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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Guggenheim Enhanced Equity Income Fund | NYSE:GPM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.89 | 0 | 01:00:00 |
June 30, 2020
|
|||||||||
Total Cumulative Distribution
|
% Breakdown of the Total Cumulative
|
||||||||
For the Fiscal Year
|
Distributions for the Fiscal Year
|
||||||||
|
Net
|
Net
|
|
|
|
Net
|
Net
|
|
|
|
Realized
|
Realized
|
|
|
|
Realized
|
Realized
|
|
|
Net
|
Short-Term
|
Long-Term
|
|
Total per
|
Net
|
Short-Term
|
Long-Term
|
|
Total per
|
Investment
|
Capital
|
Capital
|
Return of
|
Common
|
Investment
|
Capital
|
Capital
|
Return of
|
Common
|
Income
|
Gains
|
Gains
|
Capital
|
Share
|
Income
|
Gains
|
Gains
|
Capital
|
Share
|
$0.0000
|
$0.0000
|
$0.0000
|
$0.3600
|
$0.3600
|
0.00%
|
0.00%
|
0.00%
|
100.00%
|
100.00%
|
•
|
Daily, weekly and monthly data on share prices, distributions and more
|
•
|
Portfolio overviews and performance analyses
|
•
|
Announcements, press releases and special notices
|
•
|
Fund and adviser contact information
|
(Unaudited)
|
June 30, 2020
|
(Unaudited) continued
|
June 30, 2020
|
ECONOMIC AND MARKET OVERVIEW (Unaudited)
|
June 30, 2020
|
ECONOMIC AND MARKET OVERVIEW (Unaudited) continued
|
June 30, 2020
|
QUESTIONS & ANSWERS (Unaudited)
|
June 30, 2020
|
QUESTIONS & ANSWERS (Unaudited) continued
|
June 30, 2020
|
QUESTIONS & ANSWERS (Unaudited) continued
|
June 30, 2020
|
Index
|
Total Return
|
Chicago Board Options Exchange Volatility Index (“VIX”)
|
144.03%
|
Dow Jones Industrial Average
|
-8.43%
|
NASDAQ-100 Index
|
16.89%
|
Russell 2000 Index
|
-12.98%
|
S&P 500 Equal Weight Index
|
-10.77%
|
S&P 500 Index
|
-3.08%
|
QUESTIONS & ANSWERS (Unaudited) continued
|
June 30, 2020
|
QUESTIONS & ANSWERS (Unaudited) continued
|
June 30, 2020
|
QUESTIONS & ANSWERS (Unaudited) continued
|
June 30, 2020
|
QUESTIONS & ANSWERS (Unaudited) continued
|
June 30, 2020
|
•
|
no assurance that futures contracts or options on futures can be offset at favorable prices;
|
•
|
possible reduction of the return of the Fund due to their use for hedging;
|
•
|
possible reduction in value of both the securities hedged and the hedging instrument;
|
•
|
possible lack of liquidity due to daily limits on price fluctuations;
|
•
|
imperfect correlation between the contracts and the securities being hedged; and
|
QUESTIONS & ANSWERS (Unaudited) continued
|
June 30, 2020
|
•
|
losses from investing in futures transactions that are potentially unlimited and the segregation requirements for such transactions.
|
QUESTIONS & ANSWERS (Unaudited) continued
|
June 30, 2020
|
QUESTIONS & ANSWERS (Unaudited) continued
|
June 30, 2020
|
FUND SUMMARY (Unaudited)
|
June 30, 2020
|
Fund Statistics
|
|
Share Price
|
$5.43
|
Net Asset Value
|
$6.00
|
Discount to NAV
|
-9.50%
|
Net Assets ($000)
|
$290,284
|
|
Six Month
|
|
|
|
|
|
(non-
|
One
|
Three
|
Five
|
Ten
|
|
annualized)
|
Year
|
Year
|
Year
|
Year
|
Guggenheim Enhanced
|
|
|
|
|
|
Equity Income Fund
|
|
|
|
|
|
NAV
|
(19.69%)
|
(13.38%)
|
(0.10%)
|
3.92%
|
8.27%
|
Market
|
(27.66%)
|
(23.81%)
|
(1.88%)
|
3.83%
|
8.72%
|
1
|
Performance prior to June 22, 2010, under the name Old Mutual/Claymore Long-Short Fund was achieved through an investment strategy of a long-short strategy and an opportunistic covered call
writing strategy by the previous investment sub-adviser, Analytic Investors, LLC, and factors in the Fund’s fees and expenses.
|
Portfolio Breakdown
|
% of Net Assets
|
|||
Common Stocks
|
||||
Consumer, Non-cyclical
|
21.4
|
%
|
||
Financial
|
18.1
|
%
|
||
Industrial
|
13.9
|
%
|
||
Consumer, Cyclical
|
13.1
|
%
|
||
Technology
|
11.1
|
%
|
||
Communications
|
6.2
|
%
|
||
Utilities
|
5.4
|
%
|
||
Other
|
8.6
|
%
|
||
Rights
|
0.0
|
%*
|
||
Exchange-Traded Funds
|
45.0
|
%
|
||
Money Market Fund
|
4.5
|
%
|
||
Total Investments
|
147.3
|
%
|
||
Options Written
|
-3.2
|
%
|
||
Other Assets & Liabilities, net
|
-44.1
|
%
|
||
Net Assets
|
100.0
|
%
|
*
|
Less than 0.1%
|
FUND SUMMARY (Unaudited) concluded
|
June 30, 2020
|
SCHEDULE OF INVESTMENTS (Unaudited)
|
June 30, 2020
|
|
Shares
|
Value
|
COMMON STOCKS† – 97.8%
|
|
|
Consumer, Non-cyclical – 21.4%
|
|
|
ResMed, Inc.
|
3,528
|
$ 677,376
|
Eli Lilly & Co.1
|
3,950
|
648,511
|
Hologic, Inc.*,1
|
11,306
|
644,442
|
West Pharmaceutical Services, Inc.
|
2,824
|
641,528
|
Incyte Corp.*,1
|
6,158
|
640,247
|
PayPal Holdings, Inc.*,1
|
3,652
|
636,288
|
DexCom, Inc.*
|
1,531
|
620,667
|
Align Technology, Inc.*,1
|
2,255
|
618,862
|
IDEXX Laboratories, Inc.*,1
|
1,872
|
618,060
|
Conagra Brands, Inc.1
|
17,494
|
615,264
|
Illumina, Inc.*,1
|
1,660
|
614,781
|
Amgen, Inc.1
|
2,602
|
613,708
|
IHS Markit Ltd.
|
8,122
|
613,211
|
Vertex Pharmaceuticals, Inc.*
|
2,111
|
612,844
|
McCormick & Company, Inc.1
|
3,405
|
610,891
|
Perrigo Company plc1
|
11,012
|
608,633
|
Clorox Co.1
|
2,764
|
606,339
|
Thermo Fisher Scientific, Inc.
|
1,669
|
604,746
|
Varian Medical Systems, Inc.*
|
4,918
|
602,553
|
AmerisourceBergen Corp. — Class A1
|
5,976
|
602,202
|
AbbVie, Inc.1
|
6,132
|
602,040
|
Regeneron Pharmaceuticals, Inc.*
|
964
|
601,199
|
Quanta Services, Inc.
|
15,303
|
600,337
|
Church & Dwight Company, Inc.1
|
7,758
|
599,693
|
Campbell Soup Co.1
|
12,045
|
597,793
|
Gilead Sciences, Inc.1
|
7,746
|
595,977
|
Danaher Corp.1
|
3,367
|
595,387
|
Kroger Co.1
|
17,576
|
594,948
|
Bristol-Myers Squibb Co.1
|
10,094
|
593,527
|
Verisk Analytics, Inc. — Class A1
|
3,485
|
593,147
|
Kimberly-Clark Corp.1
|
4,171
|
589,571
|
S&P Global, Inc.
|
1,789
|
589,440
|
Kellogg Co.1
|
8,916
|
588,991
|
United Rentals, Inc.*
|
3,951
|
588,857
|
Becton Dickinson and Co.1
|
2,456
|
587,647
|
McKesson Corp.
|
3,824
|
586,678
|
Hormel Foods Corp.1
|
12,149
|
586,432
|
Procter & Gamble Co.1
|
4,904
|
586,371
|
UnitedHealth Group, Inc.
|
1,988
|
586,361
|
Teleflex, Inc.
|
1,609
|
585,644
|
Henry Schein, Inc.*
|
10,012
|
584,601
|
Quest Diagnostics, Inc.
|
5,126
|
584,159
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
June 30, 2020
|
|
Shares
|
Value
|
COMMON STOCKS† – 97.8% (continued)
|
|
|
Consumer, Non-cyclical – 21.4% (continued)
|
|
|
Robert Half International, Inc.
|
11,054
|
$ 583,983
|
Moody’s Corp.1
|
2,124
|
583,526
|
Constellation Brands, Inc. — Class A1
|
3,330
|
582,584
|
Abbott Laboratories1
|
6,369
|
582,318
|
Alexion Pharmaceuticals, Inc.*,1
|
5,187
|
582,189
|
Centene Corp.*,1
|
9,154
|
581,737
|
Baxter International, Inc.1
|
6,752
|
581,347
|
PepsiCo, Inc.
|
4,395
|
581,283
|
General Mills, Inc.1
|
9,426
|
581,113
|
Humana, Inc.1
|
1,497
|
580,462
|
Rollins, Inc.1
|
13,692
|
580,404
|
Equifax, Inc.1
|
3,375
|
580,095
|
Zoetis, Inc.
