•
|
Daily, weekly and monthly data on share prices, distributions, dividends and more
|
•
|
Portfolio overviews and performance analyses
|
•
|
Announcements, press releases and special notices
|
•
|
Fund and adviser contact information
|
(Unaudited)
|
May 31, 2020
|
(Unaudited) continued
|
May 31, 2020
|
QUESTIONS & ANSWERS (Unaudited)
|
May 31, 2020
|
QUESTIONS & ANSWERS (Unaudited) continued
|
May 31, 2020
|
QUESTIONS & ANSWERS (Unaudited) continued
|
May 31, 2020
|
QUESTIONS & ANSWERS (Unaudited) continued
|
May 31, 2020
|
Index
|
Total Return
|
Alerian MLP Index
|
-24.26%
|
Bloomberg Barclays U.S. Aggregate Bond Index
|
5.40%
|
S&P 500 Index
|
-2.10%
|
QUESTIONS & ANSWERS (Unaudited) continued
|
May 31, 2020
|
QUESTIONS & ANSWERS (Unaudited) continued
|
May 31, 2020
|
QUESTIONS & ANSWERS (Unaudited) continued
|
May 31, 2020
|
QUESTIONS & ANSWERS (Unaudited) continued
|
May 31, 2020
|
QUESTIONS & ANSWERS (Unaudited) continued
|
May 31, 2020
|
QUESTIONS & ANSWERS (Unaudited) continued
|
May 31, 2020
|
QUESTIONS & ANSWERS (Unaudited) continued
|
May 31, 2020
|
QUESTIONS & ANSWERS (Unaudited) continued
|
May 31, 2020
|
FUND SUMMARY (Unaudited)
|
|
|
|
|
May 31, 2020
|
|
|||||
Fund Statistics
|
|
|
|
|
|
Share Price
|
|
|
|
|
$2.08
|
Net Asset Value
|
|
|
|
|
$2.52
|
Discount to NAV
|
|
|
|
|
(17.46%)
|
Net Assets ($000)
|
|
|
|
|
$89,469
|
AVERAGE ANNUAL TOTAL RETURNS FOR THE
|
|
|
|
||
PERIOD ENDED MAY 31, 2020
|
|
|
|
|
|
|
Six Month
|
|
|
|
|
|
(non-
|
One
|
Three
|
Five
|
Ten
|
|
annualized)
|
Year
|
Year
|
Year
|
Year
|
Fiduciary/Claymore
|
|
|
|
|
|
Energy Infrastructure Fund
|
|
|
|
|
|
NAV
|
(65.30%)
|
(71.97%)
|
(35.31%)
|
(28.40%)
|
(8.70%)
|
Market
|
(68.60%)
|
(75.31%)
|
(39.42%)
|
(30.82%)
|
(11.40%)
|
FUND SUMMARY (Unaudited) continued
|
May 31, 2020
|
Portfolio Breakdown
|
% of Net Assets
|
Midstream Oil
|
43.6%
|
Diversified Infrastructure
|
30.6%
|
Midstream Natural Gas
|
13.9%
|
Gathering & Processing
|
8.1%
|
Other Energy Infrastructure
|
4.4%
|
Utilities
|
3.2%
|
Marine Transportation
|
1.0%
|
Total Long-Term Investments
|
104.8%
|
Money Market Fund
|
1.4%
|
Total Investments
|
106.2%
|
Other Assets & Liabilities, net
|
(6.2%)
|
Net Assets
|
100.0%
|
FUND SUMMARY (Unaudited) continued
|
May 31, 2020
|
SCHEDULE OF INVESTMENTS (Unaudited)
|
|
May 31, 2020
|
|
|
Shares
|
Value
|
COMMON STOCKS† – 19.2%
|
|
|
Midstream Natural Gas – 7.5%
|
|
|
Williams Companies, Inc.1
|
283,492
|
$ 5,791,742
|
Equitrans Midstream Corp.1
|
113,560
|
918,700
|
Total Midstream Natural Gas
|
|
6,710,442
|
Diversified Infrastructure – 5.3%
|
|
|
Kinder Morgan, Inc.1
|
301,121
|
4,757,712
|
Utilities – 3.2%
|
|
|
NextEra Energy Partners, LP1
|
56,310
|
2,878,004
|
Gathering & Processing – 2.2%
|
|
|
Targa Resources Corp.1
|
109,527
|
1,959,438
|
Marine Transportation – 1.0%
|
|
|
KNOT Offshore Partners, LP1
|
55,709
|
844,548
|
Total Common Stocks
|
|
|
(Cost $17,792,226)
|
|
17,150,144
|
MASTER LIMITED PARTNERSHIPS AND RELATED ENTITIES† – 85.6%
|
|
|
Midstream Oil – 43.6%
|
|
|
Plains All American Pipeline, LP1
|
813,427
|
7,890,242
|
Magellan Midstream Partners, LP1
|
170,181
|
7,716,007
|
Phillips 66 Partners, LP1
|
143,105
|
6,393,931
|
NuStar Energy, LP1
|
332,570
|
5,776,741
|
Delek Logistics Partners, LP1
|
129,729
|
3,088,848
|
Shell Midstream Partners, LP1
|
205,015
|
2,765,652
|
NGL Energy Partners, LP
|
497,974
|
2,539,667
|
Genesis Energy, LP1
|
252,250
|
2,023,045
|
USD Partners, LP
|
253,538
|
851,888
|
Total Midstream Oil
|
|
39,046,021
|
Diversified Infrastructure – 25.3%
|
|
|
Enterprise Products Partners, LP1
|
400,540
|
7,650,314
|
Energy Transfer, LP1
|
931,388
|
7,600,126
|
MPLX, LP1
|
389,965
|
7,405,435
|
Total Diversified Infrastructure
|
|
22,655,875
|
Midstream Natural Gas – 6.4%
|
|
|
TC PipeLines, LP1
|
106,577
|
3,746,182
|
Crestwood Equity Partners, LP1
|
71,990
|
1,022,978
|
Enable Midstream Partners, LP
|
221,934
|
923,245
|
Total Midstream Natural Gas
|
|
5,692,405
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
|
May 31, 2020
|
|
|
Shares
|
Value
|
MASTER LIMITED PARTNERSHIPS AND RELATED ENTITIES† – 85.6% (continued)
|
|
|
Gathering & Processing – 5.9%
|
|
|
DCP Midstream, LP1
|
249,877
|
$ 2,748,647
|
Noble Midstream Partners, LP
|
156,834
|
1,516,585
|
Western Midstream Partners, LP
|
107,105
|
1,000,361
|
Total Gathering & Processing
|
|
5,265,593
|
Other Energy Infrastructure – 4.4%
|
|
|
Cheniere Energy Partners, LP1
|
116,645
|
3,935,602
|
Total Master Limited Partnerships and Related Entities
|
|
|
(Cost $42,005,190)
|
|
76,595,496
|
MONEY MARKET FUND† – 1.4%
|
|
|
Dreyfus Treasury Obligations Cash Management Fund – Institutional Shares, 0.12%2
|
1,253,898
|
1,253,898
|
Total Money Market Fund
|
|
|
(Cost $1,253,898)
|
|
1,253,898
|
Total Investments – 106.2%
|
|
|
(Cost $61,051,314)
|
|
$ 94,999,538
|
Other Assets & Liabilities, net – (6.2)%
|
|
(5,530,604)
|
Total Net Assets – 100.0%
|
|
$ 89,468,934
|
† |
Value determined based on Level 1 inputs — See Note 5.
