# EDGAR Filing Document

**Accession Number:** 0001864208
**File Stem:** 0001821268-23-000044
**Filing Date:** 2023-2
**Character Count:** 366786
**Document Hash:** 547be7c6209b3752d41592f4cb71549b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001821268-23-000044.hdr.sgml**: 20230203

**ACCESSION NUMBER**: 0001821268-23-000044

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20230203

**DATE AS OF CHANGE**: 20230203

**EFFECTIVENESS DATE**: 20230203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Guggenheim Active Allocation Fund
- **CENTRAL INDEX KEY:** 0001864208
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23702
- **FILM NUMBER:** 23584540

**BUSINESS ADDRESS:**
- **STREET 1:** 227 W. MONROE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 800-345-7999

**MAIL ADDRESS:**
- **STREET 1:** 227 W. MONROE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

?xml version="1.0" encoding="utf-8"?

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 <u>333-256687</u> 

 <u>Guggenheim Active Allocation Fund</u> 

(Exact name of registrant as specified in charter)

 <u>227 West Monroe Street, Chicago, 60606</u> 

(Address of principal executive offices) (Zip code)

Amy J. Lee

 <u>227 West Monroe Street, Chicago, 60606</u> 

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(312) 827-0100</u> 

Date of fiscal year end: <u>May 31</u>

Date of reporting period: <u>June 1, 2022 – November 30, 2022</u>

**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:

![](gug-11webx1x1.gif)

**11.30.2022 (Unaudited)**

**Guggenheim Funds Semiannual Report**

**Guggenheim Active Allocation Fund**

**GuggenheimInvestments.com** CEF-GUG-SAR1122

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GUGGENHEIMINVESTMENTS.COM/GUG

...YOUR PATH TO THE LATEST, MOST UP-TO-DATE INFORMATION ABOUT GUGGENHEIM ACTIVE ALLOCATION FUND

The shareholder report you are reading right now is just the beginning of the story.

Online at **guggenheiminvestments.com/gug**, you will find:

• Daily, weekly and monthly data on share prices, net asset values, distributions, dividends 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.

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**(Unaudited)** November 30, 2022

**DEAR SHAREHOLDER**

We thank you for your investment in the Guggenheim Active Allocation Fund (the "Fund"). This report covers the Fund's performance for the six-month period ended November 30, 2022 (the "Reporting Period").

In December 2022, Guggenheim Partners announced the untimely and unexpected death of Scott Minerd, one of Guggenheim's Managing Partners and its Global Chief Investment Officer. He joined Guggenheim as a Managing Partner shortly after the firm was formed. He was a frequent commentator on markets and investments, both on television and via social media. He also was one of the designers of the organization, systems and procedures that make Guggenheim Investments a strong, robust and scalable leader in the asset management business.

Guggenheim has implemented its succession plan, which is designed to deal with unexpected events. There will be no disruption of service to our clients, no change in the daily management of client portfolios and no change in the process of selecting investment assets, all of which are handled by long-standing committees and by long-tenured investment professionals who, every day, implement our investment process.

Guggenheim Investments continues to be led by its Co-Presidents, Dina DiLorenzo and David Rone, and by Anne B. Walsh, a Managing Partner and Chief Investment Officer of Guggenheim Partners Investment Management. She will continue her current role leading the team managing client investments and will assume many of Mr. Minerd's responsibilities on an interim basis.

To learn more about the Fund's performance and investment strategy, we encourage you to read the Economic and Market Overview and the Management's Discussion of Fund Performance, which begin on page 5. There you will find information on Guggenheim's investment philosophy, views on the economy and market environment, and detailed information about the factors that impacted the Fund's performance.

The Fund's investment objective is to maximize total return through a combination of current income and capital appreciation. The Fund seeks to achieve its investment objective by investing in a wide range of both fixed-income and other debt instruments selected from a variety of sectors and credit qualities. The Fund may also invest in common stocks and other equity investments that the Fund's Sub-Adviser believes offer attractive yield and/or capital appreciation potential. The Fund uses tactical asset allocation models to determine the optimal allocation of its assets between fixed-income and equity securities.

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 -5.59% and a total return based on NAV of -4.33%. At the end of the Reporting Period, the Fund's market price of $14.02 per share represented a discount of 12.21% to its NAV of $15.97 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.

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMI-ANNUAL REPORT</sup> l <sup>3</sup>

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| **(Unaudited) continued** | November 30, 2022 |

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During the Reporting Period, the Fund paid a monthly distribution of $0.118750 per share. The most recent distribution represents an annualized distribution rate of 10.16% based on the Fund's closing market price of $14.02 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 29, and Note 2(f) on page 92 for more information on distributions for the period.

We encourage shareholders to consider the opportunity to reinvest their distributions from the Fund through the Dividend Reinvestment Plan ("DRIP"), which is described in detail on page 117 of this report. When shares trade at a discount to NAV, the DRIP takes advantage of the discount by reinvesting the monthly dividend distribution in common shares of the Fund purchased in the market at a price less than NAV. Conversely, when the market price of the Fund's common shares is at a premium above NAV, the DRIP reinvests participants' dividends in newly-issued common shares at the greater of NAV per share or 95% of the market price per share. The DRIP provides a cost-effective means to accumulate additional shares and enjoy the benefits of compounding returns over time. The DRIP effectively provides an income averaging technique which causes shareholders to accumulate a larger number of Fund shares when the market price is depressed than when the price is higher.

We appreciate your investment and look forward to serving your investment needs in the future. For the most up-to-date information on your investment, please visit the Fund's website at guggenheiminvestments.com/gug.

Sincerely,

Guggenheim Funds Investment Advisors, LLC *Guggenheim Active Allocation Fund* December 31, 2022

<sup>4</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMI-ANNUAL REPORT</sup>

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| **ECONOMIC AND MARKET OVERVIEW (Unaudited)** | November 30, 2022 |

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Month-over-month price increases in the October and November 2022 Consumer Price Index ("CPI") reports finally cooled, offering some evidence that the Federal Reserve's (the "Fed") efforts to tighten policy and get inflation under control are starting to work. The headline CPI slowed from an 11% annualized three-month growth rate in June 2022 to 3.7% by November 2022. The three-month annualized change in core CPI softened from a recent peak of 7.9% to 4.2%, and trimmed measures of inflation (measures that remove the highest and lowest outliers) also declined. While these figures are still well above the Fed's 2% core inflation target, it is encouraging to see them moving in the right direction.

The inflation categories that remain high are mostly in services. The November CPI report showed that core goods prices fell by 0.5% on the month, led by a 2.9% drop in used car prices. More declines in goods prices appear likely as supply chains rapidly improve and retailers step up their efforts to clear an inventory overhang through deeper discounting. However, housing and broader services inflation measures remain well above pre-COVID levels. Housing inflation will likely take time to come down in the official statistics due to the lagging nature of lease renewals, but more timely indicators show inflation for new rentals is falling fast. The Fed has now become more concerned with core services inflation excluding housing and how a tight labor market and high wage growth could impact this category.

The December Summary of Economic Projections, which provides the Fed's median forecasts for a variety of data including the unemployment rate, inflation, and their policy rate, confirmed that the Fed is far from convinced that inflation is heading back to target and expects more tightening will be needed to achieve their inflation target. The median 2023 forecasts for U.S. real gross domestic product growth fell to 0.5%, the federal funds rate increased to 5.1%, and the unemployment rate increased to 4.6%. At the same time, the Fed's projection for the year-over-year increase in the core personal consumption expenditures price index—its preferred inflation measure—increased to 3.5% by year-end. Taken together, these projections suggest that even with a higher terminal rate, weaker growth, and a higher unemployment rate, the Fed expects to be further away from its inflation goal in 2023 than it projected in recent months.

Our research indicates that the unemployment rate could increase to 6%, higher than the Fed's median projection, as Fed efforts to slow the already weak economy may end up overshooting. This could trigger a more serious recession than the consensus expectation and likely bring about a decline in risk assets.

*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.*

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>5</sup>

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| **MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (Unaudited)** | November 30, 2022 |

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**MANAGEMENT TEAM**

Guggenheim Funds Investment Advisors, LLC serves as the investment adviser to the Guggenheim Active Allocation Fund ("Fund"). The Fund is managed by a team of seasoned professionals at Guggenheim Partners Investment Management, LLC ("GPIM").<sup>1</sup>

This team includes Anne B. Walsh, CFA, JD, Managing Partner, Chief Investment Officer of GPIM; Steven H. Brown, CFA, Chief Investment Officer, Total Return and Macro Strategies, and Senior Managing Director of GPIM; Adam J. Bloch, Managing Director and Portfolio Manager of GPIM; and Evan L. Serdensky, Director and Portfolio Manager of GPIM.

**Discuss the Fund's return and return of comparative Indices**

All Fund returns cited—whether based on 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 -5.59% and a total return based on NAV of -4.33%. At the end of the Reporting Period, the Fund's market price of $14.02 per share represented a discount of 12.21% to its NAV of $15.97 per share. At the beginning of the Reporting Period, the Fund's market price of $15.94 per share represented a discount of 8.60% to its NAV of $17.44 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 value of the Fund's shares fluctuates from time to time and maybe higher or lower than the Fund's NAV.

Please refer to the graphs and tables included within the Fund Summary, beginning on page 26 for additional information about the Fund's performance.

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| | |
|:---|:---|
|  | **Total Return** |
| **Index** | **(for Reporting Period)** |
| Bloomberg U.S. Aggregate Bond Index | -4.06% |
| Bloomberg U.S. Corporate Bond High Yield Index | -2.86% |
| Credit Suisse Leveraged Loan Index | 1.06% |
| ICE Bank of America Asset Backed Security Master BBB-AA Index | -3.08% |
| NASDAQ 100 Index | -4.40% |
| Russell 2000 Index | 1.98% |
| S&P 500 Index | -0.40% |

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**Discuss the Fund's distributions**

During the Reporting Period, the Fund paid a monthly distribution of $0.118750 per share. The most recent distribution represents an annualized distribution rate of 10.16% based on the Fund's closing market price of $14.02 per share at the end of the Reporting Period.

<sup>1</sup> 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.

<sup>6</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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| **MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (Unaudited)** | November 30, 2022 |

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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 29, and Note 2(f) on page 92 for more information on distributions for the period.

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| | |
|:---|:---|
| **Payable Date** | **Amount** |
| June 30, 2022 | $0.11875 |
| July 29, 2022 | $0.11875 |
| August 31, 2022 | $0.11875 |
| September 30, 2022 | $0.11875 |
| October 31, 2022 | $0.11875 |
| November 30, 2022 | $0.11875 |
| **Total** | **$0.71250** |

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**What factors contributed or detracted from the Fund's Performance during the Reporting Period?**

The Reporting Period was marked by a material move higher in interest rates and spreads in reaction to accelerating inflation early in the period and simultaneously rising concerns of slower growth from restrictive monetary policy. While typically spreads and interest rates exhibit negative correlation, the Reporting Period was marked by an unusual positive correlation between risky and risk-free assets. Accordingly, duration and credit spread exposure both detracted from performance, while carry contributed positively. The Fund, which at Reporting Period end had a duration of 3.70 years, experienced negative performance as the 10 year Treasury yield rose by nearly 90 basis points. One basis point is equal to one-hundredth of one percent, or 0.01%. Duration positioning remained roughly constant throughout the period. (Duration is a measure of a bond's price sensitivity to changes in interest rates, expressed in years, and reflects the weighted average term to maturity of discounted bond cash flow.) GPIM may seek to manage the Fund's duration in a flexible and opportunistic manner based primarily on then-current market conditions and interest rate levels. Credit spreads accounted for roughly 470 basis points of negative performance, as the Fund maintained exposure to a diversified portfolio of credit sectors for income generation. Investment Grade and High Yield credit spreads widened rapidly to nearly the 80th historical percentile, and partially retraced the moves to ultimately finish around the 60th percentile. High Yield exposure, which accounted for approximately 45% of the Fund, detracted the most from performance, while floating rate sector exposures performed the best. Though we expect to see continued volatility as markets grapple with the rapid tightening of financial conditions, at current valuations we see return distributions for fixed income skewed to the upside over the next year. Particularly on a yield-basis, high quality spread product valuations are compelling for long-term oriented investors.

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>7</sup>

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| **MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (Unaudited)** | November 30, 2022 |

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**Discuss the Fund's Use of Leverage**

At the end of the Reporting Period, the Fund's leverage was approximately 28% of Managed Assets, which is down from 30% at the beginning of the Reporting Period.

The Fund currently employs financial leverage through reverse repurchase agreements with ten counterparties.

One purpose of leverage is to fund the purchase of additional securities that may provide increased income and potentially greater appreciation to common shareholders than could be achieved from an unlevered portfolio. Leverage may result in greater NAV volatility and entails more downside risk than an unleveraged portfolio.

Investments in Investment Funds (as defined below in the Risks and Other Considerations section) 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 and to hedge certain exposures. Derivatives used for hedging generated mixed 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 added to performance as equity indices broadly fell. The Fund also utilized S&P 500 Puts and Put Spreads to partially protect against drawdowns in risk assets. Put option hedges contributed roughly 35 basis points to overall performance during the period. High yield credit default swap index exposure used to gain market exposure contributed positively to performance. Interest rate swaps detracted from performance.

**How was the Fund positioned at the end of the Reporting Period?**

Risk asset valuations remain volatile as central banks continue to raise interest rates to combat near record inflation and the probability of a recession has risen. We expect volatility to continue for several months as rapidly changing economic data remains acutely impactful on valuations, although credit market valuations have meaningfully cheapened and offer attractive entry points. During the Reporting Period, the Fund reduced exposure to lower quality credit segments which have greater fundamental exposure to a downturn and, until recently, were outperforming higher quality segments on a risk-adjusted basis. The Fund redeployed capital into higher quality credit segments at all-in yields not achievable in over a decade. While credit markets are attractive to long-run investors, equity valuations remain expensive and the risk versus reward trade-off is unfavorable in our assessment. Accordingly, the allocation to equity strategies remains at the low end of the Fund's long-term target range.

<sup>8</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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| **MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (Unaudited)** | November 30, 2022 |

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**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), ABS, and commercial mortgage-backed securities ("CMBS") (agency and non-agency).

The **Bloomberg U.S. Corporate Bond 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 Merrill Lynch U.S. Fixed Rate Asset Backed Securities Index including all securities rated AA1 through BBB3, inclusive.

The **NASDAQ-100 Index** includes 100 of the largest domestic and international non-financial securities listed on The Nasdaq Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain securities of financial companies including investment companies.

The **Russell 2000 Index** measures the performance of the small-cap segment of the U.S. equity universe.

The **Standard & Poor's 500 ("S&P 500")** is a capitalization-weighted index of 500 stocks designed to measure the performance of the broad economy, representing all major industries and is considered a representation of the U.S. stock market.

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>9</sup>

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| **MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (Unaudited)** | November 30, 2022 |

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**Risks and Other Considerations**

Investors should be aware that in light of the current uncertainty, volatility and distress in economies, financial markets, geopolitical tensions, and labor and public health conditions all over the world, the Fund's investments and a shareholder's investment in the Fund are subject to sudden and substantial losses, increased volatility and other adverse events.

The views expressed in this report reflect those of the portfolio managers only through the report period as stated on the cover. These views are subject to change at any time, based on market and other conditions and should not be construed as a recommendation of any kind. The material may also include forward looking statements that involve risk and uncertainty, and there is no guarantee that any predictions will come to pass.

There can be no assurance that the Fund will achieve its investment objective. The value of the Fund will fluctuate with the value of the underlying securities. Risk is inherent in all investing, including the loss of your entire principal. Therefore, before investing you should consider the risks carefully. The Fund is subject to various risk factors. Certain of these risk factors are described below. Please see the Fund's Prospectus, Statement of Additional Information (SAI) and guggenheiminvestments.com/gug for a more detailed description of the risks of investing in the Fund. Shareholders may access the Fund's Prospectus and SAI on the EDGAR Database on the Securities and Exchange Commission's website at www.sec.gov.

The fact that a particular risk below is not specifically identified as being heightened under current conditions does not mean that the risk is not greater than under normal conditions.

**Below Investment Grade Securities Risk.** The Fund may invest in Income Securities rated below-investment grade or, if unrated, determined by the Sub-Adviser to be of comparable credit quality, which are commonly referred to as "high-yield" or "junk" bonds. The Fund will not invest more than 25% of its total assets in securities, including structured instruments, such as MBS and CMBS, rated CCC or below (or, if unrated, determined to be of comparable credit quality by the Sub-Adviser) at the time of investment. Investment in securities of below-investment grade quality involves substantial risk of loss, the risk of which is particularly acute under adverse economic conditions. Income Securities of below-investment grade quality are predominantly speculative with respect to the issuer's capacity to pay interest and repay principal when due and therefore involve a greater risk of default or decline in market value due to adverse economic and issuer-specific developments. Securities of below investment grade quality may involve a greater risk of default or decline in market value due to adverse economic and issuer-specific developments, such as operating results and outlook and to real or perceived adverse economic and competitive industry conditions. Generally, the risks associated with high yield securities are heightened during times of weakening economic conditions or rising interest rates (particularly for issuers that are highly leveraged). If the Fund is unable to sell an investment at its desired time, the Fund may miss other investment opportunities while it holds investments it would prefer to sell, which could adversely affect the Fund's performance.

In addition, the liquidity of any Fund investment may change significantly over time as a result of market, economic, trading, issuer-specific and other factors. Accordingly, the performance of the Fund and a shareholder's investment in the Fund may be adversely affected if an issuer is unable to pay

<sup>10</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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| **MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (Unaudited)** | November 30, 2022 |

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interest and repay principal, either on time or at all. Issuers of below-investment grade securities are not perceived to be as strong financially as those with higher credit ratings.

**Common Equity Securities Risk.** The Fund may invest up to 50% of its total assets in Common Equity Securities. An adverse event, such as an unfavorable earnings report, may depress the value of a particular common stock held by the Fund. Also, the prices of equity securities are sensitive to general movements in the stock market, so a drop in the stock market may depress the prices of equity securities to which the Fund has exposure. Common Equity Securities' prices fluctuate for a number of reasons, including changes in investors' perceptions of the financial condition of an issuer, the general condition of the relevant stock market, and broader domestic and international political and economic events. The prices of Common Equity Securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. The value of a particular common stock held by the Fund may decline for a number of other reasons which directly relate to the issuer, such as management performance, leverage, the issuer's historical and prospective earnings, the value of its assets and reduced demand for its goods and services. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase.

**Convertible Securities Risk.** Convertible securities, debt or preferred equity securities convertible into, or exchangeable for, equity securities, are generally preferred stocks and other securities, including fixed-income securities and warrants that are convertible into or exercisable for common stock. Convertible securities generally participate in the appreciation or depreciation of the underlying stock into which they are convertible, but to a lesser degree and are subject to the risks associated with debt and equity securities, including interest rate, market and issuer risks. For example, if market interest rates rise, the value of a convertible security usually falls. Certain convertible securities may combine higher or lower current income with options and other features. Warrants are options to buy a stated number of shares of common stock at a specified price anytime during the life of the warrants (generally, two or more years). Convertible securities may be lower-rated securities subject to greater levels of credit risk. A convertible security may be converted before it would otherwise be most appropriate, which may have an adverse effect on the Fund's ability to achieve its investment objective.

**Corporate Bond Risk.** Corporate bonds are debt obligations issued by corporations and other business entities. Corporate bonds may be either secured or unsecured. Collateral used for secured debt includes real property, machinery, equipment, accounts receivable, stocks, bonds or notes. If a bond is unsecured, it is known as a debenture. Bondholders, as creditors, have a prior legal claim over common and preferred stockholders as to both income and assets of the corporation for the principal and interest due them and may have a prior claim over other creditors if liens or mortgages are involved. Interest on corporate bonds may be fixed or floating, or the bonds may be zero coupons. Interest on corporate bonds is typically paid semi-annually and is fully taxable to the bondholder. Corporate bonds contain elements of both interest-rate risk and credit risk. The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates and may also be affected by the credit rating of the corporation, the corporation's performance and perceptions of the corporation in the marketplace. Corporate bonds usually yield more than government or agency bonds due to the presence of credit risk. Depending on the nature of the seniority provisions, a senior corporate bond may be

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>11</sup>

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| **MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (Unaudited)** | November 30, 2022 |

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junior to other credit securities of the issuer. The market value of a corporate bond may be affected by factors directly related to the issuer, such as investors' perceptions of the creditworthiness of the issuer, the issuer's financial performance, perceptions of the issuer in the marketplace, performance of management of the issuer, the issuer's capital structure and use of financial leverage and demand for the issuer's goods and services. There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. Corporate bonds of below investment grade quality are often high risk and have speculative characteristics and may be particularly susceptible to adverse issuer-specific developments.

**Credit Risk.** The Fund could lose money if the issuer or guarantor of a debt instrument or a counterparty to a derivatives transaction or other transaction (such as a repurchase agreement or a loan of portfolio securities or other instruments) is unable or unwilling, or perceived to be unable or unwilling, to pay interest or repay principal on time or defaults. If an issuer fails to pay interest, the Fund's income would likely be reduced, and if an issuer fails to repay principal, the value of the instrument likely would fall and the Fund could lose money. This risk is especially acute with respect to high yield, below-investment grade and unrated high risk debt instruments (which also may be known as "junk bonds"), whose issuers are particularly susceptible to fail to meet principal or interest obligations. Also, the issuer, guarantor or counterparty may suffer adverse changes in its financial condition or be adversely affected by economic, political or social conditions that could lower the credit quality (or the market's perception of the credit quality) of the issuer or instrument, leading to greater volatility in the price of the instrument and in shares of the Fund. Although credit quality rating may not accurately reflect the true credit risk of an instrument, a change in the credit quality rating of an instrument or an issuer can have a rapid, adverse effect on the instrument's liquidity and make it more difficult for the Fund to sell at an advantageous price or time. The risk of the occurrence of these types of events is heightened under adverse economic conditions or in market environments where interest rates are rising.

**Current Fixed-Income and Debt Market Conditions.** Fixed-income and debt market conditions are highly unpredictable and some parts of the market are subject to dislocations. In response to the high inflation in recent periods, governmental authorities have implemented significant fiscal and monetary policy changes, including increasing interest rates and implementation of quantitative tightening. These actions present heightened risks, particularly to fixed-income and debt instruments, and such risks could be even further heightened if these actions are ineffective in achieving their desired outcomes. The U.S. Federal Reserve Board ("Federal Reserve") has signaled its intention to continue raising interest rates and maintain interest rates at increased levels until inflation decreases to the Federal Reserve's target level. It is difficult to accurately predict the effect of these actions. Certain economic conditions and market environments will expose fixed-income and debt instruments to heightened volatility and reduced liquidity, which can impact the Fund's investments and may negatively impact the Fund's characteristics, which in turn would impact performance.

**Derivatives Transactions Risk.** In addition to the Covered Call Option Strategy and other options strategies, the Fund may, but is not required to, utilize other derivatives, including futures contracts, swaps transactions and other strategic transactions to seek to earn income, facilitate portfolio management and mitigate risks. Participation in derivatives markets transactions involves investment risks and transaction costs to which the Fund would not be subject absent the use of these strategies

<sup>12</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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(other than its covered call writing strategy). There may be imperfect correlation between the value of derivative instruments and the underlying assets. Derivatives transactions may be subject to risks associated with the possible default of the other party to the transaction. Derivative instruments may be illiquid. Certain derivatives transactions may have economic characteristics similar to leverage, in that relatively small market movements may result in large changes in the value of an investment. Certain derivatives transactions that involve leverage can result in losses that greatly exceed the amount originally invested. Changes in value of a derivative may also create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund and its liquidity and other risk profiles. Furthermore, the Fund's ability to successfully use derivatives transactions depends on the Sub-Adviser's ability to predict pertinent securities prices, interest rates, currency exchange rates and other economic factors, which cannot be assured. Derivatives transactions utilizing instruments denominated in foreign currencies will expose the Fund to foreign currency risk. To the extent the Fund enters into derivatives transactions to hedge exposure to foreign currencies, such transactions may not be successful and may eliminate any chance for the Fund to benefit from favorable fluctuations in relevant foreign currencies. The use of derivatives transactions may result in losses greater than if they had not been used, may require the Fund to sell or purchase portfolio securities at inopportune times or for prices other than current market values, may limit the amount of appreciation the Fund can realize on an investment or may cause the Fund to hold a security that it might otherwise sell. Derivatives transactions involve risks of mispricing or improper valuation. The Fund also may be required to deposit amounts as premiums or to be held in margin accounts. Such amounts may not otherwise be available to the Fund for investment purposes. Derivatives transactions also are subject to operational risk, including from documentation issues, settlement issues, system failures, inadequate controls, and human error, and legal risk, including risk of insufficient documentation, insufficient capacity or authority of a counterparty, or legality or enforceability of a contract. Derivatives transactions may involve commissions and other costs, which may increase the Fund's expenses and reduce its return. Various legislative and regulatory initiatives may impact the availability, liquidity and cost of derivative instruments, limit or restrict the ability of the Fund to use certain derivative instruments or transact with certain counterparties as a part of its investment strategy, increase the costs of using derivative instruments or make derivative instruments less effective.

**Financial Leverage and Leveraged Transactions Risk.** The Fund may seek to enhance the level of its current distributions by utilizing financial leverage through the issuance of preferred shares ("Preferred Shares") and through Borrowings, or through a combination of the foregoing (collectively "Financial Leverage"). Although the use of Financial Leverage and leveraged transactions by the Fund may create an opportunity for increased after-tax total return for the Fund's common shares, it also results in additional risks and can magnify the effect of any losses. If the income and gains earned on securities purchased with Financial Leverage and leveraged transaction proceeds are greater than the cost of Financial Leverage and leveraged transactions, the Fund's return will be greater than if Financial Leverage and leveraged transactions had not been used. Conversely, if the income or gains from the securities purchased with such proceeds does not cover the cost of Financial Leverage and leveraged transactions, the return to the Fund will be less than if Financial Leverage and leveraged transactions had not been used. There can be no assurance that a leveraging strategy will be implemented or that it will be successful during any period during which it is employed.

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>13</sup>

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Financial Leverage and the use of leveraged transactions involve risks and special considerations for shareholders, including the likelihood of greater volatility of NAV and market price of and dividends on the Fund's common shares than a comparable portfolio without leverage; the risk that fluctuations in interest rates on Borrowings or in the dividend rate on any Preferred Shares that the Fund must pay will reduce the return to the shareholders; and the effect of Financial Leverage and leveraged transactions in a declining market, which is likely to cause a greater decline in the NAV of the Fund's common shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the common shares. Investments in Investment Funds (as defined below) and certain other pooled and structured finance vehicles, such as collateralized loan obligations, frequently expose the Fund to an additional layer of financial leverage and, thus, increase the Fund's exposure to leverage risk.

**Interest Rate Risk.** Fixed-income and other debt instruments are subject to the possibility that interest rates could change (or are expected to change). Changes in interest rates, including changes in reference rates used in fixed-income and other debt instruments (such as the London Interbank Offered Rate ("LIBOR") or Secured Overnight Financing Rate ("SOFR")), may adversely affect the Fund's investments in these instruments, such as the value or liquidity of, and income generated by, the investments. In addition, changes in interest rates, including rates that fall below zero, can have unpredictable effects on markets and can adversely affect the Fund's yield, income and performance. Generally, when interest rates increase, the values of fixed-income and other debt instruments decline, and when interest rates decrease, the values of fixed-income and other debt instruments rise. The Federal Reserve, in recent periods, has increased interest rates at significant levels and signaled an intention to continue to raise interest rates and maintain interest rates at increased levels until inflation decreases to the Federal Reserve's target level. These actions present heightened risks to fixed-income and debt instruments, and such risks could be even further heightened if these actions are unexpectedly or suddenly reversed or are ineffective in achieving their desired outcomes. It is difficult to accurately predict how long the Federal Reserve's current stance on interest rates will persist and the impact these actions will have on the economy and the Fund's investments and the markets where they trade.

**Investment and Market Risk.** An investment in the common shares of the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest. An investment in the common shares of the Fund represents an indirect investment in the securities owned by the Fund. The value of, or income generated by, the investments held by the Fund are subject to the possibility of rapid and unpredictable fluctuation. These movements may result from factors affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates, changes in inflation or expectations about inflation, investor confidence or economic, political (including geopolitical), social or financial market conditions, tariffs and trade disruptions, recession, changes in currency rates, natural/environmental disasters, cyber-attacks, terrorism, governmental or quasi-governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and other similar events, each of which may be temporary or last for extended periods. Many economies and markets are experiencing, and have experienced in recent periods, high inflation rates. In response to such inflation, government authorities have implemented

<sup>14</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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significant fiscal and monetary policies such as increasing interest rates and quantitative tightening (reduction of money available in the market) which may adversely affect financial markets and the broader economy, as well as the Fund's performance.

Different sectors, industries and security types may react differently to such developments and, when the market performs well, there is no assurance that the Fund's investments will increase in value along with the broader markets. Volatility of financial markets, including potentially extreme volatility caused by the events described above or other events, can expose the Fund to greater market risk than normal, possibly resulting in greatly reduced liquidity. Moreover, changing economic, political, social or financial market conditions in one country or geographic region could adversely affect the value, yield and return of the investments held by the Fund in a different country or geographic region because of the increasingly interconnected global economies and financial markets.

At any point in time, your common shares may be worth less than your original investment, even after including the reinvestment of Fund dividends and distributions.

**Investment Funds Risk.** The Fund may also obtain investment exposure to Income Securities and Common Equity Securities by investing up to 30% of its total assets in other investment companies, including registered investment companies, private investment funds and/or other pooled investment vehicles (collectively, "Investment Funds"). These investments include open-end funds, closed-end funds, ETFs and business development companies as well as other pooled investment vehicles.

Investments in Investment Funds present certain special considerations and risks not present in making direct investments in Income Securities and Common Equity Securities. Investments in Investment Funds subject the Fund to the risks affecting such Investment Funds and involve operating expenses and fees that are in addition to the expenses and fees borne by the Fund. Such expenses and fees attributable to the Fund's investment in another Investment Fund are borne indirectly by common shareholders. Accordingly, investment in such entities involves expenses and fees at both levels. Fees and expenses borne of other Investment Funds in which the Fund invests may be similar to the fees and expenses borne of the Fund and can include asset-based management fees and administrative fees payable to such entities' advisers and managers, as well as other expenses borne by such entities, thus resulting in fees and expenses at both levels. To the extent management fees of Investment Funds are based on total gross assets, it may create an incentive for such entities' managers to employ Financial Leverage, thereby adding additional expense and increasing volatility and risk (including the Fund's overall exposure to leverage risk). Fees payable to advisers and managers of Investment Funds may include performance-based incentive fees calculated as a percentage of profits. Such incentive fees directly reduce the return that otherwise would have been earned by investors over the applicable period. A performance-based fee arrangement may create incentives for an adviser or manager to take greater investment risks in the hope of earning a higher profit participation. Investments in Investment Funds frequently expose the Fund to an additional layer of financial leverage and, thus, increase the Fund's exposure to the risks associated with financial leverage (such as higher risk of volatility and magnified financial losses).

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>15</sup>

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**Management Risk.** The Fund is subject to management risk because it has an actively managed portfolio. The Sub-Adviser will apply investment techniques and risk analysis in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results. The Fund's allocation of its investments across various asset classes and sectors may vary significantly over time based on the Sub-Adviser's analysis and judgment. As a result, the particular risks most relevant to an investment in the Fund, as well as the overall risk profile of the Fund's portfolio, may vary over time. The ability of the Fund to achieve its investment objective depends, in part, on the ability of the Sub-Adviser to allocate effectively the Fund's assets among multiple investment strategies, underlying funds and investments and asset classes. There can be no assurance that the actual allocations will be effective in achieving the Fund's investment objective or that an investment strategy or underlying fund or investment will achieve its particular investment objective.

**Preferred Securities/Preferred Stock Risk.** The Fund may invest in preferred stock, which represents the senior residual interest in the assets of an issuer after meeting all claims, with priority to corporate income and liquidation payments over the issuer's common stock. As such, preferred stock is inherently riskier than the bonds and other debt instruments of the issuer, but less risky than its common stock. Certain preferred stocks contain provisions that allow an issuer under certain conditions to skip (in the case of "non-cumulative" preferred stocks) or defer (in the case of "cumulative" preferred stocks) dividend payments. Preferred stocks often contain provisions that allow for redemption in the event of certain tax or legal changes or at the issuer's call. Preferred stocks typically do not provide any voting rights, except in cases when dividends are in arrears beyond a certain time period. There is no assurance that dividends on preferred stocks in which the Fund invests will be declared or otherwise made payable. If the Fund owns preferred stock that is deferring its distributions, the Fund may be required to report income for U.S. federal income tax purposes while it is not receiving cash payments corresponding to such income. When interest rates fall below the rate payable on an issue of preferred stock or for other reasons, the issuer may redeem the preferred stock, generally after an initial period of call protection in which the stock is not redeemable. Preferred stocks may be significantly less liquid than many other securities, such as U.S. Government securities, corporate debt and common stock.

