GUG - Guggenheim Active Allocation Fund

What this means for you

One large investor owns more than 5% of this fund but has told the regulator it is not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Nov 7, 2025

   Morgan Stanley raised its stake to 8.4% (from 7.3%), as a passive investor.

   Original document →

2. Feb 4, 2025

   Morgan Stanley now owns 7.3%, as a passive investor.

   Original document →

About this fund

• Run by Guggenheim Funds Investment Advisors, LLC. Part of the Guggenheim fund family. As of May 31, 2026, from the fund's yearly report. Original document →
• Size: about $541 million of holdings, as of Aug 31, 2026. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 39% on top of its own money, as of Aug 31, 2026. Borrowed money makes gains and losses bigger. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1.7% a year in management fees; 3.2% a year in total, including interest on borrowed money. Fiscal year ended May 31, 2026. As of May 31, 2026, from the fund's yearly report. Original document →
  Among the 90 funds we follow that invest in bonds, 75 charge a lower management fee and 45 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended May 31, 2026) the fund paid $1.43 a share. $0.98 of that was income; $0.45 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of May 31, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (May 31, 2026): $16.67. The shares traded at $16.20, about 2.8% below that. As of May 31, 2026, from the fund's yearly report. Original document →
• How the holdings did: up 0.6% over the last three months we have (June-Aug 2026), before the share price is taken into account. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2021.

How this has changed

• Payouts per share: $1.43 in the fiscal year ended May 31, 2026; $1.43 in the year ended May 31, 2025; $1.43 in the year ended May 31, 2024.As of May 31, 2026, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.45 in the year ended May 31, 2026; $0.50 in the year ended May 31, 2025; $0.52 in the year ended May 31, 2024.As of May 31, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 3.19% a year in the fiscal year ended May 31, 2026; 3.83% a year in the year ended May 31, 2025; 3.4% a year in the year ended May 31, 2024.As of May 31, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $550 million at May 29, 2026; $542 million at May 31, 2025; $543 million at May 31, 2024. From the fund's quarterly holdings reports. Original documents: May 29, 2026 →, May 31, 2025 →, May 31, 2024 →.
• Borrowing: about 39% on top of its own money at May 29, 2026; 30% at May 31, 2025; 25% at May 31, 2024. From the fund's quarterly holdings reports. Original documents: May 29, 2026 →, May 31, 2025 →, May 31, 2024 →.
• The fund had about 33 million shares at May 31, 2026, about the same as at May 31, 2024.As of May 31, 2026, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended May 31, 2026: the shares returned +17.4%, counting payouts; the holdings +10.4%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of May 31, 2026, from the fund's annual report. Original document →
• The year ended May 31, 2025: the shares returned +10.2%, counting payouts; the holdings +8.7%. As of May 31, 2025, from the fund's annual report. Original document →
• The year ended May 31, 2024: the shares returned +21.9%, counting payouts; the holdings +13.9%. As of May 31, 2024, from the fund's annual report. Original document →
• The year ended May 31, 2023: the shares returned -5.7%, counting payouts; the holdings -1%. As of May 31, 2023, from the fund's annual report. Original document →
• The year ended May 31, 2022: the shares returned -18%, counting payouts; the holdings -10.5%. As of May 31, 2022, from the fund's annual report. Original document →
• Those five years together: the shares returned +21.9%. $10,000 of shares bought at the start (June 1, 2021) would have become about $12,200 by May 31, 2026, with every payout counted, before tax. As of May 31, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to Aug 31, 2026: +6.3%. The quarterly reports carry no share price, so this is the holdings alone. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 57 funds that invest in bonds with a fiscal year ending within six months of this one, 4 reported a higher share return for that year and 52 a lower one. As of May 31, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly bonds (45%), the rest loans, mortgage bonds and asset-backed bonds. About 75% issued in the U.S.

The fund also sells options on its holdings to raise income.

1. Federal National Mortgage Association, FNMA-30YR - 15.8%
2. United States of America - Bureau of the Public Debt - 3.4%
3. Guggenheim Funds Trust Enhanced Equity Income ETF - 2.5%
4. Lightning 2022-1 A Funded - 1.5%
5. Thunderbird 2022-1 A Funded - 1.5%
6. Hotwire Funding LLC, Hwire 2021-1 C - 1.4%
7. Madison Park Funding LIII Ltd / LLC, Mdpk 2022-53A E - 1.1%
8. Obra Longevity Rff Cl A Nts Funded class A shares - 1.1%
9. Insured Lending 1 Ltd., Inlend 6.5 02/04/32 144 - 1%
10. LaserAway Term Loan B 575 2027-10-05 - 1%

As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →