June 30, 2019
|
|||||||||
|
Total Cumulative Distribution
|
|
% Breakdown of the Total Cumulative
|
|
|||||
|
For the Fiscal Year
|
|
|
Distributions for the Fiscal Year
|
|
||||
|
Net
|
Net
|
|
|
|
Net
|
Net
|
|
|
|
Realized
|
Realized
|
|
|
|
Realized
|
Realized
|
|
|
Net
|
Short-Term
|
Long-Term |
|
Total per
|
Net
|
Short-Term
|
Long-Term |
|
Total per
|
Investment
|
Capital
|
Capital
|
Return of
|
Common
|
Investment
|
Capital
|
Capital
|
Return of
|
Common
|
Income
|
Gains
|
Gains
|
Capital
|
Share
|
Income
|
Gains
|
Gains
|
Capital
|
Share
|
$0.0000
|
$0.0000
|
$0.0000
|
$0.4800
|
$0.4800
|
0.00%
|
0.00%
|
0.00%
|
100.00%
|
100.00%
|
(Unaudited)
|
June 30, 2019
|
GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 5
|
(Unaudited) continued
|
June 30, 2019
|
6 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
|
QUESTIONS & ANSWERS (Unaudited)
|
June 30, 2019
|
GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 7
|
QUESTIONS & ANSWERS (Unaudited) continued
|
June 30, 2019
|
8 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
|
QUESTIONS & ANSWERS (Unaudited) continued
|
June 30, 2019
|
GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 9
|
QUESTIONS & ANSWERS (Unaudited) continued
|
June 30, 2019
|
Index
|
Total Return
|
Chicago Board Options Exchange Volatility Index (“VIX”)
|
-40.68%
|
Dow Jones Industrial Average
|
15.40%
|
NASDAQ-100 Index
|
21.85%
|
Russell 2000 Index
|
16.98%
|
S&P 500 Equal Weight Index
|
19.19%
|
S&P 500 Index
|
18.54%
|
10 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
|
QUESTIONS & ANSWERS (Unaudited) continued
|
June 30, 2019
|
GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 11
|
QUESTIONS & ANSWERS (Unaudited) continued
|
June 30, 2019
|
12 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
|
QUESTIONS & ANSWERS (Unaudited) continued
|
June 30, 2019
|
GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 13
|
FUND SUMMARY (Unaudited)
|
June 30, 2019
|
Fund Statistics
|
|
Share Price
|
$8.13
|
Net Asset Value
|
$7.86
|
Premium to NAV
|
3.44%
|
Net Assets ($000)
|
$379,047
|
|
Six Month
|
One
|
Three
|
Five
|
Ten
|
|
(non-annualized)
|
Year
|
Year
|
Year
|
Year
|
Guggenheim Enhanced
|
|
|
|
|
|
Equity Income Fund
|
|
|
|
|
|
NAV
|
19.44%
|
4.90%
|
10.57%
|
7.80%
|
9.47%
|
Market
|
27.37%
|
8.43%
|
15.43%
|
9.01%
|
12.61%
|
Portfolio Breakdown
|
% of Net Assets
|
Common Stock
|
|
Consumer, Non-cyclical
|
21.2%
|
Financial
|
19.4%
|
Consumer, Cyclical
|
13.3%
|
Industrial
|
13.2%
|
Technology
|
10.4%
|
Communications
|
6.2%
|
Energy
|
6.0%
|
Other
|
9.1%
|
Exchange-Traded Funds
|
45.5%
|
Money Market Fund
|
2.9%
|
Options Written
|
-2.5%
|
Total Investments
|
144.7%
|
Other Assets & Liabilities, net
|
-44.7%
|
Net Assets
|
100.0%
|
14 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
|
PERFORMANCE REPORT AND FUND PROFILE (Unaudited)
|
June 30, 2019
|
GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 15
|
SCHEDULE OF INVESTMENTS (Unaudited)
|
June 30, 2019
|
|
Shares
|
Value
|
|
||
COMMON STOCKS† – 98.8%
|
|
|
Consumer, Non-cyclical – 21.2%
|
|
|
Allergan plc1
|
6,319
|
$ 1,057,990
|
Corteva, Inc.*
|
29,079
|
859,866
|
DaVita, Inc.*,1
|
14,986
|
843,112
|
IQVIA Holdings, Inc.*
|
5,184
|
834,106
|
Mylan N.V.*,1
|
43,037
|
819,424
|
Alexion Pharmaceuticals, Inc.*,1
|
6,211
|
813,517
|
Perrigo Company plc1
|
16,964
|
807,826
|
Incyte Corp.*,1
|
9,426
|
800,833
|
United Rentals, Inc.*
|
5,961
|
790,607
|
Vertex Pharmaceuticals, Inc.*
|
4,303
|
789,084
|
Becton Dickinson and Co.1
|
3,128
|
788,287
|
IHS Markit Ltd.*
|
12,348
|
786,815
|
Illumina, Inc.*,1
|
2,129
|
783,791
|
HCA Healthcare, Inc.1
|
5,785
|
781,958
|
Cardinal Health, Inc.1
|
16,587
|
781,248
|
Nektar Therapeutics*
|
21,931
|
780,305
|
Boston Scientific Corp.*,1
|
18,122
|
778,884
|
Universal Health Services, Inc. — Class B
|
5,967
|
778,037
|
Intuitive Surgical, Inc.*,1
|
1,475
|
773,711
|
Humana, Inc.1
|
2,908
|
771,492
|
Stryker Corp.
|
3,747
|
770,308
|
Baxter International, Inc.1
|
9,399
|
769,778
|
Constellation Brands, Inc. — Class A1
|
3,904
|
768,854
|
Avery Dennison Corp.1
|
6,635
|
767,537
|
Amgen, Inc.1
|
4,160
|
766,605
|
Cooper Companies, Inc.1
|
2,267
|
763,730
|
Monster Beverage Corp.*
|
11,943
|
762,322
|
Varian Medical Systems, Inc.*
|
5,597
|
761,920
|
Laboratory Corporation of America Holdings*,1
|
4,402
|
761,106
|
ABIOMED, Inc.*,1
|
2,919
|
760,370
|
Molson Coors Brewing Co. — Class B
|
13,565
|
759,640
|
Estee Lauder Companies, Inc. — Class A1
|
4,141
|
758,258
|
Teleflex, Inc.
|
2,287
|
757,340
|
ResMed, Inc.
|
6,203
|
756,952
|
FleetCor Technologies, Inc.*,1
|
2,686
|
754,363
|
Thermo Fisher Scientific, Inc.
|
2,568
|
754,170
|
IDEXX Laboratories, Inc.*,1
|
2,736
|
753,303
|
Dentsply Sirona, Inc.1
|
12,903
|
753,019
|
Biogen, Inc.*,1
|
3,217
|
752,360
|
Lamb Weston Holdings, Inc.
|
11,870
|
752,083
|
Regeneron Pharmaceuticals, Inc.*
|
2,400
|
751,200
|
See notes to financial statements.
|
16 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
June 30, 2019
|
|
Shares
|
Value
|
|
||
COMMON STOCKS† – 98.8% (continued)
|
|
|
Consumer, Non-cyclical – 21.2% (continued)
|
|
|
Zoetis, Inc.
|
6,612
|
$ 750,396
|
Equifax, Inc.1
|
5,547
|
750,176
|
Kraft Heinz Co.1
|
24,167
|
750,144
|
Danaher Corp.1
|
5,246
|
749,758
|
Abbott Laboratories1
|
8,909
|
749,247
|
H&R Block, Inc.1
|
25,531
|
748,058
|
Gilead Sciences, Inc.1
|
11,038
|
745,727
|
Philip Morris International, Inc.
|
9,488
|
745,093
|
Moody’s Corp.
|
3,809
|
743,936
|
Gartner, Inc.*,1
|
4,619
|
743,382
|
Robert Half International, Inc.
|
13,022
|
742,384
|
Pfizer, Inc.
|
17,130
|
742,072
|
Merck & Company, Inc.
|
8,849
|
741,989
|
S&P Global, Inc.
|
3,257
|
741,912
|
Quanta Services, Inc.
|
19,389
|
740,466
|
McKesson Corp.
|
5,502
|
739,414
|
Global Payments, Inc.1
|
4,612
|
738,520
|
Total System Services, Inc.
|
5,755
|
738,194
|
Quest Diagnostics, Inc.
|
7,250
|
738,122
|
CVS Health Corp.1
|
13,522
|
736,814
|
Verisk Analytics, Inc. — Class A
|
5,023
|
735,669
|
Edwards Lifesciences Corp.*,1
|
3,982
|
735,635
|
Cintas Corp.1
|
3,099
|
735,362
|
Hologic, Inc.*,1
|
15,312
|
735,282
|
MarketAxess Holdings, Inc.
|
2,286
|
734,766
|
Zimmer Biomet Holdings, Inc.1
|
6,237
|
734,345
|
AmerisourceBergen Corp. — Class A1
|
8,612
|
734,259
|
Archer-Daniels-Midland Co.1
|
17,958
|
732,686
|
Medtronic plc1
|
7,513
|
731,691
|
Automatic Data Processing, Inc.1
|
4,425
|
731,585
|
Cigna Corp.1
|
4,624
|
728,511
|
UnitedHealth Group, Inc.
|
2,985
|
728,370
|
Johnson & Johnson1
|
5,229
|
728,295
|
WellCare Health Plans, Inc.*
|
2,551
|
727,214
|
Coca-Cola Co.1
|
14,276
|
726,934
|
Eli Lilly & Co.1
|
6,555
|
726,228
|
McCormick & Company, Inc.1
|
4,677
|
724,982
|
Anthem, Inc.1
|
2,567
|
724,433
|
PepsiCo, Inc.