**Prepayment Risk.** Certain debt instruments, including loans and loan participations (including senior secured floating rate loans, "second lien" secured floating rate loans, and other types of secured and unsecured loans with fixed and variable interest rates) (collectively, "Loans") and mortgage- and other asset-backed securities, are subject to the risk that payments on principal may occur more quickly or earlier than expected (or an investment is converted or redeemed prior to maturity). For example, an issuer may exercise its right to redeem outstanding debt securities prior to their maturity (known as a "call") or otherwise pay principal earlier than expected for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls or "prepays" a security in which the Fund has invested, the Fund may not recoup the full amount of its initial investment and may be required to reinvest in generally lower-yielding securities, securities with greater credit risks or securities with other, less favorable features or terms than the security in which the Fund initially invested, thus potentially reducing the Fund's yield. Income Securities frequently have call features that allow the issuer to repurchase the security prior to its stated maturity. Loans and

<sup>16</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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mortgage- and other asset-backed securities are particularly subject to prepayment risk, and offer less potential for gains, during periods of declining interest rates (or narrower spreads) as issuers of higher interest rate debt instruments pay off debts earlier than expected. In addition, the Fund may lose any premiums paid to acquire the investment. Other factors, such as excess cash flows, may also contribute to prepayment risk. Thus, changes in interest rates may cause volatility in the value of and income received from these types of debt instruments.

**Senior Loans Risk.** The Fund may invest in senior secured floating rate Loans made to corporations and other non-governmental entities and issuers ("Senior Loans"). Senior Loans typically hold the most senior position in the capital structure of the issuing entity, are typically secured with specific collateral and typically have a claim on the assets of the borrower, including stock owned by the borrower in its subsidiaries, that is senior to that held by junior lien creditors, subordinated debt holders and stockholders of the borrower. The Fund's investments in Senior Loans are typically below-investment grade and are considered speculative because of the credit risk of the applicable issuer.

There is less readily-available, reliable information about most Senior Loans than is the case for many other types of securities. In addition, there is rarely a minimum rating or other independent evaluation of a borrower or its securities, and the Sub-Adviser relies primarily on its own evaluation of a borrower's credit quality rather than on any available independent sources. As a result, the Fund is particularly dependent on the analytical abilities of the Sub-Adviser with respect to investments in Senior Loans. The Sub-Adviser's judgment about the credit quality of a borrower may be wrong.

<u>Second Lien Loans Risk</u>. The Fund may invest in "second lien" secured floating rate Loans made by public and private corporations and other non-governmental entities and issuers for a variety of purposes ("Second Lien Loans"). Second Lien Loans are typically second in right of payment and/or second in right of priority with respect to collateral remedies to one or more Senior Loans of the related borrower. Second Lien Loans are subject to the same risks associated with investment in Senior Loans and other lower grade Income Securities. However, Second Lien Loans are second in right of payment and/or second in right of priority with respect to collateral remedies to Senior Loans and therefore are subject to the additional risk that the cash flow of the borrower and/or the value of any property securing the Loan may be insufficient to meet scheduled payments or otherwise be available to repay the Loan after giving effect to payments in respect of a Senior Loan, including payments made with the proceeds of any property securing the Loan and any senior secured obligations of the borrower. Second Lien Loans are expected to have greater price volatility and exposure to losses upon default than Senior Loans and may be less liquid. There is also a possibility that originators will not be able to sell participations in Second Lien Loans, which would create greater credit risk exposure.

<u>Subordinated Secured Loans Risk</u>. Subordinated secured Loans generally are subject to similar risks as those associated with investment in Senior Loans, Second Lien Loans and below-investment grade securities. However, such Loans may rank lower in right of payment than any outstanding Senior Loans, Second Lien Loans or other debt instruments with higher priority of the borrower and therefore are subject to additional risk that the cash flow of the borrower and any property securing the Loan may be insufficient to meet scheduled payments and repayment of principal in the event of default or

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>17</sup>

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bankruptcy after giving effect to the higher-ranking secured obligations of the borrower. Subordinated secured Loans are expected to have greater price volatility than Senior Loans and Second Lien Loans and may be less liquid.

<u>Unsecured Loans Risk</u>. Unsecured Loans generally are subject to similar risks as those associated with investment in Senior Loans, Second Lien Loans, subordinated secured Loans and below-investment grade securities. However, because unsecured Loans have lower priority in right of payment to any higher-ranking obligations of the borrower and are not backed by a security interest in any specific collateral, they are subject to additional risk that the cash flow of the borrower and available assets may be insufficient to meet scheduled payments and repayment of principal after giving effect to any higher-ranking obligations of the borrower. Unsecured Loans are expected to have greater price volatility than Senior Loans, Second Lien Loans and subordinated secured Loans and may be less liquid.

<u>Loans and Loan Participations and Assignments Risk</u>. The Fund may invest in Loans directly or through participations or assignments. The Fund may purchase Loans on a direct assignment basis from a participant in the original syndicate of lenders or from subsequent assignees of such interests. The Fund may also purchase, without limitation, participations in Loans. The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the purchaser's rights can be more restricted than those of the assigning institution, and, in any event, the Fund may not be able to unilaterally enforce all rights and remedies under the Loan and with regard to any associated collateral. A participation typically results in a contractual relationship only with the institution participating out the interest, not with the borrower. In purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement against the borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will be exposed to the credit risk of both the borrower and the institution selling the participation. Further, in purchasing participations in lending syndicates, the Fund may not be able to conduct the same due diligence on the borrower with respect to a Senior Loan that the Fund would otherwise conduct. In addition, as a holder of the participations, the Fund may not have voting rights or inspection rights that the Fund would otherwise have if it were investing directly in the Senior Loan, which may result in the Fund being exposed to greater credit or fraud risk with respect to the borrower or the Senior Loan. Lenders selling a participation and other persons interpositioned between the lender and the Fund with respect to a participation will likely conduct their principal business activities in the banking, finance and financial services industries. Because the Fund may invest in participations, the Fund may be more susceptible to economic, political or regulatory occurrences affecting such industries.

Loans are especially vulnerable to the financial health, or perceived financial health, of the borrower but are also particularly susceptible to economic and market sentiment such that changes in these conditions or the occurrence of other economic or market events may reduce the demand for Loans and cause their value to decline rapidly and unpredictably. Many Loans and loan interests are subject to legal or contractual restrictions on transfer, resale or assignment that may limit the ability of the Fund to sell its interest in a Loan at an advantageous time or price. Transactions in Loans are often subject to long

<sup>18</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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settlement periods. The Fund thus is subject to the risk of selling other investments at disadvantageous times or prices or taking other actions necessary to raise cash to meet its obligations such as borrowing from a bank or holding additional cash, particularly during periods of unusual market or economic conditions or financial stress.

The Fund invests in or is exposed to Loans and other similar debt obligations that are sometimes referred to as "covenant-lite" loans or obligations ("covenant-lite obligations"), which are generally subject to more risk than investments that contain traditional financial maintenance covenants and financial reporting requirements. The Fund may have fewer rights with respect to covenant-lite obligations, including fewer protections against the possibility of default and fewer remedies in the event of default. As a result, investments in (or exposure to) covenant-lite obligations are subject to more risk than investments in (or exposure to) certain other types of obligations.

The Fund is subject to other risks associated with investments in (or exposure to) Loans and other similar obligations, including that such Loans or obligations may not be considered "securities" and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.

<u>Mezzanine Investments Risk</u>. The Fund may invest in certain lower grade securities known as "Mezzanine Investments," which are subordinated debt securities that are generally issued in private placements in connection with an equity security (e.g., with attached warrants) or may be convertible into equity securities. Mezzanine Investments are subject to the same risks associated with investment in Senior Loans, Second Lien Loans and other lower grade Income Securities. However, Mezzanine Investments may rank lower in right of payment than any outstanding Senior Loans and Second Lien Loans of the borrower, or may be unsecured (i.e., not backed by a security interest in any specific collateral), and are subject to the additional risk that the cash flow of the borrower and available assets may be insufficient to meet scheduled payments after giving effect to any higher-ranking obligations of the borrower. Mezzanine Investments are expected to have greater price volatility and exposure to losses upon default than Senior Loans and Second Lien Loans and may be less liquid.

**Risks Associated with the Fund's Covered Call Option Strategy and Put Options.** The ability of the Fund to achieve its investment objective is partially dependent on the successful implementation of its Covered Call Option Strategy. There are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objectives. A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events.

The Fund may write call options on individual securities, securities indices, ETFs and baskets of securities. The buyer of an option acquires the right, but not the obligation, to buy (a call option) or sell (a put option) a certain quantity of a security (the underlying security) or instrument, including a futures contract or swap, at a certain price up to a specified point in time or on expiration, depending on the terms. The seller or writer of an option is obligated to sell (a call option) or buy (a put option) the underlying instrument upon exercise of the option. A call option is "covered" if the Fund owns the

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>19</sup>

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security or instrument underlying the call or has an absolute right to acquire the security or instrument without additional cash consideration (or, if additional cash consideration is required under current regulatory requirements, cash or cash equivalents in such amount are segregated by the Fund's custodian or earmarked on the Fund's books and records). A call option is also covered if the Fund holds a call on the same security as the call written where the exercise price of the call held is (i) equal to or less than the exercise price of the call written, or (ii) greater than the exercise price of the call written, provided the difference is maintained by the Fund in segregated assets determined to be liquid by the Sub-Adviser as described above. As a seller of covered call options, the Fund faces the risk that it will forgo the opportunity to profit from increases in the market value of the security or instrument covering the call option during an option's life. As the Fund writes covered calls over more of its portfolio, its ability to benefit from capital appreciation becomes more limited. For certain types of options, the writer of the option will have no control over the time when it may be required to fulfill its obligation under the option. There can be no assurance that a liquid market will exist if and when the Fund seeks to close out an option position. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying security or instrument at the exercise price.

The Fund may purchase and write exchange-listed and over the counter ("OTC") options. Options written by the Fund with respect to non-U.S. securities, indices or sectors and other instruments generally will be OTC options. OTC options differ from exchange-listed options in several respects. They are transacted directly with the dealers and not with a clearing corporation, and therefore entail the risk of non-performance by the dealer. OTC options are available for a greater variety of securities and for a wider range of expiration dates and exercise prices than are available for exchange-traded options. Because OTC options are not traded on an exchange, pricing is done normally by reference to information from a market maker. OTC options are subject to heightened counterparty, credit, liquidity and valuation risks. The Fund's ability to terminate OTC options is more limited than with exchange-traded options and may involve the risk that broker-dealers participating in such transactions will not fulfill their obligations. The hours of trading for options may not conform to the hours during which the underlying securities are traded. The Fund's options transactions will be subject to limitations established by each of the exchanges, boards of trade or other trading facilities on which such options are traded.

The Fund may also purchase and write covered put options. A put option written by the Fund on a security is "covered" if the Fund segregates or earmarks assets determined to be liquid by the Sub-Adviser, in accordance with the procedures established by the Board, equal to the exercise price. A put option is also covered if the Fund holds a put on the same security as the put written where the exercise price of the put held is (i) equal to or greater than the exercise price of the put written, or (ii) less than the exercise price of the put written, provided the difference is maintained by the Fund in segregated or earmarked assets determined to be liquid by the Sub-Adviser, as described above. As a seller of covered put options, the Fund bears the risk of loss if the value of the underlying security or instrument declines below the exercise price minus the put premium. If the option is exercised, the Fund could incur a loss if it is required to purchase the security or instrument underlying the put option at a price greater than the

<sup>20</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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market price of the security or instrument at the time of exercise plus the put premium the Fund received when it wrote the option. The Fund's potential gain in writing a covered put option is limited to distributions earned on the liquid assets securing the put option plus the premium received from the purchaser of the put option; however, the Fund risks a loss equal to the entire exercise price of the option minus the put premium.

**Short Sales Risk.** The Fund may make short sales of securities. Short selling a security involves selling a borrowed security with the expectation that the value of that security will decline, so that the security may be purchased at a lower price when returning the borrowed security. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss will be increased, by the transaction costs incurred by the Fund, including the costs associated with providing collateral to the broker-dealer (usually cash and liquid securities) and the maintenance of collateral with its custodian. Although the Fund's gain is limited to the price at which it sold the security short, its potential loss is theoretically unlimited and is greater than a direct investment in the security itself because the price of the borrowed or reference security may rise. The Fund may not always be able to close out a short position at a particular time or at an acceptable price. A lender may request that borrowed securities be returned to it on short notice, and the Fund may have to buy the borrowed securities at an unfavorable price, resulting in a loss. Short sales also subject the Fund to risks related to the lender (such as bankruptcy risks) or the general risk that the lender does not comply with its obligations.

**Structured Finance Investments Risk.** The Fund's structured finance investments may include residential and commercial mortgage-related and other ABS issued by governmental entities and private issuers. Holders of structured finance investments bear risks of the underlying investments, index or reference obligation and are subject to counterparty risk. The Fund may have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. While certain structured finance investments enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured finance investments generally pay their share of the structured product's administrative and other expenses. Although it is difficult to accurately predict whether the prices of indices and securities underlying structured finance investments will rise or fall, these prices (and, therefore, the prices of structured finance investments) will be influenced by the same types of political, economic and other events that affect issuers of securities and capital markets generally. Moreover, other types of events, domestic or international, may affect general economic conditions and financial markets, such as pandemics, armed conflicts, energy supply or price disruptions, natural disasters and man-made disasters, which may have a significant effect on the underlying assets. If the issuer of a structured product uses shorter term financing to purchase longer term securities, the issuer may be forced to sell its securities at below market prices if it experiences difficulty in obtaining short-term financing, which may adversely affect the value of the structured finance investment owned by the Fund.

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>21</sup>

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| | |
|:---|:---|
| **MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (Unaudited)** | November 30, 2022 |

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<u>Mortgage-Backed Securities Risk</u>. MBS represent an interest in a pool of mortgages. MBS are subject to certain risks, such as: credit risk associated with the performance of the underlying mortgage properties and of the borrowers owning these properties; risks associated with their structure and execution (including the collateral, the process by which principal and interest payments are allocated and distributed to investors and how credit losses affect the return to investors in such MBS); risks associated with the servicer of the underlying mortgages; adverse changes in economic conditions and circumstances, which are more likely to have an adverse impact on MBS secured by loans on certain types of commercial properties than on those secured by loans on residential properties; prepayment risk, which can lead to significant fluctuations in the value of the MBS; loss of all or part of the premium, if any, paid; and decline in the market value of the security, whether resulting from changes in interest rates, prepayments on the underlying mortgage collateral or perceptions of the credit risk associated with the underlying mortgage collateral. The value of MBS may be substantially dependent on the servicing of the underlying pool of mortgages. In addition, the Fund's level of investment in MBS of a particular type or in MBS issued or guaranteed by affiliated obligors, serviced by the same servicer or backed by underlying collateral located in a specific geographic region, may subject the Fund to additional risk. Income from and values of MBS also may be greatly affected by demographic trends, such as population shifts or changing tastes and values, or increasing vacancies or declining rents resulting from legal, cultural technological, global or local economic developments, as well as reduced demand for properties. In addition, the general effects of inflation on the U.S. economy can be wide-ranging, as evidenced by rising interest rates, wages and costs of consumer goods and necessities. The long-term effects of inflation on the general economy and on any individual mortgagor are unclear, and in certain cases, rising inflation may affect a mortgagor's ability to repay its related mortgage loan, thereby reducing the amount received by the holders of MBS with respect to such mortgage loan. Additionally, increased rates of inflation, as are currently being experienced, may negatively affect the value of certain MBS in the secondary market. MBS are particularly sensitive to changes in interest rates. Rising interest rates generally result in a decline in the value of mortgage-related securities, such as CMBS and RMBS.

Additional risks relating to investments in MBS may arise because of the type of MBS in which the Fund invests, defined by the assets collateralizing the MBS. For example, collateralized mortgage obligations ("CMOs") may have complex or highly variable prepayment terms, such as companion classes, interest only or principal only payments, inverse floaters and residuals. These investments generally entail greater market, prepayment and liquidity risks than other MBS, and may be more volatile or less liquid than other MBS.

MBS generally are classified as either CMBS or residential mortgage-backed securities ("RMBS"), each of which are subject to certain specific risks.

*Commercial Mortgage-Backed Securities Risk.* The market for CMBS developed more recently and, in terms of total outstanding principal amount of issues, is relatively small compared to the market for RMBS. CMBS are subject to particular risks, such as those associated with lack of standardized terms, shorter maturities than residential mortgage loans and payment of all or substantially all of the principal only at maturity rather than regular amortization of principal. In

<sup>22</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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|:---|:---|
| **MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (Unaudited)** | November 30, 2022 |

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addition, commercial lending generally is viewed as exposing the lender to a greater risk of loss than residential lending. Commercial lending typically involves larger loans to single borrowers or groups of related borrowers than residential mortgage loans. In addition, the repayment of loans secured by income producing properties typically is dependent upon the successful operation of the related real estate project and the cash flow generated therefrom. Moreover, economic decline in the businesses operated by the tenants of office properties may increase the likelihood that the tenants may be unable to pay their rents or that properties may be unable to attract or retain tenants. Moreover, other types of events, domestic or international, may affect general economic conditions and financial markets, such as pandemics, armed conflicts, energy supply or price disruptions, natural disasters and man-made disasters, which may have a significant effect on the underlying commercial mortgage loans.

*Residential Mortgage-Backed Securities Risk.* Credit-related risk on RMBS arises from losses due to delinquencies and defaults by the borrowers in payments on the underlying mortgage loans and breaches by originators and servicers of their obligations under the underlying documentation pursuant to which the RMBS are issued. The rate of delinquencies and defaults on residential mortgage loans and the aggregate amount of the resulting losses will be affected by a number of factors, including general economic conditions, particularly those in the area where the related mortgaged property is located, the level of the borrower's equity in the mortgaged property and the individual financial circumstances of the borrower. If a residential mortgage loan is in default, foreclosure on the related residential property may be a lengthy and difficult process involving significant legal and other expenses. The net proceeds obtained by the holder on a residential mortgage loan following the foreclosure on the related property may be less than the total amount that remains due on the loan. The prospect of incurring a loss upon the foreclosure of the related property may lead the holder of the residential mortgage loan to restructure the residential mortgage loan or otherwise delay the foreclosure process.

<u>Asset-Backed Securities Risk</u>. ABS are a form of structured debt obligation. In addition to the general risks associated with credit securities discussed herein and the risks discussed under "Structured Finance Investments Risk," ABS are subject to additional risks. While traditional fixed-income securities typically pay a fixed rate of interest until maturity, when the entire principal amount is due, an ABS represents an interest in a pool of assets, such as automobile loans, credit card receivables, unsecured consumer loans or student loans, that has been securitized and provides for monthly payments of interest, at a fixed or floating rate, and principal from the cash flow of these assets. This pool of assets (and any related assets of the issuing entity) is the only source of payment for the ABS. The ability of an ABS issuer to make payments on the ABS, and the timing of such payments, is therefore dependent on collections on these underlying assets. The recoveries on the underlying collateral may not, in some cases, be sufficient to support payments on these securities, which may result in losses to investors in an ABS. ABS are particularly subject to interest rate risk and credit risk. Compared to other fixed income investments with similar maturity and credit, ABS generally increase in value to a lesser extent when interest rates decline and generally decline in value to a similar or greater extent when interest rates rise.

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>23</sup>

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|:---|:---|
| **MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (Unaudited)** | November 30, 2022 |

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<u>CLO, CDO and CBO Risk</u>. The Fund may invest in collateralized debt obligations ("CDO"), collateralized bond obligation ("CBO") and collateralized loan obligation ("CLO"). In addition to the general risks associated with credit or debt securities discussed herein and the risks discussed under "Structured Finance Investments Risks," CLOs, CDOs and CBOs are subject to additional risks due to their complex structure and highly leveraged nature. CLOs, CDOs and CBOs are subject to risks because of the involvement of multiple transaction parties related to the underlying collateral and disruptions that may occur as a result of the restructuring or insolvency of the underlying obligors, which are generally corporate obligors. Unlike a consumer obligor that is generally obligated to make payments on the collateral backing an ABS, the obligor on the collateral backing a CLO, a CDO or a CBO may have more effective defenses or resources to cause a delay in payment or restructure the underlying obligation. If an obligor is permitted to restructure its obligations, distributions from collateral securities may not be adequate to make interest or other payments. The value of securities issued by CLOs, CDOs and CBOs also may change because of changes in market value; changes in the market's perception of the creditworthiness of the servicer of the assets, the originator of an asset in the pool, or the financial institution or fund providing the credit support or enhancement; loan performance and prices; broader market sentiment, including expectations regarding future loan defaults; liquidity conditions; and supply and demand for structured products. Additionally, the indirect investment structure of CLOs, CDOs and CBOs presents certain risks to the Fund such as less liquidity compared with holding the underlying assets directly. CLOs, CDOs and CBOs normally charge management fees and administrative expenses, which would be borne by the Fund.

**U.S. Government Securities Risk.** Different types of U.S. government securities have different relative levels of credit risk depending on the nature of the particular government support for that security. U.S. government securities may be supported by: (i) the full faith and credit of the United States government; (ii) the ability of the issuer to borrow from the U.S. Treasury; (iii) the credit of the issuing agency, instrumentality or government-sponsored entity ("GSE"); (iv) pools of assets (e.g., MBS); or (v) the United States in some other way. The U.S. government and its agencies and instrumentalities do not guarantee the market value of their securities, which may fluctuate in value and are subject to investment risks, and certain U.S. government securities may not be backed by the full faith and credit of the United States government. Any downgrades of the U.S. credit rating could increase volatility in both stock and bond markets, result in higher interest rates and higher Treasury yields and increase the costs of all debt generally. The value of U.S. government obligations may be adversely affected by changes in interest rates. It is possible that the issuers of some U.S. government securities will not have the funds to timely meet their payment obligations in the future and there is a risk of default. For certain agency and GSE issued securities, there is no guarantee the U.S. government will support the agency or GSE if it is unable to meet its obligations.

**Valuation of Certain Income Securities Risk.** The Sub-Adviser may use the fair value method to value investments if market quotations for them are not readily available or are deemed unreliable, or if events occurring after the close of a securities market and before the Fund values its assets would materially affect NAV. Because the secondary markets for certain investments may be limited, they may be difficult to value. Where market quotations are not readily available, valuation may require more

<sup>24</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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|:---|:---|
| **MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (Unaudited)** | November 30, 2022 |

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research than for more liquid investments. In addition, elements of judgment may play a greater role in valuation in such cases than for investments with a more active secondary market because there is less reliable objective data available. A security that is fair valued may be valued at a price higher or lower than the value determined by other funds using their own fair valuation procedures. Prices obtained by the Fund upon the sale of such securities may not equal the value at which the Fund carried the investment on its books, which would adversely affect the NAV of the Fund.

***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.***

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>25</sup>

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| | |
|:---|:---|
| **FUND SUMMARY (Unaudited)** | November 30, 2022 |

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| | |
|:---|:---|
| **Fund Statistics** | |
| Market Price | $14.02 |
| Net Asset Value | $15.97 |
| Discount to NAV | -12.21% |
| Net Assets ($000) | $526687 |

---

**AVERAGE ANNUAL TOTAL RETURNS FOR THE**

**PERIOD ENDED NOVEMBER 30, 2022**

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| | | |
|:---|:---|:---|
| | <br>**Six month**<br>**(non-annualized)** | **Since Inception**<br>**(annualized)**<br>**(11/23/21)** |
| Guggenheim Active Allocation Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NAV | -4.33% | -14.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Market | -5.59% | -22.24% |
| Bloomberg U.S. Aggregate Bond Index | -4.06% | -11.61% |

---

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 redemption of Fund shares is not reflected in the total returns. For the most recent month-end performance figures, please visit guggenheiminvestments.com. 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.

Since inception returns assume a purchase of the Fund at the initial share price of $20.00 per share for share price returns or initial net asset value (NAV) of $20.00 per share for NAV returns. Returns for periods of less than one year are not annualized.

The referenced index is unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees or expenses.

<sup>26</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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| | |
|:---|:---|
| **FUND SUMMARY (Unaudited) continued** | November 30, 2022 |

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| | |
|:---|:---|
| **Portfolio Breakdown** | **% of Net Assets** |
| **Investments** |  |
| Corporate Bonds | 53.4% |
| Senior Floating Rate Interests | 28.2% |
| Asset-Backed Securities | 14.0% |
| Exchange-Traded Funds | 14.0% |
| Common Stocks | 11.1% |
| Preferred Stocks | 6.7% |
| Collateralized Mortgage Obligations | 3.3% |
| Closed-End Funds | 2.4% |
| U.S. Government Securities | 1.4% |
| Other | 2.8% |
| **Total Investments** | 137.3% |
| Options Written | (0.3%) |
| Other Assets & Liabilities, net | (37.0%) |
| **Net Assets** | 100.0% |
| **Ten Largest Holdings** | **% of Net Assets** |
| Invesco QQQ Trust Series | 4.0% |
| SPDR S&P 500 ETF Trust | 3.9% |
| iShares Russell 2000 Index ETF | 3.9% |
| Midcap Funding XLVI Trust, 7.35% | 2.5% |
| CIFC Funding Ltd., 11.08% | 1.4% |
| iShares Silver Trust | 1.3% |
| Madison Park Funding LIII Ltd., 9.99% | 1.2% |
| Hotwire Funding LLC, 4.46% | 1.2% |
| Guggenheim Risk Managed Real Estate Fund — Institutional Class | 1.1% |
| NuStar Logistics, LP, 6.38% | 1.1% |
| **Top Ten Total** | 21.6% |

---

"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/gug. The above summaries are provided for informational purposes only and should not be viewed as recommendations. Past performance does not guarantee future results.

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>27</sup>

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| | |
|:---|:---|
| **FUND SUMMARY (Unaudited) continued** | November 30, 2022 |

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| | |
|:---|:---|
| **Portfolio Composition by Quality Rating<sup>1</sup>** | |
| <br>**Rating** | **% of Total**<br>**Investments** |
| **Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AAA | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;A | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;BBB | 7.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;BB | 22.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;B | 31.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;CCC | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;NR<sup>2</sup> | 7.2% |
| **Other Instruments** | 25.3% |
| **Total Investments** | 100.0% |

---

<sup>1</sup> 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.

<sup>2</sup> NR (not rated) securities do not necessarily indicate low credit quality.

<sup>28</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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|:---|:---|
| **FUND SUMMARY (Unaudited) continued** | November 30, 2022 |

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![](gug-11webx29x1.gif)

![](gug-11webx29x2.gif)

*All or a portion of the above distributions may be characterized as a return of capital. For the calendar year ended December 31, 2022, 82% of the distributions were characterized as ordinary income and 18% of the distributions were characterized as long-term capital gains. The final determination of the tax character of the distributions paid by the Fund in 2022 will be reported to shareholders in January 2023.*

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>29</sup>

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | November 30, 2022 |

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> – 11.1%** |  |  |
| **Financial – 3.9%** |  |  |
| MSD Acquisition Corp. — Class A\*<sup>,1</sup> | 394720 | $3963027 |
| Colicity, Inc. — Class A\*<sup>,1,2</sup> | 311340 | 3128967 |
| RXR Acquisition Corp. — Class A\*<sup>,1</sup> | 116625 | 1172081 |
| Blue Whale Acquisition Corp. I — Class A\*<sup>,1</sup> | 87092 | 849147 |
| Acropolis Infrastructure Acquisition Corp. — Class A\*<sup>,1</sup> | 75728 | 748193 |
| TPG Pace Beneficial II Corp.\*<sup>,1</sup> | 74305 | 730418 |
| Invesco Ltd. | 29197 | 557955 |
| Franklin Resources, Inc. | 20431 | 547755 |
| BlackRock, Inc. — Class A | 735 | 526260 |
| Waverley Capital Acquisition Corp. 1 — Class A\*<sup>,1</sup> | 52224 | 520151 |
| T. Rowe Price Group, Inc. | 3987 | 498016 |
| Lincoln National Corp. | 8597 | 334767 |
| Nasdaq, Inc. | 4653 | 318544 |
| Goldman Sachs Group, Inc. | 782 | 301969 |
| Synchrony Financial | 7297 | 274221 |
| JPMorgan Chase & Co. | 1984 | 274149 |
| SVB Financial Group\* | 1156 | 267938 |
| Charles Schwab Corp. | 3186 | 262972 |
| Signature Bank | 1846 | 257517 |
| State Street Corp. | 3115 | 248172 |
| Bank of America Corp. | 6340 | 239969 |
| Simon Property Group, Inc. REIT | 1966 | 234819 |
| Bank of New York Mellon Corp. | 5113 | 234687 |
| CBRE Group, Inc. — Class A\* | 2920 | 232432 |
| Citizens Financial Group, Inc. | 5454 | 231140 |
| Citigroup, Inc. | 4721 | 228544 |
| Intercontinental Exchange, Inc. | 2023 | 219111 |
| Alexandria Real Estate Equities, Inc. REIT | 1357 | 211163 |
| KeyCorp | 11155 | 209825 |
| Truist Financial Corp. | 4474 | 209428 |
| Healthpeak Properties, Inc. REIT | 7889 | 207165 |
| First Republic Bank | 1594 | 203410 |
| Capital One Financial Corp. | 1965 | 202867 |
| Essex Property Trust, Inc. REIT | 761 | 167709 |
| Vornado Realty Trust REIT | 5532 | 139904 |
| Glacier Bancorp, Inc. | 1288 | 74575 |
| EastGroup Properties, Inc. REIT | 473 | 73429 |
| STAG Industrial, Inc. REIT | 2043 | 67235 |
| Valley National Bancorp | 4679 | 59236 |
| Houlihan Lokey, Inc. | 597 | 58715 |

---

*See notes to financial statements.*

<sup>30</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> – 11.1% (continued)** |  |  |
| **Financial – 3.9% (continued)** |  |  |
| First Financial Bankshares, Inc. | 1517 | $56053 |
| Terreno Realty Corp. REIT | 863 | 50606 |
| Pacific Premier Bancorp, Inc. | 1095 | 40460 |
| National Storage Affiliates Trust REIT | 949 | 37780 |
| WSFS Financial Corp. | 760 | 36868 |
| Innovative Industrial Properties, Inc. REIT | 292 | 35393 |
| LXP Industrial Trust REIT | 3282 | 35314 |
| Essential Properties Realty Trust, Inc. REIT | 1411 | 32749 |
| Macerich Co. REIT | 2498 | 31725 |
| Broadstone Net Lease, Inc. REIT | 1850 | 31394 |
| Outfront Media, Inc. REIT | 1700 | 31093 |
| Moelis & Co. — Class A | 714 | 30859 |
| Walker & Dunlop, Inc. | 341 | 30455 |
| Hamilton Lane, Inc. — Class A | 407 | 30069 |
| Navient Corp. | 1773 | 29379 |
| Piper Sandler Cos. | 204 | 29307 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 896 | 29066 |
| Focus Financial Partners, Inc. — Class A\* | 751 | 28658 |
| Axos Financial, Inc.\* | 669 | 26833 |
| Artisan Partners Asset Management, Inc. — Class A | 687 | 23832 |
| Trupanion, Inc.\* | 446 | 23312 |
| Cannae Holdings, Inc.\* | 994 | 23031 |
| Flagstar Bancorp, Inc. | 611 | 22937 |
| Cohen & Steers, Inc. | 291 | 19279 |
| Chimera Investment Corp. REIT | 2752 | 18851 |
| Triumph Bancorp, Inc.\* | 281 | 16793 |
| BRP Group, Inc. — Class A\* | 559 | 16792 |
| CNO Financial Group, Inc. | 704 | 16530 |
| Virtus Investment Partners, Inc. | 85 | 16485 |
| Newmark Group, Inc. — Class A | 1942 | 16468 |
| StepStone Group, Inc. — Class A | 527 | 15800 |
| Service Properties Trust REIT | 1924 | 15103 |
| Pathward Financial, Inc. | 345 | 15018 |
| Flywire Corp.\* | 659 | 14294 |
| Stewart Information Services Corp. | 313 | 13853 |
| Brandywine Realty Trust REIT | 1990 | 13751 |
| Live Oak Bancshares, Inc. | 376 | 12540 |
| LendingClub Corp.\* | 1171 | 12073 |
| Tanger Factory Outlet Centers, Inc. REIT | 600 | 11670 |
| Customers Bancorp, Inc.\* | 357 | 11520 |
| Hilltop Holdings, Inc. | 362 | 10788 |

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*See notes to financial statements.*

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>31</sup>

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> – 11.1% (continued)** |  |  |
| **Financial – 3.9% (continued)** |  |  |
| PennyMac Financial Services, Inc. | 176 | $10500 |
| Bank of NT Butterfield & Son Ltd. | 294 | 10231 |
| Argo Group International Holdings Ltd. | 371 | 10084 |
| eXp World Holdings, Inc. | 736 | 9620 |
| Veritex Holdings, Inc. | 278 | 9079 |
| Silvergate Capital Corp. — Class A\* | 327 | 8970 |
| Uniti Group, Inc. REIT | 1153 | 8786 |
| Eagle Bancorp, Inc. | 185 | 8725 |
| Goosehead Insurance, Inc. — Class A\* | 211 | 8569 |
| Safehold, Inc. REIT | 272 | 8032 |
| BGC Partners, Inc. — Class A | 1855 | 7995 |
| Piedmont Office Realty Trust, Inc. — Class A REIT | 727 | 7568 |
| MFA Financial, Inc. REIT | 649 | 7256 |
| Farmer Mac — Class C | 53 | 6670 |
| Redfin Corp.\* | 1216 | 6518 |
| Empire State Realty Trust, Inc. — Class A REIT | 838 | 6461 |
| Capitol Federal Financial, Inc. | 762 | 6378 |
| ConnectOne Bancorp, Inc. | 218 | 5720 |
| Centerspace REIT | 83 | 5354 |
| Redwood Trust, Inc. REIT | 675 | 5333 |
| B Riley Financial, Inc. | 118 | 5183 |
| Anywhere Real Estate, Inc.\* | 675 | 5096 |
| Community Healthcare Trust, Inc. REIT | 141 | 4972 |
| Office Properties Income Trust REIT | 281 | 4296 |
| Northfield Bancorp, Inc. | 258 | 4115 |
| First Bancshares, Inc. | 120 | 4103 |
| First Foundation, Inc. | 284 | 3979 |
| Brightsphere Investment Group, Inc. | 189 | 3848 |
| Plymouth Industrial REIT, Inc. | 182 | 3767 |
| Metropolitan Bank Holding Corp.\* | 57 | 3622 |
| Global Medical REIT, Inc. | 351 | 3545 |
| SiriusPoint Ltd.\* | 527 | 3436 |
| Central Pacific Financial Corp. | 160 | 3390 |
| LendingTree, Inc.\* | 136 | 3257 |
| iStar, Inc. REIT | 393 | 3156 |
| HomeStreet, Inc. | 114 | 3112 |
| Broadmark Realty Capital, Inc. REIT | 753 | 3065 |
| ARMOUR Residential REIT, Inc. | 518 | 3046 |
| Diamond Hill Investment Group, Inc. | 17 | 3025 |
| AssetMark Financial Holdings, Inc.\* | 108 | 2685 |