|
1 |
All or a portion of these securities have been physically segregated and pledged as collateral. As of May 31, 2020, the total amount segregated was $79,507,767, of which $37,374,879 is related to the
outstanding line of credit and $42,132,888 is related to reverse repurchase agreements.
|
2 |
Rate indicated is the 7-day yield as of May 31, 2020.
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
May 31, 2020
|
|
Level 2
|
Level 3
|
||||||||||||||
|
Significant
|
Significant
|
||||||||||||||
|
Level 1
|
Observable
|
Unobservable
|
|||||||||||||
Investments in Securities (Assets)
|
Quoted Prices
|
Inputs
|
Inputs
|
Total
|
||||||||||||
Common Stocks
|
$
|
17,150,144
|
$
|
—
|
$
|
—
|
$
|
17,150,144
|
||||||||
Master Limited Partnerships and
|
||||||||||||||||
Related Entities
|
76,595,496
|
—
|
—
|
76,595,496
|
||||||||||||
Money Market Fund
|
1,253,898
|
—
|
—
|
1,253,898
|
||||||||||||
Total Assets
|
$
|
94,999,538
|
$
|
—
|
$
|
—
|
$
|
94,999,538
|
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)
|
|
May 31, 2020
|
|
ASSETS:
|
|
|
Investments, at value (cost $61,051,314)
|
$ 94,999,538
|
|
Net deferred tax
|
|
4,175,244
|
Current tax receivable
|
|
624,756
|
Prepaid expenses
|
|
556
|
Interest receivable
|
|
137
|
Total assets
|
|
99,800,231
|
LIABILITIES:
|
|
|
Borrowings (Note 8)
|
|
5,192,000
|
Reverse repurchase agreements (Note 7)
|
|
4,850,000
|
Interest due on borrowings
|
|
24,358
|
Payable for:
|
|
|
Investment advisory fees
|
|
78,313
|
Offering costs
|
|
53,332
|
Trustees’ fees and expenses*
|
|
33,680
|
Professional fees
|
|
23,201
|
Other fees and expenses
|
|
76,413
|
Total liabilities
|
|
10,331,297
|
NET ASSETS
|
$ 89,468,934
|
|
NET ASSETS CONSIST OF:
|
|
|
Common stock, $0.01 par value per share, unlimited number of shares
|
|
|
authorized, 35,440,768 shares issued and outstanding
|
$ 354,408
|
|
Additional paid-in capital
|
|
96,784,973
|
Total distributable earnings (loss)
|
|
(7,670,447)
|
NET ASSETS
|
$ 89,468,934
|
|
Shares outstanding ($0.01 par value with unlimited amount authorized)
|
|
35,440,768
|
Net asset value
|
$ 2.52
|
* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.
|
|
STATEMENTS OF OPERATIONS (Unaudited)
|
|
May 31, 2020
|
For the Six Months Ended May 31, 2020
|
|
|
INVESTMENT INCOME:
|
|
|
Interest
|
$ 109,953
|
|
Dividends
|
|
900,384
|
Distributions from master limited partnerships
|
|
13,975,365
|
Less: Return of capital distributions
|
|
(12,843,048)
|
Less: Distributions classified as realized gains
|
|
(1,132,317)
|
Total investment income
|
|
1,010,337
|
EXPENSES:
|
|
|
Investment advisory fees
|
|
1,456,225
|
Interest expense
|
|
1,407,134
|
Professional fees
|
|
115,303
|
Trustees’ fees and expenses*
|
|
35,446
|
Administration fees
|
|
34,707
|
Printing fees
|
|
33,580
|
Fund accounting fees
|
|
33,011
|
Registration and filings
|
|
20,313
|
Transfer agent fees
|
|
11,252
|
Insurance
|
|
6,765
|
Custodian fees
|
|
6,730
|
Miscellaneous
|
|
7,094
|
Total expenses
|
|
3,167,560
|
Net investment loss before taxes
|
|
(2,157,223)
|
Current tax benefit (expense)
|
|
(52,711)
|
Deferred tax benefit (expense)
|
|
312,964
|
Net investment loss
|
|
(1,896,970)
|
NET REALIZED AND UNREALIZED GAIN (LOSS):
|
|
|
Net realized gain (loss) on:
|
|
|
Investments before taxes
|
|
(136,036,847)
|
Options written
|
|
254,392
|
Deferred tax benefit (expense)
|
|
19,698,955
|
Net realized loss
|
|
(116,083,500)
|
Net change in unrealized appreciation (depreciation) on:
|
|
|
Investments before taxes
|
|
(63,688,317)
|
Options written
|
|
(315,992)
|
Deferred tax benefit (expense)
|
|
9,285,573
|
Net change in unrealized appreciation (depreciation)
|
|
(54,718,736)
|
Net realized and unrealized loss
|
|
(170,802,236)
|
Net decrease in net assets resulting from operations
|
$ (172,699,206)
|
* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.
