Guggenheim Alpha Opportunity Fund Class C (SAOCX) N-CSRS Certified semi-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- 01136

Guggenheim Funds 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

Guggenheim Funds Trust
702 King Farm Boulevard, Suite 200
Rockville, Maryland 20850

(Name and address of agent for service)

Registrant's telephone number, including area code: 1-301-296-5100

Date of fiscal year end:September 30

Date of reporting period:March 31, 2019

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. §3507.

Item 1. Reports to Stockholders.

The registrant’s semi-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:

3.31.2019

Guggenheim Funds Semi-Annual Report

Guggenheim Funds Trust-Equity

Guggenheim Alpha Opportunity Fund

Guggenheim Large Cap Value Fund

Guggenheim Market Neutral Real Estate Fund

Guggenheim Risk Managed Real Estate Fund

Guggenheim Small Cap Value Fund

Guggenheim StylePlus—Large Core Fund

Guggenheim StylePlus—Mid Growth Fund

Guggenheim World Equity Income Fund

Beginning on January 1, 2021, paper copies of the Funds’ annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from a fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from a fund electronically by calling 800.820.0888, or going toGuggenheimInvestments.com/myaccount, or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a fund directly, you can inform the fund that you wish to receive paper copies of reports by calling 800.820.0888. If you hold shares of a fund through a financial intermediary, please contact the financial intermediary to make this election. Your election to receive reports in paper will apply to all Guggenheim Funds in which you are invested and may apply to all funds held with your financial intermediary.

GuggenheimInvestments.com SBE-SEMI-0319x0919

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	4
ABOUT SHAREHOLDERS’ FUND EXPENSES	6
ALPHA OPPORTUNITY FUND	9
LARGE CAP VALUE FUND	23
MARKET NEUTRAL REAL ESTATE FUND	32
RISK MANAGED REAL ESTATE FUND	41
SMALL CAP VALUE FUND	53
STYLEPLUS—LARGE CORE FUND	63
STYLEPLUS—MID GROWTH FUND	74
WORLD EQUITY INCOME FUND	85
NOTES TO FINANCIAL STATEMENTS	96
OTHER INFORMATION	110
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	111
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	115

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 1

March 31, 2019

Dear Shareholder:

Security Investors, LLC and Guggenheim Partners Investment Management, LLC (“GPIM”) (together, “Investment Advisers”), are pleased to present the shareholder report for eight equity funds (the “Fund” or “Funds”). The report covers the semi-annual fiscal period ended March 31, 2019.

The Investment Advisers are part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC, (“Guggenheim”) a global, diversified financial services firm.

Guggenheim Funds Distributors, LLC is the distributor of the Funds. Guggenheim Funds Distributors, LLC is affiliated with Guggenheim and the Investment Advisers.

We encourage you to read the Economic and Market Overview section of the report, which follows this letter.

We are committed to providing innovative investment solutions and appreciate the trust you place in us.

Sincerely,

Security Investors, LLC
Guggenheim Partners Investment Management, LLC

April 30, 2019

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments.com or call 800.820.0888.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/ or legal professional regarding your specific situation.

Alpha Opportunity Fund is subject to a number of risks and is not suitable for all investors. ● Investments in securities and derivatives, in general, are subject to market risks that may cause their prices to fluctuate over time. An investment in the Fund may lose money. There can be no guarantee the Fund will achieve its investment objective. ●The Fund’s use of derivatives such as futures, options and swap agreements may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. ● Certain of the derivative instruments, such as swaps and structured notes, are also subject to the risks of counterparty default and adverse tax treatment. ●The more the Fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. ● The Fund’s use of short selling involves increased risk and costs, including paying more for a security than it received from its sale and the risk of unlimited losses. ●In certain circumstances the Fund may be subject to liquidity risk and it may be difficult for the Fund to purchase and sell particular investments within a reasonable time at a fair price. ●The Fund’s fixed income investments will change in value in response to interest rate changes and other factors. ● Please read the prospectus for more detailed information regarding these and other risks.

Large Cap Value Fund may not be suitable for all investors. ● An investment in the Fund will fluctuate and is subject to investment risks, which means an investor could lose money. ● The intrinsic value of the underlying stocks may never be realized, or the stock may decline in value. The Fund is subject to risk that large-capitalization stocks may underperform other segments of the equity market or the equity markets as a whole. ● Please read the prospectus for more detailed information regarding these and other risks.

Market Neutral Real Estate Fund may not be suitable for all investors. ● Investing involves risk, including the possible loss of principal. ● There are no assurances that any fund will achieve its objective and/or strategy. ● The Fund’s investments in real estate securities subject the Fund to the same risks as direct investments in real estate, which is particularly sensitive to economic downturns. ● The Fund’s use of derivatives such as futures, options, and swap agreements may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. ● When market conditions are deemed appropriate, the Fund will leverage to the full extent permitted by its investment policies and restrictions and applicable law. Leveraging will exaggerate the effect on net asset value of any increase or decrease in the market value of the Fund’s portfolio. ● The more the Fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. ● The Fund’s use of short selling involves increased risk and costs. The Fund risks paying more for a security than it received from its sale. ● The Fund’s investments in other investment vehicles subject the Fund to those risks and expenses affecting the investment vehicle. ● The Fund’s investments in foreign securities carry additional risks when compared to U.S. securities, due to the impact of diplomatic, political, or economic developments in the country in question (investments in emerging markets securities are generally subject to an even greater level of risks). ● The Fund may invest in derivative instruments, which may be more volatile and less liquid, increasing the risk of loss when compared to traditional securities. Certain of the derivative instruments are also subject to the risks of counterparty default and adverse tax treatment. ● Investing in sector funds is more volatile than investing in broadly diversified funds, as there is a greater risk due to the concentration of the funds’ holdings in issuers of the same or similar offerings. ● This

2 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

March 31, 2019

Fund is considered non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single security could cause greater fluctuations in the value of fund shares than would occur in a more diversified fund. ● Short selling involves increased risks and costs. You risk paying more for a security than you received from its sale. This strategy may not be suitable for all investors. ● The Fund is subject to active trading risks that may increase volatility and impact its ability to achieve its investment objective. ● You may have a gain or loss when you sell your shares. ● It is important to note that the Fund is not guaranteed by the U.S. government. ● Please read the prospectus for more detailed information regarding these and other risks.

Risk Managed Real Estate Fund may not be suitable for all investors. ● Investments in securities in general are subject to market risks that may cause their prices to fluctuate over time ● Investing involves risk, including the possible loss of principal. ● There are no assurances that any fund will achieve its objective and/or strategy. ● The Fund’s investments in real estate securities subject the Fund to the same risks as direct investments in real estate, which is particularly sensitive to economic downturns. ● The Fund’s use of derivatives such as futures, options and swap agreements may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. ● When market conditions are deemed appropriate, the Fund will leverage to the full extent permitted by its investment policies and restrictions and applicable law. Leveraging will exaggerate the effect on net asset value of any increase or decrease in the market value of the Fund’s portfolio. ● The more the Fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. ● The Fund’s use of short selling involves increased risk and costs. The Fund risks paying more for a security than it received from its sale. ● The Fund’s investments in other investment vehicles subject the Fund to those risks and expenses affecting the investment vehicle. ● The Fund’s investments in foreign securities carry additional risks when compared to U.S. securities, due to the impact of diplomatic, political or economic developments in the country in question (investments in emerging markets securities are generally subject to an even greater level of risks). ● The Fund may invest in derivative instruments, which may be more volatile and less liquid, increasing the risk of loss when compared to traditional securities. Certain of the derivative instruments are also subject to the risks of counterparty default and adverse tax treatment. ● Investing in sector funds is more volatile than investing in broadly diversified funds, as there is a greater risk due to the concentration of the funds’ holdings in issuers of the same or similar offerings. ● This Fund is considered non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single security could cause greater fluctuations in the value of fund shares than would occur in a more diversified fund. ● Short selling involves increased risks and costs. You risk paying more for a security than you received from its sale. This strategy may not be suitable for all investors. ● The Fund is subject to active trading risks that may increase volatility and impact its ability to achieve its investment objective. ● You may have a gain or loss when you sell you shares. ● It is important to note that the Fund is not guaranteed by the U.S. government. ● Please read the prospectus for more detailed information regarding these and other risks.

Small Cap Value Fund may not be suitable for all investors. ● An investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money. ● The intrinsic value of the underlying stocks may never be realized, or the stock may decline in value. ● Investing in securities of small-capitalization companies may involve a greater risk of loss and more abrupt fluctuations in market price than investments in larger-capitalization companies. ● Please read the prospectus for more detailed information regarding these and other risks.

StylePlus—Large Core Fund may not be suitable for all investors. ● Investments in large capitalization stocks may underperform other segments of the equity market or the equity market as a whole. ● Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions regarding the growth potential of the issuing companies. Value stocks are subject to the risk that the intrinsic value of the stock may never be realized by the market or that the price goes down.● The Fund may invest in derivative instruments, which may be more volatile and less liquid, increasing the risk of loss when compared to traditional securities. Certain of the derivative instruments are also subject to the risks of counterparty default and adverse tax treatment. ● The Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more volatile than if it had not been leveraged. ● The Fund’s investments in other investment vehicles subject the Fund to those risks and expenses affecting the investment vehicle. ● The Fund may invest in foreign securities which carry additional risks when compared to U.S. securities, due to the impact of diplomatic, political or economic developments in the country in question (investments in emerging markets securities are generally subject to an even greater level of risks). ● The Fund may invest in fixed income securities whose market value will change in response to interest rate changes and market conditions among other factors. In general, bond prices rise when interest rates fall and vice versa. ● The Fund’s exposure to high yield securities may subject the Fund to greater volatility. ● The Fund may invest in bank loans and asset-backed securities, including mortgage backed, which involve special types of risks. ● The Fund may invest in restricted securities which may involve financial and liquidity risk. ● You may have a gain or loss when you sell your shares. ● It is important to note that the Fund is not guaranteed by the U.S. government. ● Please read the prospectus for more detailed information regarding these and other risks.

StylePlus—Mid Growth Fund may not be suitable for all investors.● Investments in mid-sized company securities may present additional risks such as less predictable earnings, higher volatility and less liquidity than larger, more established companies. ● Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions regarding the growth potential of the issuing companies. ● The Fund may invest in derivative instruments, which may be more volatile and less liquid, increasing the risk of loss when compared to traditional securities. Certain of the derivative instruments are also subject to the risks of counterparty default and adverse tax treatment. ● The Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more volatile than if it had not been leveraged. ● The Fund’s investments in other investment vehicles subject the Fund to those risks and expenses affecting the investment vehicle. ● The Fund may invest in foreign securities which carry additional risks when compared to U.S. securities, due to the impact of diplomatic, political or economic developments in the country in question (investments in emerging markets securities are generally subject to an even greater level of risks). ● The Fund may invest in fixed income securities whose market value will change in response to interest rate changes and market conditions, among other factors. In general, bond prices rise when interest rates fall and vice versa. ● The Fund’s exposure to high yield securities may subject the Fund to greater volatility. ● The Fund may invest in bank loans and asset-backed securities, including mortgage backed, which involve special types of risks. ● The Fund may invest in restricted securities which may involve financial and liquidity risk. ● You may have a gain or loss when you sell your shares. ● It is important to note that the Fund is not guaranteed by the U.S. government. ● Please read the prospectus for more detailed information regarding these and other risks.

World Equity Income Fund may not be suitable for all investors. ●Investments in securities in general are subject to market risks that may cause their prices to fluctuate over time. ●The Fund’s investments in foreign securities carry additional risks when compared to U.S. securities, due to the impact of diplomatic, political or economic developments in the country in question (investments in emerging markets are generally subject to an even greater level of risks). Additionally, the Fund’s exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. Dollar. ● The Fund’s investments in derivatives may pose risks in addition to those associated with investing directly in securities or other investments, including illiquidity of the derivatives, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, lack of availability and counterparty risk. ●The Fund’s use of leverage, through instruments such as derivatives, may cause the Fund to be more volatile than if it had not been leveraged. ●The Fund’s investments in other investment vehicles subject the Fund to those risks and expenses affecting the investment vehicle. ●The Fund may have significant exposure to securities in a particular capitalization range (e.g., large-, mid- or small-cap securities). As a result, the Fund may be subject to the risk that the pre-denominate capitalization range may underperform other segments of the equity market or the equity market as a whole. ● Please read the prospectus for more detailed information regarding these and other risks.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW(Unaudited) March 31, 2019

Late 2018 and early 2019 U.S. economic data stoked recession fears, prompting the U.S. Federal Reserve (the “Fed”) to abort its tightening cycle and the 3-month/10-year Treasury yield curve to invert. Housing activity weakened markedly in the second half of 2018, personal spending growth decelerated, job gains moderated, and industrial production growth slowed. However, first-quarter 2019 real gross domestic product (“GDP”) surprised everyone by posting a growth rate of 3.2 percent. While this number benefited from big contributions from inventories and trade, the decline in interest rates and recovery in risk assets could support U.S. economic growth in the second and third quarters of 2019.

Taking a longer view, the indicators Guggenheim tracks as part of our proprietary recession probability indicator continue to signal that the economy could be heading into a recession in about a year. The unemployment rate has leveled off after years of steady declines, the Fed has moved to a neutral bias on rates, the yield curve has inverted, growth in leading indicators has slowed, gains in total hours worked have slowed, and real retail sales growth has fallen sharply. Taken together, these data points support the view that the next recession may begin as early as the first half of 2020.

Overseas, continued weakness in economic data finally prompted policy action. The European Central Bank (“ECB”) revised expected real GDP growth downward for 2019 and shortly thereafter delivered further accommodation. Rate hikes are now forecast to come later than previously indicated, and the ECB launched a series of targeted long-term refinancing operations consisting of two-year loans. China, another major economy that has shown signs of slowing, showed a mix of softening and signs of stabilization in recent economic activity. So far, Chinese authorities have announced fiscal stimulus through tax cuts and infrastructure spending, and monetary stimulus in the form of a reduction in the reserve requirement ratio.

Foreign governments’ stimulus to their local economies may be good news for U.S. activity. The downward trend in global growth weighed on U.S. activity, as evidenced by some weakness in 2018 U.S. exports and downward revisions to this year’s expected corporate earnings. If policy changes are enough to avoid recession across Western Europe or boost growth in China, the combination of this and lower U.S. rates could be positive for U.S. growth later in the year. However, the U.S., Europe, and China are not yet out of the woods. All three remain key risks to global growth given the lack of a Brexit agreement, significant weakening in German manufacturing activity, and unresolved U.S.-China tariff negotiations. Without a positive catalyst, the trajectory for the U.S. could remain negative, with a major event risk looming in the fall, when the U.S. Treasury Department will exhaust its “extraordinary measures” and force a congressional debate about the debt ceiling, which could prompt fears of a technical default and complicate fiscal year 2020 budget negotiations, where a fiscal spending cliff looms.