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*See notes to financial statements.*

<sup>32</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> – 11.1% (continued)** |  |  |
| **Financial – 3.9% (continued)** |  |  |
| Business First Bancshares, Inc. | 114 | $2681 |
| Seritage Growth Properties REIT\* | 222 | 2657 |
| TPG RE Finance Trust, Inc. REIT | 358 | 2653 |
| Metrocity Bankshares, Inc. | 113 | 2542 |
| City Office REIT, Inc. | 254 | 2512 |
| Invesco Mortgage Capital, Inc. REIT | 183 | 2401 |
| Hingham Institution For Savings The | 8 | 2348 |
| Southern Missouri Bancorp, Inc. | 45 | 2334 |
| Oppenheimer Holdings, Inc. — Class A | 55 | 2291 |
| West BanCorp, Inc. | 95 | 2284 |
| One Liberty Properties, Inc. REIT | 95 | 2265 |
| GCM Grosvenor, Inc. — Class A | 258 | 2263 |
| HomeTrust Bancshares, Inc. | 87 | 2227 |
| Merchants Bancorp | 87 | 2226 |
| Blue Foundry Bancorp\* | 167 | 2183 |
| Southern First Bancshares, Inc.\* | 44 | 2178 |
| Waterstone Financial, Inc. | 128 | 2144 |
| Alerus Financial Corp. | 89 | 2106 |
| Civista Bancshares, Inc. | 88 | 2012 |
| Enterprise Bancorp, Inc. | 55 | 1924 |
| Tiptree, Inc. — Class A | 138 | 1914 |
| RBB Bancorp | 83 | 1865 |
| Sierra Bancorp | 83 | 1796 |
| Universal Insurance Holdings, Inc. | 161 | 1769 |
| Douglas Elliman, Inc. | 429 | 1768 |
| Franklin Street Properties Corp. REIT | 595 | 1737 |
| Orchid Island Capital, Inc. REIT | 158 | 1716 |
| World Acceptance Corp.\* | 24 | 1702 |
| Industrial Logistics Properties Trust REIT | 380 | 1547 |
| Diversified Healthcare Trust REIT | 1414 | 1400 |
| Sculptor Capital Management, Inc. | 130 | 1307 |
| Regional Management Corp. | 44 | 1295 |
| HCI Group, Inc. | 33 | 1235 |
| Fidelity D&D Bancorp, Inc. | 23 | 1118 |
| Investors Title Co. | 7 | 1075 |
| Great Ajax Corp. REIT | 129 | 1006 |
| Maiden Holdings Ltd.\* | 414 | 865 |
| Legacy Housing Corp.\* | 47 | 823 |
| Citizens, Inc.\* | 297 | 814 |
| Pioneer Bancorp, Inc.\* | 69 | 811 |

---

*See notes to financial statements.*

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>33</sup>

------

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> – 11.1% (continued)** |  |  |
| **Financial – 3.9% (continued)** |  |  |
| Atlanticus Holdings Corp.\* | 28 | $806 |
| Greenhill & Company, Inc. | 85 | 796 |
| Oportun Financial Corp.\* | 124 | 687 |
| Ashford Hospitality Trust, Inc. REIT\* | 101 | 658 |
| Lemonade, Inc.\* | 30 | 596 |
| eHealth, Inc.\* | 145 | 516 |
| GAMCO Investors, Inc. — Class A | 30 | 480 |
| Curo Group Holdings Corp. | 125 | 446 |
| Trean Insurance Group, Inc.\* | 105 | 290 |
| Heritage Insurance Holdings, Inc. | 154 | 254 |
| Fathom Holdings, Inc.\* | 36 | 176 |
| Finance of America Companies, Inc. — Class A\* | 106 | 145 |
| SouthState Corp. | 2 | 140 |
| Rafael Holdings, Inc. — Class B\* | 60 | 118 |
| United Insurance Holdings Corp. | 121 | 39 |
| Pershing Square Tontine Holdings, Ltd. — Class A\***<sup>,†††,1</sup>** | 329700 | 33 |
| **Total Financial** |  | 20614884 |
| **Technology – 1.9%** |  |  |
| Paycom Software, Inc.\* | 1974 | 669383 |
| Teradyne, Inc. | 6613 | 617985 |
| Applied Materials, Inc. | 5633 | 617377 |
| NVIDIA Corp. | 3103 | 525121 |
| ANSYS, Inc.\* | 2022 | 514195 |
| Qorvo, Inc.\* | 5008 | 497044 |
| Intuit, Inc. | 1181 | 481364 |
| QUALCOMM, Inc. | 3717 | 470163 |
| Skyworks Solutions, Inc. | 4710 | 450370 |
| Advanced Micro Devices, Inc.\* | 5788 | 449322 |
| NetApp, Inc. | 6423 | 434259 |
| IPG Photonics Corp.\* | 4423 | 402626 |
| Lam Research Corp. | 791 | 373653 |
| Zebra Technologies Corp. — Class A\* | 1317 | 355959 |
| Ceridian HCM Holding, Inc.\* | 4165 | 285053 |
| MSCI, Inc. — Class A | 560 | 284385 |
| Oracle Corp. | 3285 | 272754 |
| Micron Technology, Inc. | 4612 | 265882 |
| Tyler Technologies, Inc.\* | 642 | 220039 |
| Adobe, Inc.\* | 614 | 211787 |
| Salesforce, Inc.\* | 1292 | 207043 |
| Take-Two Interactive Software, Inc.\* | 1666 | 176080 |

---

*See notes to financial statements.*

<sup>34</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> – 11.1% (continued)** |  |  |
| **Technology – 1.9% (continued)** |  |  |
| Seagate Technology Holdings plc | 2826 | $149693 |
| Lattice Semiconductor Corp.\* | 1586 | 115508 |
| Silicon Laboratories, Inc.\* | 444 | 64575 |
| SPS Commerce, Inc.\* | 422 | 60034 |
| Power Integrations, Inc. | 691 | 55612 |
| Maximus, Inc. | 716 | 50335 |
| Synaptics, Inc.\* | 463 | 49064 |
| Diodes, Inc.\* | 510 | 47037 |
| Blackline, Inc.\* | 633 | 42848 |
| Workiva, Inc.\* | 501 | 40361 |
| MACOM Technology Solutions Holdings, Inc.\* | 577 | 39634 |
| Envestnet, Inc.\* | 635 | 37478 |
| Blackbaud, Inc.\* | 560 | 33191 |
| Sprout Social, Inc. — Class A\* | 530 | 31429 |
| Ambarella, Inc.\* | 412 | 30570 |
| MaxLinear, Inc. — Class A\* | 829 | 30341 |
| Varonis Systems, Inc.\* | 1250 | 26550 |
| Altair Engineering, Inc. — Class A\* | 540 | 26498 |
| Semtech Corp.\* | 756 | 23239 |
| PagerDuty, Inc.\* | 967 | 21506 |
| MicroStrategy, Inc. — Class A\* | 108 | 21394 |
| SiTime Corp.\* | 188 | 19827 |
| Rapid7, Inc.\* | 659 | 19375 |
| Digital Turbine, Inc.\* | 1060 | 19356 |
| Ultra Clean Holdings, Inc.\* | 521 | 18563 |
| DigitalOcean Holdings, Inc.\* | 593 | 17689 |
| Appian Corp. — Class A\* | 461 | 17532 |
| Phreesia, Inc.\* | 584 | 16247 |
| Asana, Inc. — Class A\* | 853 | 15490 |
| 3D Systems Corp.\* | 1453 | 14733 |
| JFrog Ltd.\* | 632 | 13891 |
| Apollo Medical Holdings, Inc.\* | 442 | 12579 |
| Momentive Global, Inc.\* | 1553 | 12315 |
| Outset Medical, Inc.\* | 548 | 11552 |
| Zuora, Inc. — Class A\* | 1333 | 10237 |
| Schrodinger Incorporated/United States\* | 531 | 9558 |
| Cerence, Inc.\* | 454 | 9312 |
| SMART Global Holdings, Inc.\* | 547 | 9250 |
| LivePerson, Inc.\* | 775 | 9098 |
| Yext, Inc.\* | 1330 | 7089 |

---

*See notes to financial statements.*

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>35</sup>

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> – 11.1% (continued)** |  |  |
| **Technology – 1.9% (continued)** |  |  |
| Grid Dynamics Holdings, Inc.\* | 530 | $6752 |
| Donnelley Financial Solutions, Inc.\* | 172 | 6567 |
| Health Catalyst, Inc.\* | 609 | 6382 |
| Bandwidth, Inc. — Class A\* | 275 | 6286 |
| Veeco Instruments, Inc.\* | 291 | 5785 |
| 8x8, Inc.\* | 1327 | 5680 |
| TTEC Holdings, Inc. | 108 | 5179 |
| BigCommerce Holdings, Inc.\* | 567 | 4899 |
| Domo, Inc. — Class B\* | 330 | 4719 |
| Desktop Metal, Inc. — Class A\* | 2196 | 4502 |
| Pitney Bowes, Inc. | 1031 | 3938 |
| Sumo Logic, Inc.\* | 514 | 3906 |
| CEVA, Inc.\* | 132 | 3586 |
| PAR Technology Corp.\* | 147 | 3582 |
| Sapiens International Corporation N.V. | 184 | 3581 |
| American Software, Inc. — Class A | 187 | 2769 |
| Corsair Gaming, Inc.\* | 163 | 2750 |
| OneSpan, Inc.\* | 210 | 2640 |
| Mitek Systems, Inc.\* | 255 | 2609 |
| Alkami Technology, Inc.\* | 165 | 2074 |
| Daily Journal Corp.\* | 7 | 1925 |
| Porch Group, Inc.\* | 894 | 1824 |
| Intapp, Inc.\* | 77 | 1779 |
| Integral Ad Science Holding Corp.\* | 175 | 1741 |
| Cardlytics, Inc.\* | 382 | 1715 |
| Digimarc Corp.\* | 76 | 1693 |
| Unisys Corp.\* | 384 | 1651 |
| Rackspace Technology, Inc.\* | 324 | 1581 |
| Vuzix Corp.\* | 349 | 1455 |
| Brightcove, Inc.\* | 242 | 1338 |
| Upland Software, Inc.\* | 172 | 1297 |
| CoreCard Corp.\* | 43 | 1286 |
| AvidXchange Holdings, Inc.\* | 147 | 1267 |
| Cantaloupe, Inc.\* | 347 | 1260 |
| ON24, Inc.\* | 161 | 1232 |
| Enfusion, Inc. — Class A\* | 126 | 1203 |
| Veritone, Inc.\* | 169 | 1139 |
| Atomera, Inc.\* | 120 | 1024 |
| Telos Corp.\* | 238 | 976 |
| Avaya Holdings Corp.\* | 985 | 951 |

---

*See notes to financial statements.*

<sup>36</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> – 11.1% (continued)** |  |  |
| **Technology – 1.9% (continued)** |  |  |
| Diebold Nixdorf, Inc.\* | 429 | $922 |
| Ouster, Inc.\* | 748 | 883 |
| CS Disco, Inc.\* | 84 | 657 |
| Smith Micro Software, Inc.\* | 275 | 619 |
| Tabula Rasa HealthCare, Inc.\* | 134 | 603 |
| Outbrain, Inc.\* | 127 | 493 |
| SecureWorks Corp. — Class A\* | 58 | 416 |
| DarioHealth Corp.\* | 80 | 397 |
| UserTesting, Inc.\* | 44 | 326 |
| EMCORE Corp.\* | 218 | 310 |
| Forian, Inc.\* | 112 | 277 |
| Viant Technology, Inc. — Class A\* | 68 | 260 |
| iCAD, Inc.\* | 130 | 234 |
| Arteris, Inc.\* | 29 | 144 |
| Weave Communications, Inc.\* | 27 | 106 |
| Ryvyl, Inc.\* | 109 | 80 |
| NantHealth, Inc.\* | 160 | 41 |
| Society Pass, Inc.\* | 19 | 29 |
| **Total Technology** |  | 10165754 |
| **Consumer, Cyclical – 1.9%** |  |  |
| Penn Entertainment, Inc.\* | 15035 | 529082 |
| Aptiv plc\* | 4627 | 493562 |
| Tesla, Inc.\* | 2487 | 484219 |
| Bath & Body Works, Inc. | 10922 | 464185 |
| PVH Corp. | 6676 | 448494 |
| Royal Caribbean Cruises Ltd.\* | 7219 | 432635 |
| Caesars Entertainment, Inc.\* | 8165 | 414864 |
| Ross Stores, Inc. | 2913 | 342773 |
| Starbucks Corp. | 3091 | 315900 |
| Wynn Resorts Ltd.\* | 3535 | 295738 |
| Copart, Inc.\* | 4426 | 294595 |
| Carnival Corp.\* | 29371 | 291654 |
| DR Horton, Inc. | 3158 | 271588 |
| Home Depot, Inc. | 807 | 261460 |
| Lennar Corp. — Class A | 2953 | 259362 |
| Domino's Pizza, Inc. | 662 | 257339 |
| General Motors Co. | 6159 | 249809 |
| Lowe's Companies, Inc. | 1151 | 244645 |
| Best Buy Company, Inc. | 2703 | 230566 |
| NIKE, Inc. — Class B | 2085 | 228703 |

---

*See notes to financial statements.*

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>37</sup>

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| **COMMON STOCKS<sup>†</sup> – 11.1% (continued)** |  |  |
| **Consumer, Cyclical – 1.9% (continued)** |  |  |
| MGM Resorts International | 6107 | $225104 |
| Ford Motor Co. | 15940 | 221566 |
| Target Corp. | 1235 | 206331 |
| Whirlpool Corp. | 1379 | 202065 |
| Pool Corp. | 578 | 190399 |
| Advance Auto Parts, Inc. | 1253 | 189190 |
| CarMax, Inc.\* | 2577 | 178741 |
| VF Corp. | 4779 | 156847 |
| Macy's, Inc. | 3538 | 83143 |
| Under Armour, Inc. — Class A\* | 8161 | 81610 |
| Under Armour, Inc. — Class C\* | 9303 | 81122 |
| Crocs, Inc.\* | 683 | 68983 |
| Fox Factory Holding Corp.\* | 493 | 52307 |
| AMC Entertainment Holdings, Inc. — Class A\* | 6030 | 43597 |
| Adient plc\* | 1106 | 43068 |
| Signet Jewelers Ltd. | 620 | 40300 |
| National Vision Holdings, Inc.\* | 969 | 39206 |
| Meritage Homes Corp.\* | 432 | 37329 |
| Goodyear Tire & Rubber Co.\* | 3229 | 36230 |
| SeaWorld Entertainment, Inc.\* | 590 | 33665 |
| Steven Madden Ltd. | 944 | 32606 |
| Papa John's International, Inc. | 387 | 32222 |
| Cracker Barrel Old Country Store, Inc. | 278 | 31914 |
| Skyline Champion Corp.\* | 613 | 31870 |
| Dana, Inc. | 1698 | 29902 |
| KB Home | 932 | 29255 |
| International Game Technology plc | 1173 | 28785 |
| LCI Industries | 289 | 28570 |
| Topgolf Callaway Brands Corp.\* | 1357 | 28429 |
| American Eagle Outfitters, Inc. | 1778 | 28128 |
| Gentherm, Inc.\* | 390 | 27920 |
| Kontoor Brands, Inc. | 608 | 26417 |
| Sonos, Inc.\* | 1488 | 26085 |
| LGI Homes, Inc.\* | 252 | 25034 |
| Cavco Industries, Inc.\* | 108 | 24800 |
| Installed Building Products, Inc. | 276 | 23441 |
| Urban Outfitters, Inc.\* | 804 | 23268 |
| Shake Shack, Inc. — Class A\* | 439 | 23091 |
| Boot Barn Holdings, Inc.\* | 342 | 23034 |
| Winnebago Industries, Inc. | 379 | 22206 |

---

*See notes to financial statements.*

<sup>38</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> – 11.1% (continued)** |  |  |
| **Consumer, Cyclical – 1.9% (continued)** |  |  |
| MDC Holdings, Inc. | 670 | $21728 |
| MillerKnoll, Inc. | 872 | 17780 |
| iRobot Corp.\* | 315 | 16408 |
| Abercrombie & Fitch Co. — Class A\* | 656 | 15731 |
| Sally Beauty Holdings, Inc.\* | 1288 | 15147 |
| Fisker, Inc.\* | 1915 | 14822 |
| Camping World Holdings, Inc. — Class A | 489 | 13462 |
| Tri Pointe Homes, Inc.\* | 647 | 11931 |
| SkyWest, Inc.\* | 584 | 10775 |
| Wolverine World Wide, Inc. | 954 | 10685 |
| Shyft Group, Inc. | 406 | 9959 |
| Lions Gate Entertainment Corp. — Class B\* | 1385 | 9861 |
| Cheesecake Factory, Inc. | 270 | 9461 |
| Vista Outdoor, Inc.\* | 330 | 9230 |
| Acushnet Holdings Corp. | 201 | 9135 |
| Brinker International, Inc.\* | 259 | 8664 |
| Century Communities, Inc. | 176 | 8476 |
| H&E Equipment Services, Inc. | 188 | 7883 |
| Buckle, Inc. | 174 | 7647 |
| Sleep Number Corp.\* | 260 | 7605 |
| M/I Homes, Inc.\* | 167 | 7545 |
| Patrick Industries, Inc. | 133 | 7439 |
| Allegiant Travel Co. — Class A\* | 90 | 7435 |
| Nikola Corp.\* | 2697 | 7066 |
| La-Z-Boy, Inc. | 258 | 7025 |
| Malibu Boats, Inc. — Class A\* | 121 | 6983 |
| Big Lots, Inc. | 354 | 6903 |
| Children's Place, Inc.\* | 161 | 5715 |
| Hibbett, Inc. | 80 | 5333 |
| Douglas Dynamics, Inc. | 134 | 5215 |
| Winmark Corp. | 20 | 4800 |
| Bally's Corp.\* | 191 | 4775 |
| Standard Motor Products, Inc. | 124 | 4763 |
| Denny's Corp.\* | 362 | 4539 |
| GrowGeneration Corp.\* | 647 | 4393 |
| MarineMax, Inc.\* | 123 | 4063 |
| Sun Country Airlines Holdings, Inc.\* | 187 | 3777 |
| Aspen Aerogels, Inc.\* | 263 | 3172 |
| VSE Corp. | 63 | 3090 |
| Movado Group, Inc. | 91 | 2929 |

---

*See notes to financial statements.*

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>39</sup>

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> – 11.1% (continued)** |  |  |
| **Consumer, Cyclical – 1.9% (continued)** |  |  |
| REV Group, Inc. | 200 | $2778 |
| Shoe Carnival, Inc. | 105 | 2773 |
| Portillo's, Inc. — Class A\* | 136 | 2746 |
| Zumiez, Inc.\* | 114 | 2651 |
| Lions Gate Entertainment Corp. — Class A\* | 341 | 2605 |
| Sportsman's Warehouse Holdings, Inc.\* | 259 | 2543 |
| Beazer Homes USA, Inc.\* | 174 | 2375 |
| PetMed Express, Inc. | 118 | 2336 |
| Marcus Corp. | 136 | 2209 |
| Rush Street Interactive, Inc.\* | 616 | 2175 |
| Hyliion Holdings Corp.\* | 698 | 2108 |
| Aeva Technologies, Inc.\* | 1231 | 2068 |
| Workhorse Group, Inc.\* | 875 | 2012 |
| OneWater Marine, Inc. — Class A\* | 61 | 1994 |
| Lovesac Co.\* | 76 | 1980 |
| Global Industrial Co. | 76 | 1870 |
| Miller Industries, Inc. | 66 | 1821 |
| Johnson Outdoors, Inc. — Class A | 31 | 1753 |
| Purple Innovation, Inc.\* | 343 | 1732 |
| Canoo, Inc.\* | 1268 | 1699 |
| Rite Aid Corp.\* | 328 | 1663 |
| Universal Electronics, Inc.\* | 74 | 1618 |
| Kimball International, Inc. — Class B | 215 | 1539 |
| Big 5 Sporting Goods Corp. | 123 | 1526 |
| Lordstown Motors Corp. — Class A\* | 904 | 1501 |
| Forestar Group, Inc.\* | 101 | 1498 |
| Full House Resorts, Inc.\* | 194 | 1484 |
| Hovnanian Enterprises, Inc. — Class A\* | 30 | 1440 |
| Citi Trends, Inc.\* | 47 | 1420 |
| Fiesta Restaurant Group, Inc.\* | 209 | 1363 |
| Fossil Group, Inc.\* | 284 | 1355 |
| Noodles & Co.\* | 242 | 1333 |
| Tupperware Brands Corp.\* | 286 | 1324 |
| Commercial Vehicle Group, Inc.\* | 191 | 1318 |
| Tilly's, Inc. — Class A | 135 | 1283 |
| El Pollo Loco Holdings, Inc. | 113 | 1232 |
| PLBY Group, Inc.\* | 337 | 1220 |
| Cato Corp. — Class A | 117 | 1217 |
| Hooker Furnishings Corp. | 69 | 1174 |
| LL Flooring Holdings, Inc.\* | 170 | 1158 |

---

*See notes to financial statements.*

<sup>40</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> – 11.1% (continued)** |  |  |
| **Consumer, Cyclical – 1.9% (continued)** |  |  |
| Blue Bird Corp.\* | 95 | $1122 |
| Conn's, Inc.\* | 106 | 1056 |
| VOXX International Corp. — Class A\* | 92 | 1011 |
| Container Store Group, Inc.\* | 189 | 898 |
| Sweetgreen, Inc. — Class A\* | 60 | 860 |
| NEOGAMES S.A.\* | 60 | 829 |
| Snap One Holdings Corp.\* | 100 | 811 |
| ONE Group Hospitality, Inc.\* | 123 | 811 |
| American Outdoor Brands, Inc.\* | 84 | 795 |
| Daktronics, Inc.\* | 219 | 756 |
| Weber, Inc. — Class A | 107 | 728 |
| Cooper-Standard Holdings, Inc.\* | 100 | 707 |
| Superior Group of Companies, Inc. | 69 | 690 |
| EVI Industries, Inc.\* | 27 | 675 |
| Barnes & Noble Education, Inc.\* | 263 | 668 |
| Lifetime Brands, Inc. | 75 | 631 |
| Duluth Holdings, Inc. — Class B\* | 72 | 631 |
| Hamilton Beach Brands Holding Co. — Class A | 44 | 625 |
| Ideanomics, Inc.\* | 2806 | 617 |
| Lazydays Holdings, Inc.\* | 44 | 609 |
| Escalade, Inc. | 60 | 607 |
| Spruce Power Holding Corp.\* | 625 | 600 |
| Vera Bradley, Inc.\* | 155 | 589 |
| Flexsteel Industries, Inc. | 39 | 577 |
| Traeger, Inc.\* | 177 | 566 |
| F45 Training Holdings, Inc.\* | 176 | 473 |
| Party City Holdco, Inc.\* | 658 | 467 |
| Velodyne Lidar, Inc.\* | 451 | 444 |
| Torrid Holdings, Inc.\* | 103 | 418 |
| Liberty TripAdvisor Holdings, Inc. — Class A\* | 434 | 382 |
| Regis Corp.\* | 248 | 322 |
| GAN Ltd.\* | 239 | 320 |
| Carrols Restaurant Group, Inc.\* | 199 | 297 |
| Kirkland's, Inc.\* | 74 | 284 |
| Nautilus, Inc.\* | 179 | 265 |
| Mesa Air Group, Inc.\* | 204 | 255 |
| Shift Technologies, Inc.\* | 725 | 201 |
| Aterian, Inc.\* | 154 | 166 |
| CarLotz, Inc. — Class A\* | 426 | 71 |

---

*See notes to financial statements.*

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>41</sup>

------

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> – 11.1% (continued)** |  |  |
| **Consumer, Cyclical – 1.9% (continued)** |  |  |
| Arcimoto, Inc.\* | 8 | $62 |
| EBET, Inc.\* | 68 | 45 |
| **Total Consumer, Cyclical** |  | 10007138 |
| **Consumer, Non-cyclical – 1.4%** |  |  |
| Intuitive Surgical, Inc.\* | 2121 | 573519 |
| Bio-Techne Corp. | 5648 | 480024 |
| IDEXX Laboratories, Inc.\* | 1078 | 459088 |
| PayPal Holdings, Inc.\* | 5816 | 456033 |
| Illumina, Inc.\* | 1645 | 358742 |
| Moderna, Inc.\* | 1850 | 325434 |
| Dexcom, Inc.\* | 2620 | 304654 |
| Align Technology, Inc.\* | 1380 | 271391 |
| Verisk Analytics, Inc. — Class A | 1404 | 257929 |
| Moody's Corp. | 840 | 250547 |
| S&P Global, Inc. | 673 | 237434 |
| Equifax, Inc. | 1142 | 225396 |
| Charles River Laboratories International, Inc.\* | 985 | 225141 |
| Zoetis, Inc. | 1380 | 212713 |
| Bio-Rad Laboratories, Inc. — Class A\* | 482 | 199890 |
| MarketAxess Holdings, Inc. | 746 | 199868 |
| Robert Half International, Inc. | 2350 | 185133 |
| West Pharmaceutical Services, Inc. | 704 | 165201 |
| Dentsply Sirona, Inc. | 5242 | 158623 |
| Avis Budget Group, Inc.\* | 484 | 108222 |
| Inspire Medical Systems, Inc.\* | 314 | 75853 |
| ASGN, Inc.\* | 596 | 53998 |
| Insperity, Inc. | 425 | 50384 |
| API Group Corp.\* | 2370 | 45551 |
| Intellia Therapeutics, Inc.\* | 814 | 41888 |
| Arrowhead Pharmaceuticals, Inc.\* | 1200 | 38640 |
| Herc Holdings, Inc. | 292 | 37426 |
| Korn Ferry | 630 | 35929 |
| LivaNova plc\* | 625 | 34606 |
| TriNet Group, Inc.\* | 474 | 34351 |
| Denali Therapeutics, Inc.\* | 1062 | 33888 |
| Blueprint Medicines Corp.\* | 683 | 32641 |
| Primo Water Corp. | 1845 | 28874 |
| CONMED Corp. | 339 | 28086 |
| Helen of Troy Ltd.\* | 281 | 27690 |
| Progyny, Inc.\* | 754 | 27619 |

---

*See notes to financial statements.*

<sup>42</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

------

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> – 11.1% (continued)** |  |  |
| **Consumer, Non-cyclical – 1.4% (continued)** |  |  |
| Alarm.com Holdings, Inc.\* | 552 | $27545 |
| Beam Therapeutics, Inc.\* | 596 | 27529 |
| Omnicell, Inc.\* | 513 | 26476 |
| Insmed, Inc.\* | 1377 | 25461 |
| Pacific Biosciences of California, Inc.\* | 2271 | 24413 |
| AtriCure, Inc.\* | 525 | 23919 |
| Arvinas, Inc.\* | 548 | 22490 |
| Veracyte, Inc.\* | 791 | 21942 |
| Neogen Corp.\* | 1258 | 20832 |
| Celldex Therapeutics, Inc.\* | 539 | 19992 |
| Fate Therapeutics, Inc.\* | 948 | 19737 |
| Agios Pharmaceuticals, Inc.\* | 640 | 19290 |
| Nevro Corp.\* | 405 | 18918 |
| Vector Group Ltd. | 1685 | 18704 |
| Rent-A-Center, Inc. | 773 | 18622 |
| Arcus Biosciences, Inc.\* | 526 | 18499 |
| Twist Bioscience Corp.\* | 633 | 17313 |
| LiveRamp Holdings, Inc.\* | 775 | 17019 |
| REVOLUTION Medicines, Inc.\* | 696 | 16419 |
| Cassava Sciences, Inc.\* | 448 | 15604 |
| NeoGenomics, Inc.\* | 1325 | 14853 |
| Owens & Minor, Inc. | 718 | 14798 |
| Edgewell Personal Care Co. | 318 | 13741 |
| TG Therapeutics, Inc.\* | 1531 | 13503 |
| PROG Holdings, Inc.\* | 663 | 13054 |
| Ligand Pharmaceuticals, Inc. — Class B\* | 177 | 12903 |
| Reata Pharmaceuticals, Inc. — Class A\* | 321 | 12705 |
| Recursion Pharmaceuticals, Inc. — Class A\* | 1343 | 12624 |
| Vericel Corp.\* | 545 | 12442 |
| Coursera, Inc.\* | 851 | 11863 |
| Kymera Therapeutics, Inc.\* | 403 | 11679 |
| Bridgebio Pharma, Inc.\* | 1241 | 11628 |
| ModivCare, Inc.\* | 145 | 11165 |
| Avid Bioservices, Inc.\* | 708 | 11087 |
| Beauty Health Co.\* | 1022 | 10986 |
| Enanta Pharmaceuticals, Inc.\* | 230 | 10072 |
| Inhibrx, Inc.\* | 332 | 9953 |
| Deluxe Corp. | 503 | 9728 |
| Zentalis Pharmaceuticals, Inc.\* | 428 | 9467 |
| Rocket Pharmaceuticals, Inc.\* | 486 | 9176 |

---

*See notes to financial statements.*

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>43</sup>

------

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> – 11.1% (continued)** |  |  |
| **Consumer, Non-cyclical – 1.4% (continued)** |  |  |
| Fulgent Genetics, Inc.\* | 246 | $8922 |
| Monro, Inc. | 194 | 8821 |
| Editas Medicine, Inc.\* | 801 | 8491 |
| SpringWorks Therapeutics, Inc.\* | 342 | 8270 |
| Allogene Therapeutics, Inc.\* | 811 | 7996 |
| American Well Corp. — Class A\* | 2183 | 7968 |
| CorVel Corp.\* | 51 | 7801 |
| CareDx, Inc.\* | 593 | 7679 |
| Heska Corp.\* | 114 | 7336 |
| Marathon Digital Holdings, Inc.\* | 1115 | 7047 |
| Travere Therapeutics, Inc.\* | 348 | 7005 |
| Invitae Corp.\* | 2340 | 6950 |
| 2U, Inc.\* | 857 | 6882 |
| Morphic Holding, Inc.\* | 247 | 6797 |
| Green Dot Corp. — Class A\* | 313 | 6379 |
| Cimpress plc\* | 205 | 6066 |
| Alector, Inc.\* | 695 | 5901 |
| Senseonics Holdings, Inc.\* | 5152 | 5719 |
| Riot Blockchain, Inc.\* | 1226 | 5701 |
| Accolade, Inc.\* | 601 | 5307 |
| RadNet, Inc.\* | 266 | 5259 |
| Coherus Biosciences, Inc.\* | 766 | 5255 |
| Sangamo Therapeutics, Inc.\* | 1415 | 5179 |
| Sana Biotechnology, Inc.\* | 1029 | 5135 |
| Vivint Smart Home, Inc.\* | 546 | 5067 |
| Inovio Pharmaceuticals, Inc.\* | 2464 | 5027 |
| Community Health Systems, Inc.\* | 1457 | 4998 |
| B&G Foods, Inc. | 375 | 4980 |
| Atrion Corp. | 8 | 4838 |
| Quanterix Corp.\* | 361 | 4801 |
| Varex Imaging Corp.\* | 224 | 4758 |
| Nurix Therapeutics, Inc.\* | 373 | 4621 |
| MacroGenics, Inc.\* | 716 | 4604 |
| Keros Therapeutics, Inc.\* | 92 | 4585 |
| Atara Biotherapeutics, Inc.\* | 1012 | 4584 |
| Sorrento Therapeutics, Inc.\* | 3481 | 4525 |
| Repay Holdings Corp.\* | 507 | 4492 |
| TrueBlue, Inc.\* | 205 | 4424 |
| Alphatec Holdings, Inc.\* | 421 | 4319 |
| First Advantage Corp.\* | 320 | 4256 |