|
4,229
|
579,542
|
IQVIA Holdings, Inc.*
|
4,084
|
579,438
|
Gartner, Inc.*,1
|
4,775
|
579,351
|
Intuitive Surgical, Inc.*,1
|
1,015
|
578,377
|
Edwards Lifesciences Corp.*
|
8,340
|
576,377
|
MarketAxess Holdings, Inc.1
|
1,150
|
576,058
|
Dentsply Sirona, Inc.1
|
13,070
|
575,864
|
Monster Beverage Corp.*
|
8,301
|
575,425
|
Merck & Company, Inc.
|
7,431
|
574,639
|
Automatic Data Processing, Inc.1
|
3,857
|
574,269
|
CVS Health Corp.1
|
8,838
|
574,205
|
Archer-Daniels-Midland Co.1
|
14,380
|
573,762
|
DaVita, Inc.*,1
|
7,246
|
573,448
|
STERIS plc
|
3,735
|
573,098
|
JM Smucker Co.
|
5,415
|
572,961
|
Mylan N.V.*,1
|
35,570
|
571,966
|
Mondelez International, Inc. — Class A
|
11,177
|
571,480
|
Sysco Corp.
|
10,449
|
571,142
|
Colgate-Palmolive Co.1
|
7,789
|
570,622
|
Bio-Rad Laboratories, Inc. — Class A*
|
1,263
|
570,232
|
Avery Dennison Corp.1
|
4,995
|
569,879
|
Hershey Co.1
|
4,391
|
569,162
|
Altria Group, Inc.1
|
14,490
|
568,733
|
Kraft Heinz Co.1
|
17,830
|
568,599
|
Cintas Corp.1
|
2,130
|
567,347
|
ABIOMED, Inc.*,1
|
2,346
|
566,700
|
Philip Morris International, Inc.
|
8,052
|
564,123
|
Boston Scientific Corp.*,1
|
16,039
|
563,129
|
Laboratory Corporation of America Holdings*,1
|
3,380
|
561,452
|
Anthem, Inc.1
|
2,134
|
561,199
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
June 30, 2020
|
|
Shares
|
Value
|
COMMON STOCKS† – 97.8% (continued)
|
|
|
Consumer, Non-cyclical – 21.4% (continued)
|
|
|
Johnson & Johnson1
|
3,989
|
$ 560,973
|
Cigna Corp.1
|
2,984
|
559,948
|
Cardinal Health, Inc.1
|
10,720
|
559,477
|
Estee Lauder Companies, Inc. — Class A1
|
2,963
|
559,059
|
Lamb Weston Holdings, Inc.
|
8,727
|
557,917
|
Medtronic plc1
|
6,083
|
557,811
|
Cooper Companies, Inc.1
|
1,966
|
557,636
|
Nielsen Holdings plc1
|
37,500
|
557,250
|
Coca-Cola Co.1
|
12,434
|
555,551
|
Brown-Forman Corp. — Class B1
|
8,689
|
553,142
|
Corteva, Inc.1
|
20,588
|
551,553
|
Universal Health Services, Inc. — Class B
|
5,932
|
551,023
|
FleetCor Technologies, Inc.*,1
|
2,189
|
550,599
|
Pfizer, Inc.1
|
16,800
|
549,360
|
HCA Healthcare, Inc.1
|
5,639
|
547,321
|
Tyson Foods, Inc. — Class A
|
9,116
|
544,316
|
Stryker Corp.
|
3,019
|
543,994
|
Biogen, Inc.*,1
|
2,030
|
543,126
|
Zimmer Biomet Holdings, Inc.1
|
4,529
|
540,581
|
Global Payments, Inc.1
|
3,175
|
538,543
|
Coty, Inc. — Class A1
|
116,425
|
520,420
|
Molson Coors Beverage Co. — Class B
|
14,901
|
511,998
|
H&R Block, Inc.1
|
31,729
|
453,090
|
Total Consumer, Non-cyclical
|
|
62,128,261
|
Financial – 18.1%
|
|
|
Aon plc — Class A1
|
3,116
|
600,142
|
Willis Towers Watson plc1
|
3,036
|
597,940
|
Cincinnati Financial Corp.1
|
9,290
|
594,839
|
Progressive Corp.
|
7,402
|
592,974
|
Digital Realty Trust, Inc. REIT1
|
4,169
|
592,457
|
Morgan Stanley
|
12,251
|
591,723
|
Invesco Ltd.1
|
54,835
|
590,025
|
Loews Corp.1
|
17,171
|
588,794
|
Equinix, Inc. REIT1
|
838
|
588,527
|
Nasdaq, Inc.
|
4,924
|
588,270
|
SVB Financial Group*
|
2,719
|
586,026
|
BlackRock, Inc. — Class A1
|
1,076
|
585,441
|
Weyerhaeuser Co. REIT
|
26,056
|
585,218
|
Marsh & McLennan Companies, Inc.1
|
5,434
|
583,448
|
Ameriprise Financial, Inc.1
|
3,866
|
580,055
|
Arthur J Gallagher & Co.1
|
5,948
|
579,870
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
June 30, 2020
|
|
Shares
|
Value
|
COMMON STOCKS† – 97.8% (continued)
|
|
|
Financial – 18.1% (continued)
|
|
|
T. Rowe Price Group, Inc.
|
4,688
|
$ 578,968
|
Alexandria Real Estate Equities, Inc. REIT1
|
3,560
|
577,610
|
Crown Castle International Corp. REIT1
|
3,449
|
577,190
|
Allstate Corp.1
|
5,925
|
574,666
|
Chubb Ltd.1
|
4,511
|
571,183
|
State Street Corp.
|
8,983
|
570,870
|
Travelers Companies, Inc.
|
5,003
|
570,592
|
Bank of New York Mellon Corp.1
|
14,750
|
570,087
|
W R Berkley Corp.
|
9,944
|
569,692
|
Visa, Inc. — Class A
|
2,949
|
569,658
|
Healthpeak Properties, Inc. REIT1
|
20,633
|
568,645
|
SBA Communications Corp. REIT
|
1,907
|
568,133
|
American Tower Corp. — Class A REIT1
|
2,197
|
568,012
|
Duke Realty Corp. REIT
|
16,039
|
567,620
|
First Republic Bank
|
5,314
|
563,231
|
Mastercard, Inc. — Class A
|
1,904
|
563,013
|
Principal Financial Group, Inc.
|
13,538
|
562,368
|
Prologis, Inc. REIT
|
6,002
|
560,167
|
Berkshire Hathaway, Inc. — Class B*,1
|
3,129
|
558,558
|
Realty Income Corp. REIT1
|
9,383
|
558,288
|
Aflac, Inc.1
|
15,475
|
557,564
|
Intercontinental Exchange, Inc.1
|
6,080
|
556,928
|
U.S. Bancorp
|
15,116
|
556,571
|
Goldman Sachs Group, Inc.1
|
2,810
|
555,312
|
Globe Life, Inc.
|
7,470
|
554,498
|
Citigroup, Inc.1
|
10,851
|
554,486
|
Citizens Financial Group, Inc.
|
21,959
|
554,245
|
Public Storage REIT
|
2,886
|
553,795
|
MetLife, Inc.
|
15,140
|
552,913
|
Zions Bancorp North America1
|
16,255
|
552,670
|
Comerica, Inc.1
|
14,486
|
551,917
|
Unum Group
|
33,196
|
550,722
|
Assurant, Inc.1
|
5,297
|
547,127
|
Prudential Financial, Inc.
|
8,977
|
546,699
|
Hartford Financial Services Group, Inc.1
|
14,164
|
546,022
|
Mid-America Apartment Communities, Inc. REIT
|
4,761
|
545,944
|
Franklin Resources, Inc.1
|
26,021
|
545,660
|
Raymond James Financial, Inc.
|
7,919
|
545,065
|
Western Union Co.
|
25,177
|
544,327
|
Everest Re Group Ltd.
|
2,638
|
543,956
|
Bank of America Corp.1
|
22,881
|
543,424
|
Regency Centers Corp. REIT
|
11,839
|
543,292
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
June 30, 2020
|
|
Shares
|
Value
|
COMMON STOCKS† – 97.8% (continued)
|
|
|
Financial – 18.1% (continued)
|
|
|
UDR, Inc. REIT
|
14,505
|
$ 542,197
|
Extra Space Storage, Inc. REIT1
|
5,863
|
541,565
|
Apartment Investment & Management Co. — Class A REIT1
|
14,380
|
541,263
|
M&T Bank Corp.1
|
5,204
|
541,060
|
Truist Financial Corp.
|
14,365
|
539,406
|
Vornado Realty Trust REIT
|
14,115
|
539,334
|
CBRE Group, Inc. — Class A*,1
|
11,919
|
538,977
|
PNC Financial Services Group, Inc.
|
5,119
|
538,570
|
Northern Trust Corp.
|
6,781
|
538,004
|
People’s United Financial, Inc.
|
46,475
|
537,716
|
Discover Financial Services1
|
10,700
|
535,963
|
SL Green Realty Corp. REIT
|
10,862
|
535,388
|
AvalonBay Communities, Inc. REIT1
|
3,462
|
535,364
|
American International Group, Inc.1
|
17,161
|
535,080
|
Federal Realty Investment Trust REIT1
|
6,267
|
534,011
|
JPMorgan Chase & Co.1
|
5,677
|
533,979
|
Iron Mountain, Inc. REIT1
|
20,381
|
531,944
|
Welltower, Inc. REIT1
|
10,264
|
531,162
|
American Express Co.1
|
5,576
|
530,835
|
Boston Properties, Inc. REIT1
|
5,873
|
530,802
|
Regions Financial Corp.
|
47,646
|
529,823
|
Cboe Global Markets, Inc.1
|
5,676
|
529,457
|
Kimco Realty Corp. REIT1
|
41,206
|
529,085
|
Synchrony Financial
|
23,853
|
528,582
|
CME Group, Inc. — Class A1
|
3,245
|
527,442
|
Ventas, Inc. REIT
|
14,387
|
526,852
|
Fifth Third Bancorp1
|
27,253
|
525,438
|
Equity Residential REIT1
|
8,919
|
524,616
|
Charles Schwab Corp.