|
|
|
|
||
|
||
See notes to financial statements.
|
|
|
24 l FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMI-ANNUAL REPORT
|
|
|
STATEMENTS OF CHANGES IN NET ASSETS
|
|
May 31, 2020
|
|
|
Six Months
|
|
|
Ended
|
|
|
May 31, 2020
|
Year Ended
|
|
(Unaudited)
|
November 30, 2019
|
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
|
|
|
Net investment loss
|
$ (1,896,970)
|
$ (7,431,213)
|
Net realized gain (loss) on investments
|
(116,083,500)
|
7,456,807
|
Net change in unrealized appreciation (depreciation)
|
|
|
on investments
|
(54,718,736)
|
(54,529,678)
|
Net decrease in net assets resulting from operations
|
(172,699,206)
|
(54,504,084)
|
Return of capital to Common Shareholders – See Note 2(c)
|
(12,602,739)
|
(45,803,649)
|
Net decrease in net assets
|
(185,301,945)
|
(100,307,733)
|
NET ASSETS:
|
|
|
Beginning of period
|
274,770,879
|
375,078,612
|
End of period
|
$ 89,468,934
|
$ 274,770,879
|
STATEMENT OF CASH FLOWS (Unaudited)
|
May 31, 2020
|
For the Six Months Ended May 31, 2020
|
|
Cash Flows from Operating Activities:
|
|
Net decrease in net assets resulting from operations
|
$ (172,699,206)
|
Adjustments to Reconcile Net Decrease in Net Assets Resulting from Operations to
|
|
Net Cash Provided by Operating Activities:
|
|
Net change in unrealized (appreciation) depreciation on investments before taxes
|
63,688,317
|
Net change in unrealized (appreciation) depreciation on options written
|
315,992
|
Net realized loss on investments before taxes
|
136,036,847
|
Net realized gain on options written
|
(254,392)
|
Purchase of long-term investments
|
(79,410,337)
|
Proceeds from sale of long-term investments
|
238,162,597
|
Net proceeds from sale of short-term investments
|
5,023,458
|
Return of capital distributions received from investee companies
|
12,843,048
|
Distributions classified as realized gains from investee companies
|
1,132,317
|
Premiums received on options written
|
(121,600)
|
Decrease in current tax receivable
|
7,228,669
|
Decrease in prepaid expenses
|
6,766
|
Decrease in interest receivable
|
21,428
|
Decrease in investments sold receivable
|
354,339
|
Increase in net deferred tax asset
|
(4,175,244)
|
Decrease in interest due on borrowings
|
(235,544)
|
Decrease in trustees’ fees and expenses payable
|
(158)
|
Decrease in professional fees payable
|
(159,036)
|
Decrease in investment advisory fees payable
|
(318,127)
|
Decrease in net deferred tax liability
|
(26,660,931)
|
Decrease in other fees and expenses payable
|
(4,347)
|
Net Cash Provided by Operating and Investing Activities
|
$ 180,774,856
|
Cash Flows From Financing Activities:
|
|
Distributions to common shareholders
|
(12,602,739)
|
Payments made on borrowings
|
(87,808,000)
|
Payments made on reverse repurchase agreements
|
(80,360,117)
|
Decrease in offering costs payable
|
(4,000)
|
Net Cash Used in Financing Activities
|
(180,774,856)
|
Net decrease in cash
|
—
|
Cash at Beginning of Period
|
—
|
Cash at End of Period
|
$ —
|
Supplemental Disclosure of Cash Flow Information: Cash paid during the
|
|
period for interest
|
$ 1,852,795
|
Supplemental Disclosure of Cash Flow Information: Taxes paid during the period
|
$ 88,000
|
FINANCIAL HIGHLIGHTS
|
|
|
|
|
|
|
May 31, 2020
|
|
|||||||
|
|||||||
|
Six Months
|
|
|
|
|
|
|
|
Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
|
|
May 31, 2020
|
November 30,
|
November 30, |
November 30, |
November 30, |
November 30, |
|
|
(Unaudited)
|
|
2019
|
2018
|
2017
|
2016
|
2015
|
Per Share Data:
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$ 7.75
|
$ 10.58
|
$ 11.63
|
$ 14.76
|
$ 15.74
|
$ 26.73
|
|
Income from investment operations:
|
|
|
|
|
|
|
|
Net investment loss(a) (b)
|
(0.05)
|
|
(0.21)
|
(0.24)
|
(0.14)
|
(0.14)
|
(0.11)
|
Net gain (loss) on investments (realized and unrealized)(b)
|
(4.82)
|
|
(1.33)
|
0.59
|
(1.27)
|
0.88
|
(9.17)
|
Total from investment operations
|
(4.87)
|
|
(1.54)
|
0.35
|
(1.41)
|
0.74
|
(9.28)
|
Common shares’ offering expenses charged to paid-in-capital
|
—
|
|
—
|
—
|
(0.00)*
|
—
|
(0.00)*
|
Less distributions from:
|
|
|
|
|
|
|
|
Return of capital(c)
|
(0.36)
|
|
(1.29)
|
(1.40)
|
(1.72)
|
(1.72)
|
(1.71)
|
Net asset value, end of period
|
$ 2.52
|
$ 7.75
|
$ 10.58
|
$ 11.63
|
$ 14.76
|
$ 15.74
|
|
Market value, end of period
|
$ 2.08
|
$ 7.10
|