---

*See notes to financial statements.*

<sup>44</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

------

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> – 11.1% (continued)** |  |  |
| **Consumer, Non-cyclical – 1.4% (continued)** |  |  |
| Protagonist Therapeutics, Inc.\* | 524 | $4145 |
| ViewRay, Inc.\* | 837 | 4034 |
| Cerus Corp.\* | 986 | 3944 |
| C4 Therapeutics, Inc.\* | 460 | 3942 |
| Sutro Biopharma, Inc.\* | 517 | 3872 |
| USANA Health Sciences, Inc.\* | 70 | 3853 |
| NanoString Technologies, Inc.\* | 532 | 3719 |
| Custom Truck One Source, Inc.\* | 540 | 3694 |
| Replimune Group, Inc.\* | 177 | 3623 |
| Vanda Pharmaceuticals, Inc.\* | 326 | 3557 |
| Viad Corp.\* | 120 | 3553 |
| Nuvation Bio, Inc.\* | 1852 | 3537 |
| Emergent BioSolutions, Inc.\* | 287 | 3530 |
| Cass Information Systems, Inc. | 81 | 3522 |
| OrthoPediatrics Corp.\* | 80 | 3519 |
| OPKO Health, Inc.\* | 2343 | 3514 |
| Mission Produce, Inc.\* | 220 | 3496 |
| Ideaya Biosciences, Inc.\* | 195 | 3487 |
| Allakos, Inc.\* | 417 | 3440 |
| Ocugen, Inc.\* | 2201 | 3434 |
| Heidrick & Struggles International, Inc. | 115 | 3415 |
| MaxCyte, Inc.\* | 563 | 3372 |
| Transcat, Inc.\* | 42 | 3361 |
| Cardiovascular Systems, Inc.\* | 234 | 3278 |
| Seer, Inc.\* | 495 | 3198 |
| Bluebird Bio, Inc.\* | 402 | 3132 |
| Cara Therapeutics, Inc.\* | 264 | 3115 |
| OmniAb, Inc.\* | 867 | 3070 |
| Heron Therapeutics, Inc.\* | 1100 | 2981 |
| Kodiak Sciences, Inc.\* | 399 | 2945 |
| Castle Biosciences, Inc.\* | 124 | 2925 |
| Surmodics, Inc.\* | 80 | 2890 |
| AngioDynamics, Inc.\* | 220 | 2849 |
| Generation Bio Co.\* | 522 | 2782 |
| V2X, Inc.\* | 68 | 2748 |
| Anika Therapeutics, Inc.\* | 86 | 2712 |
| Seres Therapeutics, Inc.\* | 414 | 2691 |
| ANI Pharmaceuticals, Inc.\* | 63 | 2643 |
| WW International, Inc.\* | 627 | 2589 |
| Inogen, Inc.\* | 116 | 2589 |

---

*See notes to financial statements.*

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>45</sup>

------

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> – 11.1% (continued)** |  |  |
| **Consumer, Non-cyclical – 1.4% (continued)** |  |  |
| Scholar Rock Holding Corp.\* | 330 | $2564 |
| Erasca, Inc.\* | 335 | 2529 |
| Joint Corp.\* | 165 | 2460 |
| iTeos Therapeutics, Inc.\* | 120 | 2418 |
| SI-BONE, Inc.\* | 193 | 2370 |
| Arcturus Therapeutics Holdings, Inc.\* | 125 | 2305 |
| Carriage Services, Inc. — Class A | 90 | 2263 |
| Aaron's Company, Inc. | 183 | 2231 |
| European Wax Center, Inc. — Class A | 150 | 2175 |
| MiMedx Group, Inc.\* | 662 | 2152 |
| OraSure Technologies, Inc.\* | 426 | 2147 |
| 2seventy bio, Inc.\* | 135 | 2115 |
| Vital Farms, Inc.\* | 146 | 2083 |
| Edgewise Therapeutics, Inc.\* | 225 | 2014 |
| Cullinan Oncology, Inc.\* | 154 | 1914 |
| PetIQ, Inc.\* | 160 | 1899 |
| Turning Point Brands, Inc. | 86 | 1894 |
| Oramed Pharmaceuticals, Inc.\* | 212 | 1791 |
| Utah Medical Products, Inc. | 20 | 1781 |
| Kezar Life Sciences, Inc.\* | 219 | 1710 |
| Berkeley Lights, Inc.\* | 578 | 1699 |
| Bioxcel Therapeutics, Inc.\* | 102 | 1690 |
| Viking Therapeutics, Inc.\* | 407 | 1648 |
| Pennant Group, Inc.\* | 152 | 1572 |
| PMV Pharmaceuticals, Inc.\* | 156 | 1557 |
| Amneal Pharmaceuticals, Inc.\* | 594 | 1521 |
| Affimed N.V.\* | 691 | 1479 |
| Honest Company, Inc.\* | 495 | 1426 |
| SeaSpine Holdings Corp.\* | 189 | 1416 |
| Ocular Therapeutix, Inc.\* | 457 | 1357 |
| Alta Equipment Group, Inc. | 112 | 1348 |
| Allovir, Inc.\* | 175 | 1314 |
| BioLife Solutions, Inc.\* | 61 | 1291 |
| Vera Therapeutics, Inc.\* | 76 | 1269 |
| Kinnate Biopharma, Inc.\* | 153 | 1212 |
| Phathom Pharmaceuticals, Inc.\* | 120 | 1198 |
| ALX Oncology Holdings, Inc.\* | 105 | 1166 |
| Willdan Group, Inc.\* | 66 | 1158 |
| Udemy, Inc.\* | 81 | 1149 |
| 22nd Century Group, Inc.\* | 959 | 1132 |

---

*See notes to financial statements.*

<sup>46</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

------

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> – 11.1% (continued)** |  |  |
| **Consumer, Non-cyclical – 1.4% (continued)** |  |  |
| Accuray, Inc.\* | 550 | $1127 |
| Fulcrum Therapeutics, Inc.\* | 160 | 1096 |
| iRadimed Corp. | 37 | 1094 |
| MeiraGTx Holdings plc\* | 177 | 1090 |
| Lineage Cell Therapeutics, Inc.\* | 747 | 1083 |
| IGM Biosciences, Inc.\* | 48 | 1056 |
| Marinus Pharmaceuticals, Inc.\* | 220 | 1054 |
| Organogenesis Holdings, Inc.\* | 379 | 1038 |
| NGM Biopharmaceuticals, Inc.\* | 187 | 1034 |
| Precigen, Inc.\* | 565 | 1028 |
| BioAtla, Inc.\* | 92 | 1013 |
| Century Therapeutics, Inc.\* | 96 | 1008 |
| Annexon, Inc.\* | 185 | 1006 |
| UroGen Pharma Ltd.\* | 116 | 994 |
| Tactile Systems Technology, Inc.\* | 114 | 976 |
| HF Foods Group, Inc.\* | 217 | 964 |
| Whole Earth Brands, Inc.\* | 222 | 961 |
| Avita Medical, Inc.\* | 144 | 958 |
| Chimerix, Inc.\* | 435 | 944 |
| Pulmonx Corp.\* | 155 | 933 |
| InfuSystem Holdings, Inc.\* | 108 | 927 |
| Lexicon Pharmaceuticals, Inc.\* | 408 | 873 |
| Stoke Therapeutics, Inc.\* | 113 | 852 |
| Ginkgo Bioworks Holdings, Inc.\* | 428 | 852 |
| Vaxart, Inc.\* | 715 | 844 |
| Tarsus Pharmaceuticals, Inc.\* | 50 | 841 |
| Instil Bio, Inc.\* | 629 | 837 |
| KemPharm, Inc.\* | 172 | 819 |
| Citius Pharmaceuticals, Inc.\* | 687 | 804 |
| Poseida Therapeutics, Inc.\* | 171 | 780 |
| ARS Pharmaceuticals, Inc.\* | 122 | 759 |
| Remitly Global, Inc.\* | 71 | 743 |
| Gritstone bio, Inc.\* | 249 | 732 |
| Absci Corp.\* | 287 | 717 |
| Rain Therapeutics, Inc.\* | 92 | 710 |
| Selecta Biosciences, Inc.\* | 542 | 710 |
| Cue Biopharma, Inc.\* | 183 | 706 |
| Innovage Holding Corp.\* | 109 | 706 |
| Stereotaxis, Inc.\* | 295 | 702 |
| Rigel Pharmaceuticals, Inc.\* | 1018 | 684 |

---

*See notes to financial statements.* ****

**** 

**GUG** l GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT l 47

------

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> – 11.1% (continued)** |  |  |
| **Consumer, Non-cyclical – 1.4% (continued)** |  |  |
| ORIC Pharmaceuticals, Inc.\* | 188 | $675 |
| Outlook Therapeutics, Inc.\* | 646 | 672 |
| CytomX Therapeutics, Inc.\* | 386 | 672 |
| Sesen Bio, Inc.\* | 1182 | 655 |
| CEL-SCI Corp.\* | 214 | 636 |
| Paratek Pharmaceuticals, Inc.\* | 285 | 633 |
| Nature's Sunshine Products, Inc.\* | 70 | 623 |
| Harvard Bioscience, Inc.\* | 234 | 599 |
| Inotiv, Inc.\* | 99 | 598 |
| Athira Pharma, Inc.\* | 192 | 597 |
| VBI Vaccines, Inc.\* | 1112 | 578 |
| Asensus Surgical, Inc.\* | 1394 | 572 |
| Durect Corp.\* | 1348 | 566 |
| Graphite Bio, Inc.\* | 160 | 565 |
| Personalis, Inc.\* | 214 | 544 |
| HireQuest, Inc. | 30 | 525 |
| Atossa Therapeutics, Inc.\* | 697 | 523 |
| Celcuity, Inc.\* | 57 | 521 |
| Vor BioPharma, Inc.\* | 113 | 520 |
| Singular Genomics Systems, Inc.\* | 244 | 498 |
| ChromaDex Corp.\* | 279 | 480 |
| Seelos Therapeutics, Inc.\* | 585 | 479 |
| Verastem, Inc.\* | 1027 | 472 |
| 89bio, Inc.\* | 58 | 464 |
| EyePoint Pharmaceuticals, Inc.\* | 142 | 454 |
| Spectrum Pharmaceuticals, Inc.\* | 971 | 447 |
| Theseus Pharmaceuticals, Inc.\* | 67 | 442 |
| Icosavax, Inc.\* | 132 | 441 |
| Kronos Bio, Inc.\* | 231 | 439 |
| Alpine Immune Sciences, Inc.\* | 69 | 433 |
| Olema Pharmaceuticals, Inc.\* | 150 | 431 |
| Praxis Precision Medicines, Inc.\* | 194 | 429 |
| Prelude Therapeutics, Inc.\* | 64 | 427 |
| Tattooed Chef, Inc.\* | 281 | 424 |
| Frequency Therapeutics, Inc.\* | 191 | 424 |
| Curis, Inc.\* | 516 | 416 |
| Precision BioSciences, Inc.\* | 296 | 406 |
| Tenaya Therapeutics, Inc.\* | 153 | 405 |
| Homology Medicines, Inc.\* | 249 | 383 |
| Evelo Biosciences, Inc.\* | 181 | 378 |

---

*See notes to financial statements.*

<sup>48</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

------

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> – 11.1% (continued)** |  |  |
| **Consumer, Non-cyclical – 1.4% (continued)** |  |  |
| AppHarvest, Inc.\* | 415 | $374 |
| DermTech, Inc.\* | 144 | 367 |
| Cardiff Oncology, Inc.\* | 226 | 359 |
| Ikena Oncology, Inc.\* | 161 | 359 |
| Shattuck Labs, Inc.\* | 158 | 359 |
| Adverum Biotechnologies, Inc.\* | 517 | 346 |
| CytoSorbents Corp.\* | 245 | 343 |
| SQZ Biotechnologies Co.\* | 135 | 339 |
| Greenwich Lifesciences, Inc.\* | 24 | 335 |
| Apyx Medical Corp.\* | 185 | 326 |
| Bioventus, Inc. — Class A\* | 164 | 320 |
| Mind Medicine MindMed, Inc.\* | 125 | 319 |
| PAVmed, Inc.\* | 429 | 300 |
| Taysha Gene Therapies, Inc.\* | 133 | 294 |
| XBiotech, Inc.\* | 90 | 292 |
| Infinity Pharmaceuticals, Inc.\* | 521 | 286 |
| Fortress Biotech, Inc.\* | 432 | 286 |
| Black Diamond Therapeutics, Inc.\* | 135 | 285 |
| Akebia Therapeutics, Inc.\* | 1039 | 281 |
| Werewolf Therapeutics, Inc.\* | 153 | 280 |
| Spero Therapeutics, Inc.\* | 144 | 279 |
| Cue Health, Inc.\* | 85 | 272 |
| Passage Bio, Inc.\* | 220 | 268 |
| Zevia PBC — Class A\* | 61 | 261 |
| Endo International plc\* | 2732 | 253 |
| Verrica Pharmaceuticals, Inc.\* | 78 | 253 |
| TCR2 Therapeutics, Inc.\* | 181 | 241 |
| Oncternal Therapeutics, Inc.\* | 263 | 239 |
| MEI Pharma, Inc.\* | 666 | 227 |
| AquaBounty Technologies, Inc.\* | 326 | 224 |
| Gemini Therapeutics, Inc.\* | 130 | 224 |
| Clovis Oncology, Inc.\* | 672 | 222 |
| Mustang Bio, Inc.\* | 426 | 215 |
| TherapeuticsMD, Inc.\* | 46 | 210 |
| Magenta Therapeutics, Inc.\* | 178 | 205 |
| Avrobio, Inc.\* | 225 | 205 |
| Retractable Technologies, Inc.\* | 103 | 203 |
| Bolt Biotherapeutics, Inc.\* | 136 | 201 |
| Alpha Teknova, Inc.\* | 41 | 194 |
| Surface Oncology, Inc.\* | 208 | 191 |

---

*See notes to financial statements.*

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>49</sup>

------

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> – 11.1% (continued)** |  |  |
| **Consumer, Non-cyclical – 1.4% (continued)** |  |  |
| Talaris Therapeutics, Inc.\* | 124 | $181 |
| Rapid Micro Biosystems, Inc. — Class A\* | 86 | 176 |
| Sensei Biotherapeutics, Inc.\* | 124 | 176 |
| GT Biopharma, Inc.\* | 105 | 173 |
| Jounce Therapeutics, Inc.\* | 196 | 172 |
| Portage Biotech, Inc.\* | 29 | 171 |
| Accelerate Diagnostics, Inc.\* | 196 | 170 |
| Oncocyte Corp.\* | 358 | 168 |
| Pulse Biosciences, Inc.\* | 83 | 166 |
| Atreca, Inc. — Class A\* | 154 | 165 |
| Exagen, Inc.\* | 61 | 165 |
| Avalo Therapeutics, Inc.\* | 30 | 163 |
| VistaGen Therapeutics, Inc.\* | 1156 | 160 |
| Aveanna Healthcare Holdings, Inc.\* | 235 | 159 |
| Aspira Women's Health, Inc.\* | 433 | 157 |
| Applied Molecular Transport, Inc.\* | 148 | 155 |
| Solid Biosciences, Inc.\* | 23 | 154 |
| Biodesix, Inc.\* | 75 | 150 |
| Cyteir Therapeutics, Inc.\* | 99 | 143 |
| AirSculpt Technologies, Inc. | 38 | 136 |
| Syros Pharmaceuticals, Inc.\* | 34 | 135 |
| Rent the Runway, Inc. — Class A\* | 99 | 132 |
| Trevena, Inc.\* | 38 | 131 |
| Summit Therapeutics, Inc.\* | 157 | 126 |
| Aligos Therapeutics, Inc.\* | 125 | 125 |
| Inozyme Pharma, Inc.\* | 85 | 123 |
| Rubius Therapeutics, Inc.\* | 547 | 121 |
| Hookipa Pharma, Inc.\* | 114 | 121 |
| Vapotherm, Inc.\* | 135 | 120 |
| Applied Therapeutics, Inc.\* | 105 | 118 |
| Molecular Templates, Inc.\* | 220 | 117 |
| 9 Meters Biopharma, Inc.\* | 67 | 114 |
| Eargo, Inc.\* | 175 | 111 |
| Reneo Pharmaceuticals, Inc.\* | 50 | 111 |
| Xilio Therapeutics, Inc.\* | 43 | 110 |
| Angion Biomedica Corp.\* | 129 | 110 |
| Athenex, Inc.\* | 515 | 108 |
| Neoleukin Therapeutics, Inc.\* | 209 | 107 |
| Eliem Therapeutics, Inc.\* | 41 | 103 |
| Aeglea BioTherapeutics, Inc.\* | 240 | 100 |

---

*See notes to financial statements.*

<sup>50</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

------

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> – 11.1% (continued)** |  |  |
| **Consumer, Non-cyclical – 1.4% (continued)** |  |  |
| Sientra, Inc.\* | 342 | $96 |
| Acutus Medical, Inc.\* | 113 | 92 |
| Pyxis Oncology, Inc.\* | 62 | 90 |
| Quince Therapeutics, Inc.\* | 118 | 87 |
| iBio, Inc.\* | 52 | 79 |
| Beyondspring, Inc.\* | 133 | 77 |
| Harpoon Therapeutics, Inc.\* | 111 | 76 |
| Invacare Corp.\* | 200 | 70 |
| Codex DNA, Inc.\* | 47 | 68 |
| NeuroPace, Inc.\* | 42 | 68 |
| Forte Biosciences, Inc.\* | 67 | 67 |
| IsoPlexis Corp.\* | 49 | 67 |
| Vincerx Pharma, Inc.\* | 95 | 67 |
| Codiak Biosciences, Inc.\* | 94 | 65 |
| Oncorus, Inc.\* | 121 | 58 |
| Spruce Biosciences, Inc.\* | 51 | 56 |
| Lucid Diagnostics, Inc.\* | 29 | 54 |
| Talis Biomedical Corp.\* | 86 | 47 |
| NexImmune, Inc.\* | 105 | 46 |
| Finch Therapeutics Group, Inc.\* | 44 | 43 |
| Laird Superfood, Inc.\* | 37 | 42 |
| Sera Prognostics, Inc. — Class A\* | 31 | 42 |
| Humanigen, Inc.\* | 284 | 40 |
| Sigilon Therapeutics, Inc.\* | 90 | 38 |
| Tonix Pharmaceuticals Holding Corp.\* | 83 | 32 |
| Ampio Pharmaceuticals, Inc.\* | 77 | 32 |
| Kala Pharmaceuticals, Inc.\* | 6 | 30 |
| Athersys, Inc.\* | 49 | 29 |
| MiNK Therapeutics, Inc.\* | 11 | 29 |
| Eterna Therapeutics, Inc.\* | 8 | 26 |
| Ontrak, Inc.\* | 56 | 24 |
| Quotient Ltd.\* | 12 | 9 |
| Landos Biopharma, Inc.\* | 28 | 6 |
| Greenlane Holdings, Inc. — Class A\* | 5 | 2 |
| **Total Consumer, Non-cyclical** |  | 7457314 |
| **Industrial – 1.1%** |  |  |
| Boeing Co.\* | 2959 | 529306 |
| Fortune Brands Home & Security, Inc. | 6201 | 405173 |
| Keysight Technologies, Inc.\* | 1753 | 317100 |
| Trane Technologies plc | 1718 | 306526 |

---

*See notes to financial statements.*

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>51</sup>

------

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> – 11.1% (continued)** |  |  |
| **Industrial – 1.1% (continued)** |  |  |
| Johnson Controls International plc | 4227 | $280842 |
| Rockwell Automation, Inc. | 995 | 262899 |
| Carrier Global Corp. | 5916 | 262197 |
| Martin Marietta Materials, Inc. | 689 | 252505 |
| Old Dominion Freight Line, Inc. | 834 | 252377 |
| Dover Corp. | 1697 | 240889 |
| General Electric Co. | 2771 | 238223 |
| A O Smith Corp. | 3890 | 236279 |
| Pentair plc | 4752 | 217499 |
| Garmin Ltd. | 2328 | 216481 |
| Generac Holdings, Inc.\* | 2048 | 216105 |
| Mohawk Industries, Inc.\* | 2047 | 207423 |
| Ball Corp. | 2988 | 167567 |
| Stanley Black & Decker, Inc. | 1746 | 142683 |
| Tetra Tech, Inc. | 630 | 97392 |
| Saia, Inc.\* | 310 | 75513 |
| Novanta, Inc.\* | 412 | 64993 |
| Exponent, Inc. | 606 | 62667 |
| Evoqua Water Technologies Corp.\* | 1351 | 58755 |
| Watts Water Technologies, Inc. — Class A | 321 | 50862 |
| Casella Waste Systems, Inc. — Class A\* | 574 | 49416 |
| Summit Materials, Inc. — Class A\* | 1387 | 42012 |
| Terex Corp. | 802 | 36820 |
| Zurn Elkay Water Solutions Corp. | 1417 | 34306 |
| John Bean Technologies Corp. | 366 | 33621 |
| Itron, Inc.\* | 530 | 28185 |
| Energizer Holdings, Inc. | 783 | 26692 |
| Kadant, Inc. | 135 | 26060 |
| Kennametal, Inc. | 980 | 25892 |
| ArcBest Corp. | 296 | 24500 |
| Helios Technologies, Inc. | 378 | 19936 |
| Gibraltar Industries, Inc.\* | 384 | 19434 |
| Montrose Environmental Group, Inc.\* | 305 | 14079 |
| Kratos Defense & Security Solutions, Inc.\* | 1438 | 13690 |
| Vicor Corp.\* | 247 | 13336 |
| GrafTech International Ltd. | 2345 | 12663 |
| Barnes Group, Inc. | 277 | 11797 |
| Ichor Holdings Ltd.\* | 331 | 9857 |
| Granite Construction, Inc. | 268 | 9653 |
| CryoPort, Inc.\* | 476 | 9401 |

---

*See notes to financial statements.*

<sup>52</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

------

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> – 11.1% (continued)** |  |  |
| **Industrial – 1.1% (continued)** |  |  |
| MYR Group, Inc.\* | 96 | $9171 |
| TriMas Corp. | 253 | 6920 |
| Tennant Co. | 108 | 6861 |
| FARO Technologies, Inc.\* | 212 | 6343 |
| AZZ, Inc. | 143 | 5953 |
| Blink Charging Co.\* | 428 | 5941 |
| MicroVision, Inc.\* | 1959 | 5936 |
| Astec Industries, Inc. | 133 | 5884 |
| nLight, Inc.\* | 509 | 5528 |
| American Woodmark Corp.\* | 97 | 5258 |
| Columbus McKinnon Corp. | 163 | 5254 |
| Mesa Laboratories, Inc. | 29 | 4906 |
| Triumph Group, Inc.\* | 373 | 4271 |
| Chase Corp. | 44 | 4180 |
| GoPro, Inc. — Class A\* | 755 | 4137 |
| Gorman-Rupp Co. | 135 | 3737 |
| Harsco Corp.\* | 459 | 3433 |
| Smith & Wesson Brands, Inc. | 285 | 3354 |
| CIRCOR International, Inc.\* | 109 | 3003 |
| Pactiv Evergreen, Inc. | 256 | 2980 |
| Allied Motion Technologies, Inc. | 69 | 2445 |
| Ranpak Holdings Corp.\* | 447 | 2418 |
| Luxfer Holdings plc | 164 | 2404 |
| Meta Materials, Inc.\* | 1187 | 2255 |
| Centrus Energy Corp. — Class A\* | 57 | 2166 |
| National Presto Industries, Inc. | 30 | 2074 |
| Manitowoc Company, Inc.\* | 204 | 2003 |
| NVE Corp. | 28 | 1784 |
| Comtech Telecommunications Corp. | 152 | 1774 |
| Tutor Perini Corp.\* | 245 | 1752 |
| IES Holdings, Inc.\* | 51 | 1725 |
| Daseke, Inc.\* | 239 | 1393 |
| Sight Sciences, Inc.\* | 120 | 1340 |
| Pure Cycle Corp.\* | 114 | 1209 |
| Hydrofarm Holdings Group, Inc.\* | 465 | 1167 |
| AMMO, Inc.\* | 515 | 1102 |
| Akoustis Technologies, Inc.\* | 287 | 1091 |
| Concrete Pumping Holdings, Inc.\* | 154 | 1087 |
| Identiv, Inc.\* | 127 | 1060 |
| Yellow Corp.\* | 300 | 960 |

---

*See notes to financial statements.*

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>53</sup>

------

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> – 11.1% (continued)** |  |  |
| **Industrial – 1.1% (continued)** |  |  |
| Byrna Technologies, Inc.\* | 109 | $944 |
| Turtle Beach Corp.\* | 90 | 860 |
| Caesarstone Ltd. | 134 | 840 |
| Latham Group, Inc.\* | 240 | 828 |
| View, Inc.\* | 575 | 805 |
| Iteris, Inc.\* | 252 | 794 |
| Kopin Corp.\* | 462 | 748 |
| Mayville Engineering Company, Inc.\* | 53 | 677 |
| Standard BioTools, Inc.\* | 454 | 631 |
| American Superconductor Corp.\* | 164 | 616 |
| Atlas Technical Consultants, Inc.\* | 84 | 454 |
| US Xpress Enterprises, Inc. — Class A\* | 160 | 361 |
| INNOVATE Corp.\* | 282 | 338 |
| AgEagle Aerial Systems, Inc.\* | 406 | 174 |
| **Total Industrial** |  | 5768935 |
| **Communications – 0.8%** |  |  |
| Etsy, Inc.\* | 4899 | 647109 |
| Meta Platforms, Inc. — Class A\* | 2732 | 322649 |
| Expedia Group, Inc.\* | 2988 | 319238 |
| Match Group, Inc.\* | 5697 | 288040 |
| VeriSign, Inc.\* | 1252 | 250162 |
| eBay, Inc. | 5107 | 232062 |
| Netflix, Inc.\* | 751 | 229453 |
| F5, Inc.\* | 1315 | 203312 |
| Walt Disney Co.\* | 1941 | 189966 |
| Charter Communications, Inc. — Class A\* | 457 | 178820 |
| News Corp. — Class A | 9266 | 177444 |
| Amazon.com, Inc.\* | 1757 | 169621 |
| DISH Network Corp. — Class A\* | 8508 | 136553 |
| Warner Bros Discovery, Inc.\* | 10664 | 121570 |
| News Corp. — Class B | 2871 | 55841 |
| Ziff Davis, Inc.\* | 508 | 46868 |
| Cogent Communications Holdings, Inc. | 500 | 29025 |
| Perficient, Inc.\* | 380 | 26999 |
| DigitalBridge Group, Inc. | 1417 | 20447 |
| Q2 Holdings, Inc.\* | 638 | 17354 |
| Magnite, Inc.\* | 1523 | 16921 |
| Upwork, Inc.\* | 1378 | 16880 |
| ePlus, Inc.\* | 312 | 15494 |
| Shutterstock, Inc. | 274 | 14747 |

---

*See notes to financial statements.*

<sup>54</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

------

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> – 11.1% (continued)** |  |  |
| **Communications – 0.8% (continued)** |  |  |
| Cargurus, Inc.\* | 1120 | $14650 |
| TechTarget, Inc.\* | 305 | 13926 |
| Overstock.com, Inc.\* | 504 | 13416 |
| Revolve Group, Inc.\* | 420 | 11096 |
| iHeartMedia, Inc. — Class A\* | 1313 | 10556 |
| Open Lending Corp. — Class A\* | 1223 | 8647 |
| Infinera Corp.\* | 1081 | 7297 |
| Liberty Latin America Ltd. — Class C\* | 906 | 7058 |
| EW Scripps Co. — Class A\* | 335 | 5018 |
| Clear Channel Outdoor Holdings, Inc.\* | 4259 | 4813 |
| OptimizeRx Corp.\* | 205 | 4323 |
| QuinStreet, Inc.\* | 296 | 4212 |
| Stitch Fix, Inc. — Class A\* | 949 | 3834 |
| EchoStar Corp. — Class A\* | 219 | 3811 |
| Boston Omaha Corp. — Class A\* | 118 | 3381 |
| NETGEAR, Inc.\* | 169 | 3334 |
| Eventbrite, Inc. — Class A\* | 448 | 3266 |
| 1-800-Flowers.com, Inc. — Class A\* | 317 | 2682 |
| IDT Corp. — Class B\* | 85 | 2376 |
| Anterix, Inc.\* | 68 | 2312 |
| Liquidity Services, Inc.\* | 135 | 2253 |
| Gannett Company, Inc.\* | 838 | 2095 |
| Ooma, Inc.\* | 130 | 2047 |
| Entravision Communications Corp. — Class A | 358 | 1991 |
| Liberty Latin America Ltd. — Class A\* | 237 | 1834 |
| Tucows, Inc. — Class A\* | 58 | 1781 |
| Thryv Holdings, Inc.\* | 90 | 1726 |
| CarParts.com, Inc.\* | 291 | 1577 |
| Quotient Technology, Inc.\* | 531 | 1566 |
| MediaAlpha, Inc. — Class A\* | 126 | 1496 |
| RealReal, Inc.\* | 940 | 1401 |
| Cambium Networks Corp.\* | 63 | 1341 |
| Luna Innovations, Inc.\* | 184 | 1244 |
| EverQuote, Inc. — Class A\* | 114 | 1231 |
| Groupon, Inc.\* | 140 | 1166 |
| Advantage Solutions, Inc.\* | 455 | 1128 |
| Ribbon Communications, Inc.\* | 419 | 1060 |
| Lands' End, Inc.\* | 85 | 983 |
| CalAmp Corp.\* | 208 | 751 |
| 1stdibs.com, Inc.\* | 106 | 638 |

---

*See notes to financial statements.*

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>55</sup>

------

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> – 11.1% (continued)** |  |  |
| **Communications – 0.8% (continued)** |  |  |
| Inseego Corp.\* | 498 | $632 |
| comScore, Inc.\* | 417 | 563 |
| VirnetX Holding Corp.\* | 378 | 495 |
| Telesat Corp.\* | 41 | 353 |
| Fluent, Inc.\* | 258 | 333 |
| Solo Brands, Inc. — Class A\* | 71 | 309 |
| LiveOne, Inc.\* | 350 | 238 |
| CuriosityStream, Inc.\* | 155 | 208 |
| Audacy, Inc.\* | 703 | 202 |
| National CineMedia, Inc. | 358 | 152 |
| aka Brands Holding Corp.\* | 55 | 99 |
| HyreCar, Inc.\* | 104 | 62 |
| Digital Media Solutions, Inc. — Class A\* | 19 | 32 |
| **Total Communications** |  | 3889570 |
| **Basic Materials – 0.1%** |  |  |
| Ecolab, Inc. | 1609 | 241076 |
| Balchem Corp. | 377 | 53082 |
| Quaker Chemical Corp. | 157 | 30896 |
| Tronox Holdings plc — Class A | 1344 | 18991 |
| Compass Minerals International, Inc. | 200 | 8870 |
| Novagold Resources, Inc.\* | 1390 | 8020 |
| Energy Fuels, Inc.\* | 900 | 6246 |
| Schnitzer Steel Industries, Inc. — Class A | 154 | 5287 |
| Coeur Mining, Inc.\* | 1501 | 5253 |
| Codexis, Inc.\* | 706 | 3862 |
| Amyris, Inc.\* | 2060 | 3564 |
| Mativ Holdings, Inc. | 136 | 2821 |
| Danimer Scientific, Inc.\* | 1055 | 2806 |
| Gatos Silver, Inc.\* | 276 | 1052 |
| Glatfelter Corp. | 261 | 906 |
| Unifi, Inc.\* | 81 | 709 |
| Perpetua Resources Corp.\* | 189 | 397 |
| **Total Basic Materials** |  | 393838 |
| **Energy – 0.0%** |  |  |
| Equitrans Midstream Corp. | 4777 | 40095 |
| Sunnova Energy International, Inc.\* | 1009 | 23035 |
| SunPower Corp. — Class A\* | 937 | 22722 |
| Stem, Inc.\* | 1328 | 17357 |
| Gevo, Inc.\* | 1167 | 2544 |

---

*See notes to financial statements.*

<sup>56</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

------

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> – 11.1% (continued)** |  |  |
| **Energy – 0.0% (continued)** |  |  |
| DMC Global, Inc.\* | 111 | $2041 |
| National Energy Services Reunited Corp.\* | 226 | 1444 |
| Beam Global\* | 52 | 996 |
| Aemetis, Inc.\* | 161 | 887 |
| Matrix Service Co.\* | 155 | 794 |
| Cleanspark, Inc.\* | 228 | 513 |
| Eos Energy Enterprises, Inc.\* | 259 | 275 |
| **Total Energy** |  | 112703 |
| **Utilities – 0.0%** |  |  |
| Ameresco, Inc. — Class A\* | 362 | 23718 |
| Middlesex Water Co. | 101 | 9438 |
| Global Water Resources, Inc. | 75 | 959 |
| Via Renewables, Inc. | 71 | 459 |
| Stronghold Digital Mining, Inc. — Class A\* | 43 | 31 |
| **Total Utilities** |  | 34605 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $83,362,291) |  | 58444741 |
| **PREFERRED STOCKS<sup>††</sup> – 6.7%** |  |  |
| **Financial – 6.7%** |  |  |
| Markel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%<sup>2</sup> | 5000000 | 4848279 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%<sup>2</sup> | 5000000 | 4037500 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%<sup>2</sup> | 5000000 | 3978150 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80% | 5000000 | 3955181 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%<sup>2</sup> | 139386 | 2453194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%<sup>2</sup> | 61250 | 1150887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90% | 400000 | 348500 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%<sup>2</sup> | 1781500 | 3846130 |
| First Republic Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%<sup>2</sup> | 200000 | 3720000 |
| Reinsurance Group of America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13% | 110000 | 2884200 |
| Selective Insurance Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%<sup>2</sup> | 85536 | 1472075 |
| Public Storage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%<sup>2</sup> | 58000 | 1039940 |