|
15,508
|
523,240
|
KeyCorp1
|
42,889
|
522,388
|
Essex Property Trust, Inc. REIT1
|
2,271
|
520,445
|
Wells Fargo & Co.
|
20,271
|
518,938
|
Huntington Bancshares, Inc.1
|
57,359
|
518,239
|
Lincoln National Corp.1
|
13,938
|
512,779
|
Simon Property Group, Inc. REIT
|
7,462
|
510,252
|
Capital One Financial Corp.1
|
8,027
|
502,410
|
Host Hotels & Resorts, Inc. REIT1
|
44,857
|
484,007
|
Total Financial
|
|
52,464,050
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
June 30, 2020
|
|
Shares
|
Value
|
COMMON STOCKS† – 97.8% (continued)
|
|
|
Industrial – 13.9%
|
|
|
Howmet Aerospace, Inc.1
|
40,499
|
$ 641,909
|
Masco Corp.1
|
12,382
|
621,700
|
United Parcel Service, Inc. — Class B
|
5,587
|
621,163
|
Fortune Brands Home & Security, Inc.1
|
9,709
|
620,697
|
Sealed Air Corp.
|
18,541
|
609,072
|
Old Dominion Freight Line, Inc.
|
3,591
|
608,998
|
Garmin Ltd.1
|
6,185
|
603,038
|
Stanley Black & Decker, Inc.
|
4,325
|
602,819
|
Fortive Corp.1
|
8,908
|
602,715
|
Illinois Tool Works, Inc.1
|
3,437
|
600,959
|
FedEx Corp.1
|
4,272
|
599,020
|
J.B. Hunt Transport Services, Inc.1
|
4,969
|
597,969
|
Mettler-Toledo International, Inc.*
|
742
|
597,718
|
Jacobs Engineering Group, Inc.1
|
7,044
|
597,331
|
Keysight Technologies, Inc.*
|
5,927
|
597,323
|
Martin Marietta Materials, Inc.1
|
2,877
|
594,302
|
Amcor plc
|
57,797
|
590,107
|
TE Connectivity Ltd.1
|
7,214
|
588,302
|
IDEX Corp.
|
3,716
|
587,277
|
Expeditors International of Washington, Inc.1
|
7,707
|
586,040
|
Vulcan Materials Co.
|
5,058
|
585,969
|
Carrier Global Corp.
|
26,323
|
584,897
|
Caterpillar, Inc.1
|
4,604
|
582,406
|
Agilent Technologies, Inc.1
|
6,584
|
581,828
|
Snap-on, Inc.
|
4,199
|
581,603
|
Rockwell Automation, Inc.
|
2,723
|
579,999
|
Waste Management, Inc.
|
5,458
|
578,056
|
AMETEK, Inc.1
|
6,468
|
578,045
|
Flowserve Corp.1
|
20,250
|
577,530
|
Union Pacific Corp.
|
3,412
|
576,867
|
Parker-Hannifin Corp.
|
3,147
|
576,751
|
Eaton Corporation plc1
|
6,592
|
576,668
|
CH Robinson Worldwide, Inc.1
|
7,294
|
576,664
|
Ball Corp.1
|
8,298
|
576,628
|
Otis Worldwide Corp.
|
10,117
|
575,253
|
Deere & Co.1
|
3,659
|
575,012
|
Kansas City Southern1
|
3,850
|
574,766
|
Pentair plc1
|
15,120
|
574,409
|
Xylem, Inc.1
|
8,837
|
574,051
|
Emerson Electric Co.1
|
9,242
|
573,281
|
PerkinElmer, Inc.
|
5,837
|
572,551
|
Packaging Corporation of America
|
5,732
|
572,054
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
June 30, 2020
|
|
Shares
|
Value
|
COMMON STOCKS† – 97.8% (continued)
|
|
|
Industrial – 13.9% (continued)
|
|
|
Amphenol Corp. — Class A1
|
5,968
|
$ 571,794
|
3M Co.
|
3,661
|
571,079
|
Republic Services, Inc. — Class A
|
6,937
|
569,181
|
A O Smith Corp.
|
12,076
|
569,021
|
CSX Corp.1
|
8,150
|
568,381
|
Westrock Co.
|
20,099
|
567,998
|
General Dynamics Corp.1
|
3,800
|
567,948
|
Honeywell International, Inc.
|
3,923
|
567,227
|
Dover Corp.1
|
5,869
|
566,711
|
Allegion plc1
|
5,536
|
565,890
|
Roper Technologies, Inc.
|
1,454
|
564,530
|
Johnson Controls International plc1
|
16,458
|
561,876
|
TransDigm Group, Inc.
|
1,267
|
560,077
|
Norfolk Southern Corp.
|
3,182
|
558,664
|
Trane Technologies plc1
|
6,273
|
558,172
|
FLIR Systems, Inc.
|
13,742
|
557,513
|
Waters Corp.*
|
3,056
|
551,302
|
Northrop Grumman Corp.
|
1,785
|
548,780
|
Boeing Co.1
|
2,992
|
548,434
|
Textron, Inc.
|
16,603
|
546,405
|
Huntington Ingalls Industries, Inc.1
|
3,110
|
542,664
|
Lockheed Martin Corp.1
|
1,485
|
541,906
|
Westinghouse Air Brake Technologies Corp.1
|
9,312
|
536,092
|
Raytheon Technologies Corp.
|
8,674
|
534,492
|
General Electric Co.1
|
78,206
|
534,147
|
Teledyne Technologies, Inc.*
|
1,700
|
528,615
|
Ingersoll Rand, Inc.*,1
|
18,161
|
510,687
|
L3Harris Technologies, Inc.
|
2,935
|
497,982
|
Total Industrial
|
|
40,241,315
|
Consumer, Cyclical – 13.1%
|
|
|
Gap, Inc.1
|
53,794
|
678,880
|
Best Buy Company, Inc.1
|
7,292
|
636,373
|
Tractor Supply Co.
|
4,787
|
630,879
|
Lowe’s Companies, Inc.1
|
4,498
|
607,770
|
Leggett & Platt, Inc.1
|
17,276
|
607,252
|
Fastenal Co.1
|
14,154
|
606,357
|
Chipotle Mexican Grill, Inc. — Class A*,1
|
572
|
601,950
|
Whirlpool Corp.
|
4,644
|
601,537
|
Dollar Tree, Inc.*,1
|
6,460
|
598,713
|
BorgWarner, Inc.1
|
16,900
|
596,570
|
Advance Auto Parts, Inc.1
|
4,177
|
595,014
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
June 30, 2020
|
|
Shares
|
Value
|
COMMON STOCKS† – 97.8% (continued)
|
|
|
Consumer, Cyclical – 13.1% (continued)
|
|
|
Mohawk Industries, Inc.*
|
5,801
|
$ 590,310
|
Lennar Corp. — Class A1
|
9,569
|
589,642
|
Newell Brands, Inc.
|
37,058
|
588,481
|
Cummins, Inc.1
|
3,393
|
587,871
|
Dollar General Corp.1
|
3,081
|
586,961
|
WW Grainger, Inc.1
|
1,867
|
586,537
|
Home Depot, Inc.1
|
2,339
|
585,943
|
Aptiv plc1
|
7,494
|
583,933
|
O’Reilly Automotive, Inc.*
|
1,381
|
582,326
|
DR Horton, Inc.1
|
10,500
|
582,225
|
Target Corp.
|
4,850
|
581,660
|
AutoZone, Inc.*,1
|
515
|
580,982
|
Walgreens Boots Alliance, Inc.
|
13,695
|
580,531
|
Tiffany & Co.1
|
4,760
|
580,434
|
NVR, Inc.*
|
178
|
580,057
|
PACCAR, Inc.
|
7,749
|
580,013
|
Walmart, Inc.
|
4,815
|
576,741
|
NIKE, Inc. — Class B
|
5,880
|
576,534
|
Genuine Parts Co.1
|
6,624
|
576,023
|
Costco Wholesale Corp.1
|
1,898
|
575,493
|
LKQ Corp.*,1
|
21,904
|
573,885
|
Hasbro, Inc.1
|
7,631
|
571,944
|
PulteGroup, Inc.
|
16,730
|
569,322
|
Darden Restaurants, Inc.1
|
7,466
|
565,699
|
CarMax, Inc.*,1
|
6,301
|
564,254
|
VF Corp.
|
9,257
|
564,122
|
Copart, Inc.*
|
6,667
|
555,161
|
Domino’s Pizza, Inc.
|
1,499
|
553,790
|
McDonald’s Corp.1
|
2,997
|
552,857
|
Ralph Lauren Corp. — Class A
|
7,583
|
549,919
|
PVH Corp.
|
11,429
|
549,163
|
TJX Companies, Inc.
|
10,808
|
546,452
|
Starbucks Corp.1
|
7,423
|
546,259
|
Hanesbrands, Inc.1
|
48,378
|
546,188
|
L Brands, Inc.1
|
36,229
|
542,348
|
Southwest Airlines Co.
|
15,807
|
540,283
|
Yum! Brands, Inc.1
|
6,211
|
539,798
|
Hilton Worldwide Holdings, Inc.
|
7,321
|
537,727
|
Alaska Air Group, Inc.1
|
14,738
|
534,400
|
Ford Motor Co.1
|
87,770
|
533,641
|
Marriott International, Inc. — Class A1
|
6,145
|
526,811
|
Delta Air Lines, Inc.1
|
18,633
|
522,656
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
June 30, 2020
|
|
Shares
|
Value
|
COMMON STOCKS† – 97.8% (continued)
|
|
|
Consumer, Cyclical – 13.1% (continued)
|
|
|
Ross Stores, Inc.
|
6,131
|
$ 522,606
|
Tapestry, Inc.
|
39,157
|
520,005
|
Las Vegas Sands Corp.