$ 9.81
|
$ 11.12
|
$ 14.82
|
$ 13.76
|
|
Total Return(d)
|
|
|
|
|
|
|
|
Net asset value
|
(65.30%)
|
(16.17%)
|
2.13%
|
(10.38%)
|
6.32%
|
(36.06%)
|
|
Market value
|
(68.60%)
|
(16.35%)
|
(0.69%)
|
(14.68%)
|
22.79%
|
(45.44%)
|
|
Ratios/Supplemental Data:
|
|
|
|
|
|
|
|
Net assets, end of period (in thousands)
|
$ 89,469
|
$ 274,771
|
$ 375,079
|
$ 411,194
|
$ 496,831
|
$ 528,392
|
|
Ratios of net expenses to average net assets of:
|
|
|
|
|
|
|
|
Including current and deferred income tax
|
(27.80%)(g)
|
(1.76%)
|
(7.04%)
|
(4.74%)
|
5.05%
|
(23.57%)
|
|
Excluding current and deferred income tax(e)
|
3.38%(g)
|
4.02%
|
3.35%
|
2.55%
|
2.27%
|
2.01%
|
|
Ratios of net investment income (loss) to average net assets:
|
|
|
|
|
|
|
|
Including current and deferred income tax
|
28.88%(g)
|
2.93%
|
7.88%
|
5.63%
|
(4.34%)
|
24.80%
|
|
Excluding current and deferred income tax
|
(2.30%)(g)
|
(2.85%)
|
(2.50%)
|
(1.65%)
|
(1.56%)
|
(0.78%)
|
|
Portfolio turnover rate
|
27%
|
|
33%
|
41%
|
20%
|
24%
|
17%
|
FINANCIAL HIGHLIGHTS continued
|
|
|
|
|
|
|
|
|
May 31, 2020
|
||
|
|
|
|
Six Months
|
|
|
|
|
||
|
|
|
Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
|
|
|
|
|
May 31, 2020
|
November 30,
|
November 30,
|
November 30,
|
November 30,
|
November 30,
|
|
|
|
|
(Unaudited)
|
2019
|
2018
|
2017
|
2016
|
2015
|
Senior Indebtedness:
|
|||||||||
Borrowings-committed facility agreement (in thousands)
|
$ 5,192
|
$ 93,000
|
$ 118,000
|
$ 118,000
|
$ 183,000
|
$ 263,000
|
|||
Asset Coverage per $1,000 of indebtedness(f)
|
|
$ 18,232
|
$ 3,955
|
$ 4,179
|
$ 4,485
|
$ 3,715
|
$ 3,009
|
*
|
Less than $0.005.
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Based on average shares outstanding.
|
|
|
|
|
|
|
|
|
|
|
(b)
|
The character of dividends received for each period is based upon estimates made at the time the distribution was received. Any necessary adjustments are reflected in the following
|
||||||||||
|
fiscal year when the actual character is known. See Note 2(b) of the Notes to Financial Statements for additional information.
|
|
|
|
|||||||
(c)
|
For the years ended November 30, 2019, 2018, 2017, 2016 and 2015 approximately $0.71, $0.37, $0.00, $0.00, and $1.36 per common share represents qualified dividend income for
|
||||||||||
|
U.S. federal income tax purposes, respectively. The remaining distributions represent return of capital for U.S. federal income tax purposes. For U.S. GAAP purposes, all of the distri-
|
||||||||||
|
butions were considered return of capital. See Note 2(c) of the Notes to Financial Statements for additional information.
|
|
|
|
|||||||
(d)
|
Total investment return is calculated assuming a purchase of a common share at the beginning of the period and a sale on the last day of the period reported either at net asset value
|
||||||||||
|
(“NAV”) or market price per share. Dividends and distributions are assumed to be reinvested at NAV for NAV returns or the prices obtained under the Fund’s Dividend Reinvestment
|
||||||||||
|
Plan for market value returns. Total investment return does not reflect brokerage commissions.
|
|
|
|
|
|
|||||
(e)
|
Excluding current and deferred income taxes and interest expense, the net operating expense ratio for the period ended May 31, 2020 and years ended November 30 would be:
|
|
May 31, 2020
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
2019
|
2018
|
2017
|
2016
|
2015
|
|
|
|
|
1.88%(g)
|
1.87%
|
1.71%
|
1.61%
|
1.60%
|
1.53%
|
|
|
|
(f)
|
Calculated by subtracting the Fund’s total liabilities (not including the borrowings) from the Fund’s total assets and dividing by the borrowings
|
|
|
||||||||
(g)
|
Annualized.
|
|
|
|
|
|
|
|
|
|
|
NOTES TO FINANCIAL STATEMENTS (Unaudited)
|
May 31, 2020
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
May 31, 2020
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
May 31, 2020
|
The final tax character of the distributions were as follows:
|
|
|
2019
|
Dividend Income
|
$ 25,157,792
|
Tax return of capital
|
20,645,857
|
Total
|
$ 45,803,649
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
May 31, 2020
|
|
Average Notional
|
Use
|
Written Call
|
Hedge
|
—*
|
*
|
Call options written were outstanding for 22 days during the period ended May 31, 2020. The average notional written call amount during the period was $6,560,000.