For the six months ended March 31, 2019, the Standard & Poor’s 500^® (“S&P 500”) Index*returned -1.72%. The MSCI Europe-Australasia-Far East (“EAFE”) Index*returned -3.64%. The return of the MSCI Emerging Markets Index* was 1.83%.

In the bond market, the Bloomberg Barclays U.S. Aggregate Bond Index* posted a 4.63% return for the period, while the Bloomberg Barclays U.S. Corporate High Yield Index*returned 2.39%. The return of the ICE Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index*was 1.17% for the six-month period.

The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.

*Index Definitions

The following indices are referenced throughout this report. Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.

Bloomberg Barclays U.S. Aggregate Bond Indexis a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, mortgage-backed securities or “MBS” (agency fixed-rate and hybrid adjustable-rate mortgage, or “ARM”, pass-throughs), asset-backed securities (“ABS”), and commercial mortgage-backed securities (“CMBS”) (agency and non-agency).

Bloomberg Barclays U.S. Corporate High Yield Indexmeasures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB +/BB + or below.

4 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW(Unaudited)(concluded) March 31, 2019

FTSE NAREIT Equity REITs Index is one of the FTSE NAREIT US Real Estate Index Series that contains all Equity REITs not designated as Timber REITs or Infrastructure REITs. FTSE NAREIT US Real Estate Index Series is designed to present investors with a comprehensive family of REIT performance indexes that spans the commercial real estate space across the US economy. The index series provides investors with exposure to all investment and property sectors. In addition, the more narrowly focused property sector and sub-sector indexes provide the facility to concentrate commercial real estate exposure in more selected markets. The National Association of Real Estate Investment Trusts (NAREIT) is the trade association for REITs and publicly traded real estate companies with an interest in the US property and investment markets.

ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market Index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

Morningstar Long/Short Equity Category Average is the average return of funds Morningstar places in a given category based on their portfolio statistics and compositions over the past three years. Long-short portfolios hold sizeable stakes in both long and short positions in equities, exchange traded funds, and related derivatives. Some funds that fall into this category will shift their exposure to long and short positions depending on their macro outlook or the opportunities they uncover through bottom-up research. At least 75% of the assets are in equity securities or derivatives, and funds in the category will typically have beta values to relevant benchmarks of between 0.3 and 0.8 over a three-year period.

MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

MSCI Emerging Markets Index is a free float-adjusted market capitalization-weighted index that is designed to measure equity market performance in the global emerging markets.

MSCI World Index (Net) is calculated with net dividends reinvested. It is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.

Russell 1000^®Value Index is a measure of the performance for the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values.

Russell 2000^®Value Index measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

Russell 3000^®Indexmeasures the performance of the largest 3,000 U.S. companies, representing approximately 98% of the investable U.S. equity market.

Russell Midcap Growth^®Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values.

S&P 500^® is a broad-based index, the performance of which is based on the performance of 500 widely held common stocks chosen for market size, liquidity, and industry group representation.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 5

ABOUT SHAREHOLDERS’ FUND EXPENSES(Unaudited)

All mutual funds have operating expenses, and it is important for our shareholders to understand the impact of costs on their investments. Shareholders of a fund incur two types of costs: (i) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, other distributions, and exchange fees, and (ii) ongoing costs, including management fees, administrative services, and shareholder reports, among others. These ongoing costs, or operating expenses, are deducted from a fund’s gross income and reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets, which is known as the expense ratio. The following examples are intended to help investors understand the ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning September 30, 2018 and ending March 31, 2019.

The following tables illustrate the Funds’ costs in two ways:

Table 1. Based on actual Fund return: This section helps investors estimate the actual expenses paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fifth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. Investors may use the information here, together with the amount invested, to estimate the expenses paid over the period. Simply divide the Fund’s account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number provided under the heading “Expenses Paid During Period.”

Table 2. Based on hypothetical 5% return:This section is intended to help investors compare a fund’s cost with those of other mutual funds. The table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid during the period. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on the 5% return. Investors can assess a fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

The calculations illustrated above assume no shares were bought or sold during the period. Actual costs may have been higher or lower, depending on the amount of investment and the timing of any purchases or redemptions.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments, and contingent deferred sales charges (“CDSC”) on redemptions, if any. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

More information about the Funds’ expenses, including annual expense ratios for periods up to five years (subject to the Fund’s inception date), can be found in the Financial Highlights section of this report. For additional information on operating expenses and other shareholder costs, please refer to the appropriate Fund prospectus.

6 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES(Unaudited)(continued)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2018	Ending Account Value March 31, 2019	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Alpha Opportunity Fund
A-Class	1.62%	(4.43%)	$ 1,000.00	$ 955.70	$ 7.90
C-Class	2.44%	(4.88%)	1,000.00	951.20	11.87
P-Class	1.63%	(4.48%)	1,000.00	955.20	7.95
Institutional Class	1.15%	(4.21%)	1,000.00	957.90	5.61
Large Cap Value Fund
A-Class	1.15%	(3.77%)	1,000.00	962.30	5.63
C-Class	1.90%	(4.12%)	1,000.00	958.80	9.28
P-Class	1.15%	(3.76%)	1,000.00	962.40	5.63
Institutional Class	0.90%	(3.62%)	1,000.00	963.80	4.41
Market Neutral Real Estate Fund
A-Class	1.59%	4.07%	1,000.00	1,040.70	8.09
C-Class	2.38%	3.53%	1,000.00	1,035.30	12.08
P-Class	1.63%	3.75%	1,000.00	1,037.50	8.28
Institutional Class	1.40%	4.02%	1,000.00	1,040.20	7.12
Risk Managed Real Estate Fund
A-Class	1.35%	9.82%	1,000.00	1,098.20	7.06
C-Class	2.13%	9.45%	1,000.00	1,094.50	11.12
P-Class	1.39%	9.81%	1,000.00	1,098.10	7.27
Institutional Class	1.13%	9.96%	1,000.00	1,099.60	5.92
Small Cap Value Fund
A-Class	1.30%	(8.98%)	1,000.00	910.20	6.19
C-Class	2.05%	(9.34%)	1,000.00	906.60	9.74
P-Class	1.25%	(8.92%)	1,000.00	910.80	5.95
Institutional Class	1.05%	(8.88%)	1,000.00	911.20	5.00
StylePlus—Large Core Fund
A-Class	1.29%	(3.41%)	1,000.00	965.90	6.32
C-Class	2.26%	(3.85%)	1,000.00	961.50	11.05
P-Class	1.30%	(3.40%)	1,000.00	966.00	6.37
Institutional Class	1.06%	(3.27%)	1,000.00	967.30	5.20
StylePlus—Mid Growth Fund
A-Class	1.35%	(1.31%)	1,000.00	986.90	6.69
C-Class	2.28%	(1.77%)	1,000.00	982.30	11.27
P-Class	1.49%	(1.37%)	1,000.00	986.30	7.38
Institutional Class	1.22%	(1.28%)	1,000.00	987.20	6.04
World Equity Income Fund
A-Class	1.22%	(3.53%)	1,000.00	964.70	5.98
C-Class	1.97%	(3.95%)	1,000.00	960.50	9.63
P-Class	1.22%	(3.56%)	1,000.00	964.40	5.98
Institutional Class	0.97%	(3.42%)	1,000.00	965.80	4.75

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 7

ABOUT SHAREHOLDERS’ FUND EXPENSES(Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2018	Ending Account Value March 31, 2019	Expenses Paid During Period2
Table 2. Based on hypothetical 5% return (before expenses)
Alpha Opportunity Fund
A-Class	1.62%	5.00%	$ 1,000.00	$ 1,016.85	$ 8.15
C-Class	2.44%	5.00%	1,000.00	1,012.76	12.24
P-Class	1.63%	5.00%	1,000.00	1,016.80	8.20
Institutional Class	1.15%	5.00%	1,000.00	1,019.20	5.79
Large Cap Value Fund
A-Class	1.15%	5.00%	1,000.00	1,019.20	5.79
C-Class	1.90%	5.00%	1,000.00	1,015.46	9.55
P-Class	1.15%	5.00%	1,000.00	1,019.20	5.79
Institutional Class	0.90%	5.00%	1,000.00	1,020.44	4.53
Market Neutral Real Estate Fund
A-Class	1.59%	5.00%	1,000.00	1,017.00	8.00
C-Class	2.38%	5.00%	1,000.00	1,013.06	11.94
P-Class	1.63%	5.00%	1,000.00	1,016.80	8.20
Institutional Class	1.40%	5.00%	1,000.00	1,017.95	7.04
Risk Managed Real Estate Fund
A-Class	1.35%	5.00%	1,000.00	1,018.20	6.79
C-Class	2.13%	5.00%	1,000.00	1,014.31	10.70
P-Class	1.39%	5.00%	1,000.00	1,018.00	6.99
Institutional Class	1.13%	5.00%	1,000.00	1,019.30	5.69
Small Cap Value Fund
A-Class	1.30%	5.00%	1,000.00	1,018.45	6.54
C-Class	2.05%	5.00%	1,000.00	1,014.71	10.30
P-Class	1.25%	5.00%	1,000.00	1,018.70	6.29
Institutional Class	1.05%	5.00%	1,000.00	1,019.70	5.29
StylePlus—Large Core Fund
A-Class	1.29%	5.00%	1,000.00	1,018.50	6.49
C-Class	2.26%	5.00%	1,000.00	1,013.66	11.35
P-Class	1.30%	5.00%	1,000.00	1,018.45	6.54
Institutional Class	1.06%	5.00%	1,000.00	1,019.65	5.34
StylePlus—Mid Growth Fund
A-Class	1.35%	5.00%	1,000.00	1,018.20	6.79
C-Class	2.28%	5.00%	1,000.00	1,013.56	11.45
P-Class	1.49%	5.00%	1,000.00	1,017.50	7.49
Institutional Class	1.22%	5.00%	1,000.00	1,018.85	6.14
World Equity Income Fund
A-Class	1.22%	5.00%	1,000.00	1,018.85	6.14
C-Class	1.97%	5.00%	1,000.00	1,015.11	9.90
P-Class	1.22%	5.00%	1,000.00	1,018.85	6.14
Institutional Class	0.97%	5.00%	1,000.00	1,020.09	4.89

1	This ratio represents annualized net expenses, which may include short dividend and interest expense. Excluding these expenses, the operating expense ratio for the Alpha Opportunity Fund would be 1.62%, 2.45%, 1.63%, 1.15% and the Risk Managed Real Estate Fund would be 1.26%, 2.04%, 1.30% and 1.04% for the A-Class, C-Class, P-Class and Institutional Class, respectively. Excludes expenses of the underlying funds in which the Funds invest, if any.
2	Expenses are equal to the Fund's annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period September 30, 2018 to March 31, 2019.

8 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE(Unaudited) March 31, 2019

ALPHA OPPORTUNITY FUND

OBJECTIVE:Seeks long-term growth of capital.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
A-Class	July 7, 2003
C-Class	July 7, 2003
P-Class	May 1, 2015
Institutional Class	November 7, 2008

Ten Largest Holdings (% of Total Net Assets)
Tyson Foods, Inc. — Class A	1.1%
Apartment Investment & Management Co. — Class A	1.1%
FedEx Corp.	1.1%
Verizon Communications, Inc.	1.1%
FirstEnergy Corp.	1.1%
UGI Corp.	1.1%
Portland General Electric Co.	1.1%
Medical Properties Trust, Inc.	1.1%
Pinnacle West Capital Corp.	1.1%
Ameren Corp.	1.1%
Top Ten Total	11.0%

“Ten Largest Holdings” excludes any temporary cash or derivative investments.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 9

PERFORMANCE REPORT AND FUND PROFILE(Unaudited)(concluded) March 31, 2019

Average Annual Returns*

Periods Ended March 31, 2019

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(4.43%)	(6.91%)	2.18%	11.77%
A-Class Shares with sales charge‡	(8.94%)	(11.33%)	1.19%	11.12%
C-Class Shares	(4.88%)	(7.71%)	1.40%	10.92%
C-Class Shares with CDSC§	(5.83%)	(8.63%)	1.40%	10.92%
Institutional Class Shares	(4.21%)	(6.54%)	2.62%	12.21%
Morningstar Long/Short Equity Category Average	(2.99%)	(0.31%)	2.18%	6.19%
S&P 500 Index	(1.72%)	9.50%	10.91%	15.92%
S&P 500 Index-Blended**	1.17%	2.12%	6.87%	13.78%
ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index	1.17%	2.12%	0.75%	0.43%

	6 Month†	1 Year	Since Inception (05/01/15)
P-Class Shares	(4.48%)	(6.99%)	0.73%
Morningstar Long/Short Equity Category Average	(2.99%)	(0.31%)	1.64%
S&P 500 Index	(1.72%)	9.50%	10.11%
S&P 500 Index-Blended**	1.17%	2.12%	5.03%
ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index	1.17%	2.12%	0.94%

*	The performance data above represents past performance that is not predictive of future results. 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 effect of taxes. The ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index, S&P 500 Index, and the Morningstar Long/Short Equity Category Average are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective March 13, 2017, the Fund changed its principal investment strategy. As a result of the investment strategy change, the Fund’s new benchmark is the ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index. The Fund’s performance was previously compared to the S&P 500 Index. The S&P 500 Index-Blended uses performance data for the S&P 500 Index from 03/31/09 to 03/12/17, and the ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill index from 03/13/17 to 03/31/19.
†	6 month returns are not annualized.
‡	Effective February 22, 2011, 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 Returns based on subscriptions made prior to February 22, 2011, and a 4.75% maximum sales charge will be used to calculate performance for periods based on subscriptions made on or after February 22, 2011.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

10 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS(Unaudited)	March 31, 2019
ALPHA OPPORTUNITY FUND