|
5,519
|
723,706
|
Coty, Inc. — Class A1
|
53,940
|
722,796
|
Procter & Gamble Co.1
|
6,587
|
722,265
|
See notes to financial statements.
|
|
GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 17
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
June 30, 2019
|
|
Shares
|
Value
|
|
||
COMMON STOCKS† – 98.8% (continued)
|
|
|
Consumer, Non-cyclical – 21.2% (continued)
|
|
|
Tyson Foods, Inc. — Class A
|
8,943
|
$ 722,058
|
Brown-Forman Corp. — Class B1
|
13,020
|
721,698
|
PayPal Holdings, Inc.*
|
6,305
|
721,670
|
General Mills, Inc.1
|
13,715
|
720,312
|
Henry Schein, Inc.*
|
10,276
|
718,293
|
Nielsen Holdings plc1
|
31,765
|
717,889
|
Centene Corp.*,1
|
13,679
|
717,327
|
Mondelez International, Inc. — Class A
|
13,306
|
717,193
|
Sysco Corp.
|
10,138
|
716,959
|
Hormel Foods Corp.1
|
17,680
|
716,747
|
Colgate-Palmolive Co.1
|
9,986
|
715,697
|
Clorox Co.1
|
4,669
|
714,871
|
Hershey Co.1
|
5,296
|
709,823
|
Kimberly-Clark Corp.1
|
5,321
|
709,183
|
Celgene Corp.*,1
|
7,590
|
701,620
|
Bristol-Myers Squibb Co.1
|
15,402
|
698,481
|
Rollins, Inc.
|
19,455
|
697,851
|
Campbell Soup Co.1
|
17,333
|
694,533
|
Church & Dwight Company, Inc.1
|
9,493
|
693,558
|
Kellogg Co.1
|
12,935
|
692,928
|
JM Smucker Co.
|
5,940
|
684,228
|
AbbVie, Inc.1
|
9,309
|
676,950
|
Align Technology, Inc.*,1
|
2,396
|
655,785
|
Kroger Co.1
|
30,194
|
655,512
|
Conagra Brands, Inc.1
|
24,515
|
650,138
|
Altria Group, Inc.1
|
13,031
|
617,018
|
Total Consumer, Non-cyclical
|
|
80,535,251
|
Financial – 19.4%
|
|
|
Jefferies Financial Group, Inc.1
|
40,740
|
783,430
|
Goldman Sachs Group, Inc.1
|
3,822
|
781,981
|
BlackRock, Inc. — Class A1
|
1,639
|
769,183
|
Franklin Resources, Inc.1
|
21,958
|
764,138
|
Affiliated Managers Group, Inc.1
|
8,290
|
763,841
|
Berkshire Hathaway, Inc. — Class B*,1
|
3,570
|
761,017
|
Wells Fargo & Co.
|
16,067
|
760,290
|
Citigroup, Inc.1
|
10,855
|
760,176
|
Principal Financial Group, Inc.
|
13,101
|
758,810
|
T. Rowe Price Group, Inc.
|
6,914
|
758,535
|
CBRE Group, Inc. — Class A*,1
|
14,780
|
758,214
|
KeyCorp1
|
42,712
|
758,138
|
See notes to financial statements.
|
18 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
June 30, 2019
|
|
Shares
|
Value
|
|
||
COMMON STOCKS† – 98.8% (continued)
|
|
|
Financial – 19.4% (continued)
|
|
|
Comerica, Inc.1
|
10,433
|
$ 757,853
|
Huntington Bancshares, Inc.1
|
54,828
|
757,723
|
Bank of America Corp.1
|
26,123
|
757,567
|
Northern Trust Corp.
|
8,403
|
756,270
|
SVB Financial Group*
|
3,357
|
753,949
|
People’s United Financial, Inc.
|
44,829
|
752,230
|
Weyerhaeuser Co. REIT
|
28,491
|
750,453
|
Zions Bancorp North America1
|
16,321
|
750,440
|
Raymond James Financial, Inc.
|
8,872
|
750,128
|
Regions Financial Corp.
|
50,206
|
750,078
|
Ventas, Inc. REIT
|
10,972
|
749,936
|
Morgan Stanley
|
17,107
|
749,458
|
Visa, Inc. — Class A
|
4,317
|
749,215
|
Synchrony Financial
|
21,576
|
748,040
|
Loews Corp.1
|
13,681
|
747,940
|
Fifth Third Bancorp1
|
26,743
|
746,130
|
JPMorgan Chase & Co.1
|
6,670
|
745,706
|
Prudential Financial, Inc.
|
7,382
|
745,582
|
MetLife, Inc.
|
15,007
|
745,398
|
Mastercard, Inc. — Class A
|
2,816
|
744,916
|
Marsh & McLennan Companies, Inc.1
|
7,461
|
744,235
|
Lincoln National Corp.1
|
11,539
|
743,688
|
PNC Financial Services Group, Inc.
|
5,417
|
743,646
|
Unum Group
|
22,163
|
743,569
|
Hartford Financial Services Group, Inc.1
|
13,330
|
742,748
|
First Republic Bank
|
7,602
|
742,335
|
M&T Bank Corp.1
|
4,362
|
741,845
|
State Street Corp.
|
13,232
|
741,786
|
Intercontinental Exchange, Inc.1
|
8,624
|
741,147
|
American Express Co.1
|
6,004
|
741,134
|
Aon plc1
|
3,840
|
741,043
|
Citizens Financial Group, Inc.
|
20,946
|
740,650
|
Willis Towers Watson plc1
|
3,849
|
737,237
|
Nasdaq, Inc.
|
7,653
|
735,989
|
Torchmark Corp.
|
8,215
|
734,914
|
Alliance Data Systems Corp.1
|
5,240
|
734,281
|
Assurant, Inc.1
|
6,902
|
734,235
|
Capital One Financial Corp.1
|
8,088
|
733,905
|
Discover Financial Services1
|
9,458
|
733,846
|
Prologis, Inc. REIT
|
9,161
|
733,796
|
Cincinnati Financial Corp.1
|
7,075
|
733,465
|
See notes to financial statements.
|
|
GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 19
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
June 30, 2019
|
|
Shares
|
Value
|
|
||
COMMON STOCKS† – 98.8% (continued)
|
|
|
Financial – 19.4% (continued)
|
|
|
Mid-America Apartment Communities, Inc. REIT
|
6,219
|
$ 732,349
|
American International Group, Inc.1
|
13,740
|
732,067
|
Arthur J Gallagher & Co.1
|
8,352
|
731,552
|
Travelers Companies, Inc.
|
4,880
|
729,658
|
Aflac, Inc.1
|
13,308
|
729,411
|
U.S. Bancorp
|
13,920
|
729,408
|
HCP, Inc. REIT1
|
22,805
|
729,304
|
Duke Realty Corp. REIT
|
23,071
|
729,274
|
Allstate Corp.1
|
7,171
|
729,219
|
Host Hotels & Resorts, Inc. REIT1
|
40,005
|
728,891
|
SBA Communications Corp. REIT*
|
3,234
|
727,133
|
Bank of New York Mellon Corp.1
|
16,464
|
726,886
|
Invesco Ltd.1
|
35,489
|
726,105
|
Welltower, Inc. REIT1
|
8,902
|
725,780
|
Western Union Co.
|
36,461
|
725,209
|
Equinix, Inc. REIT1
|
1,436
|
724,160
|
Kimco Realty Corp. REIT1
|
39,108
|
722,716
|
Iron Mountain, Inc. REIT1
|
23,085
|
722,560
|
CME Group, Inc. — Class A1
|
3,716
|
721,313
|
Everest Re Group Ltd.
|
2,918
|
721,271
|
E*TRADE Financial Corp.
|
16,166
|
721,004
|
Digital Realty Trust, Inc. REIT1
|
6,116
|
720,404
|
Extra Space Storage, Inc. REIT1
|
6,779
|
719,252
|
BB&T Corp.1
|
14,632
|
718,870
|
Simon Property Group, Inc. REIT
|
4,496
|
718,281
|
Chubb Ltd.1
|
4,875
|
718,039
|
Apartment Investment & Management Co. — Class A REIT1
|
14,326
|
718,019
|
Charles Schwab Corp.
|
17,861
|
717,834
|
Public Storage REIT
|
3,010
|
716,892
|
Crown Castle International Corp. REIT1
|
5,495
|
716,273
|
AvalonBay Communities, Inc. REIT1
|
3,520
|
715,194
|
Essex Property Trust, Inc. REIT1
|
2,448
|
714,645
|
Progressive Corp.
|
8,937
|
714,334
|
SunTrust Banks, Inc.
|
11,344
|
712,970
|
Equity Residential REIT1
|
9,360
|
710,611
|
Macerich Co. REIT1
|
21,213
|
710,423
|
Regency Centers Corp. REIT
|
10,636
|
709,847
|
Vornado Realty Trust REIT
|
11,065
|
709,266
|
American Tower Corp. — Class A REIT1
|
3,468
|
709,033
|
Federal Realty Investment Trust REIT1
|
5,501
|
708,309
|
UDR, Inc. REIT
|
15,773
|
708,050
|
See notes to financial statements.