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
May 31, 2020
|
|
Location of Gain
|
Derivative Investment Type
|
(Loss) on Derivatives
|
Equity contracts
|
Net realized gain (loss) on options written
Net change in unrealized appreciation
(depreciation) on options written
|
Realized Gain (Loss) on Derivative Investments Recognized on the Statement of Operations
|
|
Options Written
|
|
|
Equity Risk
|
$ 254,392
|
Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statement of Operations
|
|
Options Written
|
|
|
Equity Risk
|
$ (315,992)
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
May 31, 2020
|
|
|
|
Net Amount
|
|
|
|
|
|
Gross Amounts
|
of Liabilities
|
Gross Amounts Not
|
|
|
|
Gross
|
Offset in the
|
Presented on the
|
Offset in the Statement
|
|
|
|
Amounts of
|
Statement of
|
Statement of
|
of Assets and Liabilities
|
|
|
|
Recognized
|
Assets and
|
Assets and
|
Financial
|
Cash Collateral
|
Net
|
Instrument
|
Liabilities
|
Liabilities
|
Liabilities
|
Instruments
|
Pledged
|
Amount
|
Reverse Repurchase
|
|
|
|
|
|
|
Agreements
|
$ 4,850,000
|
$ —
|
$ 4,850,000
|
$ (4,850,000)
|
$ —
|
$ —
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
May 31, 2020
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
May 31, 2020
|
Counterparty
|
Interest Rate
|
Maturity Date
|
Face Value
|
BNP Paribas
|
1.33%* (1 Month USD
|
Open Maturity
|
$ 4,850,000
|
|
LIBOR + 1.15%)
|
|
|
*
|
Variable rate security. Rate indicated is the rate effective at May 31, 2020.
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
May 31, 2020
|
|
Overnight and
|
|
|
Greater
|
|
|
Continuous
|
Up to 30 days
|
31-90 days
|
than 90 days
|
Total
|
Master Limited Partnerships
|
|
|
|
|
|
and Related Entities
|
$ 4,850,000
|
$ —
|
$ —
|
$ —
|
$ 4,850,000
|
Gross amount of recognized
|
|
|
|
|
|
liabilities for reverse
|
|
|
|
|
|
repurchase agreements
|
$ 4,850,000
|
$ —
|
$ —
|
$ —
|
$ 4,850,000
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
May 31, 2020
|
||
|
|
Gross Tax
|
Gross Tax
|
Net Tax Unrealized
|
Cost of Investments
|
Unrealized
|
Unrealized
|
Appreciation
|
for Tax Purposes
|
Appreciation
|
Depreciation
|
(Depreciation)
|
$ 85,489,740
|
$ 24,289,903
|
$ (14,780,105)
|
$ 9,509,798
|
The Fund’s income tax provision consists of the following:
|
|
|
|
Current federal income tax expense:
|
$ (49,688)
|
Current state income tax expense:
|
(3,023)
|
Deferred federal income tax benefit:
|
35,084,102
|
Deferred state income tax expense:
|
(5,786,610)
|
Total current and deferred tax benefit:
|
$ 29,244,781
|
|
|
Rate
|
Application of statutory income tax rate:
|
$ (42,408,237)
|
(21.00%)
|
State income taxes:
|
(3,542,786)
|
(1.75%)
|
Change in valuation allowance:
|
16,919,477
|
8.38%
|
Permanent differences:
|
(213,235)
|
(0.11%)
|
Total:
|
$ (29,244,781)
|
(14.48%)
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
May 31, 2020
|
Deferred tax assets:
|
|
Deferred tax benefit on net operating losses, capital loss carryforwards and foreign tax credits:
|
$ 24,946,672
|
Less: Valuation allowance:
|
$ (18,607,536)
|
Net deferred tax asset:
|
$ 6,339,136
|
Deferred tax liabilities:
|
|
Deferred tax on unrealized gain on investments:
|
$ (2,163,892)
|
Net deferred tax asset:
|
$ 4,175,244
|
Transactions in common shares were as follows:
|
|
|
|
Six Months Ended
|
Year Ended
|
|
May 31, 2020
|
November 30, 2019
|
Beginning Shares
|
35,440,768
|
35,440,768
|
Shares issued through dividend reinvestment
|
—
|
—
|
Common shares issued through at-the-market offering
|
—
|
—
|
Ending Shares
|
35,440,768
|
35,440,768
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
May 31, 2020
|
OTHER INFORMATION (Unaudited)
|
May 31, 2020
|
|
# of Shares in Favor
|
# of Shares Against
|
# of Shares Abstain
|
Randall C. Barnes
|
28,833,121
|
696,182
|
818,845
|
Donald A. Chubb, Jr.
|
28,789,313
|
737,462
|
821,373
|
Angela Brock-Kyle
|
28,539,480
|
1,021,666
|
787,002
|
Number of
|
|||||
|
Position(s)
|
Term of Office
|
|
Portfolios in
|
|
Name, Address*
|
Held
|
and Length
|
|
Fund
|
|
and Year of Birth
|
with
|
of Time
|
Principal Occupation(s)
|
Complex
|
Other Directorships
|
of Trustees
|
Trust
|
Served**
|
During Past 5 Years
|
Overseen
|
Held by Trustees***
|
Independent Trustees:
|
|
|
|
|
|
Randall C. Barnes
|
Trustee and
|
Since 2004
|
Current: Private Investor (2001-present).
|
157
|
Current: Purpose Investments Funds
|
(1951)
|
Chair of the
|
|
|
|
(2013-present).
|
|
Valuation
|
|
Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997);
|
|
|
|
Oversight
|
|
President, Pizza Hut International (1991-1993); Senior Vice President,
|
|
Former: Managed Duration Investment
|
|
Committee
|
|
Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).
|
|
Grade Municipal Fund (2006-2016).
|
Angela Brock-Kyle
|
Trustee
|
Since 2019
|
Current: Founder and Chief Executive Officer, B.O.A.R.D.S. (2013-present).
|
156
|
Current: Hunt Companies, Inc.
|
(1959)
|
|
|
|
|
(2019-present).
|
|
|
|
Former: Senior Leader, TIAA (1987-2012).
|
|
|
|
|
|
|
|
Former: Infinity Property & Casualty
|
|
|
|
|
|
Corp. (2014-2018).
