Transparent Value Trust N-CSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811- 22309

Transparent Value Trust

(Exact name of registrant as specified in charter)

702 King Farm Boulevard, Suite 200
Rockville, Maryland 20850

(Address of principal executive offices) (Zip code)

Amy J. Lee

Transparent Value Trust
702 King Farm Boulevard, Suite 200
Rockville, Maryland 20850

(Name and address of agent for service)

Registrant's telephone number, including area code: (301) 296-5100

Date of fiscal year end: September 30

Date of reporting period: October 1, 2023 - September 30, 2024

Item 1. Reports to Stockholders.

(a) The registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Investment Company Act”), is as follows:

Guggenheim Directional Allocation Fund

Class A | TVRAX

Annual Shareholder Report | 9.30.24

This annual shareholder report contains important information about the Guggenheim Directional Allocation Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the fund at https://www.guggenheiminvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$168	1.43%

¹ Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class A shares) returned 35.05%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the Guggenheim Directional Allocation Index^SM, which returned 37.30% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones U.S. Large-Cap Total Stock Market Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last year?

The fund's negative relative results were primarily the result of activity in the fund's allocation model. The allocation model entered the period with a 100% market position. However, at the December 2023 rebalance, the portfolio took on a 50% market / 50% defensive position, reversing back to 100% market in the March 2024 rebalance. Then, in the June 2024 rebalance, the fund again was positioned 50% market / 50 % defensive. The allocation model was impacted from weaker economic conditions and sentiment during both of these more defensive periods (50% market / 50% defensive), yet the overall market did not experience meaningful relative underperformance. At the end of the period, the portfolio maintained a 100% allocation to the Market portfolio.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Directional Allocation Fund (Class A)‡	S&P 500 Index	Guggenheim Directional Allocation IndexSM
09/30/2014	9423	10000	10000
12/31/2014	9359	10493	9978
03/31/2015	9529	10593	10182
06/30/2015	9351	10622	10028
09/30/2015	8603	9939	9254
12/31/2015	9055	10638	9777
03/31/2016	9299	10782	10094
06/30/2016	9537	11047	10398
09/30/2016	9751	11472	10673
12/31/2016	10107	11911	11103
03/31/2017	10796	12633	11914
06/30/2017	11226	13023	12436
09/30/2017	11730	13607	13035
12/31/2017	12434	14511	13873
03/31/2018	12760	14401	14286
06/30/2018	13101	14896	14721
09/30/2018	13775	16044	15484
12/31/2018	11491	13875	12936
03/31/2019	13264	15769	14991
06/30/2019	13813	16447	15663
09/30/2019	13931	16727	15849
12/31/2019	14940	18244	17065
03/31/2020	10994	14668	12568
06/30/2020	13016	17682	14943
09/30/2020	13879	19260	16017
12/31/2020	15661	21600	18121
03/31/2021	16673	22934	19371
06/30/2021	17942	24895	20920
09/30/2021	17962	25040	21025
12/31/2021	19888	27801	23360
03/31/2022	18653	26522	21976
06/30/2022	16240	22252	19208
09/30/2022	16274	21165	19208
12/31/2022	16346	22766	19208
03/31/2023	16461	24473	19208
06/30/2023	16702	26612	19369
09/30/2023	16117	25741	18749
12/31/2023	18075	28750	21130
03/31/2024	20154	31785	23662
06/30/2024	20609	33147	24282
09/30/2024	21765	35098	25742

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class A (without sales charge)	35.05%	9.33%	8.73%
Class A (with sales charge)†	28.63%	8.28%	8.09%
S&P 500 Index	36.35%	15.98%	13.38%
Guggenheim Directional Allocation IndexSMGuggenheim Directional Allocation IndexSM	37.30%	10.19%	9.92%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$204,610,948
Total Number of Portfolio Holdings	140
Portfolio Turnover Rate	125%
Total Advisory Fees Paid	$1,634,512

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Guggenheim Directional Allocation IndexSM are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	Fund returns are calculated using the maximum sales charge of 4.75%.
‡	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Guggenheim Directional Allocation Fund   |   Class A   |   TVRAX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Technology	26.9%
Consumer, Non-cyclical	15.6%
Communications	14.8%
Financial	14.7%
Consumer, Cyclical	12.0%
Industrial	5.8%
Energy	4.3%
Other	5.6%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Microsoft Corp.	7.1%
Apple, Inc.	5.4%
NVIDIA Corp.	5.0%
Alphabet, Inc. — Class C	4.4%
Meta Platforms, Inc. — Class A	3.2%
Amazon.com, Inc.	2.3%
Tesla, Inc.	2.1%
JPMorgan Chase & Co.	2.0%
Visa, Inc. — Class A	1.7%
Mastercard, Inc. — Class A	1.7%
Top 10 Total	34.9%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Microsoft Corp.	7.1%
Apple, Inc.	5.4%
NVIDIA Corp.	5.0%
Alphabet, Inc. — Class C	4.4%
Meta Platforms, Inc. — Class A	3.2%
Amazon.com, Inc.	2.3%
Tesla, Inc.	2.1%
JPMorgan Chase & Co.	2.0%
Visa, Inc. — Class A	1.7%
Mastercard, Inc. — Class A	1.7%
Top 10 Total	34.9%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023.

Subsequent to the September 30, 2024 year-end, on October 25, 2024, the fund was reorganized into New Age Alpha Allocation Fund, a series of New Age Alpha Funds Trust, pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees and shareholders of the fund.

Availability of Additional Information. For additional information, including financial information, holdings and proxy voting information, go to https://www.guggenheiminvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-TVRAX-093024

Guggenheim Investments 2

Guggenheim Directional Allocation Fund

Class C | TVRCX

Annual Shareholder Report | 9.30.24

This annual shareholder report contains important information about the Guggenheim Directional Allocation Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the fund at https://www.guggenheiminvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$244	2.08%

¹ Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class C shares) returned 34.24%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the Guggenheim Directional Allocation Index^SM, which returned 37.30% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones U.S. Large-Cap Total Stock Market Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last year?

The fund's negative relative results were primarily the result of activity in the fund's allocation model. The allocation model entered the period with a 100% market position. However, at the December 2023 rebalance, the portfolio took on a 50% market / 50% defensive position, reversing back to 100% market in the March 2024 rebalance. Then, in the June 2024 rebalance, the fund again was positioned 50% market / 50 % defensive. The allocation model was impacted from weaker economic conditions and sentiment during both of these more defensive periods (50% market / 50% defensive), yet the overall market did not experience meaningful relative underperformance. At the end of the period, the portfolio maintained a 100% allocation to the Market portfolio.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Directional Allocation Fund (Class C)	S&P 500 Index	Guggenheim Directional Allocation IndexSM
09/30/2014	10000	10000	10000
12/31/2014	9916	10493	9978
03/31/2015	10076	10593	10182
06/30/2015	9868	10622	10028
09/30/2015	9063	9939	9254
12/31/2015	9525	10638	9777
03/31/2016	9773	10782	10094
06/30/2016	10004	11047	10398
09/30/2016	10211	11472	10673
12/31/2016	10562	11911	11103
03/31/2017	11272	12633	11914
06/30/2017	11695	13023	12436
09/30/2017	12198	13607	13035
12/31/2017	12908	14511	13873
03/31/2018	13219	14401	14286
06/30/2018	13546	14896	14721
09/30/2018	14208	16044	15484
12/31/2018	11828	13875	12936
03/31/2019	13630	15769	14991
06/30/2019	14170	16447	15663
09/30/2019	14262	16727	15849
12/31/2019	15271	18244	17065
03/31/2020	11212	14668	12568
06/30/2020	13263	17682	14943
09/30/2020	14121	19260	16017
12/31/2020	15890	21600	18121
03/31/2021	16899	22934	19371
06/30/2021	18147	24895	20920
09/30/2021	18147	25040	21025
12/31/2021	20047	27801	23360
03/31/2022	18779	26522	21976
06/30/2022	16319	22252	19208
09/30/2022	16319	21165	19208
12/31/2022	16370	22766	19208
03/31/2023	16458	24473	19208
06/30/2023	16674	26612	19369
09/30/2023	16065	25741	18749
12/31/2023	17991	28750	21130
03/31/2024	20041	31785	23662
06/30/2024	20451	33147	24282
09/30/2024	21566	35098	25742

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class C (without CDSC)	34.24%	8.62%	7.99%
Class C (with CDSC)‡	33.24%	8.62%	7.99%
S&P 500 Index	36.35%	15.98%	13.38%
Guggenheim Directional Allocation IndexSMGuggenheim Directional Allocation IndexSM	37.30%	10.19%	9.92%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$204,610,948
Total Number of Portfolio Holdings	140
Portfolio Turnover Rate	125%
Total Advisory Fees Paid	$1,634,512

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Guggenheim Directional Allocation IndexSM are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

‡

Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Guggenheim Directional Allocation Fund   |   Class C   |   TVRCX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Technology	26.9%
Consumer, Non-cyclical	15.6%
Communications	14.8%
Financial	14.7%
Consumer, Cyclical	12.0%
Industrial	5.8%
Energy	4.3%
Other	5.6%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Microsoft Corp.	7.1%
Apple, Inc.	5.4%
NVIDIA Corp.	5.0%
Alphabet, Inc. — Class C	4.4%
Meta Platforms, Inc. — Class A	3.2%
Amazon.com, Inc.	2.3%
Tesla, Inc.	2.1%
JPMorgan Chase & Co.	2.0%
Visa, Inc. — Class A	1.7%
Mastercard, Inc. — Class A	1.7%
Top 10 Total	34.9%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Microsoft Corp.	7.1%
Apple, Inc.	5.4%
NVIDIA Corp.	5.0%
Alphabet, Inc. — Class C	4.4%
Meta Platforms, Inc. — Class A	3.2%
Amazon.com, Inc.	2.3%
Tesla, Inc.	2.1%
JPMorgan Chase & Co.	2.0%
Visa, Inc. — Class A	1.7%
Mastercard, Inc. — Class A	1.7%
Top 10 Total	34.9%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023.

Subsequent to the September 30, 2024 year-end, on October 25, 2024, the fund was reorganized into New Age Alpha Allocation Fund, a series of New Age Alpha Funds Trust, pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees and shareholders of the fund.

Availability of Additional Information. For additional information, including financial information, holdings and proxy voting information, go to https://www.guggenheiminvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-TVRCX-093024

Guggenheim Investments 2

Guggenheim Directional Allocation Fund

Class P | TVFRX

Annual Shareholder Report | 9.30.24

This annual shareholder report contains important information about the Guggenheim Directional Allocation Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the fund at https://www.guggenheiminvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class P	$155	1.32%

¹ Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class P shares) returned 35.26%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the Guggenheim Directional Allocation Index^SM, which returned 37.30% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones U.S. Large-Cap Total Stock Market Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last year?

The fund's negative relative results were primarily the result of activity in the fund's allocation model. The allocation model entered the period with a 100% market position. However, at the December 2023 rebalance, the portfolio took on a 50% market / 50% defensive position, reversing back to 100% market in the March 2024 rebalance. Then, in the June 2024 rebalance, the fund again was positioned 50% market / 50 % defensive. The allocation model was impacted from weaker economic conditions and sentiment during both of these more defensive periods (50% market / 50% defensive), yet the overall market did not experience meaningful relative underperformance. At the end of the period, the portfolio maintained a 100% allocation to the Market portfolio.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Directional Allocation Fund (Class P)	S&P 500 Index	Guggenheim Directional Allocation IndexSM
09/30/2014	10000	10000	10000
12/31/2014	9931	10493	9978
03/31/2015	10112	10593	10182
06/30/2015	9923	10622	10028
09/30/2015	9139	9939	9254
12/31/2015	9618	10638	9777
03/31/2016	9884	10782	10094
06/30/2016	10135	11047	10398
09/30/2016	10371	11472	10673
12/31/2016	10747	11911	11103
03/31/2017	11485	12633	11914
06/30/2017	11940	13023	12436
09/30/2017	12473	13607	13035
12/31/2017	13226	14511	13873
03/31/2018	13571	14401	14286
06/30/2018	13940	14896	14721
09/30/2018	14646	16044	15484
12/31/2018	12221	13875	12936
03/31/2019	14106	15769	14991
06/30/2019	14695	16447	15663
09/30/2019	14820	16727	15849
12/31/2019	15897	18244	17065
03/31/2020	11695	14668	12568
06/30/2020	13854	17682	14943
09/30/2020	14776	19260	16017
12/31/2020	16664	21600	18121
03/31/2021	17754	22934	19371
06/30/2021	19106	24895	20920
09/30/2021	19127	25040	21025
12/31/2021	21183	27801	23360
03/31/2022	19867	26522	21976
06/30/2022	17308	22252	19208
09/30/2022	17333	21165	19208
12/31/2022	17424	22766	19208
03/31/2023	17545	24473	19208
06/30/2023	17824	26612	19369
09/30/2023	17194	25741	18749
12/31/2023	19296	28750	21130
03/31/2024	21529	31785	23662
06/30/2024	22011	33147	24282
09/30/2024	23257	35098	25742

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class P **	35.26%	9.43%	8.81%
S&P 500 Index	36.35%	15.98%	13.38%
Guggenheim Directional Allocation IndexSMGuggenheim Directional Allocation IndexSM	37.30%	10.19%	9.92%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$204,610,948
Total Number of Portfolio Holdings	140
Portfolio Turnover Rate	125%
Total Advisory Fees Paid	$1,634,512

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Guggenheim Directional Allocation IndexSM are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**

F-1 Class shares redesignated as P-Class shares effective May 9, 2016.

Guggenheim Investments 1

Guggenheim Directional Allocation Fund   |   Class P   |   TVFRX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Technology	26.9%
Consumer, Non-cyclical	15.6%
Communications	14.8%
Financial	14.7%
Consumer, Cyclical	12.0%
Industrial	5.8%
Energy	4.3%
Other	5.6%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Microsoft Corp.	7.1%
Apple, Inc.	5.4%
NVIDIA Corp.	5.0%
Alphabet, Inc. — Class C	4.4%
Meta Platforms, Inc. — Class A	3.2%
Amazon.com, Inc.	2.3%
Tesla, Inc.	2.1%
JPMorgan Chase & Co.	2.0%
Visa, Inc. — Class A	1.7%
Mastercard, Inc. — Class A	1.7%
Top 10 Total	34.9%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Microsoft Corp.	7.1%
Apple, Inc.	5.4%
NVIDIA Corp.	5.0%
Alphabet, Inc. — Class C	4.4%
Meta Platforms, Inc. — Class A	3.2%
Amazon.com, Inc.	2.3%
Tesla, Inc.	2.1%
JPMorgan Chase & Co.	2.0%
Visa, Inc. — Class A	1.7%
Mastercard, Inc. — Class A	1.7%
Top 10 Total	34.9%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023.

Subsequent to the September 30, 2024 year-end, on October 25, 2024, the fund was reorganized into New Age Alpha Allocation Fund, a series of New Age Alpha Funds Trust, pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees and shareholders of the fund.

Availability of Additional Information. For additional information, including financial information, holdings and proxy voting information, go to https://www.guggenheiminvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-TVFRX-093024

Guggenheim Investments 2

Guggenheim Directional Allocation Fund

Institutional Class | TVRIX

Annual Shareholder Report | 9.30.24

This annual shareholder report contains important information about the Guggenheim Directional Allocation Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the fund at https://www.guggenheiminvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Institutional Class	$126	1.07%

¹ Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Institutional Class shares) returned 35.55%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the Guggenheim Directional Allocation Index^SM, which returned 37.30% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones U.S. Large-Cap Total Stock Market Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last year?

The fund's negative relative results were primarily the result of activity in the fund's allocation model. The allocation model entered the period with a 100% market position. However, at the December 2023 rebalance, the portfolio took on a 50% market / 50% defensive position, reversing back to 100% market in the March 2024 rebalance. Then, in the June 2024 rebalance, the fund again was positioned 50% market / 50 % defensive. The allocation model was impacted from weaker economic conditions and sentiment during both of these more defensive periods (50% market / 50% defensive), yet the overall market did not experience meaningful relative underperformance. At the end of the period, the portfolio maintained a 100% allocation to the Market portfolio.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $2,000,000 initial investment.

Date	Directional Allocation Fund (Institutional Class)	S&P 500 Index	Guggenheim Directional Allocation IndexSM
09/30/2014	2000000	2000000	2000000
12/31/2014	1987838	2098653	1995683
03/31/2015	2025257	2118603	2036428
06/30/2015	1989398	2124494	2005541
09/30/2015	1831930	1987710	1850880
12/31/2015	1928593	2127695	1955411
03/31/2016	1983161	2156373	2018710
06/30/2016	2036170	2209317	2079598
09/30/2016	2082943	2294422	2134535
12/31/2016	2160897	2382166	2220540
03/31/2017	2310570	2526671	2382828
06/30/2017	2404115	2604699	2487166
09/30/2017	2513251	2721399	2607023
12/31/2017	2667601	2902230	2774628
03/31/2018	2737760	2880198	2857260
06/30/2018	2812596	2979101	2944224
09/30/2018	2957592	3208812	3096809
12/31/2018	2469201	2774986	2587157
03/31/2019	2851803	3153716	2998165
06/30/2019	2972252	3289447	3132546
09/30/2019	2998821	3345311	3169841
12/31/2019	3221410	3648730	3412979
03/31/2020	2370510	2933652	2513603
06/30/2020	2809417	3536320	2988697
09/30/2020	2997816	3852094	3203457
12/31/2020	3384864	4320052	3624174
03/31/2021	3607061	4586814	3874249
06/30/2021	3883249	4978933	4184005
09/30/2021	3891556	5007913	4204941
12/31/2021	4313578	5560141	4671909
03/31/2022	4049189	5304457	4395104
06/30/2022	3527559	4450380	3841532
09/30/2022	3537086	4233086	3841532
12/31/2022	3557292	4553151	3841532
03/31/2023	3583678	4894505	3841532
06/30/2023	3641247	5322389	3873721
09/30/2023	3516514	5148165	3749849
12/31/2023	3948838	5750067	4225982
03/31/2024	4406639	6357039	4732447
06/30/2024	4509460	6629362	4856392
09/30/2024	4766514	7019604	5148355

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Institutional Class	35.55%	9.71%	9.07%
S&P 500 Index	36.35%	15.98%	13.38%
Guggenheim Directional Allocation IndexSMGuggenheim Directional Allocation IndexSM	37.30%	10.19%	9.92%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$204,610,948
Total Number of Portfolio Holdings	140
Portfolio Turnover Rate	125%
Total Advisory Fees Paid	$1,634,512

^* The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Guggenheim Directional Allocation Index^SM are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

Guggenheim Investments 1

Guggenheim Directional Allocation Fund   |   Institutional Class   |   TVRIX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Technology	26.9%
Consumer, Non-cyclical	15.6%
Communications	14.8%
Financial	14.7%
Consumer, Cyclical	12.0%
Industrial	5.8%
Energy	4.3%
Other	5.6%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Microsoft Corp.	7.1%
Apple, Inc.	5.4%
NVIDIA Corp.	5.0%
Alphabet, Inc. — Class C	4.4%
Meta Platforms, Inc. — Class A	3.2%
Amazon.com, Inc.	2.3%
Tesla, Inc.	2.1%
JPMorgan Chase & Co.	2.0%
Visa, Inc. — Class A	1.7%
Mastercard, Inc. — Class A	1.7%
Top 10 Total	34.9%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Microsoft Corp.	7.1%
Apple, Inc.	5.4%
NVIDIA Corp.	5.0%
Alphabet, Inc. — Class C	4.4%
Meta Platforms, Inc. — Class A	3.2%
Amazon.com, Inc.	2.3%
Tesla, Inc.	2.1%
JPMorgan Chase & Co.	2.0%
Visa, Inc. — Class A	1.7%
Mastercard, Inc. — Class A	1.7%
Top 10 Total	34.9%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023.

Subsequent to the September 30, 2024 year-end, on October 25, 2024, the fund was reorganized into New Age Alpha Allocation Fund, a series of New Age Alpha Funds Trust, pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees and shareholders of the fund.

Availability of Additional Information. For additional information, including financial information, holdings and proxy voting information, go to https://www.guggenheiminvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-TVRIX-093024

Guggenheim Investments 2

Guggenheim RBP® Dividend Fund

Class A | TVEAX

Annual Shareholder Report | 9.30.24

This annual shareholder report contains important information about the Guggenheim RBP® Dividend Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the fund at https://www.guggenheiminvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$139	1.17%

¹ Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class A shares) returned 36.91%, outperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the Guggenheim RBP Dividend Index^SM, which returned 39.03% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones U.S. Large-Cap Total Stock Market Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last year?

The fund's leading contributor was strong security selection in Information Technology and Health Care. An overweight holding in Nvidia Corp. was the largest benefit to the Information Technology sector, up 179% over the period. The biggest contribution to the Health Care sector's strong performance was an overweight position in Eli Lily, which rose 66% over the period. Among detractors was an underweight exposure to Energy and Information Technology. Security selection in Communication Services and Materials also detracted from performance. From a selection standpoint, an underweight in Meta Platforms was the largest negative individual contributor, as the stock soared 91% over the period. At the end of the period, the portfolio was most overweight in Utilities and Real Estate and most underweight in Information Technology and Health Care. Relative to the benchmark and consistent with the investment mandate, the portfolio has a larger exposure to dividend-yielding names, as well as smaller value companies.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	RBP® Dividend Fund (Class A)‡	S&P 500 Index	Guggenheim RBP Dividend IndexSM
09/30/2014	9422	10000	10000
12/31/2014	9954	10493	10612
03/31/2015	10055	10593	10771
06/30/2015	9562	10622	10272
09/30/2015	9208	9939	9920
12/31/2015	9748	10638	10543
03/31/2016	10172	10782	11058
06/30/2016	10496	11047	11455
09/30/2016	10578	11472	11593
12/31/2016	10954	11911	12051
03/31/2017	11397	12633	12587
06/30/2017	11662	13023	12933
09/30/2017	12151	13607	13531
12/31/2017	13015	14511	14554
03/31/2018	12915	14401	14487
06/30/2018	13209	14896	14864
09/30/2018	13778	16044	15558
12/31/2018	12032	13875	13604
03/31/2019	13597	15769	15435
06/30/2019	13958	16447	15893
09/30/2019	14248	16727	16291
12/31/2019	15486	18244	17779
03/31/2020	10360	14668	11901
06/30/2020	12720	17682	14672
09/30/2020	13513	19260	15668
12/31/2020	16168	21600	18831
03/31/2021	18587	22934	21738
06/30/2021	19416	24895	22781
09/30/2021	18885	25040	22226
12/31/2021	20996	27801	24804
03/31/2022	20233	26522	23953
06/30/2022	17455	22252	20713
09/30/2022	16216	21165	19298
12/31/2022	18132	22766	21667
03/31/2023	18649	24473	22352
06/30/2023	19598	26612	23558
09/30/2023	19028	25741	22939
12/31/2023	21143	28750	25585
03/31/2024	23531	31785	28632
06/30/2024	24278	33147	29633
09/30/2024	26050	35098	31893

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class A (without sales charge)	36.91%	12.83%	10.70%
Class A (with sales charge)†	30.39%	11.73%	10.05%
S&P 500 Index	36.35%	15.98%	13.38%
Guggenheim RBP Dividend IndexSMGuggenheim RBP Dividend IndexSM	39.03%	14.38%	12.30%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$17,349,060
Total Number of Portfolio Holdings	108
Portfolio Turnover Rate	69%
Total Advisory Fees Paid	$0

The fund incurred $119,773 of advisory fees which were fully waived/reimbursed by the Adviser to ensure each Share Class of the fund operated at its applicable operating expense cap.

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Guggenheim RBP Dividend IndexSM are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	Fund returns are calculated using the maximum sales charge of 4.75%.
‡	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Guggenheim RBP® Dividend Fund   |   Class A   |   TVEAX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Technology	26.8%
Financial	19.3%
Consumer, Non-cyclical	14.0%
Consumer, Cyclical	11.2%
Communications	8.4%
Energy	5.7%
Utilities	5.0%
Other	8.8%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Microsoft Corp.	7.0%
NVIDIA Corp.	6.4%
Apple, Inc.	5.7%
Meta Platforms, Inc. — Class A	3.4%
Alphabet, Inc. — Class C	2.3%
Broadcom, Inc.	2.3%
Eli Lilly & Co.	2.2%
Mastercard, Inc. — Class A	1.7%
Walmart, Inc.	1.6%
Oracle Corp.	1.5%
Top 10 Total	34.1%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Microsoft Corp.	7.0%
NVIDIA Corp.	6.4%
Apple, Inc.	5.7%
Meta Platforms, Inc. — Class A	3.4%
Alphabet, Inc. — Class C	2.3%
Broadcom, Inc.	2.3%
Eli Lilly & Co.	2.2%
Mastercard, Inc. — Class A	1.7%
Walmart, Inc.	1.6%
Oracle Corp.	1.5%
Top 10 Total	34.1%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023.

Subsequent to the September 30, 2024 year-end, on October 25, 2024, the fund was reorganized into New Age Alpha Large Cap Value Fund, a series of New Age Alpha Funds Trust, pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees and shareholders of the fund.

Availability of Additional Information. For additional information, including financial information, holdings and proxy voting information, go to https://www.guggenheiminvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-TVEAX-093024

Guggenheim Investments 2

Guggenheim RBP® Dividend Fund

Class C | TVECX

Annual Shareholder Report | 9.30.24

This annual shareholder report contains important information about the Guggenheim RBP® Dividend Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the fund at https://www.guggenheiminvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$228	1.93%

¹ Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class C shares) returned 35.81%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the Guggenheim RBP Dividend Index^SM, which returned 39.03% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones U.S. Large-Cap Total Stock Market Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last year?

The fund's leading contributor was strong security selection in Information Technology and Health Care. An overweight holding in Nvidia Corp. was the largest benefit to the Information Technology sector, up 179% over the period. The biggest contribution to the Health Care sector's strong performance was an overweight position in Eli Lily, which rose 66% over the period. Among detractors was an underweight exposure to Energy and Information Technology. Security selection in Communication Services and Materials also detracted from performance. From a selection standpoint, an underweight in Meta Platforms was the largest negative individual contributor, as the stock soared 91% over the period. At the end of the period, the portfolio was most overweight in Utilities and Real Estate and most underweight in Information Technology and Health Care. Relative to the benchmark and consistent with the investment mandate, the portfolio has a larger exposure to dividend-yielding names, as well as smaller value companies.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	RBP® Dividend Fund (Class C)	S&P 500 Index	Guggenheim RBP Dividend IndexSM
09/30/2014	10000	10000	10000
12/31/2014	10552	10493	10612
03/31/2015	10641	10593	10771
06/30/2015	10097	10622	10272
09/30/2015	9707	9939	9920
12/31/2015	10277	10638	10543
03/31/2016	10701	10782	11058
06/30/2016	11017	11047	11455
09/30/2016	11093	11472	11593
12/31/2016	11466	11911	12051
03/31/2017	11901	12633	12587
06/30/2017	12156	13023	12933
09/30/2017	12641	13607	13531
12/31/2017	13516	14511	14554
03/31/2018	13385	14401	14487
06/30/2018	13665	14896	14864
09/30/2018	14221	16044	15558
12/31/2018	12395	13875	13604
03/31/2019	13986	15769	15435
06/30/2019	14317	16447	15893
09/30/2019	14599	16727	16291
12/31/2019	15834	18244	17779
03/31/2020	10572	14668	11901
06/30/2020	12965	17682	14672
09/30/2020	13746	19260	15668
12/31/2020	16406	21600	18831
03/31/2021	18829	22934	21738
06/30/2021	19630	24895	22781
09/30/2021	19052	25040	22226
12/31/2021	21152	27801	24804
03/31/2022	20340	26522	23953
06/30/2022	17521	22252	20713
09/30/2022	16236	21165	19298
12/31/2022	18143	22766	21667
03/31/2023	18619	24473	22352
06/30/2023	19519	26612	23558
09/30/2023	18922	25741	22939
12/31/2023	20973	28750	25585
03/31/2024	23316	31785	28632
06/30/2024	23995	33147	29633
09/30/2024	25699	35098	31893

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class C (without CDSC)	35.81%	11.97%	9.90%
Class C (with CDSC)‡	34.81%	11.97%	9.90%
S&P 500 Index	36.35%	15.98%	13.38%
Guggenheim RBP Dividend IndexSMGuggenheim RBP Dividend IndexSM	39.03%	14.38%	12.30%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$17,349,060
Total Number of Portfolio Holdings	108
Portfolio Turnover Rate	69%
Total Advisory Fees Paid	$0

The fund incurred $119,773 of advisory fees which were fully waived/reimbursed by the Adviser to ensure each Share Class of the fund operated at its applicable operating expense cap.

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Guggenheim RBP Dividend IndexSM are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

‡

Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Guggenheim RBP® Dividend Fund   |   Class C   |   TVECX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Technology	26.8%
Financial	19.3%
Consumer, Non-cyclical	14.0%
Consumer, Cyclical	11.2%
Communications	8.4%
Energy	5.7%
Utilities	5.0%
Other	8.8%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Microsoft Corp.	7.0%
NVIDIA Corp.	6.4%
Apple, Inc.	5.7%
Meta Platforms, Inc. — Class A	3.4%
Alphabet, Inc. — Class C	2.3%
Broadcom, Inc.	2.3%
Eli Lilly & Co.	2.2%
Mastercard, Inc. — Class A	1.7%
Walmart, Inc.	1.6%
Oracle Corp.	1.5%
Top 10 Total	34.1%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Microsoft Corp.	7.0%
NVIDIA Corp.	6.4%
Apple, Inc.	5.7%
Meta Platforms, Inc. — Class A	3.4%
Alphabet, Inc. — Class C	2.3%
Broadcom, Inc.	2.3%
Eli Lilly & Co.	2.2%
Mastercard, Inc. — Class A	1.7%
Walmart, Inc.	1.6%
Oracle Corp.	1.5%
Top 10 Total	34.1%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023.

Subsequent to the September 30, 2024 year-end, on October 25, 2024, the fund was reorganized into New Age Alpha Large Cap Value Fund, a series of New Age Alpha Funds Trust, pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees and shareholders of the fund.

Availability of Additional Information. For additional information, including financial information, holdings and proxy voting information, go to https://www.guggenheiminvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-TVECX-093024

Guggenheim Investments 2

Guggenheim RBP® Dividend Fund

Institutional Class | TVEIX

Annual Shareholder Report | 9.30.24

This annual shareholder report contains important information about the Guggenheim RBP® Dividend Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the fund at https://www.guggenheiminvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Institutional Class	$109	0.92%

¹ Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Institutional Class shares) returned 37.25%, outperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the Guggenheim RBP Dividend Index^SM, which returned 39.03% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones U.S. Large-Cap Total Stock Market Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last year?

The fund's leading contributor was strong security selection in Information Technology and Health Care. An overweight holding in Nvidia Corp. was the largest benefit to the Information Technology sector, up 179% over the period. The biggest contribution to the Health Care sector's strong performance was an overweight position in Eli Lily, which rose 66% over the period. Among detractors was an underweight exposure to Energy and Information Technology. Security selection in Communication Services and Materials also detracted from performance. From a selection standpoint, an underweight in Meta Platforms was the largest negative individual contributor, as the stock soared 91% over the period. At the end of the period, the portfolio was most overweight in Utilities and Real Estate and most underweight in Information Technology and Health Care. Relative to the benchmark and consistent with the investment mandate, the portfolio has a larger exposure to dividend-yielding names, as well as smaller value companies.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $2,000,000 initial investment.

Date	RBP® Dividend Fund (Institutional Class)	S&P 500 Index	Guggenheim RBP Dividend IndexSM
09/30/2014	2000000	2000000	2000000
12/31/2014	2115306	2098653	2122356
03/31/2015	2140310	2118603	2154294
06/30/2015	2035644	2124494	2054336
09/30/2015	1961412	1987710	1984077
12/31/2015	2080551	2127695	2108613
03/31/2016	2172022	2156373	2211674
06/30/2016	2243654	2209317	2291096
09/30/2016	2265027	2294422	2318582
12/31/2016	2345682	2382166	2410262
03/31/2017	2442792	2526671	2517375
06/30/2017	2500542	2604699	2586600
09/30/2017	2605729	2721399	2706126
12/31/2017	2793829	2902230	2910793
03/31/2018	2775194	2880198	2897460
06/30/2018	2839095	2979101	2972706
09/30/2018	2962931	3208812	3111512
12/31/2018	2591198	2774986	2720815
03/31/2019	2928496	3153716	3086932
06/30/2019	3007534	3289447	3178654
09/30/2019	3071458	3345311	3258193
12/31/2019	3339374	3648730	3555815
03/31/2020	2235336	2933652	2380295
06/30/2020	2747636	3536320	2934472
09/30/2020	2921566	3852094	3133565
12/31/2020	3497688	4320052	3766164
03/31/2021	4021524	4586814	4347501
06/30/2021	4204134	4978933	4556291
09/30/2021	4091942	5007913	4445274
12/31/2021	4552126	5560141	4960894
03/31/2022	4389335	5304457	4790585
06/30/2022	3789713	4450380	4142558
09/30/2022	3520420	4233086	3859604
12/31/2022	3944552	4553151	4333370
03/31/2023	4059813	4894505	4470366
06/30/2023	4266047	5322389	4711694
09/30/2023	4143048	5148165	4587853
12/31/2023	4605195	5750067	5116949
03/31/2024	5134276	6357039	5726495
06/30/2024	5295898	6629362	5926613
09/30/2024	5686344	7019604	6378675

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Institutional Class	37.25%	13.11%	11.01%
S&P 500 Index	36.35%	15.98%	13.38%
Guggenheim RBP Dividend IndexSMGuggenheim RBP Dividend IndexSM	39.03%	14.38%	12.30%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$17,349,060
Total Number of Portfolio Holdings	108
Portfolio Turnover Rate	69%
Total Advisory Fees Paid	$0

The fund incurred $119,773 of advisory fees which were fully waived/reimbursed by the Adviser to ensure each Share Class of the fund operated at its applicable operating expense cap.

^* The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Guggenheim RBP Dividend Index^SM are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

Guggenheim Investments 1

Guggenheim RBP® Dividend Fund   |   Institutional Class   |   TVEIX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Technology	26.8%
Financial	19.3%
Consumer, Non-cyclical	14.0%
Consumer, Cyclical	11.2%
Communications	8.4%
Energy	5.7%
Utilities	5.0%
Other	8.8%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Microsoft Corp.	7.0%
NVIDIA Corp.	6.4%
Apple, Inc.	5.7%
Meta Platforms, Inc. — Class A	3.4%
Alphabet, Inc. — Class C	2.3%
Broadcom, Inc.	2.3%
Eli Lilly & Co.	2.2%
Mastercard, Inc. — Class A	1.7%
Walmart, Inc.	1.6%
Oracle Corp.	1.5%
Top 10 Total	34.1%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Microsoft Corp.	7.0%
NVIDIA Corp.	6.4%
Apple, Inc.	5.7%
Meta Platforms, Inc. — Class A	3.4%
Alphabet, Inc. — Class C	2.3%
Broadcom, Inc.	2.3%
Eli Lilly & Co.	2.2%
Mastercard, Inc. — Class A	1.7%
Walmart, Inc.	1.6%
Oracle Corp.	1.5%
Top 10 Total	34.1%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023.

Subsequent to the September 30, 2024 year-end, on October 25, 2024, the fund was reorganized into New Age Alpha Large Cap Value Fund, a series of New Age Alpha Funds Trust, pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees and shareholders of the fund.

Availability of Additional Information. For additional information, including financial information, holdings and proxy voting information, go to https://www.guggenheiminvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-TVEIX-093024

Guggenheim Investments 2

Guggenheim RBP® Dividend Fund

Class P | TVEFX

Annual Shareholder Report | 9.30.24

This annual shareholder report contains important information about the Guggenheim RBP® Dividend Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the fund at https://www.guggenheiminvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class P	$139	1.17%

¹ Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class P shares) returned 36.88%, outperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the Guggenheim RBP Dividend Index^SM, which returned 39.03% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones U.S. Large-Cap Total Stock Market Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last year?

The fund's leading contributor was strong security selection in Information Technology and Health Care. An overweight holding in Nvidia Corp. was the largest benefit to the Information Technology sector, up 179% over the period. The biggest contribution to the Health Care sector's strong performance was an overweight position in Eli Lily, which rose 66% over the period. Among detractors was an underweight exposure to Energy and Information Technology. Security selection in Communication Services and Materials also detracted from performance. From a selection standpoint, an underweight in Meta Platforms was the largest negative individual contributor, as the stock soared 91% over the period. At the end of the period, the portfolio was most overweight in Utilities and Real Estate and most underweight in Information Technology and Health Care. Relative to the benchmark and consistent with the investment mandate, the portfolio has a larger exposure to dividend-yielding names, as well as smaller value companies.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	RBP® Dividend Fund (Class P)	S&P 500 Index	Guggenheim RBP Dividend IndexSM
09/30/2014	10000	10000	10000
12/31/2014	10567	10493	10612
03/31/2015	10685	10593	10771
06/30/2015	10160	10622	10272
09/30/2015	9780	9939	9920
12/31/2015	10373	10638	10543
03/31/2016	10817	10782	11058
06/30/2016	11162	11047	11455
09/30/2016	11258	11472	11593
12/31/2016	11655	11911	12051
03/31/2017	12123	12633	12587
06/30/2017	12412	13023	12933
09/30/2017	12924	13607	13531
12/31/2017	13851	14511	14554
03/31/2018	13738	14401	14487
06/30/2018	14048	14896	14864
09/30/2018	14650	16044	15558
12/31/2018	12805	13875	13604
03/31/2019	14460	15769	15435
06/30/2019	14846	16447	15893
09/30/2019	15152	16727	16291
12/31/2019	16471	18244	17779
03/31/2020	11023	14668	11901
06/30/2020	13539	17682	14672
09/30/2020	14375	19260	15668
12/31/2020	17199	21600	18831
03/31/2021	19765	22934	21738
06/30/2021	20654	24895	22781
09/30/2021	20085	25040	22226
12/31/2021	22337	27801	24804
03/31/2022	21525	26522	23953
06/30/2022	18578	22252	20713
09/30/2022	17236	21165	19298
12/31/2022	19290	22766	21667
03/31/2023	19850	24473	22352
06/30/2023	20852	26612	23558
09/30/2023	20241	25741	22939
12/31/2023	22483	28750	25585
03/31/2024	25026	31785	28632
06/30/2024	25812	33147	29633
09/30/2024	27706	35098	31893

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class P **	36.88%	12.83%	10.73%
S&P 500 Index	36.35%	15.98%	13.38%
Guggenheim RBP Dividend IndexSMGuggenheim RBP Dividend IndexSM	39.03%	14.38%	12.30%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$17,349,060
Total Number of Portfolio Holdings	108
Portfolio Turnover Rate	69%
Total Advisory Fees Paid	$0

The fund incurred $119,773 of advisory fees which were fully waived/reimbursed by the Adviser to ensure each Share Class of the fund operated at its applicable operating expense cap.

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Guggenheim RBP Dividend IndexSM are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**

F-1 Class shares redesignated as P-Class shares effective May 9, 2016.

Guggenheim Investments 1

Guggenheim RBP® Dividend Fund   |   Class P   |   TVEFX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Technology	26.8%
Financial	19.3%
Consumer, Non-cyclical	14.0%
Consumer, Cyclical	11.2%
Communications	8.4%
Energy	5.7%
Utilities	5.0%
Other	8.8%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Microsoft Corp.	7.0%
NVIDIA Corp.	6.4%
Apple, Inc.	5.7%
Meta Platforms, Inc. — Class A	3.4%
Alphabet, Inc. — Class C	2.3%
Broadcom, Inc.	2.3%
Eli Lilly & Co.	2.2%
Mastercard, Inc. — Class A	1.7%
Walmart, Inc.	1.6%
Oracle Corp.	1.5%
Top 10 Total	34.1%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Microsoft Corp.	7.0%
NVIDIA Corp.	6.4%
Apple, Inc.	5.7%
Meta Platforms, Inc. — Class A	3.4%
Alphabet, Inc. — Class C	2.3%
Broadcom, Inc.	2.3%
Eli Lilly & Co.	2.2%
Mastercard, Inc. — Class A	1.7%
Walmart, Inc.	1.6%
Oracle Corp.	1.5%
Top 10 Total	34.1%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023.

Subsequent to the September 30, 2024 year-end, on October 25, 2024, the fund was reorganized into New Age Alpha Large Cap Value Fund, a series of New Age Alpha Funds Trust, pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees and shareholders of the fund.

Availability of Additional Information. For additional information, including financial information, holdings and proxy voting information, go to https://www.guggenheiminvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-TVEFX-093024

Guggenheim Investments 2

Guggenheim RBP® Large-Cap Defensive Fund

Class A | TVDAX

Annual Shareholder Report | 9.30.24

This annual shareholder report contains important information about the Guggenheim RBP® Large-Cap Defensive Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the fund at https://www.guggenheiminvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$137	1.17%

¹ Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class A shares) returned 33.50%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the Guggenheim RBP Large-Cap Defensive Index^SM, which returned 35.29% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones U.S. Large-Cap Total Stock Market Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last year?

The fund's investment strategy targets defensive stocks, which typically offer high quality, lower volatility, and lower beta. However, stocks with these characteristics often lag in periods of strong positive market returns. The fund's leading contributor was strong security selection and an overweight exposure to Utilities, with an overweight holding in Vistra Corp. providing the largest individual benefit, up 262% over the period. Detracting most from performance was an underweight exposure to, and security selection in, Financials. An underweight in Everest Group was the largest individual detractor, as the stock soared 70% over the period. At the end of the period, the portfolio was most overweight in Utilities and Consumer Staples. The largest underweights were Information Technology and Industrials. The portfolio has high quality characteristics compared to the benchmark, with higher exposures to more profitable, less leveraged, and less volatile companies.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	RBP® Large-Cap Defensive Fund (Class A)†	S&P 500 Index	Guggenheim RBP Large-Cap Defensive IndexSM
09/30/2014	9428	10000	10000
12/31/2014	10002	10493	10644
03/31/2015	10056	10593	10760
06/30/2015	10065	10622	10810
09/30/2015	9560	9939	10297
12/31/2015	9830	10638	10632
03/31/2016	10089	10782	10977
06/30/2016	10507	11047	11485
09/30/2016	10388	11472	11376
12/31/2016	10580	11911	11626
03/31/2017	11249	12633	12392
06/30/2017	11645	13023	12881
09/30/2017	12293	13607	13658
12/31/2017	13127	14511	14630
03/31/2018	13056	14401	14589
06/30/2018	13408	14896	15036
09/30/2018	14170	16044	15917
12/31/2018	12382	13875	13929
03/31/2019	14034	15769	15842
06/30/2019	14922	16447	16904
09/30/2019	15353	16727	17455
12/31/2019	16147	18244	18416
03/31/2020	12412	14668	14184
06/30/2020	14659	17682	16826
09/30/2020	15567	19260	17977
12/31/2020	17178	21600	19874
03/31/2021	17758	22934	20613
06/30/2021	19084	24895	22228
09/30/2021	18520	25040	21631
12/31/2021	21022	27801	24635
03/31/2022	19229	26522	22563
06/30/2022	16268	22252	19124
09/30/2022	15196	21165	17915
12/31/2022	16169	22766	19125
03/31/2023	17300	24473	20524
06/30/2023	18373	26612	21854
09/30/2023	17710	25741	21132
12/31/2023	19519	28750	23379
03/31/2024	21786	31785	26174
06/30/2024	22450	33147	27083
09/30/2024	23642	35098	28590

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class A (without sales charge)	33.50%	9.02%	9.63%
Class A (with sales charge)†	27.19%	7.97%	8.99%
S&P 500 Index	36.35%	15.98%	13.38%
Guggenheim RBP Large-Cap Defensive IndexSMGuggenheim RBP Large-Cap Defensive IndexSM	35.29%	10.37%	11.08%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$7,529,053
Total Number of Portfolio Holdings	101
Portfolio Turnover Rate	72%
Total Advisory Fees Paid	$0

The fund incurred $57,176 of advisory fees which were fully waived/reimbursed by the Adviser to ensure each Share Class of the fund operated at its applicable operating expense cap.

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Guggenheim RBP Large-Cap Defensive IndexSM are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

Effective May 9, 2016, the maximum sales charge decreased from 5.75% to 4.75%. A 5.75% maximum sales charge is used in the calculation of the average annual return since inception based on subscriptions made prior to May 9, 2016, and a 4.75% maximum sales charge is used to calculate performance for periods based on subscriptions made on or after May 9, 2016.

Guggenheim Investments 1

Guggenheim RBP® Large-Cap Defensive Fund   |   Class A   |   TVDAX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Technology	22.4%
Consumer, Non-cyclical	21.7%
Communications	18.2%
Financial	14.6%
Utilities	7.6%
Consumer, Cyclical	6.1%
Industrial	3.8%
Other	4.7%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Microsoft Corp.	7.4%
NVIDIA Corp.	5.2%
Apple, Inc.	5.1%
Alphabet, Inc. — Class C	4.8%
Amazon.com, Inc.	4.2%
Meta Platforms, Inc. — Class A	3.9%
Eli Lilly & Co.	2.7%
JPMorgan Chase & Co.	2.6%
Visa, Inc. — Class A	2.2%
Mastercard, Inc. — Class A	2.2%
Top 10 Total	40.3%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Microsoft Corp.	7.4%
NVIDIA Corp.	5.2%
Apple, Inc.	5.1%
Alphabet, Inc. — Class C	4.8%
Amazon.com, Inc.	4.2%
Meta Platforms, Inc. — Class A	3.9%
Eli Lilly & Co.	2.7%
JPMorgan Chase & Co.	2.6%
Visa, Inc. — Class A	2.2%
Mastercard, Inc. — Class A	2.2%
Top 10 Total	40.3%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023.

Subsequent to the September 30, 2024 year-end, on October 25, 2024, the fund was reorganized into New Age Alpha Large Cap Value Fund, a series of New Age Alpha Funds Trust, pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees and shareholders of the fund.

Availability of Additional Information. For additional information, including financial information, holdings and proxy voting information, go to https://www.guggenheiminvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-TVDAX-093024

Guggenheim Investments 2

Guggenheim RBP® Large-Cap Defensive Fund

Class P | TVFDX

Annual Shareholder Report | 9.30.24

This annual shareholder report contains important information about the Guggenheim RBP® Large-Cap Defensive Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the fund at https://www.guggenheiminvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class P	$137	1.17%

¹ Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class P shares) returned 33.52%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the Guggenheim RBP Large-Cap Defensive Index^SM, which returned 35.29% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones U.S. Large-Cap Total Stock Market Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last year?

The fund's investment strategy targets defensive stocks, which typically offer high quality, lower volatility, and lower beta. However, stocks with these characteristics often lag in periods of strong positive market returns. The fund's leading contributor was strong security selection and an overweight exposure to Utilities, with an overweight holding in Vistra Corp. providing the largest individual benefit, up 262% over the period. Detracting most from performance was an underweight exposure to, and security selection in, Financials. An underweight in Everest Group was the largest individual detractor, as the stock soared 70% over the period. At the end of the period, the portfolio was most overweight in Utilities and Consumer Staples. The largest underweights were Information Technology and Industrials. The portfolio has high quality characteristics compared to the benchmark, with higher exposures to more profitable, less leveraged, and less volatile companies.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	RBP® Large-Cap Defensive Fund (Class P)	S&P 500 Index	Guggenheim RBP Large-Cap Defensive IndexSM
09/30/2014	10000	10000	10000
12/31/2014	10601	10493	10644
03/31/2015	10667	10593	10760
06/30/2015	10686	10622	10810
09/30/2015	10148	9939	10297
12/31/2015	10438	10638	10632
03/31/2016	10728	10782	10977
06/30/2016	11174	11047	11485
09/30/2016	11050	11472	11376
12/31/2016	11247	11911	11626
03/31/2017	11952	12633	12392
06/30/2017	12375	13023	12881
09/30/2017	13070	13607	13658
12/31/2017	13956	14511	14630
03/31/2018	13883	14401	14589
06/30/2018	14260	14896	15036
09/30/2018	15074	16044	15917
12/31/2018	13158	13875	13929
03/31/2019	14917	15769	15842
06/30/2019	15861	16447	16904
09/30/2019	16319	16727	17455
12/31/2019	17181	18244	18416
03/31/2020	13203	14668	14184
06/30/2020	15590	17682	16826
09/30/2020	16554	19260	17977
12/31/2020	18256	21600	19874
03/31/2021	18882	22934	20613
06/30/2021	20291	24895	22228
09/30/2021	19696	25040	21631
12/31/2021	22343	27801	24635
03/31/2022	20440	26522	22563
06/30/2022	17287	22252	19124
09/30/2022	16157	21165	17915
12/31/2022	17188	22766	19125
03/31/2023	18398	24473	20524
06/30/2023	19528	26612	21854
09/30/2023	18814	25741	21132
12/31/2023	20744	28750	23379
03/31/2024	23151	31785	26174
06/30/2024	23867	33147	27083
09/30/2024	25120	35098	28590

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class P**	33.52%	9.01%	9.65%
S&P 500 Index	36.35%	15.98%	13.38%
Guggenheim RBP Large-Cap Defensive IndexSMGuggenheim RBP Large-Cap Defensive IndexSM	35.29%	10.37%	11.08%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$7,529,053
Total Number of Portfolio Holdings	101
Portfolio Turnover Rate	72%
Total Advisory Fees Paid	$0

The fund incurred $57,176 of advisory fees which were fully waived/reimbursed by the Adviser to ensure each Share Class of the fund operated at its applicable operating expense cap.

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Guggenheim RBP Large-Cap Defensive IndexSM are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**

Class F-1 shares redesignated as Class P shares effective May 9, 2016.

Guggenheim Investments 1

Guggenheim RBP® Large-Cap Defensive Fund   |   Class P   |   TVFDX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Technology	22.4%
Consumer, Non-cyclical	21.7%
Communications	18.2%
Financial	14.6%
Utilities	7.6%
Consumer, Cyclical	6.1%
Industrial	3.8%
Other	4.7%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Microsoft Corp.	7.4%
NVIDIA Corp.	5.2%
Apple, Inc.	5.1%
Alphabet, Inc. — Class C	4.8%
Amazon.com, Inc.	4.2%
Meta Platforms, Inc. — Class A	3.9%
Eli Lilly & Co.	2.7%
JPMorgan Chase & Co.	2.6%
Visa, Inc. — Class A	2.2%
Mastercard, Inc. — Class A	2.2%
Top 10 Total	40.3%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Microsoft Corp.	7.4%
NVIDIA Corp.	5.2%
Apple, Inc.	5.1%
Alphabet, Inc. — Class C	4.8%
Amazon.com, Inc.	4.2%
Meta Platforms, Inc. — Class A	3.9%
Eli Lilly & Co.	2.7%
JPMorgan Chase & Co.	2.6%
Visa, Inc. — Class A	2.2%
Mastercard, Inc. — Class A	2.2%
Top 10 Total	40.3%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023.