---

*See notes to financial statements.*

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>57</sup>

------

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **PREFERRED STOCKS<sup>††</sup> – 6.7% (continued)** |  |  |
| **Financial – 6.7% (continued)** |  |  |
| Lincoln National Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25% | 750000 | $787500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%\* | 450 | 11911 |
| RenaissanceRe Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% | 38000 | 666900 |
| **Total Financial** |  | 35200347 |
| **Consumer, Cyclical – 0.0%** |  |  |
| AMC Entertainment Holdings, Inc. | 6030 | 5860 |
| **Total Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $43,449,048) |  | 35206207 |
| **WARRANTS<sup>†</sup> – 0.0%** |  |  |
| Acropolis Infrastructure Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiring 03/31/26\*<sup>,1</sup> | 4204 | 570 |
| MSD Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiring 05/13/23\*<sup>,1</sup> | 8944 | 537 |
| Waverley Capital Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiring 04/30/27\*<sup>,1</sup> | 5084 | 356 |
| Blue Whale Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiring 07/30/26\*<sup>,1</sup> | 1500 | 255 |
| RXR Acquisition Corp. — Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiring 03/08/26\*<sup>,1</sup> | 4484 | 22 |
| Colicity, Inc. — Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiring 12/31/27\*<sup>,1</sup> | 6716 | 7 |
| **Total Warrants** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,207) |  | 1747 |
| **RIGHTS<sup>†</sup> – 0.0%** |  |  |
| **Healthcare – 0.0%** |  |  |
| Eargo, Inc. | 175 | – |
| **Consumer, Non-cyclical – 0.0%** |  |  |
| Epizyme, Inc.<sup>†††</sup> | 793 |  |
| Radius Health, Inc.<sup>†††</sup> | 558 |  |
| UCB<sup>†††</sup> | 655 | – |
| **Total Consumer, Non-cyclical** |  | – |
| **Total Rights** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $325) |  | – |
| **EXCHANGE-TRADED FUNDS<sup>†</sup> – 14.0%** |  |  |
| Invesco QQQ Trust Series | 70927 | 20807145 |
| SPDR S&P 500 ETF Trust | 50937 | 20765996 |
| iShares Russell 2000 Index ETF | 110308 | 20668410 |
| iShares Silver Trust\*<sup>,2</sup> | 320800 | 6553944 |

---

*See notes to financial statements.*

<sup>58</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS<sup>†</sup> – 14.0% (continued)** |  |  |
| VanEck Gold Miners ETF<sup>2</sup> | 162400 | $4717720 |
| **Total Exchange-Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $87,891,390) |  | 73513215 |
| **MUTUAL FUND<sup>†</sup> – 1.1%** |  |  |
| Guggenheim Risk Managed Real Estate Fund — Institutional Class<sup>4</sup> | 178430 | 5777577 |
| **Total Mutual Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,955,406) |  | 5777577 |
| **CLOSED-END FUNDS<sup>†</sup> – 2.4%** |  |  |
| Eaton Vance Limited Duration Income Fund<sup>2</sup> | 309597 | 3219809 |
| BlackRock Credit Allocation Income Trust<sup>2</sup> | 283098 | 3023487 |
| Western Asset High Income Opportunity Fund, Inc.<sup>2</sup> | 744627 | 3023186 |
| BlackRock Debt Strategies Fund, Inc.<sup>2</sup> | 193981 | 1895194 |
| Blackstone Strategic Credit Fund<sup>2</sup> | 88264 | 972669 |
| Ares Dynamic Credit Allocation Fund, Inc.<sup>2</sup> | 51928 | 637156 |
| **Total Closed-End Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $16,126,613) |  | 12771501 |
| **MONEY MARKET FUNDS<sup>†</sup> – 0.4%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund — |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares, 3.69%<sup>5</sup> | 1218550 | 1218550 |
| Dreyfus Treasury Securities Cash Management Fund — |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares, 3.62%<sup>5</sup> | 966655 | 966655 |
| **Total Money Market Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,185,205) |  | 2185205 |
|  | **Face** |  |
|  | **Amount~** | **Value** |
| **CORPORATE BONDS<sup>††</sup> – 53.4%** |  |  |
| **Financial – 11.6%** |  |  |
| NFP Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88% due 08/15/28<sup>6</sup> | 3250000 | $2748947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50% due 10/01/30<sup>2,6</sup> | 1400000 | 1343819 |
| United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 04/15/29<sup>2,6</sup> | 4300000 | 3558250 |
| Jefferies Finance LLC / JFIN Company-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 08/15/28<sup>2,6</sup> | 3810000 | 3168815 |
| Liberty Mutual Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% due 02/01/61<sup>6</sup> | 5250000 | 3076290 |
| FS KKR Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% due 07/15/27<sup>2</sup> | 3300000 | 2804040 |
| Kennedy-Wilson, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 03/01/31<sup>2</sup> | 3500000 | 2760152 |

---

*See notes to financial statements.*

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>59</sup>

------

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br>**Amount~** | <br>**Value** |
| **CORPORATE BONDS<sup>††</sup> – 53.4% (continued)** |  |  |
| **Financial – 11.6% (continued)** |  |  |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 07/15/30<sup>2,6</sup> | 2940000 | $2646000 |
| Ceamer Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.92% due 05/15/38<sup>†††</sup> | 2750000 | 2617835 |
| Accident Fund Insurance Company of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50% due 08/01/32<sup>2,6</sup> | 2550000 | 2566934 |
| GLP Capital Limited Partnership / GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% due 01/15/32<sup>2</sup> | 3250000 | 2566341 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 09/15/30<sup>2</sup> | 3300000 | 2478278 |
| AmWINS Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88% due 06/30/29<sup>2,6</sup> | 2320000 | 2004786 |
| Atlantic Marine Corporations Communities LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38% due 02/15/48 | 2093750 | 1726016 |
| Hunt Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 04/15/29<sup>2,6</sup> | 1850000 | 1534333 |
| HUB International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63% due 12/01/29<sup>6</sup> | 1750000 | 1532352 |
| Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38% due 01/15/27<sup>2,6</sup> | 1700000 | 1520922 |
| Cushman & Wakefield US Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% due 05/15/28<sup>2,6</sup> | 1500000 | 1432636 |
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 10/15/33<sup>2,6</sup> | 1800000 | 1323000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88% due 03/01/31<sup>6</sup> | 100000 | 77355 |
| Iron Mountain Information Management Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 07/15/32<sup>2,6</sup> | 1600000 | 1351984 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13% due 03/01/52<sup>2,3</sup> | 1550000 | 1325104 |
| NatWest Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.47% due 11/10/26<sup>3</sup> | 1250000 | 1302504 |
| Global Atlantic Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13% due 06/15/31<sup>2,6</sup> | 1750000 | 1288917 |
| USI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88% due 05/01/25<sup>2,6</sup> | 1300000 | 1274144 |
| Swiss Re Finance Luxembourg S.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 04/02/49<sup>3,6</sup> | 1400000 | 1242920 |
| Sherwood Financing plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% due 11/15/26 | EUR 1,500,000 | 1226160 |
| Standard Chartered plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.78% due 11/16/25<sup>3,6</sup> | 1150000 | 1186198 |
| Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13% due 10/31/82<sup>2,3</sup> | 1050000 | 1076250 |

---

*See notes to financial statements.*

<sup>60</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

------

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br>**Amount~** | <br>**Value** |
| **CORPORATE BONDS<sup>††</sup> – 53.4% (continued)** |  |  |
| **Financial – 11.6% (continued)** |  |  |
| KKR Group Finance Company X LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% due 12/15/51<sup>2,6</sup> | 1600000 | $1036843 |
| Ares Finance Company IV LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65% due 02/01/52<sup>6</sup> | 1650000 | 1021980 |
| PHM Group Holding Oy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% due 06/18/26<sup>6</sup> | EUR 1,000,000 | 880282 |
| Home Point Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 02/01/26<sup>2,6</sup> | 1386000 | 835245 |
| Corebridge Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88% due 12/15/52<sup>3,6</sup> | 900000 | 826071 |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63% due 10/27/82<sup>3</sup> | 750000 | 771463 |
| Kane Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 02/15/27 | EUR 700,000 | 589512 |
| Ryan Specialty Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38% due 02/01/30<sup>2,6</sup> | 450000 | 384750 |
| **Total Financial** |  | 61107428 |
| **Consumer, Non-cyclical – 9.2%** |  |  |
| DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63% due 06/01/30<sup>2,6</sup> | 5200000 | 4209296 |
| Sabre GLBL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38% due 09/01/25<sup>2,6</sup> | 4000000 | 3810000 |
| US Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63% due 06/01/30<sup>2,6</sup> | 4250000 | 3771493 |
| Sotheby's/Bidfair Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88% due 06/01/29<sup>2,6</sup> | 4400000 | 3661827 |
| FAGE International S.A. / FAGE USA Dairy Industry, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63% due 08/15/26<sup>2,6</sup> | 3242000 | 2967173 |
| ADT Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88% due 07/15/32<sup>2,6</sup> | 3300000 | 2855193 |
| Rent-A-Center, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38% due 02/15/29<sup>2,6</sup> | 3412000 | 2806370 |
| CPI CG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63% due 03/15/26<sup>2,6</sup> | 2814000 | 2711046 |
| BCP V Modular Services Finance II plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% due 11/30/28 | EUR 3,000,000 | 2612883 |
| Cheplapharm Arzneimittel GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 01/15/28<sup>2,6</sup> | 3125000 | 2597152 |
| Carriage Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% due 05/15/29<sup>2,6</sup> | 3150000 | 2364075 |
| Bausch Health Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88% due 06/01/28<sup>2,6</sup> | 3300000 | 2021580 |

---

*See notes to financial statements.*

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>61</sup>

------

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br>**Amount~** | <br>**Value** |
| **CORPORATE BONDS<sup>††</sup> – 53.4% (continued)** |  |  |
| **Consumer, Non-cyclical – 9.2% (continued)** |  |  |
| TreeHouse Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 09/01/28<sup>2</sup> | 2000000 | $1703940 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 12/15/29<sup>2,6</sup> | 1700000 | 1561390 |
| Reynolds American, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% due 08/15/35 | 1550000 | 1430938 |
| Medline Borrower, LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 10/01/29<sup>2,6</sup> | 1750000 | 1426250 |
| Castor S.p.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% (3 Month EURIBOR + 5.25%, Rate Floor: 5.25%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;due 02/15/29<sup>◊,6</sup> | EUR 1,400,000 | 1405330 |
| JBS USA LUX S.A. / JBS USA Food Company / JBS USA Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38% due 02/02/52<sup>2,6</sup> | 1750000 | 1272180 |
| WW International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% due 04/15/29<sup>6</sup> | 1750000 | 1009540 |
| Garden Spinco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63% due 07/20/30<sup>2,6</sup> | 900000 | 955479 |
| Legends Hospitality Holding Company LLC / Legends Hospitality Co-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 02/01/26<sup>2,6</sup> | 1075000 | 940502 |
| Endo Dac / Endo Finance LLC / Endo Finco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;due 07/31/27<sup>2,6,7</sup> | 1750000 | 245000 |
| APi Group DE, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% due 10/15/29<sup>6</sup> | 250000 | 214562 |
| Grifols Escrow Issuer, S.A.U. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88% due 10/15/28 | EUR 100,000 | 85407 |
| HealthEquity, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% due 10/01/29<sup>6</sup> | 75000 | 65707 |
| **Total Consumer, Non-cyclical** |  | 48704313 |
| **Communications – 8.0%** |  |  |
| Altice France S.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13% due 01/15/29<sup>2,6</sup> | 5260000 | 4208000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13% due 07/15/29<sup>2,6</sup> | 2000000 | 1576220 |
| CCO Holdings LLC / CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% due 06/01/33<sup>2,6</sup> | 6500000 | 5158465 |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% due 07/15/29<sup>2,6</sup> | 6100000 | 4411363 |
| British Telecommunications plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88% due 11/23/81<sup>2,3,6</sup> | 5000000 | 4035937 |
| Ziggo Bond Company BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13% due 02/28/30<sup>2,6</sup> | 4361000 | 3537948 |
| Vodafone Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13% due 06/04/81<sup>2,3</sup> | 4750000 | 3388365 |

---

*See notes to financial statements.*

<sup>62</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

------

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br>**Amount~** | <br>**Value** |
| **CORPORATE BONDS<sup>††</sup> – 53.4% (continued)** |  |  |
| **Communications – 8.0% (continued)** |  |  |
| McGraw-Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% due 08/01/28<sup>2,6</sup> | 1800000 | $1599750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00% due 08/01/29<sup>2,6</sup> | 1700000 | 1442484 |
| Vmed O2 UK Financing I plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% due 01/31/31<sup>2,6</sup> | 3250000 | 2608938 |
| Zayo Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 03/01/27<sup>2,6</sup> | 3250000 | 2327878 |
| LCPR Senior Secured Financing DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% due 10/15/27<sup>2,6</sup> | 1750000 | 1655377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13% due 07/15/29<sup>2,6</sup> | 445000 | 367810 |
| Cengage Learning, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50% due 06/15/24<sup>2,6</sup> | 1600000 | 1518000 |
| Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 03/15/82<sup>2,3,6</sup> | 1600000 | 1401591 |
| Ciena Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 01/31/30<sup>2,6</sup> | 850000 | 712937 |
| UPC Broadband Finco BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88% due 07/15/31<sup>6</sup> | 750000 | 641336 |
| Cogent Communications Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% due 06/15/27<sup>2,6</sup> | 500000 | 487500 |
| VZ Secured Financing BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 01/15/32<sup>6</sup> | 500000 | 413750 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% due 11/15/31<sup>6</sup> | 300000 | 228637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% due 02/01/29<sup>6</sup> | 100000 | 91132 |
| Outfront Media Capital LLC / Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% due 01/15/29<sup>6</sup> | 325000 | 271375 |
| **Total Communications** |  | 42084793 |
| **Consumer, Cyclical – 5.1%** |  |  |
| 1011778 BC ULC / New Red Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 10/15/30<sup>2,6</sup> | 4500000 | 3789720 |
| Penn Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13% due 07/01/29<sup>2,6</sup> | 3350000 | 2730250 |
| Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63% due 12/01/31<sup>2,6</sup> | 3250000 | 2724767 |
| Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 06/01/31<sup>2,6</sup> | 2200000 | 1881317 |
| Aramark Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 02/01/28<sup>2,6</sup> | 2000000 | 1870340 |
| Air Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63% due 08/15/29<sup>6</sup> | CAD 2,750,000 | 1740917 |
| Wabash National Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% due 10/15/28<sup>2,6</sup> | 1750000 | 1479763 |

---

*See notes to financial statements.*

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>63</sup>

------

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br>**Amount~** | <br>**Value** |
| **CORPORATE BONDS<sup>††</sup> – 53.4% (continued)** |  |  |
| **Consumer, Cyclical – 5.1% (continued)** |  |  |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63% due 01/15/29<sup>2,6</sup> | 1650000 | $1456785 |
| Boyne USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% due 05/15/29<sup>2,6</sup> | 1600000 | 1423872 |
| Scientific Games Holdings Limited Partnership/Scientific Games US FinCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63% due 03/01/30<sup>2,6</sup> | 1600000 | 1345958 |
| Crocs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% due 03/15/29<sup>2,6</sup> | 1625000 | 1333566 |
| Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% due 01/20/26<sup>2,6</sup> | 1400000 | 1326836 |
| Steelcase, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13% due 01/18/29<sup>2</sup> | 1450000 | 1272574 |
| Deuce FinCo plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 06/15/27 | GBP 1,200,000 | 1146171 |
| Tempur Sealy International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88% due 10/15/31<sup>2,6</sup> | 600000 | 465786 |
| Michaels Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 05/01/28<sup>6</sup> | 600000 | 439461 |
| JB Poindexter & Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13% due 04/15/26<sup>6</sup> | 325000 | 314051 |
| Wolverine World Wide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 08/15/29<sup>6</sup> | 300000 | 222000 |
| Hanesbrands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88% due 05/15/26<sup>6</sup> | 100000 | 91000 |
| **Total Consumer, Cyclical** |  | 27055134 |
| **Industrial – 4.8%** |  |  |
| PGT Innovations, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38% due 10/01/29<sup>2,6</sup> | 3295000 | 2775313 |
| Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38% due 07/15/30<sup>2,6</sup> | 2400000 | 1968000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38% due 01/15/31<sup>2,6</sup> | 1000000 | 766640 |
| GrafTech Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63% due 12/15/28<sup>2,6</sup> | 3200000 | 2668000 |
| New Enterprise Stone & Lime Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75% due 07/15/28<sup>6</sup> | 2300000 | 2119864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 07/15/28<sup>2,6</sup> | 450000 | 407250 |
| TK Elevator US Newco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 07/15/27<sup>2,6</sup> | 2630000 | 2386778 |
| MIWD Holdco II LLC / MIWD Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 02/01/30<sup>2,6</sup> | 2600000 | 2132000 |
| Harsco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% due 07/31/27<sup>2,6</sup> | 2625000 | 2119687 |

---

*See notes to financial statements.*

<sup>64</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

------

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br>**Amount~** | <br>**Value** |
| **CORPORATE BONDS<sup>††</sup> – 53.4% (continued)** |  |  |
| **Industrial – 4.8% (continued)** |  |  |
| Pactiv Evergreen Group Issuer Incorporated/Pactiv Evergreen Group Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 10/15/27<sup>2,6</sup> | 2150000 | $1889581 |
| Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 04/15/24<sup>6</sup> | 800000 | 789057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50% due 04/15/24<sup>6</sup> | 350000 | 342176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25% due 04/15/25<sup>6</sup> | 350000 | 319375 |
| Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38% due 06/15/32<sup>2,6</sup> | 1500000 | 1385801 |
| Artera Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03% due 12/04/25<sup>2,6</sup> | 1600000 | 1331104 |
| Fortune Brands Home & Security, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% due 03/25/52<sup>2</sup> | 1200000 | 889225 |
| Great Lakes Dredge & Dock Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 06/01/29<sup>2,6</sup> | 1025000 | 826045 |
| Waste Pro USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 02/15/26<sup>6</sup> | 100000 | 92289 |
| **Total Industrial** |  | 25208185 |
| **Energy – 4.5%** |  |  |
| NuStar Logistics, LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38% due 10/01/30<sup>2</sup> | 6000000 | 5580000 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.95% due 06/15/39<sup>2</sup> | 3190000 | 3444361 |
| ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% due 08/01/29<sup>2,6</sup> | 3750000 | 3209444 |
| CVR Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% due 02/15/28<sup>2,6</sup> | 3300000 | 2968812 |
| Global Partners Limited Partnership / GLP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% due 08/01/27<sup>2</sup> | 2400000 | 2274000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88% due 01/15/29<sup>2</sup> | 675000 | 612900 |
| Valero Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 06/01/52<sup>2</sup> | 3350000 | 2604417 |
| TransMontaigne Partners Limited Partnership / TLP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13% due 02/15/26<sup>2</sup> | 1750000 | 1516353 |
| EnLink Midstream LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% due 09/01/30<sup>6</sup> | 975000 | 990230 |
| BP Capital Markets plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88% <sup>2,3,8</sup> | 500000 | 439875 |
| Crestwood Midstream Partners Limited Partnership / Crestwood Midstream |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% due 04/01/25 | 150000 | 146231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63% due 05/01/27<sup>6</sup> | 125000 | 117621 |
| **Total Energy** |  | 23904244 |

---

*See notes to financial statements.*

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>65</sup>

------

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br>**Amount~** | <br>**Value** |
| **CORPORATE BONDS<sup>††</sup> – 53.4% (continued)** |  |  |
| **Basic Materials – 4.5%** |  |  |
| Kaiser Aluminum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% due 06/01/31<sup>2,6</sup> | 4350000 | $3673010 |
| SK Invictus Intermediate II Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 10/30/29<sup>2,6</sup> | 4250000 | 3400000 |
| Carpenter Technology Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63% due 03/15/30<sup>2</sup> | 3000000 | 3009150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38% due 07/15/28 | 200000 | 188724 |
| Ingevity Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88% due 11/01/28<sup>2,6</sup> | 2900000 | 2472250 |
| Diamond BC BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63% due 10/01/29<sup>2,6</sup> | 3250000 | 2450142 |
| SCIL IV LLC / SCIL USA Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38% due 11/01/26<sup>2,6</sup> | 2250000 | 1884915 |
| Compass Minerals International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% due 12/01/27<sup>2,6</sup> | 1943000 | 1832307 |
| Illuminate Buyer LLC / Illuminate Holdings IV, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00% due 07/01/28<sup>2,6</sup> | 1850000 | 1526250 |
| Clearwater Paper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% due 08/15/28<sup>2,6</sup> | 1609000 | 1409835 |
| Anglo American Capital plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63% due 04/01/30<sup>2,6</sup> | 1050000 | 1044345 |
| Valvoline, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% due 02/15/30<sup>2,6</sup> | 400000 | 388764 |
| WR Grace Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88% due 06/15/27<sup>6</sup> | 250000 | 223988 |
| **Total Basic Materials** |  | 23503680 |
| **Utilities – 2.7%** |  |  |
| Midcap Funding XLVI Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.35% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 11/22/23<sup>◊,†††</sup> | 13000000 | 13003380 |
| Terraform Global Operating, LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13% due 03/01/26<sup>2,6</sup> | 1150000 | 1076090 |
| **Total Utilities** |  | 14079470 |
| **Technology – 2.5%** |  |  |
| Dun & Bradstreet Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% due 12/15/29<sup>2,6</sup> | 3300000 | 2839155 |
| NCR Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% due 10/01/30<sup>2,6</sup> | 3250000 | 2741185 |
| AthenaHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% due 02/15/30<sup>2,6</sup> | 3200000 | 2396486 |
| CDW LLC / CDW Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57% due 12/01/31<sup>2</sup> | 1900000 | 1567633 |
| Central Parent Incorporated / CDK Global Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25% due 06/15/29<sup>2,6</sup> | 1350000 | 1302743 |

---

*See notes to financial statements.*

<sup>66</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

------

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br>**Amount~** | <br>**Value** |
| **CORPORATE BONDS<sup>††</sup> – 53.4% (continued)** |  |  |
| **Technology – 2.5% (continued)** |  |  |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19% due 11/15/36<sup>2,6</sup> | 1750000 | $1274545 |
| Boxer Parent Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13% due 10/02/25<sup>2,6</sup> | 1050000 | 1029000 |
| **Total Technology** |  | 13150747 |
| **Government – 0.5%** |  |  |
| CoBank ACB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% <sup>2,3,8</sup> | 3000000 | 2549069 |
| **Total Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $329,949,546) |  | 281347063 |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> – 28.2%** |  |  |
| **Consumer, Non-cyclical – 9.3%** |  |  |
| LaserAway Intermediate Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.76% (3 Month USD LIBOR + 5.75%, Rate Floor: 6.50%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;due 10/14/27 | 5706875 | 5578470 |
| Gibson Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13% (3 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 08/11/28<sup>†††</sup> | 5706875 | 4394294 |
| Sierra Acquisition, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.41% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 11/11/24 | 5690415 | 3897934 |
| National Mentor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.61% ((1 Month USD LIBOR + 3.75%) and (3 Month USD LIBOR + 3.75%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate Floor: 4.50%) due 03/02/28 | 5280519 | 3730106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.43% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 03/02/28 | 168375 | 118938 |
| Kronos Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.51% (3 Month Term SOFR + 6.00%, Rate Floor: 6.00%) due 12/22/26 | 3275250 | 3106018 |
| Blue Ribbon LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.77% (1 Month USD LIBOR + 6.00%, Rate Floor: 6.75%) due 05/08/28 | 3848101 | 3040000 |
| HAH Group Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.71% (3 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 10/29/27 | 3126261 | 2973856 |
| Florida Food Products LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.07% (1 Month USD LIBOR + 5.00%, Rate Floor: 5.75%) due 10/18/28 | 3233750 | 2942712 |
| Women's Care Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.87% (6 Month USD LIBOR + 4.50%, Rate Floor: 5.25%) due 01/17/28 | 2969925 | 2778751 |
| Triton Water Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.17% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 03/31/28 | 2969928 | 2732334 |
| Southern Veterinary Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.07% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 10/05/27 | 2133087 | 2046868 |
| PetIQ LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.75%) due 04/13/28 | 1932192 | 1758295 |
| Zep, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.67% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 08/12/24 | 1986043 | 1720410 |

---

*See notes to financial statements.*

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>67</sup>

------

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br>**Amount~** | <br>**Value** |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> – 28.2% (continued)** |  |  |
| **Consumer, Non-cyclical – 9.3% (continued)** |  |  |
| Mission Veterinary Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.74% ((1 Month USD LIBOR + 4.00%) and (2 Month USD LIBOR + 4.00%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate Floor: 4.75%) due 04/27/28<sup>†††</sup> | 1683000 | $1565190 |
| Inception Holdco SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;due 09/26/29<sup>†††</sup> | EUR 1,400,000 | 1399130 |
| Pimente Investissement S.A.S. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44% (3 Month EURIBOR + 4.25%, Rate Floor: 4.25%) due 12/29/28 | EUR 1,350,000 | 1319801 |
| Chefs' Warehouse, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.87% (1 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 08/23/29 | 1150000 | 1135625 |
| Dhanani Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.89% (1 Month Term SOFR + 6.00%, Rate Floor: 6.00%) due 06/10/27<sup>†††</sup> | 1144773 | 1133325 |
| Weber-Stephen Products LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.32% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 10/29/27 | 1046755 | 875087 |
| Grifols Worldwide Operations USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.07% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 11/15/27 | 300000 | 290208 |
| Elanco Animal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 08/02/27 | 287102 | 277459 |
| Bombardier Recreational Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.07% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 05/24/27 | 272201 | 263695 |
| TGP Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.32% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 06/29/28 | 182821 | 146326 |
| **Total Consumer, Non-cyclical** |  | 49224832 |
| **Industrial – 6.4%** |  |  |
| Pelican Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16% (3 Month USD LIBOR + 4.25%, Rate Floor: 4.75%) due 12/29/28 | 5706875 | 5079119 |
| American Bath Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.57% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 11/23/27 | 5693724 | 5003360 |
| Arcline FM Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.39% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 06/23/28 | 4455000 | 4287938 |
| Protective Industrial Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.07% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 12/29/27 | 3791731 | 3444143 |
| ASP Dream Acquisiton Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.44% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 12/15/28 | 3233750 | 3120569 |
| Merlin Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.09% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 12/14/28 | 3283500 | 3068037 |
| Rinchem Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 03/02/29<sup>†††</sup> | 3192000 | 3040380 |
| Icebox Holdco III, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.45% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.25%) due 12/22/28 | 3186743 | 2940758 |
| Saverglass |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09% (3 Month EURIBOR + 4.25%, Rate Floor: 4.25%) due 02/19/29 | EUR 1,500,000 | 1416549 |
| Atlantic Aviation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.06% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 09/22/28 | 800000 | 794504 |

---

*See notes to financial statements.*

<sup>68</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

------

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br>**Amount~** | <br>**Value** |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> – 28.2% (continued)** |  |  |
| **Industrial – 6.4% (continued)** |  |  |
| LTI Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 07/24/26 | 248125 | $234324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.57% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 09/08/25 | 175000 | 164813 |
| PECF USS Intermediate Holding III Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.32% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.75%) due 12/15/28 | 448869 | 362089 |
| US Farathane LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.92% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 12/23/24 | 345333 | 310800 |
| Dispatch Terra Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.92% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 03/27/28 | 197995 | 163841 |
| White Cap Supply Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 10/19/27 | 99749 | 95921 |
| **Total Industrial** |  | 33527145 |
| **Consumer, Cyclical – 6.3%** |  |  |
| Pacific Bells LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.31% (3 Month Term SOFR + 4.50%, Rate Floor: 5.00%) due 11/10/28 | 4962887 | 4660994 |
| Secretariat Advisors LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.42% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 12/29/28<sup>†††</sup> | 3771500 | 3601783 |
| First Brands Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.37% (3 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 03/30/27 | 3268081 | 3148240 |
| BRE/Everbright M6 Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.90% (1 Month USD LIBOR + 5.00%, Rate Floor: 5.75%) due 09/09/26 | 2720000 | 2663342 |
| Cordobes Holdco SL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88% (1 Month EURIBOR + 4.50%, Rate Floor: 4.50%) due 02/02/29 | EUR 2,400,000 | 2284598 |
| Breitling Financing SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62% (3 Month EURIBOR + 3.43%, Rate Floor: 3.43%) due 10/25/28 | EUR 2,000,000 | 1955385 |
| IBC Capital Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.65% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 09/11/23 | 1979275 | 1945884 |
| FR Refuel LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.42% (3 Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 11/08/28<sup>†††</sup> | 1985583 | 1896232 |
| NFM & J LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.82% (1 Month USD LIBOR + 5.75%, Rate Floor: 6.75%) due 11/30/27<sup>†††</sup> | 1850242 | 1806836 |
| Fertitta Entertainment LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.09% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 01/27/29 | 1691500 | 1610765 |
| The Facilities Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.73% ((1 Month USD LIBOR + 5.75%) and (3 Month USD LIBOR + 5.75%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate Floor: 6.75%) due 11/30/27<sup>†††</sup> | 1506797 | 1471447 |
| SP PF Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.57% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 12/22/25 | 1979487 | 1344646 |
| Freshworld Holding IV GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65% (1 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 10/02/26 | EUR 1,250,000 | 1205766 |
| Piolin BidCo S.A.U. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.73% (6 Month EURIBOR + 7.50%, Rate Floor: 7.50%) due 09/16/26 | EUR 1,000,000 | 1029930 |

---

*See notes to financial statements.*

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>69</sup>

------

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br>**Amount~** | <br>**Value** |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> – 28.2% (continued)** |  |  |
| **Consumer, Cyclical – 6.3% (continued)** |  |  |
| Michaels Stores, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.92% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 04/14/28 | 1019836 | $768559 |
| New Trojan Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.75%) due 01/06/28 | 673295 | 486119 |
| Sweetwater Sound |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 08/07/28 | 500000 | 462500 |
| Congruex Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.99% (3 Month Term SOFR + 5.75%, Rate Floor: 5.75%) due 05/03/29 | 448875 | 435970 |
| American Tire Distributors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.61% (3 Month USD LIBOR + 6.25%, Rate Floor: 7.00%) due 10/20/28 | 447750 | 409132 |
| Outcomes Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.05% (3 Month Term SOFR + 7.50%, Rate Floor: 7.50%) due 10/26/26<sup>†††</sup> | 150000 | 142500 |
| CCRR Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.83% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 03/06/28 | 24634 | 23402 |
| **Total Consumer, Cyclical** |  | 33354030 |
| **Technology – 2.6%** |  |  |
| Misys Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.87% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/13/24 | 5686886 | 5133722 |
| Project Ruby Ultimate Parent Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.84% (1 Month Term SOFR + 5.75%, Rate Floor: 5.75%) due 03/10/28<sup>†††</sup> | 2750000 | 2631299 |
| Avalara, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.21% (3 Month Term SOFR + 7.25%, Rate Floor: 7.25%) due 10/19/28<sup>†††</sup> | 2636364 | 2598803 |
| Precise Midco BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 05/13/26 | EUR 1,500,000 | 1495837 |
| Atlas CC Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.98% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 05/25/28 | 897727 | 771301 |
| CoreLogic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 06/02/28 | 498741 | 410214 |
| Apttus Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.66% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 05/08/28 | 395990 | 369589 |
| VT TopCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.82% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 08/01/25 | 165388 | 160632 |
| **Total Technology** |  | 13571397 |
| **Financial – 1.8%** |  |  |
| Eisner Advisory Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.45% (1 Month Term SOFR + 5.25%, Rate Floor: 5.25%) due 07/28/28 | 3118387 | 2931284 |
| HighTower Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.28% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 04/21/28 | 2803459 | 2614226 |
| Jones Deslauriers Insurance Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.81% (3 Month Canada Banker Acceptance + 4.25%, Rate Floor: 5.00%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;due 03/27/28 | CAD 2,078,889 | 1420383 |

---

*See notes to financial statements.*

<sup>70</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

------

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br>**Amount~** | <br>**Value** |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> – 28.2% (continued)** |  |  |
| **Financial – 1.8% (continued)** |  |  |
| Jones Deslauriers Insurance Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.06% (3 Month Canada Banker Acceptance + 7.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate Floor: 8.00%) due 03/26/29<sup>†††</sup> | CAD 2,100,000 | $1400000 |
| Apex Group Treasury LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;due 07/27/28<sup>†††</sup> | 550000 | 529375 |
| Claros Mortgage Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.40% (1 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 08/10/26 | 347375 | 341730 |
| **Total Financial** |  | 9236998 |
| **Communications – 0.8%** |  |  |
| Cengage Learning Acquisitions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.81% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 07/14/26 | 3969925 | 3638436 |
| McGraw Hill LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.32% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.25%) due 07/28/28 | 396992 | 378533 |
| Flight Bidco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.57% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 07/23/25 | 149610 | 137782 |
| **Total Communications** |  | 4154751 |
| **Basic Materials – 0.7%** |  |  |
| NIC Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.42% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 12/29/27 | 3464824 | 2948704 |
| Ascend Performance Materials Operations LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.83% (6 Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 08/27/26 | 525000 | 501706 |
| LTI Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.19% (3 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 07/24/26 | 250000 | 237292 |
| **Total Basic Materials** |  | 3687702 |
| **Utilities – 0.3%** |  |  |
| Hamilton Projects Acquiror LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 06/17/27 | 1758417 | 1727539 |
| **Total Senior Floating Rate Interests** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $163,627,448) |  | 148484394 |
| **ASSET-BACKED SECURITIES<sup>††</sup> – 14.0%** |  |  |
| **Collateralized Loan Obligations – 6.7%** |  |  |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021-4RA DR, 11.08% (3 Month USD LIBOR + 7.00%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate Floor: 7.00%) due 01/17/35<sup>◊,6</sup> | 9000000 | 7521651 |
| Madison Park Funding LIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022-53A E, 9.99% (3 Month Term SOFR + 6.00%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate Floor: 6.00%) due 04/21/35<sup>◊,6</sup> | 7500000 | 6496710 |
| Boyce Park CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022-1A E, 10.24% (3 Month Term SOFR + 6.25%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate Floor: 6.25%) due 04/21/35<sup>◊,6</sup> | 4000000 | 3519240 |