|
OTHER INFORMATION (Unaudited) continued
|
|
May 31, 2020
|
|||
|
|||||
|
|||||
Number of
|
|||||
|
Position(s)
|
Term of Office
|
|
Portfolios in
|
|
Name, Address*
|
Held
|
and Length
|
|
Fund
|
|
and Year of Birth
|
with
|
of Time
|
Principal Occupation(s)
|
Complex
|
Other Directorships
|
of Trustees
|
Trust
|
Served**
|
During Past 5 Years
|
Overseen
|
Held by Trustees***
|
Independent Trustees continued:
|
|
|
|
|
|
Donald A.
|
Trustee
|
Since 2014
|
Current: Retired
|
156
|
Former: Midland Care, Inc. (2011-2016).
|
Chubb, Jr.
|
|
|
|
|
|
(1946)
|
|
|
Former: Business broker and manager of commercial real estate,
|
|
|
|
|
|
Griffith & Blair, Inc. (1997-2017).
|
|
|
Jerry B. Farley
|
Trustee
|
Since 2014
|
Current: President, Washburn University (1997-present).
|
156
|
Current: CoreFirst Bank & Trust
|
(1946)
|
|
|
|
|
(2000-present).
|
|
|||||
|
|
|
|
|
Former: Westar Energy, Inc. (2004-2018).
|
Roman
|
Trustee
|
Since 2011
|
Current: Founder and Managing Partner, Roman Friedrich & Company
|
156
|
Former: Zincore Metals, Inc. (2009-2019).
|
Friedrich III
|
|
|
(1998-present).
|
|
|
(1946)
|
|
|
|
|
|
Thomas F.
|
Trustee and
|
Since 2019
|
Current: President, Global Trends Investments (1996-present); Co-Chief
|
156
|
Current: US Global Investors (GROW)
|
Lydon, Jr.
|
Chair of
|
|
Executive Officer, ETF Flows, LLC (2019-present); Chief Executive Officer,
|
|
(1995-present).
|
(1960)
|
the Contracts
|
|
Lydon Media (2016-present).
|
|
|
|
Review
|
|
|
|
Former: Harvest Volatility Edge Trust (3)
|
|
Committee
|
|
|
|
(2017-2019).
|
Ronald A. Nyberg
|
Trustee and
|
Since 2004
|
Current: Partner, Momkus LLC (2016-present).
|
157
|
Current: PPM Funds (9) (2018 -
|
(1953)
|
Chair of the
|
|
|
|
present); Edward-Elmhurst Healthcare
|
|
Nominating and
|
|
Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President,
|
|
System (2012-present).
|
|
Governance
|
|
General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).
|
|
|
|
Committee
|
|
|
|
Former: Western Asset Inflation-Linked
|
|
|
|
|
|
Opportunities & Income Fund (2004-
|
|
|
|
|
|
April 2020); Western Asset Inflation-
|
|
|
|
|
|
Linked Income Fund (2003-April 2020);
|
|
|
|
|
|
Managed Duration Investment Grade
|
|
|
|
|
|
Municipal Fund (2003-2016).
|
OTHER INFORMATION (Unaudited) continued
|
|
May 31, 2020
|
|||
|
|||||
|
|||||
Number of
|
|||||
|
Position(s)
|
Term of Office
|
|
Portfolios in
|
|
Name, Address*
|
Held
|
and Length
|
|
Fund
|
|
and Year of Birth
|
with
|
of Time
|
Principal Occupation(s)
|
Complex
|
Other Directorships
|
of Trustees
|
Trust
|
Served**
|
During Past 5 Years
|
Overseen
|
Held by Trustees***
|
|
|||||
Independent Trustees continued:
|
|
|
|
|
|
|
|||||
Sandra G. Sponem
|
Trustee and
|
Since 2019
|
Current: Retired.
|
156
|
Current: SPDR Series Trust (78)
|
(1958)
|
Chair of the
|
|
|
|
(2018-present); SPDR Index Shares
|
|
Audit
|
|
Former: Senior Vice President and Chief Financial Officer, M.A.
|
|
Funds (31) (2018-present); SSGA Active
|
|
Committee
|
|
Mortenson-Companies, Inc. (2007-2017).
|
|
Trust (12) (2018-present); and SSGA
|
|
|
|
|
|
Master Trust (1) (2018-present).
|
Ronald E.
|
Trustee,
|
Since 2004
|
Current: Portfolio Consultant (2010-present); Member, Governing Council,
|
156
|
Former: Western Asset Inflation-Linked
|
Toupin, Jr.
|
Chair of the
|
|
Independent Directors Council (2013-present); Governor, Board of Governors,
|
|
Opportunities & Income Fund (2004-
|
(1958)
|
Board and
|
|
Investment Company Institute (2018-present).
|
|
April 2020); Western Asset Inflation-
|
|
Chair of the
|
|
|
|
Linked Income Fund (2003-April 2020);
|
|
Executive
|
|
Former: Member, Executive Committee, Independent Directors Council
|
|
Managed Duration Investment Grade
|
|
Committee
|
|
(2016-2018); Vice President, Manager and Portfolio Manager, Nuveen Asset
|
|
Municipal Fund (2003-2016).
|
|
|
|
Management (1998-1999); Vice President, Nuveen Investment Advisory Corp.
|
|
|
|
|
|
(1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts
|
|
|
|
|
|
(1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit
|
|
|
|
|
|
Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).
|
|
|
OTHER INFORMATION (Unaudited) continued
|
|
May 31, 2020
|
|||
|
|||||
|
|||||
Number of
|
|||||
|
Position(s)
|
Term of Office
|
|
Portfolios in
|
|
Name, Address*
|
Held
|
and Length
|
|
Fund
|
|
and Year of Birth
|
with
|
of Time
|
Principal Occupation(s)
|
Complex
|
Other Directorships
|
of Trustees
|
Trust
|
Served**
|
During Past 5 Years
|
Overseen
|
Held by Trustees***
|
Interested Trustee:
|
|
|
|
|
|
Amy J. Lee****
|
Trustee, Vice
|
Since 2018
|
Current: Interested Trustee, certain other funds in the Fund Complex
|
156
|
None.