Subsequent to the September 30, 2024 year-end, on October 25, 2024, the fund was reorganized into New Age Alpha Large Cap Value Fund, a series of New Age Alpha Funds Trust, pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees and shareholders of the fund.

Availability of Additional Information. For additional information, including financial information, holdings and proxy voting information, go to https://www.guggenheiminvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-TVFDX-093024

Guggenheim Investments 2

Guggenheim RBP® Large-Cap Defensive Fund

Class C | TVDCX

Annual Shareholder Report | 9.30.24

This annual shareholder report contains important information about the Guggenheim RBP® Large-Cap Defensive Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the fund at https://www.guggenheiminvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$224	1.93%

¹ Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class C shares) returned 32.42%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the Guggenheim RBP Large-Cap Defensive Index^SM, which returned 35.29% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones U.S. Large-Cap Total Stock Market Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last year?

The fund's investment strategy targets defensive stocks, which typically offer high quality, lower volatility, and lower beta. However, stocks with these characteristics often lag in periods of strong positive market returns. The fund's leading contributor was strong security selection and an overweight exposure to Utilities, with an overweight holding in Vistra Corp. providing the largest individual benefit, up 262% over the period. Detracting most from performance was an underweight exposure to, and security selection in, Financials. An underweight in Everest Group was the largest individual detractor, as the stock soared 70% over the period. At the end of the period, the portfolio was most overweight in Utilities and Consumer Staples. The largest underweights were Information Technology and Industrials. The portfolio has high quality characteristics compared to the benchmark, with higher exposures to more profitable, less leveraged, and less volatile companies.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	RBP® Large-Cap Defensive Fund (Class C)	S&P 500 Index	Guggenheim RBP Large-Cap Defensive IndexSM
09/30/2014	10000	10000	10000
12/31/2014	10585	10493	10644
03/31/2015	10633	10593	10760
06/30/2015	10624	10622	10810
09/30/2015	10077	9939	10297
12/31/2015	10344	10638	10632
03/31/2016	10609	10782	10977
06/30/2016	11032	11047	11485
09/30/2016	10884	11472	11376
12/31/2016	11065	11911	11626
03/31/2017	11730	12633	12392
06/30/2017	12118	13023	12881
09/30/2017	12772	13607	13658
12/31/2017	13615	14511	14630
03/31/2018	13515	14401	14589
06/30/2018	13851	14896	15036
09/30/2018	14622	16044	15917
12/31/2018	12745	13875	13929
03/31/2019	14426	15769	15842
06/30/2019	15312	16447	16904
09/30/2019	15710	16727	17455
12/31/2019	16505	18244	18416
03/31/2020	12655	14668	14184
06/30/2020	14927	17682	16826
09/30/2020	15827	19260	17977
12/31/2020	17421	21600	19874
03/31/2021	17986	22934	20613
06/30/2021	19293	24895	22228
09/30/2021	18680	25040	21631
12/31/2021	21145	27801	24635
03/31/2022	19325	26522	22563
06/30/2022	16314	22252	19124
09/30/2022	15205	21165	17915
12/31/2022	16167	22766	19125
03/31/2023	17255	24473	20524
06/30/2023	18280	26612	21854
09/30/2023	17589	25741	21132
12/31/2023	19367	28750	23379
03/31/2024	21563	31785	26174
06/30/2024	22191	33147	27083
09/30/2024	23320	35098	28590

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class C (without CDSC)	32.42%	8.22%	8.84%
Class C (with CDSC)‡	31.42%	8.22%	8.84%
S&P 500 Index	36.35%	15.98%	13.38%
Guggenheim RBP Large-Cap Defensive IndexSMGuggenheim RBP Large-Cap Defensive IndexSM	35.29%	10.37%	11.08%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$7,529,053
Total Number of Portfolio Holdings	101
Portfolio Turnover Rate	72%
Total Advisory Fees Paid	$0

The fund incurred $57,176 of advisory fees which were fully waived/reimbursed by the Adviser to ensure each Share Class of the fund operated at its applicable operating expense cap.

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Guggenheim RBP Large-Cap Defensive IndexSM are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

‡

Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Guggenheim RBP® Large-Cap Defensive Fund   |   Class C   |   TVDCX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Technology	22.4%
Consumer, Non-cyclical	21.7%
Communications	18.2%
Financial	14.6%
Utilities	7.6%
Consumer, Cyclical	6.1%
Industrial	3.8%
Other	4.7%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Microsoft Corp.	7.4%
NVIDIA Corp.	5.2%
Apple, Inc.	5.1%
Alphabet, Inc. — Class C	4.8%
Amazon.com, Inc.	4.2%
Meta Platforms, Inc. — Class A	3.9%
Eli Lilly & Co.	2.7%
JPMorgan Chase & Co.	2.6%
Visa, Inc. — Class A	2.2%
Mastercard, Inc. — Class A	2.2%
Top 10 Total	40.3%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Microsoft Corp.	7.4%
NVIDIA Corp.	5.2%
Apple, Inc.	5.1%
Alphabet, Inc. — Class C	4.8%
Amazon.com, Inc.	4.2%
Meta Platforms, Inc. — Class A	3.9%
Eli Lilly & Co.	2.7%
JPMorgan Chase & Co.	2.6%
Visa, Inc. — Class A	2.2%
Mastercard, Inc. — Class A	2.2%
Top 10 Total	40.3%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023.

Subsequent to the September 30, 2024 year-end, on October 25, 2024, the fund was reorganized into New Age Alpha Large Cap Value Fund, a series of New Age Alpha Funds Trust, pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees and shareholders of the fund.

Availability of Additional Information. For additional information, including financial information, holdings and proxy voting information, go to https://www.guggenheiminvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-TVDCX-093024

Guggenheim Investments 2

Guggenheim RBP® Large-Cap Defensive Fund

Institutional Class | TVIDX

Annual Shareholder Report | 9.30.24

This annual shareholder report contains important information about the Guggenheim RBP® Large-Cap Defensive Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the fund at https://www.guggenheiminvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Institutional Class	$108	0.92%

¹ Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Institutional Class shares) returned 33.82%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the Guggenheim RBP Large-Cap Defensive Index^SM, which returned 35.29% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones U.S. Large-Cap Total Stock Market Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last year?

The fund's investment strategy targets defensive stocks, which typically offer high quality, lower volatility, and lower beta. However, stocks with these characteristics often lag in periods of strong positive market returns. The fund's leading contributor was strong security selection and an overweight exposure to Utilities, with an overweight holding in Vistra Corp. providing the largest individual benefit, up 262% over the period. Detracting most from performance was an underweight exposure to, and security selection in, Financials. An underweight in Everest Group was the largest individual detractor, as the stock soared 70% over the period. At the end of the period, the portfolio was most overweight in Utilities and Consumer Staples. The largest underweights were Information Technology and Industrials. The portfolio has high quality characteristics compared to the benchmark, with higher exposures to more profitable, less leveraged, and less volatile companies.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $2,000,000 initial investment.

Date	RBP® Large-Cap Defensive Fund (Institutional Class)	S&P 500 Index	Guggenheim RBP Large-Cap Defensive IndexSM
09/30/2014	2000000	2000000	2000000
12/31/2014	2122977	2098653	2128775
03/31/2015	2136093	2118603	2151943
06/30/2015	2141715	2124494	2161922
09/30/2015	2034910	1987710	2059484
12/31/2015	2094597	2127695	2126497
03/31/2016	2152266	2156373	2195331
06/30/2016	2244947	2209317	2297005
09/30/2016	2220232	2294422	2275293
12/31/2016	2262578	2382166	2325133
03/31/2017	2405477	2526671	2478392
06/30/2017	2492083	2604699	2576223
09/30/2017	2632818	2721399	2731521
12/31/2017	2813069	2902230	2925957
03/31/2018	2798494	2880198	2917841
06/30/2018	2876230	2979101	3007289
09/30/2018	3041418	3208812	3183376
12/31/2018	2658246	2774986	2785715
03/31/2019	3016693	3153716	3168338
06/30/2019	3208821	3289447	3380806
09/30/2019	3303451	3345311	3491048
12/31/2019	3479073	3648730	3683173
03/31/2020	2673846	2933652	2836871
06/30/2020	3162514	3536320	3365279
09/30/2020	3359211	3852094	3595321
12/31/2020	3708661	4320052	3974734
03/31/2021	3838070	4586814	4122626
06/30/2021	4125294	4978933	4445544
09/30/2021	4005354	5007913	4326114
12/31/2021	4548886	5560141	4927096
03/31/2022	4166158	5304457	4512651
06/30/2022	3524290	4450380	3824753
09/30/2022	3297045	4233086	3583005
12/31/2022	3509576	4553151	3824934
03/31/2023	3757123	4894505	4104834
06/30/2023	3988699	5322389	4370777
09/30/2023	3848955	5148165	4226461
12/31/2023	4244695	5750067	4675767
03/31/2024	4741713	6357039	5234772
06/30/2024	4890017	6629362	5416674
09/30/2024	5150551	7019604	5717929

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Institutional Class	33.82%	9.29%	9.92%
S&P 500 Index	36.35%	15.98%	13.38%
Guggenheim RBP Large-Cap Defensive IndexSMGuggenheim RBP Large-Cap Defensive IndexSM	35.29%	10.37%	11.08%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$7,529,053
Total Number of Portfolio Holdings	101
Portfolio Turnover Rate	72%
Total Advisory Fees Paid	$0

The fund incurred $57,176 of advisory fees which were fully waived/reimbursed by the Adviser to ensure each Share Class of the fund operated at its applicable operating expense cap.

^* The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Guggenheim RBP Large-Cap Defensive Index^SM are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

Guggenheim Investments 1

Guggenheim RBP® Large-Cap Defensive Fund   |   Institutional Class   |   TVIDX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Technology	22.4%
Consumer, Non-cyclical	21.7%
Communications	18.2%
Financial	14.6%
Utilities	7.6%
Consumer, Cyclical	6.1%
Industrial	3.8%
Other	4.7%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Microsoft Corp.	7.4%
NVIDIA Corp.	5.2%
Apple, Inc.	5.1%
Alphabet, Inc. — Class C	4.8%
Amazon.com, Inc.	4.2%
Meta Platforms, Inc. — Class A	3.9%
Eli Lilly & Co.	2.7%
JPMorgan Chase & Co.	2.6%
Visa, Inc. — Class A	2.2%
Mastercard, Inc. — Class A	2.2%
Top 10 Total	40.3%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Microsoft Corp.	7.4%
NVIDIA Corp.	5.2%
Apple, Inc.	5.1%
Alphabet, Inc. — Class C	4.8%
Amazon.com, Inc.	4.2%
Meta Platforms, Inc. — Class A	3.9%
Eli Lilly & Co.	2.7%
JPMorgan Chase & Co.	2.6%
Visa, Inc. — Class A	2.2%
Mastercard, Inc. — Class A	2.2%
Top 10 Total	40.3%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023.

Subsequent to the September 30, 2024 year-end, on October 25, 2024, the fund was reorganized into New Age Alpha Large Cap Value Fund, a series of New Age Alpha Funds Trust, pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees and shareholders of the fund.

Availability of Additional Information. For additional information, including financial information, holdings and proxy voting information, go to https://www.guggenheiminvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-TVIDX-093024

Guggenheim Investments 2

Guggenheim RBP® Large-Cap Value Fund

Class A | TVVAX

Annual Shareholder Report | 9.30.24

This annual shareholder report contains important information about the Guggenheim RBP® Large-Cap Value Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the fund at https://www.guggenheiminvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$134	1.18%

¹ Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class A shares) returned 26.49%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the Guggenheim RBP Large-Cap Value Index^SM, which returned 28.27% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones U.S. Large-Cap Total Stock Market Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last year?

The fund's leading sector contributors were Financials and Utilities. The Financials sector outperformed the benchmark primarily by its overweight holding in Progressive Corp., which was up 83% over the period. The fund's overweight to the Utilities sector also contributed; the sector rose 42% over the period. The largest detractors to performance were a relative underweight to the strongly performing Information Technology sector and a relative overweight to the Energy sector, where performance was flat for the period. At the end of the period, the portfolio was most underweight in Information Technology and most overweight in Industrials and Financials. The portfolio has a noticeable bias toward smaller companies, with a higher exposure to value companies, while having less exposure to growth companies and companies with earnings variability relative to the benchmark.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	RBP® Large-Cap Value Fund (Class A)†	S&P 500 Index	Guggenheim RBP Large-Cap Value IndexSM
09/30/2014	9426	10000	10000
12/31/2014	10043	10493	10691
03/31/2015	9923	10593	10590
06/30/2015	9564	10622	10248
09/30/2015	9086	9939	9769
12/31/2015	9623	10638	10386
03/31/2016	9825	10782	10660
06/30/2016	10080	11047	10994
09/30/2016	10271	11472	11227
12/31/2016	10971	11911	12031
03/31/2017	11462	12633	12598
06/30/2017	11636	13023	12842
09/30/2017	12127	13607	13447
12/31/2017	12816	14511	14272
03/31/2018	12779	14401	14288
06/30/2018	12804	14896	14365
09/30/2018	13505	16044	15223
12/31/2018	11678	13875	13158
03/31/2019	13308	15769	15055
06/30/2019	13550	16447	15372
09/30/2019	13847	16727	15747
12/31/2019	14634	18244	16709
03/31/2020	10500	14668	11930
06/30/2020	12184	17682	13946
09/30/2020	12731	19260	14625
12/31/2020	14550	21600	16771
03/31/2021	15912	22934	18404
06/30/2021	16991	24895	19751
09/30/2021	16594	25040	19345
12/31/2021	18391	27801	21512
03/31/2022	17770	26522	20838
06/30/2022	15778	22252	18521
09/30/2022	14765	21165	17386
12/31/2022	16917	22766	19978
03/31/2023	16816	24473	19878
06/30/2023	17018	26612	20163
09/30/2023	16278	25741	19347
12/31/2023	17629	28750	21007
03/31/2024	19460	31785	23291
06/30/2024	18861	33147	22647
09/30/2024	20590	35098	24815

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class A (without sales charge)	26.49%	8.26%	8.13%
Class A (with sales charge)†	20.51%	7.22%	7.49%
S&P 500 Index	36.35%	15.98%	13.38%
Guggenheim RBP Large-Cap Value IndexSMGuggenheim RBP Large-Cap Value IndexSM	28.27%	9.52%	9.51%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$5,009,622
Total Number of Portfolio Holdings	121
Portfolio Turnover Rate	73%
Total Advisory Fees Paid	$0

The fund incurred $32,924 of advisory fees which were fully waived/reimbursed by the Adviser to ensure each Share Class of the fund operated at its applicable operating expense cap.

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Guggenheim RBP Large-Cap Value IndexSM are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

Effective May 9, 2016, the maximum sales charge decreased from 5.75% to 4.75%. A 5.75% maximum sales charge is used in the calculation of the average annual return since inception based on subscriptions made prior to May 9, 2016, and a 4.75% maximum sales charge is used to calculate performance for periods based on subscriptions made on or after May 9, 2016.

Guggenheim Investments 1

Guggenheim RBP® Large-Cap Value Fund   |   Class A   |   TVVAX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Financial	23.4%
Consumer, Non-cyclical	20.4%
Consumer, Cyclical	14.2%
Industrial	13.3%
Technology	7.4%
Energy	6.7%
Utilities	5.6%
Other	8.2%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

JPMorgan Chase & Co.	2.8%
Exxon Mobil Corp.	2.5%
Walmart, Inc.	2.4%
Oracle Corp.	2.1%
Coca-Cola Co.	2.1%
Procter & Gamble Co.	2.1%
Merck & Company, Inc.	2.0%
iShares S&P 500 Value ETF	1.9%
PepsiCo, Inc.	1.9%
Wells Fargo & Co.	1.8%
Top 10 Total	21.6%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

JPMorgan Chase & Co.	2.8%
Exxon Mobil Corp.	2.5%
Walmart, Inc.	2.4%
Oracle Corp.	2.1%
Coca-Cola Co.	2.1%
Procter & Gamble Co.	2.1%
Merck & Company, Inc.	2.0%
iShares S&P 500 Value ETF	1.9%
PepsiCo, Inc.	1.9%
Wells Fargo & Co.	1.8%
Top 10 Total	21.6%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023.

Subsequent to the September 30, 2024 year-end, on October 25, 2024, the fund was reorganized into New Age Alpha Large Cap Value Fund, a series of New Age Alpha Funds Trust, pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees and shareholders of the fund.

Availability of Additional Information. For additional information, including financial information, holdings and proxy voting information, go to https://www.guggenheiminvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-TVVAX-093024

Guggenheim Investments 2

Guggenheim RBP® Large-Cap Value Fund

Class C | TVVCX

Annual Shareholder Report | 9.30.24

This annual shareholder report contains important information about the Guggenheim RBP® Large-Cap Value Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the fund at https://www.guggenheiminvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$218	1.93%

¹ Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class C shares) returned 25.52%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the Guggenheim RBP Large-Cap Value Index^SM, which returned 28.27% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones U.S. Large-Cap Total Stock Market Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last year?

The fund's leading sector contributors were Financials and Utilities. The Financials sector outperformed the benchmark primarily by its overweight holding in Progressive Corp., which was up 83% over the period. The fund's overweight to the Utilities sector also contributed; the sector rose 42% over the period. The largest detractors to performance were a relative underweight to the strongly performing Information Technology sector and a relative overweight to the Energy sector, where performance was flat for the period. At the end of the period, the portfolio was most underweight in Information Technology and most overweight in Industrials and Financials. The portfolio has a noticeable bias toward smaller companies, with a higher exposure to value companies, while having less exposure to growth companies and companies with earnings variability relative to the benchmark.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	RBP® Large-Cap Value Fund (Class C)	S&P 500 Index	Guggenheim RBP Large-Cap Value IndexSM
09/30/2014	10000	10000	10000
12/31/2014	10643	10493	10691
03/31/2015	10462	10593	10590
06/30/2015	10078	10622	10248
09/30/2015	9555	9939	9769
12/31/2015	10110	10638	10386
03/31/2016	10302	10782	10660
06/30/2016	10551	11047	10994
09/30/2016	10732	11472	11227
12/31/2016	11438	11911	12031
03/31/2017	11930	12633	12598
06/30/2017	12090	13023	12842
09/30/2017	12571	13607	13447
12/31/2017	13257	14511	14272
03/31/2018	13207	14401	14288
06/30/2018	13207	14896	14365
09/30/2018	13896	16044	15223
12/31/2018	11999	13875	13158
03/31/2019	13646	15769	15055
06/30/2019	13869	16447	15372
09/30/2019	14148	16727	15747
12/31/2019	14926	18244	16709
03/31/2020	10696	14668	11930
06/30/2020	12379	17682	13946
09/30/2020	12903	19260	14625
12/31/2020	14728	21600	16771
03/31/2021	16060	22934	18404
06/30/2021	17136	24895	19751
09/30/2021	16697	25040	19345
12/31/2021	18465	27801	21512
03/31/2022	17822	26522	20838
06/30/2022	15792	22252	18521
09/30/2022	14752	21165	17386
12/31/2022	16863	22766	19978
03/31/2023	16727	24473	19878
06/30/2023	16897	26612	20163
09/30/2023	16131	25741	19347
12/31/2023	17444	28750	21007
03/31/2024	19205	31785	23291
06/30/2024	18589	33147	22647
09/30/2024	20248	35098	24815

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class C (without CDSC)	25.52%	7.43%	7.31%
Class C (with CDSC)‡	24.52%	7.43%	7.31%
S&P 500 Index	36.35%	15.98%	13.38%
Guggenheim RBP Large-Cap Value IndexSMGuggenheim RBP Large-Cap Value IndexSM	28.27%	9.52%	9.51%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$5,009,622
Total Number of Portfolio Holdings	121
Portfolio Turnover Rate	73%
Total Advisory Fees Paid	$0

The fund incurred $32,924 of advisory fees which were fully waived/reimbursed by the Adviser to ensure each Share Class of the fund operated at its applicable operating expense cap.

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Guggenheim RBP Large-Cap Value IndexSM are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

‡

Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Guggenheim RBP® Large-Cap Value Fund   |   Class C   |   TVVCX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Financial	23.4%
Consumer, Non-cyclical	20.4%
Consumer, Cyclical	14.2%
Industrial	13.3%
Technology	7.4%
Energy	6.7%
Utilities	5.6%
Other	8.2%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

JPMorgan Chase & Co.	2.8%
Exxon Mobil Corp.	2.5%
Walmart, Inc.	2.4%
Oracle Corp.	2.1%
Coca-Cola Co.	2.1%
Procter & Gamble Co.	2.1%
Merck & Company, Inc.	2.0%
iShares S&P 500 Value ETF	1.9%
PepsiCo, Inc.	1.9%
Wells Fargo & Co.	1.8%
Top 10 Total	21.6%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

JPMorgan Chase & Co.	2.8%
Exxon Mobil Corp.	2.5%
Walmart, Inc.	2.4%
Oracle Corp.	2.1%
Coca-Cola Co.	2.1%
Procter & Gamble Co.	2.1%
Merck & Company, Inc.	2.0%
iShares S&P 500 Value ETF	1.9%
PepsiCo, Inc.	1.9%
Wells Fargo & Co.	1.8%
Top 10 Total	21.6%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023.

Subsequent to the September 30, 2024 year-end, on October 25, 2024, the fund was reorganized into New Age Alpha Large Cap Value Fund, a series of New Age Alpha Funds Trust, pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees and shareholders of the fund.

Availability of Additional Information. For additional information, including financial information, holdings and proxy voting information, go to https://www.guggenheiminvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-TVVCX-093024

Guggenheim Investments 2

Guggenheim RBP® Large-Cap Value Fund

Institutional Class | TVVIX

Annual Shareholder Report | 9.30.24

This annual shareholder report contains important information about the Guggenheim RBP® Large-Cap Value Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the fund at https://www.guggenheiminvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Institutional Class	$104	0.92%

¹ Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Institutional Class shares) returned 26.82%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the Guggenheim RBP Large-Cap Value Index^SM, which returned 28.27% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones U.S. Large-Cap Total Stock Market Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last year?

The fund's leading sector contributors were Financials and Utilities. The Financials sector outperformed the benchmark primarily by its overweight holding in Progressive Corp., which was up 83% over the period. The fund's overweight to the Utilities sector also contributed; the sector rose 42% over the period. The largest detractors to performance were a relative underweight to the strongly performing Information Technology sector and a relative overweight to the Energy sector, where performance was flat for the period. At the end of the period, the portfolio was most underweight in Information Technology and most overweight in Industrials and Financials. The portfolio has a noticeable bias toward smaller companies, with a higher exposure to value companies, while having less exposure to growth companies and companies with earnings variability relative to the benchmark.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $2,000,000 initial investment.

Date	RBP® Large-Cap Value Fund (Institutional Class)	S&P 500 Index	Guggenheim RBP Large-Cap Value IndexSM
09/30/2014	2000000	2000000	2000000
12/31/2014	2134167	2098653	2138185
03/31/2015	2108583	2118603	2117912
06/30/2015	2033962	2124494	2049532
09/30/2015	1933756	1987710	1953853
12/31/2015	2051853	2127695	2077261
03/31/2016	2095218	2156373	2132061
06/30/2016	2152277	2209317	2198701
09/30/2016	2193360	2294422	2245311
12/31/2016	2345143	2382166	2406156
03/31/2017	2451636	2526671	2519627
06/30/2017	2490991	2604699	2568470
09/30/2017	2597484	2721399	2689354
12/31/2017	2747666	2902230	2854487
03/31/2018	2742554	2880198	2857624
06/30/2018	2747666	2979101	2872970
09/30/2018	2901024	3208812	3044628
12/31/2018	2509324	2774986	2631631
03/31/2019	2861259	3153716	3011029
06/30/2019	2915623	3289447	3074453
09/30/2019	2981432	3345311	3149333
12/31/2019	3151091	3648730	3341886
03/31/2020	2263295	2933652	2386008
06/30/2020	2628343	3536320	2789128
09/30/2020	2745158	3852094	2925033
12/31/2020	3140695	4320052	3354155
03/31/2021	3437267	4586814	3680743
06/30/2021	3674524	4978933	3950235
09/30/2021	3588519	5007913	3869044
12/31/2021	3977603	5560141	4302436
03/31/2022	3850841	5304457	4167566
06/30/2022	3419163	4450380	3704113
09/30/2022	3203324	4233086	3477224
12/31/2022	3669898	4553151	3995544
03/31/2023	3652152	4894505	3975601
06/30/2023	3694742	5322389	4032552
09/30/2023	3538577	5148165	3869381
12/31/2023	3836283	5750067	4201465
03/31/2024	4235745	6357039	4658160
06/30/2024	4106190	6629362	4529310
09/30/2024	4487659	7019604	4963094

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Institutional Class	26.82%	8.52%	8.42%
S&P 500 Index	36.35%	15.98%	13.38%
Guggenheim RBP Large-Cap Value IndexSMGuggenheim RBP Large-Cap Value IndexSM	28.27%	9.52%	9.51%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$5,009,622
Total Number of Portfolio Holdings	121
Portfolio Turnover Rate	73%
Total Advisory Fees Paid	$0

The fund incurred $32,924 of advisory fees which were fully waived/reimbursed by the Adviser to ensure each Share Class of the fund operated at its applicable operating expense cap.