	Shares		Value
COMMON STOCKS† - 94.4%
Consumer, Non-cyclical - 27.6%
Tyson Foods, Inc. — Class A1		15,481	$	1,074,846
Pfizer, Inc.1		23,818		1,011,550
Gilead Sciences, Inc.1		15,548		1,010,776
Ingredion, Inc.1		10,651		1,008,543
Amgen, Inc.1		5,255		998,345
Medtronic plc1		10,950		997,326
Kimberly-Clark Corp.1		7,648		947,587
ManpowerGroup, Inc.		10,482		866,757
McKesson Corp.1		7,037		823,751
Zimmer Biomet Holdings, Inc.1		5,884		751,387
Pilgrim’s Pride Corp.*		32,816		731,469
Merck & Company, Inc.		7,700		640,409
Kroger Co.1		25,250		621,150
Humana, Inc.		2,289		608,874
Darling Ingredients, Inc.*		28,109		608,560
Colgate-Palmolive Co.		8,783		601,987
Molson Coors Brewing Co. — Class B1		10,027		598,110
Sysco Corp.		8,787		586,620
Cal-Maine Foods, Inc.		12,472		556,625
Philip Morris International, Inc.		5,666		500,818
Becton Dickinson and Co.		2,001		499,710
Baxter International, Inc.		6,108		496,642
Cardinal Health, Inc.1		10,175		489,926
Abbott Laboratories		6,051		483,717
AMERCO		1,293		480,362
Herbalife Nutrition Ltd.*		8,626		457,092
Vector Group Ltd.		40,067		432,323
Post Holdings, Inc.*		3,841		420,205
Bio-Rad Laboratories, Inc. — Class A*		1,330		406,554
Mylan N.V.*,1		13,514		382,987
Jazz Pharmaceuticals plc*		2,528		361,377
HCA Healthcare, Inc.1		2,716		354,112
Johnson & Johnson		2,511		351,013
Biogen, Inc.*		1,366		322,895
JM Smucker Co.		2,766		322,239
United Therapeutics Corp.*		2,726		319,951
US Foods Holding Corp.*		8,503		296,840
Allergan plc1		1,976		289,306
Thermo Fisher Scientific, Inc.		985		269,614
CONMED Corp.		3,218		267,673
TrueBlue, Inc.*		11,070		261,695
Innoviva, Inc.*		17,907		251,235
AbbVie, Inc.		3,081		248,298
Perrigo Company plc		4,998		240,704
MEDNAX, Inc.*		8,178		222,196
Molina Healthcare, Inc.*		1,543		219,045
General Mills, Inc.		4,160		215,280
Constellation Brands, Inc. — Class A1		1,220		213,903
Flowers Foods, Inc.		9,974		212,646
Brown-Forman Corp. — Class B		3,967		209,378
Kraft Heinz Co.1		6,205		202,593
Central Garden & Pet Co. — Class A*		8,045		187,046
Integer Holdings Corp.*		2,374		179,047
Archer-Daniels-Midland Co.		2,512		108,342
Total Consumer, Non-cyclical				26,221,436
Financial - 12.9%
Apartment Investment & Management Co. — Class A REIT		20,914		1,051,765
Medical Properties Trust, Inc. REIT1		54,766		1,013,719
Equity Commonwealth REIT		30,734		1,004,694
Hartford Financial Services Group, Inc.1		15,028		747,192
Park Hotels & Resorts, Inc. REIT		20,846		647,894
HCP, Inc. REIT		19,642		614,794
Travelers Companies, Inc.1		4,364		598,566
Chesapeake Lodging Trust REIT		20,786		578,059
Northern Trust Corp.		5,970		539,748
Bank of New York Mellon Corp.		10,619		535,516
Host Hotels & Resorts, Inc. REIT		27,542		520,544
Deluxe Corp.		11,612		507,677
Ameriprise Financial, Inc.		3,934		503,945
Prudential Financial, Inc.1		5,445		500,287
MetLife, Inc.		11,276		480,019
Western Union Co.		25,543		471,779
Franklin Resources, Inc.1		13,662		452,759
Assured Guaranty Ltd.		8,614		382,720
Hospitality Properties Trust REIT		12,797		336,689
JPMorgan Chase & Co.		3,116		315,433
Summit Hotel Properties, Inc. REIT		19,293		220,133
Visa, Inc. — Class A		1,306		203,984
Total Financial				12,227,916
Industrial - 11.9%
FedEx Corp.1		5,737		1,040,749
Cummins, Inc.1		4,976		785,561
Werner Enterprises, Inc.		20,286		692,767
J.B. Hunt Transport Services, Inc.		6,716		680,264
Heartland Express, Inc.		34,606		667,204
Kansas City Southern1		5,608		650,416
Schneider National, Inc. — Class B		27,787		584,916
Knight-Swift Transportation Holdings, Inc.		15,366		502,161
Huntington Ingalls Industries, Inc.		2,316		479,875
Union Pacific Corp.1		2,744		458,797
CSX Corp.1		5,635		421,611
United Parcel Service, Inc. — Class B		3,626		405,169
Saia, Inc.*		6,446		393,851
Arrow Electronics, Inc.*		5,049		389,076
Norfolk Southern Corp.1		2,005		374,714
Textron, Inc.		7,096		359,483
Forward Air Corp.		5,235		338,861
Kennametal, Inc.		9,205		338,284
Oshkosh Corp.		4,380		329,069
Waters Corp.*		1,020		256,744
Marten Transport Ltd.		14,260		254,256
Avnet, Inc.		5,840		253,281
Belden, Inc.		4,320		231,984
Vishay Intertechnology, Inc.		11,500		212,405
Greenbrier Companies, Inc.		5,639		181,745
Total Industrial				11,283,243

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
ALPHA OPPORTUNITY FUND

	Shares		Value
Utilities - 10.2%
FirstEnergy Corp.1		24,745	$	1,029,639
UGI Corp.1		18,432		1,021,501
Portland General Electric Co.		19,678		1,020,108
Pinnacle West Capital Corp.1		10,602		1,013,339
Ameren Corp.		13,769		1,012,710
PPL Corp.1		31,280		992,827
National Fuel Gas Co.1		15,136		922,691
El Paso Electric Co.		13,993		823,068
Exelon Corp.1		16,094		806,792
AES Corp.1		37,882		684,907
NRG Energy, Inc.		8,845		375,736
Total Utilities				9,703,318
Communications - 9.3%
Verizon Communications, Inc.1		17,417		1,029,867
Omnicom Group, Inc.1		13,519		986,752
AT&T, Inc.		26,338		825,960
AMC Networks, Inc. — Class A*		14,163		803,892
Sinclair Broadcast Group, Inc. — Class A		15,930		612,987
InterDigital, Inc.		9,190		606,356
Shenandoah Telecommunications Co.		13,352		592,295
Scholastic Corp.		11,879		472,309
MSG Networks, Inc. — Class A*		20,484		445,527
TEGNA, Inc.		31,231		440,357
John Wiley & Sons, Inc. — Class A		9,767		431,897
ATN International, Inc.		6,867		387,230
Alphabet, Inc. — Class C*		273		320,313
New Media Investment Group, Inc.		26,290		276,045
Juniper Networks, Inc.1		8,456		223,830
News Corp. — Class A		16,789		208,855
Facebook, Inc. — Class A*		1,214		202,362
Total Communications				8,866,834
Energy - 9.1%
Exxon Mobil Corp.1		12,352		998,042
Chevron Corp.1		8,055		992,215
Occidental Petroleum Corp.1		14,934		988,631
Kinder Morgan, Inc.		43,329		867,013
Valero Energy Corp.1		9,296		788,580
Delek US Holdings, Inc.		18,708		681,345
Phillips 661		6,820		649,059
HollyFrontier Corp.1		13,014		641,200
Williams Companies, Inc.		16,281		467,590
PBF Energy, Inc. — Class A		13,942		434,154
Renewable Energy Group, Inc.*		17,757		389,944
ONEOK, Inc.		5,371		375,111
CVR Energy, Inc.		5,437		224,004
Marathon Petroleum Corp.		3,157		188,946
Total Energy				8,685,834
Consumer, Cyclical - 7.7%
Delta Air Lines, Inc.1		18,388		949,740
Cinemark Holdings, Inc.1		23,739		949,322
United Continental Holdings, Inc.*,1		9,459		754,639
Allison Transmission Holdings, Inc.		13,865		622,816
JetBlue Airways Corp.*		37,050		606,138
PACCAR, Inc.		7,307		497,899
Southwest Airlines Co.1		8,084		419,641
Walgreens Boots Alliance, Inc.		6,398		404,802
Alaska Air Group, Inc.		6,979		391,662
Casey’s General Stores, Inc.		2,978		383,477
Lear Corp.		2,073		281,327
SkyWest, Inc.		4,484		243,436
Lions Gate Entertainment Corp. — Class A		15,359		240,215
World Fuel Services Corp.		7,587		219,188
Spirit Airlines, Inc.*		3,819		201,872
Nu Skin Enterprises, Inc. — Class A		4,120		197,183
Total Consumer, Cyclical				7,363,357
Technology - 4.9%
HP, Inc.		26,534		515,556
Intel Corp.		8,677		465,955
Applied Materials, Inc.		10,338		410,005
Lam Research Corp.		2,263		405,100
Oracle Corp.1		7,291		391,600
Activision Blizzard, Inc.		7,765		353,540
Skyworks Solutions, Inc.		4,095		337,755
Seagate Technology plc		6,981		334,320
Apple, Inc.		1,678		318,736
DXC Technology Co.1		4,939		317,627
Hewlett Packard Enterprise Co.		18,937		292,198
ON Semiconductor Corp.*,1		10,496		215,903
NetApp, Inc.1		2,973		206,148
Icad, Inc.*		28,033		144,930
Total Technology				4,709,373
Basic Materials - 0.8%
Domtar Corp.		5,688		282,409
Westlake Chemical Corp.1		3,878		263,161
LyondellBasell Industries N.V. — Class A		2,714		228,194
Total Basic Materials				773,764
Total Common Stocks
(Cost $89,052,811)				89,835,075
MONEY MARKET FUND† - 8.8%
Goldman Sachs Financial Square Treasury Instruments Fund – Institutional Class 2.26%2		8,405,229		8,405,229
Total Money Market Fund
(Cost $8,405,229)				8,405,229
Total Investments - 103.2%
(Cost $97,458,040)			$	98,240,304
Other Assets & Liabilities, net - (3.2)%				(3,076,969	)
Total Net Assets - 100.0%			$	95,163,335

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
ALPHA OPPORTUNITY FUND

Custom Basket Swap Agreements
Counterparty	Reference Obligation	Financing Rate Pay (Receive)			Payment Frequency	Maturity Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)
OTC Custom Basket Swap Agreements††
Morgan Stanley	Alpha Opportunity Portfolio Long Custom Basket Swap3		2.81	%	At Maturity	02/01/24	$	40,933,307	$	204,676
OTC Custom Basket Swap Agreements Sold Short††
Morgan Stanley	Alpha Opportunity Portfolio Short Custom Basket Swap4		(2.11	%)	At Maturity	02/01/24		97,894,942		(1,552,671	)

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation
CUSTOM BASKET OF LONG SECURITIES3
Kinder Morgan, Inc.		18,977		0.94	%	$	29,144
Philip Morris International, Inc.		2,481		0.55	%		28,929
Tyson Foods, Inc. — Class A		6,780		1.16	%		23,638
Sinclair Broadcast Group, Inc. — Class A		6,977		0.67	%		22,382
Pinnacle West Capital Corp.		4,643		1.08	%		18,630
Delek US Holdings, Inc.		8,194		0.73	%		17,987
Kimberly-Clark Corp.		3,349		1.01	%		16,358
Deluxe Corp.		5,086		0.54	%		15,484
Jazz Pharmaceuticals plc*		1,107		0.39	%		14,866
Delta Air Lines, Inc.		8,053		1.02	%		13,580
Merck & Company, Inc.		3,372		0.69	%		12,337
Apple, Inc.		735		0.34	%		11,937
AT&T, Inc.		11,535		0.88	%		11,682
Pilgrim's Pride Corp.*		14,372		0.78	%		11,553
TEGNA, Inc.		13,678		0.47	%		10,467
Zimmer Biomet Holdings, Inc.		2,577		0.80	%		10,237
FedEx Corp.		2,512		1.11	%		9,429
Colgate-Palmolive Co.		3,846		0.64	%		8,933
Nomad Foods Ltd.*		14,803		0.74	%		8,876
Williams Companies, Inc.		7,131		0.50	%		8,747
FirstEnergy Corp.		10,837		1.10	%		8,533
J.B. Hunt Transport Services, Inc.		2,941		0.73	%		7,794
Cummins, Inc.		2,179		0.84	%		7,683
Knight-Swift Transportation Holdings, Inc.		6,730		0.54	%		7,490
Darling Ingredients, Inc.*		12,311		0.65	%		7,399
Southwest Airlines Co.		3,540		0.45	%		7,363
Ingredion, Inc.		4,665		1.08	%		6,825
Becton Dickinson and Co.		876		0.53	%		6,506
Amgen, Inc.		2,301		1.07	%		6,309
Seagate Technology plc		3,057		0.36	%		6,280
Marten Transport Ltd.		6,245		0.27	%		6,253
Union Pacific Corp.		1,201		0.49	%		6,217
Baxter International, Inc.		2,675		0.53	%		6,042
Molina Healthcare, Inc.*		676		0.23	%		6,003
CSX Corp.		2,468		0.45	%		5,906
Skyworks Solutions, Inc.		1,793		0.36	%		5,846
Ameriprise Financial, Inc.		1,723		0.54	%		5,765
Icad, Inc.*		9,390		0.12	%		5,634
Casey's General Stores, Inc.		1,304		0.41	%		5,571
Kennametal, Inc.		4,031		0.36	%		5,553
AES Corp.		16,591		0.73	%		5,274
El Paso Electric Co.		6,128		0.88	%		4,753
SkyWest, Inc.		1,964		0.26	%		4,687
Scholastic Corp.		5,203		0.51	%		4,589
Hartford Financial Services Group, Inc.		6,582		0.80	%		4,524
United Parcel Service, Inc. — Class B		1,588		0.43	%		4,470
Exxon Mobil Corp.		5,409		1.07	%		4,434
Werner Enterprises, Inc.		8,885		0.74	%		4,392
Huntington Ingalls Industries, Inc.		1,014		0.51	%		4,370
Pfizer, Inc.		10,431		1.08	%		4,172
NRG Energy, Inc.		3,874		0.40	%		4,044
AMERCO		566		0.51	%		4,017
JetBlue Airways Corp.*		16,227		0.65	%		3,937
Norfolk Southern Corp.		878		0.40	%		3,925
TrueBlue, Inc.*		4,848		0.28	%		3,917
Portland General Electric Co.		8,618		1.09	%		3,902
Franklin Resources, Inc.		5,984		0.48	%		3,899
HP, Inc.		11,621		0.55	%		3,858
Oshkosh Corp.		1,918		0.35	%		3,855
Forward Air Corp.		2,293		0.36	%		3,634
Sysco Corp.		3,848		0.63	%		3,629
Northern Trust Corp.		2,614		0.58	%		3,595
Assured Guaranty Ltd.		3,772		0.41	%		3,552
Alaska Air Group, Inc.		3,056		0.42	%		3,367
Cal-Maine Foods, Inc.		5,462		0.60	%		3,315

