500,161 |
| 4.88% due 05/15/265 |
225,000 |
209,559 |
| Hyatt Hotels Corp. |
|
|
| 6.00% due 04/23/30 |
1,690,000 |
1,702,890 |
| Michaels Companies, Inc. |
|
|
| 5.25% due 05/01/285 |
2,200,000 |
1,694,000 |
| Wyndham Hotels & Resorts, Inc. |
|
|
| 4.38% due 08/15/281,5 |
1,625,000 |
1,490,938 |
| CD&R Smokey Buyer, Inc. |
|
|
| 6.75% due 07/15/251,5 |
1,650,000 |
1,455,652 |
| 1011778 BC ULC / New Red Finance, Inc. |
|
|
| 3.88% due 01/15/281,5 |
850,000 |
779,494 |
| 4.00% due 10/15/301,5 |
725,000 |
622,393 |
| Boyne USA, Inc. |
|
|
| 4.75% due 05/15/295 |
1,250,000 |
1,116,413 |
| Hilton Domestic Operating Company, Inc. |
|
|
| 3.63% due 02/15/325 |
1,350,000 |
1,116,263 |
| Wolverine World Wide, Inc. |
|
|
| 4.00% due 08/15/295 |
1,350,000 |
1,076,895 |
| Clarios Global, LP / Clarios US Finance Co. |
|
|
| 8.50% due 05/15/271,5 |
1,050,000 |
1,052,703 |
| Vail Resorts, Inc. |
|
|
| 6.25% due 05/15/255 |
1,000,000 |
1,002,497 |
| Clarios Global, LP |
|
|
| 6.75% due 05/15/251,5 |
990,000 |
992,057 |
| Tempur Sealy International, Inc. |
|
|
| 3.88% due 10/15/315 |
700,000 |
559,962 |
| 4.00% due 04/15/295 |
500,000 |
425,448 |
| Six Flags Theme Parks, Inc. |
|
|
| 7.00% due 07/01/255 |
969,000 |
976,291 |
| Allison Transmission, Inc. |
|
|
| 3.75% due 01/30/315 |
1,100,000 |
928,776 |
| Scientific Games Holdings Limited Partnership/Scientific Games US FinCo, Inc. |
|
|
| 6.63% due 03/01/305 |
850,000 |
747,218 |
| Ferrellgas Limited Partnership / Ferrellgas Finance Corp. |
|
|
| 5.38% due 04/01/265 |
775,000 |
704,940 |
| United Airlines Class AA Pass Through Trust |
|
|
| 3.45% due 12/01/271 |
436,795 |
401,541 |
| Superior Plus, LP |
|
|
| 4.25% due 05/18/285 |
CAD 350,000 |
228,229 |
See notes to financial statements.
40 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
Face |
|
| |
Amount~ |
Value |
| CORPORATE BONDS†† – 46.6% (continued) |
|
|
| Consumer, Cyclical – 7.1% (continued) |
|
|
| Exide Technologies |
|
|
| due 10/31/24†††,10 |
2,353,687 |
$ 2 |
| Total Consumer, Cyclical |
|
104,978,751 |
| Communications – 5.6% |
|
|
| Altice France S.A. |
|
|
| 5.50% due 10/15/291,5 |
8,175,000 |
5,932,597 |
| 5.13% due 07/15/291,5 |
3,025,000 |
2,154,024 |
| 8.13% due 02/01/271,5 |
1,300,000 |
1,120,337 |
| McGraw-Hill Education, Inc. |
|
|
| 8.00% due 08/01/291,5 |
6,300,000 |
5,260,500 |
| 5.75% due 08/01/281,5 |
3,525,000 |
3,005,063 |
| Cogent Communications Group, Inc. |
|
|
| 7.00% due 06/15/271,5 |
7,500,000 |
7,206,825 |
| VZ Secured Financing BV |
|
|
| 5.00% due 01/15/321,5 |
6,850,000 |
5,448,251 |
| British Telecommunications plc |
|
|
| 4.88% due 11/23/814,5 |
5,550,000 |
4,489,395 |
| 4.25% due 11/23/811,4,5 |
950,000 |
837,472 |
| Cengage Learning, Inc. |
|
|
| 9.50% due 06/15/245 |
4,976,000 |
4,959,231 |
| Paramount Global |
|
|
| 4.95% due 05/19/501 |
6,390,000 |
4,755,124 |
| UPC Broadband Finco BV |
|
|
| 4.88% due 07/15/311,5 |
4,550,000 |