---

*See notes to financial statements.*

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>71</sup>

------

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br>**Amount~** | <br>**Value** |
| **ASSET-BACKED SECURITIES<sup>††</sup> – 14.0% (continued)** |  |  |
| **Collateralized Loan Obligations – 6.7% (continued)** |  |  |
| ABPCI Direct Lending Fund IX LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021-9A BR, 6.86% (3 Month USD LIBOR + 2.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate Floor: 2.50%) due 11/18/31<sup>◊,6</sup> | 3500000 | $3225775 |
| ACRES Commercial Realty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021-FL2 D, 7.01% (1 Month USD LIBOR + 3.10%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate Floor: 3.10%) due 01/15/37<sup>◊,6</sup> | 3250000 | 3114296 |
| Palmer Square Loan Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022-1A D, 8.86% (3 Month Term SOFR + 5.00%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate Floor: 5.00%) due 04/15/30<sup>◊,6</sup> | 3500000 | 2944911 |
| Carlyle Global Market Strategies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022-1A E, 11.21% (3 Month Term SOFR + 7.35%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate Floor: 7.35%) due 04/15/35<sup>◊,6</sup> | 2250000 | 1959007 |
| Neuberger Berman Loan Advisers CLO 47 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022-47A E, 10.08% (3 Month Term SOFR + 6.25%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate Floor: 6.25%) due 04/14/35<sup>◊,6</sup> | 1750000 | 1525524 |
| Voya CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022-1A SUB, due 04/20/35<sup>6,9</sup> | 1750000 | 1430625 |
| FS Rialto Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022-FL6 C, 8.14% (1 Month Term SOFR + 4.23%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate Floor: 4.23%) due 08/17/37<sup>◊,6</sup> | 1000000 | 993137 |
| LCCM Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021-FL2 C, 6.03% (1 Month USD LIBOR + 2.15%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate Floor: 2.15%) due 12/13/38<sup>◊,6</sup> | 1000000 | 937835 |
| CIFC Funding 2022-III Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022-3A E, 11.26% (3 Month Term SOFR + 7.27%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate Floor: 7.27%) due 04/21/35<sup>◊,6</sup> | 1000000 | 911493 |
| Carlyle US CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022-4A DR, 10.46% (3 Month Term SOFR + 6.60%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate Floor: 6.60%) due 04/15/35<sup>◊,6</sup> | 1000000 | 841718 |
| **Total Collateralized Loan Obligations** |  | 35421922 |
| **Transport-Aircraft – 3.0%** |  |  |
| GAIA Aviation Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019-1, 3.97% due 12/15/44<sup>6,10</sup> | 3884237 | 3206613 |
| JOL Air Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019-1, 3.97% due 04/15/44<sup>6</sup> | 3612604 | 2944577 |
| AASET Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021-1A, 2.95% due 11/16/41<sup>6</sup> | 1037354 | 825614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021-2A, 2.80% due 01/15/47<sup>6</sup> | 943743 | 736991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019-1, 3.84% due 05/15/39<sup>6</sup> | 1021656 | 678625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021-2A, 3.54% due 01/15/47<sup>6</sup> | 662162 | 495199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020-1A, 3.35% due 01/16/40<sup>6</sup> | 249087 | 199902 |
| KDAC Aviation Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017-1A, 4.21% due 12/15/42<sup>6</sup> | 3454719 | 2660237 |

---

*See notes to financial statements.*

<sup>72</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

------

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br>**Amount~** | <br>**Value** |
| **ASSET-BACKED SECURITIES<sup>††</sup> – 14.0% (continued)** |  |  |
| **Transport-Aircraft – 3.0% (continued)** |  |  |
| Start Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018-1, 4.09% due 05/15/43<sup>6</sup> | 1688838 | $1346663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018-1, 5.32% due 05/15/43<sup>6</sup> | 1610750 | 1117313 |
| Start II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019-1, 4.09% due 03/15/44<sup>6</sup> | 756487 | 643478 |
| Castlelake Aircraft Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019-1A, 3.97% due 04/15/39<sup>6</sup> | 426048 | 359376 |
| **Total Transport-Aircraft** |  | 15214588 |
| **Infrastructure – 2.3%** |  |  |
| Hotwire Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021-1, 4.46% due 11/20/51<sup>6</sup> | 7700000 | 6368675 |
| VB-S1 Issuer LLC – VBTEL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022-1A, 5.27% due 02/15/52<sup>6</sup> | 5000000 | 4062135 |
| Five Guys Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017-1A, 4.60% due 07/25/47<sup>6</sup> | 1728125 | 1625412 |
| **Total Infrastructure** |  | 12056222 |
| **Financial – 1.2%** |  |  |
| Thunderbird A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 03/01/37<sup>†††</sup> | 3189444 | 2998078 |
| Lightning A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% due 03/01/37<sup>†††</sup> | 3118333 | 2931233 |
| Thunderbird B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50% due 03/01/37<sup>†††</sup> | 412752 | 375604 |
| Lightning B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50% due 03/01/37<sup>†††</sup> | 403549 | 367230 |
| **Total Financial** |  | 6672145 |
| **Single Family Residence – 0.5%** |  |  |
| FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020-SFR2, 4.50% due 10/19/37<sup>6</sup> | 1100000 | 977185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020-SFR2, 4.00% due 10/19/37<sup>6</sup> | 1100000 | 966203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020-SFR2, 3.37% due 10/19/37<sup>6</sup> | 700000 | 606745 |
| **Total Single Family Residence** |  | 2550133 |
| **Net Lease – 0.3%** |  |  |
| CARS-DB4, LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020-1A, 4.52% due 02/15/50<sup>6</sup> | 1000000 | 867316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020-1A, 4.95% due 02/15/50<sup>6</sup> | 850000 | 687724 |
| **Total Net Lease** |  | 1555040 |
| **Total Asset-Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $83,519,290) |  | 73470050 |

---

*See notes to financial statements.*

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>73</sup>

------

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br>**Amount~** | <br>**Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> – 3.3%** |  |  |
| **Government Agency – 2.0%** |  |  |
| Fannie Mae |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 07/01/52<sup>2</sup> | 7364220 | $7028354 |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% due 06/01/52<sup>2</sup> | 3673514 | 3492825 |
| **Total Government Agency** |  | 10521179 |
| **Residential Mortgage-Backed Securities – 1.3%** |  |  |
| Finance of America HECM Buyout |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022-HB2, 6.00% (WAC) due 04/25/26<sup>◊,6</sup> | 1450000 | 1400601 |
| Carrington Mortgage Loan Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006-NC5, 4.19% (1 Month USD LIBOR + 0.15%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate Cap/Floor: 14.50%/0.15%) due 01/25/37<sup>◊</sup> | 1602028 | 1333628 |
| NYMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022-SP1, 5.25% due 07/25/62<sup>6,10</sup> | 1357379 | 1302803 |
| GCAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022-NQM5, 5.71% due 08/25/67<sup>6,10</sup> | 797167 | 760009 |
| CFMT LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022-HB9, 3.25% (WAC) due 09/25/37<sup>◊,11</sup> | 700000 | 590776 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022-NQM8, 6.10% due 09/25/62<sup>6,10</sup> | 490816 | 473045 |
| Citigroup Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022-A, 6.17% due 09/25/62<sup>6,10</sup> | 441637 | 429283 |
| CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020-RPL5, 3.02% (WAC) due 08/25/60<sup>◊,6</sup> | 327424 | 310250 |
| **Total Residential Mortgage-Backed Securities** |  | 6600395 |
| **Total Collateralized Mortgage Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $17,758,999) |  | 17121574 |
| **U.S. GOVERNMENT SECURITIES<sup>††</sup> – 1.4%** |  |  |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;due 08/15/51<sup>2,12,13</sup> | 12650000 | 4303937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;due 05/15/44<sup>2,12,13</sup> | 1910000 | 800392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;due 11/15/44<sup>12,13</sup> | 1910000 | 783190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;due 02/15/46<sup>2,12,13</sup> | 1920000 | 750900 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13% due 11/15/32 | 903000 | 938273 |
| **Total U.S. Government Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $8,683,460) |  | 7576692 |
| **U.S. TREASURY BILLS<sup>††</sup> – 0.8%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15% due 12/08/22<sup>14</sup> | 2700000 | 2698110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82% due 01/12/23<sup>14</sup> | 1500000 | 1493175 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,193,936) |  | 4191285 |

---

*See notes to financial statements.*

<sup>74</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

------

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br>**Amount~** | <br>**Value** |
| **FOREIGN GOVERNMENT DEBT<sup>††</sup> – 0.3%** |  |  |
| Panama Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% due 01/19/63 | 1700000 | $1235506 |
| **Total Foreign Government Debt** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,689,455) |  | 1235506 |
| **CONVERTIBLE BONDS<sup>††</sup> – 0.2%** |  |  |
| **Consumer, Non-cyclical – 0.2%** |  |  |
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;due 05/01/26<sup>12</sup> | 1090000 | 874725 |
| **Communications – 0.0%** |  |  |
| Cable One, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;due 03/15/26<sup>2,12</sup> | 450000 | 343350 |
| **Total Convertible Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,299,835) |  | 1218075 |
| **Total Investments – 137.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $850,695,454) |  | $722544832 |

---

---

| | | |
|:---|:---|:---|
| | **Contracts** | |
| **LISTED OPTIONS WRITTEN<sup>†</sup> – (0.3)%** |  |  |
| **Call Options on:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Index Expiring December 2022 with strike price of $4,020.00 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Notional Value $20,808,561) | 51 | (398565) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NASDAQ-100 Index Expiring December 2022 with strike price of $11,890.00 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Notional Value $20,451,102) | 17 | (461157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russell 2000 Index Expiring December 2022 with strike price of $1,860.00 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Notional Value $20,752,347) | 110 | (513664) |
| **Total Listed Options Written** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Premiums received $1,372,893) |  | (1373386) |
| **Other Assets & Liabilities, net – (37.0)%** |  | (194484917) |
| **Total Net Assets – 100.0%** |  | $526686529 |

---

**Centrally Cleared Credit Default Swap Agreements<sup>††</sup>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | <br>**Index** | <br>**Protection** | <br>**Protection**<br>**Premium**<br>**Rate** | <br>**Payment**<br>**Frequency** | <br>**Maturity**<br>**Date** | <br>**Notional**<br>**Amount** | <br>**Value** | **Upfront**<br>**Premiums**<br>**Paid**<br>**(Received)** | <br>**Unrealized**<br>**Depreciation\*\*** |
| J.P. Morgan |  |  |  |  |  |  |  |  |  |
| Securities |  |  |  |  |  |  |  |  |  |
| LLC ICE | CDX.NA.HY.37.V2 | Sold | 5.00% | Quarterly | 12/20/26 | $29700000 | $971435 | $1952328 | $(980893) |
| J.P. Morgan |  |  |  |  |  |  |  |  |  |
| Securities |  |  |  |  |  |  |  |  |  |
| LLC ICE | ITRAXX.EUR.38.V1 | Purchased | 1.00% | Quarterly | 12/20/27 | 10000000 | (41352) | (28876) | (12476) |
|  |  |  |  |  |  |  | $930083 | $1923452 | $(993369) |

---

*See notes to financial statements.*

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>75</sup>

------

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

**Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|<br><br>**Counterparty** | <br>**Floating**<br>**Rate**<br>**Type** | <br>**Floating**<br>**Rate**<br>**Index** | <br>**Fixed**<br>**Rate** | <br>**Payment**<br>**Frequency** | <br>**Maturity**<br>**Date** | <br>**Notional**<br>**Amount** | <br>**Value** | **Upfront**<br>**Premiums**<br>**Paid**<br>**(Received)** | <br>**Unrealized**<br>**Depreciation\*\*** |
| J.P. Morgan |  |  |  |  |  |  |  |  |  |
| Securities LLC CME | Pay | U.S. | 2.78% | Annually | 07/18/27 | $53800000 | $(1920900) | $455 | $(1921355) |
|  |  | Secured |  |  |  |  |  |  |  |
|  |  | Overnight |  |  |  |  |  |  |  |
|  |  | Financing Rate |  |  |  |  |  |  |  |

---

**Total Return Swap Agreements**<sup>††</sup>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | <br>**Index** | <br>**Type** | <br>**Financing**<br>**Rate** | <br>**Payment**<br>**Frequency** | <br>**Maturity**<br>**Date** | <br>**Units** | <br>**Notional**<br>**Amount** | **Value and**<br>**Unrealized**<br>**Depreciation** |
| **OTC Equity Index Swap Agreements** | **OTC Equity Index Swap Agreements** |  |  |  |  |  |  |  |
|  |  |  | 4.13% |  |  |  |  |  |
| Goldman Sachs | SPDR Gold |  | (Federal Funds |  |  |  |  |  |
| International | Trust ETF | Pay | Rate + 0.30%) | At Maturity | 06/07/23 | 42000 | $6922020 | $(336420) |

---

**Forward Foreign Currency Exchange Contracts**<sup>††</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | <br>**Currency** | <br>**Type** | <br>**Quantity** | <br>**Contract**<br>**Amount** | <br>**Settlement**<br>**Date** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| Citibank, N.A. | GBP | Sell | 40000 | 48,355 USD | 12/16/22 | $221 |
| Morgan Stanley | CAD | Sell | 6324000 | 4,674,142 USD | 12/16/22 | (6372) |
| Capital Services LLC |  |  |  |  |  |  |
| JPMorgan Chase | GBP | Sell | 946000 | 1,073,769 USD | 12/16/22 | (64611) |
| Bank, N.A. |  |  |  |  |  |  |
| Barclays Bank plc | EUR | Sell | 17131000 | 17,178,764 USD | 12/16/22 | (638055) |
|  |  |  |  |  |  | $(708817) |

---

 

---

| | |
|:---|:---|
| *~* | *The face amount is denominated in U.S. dollars unless otherwise indicated.* |

---

*\** *Non-income producing security.*

*\*\** *Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*†* *Value determined based on Level 1 inputs, unless otherwise noted — See Note 6.* 

*††* *Value determined based on Level 2 inputs, unless otherwise noted — See Note 6.*

*†††* *Value determined based on Level 3 inputs — See Note 6.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*◊* *Variable rate security. Rate indicated is the rate effective at November 30, 2022. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.* 

*1* *Special Purpose Acquisition Company (SPAC).*

*See notes to financial statements.*

<sup>76</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

------

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

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---

| | |
|:---|:---|
| *2* | *All or a portion of these securities have been physically segregated in connections with options, reverse repurchase agreements and unfunded loan commitments. As of November 30, 2022, the total value of segregated securities was $258,711,794.* |

---

*3* *Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.*

*4* *Affiliated issuer.*

*5* *Rate indicated is the 7-day yield as of November 30, 2022.*

---

| | |
|:---|:---|
| *6* | *Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $282,111,708 (cost $329,979,935), or 53.6% of total net assets.* |

---

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

*8* *Perpetual maturity.*

*9* *Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.*

---

| | |
|:---|:---|
| *10* | *Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at November 30, 2022. See table below for additional step information for each security.* |

---

---

| | |
|:---|:---|
| *11* | *Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $590,776 (cost $598,975), or 0.1% of total net assets — See Note 12.* |

---

*12* *Zero coupon rate security.*

*13* *Security is a principal-only strip.*

*14* *Rate indicated is the effective yield at the time of purchase.*

CAD — Canadian Dollar

*CDX.NA.HY.37.V2* *— Credit Default Swap North American High Yield Series 37 Index Version V2*

*CME* *— Chicago Mercantile Exchange*

*EUR* *— Euro*

*EURIBOR* *— European Interbank Offered Rate*

*GBP* *— British Pound*

*ICE* *— Intercontinental Exchange*

*ITRAXX.EUR.38.V1* *— iTraxx Europe Series 38 Index Version V1*

*LIBOR* *— London Interbank Offered Rate*

*plc* *— Public Limited Company*

*REIT* *— Real Estate Investment Trust*

*SARL* *— Société à Responsabilité Limitée*

*SOFR* *— Secured Overnight Financing Rate*

*WAC* *— Weighted Average Coupon*

See Sector Classification in Other Information section.

*See notes to financial statements.*

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>77</sup>

------

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

The following table summarizes the inputs used to value the Fund's investments at November 30, 2022 (See Note 6 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments in Securities (Assets)** | <br>**Level 1**<br>**Quoted Prices** | **Level 2**<br>**Significant**<br>**Observable**<br>**Inputs** | **Level 3**<br>**Significant**<br>**Unobservable**<br>**Inputs** | <br>**Total** |
| Common Stocks | $58444708 | $— | $33 | $58444741 |
| Preferred Stocks |  | 35206207 |  | 35206207 |
| Warrants | 1747 |  |  | 1747 |
| Rights | —\* |  | —\* |  |
| Exchange-Traded Funds | 73513215 |  |  | 73513215 |
| Mutual Fund | 5777577 |  |  | 5777577 |
| Closed-End Funds | 12771501 |  |  | 12771501 |
| Money Market Funds | 2185205 |  |  | 2185205 |
| Corporate Bonds |  | 265725848 | 15621215 | 281347063 |
| Senior Floating Rate Interests |  | 120873800 | 27610594 | 148484394 |
| Asset-Backed Securities |  | 66797905 | 6672145 | 73470050 |
| Collateralized Mortgage Obligations |  | 17121574 |  | 17121574 |
| U.S. Government Securities |  | 7576692 |  | 7576692 |
| U.S. Treasury Bills |  | 4191285 |  | 4191285 |
| Foreign Government Debt |  | 1235506 |  | 1235506 |
| Convertible Bonds |  | 1218075 |  | 1218075 |
| Forward Foreign Currency |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange Contracts\*\* |  | 221 |  | 221 |
| Total Assets | $152693953 | $519947113 | $49903987 | $722545053 |
|  |  | **Level 2** | **Level 3** |  |
|  |  | **Significant** | **Significant** |  |
|  | **Level 1** | **Observable** | **Unobservable** |  |
| **Investments in Securities (Liabilities)** | **Quoted Prices** | **Inputs** | **Inputs** | **Total** |
| Options Written | $1373386 | $— | $— | $1373386 |
| Credit Default Swap Agreements\*\* |  | 993369 |  | 993369 |
| Interest Rate Swap Agreements\*\* |  | 1921355 |  | 1921355 |
| Forward Foreign Currency |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange Contracts\*\* |  | 709038 |  | 709038 |
| Equity Index Swap Agreements\*\* |  | 336420 |  | 336420 |
| Unfunded Loan Commitments (Note 11) |  |  | 43028 | 43028 |
| Total Liabilities | $1373386 | $3960182 | $43028 | $5376596 |

---

\* Security has a market value of $0.

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

*See notes to financial statements.*

<sup>78</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

------

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

Please refer to the detailed Schedule of Investments for a breakdown of investment type by industry category.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of the period end, reverse repurchase agreements of $200,502,581 are categorized as Level 2 within the disclosure hierarchy — See Note 7.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Category** | **Ending Balance at**<br>**November 30, 2022** | &nbsp;&nbsp;<br>&nbsp;&nbsp;**Valuation Technique** | **Unobservable**<br>**Inputs** | **Input**<br>**Range** | **Weighted**<br>**Average\*** |
| **Assets:** |  |  |  |  |  |
| Asset-Backed Securities | $6672145 | &nbsp;&nbsp;Yield Analysis | Yield | 6.0%-8.1% | 6.2% |
| Common Stocks | 33 | &nbsp;&nbsp;Model Price | Liquidation Value |  |  |
| Corporate Bonds | 15621215 | &nbsp;&nbsp;Option adjusted spread |  |  |  |
|  |  | &nbsp;&nbsp;off prior month end | &nbsp;&nbsp;off prior month end | &nbsp;&nbsp;off prior month end | &nbsp;&nbsp;off prior month end |
|  |  | &nbsp;&nbsp;broker quote | Broker Quote |  |  |
| Senior Floating Rate Interests | 16569754 | &nbsp;&nbsp;Third Party Pricing | Broker Quote |  |  |
| Senior Floating Rate Interests | 8442037 | &nbsp;&nbsp;Yield Analysis | Yield | 8.4%-10.7% | 10.1% |
| Senior Floating Rate Interests | 2598803 | &nbsp;&nbsp;Model Price | Purchase Price | – | – |
| Total Assets | $49903987 |  |  |  |  |
| **Liabilities:** |  |  |  |  |  |
| Unfunded Loan Commitments | $43028 | &nbsp;&nbsp;Model Price | Purchase Price | – | – |

---

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

Significant changes in a quote, yield, or liquidation value would generally result in significant changes in the fair value of the security. Any remaining Level 3 securities held by the Fund and excluded from the table above, were not considered material to the Fund.

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

Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment's valuation changes. For the period ended November 30, 2022, the Fund had securities with a total value of $3,197,390 transfer into Level 3 from Level 2 due to a lack of observable inputs and had securities with a total value of $13,064,736 transfer out of Level 3 into Level 2 due to the availability of current and reliable market-based data provided by a third-party pricing service which utilizes significant observable inputs.

*See notes to financial statements.*

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>79</sup>

------

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

**Summary of Fair Value Level 3 Activity**

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended November 30, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Assets** | **Assets** | | | **Liabilities** |
| | **Asset-**<br>**Backed**<br>**Securities** | <br>**Corporate**<br>**Bonds** | **Senior**<br>**Floating Rate**<br>**Interests** | <br>**Common**<br>**Stocks** | <br>**Total**<br>**Assets** | **Unfunded**<br>**Loan**<br>**Commitments** |
| Beginning Balance | $4051141 | $13039216 | $31783834 | $– | $48874191 | $(60563) |
| Purchases/(Receipts) | 3092079 | 2750000 | 8660857 |  | 14502936 | (36303) |
| (Sales, maturities and |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;paydowns)/Fundings |  |  | (458759) |  | (458758) | 4338 |
| Amortization of |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;premiums/discounts |  |  | 17872 |  | 17872 | (417) |
| Total realized gains |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(losses) included in earnings | &nbsp;&nbsp;&nbsp; – |  | (7197) |  | (7197) | (2721) |
| Total change in unrealized |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;appreciation |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(depreciation) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;included in earnings | (471075) | (168001) | (2518634) |  | (3157710) | 52638 |
| Transfers into Level 3 |  |  | 3197357 | 33 | 3197390 |  |
| Transfers out of Level 3 | – | – | (13064736) | – | (13064736) | – |
| Ending Balance | $6672145 | $15621215 | $27610594 | $33 | $49903987 | $(43028) |
| Net change in unrealized |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;appreciation |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(depreciation) for |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;investments in Level 3 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;securities still held at |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;November 30, 2022 | $(471075) | $(168001) | $(853551) | $– | $(1492627) | $10599 |

---

**Step Coupon Bonds**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Name** | **Coupon**<br>**Rate at Next**<br>**Reset Date** | <br>**Next Rate**<br>**Reset Date** | <br>**Future**<br>**Reset Rate(s)** | <br>**Future**<br>**Reset Date(s)** |
| Citigroup Mortgage Loan Trust 2022-A, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.17% due 09/25/62 | 9.17% | 09/25/25 | 10.17% | 9/25/2026 |
| GAIA Aviation Ltd. 2019-1, 3.97% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;due 12/15/44 | 2.00% | 11/15/23 |  |  |
| GCAT Trust 2022-NQM5, 5.71% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;due 08/25/67 | 6.71% | 10/01/26 |  |  |
| NYMT Loan Trust 2022-SP1, 5.25% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;due 07/25/62 | 8.25% | 07/01/25 | 9.25% | 7/1/2026 |
| OBX Trust 2022-NQM8, 6.10% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;due 09/25/62 | 7.10% | 10/01/26 |  |  |

---

*See notes to financial statements.*

<sup>80</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

------

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited) continued** | November 30, 2022 |

---

**Affiliated Transactions**

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments, result in that company being considered an affiliated issuer, as defined in the 1940 Act.

Transactions during the period ended November 30, 2022, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Security Name** | <br>**Value**<br>**05/31/22** | <br>**Additions** | <br>**Reductions** | <br>**Realized**<br>**Gain**<br>**(Loss)** | **Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** | <br>**Value**<br>**11/30/22** | <br>**Shares**<br>**11/30/22** | <br>**Investment**<br>**Income** |
| **Mutual Fund** |  |  |  |  |  |  |  |  |
| Guggenheim Risk |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Managed Real |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Estate Fund — |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | $6259675 | $68043 | $– | $– | $(550141) $5777577 | $(550141) $5777577 | 178430 | $68043 |

---

*See notes to financial statements.*

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>81</sup>

------

---

| | |
|:---|:---|
| **STATEMENT OF ASSETS AND LIABILITIES (Unaudited)** | November 30, 2022 |

---

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments in unaffiliated issuers, at value (cost $843,740,048) | $716767255 |
| Investments in affiliated issuers, at value (cost $6,955,406) | 5777577 |
| Foreign currency, at value | 101559 |
| Segregated cash due from broker | 1160000 |
| Unrealized appreciation on forward foreign currency exchange contracts | 221 |
| Unamortized upfront premiums paid on credit default swap agreements | 1952328 |
| Unamortized upfront premiums paid on interest rate swap agreements | 455 |
| Prepaid expenses | 56252 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | 36713012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 7399600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Protection fees on credit default swap agreements | 276287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on interest rate swap agreements | 222700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | 159167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on credit default swap agreements | 50038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax reclaims | 454 |
| Other assets | 36164 |
| **Total assets** | 770673069 |
| **LIABILITIES:** |  |
| Reverse repurchase agreements (Note 7) | 200502581 |
| Unfunded loan commitments, at value (Note 11) (commitment fees received $40,095) | 43028 |
| Options written, at value (premiums received $1,372,893) | 1373386 |
| Unamortized upfront premiums received on credit default swap agreements | 28876 |
| Unrealized depreciation on forward foreign currency exchange contracts | 709038 |
| Unrealized depreciation on OTC swap agreements | 336420 |
| Segregated cash due to broker | 2226784 |
| Due to custodian | 636934 |
| Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | 36995475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 720778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 93544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses\* | 15242 |
| Other liabilities | 304454 |
| **Total liabilities** | 243986540 |
| **NET ASSETS** | $526686529 |
| **NET ASSETS CONSIST OF:** |  |
| Common stock, $0.01 par value per share; unlimited number of shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;authorized, 32,980,083 shares issued and outstanding | $329801 |
| Additional paid-in capital | 659221342 |
| Total distributable earnings (loss) | (132864614) |
| **NET ASSETS** | $526686529 |
| Shares outstanding ($0.01 par value with unlimited amount authorized) | 32980083 |
| Net asset value | $15.97 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the 1940 Act.

*See notes to financial statements.*

<sup>82</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

------

---

| | |
|:---|:---|
| **STATEMENT OF OPERATIONS (Unaudited)** | November 30, 2022 |
| For the Six Months Ended November 30, 2022 |  |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest from securities of unaffiliated issuers | $17971620 |
| Dividends from securities of unaffiliated issuers (net of foreign withholdings tax $66) | 1702215 |
| Dividends from securities of affiliated issuers | 68043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 19741878 |
| **EXPENSES:** |  |
| Investment advisory fees | 4416369 |
| Interest expense | 2474652 |
| Professional fees | 236074 |
| Fund accounting fees | 75350 |
| Administration fees | 73051 |
| Printing fees | 70284 |
| Insurance | 69968 |
| Trustees' fees and expenses\* | 50178 |
| Custodian fees | 46348 |
| Registration and filing fees | 35182 |
| Transfer agent fees | 11529 |
| Miscellaneous | 7948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 7566933 |
| Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses waived by adviser | (21799) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 7545134 |
| Net investment income | 12196744 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (4936914) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap agreements | 255483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | 2582220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options written | 88418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | 1373484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 143641 |
| Net realized loss | (493668) |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (36758931) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers | (550141) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap agreements | (1754936) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | (132431) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options written | 2759622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | (200893) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (208977) |
| Net change in unrealized appreciation (depreciation) | (36846687) |
| Net realized and unrealized loss | (37340355) |
| **Net decrease in net assets resulting from operations** | (25143611) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the 1940 Act.

*See notes to financial statements.*

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>83</sup>

------

---

| | |
|:---|:---|
| **STATEMENTS OF CHANGES IN NET ASSETS** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | <br>**Six Months Ended**<br>**November 30, 2022**<br>**(Unaudited)** | **Period from**<br>**November 23,**<br>**2021<sup>a</sup> to**<br>**May 31, 2022** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| Net investment income | $12196744 | $9319937 |
| Net realized gain(loss) on investments | (493668) | 17429195 |
| Net change in unrealized appreciation (depreciation) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;on investments | (36846687) | (95361921) |
| Net decrease in net assets resulting from operations | (25143611) | (68612789) |
| **DISTRIBUTIONS:** |  |  |
| Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23498309)\* | (15665540) |
| **SHAREHOLDER TRANSACTIONS:** |  |  |
| Proceeds from sale of shares |  | 659601659 |
| Capital contribution from adviser | 5119 |  |
| Net increase in net assets resulting from |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;shareholder transactions | 5119 | 659601659 |
| Net increase (decrease) in net assets | (48636801) | 575323330 |
| **NET ASSETS:** |  |  |
| Beginning of period | 575323330 |  |
| End of period | $526686529 | $575323330 |

---

<sup>a</sup> Commencement of operations

\* A portion of the distributions to shareholders may be deemed a return of capital at fiscal year-end.

*See notes to financial statements.*

<sup>84</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

------

---

| | |
|:---|:---|
| **STATEMENT OF CASH FLOWS (Unaudited)** | November 30, 2022 |
| For the Six Months Ended November 30, 2022 |  |

---

---

| | |
|:---|:---|
| **Cash Flows from Operating Activities:** |  |
| Net decrease in net assets resulting from operations | $(25143611) |
| **Adjustments to Reconcile Net Decrease in Net Assets Resulting from Operations to** |  |
| **Net Cash Provided by Operating and Investing Activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | 37309072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on options purchased | 132431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on options written | (2759622) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on swap agreements | 250385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on forward foreign |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;currency exchange contracts | 200893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments | 4936914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on options purchased | (2582220) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on options written | (88418) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of long-term investments | (135477931) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of long-term investments | 188195178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net purchases of short-term investments | (8305664) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net accretion of bond discount and amortization of bond premium | (758893) |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate actions and other payments | 233986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums received on options written | 50701397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of closing options written | (52805726) |
| &nbsp;&nbsp;&nbsp;&nbsp;Commitment fees received and repayments of unfunded commitments | 31965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in interest receivable | (1097031) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in segregated cash due to broker | (1160000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in dividends receivable | 202258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in investments sold receivable | (15564055) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in unamortized upfront premiums paid on credit default swap agreements | 258470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in unamortized upfront premiums paid on interest rate swap agreements | (455) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in protection fees on credit default swap agreements | 27880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in swap settlement receivable | 2161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in variation margin on interest rate swap agreements receivable | (222700) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in variation margin on credit default swap agreements receivable | (100877) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in prepaid expenses | (41222) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in tax reclaims receivable | (454) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in other assets | (36164) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in investments purchased payable | 33789545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in interest due on borrowings | (45500) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in professional fees payable | (62540) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in unamortized upfront premiums received on credit default swap agreements | 28876 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in segregated cash due to broker | 20807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in due to custodian | 636934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in investment advisory fees payable | (134815) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in trustees' fees and expenses payable\* | 8257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in other liabilities | 210178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash Provided by Operating and Investing Activities | 70789689 |
| **Cash Flows From Financing Activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to common shareholders | (23498309) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital contribution from adviser | 5119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from borrowings | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments made on borrowings | (71000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from reverse repurchase agreements | 294415001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments made on reverse repurchase agreements | (276036961) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash Used in Financing Activities | (71115150) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in cash | (325461) |
| **Cash at Beginning of Period** | 427020 |
| **Cash at End of Period (including foreign currency)** | $101559 |
| **Supplemental Disclosure of Cash Flow Information:** |  |
| **Cash paid during the period for interest** | $1333493 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the 1940 Act.

*See notes to financial statements.*

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>85</sup>

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| | |
|:---|:---|
| **FINANCIAL HIGHLIGHTS** | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Six Months**<br>**Ended**<br>**November 30,**<br>**2022**<br>**(Unaudited)** | <br>**Period Ended**<br>**May 31, 2022<sup>(a)</sup>** |
| **Per Share Data:** |  |  |
| Net asset value, beginning of period | $17.44 | $20.00 |
| Income from investment operations: |  |  |
| Net investment income<sup>(b)</sup> | 0.37 | 0.28 |
| Net loss on investments (realized and unrealized) | (1.13) | (2.36) |
| Total from investment operations | (0.76) | (2.08) |
| Less distributions from: |  |  |
| Net investment income | (0.59) | (0.48) |
| Capital gains | (0.12) |  |
| Total distributions to shareholders | (0.71) | (0.48) |
| Net asset value, end of period | $15.97 | $17.44 |
| Market value, end of period | $14.02 | $15.94 |
| **Total Return<sup>(c)</sup>** |  |  |
| Net asset value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.33%)<sup>(h)</sup> | (10.51%) |
| Market value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.59%) | (18.03%) |
| **Ratios/Supplemental Data:** |  |  |
| Net assets, end of period (in thousands) | $526687 | $575323 |
| Ratio to average net assets of: |  |  |
| Net investment income, including interest expense<sup>(f)</sup> | 4.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90% |
| Total expenses, including interest expense<sup>(d)(e)(f)</sup> | 2.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93% |
| Portfolio turnover rate | 21% | 29% |
| **Senior Indebtedness** |  |  |
| Total Borrowings outstanding (in thousands) | $— | $66000 |
| Asset Coverage per $1,000 of indebtedness<sup>(g)</sup> |  | 9717 |

---

*See notes to financial statements.*

<sup>86 l **GUG**l GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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| | |
|:---|:---|
| **FINANCIAL HIGHLIGHTS continued** | November 30, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;(a) Since commencement of operations: November 23, 2021. Percentage amounts for the period, except
total return and portfolio turnover rate, have been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total return is calculated assuming a purchase of a common share at the beginning of the
period, 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 returns
do not reflect brokerage commissions. A return calculated for a period of less than one year is not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The ratio of total expenses to average net assets applicable to common shares do not reflect
fees and expenses incurred indirectly by the Fund as a result of its investment in shares of other investment companies. If these fees
were included in the expense ratio, the expense ratio would increase by 0.09% and 0.07%, for the periods ended November 30, 2022 and
May 31, 2022, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Excluding interest expense, the operating
expense ratio for the periods ended November 30, 2022 and May 31, 2022 would be:

---

| | |
|:---|:---|
| **November 30, 2022<sup>(f)</sup>**<br> **(Unaudited)**  | **2022<sup>(f)</sup>** |
| 1.92% | 1.74% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Calculated by substracting the Fund's total liabilities (not including the borrowings)
from the Fund's total assets and dividing by the borrowings.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The net increase from the payment by the Adviser totaling $5,119 relating to an operational
issue contributed less than 0.01% to total return at net asset value for the period ended November 30, 2022.