|
11,369
|
517,744
|
General Motors Co.1
|
20,279
|
513,059
|
Live Nation Entertainment, Inc.*
|
11,543
|
511,701
|
Ulta Beauty, Inc.*
|
2,502
|
508,957
|
Kohl’s Corp.1
|
24,418
|
507,162
|
MGM Resorts International
|
29,577
|
496,894
|
United Airlines Holdings, Inc.*
|
14,296
|
494,784
|
Royal Caribbean Cruises Ltd.
|
9,268
|
466,180
|
Carnival Corp.1
|
28,378
|
465,967
|
Wynn Resorts Ltd.1
|
6,143
|
457,592
|
Norwegian Cruise Line Holdings Ltd.*
|
27,658
|
454,421
|
American Airlines Group, Inc.1
|
33,870
|
442,681
|
Under Armour, Inc. — Class A*
|
30,363
|
295,736
|
Under Armour, Inc. — Class C*
|
31,391
|
277,496
|
Total Consumer, Cyclical
|
|
37,953,656
|
Technology – 11.1%
|
|
|
Lam Research Corp.1
|
1,993
|
644,656
|
Synopsys, Inc.*
|
3,157
|
615,615
|
Xilinx, Inc.1
|
6,251
|
615,036
|
Microsoft Corp.
|
3,020
|
614,600
|
Electronic Arts, Inc.*,1
|
4,648
|
613,768
|
ANSYS, Inc.*,1
|
2,098
|
612,050
|
Apple, Inc.1
|
1,673
|
610,310
|
Autodesk, Inc.*,1
|
2,543
|
608,260
|
Cadence Design Systems, Inc.*
|
6,338
|
608,194
|
Adobe, Inc.*
|
1,395
|
607,257
|
HP, Inc.1
|
34,828
|
607,052
|
QUALCOMM, Inc.
|
6,652
|
606,729
|
salesforce.com, Inc.*,1
|
3,238
|
606,575
|
Applied Materials, Inc.1
|
10,026
|
606,072
|
Jack Henry & Associates, Inc.1
|
3,292
|
605,827
|
Akamai Technologies, Inc.*,1
|
5,651
|
605,166
|
Oracle Corp.
|
10,933
|
604,267
|
Accenture plc — Class A1
|
2,813
|
604,007
|
NVIDIA Corp.
|
1,587
|
602,917
|
Maxim Integrated Products, Inc.
|
9,921
|
601,312
|
Activision Blizzard, Inc.1
|
7,910
|
600,369
|
Micron Technology, Inc.*
|
11,645
|
599,950
|
Microchip Technology, Inc.
|
5,691
|
599,319
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
June 30, 2020
|
|
Shares
|
Value
|
COMMON STOCKS† – 97.8% (continued)
|
|
|
Technology – 11.1% (continued)
|
|
|
Intuit, Inc.1
|
2,020
|
$ 598,304
|
Fortinet, Inc.*,1
|
4,350
|
597,125
|
KLA Corp.1
|
3,070
|
597,054
|
ServiceNow, Inc.*
|
1,472
|
596,248
|
Broadcom, Inc.1
|
1,888
|
595,872
|
Citrix Systems, Inc.1
|
4,028
|
595,781
|
NetApp, Inc.
|
13,354
|
592,517
|
Take-Two Interactive Software, Inc.*,1
|
4,231
|
590,521
|
MSCI, Inc. — Class A
|
1,766
|
589,526
|
Broadridge Financial Solutions, Inc.
|
4,662
|
588,298
|
Cognizant Technology Solutions Corp. — Class A1
|
10,346
|
587,860
|
Analog Devices, Inc.1
|
4,788
|
587,200
|
Western Digital Corp.
|
13,201
|
582,824
|
IPG Photonics Corp.*,1
|
3,631
|
582,376
|
Paychex, Inc.
|
7,687
|
582,290
|
Texas Instruments, Inc.
|
4,573
|
580,634
|
Cerner Corp.1
|
8,467
|
580,413
|
Paycom Software, Inc.*
|
1,872
|
579,815
|
Qorvo, Inc.*
|
5,206
|
575,419
|
DXC Technology Co.1
|
34,849
|
575,009
|
Tyler Technologies, Inc.*
|
1,654
|
573,739
|
Intel Corp.1
|
9,556
|
571,735
|
Skyworks Solutions, Inc.
|
4,468
|
571,278
|
Zebra Technologies Corp. — Class A*
|
2,195
|
561,811
|
International Business Machines Corp.1
|
4,651
|
561,701
|
Advanced Micro Devices, Inc.*
|
10,598
|
557,561
|
Fidelity National Information Services, Inc.1
|
4,136
|
554,596
|
Fiserv, Inc.*,1
|
5,651
|
551,651
|
Hewlett Packard Enterprise Co.1
|
55,861
|
543,528
|
Seagate Technology plc1
|
11,203
|
542,337
|
Leidos Holdings, Inc.1
|
5,732
|
536,916
|
Xerox Holdings Corp.
|
33,235
|
508,163
|
Total Technology
|
|
32,389,410
|
Communications – 6.2%
|
|
|
eBay, Inc.1
|
11,896
|
623,945
|
Netflix, Inc.*
|
1,356
|
617,034
|
Amazon.com, Inc.*,1
|
223
|
615,217
|
DISH Network Corp. — Class A*,1
|
17,339
|
598,369
|
E*TRADE Financial Corp.
|
11,892
|
591,389
|
Cisco Systems, Inc.1
|
12,580
|
586,731
|
ViacomCBS, Inc. — Class B
|
24,759
|
577,380
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
June 30, 2020
|
|
Shares
|
Value
|
COMMON STOCKS† – 97.8% (continued)
|
|
|
Communications – 6.2% (continued)
|
|
|
CDW Corp.
|
4,969
|
$ 577,298
|
T-Mobile US, Inc.*
|
5,542
|
577,199
|
VeriSign, Inc.*
|
2,777
|
574,367
|
NortonLifeLock, Inc.
|
28,564
|
566,424
|
Motorola Solutions, Inc.
|
4,032
|
565,004
|
Expedia Group, Inc.1
|
6,871
|
564,796
|
CenturyLink, Inc.1
|
56,249
|
564,178
|
F5 Networks, Inc.*,1
|
4,041
|
563,639
|
Facebook, Inc. — Class A*,1
|
2,480
|
563,134
|
Interpublic Group of Companies, Inc.1
|
32,812
|
563,054
|
Omnicom Group, Inc.
|
10,303
|
562,544
|
AT&T, Inc.1
|
18,590
|
561,976
|
Comcast Corp. — Class A1
|
14,369
|
560,104
|
Booking Holdings, Inc.*,1
|
349
|
555,727
|
Charter Communications, Inc. — Class A*,1
|
1,085
|
553,393
|
Verizon Communications, Inc.
|
10,030
|
552,954
|
Walt Disney Co.1
|
4,909
|
547,403
|
Corning, Inc.1
|
21,054
|
545,299
|
Juniper Networks, Inc.1
|
23,733
|
542,536
|
Arista Networks, Inc.*,1
|
2,545
|
534,526
|
Twitter, Inc.*,1
|
16,976
|
505,715
|
News Corp. — Class A
|
36,812
|
436,590
|
Fox Corp. — Class A
|
13,798
|
370,062
|
Discovery, Inc. — Class C*,1
|
18,834
|
362,743
|
Alphabet, Inc. — Class A*,1
|
201
|
285,028
|
Alphabet, Inc. — Class C*,1
|
200
|
282,722
|
Discovery, Inc. — Class A*,1
|
8,879
|
187,347
|
Fox Corp. — Class B
|
6,319
|
169,602
|
News Corp. — Class B
|
11,537
|
137,867
|
Total Communications
|
|
18,143,296
|
Utilities – 5.4%
|
|
|
AES Corp.1
|
44,751
|
648,442
|
CenterPoint Energy, Inc.1
|
31,500
|
588,105
|
DTE Energy Co.1
|
5,396
|
580,070
|
American Water Works Company, Inc.1
|
4,454
|
573,051
|
CMS Energy Corp.1
|
9,725
|
568,134
|
Atmos Energy Corp.
|
5,646
|
562,229
|
Public Service Enterprise Group, Inc.
|
11,406
|
560,719
|
Eversource Energy1
|
6,725
|
559,991
|
Evergy, Inc.
|
9,437
|
559,520
|
Alliant Energy Corp.1
|
11,678
|
558,676
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
June 30, 2020
|
|
Shares
|
Value
|
COMMON STOCKS† – 97.8% (continued)
|
|
|
Utilities – 5.4% (continued)
|
|
|
Xcel Energy, Inc.1
|
8,908
|
$ 556,750
|
Ameren Corp.1
|
7,902
|
555,985
|
NiSource, Inc.
|
24,376
|
554,310
|
Dominion Energy, Inc.
|
6,819
|
553,566
|
American Electric Power Company, Inc.1
|
6,931
|
551,985
|
PPL Corp.
|
21,356
|
551,839
|
Entergy Corp.1
|
5,880
|
551,603
|
NextEra Energy, Inc.1
|
2,296
|
551,430
|
WEC Energy Group, Inc.
|
6,278
|
550,267
|
Pinnacle West Capital Corp.1
|
7,500
|
549,675
|
NRG Energy, Inc.1
|
16,835
|
548,148
|
FirstEnergy Corp.1
|
14,024
|
543,851
|
Exelon Corp.1
|
14,956
|
542,753
|
Consolidated Edison, Inc.1
|
7,522
|
541,057
|
Sempra Energy
|
4,571
|
535,858
|
Edison International1
|
9,849
|
534,899
|
Southern Co.
|
10,094
|
523,374
|
Duke Energy Corp.1
|
6,537
|
522,241
|
Total Utilities
|
|
15,578,528
|
Energy – 4.8%
|
|
|
Hess Corp.1
|
11,429
|
592,137
|
Williams Companies, Inc.