|
20 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
June 30, 2019
|
|
Shares
|
Value
|
|
||
COMMON STOCKS† – 98.8% (continued)
|
|
|
Financial – 19.4% (continued)
|
|
|
Cboe Global Markets, Inc.1
|
6,799
|
$ 704,580
|
Boston Properties, Inc. REIT1
|
5,418
|
698,922
|
Ameriprise Financial, Inc.1
|
4,771
|
692,558
|
Realty Income Corp. REIT1
|
9,997
|
689,493
|
Alexandria Real Estate Equities, Inc. REIT1
|
4,841
|
683,017
|
SL Green Realty Corp. REIT
|
8,367
|
672,456
|
Total Financial
|
|
73,399,101
|
Consumer, Cyclical – 13.3%
|
|
|
L Brands, Inc.1
|
32,541
|
849,320
|
General Motors Co.1
|
20,541
|
791,445
|
PVH Corp.
|
8,319
|
787,310
|
Tapestry, Inc.
|
24,797
|
786,809
|
Aptiv plc1
|
9,724
|
785,991
|
Wynn Resorts Ltd.1
|
6,336
|
785,601
|
Newell Brands, Inc.
|
50,517
|
778,972
|
Best Buy Company, Inc.1
|
11,093
|
773,515
|
Marriott International, Inc. — Class A1
|
5,479
|
768,649
|
Whirlpool Corp.
|
5,399
|
768,601
|
Hilton Worldwide Holdings, Inc.
|
7,841
|
766,379
|
Walgreens Boots Alliance, Inc.
|
13,934
|
761,772
|
CarMax, Inc.*,1
|
8,768
|
761,325
|
Hanesbrands, Inc.1
|
44,153
|
760,315
|
Capri Holdings Ltd.*,1
|
21,859
|
758,070
|
Harley-Davidson, Inc.1
|
21,146
|
757,661
|
MGM Resorts International
|
26,482
|
756,591
|
Fastenal Co.1
|
23,144
|
754,263
|
Tiffany & Co.
|
8,048
|
753,615
|
Leggett & Platt, Inc.1
|
19,591
|
751,707
|
BorgWarner, Inc.1
|
17,888
|
750,938
|
Ford Motor Co.1
|
73,397
|
750,851
|
Tractor Supply Co.
|
6,901
|
750,829
|
PACCAR, Inc.
|
10,461
|
749,635
|
Darden Restaurants, Inc.1
|
6,120
|
744,988
|
Costco Wholesale Corp.1
|
2,815
|
743,892
|
Advance Auto Parts, Inc.1
|
4,825
|
743,726
|
LKQ Corp.*,1
|
27,915
|
742,818
|
Delta Air Lines, Inc.1
|
13,083
|
742,460
|
Walmart, Inc.
|
6,716
|
742,051
|
Ralph Lauren Corp. — Class A
|
6,532
|
741,970
|
Lowe’s Companies, Inc.1
|
7,352
|
741,890
|
Copart, Inc.*
|
9,924
|
741,720
|
See notes to financial statements.
|
|
GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 21
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
June 30, 2019
|
|
Shares
|
Value
|
|
||
COMMON STOCKS† – 98.8% (continued)
|
|
|
Consumer, Cyclical – 13.3% (continued)
|
|
|
Alaska Air Group, Inc.1
|
11,605
|
$ 741,676
|
McDonald’s Corp.1
|
3,568
|
740,931
|
Home Depot, Inc.1
|
3,560
|
740,373
|
Yum! Brands, Inc.1
|
6,672
|
738,390
|
Genuine Parts Co.1
|
7,116
|
737,075
|
NIKE, Inc. — Class B
|
8,779
|
736,997
|
United Continental Holdings, Inc.*
|
8,408
|
736,120
|
VF Corp.
|
8,394
|
733,216
|
American Airlines Group, Inc.1
|
22,414
|
730,921
|
Dollar General Corp.1
|
5,398
|
729,594
|
Kohl’s Corp.1
|
15,334
|
729,132
|
Macy’s, Inc.1
|
33,975
|
729,104
|
Starbucks Corp.1
|
8,695
|
728,902
|
TJX Companies, Inc.
|
13,733
|
726,201
|
Chipotle Mexican Grill, Inc. — Class A*,1
|
989
|
724,818
|
Gap, Inc.1
|
40,292
|
724,047
|
Norwegian Cruise Line Holdings Ltd.*
|
13,495
|
723,737
|
Target Corp.
|
8,344
|
722,674
|
WW Grainger, Inc.1
|
2,689
|
721,270
|
Hasbro, Inc.1
|
6,816
|
720,315
|
AutoZone, Inc.*,1
|
654
|
719,053
|
Ross Stores, Inc.
|
7,254
|
719,016
|
Southwest Airlines Co.
|
14,135
|
717,775
|
Ulta Beauty, Inc.*
|
2,065
|
716,328
|
Nordstrom, Inc.
|
22,462
|
715,639
|
Royal Caribbean Cruises Ltd.
|
5,901
|
715,260
|
Dollar Tree, Inc.*,1
|
6,640
|
713,070
|
Foot Locker, Inc.1
|
16,987
|
712,095
|
Mohawk Industries, Inc.*
|
4,810
|
709,331
|
PulteGroup, Inc.
|
22,298
|
705,063
|
O’Reilly Automotive, Inc.*
|
1,888
|
697,276
|
DR Horton, Inc.1
|
15,938
|
687,406
|
Lennar Corp. — Class A1
|
13,679
|
662,884
|
Carnival Corp.1
|
13,789
|
641,878
|
Under Armour, Inc. — Class A*
|
14,217
|
360,401
|
Under Armour, Inc. — Class C*
|
14,576
|
323,587
|
Total Consumer, Cyclical
|
|
50,277,234
|
Industrial – 13.2%
|
|
|
Arconic, Inc.1
|
31,876
|
823,038
|
Deere & Co.1
|
4,835
|
801,208
|
Flowserve Corp.1
|
15,023
|
791,562
|
See notes to financial statements.
|
22 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
June 30, 2019
|
|
Shares
|
Value
|
|
||
COMMON STOCKS† – 98.8% (continued)
|
|
|
Industrial – 13.2% (continued)
|
|
|
Jacobs Engineering Group, Inc.1
|
9,355
|
$ 789,469
|
Textron, Inc.
|
14,813
|
785,682
|
Keysight Technologies, Inc.*
|
8,738
|
784,760
|
Caterpillar, Inc.1
|
5,757
|
784,622
|
Ball Corp.1
|
11,199
|
783,818
|
AMETEK, Inc.1
|
8,619
|
782,950
|
Agilent Technologies, Inc.1
|
10,469
|
781,720
|
Emerson Electric Co.1
|
11,670
|
778,622
|
Eaton Corporation plc1
|
9,346
|
778,335
|
Mettler-Toledo International, Inc.*
|
926
|
777,840
|
General Dynamics Corp.1
|
4,277
|
777,644
|
Waters Corp.*
|
3,605
|
775,940
|
FLIR Systems, Inc.
|
14,329
|
775,199
|
Fortune Brands Home & Security, Inc.1
|
13,562
|
774,797
|
TE Connectivity Ltd.1
|
8,080
|
773,902
|
Wabtec Corp.1
|
10,772
|
772,999
|
Fortive Corp.1
|
9,472
|
772,157
|
Amcor plc*
|
67,017
|
770,025
|
Boeing Co.1
|
2,110
|
768,061
|
Rockwell Automation, Inc.
|
4,680
|
766,724
|
Huntington Ingalls Industries, Inc.1
|
3,410
|
766,363
|
Cummins, Inc.1
|
4,470
|
765,890
|
Pentair plc1
|
20,564
|
764,981
|
Northrop Grumman Corp.
|
2,367
|
764,801
|
Dover Corp.1
|
7,625
|
764,025
|
Allegion plc1
|
6,909
|
763,790
|
Kansas City Southern1
|
6,265
|
763,202
|
3M Co.
|
4,394
|
761,656
|
United Technologies Corp.
|
5,846
|
761,149
|
Lockheed Martin Corp.1
|
2,092
|
760,526
|
PerkinElmer, Inc.
|
7,881
|
759,256
|
AO Smith Corp.
|
16,088
|
758,710
|
Vulcan Materials Co.
|
5,525
|
758,638
|
Parker-Hannifin Corp.
|
4,461
|
758,415
|
Johnson Controls International plc1
|
18,335
|
757,419
|
Xylem, Inc.1
|
9,034
|
755,604
|
Martin Marietta Materials, Inc.1
|
3,270
|
752,460
|
General Electric Co.1
|
71,603
|
751,831
|
Expeditors International of Washington, Inc.1
|
9,902
|
751,166
|
Masco Corp.1
|
19,130
|
750,661
|
Norfolk Southern Corp.
|
3,761
|
749,680
|
See notes to financial statements.
|
|
GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 23
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
June 30, 2019
|
|
Shares
|
Value
|
|
||
COMMON STOCKS† – 98.8% (continued)
|
|
|
Industrial – 13.2% (continued)
|
|
|
TransDigm Group, Inc.*
|
1,549
|
$ 749,406
|
Stanley Black & Decker, Inc.
|
5,176
|
748,501
|
Amphenol Corp. — Class A1
|
7,767
|
745,166
|
United Parcel Service, Inc. — Class B
|
7,208
|
744,370
|
Ingersoll-Rand plc1
|
5,875
|
744,186
|
Union Pacific Corp.
|
4,386
|
741,716
|
Illinois Tool Works, Inc.1
|
4,914
|
741,080
|
Westrock Co.
|
20,319
|
741,034
|
Honeywell International, Inc.
|
4,239
|
740,087
|
Snap-on, Inc.
|
4,464
|
739,417
|
CH Robinson Worldwide, Inc.1
|
8,751
|
738,147
|
Waste Management, Inc.
|
6,393
|
737,560
|
J.B. Hunt Transport Services, Inc.1
|
8,063
|
737,039
|
Roper Technologies, Inc.
|
2,009
|
735,816
|
CSX Corp.1
|
9,492
|
734,396
|
Garmin Ltd.1
|
9,180
|
732,564
|
Packaging Corporation of America
|
7,684
|
732,439
|
FedEx Corp.1
|
4,451
|
730,810
|
Republic Services, Inc. — Class A
|
8,420
|
729,509
|
Harris Corp.
|
3,843
|
726,827
|
Raytheon Co.
|
4,130
|
718,125
|
Sealed Air Corp.
|
16,527
|
707,025
|
Total Industrial
|
|
50,106,517
|
Technology – 10.4%
|
|
|
Western Digital Corp.
|
20,162
|
958,703
|
Micron Technology, Inc.*
|
22,428
|
865,497
|
IPG Photonics Corp.*,1
|
5,552
|
856,396
|
NVIDIA Corp.
|
5,064
|
831,661
|
Xilinx, Inc.1
|
6,948
|
819,308
|
QUALCOMM, Inc.
|
10,659
|
810,830
|
Electronic Arts, Inc.*,1
|
7,899
|
799,853
|
Applied Materials, Inc.1
|
17,766
|
797,871
|
Analog Devices, Inc.1
|
7,042
|
794,831
|
Qorvo, Inc.*
|
11,910
|
793,325
|
Broadcom, Inc.1
|
2,754
|
792,766
|
KLA-Tencor Corp.1
|
6,677
|
789,221
|
Skyworks Solutions, Inc.
|
10,202
|
788,309
|
Adobe, Inc.*,1
|
2,670
|
786,715
|
Texas Instruments, Inc.
|
6,826
|
783,352
|
Oracle Corp.
|
13,748
|
783,224
|
Maxim Integrated Products, Inc.
|
13,069
|
781,788
|
See notes to financial statements.
|
24 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
June 30, 2019
|
|
Shares
|
Value
|
|
||
COMMON STOCKS† – 98.8% (continued)
|
|
|
Technology – 10.4% (continued)
|
|
|
DXC Technology Co.1
|
14,163
|
$ 781,090
|
Seagate Technology plc1
|
16,550
|
779,836
|
Lam Research Corp.1
|
4,143
|
778,221
|
Hewlett Packard Enterprise Co.1
|
51,767
|
773,917
|
Cadence Design Systems, Inc.*
|
10,817
|
765,952
|
HP, Inc.1
|
36,791
|
764,885
|
Microchip Technology, Inc.
|
8,805
|
763,393
|
ANSYS, Inc.*,1
|
3,716
|
761,111
|
Intel Corp.1
|
15,858
|
759,122
|
Activision Blizzard, Inc.1
|
16,056
|
757,843
|
Synopsys, Inc.*
|
5,869
|
755,282
|
Autodesk, Inc.*,1
|
4,631
|
754,390
|
Xerox Corp.1
|
21,281
|
753,560
|
Take-Two Interactive Software, Inc.*
|
6,637
|
753,499
|
Cognizant Technology Solutions Corp. — Class A1
|
11,883
|
753,263
|
Intuit, Inc.1
|
2,882
|
753,153
|
Apple, Inc.1
|
3,800
|
752,096
|
Fiserv, Inc.*,1
|
8,212
|
748,606
|
International Business Machines Corp.1
|
5,420
|
747,418
|
Akamai Technologies, Inc.*,1
|
9,317
|
746,664
|
Cerner Corp.1
|
10,141
|
743,335
|
Fortinet, Inc.*
|
9,675
|
743,330
|
Citrix Systems, Inc.1
|
7,568
|
742,723
|
Red Hat, Inc.*,1
|
3,955
|
742,591
|
MSCI, Inc. — Class A
|
3,107
|
741,920
|
NetApp, Inc.
|
12,012
|
741,140
|
salesforce.com, Inc.*
|
4,883
|
740,898
|
Microsoft Corp.
|
5,530
|
740,799
|
Fidelity National Information Services, Inc.1
|
6,034
|
740,251
|
Advanced Micro Devices, Inc.*
|
24,127
|
732,737
|
Accenture plc — Class A1
|
3,960
|
731,689
|
Broadridge Financial Solutions, Inc.
|
5,628
|
718,583
|
Jack Henry & Associates, Inc.1
|
5,315
|
711,785
|
Paychex, Inc.
|
8,451
|
695,433
|
Total Technology
|
|
39,304,165
|
Communications – 6.2%
|
|
|
Symantec Corp.
|
37,836
|
823,311
|
Arista Networks, Inc.*,1
|
3,103
|
805,601
|
Netflix, Inc.*
|
2,156
|
791,942
|
Corning, Inc.1
|
23,698
|
787,484
|
Facebook, Inc. — Class A*,1
|
4,039
|
779,527
|
See notes to financial statements.
|
|
GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 25
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
June 30, 2019
|
|
Shares
|
Value
|
|
||
COMMON STOCKS† – 98.8% (continued)
|
|
|
Communications – 6.2% (continued)
|
|
|
F5 Networks, Inc.*,1
|
5,349
|
$ 778,975
|
CenturyLink, Inc.1
|
65,991
|
776,054
|
Booking Holdings, Inc.*,1
|
412
|
772,381
|
Expedia Group, Inc.1
|
5,776
|
768,381
|
Motorola Solutions, Inc.
|
4,568
|
761,623
|
AT&T, Inc.1
|
22,643
|
758,767
|
Omnicom Group, Inc.
|
9,230
|
756,399
|
Interpublic Group of Companies, Inc.1
|
33,190
|
749,762
|
DISH Network Corp. — Class A*,1
|
19,512
|
749,456
|
VeriSign, Inc.*
|
3,569
|
746,492
|
CBS Corp. — Class B1
|
14,952
|
746,105
|
Viacom, Inc. — Class B
|
24,923
|
744,450
|
TripAdvisor, Inc.*,1
|
16,081
|
744,389
|
eBay, Inc.1
|
18,825
|
743,588
|
Amazon.com, Inc.*,1
|
392
|
742,303
|
Charter Communications, Inc. — Class A*,1
|
1,868
|
738,196
|
Cisco Systems, Inc.1
|
13,379
|
732,233
|
Juniper Networks, Inc.1
|
27,496
|
732,218
|
Comcast Corp. — Class A1
|
17,313
|
731,994
|
Walt Disney Co.1
|
5,171
|
722,078
|
Verizon Communications, Inc.
|
12,569
|
718,067
|
Twitter, Inc.*,1
|
20,263
|
707,179
|
News Corp. — Class A
|
46,502
|
627,312
|
Discovery, Inc. — Class C*,1
|
18,552
|
527,804
|
Fox Corp. — Class A
|
14,271
|
522,890
|
Alphabet, Inc. — Class C*,1
|
342
|
369,671
|
Alphabet, Inc. — Class A*,1
|
333
|
360,572
|
Discovery, Inc. — Class A*,1
|
8,082
|
248,117
|
Fox Corp. — Class B
|
6,567
|
239,893
|
News Corp. — Class B
|
14,937
|
208,521
|
Total Communications
|
|
23,513,735
|
Energy – 6.0%
|
|
|
Marathon Petroleum Corp.1
|
15,273
|
853,455
|
HollyFrontier Corp.
|
18,176
|
841,185
|
TechnipFMC plc1
|
32,212
|
835,579
|
Noble Energy, Inc.
|
37,126
|
831,622
|
Valero Energy Corp.
|
9,543
|
816,976
|
Baker Hughes a GE Co.1
|
33,070
|
814,514
|
National Oilwell Varco, Inc.
|
36,625
|
814,174
|
Hess Corp.1
|
12,795
|
813,378
|
See notes to financial statements.
|
26 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
June 30, 2019
|
|
Shares
|
Value
|
|
||
COMMON STOCKS† – 98.8% (continued)
|
|
|
Energy – 6.0% (continued)
|
|
|
Devon Energy Corp.1
|
28,424
|
$ 810,653
|
Schlumberger Ltd.
|
20,387
|
810,180
|
Diamondback Energy, Inc.
|
7,403
|
806,705
|
Marathon Oil Corp.1
|
56,433
|
801,913
|
EOG Resources, Inc.1
|
8,600
|
801,176
|
Phillips 66
|
8,558
|
800,515
|
Pioneer Natural Resources Co.
|
5,174
|
796,072
|
Cimarex Energy Co.1
|
13,416
|
795,971
|
ONEOK, Inc.
|
11,363
|
781,888
|
Halliburton Co.1
|
34,261
|
779,095
|
Apache Corp.1
|
26,646
|
771,935
|
Concho Resources, Inc.1
|
7,447
|
768,382
|
Helmerich & Payne, Inc.1
|
15,134
|
766,083
|
Williams Companies, Inc.
|
27,140
|
761,006
|
ConocoPhillips1
|
12,453
|
759,633
|
Exxon Mobil Corp.1
|
9,852
|
754,959
|
Chevron Corp.1
|
6,063
|
754,480
|
Occidental Petroleum Corp.
|
14,855
|
746,909
|
Kinder Morgan, Inc.1
|
35,679
|
744,977
|
Anadarko Petroleum Corp.1
|
10,489
|
740,104
|
Cabot Oil & Gas Corp. — Class A1
|
30,816
|
707,535
|
Total Energy
|
|
22,881,054
|
Utilities – 5.4%
|
|
|
Edison International1
|
12,323
|
830,693
|
NRG Energy, Inc.1
|
21,061
|
739,662
|
Entergy Corp.1
|
7,179
|
738,934
|
Dominion Energy, Inc.1
|
9,555
|
738,793
|
Atmos Energy Corp.
|
6,977
|
736,492
|
Duke Energy Corp.1
|
8,336
|
735,569
|
NiSource, Inc.
|
25,478
|
733,766
|
Sempra Energy
|
5,317
|
730,769
|
Southern Co.