|
(1961)
|
President and
|
(Trustee)
|
(2018-present); Chief Legal Officer, certain other funds in the Fund Complex
|
|
|
|
Chief Legal
|
|
(2014-present); Vice President, certain other funds in the Fund Complex
|
|
|
|
Officer
|
Since 2014
|
(2007-present); Senior Managing Director, Guggenheim Investments
|
|
|
(Chief Legal |
(2012-present).
|
||||
Officer) | |||||
|
|||||
|
|
Since 2012
|
Former: President and Chief Executive Officer, certain other funds in the Fund
|
|
|
|
|
(Vice President)
|
Complex (2017-2019); Vice President, Associate General Counsel and Assistant
|
|
|
|
|
|
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 serves an indefinite term, until his or her successor is elected and qualified:
|
|
-Messrs. Farley, Friedrich, Lydon, Jr. and Nyberg are Class II Trustees. Class II Trustees are expected to stand for re-election at the Fund’s annual meeting of shareholders for the fiscal year ended May 31,
2021.
|
|
-Messr. Toupin, Ms. Lee and Ms. Sponem are Class III Trustees. Class III Trustees are expected to stand for re-election at the Fund’s annual meeting of share- holders for the fiscal year ended May 31, 2022.
|
|
-Messrs. Barnes, Chubb, Jr. and Ms. Brock-Kyle are Class I Trustees. Class I Trustees are expected to stand for re-election at the Fund’s annual meeting of shareholders for the fiscal year ended May 31, 2023
|
***
|
Each Trustee also serves on the Boards of Trustees of Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Fidu- ciary/Claymore Energy Infrastructure Fund, Guggenheim Taxable
Municipal Managed Duration Trust, Guggenheim Strategic Opportunities Fund, Guggen- heim Enhanced Equity Income Fund, Guggenheim Energy & Income Fund, Guggenheim Credit Allocation Fund, Rydex Series Funds, Rydex Dynamic Funds, Rydex
Variable Funds and Transparent Value Trust. Messrs. Barnes and Nyberg also serve on the Board of Trustees of Advent Convertible & Income Fund.
|
****
|
This Trustee is deemed to be an “interested person” of the Funds under the 1940 Act by reason of her position with the Funds’ Investment Manager and/or the parent of the Investment Manager.
|
OTHER INFORMATION (Unaudited) continued
|
May 31, 2020
|
|
Position(s)
|
|
|
|
Held
|
Term of Office
|
|
Name, Address*
|
with
|
and Length of
|
Principal Occupation(s)
|
and Year of Birth
|
Trust
|
Time Served**
|
During Past Five Years
|
Officers:
|
|
|
|
Brian E. Binder
|
President and
|
Since 2018
|
Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President, Chief Executive Officer and
|
(1972)
|
Chief Executive
|
|
Chairman of the Board of Managers, Guggenheim Funds Investment Advisors, LLC (2018-present); President and Chief Executive Officer,
|
|
Officer
|
|
Security Investors, LLC (2018-present); Board Member of Guggenheim Partners Fund Management (Europe) Limited (2018-present); Senior
|
|
|
|
Managing Director and Chief Administrative Officer, Guggenheim Investments (2018-present).
|
|
|||
|
|
|
Former: Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset
|
|
|
|
Management (2013-2018); Managing Director, Head of Business Management and Consulting, Invesco Ltd. (2010-2012).
|
Joanna M.
|
Chief
|
Since 2012
|
Current: Chief Compliance Officer, certain other funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments
|
Catalucci
|
Compliance
|
|
(2014-present). Former: AML Officer, certain other funds in the Fund Complex (2016-2017); Chief Compliance Officer and Secretary certain other
|
(1966)
|
Officer
|
|
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
|
Assistant
|
Since 2006
|
Current: Managing Director, Guggenheim Investments (2004-present); Assistant Treasurer, certain other funds in the Fund Complex
|
(1972)
|
Treasurer
|
|
(2006-present).
|
|
|||
|
|
|
Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).
|
Mark E. Mathiasen
|
Secretary
|
Since 2008
|
Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).
|
(1978)
|
|
|
|
Glenn McWhinnie
|
Assistant
|
Since 2016
|
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 2014
|
Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2012-present).
|
(1984)
|
Secretary
|
|
|
OTHER INFORMATION (Unaudited) continued
|
May 31, 2020
|
|||
|
||||
|
||||
|
Position(s)
|
|
|
|
|
Held
|
Term of Office
|
|
|
Name, Address*
|
with
|
and Length of
|
Principal Occupation(s)
|
|
and Year of Birth
|
Trust
|
Time Served**
|
During Past Five Years
|
|
Officers continued:
|
|
|
|
|
William Rehder
|
Assistant
|
Since 2018
|
Current: Managing Director, Guggenheim Investments (2002-present).
|
|
(1967)
|
Vice
|
|
|
|
|
President
|
|
|
|
Kimberly J. Scott
|
Assistant
|
Since 2012
|
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 2014
|
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).
|
|
John L. Sullivan
|
Chief
|
Since 2010
|
Current: Chief Financial Officer, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior
|
|
(1955)
|
Financial
|
|
Managing Director, Guggenheim Investments (2010-present).
|
|
|
Officer, Chief
|
|
|
|
|
Accounting
|
|
Former: Managing Director and Chief Compliance Officer, each of the funds in the Van Kampen Investments fund complex (2004-2010);
|
|
|
Officer and
|
|
Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); Chief Financial
|
|
|
Treasurer
|
|
Officer and Treasurer, Van Kampen Funds (1996-2004).
|
|
Jon Szafran
|
Assistant
|
Since 2017
|
Current: Vice President, 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.