|
31,102
|
591,560
|
Marathon Petroleum Corp.1
|
15,483
|
578,755
|
Halliburton Co.1
|
44,366
|
575,871
|
Pioneer Natural Resources Co.
|
5,772
|
563,924
|
Occidental Petroleum Corp.
|
30,648
|
560,858
|
Apache Corp.1
|
41,176
|
555,876
|
Kinder Morgan, Inc.1
|
36,580
|
554,919
|
ONEOK, Inc.
|
16,632
|
552,515
|
Schlumberger Ltd.
|
29,842
|
548,794
|
Chevron Corp.1
|
6,137
|
547,605
|
Baker Hughes Co.1
|
35,570
|
547,422
|
EOG Resources, Inc.1
|
10,785
|
546,368
|
ConocoPhillips1
|
12,966
|
544,831
|
National Oilwell Varco, Inc.
|
44,400
|
543,900
|
Exxon Mobil Corp.1
|
12,020
|
537,534
|
Phillips 66
|
7,339
|
527,674
|
HollyFrontier Corp.
|
18,068
|
527,586
|
Marathon Oil Corp.1
|
86,169
|
527,354
|
Valero Energy Corp.
|
8,888
|
522,792
|
Diamondback Energy, Inc.
|
12,074
|
504,935
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
June 30, 2020
|
|
Shares
|
Value
|
COMMON STOCKS† – 97.8% (continued)
|
|
|
Energy – 4.8% (continued)
|
|
|
Concho Resources, Inc.1
|
9,776
|
$ 503,464
|
Devon Energy Corp.1
|
44,296
|
502,317
|
Noble Energy, Inc.
|
55,316
|
495,631
|
TechnipFMC plc1
|
71,320
|
487,829
|
Cabot Oil & Gas Corp. — Class A1
|
28,251
|
485,352
|
Total Energy
|
|
14,027,803
|
Basic Materials – 3.8%
|
|
|
Newmont Corp.1
|
10,225
|
631,292
|
Freeport-McMoRan, Inc.
|
54,051
|
625,370
|
Sherwin-Williams Co.
|
1,035
|
598,075
|
Linde plc
|
2,807
|
595,393
|
PPG Industries, Inc.
|
5,579
|
591,709
|
DuPont de Nemours, Inc.
|
11,115
|
590,540
|
Air Products & Chemicals, Inc.1
|
2,412
|
582,401
|
FMC Corp.1
|
5,825
|
580,286
|
International Paper Co.1
|
16,237
|
571,705
|
Nucor Corp.
|
13,762
|
569,884
|
Eastman Chemical Co.1
|
8,143
|
567,079
|
Albemarle Corp.1
|
7,333
|
566,181
|
Dow, Inc.
|
13,752
|
560,531
|
LyondellBasell Industries N.V. — Class A1
|
8,512
|
559,409
|
Celanese Corp. — Class A1
|
6,405
|
553,008
|
Ecolab, Inc.1
|
2,779
|
552,882
|
International Flavors & Fragrances, Inc.1
|
4,470
|
547,396
|
CF Industries Holdings, Inc.1
|
19,285
|
542,680
|
Mosaic Co.1
|
42,695
|
534,114
|
Total Basic Materials
|
|
10,919,935
|
Total Common Stocks
|
|
|
(Cost $311,438,065)
|
|
283,846,254
|
RIGHTS† – 0.0%
|
|
|
Communications – 0.0%
|
|
|
T-Mobile US, Inc.
|
|
|
Expires 07/27/20*
|
5,432
|
912
|
Total Rights
|
|
|
(Cost $–)
|
|
912
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
June 30, 2020
|
|
Shares
|
Value
|
EXCHANGE-TRADED FUNDS† – 45.0%
|
|
|
iShares Russell 2000 Index ETF1,2
|
307,986
|
$ 44,097,436
|
Invesco QQQ Trust Series 11,2
|
174,844
|
43,291,374
|
SPDR S&P 500 ETF Trust1,2
|
140,158
|
43,219,121
|
Total Exchange-Traded Funds
|
|
|
(Cost $111,500,621)
|
|
130,607,931
|
MONEY MARKET FUND† – 4.5%
|
|
|
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 0.08%3
|
13,040,309
|
13,040,309
|
Total Money Market Fund
|
|
|
(Cost $13,040,309)
|
|
13,040,309
|
Total Investments – 147.3%
|
|
|
(Cost $435,978,995)
|
|
$ 427,495,406
|
|
Contracts
|
Value
|
LISTED OPTIONS WRITTEN† – (3.2)%
|
|
|
Call options on:
|
|
|
BNP Paribas NASDAQ-100 Index Expiring July 2020 with strike price of $10,025
|
|
|
(Notional Value $86,333,242)*
|
85
|
$ (2,472,225)
|
BNP Paribas S&P 500 Index Expiring July 2020 with strike price of $3,055
|
|
|
(Notional Value $86,498,091)*
|
279
|
(2,476,125)
|
BNP Paribas Russell 2000 Index Expiring July 2020 with strike price of $1,395
|
|
|
(Notional Value $88,211,538)*
|
612
|
(4,241,160)
|
Total Call Options Written
|
|
|
(Premiums received $8,277,378)
|
|
(9,189,510)
|
Other Assets & Liabilities, net – (44.1)%
|
|
(128,022,217)
|
Total Net Assets – 100.0%
|
|
$ 290,283,679
|
|
|
*
|
Non-income producing security.
|
†
|
Value determined based on Level 1 inputs — See Note 6.
|
1
|
All or a portion of these securities have been physically segregated in connection with borrowings. As of June 30, 2020, the total market value of segregated securities was $209,318,728.
|
2
|
Security represents cover for outstanding options written.
|
3
|
Rate indicated is the 7-day yield as of June 30, 2020.
|
plc
|
Public Limited Company
|
REIT
|
Real Estate Investment Trust
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
June 30, 2020
|
|
Level 2
|
Level 3
|
||||||||||||||
|
Level 1
|
Significant
|
Significant
|
|||||||||||||
Investments in Securities (Assets)
|
Quoted Prices
|
Observable Inputs
|
Unobservable Inputs
|
Total
|
||||||||||||
Common Stocks
|
$
|
283,846,254
|
$
|
—
|
$
|
—
|
$
|
283,846,254
|
||||||||
Rights
|
912
|
—
|
—
|
912
|
||||||||||||
Exchange-Traded Funds
|
130,607,931
|
—
|
—
|
130,607,931
|
||||||||||||
Money Market Fund
|
13,040,309
|
—
|
—
|
13,040,309
|
||||||||||||
Total Assets
|
$
|
427,495,406
|
$
|
—
|
$
|
—
|
$
|
427,495,406
|
|
Level 2
|
Level 3
|
||||||||||||||
|
Level 1
|
Significant
|
Significant
|
|||||||||||||
Investments in Securities (Liabilities)
|
Quoted Prices
|
Observable Inputs
|
Unobservable Inputs
|
Total
|
||||||||||||
Options Written
|
$
|
9,189,510
|
$
|
—
|
$
|
—
|
$
|
9,189,510
|
STATEMENT OF ASSETS AND LIABILITIES (Unaudited)
|
June 30, 2020
|
ASSETS:
|
||||
Investments, at value (cost $435,978,995)
|
$
|
427,495,406
|
||
Cash
|
36,980
|
|||
Due from adviser
|
8,018
|
|||
Receivables:
|
||||
Dividends
|
628,354
|
|||
Interest
|
1,024
|
|||
Total assets
|
428,169,782
|
|||
LIABILITIES:
|
||||
Borrowings
|
128,000,000
|
|||
Options written, at value (premiums received $8,277,378)
|
9,189,510
|
|||
Interest payable on borrowings
|
192,015
|
|||
Investment advisory fees payable
|
281,386
|
|||
Other liabilities
|
223,192
|
|||
Total liabilities
|
137,886,103
|
|||
NET ASSETS
|
$
|
290,283,679
|
||
NET ASSETS CONSIST OF:
|
||||
Common stock, $0.01 par value per share; unlimited number of shares
|
||||
authorized, 48,342,587 shares issued and outstanding
|
$
|
483,426
|
||
Additional paid-in capital
|
322,728,848
|
|||
Total distributable earnings (loss)
|
(32,928,595
|
)
|
||
NET ASSETS
|
$
|
290,283,679
|
||
Shares outstanding ($0.01 par value with unlimited amount authorized)
|
48,342,587
|
|||
Net asset value
|
$
|
6.00
|
STATEMENT OF OPERATIONS (Unaudited)
|
June 30, 2020
|
For the Six Months Ended June 30, 2020
|
|
INVESTMENT INCOME:
|
||||
Dividends
|
$
|
4,514,449
|
||
Interest
|
45,498
|
|||
Total investment income
|
4,559,947
|
|||
EXPENSES:
|
||||
Investment advisory fees
|
1,809,733
|
|||
Interest expense
|
1,242,403
|
|||
Professional fees
|
65,388
|
|||
Printing fees
|
56,118
|
|||
Administration fees
|
52,179
|
|||
Fund accounting fees
|
50,243
|
|||
Trustees’ fees and expenses*
|
39,191
|
|||
Custodian fees
|
34,041
|
|||
Listing fees
|
23,575
|
|||
Transfer agent fees
|
10,090
|
|||
Insurance
|
5,879
|
|||
Other Expenses
|
6,778
|
|||
Total expenses
|
3,395,618
|
|||
Net investment income
|
1,164,329
|
|||
NET REALIZED AND UNREALIZED GAIN (LOSS):
|
||||
Net realized gain (loss) on:
|
||||
Investments
|
22,336,078
|
|||
Options written
|
(21,756,303
|
)
|
||
Net realized gain
|
579,775
|
|||
Net change in unrealized appreciation (depreciation) on:
|
||||
Investments
|
(79,370,325
|
)
|
||
Options written
|
(345,994
|
)
|
||
Net change in unrealized appreciation(depreciation)
|
(79,716,319
|
)
|
||
Net realized and unrealized loss
|
(79,136,544
|
)
|
||
Net decrease in net assets resulting from operations
|
$
|
(77,972,215
|
)
|
STATEMENTS OF CHANGES IN NET ASSETS
|
June 30, 2020
|
|
Six Months Ended
|
|||||||
|
June 30, 2020
|
Year Ended
|
||||||
|
(Unaudited)
|
December 31, 2019
|
||||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
|
||||||||
Net investment income (loss)
|
$
|
1,164,329
|
$
|
(86,751
|
)
|
|||
Net realized gain (loss) on investments
|
579,775
|
(6,969,037
|
)
|
|||||
Net change in unrealized appreciation (depreciation) on investments
|
(79,716,319
|
)
|
100,874,182
|
|||||
Net increase (decrease) in net assets resulting from operations
|
(77,972,215
|
)
|
93,818,394
|
|||||
DISTRIBUTIONS:
|
||||||||
Distributions to shareholders
|
(17,403,332
|
)
|
—
|
|||||
Return of capital
|
—
|
(46,269,806
|
)
|
|||||
Total distributions
|
(17,403,332
|
)
|
(46,269,806
|
)
|
||||
SHAREHOLDER TRANSACTIONS:
|
||||||||
Reinvestments of distributions
|
—
|
1,641,660
|
||||||
Net increase in net assets resulting from shareholder transactions
|
—
|
1,641,660
|
||||||
Net increase (decrease) in net assets
|
(95,375,547
|
)
|
49,190,248
|
|||||
NET ASSETS:
|
||||||||
Beginning of period
|
385,659,226
|
336,468,978
|
||||||
End of period
|
$
|
290,283,679
|
$
|
385,659,226
|
STATEMENT OF CASH FLOWS (Unaudited)
|
June 30, 2020
|
For the Six Months Ended June 30, 2020
|
|
Cash Flows from Operating Activities:
|
||||
Net decrease in net assets resulting from operations
|
$
|
(77,972,215
|
)
|
|
Adjustments to Reconcile Net Decrease in Net Assets Resulting from Operations to
|
||||
Net Cash Provided by Operating and Investing Activities:
|
||||
Net change in unrealized (appreciation) depreciation on investments
|
79,370,325
|
|||
Net change in unrealized (appreciation) depreciation on options written
|
345,994
|
|||
Net realized gain on investments
|
(22,336,078
|
)
|
||
Net realized loss on options written
|
21,756,303
|
|||
Purchase of long-term investments
|
(78,885,533
|
)
|
||
Proceeds from sale of long-term investments
|
161,389,993
|
|||
Net purchase of short-term investments
|
(3,072,318
|
)
|
||
Corporate actions and other payments
|
71,633
|
|||
Premiums received on options written
|
212,702,797
|
|||
Cost of closing options written
|
(230,329,649
|
)
|
||
Decrease in interest receivable
|
19,047
|
|||
Decrease in dividend receivable
|
233,852
|
|||
Decrease in investments sold receivable
|
2,966,991
|
|||
Increase in due from adviser
|
(8,018
|
)
|
||
Decrease in other assets
|
5,879
|
|||
Decrease in investments purchased payable
|
(2,306,328
|
)
|
||
Decrease in interest payable on borrowings
|
(166,783
|
)
|
||
Decrease in investment advisory fees payable
|
(97,029
|
)
|
||
Decrease in other liabilities
|
(10,125
|
)
|
||
Net Cash Provided by Operating and Investing Activities
|
$
|
63,678,738
|
||
Cash Flows From Financing Activities:
|
||||
Distributions to common shareholders
|
(17,403,332
|
)
|
||
Proceeds from borrowings
|
62,000,000
|
|||
Payments made on borrowings
|
(109,000,000
|
)
|
||
Net Cash Used in Financing Activities
|
(64,403,332
|
)
|
||
Net decrease in cash
|
(724,594
|
)
|
||
Cash at Beginning of Period
|
761,574
|
|||
Cash at End of Period
|
$
|
36,980
|
||
Supplemental Disclosure of Cash Flow Information:
|
||||
Cash paid during the period for interest
|
$
|
1,409,186
|
FINANCIAL HIGHLIGHTS
|
June 30, 2020
|
|
Six Months Ended
|
|||||||||||||||||||||||
|
June 30,
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
||||||||||||||||||
|
2020
|
December 31,
|
December 31,
|
December 31,
|
December 31,
|
December 31,
|
||||||||||||||||||
|
(Unaudited)
|
2019
|
2018
|
2017
|
2016
|
2015
|
||||||||||||||||||
Per Share Data:
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$
|
7.98
|
$
|
6.99
|
$
|
9.01
|
$
|
8.35
|
$
|
8.37
|
$
|
9.19
|
||||||||||||
Income from investment operations:
|
||||||||||||||||||||||||
Net investment income (loss)(a)
|
0.02
|
—
|
*
|
(0.01
|
)
|
0.01
|
0.06
|
0.06
|
||||||||||||||||
Net gain (loss) on investments (realized and unrealized)
|
(1.64
|
)
|
1.95
|
(1.05
|
)
|
1.61
|
0.88
|
0.08
|
||||||||||||||||
Total from investment operations
|
(1.62
|
)
|
1.95
|
(1.06
|
)
|
1.62
|
0.94
|
0.14
|
||||||||||||||||
Less distributions from:
|
||||||||||||||||||||||||
Net investment income
|
(0.36
|
)
|
—
|
(0.03
|
)
|
(0.25
|
)
|
(0.47
|
)
|
(0.53
|
)
|
|||||||||||||
Capital gains
|
—
|
—
|
(0.60
|
)
|
(0.42
|
)
|
—
|
—
|
||||||||||||||||
Return of capital
|
—
|
(0.96
|
)
|
(0.33
|
)
|
(0.29
|
)
|
(0.49
|
)
|
(0.43
|
)
|
|||||||||||||
Total distributions to shareholders
|
(0.36
|
)
|
(0.96
|
)
|
(0.96
|
)
|
(0.96
|
)
|
(0.96
|
)
|
(0.96
|
)
|
||||||||||||
Net asset value, end of period
|
$
|
6.00
|
$
|
7.98
|
$
|
6.99
|
$
|
9.01
|
$
|
8.35
|
$
|
8.37
|
||||||||||||
Market value, end of period
|
$
|
5.43
|
$
|
8.06
|
$
|
6.78
|
$
|
8.90
|
$
|
8.00
|
$
|
7.68
|
||||||||||||
Total Return(b)
|
||||||||||||||||||||||||
Net asset value
|
(19.69
|
%)
|
28.83
|
%
|
(12.79
|
%)
|
20.25
|
%
|
11.87
|
%
|
1.71
|
%
|
||||||||||||
Market value
|
(27.66
|
%)
|
34.15
|
%
|
(14.24
|
%)
|
24.34
|
%
|
17.86
|
%
|
0.28
|
%
|
||||||||||||
Ratios/Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
290,284
|
$
|
385,659
|
$
|
336,469
|
$
|
433,042
|
$
|
159,229
|
$
|
159,669
|
||||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||||||
Net investment income (loss), including interest expense
|
0.75
|
%(h)
|
(0.02
|
%)
|
(0.13
|
%)
|
0.14
|
%
|
0.78
|
%
|
0.69
|
%
|
||||||||||||
Total expenses, including interest expense(c)
|
2.19
|
%(h)
|
2.74
|
%
|
2.64
|
%
|
2.34
|
%
|
2.16
|
%
|
2.03
|
%
|
||||||||||||
Net expenses, including interest expense(c),(d),(e)
|
2.19
|
%(h)
|
2.74
|
%
|
2.64
|
%
|
2.32
|
%(f)
|
2.01
|
%
|
1.88
|
%
|
||||||||||||
Portfolio turnover rate
|
17
|
%
|
22
|
%
|
25
|
%
|
67
|
%
|
143
|
%
|
358
|
%
|
FINANCIAL HIGHLIGHTS continued
|
June 30, 2020
|
|
Six Months Ended
|
|||||||||||||||||||||||
|
June 30,
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
||||||||||||||||||
|
2020
|
December 31,
|
December 31,
|
December 31,
|
December 31,
|
December 31,
|
||||||||||||||||||
|
(Unaudited)
|
2019
|
2018
|
2017
|
2016
|
2015
|
||||||||||||||||||
Senior Indebtedness:
|
||||||||||||||||||||||||
Borrowings – committed facility agreement (in thousands)
|
$
|
128,000
|
$
|
175,000
|
$
|
148,000
|
$
|
198,000
|
$
|
72,000
|
$
|
80,000
|
||||||||||||
Asset Coverage per $1,000 of borrowings(g)
|
$
|
3,268
|
$
|
3,204
|
$
|
3,273
|
$
|
3,187
|
$
|
3,212
|
$
|
2,996
|
(a)
|
Based on average shares outstanding.
|
(b)
|
Total return is calculated assuming a purchase of a common share at the beginning of the period and a sale on the last day of the period reported either at net asset value (“NAV”) or market price per share. Dividends and distributions
are assumed to be reinvested at NAV for NAV returns or the prices obtained under the Fund’s Dividend Reinvestment Plan for market value returns. Total return does not reflect brokerage commissions.
|
(c)
|
Does not include expenses of the underlying funds in which the Fund invests.
|
(d)
|
Excluding interest expense, the net expense ratios for the six months ended June 30, 2020 and the years ended December 31 would be:
|
June 30, 2020
|
|
|
|
|
|
(Unaudited)
|
2019
|
2018
|
2017
|
2016
|
2015
|
1.39%
|
1.37%
|
1.37%
|
1.44%(f)
|
1.46%
|
1.44%
|
(e)
|
Net expense information reflects the expense ratios after expense waivers, as applicable.