3,821,090 |
| LCPR Senior Secured Financing DAC |
|
|
| 6.75% due 10/15/275 |
2,114,000 |
1,961,559 |
| 5.13% due 07/15/291,5 |
1,900,000 |
1,574,900 |
| CSC Holdings LLC |
|
|
| 11.25% due 05/15/285 |
2,750,000 |
2,605,625 |
| 4.63% due 12/01/305 |
1,913,000 |
817,758 |
| Corning, Inc. |
|
|
| 4.38% due 11/15/571 |
4,100,000 |
3,282,038 |
| Vodafone Group plc |
|
|
| 5.13% due 06/04/811,4 |
4,100,000 |
3,036,012 |
| CCO Holdings LLC / CCO Holdings Capital Corp. |
|
|
| 4.50% due 06/01/331,5 |
1,225,000 |
935,122 |
| 4.25% due 02/01/315 |
850,000 |
680,884 |
| 4.25% due 01/15/345 |
750,000 |
554,857 |
| 4.50% due 05/01/32 |
325,000 |
254,351 |
| AMC Networks, Inc. |
|
|
| 4.25% due 02/15/291 |
3,450,000 |
1,966,500 |
| Ciena Corp. |
|
|
| 4.00% due 01/31/301,5 |
2,150,000 |
1,857,277 |
See notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 41
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
Face |
|
| |
Amount~ |
Value |
| CORPORATE BONDS†† – 46.6% (continued) |
|
|
| Communications – 5.6% (continued) |
|
|
| Rogers Communications, Inc. |
|
|
| 4.55% due 03/15/521,5 |
2,200,000 |
$ 1,747,073 |
| TripAdvisor, Inc. |
|
|
| 7.00% due 07/15/251,5 |
1,575,000 |
1,578,757 |
| Vmed O2 UK Financing I plc |
|
|
| 4.25% due 01/31/311,5 |
1,225,000 |
986,744 |
| 4.75% due 07/15/311,5 |
650,000 |
534,499 |
| Radiate Holdco LLC / Radiate Finance, Inc. |
|
|
| 4.50% due 09/15/261,5 |
1,800,000 |
1,386,018 |
| Charter Communications Operating LLC / Charter Communications Operating Capital |
|
|
| 3.90% due 06/01/52 |
2,000,000 |
1,258,074 |
| Level 3 Financing, Inc. |
|
|
| 3.63% due 01/15/291,5 |
1,500,000 |
810,304 |
| 3.75% due 07/15/295 |
600,000 |
324,943 |
| Virgin Media Secured Finance plc |
|
|
| 4.50% due 08/15/301,5 |
1,200,000 |
997,269 |
| Zayo Group Holdings, Inc. |
|
|
| 4.00% due 03/01/275 |
1,050,000 |
733,708 |
| Match Group Holdings II LLC |
|
|
| 3.63% due 10/01/315 |
875,000 |
712,784 |
| Outfront Media Capital LLC / Outfront Media Capital Corp. |
|
|
| 4.25% due 01/15/295 |
825,000 |
674,850 |
| Sirius XM Radio, Inc. |
|
|
| 3.88% due 09/01/315 |
900,000 |
664,145 |
| Ziggo BV |
|
|
| 4.88% due 01/15/301,5 |
725,000 |
603,334 |
| Ziggo Bond Company BV |
|
|
| 5.13% due 02/28/301,5 |
500,000 |
383,404 |
| Total Communications |
|
81,912,698 |
| Industrial – 4.6% |
|
|
| Boeing Co. |
|
|
| 5.81% due 05/01/501 |
9,400,000 |
9,202,605 |
| New Enterprise Stone & Lime Company, Inc. |
|
|
| 9.75% due 07/15/281,5 |
7,717,000 |
7,331,150 |
| 5.25% due 07/15/281,5 |
2,025,000 |
1,792,125 |
| Standard Industries, Inc. |
|
|
| 4.38% due 07/15/301,5 |
7,050,000 |
5,952,780 |
| 3.38% due 01/15/315 |
1,100,000 |
859,238 |
| Artera Services LLC |
|
|
| 9.03% due 12/04/255 |
6,290,000 |
5,377,992 |
| Builders FirstSource, Inc. |
|
|
| 6.38% due 06/15/325 |
2,500,000 |
2,459,674 |
| 4.25% due 02/01/325 |
1,675,000 |
1,439,060 |
See notes to financial statements.