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVEALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>87</sup>

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| | |
|:---|:---|
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)** | November 30, 2022 |

---

Note 1 – **Organization**

Guggenheim Active Allocation Fund (the "Fund") was organized as a Delaware statutory trust on May 20, 2021 and commenced investment operations on November 23, 2021. The Fund is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act").

The Fund's investment objective is to maximize total return through a combination of current income and capital appreciation.

Note 2 **– Significant Accounting Policies**

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

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

**(a) Valuation of Investments**

The Board of Trustees of the Fund (the "Board") adopted policies and procedures for the valuation of the Fund's investments (the "Valuation Procedures"). The U.S. Securities and Exchange Commission (the "SEC") adopted Rule 2a-5 under the 1940 Act ("Rule 2a-5") which establishes requirements for determining fair value in good faith and became effective September 8, 2022. Rule 2a-5 also defines "readily available market quotations" for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

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

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

<sup>88</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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| | |
|:---|:---|
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) continued** | November 30, 2022 |

---

If the pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Adviser.

Equity securities listed or traded on a recognized U.S. securities exchange or the National Association of Securities Dealers Automated Quotations ("NASDAQ") National Market System shall generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ official closing price, which may not necessarily represent the last sale price.

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

U.S. Government securities are valued by independent pricing services, the last traded fill price, or at the reported bid price at the close of business.

Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the New York Stock Exchange ("NYSE"). The values of foreign securities are determined as of the close of such foreign markets or the close of the NYSE, if earlier. All investments quoted in foreign currencies are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of U.S. business at 4:00 p.m. Investments in foreign securities may involve risks not present in domestic investments. The Adviser will determine the current value of such foreign securities by taking into consideration certain factors which may include those discussed above, as well as the following factors, among others: the value of the securities traded on other foreign markets, ADR trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities. In addition, under the Valuation Designee Procedures, the Adviser is authorized to use prices and other information supplied by a third party pricing vendor in valuing foreign securities.

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

Typically, loans are valued using information provided by an independent third party pricing service which uses broker quotes, among other inputs. If the pricing service cannot or does not provide a valuation for a particular loan, or such valuation is deemed unreliable, such investment is valued based on a quote from a broker-dealer or is fair valued by the Adviser.

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

Exchange-traded options are valued at the mean of the bid and ask prices on the principal exchange on which they are traded.

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>89</sup>

------

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| | |
|:---|:---|
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) continued** | November 30, 2022 |

---

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

The value of interest rate swap agreements entered into by the Fund is valued on the basis of the last sale price on the primary exchange on which the swap is traded. The values of other swap agreements entered into by the Fund will generally be valued using an evaluated price provided by a third party pricing vendor.

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

Investments for which market quotations are not readily available are fair-valued as determined in good faith by the Adviser. Valuations in accordance with these methods are intended to reflect each security's (or asset's or liability's) "fair value". Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis.

**(b) Investment Transactions and Investment Income**

Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Dividend income from Real Estate Investment Trusts ("REITs") is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Discounts or premiums on debt securities purchased are accreted or amortized to interest income using the effective interest method. Interest income also includes paydown gains and losses on mortgage-backed and asset-backed securities, and senior and subordinated loans. Amendment fees are earned as compensation for evaluating and accepting changes to the original loan agreement.

The Fund may receive other income from investments in senior loan interests, including amendment fees, consent fees and commitment fees. For funded loans, these fees are recorded as income when received by the Fund and included in interest income on the Statement of Operations. For unfunded loans, commitment fees are included in realized gain on investments on the Statement of Operations at the end of the commitment period.

Income from residual collateralized loan obligations is recognized using the effective interest method. At the time of purchase, management estimates the future expected cash flows and determines the effective yield and estimated maturity date based on the estimated cash flows.

<sup>90</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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| | |
|:---|:---|
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) continued** | November 30, 2022 |

---

Subsequent to the purchase, the estimated cash flows are updated periodically and a revised yield is calculated prospectively.

**(c) Senior Floating Rate Interests and Loan Investments**

Senior floating rate interests in which the Fund invests generally pay interest rates which are periodically adjusted by reference to a base short-term floating rate, plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the one-month or three-month London Inter-Bank Offered Rate ("LIBOR"), (ii) the prime rate offered by one or more major United States banks, or (iii) the bank's certificate of deposit rate. Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities disclosed in the Fund's Schedule of Investments.

The Fund invests in loans and other similar debt obligations ("obligations"). A portion of the Fund's investments in these obligations is sometimes referred to as "covenant lite" loans or obligations ("covenant lite obligations"), which are obligations that lack covenants or possess fewer or less restrictive covenants or constraints on borrowers than certain other types of obligations. The Fund may also obtain exposure to covenant lite obligations through investment in securitization vehicles and other structured products. In recent market conditions, many new or reissued obligations have not featured traditional covenants, which are intended to protect lenders and investors by (i) imposing certain restrictions or other limitations on a borrower's operations or assets or (ii) providing certain rights to lenders. The Fund may have fewer rights with respect to covenant lite obligations, including fewer protections against the possibility of default and fewer remedies in the event of default. As a result, investments in (or exposure to) covenant lite obligations are subject to more risk than investments in (or exposure to) certain other types of obligations. The Fund is subject to other risks associated with investments in (or exposure to) obligations, including that obligations may not be considered "securities" and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.

**(d) Currency Translations**

The accounting records of the Fund are maintained in U.S. dollars. All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars at prevailing exchange rates. Purchases and sales of investment securities, dividend and interest income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation, or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments.

The Fund does not isolate that portion of the results of operations resulting from changes in the foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized gain or loss and unrealized appreciation or depreciation on investments.

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>91</sup>

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| | |
|:---|:---|
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) continued** | November 30, 2022 |

---

Reported net realized foreign exchange gains and losses arise from sales of foreign currencies and currency gains or losses realized between the trade and settlement dates on investment transactions. Net unrealized appreciation and depreciation arise from changes in the fair values of assets and liabilities other than investments in securities at the fiscal period end, resulting from changes in exchange rates.

**(e) Forward Foreign Currency Exchange Contracts**

Forward foreign currency exchange contracts are agreements between two parties to buy and sell currencies at a set price on a future date. Fluctuations in the value of open forward foreign currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and depreciation by the Fund until the contracts are closed. When the contracts are closed, realized gains and losses are recorded, and included on the Statement of Operations in forward foreign currency exchange contracts.

**(f) Distributions to Shareholders**

The Fund declares and pays monthly distributions to common shareholders. These distributions consist of investment company taxable income, which generally includes qualified dividend income, ordinary income and short-term capital gains. Any net realized long-term capital gains are distributed annually to common shareholders. To the extent distributions exceed taxable income, the excess will be deemed a return of capital. A return of capital is not taxable, but it reduces the shareholder's basis in its shares, which reduces the loss (or increases the gain) on a subsequent taxable disposition by such shareholder of the shares, until such shareholder's basis reaches zero at which point subsequent return of capital distributions will constitute taxable capital gain to such shareholder.

Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

**(g) Restricted Cash**

A portion of cash on hand relates to collateral received by the Fund for credit default swaps. This amount, if any, is presented on the Statement of Assets and Liabilities as Restricted Cash. At November 30, 2022, there was no restricted cash.

**(h) U.S. Government and Agency Obligations**

Certain U.S. Government and Agency Obligations are traded on a discount basis; the interest rates shown on the Schedule of Investments reflect the effective rates paid at the time of purchase by the Fund. Other securities bear interest at the rates shown, payable at fixed dates through maturity.

**(i) Swap Agreements**

Swap agreements are marked-to-market daily and the change, if any, is recorded as unrealized appreciation or depreciation. Payments received or made as a result of an agreement or termination of an agreement are recognized as realized gains or losses.

Upon entering into certain centrally-cleared swap transactions, the Fund is required to deposit with its clearing broker an amount of cash or securities as an initial margin. Subsequent variation margin

<sup>92</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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| | |
|:---|:---|
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) continued** | November 30, 2022 |

---

receipts or payments are received or made by the Fund depending on fluctuations in the fair value of the reference entity and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Upfront payments received or made by the Fund on credit default swap agreements and interest rate swap agreements are amortized over the expected life of the agreement. Periodic payments received or paid by the Fund are recorded as realized gains or losses. Payments received or made as a result of a credit event or termination of the contract are recognized, net of a proportional amount of the upfront payment, as realized gains or losses.

**(j) Options**

Upon the purchase of an option, the premium paid is recorded as an investment, the value of which is marked-to-market daily. If a purchased option expires, the Fund realizes a loss in the amount of the cost of the option. When the Fund enters into a closing sale transaction, it realizes a gain or loss depending on whether the proceeds from the closing sale transaction are greater or less than the cost of the option. If the Fund exercises a put option, it realizes a gain or loss from the sale of the underlying security and the proceeds from such sale will be decreased by the premium originally paid. When the Fund exercises a call option, the cost of the security purchased by the Fund upon exercise increases by the premium originally paid.

When the Fund writes (sells) an option, an amount equal to the premium received is entered in that Fund's accounting records as an asset and equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current value of the option written. When a written option expires, or if the Fund enters into a closing purchase transaction, it realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was sold).

**(k) Indemnifications**

Under the Fund's organizational documents, its Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, throughout the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**(l) Special Purpose Acquisition Companies**

The Fund may acquire an interest in a special purpose acquisition company ("SPAC") in an initial public offering or a secondary market transaction. SPAC investments carry many of the same risks as investments in initial public offering securities, such as erratic price movements, greater risk of loss, lack of information about the issuer, limited operating and little public or no trading history, and higher transaction costs. An investment in a SPAC is typically subject to a higher risk of dilution by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC and interests in SPACs may be illiquid and/or be subject to restrictions on resale. A SPAC is a publicly traded company that raises investment capital for the purpose of

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>93</sup>

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| | |
|:---|:---|
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) continued** | November 30, 2022 |

---

acquiring the equity securities of one or more existing companies (or interests therein) via merger, combination, acquisition or other similar transactions. Unless and until an acquisition is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. government securities, money market securities and cash and does not typically pay dividends in respect of its common stock. SPAC investments are also subject to the risk that a significant portion of the funds raised by the SPAC may be expended during the search for a target acquisition or merger and that the SPAC may have limited time in which to conduct due diligence on potential business combination targets. Because SPACs are in essence blank check companies without operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. Among other conflicts of interest, the economic interests of the management, directors, officers and related parties of a SPAC can differ from the economic interests of public shareholders, which may lead to conflicts as they evaluate, negotiate and recommend business combination transactions to shareholders. This risk may become more acute as the deadline for the completion of a business combination nears. There is no guarantee that the SPACs in which the Fund invests will complete an acquisition or that any acquisitions that are completed will be profitable.

Note 3 **– Derivatives**

As part of its investment strategy, the Fund utilizes a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized on the Statement of Assets and Liabilities. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 2 of these Notes to Financial Statements.

Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to increase investment flexibility (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Derivative instruments may also be used to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The Fund utilized derivatives for the following purposes:

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

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

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

<sup>94</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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|:---|:---|
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) continued** | November 30, 2022 |

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

**Options Purchased and Written**

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

The following table represents the Fund's use and volume of call/put options purchased on a monthly basis:

---

| | | |
|:---|:---|:---|
| | **Average Notional Amount** | **Average Notional Amount** |
| <br>**Use** | **Call** | **Put** |
| Income, Hedge | $— | $22537287 |

---

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

The following table represents the Fund's use and volume of call/put options written on a monthly basis:

---

| | | |
|:---|:---|:---|
| | **Average Notional Amount** | **Average Notional Amount** |
| <br>**Use** | **Call** | **Put** |
| Income, Hedge | $58844193 | $16097166 |

---

**Swap Agreements**

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. When utilizing OTC swaps, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. For a fund utilizing centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. There is no guarantee that a fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>95</sup>

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| | |
|:---|:---|
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) continued** | November 30, 2022 |

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

The following table represents the Fund's use and volume of total return swaps on a monthly basis:

---

| | | |
|:---|:---|:---|
| | **Average Notional Amount** | **Average Notional Amount** |
| <br>**Use** | **Long** | **Short** |
| Income, Index Exposure | $6854798 | $— |

---

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

The following table represents the Fund's use and volume of interest rate swaps on a monthly basis:

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| | | |
|:---|:---|:---|
| | **Average Notional Amount** | **Average Notional Amount** |
| <br>**Use** | **Pay**<br>**Floating Rate** | **Receive**<br>**Floating Rate** |
| Duration, Hedge | $44833333 | $— |

---

Credit default swaps are instruments which allow for the full or partial transfer of third party credit risk, with respect to a particular entity or entities, from one counterparty to the other. The Fund enters into credit default swaps as a "seller" or "buyer" of protection primarily to gain or reduce exposure to the investment grade and/or high yield bond market. A seller of credit default swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. The buyer in a credit default swap is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If a credit event occurs, as defined under the terms of the swap agreement, the seller will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The notional amount reflects the maximum potential amount the seller of credit protection could be required to pay to the buyer if a credit event occurs. The seller of protection receives periodic premium payments from the buyer and may also receive or pay an upfront premium adjustment to the stated periodic payments. In the event a credit default occurs on a credit default swap referencing an index, a factor adjustment will take place and the buyer of protection will receive a payment reflecting the par less the default recovery rate of the defaulted index component

<sup>96</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

------

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| | |
|:---|:---|
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) continued** | November 30, 2022 |

---

based on its weighting in the index. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the fund selling the credit protection. For a fund utilizing centrally cleared credit default swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. For OTC credit default swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty, or in the case of a credit default swap in which a fund is selling credit protection, the default of a third party issuer.

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

The following table represents the Fund's use and volume of credit default swaps on a monthly basis:

---

| | | |
|:---|:---|:---|
| | **Average Notional Amount** | **Average Notional Amount** |
| <br>**Use** | **Protection**<br>**Sold** | **Protection**<br>**Purchased** |
| Income, Index Exposure, Hedge | $29700000 | $1666667 |

---

**Forward Foreign Currency Exchange Contracts**

A forward foreign currency exchange contract is an agreement between two parties to exchange two designated currencies at a specific time in the future. Certain types of contracts may be cash settled, in an amount equal to the change in exchange rates during the term of the contract. The contracts can be used to hedge or manage exposure to foreign currency risks with portfolio investments or to gain exposure to foreign currencies.

The market value of a forward foreign currency exchange contract changes with fluctuations in foreign currency exchange rates. Furthermore, the Fund may be exposed to risk if the counterparties cannot meet the contract terms or if the currency value changes unfavorably as compared to the U.S. dollar.

The following table represents the Fund's use and volume of forward foreign currency exchange contracts on a monthly basis:

---

| | | |
|:---|:---|:---|
| | **Average Value** | **Average Value** |
| <br>**Use** | **Purchased** | **Sold** |
| Hedge | $224001 | $23350390 |

---

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>97</sup>

------

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| | |
|:---|:---|
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) continued** | November 30, 2022 |

---

**Derivative Investment Holdings Categorized by Risk Exposure**

The following is a summary of the location of derivative investments on the Fund's Statement of Assets and Liabilities as of November 30, 2022:

---

| | | |
|:---|:---|:---|
| **Derivative Investment Type** | **Asset Derivatives** | **Liability Derivatives** |
| Currency forward contracts | Unrealized appreciation on forward | Unrealized depreciation on |
|  | foreign currency exchange contracts | forward foreign currency |
| | | exchange contacts |
| Equity swap contracts |  | Unrealized depreciation on OTC |
| | | swap agreements |
| Credit/Interest | Unamortized upfront premiums paid on | Unamortized upfront premiums |
| rate swap contracts | interest rate swap agreements | received on credit default swap |
|  | Unamortized upfront premiums paid on | agreements |
|  | credit default swap agreements | credit default swap agreements |
|  | Variation margin on interest rate | Variation margin on interest rate |
|  | swap agreements |  |
|  | Variation margin on credit default |  |
| | swap agreements | |
| Equity option contracts |  | Options written, at value |

---

The following tables set forth the fair value of the Fund's derivative investments categorized by primary risk exposure at November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | | |
|  | | | **Swaps** | **Forward** | |
|  | | | **Credit Foreign Currency** | **Credit Foreign Currency** | |
| | **Swaps**<br>**Equity**<br>**Risk** | **Swaps**<br>**Interest Rate**<br>**Risk** | **Risk** | **Exchange Risk** | **Total Value at**<br>**November 30,**<br>**2022** |
|  | $— | $— | $— | $221 | $221 |
| | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | | |
| **Swaps** | **Swaps** | **Swaps** | **Options** | **Forward** | **Total Value at** |
| **Equity** | **Interest Rate** | **Credit** | **Written Equity Foreign Currency** | **Written Equity Foreign Currency** | **November 30,** |
| **Risk** | **Risk** | **Risk** | **Risk** | **Exchange Risk** | **2022** |
| $336420 | $1921355 | $993369 | $1373386 | $709038 | $5333568 |

---

The following is a summary of the location of derivative investments on the Fund's Statement of Operations for the period ended November 30, 2022:

---

| | |
|:---|:---|
| **Derivative Investment Type** | **Location of Gain (Loss) on Derivatives** |
| Equity option contracts | Net realized gain (loss) on options purchased |
|  | Net realized gain (loss) on options written |
|  | Net change in unrealized appreciation (depreciation) on options purchased |
| | Net change in unrealized appreciation (depreciation) on options written |
| Equity/Interest rate/ | Net realized gain (loss) on swap agreements |
| Credit swap contracts | Net change in unrealized appreciation (depreciation) on swap agreements |
| Currency forward contracts | Net realized gain (loss) on forward foreign currency exchange contracts |
|  | Net change in unrealized appreciation(depreciation) on forward foreign |
| | currency exchange contracts |

---

<sup>98</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

------

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| | |
|:---|:---|
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) continued** | November 30, 2022 |

---

The following is a summary of the Fund's realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Statement of Operations categorized by primary risk exposure for the period ended November 30, 2022:

**Realized Gain(Loss) on Derivative Investments Recognized on the Statement of Operations**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Swaps**<br>**Equity**<br>**Risk** | **Swaps**<br>**Interest Rate**<br>**Risk** | **Swaps**<br>**Credit**<br>**Risk** | **Options**<br>**Written Equity**<br>**Risk** | **Options**<br>**Purchased Equity**<br>**Risk** | **Forward**<br>**Foreign Currency**<br>**Exchange Risk** | <br>**Total** |
| $(101837) | $(49244) | $406564 | $88418 | $2582220 | $1373484 | $4299605 |

---

**Change in Unrealized Appreciation(Depreciation) on Derivative Investments Recognized on the Statement of Operations**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Swaps**<br>**Equity**<br>**Risk** | **Swaps**<br>**Interest Rate**<br>**Risk** | **Swaps**<br>**Credit**<br>**Risk** | **Options**<br>**Written Equity**<br>**Risk** | **Options**<br>**Purchased Equity**<br>**Risk** | **Forward**<br>**Foreign Currency**<br>**Exchange Risk** | <br>**Total** |
| $(250584) | $(1921355) | $417003 | $2759622 | $(132431) | $(200893) | $671362 |

---

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

The Fund has established counterparty credit guidelines and enters into transactions only with financial institutions of investment grade or better. The Fund monitors the counterparty credit risk.

**Foreign Investments**

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

The Fund may invest in securities of foreign companies directly, or in financial instruments, such as ADRs and exchange-traded funds, which are indirectly linked to the performance of foreign issuers. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities of foreign companies directly, or in financial instruments that are indirectly linked to the performance of foreign issuers, may involve risks not typically associated with investing in U.S. issuers. The value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>99</sup>

------

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| | |
|:---|:---|
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) continued** | November 30, 2022 |

---

than U.S. markets, and prices in some foreign markets may fluctuate more than those of securities traded on U.S. markets. Many foreign countries lack accounting and disclosure standards comparable to those that apply to U.S. companies, and it may be more difficult to obtain reliable information regarding a foreign issuer's financial condition and operations. Transaction costs and costs associated with custody services are generally higher for foreign securities than they are for U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries portions of these taxes are recoverable, the non-recovered portion will reduce the income received by the Fund.

Note 4 **–Offsetting**

In the normal course of business, the Fund enters into transactions subject to enforceable master netting arrangements or other similar arrangements. Generally, the right to offset in those agreements allows the Fund to counteract the exposure to a specific counterparty with collateral received from or delivered to that counterparty based on the terms of the arrangements. These arrangements provide for the right to liquidate upon the occurrence of an event of default, credit event upon merger or additional termination event.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs OTC derivatives, including foreign exchange contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, are reported separately on the Statement of Assets and Liabilities as segregated cash with broker/receivable for variation margin, or payable for swap settlement/variation margin. Cash and/or securities pledged or received as collateral by the Fund in connection with an OTC derivative subject to an ISDA Master Agreement generally may not be invested, sold or rehypothecated by the counterparty or the Fund, as applicable, absent an event of default under such agreement, in which case such collateral generally may be applied towards obligations due to and payable by such counterparty or the Fund, as applicable. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold (e.g., $300,000) before a transfer is required to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

<sup>100</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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| | |
|:---|:---|
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) continued** | November 30, 2022 |

---

The following tables present derivative financial instruments and secured financing transactions that are subject to enforceable netting arrangements:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Gross Amounts Not** | **Gross Amounts Not** | |
| | | | | **Offset in The Statement** | **Offset in The Statement** | |
| | | | | **of Assets and Liabilities** | **of Assets and Liabilities** | |
| <br>**Instrument** | <br>**Gross**<br>**Amounts of**<br>**Recognized**<br>**Assets<sup>1</sup>** | <br>**Gross Amounts**<br>**Offset in the**<br>**Statement of**<br>**Assets and**<br>**Liabilities** | **Net Amount**<br>**of Assets**<br>**Presented on the**<br>**Statement of**<br>**Assets and**<br>**Liabilities** | **Financial**<br>**Instruments** | **Cash Collateral**<br>**Received** | <br>**Net**<br>**Amount** |
| Forward foreign |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;currency exchange |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;contracts | $221 | $— | $221 | $— | $— | $221 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Gross Amounts Not** | **Gross Amounts Not** | |
| | | | | **Offset in The Statement** | **Offset in The Statement** | |
| | | | | **of Assets and Liabilities** | **of Assets and Liabilities** | |
| <br>**Instrument** | <br>**Gross**<br>**Amounts of**<br>**Recognized**<br>**Liabilities<sup>1</sup>** | <br>**Gross Amounts**<br>**Offset in the**<br>**Statement of**<br>**Assets and**<br>**Liabilities** | **Net Amount**<br>**of Liabilities**<br>**Presented on the**<br>**Statement of**<br>**Assets and**<br>**Liabilities** | **Financial**<br>**Instruments** | **Cash Collateral**<br>**Pledged** | <br>**Net**<br>**Amount** |
| Forward foreign |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;currency exchange |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;contracts | $709038 | $— | $709038 | $— | $(638055) | $70983 |
| Swap equity contracts | 336420 |  | 336420 |  | (336420) |  |
| Reverse Repurchase |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agreements | 200502581 |  | 200502581 | (200502581) |  |  |

---

<sup>1</sup> Exchange-traded or centrally-cleared derivatives are excluded from these reported amounts.

The Fund has the right to offset deposits against any related derivative liabilities outstanding with each counterparty with the exception of exchange-traded or centrally-cleared derivatives. The following table presents deposits held by others in connection with derivative investments as of November 30, 2022.

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Asset Type** | **Cash Pledged** | **Cash Received** |
| Barclays Bank plc | Forward foreign currency exchange contracts | $670000 | $— |
| Goldman Sachs International | Total return swap agreements | 490000 |  |
| J.P. Morgan Securities LLC | Credit default swap agreements |  | 2226784 |
|  |  | $1160000 | $2226784 |

---

Note 5 **–Fees and Other Transactions with Affiliates**

Pursuant to an Investment Advisory Agreement between the Fund and the Adviser, the Adviser furnishes office facilities and equipment, and clerical, bookkeeping and administrative services, on behalf of the Fund, and oversees the activities of Guggenheim Partners Investment Management, LLC ("GPIM" or the "Sub-Adviser"). The Adviser provides all services through the medium of any directors, officers or employees of the Adviser or its affiliates as the Adviser deems appropriate in order to fulfill its obligations. As compensation for these services, the Fund pays the Adviser a fee, payable monthly, in an amount equal to 1.25% of the Fund's average daily Managed Assets (as defined in this report).

Pursuant to an Investment Sub-Advisory Agreement among the Fund, the Adviser and GPIM, GPIM under the oversight and supervision of the Board and the Adviser, manages the investment of the assets of the Fund in accordance with its investment objectives and policies, places orders to

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>101</sup>

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| | |
|:---|:---|
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) continued** | November 30, 2022 |

---

purchase and sell securities on behalf of the Fund, and, at the request of the Adviser, consults with the Adviser as to the overall management of the assets of the Fund and its investment policies and practices. As compensation for its services, the Adviser pays GPIM a fee, payable monthly, in an annual amount equal to 0.625% of the Fund's average daily Managed Assets.

Pursuant to an Investment Sub-Advisory Agreement among the Fund, the Adviser and Guggenheim Partners Advisors, LLC ("GPA") that was in effect during the Reporting Period, GPA, under the oversight and supervision of the Board and the Adviser, assisted GPIM in the supervision and direction of the investment strategy of the Fund in accordance with the Fund's investment policies. As compensation for its services, the Adviser paid GPA a fee, payable monthly, in an amount equal to 0.005% of the Fund's average daily Managed Assets. The Investment Sub-Advisory Agreement among the Fund, the Adviser and GPA was terminated effective December 22, 2022.

For purposes of calculating the fees payable under the foregoing agreements, "Managed Assets" means the total assets of the Fund, including the assets attributable to the proceeds of any financial leverage (whether or not these assets are reflected in the Trust's financial statements for purposes of generally accepted accounting principles), minus liabilities, other than liabilities related to any financial leverage. Managed Assets shall include assets attributable to financial leverage of any form, including indebtedness, engaging in reverse repurchase agreements, dollar rolls and economically similar transactions, investments in inverse floating rate securities, and preferred shares.

If the Fund invests in a fund that is advised by the same adviser or an affiliated adviser, the investing Fund's adviser has agreed to waive fees at the investing fund level to the extent necessary to offset the proportionate share of any management fee paid by the Fund with respect to its investment in such affiliated fund. Fee waivers will be calculated at the investing Fund level without regard to any expense cap, if any, in effect for the investing Fund. Fees waived under this arrangement are not subject to reimbursement. For the period ended November 30, 2022, the Fund waived $21,799 related to investments in affiliated funds.

Certain officers and trustees of the Fund may also be officers, directors and/or employees of the Adviser or GPIM. The Fund does not compensate its officers who are officers, directors and/or employees of the aforementioned firms.

GFIA pays operating expenses on behalf of the Fund, such as audit and accounting related services, legal services, custody, printing and mailing, among others, on a pass-through basis.

On November 11, 2022, the Fund booked a receivable from Adviser for a one-time payment to the Fund for $5,119 relating to an operational issue. This amount is included in Capital contribution from adviser on the Statements of Changes in Net Assets and the impact of this amount to total return at NAV is included within the Financial Highlights.

MUFG Investor Services (US), LLC ("MUIS") acts as the Fund's administrator and accounting agent. As administrator and accounting agent, MUIS maintains the books and records of the Fund's securities and cash. The Bank of New York Mellon Corp. ("BNY") acts as the Fund's custodian. As custodian, BNY is responsible for the custody of the Fund's assets. For providing the aforementioned services, MUIS and BNY are entitled to receive a monthly fee equal to an annual percentage of the Fund's average daily Managed Assets subject to certain minimum monthly fees and out of pocket expenses.

<sup>102</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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| | |
|:---|:---|
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) continued** | November 30, 2022 |

---

Note 6 **– Fair Value Measurement**

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

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

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

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

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

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

Independent pricing services are used to value a majority of the Fund's investments. When values are not available from a pricing service, they will be determined using a variety of sources and techniques, including: market prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information and analysis. A significant portion of the Fund's assets and liabilities are categorized as Level 2, as indicated in this report.

Quotes from broker-dealers, adjusted for fluctuations in criteria such as credit spreads and interest rates, may also be used to value the Fund's assets and liabilities, i.e. prices provided by a broker-dealer or other market participant who has not committed to trade at that price. Although quotes are typically received from established market participants, the Fund may not have the transparency to view the underlying inputs which support the market quotations. Significant changes in a quote would generally result in significant changes in the fair value of the security.

Certain fixed income securities are valued by obtaining a monthly quote from a broker-dealer, adjusted for fluctuations in criteria such as credit spreads and interest rates.

Certain loans and other securities are valued using a single daily broker quote or a price from a third party vendor based on a single daily or monthly broker quote.

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>103</sup>

------

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| | |
|:---|:---|
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) continued** | November 30, 2022 |

---

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

Note 7 **–Reverse Repurchase Agreements**

The Fund may enter into reverse repurchase agreements as part of its financial leverage strategy. Under a reverse repurchase agreement, the Fund temporarily transfers possession of a portfolio instrument to another party, such as a bank or broker-dealer, in return for cash. At the same time, the Fund agrees to repurchase the instrument at an agreed upon time and price, which reflects an interest payment. Such agreements have the economic effect of borrowings. The Fund may enter into such agreements when it is able to invest the cash acquired at a rate higher than the cost of the agreement, which would increase earned income. When the Fund enters into a reverse repurchase agreement, any fluctuations in the market value of either the instruments transferred to another party or the instruments in which the proceeds may be invested would affect the market value of the Fund's assets. As a result, such transactions may increase fluctuations in the market value of the Fund's assets. For the period ended November 30, 2022,the average daily balance for which reverse repurchase agreements were outstanding amounted to $164,533,147. The weighted average interest rate was 2.91%. As of November 30, 2022 there was $200,502,581 (inclusive of interest payable) in reverse repurchase agreements outstanding.

As of November 30, 2022, the Fund had outstanding reverse repurchase agreements with various counterparties. Details of the reverse repurchase agreements by counterparty are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Interest Rates** | **Maturity Dates** | **Face Value** |
| Bank of Montreal | 3.93%\* | Open Maturity | $3023293 |
| Barclays Capital, Inc. | 3.55% - 4.25%\* | Open Maturity | 20689904 |
| Barclays Capital, Inc. | 5.20% | 02/23/23 | 26533405 |
| BMO Capital Markets Corp. | 4.05% - 4.20%\* | Open Maturity | 31611703 |
| BofA Securities, Inc. | 4.00% - 4.20%\* | Open Maturity | 12996148 |
| Canadian Imperial Bank of Commerce | 5.27% | 02/23/23 | 6376745 |
| Citigroup Global Markets, Inc. | 1.50% - 4.29%\* | Open Maturity | 15637610 |
| Citigroup Global Markets, Inc. | 3.91% (U.S. Secured | Open Maturity | 9290590 |
|  | Overnight Financing |  |  |
|  | Rate + 0.11%)\*\* |  |  |
| Goldman Sachs & Co. LLC | 3.95% - 4.25%\* | Open Maturity | 28249975 |
| J.P. Morgan Securities LLC | 3.93%\* | Open Maturity | 1494140 |
| RBC Capital Markets LLC | 4.00% - 4.25%\* | Open Maturity | 26435824 |
| RBC Capital Markets LLC | 5.01% | 02/23/23 | 17488267 |
| Royal Bank of Canada | 3.94%\* | Open Maturity | 674977 |
| Total |  |  | $200502581 |

---

\* The rate is adjusted periodically by the counterparty, subject to approval by the Adviser, and is not based upon a set of reference rate and spread. Rate indicated is the rate effective at November 30, 2022.

\*\* Variable rate. Rate indicated is the rate effective at November 30, 2022.

<sup>104</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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| | |
|:---|:---|
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) continued** | November 30, 2022 |

---

The following is a summary of the remaining contractual maturities of the reverse repurchase agreements outstanding as of November 30, 2022, aggregated by asset class of the related collateral pledged by the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Overnight and**<br>**Continuous** | <br>**Up to 30 days** | <br>**31-90 days** | **Greater**<br>**than 90 days** | <br>**Total** |
| Corporate Bonds | $134794565 | $— | $50398417 | $— | $185192982 |
| U.S. Government Securities | 5344032 |  |  |  | 5344032 |
| Collateralized Mortgage |  |  |  |  |  |
| Obligations | 9965567 |  |  |  | 9965567 |
| Total reverse |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;repurchase agreements | $150104164 | $— | $50398417 | $— | $200502581 |
| Gross amount of recognized |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;liabilities for reverse |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;repurchase agreements | $150104164 | $— | $50398417 | $— | $200502581 |

---

Note 8 **– Borrowings**

The Fund has entered into an $165,000,000 credit facility agreement with an approved lender whereby the lender has agreed to provide secured financing to the Fund and the Fund will provide pledged collateral to the lender. Interest on the amount borrowed is based on SOFR + 0.95%, and an unused commitment fee of 0.50% is charged on the difference between the amount available to borrow under the credit facility agreement and the actual amount borrowed. The Fund did not have any borrowings as of the period ended November 30, 2022. The average daily amount for which borrowings on the credit facility were outstanding during the period ended November 30, 2022 was $67,000,000 with a related average interest rate of 2.04%. The maximum amount outstanding during the period was $69,000,000.