^* The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Guggenheim RBP Large-Cap Value Index^SM are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

Guggenheim Investments 1

Guggenheim RBP® Large-Cap Value Fund   |   Institutional Class   |   TVVIX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Financial	23.4%
Consumer, Non-cyclical	20.4%
Consumer, Cyclical	14.2%
Industrial	13.3%
Technology	7.4%
Energy	6.7%
Utilities	5.6%
Other	8.2%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

JPMorgan Chase & Co.	2.8%
Exxon Mobil Corp.	2.5%
Walmart, Inc.	2.4%
Oracle Corp.	2.1%
Coca-Cola Co.	2.1%
Procter & Gamble Co.	2.1%
Merck & Company, Inc.	2.0%
iShares S&P 500 Value ETF	1.9%
PepsiCo, Inc.	1.9%
Wells Fargo & Co.	1.8%
Top 10 Total	21.6%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

JPMorgan Chase & Co.	2.8%
Exxon Mobil Corp.	2.5%
Walmart, Inc.	2.4%
Oracle Corp.	2.1%
Coca-Cola Co.	2.1%
Procter & Gamble Co.	2.1%
Merck & Company, Inc.	2.0%
iShares S&P 500 Value ETF	1.9%
PepsiCo, Inc.	1.9%
Wells Fargo & Co.	1.8%
Top 10 Total	21.6%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023.

Subsequent to the September 30, 2024 year-end, on October 25, 2024, the fund was reorganized into New Age Alpha Large Cap Value Fund, a series of New Age Alpha Funds Trust, pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees and shareholders of the fund.

Availability of Additional Information. For additional information, including financial information, holdings and proxy voting information, go to https://www.guggenheiminvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-TVVIX-093024

Guggenheim Investments 2

Guggenheim RBP® Large-Cap Value Fund

Class P | TVVFX

Annual Shareholder Report | 9.30.24

This annual shareholder report contains important information about the Guggenheim RBP® Large-Cap Value Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the fund at https://www.guggenheiminvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class P	$134	1.18%

¹ Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class P shares) returned 26.43%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the Guggenheim RBP Large-Cap Value Index^SM, which returned 28.27% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones U.S. Large-Cap Total Stock Market Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last year?

The fund's leading sector contributors were Financials and Utilities. The Financials sector outperformed the benchmark primarily by its overweight holding in Progressive Corp., which was up 83% over the period. The fund's overweight to the Utilities sector also contributed; the sector rose 42% over the period. The largest detractors to performance were a relative underweight to the strongly performing Information Technology sector and a relative overweight to the Energy sector, where performance was flat for the period. At the end of the period, the portfolio was most underweight in Information Technology and most overweight in Industrials and Financials. The portfolio has a noticeable bias toward smaller companies, with a higher exposure to value companies, while having less exposure to growth companies and companies with earnings variability relative to the benchmark.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	RBP® Large-Cap Value Fund (Class P)	S&P 500 Index	Guggenheim RBP Large-Cap Value IndexSM
09/30/2014	10000	10000	10000
12/31/2014	10659	10493	10691
03/31/2015	10529	10593	10590
06/30/2015	10152	10622	10248
09/30/2015	9644	9939	9769
12/31/2015	10224	10638	10386
03/31/2016	10443	10782	10660
06/30/2016	10720	11047	10994
09/30/2016	10916	11472	11227
12/31/2016	11662	11911	12031
03/31/2017	12183	12633	12598
06/30/2017	12369	13023	12842
09/30/2017	12890	13607	13447
12/31/2017	13620	14511	14272
03/31/2018	13594	14401	14288
06/30/2018	13620	14896	14365
09/30/2018	14360	16044	15223
12/31/2018	12422	13875	13158
03/31/2019	14159	15769	15055
06/30/2019	14402	16447	15372
09/30/2019	14715	16727	15747
12/31/2019	15562	18244	16709
03/31/2020	11162	14668	11930
06/30/2020	12954	17682	13946
09/30/2020	13522	19260	14625
12/31/2020	15462	21600	16771
03/31/2021	16907	22934	18404
06/30/2021	18047	24895	19751
09/30/2021	17621	25040	19345
12/31/2021	19529	27801	21512
03/31/2022	18878	26522	20838
06/30/2022	16767	22252	18521
09/30/2022	15694	21165	17386
12/31/2022	17960	22766	19978
03/31/2023	17870	24473	19878
06/30/2023	18069	26612	20163
09/30/2023	17307	25741	19347
12/31/2023	18732	28750	21007
03/31/2024	20678	31785	23291
06/30/2024	20048	33147	22647
09/30/2024	21882	35098	24815

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class P**	26.43%	8.26%	8.15%
S&P 500 Index	36.35%	15.98%	13.38%
Guggenheim RBP Large-Cap Value IndexSMGuggenheim RBP Large-Cap Value IndexSM	28.27%	9.52%	9.51%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$5,009,622
Total Number of Portfolio Holdings	121
Portfolio Turnover Rate	73%
Total Advisory Fees Paid	$0

The fund incurred $32,924 of advisory fees which were fully waived/reimbursed by the Adviser to ensure each Share Class of the fund operated at its applicable operating expense cap.

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Guggenheim RBP Large-Cap Value IndexSM are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**

Class F-1 shares redesignated as Class P shares effective May 9, 2016.

Guggenheim Investments 1

Guggenheim RBP® Large-Cap Value Fund   |   Class P   |   TVVFX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Financial	23.4%
Consumer, Non-cyclical	20.4%
Consumer, Cyclical	14.2%
Industrial	13.3%
Technology	7.4%
Energy	6.7%
Utilities	5.6%
Other	8.2%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

JPMorgan Chase & Co.	2.8%
Exxon Mobil Corp.	2.5%
Walmart, Inc.	2.4%
Oracle Corp.	2.1%
Coca-Cola Co.	2.1%
Procter & Gamble Co.	2.1%
Merck & Company, Inc.	2.0%
iShares S&P 500 Value ETF	1.9%
PepsiCo, Inc.	1.9%
Wells Fargo & Co.	1.8%
Top 10 Total	21.6%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

JPMorgan Chase & Co.	2.8%
Exxon Mobil Corp.	2.5%
Walmart, Inc.	2.4%
Oracle Corp.	2.1%
Coca-Cola Co.	2.1%
Procter & Gamble Co.	2.1%
Merck & Company, Inc.	2.0%
iShares S&P 500 Value ETF	1.9%
PepsiCo, Inc.	1.9%
Wells Fargo & Co.	1.8%
Top 10 Total	21.6%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023.

Subsequent to the September 30, 2024 year-end, on October 25, 2024, the fund was reorganized into New Age Alpha Large Cap Value Fund, a series of New Age Alpha Funds Trust, pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees and shareholders of the fund.

Availability of Additional Information. For additional information, including financial information, holdings and proxy voting information, go to https://www.guggenheiminvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-TVVFX-093024

Guggenheim Investments 2

(b) Not applicable

Item 2. Code of Ethics.

The registrant’s Board of Trustees has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. No substantive amendments were approved or waivers were granted to the code of ethics during the period covered by this report. The code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

The registrant's Board of Trustees has determined that it has at least one audit committee financial expert serving on its audit committee (the “Audit Committee”), Sandra G. Sponem. Ms. Sponem is “independent,” meaning that she is not an “interested person” of the registrant (as that term is defined in Section 2(a)(19) of the Investment Company Act) and she does not accept any consulting, advisory, or other compensatory fee from the registrant (except in her capacity as a Board or committee member).

(Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the Audit Committee and Board of Trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations or liability of any other member of the audit committee or Board of Trustees.)

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees: the aggregate Audit Fees billed by the registrant’s principal accountant for professional services rendered for the audit of the annual financial statements, or services that are normally provided by the accountant in connection with the statutory and regulatory filings or engagements were $82,909 and $99,113 for the fiscal years ended September 30, 2024 and September 30, 2023, respectively.

(b) Audit-Related Fees: the aggregate Audit-Related Fees billed by the registrant’s principal accountant for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item 4 were $2,881 and $0 for fiscal years ended September 30, 2024 and September 30, 2023, respectively.

(c) Tax Fees: the aggregate Tax Fees billed by the registrant’s principal accountant for professional services rendered for tax compliance, tax advice and tax planning including preparation of tax returns and distribution assistance were $35,987 and $49,915 for the fiscal years ended September 30, 2024 and September 30, 2023, respectively. These services consisted of (i) preparation of U.S. federal, state and excise tax returns; (ii) U.S. federal and state tax planning, advice and assistance regarding statutory, regulatory or administrative developments, (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired and (iv) review of U.S. federal excise distribution calculations

(d) All Other Fees: the aggregate All Other Fees billed by the registrant’s principal accountant for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item 4, were $0 and $0 for the fiscal years ended September 30, 2024 and September 30, 2023, respectively.

(e) Audit Committee Pre-Approval Policies and Procedures.

(1) The registrant’s pre-approval policy requires the Audit Committee to pre-approve any engagement of the registrant’s independent auditors to provide any services, other than “prohibited non-audit services,” to the registrant, including the fees and other compensation to be paid to the independent auditors (unless an exception is available under Rule 2-01 of Regulation S-X). The independent auditors or the Chief Accounting Officer of the registrant (or an officer of the registrant who reports to the Chief Accounting Officer) report to the Audit Committee at each of its regular scheduled meetings all audit, audit-related and permissible non-audit services initiated since the last such report (unless the services were contained in the initial audit plan, as previously presented to, and approved by, the Audit Committee). The report includes a general description of the services and projected fees, and the means by which such services were approved by the Audit Committee. The Audit Committee is also required to pre-approve any engagement of the registrant’s independent auditors, including the fees and other compensation to be paid to the independent auditors, to provide any non-audit services to the registrant’s investment adviser (or any “control affiliate” of the investment adviser providing ongoing services to the registrant), if the engagement relates directly to the operations or financial reporting of the registrant (unless an exception is available under Rule 2-01 of Regulation S-X). (2) None of the services described in each of Items 4(b) through (d) were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) Non-Audit Fees. The aggregate non-audit fees billed by the registrant's accountant for the most recent fiscal year and the preceding years for services rendered to the registrant, the investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant were $38,868 and $49,915, respectively. These aggregate fees were less than the aggregate fees billed for the same periods by the registrant’s principal accountant for audit services rendered to the registrant, the investment advisor, and any entity controlling, controlled by, or under common control with the advisor that provides ongoing services to the registrant.

(h) Auditor Independence. The registrant’s Audit Committee was provided with information relating to the provision of non-audit services by Ernst & Young, LLP to the registrant’s investment adviser (not including any sub adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved by the Audit Committee so that a determination could be made whether the provision of such services is compatible with maintaining Ernst & Young, LLP’s independence.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

(a) Not applicable to this registrant.

(b) Not applicable to this registrant

Item 6. Investments.

(a) The Schedule of Investments is included under Item 7 of this Form.

(b) Not applicable

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

9.30.2024

Guggenheim Funds Annual Financial Report

Transparent Value Trust

Guggenheim Directional Allocation Fund

Guggenheim RBP^® Dividend Fund

Guggenheim RBP^® Large-Cap Defensive Fund

Guggenheim RBP^® Large-Cap Value Fund

GuggenheimInvestments.com RBP-ANN-0924x0925

This report and the financial statements contained herein are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

Distributed by Guggenheim Funds Distributors, LLC.

TABLE OF CONTENTS

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN -ENDED MANAGEMENT INVESTMENT COMPANIES (ANNUAL FINANCIAL REPORT)
DIRECTIONAL ALLOCATION FUND	2
RBP® DIVIDEND FUND	9
RBP® LARGE-CAP DEFENSIVE FUND	17
RBP® LARGE-CAP VALUE FUND	24
NOTES TO FINANCIAL STATEMENTS	31
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	40
OTHER INFORMATION	41
ITEM 8: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES	42
ITEM 9: PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES	43
ITEM 10: RENUMERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES	44
ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT	45

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT | 1

SCHEDULE OF INVESTMENTS	September 30, 2024
DIRECTIONAL ALLOCATION FUND

	Shares		Value
COMMON STOCKS† - 98.3%
Technology - 26.9%
Microsoft Corp.		33,634	$	14,472,710
Apple, Inc.		47,553		11,079,849
NVIDIA Corp.		84,287		10,235,813
Broadcom, Inc.		19,807		3,416,708
Oracle Corp.		18,359		3,128,374
ServiceNow, Inc.*		3,037		2,716,262
Salesforce, Inc.		9,734		2,664,293
Advanced Micro Devices, Inc.*		13,686		2,245,599
NetApp, Inc.		13,629		1,683,318
Synopsys, Inc.*		1,996		1,010,755
Datadog, Inc. — Class A*		4,252		489,235
Intuit, Inc.		618		383,778
Akamai Technologies, Inc.*		3,441		347,369
AppLovin Corp. — Class A*		1,562		203,919
Tyler Technologies, Inc.*		345		201,383
PTC, Inc.*		981		177,228
Amentum Holdings, Inc.*		4,719		152,188
Cadence Design Systems, Inc.*		538		145,814
Dynatrace, Inc.*		2,554		136,562
Leidos Holdings, Inc.		726		118,338
Fair Isaac Corp.*		31		60,249
Total Technology				55,069,744
Consumer, Non-cyclical - 15.6%
Merck & Company, Inc.		24,484		2,780,403
Abbott Laboratories		23,680		2,699,757
Becton Dickinson & Co.		9,519		2,295,031
Eli Lilly & Co.		2,579		2,284,839
Cigna Group		6,497		2,250,821
Constellation Brands, Inc. — Class A		8,084		2,083,166
Cencora, Inc. — Class A		8,715		1,961,572
Encompass Health Corp.		19,985		1,931,350
Global Payments, Inc.		18,785		1,923,960
Dexcom, Inc.*		28,563		1,914,864
AbbVie, Inc.		7,886		1,557,327
Mondelez International, Inc. — Class A		15,228		1,121,847
PepsiCo, Inc.		6,573		1,117,739
Vertex Pharmaceuticals, Inc.*		2,213		1,029,222
Coca-Cola Co.		12,197		876,476
UnitedHealth Group, Inc.		1,454		850,125
Amgen, Inc.		2,533		816,158
Incyte Corp.*		10,280		679,508
Boston Scientific Corp.*		6,761		566,572
WEX, Inc.*		2,060		432,044
Church & Dwight Company, Inc.		2,567		268,816
WillScot Holdings Corp.*		6,479		243,610
Booz Allen Hamilton Holding Corp.		908		147,786
IQVIA Holdings, Inc.*		447		105,925
Paylocity Holding Corp.*		433		71,432
Total Consumer, Non-cyclical				32,010,350
Communications - 14.8%
Alphabet, Inc. — Class C		54,362		9,088,783
Meta Platforms, Inc. — Class A		11,378		6,513,222
Amazon.com, Inc.*		25,289		4,712,099
T-Mobile US, Inc.		11,702		2,414,825
Palo Alto Networks, Inc.*		6,926		2,367,307
Motorola Solutions, Inc.		5,099		2,292,663
Walt Disney Co.		15,624		1,502,873
Etsy, Inc.*		19,989		1,109,989
Netflix, Inc.*		344		243,989
Arista Networks, Inc.*		201		77,148
Booking Holdings, Inc.		8		33,697
Total Communications				30,356,595
Financial - 14.7%
JPMorgan Chase & Co.		19,392		4,088,997
Visa, Inc. — Class A		12,993		3,572,425
Mastercard, Inc. — Class A		7,193		3,551,903
American Tower Corp. — Class A REIT		10,063		2,340,251
Intercontinental Exchange, Inc.		14,417		2,315,947
Ameriprise Financial, Inc.		4,729		2,221,731
Travelers Companies, Inc.		9,155		2,143,369
Hartford Financial Services Group, Inc.		10,844		1,275,363
Everest Group Ltd.		2,979		1,167,261
Alexandria Real Estate Equities, Inc. REIT		9,411		1,117,556
American International Group, Inc.		12,181		892,015
Sun Communities, Inc. REIT		6,100		824,415
Realty Income Corp. REIT		12,866		815,962
Arch Capital Group Ltd.*		6,889		770,741
Unum Group		12,650		751,916
AvalonBay Communities, Inc. REIT		2,587		582,722
Equinix, Inc. REIT		375		332,861
State Street Corp.		3,421		302,656
LPL Financial Holdings, Inc.		1,220		283,809
CoStar Group, Inc.*		3,247		244,954
EastGroup Properties, Inc. REIT		751		140,302
Equity LifeStyle Properties, Inc. REIT		1,688		120,422
Interactive Brokers Group, Inc. — Class A		652		90,863
Tradeweb Markets, Inc. — Class A		674		83,354
Rexford Industrial Realty, Inc. REIT		1,610		80,999
Total Financial				30,112,794
Consumer, Cyclical - 12.0%
Tesla, Inc.*		16,470		4,309,046
Walmart, Inc.		41,080		3,317,210
TJX Companies, Inc.		20,825		2,447,771
United Airlines Holdings, Inc.*		39,326		2,243,941
Hilton Worldwide Holdings, Inc.		8,360		1,926,980
Costco Wholesale Corp.		2,110		1,870,557
Target Corp.		11,235		1,751,087
Yum! Brands, Inc.		12,080		1,687,697
Delta Air Lines, Inc.		31,621		1,606,031
General Motors Co.		16,252		728,740
Domino’s Pizza, Inc.		1,145		492,510
Bath & Body Works, Inc.		14,642		467,373
WESCO International, Inc.		2,418		406,175
Ross Stores, Inc.		1,414		212,821
BJ’s Wholesale Club Holdings, Inc.*		2,573		212,221
Lennar Corp. — Class A		1,108		207,728
DR Horton, Inc.		813		155,096
Watsco, Inc.		302		148,548
Marriott International, Inc. — Class A		569		141,453
PulteGroup, Inc.		366		52,532

2 | THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (concluded)	September 30, 2024
DIRECTIONAL ALLOCATION FUND

	Shares		Value
Autoliv, Inc.		504	$	47,058
Deckers Outdoor Corp.*		186		29,658
Total Consumer, Cyclical				24,462,233
Industrial - 5.8%
General Electric Co.		15,300		2,885,288
Parker-Hannifin Corp.		3,600		2,274,552
Dover Corp.		8,183		1,569,008
FedEx Corp.		5,575		1,525,766
Trane Technologies plc		2,777		1,079,503
Jacobs Solutions, Inc.		4,719		617,717
Middleby Corp.*		3,594		500,033
Sensata Technologies Holding plc		9,394		336,869
Donaldson Company, Inc.		3,439		253,454
Woodward, Inc.		1,143		196,036
Xylem, Inc.		1,322		178,510
HEICO Corp.		623		162,902
Lincoln Electric Holdings, Inc.		610		117,132
Garmin Ltd.		353		62,139
EMCOR Group, Inc.		139		59,844
Total Industrial				11,818,753
Energy - 4.3%
EOG Resources, Inc.		18,262		2,244,948
Occidental Petroleum Corp.		34,156		1,760,400
Targa Resources Corp.		9,667		1,430,813
Exxon Mobil Corp.		7,947		931,547
Hess Corp.		6,636		901,169
Antero Resources Corp.*		19,700		564,405
ONEOK, Inc.		5,326		485,358
Schlumberger N.V.		8,638		362,364
Baker Hughes Co.		2,651		95,834
Total Energy				8,776,838
Utilities - 2.8%
Constellation Energy Corp.		10,042		2,611,121
NextEra Energy, Inc.		17,162		1,450,704
American Electric Power Company, Inc.		6,320		648,432
Southern Co.		6,710		605,107
NRG Energy, Inc.		4,230		385,353
Total Utilities				5,700,717
Basic Materials - 1.4%
Sherwin-Williams Co.		2,549		972,877
Ecolab, Inc.		3,785		966,424
DuPont de Nemours, Inc.		8,938		796,465
Eastman Chemical Co.		904		101,203
Royal Gold, Inc.		322		45,176
Total Basic Materials				2,882,145
Total Common Stocks
(Cost $171,443,394)				201,190,169
EXCHANGE-TRADED FUNDS***,† - 1.4%
SPDR S&P 500 ETF Trust		2,453		1,407,434
Vanguard S&P 500 ETF		2,663		1,405,185
Total Exchange-Traded Funds
(Cost $2,745,757)				2,812,619
Total Investments - 99.7%
(Cost $174,189,151)			$	204,002,788
Other Assets & Liabilities, net - 0.3%				608,160
Total Net Assets - 100.0%			$	204,610,948

*	Non-income producing security.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	201,190,169	$	—	$	—	$	201,190,169
Exchange-Traded Funds		2,812,619		—		—		2,812,619
Total Assets	$	204,002,788	$	—	$	—	$	204,002,788

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT | 3

DIRECTIONAL ALLOCATION FUND

STATEMENT OF ASSETS AND LIABILITIES

September 30, 2024

Assets:
Investments, at value (cost $174,189,151)	$	204,002,788
Cash		767,198
Prepaid expenses		51,201
Receivables:
Dividends		105,624
Fund shares sold		19,279
Total assets		204,946,090
Liabilities:
Payable for:
Management fees		114,218
Professional fees		79,739
Distribution and service fees		78,860
Fund shares redeemed		12,876
Transfer agent fees		11,611
Fund accounting and administration fees		4,099
Trustees’ fees*		1,405
Due to Investment Adviser		196
Miscellaneous		32,138
Total liabilities		335,142
Net assets	$	204,610,948
Net assets consist of:
Paid in capital	$	154,012,555
Total distributable earnings (loss)		50,598,393
Net assets	$	204,610,948
Class A:
Net assets	$	128,383,228
Capital shares outstanding		6,887,500
Net asset value per share	$	18.64
Maximum offering price per share (Net asset value divided by 95.25%)	$	19.57
Class C:
Net assets	$	9,877,574
Capital shares outstanding		587,062
Net asset value per share	$	16.83
Class P:
Net assets	$	4,659,783
Capital shares outstanding		247,266
Net asset value per share	$	18.85
Institutional Class:
Net assets	$	61,690,363
Capital shares outstanding		3,168,538
Net asset value per share	$	19.47

STATEMENT OF OPERATIONS

Year Ended September 30, 2024

Investment Income:
Dividends	$	2,314,595
Total investment income		2,314,595
Expenses:
Management fees		1,878,464
Distribution and service fees:
Class A		419,234
Class C		116,307
Class P		11,296
Transfer agent fees:
Class A		15,624
Class C		8,659
Class P		1,685
Institutional Class		17,195
Professional fees		226,555
Fund accounting and administration fees		85,066
Trustees’ fees*		17,263
Line of credit fees		4,947
Custodian fees		656
Tax expense		396
Miscellaneous		117,470
Recoupment of previously waived fees:
Class C		197
Class P		46
Institutional Class		517
Total expenses		2,921,577
Less:
Expenses reimbursed by Adviser
Class A		(19,260	)
Class C		(9,646	)
Class P		(2,072	)
Institutional Class		(22,570	)
Expenses waived by Adviser		(190,404	)
Total waived/reimbursed expenses		(243,952	)
Net expenses		2,677,625
Net investment loss		(363,030	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		24,352,158
Net realized gain		24,352,158
Net change in unrealized appreciation (depreciation) on:
Investments		35,413,934
Net change in unrealized appreciation (depreciation)		35,413,934
Net realized and unrealized gain		59,766,092
Net increase in net assets resulting from operations	$	59,403,062

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

4 | THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

DIRECTIONAL ALLOCATION FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended September 30, 2024			Year Ended September 30, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(363,030	)	$	4,303,940
Net realized gain on investments		24,352,158			417,366
Net change in unrealized appreciation (depreciation) on investments		35,413,934			(5,634,128	)
Net increase (decrease) in net assets resulting from operations		59,403,062			(912,822	)
Distributions to shareholders:
Class A		(1,985,508	)		(482,969	)
Class C		(124,629	)		—
Class P		(77,623	)		(21,150	)
Institutional Class		(1,275,935	)		(613,597	)
Total distributions to shareholders		(3,463,695	)		(1,117,716	)
Capital share transactions:
Proceeds from sale of shares
Class A		4,655,019			8,602,374
Class C		55,823			263,002
Class P		60,986			252,521
Institutional Class		1,903,271			4,363,264
Distributions reinvested
Class A		1,793,021			435,304
Class C		124,341			—
Class P		76,734			20,861
Institutional Class		1,226,048			595,770
Cost of shares redeemed
Class A		(23,069,675	)		(32,110,070	)
Class C		(5,075,017	)		(9,430,576	)
Class P		(1,111,314	)		(1,297,530	)
Institutional Class		(22,260,703	)		(34,353,013	)
Net decrease from capital share transactions		(41,621,466	)		(62,658,093	)
Net increase (decrease) in net assets		14,317,901			(64,688,631	)
Net assets:
Beginning of year		190,293,047			254,981,678
End of year	$	204,610,948		$	190,293,047
Capital share activity:
Shares sold
Class A		279,154			601,315
Class C		3,771			20,312
Class P		3,751			17,480
Institutional Class		109,757			292,370
Shares issued from reinvestment of distributions
Class A		117,575			30,612
Class C		8,991			—
Class P		4,983			1,453
Institutional Class		77,207			40,255
Shares redeemed
Class A		(1,426,867	)		(2,239,043	)
Class C		(337,058	)		(727,685	)
Class P		(68,841	)		(89,190	)
Institutional Class		(1,330,967	)		(2,298,507	)
Net decrease in shares		(2,558,544	)		(4,350,628	)

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT | 5

DIRECTIONAL ALLOCATION FUND

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Class A	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	14.04		$	14.23		$	18.11		$	14.00		$	16.50
Income (loss) from investment operations:
Net investment income (loss)a		(.04	)		.26			(.01	)		(.06	)		.02
Net gain (loss) on investments (realized and unrealized)		4.90			(.40	)		(1.27	)		4.18			.07	i
Total from investment operations		4.86			(.14	)		(1.28	)		4.12			.09
Less distributions from:
Net investment income		(.26	)		(.05	)		—			(.01	)		—
Net realized gains		—			—			(2.60	)		—			(2.59	)
Total distributions		(.26	)		(.05	)		(2.60	)		(.01	)		(2.59	)
Net asset value, end of period	$	18.64		$	14.04		$	14.23		$	18.11		$	14.00
Total Returnc		35.05	%		(0.97	%)		(9.40	%)		29.42	%		(0.38	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	128,383		$	111,157		$	135,504		$	152,598		$	106,549
Ratios to average net assets:
Net investment income (loss)		(0.25	%)		1.81	%		(0.03	%)		(0.38	%)		0.16	%
Total expensesd		1.54	%		1.58	%		1.48	%		1.44	%		1.43	%
Net expensese,f,g		1.43	%		1.47	%		1.39	%		1.42	%		1.40	%
Portfolio turnover rate		125	%		130	%		149	%		131	%		313	%

Class C	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	12.67		$	12.87		$	16.72		$	13.01		$	15.59
Income (loss) from investment operations:
Net investment income (loss)a		(.13	)		.16			(.12	)		(.16	)		(.07	)
Net gain (loss) on investments (realized and unrealized)		4.44			(.36	)		(1.13	)		3.87			.08	i
Total from investment operations		4.31			(.20	)		(1.25	)		3.71			.01
Less distributions from:
Net investment income		(.15	)		—			—			—			—
Net realized gains		—			—			(2.60	)		—			(2.59	)
Total distributions		(.15	)		—			(2.60	)		—			(2.59	)
Net asset value, end of period	$	16.83		$	12.67		$	12.87		$	16.72		$	13.01
Total Returnc		34.24	%		(1.55	%)		(10.08	%)		28.52	%		(0.99	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	9,878		$	11,548		$	20,835		$	60,153		$	98,656
Ratios to average net assets:
Net investment income (loss)		(0.91	%)		1.25	%		(0.82	%)		(1.02	%)		(0.53	%)
Total expensesd		2.25	%		2.21	%		2.21	%		2.15	%		2.15	%
Net expensese,f,g		2.08	%		2.08	%		2.08	%		2.09	%		2.10	%
Portfolio turnover rate		125	%		130	%		149	%		131	%		313	%

6 | THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

DIRECTIONAL ALLOCATION FUND

FINANCIAL HIGHLIGHTS (continued)

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Class P	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	14.19		$	14.36		$	18.25		$	14.10		$	16.59
Income (loss) from investment operations:
Net investment income (loss)a		(.03	)		.28			—	b		(.05	)		.03
Net gain (loss) on investments (realized and unrealized)		4.97			(.39	)		(1.29	)		4.20			.07	i
Total from investment operations		4.94			(.11	)		(1.29	)		4.15			.10
Less distributions from:
Net investment income		(.28	)		(.06	)		—			—	b		—
Net realized gains		—			—			(2.60	)		—			(2.59	)
Total distributions		(.28	)		(.06	)		(2.60	)		—			(2.59	)
Net asset value, end of period	$	18.85		$	14.19		$	14.36		$	18.25		$	14.10
Total Return		35.26	%		(0.80	%)		(9.38	%)		29.45	%		(0.30	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,660		$	4,363		$	5,424		$	8,533		$	9,143
Ratios to average net assets:
Net investment income (loss)		(0.16	%)		1.96	%		(0.01	%)		(0.28	%)		0.22	%
Total expensesd		1.47	%		1.47	%		1.43	%		1.38	%		1.40	%
Net expensee,f,g		1.32	%		1.33	%		1.33	%		1.34	%		1.35	%
Portfolio turnover rate		125	%		130	%		149	%		131	%		313	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT | 7

DIRECTIONAL ALLOCATION FUND

FINANCIAL HIGHLIGHTS (concluded)

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Institutional Class	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	14.66		$	14.85		$	18.74		$	14.48		$	16.93
Income (loss) from investment operations:
Net investment income (loss)a		.02			.33			.04			(.01	)		.07
Net gain (loss) on investments (realized and unrealized)		5.12			(.42	)		(1.33	)		4.32			.07	i
Total from investment operations		5.14			(.09	)		(1.29	)		4.31			.14
Less distributions from:
Net investment income		(.33	)		(.10	)		—			(.05	)		—
Net realized gains		—			—			(2.60	)		—			(2.59	)
Total distributions		(.33	)		(.10	)		(2.60	)		(.05	)		(2.59	)
Net asset value, end of period	$	19.47		$	14.66		$	14.85		$	18.74		$	14.48
Total Return		35.55	%		(0.58	%)		(9.11	%)		29.81	%		(0.03	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	61,690		$	63,225		$	93,219		$	137,682		$	152,083
Ratios to average net assets:
Net investment income (loss)		0.10	%		2.22	%		0.25	%		(0.04	%)		0.47	%
Total expensesd		1.21	%		1.22	%		1.20	%		1.15	%		1.15	%
Net expensese,f,g		1.07	%		1.08	%		1.08	%		1.09	%		1.10	%
Portfolio turnover rate		125	%		130	%		149	%		131	%		313	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Less than $0.01 per share.
c	Total return does not reflect the impact of any applicable sales charges.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
f	The portion of the ratios of net expenses to average net assets attributable to recoupments of prior fee reductions or expense reimbursements for the years presented was as follows:

	09/30/24	09/30/23	09/30/22	09/30/21	09/30/20
Class A	—	0.09%	0.01%	—	—
Class C	0.00%h	0.01%	0.01%	—	0.01%
Class P	0.00%h	0.00%h,i	0.01%	—	0.00%h,i
Institutional Class	0.00%h	0.01%	0.01%	—	0.01%

^h Less than 0.01%.

^g Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be:

	09/30/24	09/30/23	09/30/22	09/30/21	09/30/20
Class A	1.43%	1.46%	1.38%	1.41%	1.40%
Class C	2.07%	2.07%	2.08%	2.08%	2.10%
Class P	1.32%	1.32%	1.33%	1.34%	1.35%
Institutional Class	1.07%	1.07%	1.08%	1.09%	1.10%

ⁱ The amount shown for a share outstanding throughout the year does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

8 | THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS	September 30, 2024
RBP® DIVIDEND FUND

	Shares		Value
COMMON STOCKS† - 97.3%
Technology - 26.8%
Microsoft Corp.		2,814	$	1,210,864
NVIDIA Corp.		9,171		1,113,726
Apple, Inc.		4,226		984,658
Broadcom, Inc.		2,325		401,062
Oracle Corp.		1,544		263,098
Intuit, Inc.		344		213,624
Accenture plc — Class A		559		197,595
NetApp, Inc.		1,332		164,516
KLA Corp.		129		99,899
Total Technology				4,649,042
Financial - 19.3%
Mastercard, Inc. — Class A		605		298,749
Intercontinental Exchange, Inc.		1,213		194,856
Truist Financial Corp.		4,393		187,889
Realty Income Corp. REIT		2,924		185,440
Invesco Ltd.		10,485		184,117
Popular, Inc.		1,696		170,058
AGNC Investment Corp. REIT		16,247		169,944
Rexford Industrial Realty, Inc. REIT		3,343		168,186
Annaly Capital Management, Inc. REIT		8,257		165,718
Corebridge Financial, Inc.		5,630		164,171
Alexandria Real Estate Equities, Inc. REIT		1,247		148,081
Unum Group		2,283		135,701
U.S. Bancorp		2,735		125,071
Prosperity Bancshares, Inc.		1,663		119,852
American Tower Corp. — Class A REIT		418		97,210
American International Group, Inc.		1,317		96,444
Pinnacle Financial Partners, Inc.		928		90,916
Rithm Capital Corp. REIT		7,705		87,452
Kimco Realty Corp. REIT		3,421		79,436
State Street Corp.		891		78,827
Erie Indemnity Co. — Class A		140		75,575
Sun Communities, Inc. REIT		354		47,843
Visa, Inc. — Class A		169		46,467
JPMorgan Chase & Co.		145		30,575
EastGroup Properties, Inc. REIT		136		25,408
STAG Industrial, Inc. REIT		628		24,548
Allstate Corp.		123		23,327
AvalonBay Communities, Inc. REIT		89		20,047
Welltower, Inc. REIT		150		19,204
New York Community Bancorp, Inc.		1,651		18,541
Bank OZK		384		16,508
American Homes 4 Rent — Class A REIT		356		13,667
Hanover Insurance Group, Inc.		90		13,330
Everest Group Ltd.		23		9,012
Tradeweb Markets, Inc. — Class A		48		5,936
Starwood Property Trust, Inc. REIT		145		2,955
Travelers Companies, Inc.		8		1,873
Total Financial				3,342,934
Consumer, Non-cyclical - 14.0%
Eli Lilly & Co.		436		386,270
Coca-Cola Co.		3,239		232,754
Merck & Company, Inc.		2,029		230,413
Abbott Laboratories		1,802		205,446
Automatic Data Processing, Inc.		730		202,013
Cigna Group		533		184,652
PepsiCo, Inc.		981		166,819
AbbVie, Inc.		795		156,997
Becton Dickinson & Co.		589		142,008
Amgen, Inc.		421		135,650
Global Payments, Inc.		1,300		133,146
Constellation Brands, Inc. — Class A		442		113,899
Encompass Health Corp.		715		69,098
Booz Allen Hamilton Holding Corp.		388		63,151
UnitedHealth Group, Inc.		23		13,448
Total Consumer, Non-cyclical				2,435,764
Consumer, Cyclical - 11.2%
Walmart, Inc.		3,473		280,445
Costco Wholesale Corp.		266		235,814
TJX Companies, Inc.		1,751		205,813
Las Vegas Sands Corp.		3,760		189,278
Yum! Brands, Inc.		1,330		185,814
DR Horton, Inc.		945		180,278
General Motors Co.		3,741		167,746
PACCAR, Inc.		1,645		162,329
Target Corp.		969		151,028
Tractor Supply Co.		239		69,532
Autoliv, Inc.		668		62,371
Ross Stores, Inc.		250		37,628
Darden Restaurants, Inc.		32		5,252
Lennar Corp. — Class A		13		2,437
Total Consumer, Cyclical				1,935,765
Communications - 8.4%
Meta Platforms, Inc. — Class A		1,022		585,034
Alphabet, Inc. — Class C		2,429		406,104
New York Times Co. — Class A		3,091		172,076
T-Mobile US, Inc.		710		146,516
Motorola Solutions, Inc.		308		138,486
Total Communications				1,448,216
Energy - 5.7%
Exxon Mobil Corp.		2,144		251,320
EOG Resources, Inc.		1,572		193,246
Williams Companies, Inc.		4,074		185,978
ONEOK, Inc.		2,002		182,442
Schlumberger N.V.		4,125		173,044
Baker Hughes Co.		227		8,206
Total Energy				994,236
Utilities - 5.0%
NextEra Energy, Inc.		2,622		221,637
Constellation Energy Corp.		836		217,377
Southern Co.		1,510		136,172
American Electric Power Company, Inc.		1,113		114,194
DTE Energy Co.		858		110,176
AES Corp.		3,625		72,717
Total Utilities				872,273

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT | 9

SCHEDULE OF INVESTMENTS (concluded)	September 30, 2024
RBP® DIVIDEND FUND

	Shares		Value
Industrial - 4.9%
FedEx Corp.		652	$	178,452
Garmin Ltd.		1,009		177,614
Dover Corp.		686		131,534
Oshkosh Corp.		1,030		103,216
Trane Technologies plc		261		101,459
Hexcel Corp.		966		59,728
Donaldson Company, Inc.		516		38,029
Sensata Technologies Holding plc		549		19,687
Parker-Hannifin Corp.		22		13,900
Lincoln Electric Holdings, Inc.		62		11,905
Flowserve Corp.		183		9,459
Illinois Tool Works, Inc.		19		4,980
Total Industrial				849,963
Basic Materials - 2.0%
Newmont Corp.		3,457		184,777
Dow, Inc.		3,089		168,752
Total Basic Materials				353,529
Total Common Stocks
(Cost $13,267,516)				16,881,722
EXCHANGE-TRADED FUNDS***,† - 1.9%
Vanguard Dividend Appreciation ETF		811		160,627
iShares Select Dividend ETF		1,189		160,598
Total Exchange-Traded Funds
(Cost $304,200)				321,225
Total Investments - 99.2%
(Cost $13,571,716)			$	17,202,947
Other Assets & Liabilities, net - 0.8%				146,113
Total Net Assets - 100.0%			$	17,349,060

***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	16,881,722	$	—	$	—	$	16,881,722
Exchange-Traded Funds		321,225		—		—		321,225
Total Assets	$	17,202,947	$	—	$	—	$	17,202,947

10 | THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

RBP^® DIVIDEND FUND

STATEMENT OF ASSETS AND LIABILITIES

September 30, 2024

Assets:
Investments, at value (cost $13,571,716)	$	17,202,947
Cash		125,030
Prepaid expenses		30,042
Receivables:
Dividends		23,094
Investment Adviser		17,917
Fund shares sold		27
Total assets		17,399,057
Liabilities:
Payable for:
Professional fees		28,265
Distribution and service fees		4,452
Fund shares redeemed		3,872
Fund accounting and administration fees		3,831
Transfer agent fees		3,081
Printing fees		2,928
Trustees’ fees*		384
Distributions to shareholders		58
Miscellaneous		3,126
Total liabilities		49,997
Net assets	$	17,349,060
Net assets consist of:
Paid in capital	$	12,961,440
Total distributable earnings (loss)		4,387,620
Net assets	$	17,349,060
Class A:
Net assets	$	8,425,405
Capital shares outstanding		500,617
Net asset value per share	$	16.83
Maximum offering price per share (Net asset value divided by 95.25%)	$	17.67
Class C:
Net assets	$	726,668
Capital shares outstanding		42,635
Net asset value per share	$	17.04
Class P:
Net assets	$	660,758
Capital shares outstanding		38,801
Net asset value per share	$	17.03
Institutional Class:
Net assets	$	7,536,229
Capital shares outstanding		464,790
Net asset value per share	$	16.21

STATEMENT OF OPERATIONS

Year Ended September 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $631)	$	343,536
Total investment income		343,536
Expenses:
Management fees		119,773
Distribution and service fees:
Class A		26,616
Class C		6,980
Class P		1,418
Transfer agent fees:
Class A		12,371
Class C		2,023
Class P		1,912
Institutional Class		10,555
Registration fees		60,320
Professional fees		48,373
Fund accounting and administration fees		15,166
Trustees’ fees*		13,034
Custodian fees		2,181
Line of credit fees		417
Miscellaneous		13,149
Recoupment of previously waived fees:
Class A		70
Class C		10
Class P		5
Institutional Class		48
Total expenses		334,421
Less: Expenses reimbursed by Adviser
Class A		(31,847	)
Class C		(3,094	)
Class P		(2,839	)
Institutional Class		(21,467	)
Expenses waived by Adviser		(99,598	)
Total waived/reimbursed expenses		(158,845	)
Net expenses		175,576
Net investment income		167,960
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,238,967
Net realized gain		1,238,967
Net change in unrealized appreciation (depreciation) on:
Investments		3,555,672
Net change in unrealized appreciation (depreciation)		3,555,672
Net realized and unrealized gain		4,794,639
Net increase in net assets resulting from operations	$	4,962,599

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

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT | 11

RBP^® DIVIDEND FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended September 30, 2024			Year Ended September 30, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	167,960		$	220,759
Net realized gain (loss) on investments		1,238,967			(163,225	)
Net change in unrealized appreciation (depreciation) on investments		3,555,672			2,747,153
Net increase in net assets resulting from operations		4,962,599			2,804,687
Distributions to shareholders:
Class A		(67,696	)		(96,839	)
Class C		(1,283	)		(2,833	)
Class P		(4,920	)		(7,333	)
Institutional Class		(78,297	)		(89,510	)
Return of Capital:
Class A		—			(9,216	)
Class C		—			(269	)
Class P		—			(698	)
Institutional Class		—			(8,520	)
Total distributions to shareholders		(152,196	)		(215,218	)
Capital share transactions:
Proceeds from sale of shares
Class A		219,861			745,296
Class C		69,941			27,027
Class P		114,269			37,316
Institutional Class		394,133			179,708
Distributions reinvested
Class A		67,236			105,382
Class C		1,283			3,048
Class P		4,904			7,942
Institutional Class		77,830			97,642
Cost of shares redeemed
Class A		(3,341,363	)		(1,073,586	)
Class C		(207,195	)		(345,240	)
Class P		(164,724	)		(413,008	)
Institutional Class		(1,645,308	)		(1,348,820	)
Net decrease from capital share transactions		(4,409,133	)		(1,977,293	)
Net increase in net assets		401,270			612,176
Net assets:
Beginning of year		16,947,790			16,335,614
End of year	$	17,349,060		$	16,947,790

12 | THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

RBP^® DIVIDEND FUND

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Year Ended September 30, 2024			Year Ended September 30, 2023
Capital share activity:
Shares sold
Class A		15,003			61,231
Class C		4,566			2,146
Class P		7,239			2,876
Institutional Class		28,117			15,749
Shares issued from reinvestment of distributions
Class A		4,487			8,554
Class C		91			245
Class P		323			638
Institutional Class		5,378			8,229
Shares redeemed
Class A		(258,658	)		(88,251	)
Class C		(13,730	)		(27,717	)
Class P		(11,277	)		(33,443	)
Institutional Class		(120,503	)		(114,602	)
Net decrease in shares		(338,964	)		(164,345	)

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT | 13

RBP^® DIVIDEND FUND

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Class A	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	12.40		$	10.69		$	14.59		$	10.76		$	12.00
Income (loss) from investment operations:
Net investment income (loss)a		.14			.15			.11			.27			.30
Net gain (loss) on investments (realized and unrealized)		4.42			1.70			(1.65	)		3.99			(.91	)
Total from investment operations		4.56			1.85			(1.54	)		4.26			(.61	)
Less distributions from:
Net investment income		(.13	)		(.13	)		(.09	)		(.43	)		(.31	)
Net realized gains		—			—			(2.23	)		—			(.21	)
Return of capital		—			(.01	)		(.04	)		—			(.11	)
Total distributions		(.13	)		(.14	)		(2.36	)		(.43	)		(.63	)
Net asset value, end of period	$	16.83		$	12.40		$	10.69		$	14.59		$	10.76
Total Returnb		36.91	%		17.34	%		(14.13	%)		39.75	%		(5.16	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	8,425		$	9,174		$	8,103		$	11,274		$	5,357
Ratios to average net assets:
Net investment income (loss)		0.97	%		1.18	%		0.85	%		1.89	%		2.73	%
Total expensesc		2.21	%		2.10	%		1.92	%		1.91	%		2.04	%
Net expensesd,e,f		1.17	%		1.17	%		1.20	%		1.20	%		1.21	%
Portfolio turnover rate		69	%		73	%		70	%		157	%		114	%

Class C	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	12.57		$	10.83		$	14.76		$	10.86		$	12.06
Income (loss) from investment operations:
Net investment income (loss)a		.03			.05			—			.20			.22
Net gain (loss) on investments (realized and unrealized)		4.47			1.74			(1.66	)		3.99			(.92	)
Total from investment operations		4.50			1.79			(1.66	)		4.19			(.70	)
Less distributions from:
Net investment income		(.03	)		(.04	)		—	h		(.29	)		(.18	)
Net realized gains		—			—			(2.23	)		—			(.21	)
Return of capital		—			(.01	)		(.04	)		—			(.11	)
Total distributions		(.03	)		(.05	)		(2.27	)		(.29	)		(.50	)
Net asset value, end of period	$	17.04		$	12.57		$	10.83		$	14.76		$	10.86
Total Returnb		35.81	%		16.55	%		(14.78	%)		38.60	%		(5.84	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	727		$	650		$	834		$	2,281		$	3,651
Ratios to average net assets:
Net investment income (loss)		0.22	%		0.44	%		0.02	%		1.42	%		1.92	%
Total expensesc		2.99	%		2.90	%		2.67	%		2.70	%		2.80	%
Net expensesd,e,f		1.93	%		1.92	%		1.95	%		1.95	%		1.96	%
Portfolio turnover rate		69	%		73	%		70	%		157	%		114	%

14 | THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

RBP^® DIVIDEND FUND

FINANCIAL HIGHLIGHTS (continued)

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Class P	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	12.55		$	10.82		$	14.74		$	10.84		$	12.13
Income (loss) from investment operations:
Net investment income (loss)a		.14			.15			.11			.27			.30
Net gain (loss) on investments (realized and unrealized)		4.47			1.73			(1.68	)		4.02			(.92	)
Total from investment operations		4.61			1.88			(1.57	)		4.29			(.62	)
Less distributions from:
Net investment income		(.13	)		(.14	)		(.08	)		(.39	)		(.35	)
Net realized gains		—			—			(2.23	)		—			(.21	)
Return of capital		—			(.01	)		(.04	)		—			(.11	)
Total distributions		(.13	)		(.15	)		(2.35	)		(.39	)		(.67	)
Net asset value, end of period	$	17.03		$	12.55		$	10.82		$	14.74		$	10.84
Total Return		36.88	%		17.43	%		(14.18	%)		39.72	%		(5.13	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	661		$	534		$	784		$	1,527		$	1,093
Ratios to average net assets:
Net investment income (loss)		0.97	%		1.18	%		0.80	%		1.87	%		2.60	%
Total expensesc		2.30	%		2.25	%		1.98	%		1.93	%		2.06	%
Net expensesd,e,f		1.17	%		1.17	%		1.20	%		1.20	%		1.21	%
Portfolio turnover rate		69	%		73	%		70	%		157	%		114	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT | 15

RBP^® DIVIDEND FUND

FINANCIAL HIGHLIGHTS (concluded)

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Institutional Class	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	11.94		$	10.29		$	14.14		$	10.46		$	11.70
Income (loss) from investment operations:
Net investment income (loss)a		.17			.17			.14			.30			.32
Net gain (loss) on investments (realized and unrealized)		4.26			1.65			(1.59	)		3.86			(.88	)
Total from investment operations		4.43			1.82			(1.45	)		4.16			(.56	)
Less distributions from:
Net investment income		(.16	)		(.16	)		(.13	)		(.48	)		(.36	)
Net realized gains		—			—			(2.23	)		—			(.21	)
Return of capital		—			(.01	)		(.04	)		—			(.11	)
Total distributions		(.16	)		(.17	)		(2.40	)		(.48	)		(.68	)
Net asset value, end of period	$	16.21		$	11.94		$	10.29		$	14.14		$	10.46
Total Return		37.25	%		17.69	%		(13.97	%)		40.06	%		(4.88	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,536		$	6,591		$	6,614		$	10,101		$	6,882
Ratios to average net assets:
Net investment income (loss)		1.24	%		1.43	%		1.08	%		2.22	%		2.94	%
Total expensesc		1.86	%		1.81	%		1.62	%		1.62	%		1.80	%
Net expensesd,e,f		0.92	%		0.92	%		0.95	%		0.95	%		0.96	%
Portfolio turnover rate		69	%		73	%		70	%		157	%		114	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
c	Does not include expenses of the underlying funds in which the Fund invests.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
e	The portion of the ratios of net expenses to average net assets attributable to recoupments of prior fee reductions or expense reimbursements for the years presented was as follows:

	09/30/24	09/30/23	09/30/22	09/30/21	09/30/20
Class A	0.00%g	—	—	—	0.00%g
Class C	0.00%g	—	—	—	0.00%g
Class P	0.00%g	—	—	—	—
Institutional Class	0.00%g	—	—	—	—

^g Less than 0.01%.

^f Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be:

	09/30/24	09/30/23	09/30/22	09/30/21	09/30/20
Class A	1.17%	1.17%	1.19%	1.20%	1.20%
Class C	1.92%	1.92%	1.95%	1.95%	1.96%
Class P	1.17%	1.17%	1.20%	1.20%	1.21%
Institutional Class	0.92%	0.92%	0.94%	0.95%	0.95%

^h Less than $0.01 per share.