42 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
Face |
|
| |
Amount~ |
Value |
| CORPORATE BONDS†† – 46.6% (continued) |
|
|
| Industrial – 4.6% (continued) |
|
|
| Harsco Corp. |
|
|
| 5.75% due 07/31/271,5 |
3,624,000 |
$ 3,133,726 |
| Fortune Brands Innovations, Inc. |
|
|
| 4.50% due 03/25/521 |
4,134,000 |
3,085,542 |
| Great Lakes Dredge & Dock Corp. |
|
|
| 5.25% due 06/01/291,5 |
3,600,000 |
2,828,483 |
| Mauser Packaging Solutions Holding Co. |
|
|
| 7.88% due 08/15/265 |
1,875,000 |
1,858,349 |
| 9.25% due 04/15/271,5 |
1,000,000 |
912,630 |
| Howmet Aerospace, Inc. |
|
|
| 3.00% due 01/15/291 |
1,175,000 |
1,028,634 |
| 5.95% due 02/01/37 |
875,000 |
875,318 |
| 6.88% due 05/01/25 |
800,000 |
817,834 |
| GrafTech Finance, Inc. |
|
|
| 4.63% due 12/15/281,5 |
2,860,000 |
2,280,955 |
| Clearwater Paper Corp. |
|
|
| 4.75% due 08/15/285 |
2,547,000 |
2,259,924 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc |
|
|
| 4.00% due 09/01/291,5 |
2,300,000 |
1,803,681 |
| Summit Materials LLC / Summit Materials Finance Corp. |
|
|
| 5.25% due 01/15/291,5 |
1,775,000 |
1,665,429 |
| Brundage-Bone Concrete Pumping Holdings, Inc. |
|
|
| 6.00% due 02/01/261,5 |
1,625,000 |
1,507,187 |
| TK Elevator US Newco, Inc. |
|
|
| 5.25% due 07/15/271,5 |
1,550,000 |
1,427,050 |
| JELD-WEN, Inc. |
|
|
| 6.25% due 05/15/251,5 |
1,350,000 |
1,360,125 |
| Deuce FinCo plc |
|
|
| 5.50% due 06/15/275 |
GBP 1,200,000 |
1,248,756 |
| 7.71% (3 Month EURIBOR + 4.75%, Rate Floor: 4.75%) due 06/15/27◊ |
EUR 100,000 |
99,947 |
| Cellnex Finance Company S.A. |
|
|
| 3.88% due 07/07/411,5 |
1,750,000 |
1,285,914 |
| Amsted Industries, Inc. |
|
|
| 4.63% due 05/15/305 |
950,000 |
851,779 |
| Ball Corp. |
|
|
| 3.13% due 09/15/311 |
875,000 |
721,020 |
| GATX Corp. |
|
|
| 4.00% due 06/30/30 |
560,000 |
513,881 |
| PGT Innovations, Inc. |
|
|
| 4.38% due 10/01/295 |
400,000 |
365,148 |
| TopBuild Corp. |
|
|
| 4.13% due 02/15/325 |
400,000 |
335,792 |
| Arcosa, Inc. |
|
|
| 4.38% due 04/15/295 |
350,000 |
315,940 |
See notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 43