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
ALPHA OPPORTUNITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation
Abbott Laboratories		2,650		0.52	%	$	3,292
Lam Research Corp.		991		0.43	%		3,285
Medical Properties Trust, Inc.		23,986		1.08	%		3,279
JM Smucker Co.		1,211		0.34	%		3,142
Applied Materials, Inc.		4,528		0.44	%		3,142
Perrigo Company plc		2,189		0.26	%		3,037
Kansas City Southern		2,456		0.70	%		2,996
McKesson Corp.		3,082		0.88	%		2,884
ManpowerGroup, Inc.		4,591		0.93	%		2,879
Oracle Corp.		3,193		0.42	%		2,874
Constellation Brands, Inc. — Class A		534		0.23	%		2,850
NetApp, Inc.		1,302		0.22	%		2,825
Travelers Companies, Inc.		1,911		0.64	%		2,589
Arrow Electronics, Inc.*		2,211		0.42	%		2,586
General Mills, Inc.		1,822		0.23	%		2,388
ONEOK, Inc.		2,352		0.40	%		2,352
Johnson & Johnson		1,099		0.38	%		2,285
CONMED Corp.		1,409		0.29	%		2,172
Thermo Fisher Scientific, Inc.		431		0.29	%		2,099
Intel Corp.		3,800		0.50	%		2,052
Avnet, Inc.		2,557		0.27	%		1,994
Brown-Forman Corp. — Class B		1,737		0.22	%		1,970
Juniper Networks, Inc.		3,703		0.24	%		1,963
CVR Energy, Inc.		2,381		0.24	%		1,801
JPMorgan Chase & Co.		1,364		0.34	%		1,788
PACCAR, Inc.		3,200		0.53	%		1,743
Belden, Inc.		1,892		0.25	%		1,741
Westlake Chemical Corp.		1,698		0.28	%		1,740
US Foods Holding Corp.*		3,724		0.32	%		1,739
Allergan plc		865		0.31	%		1,699
Bio-Rad Laboratories, Inc. — Class A*		582		0.43	%		1,661
Medtronic plc		4,796		1.07	%		1,604
Domtar Corp.		2,491		0.30	%		1,592
Equity Commonwealth		13,461		1.08	%		1,453
Alphabet, Inc. — Class C*		119		0.34	%		1,430
Chevron Corp.		3,528		1.06	%		1,376
National Fuel Gas Co.		6,629		0.99	%		1,331
AbbVie, Inc.		1,349		0.27	%		1,139
Host Hotels & Resorts, Inc.		12,063		0.56	%		1,128
Visa, Inc. — Class A		572		0.22	%		1,127
Humana, Inc.		1,002		0.65	%		1,110
Prudential Financial, Inc.		2,385		0.54	%		1,095
Textron, Inc.		3,108		0.38	%		1,068
MetLife, Inc.		4,938		0.51	%		1,054
Waters Corp.*		447		0.27	%		1,019
Molson Coors Brewing Co. — Class B		4,391		0.64	%		956
DXC Technology Co.		2,163		0.34	%		863
News Corp. — Class A		7,353		0.22	%		849
Flowers Foods, Inc.		4,368		0.23	%		568
Park Hotels & Resorts, Inc.		9,130		0.69	%		501

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Post Holdings, Inc.*		1,682		0.45	%		446
Facebook, Inc. — Class A*		531		0.22	%		435
United Therapeutics Corp.*		1,194		0.34	%		240
Vishay Intertechnology, Inc.		5,037		0.23	%		198
MEDNAX, Inc.*		3,582		0.24	%		179
ON Semiconductor Corp.*		4,597		0.23	%		46
Cardinal Health, Inc.		4,456		0.52	%		3
Summit Hotel Properties, Inc.		8,450		0.24	%		(7	)
Bank of New York Mellon Corp.		4,651		0.57	%		(23	)
Occidental Petroleum Corp.		6,540		1.06	%		(107	)
PPL Corp.		13,700		1.06	%		(139	)
Innoviva, Inc.*		7,842		0.27	%		(416	)
Western Union Co.		11,187		0.50	%		(495	)
Spirit Airlines, Inc.*		1,672		0.22	%		(592	)
Lions Gate Entertainment Corp. — Class A		6,727		0.26	%		(748	)
Cinemark Holdings, Inc.		10,397		1.02	%		(773	)
Lear Corp.		908		0.30	%		(812	)
Central Garden & Pet Co. — Class A*		3,523		0.20	%		(1,047	)
World Fuel Services Corp.		3,323		0.23	%		(1,050	)
Hospitality Properties Trust		5,604		0.36	%		(1,284	)
John Wiley & Sons, Inc. — Class A		4,278		0.46	%		(1,306	)
Greenbrier Companies, Inc.		2,470		0.19	%		(1,342	)
Hewlett Packard Enterprise Co.		8,294		0.31	%		(1,350	)
Apartment Investment & Management Co. — Class A		9,135		1.12	%		(1,579	)
Marathon Petroleum Corp.		1,382		0.20	%		(1,899	)
Archer-Daniels-Midland Co.		31,364		3.30	%		(2,288	)
Nu Skin Enterprises, Inc. — Class A		1,804		0.21	%		(2,352	)
Exelon Corp.		7,049		0.86	%		(2,820	)
LyondellBasell Industries N.V. — Class A		1,189		0.24	%		(2,830	)
HCA Healthcare, Inc.		1,189		0.38	%		(2,939	)
Vector Group Ltd.		17,548		0.46	%		(3,149	)
Valero Energy Corp.		4,071		0.84	%		(3,747	)
Ameren Corp.		6,030		1.08	%		(3,841	)
Walgreens Boots Alliance, Inc.		2,802		0.43	%		(3,937	)
Kraft Heinz Co.		2,717		0.22	%		(4,305	)
Schneider National, Inc. — Class B		12,170		0.63	%		(4,418	)
Saia, Inc.*		2,823		0.42	%		(4,851	)
Activision Blizzard, Inc.		3,401		0.38	%		(5,373	)
HCP, Inc.		8,602		0.66	%		(5,710	)
Chesapeake Lodging Trust		9,103		0.62	%		(5,937	)
Phillips 66		2,987		0.69	%		(6,273	)
UGI Corp.		8,073		1.09	%		(6,548	)
Herbalife Nutrition Ltd.*		3,778		0.49	%		(6,876	)
InterDigital, Inc.		4,025		0.65	%		(7,810	)

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
ALPHA OPPORTUNITY FUND

	Shares			Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Verizon Communications, Inc.		7,628			1.10	%		(8,160	)
Heartland Express, Inc.		15,156			0.71	%		(8,706	)
Integer Holdings Corp.*		1,039			0.19	%		(9,154	)
MSG Networks, Inc. — Class A*		8,971			0.48	%		(9,413	)
Omnicom Group, Inc.		5,921			1.06	%		(9,920	)
AMC Networks, Inc. — Class A*		6,203			0.86	%		(11,314	)
Shenandoah Telecommunications Co.		5,848			0.63	%		(11,964	)
Allison Transmission Holdings, Inc.		6,073			0.67	%		(12,442	)
New Media Investment Group, Inc.		11,514			0.30	%		(12,694	)
Mylan N.V.*		5,919			0.41	%		(13,549	)
Gilead Sciences, Inc.		6,809			1.08	%		(14,565	)
United Continental Holdings, Inc.*		4,143			0.81	%		(21,724	)
HollyFrontier Corp.		5,699			0.69	%		(25,144	)
PBF Energy, Inc. — Class A		6,106			0.46	%		(27,432	)
Renewable Energy Group, Inc.*		7,777			0.42	%		(31,387	)
Kroger Co.		11,059			0.66	%		(32,216	)
Biogen, Inc.*		598			0.35	%		(34,846	)
ATN International, Inc.		3,007			0.41	%		(35,657	)
Total Custom Basket of Long Securities							$	204,676
CUSTOM BASKET OF SHORT SECURITIES4
Two Harbors Investment Corp.		(68,187	)		(0.94	%)		64,284
Valley National Bancorp		(140,777	)		(1.38	%)		56,402
CNO Financial Group, Inc.		(31,863	)		(0.53	%)		53,694
First Financial Bankshares, Inc.		(11,874	)		(0.70	%)		50,999
CVB Financial Corp.		(29,952	)		(0.64	%)		30,188
Annaly Capital Management, Inc.		(84,997	)		(0.87	%)		26,917
Chimera Investment Corp.		(45,505	)		(0.87	%)		22,493
FireEye, Inc.*		(19,152	)		(0.33	%)		19,076
New York Community Bancorp, Inc.		(89,324	)		(1.06	%)		13,957
Wyndham Hotels & Resorts, Inc.		(17,654	)		(0.90	%)		10,859
Douglas Emmett, Inc.		(27,670	)		(1.14	%)		10,238
Royal Gold, Inc.		(6,912	)		(0.64	%)		9,981
Axis Capital Holdings Ltd.		(8,584	)		(0.48	%)		9,859
Blackstone Mortgage Trust, Inc. — Class A		(25,908	)		(0.91	%)		9,248
Jagged Peak Energy, Inc.*		(61,247	)		(0.66	%)		9,230
Pacific Premier Bancorp, Inc.		(13,650	)		(0.37	%)		7,062
Ball Corp.		(16,430	)		(0.97	%)		5,817
Essex Property Trust, Inc.		(2,360	)		(0.70	%)		5,404
People's United Financial, Inc.		(34,544	)		(0.58	%)		5,130
NextEra Energy, Inc.		(3,815	)		(0.75	%)		4,693
National Oilwell Varco, Inc.		(33,094	)		(0.90	%)		4,636
Physicians Realty Trust		(22,942	)		(0.44	%)		4,588
Washington Federal, Inc.		(11,060	)		(0.33	%)		3,807
Glacier Bancorp, Inc.		(9,956	)		(0.41	%)		3,444
BankUnited, Inc.		(14,394	)		(0.49	%)		3,273
Hudson Pacific Properties, Inc.		(21,202	)		(0.75	%)		3,176
MFA Financial, Inc.		(50,555	)		(0.38	%)		2,528
Sotheby's*		(7,394	)		(0.29	%)		1,669
Commercial Metals Co.		(52,339	)		(0.91	%)		1,558
Empire State Realty Trust, Inc. — Class A		(45,791	)		(0.74	%)		1,167
Arthur J Gallagher & Co.		(7,872	)		(0.63	%)		945
CubeSmart		(13,274	)		(0.43	%)		928
AGNC Investment Corp.		(53,522	)		(0.98	%)		501
STORE Capital Corp.		(14,284	)		(0.49	%)		429
Everest Re Group Ltd.		(4,141	)		(0.91	%)		119
Marriott Vacations Worldwide Corp.		(6,506	)		(0.62	%)		99
Atmos Energy Corp.		(7,977	)		(0.84	%)		80
Steven Madden Ltd.		(1	)		0.00	%		2
First Republic Bank		(5,142	)		(0.53	%)		(51	)
Signature Bank		(2,844	)		(0.37	%)		(563	)
Extra Space Storage, Inc.		(3,673	)		(0.38	%)		(739	)
Healthcare Realty Trust, Inc.		(9,139	)		(0.30	%)		(814	)
Healthcare Trust of America, Inc. — Class A		(30,482	)		(0.89	%)		(914	)
White Mountains Insurance Group Ltd.		(895	)		(0.85	%)		(1,095	)
WesBanco, Inc.		(7,265	)		(0.29	%)		(1,107	)
Allegheny Technologies, Inc.*		(11,426	)		(0.30	%)		(1,143	)
UDR, Inc.		(14,118	)		(0.66	%)		(1,977	)
CyrusOne, Inc.		(8,525	)		(0.46	%)		(2,019	)
Realty Income Corp.		(16,820	)		(1.26	%)		(2,045	)
IBERIABANK Corp.		(5,874	)		(0.43	%)		(2,167	)
BancorpSouth Bank		(20,780	)		(0.60	%)		(2,730	)
Prosperity Bancshares, Inc.		(5,364	)		(0.38	%)		(2,859	)
Woodward, Inc.		(6,237	)		(0.60	%)		(2,927	)
Paramount Group, Inc.		(38,790	)		(0.56	%)		(3,491	)
American Homes 4 Rent — Class A		(20,741	)		(0.48	%)		(3,731	)
Kaiser Aluminum Corp.		(3,683	)		(0.39	%)		(3,752	)
Old National Bancorp		(55,508	)		(0.93	%)		(3,766	)
Associated Banc-Corp.		(17,216	)		(0.38	%)		(4,032	)
salesforce.com, Inc.*		(6,812	)		(1.10	%)		(5,211	)
Alexandria Real Estate Equities, Inc.		(4,876	)		(0.71	%)		(5,389	)
Sherwin-Williams Co.		(925	)		(0.41	%)		(5,664	)
New Residential Investment Corp.		(23,467	)		(0.41	%)		(5,727	)
Sempra Energy		(8,295	)		(1.07	%)		(5,919	)
Howard Hughes Corp.*		(7,523	)		(0.85	%)		(6,297	)