|
13,162
|
727,595
|
Evergy, Inc.
|
12,073
|
726,191
|
Xcel Energy, Inc.1
|
12,202
|
725,897
|
Consolidated Edison, Inc.1
|
8,273
|
725,377
|
NextEra Energy, Inc.
|
3,539
|
725,000
|
WEC Energy Group, Inc.
|
8,688
|
724,319
|
DTE Energy Co.1
|
5,655
|
723,161
|
PPL Corp.
|
23,291
|
722,254
|
CMS Energy Corp.1
|
12,468
|
722,022
|
See notes to financial statements.
|
|
GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 27
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
June 30, 2019
|
|
Shares
|
Value
|
|
||
COMMON STOCKS† – 98.8% (continued)
|
|
|
Utilities – 5.4% (continued)
|
|
|
Alliant Energy Corp.1
|
14,650
|
$ 719,022
|
American Water Works Company, Inc.1
|
6,193
|
718,388
|
AES Corp.1
|
42,861
|
718,350
|
Ameren Corp.1
|
9,549
|
717,225
|
Eversource Energy1
|
9,462
|
716,841
|
FirstEnergy Corp.1
|
16,659
|
713,172
|
American Electric Power Company, Inc.1
|
8,086
|
711,649
|
CenterPoint Energy, Inc.1
|
24,730
|
708,020
|
Pinnacle West Capital Corp.1
|
7,514
|
706,992
|
Public Service Enterprise Group, Inc.
|
12,016
|
706,781
|
Exelon Corp.1
|
14,419
|
691,247
|
Total Utilities
|
|
20,334,181
|
Basic Materials – 3.7%
|
|
|
Mosaic Co.1
|
32,759
|
819,958
|
Freeport-McMoRan, Inc.
|
68,779
|
798,524
|
Eastman Chemical Co.1
|
10,161
|
790,831
|
Newmont Goldcorp Corp.
|
20,387
|
784,288
|
Nucor Corp.
|
14,168
|
780,657
|
FMC Corp.1
|
9,167
|
760,403
|
Celanese Corp. — Class A1
|
7,030
|
757,834
|
Air Products & Chemicals, Inc.1
|
3,341
|
756,302
|
CF Industries Holdings, Inc.1
|
15,924
|
743,810
|
International Paper Co.1
|
17,039
|
738,129
|
PPG Industries, Inc.
|
6,285
|
733,522
|
DuPont de Nemours, Inc.
|
9,756
|
732,383
|
LyondellBasell Industries N.V. — Class A1
|
8,468
|
729,349
|
Albemarle Corp.1
|
10,334
|
727,617
|
Ecolab, Inc.1
|
3,683
|
727,172
|
Linde plc
|
3,613
|
725,490
|
International Flavors & Fragrances, Inc.1
|
4,923
|
714,278
|
Sherwin-Williams Co.
|
1,546
|
708,516
|
Dow, Inc.
|
14,320
|
706,119
|
Total Basic Materials
|
|
14,235,182
|
Total Common Stocks
|
|
|
(Cost $358,519,354)
|
|
374,586,420
|
See notes to financial statements.
|
28 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
June 30, 2019
|
|
Shares
|
Value
|
|
||
EXCHANGE-TRADED FUNDS† – 45.5%
|
|
|
iShares Russell 2000 Index ETF1,2
|
375,224
|
$ 58,347,332
|
SPDR S&P 500 ETF Trust1,2
|
195,058
|
57,151,994
|
Invesco QQQ Trust Series 11,2
|
305,371
|
57,024,981
|
Total Exchange-Traded Funds
|
|
|
(Cost $144,696,357)
|
|
172,524,307
|
MONEY MARKET FUND† – 2.9%
|
|
|
Dreyfus Treasury Securities Cash Management Fund – Institutional Class 2.10%3
|
10,826,313
|
10,826,313
|
Total Money Market Fund
|
|
|
(Cost $10,826,313)
|
|
10,826,313
|
Total Investments – 147.2%
|
|
|
(Cost $514,042,024)
|
|
$ 557,937,040
|
|
||
|
Contracts
|
Value
|
OPTIONS WRITTEN† – (2.5)%
|
|
|
Call options on:
|
|
|
BNP Paribas S&P 500 Index Expiring July 2019 with strike price of $2,920
|
|
|
(Notional Value $114,434,464)*
|
389
|
$ (2,195,905)
|
BNP Paribas NASDAQ-100 Index Expiring July 2019 with strike price of $7,630
|
|
|
(Notional Value $114,299,018)*
|
149
|
(2,699,135)
|
BNP Paribas Russell 2000 Index Expiring July 2019 with strike price of $1,520
|
|
|
(Notional Value $116,709,614)*
|
745
|
(4,436,475)
|
Total Call Options Written
|
|
|
(Premiums received $6,008,391)
|
|
(9,331,515)
|
Other Assets & Liabilities, net – (44.7)%
|
|
(169,558,631)
|
Total Net Assets – 100.0%
|
|
$ 379,046,894
|
|
|
*
|
Non-income producing security.
|
†
|
Value determined based on Level 1 inputs — See Note 5.
|
1
|
All or a portion of these securities have been physically segregated in connection with borrowings. As of June 30, 2019, the total market value of segregated securities was $247,443,727.
|
2
|
Security represents cover for outstanding options written.
|
3
|
Rate indicated is the 7-day yield as of June 30, 2019.
|
plc
|
Public Limited Company
|
REIT
|
Real Estate Investment Trust
|
See notes to financial statements.
|
|
GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 29
|
SCHEDULE OF INVESTMENTS (Unaudited) continued
|
June 30, 2019
|
|
Level 2
|
Level 3
|
||||||||||||||
|
Level 1
|
Significant
|
Significant
|
|||||||||||||
Investments in Securities (Assets)
|
Quoted Prices
|
Observable Inputs
|
Unobservable Inputs
|
Total
|
||||||||||||
Common Stocks
|
$
|
374,586,420
|
$
|
—
|
$
|
—
|
$
|
374,586,420
|
||||||||
Exchange-Traded Funds
|
172,524,307
|
—
|
—
|
172,524,307
|
||||||||||||
Money Market Fund
|
10,826,313
|
—
|
—
|
10,826,313
|
||||||||||||
Total Assets
|
$
|
557,937,040
|
$
|
—
|
$
|
—
|
$
|
557,937,040
|
|
Level 2
|
Level 3
|
||||||||||||||
|
Level 1
|
Significant
|
Significant
|
|||||||||||||
Investments in Securities (Liabilities)
|
Quoted Prices
|
Observable Inputs
|
Unobservable Inputs
|
Total
|
||||||||||||
Options Written
|
$
|
9,331,515
|
$
|
—
|
$
|
—
|
$
|
9,331,515
|
See notes to financial statements.
|
30 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
|
STATEMENT OF ASSETS AND LIABILITIES (Unaudited)
|
June 30, 2019
|
ASSETS:
|
||||
Investments, at value (cost $514,042,024)
|
$
|
557,937,040
|
||
Cash
|
515,901
|
|||
Receivables:
|
||||
Dividends
|
858,549
|
|||
Interest
|
25,674
|
|||
Other assets
|
49
|
|||
Total assets
|
559,337,213
|
|||
LIABILITIES:
|
||||
Borrowings
|
170,000,000
|
|||
Options written, at value (premiums received $6,008,391)
|
9,331,515
|
|||
Investments purchased payable
|
7,116
|
|||
Interest payable on borrowings
|
432,942
|
|||
Investment advisory fees payable
|
359,111
|
|||
Other liabilities
|
159,635
|
|||
Total liabilities
|
180,290,319
|
|||
NET ASSETS
|
$
|
379,046,894
|
||
NET ASSETS CONSIST OF:
|
||||
Common stock, $0.01 par value per share; unlimited number of shares
|
||||
authorized, 48,219,181 shares issued and outstanding
|
$
|
482,192
|
||
Additional paid-in capital
|
368,107,353
|
|||
Total distributable earnings (loss)
|
10,457,349
|
|||
NET ASSETS
|
$
|
379,046,894
|
||
Shares outstanding ($0.01 par value with unlimited amount authorized)
|
48,219,181
|
|||
Net asset value
|
$
|
7.86
|
See notes to financial statements.
|
|
GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 31
|
STATEMENT OF OPERATIONS (Unaudited)
|
June 30, 2019
|
For the Six Months Ended June 30, 2019
|
|
INVESTMENT INCOME:
|
|
Dividends
|
$ 4,891,133
|
Interest
|
117,216
|
Total investment income
|
5,008,349
|
EXPENSES:
|
|
Interest expense
|
2,750,453
|
Investment advisory fees
|
2,158,154
|
Professional fees
|
65,028
|
Administration fees
|
60,287
|
Fund accounting fees
|
55,400
|
Printing fees
|
54,444
|
Trustees’ fees and expenses*
|
49,413
|
Custodian fees
|
38,180
|
Listing fees
|
23,290
|
Transfer agent fees
|
9,836
|
Insurance
|
4,061
|
Other expenses
|
5,080
|
Total expenses
|
5,273,626
|
Net investment loss
|
(265,277)
|
NET REALIZED AND UNREALIZED GAIN (LOSS):
|
|
Net realized gain (loss) on:
|
|
Investments
|
17,243,729
|
Options written
|
(23,084,481)
|
Net realized loss
|
(5,840,752)
|
Net change in unrealized appreciation (depreciation) on:
|
|
Investments
|
69,957,081
|
Options written
|
1,168,395
|
Net change in unrealized appreciation (depreciation)
|
71,125,476
|
Net realized and unrealized gain
|
65,284,724
|
Net increase in net assets resulting from operations
|
$ 65,019,447
|
* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.