|
(f)
|
Excluding interest and merger expenses, the net expense ratio for the year ended December 31, 2017 would be 1.37%.
|
(g)
|
Calculated by subtracting the Fund’s total liabilities (not including borrowings) from the Fund’s total assets and dividing by the borrowings.
|
(h)
|
Annualized.
|
*
|
Less than $0.01 per share.
|
NOTES TO FINANCIAL STATEMENTS (Unaudited)
|
June 30, 2020
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
June 30, 2020
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
June 30, 2020
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
June 30, 2020
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
June 30, 2020
|
|
|
Average
|
|
|
Notional Amount
|
Use
|
Call
|
Put
|
Hedge, Speculation
|
$275,209,831
|
$ —
|
Derivative Investment Type
|
Asset Derivatives
|
Liability Derivatives
|
Equity contracts
|
|
Options written, at value
|
Liability Derivative Investments Value
|
Options Written
|
Equity Risk
|
$9,189,510
|
Derivative Investment Type
|
Location of Gain (Loss) on Derivatives
|
Equity contracts
|
Net realized gain (loss) on options written
|
|
Net change in unrealized appreciation (Depreciation) on options written
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
June 30, 2020
|
Realized Gain (Loss) on Derivative Investments Recognized on the Statement of Operations
|
Options Written
|
Equity Risk
|
($21,756,303)
|
|
Change in Unrealized Appreciation (Depreciation) on Derivative Investments
|
Recognized on the Statement of Operations
|
Options Written
|
Equity Risk
|
($345,994)
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
June 30, 2020
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
June 30, 2020
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
June 30, 2020
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
June 30, 2020
|
|
Tax
|
Tax
|
Net Tax Unrealized
|
Tax
|
Unrealized
|
Unrealized
|
Appreciation
|
Cost
|
Appreciation
|
Depreciation
|
(Depreciation)
|
$428,904,974
|
$50,578,199
|
($61,177,277)
|
($10,599,078)
|
Ordinary
|
Long-Term
|
Return
|
Total
|
Income
|
Capital Gain
|
of Capital
|
Distributions
|
$ –
|
$ –
|
$46,269,806
|
$46,269,806
|
Undistributed
|
Undistributed
|
Net Unrealized
|
Accumulated
|
|
Ordinary
|
Long-Term
|
Appreciation
|
Capital and
|
|
Income
|
Capital Gain
|
(Depreciation)
|
Other Losses
|
Total
|
$ –
|
$ –
|
$69,952,849
|
$(7,505,897)
|
$62,446,952
|
Purchases
|
Sales
|
$78,885,533
|
$161,389,993
|
|
Six Months Ended
|
Year Ended
|
|
June 30, 2020
|
December 31, 2019
|
Beginning shares
|
48,342,587
|
48,133,460
|
Shares issued through dividend reinvestment
|
–
|
209,127
|
Ending shares
|
48,342,587
|
48,342,587
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
June 30, 2020
|
OTHER INFORMATION (Unaudited)
|
June 30, 2020
|
|
# of Shares in Favor
|
# of Shares Against
|
# of Shares Abstain
|
Randal C. Barnes
|
40,632,340
|
744,494
|
513,220
|
Angela Brock-Kyle
|
40,557,185
|
773,050
|
559,819
|
Donald A. Chubb, Jr.
|
40,574,143
|
766,052
|
549,859
|
OTHER INFORMATION (Unaudited) continued
|
June 30, 2020
|
|
|
|
|
Number of
|
|
|
Position(s)
|
Term of Office
|
|
Portfolios in
|
|
Name, Address*
|
Held
|
and Length of
|
Principal Occupation(s)
|
Fund Complex
|
Other Directorships
|
and Year of Birth
|
with Trust
|
Time Served**
|
During Past Five Years
|
Overseen
|
Held by Trustees***
|
Independent Trustees:
|
|
||||
Randall C. Barnes
(1951)
|
Trustee and Chair of the Valuation Oversight Committee
|
Since 2005 (Trustee) Since July 2020 (Chair of the Valuation Oversight Committee).
|
Current: Private Investor (2001-present)
Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc.
(1987-1990).
|
157
|
Current: Purpose Investments Funds (2013-present).
Former: Managed Duration Investment Grade Municipal Fund (2006-2016).
|
Angela Brock-Kyle
(1959)
|
Trustee
|
Since 2019
|
Current: Founder and Chief Executive Officer, B.O.A.R.D.S. (2013-present).
Former: Senior Leader, TIAA (1987-2012).
|
156
|
Current: Hunt Companies, Inc. (2019-present).
Former: Infinity Property & Casualty Corp. (2014-2018).
|
Donald A.
Chubb, Jr.
(1946)
|
Trustee
|
Since 2014
|
Current: Retired
Former: Business broker and manager of commercial real estate, Griffith & Blair, Inc. (1997-2017).
|
156
|
Former: Midland Care, Inc. (2011-2016).
|
Jerry B. Farley
(1946)
|
Trustee
|
Since 2014
|
Current: President, Washburn University (1997-present).
|
156
|
Current: CoreFirst Bank & Trust (2000-present).
Former: Westar Energy, Inc. (2004-2018).
|
Roman Friedrich III
(1946)
|
Trustee
|
Since 2011
|
Current: Founder and Managing Partner, Roman Friedrich & Company
(1998-present).
|
156
|
Former: Zincore Metals, Inc. (2009-2019).
|
Thomas F. Lydon, Jr.
(1960)
|
Trustee and Chair of the Contracts Review Committee
|
Since 2019 (Trustee) Since July 2020 (Chair of the Contracts Review Committee)
|
Current: President, Global Trends Investments (1996-present); Co-Chief Executive Officer, ETF Flows, LLC (2019-present); Chief Executive Officer, Lydon Media (2016-present).
|
156
|
Current: US Global Investors (GROW) (1995-present).
Former: Harvest Volatility Edge Trust (3) (2017-2019).
|
OTHER INFORMATION (Unaudited) continued
|
June 30, 2020
|
|
|
|
|
Number of
|
|
|
Position(s)
|
Term of Office
|
|
Portfolios in
|
|
Name, Address*
|
Held
|
and Length of
|
Principal Occupation(s)
|
Fund Complex
|
Other Directorships
|
and Year of Birth
|
with Trust
|
Time Served**
|
During Past Five Years
|
Overseen
|
Held by Trustees***
|
Independent Trustees continued:
|
|
|
|||
Ronald A. Nyberg
(1953)
|
Trustee and Chair of the Nominating and Governance Committee
|
Since 2005
|
Current: Partner, Momkus LLC (2016-present).
Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).
|
157
|
Current: PPM Funds (9) (2018 - present); Edward-Elmhurst Healthcare System (2012-present).
Former: Western Asset Inflation-Linked Opportunities & Income Fund (2004- April 2020); Western Asset Inflation-Linked Income Fund (2003- April 2020); Managed Duration Investment Grade Municipal Fund (2003-2016).
|
Sandra G. Sponem
(1958)
|
Trustee and Chair of the Audit Committee
|
Since 2019 (Trustee) Since July 2020 (Chair of the Audit Committee)
|
Current: Retired.
Former: Senior Vice President and Chief Financial Officer, M.A. Mortenson-Companies, Inc. (2007-2017).
|
156
|
Current: SPDR Series Trust (78) (2018-present); SPDR Index Shares Funds (31) (2018-present); SSGA Active Trust (12) (2018-present); and SSGA Master Trust (1) (2018-present).
|
Ronald E.
Toupin, Jr.
(1958)
|
Trustee, Chair of the Board and Chair of the Executive Committee
|
Since 2005
|
Current: Portfolio Consultant (2010-present); Member, Governing Council, Independent Directors Council (2013-present); Governor, Board of Governors, Investment Company Institute (2018-present).
Former: Member, Executive Committee, Independent Directors Council (2016-2018); Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice
President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).
|
156
|
Former: Western Asset Inflation-Linked Opportunities & Income Fund (2004- April 2020); Western Asset Inflation- Linked Income Fund (2003-April 2020); Managed Duration Investment Grade Municipal Fund
(2003-2016).
|
OTHER INFORMATION (Unaudited) continued
|
June 30, 2020
|
|
|
|
|
Number of
|
|
|
Position(s)
|
Term of Office
|
|
Portfolios in
|
|
Name, Address*
|
Held
|
and Length of
|
Principal Occupation(s)
|
Fund Complex
|
Other Directorships
|
and Year of Birth
|
with Trust
|
Time Served**
|
During Past Five Years
|
Overseen
|
Held by Trustees***
|
Interested Trustee:
|
|
|
|||
Amy J. Lee****
(1961)
|
Trustee, Vice President and Chief Legal Officer
|
Since 2018 (Trustee) Since 2014 (Chief Legal Officer) Since 2012 (Vice President)
|
Current: Interested Trustee, certain other funds in the Fund Complex (2018-present); Chief Legal Officer, certain other funds in the Fund Complex (2014-present); Vice President, certain other funds in the
Fund Complex (2007-present); Senior Managing Director, Guggenheim Investments (2012-present).