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
ALPHA OPPORTUNITY FUND

	Shares			Percentage Notional Amount			Value and Unrealized Depreciation
Texas Roadhouse, Inc. — Class A		(7,164	)		(0.46	%)	$	(6,663	)
Sterling Bancorp		(27,317	)		(0.52	%)		(6,733	)
Crown Holdings, Inc.*		(13,091	)		(0.73	%)		(6,859	)
Southern Copper Corp.		(8,454	)		(0.34	%)		(6,932	)
Crown Castle International Corp.		(2,808	)		(0.37	%)		(7,560	)
Markel Corp.*		(730	)		(0.74	%)		(7,753	)
Liberty Property Trust		(26,916	)		(1.33	%)		(8,627	)
RPM International, Inc.		(11,061	)		(0.66	%)		(9,529	)
Brandywine Realty Trust		(28,584	)		(0.46	%)		(9,635	)
Dunkin' Brands Group, Inc.		(5,707	)		(0.44	%)		(9,801	)
Xylem, Inc.		(9,400	)		(0.76	%)		(9,964	)
Invitation Homes, Inc.		(55,934	)		(1.39	%)		(10,068	)
MarketAxess Holdings, Inc.		(1,988	)		(0.50	%)		(10,138	)
Spire, Inc.		(11,614	)		(0.98	%)		(10,202	)
Columbia Financial, Inc.*		(18,743	)		(0.30	%)		(10,408	)
Compass Minerals International, Inc.		(8,988	)		(0.50	%)		(10,606	)
Redwood Trust, Inc.		(55,778	)		(0.92	%)		(11,100	)
Avery Dennison Corp.		(3,239	)		(0.37	%)		(11,223	)
RLI Corp.		(13,506	)		(0.99	%)		(11,581	)
HB Fuller Co.		(8,245	)		(0.41	%)		(11,790	)
Bright Horizons Family Solutions, Inc.*		(4,239	)		(0.55	%)		(11,958	)
Cincinnati Financial Corp.		(12,738	)		(1.12	%)		(12,018	)
Linde plc		(1,868	)		(0.34	%)		(12,049	)
Capitol Federal Financial, Inc.		(66,014	)		(0.90	%)		(12,747	)
Amazon.com, Inc.*		(343	)		(0.62	%)		(12,860	)
Federal Realty Investment Trust		(5,965	)		(0.84	%)		(13,702	)
American Campus Communities, Inc.		(24,780	)		(1.20	%)		(14,262	)
Pool Corp.		(3,591	)		(0.61	%)		(14,831	)
Washington Real Estate Investment Trust		(28,373	)		(0.82	%)		(15,093	)
Materion Corp.		(10,370	)		(0.60	%)		(15,709	)
Americold Realty Trust		(14,119	)		(0.44	%)		(16,474	)
Boeing Co.		(1,017	)		(0.40	%)		(16,582	)
South Jersey Industries, Inc.		(26,599	)		(0.87	%)		(17,295	)
Core Laboratories N.V.		(13,265	)		(0.93	%)		(17,467	)
Marriott International, Inc. — Class A		(4,947	)		(0.63	%)		(18,627	)
Starbucks Corp.		(5,846	)		(0.44	%)		(18,890	)
BOK Financial Corp.		(8,133	)		(0.68	%)		(19,267	)
Proofpoint, Inc.*		(4,247	)		(0.53	%)		(19,753	)
Fortive Corp.		(16,074	)		(1.38	%)		(19,772	)
PPG Industries, Inc.		(4,032	)		(0.46	%)		(19,794	)
Scotts Miracle-Gro Co. — Class A		(14,117	)		(1.13	%)		(20,571	)
Camden Property Trust		(6,730	)		(0.70	%)		(20,857	)
Prologis, Inc.		(8,147	)		(0.60	%)		(22,667	)
AptarGroup, Inc.		(12,519	)		(1.36	%)		(22,837	)
Monolithic Power Systems, Inc.		(4,110	)		(0.57	%)		(22,858	)
SBA Communications Corp.*		(3,398	)		(0.69	%)		(24,218	)
Pegasystems, Inc.		(13,818	)		(0.92	%)		(27,001	)
Palo Alto Networks, Inc.*		(3,312	)		(0.82	%)		(27,647	)
Guidewire Software, Inc.*		(8,152	)		(0.81	%)		(27,960	)
Allegion plc		(9,474	)		(0.88	%)		(28,404	)
WR Grace & Co.		(16,259	)		(1.30	%)		(29,754	)
TransDigm Group, Inc.*		(2,314	)		(1.07	%)		(31,189	)
PTC, Inc.*		(9,028	)		(0.85	%)		(32,678	)
Oil States International, Inc.*		(18,144	)		(0.31	%)		(34,472	)
EastGroup Properties, Inc.		(8,985	)		(1.02	%)		(36,832	)
Terreno Realty Corp.		(20,064	)		(0.86	%)		(37,717	)
Costco Wholesale Corp.		(3,518	)		(0.87	%)		(38,795	)
First Industrial Realty Trust, Inc.		(18,028	)		(0.65	%)		(39,423	)
American Tower Corp. — Class A		(1,509	)		(0.30	%)		(39,691	)
Sun Communities, Inc.		(12,517	)		(1.52	%)		(41,027	)
Roper Technologies, Inc.		(3,715	)		(1.30	%)		(42,927	)
Vulcan Materials Co.		(3,474	)		(0.42	%)		(45,541	)
AMETEK, Inc.		(17,864	)		(1.51	%)		(49,793	)
Equinix, Inc.		(1,731	)		(0.80	%)		(50,034	)
Agree Realty Corp.		(14,621	)		(1.04	%)		(50,637	)
Air Products & Chemicals, Inc.		(6,258	)		(1.22	%)		(51,230	)
NewMarket Corp.		(2,253	)		(1.00	%)		(53,068	)
SPS Commerce, Inc.*		(3,364	)		(0.36	%)		(59,946	)
Balchem Corp.		(10,406	)		(0.99	%)		(62,582	)
Sensient Technologies Corp.		(13,046	)		(0.90	%)		(63,180	)
Martin Marietta Materials, Inc.		(3,994	)		(0.82	%)		(64,289	)
Rexford Industrial Realty, Inc.		(40,824	)		(1.49	%)		(72,517	)
Equity LifeStyle Properties, Inc.		(8,579	)		(1.00	%)		(74,005	)
CarMax, Inc.*		(11,733	)		(0.84	%)		(82,353	)
Total Custom Basket of Short Securities							$	(1,552,671	)

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

SCHEDULE OF INVESTMENTS(Unaudited)(concluded)	March 31, 2019
ALPHA OPPORTUNITY FUND

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is pledged as custom basket swap collateral at March 31, 2019.
2	Rate indicated is the 7-day yield as of March 31, 2019.
3	Total Return based on the return of the custom long basket of securities +/- financing at a variable rate. Rate indicated is rate effective at March 31, 2019.
4	Total Return based on the return of the custom short basket of securities +/- financing at a variable rate. Rate indicated is rate effective at March 31, 2019.
	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 March 31, 2019 (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	$	89,835,075	$	—	$	—	$	89,835,075
Money Market Fund		8,405,229		—		—		8,405,229
Custom Basket Swap Agreements**		—		204,676		—		204,676
Total Assets	$	98,240,304	$	204,676	$	—	$	98,444,980

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Custom Basket Swap Agreements**	$	—		1,552,671	$	—	$	1,552,671

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

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

ALPHA OPPORTUNITY FUND

STATEMENT OF ASSETS AND LIABILITIES(Unaudited)

March 31, 2019

Assets:
Investments, at value (cost $97,458,040)	$	98,240,304
Cash		1,274
Unrealized appreciation on swap agreements		204,676
Prepaid expenses		65,142
Receivables:
Dividends		164,509
Interest		6,217
Total assets		98,682,122
Liabilities:
Unrealized depreciation on swap agreements		1,552,671
Payable for:
Swap settlement		1,610,401
Fund shares redeemed		182,511
Management fees		72,409
Transfer agent/maintenance fees		12,718
Fund accounting/administration fees		6,584
Distribution and service fees		3,293
Due to Investment Adviser		1,585
Trustees’ fees*		523
Miscellaneous		76,092
Total liabilities		3,518,787
Net assets	$	95,163,335
Net assets consist of:
Paid in capital	$	116,283,442
Total distributable earnings (loss)		(21,120,107	)
Net assets	$	95,163,335
A-Class:
Net assets	$	8,669,242
Capital shares outstanding		479,238
Net asset value per share	$	18.09
Maximum offering price per share(Net asset value divided by 95.25%)	$	18.99
C-Class:
Net assets	$	860,280
Capital shares outstanding		54,434
Net asset value per share	$	15.80
P-Class:
Net assets	$	2,889,350
Capital shares outstanding		158,469
Net asset value per share	$	18.23
Institutional Class:
Net assets	$	82,744,463
Capital shares outstanding		3,147,226
Net asset value per share	$	26.29

STATEMENT OF OPERATIONS(Unaudited)

Period Ended March 31, 2019

Investment Income:
Dividends	$	1,562,883
Interest		53,289
Total investment income		1,616,172
Expenses:
Management fees		655,728
Distribution and service fees:
A-Class		12,422
C-Class		4,606
P-Class		4,581
Transfer agent/maintenance fees:
A-Class		5,958
C-Class		1,329
P-Class		3,660
Institutional Class		13,983
Fund accounting/administration fees		58,288
Trustees’ fees*		9,920
Custodian fees		9,639
Line of credit fees		1,415
Miscellaneous		90,092
Recoupment of previously waived fees:
A-Class		5,801
C-Class		225
P-Class		849
Total expenses		878,496
Less:
Expenses waived by Adviser		(1,497	)
Expenses reimbursed by Adviser:
A-Class		(306	)
C-Class		(142	)
P-Class		(16	)
Institutional Class		(72	)
Total waived/reimbursed expenses		(2,033	)
Net expenses		876,463
Net investment income		739,709
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(14,546,845	)
Swap agreements		1,009,404
Net realized loss		(13,537,441	)
Net change in unrealized appreciation(depreciation) on:
Investments		(4,029,494	)
Swap agreements		8,498,504
Net change in unrealized appreciation(depreciation)		4,469,010
Net realized and unrealized loss		(9,068,431	)
Net decrease in net assets resulting from operations	$	(8,328,722	)

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

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

ALPHA OPPORTUNITY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	739,709		$	1,893,779
Net realized loss on investments		(13,537,441	)		(6,985,537	)
Net change in unrealized appreciation (depreciation) on investments		4,469,010			(844,817	)
Net decrease in net assets resulting from operations		(8,328,722	)		(5,936,575	)
Distributions to shareholders:
A-Class		(116,145	)		(950,491	)
C-Class		—			(199,304	)
P-Class		(27,471	)		(527,188	)
Institutional Class		(1,999,722	)		(9,428,285	)
Total distributions to shareholders		(2,143,338	)		(11,105,268	)
Capital share transactions:
Proceeds from sale of shares
A-Class		290,384			2,076,718
C-Class		19,120			333,769
P-Class		106,162			7,281,013
Institutional Class		1,019,738			5,609,253
Distributions reinvested
A-Class		110,113			925,939
C-Class		—			194,318
P-Class		27,471			527,188
Institutional Class		1,978,134			9,428,285
Cost of shares redeemed
A-Class		(2,391,332	)		(5,488,322	)
C-Class		(147,715	)		(1,716,741	)
P-Class		(1,564,043	)		(9,878,570	)
Institutional Class		(91,711,450	)		(15,771,018	)
Net decrease from capital share transactions		(92,263,418	)		(6,478,168	)
Net decrease in net assets		(102,735,478	)		(23,520,011	)
Net assets:
Beginning of period		197,898,813			221,418,824
End of period	$	95,163,335		$	197,898,813
Capital share activity:
Shares sold
A-Class		15,664			103,554
C-Class		1,182			18,316
P-Class		5,681			343,013
Institutional Class		37,922			190,568
Shares issued from reinvestment of distributions
A-Class		6,100			44,581
C-Class		—			10,724
P-Class		1,511			25,285
Institutional Class		75,530			313,962
Shares redeemed
A-Class		(129,534	)		(272,432	)
C-Class		(9,124	)		(101,381	)
P-Class		(84,083	)		(497,211	)
Institutional Class		(3,486,382	)		(553,273	)
Net decrease in shares		(3,565,533	)		(374,294	)

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

ALPHA OPPORTUNITY 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.

A-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Per Share Data
Net asset value, beginning of period	$	19.15		$	21.10		$	19.08		$	18.39		$	18.01		$	16.22
Income (loss) from investment operations:
Net investment income (loss)b		.06			.10			.31			(.19	)		(.35	)		(.13	)
Net gain (loss) on investments (realized and unrealized)		(.91	)		(.60	)		1.72			.88			.73			1.92
Total from investment operations		(.85	)		(.50	)		2.03			.69			.38			1.79
Less distributions from:
Net investment income		(.21	)		—			—			—			(—	)c		—
Net realized gains		—			(1.45	)		(.01	)		—			—			—
Total distributions		(.21	)		(1.45	)		(.01	)		—			(—	)c		—
Net asset value, end of period	$	18.09		$	19.15		$	21.10		$	19.08		$	18.39		$	18.01
Total Returnd		(4.43	%)		(2.90	%)		10.70	%		3.70	%		2.13	%		11.04	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	8,669		$	11,243		$	15,011		$	16,041		$	11,485		$	7,989
Ratios to average net assets:
Net investment income (loss)		0.62	%		0.51	%		1.49	%		(1.02	%)		(1.88	%)		(0.73	%)
Total expensesh		1.63	%		1.54	%		2.21	%		2.69	%		3.92	%		3.25	%
Net expensese,f,i		1.62	%		1.54	%		2.17	%		2.69	%		2.94	%		2.12	%
Portfolio turnover rate		77	%		255	%		92	%		235	%		124	%		—

C-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Per Share Data
Net asset value, beginning of period	$	16.61		$	18.62		$	16.96		$	16.47		$	16.25		$	14.74
Income (loss) from investment operations:
Net investment income (loss)b		(.02	)		(.05	)		.09			(.29	)		(.44	)		(.23	)
Net gain (loss) on investments (realized and unrealized)		(.79	)		(.51	)		1.58			.78			.66			1.74
Total from investment operations		(.81	)		(.56	)		1.67			.49			.22			1.51
Less distributions from:
Net investment income		—			—			—			—			(—	)c		—
Net realized gains		—			(1.45	)		(.01	)		—			—			—
Total distributions		—			(1.45	)		(.01	)		—			(—	)c		—
Net asset value, end of period	$	15.80		$	16.61		$	18.62		$	16.96		$	16.47		$	16.25
Total Returnd		(4.88	%)		(3.65	%)		9.91	%		2.91	%		1.38	%		10.24	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	860		$	1,036		$	2,508		$	1,550		$	1,203		$	1,117
Ratios to average net assets:
Net investment income (loss)		(0.19	%)		(0.31	%)		0.47	%		(1.72	%)		(2.64	%)		(1.46	%)
Total expensesh		2.48	%		2.34	%		2.94	%		3.91	%		4.81	%		4.11	%
Net expensese,f,i		2.45	%		2.31	%		2.88	%		3.46	%		3.68	%		2.87	%
Portfolio turnover rate		77	%		255	%		92	%		235	%		124	%		—

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

ALPHA OPPORTUNITY 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.