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
Face |
|
| |
Amount~ |
Value |
| CORPORATE BONDS†† – 46.6% (continued) |
|
|
| Industrial – 4.6% (continued) |
|
|
| EnerSys |
|
|
| 4.38% due 12/15/275 |
325,000 |
$ 302,231 |
| Hillenbrand, Inc. |
|
|
| 3.75% due 03/01/311 |
250,000 |
207,492 |
| EnPro Industries, Inc. |
|
|
| 5.75% due 10/15/26 |
115,000 |
112,526 |
| MIWD Holdco II LLC / MIWD Finance Corp. |
|
|
| 5.50% due 02/01/305 |
125,000 |
100,625 |
| Vertical Midco GmbH |
|
|
| 4.38% due 07/15/27 |
EUR 100,000 |
94,867 |
| Total Industrial |
|
67,815,409 |
| Energy – 3.8% |
|
|
| Global Partners Limited Partnership / GLP Finance Corp. |
|
|
| 7.00% due 08/01/271 |
4,800,000 |
4,608,000 |
| 6.88% due 01/15/291 |
2,980,000 |
2,739,067 |
| ITT Holdings LLC |
|
|
| 6.50% due 08/01/291,5 |
8,050,000 |
6,419,875 |
| Occidental Petroleum Corp. |
|
|
| 6.20% due 03/15/401 |
2,100,000 |
2,050,125 |
| 7.00% due 11/15/271 |
2,000,000 |
2,045,000 |
| 4.30% due 08/15/39 |
2,100,000 |
1,652,049 |
| 4.63% due 06/15/45 |
750,000 |
578,565 |
| BP Capital Markets plc |
|
|
| 4.88% 1,4,8 |
6,750,000 |
6,134,062 |
| NuStar Logistics, LP |
|
|
| 6.38% due 10/01/301 |
5,625,000 |
5,414,062 |
| 5.63% due 04/28/27 |
200,000 |
189,318 |
| 6.00% due 06/01/26 |
125,000 |
121,297 |
| CVR Energy, Inc. |
|
|
| 5.25% due 02/15/255 |
2,275,000 |
2,164,845 |
| 5.75% due 02/15/285 |
2,100,000 |
1,765,008 |
| Crestwood Midstream Partners Limited Partnership / |
|
|
| Crestwood Midstream Finance Corp. |
|
|
| 7.38% due 02/01/311,5 |
3,800,000 |
3,729,890 |
| TransMontaigne Partners Limited Partnership / TLP Finance Corp. |
|
|
| 6.13% due 02/15/26 |
4,025,000 |
3,491,688 |
| Parkland Corp. |
|
|
| 4.63% due 05/01/305 |
2,700,000 |
2,334,150 |
| 4.50% due 10/01/291,5 |
1,300,000 |
1,123,978 |
| Hess Corp. |
|
|
| 5.60% due 02/15/41 |
1,550,000 |
1,460,149 |
| 6.00% due 01/15/401 |
1,000,000 |
986,019 |
| 7.13% due 03/15/33 |
500,000 |
545,410 |
| EnLink Midstream LLC |
|
|
| 6.50% due 09/01/301,5 |
2,600,000 |
2,583,927 |
See notes to financial statements.