16 | THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS	September 30, 2024
RBP® LARGE-CAP DEFENSIVE FUND

	Shares		Value
COMMON STOCKS† - 95.9%
Technology - 22.4%
Microsoft Corp.		1,290	$	555,087
NVIDIA Corp.		3,256		395,409
Apple, Inc.		1,655		385,615
Oracle Corp.		391		66,626
ServiceNow, Inc.*		74		66,185
Intuit, Inc.		95		58,995
Broadcom, Inc.		325		56,062
Synopsys, Inc.*		87		44,056
Cadence Design Systems, Inc.*		63		17,075
Leidos Holdings, Inc.		71		11,573
CACI International, Inc. — Class A*		18		9,082
Fair Isaac Corp.*		4		7,774
Amentum Holdings, Inc.*		128		4,128
NetApp, Inc.		31		3,829
Tyler Technologies, Inc.*		6		3,502
PTC, Inc.*		16		2,891
Total Technology				1,687,889
Consumer, Non-cyclical - 21.7%
Eli Lilly & Co.		226		200,222
Abbott Laboratories		1,160		132,252
Merck & Company, Inc.		1,150		130,594
Boston Scientific Corp.*		1,503		125,951
Becton Dickinson & Co.		487		117,416
PepsiCo, Inc.		629		106,961
Cencora, Inc. — Class A		474		106,688
Mondelez International, Inc. — Class A		1,414		104,170
Constellation Brands, Inc. — Class A		382		98,438
Coca-Cola Co.		1,356		97,442
UnitedHealth Group, Inc.		141		82,440
AbbVie, Inc.		312		61,614
Vertex Pharmaceuticals, Inc.*		121		56,275
Cigna Group		136		47,116
Colgate-Palmolive Co.		451		46,818
Dexcom, Inc.*		594		39,822
Encompass Health Corp.		258		24,933
Zoetis, Inc.		103		20,124
Amgen, Inc.		51		16,433
United Therapeutics Corp.*		19		6,808
Church & Dwight Company, Inc.		58		6,074
Booz Allen Hamilton Holding Corp.		34		5,534
ResMed, Inc.		11		2,685
Total Consumer, Non-cyclical				1,636,810
Communications - 18.2%
Alphabet, Inc. — Class C		2,165		361,966
Amazon.com, Inc.*		1,701		316,947
Meta Platforms, Inc. — Class A		510		291,945
Arista Networks, Inc.*		332		127,428
T-Mobile US, Inc.		594		122,578
Motorola Solutions, Inc.		134		60,250
Netflix, Inc.*		71		50,358
Walt Disney Co.		156		15,006
Booking Holdings, Inc.		3		12,636
Palo Alto Networks, Inc.*		28		9,571
GoDaddy, Inc. — Class A*		25		3,920
Total Communications				1,372,605
Financial - 14.6%
JPMorgan Chase & Co.		920		193,991
Visa, Inc. — Class A		605		166,345
Mastercard, Inc. — Class A		336		165,917
Intercontinental Exchange, Inc.		750		120,480
Travelers Companies, Inc.		480		112,378
Arch Capital Group Ltd.*		1,004		112,328
Everest Group Ltd.		244		95,606
Tradeweb Markets, Inc. — Class A		241		29,804
Welltower, Inc. REIT		228		29,191
Realty Income Corp. REIT		394		24,988
Ameriprise Financial, Inc.		30		14,094
American Homes 4 Rent — Class A REIT		342		13,129
AvalonBay Communities, Inc. REIT		52		11,713
Erie Indemnity Co. — Class A		9		4,858
Hartford Financial Services Group, Inc.		34		3,999
EastGroup Properties, Inc. REIT		15		2,802
Total Financial				1,101,623
Utilities - 7.6%
Constellation Energy Corp.		528		137,291
Southern Co.		1,345		121,292
FirstEnergy Corp.		1,856		82,314
NextEra Energy, Inc.		860		72,696
CMS Energy Corp.		956		67,522
American Electric Power Company, Inc.		474		48,632
Alliant Energy Corp.		229		13,898
NRG Energy, Inc.		148		13,483
Vistra Corp.		99		11,735
Total Utilities				568,863
Consumer, Cyclical - 6.1%
Walmart, Inc.		1,954		157,786
Costco Wholesale Corp.		172		152,481
TJX Companies, Inc.		1,060		124,592
Hilton Worldwide Holdings, Inc.		55		12,677
Deckers Outdoor Corp.*		24		3,827
Yum! Brands, Inc.		25		3,493
Total Consumer, Cyclical				454,856
Industrial - 3.8%
Illinois Tool Works, Inc.		332		87,007
FedEx Corp.		100		27,368
Trane Technologies plc		69		26,822
Republic Services, Inc. — Class A		115		23,097
General Electric Co.		116		21,875
Jacobs Solutions, Inc.		128		16,755
Dover Corp.		87		16,681
HEICO Corp.		49		12,813
Amphenol Corp. — Class A		182		11,859
Garmin Ltd.		60		10,562
Ingersoll Rand, Inc.		105		10,307
Parker-Hannifin Corp.		16		10,109

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT | 17

SCHEDULE OF INVESTMENTS (concluded)	September 30, 2024
RBP® LARGE-CAP DEFENSIVE FUND

	Shares		Value
Xylem, Inc.		51	$	6,887
EMCOR Group, Inc.		15		6,458
Total Industrial				288,600
Basic Materials - 1.3%
Sherwin-Williams Co.		129		49,235
Ecolab, Inc.		187		47,747
Total Basic Materials				96,982
Energy - 0.2%
Exxon Mobil Corp.		70		8,205
Occidental Petroleum Corp.		53		2,732
Total Energy				10,937
Total Common Stocks
(Cost $5,640,985)				7,219,165
EXCHANGE-TRADED FUNDS***,† - 3.2%
Vanguard S&P 500 ETF		230		121,364
SPDR S&P 500 ETF Trust		211		121,063
Total Exchange-Traded Funds
(Cost $235,732)				242,427
Total Investments - 99.1%
(Cost $5,876,717)				7,461,592
Other Assets & Liabilities, net - 0.9%				67,461
Total Net Assets - 100.0%			$	7,529,053

*	Non-income producing security.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	7,219,165	$	—	$	—	$	7,219,165
Exchange-Traded Funds		242,427		—		—		242,427
Total Assets	$	7,461,592	$	—	$	—	$	7,461,592

18 | THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

RBP^® LARGE-CAP DEFENSIVE FUND

STATEMENT OF ASSETS AND LIABILITIES

September 30, 2024

Assets:
Investments, at value (cost $5,876,717)	$	7,461,592
Cash		35,485
Prepaid expenses		33,441
Receivables:
Investment Adviser		38,012
Dividends		4,048
Total assets		7,572,578
Liabilities:
Payable for:
Professional fees		30,315
Fund accounting and administration fees		3,812
Transfer agent fees		2,333
Printing fees		2,272
Distribution and service fees		1,530
Trustees’ fees*		515
Fund shares redeemed		25
Miscellaneous		2,723
Total liabilities		43,525
Net assets	$	7,529,053
Net assets consist of:
Paid in capital	$	5,475,469
Total distributable earnings (loss)		2,053,584
Net assets	$	7,529,053
Class A:
Net assets	$	2,647,683
Capital shares outstanding		218,894
Net asset value per share	$	12.10
Maximum offering price per share (Net asset value divided by 95.25%)	$	12.70
Class C:
Net assets	$	231,086
Capital shares outstanding		20,725
Net asset value per share	$	11.15
Class P:
Net assets	$	211,125
Capital shares outstanding		16,715
Net asset value per share	$	12.63
Institutional Class:
Net assets	$	4,439,159
Capital shares outstanding		345,462
Net asset value per share	$	12.85

STATEMENT OF OPERATIONS

Year Ended September 30, 2024

Investment Income:
Dividends	$	91,424
Total investment income		91,424
Expenses:
Management fees		57,176
Distribution and service fees:
Class A		8,050
Class C		4,030
Class P		544
Transfer agent fees:
Class A		9,162
Class C		1,544
Class P		1,195
Institutional Class		13,858
Registration fees		76,644
Professional fees		41,387
Trustees’ fees*		13,615
Fund accounting and administration fees		11,959
Custodian fees		3,839
Line of credit fees		190
Miscellaneous		11,636
Recoupment of previously waived fees:
Class A		24
Class C		5
Class P		2
Institutional Class		30
Total expenses		254,890
Less:
Expenses reimbursed by Adviser
Class A		(38,932	)
Class C		(5,444	)
Class P		(3,418	)
Institutional Class		(59,266	)
Expenses waived by Adviser		(66,059	)
Total waived/reimbursed expenses		(173,119	)
Net expenses		81,771
Net investment income		9,653
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		902,818
Net realized gain		902,818
Net change in unrealized appreciation (depreciation) on:
Investments		1,297,927
Net change in unrealized appreciation (depreciation)		1,297,927
Net realized and unrealized gain		2,200,745
Net increase in net assets resulting from operations	$	2,210,398

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

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT | 19

RBP^® LARGE-CAP DEFENSIVE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended September 30, 2024			Year Ended September 30, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	9,653		$	22,545
Net realized gain (loss) on investments		902,818			(121,571	)
Net change in unrealized appreciation (depreciation) on investments		1,297,927			1,363,452
Net increase in net assets resulting from operations		2,210,398			1,264,426
Distributions to shareholders:
Class A		(4,708	)		(3,001	)
Class P		(661	)		—
Institutional Class		(17,623	)		(6,932	)
Total distributions to shareholders		(22,992	)		(9,933	)
Capital share transactions:
Proceeds from sale of shares
Class A		189,233			245,999
Class C		61,285			14,005
Class P		13,703			33,949
Institutional Class		8,895			1,101,063
Distributions reinvested
Class A		4,429			2,830
Class P		661			—
Institutional Class		17,443			6,871
Cost of shares redeemed
Class A		(856,787	)		(1,613,695	)
Class C		(352,657	)		(796,595	)
Class P		(53,601	)		(172,016	)
Institutional Class		(1,017,045	)		(1,225,135	)
Net decrease from capital share transactions		(1,984,441	)		(2,402,724	)
Net increase (decrease) in net assets		202,965			(1,148,231	)
Net assets:
Beginning of year		7,326,088			8,474,319
End of year	$	7,529,053		$	7,326,088
Capital share activity:
Shares sold
Class A		17,754			28,433
Class C		5,995			1,685
Class P		1,222			3,671
Institutional Class		735			128,942
Shares issued from reinvestment of distributions
Class A		450			327
Class P		65			—
Institutional Class		1,671			749
Shares redeemed
Class A		(79,233	)		(193,751	)
Class C		(33,660	)		(103,343	)
Class P		(4,578	)		(18,715	)
Institutional Class		(91,261	)		(133,998	)
Net decrease in shares		(180,840	)		(286,000	)

20 | THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

RBP^® LARGE-CAP DEFENSIVE FUND

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Class A	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	9.08		$	7.80		$	12.15		$	10.46		$	11.06
Income (loss) from investment operations:
Net investment income (loss)a		—	e		.02			.01			—			.06
Net gain (loss) on investments (realized and unrealized)		3.04			1.27			(1.44	)		1.96			.11
Total from investment operations		3.04			1.29			(1.43	)		1.96			.17
Less distributions from:
Net investment income		(.02	)		(.01	)		—			(.03	)		(.05	)
Net realized gains		—			—			(2.92	)		(.24	)		(.72	)
Total distributions		(.02	)		(.01	)		(2.92	)		(.27	)		(.77	)
Net asset value, end of period	$	12.10		$	9.08		$	7.80		$	12.15		$	10.46
Total Returnb		33.50	%		16.54	%		(17.94	%)		18.97	%		1.40	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,648		$	2,541		$	3,471		$	4,494		$	3,821
Ratios to average net assets:
Net investment income (loss)		0.02	%		0.18	%		0.06	%		0.01	%		0.56	%
Total expensesc		3.49	%		3.14	%		2.81	%		2.70	%		2.48	%
Net expensesd,f,g		1.17	%		1.17	%		1.20	%		1.20	%		1.21	%
Portfolio turnover rate		72	%		68	%		79	%		123	%		100	%

Class C	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	8.42		$	7.28		$	11.58		$	10.03		$	10.65
Income (loss) from investment operations:
Net investment income (loss)a		(.07	)		(.05	)		(.06	)		(.08	)		(.02	)
Net gain (loss) on investments (realized and unrealized)		2.80			1.19			(1.32	)		1.87			.12
Total from investment operations		2.73			1.14			(1.38	)		1.79			.10
Less distributions from:
Net realized gains		—			—			(2.92	)		(.24	)		(.72	)
Total distributions		—			—			(2.92	)		(.24	)		(.72	)
Net asset value, end of period	$	11.15		$	8.42		$	7.28		$	11.58		$	10.03
Total Returnb		32.42	%		15.66	%		(18.60	%)		18.03	%		0.74	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	231		$	407		$	1,092		$	1,539		$	2,595
Ratios to average net assets:
Net investment income (loss)		(0.73	%)		(0.62	%)		(0.66	%)		(0.70	%)		(0.19	%)
Total expensesc		4.14	%		3.88	%		3.54	%		3.41	%		3.22	%
Net expensesd,f,g		1.93	%		1.93	%		1.95	%		1.95	%		1.96	%
Portfolio turnover rate		72	%		68	%		79	%		123	%		100	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT | 21

RBP^® LARGE-CAP DEFENSIVE FUND

FINANCIAL HIGHLIGHTS (continued)

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Class P	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	9.50		$	8.15		$	12.58		$	10.82		$	11.41
Income (loss) from investment operations:
Net investment income (loss)a		—	e		.02			.01			—			.06
Net gain (loss) on investments (realized and unrealized)		3.16			1.33			(1.52	)		2.03			.12
Total from investment operations		3.16			1.35			(1.51	)		2.03			.18
Less distributions from:
Net investment income		(.03	)		—			—			(.03	)		(.05	)
Net realized gains		—			—			(2.92	)		(.24	)		(.72	)
Total distributions		(.03	)		—			(2.92	)		(.27	)		(.77	)
Net asset value, end of period	$	12.63		$	9.50		$	8.15		$	12.58		$	10.82
Total Return		33.52	%		16.56	%		(17.97	%)		18.98	%		1.44	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	211		$	190		$	286		$	327		$	318
Ratios to average net assets:
Net investment income (loss)		0.02	%		0.21	%		0.07	%		0.01	%		0.56	%
Total expensesc		3.61	%		3.32	%		2.89	%		2.76	%		2.54	%
Net expensesd,f,g		1.17	%		1.18	%		1.20	%		1.20	%		1.21	%
Portfolio turnover rate		72	%		68	%		79	%		123	%		100	%

22 | THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

RBP^® LARGE-CAP DEFENSIVE FUND

FINANCIAL HIGHLIGHTS (concluded)

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Institutional Class	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	9.64		$	8.27		$	12.69		$	10.93		$	11.52
Income (loss) from investment operations:
Net investment income (loss)a		.03			.04			.03			.03			.09
Net gain (loss) on investments (realized and unrealized)		3.22			1.34			(1.53	)		2.04			.12
Total from investment operations		3.25			1.38			(1.50	)		2.07			.21
Less distributions from:
Net investment income		(.04	)		(.01	)		—			(.07	)		(.08	)
Net realized gains		—			—			(2.92	)		(.24	)		(.72	)
Total distributions		(.04	)		(.01	)		(2.92	)		(.31	)		(.80	)
Net asset value, end of period	$	12.85		$	9.64		$	8.27		$	12.69		$	10.93
Total Return		33.82	%		16.74	%		(17.68	%)		19.23	%		1.69	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,439		$	4,188		$	3,626		$	4,676		$	5,468
Ratios to average net assets:
Net investment income (loss)		0.28	%		0.46	%		0.31	%		0.26	%		0.81	%
Total expensesc		3.16	%		2.82	%		2.51	%		2.40	%		2.23	%
Net expensesd,f,g		0.92	%		0.92	%		0.95	%		0.95	%		0.96	%
Portfolio turnover rate		72	%		68	%		79	%		123	%		100	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
c	Does not include expenses of the underlying funds in which the Fund invests.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
e	Less than $0.01 per share.
f	The portion of the ratios of net expenses to average net assets attributable to recoupments of prior fee reductions or expense reimbursements for the years presented was as follows:

	09/30/24	09/30/23	09/30/22	09/30/21	09/30/20
Class A	0.00%h	—	—	—	—
Class C	0.00%h	0.00%h	—	—	0.00%h
Class P	0.00%h	—	—	—	—
Institutional Class	0.00%h	—	—	—	—

^h Less than 0.01%.

^g Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be:

	09/30/24	09/30/23	09/30/22	09/30/21	09/30/20
Class A	1.17%	1.17%	1.19%	1.20%	1.21%
Class C	1.92%	1.92%	1.94%	1.95%	1.96%
Class P	1.17%	1.17%	1.19%	1.20%	1.21%
Institutional Class	0.92%	0.92%	0.94%	0.95%	0.96%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT | 23

SCHEDULE OF INVESTMENTS	September 30, 2024
RBP® LARGE-CAP VALUE FUND

	Shares		Value
COMMON STOCKS† - 97.3%
Financial - 23.4%
JPMorgan Chase & Co.		654	$	137,902
Wells Fargo & Co.		1,628		91,966
American Tower Corp. — Class A REIT		297		69,070
Intercontinental Exchange, Inc.		415		66,666
Prologis, Inc. REIT		514		64,908
Ameriprise Financial, Inc.		129		60,605
Travelers Companies, Inc.		248		58,062
Arch Capital Group Ltd.*		504		56,388
Hartford Financial Services Group, Inc.		475		55,865
American International Group, Inc.		752		55,069
U.S. Bancorp		1,202		54,968
Unum Group		905		53,793
Truist Financial Corp.		1,186		50,725
Globe Life, Inc.		477		50,519
Sun Communities, Inc. REIT		345		46,627
State Street Corp.		358		31,672
Realty Income Corp. REIT		437		27,715
Invesco Ltd.		1,418		24,900
Equity LifeStyle Properties, Inc. REIT		349		24,898
Alexandria Real Estate Equities, Inc. REIT		164		19,475
Erie Indemnity Co. — Class A		28		15,115
Welltower, Inc. REIT		96		12,291
Bank of America Corp.		277		10,991
Equity Residential REIT		125		9,307
W R Berkley Corp.		139		7,885
Corebridge Financial, Inc.		207		6,036
AvalonBay Communities, Inc. REIT		23		5,181
SEI Investments Co.		30		2,076
Iron Mountain, Inc. REIT		15		1,782
Total Financial				1,172,457
Consumer, Non-cyclical - 20.4%
Coca-Cola Co.		1,469		105,562
Procter & Gamble Co.		596		103,227
Merck & Company, Inc.		865		98,229
PepsiCo, Inc.		554		94,208
Abbott Laboratories		777		88,586
Boston Scientific Corp.*		874		73,241
Automatic Data Processing, Inc.		257		71,120
Mondelez International, Inc. — Class A		912		67,187
Becton Dickinson & Co.		264		63,651
AbbVie, Inc.		317		62,601
Cencora, Inc. — Class A		226		50,868
Global Payments, Inc.		485		49,674
Amgen, Inc.		149		48,009
Johnson & Johnson		211		34,195
Booz Allen Hamilton Holding Corp.		33		5,371
Keurig Dr Pepper, Inc.		92		3,448
Quanta Services, Inc.		8		2,385
Agilent Technologies, Inc.		15		2,227
Total Consumer, Non-cyclical				1,023,789
Consumer, Cyclical - 14.2%
Walmart, Inc.		1,479		119,429
TJX Companies, Inc.		633		74,403
Yum! Brands, Inc.		416		58,119
Target Corp.		362		56,421
Las Vegas Sands Corp.		1,110		55,877
United Airlines Holdings, Inc.*		967		55,177
Delta Air Lines, Inc.		1,050		53,330
General Motors Co.		1,187		53,225
NIKE, Inc. — Class B		601		53,128
Bath & Body Works, Inc.		1,256		40,092
Home Depot, Inc.		80		32,416
Darden Restaurants, Inc.		107		17,562
McDonald’s Corp.		40		12,180
Burlington Stores, Inc.*		35		9,222
Lennar Corp. — Class A		40		7,499
BJ’s Wholesale Club Holdings, Inc.*		74		6,104
Royal Caribbean Cruises Ltd.		15		2,660
Autoliv, Inc.		21		1,961
Ross Stores, Inc.		5		753
Total Consumer, Cyclical				709,558
Industrial - 13.3%
Caterpillar, Inc.		207		80,962
Parker-Hannifin Corp.		107		67,605
FedEx Corp.		214		58,567
Lockheed Martin Corp.		100		58,456
Amphenol Corp. — Class A		895		58,319
Dover Corp.		286		54,838
Jacobs Solutions, Inc.		348		45,553
Middleby Corp.*		308		42,852
Fortive Corp.		490		38,676
Trane Technologies plc		94		36,541
Illinois Tool Works, Inc.		135		35,379
Johnson Controls International plc		295		22,895
Ball Corp.		269		18,268
Republic Services, Inc. — Class A		89		17,875
Ingersoll Rand, Inc.		126		12,368
HEICO Corp.		26		6,798
AECOM		50		5,164
Lincoln Electric Holdings, Inc.		23		4,416
Total Industrial				665,532
Technology - 7.4%
Oracle Corp.		625		106,500
Applied Materials, Inc.		355		71,728
Manhattan Associates, Inc.*		189		53,181
NetApp, Inc.		396		48,910
Akamai Technologies, Inc.*		386		38,966
Jack Henry & Associates, Inc.		181		31,954
Amentum Holdings, Inc.*		348		11,223
QUALCOMM, Inc.		23		3,911
Leidos Holdings, Inc.		13		2,119
Total Technology				368,492
Energy - 6.7%
Exxon Mobil Corp.		1,050		123,081
Schlumberger N.V.		1,373		57,597
ONEOK, Inc.		625		56,956
Occidental Petroleum Corp.		879		45,304

24 | THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (concluded)	September 30, 2024
RBP® LARGE-CAP VALUE FUND

	Shares		Value
Antero Resources Corp.*		1,255	$	35,956
Marathon Oil Corp.		436		11,611
Williams Companies, Inc.		95		4,337
Chevron Corp.		16		2,356
Total Energy				337,198
Utilities - 5.6%
NextEra Energy, Inc.		990		83,685
American Electric Power Company, Inc.		568		58,277
Entergy Corp.		420		55,276
FirstEnergy Corp.		1,153		51,135
NRG Energy, Inc.		289		26,328
Vistra Corp.		40		4,742
Southern Co.		33		2,976
Total Utilities				282,419
Communications - 3.8%
Walt Disney Co.		906		87,148
Motorola Solutions, Inc.		143		64,297
AT&T, Inc.		1,267		27,874
Match Group, Inc.*		166		6,281
Fox Corp. — Class A		86		3,641
Total Communications				189,241
Basic Materials - 2.5%
Ecolab, Inc.		180		45,959
DuPont de Nemours, Inc.		418		37,248
Newmont Corp.		218		11,652
Dow, Inc.		204		11,144
PPG Industries, Inc.		71		9,405
Axalta Coating Systems Ltd.*		183		6,623
Royal Gold, Inc.		36		5,051
Total Basic Materials				127,082
Total Common Stocks
(Cost $4,202,261)				4,875,768
EXCHANGE-TRADED FUNDS***,† - 1.9%
iShares S&P 500 Value ETF		481		94,839
Total Exchange-Traded Funds
(Cost $90,159)				94,839
Total Investments - 99.2%
(Cost $4,292,420)			$	4,970,607
Other Assets & Liabilities, net - 0.8%				39,015
Total Net Assets - 100.0%			$	5,009,622

*	Non-income producing security.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	4,875,768	$	—	$	—	$	4,875,768
Exchange-Traded Funds		94,839		—		—		94,839
Total Assets	$	4,970,607	$	—	$	—	$	4,970,607

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT | 25

RBP^® LARGE-CAP VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES

September 30, 2024

Assets:
Investments, at value (cost $4,292,420)	$	4,970,607
Cash		12,106
Prepaid expenses		29,675
Receivables:
Investment Adviser		27,132
Dividends		5,578
Total assets		5,045,098
Liabilities:
Payable for:
Professional fees		25,477
Fund accounting and administration fees		3,810
Transfer agent fees		2,377
Trustees’ fees*		384
Distribution and service fees		377
Miscellaneous		3,051
Total liabilities		35,476
Net assets	$	5,009,622
Net assets consist of:
Paid in capital	$	3,982,202
Total distributable earnings (loss)		1,027,420
Net assets	$	5,009,622
Class A:
Net assets	$	391,766
Capital shares outstanding		32,565
Net asset value per share	$	12.03
Maximum offering price per share (Net asset value divided by 95.25%)	$	12.63
Class C:
Net assets	$	320,565
Capital shares outstanding		27,069
Net asset value per share	$	11.84
Class P:
Net assets	$	156,663
Capital shares outstanding		13,270
Net asset value per share	$	11.81
Institutional Class:
Net assets	$	4,140,628
Capital shares outstanding		332,124
Net asset value per share	$	12.47

STATEMENT OF OPERATIONS

Year Ended September 30, 2024

Investment Income:
Dividends	$	85,498
Total investment income		85,498
Expenses:
Management fees		32,924
Distribution and service fees:
Class A		1,016
Class C		3,078
Class P		377
Transfer agent fees:
Class A		2,194
Class C		1,945
Class P		1,291
Institutional Class		20,285
Registration fees		60,285
Professional fees		36,935
Trustees’ fees*		13,500
Fund accounting and administration fees		10,712
Custodian fees		1,325
Line of credit fees		112
Miscellaneous		10,503
Recoupment of previously waived fees:
Class A		4
Class C		24
Class P		10
Institutional Class		273
Total expenses		196,793
Less:
Expenses reimbursed by Adviser:
Class A		(9,968	)
Class C		(8,714	)
Class P		(4,617	)
Institutional Class		(100,561	)
Expenses waived by Adviser		(28,025	)
Total waived/reimbursed expenses		(151,885	)
Net expenses		44,908
Net investment income		40,590
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		329,763
Net realized gain		329,763
Net change in unrealized appreciation (depreciation) on:
Investments		672,851
Net change in unrealized appreciation (depreciation)		672,851
Net realized and unrealized gain		1,002,614
Net increase in net assets resulting from operations	$	1,043,204

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

26 | THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

RBP^® LARGE-CAP VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended September 30, 2024			Year Ended September 30, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	40,590		$	52,140
Net realized gain on investments		329,763			13,290
Net change in unrealized appreciation (depreciation) on investments		672,851			345,026
Net increase in net assets resulting from operations		1,043,204			410,456
Distributions to shareholders:
Class A		(5,657	)		(14,416	)
Class C		(1,550	)		(10,493	)
Class P		(3,243	)		(8,672	)
Institutional Class		(47,128	)		(116,795	)
Total distributions to shareholders		(57,578	)		(150,376	)
Capital share transactions:
Proceeds from sale of shares
Class A		42,178			33,676
Class C		2			273
Class P		1,347			50,642
Institutional Class		127,078			300
Distributions reinvested
Class A		5,657			14,416
Class C		1,550			10,493
Class P		3,089			8,513
Institutional Class		47,128			116,795
Cost of shares redeemed
Class A		(49,679	)		(203,406	)
Class C		(41,578	)		(62,017	)
Class P		(24,170	)		(161,937	)
Institutional Class		(9,782	)		(2,179	)
Net increase (decrease) from capital share transactions		102,820			(194,431	)
Net increase in net assets		1,088,446			65,649
Net assets:
Beginning of year		3,921,176			3,855,527
End of year	$	5,009,622		$	3,921,176
Capital share activity:
Shares sold
Class A		3,740			3,341
Class C		—			28
Class P		128			5,061
Institutional Class		10,933			29
Shares issued from reinvestment of distributions
Class A		550			1,400
Class C		152			1,033
Class P		306			839
Institutional Class		4,433			11,029
Shares redeemed
Class A		(4,545	)		(20,108	)
Class C		(3,885	)		(6,327	)
Class P		(2,276	)		(16,458	)
Institutional Class		(866	)		(217	)
Net increase (decrease) in shares		8,670			(20,350	)