P-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Period Ended September 30, 2015g
Per Share Data
Net asset value, beginning of period	$	19.23		$	21.19		$	19.11		$	18.39		$	19.11
Income (loss) from investment operations:
Net investment income (loss)b		.05			.10			(.06	)		(.12	)		(.13	)
Net gain (loss) on investments (realized and unrealized)		(.91	)		(.61	)		2.15			.84			(.59	)
Total from investment operations		(.86	)		(.51	)		2.09			.72			(.72	)
Less distributions from:
Net investment income		(.14	)		—			—			—			—
Net realized gains		—			(1.45	)		(.01	)		—			—
Total distributions		(.14	)		(1.45	)		(.01	)		—			—
Net asset value, end of period	$	18.23		$	19.23		$	21.19		$	19.11		$	18.39
Total Return		(4.48	%)		(2.93	%)		11.00	%		3.86	%		(3.77	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,889		$	4,525		$	7,720		$	4,453		$	134
Ratios to average net assets:
Net investment income (loss)		0.59	%		0.47	%		(0.31	%)		(0.65	%)		(1.77	%)
Total expensesh		1.63	%		1.58	%		1.75	%		2.44	%		3.31	%
Net expensese,f,i		1.63	%		1.57	%		1.72	%		2.44	%		2.87	%
Portfolio turnover rate		77	%		255	%		92	%		235	%		124	%

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

ALPHA OPPORTUNITY 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	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Per Share Data
Net asset value, beginning of period	$	27.77		$	29.86		$	26.82		$	25.73		$	25.13		$	22.58
Income (loss) from investment operations:
Net investment income (loss)b		.14			.27			.12			(.13	)		(.40	)		(.12	)
Net gain (loss) on investments (realized and unrealized)		(1.31	)		(.91	)		2.93			1.22			1.00			2.67
Total from investment operations		(1.17	)		(.64	)		3.05			1.09			.60			2.55
Less distributions from:
Net investment income		(.31	)		—			—			—			(—	)c		—
Net realized gains		—			(1.45	)		(.01	)		—			—			—
Total distributions		(.31	)		(1.45	)		(.01	)		—			(—	)c		—
Net asset value, end of period	$	26.29		$	27.77		$	29.86		$	26.82		$	25.73		$	25.13
Total Return		(4.21	%)		(2.50	%)		11.42	%		4.20	%		2.41	%		11.29	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	82,744		$	181,095		$	196,180		$	56,550		$	50,304		$	1,645
Ratios to average net assets:
Net investment income (loss)		1.07	%		0.94	%		0.40	%		(0.49	%)		(1.55	%)		(0.48	%)
Total expensesh		1.15	%		1.12	%		1.38	%		2.23	%		2.80	%		2.90	%
Net expensese,f,i		1.15	%		1.12	%		1.37	%		2.23	%		2.80	%		1.87	%
Portfolio turnover rate		77	%		255	%		92	%		235	%		124	%		—

a	Unaudited figures for the period ended March 31, 2019. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Distributions from net investment income are less than $0.01 per share.
d	Total return does not reflect the impact of any applicable sales charges.
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 periods presented was as follows:

	03/31/19	09/30/18	09/30/17
A-Class	0.12%	0.02%	0.32%
C-Class	0.05%	0.07%	0.64%
P-Class	0.05%	0.04%	—
Institutional Class	—	—	0.01%

g	Since commencement of operations: May 1, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
h	Does not include expenses of the underlying funds in which the Fund invests.
i	Net expenses may include expenses that are excluded from the expense limitation agreement and recouped amounts. Excluding these expenses, the net expense ratios for the periods presented would be:

	03/31/19	09/30/18	09/30/17	09/30/16	09/30/15	09/30/14
A-Class	1.62%	1.52%	2.00%	2.11%	2.11%	2.11%
C-Class	2.45%	2.30%	2.71%	2.86%	2.86%	2.86%
P-Class	1.63%	1.56%	1.68%	1.87%	2.10%	—
Institutional Class	1.15%	1.11%	1.28%	1.63%	1.86%	1.86%

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

PERFORMANCE REPORT AND FUND PROFILE(Unaudited) March 31, 2019

LARGE CAP VALUE FUND

OBJECTIVE:Seeks long-term growth of capital.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
A-Class	August 7, 1944
C-Class	January 29, 1999
P-Class	May 1, 2015
Institutional Class	June 7, 2013

Ten Largest Holdings (% of Total Net Assets)
JPMorgan Chase & Co.	3.8%
Chevron Corp.	3.1%
Exxon Mobil Corp.	3.0%
Bank of America Corp.	3.0%
Cisco Systems, Inc.	2.8%
Berkshire Hathaway, Inc. — Class B	2.7%
Intel Corp.	2.5%
Pfizer, Inc.	2.4%
Citigroup, Inc.	2.2%
iShares Russell 1000 Value ETF	2.1%
Top Ten Total	27.6%

“Ten Largest Holdings” excludes any temporary cash investments.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 23

PERFORMANCE REPORT AND FUND PROFILE(Unaudited)(concluded) March 31, 2019

Average Annual Returns*

Periods Ended March 31, 2019

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(3.77%)	3.03%	6.87%	13.17%
A-Class Shares with sales charge‡	(8.34%)	(1.87%)	5.84%	12.50%
C-Class Shares	(4.12%)	2.25%	6.07%	12.32%
C-Class Shares with CDSC§	(5.02%)	1.28%	6.07%	12.32%
Russell 1000 Value Index	(1.19%)	5.67%	7.72%	14.52%

	6 Month†	1 Year	Since Inception (05/01/15)
P-Class Shares	(3.76%)	3.03%	6.97%
Russell 1000 Value Index	(1.19%)	5.67%	6.99%

	6 Month†	1 Year	5 Year	Since Inception (06/07/13)
Institutional Class Shares	(3.62%)	3.30%	7.13%	8.84%
Russell 1000 Value Index	(1.19%)	5.67%	7.72%	9.33%

*	The performance data above represents past performance that is not predictive of future results. 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 effect of taxes. The Russell 1000 Value Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Effective February 22, 2011, 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 Returns based on subscriptions made prior to February 22, 2011, and a 4.75% maximum sales charge will be used to calculate performance for periods based on subscriptions made on or after February 22, 2011.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

24 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS(Unaudited)	March 31, 2019
LARGE CAP VALUE FUND

	Shares		Value
COMMON STOCKS† - 94.6%
Financial - 25.7%
JPMorgan Chase & Co.		23,403	$	2,369,086
Bank of America Corp.		67,490		1,862,049
Berkshire Hathaway, Inc. — Class B*		8,254		1,658,146
Citigroup, Inc.		22,081		1,373,880
MetLife, Inc.		17,054		725,989
SunTrust Banks, Inc.		11,705		693,521
Zions Bancorp North America		15,175		689,097
Equity Commonwealth REIT		19,760		645,954
Allstate Corp.		6,658		627,051
Principal Financial Group, Inc.		11,831		593,798
BB&T Corp.		12,569		584,836
Voya Financial, Inc.		10,619		530,525
Loews Corp.		10,029		480,690
Hartford Financial Services Group, Inc.		8,318		413,571
Morgan Stanley		9,603		405,247
Wells Fargo & Co.		7,316		353,509
Medical Properties Trust, Inc. REIT		18,212		337,104
Prudential Financial, Inc.		3,280		301,366
Regions Financial Corp.		19,250		272,387
KeyCorp		17,002		267,781
Park Hotels & Resorts, Inc. REIT		8,582		266,729
Jones Lang LaSalle, Inc.		1,350		208,143
CIT Group, Inc.		4,021		192,887
Realogy Holdings Corp.		12,908		147,151
Total Financial				16,000,497
Consumer, Non-cyclical - 19.7%
Pfizer, Inc.		34,985		1,485,813
Procter & Gamble Co.		10,601		1,103,034
Johnson & Johnson		7,177		1,003,273
Alexion Pharmaceuticals, Inc.*		5,203		703,342
HCA Healthcare, Inc.		5,191		676,803
Archer-Daniels-Midland Co.		14,526		626,507
McKesson Corp.		4,953		579,798
Tyson Foods, Inc. — Class A		8,317		577,449
Zimmer Biomet Holdings, Inc.		3,805		485,899
Merck & Company, Inc.		5,747		477,978
Dentsply Sirona, Inc.		9,451		468,675
United Therapeutics Corp.*		3,933		461,616
Quest Diagnostics, Inc.		4,820		433,414
Amgen, Inc.		1,916		364,002
Bunge Ltd.		6,688		354,932
Medtronic plc		3,728		339,546
Mylan N.V.*		11,569		327,865
Biogen, Inc.*		1,377		325,495
AmerisourceBergen Corp. — Class A		3,822		303,925
DaVita, Inc.*		5,534		300,441
Humana, Inc.		1,003		266,798
Cigna Corp.		1,625		261,333
UnitedHealth Group, Inc.		956		236,380
Ingredion, Inc.		1,421		134,555
Total Consumer, Non-cyclical				12,298,873
Energy - 10.9%
Chevron Corp.		15,590		1,920,376
Exxon Mobil Corp.		23,361		1,887,569
Kinder Morgan, Inc.		52,029		1,041,100
Marathon Oil Corp.		43,193		721,755
Whiting Petroleum Corp.*		15,179		396,779
ConocoPhillips		5,631		375,813
Range Resources Corp.		29,532		331,940
Antero Resources Corp.*		14,782		130,525
Total Energy				6,805,857
Utilities - 8.2%
Exelon Corp.		19,930		999,091
Public Service Enterprise Group, Inc.		14,367		853,543
Ameren Corp.		10,541		775,291
OGE Energy Corp.		15,287		659,175
Duke Energy Corp.		6,688		601,920
Edison International		7,742		479,385
Pinnacle West Capital Corp.		4,056		387,673
AES Corp.		19,964		360,949
Total Utilities				5,117,027
Communications - 8.0%
Cisco Systems, Inc.		32,277		1,742,635
Verizon Communications, Inc.		21,659		1,280,697
Comcast Corp. — Class A		19,207		767,896
Symantec Corp.		21,451		493,159
F5 Networks, Inc.*		1,914		300,364
AT&T, Inc.		6,381		200,108
Corning, Inc.		5,053		167,254
Total Communications				4,952,113
Consumer, Cyclical - 6.3%
Walmart, Inc.		7,481		729,622
Southwest Airlines Co.		12,524		650,121
PVH Corp.		3,928		479,020
PACCAR, Inc.		5,614		382,538
Lear Corp.		2,604		353,389
DR Horton, Inc.		8,326		344,530
Carnival Corp.		6,345		321,818
Macy’s, Inc.		12,315		295,929
Walgreens Boots Alliance, Inc.		3,023		191,265
Dick’s Sporting Goods, Inc.		4,569		168,185
Total Consumer, Cyclical				3,916,417
Basic Materials - 5.5%
Reliance Steel & Aluminum Co.		8,317		750,692
Nucor Corp.		11,063		645,526
Huntsman Corp.		21,747		489,090
Steel Dynamics, Inc.		13,109		462,355
DowDuPont, Inc.		8,120		432,877
Alcoa Corp.*		13,599		382,948
Freeport-McMoRan, Inc.		21,118		272,211
Total Basic Materials				3,435,699

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

SCHEDULE OF INVESTMENTS(Unaudited)(concluded)	March 31, 2019
LARGE CAP VALUE FUND

	Shares		Value
Technology - 5.3%
Intel Corp.		29,094	$	1,562,348
Apple, Inc.		2,826		536,798
Micron Technology, Inc.*		12,468		515,302
Oracle Corp.		7,552		405,618
Skyworks Solutions, Inc.		3,589		296,021
Total Technology				3,316,087
Industrial - 5.0%
Eaton Corporation plc		5,260		423,746
FedEx Corp.		2,157		391,301
Owens Corning		7,278		342,939
Westrock Co.		8,779		336,675
3M Co.		1,557		323,513
Jabil, Inc.		11,304		300,574
Ingersoll-Rand plc		2,497		269,551
General Electric Co.		26,811		267,842
Avnet, Inc.		6,033		261,651
Timken Co.		5,146		224,468
Total Industrial				3,142,260
Total Common Stocks
(Cost $50,489,076)				58,984,830
EXCHANGE-TRADED FUNDS† - 2.1%
iShares Russell 1000 Value ETF		10,432		1,288,248
Total Exchange-Traded Funds
(Cost $1,237,633)				1,288,248
MONEY MARKET FUND† - 2.8%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares 2.27%1		1,719,288		1,719,288
Total Money Market Fund
(Cost $1,719,288)				1,719,288
Total Investments - 99.5%
(Cost $53,445,997)			$	61,992,366
Other Assets & Liabilities, net - 0.5%				315,225
Total Net Assets - 100.0%			$	62,307,591

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
1	Rate indicated is the 7-day yield as of March 31, 2019.
	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 March 31, 2019 (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	$	58,984,830	$	—	$	—	$	58,984,830
Exchange-Traded Funds		1,288,248		—		—		1,288,248
Money Market Fund		1,719,288		—		—		1,719,288
Total Assets	$	61,992,366	$	—	$	—	$	61,992,366

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

LARGE CAP VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES(Unaudited)

March 31, 2019

Assets:
Investments, at value (cost $53,445,997)	$	61,992,366
Prepaid expenses		46,738
Receivables:
Securities sold		329,802
Dividends		49,200
Fund shares sold		34,612
Interest		2,406
Total assets		62,455,124
Liabilities:
Payable for:
Fund shares redeemed		50,993
Management fees		29,478
Printing fees		21,814
Professional fees		14,344
Distribution and service fees		13,735
Fund accounting/administration fees		4,262
Transfer agent/maintenance fees		4,072
Trustees’ fees*		420
Due to Investment Adviser		219
Miscellaneous		8,196
Total liabilities		147,533
Net assets	$	62,307,591
Net assets consist of:
Paid in capital	$	52,278,876
Total distributable earnings (loss)		10,028,715
Net assets	$	62,307,591
A-Class:
Net assets	$	55,764,731
Capital shares outstanding		1,282,420
Net asset value per share	$	43.48
Maximum offering price per share(Net asset value divided by 95.25%)	$	45.65
C-Class:
Net assets	$	2,087,881
Capital shares outstanding		52,401
Net asset value per share	$	39.84
P-Class:
Net assets	$	139,148
Capital shares outstanding		3,208
Net asset value per share	$	43.38
Institutional Class:
Net assets	$	4,315,831
Capital shares outstanding		100,490
Net asset value per share	$	42.95

STATEMENT OF OPERATIONS(Unaudited)

Period Ended March 31, 2019

Investment Income:
Dividends	$	806,044
Interest		20,966
Total investment income		827,010
Expenses:
Management fees		201,882
Distribution and service fees:
A-Class		68,488
C-Class		11,838
P-Class		181
Transfer agent/maintenance fees:
A-Class		18,581
C-Class		2,161
P-Class		267
Institutional Class		3,909
Fund accounting/administration fees		24,847
Registration fees		22,062
Trustees’ fees*		5,821
Custodian fees		2,110
Line of credit fees		560
Miscellaneous		34,441
Recoupment of previously waived fees:
A-Class		339
Total expenses		397,487
Less:
Expenses waived by Adviser		(11,785	)
Expenses reimbursed by Adviser:
A-Class		(18,767	)
C-Class		(2,163	)
P-Class		(266	)
Institutional Class		(3,909	)
Total waived/reimbursed expenses		(36,890	)
Net expenses		360,597
Net investment income		466,413
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,058,250
Net realized gain		1,058,250
Net change in unrealized appreciation(depreciation) on:
Investments		(4,000,748	)
Net change in unrealized appreciation(depreciation)		(4,000,748	)
Net realized and unrealized loss		(2,942,498	)
Net decrease in net assets resulting from operations	$	(2,476,085	)

* 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 SEMI-ANNUAL REPORT|27

LARGE CAP VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	466,413		$	664,410
Net realized gain on investments		1,058,250			3,673,389
Net change in unrealized appreciation (depreciation) on investments		(4,000,748	)		2,449,400
Net increase (decrease) in net assets resulting from operations		(2,476,085	)		6,787,199
Distributions to shareholders:
A-Class		(3,032,549	)		(4,834,379	)
C-Class		(126,553	)		(270,772	)
P-Class		(8,136	)		(13,541	)
Institutional Class		(281,733	)		(138,868	)
Total distributions to shareholders		(3,448,971	)		(5,257,560	)
Capital share transactions:
Proceeds from sale of shares
A-Class		5,145,048			6,355,403
C-Class		461,360			245,690
P-Class		27,132			72,298
Institutional Class		158,172			6,251,039
Distributions reinvested
A-Class		2,987,616			4,749,467
C-Class		125,361			268,713
P-Class		8,136			13,541
Institutional Class		281,712			138,868
Cost of shares redeemed
A-Class		(3,611,427	)		(16,074,401	)
C-Class		(891,961	)		(1,394,173	)
P-Class		(30,516	)		(99,917	)
Institutional Class		(1,521,314	)		(2,419,628	)
Net increase (decrease) from capital share transactions		3,139,319			(1,893,100	)
Net decrease in net assets		(2,785,737	)		(363,461	)
Net assets:
Beginning of period		65,093,328			65,456,789
End of period	$	62,307,591		$	65,093,328
Capital share activity:
Shares sold
A-Class		115,415			133,690
C-Class		11,945			5,729
P-Class		647			1,564
Institutional Class		3,661			137,565
Shares issued from reinvestment of distributions
A-Class		77,180			102,359
C-Class		3,526			6,287
P-Class		211			292
Institutional Class		7,373			3,028
Shares redeemed
A-Class		(82,658	)		(344,514	)
C-Class		(22,842	)		(32,179	)
P-Class		(719	)		(2,155	)
Institutional Class		(35,445	)		(51,806	)
Net increase (decrease) in shares		78,294			(40,140	)

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

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.

A-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Per Share Data
Net asset value, beginning of period	$	48.08		$	46.96		$	41.78		$	39.11		$	43.80		$	38.28
Income (loss) from investment operations:
Net investment income (loss)b		.33			.48			.37			.58			.36			.30
Net gain (loss) on investments (realized and unrealized)		(2.45	)		4.46			6.80			5.23			(3.36	)		5.51
Total from investment operations		(2.12	)		4.94			7.17			5.81			(3.00	)		5.81
Less distributions from:
Net investment income		(.36	)		(.51	)		(.58	)		(.37	)		(.35	)		(.29	)
Net realized gains		(2.12	)		(3.31	)		(1.41	)		(2.77	)		(1.34	)		—
Total distributions		(2.48	)		(3.82	)		(1.99	)		(3.14	)		(1.69	)		(.29	)
Net asset value, end of period	$	43.48		$	48.08		$	46.96		$	41.78		$	39.11		$	43.80
Total Returnc		(3.77	%)		10.82	%		17.68	%		15.69	%		(7.19	%)		15.25	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	55,765		$	56,369		$	60,157		$	55,325		$	45,318		$	60,281
Ratios to average net assets:
Net investment income (loss)		1.51	%		1.03	%		0.83	%		1.48	%		0.85	%		0.72	%
Total expensesd		1.26	%		1.31	%		1.30	%		1.34	%		1.35	%		1.48	%
Net expensese,f,h		1.15	%		1.15	%		1.17	%		1.17	%		1.16	%		1.17	%
Portfolio turnover rate		20	%		24	%		40	%		56	%		60	%		40	%

C-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Per Share Data
Net asset value, beginning of period	$	44.03		$	43.29		$	38.68		$	36.38		$	40.91		$	35.86
Income (loss) from investment operations:
Net investment income (loss)b		.15			.12			.03			.27			.04			(.02	)
Net gain (loss) on investments (realized and unrealized)		(2.22	)		4.09			6.28			4.87			(3.13	)		5.16
Total from investment operations		(2.07	)		4.21			6.31			5.14			(3.09	)		5.14
Less distributions from:
Net investment income		—			(.16	)		(.29	)		(.07	)		(.10	)		(.09	)
Net realized gains		(2.12	)		(3.31	)		(1.41	)		(2.77	)		(1.34	)		—
Total distributions		(2.12	)		(3.47	)		(1.70	)		(2.84	)		(1.44	)		(.09	)
Net asset value, end of period	$	39.84		$	44.03		$	43.29		$	38.68		$	36.38		$	40.91
Total Returnc		(4.12	%)		9.97	%		16.74	%		14.87	%		(7.89	%)		14.35	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,088		$	2,632		$	3,461		$	3,075		$	3,345		$	3,963
Ratios to average net assets:
Net investment income (loss)		0.75	%		0.28	%		0.08	%		0.75	%		0.10	%		(0.04	%)
Total expensesd		2.12	%		2.10	%		2.09	%		2.18	%		2.16	%		2.33	%
Net expensese,f,h		1.90	%		1.90	%		1.92	%		1.92	%		1.91	%		1.92	%
Portfolio turnover rate		20	%		24	%		40	%		56	%		60	%		40	%

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

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.

P-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Period Ended September 30, 2015g
Per Share Data
Net asset value, beginning of period	$	48.00		$	46.91		$	41.74		$	39.13		$	43.64
Income (loss) from investment operations:
Net investment income (loss)b		.33			.49			.37			1.40			.22
Net gain (loss) on investments (realized and unrealized)		(2.44	)		4.44			6.78			4.44			(4.73	)
Total from investment operations		(2.11	)		4.93			7.15			5.84			(4.51	)
Less distributions from:
Net investment income		(.39	)		(.53	)		(.57	)		(.46	)		—
Net realized gains		(2.12	)		(3.31	)		(1.41	)		(2.77	)		—
Total distributions		(2.51	)		(3.84	)		(1.98	)		(3.23	)		—
Net asset value, end of period	$	43.38		$	48.00		$	46.91		$	41.74		$	39.13
Total Return		(3.76	%)		10.80	%		17.63	%		15.83	%		(10.38	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	139		$	147		$	158		$	123		$	9
Ratios to average net assets:
Net investment income (loss)		1.50	%		1.03	%		0.83	%		3.61	%		1.21	%
Total expensesd		1.56	%		1.59	%		1.69	%		1.41	%		3.29	%
Net expensese,f,h		1.15	%		1.15	%		1.17	%		1.17	%		1.16	%
Portfolio turnover rate		20	%		24	%		40	%		56	%		60	%

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

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	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Per Share Data
Net asset value, beginning of period	$	47.60		$	46.56		$	41.84		$	39.17		$	43.87		$	38.32
Income (loss) from investment operations:
Net investment income (loss)b		.38			.64			.51			.83			.47			.40
Net gain (loss) on investments (realized and unrealized)		(2.43	)		4.35			6.72			5.10			(3.37	)		5.51
Total from investment operations		(2.05	)		4.99			7.23			5.93			(2.90	)		5.91
Less distributions from:
Net investment income		(.48	)		(.64	)		(1.10	)		(.49	)		(.46	)		(.36	)
Net realized gains		(2.12	)		(3.31	)		(1.41	)		(2.77	)		(1.34	)		—
Total distributions		(2.60	)		(3.95	)		(2.51	)		(3.26	)		(1.80	)		(.36	)
Net asset value, end of period	$	42.95		$	47.60		$	46.56		$	41.84		$	39.17		$	43.87
Total Return		(3.62	%)		11.04	%		17.96	%		15.98	%		(6.97	%)		15.52	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,316		$	5,946		$	1,681		$	40		$	2,544		$	3,339
Ratios to average net assets:
Net investment income (loss)		1.77	%		1.39	%		1.13	%		2.13	%		1.09	%		0.96	%
Total expensesd		1.10	%		1.00	%		1.07	%		1.04	%		0.98	%		1.08	%
Net expensese,f,h		0.90	%		0.90	%		0.92	%		0.92	%		0.91	%		0.92	%
Portfolio turnover rate		20	%		24	%		40	%		56	%		60	%		40	%

a	Unaudited figures for the period ended March 31, 2019. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
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 periods presented was as follows:

	03/31/19	09/30/18	09/30/17
A-Class	0.00%*	0.00%*	0.01%
C-Class	—	0.00%*	0.01%
P-Class	—	—	0.00%*
Institutional Class	—	—	0.02%

* Less than 0.01%

g	Since commencement of operations: May 1, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
h	Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense rate ratios for the periods presented would be:

	03/31/19	09/30/18	09/30/17	09/30/16	09/30/15	09/30/14
A-Class	1.15%	1.15%	1.15%	1.15%	1.15%	1.15%
C-Class	1.90%	1.90%	1.90%	1.90%	1.90%	1.90%
P-Class	1.15%	1.15%	1.15%	1.15%	1.15%	—
Institutional Class	0.90%	0.90%	0.90%	0.90%	0.90%	0.90%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|31

PERFORMANCE REPORT AND FUND PROFILE(Unaudited) March 31, 2019

MARKET NEUTRAL REAL ESTATE FUND

Objective:Seeks to provide capital appreciation, while limiting exposure to general stock market risk. 

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
A-Class	February 26, 2016
C-Class	February 26, 2016
P-Class	February 26, 2016
Institutional Class	February 26, 2016

Ten Largest Holdings (% of Total Net Assets)
MGM Growth Properties LLC — Class A	4.7%
Sun Communities, Inc.	3.6%
American Tower Corp. — Class A	3.6%
Invitation Homes, Inc.	3.6%
American Homes 4 Rent — Class A	3.5%
Equinix, Inc.	3.5%
Crown Castle International Corp.	3.3%
Equity Residential	3.3%
QTS Realty Trust, Inc. — Class A	3.2%
Rexford Industrial Realty, Inc.	3.1%
Top Ten Total	35.4%

“Ten Largest Holdings” excludes any temporary cash or derivative investments.

32 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE(Unaudited)(concluded) March 31, 2019

Average Annual Returns*

Periods Ended March 31, 2019

	6 Month†	1 Year	Since Inception (02/26/16)
A-Class Shares	4.07%	0.13%	3.27%
A-Class Shares with sales charge‡	(0.86%)	(4.61%)	1.65%
C-Class Shares	3.53%	(0.77%)	2.46%
C-Class Shares with CDSC§	2.53%	(1.75%)	2.46%
P-Class Shares	3.75%	(0.18%)	3.14%
Institutional Class Shares	4.02%	0.23%	3.46%
ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index	1.17%	2.12%	1.17%

*	The performance data above represents past performance that is not predictive of future results. 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 effect of taxes. The ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	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.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 33

SCHEDULE OF INVESTMENTS(Unaudited)	March 31, 2019
MARKET NEUTRAL REAL ESTATE FUND

	Shares		Value
COMMON STOCKS† - 89.4%
REITs- 87.4%
REITs-Diversified - 22.5%
American Tower Corp. — Class A		1,504	$	296,378
Equinix, Inc.		630		285,491
Crown Castle International Corp.		2,131		272,768
Cousins Properties, Inc.		23,910		230,971
Four Corners Property Trust, Inc.		7,200		213,120
VICI Properties, Inc.		9,518		208,254
Gaming and Leisure Properties, Inc.		4,754		183,362
CoreCivic, Inc.		8,454		164,431
Total REITs-Diversified				1,854,775
REITs-Warehouse/Industries - 13.3%
QTS Realty Trust, Inc. — Class A		5,783		260,177
Rexford Industrial Realty, Inc.		7,076		253,392
Americold Realty Trust		6,858		209,238
Terreno Realty Corp.		4,958		208,434
CyrusOne, Inc.		3,171		166,287
Total REITs-Warehouse/Industries				1,097,528
REITs-Hotels - 11.6%
MGM Growth Properties LLC — Class A		11,955		385,549
Host Hotels & Resorts, Inc.		12,928		244,339
Pebblebrook Hotel Trust		6,225		193,348
Sunstone Hotel Investors, Inc.		9,251		133,214
Total REITs-Hotels				956,450
REITs-Apartments - 10.3 %
Invitation Homes, Inc.		12,033		292,763
American Homes 4 Rent — Class A		12,770		290,134
Equity Residential		3,563		268,365
Total REITs-Apartments				851,262
REITs-Health Care - 9.7 %
Healthcare Trust of America, Inc. — Class A		8,606		246,046
Omega Healthcare Investors, Inc.		5,627		214,670
HCP, Inc.		5,473		171,305
Ventas, Inc.		2,669		170,309
Total REITs-Health Care				802,330
REITs-Manufactured Homes - 6.5%
Sun Communities, Inc.		2,529		299,737
Equity LifeStyle Properties, Inc.		2,103		240,373
Total REITs-Manufactured Homes				540,110
REITs-Office Property - 5.0%
Hudson Pacific Properties, Inc.		6,711		230,993
JBG SMITH Properties		4,306		178,053
Total REITs-Office Property				409,046
REITs-Shopping Centers - 4.6%
Retail Opportunity Investments Corp.		11,866		205,756
Retail Properties of America, Inc. — Class A		14,045		171,209
Total REITs-Shopping Centers				376,965
REITs-Regional Malls - 2.0%
Simon Property Group, Inc.		902		164,353
REITs-Mortgage - 1.9%
TPG RE Finance Trust, Inc.		7,967		156,153
Total REITs				7,208,972
Entertainment - 2.0%
Racetracks - 2.0%
Penn National Gaming, Inc.*		8,169		164,197
Total Common Stocks
(Cost $6,746,023)				7,373,169
MONEY MARKET FUND† - 21.1%
Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Class 2.26%1		1,739,138		1,739,138
Total Money Market Fund
(Cost $1,739,138)				1,739,138
Total Investments - 110.5%
(Cost $8,485,161)			$	9,112,307
Other Assets & Liabilities, net - (10.5)%				(868,946	)
Total Net Assets - 100.0%			$	8,243,361