|
See notes to financial statements.
|
32 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
|
STATEMENTS OF CHANGES IN NET ASSETS
|
June 30, 2019
|
|
Period Ended
|
|||||||
|
June 30, 2019
|
Year Ended
|
||||||
|
(Unaudited)
|
December 31, 2018
|
||||||
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
|
||||||||
Net investment loss
|
$
|
(265,277
|
)
|
$
|
(531,613
|
)
|
||
Net realized gain (loss) on investments
|
(5,840,752
|
)
|
50,230,684
|
|||||
Net change in unrealized appreciation (depreciation) on investments
|
71,125,476
|
(100,947,811
|
)
|
|||||
Net increase (decrease) in net assets resulting from operations
|
65,019,447
|
(51,248,740
|
)
|
|||||
Distributions to shareholders
|
(23,113,383
|
)
|
(30,466,718
|
)
|
||||
Return of capital
|
—
|
(15,695,856
|
)
|
|||||
Total Distributions
|
(23,113,383
|
)
|
(46,162,574
|
)
|
||||
SHAREHOLDER TRANSACTIONS:
|
||||||||
Reinvestments of distributions
|
671,852
|
838,416
|
||||||
Net increase in net assets resulting from shareholder transactions
|
671,852
|
838,416
|
||||||
Net increase (decrease) in net assets
|
42,577,916
|
(96,572,898
|
)
|
|||||
NET ASSETS:
|
||||||||
Beginning of period
|
336,468,978
|
433,041,876
|
||||||
End of period
|
$
|
379,046,894
|
$
|
336,468,978
|
See notes to financial statements.
|
|
GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 33
|
STATEMENT OF CASH FLOWS (Unaudited)
|
June 30, 2019
|
For the Six Months Ended June 30, 2019
|
|
Cash Flows from Operating Activities:
|
||||
Net increase in net assets resulting from operations
|
$
|
65,019,447
|
||
Adjustments to Reconcile Net Increase in Net Assets Resulting from Operations to
|
||||
Net Cash Provided by Operating and Investing Activities:
|
||||
Net change in unrealized (appreciation) depreciation on investments
|
(69,957,081
|
)
|
||
Net change in unrealized (appreciation) depreciation on options written
|
(1,168,395
|
)
|
||
Net realized gain on investments
|
(17,243,729
|
)
|
||
Net realized loss on options written
|
23,084,481
|
|||
Purchase of long-term investments
|
(65,261,864
|
)
|
||
Proceeds from sales of long-term investments
|
90,121,897
|
|||
Net proceeds from sale of short-term investments
|
3,166,799
|
|||
Corporate actions and other payments
|
146,421
|
|||
Premiums received on options written
|
155,772,067
|
|||
Cost of closing options written
|
(182,846,897
|
)
|
||
Increase in dividends receivable
|
(52,506
|
)
|
||
Decrease in interest receivable
|
32,497
|
|||
Decrease in investments sold receivable
|
209,830
|
|||
Decrease in other assets
|
4,060
|
|||
Decrease in interest payable on borrowings
|
(43,345
|
)
|
||
Increase in investments purchased payable
|
7,116
|
|||
Increase in investment advisory fees payable
|
3,277
|
|||
Decrease in other liabilities
|
(78,211
|
)
|
||
Net Cash Provided by Operating and Investing Activities
|
$
|
915,864
|
||
Cash Flows From Financing Activities:
|
||||
Distributions to common shareholders
|
$
|
(22,441,531
|
)
|
|
Proceeds from borrowings
|
42,000,000
|
|||
Payments made on borrowings
|
(20,000,000
|
)
|
||
Net Cash Used in Financing Activities
|
(441,531
|
)
|
||
Net increase in cash
|
474,333
|
|||
Cash at Beginning of Period
|
41,568
|
|||
Cash at End of Period
|
$
|
515,901
|
||
Supplemental Disclosure of Cash Flow Information:
|
||||
Cash paid during the period for interest
|
$
|
2,793,798
|
||
Supplemental Disclosure of Non Cash Financing Activity: Dividend reinvestment
|
$
|
671,852
|
See notes to financial statements.
|
34 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
|
FINANCIAL HIGHLIGHTS
|
June 30, 2019
|
|
Period Ended
June 30, 2019
(Unaudited)
|
Year Ended
December 31,
2018
|
Year Ended
December 31,
2017
|
Year Ended
December 31,
2016
|
Year Ended
December 31,
2015
|
Year Ended
December 31,
2014
|
||||||||||||||||||
Per Share Data:
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$
|
6.99
|
$
|
9.01
|
$
|
8.35
|
$
|
8.37
|
$
|
9.19
|
$
|
9.47
|
||||||||||||
Income from investment operations:
|
||||||||||||||||||||||||
Net investment (loss) income(a)
|
(0.01
|
)
|
(0.01
|
)
|
0.01
|
0.06
|
0.06
|
(0.06
|
)
|
|||||||||||||||
Net gain (loss) on investments (realized and unrealized)
|
1.36
|
(1.05
|
)
|
1.61
|
0.88
|
0.08
|
0.74
|
|||||||||||||||||
Total from investment operations
|
1.35
|
(1.06
|
)
|
1.62
|
0.94
|
0.14
|
0.68
|
|||||||||||||||||
Less distributions from:
|
||||||||||||||||||||||||
Net investment income
|
(0.48
|
)
|
(0.03
|
)
|
(0.25
|
)
|
(0.47
|
)
|
(0.53
|
)
|
(0.96
|
)
|
||||||||||||
Capital Gains
|
—
|
(0.60
|
)
|
(0.42
|
)
|
—
|
—
|
—
|
||||||||||||||||
Return of capital
|
—
|
(0.33
|
)
|
(0.29
|
)
|
(0.49
|
)
|
(0.43
|
)
|
—
|
||||||||||||||
Total distributions to shareholders
|
(0.48
|
)
|
(0.96
|
)
|
(0.96
|
)
|
(0.96
|
)
|
(0.96
|
)
|
(0.96
|
)
|
||||||||||||
Net asset value, end of period
|
$
|
7.86
|
$
|
6.99
|
$
|
9.01
|
$
|
8.35
|
$
|
8.37
|
$
|
9.19
|
||||||||||||
Market value, end of period
|
$
|
8.13
|
$
|
6.78
|
$
|
8.90
|
$
|
8.00
|
$
|
7.68
|
$
|
8.64
|
||||||||||||
Total Return(b)
|
||||||||||||||||||||||||
Net asset value
|
19.44
|
%
|
-12.79
|
%
|
20.25
|
%
|
11.87
|
%
|
1.71
|
%
|
7.36
|
%
|
||||||||||||
Market value
|
27.37
|
%
|
-14.24
|
%
|
24.34
|
%
|
17.86
|
%
|
0.28
|
%
|
8.47
|
%
|
||||||||||||
Ratios/Supplemental Data:
|
||||||||||||||||||||||||
Net assets, end of period (in thousands)
|
$
|
379,047
|
$
|
336,469
|
$
|
433,042
|
$
|
159,229
|
$
|
159,669
|
$
|
175,241
|
||||||||||||
Ratio to average net assets of:
|
||||||||||||||||||||||||
Net investment income (loss), including interest expense
|
(0.14
|
)%(h)
|
(0.13
|
)%
|
0.14
|
%
|
0.78
|
%
|
0.69
|
%
|
(0.69
|
)%
|
||||||||||||
Total expenses, including interest expense(c)
|
2.84
|
%(h)
|
2.64
|
%
|
2.34
|
%
|
2.16
|
%
|
2.03
|
%
|
1.83
|
%
|
||||||||||||
Net expenses, including interest expense(c)(d)(e)(f)
|
2.84
|
%(h)
|
2.64
|
%
|
2.32
|
%
|
2.01
|
%
|
1.88
|
%
|
1.69
|
%
|
||||||||||||
Portfolio turnover rate
|
12
|
%
|
25
|
%
|
67
|
%
|
143
|
%
|
358
|
%
|
664
|
%
|
GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 35
|
FINANCIAL HIGHLIGHTS continued
|
June 30, 2019
|
|
Period Ended
June 30, 2019
(Unaudited)
|
Year Ended
December 31,
2018
|
Year Ended
December 31,
2017
|
Year Ended
December 31,
2016
|
Year Ended
December 31,
2015
|
Year Ended
December 31,
2014
|
||||||||||||||||||
Senior Indebtedness:
|
||||||||||||||||||||||||
Borrowings – committed facility agreement (in thousands)
|
$
|
170,000
|
$
|
148,000
|
$
|
198,000
|
$
|
72,000
|
$
|
80,000
|
$
|
85,000
|
||||||||||||
Asset Coverage per $1,000 of borrowings(g)
|
$
|
3,230
|
$
|
3,273
|
$
|
3,187
|
$
|
3,212
|
$
|
2,996
|
$
|
3,062
|
(a)
|
Based on average shares outstanding.
|
(b)
|
Total return is calculated assuming a purchase of a common share at the beginning of the period and a sale on the last day of the period reported either at net asset value (“NAV”) or market price per share.
Dividends and distributions are assumed to be reinvested at NAV for NAV returns or the prices obtained under the Fund’s Dividend Reinvestment Plan for market value returns. Total return does not reflect brokerage commissions.
|
(c)
|
Does not include expenses of the underlying funds in which the Fund invests.
|
(d)
|
Excluding interest expense, the net expense ratios for the period ended June 30, 2019 and the years ended December 31 would be:
|
June 30, 2019
|
|
|
|
|
|
(Unaudited)
|
2018
|
2017
|
2016
|
2015
|
2014
|
1.36%(h)
|
1.37%
|
1.44%(f)
|
1.46%
|
1.44%
|
1.35%
|
(e)
|
Net expense information reflects the expense ratios after expense waivers, as applicable.
|
(f)
|
Excluding interest and merger expenses, the net expense ratio for the year ended December 31, 2017 would be 1.37%.
|
(g)
|
Calculated by subtracting the Fund’s total liabilities (not including borrowings) from the Fund’s total assets and dividing by the borrowings.
|
(h)
|
Annualized.
|
36 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
|
NOTES TO FINANCIAL STATEMENTS (Unaudited)
|
June 30, 2019
|
GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 37
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
June 30, 2019
|
38 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
June 30, 2019
|
GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 39
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
June 30, 2019
|
40 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
June 30, 2019
|
|
Average Number of
|
Average
|
Use
|
Contracts
|
Notional Amount
|
Hedge, Speculation
|
1,288
|
$344,184,174
|
Derivative Investment Type
|
Liability Derivatives
|
Equity Contracts
|
Options written, at value
|
Liability Derivative Investments Value
|
Options Written
|
Equity Risk
|
$9,331,515
|
Derivative Investment Type
|
Location of Gain (Loss) on Derivatives
|
Equity Contracts
|
Net realized gain (loss) on options written
|
|
Net change in unrealized appreciation (depreciation) on options written
|
GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 41
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
June 30, 2019
|
Realized Gain (Loss) on Derivative Investments Recognized on the Statement of Operations
|
Options Written
|
Equity Risk
|
($23,084,481)
|
Change in Unrealized Appreciation (Depreciation) on Derivative Investments
|
Recognized on the Statement of Operations
|
Options Written
|
Equity Risk
|
$1,168,395
|
42 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
June 30, 2019
|
GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 43
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
June 30, 2019
|
44 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
June 30, 2019
|
|
|
|
Net Unrealized
|
|
Tax Unrealized
|
Tax Unrealized
|
Appreciation/
|
Tax Cost
|
Appreciation
|
Depreciation
|
(Depreciation)
|
$509,040,607
|
$76,184,979
|
$(36,620,061)
|
$39,564,918
|
Undistributed
|
Undistributed
|
Accumulated
|
Net Unrealized
|
Ordinary
|
Long-Term
|
Capital and
|
Appreciation
|
Income
|
Capital Gain
|
Other Losses
|
(Depreciation)
|
$ —
|
$ —
|
$(4,472,552)
|
$(26,976,163)
|
Ordinary
|
Long-Term
|
Return of
|
|
Income
|
Capital Gains
|
Capital
|
Total
|
$1,374,019
|
$29,092,699
|
$15,695,856
|
$46,162,574
|
Purchases
|
Sales
|
$65,261,864
|
$90,121,897
|
|
Period Ended
|
Year Ended
|
|
June 30, 2019
|
December 31, 2018
|
Beginning shares
|
48,133,460
|
48,036,872
|
Shares issued through dividend reinvestment
|
85,721
|
96,588
|
Ending shares
|
48,219,181
|
48,133,460
|
GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 45
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
June 30, 2019
|
46 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
|
OTHER INFORMATION (Unaudited)
|
June 30, 2019
|
|
# of Shares in Favor
|
# of Shares Against
|
# of Shares Abstain
|
Amy J. Lee
|
42,805,149
|
562,757
|
608,191
|
Ronald E. Toupin, Jr.
|
42,687,361
|
600,010
|
688,726
|
|
|
|
|
Number of
|
|
|
Position(s)
|
Term of Office
|
|
Portfolios in
|
|
Name, Address*
|
Held
|
and Length of
|
Principal Occupation(s)
|
Fund Complex
|
Other Directorships
|
and Year of Birth
|
with Trust
|
Time Served**
|
During Past Five Years
|
Overseen
|
Held by Trustees
|
Independent Trustees:
|
|||||
Randall C. Barnes
(1951)
|
Trustee
|
Since 2005
|
Current: Private Investor (2001-present).
Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc.
(1987-1990).
|
49
|
Current: Trustee, Purpose Investments Funds (2013-present).
Former: Managed Duration Investment
Grade Municipal Fund (2003-2016).
|
GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 47
|
OTHER INFORMATION (Unaudited) continued
|
June 30, 2019
|
|
|
|
|
Number of
|
|
|
Position(s)
|
Term of Office
|
|
Portfolios in
|
|
Name, Address*
|
Held
|
and Length of
|
Principal Occupation(s)
|
Fund Complex
|
Other Directorships
|
and Year of Birth
|
with Trust
|
Time Served**
|
During Past Five Years
|
Overseen
|
Held by Trustees
|
Independent Trustees continued:
|
|||||
Donald A. Chubb, Jr.
(1946 )
|
Trustee and Chairman of the Valuation Oversight Committee |
Since 2014
|
Current: Retired.
Former: Business broker and manager of commercial real estate, Griffith & Blair, Inc. (1997-2017).
|
48
|
Former: Midland Care, Inc. (2011-2016).
|
Jerry B. Farley
(1946)
|
Trustee and
Chairman of
the Audit
Committee
|
Since 2014
|
Current: President, Washburn University (1997-present).
|
48
|
Current: CoreFirst Bank & Trust (2000-present).
Former: Westar Energy, Inc. (2004-2018).
|
Roman Friedrich III
(1946)
|
Trustee and
Chairman of
the Contracts
Review
Committee
|
Since 2011
|
Current: Founder and Managing Partner, Roman Friedrich & Company (1998-present).
|
48
|
Former: Zincore Metals, Inc. (2009-January 2019).
|
Ronald A. Nyberg
(1953)
|
Trustee and
Chairman of
the Nominating
and Governance
Committee
|
Since 2005
|
Current: Partner, Momkus, LLC (2016-present).
Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).
|
49
|
Current: PPM Funds (2018-present); Edward-Elmhurst Healthcare System (2012-present); Western Asset Inflation- Linked Opportunities & Income Fund (2004 – present); Western Asset Inflation-Linked Income Fund
(2003-
present).
Former: Managed Duration Investment Grade Municipal Fund (2003-2016).
|
48 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
|
OTHER INFORMATION (Unaudited) continued
|
June 30, 2019
|
|
|
|
|
Number of
|
|
|
Position(s)
|
Term of Office
|
|
Portfolios in
|
|
Name, Address*
|
Held
|
and Length of
|
Principal Occupation(s)
|
Fund Complex
|
Other Directorships
|
and Year of Birth
|
with Trust
|
Time Served**
|
During Past Five Years
|
Overseen
|
Held by Trustees
|
Independent Trustees continued:
|
|||||
Ronald E. Toupin, Jr.
(1958)
|
Trustee and
Chairman of
the Board
|
Since 2005
|
Current: Portfolio Consultant (2010-present); Member, Governing Council, Independent Directors Council (2013-present); Governor, Board of Governors, Investment Company Institutes (2018-present).
Former: Member, Executive Committee, Independent Directors Council (2016-2018); Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory
Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).
|
48
|
Current: Western Asset Inflation-Linked Opportunities & Income Fund (2004- present); Western Asset Inflation-Linked Income Fund (2003-present).
Former: Managed Duration Investment Grade Municipal Fund (2003-2016); Bennett Group of Funds (2011-2013).
|
Interested Trustee:
|
|||||
Amy J. Lee***
(1961)
|
Trustee,
Vice President
and Chief
Legal Officer
|
Since 2018
(Trustee)
Since 2014
(Chief Legal
Officer)
Since 2013
(Vice President)
|
Current: Interested Trustee, certain other funds in the Fund Complex (2018-present); President, certain other funds in the Fund Complex (2017-present); Chief Legal Officer, certain other funds in the Fund
Complex (2014-present); Vice President, certain other funds in the Fund Complex (2007-present); Senior Managing Director, Guggenheim Investments (2012-present).
Former: President and Chief Executive Officer (2017-2018); Vice President, Associate General and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).
|
48
|
None.
|
*
|
The business address of each Trustee is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, IL 60606.
|
**
|
This is the period for which the Trustee began serving the Fund. After a Trustee’s initial term, each Trustee is expected to serve a three-year term concurrent with the class of Trustees for which he or she
serves:
|
GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 49
|
OTHER INFORMATION (Unaudited) continued
|
June 30, 2019
|
—Messrs. Barnes and Chubb are Class I Trustees. The Class I Trustees are expected to stand for re-election at the Fund’s annual meeting of shareholders for the fiscal
|
|
year ending December 31, 2020.
|
|
—Messrs. Farley, Friedrich and Nyberg, are Class II Trustees. The Class II Trustees are expected to stand for re-election at the Fund’s annual meeting of shareholders
|
|
for the fiscal year ending December 31, 2021.
|
|
—Messr. Toupin and Ms. Lee are Class III Trustees. The Class III Trustees are expected to stand for re-election at the Fund’s annual meeting of shareholders for the fiscal
|
|
year ending December 31, 2022.
|
|
*** |
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.
|
50 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
|
OTHER INFORMATION (Unaudited) continued
|
June 30, 2019
|
Name, Address*
|
Position(s) held
|
Term of Office and
|
Principal Occupations
|
and Year of Birth
|
with the Trust
|
Length of Time Served**
|
During Past Five Years
|
Officers:
|
|||
Brian E. Binder
(1972)
|
President
and Chief
Executive Officer
|
Since 2018
|
Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President and Chief Executive Officer, Guggenheim Funds Investment Advisors, LLC and Security Investors,
LLC (2018-present); Senior Managing Director and Chief Administrative Office, Guggenheim Investments (2018-present).
Former: Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Head of Business Management and Consulting, Invesco Ltd.