Former: President and Chief Executive Officer, certain other funds in the Fund Complex (2017-2019); Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit
Corporation (2004-2012).
|
156
|
None.
|
*
|
The business address of each Trustee is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
|
**
|
Each Trustee serves an indefinite term, until his or her successor is elected and qualified.
|
|
—Messrs. Farley, Friedrich, Lydon, Jr. and Nyberg are Class II Trustees. Class II Trustees are expected to stand for re-election at the Trust’s annual meeting of
shareholders for the fiscal year ended May 31, 2021.
|
|
—Messr. Toupin, Ms. Lee and Ms. Sponem are Class III Trustees. Class III Trustees are expected to stand for re-election at the Trust’s annual meeting of shareholders for
the fiscal year ended May 31, 2022.
|
|
—Messrs. Barnes, Chubb, Jr. and Ms. Brock-Kyle are Class I Trustees. Class I Trustees are expected to stand for re-election at the Trust’s annual meeting of shareholders
for the fiscal year ended May 31, 2023.
|
***
|
Each Trustee also serves on the Boards of Trustees of Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Fiduciary/Clay- more Energy Infrastructure Fund, Guggenheim
Taxable Municipal Managed Duration Trust, Guggenheim Strategic Opportunities Fund, Guggenheim Enhanced Equity Income Fund, Guggenheim Energy & Income Fund, Guggenheim Credit Allocation Fund, Rydex Series Funds, Rydex Dynamic Funds,
Rydex Variable Funds and Transparent Value Trust. Messrs. Barnes and Nyberg also serve on the Board of Trustees of Advent Convertible & Income Fund.
|
****
|
This Trustee is deemed to be an “interested person” of the Funds under the 1940 Act by reason of her position with the Funds’ Investment Manager and/or the parent of the Investment Manager.
|
OTHER INFORMATION (Unaudited) continued
|
June 30, 2020
|
Name, Address*
|
Position(s) held
|
Term of Office and
|
Principal Occupation(s)
|
and Year of Birth
|
with Trust
|
Length of Time Served**
|
During Past Five Years
|
Officers:
|
|
||
Brian E. Binder
(1972)
|
President and Chief Executive Officer
|
Since 2018
|
Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President, Chief Executive Officer and Chairman of the Board of Managers, Guggenheim Funds Investment Advisors, LLC (2018-present);
President and Chief Executive Officer, Security Investors, LLC (2018-present); Board Member of Guggenheim Partners Fund Management (Europe) Limited (2018-present); Senior Managing Director and Chief Administrative Officer, Guggenheim
Investments (2018-present).
Former: Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Head of Business Management and Consulting, Invesco Ltd.
(2010-2012).
|
Joanna M.
Catalucci
(1966)
|
Chief Compliance Officer
|
Since 2012
|
Current: Chief Compliance Officer, certain other funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments (2014-present).
Former: AML Officer, certain other funds in the Fund Complex (2016-2017); Chief Compliance Officer and Secretary certain other funds in the Fund Complex (2008-2012); Senior Vice President and Chief Compliance Officer, Security Investor,
LLC and certain affiliates (2010-2012); Chief Compliance Officer and Senior Vice President, Rydex Advisors, LLC and certain affiliates (2010-2011).
|
James M. Howley
(1972)
|
Assistant Treasurer
|
Since 2006
|
Current: Managing Director, Guggenheim Investments (2004-present); Assistant Treasurer, certain other funds in the Fund Complex (2006-present).
Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).
|
Mark E. Mathiasen
(1978)
|
Secretary
|
Since 2007
|
Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).
|
Glenn McWhinnie
(1969)
|
Assistant Treasurer
|
Since 2016
|
Current: Vice President, Guggenheim Investments (2009-present); Assistant Treasurer, certain other funds in the Fund Complex (2016-present).
|
OTHER INFORMATION (Unaudited) continued
|
June 30, 2020
|
Name, Address*
|
Position(s) held
|
Term of Office and
|
Principal Occupation(s)
|
and Year of Birth
|
with Trust
|
Length of Time Served**
|
During Past Five Years
|
Officers continued:
|
|
||
Michael P. Megaris
(1984)
|
Assistant Secretary
|
Since 2014
|
Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2012-present).
|
William Rehder
(1967)
|
Assistant Vice President
|
Since 2018
|
Current: Managing Director, Guggenheim Investments (2002-present).
|
Kimberly J. Scott
(1974)
|
Assistant Treasurer
|
Since 2012
|
Current: Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present).
Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund
Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
|
Bryan Stone
(1979)
|
Vice President
|
Since 2014
|
Current: Vice President, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2013-present).
Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).
|
John L. Sullivan
(1955)
|
Chief Financial Officer, Chief Accounting Officer and Treasurer
|
Since 2010
|
Current: Chief Financial Officer, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present).
Former: Managing Director and Chief Compliance Officer, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management
(2002-2004); Chief Financial Officer and Treasurer, Van Kampen Funds (1996-2004).
|
OTHER INFORMATION (Unaudited) continued
|
June 30, 2020
|
Name, Address*
|
Position(s) held
|
Term of Office and
|
Principal Occupation(s)
|
and Year of Birth
|
with Trust
|
Length of Time Served**
|
During Past Five Years
|
Officers continued:
|
|
||
Jon Szafran
(1989)
|
Assistant Treasurer
|
Since 2017
|
Current: Vice President, Guggenheim Investments (2017-present); Assistant Treasurer, certain other funds in the Fund Complex (2017-present).
Former: Assistant Treasurer of Henderson Global Funds and Manager of US Fund Administration, Henderson Global Investors (North America) Inc. (“HGINA”), (2017); Senior Analyst of US Fund Administration, HGINA (2014–2017); Senior Associate
of Fund Administration, Cortland Capital Market Services, LLC (2013-2014); Experienced Associate, PricewaterhouseCoopers LLP (2012-2013).
|
*
|
The business address of each officer is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
|
**
|
Each officer serves an indefinite term, until his or her successor is duly elected and qualified.
|
APPROVAL OF ADVISORY AGREEMENTS – GUGGENHEIM
|
|
ENHANCED EQUITY INCOME FUND (GPM)
|
June 30, 2020
|
1
|
On March 13, 2020, the Securities and Exchange Commission issued an exemptive order providing relief to registered management investment companies from certain provisions of the 1940 Act in light of the outbreak of coronavirus disease
2019 (COVID-19), including the in-person voting requirements under Section 15(c) of the 1940 Act with respect to approving or renewing an investment advisory agreement, subject to certain conditions. The relief was originally limited to the
period from March 13, 2020 to June 15, 2020, and was subsequently extended through August 15, 2020. The Board, including the Independent Trustees, relied on this relief in voting to renew the Advisory Agreements at a meeting of the Board
held by videoconference on May 18, 2020.
|
APPROVAL OF ADVISORY AGREEMENTS – GUGGENHEIM
|
|
ENHANCED EQUITY INCOME FUND (GPM) continued
|
June 30, 2020
|
2
|
Consequently, except where the context indicates otherwise, references to “Adviser” or “Sub-Adviser” should be understood as referring to Guggenheim Investments generally and the services it provides under both Advisory Agreements.
|
APPROVAL OF ADVISORY AGREEMENTS – GUGGENHEIM
|
|
ENHANCED EQUITY INCOME FUND (GPM) continued
|
June 30, 2020
|
APPROVAL OF ADVISORY AGREEMENTS – GUGGENHEIM
|
|
ENHANCED EQUITY INCOME FUND (GPM) continued
|
June 30, 2020
|
APPROVAL OF ADVISORY AGREEMENTS – GUGGENHEIM
|
|
ENHANCED EQUITY INCOME FUND (GPM) continued
|
June 30, 2020
|
3
|
Contractual advisory fee rankings represent the percentile ranking of the Fund’s contractual advisory fee relative to peers assuming that the contractual advisory fee for each fund in the peer group is calculated on the basis of the
Fund’s average managed assets.
|
4
|
The “net effective management fee” for the Fund represents the combined effective advisory fee and administration fee as a percentage of average net assets for the latest fiscal year, after any waivers and/or reimbursements.
|
APPROVAL OF ADVISORY AGREEMENTS – GUGGENHEIM
|
|
ENHANCED EQUITY INCOME FUND (GPM) continued
|
June 30, 2020
|
APPROVAL OF ADVISORY AGREEMENTS – GUGGENHEIM
|
|
ENHANCED EQUITY INCOME FUND (GPM) continued
|
June 30, 2020
|
DIVIDEND REINVESTMENT PLAN (Unaudited)
|
June 30, 2020
|
DIVIDEND REINVESTMENT PLAN (Unaudited) continued
|
June 30, 2020
|
FUND INFORMATION
|
June 30, 2020
|
Board of Trustees
Randall C. Barnes
Angela Brock-Kyle
Donald A. Chubb, Jr.
Jerry B. Farley
Roman Friedrich III
Amy J. Lee*
Thomas F. Lydon Jr.
Ronald A. Nyberg
Sandra G. Sponem
Ronald E. Toupin, Jr.,
Chairman
* This Trustee is an “interested person” (as
defined in Section 2(a)(19) of the 1940 Act)
(“Interested Trustee”) of the Fund because of
her affiliation with Guggenheim
Investments.
Principal Executive Officers
Brian E. Binder
President and Chief Executive Officer
Joanna M. Catalucci
Chief Compliance Officer
Amy J. Lee
Vice President and Chief Legal Officer
Mark E. Mathiasen
Secretary
John L. Sullivan
Chief Financial Officer, Chief Accounting
Officer and Treasurer
|
Investment Adviser
Guggenheim Funds Investment
Advisors, LLC
Chicago, IL
Investment Sub-Adviser
Guggenheim Partners Investment
Management, LLC
Santa Monica, CA
Accounting Agent and Administrator
MUFG Investor Services (US), LLC
Rockville, MD
Custodian
The Bank of New York Mellon Corp.
New York, NY
Legal Counsel
Dechert LLP
Washington, D.C.
Independent Registered Public
Accounting Firm
Ernst & Young LLP
Tysons, VA
|
FUND INFORMATION continued
|
June 30, 2020
|
•
|
If your shares are held in a Brokerage Account, contact your Broker.
|
•
|
If you have physical possession of your shares in certificate form, contact the Fund’s Transfer Agent:
Computershare Trust Company N.A., P.O. Box 30170 College Station, TX 77842-3170; (866) 488-3559 or online at www.computershare.com/investor |
(a)
|
The registrant has not participated in securities lending activities during the period covered by this report.
|
(b)
|
Not applicable.
|
(a)(1) |
Not applicable.
|
(a)(2) |
(a)(3) |
Not applicable.
|
(b) |
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1 Month Guggenheim Enhanced Equi... Chart |
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