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT | 27

RBP^® LARGE-CAP VALUE FUND

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Class A	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	9.67		$	9.05		$	11.69		$	9.30		$	10.28
Income (loss) from investment operations:
Net investment income (loss)a		.08			.11			.11			.08			.15
Net gain (loss) on investments (realized and unrealized)		2.45			.83			(1.11	)		2.69			(.96	)
Total from investment operations		2.53			.94			(1.00	)		2.77			(.81	)
Less distributions from:
Net investment income		(.15	)		(.08	)		—			(.38	)		(.11	)
Net realized gains		(.02	)		(.24	)		(1.64	)		—			(.06	)
Total distributions		(.17	)		(.32	)		(1.64	)		(.38	)		(.17	)
Net asset value, end of period	$	12.03		$	9.67		$	9.05		$	11.69		$	9.30
Total Returnb		26.49	%		10.24	%		(11.02	%)		30.34	%		(8.05	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	392		$	317		$	436		$	182		$	53
Ratios to average net assets:
Net investment income (loss)		0.78	%		1.11	%		1.06	%		0.74	%		1.53	%
Total expensesc		4.74	%		4.76	%		5.09	%		5.90	%		7.41	%
Net expensesd,e,f		1.18	%		1.18	%		1.20	%		1.20	%		1.21	%
Portfolio turnover rate		73	%		68	%		73	%		132	%		95	%

Class C	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	9.48		$	8.94		$	11.79		$	9.12		$	10.14
Income (loss) from investment operations:
Net investment income (loss)a		—	h		.03			.02			—	h		.07
Net gain (loss) on investments (realized and unrealized)		2.41			.83			(1.08	)		2.68			(.94	)
Total from investment operations		2.41			.86			(1.06	)		2.68			(.87	)
Less distributions from:
Net investment income		(.03	)		(.08	)		(.15	)		(.01	)		(.09	)
Net realized gains		(.02	)		(.24	)		(1.64	)		—			(.06	)
Total distributions		(.05	)		(.32	)		(1.79	)		(.01	)		(.15	)
Net asset value, end of period	$	11.84		$	9.48		$	8.94		$	11.79		$	9.12
Total Returnb		25.52	%		9.35	%		(11.65	%)		29.41	%		(8.80	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	321		$	292		$	322		$	580		$	447
Ratios to average net assets:
Net investment income (loss)		0.02	%		0.34	%		0.21	%		0.04	%		0.79	%
Total expensesc		5.40	%		5.50	%		5.71	%		6.52	%		7.99	%
Net expensesd,e,f		1.93	%		1.93	%		1.95	%		1.95	%		1.96	%
Portfolio turnover rate		73	%		68	%		73	%		132	%		95	%

28 | THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

RBP^® LARGE-CAP VALUE FUND

FINANCIAL HIGHLIGHTS (continued)

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Class P	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	9.54		$	8.92		$	11.59		$	9.28		$	10.33
Income (loss) from investment operations:
Net investment income (loss)a		.08			.11			.11			.08			.15
Net gain (loss) on investments (realized and unrealized)		2.40			.83			(1.09	)		2.67			(.96	)
Total from investment operations		2.48			.94			(.98	)		2.75			(.81	)
Less distributions from:
Net investment income		(.19	)		(.08	)		(.05	)		(.44	)		(.18	)
Net realized gains		(.02	)		(.24	)		(1.64	)		—			(.06	)
Total distributions		(.21	)		(.32	)		(1.69	)		(.44	)		(.24	)
Net asset value, end of period	$	11.81		$	9.54		$	8.92		$	11.59		$	9.28
Total Return		26.43	%		10.28	%		(10.94	%)		30.31	%		(8.10	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	157		$	144		$	229		$	308		$	114
Ratios to average net assets:
Net investment income (loss)		0.78	%		1.12	%		1.01	%		0.75	%		1.49	%
Total expensesc		4.87	%		4.94	%		5.11	%		5.74	%		7.18	%
Net expensesd,e,f		1.18	%		1.18	%		1.20	%		1.20	%		1.21	%
Portfolio turnover rate		73	%		68	%		73	%		132	%		95	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT | 29

RBP^® LARGE-CAP VALUE FUND

FINANCIAL HIGHLIGHTS (concluded)

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Institutional Class	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	9.97		$	9.35		$	12.10		$	9.40		$	10.42
Income (loss) from investment operations:
Net investment income (loss)a		.11			.14			.14			.12			.17
Net gain (loss) on investments (realized and unrealized)		2.54			.87			(1.15	)		2.74			(.97	)
Total from investment operations		2.65			1.01			(1.01	)		2.86			(.80	)
Less distributions from:
Net investment income		(.13	)		(.15	)		(.10	)		(.16	)		(.16	)
Net realized gains		(.02	)		(.24	)		(1.64	)		—			(.06	)
Total distributions		(.15	)		(.39	)		(1.74	)		(.16	)		(.22	)
Net asset value, end of period	$	12.47		$	9.97		$	9.35		$	12.10		$	9.40
Total Return		26.82	%		10.47	%		(10.73	%)		30.72	%		(7.92	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,141		$	3,167		$	2,868		$	3,207		$	2,437
Ratios to average net assets:
Net investment income (loss)		1.02	%		1.34	%		1.24	%		1.04	%		1.78	%
Total expensesc		4.36	%		4.41	%		4.69	%		5.49	%		6.86	%
Net expensesd,e,f		0.92	%		0.92	%		0.95	%		0.95	%		0.96	%
Portfolio turnover rate		73	%		68	%		73	%		132	%		95	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
c	Does not include expenses of the underlying funds in which the Fund invests.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
e	The portion of the ratios of net expenses to average net assets attributable to recoupments of prior fee reductions or expense reimbursements for the years presented was as follows:

	09/30/24	09/30/23	09/30/22	09/30/21	09/30/20
Class A	0.00%g	0.00%g	—	—	—
Class C	0.01%	—	—	—	0.01%
Class P	0.01%	—	—	—	0.00%g
Institutional Class	0.01%	—	—	—	0.01%

^g Less than 0.01%.

^f Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be:

	09/30/24	09/30/23	09/30/22	09/30/21	09/30/20
Class A	1.17%	1.17%	1.19%	1.20%	1.21%
Class C	1.92%	1.92%	1.94%	1.95%	1.96%
Class P	1.17%	1.18%	1.19%	1.20%	1.21%
Institutional Class	0.92%	0.92%	0.94%	0.95%	0.96%

^h Less than $0.01 per share.

30 | THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

NOTES TO FINANCIAL STATEMENTS

Note 1 – Organization and Significant Accounting Policies

Organization

Transparent Value Trust (the “Trust”), a Delaware statutory trust, is registered with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940 (“1940 Act”), as an open-ended investment company of the series type. Each series, in effect, is representing a separate fund (each, a “Fund”). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately.

The Trust offers a combination of four separate classes of shares: Class A shares, Class C shares, Class P shares and Institutional Class shares. Sales of shares of each Class are made without a front-end sales charge at the net asset value per share (“NAV”), with the exception of Class A shares. Class A shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. Class A share purchases of $1 million or more are exempt from the front-end sales charge but have a 1.25% contingent deferred sales charge (“CDSC”), if shares are redeemed within 18 months of purchase. Class C shares have a 1% CDSC if shares are redeemed within 12 months of purchase. Class C shares of each Fund automatically convert to Class A shares of the same Fund on or about the 10th day of the month following the 8-year anniversary of the purchase of the Class C shares. This conversion will be executed without any sales charge, fee or other charge. After the conversion is completed, the shares will be subject to all features and expenses of Class A shares. Institutional Class shares are offered primarily for direct investment by institutions such as pension and profit sharing plans, endowments, foundations and corporations. Institutional Class shares require a minimum initial investment of $2 million and a minimum account balance of $1 million. At September 30, 2024, the Trust consisted of four funds.

This report covers the following funds (collectively, the “Funds”):

Fund Name	Investment Company Type
Directional Allocation Fund	Diversified
RBP® Dividend Fund	Diversified
RBP® Large-Cap Defensive Fund	Diversified
RBP® Large-Cap Value Fund	Diversified

The Funds’ investment objectives are to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Index as follows:

Fund	Index
Directional Allocation Fund	Guggenheim Directional Allocation IndexSM
RBP® Dividend Fund	Guggenheim RBP® Dividend IndexSM
RBP® Large-Cap Defensive Fund	Guggenheim RBP® Large-Cap Defensive IndexSM
RBP® Large-Cap Value Fund	Guggenheim RBP® Large-Cap Value IndexSM

Guggenheim Partners Investment Management, LLC (“GPIM” or the “Adviser”), which operates under the name Guggenheim Investments (“GI”), provides advisory services. Guggenheim Funds Distributors, LLC (“GFD”) serves as distributor of the Funds’ shares. GPIM and GFD are affiliated entities.

Significant Accounting Policies

The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

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

The NAV of each share class of a Fund is calculated by dividing the market value of a fund’s securities and other assets, less all liabilities attributable to the share class by the number of outstanding shares of the share class.

(a) Valuation of Investments

The Board of Trustees of the Funds (the “Board”) adopted policies and procedures for the valuation of the Funds’ investments (the “Fund Valuation Procedures”).

Pursuant to Rule 2a-5, the Board designated the Adviser as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and other assets. As the Funds’ valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures” and collectively with the Fund Valuation

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT | 31

NOTES TO FINANCIAL STATEMENTS (continued)

Procedures, the “Valuation Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4 under the 1940 Act. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Funds’ securities and/or other assets. The Valuation Procedures may be amended and potentially adversely affected as the Funds seek to comply with regulations that apply to the valuation practices of registered investment companies.

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

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

Equity securities listed or traded on a recognized U.S. securities exchange or the Nasdaq Stock Market (“NASDAQ”) will generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ official closing price, which may not necessarily represent the last sale price.

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

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

(b) Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments are included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of September 30, 2024, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

(c) Security Transactions

Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Proceeds from lawsuits related to investment holdings are recorded as a reduction to cost if the securities are still held and as realized gains if no longer held in the respective Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries, if any. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Dividend income from Real Estate Investment Trusts (“REITs”) is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to realized gains. The actual amounts of income, return of capital, and realized gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

(d) Distributions

Distributions of net investment income and net realized gains, if any, are declared and paid at least annually. Dividends are reinvested in additional shares, unless shareholders request payment in cash. Distributions are recorded on the ex-dividend date and are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

(e) Class Allocations

Interest and dividend income, most expenses, all realized gains and losses, and all unrealized appreciation and depreciation are allocated to the share classes based upon the value of the outstanding shares in each share class. Certain costs, such as distribution and service fees are charged directly to specific share

32 | THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

classes. In addition, certain expenses have been allocated to the individual Funds in the Trust based on the respective net assets of each Fund included in the Trust.

(f) Earnings Credits

Under the fee arrangement with the custodian, the Fund may earn credits based on overnight custody cash balances. These credits are utilized to reduce related custodial expenses. The custodian fees disclosed in the Funds’ Statements of Operations are before the reduction in expense from the related earnings credits, if any. Earnings credits for the year ended September 30, 2024 are disclosed in the Funds’ Statements of Operations.

(g) Cash

The Funds may leave cash overnight in their cash account with the custodian. Periodically, a Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate, which was 4.83% at September 30, 2024.

(h) Indemnifications

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

Note 2 – Investment Advisory Agreement and Other Agreements

Under the terms of an investment advisory contract, the Funds pay GI investment advisory fees on a monthly basis calculated daily at the annualized rates below, based on the average daily net assets of the Funds:

Fund	Management Fees (as a % of Net Assets)
Directional Allocation Fund	0.95%
RBP® Dividend Fund	0.75%
RBP® Large-Cap Defensive Fund	0.75%
RBP® Large-Cap Value Fund	0.75%

GI pays operating expenses on behalf of the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, among others, on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

The Board has adopted Distribution Plans related to the offering of Class A, Class C and Class P shares pursuant to Rule 12b-1 under the 1940 Act. The plans provide for payments at an annual rate of 0.25% of the average daily net assets of each Fund’s Class A and Class P shares, and 1.00% of the average daily net assets of each Fund’s Class C shares.

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT | 33

NOTES TO FINANCIAL STATEMENTS (continued)

Contractual expense limitation agreements for the following Funds provide that the total expenses be limited to a percentage of average net assets for each class of shares, exclusive of brokerage costs, dividends or interest on securities sold short, expenses of other investment companies in which a Fund invests, interest, taxes, litigation, indemnification and extraordinary expenses. The limits are listed below:

Fund	Limit			Effective Date		Contract End Date
Directional Allocation Fund – Class A*		1.50	%		05/09/16		02/01/25
Directional Allocation Fund – Class C*		2.10	%		05/09/16		02/01/25
Directional Allocation Fund – Class P*		1.35	%		05/09/16		02/01/25
Directional Allocation Fund – Institutional Class*		1.10	%		05/09/16		02/01/25
RBP® Dividend Fund – Class A*		1.20	%		05/09/16		02/01/25
RBP® Dividend Fund – Class C*		1.95	%		05/09/16		02/01/25
RBP® Dividend Fund – Class P*		1.20	%		05/09/16		02/01/25
RBP® Dividend Fund – Institutional Class*		0.95	%		05/09/16		02/01/25
RBP® Large-Cap Defensive Fund – Class A*		1.20	%		05/09/16		02/01/25
RBP® Large-Cap Defensive Fund – Class C *		1.95	%		05/09/16		02/01/25
RBP® Large-Cap Defensive Fund – Class P*		1.20	%		05/09/16		02/01/25
RBP® Large-Cap Defensive Fund – Institutional Class*		0.95	%		05/09/16		02/01/25
RBP® Large-Cap Value Fund – Class A*		1.20	%		05/09/16		02/01/25
RBP® Large-Cap Value Fund – Class C*		1.95	%		05/09/16		02/01/25
RBP® Large-Cap Value Fund – Class P*		1.20	%		05/09/16		02/01/25
RBP® Large-Cap Value Fund – Institutional Class*		0.95	%		05/09/16		02/01/25

^* Subsequent to September 30, 2024, the Fund was reorganized into a series of New Age Alpha Funds Trust at which time the existing investment advisory contract and contractual expense limitation agreement were terminated. Please see Note 8 - Subsequent Events for additional information.

GPIM is entitled to reimbursement by the Fund for fees waived or expenses reimbursed during any of the previous 36 months, beginning on the date of the expense limitation agreement, if on any day the estimated operating expenses are less than the indicated percentages. For purposes of this arrangement, GPIM is entitled to recoupment of previously waived fees or reimbursed expenses for 36 months from the date of the waiver or reimbursement by GPIM. At September 30, 2024, the amount of fees waived or expenses reimbursed that are subject to recoupment and will expire during the years ended September 30, are presented in the following table:

Fund	2025		2026		2027		Fund Total
Directional Allocation Fund
Class A	$	58,252	$	68,787	$	98,311	$	225,350
Class C		43,415		12,966		16,925		73,306
Class P		6,545		4,852		5,032		16,429
Institutional Class		123,748		68,857		62,106		254,711
RBP® Dividend Fund
Class A		83,754		82,212		82,152		248,118
Class C		10,456		7,299		7,566		25,321
Class P		9,488		7,307		6,483		23,278
Institutional Class		65,409		60,158		65,719		191,286
RBP® Large-Cap Defensive Fund
Class A		71,145		49,476		58,944		179,565
Class C		23,681		9,054		8,453		41,188
Class P		5,721		5,016		5,042		15,779
Institutional Class		68,426		75,382		91,487		235,295
RBP® Large-Cap Value Fund
Class A		15,763		15,417		12,520		43,700
Class C		17,685		11,905		11,023		40,613
Class P		9,701		8,524		5,749		23,974
Institutional Class		123,927		116,589		127,491		368,007

34 | THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

During the year ended September 30, 2024, GI recouped amounts from the Funds as follows:

Directional Allocation Fund	$	760
RBP® Dividend Fund		133
RBP® Large-Cap Defensive Fund		61
RBP® Large-Cap Value Fund		311

For the year ended September 30, 2024, GFD retained sales charges of $2,949 relating to sales of Class A shares of the Trust.

Certain trustees and officers of the Trust are also officers of GI and/or GFD. The Trust does not compensate its officers or trustees who are officers, directors and/or employees of GI or GFD.

MUFG Investor Services (US), LLC (“MUIS”) acts as the Funds’ administrator, transfer agent and accounting agent. As administrator, transfer agent and accounting agent, MUIS maintains the books and records of the Funds’ securities and cash. The Bank of New York Mellon Corp. (“BNY”) acts as the Funds’ custodian. As custodian, BNY is responsible for the custody of the Funds’ assets. For providing the aforementioned administrative and accounting services, MUIS is entitled to receive a monthly fee equal to a percentage of the Funds’ average daily net assets and out of pocket expenses. For providing the aforementioned transfer agent and custodian services, MUIS and BNY are entitled to receive a monthly fee based on the number of transactions during the month and the number of accounts under management, subject to certain minimum monthly fees, and out of pocket expenses.

Note 3 – Federal Income Tax Information

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

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

If a Fund makes a distribution to its shareholders in excess of its current and accumulated “earnings and profits” in any taxable year, the excess distribution will be treated as a return of capital to the extent of each shareholder’s basis (for tax purposes) in its shares, and any distribution in excess of basis will be treated as capital gain. A return of capital is not taxable, but it reduces the shareholder’s basis in its shares, which reduces the loss (or increases the gain) on a subsequent taxable disposition by such shareholder of the shares.

The tax character of distributions paid during the year ended September 30, 2024 was as follows:

Fund	Ordinary Income		Long-Term Capital Gain		Total Distributions
Directional Allocation Fund	$	3,463,695	$	—	$	3,463,695
RBP® Dividend Fund		152,196		—		152,196
RBP® Large-Cap Defensive Fund		22,992		—		22,992
RBP® Large-Cap Value Fund		57,578		—		57,578

The tax character of distributions paid during the year ended September 30, 2023 was as follows:

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT | 35

NOTES TO FINANCIAL STATEMENTS (continued)

Fund	Ordinary Income		Long-Term Capital Gain		Return of Capital		Total Distributions
Directional Allocation Fund	$	1,117,716	$	—	$	—	$	1,117,716
RBP® Dividend Fund		196,515		—		18,703		215,218
RBP® Large-Cap Defensive Fund		9,933		—		—		9,933
RBP® Large-Cap Value Fund		52,987		97,389		—		150,376

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

The tax components of distributable earnings/(loss) as of September 30, 2024 were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital and Other Losses		Other Temporary Differences			Total
Directional Allocation Fund	$	17,131,610	$	3,805,681	$	29,661,102	$	—	$	—		$	50,598,393
RBP® Dividend Fund		362,491		449,596		3,606,552		—		(31,019	)		4,387,620
RBP® Large-Cap Defensive Fund		18,796		464,961		1,569,827		—		—			2,053,584
RBP® Large-Cap Value Fund		92,803		262,396		672,221		—		—			1,027,420

For U.S. federal income tax purposes, capital loss carryforwards represent realized losses of the Funds that may be carried forward and applied against future capital gains. The Funds are permitted to carry forward capital losses for an unlimited period and such capital loss carryforwards retain their character as either short-term or long-term capital losses. As of September 30, 2024, the Funds had no capital loss carryforwards.

For the year ended September 30, 2024, the following capital loss carryforward amounts were utilized:

Fund	Utilized
Directional Allocation Fund	$	1,526,340
RBP® Dividend Fund		346,823
RBP® Large-Cap Defensive Fund		393,741

Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book/tax differences. These differences are primarily due to losses deferred due to wash sales, distributions in connection with redemption of fund shares, and reclassification of distributions. Additional differences may result from the tax treatment of net operating losses, non-deductible expenses, and dividends payable. To the extent these differences are permanent and would require a reclassification between Paid in Capital and Total Distributable Earnings (Loss), such reclassifications are made in the period that the differences arise. These reclassifications have no effect on net assets or NAV per share.

The following adjustments were made on the Statements of Assets and Liabilities as of September 30, 2024 for permanent book/tax differences:

Fund	Paid In Capital		Total Distributable Earnings/(Loss)
Directional Allocation Fund	$	1,431,358	$	(1,431,358	)
RBP® Dividend Fund		28,561		(28,561	)
RBP® Large-Cap Defensive Fund		23,196		(23,196	)
RBP® Large-Cap Value Fund		3,703		(3,703	)

36 | THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

At September 30, 2024, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation/ (Depreciation)
Directional Allocation Fund	$	174,341,686	$	31,766,940	$	(2,105,838	)	$	29,661,102
RBP® Dividend Fund		13,596,395		3,827,522		(220,970	)		3,606,552
RBP® Large-Cap Defensive Fund		5,891,765		1,622,323		(52,496	)		1,569,827
RBP® Large-Cap Value Fund		4,298,386		759,266		(87,045	)		672,221

Note 4 – Fair Value Measurement

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

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

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

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

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

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

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

Note 5 – Securities Transactions

For the year ended September 30, 2024, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments, were as follows:

Fund	Purchases		Sales
Directional Allocation Fund	$	245,679,994	$	291,117,262
RBP® Dividend Fund		10,941,556		15,433,196
RBP® Large-Cap Defensive Fund		5,429,808		7,492,472
RBP® Large-Cap Value Fund		3,246,449		3,172,587

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT | 37

NOTES TO FINANCIAL STATEMENTS (continued)

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. For the year ended September 30, 2024, the Funds did not engage in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act.

Note 6 – Line of Credit

The Trust, along with other affiliated trusts, secured a 364-day committed, $1,165,000,000 line of credit from Citibank, N.A., which was in place through September 27, 2024, at which time the line of credit was renewed as a 364-day committed, $1,115,000,000 line of credit. A Fund may draw (borrow) from the line of credit as a temporary measure for emergency purposes, to facilitate redemption requests, or for other short-term liquidity purposes consistent with the Fund’s investment objective and program. For example, it may be advantageous for the Fund to borrow money rather than sell existing portfolio positions to meet redemption requests. Fees related to borrowings, if any, vary under this arrangement between the greater of Citibank’s “base rate”, SOFR plus 1%, or the federal funds rate plus 1/2 of 1%.

The commitment fee that may be paid by the Funds is at an annualized rate of 0.15% of the average daily amount of their allocated unused commitment amount. The commitment fee amount is allocated to the individual Funds based on the respective net assets of each participating Fund and is referenced in the Funds’ Statements of Operations under “Line of credit fees”. The Funds did not have any borrowings under this agreement as of and for the year ended September 30, 2024.

Note 7 – Market Risks

The value of, or income generated by, the investments held by the Funds are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting individual companies, or issuers or particular industries, or from broader influences, including real or perceived changes in prevailing interest rates (which may change at any time based on changes in monetary policies and various market and other economic conditions), changes in inflation rates or expectations about inflation rates, adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, extreme weather, natural/environmental or man made disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the escalated conflict in the Middle East and the ongoing Russia-Ukraine conflict and its collateral economic and other effects, including, but not limited to, sanctions and other international trade barriers) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Different sectors, industries and security types may react differently to such developments. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country, geographic region or industry could adversely affect the value, yield and return of the investments held by the Funds in a different country, geographic region, economy, industry or market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Funds’ investments and performance of the Funds.

38 | THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (concluded)

Note 8 – Subsequent Events

On October 25, 2024, the Funds identified below (the “Acquired Funds”) were reorganized into the series of New Age Alpha Funds Trust identified below (the “Acquiring Funds”) (each, a “Reorganization” and collectively, the “Reorganizations”), pursuant to Agreements and Plans of Reorganization approved by the Board and by shareholders. Upon completion of the Reorganizations, shareholders of the Acquired Funds became shareholders of the Acquiring Funds and own shares of the Acquiring Funds equal in value to the shares of the Acquired Funds immediately prior to the Reorganizations.

Acquired Fund	Acquiring Fund
Guggenheim RBP® Large-Cap Defensive Fund
Guggenheim RBP® Dividend Fund	New Age Alpha Large Cap Value Fund*
Guggenheim RBP® Large-Cap Value Fund
Guggenheim Directional Allocation Fund	New Age Alpha Large Cap Value Fund*

^* Guggenheim Large Cap Value Fund, a series of Guggenheim Funds Trust, which was part of the Guggenheim Family of Funds, was concurrently reorganized into New Age Alpha Large Cap Value Fund.

The Funds evaluated subsequent events through the date the financial statements are issued and determined there were no additional material events that would require adjustment to or disclosure in the Funds’ financial statements.

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT | 39

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of Transparent Value Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Transparent Value Trust (the “Trust”) (comprising Guggenheim Directional Allocation Fund, Guggenheim RBP^® Dividend Fund, Guggenheim RBP^® Large-Cap Defensive Fund and Guggenheim RBP^® Large-Cap Value Fund (collectively referred to as the “Funds”)), including the schedules of investments, as of September 30, 2024, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds comprising Transparent Value Trust at September 30, 2024, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2024, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Guggenheim investment companies since 1979.