(2010-2012).
|
Joanna M. Catalucci
(1966)
|
Chief Compliance
Officer
|
Since 2012
|
Current: Chief Compliance Officer, certain funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments (2014-present).
Former: AML Officer, certain funds in the Fund Complex (2016-2017); Chief Compliance Officer and Secretary, certain other funds in the Fund Complex (2008-2012); Senior Vice President & Chief Compliance
Officer, Security Investors, LLC and certain affiliates (2010-2012); Chief Compliance Officer and Senior Vice President, Rydex Advisors, LLC and certain affiliates (2010-2011).
|
James M. Howley
(1972)
|
Assistant Treasurer
|
Since 2006
|
Current: Managing Director, Guggenheim Investments (2004-present); Assistant Treasurer, certain other funds in the Fund Complex (2006-present).
Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).
|
Mark E. Mathiasen
(1978)
|
Secretary
|
Since 2007
|
Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).
|
Glenn McWhinnie
(1969)
|
Assistant Treasurer
|
Since 2016
|
Current: Vice President, Guggenheim Investments (2009-present); Assistant Treasurer, certain other funds in the Fund Complex (2016-present).
|
Michael P. Megaris
(1984)
|
Assistant Secretary
|
Since 2014
|
Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2012-present).
|
GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 51
|
OTHER INFORMATION (Unaudited) continued
|
June 30, 2019
|
Name, Address*
|
Position(s) held
|
Term of Office and
|
Principal Occupations
|
and Year of Birth
|
with the Trust
|
Length of Time Served**
|
During Past Five Years
|
Officers continued:
|
|||
Adam J. Nelson
(1979)
|
Assistant Treasurer
|
Since 2015
|
Current: Vice President, Guggenheim Investments (2015-present); Assistant Treasurer, certain other funds in the Fund Complex (2015-present).
Former: Assistant Vice President and Fund Administration Director, State Street Corporation (2013- 2015); Fund Administration Assistant Director, State Street (2011-2013); Fund Administration Manager, State Street (2009-2011).
|
Kimberly J. Scott
(1974)
|
Assistant Treasurer
|
Since 2012
|
Current: Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present).
Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund
Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
|
Bryan Stone
(1979)
|
Vice President
|
Since 2014
|
Current: Vice President, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2013-present).
Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).
|
John L. Sullivan
(1955)
|
Chief Financial
Officer, Chief
Accounting Officer
and Treasurer
|
Since 2010
|
Current: Chief Financial Officer, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present).
Former: Managing Director and Chief Compliance Officer, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley
Investment Management (2002-2004); Chief Financial Officer and Treasurer, Van Kampen Funds (1996-2004).
|
52 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
|
OTHER INFORMATION (Unaudited) continued
|
June 30, 2019
|
Name, Address*
|
Position(s) held
|
Term of Office and
|
Principal Occupations
|
and Year of Birth
|
with the Trust
|
Length of Time Served**
|
During Past Five Years
|
Officers continued:
|
|||
Jon Szafran
(1989)
|
Assistant Treasurer
|
Since 2017
|
Current: Vice President, Guggenheim Investments (2017-present); Assistant Treasurer, certain other funds in the Fund Complex (2017-present).
Former: Assistant Treasurer of Henderson Global Funds and Manager of US Fund Administration, Henderson Global Investors (North America) Inc. (“HGINA”), (2017); Senior Analyst of US Fund Administration, HGINA
(2014-2017); Senior Associate of Fund Administration, Cortland Capital Market Services, LLC (2013-2014); Experienced Associate, PricewaterhouseCoopers LLP (2012-2013).
|
*
|
The business address of each officer is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, IL 60606.
|
**
|
Each officer serves an indefinite term, until his or her successor is duly elected and qualified. The date reflects the commencement date upon which the officer held any officer position with the Fund.
|
GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 53
|
APPROVAL OF ADVISORY AGREEMENTS –
|
|
GUGGENHEIM ENHANCED EQUITY INCOME FUND (GPM)
|
June 30, 2019
|
54 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
|
APPROVAL OF ADVISORY AGREEMENTS –
|
|
GUGGENHEIM ENHANCED EQUITY INCOME FUND (GPM) continued
|
June 30, 2019
|
1 |
Consequently, except where the context indicates otherwise, references to “Adviser” or “Sub-Adviser” should be understood as referring to Guggenheim Investments generally and the services it provides under both
Advisory Agreements.
|
GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 55
|
APPROVAL OF ADVISORY AGREEMENTS –
|
|
GUGGENHEIM ENHANCED EQUITY INCOME FUND (GPM) continued
|
June 30, 2019
|
56 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
|
APPROVAL OF ADVISORY AGREEMENTS –
|
|
GUGGENHEIM ENHANCED EQUITY INCOME FUND (GPM) continued
|
June 30, 2019
|
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.
|
GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 57
|
APPROVAL OF ADVISORY AGREEMENTS –
|
|
GUGGENHEIM ENHANCED EQUITY INCOME FUND (GPM) continued
|
June 30, 2019
|
58 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
|
APPROVAL OF ADVISORY AGREEMENTS –
|
|
GUGGENHEIM ENHANCED EQUITY INCOME FUND (GPM) continued
|
June 30, 2019
|
GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 59
|
APPROVAL OF ADVISORY AGREEMENTS –
|
|
GUGGENHEIM ENHANCED EQUITY INCOME FUND (GPM) continued
|
June 30, 2019
|
60 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
|
DIVIDEND REINVESTMENT PLAN (Unaudited)
|
June 30, 2019
|
GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 61
|
DIVIDEND REINVESTMENT PLAN (Unaudited) continued
|
June 30, 2019
|
62 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
|
FUND INFORMATION
|
June 30, 2019
|
Board of Trustees
Randall C. Barnes
Donald A. Chubb, Jr.
Jerry B. Farley
Roman Friedrich III
Amy J. Lee*
Ronald A. Nyberg Ronald E. Toupin, Jr.,
Chairman
* This Trustee is an “interested person” (as defined in Section 2(a)(19) of the 1940 Act) (“Interested
Trustee”) of the Fund because of her position as President of the Investment Adviser and Sub-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
|
Investment Adviser
Guggenheim Funds Investment
Advisors, LLC
Chicago, IL
Investment Sub-Adviser
Guggenheim Partners Investment
Management, LLC
Santa Monica, CA
Accounting Agent and Administrator
MUFG Investor Services (US), LLC
Rockville, MD
Custodian
The Bank of New York Mellon Corp.
New York, NY
Legal Counsel
Skadden, Arps, Slate, Meagher &
Flom LLP
New York, NY
Independent Registered Public
Accounting Firm
Ernst & Young LLP
Tysons, VA
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GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT l 63
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FUND INFORMATION continued
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June 30, 2019
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64 l GPM l GUGGENHEIM ENHANCED EQUITY INCOME FUND SEMIANNUAL REPORT
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ABOUT THE FUND MANAGERS
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(a)
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The registrant has not participated in securities lending activities during the period covered by this report.
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(b)
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Not applicable.
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(a)(1) |
Not applicable.
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(a)(3) |
Not applicable.
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/s/ Brian E. Binder
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Brian E. Binder
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President and Chief Executive Officer
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/s/ John L. Sullivan
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John L. Sullivan
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Chief Financial Officer, Chief Accounting Officer and Treasurer
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(1)
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the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.
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Cusip: 40167B100 | Record Date: March 15, 2019 |
Ticker: GPM
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Payable Date: March 29, 2019
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Current Quarterly
Distribution ($)
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% Breakdown of the
Current Quarterly
Distribution
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Total Cumulative
Distributions for the
Fiscal Year to Date ($)
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% Breakdown of the Total
Cumulative Distributions
for the Fiscal Year to Date
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Net Investment Income
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$0.0005
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0.21%
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$0.0005
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0.21%
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Net Realized Short-Term Capital Gains
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-
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-
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-
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-
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Net Realized Long-Term Capital Gains
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-
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-
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-
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-
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Return of Capital
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$0.2395
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99.79%
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$0.2395
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99.79%
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Total (per common share)
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$0.2400
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100.00%
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$0.2400
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100.00%
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Average annual total return (in relation to NAV) for five year period ending February 28, 2019
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7.38%
|
Annualized current distribution rate expressed as a percentage of NAV as of February 28, 2019
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12.03%
|
Cumulative total return (in relation to NAV) for the fiscal year through February 28, 2019
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14.16%
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Cumulative fiscal year distribution rate as a percentage of NAV as of February 28, 2019
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3.01%
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Cusip: 40167B100 | Record Date: June 14, 2019 |
Ticker: GPM
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Payable Date: June 28, 2019
|
|
Current Quarterly
Distribution ($)
|
% Breakdown of the
Current Quarterly
Distribution
|
Total Cumulative
Distributions for the
Fiscal Year to Date ($)
|
% Breakdown of the Total
Cumulative Distributions
for the Fiscal Year to Date
|
Net Investment Income
|
-
|
-
|
-
|
-
|
Net Realized Short-Term Capital Gains
|
-
|
-
|
-
|
-
|
Net Realized Long-Term Capital Gains
|
-
|
-
|
-
|
-
|
Return of Capital
|
$0.2400
|
100.00%
|
$0.4800
|
100.00%
|
Total (per common share)
|
$0.2400
|
100.00%
|
$0.4800
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100.00%
|
Average annual total return (in relation to NAV) for five year period ending May 31, 2019
|
6.41%
|
Annualized current distribution rate expressed as a percentage of NAV as of May 31, 2019
|
12.70%
|
Cumulative total return (in relation to NAV) for the fiscal year through May 31, 2019
|
11.48%
|
Cumulative fiscal year distribution rate as a percentage of NAV as of May 31, 2019
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6.35%
|
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