44 l GOF l GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
Face |
|
| |
Amount~ |
Value |
| CORPORATE BONDS†† – 46.6% (continued) |
|
|
| Energy – 3.8% (continued) |
|
|
| Southwestern Energy Co. |
|
|
| 5.38% due 02/01/291 |
1,400,000 |
$ 1,303,721 |
| Energy Transfer, LP |
|
|
| 4.25% due 04/01/24 |
1,000,000 |
985,456 |
| Buckeye Partners, LP |
|
|
| 4.35% due 10/15/24 |
750,000 |
727,530 |
| Venture Global Calcasieu Pass LLC |
|
|
| 4.13% due 08/15/311,5 |
775,000 |
668,112 |
| DT Midstream, Inc. |
|
|
| 4.13% due 06/15/291,5 |
425,000 |
368,560 |
| FLNG Liquefaction 2 LLC |
|
|
| 4.13% due 03/31/385 |
237,710 |
211,809 |
| Viper Energy Partners, LP |
|
|
| 5.38% due 11/01/275 |
200,000 |
192,345 |
| Basic Energy Services, Inc. |
|
|
| due 10/15/2310 |
1,030,000 |
10,300 |
| Schahin II Finance Co. SPV Ltd. |
|
|
| due 09/25/23†††,10 |
1,400,000 |
1 |
| Total Energy |
|
56,604,318 |
| Basic Materials – 2.4% |
|
|
| Carpenter Technology Corp. |
|
|
| 6.38% due 07/15/281 |
5,225,000 |
5,036,030 |
| 7.63% due 03/15/30 |
2,500,000 |
2,512,500 |
| SCIL IV LLC / SCIL USA Holdings LLC |
|
|
| 5.38% due 11/01/261,5 |
6,075,000 |
5,604,846 |
| Alcoa Nederland Holding BV |
|
|
| 5.50% due 12/15/271,5 |
3,625,000 |
3,538,127 |
| 6.13% due 05/15/281,5 |
1,475,000 |
1,447,344 |
| SK Invictus Intermediate II SARL |
|
|
| 5.00% due 10/30/291,5 |
5,250,000 |
4,168,133 |
| WR Grace Holdings LLC |
|
|
| 4.88% due 06/15/275 |
2,325,000 |
2,156,321 |
| 7.38% due 03/01/311,5 |
500,000 |
490,000 |
| Compass Minerals International, Inc. |
|
|
| 6.75% due 12/01/275 |
2,550,000 |
2,438,437 |
| Illuminate Buyer LLC / Illuminate Holdings IV, Inc. |
|
|
| 9.00% due 07/01/285 |
1,625,000 |
1,419,423 |
| Kaiser Aluminum Corp. |
|
|
| 4.63% due 03/01/285 |
1,000,000 |
873,990 |
| 4.50% due 06/01/315 |
500,000 |
392,875 |
| Minerals Technologies, Inc. |
|
|
| 5.00% due 07/01/285 |
1,350,000 |
1,242,766 |
See notes to financial statements.
GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT l 45
| SCHEDULE OF INVESTMENTS continued |
May 31, 2023 |
| |
Face |
|
| |
Amount~ |
Value |
| CORPORATE BONDS†† – 46.6% (continued) |
|
|
| Basic Materials – 2.4% (continued) |
|
|
| Arconic Corp. |
|
|
| 6.00% due 05/15/251,5 |
1,200,000 |
$ 1,203,236 |
| HB Fuller Co. |
|
|
| 4.25% due 10/15/28 |
1,150,000 |
1,032,125 |
| Diamond BC BV |
|
|
| 4.63% due 10/01/291,5 |
825,000 |
828,135 |
| Valvoline, Inc. |
|
|
| 3.63% due 06/15/315 |
760,000 |
623,367 |
| Mirabela Nickel Ltd. |
|
|
| due 06/24/19†††,9,10 |
2,667,995 |
126,730 |
| Total Basic Materials |
|
35,134,385 |
| Technology – 1.8% |
|
|
| AthenaHealth Group, Inc. |
|
|
| 6.50% due 02/15/305 |
7,900,000 |
6,507,089 |
| NCR Corp. |
|
|
| 5.25% due 10/01/301,5 |
3,150,000 |
2,689,351 |
| 6.13% due 09/01/295 |
1,550,000 |
1,537,272 |
| 5.13% due 04/15/295 |
900,000 |
787,273 |
| Central Parent Incorporated / CDK Global Inc |
|
|
| 7.25% due 06/15/291,5 |
3,400,000 |
3,327,336 |
| Broadcom, Inc. |
|
|
| 3.19% due 11/15/365 |
4,400,000 |
3,292,622 |
| Playtika Holding Corp. |
|
|
| 4.25% due 03/15/291,5 |
2,025,000 |
1,716,184 |
| Twilio, Inc. |