Tysons, Virginia
November 27, 2024

40 | THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

OTHER INFORMATION (Unaudited)

Federal Income Tax Information

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

In January 2025, shareholders will be advised on IRS Form 1099 DIV or substitute 1099 DIV as to the federal tax status of the distributions received by shareholders in the calendar year 2024.

The Funds’ investment income (dividend income plus short-term capital gains, if any) qualifies as follows:

Of the taxable ordinary income distributions paid during the fiscal year ended September 30, 2024, the following funds had the corresponding percentages qualify for the reduced tax rate pursuant to the Jobs and Growth Tax Relief and Reconciliation Act of 2003 or for the dividends received deduction for corporations. See the qualified dividend income and dividend received deduction columns, respectively, in the table below.

Additionally, of the taxable ordinary income distributions paid during the fiscal year ended September 30, 2024, the following funds had the corresponding percentages qualify as interest related dividends and qualified short-term capital gains as permitted by IRC Section 871(k)(1) and IRC Section 871(k)(2), respectively. See the qualified interest income and qualified short-term capital gain columns, respectively, in the table below.

Fund	Qualified Dividend Income			Dividend Received Deduction			Qualified Interest Income			Qualified Short-Term Capital Gain
Directional Allocation Fund		13.56	%		12.16	%		84.38	%		0.00	%
RBP® Dividend Fund		48.03	%		43.96	%		0.00	%		0.00	%
RBP® Large-Cap Defensive Fund		100.00	%		100.00	%		0.00	%		0.00	%
RBP® Large-Cap Value Fund		93.04	%		92.09	%		0.00	%		100.00	%

With respect to the taxable year ended September 30, 2024, the Funds hereby designate as capital gain dividends the amounts listed below, or, if subsequently determined to be different, the net capital gain of such year:

Fund	From long-term capital gain:		From long-term capital gain, using proceeds from shareholder redemptions:
Directional Allocation Fund	$	—	$	1,431,754
RBP® Dividend Fund		—		21,866
RBP® Large-Cap Defensive Fund		—		23,196
RBP® Large-Cap Value Fund		—		3,703

Sector Classification

Information in the “Schedule of Investments” is categorized by sectors using sector-level Classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.

Quarterly Portfolio Schedules Information

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT is available on the SEC’s website at https://www.sec.gov. The Funds’ complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC’s website at www.sec.gov and on our website at www.guggenheiminvestments.com, and will be made available, upon request and without charge, by calling 800.820.0888.

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT | 41

ITEM 8: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

Note: This is not applicable for any fund included in this document.

42 | THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

ITEM 9: PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

At a special meeting of shareholders held on October 24, 2024, the following matters were voted upon and approved by shareholders:

● An agreement and plan of reorganization providing for the reorganization of Guggenheim RBP^® Dividend Fund into NAA Large Cap Value Fund (469,538 votes for; 406 votes against; 11,700 votes abstain);

● an agreement and plan of reorganization providing for the reorganization of Guggenheim RBP^® Large-Cap Defensive Fund into NAA Large Cap Value Fund (445,303 votes for; 1,226 votes against; 3,300 votes abstain);

● an agreement and plan of reorganization providing for the reorganization of Guggenheim RBP^® Large-Cap Value Fund into NAA Large Cap Value Fund (324,941 votes for; 0 votes against; 784 votes abstain); and

● An agreement and plan of reorganization providing for the reorganization of Guggenheim Directional Allocation Fund into NAA Allocation Fund (3,126,939 votes for; 74,511 votes against; 528,646 votes abstain).

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT | 43

ITEM 10: RENUMERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES

The remuneration paid to directors, officers, and others, if applicable, are included as part of the financial statements included under Item 7 of this Form.

44 | THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT

Report of the Transparent Value Trust Board of Trustees

The Board of Trustees of Transparent Value Trust (the “Trust”), including the Independent Trustees, approved the renewal of the investment management agreement (the “Advisory Agreement”) with Guggenheim Partners Investment Management, LLC (“GPIM” or the “Adviser”) on behalf of the series of the Trust listed below (each a “Fund” and collectively, the “Funds”):

● Guggenheim RBP^® Large-Cap Defensive Fund
(“RBP Large-Cap Defensive Fund”)   ● Guggenheim RBP^® Large-Cap Market Fund
(“RBP Large-Cap Market Fund”)   ● Guggenheim Directional Allocation Fund
(“Directional Allocation Fund”) ● Guggenheim RBP^® Dividend Fund
(“RBP Dividend Fund”)   ● Guggenheim RBP^® Large-Cap Value Fund
(“RBP Large-Cap Value Fund”)

GPIM is an indirect subsidiary of Guggenheim Partners, LLC, a privately-held, global investment and advisory firm (“Guggenheim Partners”). Guggenheim Partners, GPIM and their affiliates may be referred to herein collectively as “Guggenheim.” “Guggenheim Investments” refers to the global asset management and investment advisory division of Guggenheim Partners and includes GPIM, Guggenheim Funds Investment Advisors, LLC, Security Investors, LLC and other affiliated investment management businesses of Guggenheim Partners.

At meetings held in person on April 16, 2024 (the “April Meeting”) and on May 20-21, 2024 (the “May Meeting”), the Contracts Review Committee of the Board (the “Committee”), consisting solely of the Independent Trustees, met separately from Guggenheim to consider the proposed renewal of the Advisory Agreement. As part of its review process, the Committee was represented by independent legal counsel to the Independent Trustees (“Independent Legal Counsel”), from whom the Independent Trustees received separate legal advice and with whom they met separately. Independent Legal Counsel reviewed and discussed with the Committee various key aspects of the Trustees’ legal responsibilities relating to the proposed renewal of the Advisory Agreement and other principal contracts. The Committee took into account various materials received from Guggenheim and Independent Legal Counsel. The Committee also considered the variety of written materials, reports and oral presentations the Board received throughout the year regarding performance and operating results of the Funds, and other information relevant to its evaluation of the Advisory Agreement.

In connection with the contract review process, FUSE Research Network LLC (“FUSE”), an independent, third-party research provider, was engaged to prepare advisory contract renewal reports designed specifically to help the Board fulfill its advisory contract renewal responsibilities. The objective of the FUSE reports is to present the subject fund’s relative position regarding fees, expenses and total return performance, with peer group and universe comparisons. The Committee assessed the data provided in the FUSE reports as well as commentary presented by Guggenheim, including, among other things, a summary of notable distinctions between certain Funds and the applicable peer group identified in the FUSE reports and explanations for custom peer groups created for certain Funds that do not fit well into any particular category. The Committee noted that although FUSE’s process typically results in the identification for each Fund of a universe of similar funds for performance comparisons and a narrower group of similar funds from the universe based on asset levels for comparative fee and expense data evaluation (i.e., the peer group), in light of Directional Allocation Fund’s unique strategy, the peer group constituent funds identified by FUSE, which were categorized as “U.S. equity long/cash funds” with risk management and/or rotational/timing strategies similar to that of the Fund, were the same as the performance universe constituent funds.

As part of its evaluation of the Adviser and the proposed renewal of the Advisory Agreement, the Committee took into account that each Fund seeks to track the performance (before fees and expenses) of an index that is constructed with a proprietary methodology. Specifically, the investment objective of each of RBP Large-Cap Defensive Fund, RBP Dividend Fund, RBP Large-Cap Market Fund and RBP Large-Cap Value Fund is to provide investment results that, before fees and expenses, correspond generally to the total return performance of the applicable Guggenheim RBP^® Index—i.e., the Guggenheim RBP^® Large-Cap Defensive Index^SM, the Guggenheim RBP^® Dividend Index^SM, the Guggenheim RBP^® Large-Cap Market Index^SM and the Guggenheim RBP^® Large-Cap Value Index^SM, respectively (each, an “RBP Index” and collectively, the “RBP Indexes”). The investment objective of Directional Allocation Fund is to provide investment results that, before fees and expenses, correspond generally to the performance of the Guggenheim Directional Allocation Index^SM (the “Directional Allocation Index” and together with the RBP Indexes, the “Indexes” and individually, an “Index”). Each Index consists of securities currently selected for inclusion by the Adviser’s index calculation agent, based on Required Business Performance^® (RBP^®) Probability scores derived from Guggenheim Investments’ quantitative process. In this regard, the Committee noted that the Indexes and Index construction processes were previously

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT | 45

ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (continued)

owned and implemented by an affiliate of the Adviser, and that, in August 2018, such affiliate was reorganized into Guggenheim Investments, and the Indexes and Index construction processes were acquired by Guggenheim Investments. The Committee noted that the FUSE reports for the Funds included performance relative to the applicable Index and tracking error data.

In addition, Guggenheim provided materials and data in response to formal requests for information sent by Independent Legal Counsel on behalf of the Committee. Guggenheim also made a presentation at the April Meeting. Throughout the process, the Committee asked questions of management and requested certain additional information, which Guggenheim provided (collectively with the foregoing reports and materials, the “Contract Review Materials”). The Committee considered the Contract Review Materials in the context of its accumulated experience governing the Trust and other funds in the Guggenheim fund complex and weighed the factors and standards discussed with Independent Legal Counsel.

As a part of its analysis, the Committee considered that Guggenheim had engaged in a strategic review of the Guggenheim fund line-up beginning in 2023, which resulted in recommendations to the Board in 2024 for certain Funds¹ to be reorganized into new funds sponsored by a third-party manager (the “Proposed Reorganizations”) and for RBP Large-Cap Market Fund to be liquidated and terminated (the “Proposed Liquidation”). The Committee noted that the Board was engaged in an extensive due diligence process to evaluate the Proposed Reorganizations and the Proposed Liquidation, which was ongoing at the time of the May Board Meeting (defined below), at which meeting the Advisory Agreement was being considered for renewal. The Committee considered the potential timing of the Proposed Reorganizations and the Proposed Liquidation and that the continuation of the Advisory Agreement for the Funds would allow the Funds to operate until the completion of the Proposed Reorganizations or the Proposed Liquidation, if approved by the Board and by shareholders (as applicable), and would provide for the operation of the Funds to continue in the event the Board or shareholders (as applicable) do not approve the Proposed Reorganizations or the Proposed Liquidation.

Following an analysis and discussion of relevant factors, including those identified below, and in the exercise of its business judgment, the Committee concluded that it was in the best interest of each Fund to recommend that the Board approve the renewal of the Advisory Agreement for an additional annual term. Following its review of the Committee’s recommendation, the Board approved the renewal of the Advisory Agreement for each Fund for a one-year period ending August 1, 2025 at a meeting held on May 20-21, 2024 (the “May Board Meeting” and together with the May Meeting, the “May Meetings”) and determined to adopt the Committee’s considerations and conclusions, which follow.

Nature, Extent and Quality of Services Provided by the Adviser: With respect to the nature, extent and quality of services currently provided by the Adviser, the Committee considered the qualifications, experience and skills of key personnel performing services for the Funds, including those personnel providing compliance and risk oversight, as well as the supervisors and reporting lines for such personnel. The Committee also considered other information, including Guggenheim’s resources and related efforts to retain, attract and motivate capable personnel to serve the Funds. In evaluating Guggenheim’s resources and capabilities, the Committee considered Guggenheim’s discussions with the Committee and the Board regarding the Proposed Reorganizations and the Proposed Liquidation, including at the April Meeting and the May Meetings. In this regard, the Committee considered Guggenheim’s representation that it continues to manage each Fund included in the Proposed Reorganizations or the Proposed Liquidation in the best interest of such Fund and its shareholders and will continue to do so for so long as it serves as investment adviser to such Fund, including until the Proposed Reorganization or the Proposed Liquidation of such Fund, if approved by the Board and by shareholders (as applicable), is completed. In addition, the Committee considered the acceptability of the terms of the Advisory Agreement, including the scope of services required to be performed by the Adviser.

The Committee’s review of the services provided by Guggenheim to the Funds included consideration of Guggenheim’s investment and Index construction processes and resulting performance, portfolio oversight and risk management, and the related regular quarterly reports and presentations received by the Board. The Committee took into account the risks borne by Guggenheim in sponsoring and providing services to the Funds, including regulatory, operational, legal and entrepreneurial risks. The Committee considered the resources dedicated by Guggenheim to compliance functions and the reporting made to the Board by Guggenheim compliance personnel regarding Guggenheim’s adherence to regulatory requirements. The Committee also considered the regular reports the Board receives from the Trust’s Chief Compliance Officer regarding compliance policies and procedures established pursuant to Rule 38a-1 under the Investment Company Act of 1940, as amended. In connection with the Committee’s evaluation of the overall package of services provided by Guggenheim, the Committee considered Guggenheim’s administrative services, including its role in supervising, monitoring, coordinating and evaluating the various services provided

¹ RBP Large-Cap Defensive Fund, RBP Dividend Fund, RBP Large-Cap Value Fund and Directional Allocation Fund.

46 | THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (continued)

by the fund administrator, transfer agent, distributor, custodian and other service providers to the Funds. The Committee evaluated the Office of Chief Financial Officer (the “OCFO”), which oversees the fund administration, accounting and transfer agency services provided to the Funds and other funds in the Guggenheim fund complex, including the OCFO’s resources, personnel and services provided.

With respect to Guggenheim’s resources and the ability of the Adviser to carry out its responsibilities under the Advisory Agreement, the Chief Financial Officer of Guggenheim Investments reviewed with the Committee financial information concerning the holding company for Guggenheim Investments, Guggenheim Partners Investment Management Holdings, LLC (“GPIMH”), and the various entities comprising Guggenheim Investments, and provided the audited consolidated financial statements of GPIMH. (Thereafter, the Committee received the audited consolidated financial statements of GPIM.)

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, including the Committee’s knowledge of how the Adviser performs its duties obtained through Board meetings, discussions and reports throughout the year, the Committee concluded that the Adviser and its personnel were qualified to serve the Funds in such capacity and may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the Funds.

Investment Performance: The Committee received, for each Fund, investment returns for the since-inception, ten-year, five-year, three-year, one-year and three-month periods ended December 31, 2023. In addition, the Committee received a comparison of each Fund’s performance to the performance of a universe of funds and a narrower peer group of similar funds based on asset levels as identified by FUSE (except as noted above with respect to Directional Allocation Fund), in each case for the same periods. The Committee also received from FUSE a description of the methodology for identifying each Fund’s peer group and universe for performance and expense comparisons. In addition, as noted above, the FUSE reports included each Fund’s total return over various time periods compared to the results of the Index that the Fund tracks, as well as tracking error results. The Committee also received certain performance information as of March 31, 2024. In assessing each Fund’s performance, the Committee considered that the Board receives regular reporting from Guggenheim regarding performance and evaluates performance throughout the year.

In seeking to evaluate Fund performance over a full market cycle, the Committee focused its attention on five-year and three-year performance rankings as compared to the relevant universe or, as applicable, peer group of funds. Except as to the individual Funds discussed below, the Committee observed that the returns of each Fund’s Institutional Class shares ranked in the third quartile or better of such Fund’s performance universe or peer group, as applicable, for each of the five-year and three-year periods considered. The Committee also considered the tracking error information received and determined that each Fund tracked its Index within an acceptable range for each of the five-year and three-year periods considered. In addition, the Committee made the following observations:

RBP Large-Cap Market Fund: The returns of the Fund’s Institutional Class shares ranked in the 86th and 90th percentiles of its performance universe for the five-year and three-year periods ended December 31, 2023, respectively.

RBP Large-Cap Defensive Fund: The returns of the Fund’s Institutional Class shares ranked in the 98th and 97th percentiles of its performance universe for the five-year and three-year periods ended December 31, 2023, respectively.

RBP Large-Cap Value Fund: The returns of the Fund’s Institutional Class shares ranked in the 92nd percentile of its performance universe for the five-year and three-year periods ended December 31, 2023.

RBP Large-Cap Market Fund, RBP Large-Cap Defensive Fund and RBP Large-Cap Value Fund: The Committee considered management’s explanation that each Fund’s relative underperformance over the five-year and three-year time periods can be attributed to the methodology, used prior to September 2021, by which the RBP^® process had historically weighted stocks in the Fund during the stock selection process, which resulted in an implicit underweight to the largest stocks, especially mega-cap stocks which outperformed during the relevant periods, and an overweight to relatively smaller large-cap stocks, which underperformed during the relevant periods, within the Fund’s investment universe. The Committee noted management’s statement that starting in the third quarter of 2021, to address unintended implicit risk exposures such as market cap, each Fund updated its portfolio construction process to leverage a proprietary equity risk model and utilize optimization techniques to weight positions and limit active exposures to equity characteristics that are not explicitly intended. The Committee considered management’s statement that although the updated portfolio construction process is designed to allow for the RBP^® Probability signal to be the main driver of Fund performance, the whipsaw effect caused by the COVID-19 pandemic proved to be a particularly challenging economic environment for the

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT | 47

ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (continued)

RBP^® Probability signal to gauge companies’ fundamentals. The Committee took into consideration management’s statement that as the growth environment has recently normalized, so has the signal’s efficacy, which should lead to renewed positive contributions to performance for the Funds going forward.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, the Committee concluded that: (i) each Fund’s performance was acceptable; or (ii) it was satisfied with Guggenheim’s responses and/or efforts to improve investment performance.

Comparative Fees, Costs of Services Provided and the Benefits Realized by the Adviser from Its Relationship with the Funds: The Committee compared each Fund’s contractual advisory fee, net effective management fee² and total net expense ratio to the applicable peer group. The Committee also reviewed the median advisory fees and expense ratios, including expense ratio components (e.g., transfer agency fees, administration fees, other operating expenses, distribution fees and fee waivers/reimbursements), of the peer group. In addition, the Committee considered information regarding Guggenheim’s process for evaluating the competitiveness of each Fund’s fees and expenses, noting Guggenheim’s statement that evaluations seek to incorporate a variety of factors with a general focus on ensuring fees and expenses: (i) are competitive; (ii) give consideration to resource support requirements; and (iii) ensure Funds are able to deliver on shareholder return expectations.

The Committee also noted Guggenheim’s statement that it does not provide advisory services to other clients that have investment strategies similar to those of the Funds and, as a result, the Committee did not consider it relevant to compare the Funds’ advisory fees to the advisory fees charged to other clients of Guggenheim.

In further considering the comparative fee and expense data presented in the Contract Review Materials and addressed by Guggenheim, the Committee took into account those Funds with currently effective expense limitation agreements with the Adviser. Except as to the individual Funds discussed below, the Committee observed that the contractual advisory fee, net effective management fee and total net expense ratio for each Fund’s Institutional Class shares each rank in the third quartile or better of such Fund’s peer group. In addition, the Committee made the following observations:

RBP Large-Cap Market Fund: The contractual advisory fee for the Fund’s Institutional Class shares ranks in the fourth quartile (92nd percentile) of its peer group. Although the total net expense ratio for the Fund’s Institutional Class shares ranks in the fourth quartile (85th percentile) of its peer group, the Committee considered that the net effective management fee for the Fund’s Institutional Class shares ranks in the first quartile (1st percentile) of its peer group. The Committee took into account the Fund’s currently effective expense limitation agreement with the Adviser.

RBP Large-Cap Value Fund: The contractual advisory fee for the Fund’s Institutional Class shares ranks in the fourth quartile (79th percentile) of its peer group. The net effective management fee for the Fund’s Institutional Class shares ranks in the first quartile (1st percentile) of its peer group. The total net expense ratio for the Fund’s Institutional Class shares ranks in the third quartile (57th percentile) of its peer group. The Committee took into account the Fund’s currently effective expense limitation agreement with the Adviser.

With respect to the costs of services provided and benefits realized by Guggenheim Investments from its relationship with the Funds, the Committee reviewed a profitability analysis and data from management for each Fund setting forth the average assets under management for the twelve months ended December 31, 2023, gross revenues received, and expenses incurred directly or through allocations, by Guggenheim Investments, expense waivers, earnings and the operating margin/profitability rate, including variance information relative to the foregoing amounts as of December 31, 2022 and December 31, 2021. In addition, the Chief Financial Officer of Guggenheim Investments reviewed with, and addressed questions from, the Committee concerning the expense allocation methodology employed in producing the profitability analysis. In the course of its review of Guggenheim Investments’ profitability, the Committee took into account the methods used by Guggenheim Investments to determine expenses and profit and the representation by the Chief Financial Officer of Guggenheim Investments that such methods provided a reasonable basis for determining the profitability of the Adviser with respect to each Fund. The Committee considered all of the foregoing, among other things, in evaluating the costs of services provided, the profitability to Guggenheim Investments and the profitability rates presented.

² The “net effective management fee” for each 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.

48 | THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (concluded)

The Committee also considered other benefits available to the Adviser because of its relationship with the Funds and noted Guggenheim’s statement that it does not believe the Adviser derives any such “fall-out” benefits. In this regard, the Committee noted Guggenheim’s statement that, although it does not consider such benefits to be fall-out benefits, the Adviser may benefit from certain economies of scale and synergies, such as enhanced visibility of the Adviser, enhanced leverage in fee negotiations and other synergies arising from offering a broad spectrum of products, including the Funds.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, the Committee concluded that the comparative fees and the benefits realized by the Adviser from its relationship with the Funds were appropriate and that the Adviser’s profitability from its relationship with the Funds was not unreasonable.

Economies of Scale: The Committee received and considered information regarding whether there have been economies of scale with respect to the management of the Funds as Fund assets grow, whether the Funds have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Committee considered whether economies of scale in the provision of services to the Funds were being passed along to and shared with the shareholders. In evaluating economies of scale, the Committee considered that all of the Funds, other than the Directional Allocation Fund, had very small average net assets. The Committee considered that Guggenheim believes it is appropriately sharing potential economies of scale and that Guggenheim’s decrease in overall expenses in 2023 was attributable to decreased product and distribution related costs driven by lower average assets under management (which also resulted in decreased revenue from the funds in the Guggenheim fund complex), decreased expense waivers and reimbursements, and decreased expenses associated with non-recurring items.

The Committee also noted the process employed by the Adviser to evaluate whether it would be appropriate to institute a new breakpoint for a Fund, with consideration given to, among other things: (i) the Fund’s size and trends in asset levels over recent years; (ii) the competitiveness of the expense levels; (iii) whether expense waivers are in place; (iv) changes and trends in revenue and expenses; (v) whether there are any anticipated expenditures that may benefit the Fund in the future; (vi) Fund profit level margins; (vii) relative Fund performance; (viii) the nature, extent and quality of services management provides to the Fund; and (ix) the complexity of the Fund’s investment strategy and the resources required to support the Fund.

As part of its assessment of economies of scale, the Committee took into account Guggenheim’s representation that it seeks to share economies of scale through a number of means, including advisory fees set at competitive rates pre-assuming future asset growth, expense waivers and limitations, and investments in personnel, operations and infrastructure to support the fund business. The Committee also received information regarding amounts that had been shared with shareholders through such expense waivers and limitations. Thus, the Committee considered the size of the Funds and the competitiveness of and/or other determinations made regarding the current advisory fee for each Fund, as well as whether a Fund is subject to an expense limitation.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, the Committee concluded that the advisory fee for each Fund was reasonable.

Overall Conclusions

The Committee concluded that the investment advisory fees are fair and reasonable in light of the extent and quality of the services provided and other benefits received and that the renewal of the Advisory Agreement is in the best interest of each Fund. In reaching this conclusion, no single factor was determinative or conclusive and each Committee member, in the exercise of their informed business judgment, may afford different weights to different factors.

Following its review of the Committee’s analysis and determinations, the Board adopted the considerations and conclusions of the Committee and determined to approve the renewal of the Advisory Agreement. As a part of its considerations, the Board noted its ongoing evaluation of the Proposed Reorganizations for certain Funds and the Proposed Liquidation for RBP Large-Cap Market Fund and determined that the renewal of the Advisory Agreement for the Funds would allow the Funds to operate until the completion of the Proposed Reorganizations or the Proposed Liquidation, if approved by the Board and by shareholders (as applicable), and would provide for the operation of the Funds to continue in the event the Board or shareholders (as applicable) do not approve the Proposed Reorganizations or the Proposed Liquidation. (Following the May Board Meeting, the Board approved the Proposed Reorganizations, subject to shareholder approval, and the Proposed Liquidation at a reconvening of the May Board Meeting held by videoconference on May 24, 2024.)

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT | 49

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Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

The information is included as part of the material filed under Item 7 of this Form.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The information is included as part of the material filed under Item 7 of this Form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

The information is included as part of the material filed under Item 7 of this Form.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchases.

Not applicable to this registrant.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 16. Controls and Procedures.

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

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

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable

(b) Not applicable

Item 19. Exhibits.

(a)(1) Not applicable.

(a)(2) Separate certifications by the President (principal executive officer) and Treasurer (principal financial officer) of the registrant as required by Rule 30a-2(a) under the Investment Company Act (17 CFR 270.30a-2(a)) are attached.

(a)(3) Not applicable.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) A certification by the registrant’s President (principal executive officer) and Treasurer (principal financial officer) as required by Rule 30a-2(b) under the Investment Company Act(17 CFR 270.30a-2(b)) is attached.

SIGNATURES

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

(Registrant)	Transparent Value Trust
By (Signature and Title)*	/s/ Brian E. Binder
	Brian E. Binder, President and Chief Executive Officer
Date	December 6, 2024

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

By (Signature and Title)*	/s/ Brian E. Binder
	Brian E. Binder, President and Chief Executive Officer
Date	December 6, 2024
By (Signature and Title)*	/s/ James Howley
	James Howley, Chief Financial Officer, Chief Accounting Officer and Treasurer
Date	December 6, 2024

^* Print the name and title of each signing officer under his or her signature.