The credit facility agreement governing the loan facility includes usual and customary covenants. These covenants impose on the Fund asset coverage requirements, collateral requirements, investment strategy requirements, and certain financial obligations. These covenants place limits or restrictions on the Fund's ability to (i) enter into additional indebtedness with a party other than the counterparty, (ii) change its fundamental investment policy, or (iii) pledge to any other party, other than to the counterparty, securities owned or held by the Fund over which the counterparty has a lien. In addition, the Fund is required to deliver financial information to the counterparty within established deadlines, maintain an asset coverage ratio (as defined in Section 18(g) of the 1940 Act) greater than 300%, comply with the rules of the stock exchange on which its shares are listed, and maintain its classification as a "closed-end management investment company" as defined in the 1940 Act.

There is no guarantee that the Fund's leverage strategy will be successful. The Fund's use of leverage may cause the Fund's NAV and market price of common shares to be more volatile and can magnify the effect of any losses.

Note 9 **– Federal Income Tax Information**

The Fund intends to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Fund from all, or substantially all,

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>105</sup>

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| | |
|:---|:---|
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) continued** | November 30, 2022 |

---

federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

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

At November 30, 2022, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Tax Cost** | <br>**Tax Unrealized**<br>**Appreciation** | <br>**Tax Unrealized**<br>**Depreciation** | **Net Tax Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| $849764990 | $— | $(132553505) | $(132553505) |

---

As of May, 31, 2022, (the most recent fiscal year end for federal income tax purposes) tax components of distributable earnings/(loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gain** | **Net Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Accumulated**<br>**Capital and**<br>**Other Losses** | <br>**Total** |
| $8469833 | $— | $(92692527) | $— | $(84222694) |

---

For the year ended May 31, 2022, (the most fiscal year end for federal income tax purposes) the tax character of distributions paid to shareholders as reflected in the Statement of Changes in Net Assets was follows:

---

| | | |
|:---|:---|:---|
| <br>**Ordinary Income** | **Long-Term**<br>**Capital Gain** | <br>**Total Distributions** |
| $15665540 | $— | $15665540 |

---

Note: For U.S. federal income tax purposes, short-term capital gain distributions are treated as ordinary income distributions.

Note 10 – **Securities Transactions**

For the period ended November 30, 2022, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $131070573 | $187260731 |

---

<sup>106</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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| | |
|:---|:---|
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) continued** | November 30, 2022 |

---

For the period ended November 30, 2022, the cost of purchases and proceeds from sales of government securities were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $4407358 | $934447 |

---

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to save costs, where permissible. For the period ended November 30, 2022, the Fund engaged in purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act, as follows:

---

| | | |
|:---|:---|:---|
| **Purchases** | **Sales** | **Realized Gain (Loss)** |
| $1119656 | $— | $— |

---

Note 11 **– Unfunded Loan Commitments**

Pursuant to the terms of certain loan agreements, the Fund held unfunded loan commitments as of November 30, 2022. The Fund is obligated to fund these loan commitments at the borrower's discretion. The Fund reserves against such contingent obligations by designating cash, liquid securities, illiquid securities, and liquid term loans as a reserve. As of November 30, 2022, the total amount segregated in connection with unfunded loan commitments and reverse repurchase agreements was $237,971,649.

---

| | | | |
|:---|:---|:---|:---|
| The unfunded loan commitments as of November 30, 2022, were as follows: | The unfunded loan commitments as of November 30, 2022, were as follows: | The unfunded loan commitments as of November 30, 2022, were as follows: |  |
| **Borrower** | **Maturity Date** | **Face Amount** | **Value** |
| Avalara, Inc. | 10/19/28 | $263636 | $3765 |
| Fontainbleau Vegas | 09/30/25 | 2500000 |  |
| Lightning A | 03/01/37 | 5381667 |  |
| Lightning B | 03/01/37 | 696451 |  |
| Secretariat Advisors LLC | 12/29/28 | 600000 | 27000 |
| TGP Holdings LLC | 06/29/28 | 17179 | 3429 |
| The Facilities Group | 11/30/27 | 370690 | 8696 |
| Thunderbird A | 03/01/37 | 5310556 |  |
| Thunderbird B | 03/01/37 | 687248 |  |
| VT TopCo, Inc. | 08/01/25 | 4780 | 138 |
|  |  |  | $43028 |

---

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>107</sup>

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| | |
|:---|:---|
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) continued** | November 30, 2022 |

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Note 12 **– Restricted Securities**

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

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition Date** | **Cost** | **Value** |
| CFMT LLC | 09/23/22 | $598975 | $590776 |
| 2022-HB9 3.25% (WAC) |  |  |  |
| due 09/25/37<sup>1</sup> |  |  |  |
|  |  | $598975 | $590776 |

---

<sup>1</sup> Variable rate security. Rate indicated is the rate effective at November 30, 2022. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.

Note 13 **– Capital**

**Common Shares**

The Fund has an unlimited amount of common shares, $0.01 par value, authorized 32,980,083 shares issued and outstanding.

There were no common shares transactions during the period ended November 30, 2022.

---

| | | |
|:---|:---|:---|
| | **Period Ended**<br>**November 30, 2022** | **Year Ended**<br>**May 31, 2022** |
| Beginning shares | 32980083 | 32980083 |
| Ending shares | 32980083 | 32980083 |

---

Note 14 **- Market Risks**

The value of, or income generated by, the investments held by the Fund are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (which have since risen and may continue to rise), changes in inflation rates or expectations about inflation rates (which are currently elevated relative to normal conditions), adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the current Russia-Ukraine conflict and its risk of expansion or collateral economic and other effects) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country or geographic region could adversely affect the value, yield and return of the investments held by the Fund in a different country or geographic region, economy, and market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing

<sup>108</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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|:---|:---|
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) continued** | November 30, 2022 |

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types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Fund's investments and performance of the Fund.

Note 15 **–Subsequent Events**

The Investment Sub-Advisory Agreement among the Fund, the Adviser and GPA was terminated effective December 22, 2022.

The Fund evaluated subsequent events through the date the financial statements were available for issue and determined there were no additional material events that would require adjustment to or disclosure in the Fund's financial statements.

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>109</sup>

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| | |
|:---|:---|
| **OTHER INFORMATION (Unaudited)** | November 30, 2022 |

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**Federal Income Tax Information**

This information is being provided as required by the Internal Revenue Code. Amounts shown may differ from those elsewhere in the report because of differences in tax and financial reporting practice.

In January 2023, shareholders will be advised on IRS Form 1099 DIV or substitute 1099 DIV as to the U.S. federal tax status of the distributions received by shareholders in the calendar year 2022.

**Delaware Statutory Trust Act-Control Share Acquisition**

Under Delaware law applicable to the Fund as of August 1, 2022, if a shareholder acquires direct or indirect ownership or power to direct the voting of shares of the Fund in an amount that equals or exceeds certain percentage thresholds specified under Delaware law (beginning at 10% or more of shares of the Fund), the shareholder's ability to vote certain of these shares may be limited.

**Sector Classification**

Information in the "Schedule of Investments" is categorized by sectors using sector-level classifications used by Bloomberg Industry Classification System, a widely recognized industry classification system provider. In the Fund's registration statement, the Fund has investment policies relating to concentration in specific industries. For purposes of these investment policies, the Fund usually classifies industries based on industry-level classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.

<sup>110</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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|:---|:---|
| **OTHER INFORMATION (Unaudited) continued** | November 30, 2022 |

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**Trustees**

The Trustees of the Guggenheim Active Allocation Fund and their principal occupations during the past five years:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Name, Address\***<br>**and Year of Birth** | **Position(s)**<br>**Held**<br>**with**<br>**Trust** | **Term of Office**<br>**and Length**<br>**of Time**<br>**Served\*\*** | <br>**Principal Occupation(s)**<br>**During Past 5 Years** | **Number of**<br>**Portfolios in**<br>**Fund Complex**<br>**Overseen** | <br>**Other Directorships**<br>**Held by Trustees\*\*\*** |
| **Independent Trustees:** | **Independent Trustees:** | | | | |
| **Randall C. Barnes** | Trustee and | Since 2021 | Current: Private Investor (2001-present). | 155 | Current: Advent Convertible and Income |
| (1951) | Chair of the |  |  |  | Fund (2005-present); Purpose |
|  | Valuation |  | Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); |  | Investments Funds (2013-present). |
|  | Oversight |  | President, Pizza Hut International (1991-1993); Senior Vice President, |  |  |
|  | Committee |  | Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990). |  | Former: Fiduciary/Claymore Energy |
|  |  |  |  |  | Infrastructure Fund (2004-March 2022); |
|  |  |  |  |  | Guggenheim Enhanced Equity Income |
|  |  |  |  |  | Fund (2005-2021); Guggenheim Credit |
|  |  |  |  |  | Allocation Fund (2013-2021). |
| **Angela Brock-Kyle** | Trustee | Since 2021 | Current: Founder and Chief Executive Officer, B.O.A.R.D.S. (2013-present); | 154 | Current: Bowhead Insurance GP, LLC |
| (1959) |  |  | Director, Mutual Fund Directors Forum (2022-present). |  | (2020-present); Hunt Companies, Inc. |
|  |  |  |  |  | (2019-present). |
|  |  |  | Former: Senior Leader, TIAA (1987-2012). |  |  |
|  |  |  |  |  | Former: Fiduciary/Claymore Energy |
|  |  |  |  |  | Infrastructure Fund (2019-March 2022); |
|  |  |  |  |  | Guggenheim Enhanced Equity Income |
|  |  |  |  |  | Fund (2019-2021); Guggenheim Credit |
|  |  |  |  |  | Allocation Fund (2019-2021); Infinity |
|  |  |  |  |  | Property & Casualty Corp. (2014-2018). |
| **Thomas F. Lydon, Jr.** | Trustee and | Since 2021 | Current: President, Global Trends Investments (1996-present); Chief Executive | 154 | Current: US Global Investors, Inc. |
| (1960) | Chair of the |  | Officer, ETF Flows, LLC (2019-present); Chief Executive Officer, Lydon |  | (GROW) (1995-present). |
|  | Contracts |  | Media (2016-present). Director, GDX Index Partners, LLC (2021-present); |  |  |
|  | Review |  | Vice Chairman, VettaFi (2022-present). |  | Former: Fiduciary/Claymore Energy |
|  | Committee |  |  |  | Infrastructure Fund (2019-March 2022); |
|  |  |  |  |  | Guggenheim Enhanced Equity Income |
|  |  |  |  |  | Fund (2019-2021); Guggenheim Credit |
|  |  |  |  |  | Allocation Fund (2019-2021); Harvest |
|  |  |  |  |  | Volatility Edge Trust (3) (2017-2019). |

---

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>111</sup>

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| | |
|:---|:---|
| **OTHER INFORMATION (Unaudited) continued** | November 30, 2022 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Name, Address\***<br>**and Year of Birth** | **Position(s)**<br>**Held**<br>**with**<br>**Trust** | **Term of Office**<br>**and Length**<br>**of Time**<br>**Served\*\*** | <br>**Principal Occupation(s)**<br>**During Past 5 Years** | **Number of**<br>**Portfolios in**<br>**Fund Complex**<br>**Overseen** | <br>**Other Directorships**<br>**Held by Trustees\*\*\*** |
| **Independent Trustees continued:** | **Independent Trustees continued:** | | | | |
| **Ronald A. Nyberg** | Trustee and | Since 2021 | Current: Of Counsel, Momkus LLP (2016-present). | 155 | Current: Advent Convertible and Income |
| (1953) | Chair of the |  |  |  | Fund (2005-present); PPM Funds (2) |
|  | Nominating and |  | Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, |  | (2018-present); NorthShore- |
|  | Governance |  | General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999). | General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999). | Edward-Elmhurst Healthcare |
|  | Committee |  |  |  | System (2012-present). |
|  |  |  |  |  | Former: Fiduciary/Claymore Energy |
|  |  |  |  |  | Infrastructure Fund (2004-March 2022); |
|  |  |  |  |  | Guggenheim Enhanced Equity Income |
|  |  |  |  |  | Fund (2005-2021); Guggenheim Credit |
|  |  |  |  |  | Allocation Fund (2013-2021); Western |
|  |  |  |  |  | Asset Inflation-Linked Opportunities & |
|  |  |  |  |  | Income Fund (2004-2020); Western Asset |
|  |  |  |  |  | Inflation-Linked Income Fund (2003- |
|  |  |  |  |  | 2020). |
| **Sandra G. Sponem** | Trustee and | Since 2021 | Current: Retired. | 154 | Current: SPDR Series Trust (81) |
| (1958) | Chair of the |  |  |  | (2018-present); SPDR Index Shares |
|  | Audit |  | Former: Senior Vice President and Chief Financial Officer, M.A. |  | Funds (30) (2018-present); SSGA Active |
|  | Committee |  | Mortenson-Companies, Inc. (2007-2017). |  | Trust (14) (2018-present). |
|  |  |  |  |  | Former: Fiduciary/Claymore Energy |
|  |  |  |  |  | Infrastructure Fund (2019-March 2022); |
|  |  |  |  |  | Guggenheim Enhanced Equity Income |
|  |  |  |  |  | Fund (2019-2021); Guggenheim Credit |
|  |  |  |  |  | Allocation Fund (2019-2021); SSGA |
|  |  |  |  |  | Master Trust (1) (2018-2020). |

---

<sup>112</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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| | |
|:---|:---|
| **OTHER INFORMATION (Unaudited) continued** | November 30, 2022 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Name, Address\***<br>**and Year of Birth** | **Position(s)**<br>**Held**<br>**with**<br>**Trust** | **Term of Office**<br>**and Length**<br>**of Time**<br>**Served\*\*** | <br>**Principal Occupation(s)**<br>**During Past 5 Years** | **Number of**<br>**Portfolios in**<br>**Fund Complex**<br>**Overseen** | <br>**Other Directorships**<br>**Held by Trustees\*\*\*** |
| **Independent Trustees continued:** | **Independent Trustees continued:** | **Independent Trustees continued:** | | | |
| **Ronald E. Toupin, Jr.** | Trustee, | Since 2021 | Current: Portfolio Consultant (2010-present); Member, Governing Council, | 154 | Former: Fiduciary/Claymore Energy |
| (1958) | Chair of the |  | Independent Directors Council (2013-present); Governor, Board of Governors, |  | Infrastructure Fund (2004-March 2022); |
|  | Board and |  | Investment Company Institute (2018-present). |  | Guggenheim Enhanced Equity Income |
|  | Chair of the |  |  |  | Fund (2005-2021); Guggenheim Credit |
|  | Executive |  | Former: Member, Executive Committee, Independent Directors Council |  | Allocation Fund (2013-2021); Western |
|  | Committee |  | (2016-2018); Vice President, Manager and Portfolio Manager, Nuveen Asset |  | Asset Inflation-Linked Opportunities & |
|  |  |  | Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. |  | Income Fund (2004-2020); Western |
|  |  |  | (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts |  | Asset Inflation-Linked Income Fund |
|  |  |  | (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit |  | (2003-2020). |
|  |  |  | Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999). |  |  |

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**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>113</sup>

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|:---|:---|
| **OTHER INFORMATION (Unaudited) continued** | November 30, 2022 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Name, Address\***<br>**and Year of Birth**<br>**of Trustees** | **Position(s)**<br>**Held**<br>**with**<br>**Trust** | **Term of Office**<br>**and Length**<br>**of Time**<br>**Served\*\*** | <br>**Principal Occupation(s)**<br>**During Past 5 Years** | **Number of**<br>**Portfolios in**<br>**Fund Complex**<br>**Overseen** | <br>**Other Directorships**<br>**Held by Trustees\*\*\*** |
| **Interested Trustee:** | | | | | |
| **Amy J. Lee\*\*\*\*** | Trustee, Vice | Since 2021 | Current: Interested Trustee, certain other funds in the Fund Complex | 154 | Former: Fiduciary/Claymore Energy |
| (1961) | President and |  | (2018-present); Chief Legal Officer, certain other funds in the Fund |  | Infrastructure Fund (2018-March 2022); |
|  | Chief Legal |  | Complex (2014-present); Vice President, certain other funds in the Fund |  | Guggenheim Enhanced Equity Income |
|  | Officer |  | Complex (2007-present); Senior Managing Director, Guggenheim Investments |  | Fund (2018-2021); Guggenheim Credit |
|  |  |  | (2012-present). |  | Allocation Fund (2018-2021). |
|  |  |  | Former: President and Chief Executive Officer, certain other funds in the Fund |  |  |
|  |  |  | Complex (2017-2019); Vice President, Associate General Counsel and Assistant | Complex (2017-2019); Vice President, Associate General Counsel and Assistant | Complex (2017-2019); Vice President, Associate General Counsel and Assistant |
|  |  |  | Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation | Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation | Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation |
|  |  |  | (2004-2012). |  |  |

---

\* The business address of each Trustee is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.

\*\* Each Trustee elected shall hold office until his or her successor shall have been elected and shall have qualified. After a Trustee's initial term, each Trustee is expected to serve a two year term concurrent with the class of Trustees for which he or she serves.

- Mr. Barnes and Ms. Brock-Kyle are Class I Trustees. Class I Trustees are expected to stand for election on the date of the Fund's first annual meeting of Shareholders.

- Messrs. Nyberg and Lydon, Jr. are Class II Trustees. Class II Trustees are expected to stand for election on the date of the Fund's second annual meeting of Shareholders.

- Mr. Toupin Jr. and Mses. Lee and Sponem are Class III Trustees. Class III Trustees are expected to stand for election on the date of the Fund's third annual meeting of Shareholders.

\*\*\* Each Trustee also serves on the Boards of Trustees of Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Guggen-heim Taxable Municipal Bond & Investment Grade Debt Trust, Guggenheim Strategic Opportunities Fund, Guggenheim Energy & Income Fund, Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust 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 Fund under the 1940 Act by reason of her position with the Fund's Adviser and/or the parent of the Adviser.

<sup>114</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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|:---|:---|
| **OTHER INFORMATION (Unaudited) continued** | November 30, 2022 |

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**Officers**

The Officers of the Guggenheim Active Allocation Fund and their principal occupations during the past five years:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Name, Address\***<br>**and Year of Birth** | **Position(s)**<br>**Held**<br>**with**<br>**Trust** | <br>**Term of Office**<br>**and Length of**<br>**Time Served\*\*** | <br>**Principal Occupation(s)**<br>**During Past Five Years** |
| **Brian E. Binder** | President and | Since 2021 | Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President, Chief Executive Officer and |
| (1972) | Chief |  | Chairman of the Board of Managers, Guggenheim Funds Investment Advisors, LLC (2018-present); President and Chief Executive Officer, |
|  | Executive |  | Security Investors, LLC (2018-present); Board Member of Guggenheim Partners Fund Management (Europe) Limited (2018-present); Senior |
|  | Officer |  | Managing Director and President of Mutual Funds Boards, 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** | Chief | Since 2021 | Current: Chief Compliance Officer, certain other funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments |
| (1966) | Compliance |  | (2014-present). |
|  | Officer |  |  |
|  |  |  | 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** | Chief Financial | Since | Current: Managing Director, Guggenheim Investments (2004-present); Chief Financial Officer, Chief Accounting Officer, and Treasurer, certain |
| (1972) | Officer, Chief | August 2022 | other funds in the Fund Complex (August 2022-present). |
|  | Accounting |  |  |
|  | Officer and |  | Former: Assistant Treasurer, certain other funds in the Fund Complex (2006-August 2022); Manager, Mutual Fund Administration of Van Kampen |
|  | Treasurer |  | Investments, Inc. (1996-2004). |
| **Mark E. Mathiasen** | Secretary | Since 2021 | Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present). |
| (1978) |  |  |  |
| **Glenn McWhinnie** | Assistant | Since 2021 | Current: Vice President, Guggenheim Investments (2009-present); Assistant Treasurer, certain other funds in the Fund Complex (2016-present). |
| (1969) | Treasurer |  |  |
| **Michael P. Megaris** | Assistant | Since 2021 | Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments |
| (1984) | Secretary |  | (2012-present). |

---

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>115</sup>

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| | |
|:---|:---|
| **OTHER INFORMATION (Unaudited) continued** | November 30, 2022 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Name, Address\***<br>**and Year of Birth** | **Position(s)**<br>**Held**<br>**with**<br>**Trust** | <br>**Term of Office**<br>**and Length of**<br>**Time Served\*\*** | <br>**Principal Occupation(s)**<br>**During Past Five Years** |
| **Kimberly J. Scott** | Assistant | Since 2021 | Current: Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present). |
| (1974) | Treasurer |  |  |
|  |  |  | 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** | Vice | Since 2021 | Current: Vice President, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2013-present). |
| (1979) | President |  |  |
|  |  |  | Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009). |
| **Jon Szafran** | Assistant | Since 2021 | Current: Director, Guggenheim Investments (2017-present); Assistant Treasurer, certain other funds in the Fund Complex (2017-present). |
| (1989) | Treasurer |  |  |
|  |  |  | 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.

<sup>116</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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| | |
|:---|:---|
| **DIVIDEND REINVESTMENT PLAN (Unaudited)** | November 30, 2022 |

---

Unless the registered owner of common shares elects to receive cash by contacting Computershare Trust Company, N.A. (the "Plan Administrator"), all dividends declared on common shares of the Fund will be automatically reinvested by the Plan Administrator for shareholders in the Fund's Dividend Reinvestment Plan (the "Plan"), in additional common shares of the Fund. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Administrator prior to the dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution. Some brokers may automatically elect to receive cash on your behalf and may re-invest that cash in additional common shares of the Fund for you. If you wish for all dividends declared on your common shares of the Fund to be automatically reinvested pursuant to the Plan, please contact your broker.

The Plan Administrator will open an account for each common shareholder under the Plan in the same name in which such common shareholder's common shares are registered. Whenever the Fund declares a dividend or other distribution (together, a "Dividend") payable in cash, nonparticipants in the Plan will receive cash and participants in the Plan will receive the equivalent in common shares. The common shares will be acquired by the Plan Administrator for the participants' accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized common shares from the Fund ("Newly Issued Common Shares") or (ii) by purchase of outstanding common shares on the open market ("Open- Market Purchases") on the New York Stock Exchange or elsewhere. If, on the payment date for any Dividend, the closing market price plus estimated brokerage commission per common share is equal to or greater than the net asset value per common share, the Plan Administrator will invest the Dividend amount in Newly Issued Common Shares on behalf of the participants. The number of Newly Issued Common Shares to be credited to each participant's account will be determined by dividing the dollar amount of the Dividend by the net asset value per common share on the payment date; provided that, if the net asset value is less than or equal to 95% of the closing market value on the payment date, the dollar amount of the Dividend will be divided by 95% of the closing market price per common share on the payment date. If, on the payment date for any Dividend, the net asset value per common share is greater than the closing market value plus estimated brokerage commission, the Plan Administrator will invest the Dividend amount in common shares acquired on behalf of the participants in Open-Market Purchases. For federal income tax purposes, the Fund generally would be able to claim a deduction for distributions to shareholders with respect to the common shares issued at up to a 5-percent discount from the closing market value pursuant to the Plan.

If, before the Plan Administrator has completed its Open-Market Purchases, the market price per common share exceeds the net asset value per common share, the average per common share purchase price paid by the Plan Administrator may exceed the net asset value of the common shares, resulting in the acquisition of fewer common shares than if the Dividend had been paid in Newly Issued Common Shares on the Dividend payment date. Because of the foregoing difficulty with respect to Open-Market Purchases, the Plan provides that if the Plan Administrator is unable to invest the full Dividend amount in Open-Market Purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Administrator may cease making Open-Market Purchases and may invest the uninvested portion of the Dividend amount in Newly Issued Common Shares at net asset value per common share at the close of

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>117</sup>

------

---

| | |
|:---|:---|
| **DIVIDEND REINVESTMENT PLAN (Unaudited) continued** | November 30, 2022 |

---

business on the Last Purchase Date provided that, if the net asset value is less than or equal to 95% of the then current market price per common share; the dollar amount of the Dividend will be divided by 95% of the market price on the payment date.

The Plan Administrator maintains all shareholders' accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by shareholders for tax records. Common shares in the account of each Plan participant will be held by the Plan Administrator on behalf of the Plan participant, and each shareholder proxy will include those shares purchased or received pursuant to the Plan. The Plan Administrator will forward all proxy solicitation materials to participants and vote proxies for shares held under the Plan in accordance with the instruction of the participants.

There will be no brokerage charges with respect to common shares issued directly by the Fund. However, each participant will pay a pro rata share of brokerage commission incurred in connection with Open-Market Purchases. The automatic reinvestment of Dividends will not relieve participants of any Federal, state or local income tax that may be payable (or required to be withheld) on such Dividends.

The Fund reserves the right to amend or terminate the Plan. There is no direct service charge to participants with regard to purchases in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants.

All correspondence or questions concerning the Plan should be directed to the Plan Administrator, Computershare Trust Company, N.A., P.O. Box 30170 College Station, TX 77842-3170: Attention: Shareholder Services Department, Phone Number: (866) 488-3559 or online at www.computershare.com/investor.

<sup>118</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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---

| | |
|:---|:---|
| **FUND INFORMATION** | November 30, 2022 |

---

---

| | |
|:---|:---|
| **Board of Trustees** | **Investment Adviser** |
| Randall C. Barnes Angela Brock-Kyle Amy J. Lee\* Thomas F. Lydon, Jr. Ronald A. Nyberg Sandra G. Sponem Ronald E. Toupin, Jr., *Chairman*<br> \* 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.<br> **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* James M. Howley *Chief Financial Officer,* *Chief Accounting Officer* *and Treasurer* | Guggenheim Funds Investment Advisors, LLC Chicago, IL **Investment Sub-Adviser** Guggenheim Partners Investment Management, LLC Santa Monica, CA **Administrator and Accounting Agent** 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 |

---

**<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup> l <sup>119</sup>

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---

| | |
|:---|:---|
| **FUND INFORMATION (Unaudited) continued** | November 30, 2022 |

---

**Privacy Principles of Guggenheim Active Allocation Fund for Shareholders**

The Fund is committed to maintaining the privacy of its shareholders and to safeguarding its non-public personal information. The following information is provided to help you understand what personal information the Fund collects, how we protect that information and why, in certain cases, we may share information with select other parties.

Generally, the Fund does not receive any non-public personal information relating to its shareholders, although certain non-public personal information of its shareholders may become available to the Fund. The Fund does not disclose any non-public personal information about its shareholders or former shareholders to anyone except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or third party administrator).

The Fund restricts access to non-public personal information about the shareholders to Guggenheim Funds Investment Advisors, LLC employees with a legitimate business need for the information. The Fund maintains physical, electronic and procedural safeguards designed to protect the non-public personal information of its shareholders.

**Questions concerning your shares of Guggenheim Active Allocation Fund?**

&nbsp;&nbsp;&nbsp;&nbsp;• If your shares are held in a Brokerage Account, contact your Broker.

&nbsp;&nbsp;&nbsp;&nbsp;• 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* 

This report is sent to shareholders of Guggenheim Active Allocation Fund for their information. It is not a Prospectus, circular or representation intended for use in the purchase or sale of shares of the Fund or of any securities mentioned in this report.

Paper copies of the Fund's annual and semi-annual shareholder reports are not sent by mail, unless you specifically request paper copies of the reports. Instead, the reports are made available on a website, and you are notified by mail each time a report is posted and provided with a website address to access the report.

You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you may receive paper copies of your shareholder reports; if you invest directly with the Fund, you may call Computershare at 1-866-488-3559. Your election to receive reports in paper form may apply to all funds held in your account with your financial intermediary or, if you invest directly, to all Guggenheim closed-end funds you hold.

A description of the Fund's proxy voting policies and procedures related to portfolio securities is available without charge, upon request, by calling the Fund at (888) 991-0091 and on the SEC's website at www.sec.gov.

The Fund's Statement of Additional Information includes additional information about directors of the Fund and is available, without charge, upon request, by calling the Fund at (888) 991-0091.

Information regarding how the Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request by calling (888) 991-0091, by visiting the Fund's website at guggenheiminvestments.com/gug or by accessing the Fund's Form N-PX on the U.S. Securities and Exchange Commission's (SEC) website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Forms N-PORT are available on the SEC website at www.sec.gov or at guggenheiminvestments.com/gug.

**Notice to Shareholders**

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund from time to time may purchase shares of its common stock in the open market or in private transactions.

<sup>120</sup> l **<sup>GUG</sup>** l <sup>GUGGENHEIM ACTIVE ALLOCATION FUND SEMIANNUAL REPORT</sup>

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**ABOUT THE FUND MANAGERS**

**Guggenheim Funds Investment Advisors, LLC**

Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC ("Guggenheim"), which includes Guggenheim Funds Investment Advisors, LLC ("GFIA") the investment adviser to the referenced fund. Collectively Guggenheim Investments has a long, distinguished history of serving institutional investors, ultra-high-net-worth individuals, family offices and financial intermediaries. Guggenheim Investments offers clients a wide range of differentiated capabilities built on a proven commitment to investment excellence.

**Guggenheim Partners Investment Management, LLC**

Guggenheim Partners Investment Management, LLC ("GPIM") is an indirect subsidiary of Guggenheim Partners, LLC, a diversified financial services firm. The firm provides capital markets services, portfolio and risk management expertise, wealth management, and investment advisory services. Clients of Guggenheim Partners, LLC subsidiaries are an elite mix of individuals, family offices, endowments, foundations, insurance companies and other institutions.

**Investment Philosophy**

GPIM's investment philosophy is predicated upon the belief that thorough research and independent thought are rewarded with performance that has the potential to outperform benchmark indexes with both lower volatility and lower correlation of returns over time as compared to such benchmark indexes.

**Investment Process**

GPIM's investment process is a collaborative effort between various groups including the Portfolio Construction Group, which utilize proprietary portfolio construction and risk modeling tools to determine allocation of assets among a variety of sectors, and its Sector Specialists, who are responsible for security selection within these sectors and for implementing securities transactions, including the structuring of certain securities directly with the issuers or with investment banks and dealers involved in the origination of such securities.

**Guggenheim Funds Distributors, LLC**

227 West Monroe Street

Chicago, IL 60606

Member FINRA/SIPC

(01/23)

**NOT FDIC-INSURED l NOT BANK-GUARANTEED l MAY LOSE VALUE**

**CEF-GUG-SAR-1122**

**Item 2. Code of Ethics.**

Not applicable for semi-annual reporting period.

**Item 3. Audit Committee Financial Expert.**

Not applicable for semi-annual reporting period.

**Item 4. Principal Accountant Fees and Services.**

Not applicable for semi-annual reporting period.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable for semi-annual reporting period.

**Item 6. Schedule of Investments.**

The Schedule of Investments is included as part of Item 1.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable for semi-annual reporting period.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable for semi-annual reporting period.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

None.

**Item 10. Submission of Matters to a Vote of Security Holders.**

The registrant has not made any material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

**Item 11. Controls and Procedures.**

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) as of a date within 90 days of this filing and have concluded based on such evaluation, as required by Rule 30a-3(b) under the Investment Company Act, that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the registrant's period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

(a) The registrant has not participated in securities lending activities during the period covered by this report.

(b) Not applicable

**Item 13. Exhibits.**

(a)(1) Not applicable.

[(a)(2) Certifications of principal executive officer and principal financial officer pursuant to Rule 30a-2(a) under the Investment Company Act.](ex99cert.htm)

(a)(3) Not applicable.

[(b) &nbsp;&nbsp;&nbsp;&nbsp; Certification of principal executive officer and principal financial officer pursuant to Rule 30a-2(b) under the Investment Company Act and Section 906 of the Sarbanes-Oxley Act of 2002.](ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Guggenheim Active Allocation Fund</u> 

By: <u>/s/ Brian E. Binder</u>

Name: Brian E. Binder

Title: President and Chief Executive Officer

Date: February 3, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: <u>/s/ Brian E. Binder</u>

Name: Brian E. Binder

Title: President and Chief Executive Officer

Date: February 3, 2023

By: <u>/s/ James M. Howley</u>

Name: James M. Howley

Title: Chief Financial Officer, Chief Accounting Officer and Treasurer

Date: February 3, 2023

## Ex-99.Cert

**EXHIBIT (a)(2)**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

**<u>CERTIFICATIONS</u>**

I, Brian E. Binder, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Guggenheim Active Allocation Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting: and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 3, 2023

<u>/s/ Brian E. Binder</u>

Brian E. Binder

President and Chief Executive Officer

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

**<u>CERTIFICATIONS</u>**

I, James M. Howley, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Guggenheim Active Allocation Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting: and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 3, 2023

<u>/s/ James M. Howley</u>

James M. Howley

Chief Financial Officer, Chief Accounting Officer and Treasurer

## Exhibit 99.906

**EXHIBIT (b)**

**Certification of CEO and CFO Pursuant to**

**18 U.S.C. Section 1350, as Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Report on Form N-CSR of Guggenheim Active Allocation Fund (the "Issuer") for the semi-annual period ended November 30, 2022 (the "Report"), Brian E. Binder, as President and Chief Executive Officer of the Issuer, and James M. Howley, as Chief Financial Officer, Chief Accounting Officer and Treasurer of the Issuer, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Issuer.

Dated: February 3, 2023

<u>/s/ Brian E. Binder</u>

Name: Brian E. Binder

Title: President and Chief Executive Officer

<u>/s/ James M. Howley</u>

Name: James M. Howley

Title: Chief Financial Officer, Chief Accounting Officer and Treasurer