|
APPROVAL OF ADVISORY AGREEMENTS - FIDUCIARY/CLAYMORE
|
|
ENERGY INFRASTRUCTURE FUND (FMO)
|
May 31, 2020
|
1
|
On March 13, 2020, the Securities and Exchange Commission issued an exemptive order providing relief to registered management investment companies from certain provisions of the 1940 Act in light of the outbreak
of coronavirus disease 2019 (COVID-19), including the in-person voting requirements under Section 15(c) of the 1940 Act with respect to approving or renewing an investment advisory agreement, subject to certain conditions. The relief was
originally limited to the period from March 13, 2020 to June 15, 2020, and was subsequently extended through August 15, 2020. The Board, including the Independent Trustees, relied on this relief in voting to renew the Advisory Agreements at a
meeting of the Board held by videoconference on May 18, 2020.
|
APPROVAL OF ADVISORY AGREEMENTS - FIDUCIARY/CLAYMORE
|
|
ENERGY INFRASTRUCTURE FUND (FMO) continued
|
May 31, 2020
|
APPROVAL OF ADVISORY AGREEMENTS - FIDUCIARY/CLAYMORE
|
|
ENERGY INFRASTRUCTURE FUND (FMO) continued
|
May 31, 2020
|
APPROVAL OF ADVISORY AGREEMENTS - FIDUCIARY/CLAYMORE
|
|
ENERGY INFRASTRUCTURE FUND (FMO) continued
|
May 31, 2020
|
APPROVAL OF ADVISORY AGREEMENTS - FIDUCIARY/CLAYMORE
|
|
ENERGY INFRASTRUCTURE FUND (FMO) continued
|
May 31, 2020
|
2
|
Contractual advisory fee rankings represent the percentile ranking of the Fund’s contractual advisory fee relative to peers assuming that the contractual advisory fee for each fund in the peer group is
calculated on the basis of the Fund’s average managed assets.
|
3
|
The “net effective management fee” for the Fund represents the combined effective advisory fee and administration fee as a percentage of average net assets for the latest fiscal year, after any waivers and/or
reimbursements.
|
APPROVAL OF ADVISORY AGREEMENTS - FIDUCIARY/CLAYMORE
|
|
ENERGY INFRASTRUCTURE FUND (FMO) continued
|
May 31, 2020
|
APPROVAL OF ADVISORY AGREEMENTS - FIDUCIARY/CLAYMORE
|
|
ENERGY INFRASTRUCTURE FUND (FMO) continued
|
May 31, 2020
|
APPROVAL OF ADVISORY AGREEMENTS - FIDUCIARY/CLAYMORE
|
|
ENERGY INFRASTRUCTURE FUND (FMO) continued
|
May 31, 2020
|
APPROVAL OF ADVISORY AGREEMENTS - FIDUCIARY/CLAYMORE
|
|
ENERGY INFRASTRUCTURE FUND (FMO) continued
|
May 31, 2020
|
APPROVAL OF ADVISORY AGREEMENTS - FIDUCIARY/CLAYMORE
|
|
ENERGY INFRASTRUCTURE FUND (FMO) continued
|
May 31, 2020
|
DIVIDEND REINVESTMENT PLAN (Unaudited)
|
May 31, 2020
|
DIVIDEND REINVESTMENT PLAN (Unaudited) continued
|
May 31, 2020
|
FUND INFORMATION (Unaudited)
|
May 31, 2020
|
Board of Trustees
|
Investment Adviser
|
Randall C. Barnes
|
Guggenheim Funds Investment
|
|
Advisors, LLC
|
Angela Brock-Kyle
|
Chicago, IL
|
|
|
Donald A. Chubb, Jr.
|
Investment Sub-Adviser
|
|
Tortoise Capital Advisors, L.L.C.
|
Jerry B. Farley
|
Leawood, KS
|
|
|
Roman Friedrich III
|
Administrator and Accounting Agent
|
MUFG Investor Services (US), LLC |
Amy J. Lee*
|
Rockville, MD
|
|
|
Thomas F. Lydon, Jr.
|
Custodian
|
The Bank of New York Mellon Corp. | |
Ronald A. Nyberg
|
New York, NY
|
Sandra G. Sponem
|
Legal Counsel
|
|
Dechert LLP
|
Ronald E. Toupin, Jr.,
|
Washington, D.C.
|
Chairman
|
|
Independent Registered Public
|
|
Accounting Firm | |
* This Trustee is an “interested person” (as
|
Ernst & Young LLP
|
defined in Section 2(a)(19) of the 1940 Act)
|
Tysons, VA
|
(“Interested Trustee”) of the Fund because of
|
|
her position as President of the Investment
|
|
Adviser.
|
|
Principal Executive Officers
|
|
Brian E. Binder
|
|
President and Chief Executive Officer
|
|
|
|
Joanna M. Catalucci
|
|
Chief Compliance Officer
|
|
|
|
Amy J. Lee
|
|
Vice President and Chief Legal Officer
|
|
|
|
Mark E. Mathiasen
|
|
Secretary
|
|
|
|
John L. Sullivan
|
|
Chief Financial Officer,
|
|
Chief Accounting Officer
|
|
and Treasurer
|
|
FUND INFORMATION (Unaudited) continued
|
May 31, 2020
|
•
|
If your shares are held in a Brokerage Account, contact your Broker.
|
•
|
If you have physical possession of your shares in certificate form, contact the Fund’s Transfer Agent: Computershare Trust Company, N.A., P.O. Box 30170 College Station, TX 77842-3170; (866)
488-3559 or online at www.computershare.com/investor
|
Tortoise Capital Advisors, L.L.C.
5100 W. 115th Place
Leawood, KS 66211
|
Guggenheim Funds Distributors, LLC
227 West Monroe Street
Chicago, IL 60606
Member FINRA/SIPC
(07/20)
|
(a)
|
Not applicable for a semi-annual reporting period.
|
(b)
|
There has been no change, as of the date of this filing, in the Portfolio Managers identified in response to paragraph (a)(1) of this Item in the registrant’s most recent annual report on
Form N-CSR.
|
(1)
|
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
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