Custom Basket Swap Agreements
Counterparty	Reference Obligation	Financing Rate Pay (Receive)			Payment Frequency	Maturity Date	Notional Amount		Value and Unrealized Depreciation
OTC Custom Basket Swap Agreements Sold Short††
Morgan Stanley	Market Neutral Real Estate Portfolio Short Custom Basket Swap2		(1.91	%)	At Maturity	07/22/19	$	7,326,115	$	(212,808	)

34|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS(Unaudited)(concluded)	March 31, 2019
MARKET NEUTRAL REAL ESTATE FUND

	Shares			Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
CUSTOM BASKET OF SHORT SECURITIES2
Tanger Factory Outlet Centers, Inc.		(10,090	)		(2.90	%)	$	22,528
Chesapeake Lodging Trust		(5,493	)		(2.09	%)		20,949
Hersha Hospitality Trust		(10,883	)		(2.55	%)		13,664
Brandywine Realty Trust		(14,351	)		(3.11	%)		10,671
Hospitality Properties Trust		(9,037	)		(3.25	%)		7,745
Physicians Realty Trust		(12,983	)		(3.33	%)		2,317
Apollo Commercial Real Estate Finance, Inc.		(8,834	)		(2.19	%)		1,623
VEREIT, Inc.		(24,492	)		(2.80	%)		323
Marriott International, Inc. — Class A		(1,312	)		(2.24	%)		121
Xenia Hotels & Resorts, Inc.		(11,250	)		(3.36	%)		33
iShares U.S. Home Construction ETF		(2,332	)		(1.12	%)		(1,308	)
Prologis, Inc.		(2,865	)		(2.81	%)		(4,155	)
Vornado Realty Trust		(3,060	)		(2.82	%)		(5,324	)
Park Hotels & Resorts, Inc.		(5,086	)		(2.16	%)		(6,013	)

	Shares			Percentage Notional Amount			Value and Unrealized Depreciation
NexPoint Residential Trust, Inc.		(5,340	)		(2.79	%)		(8,302	)
Washington Prime Group, Inc.		(43,443	)		(3.35	%)		(8,740	)
Hilton Worldwide Holdings, Inc.		(2,026	)		(2.30	%)		(8,800	)
Piedmont Office Realty Trust, Inc. — Class A		(12,977	)		(3.69	%)		(10,094	)
Spirit Realty Capital, Inc.		(5,307	)		(2.88	%)		(10,859	)
Independence Realty Trust, Inc.		(19,089	)		(2.81	%)		(11,675	)
CBRE Group, Inc. — Class A*		(2,433	)		(1.64	%)		(13,628	)
Digital Realty Trust, Inc.		(2,090	)		(3.39	%)		(15,591	)
Brixmor Property Group, Inc.		(17,781	)		(4.46	%)		(16,171	)
Kimco Realty Corp.		(17,667	)		(4.46	%)		(18,989	)
WP Carey, Inc.		(2,378	)		(2.54	%)		(25,400	)
PS Business Parks, Inc.		(1,887	)		(4.04	%)		(55,509	)
iShares U.S. Real Estate ETF		(20,976	)		(24.92	%)		(72,224	)
Total Custom Basket of Short Securities							$	(212,808	)

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Rate indicated is the 7-day yield as of March 31, 2019.
2	Total Return based on the return of the custom short basket of securities +/- financing at a variable rate. Rate indicated is rate effective at March 31, 2019.
	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 March 31, 2019 (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	$	7,373,169	$	—	$	—	$	7,373,169
Money Market Fund		1,739,138		—		—		1,739,138
Total Assets	$	9,112,307	$	—	$	—	$	9,112,307

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Custom Basket Swap Agreements**	$	—	$	212,808	$	—	$	212,808

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

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|35

MARKET NEUTRAL REAL ESTATE FUND

STATEMENT OF ASSETS AND LIABILITIES(Unaudited)

March 31, 2019

Assets:
Investments, at value (cost $8,485,161)	$	9,112,307
Cash		1,837
Prepaid expenses		57,141
Receivables:
Dividends		34,780
Investment Adviser		12,841
Securities sold		3,977
Interest		3,517
Total assets		9,226,400
Liabilities:
Unrealized depreciation on swap agreements		212,808
Payable for:
Securities purchased		573,653
Swap settlement		160,075
Management fees		7,638
Transfer agent/maintenance fees		4,305
Distribution and service fees		713
Trustees’ fees*		247
Miscellaneous		23,600
Total liabilities		983,039
Net assets	$	8,243,361
Net assets consist of:
Paid in capital	$	7,699,878
Total distributable earnings (loss)		543,483
Net assets	$	8,243,361
A-Class:
Net assets	$	2,595,055
Capital shares outstanding		100,068
Net asset value per share	$	25.93
Maximum offering price per share(Net asset value divided by 95.25%)	$	27.22
C-Class:
Net assets	$	139,198
Capital shares outstanding		5,527
Net asset value per share	$	25.19
P-Class:
Net assets	$	237,675
Capital shares outstanding		9,465
Net asset value per share	$	25.11
Institutional Class:
Net assets	$	5,271,433
Capital shares outstanding		205,097
Net asset value per share	$	25.70

STATEMENT OF OPERATIONS(Unaudited)

Period Ended March 31, 2019

Investment Income:
Dividends	$	86,404
Interest		21,690
Total investment income		108,094
Expenses:
Management fees		44,497
Distribution and service fees:
A-Class		3,138
C-Class		680
P-Class		368
Transfer agent/maintenance fees:
A-Class		5,848
C-Class		263
P-Class		693
Institutional Class		7,268
Registration fees		21,007
Professional fees		19,320
Fund accounting/administration fees		12,465
Trustees’ fees*		6,042
Custodian fees		1,867
Line of credit fees		84
Miscellaneous		12,516
Recoupment of previously waived fees:
C-Class		25
P-Class		38
Institutional Class		1,486
Total expenses		137,605
Less:
Expenses reimbursed by Adviser:
A-Class		(12,292	)
C-Class		(607	)
P-Class		(1,546	)
Institutional Class		(7,268	)
Expenses waived by Adviser		(55,853	)
Total waived/reimbursed expenses		(77,566	)
Net expenses		60,039
Net investment income		48,055
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		83,206
Swap agreements		22,217
Net realized gain		105,423
Net change in unrealized appreciation(depreciation) on:
Investments		459,406
Swap agreements		(297,026	)
Net change in unrealized appreciation(depreciation)		162,380
Net realized and unrealized gain		267,803
Net increase in net assets resulting from operations	$	315,858

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

36|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

MARKET NEUTRAL REAL ESTATE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	48,055		$	86,678
Net realized gain on investments		105,423			56,932
Net change in unrealized appreciation (depreciation) on investments		162,380			(120,277	)
Net increase in net assets resulting from operations		315,858			23,333
Distributions to shareholders:
A-Class		(23,934	)		(5,777	)
C-Class		(1,887	)		(5,619	)
P-Class		(8,952	)		(17,831	)
Institutional Class		(123,892	)		(264,679	)
Total distributions to shareholders		(158,665	)		(293,906	)
Capital share transactions:
Proceeds from sale of shares
A-Class		348,384			2,387,527
C-Class		—			31,922
P-Class		6,304			420,704
Institutional Class		—			120,194
Distributions reinvested
A-Class		23,478			5,777
C-Class		1,887			5,619
P-Class		8,952			17,831
Institutional Class		123,892			264,679
Cost of shares redeemed
A-Class		(332,553	)		(40,735	)
C-Class		—			(38,217	)
P-Class		(266,957	)		(238,079	)
Institutional Class		(14,706	)		(49,845	)
Net increase (decrease) from capital share transactions		(101,319	)		2,887,377
Net increase in net assets		55,874			2,616,804
Net assets:
Beginning of period		8,187,487			5,570,683
End of period	$	8,243,361		$	8,187,487
Capital share activity:
Shares sold
A-Class		13,524			95,960
C-Class		—			1,230
P-Class		257			15,930
Institutional Class		—			4,477
Shares issued from reinvestment of distributions
A-Class		922			225
C-Class		76			221
P-Class		363			693
Institutional Class		4,913			10,239
Shares redeemed
A-Class		(13,046	)		(1,629	)
C-Class		—			(1,459	)
P-Class		(10,561	)		(9,466	)
Institutional Class		(585	)		(1,947	)
Net increase (decrease) in shares		(4,137	)		114,474

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|37

MARKET NEUTRAL REAL ESTATE 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.

A-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Period Ended September 30, 2016b
Per Share Data
Net asset value, beginning of period	$	25.16		$	26.47		$	24.45		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.14			.50			.08			.24
Net gain (loss) on investments (realized and unrealized)		.87			(.41	)		1.94			(.79	)
Total from investment operations		1.01			.09			2.02			(.55	)
Less distributions from:
Net investment income		(.01	)		—			—			—
Net realized gains		(.23	)		(1.40	)		—			—
Total distributions		(.24	)		(1.40	)		—			—
Net asset value, end of period	$	25.93		$	25.16		$	26.47		$	24.45
Total Returnd		4.07	%		0.13	%		8.38	%		(2.20	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,595		$	2,482		$	109		$	100
Ratios to average net assets:
Net investment income (loss)		1.10	%		2.00	%		0.31	%		1.66	%
Total expenses		3.62	%		5.01	%		4.88	%		3.74	%
Net expensese,f,g		1.59	%		1.65	%		1.65	%		1.64	%
Portfolio turnover rate		86	%		216	%		145	%		135	%

C-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Period Ended September 30, 2016b
Per Share Data
Net asset value, beginning of period	$	24.67		$	26.16		$	24.35		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.04			.12			(.11	)		.12
Net gain (loss) on investments (realized and unrealized)		.83			(.21	)		1.92			(.77	)
Total from investment operations		.87			(.09	)		1.81			(.65	)
Less distributions from:
Net investment income		(.12	)		—			—			—
Net realized gains		(.23	)		(1.40	)		—			—
Total distributions		(.35	)		(1.40	)		—			—
Net asset value, end of period	$	25.19		$	24.67		$	26.16		$	24.35
Total Returnd		3.53	%		0.59	%		7.56	%		(2.60	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	139		$	134		$	143		$	97
Ratios to average net assets:
Net investment income (loss)		0.30	%		0.47	%		(0.52	%)		0.93	%
Total expenses		4.33	%		5.72	%		5.70	%		4.47	%
Net expensese,f,g		2.38	%		2.38	%		2.40	%		2.38	%
Portfolio turnover rate		86	%		216	%		145	%		135	%

38|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

MARKET NEUTRAL REAL ESTATE 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.

P-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Period Ended September 30, 2016b
Per Share Data
Net asset value, beginning of period	$	25.14		$	26.48		$	24.45		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.08			.33			.16			.26
Net gain (loss) on investments (realized and unrealized)		.84			(.27	)		1.87			(.81	)
Total from investment operations		.92			.06			2.03			(.55	)
Less distributions from:
Net investment income		(.72	)		—			—			—
Net realized gains		(.23	)		(1.40	)		—			—
Total distributions		(.95	)		(1.40	)		—			—
Net asset value, end of period	$	25.11		$	25.14		$	26.48		$	24.45
Total Return		3.75	%		0.09	%		8.34	%		(2.20	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	238		$	488		$	324		$	124
Ratios to average net assets:
Net investment income (loss)		0.66	%		1.26	%		0.52	%		1.64	%
Total expenses		3.75	%		4.93	%		5.18	%		3.65	%
Net expensese,f,g		1.63	%		1.65	%		1.65	%		1.66	%
Portfolio turnover rate		86	%		216	%		145	%		135	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|39

MARKET NEUTRAL REAL ESTATE 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	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Period Ended September 30, 2016b
Per Share Data
Net asset value, beginning of period	$	25.32		$	26.57		$	24.49		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.16			.36			.14			.28
Net gain (loss) on investments (realized and unrealized)		.84			(.21	)		1.94			(.79	)
Total from investment operations		1.00			.15			2.08			(.51	)
Less distributions from:
Net investment income		(.39	)		—			—			—
Net realized gains		(.23	)		(1.40	)		—			—
Total distributions		(.62	)		(1.40	)		—			—
Net asset value, end of period	$	25.70		$	25.32		$	26.57		$	24.49
Total Return		4.02	%		0.36	%		8.62	%		(2.04	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,271		$	5,083		$	4,995		$	4,604
Ratios to average net assets:
Net investment income (loss)		1.28	%		1.39	%		0.55	%		1.92	%
Total expenses		3.25	%		4.59	%		4.52	%		3.41	%
Net expensese,f,g		1.40	%		1.40	%		1.40	%		1.39	%
Portfolio turnover rate		86	%		216	%		145	%		135	%

a	Unaudited figures for the period ended March 31, 2019. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Since commencement of operations: February 26, 2016. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
c	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
d	Total return does not reflect the impact of any applicable sales charges.
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 periods presented was as follows:

	03/31/19	09/30/18	09/30/17
A-Class	—	—	0.22%
C-Class	0.04%	—	0.22%
P-Class	0.03%	—	0.16%
Institutional Class	0.06%	—	0.18%

^g Net expenses may include expenses that are excluded from the expense limitation agreement and recouped amounts excluding these expenses, the net expense ratios for the periods presented would be:

	03/31/19	09/30/18	09/30/17	09/30/16
A-Class	1.58%	1.65%	1.63%	1.63%
C-Class	2.38%	2.37%	2.37%	2.37%
P-Class	1.63%	1.65%	1.63%	1.65%
Institutional Class	1.40%	1.40%	1.38%	1.38%

40|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

PERFORMANCE REPORT AND FUND PROFILE(Unaudited) March 31, 2019

RISK MANAGED REAL ESTATE FUND

OBJECTIVE:Seeks to provide total return, comprised of capital appreciation and current income.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
A-Class	March 28, 2014
C-Class	March 28, 2014
P-Class	May 1, 2015
Institutional Class	March 28, 2014

Ten Largest Holdings (% of Total Net Assets)
Simon Property Group, Inc.	5.0%
Equinix, Inc.	4.8%
Equity Residential	3.9%
Welltower, Inc.	3.4%
Ventas, Inc.	3.2%
Public Storage	2.9%
Sun Communities, Inc.	2.9%
AvalonBay Communities, Inc.	2.8%
Realty Income Corp.	2.8%
Prologis, Inc.	2.8%
Top Ten Total	34.5%

“Ten Largest Holdings” excludes any temporary cash or derivative investments.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 41

PERFORMANCE REPORT AND FUND PROFILE(Unaudited)(concluded) March 31, 2019

Average Annual Returns*

Periods Ended March 31, 2019

	6 Month†	1 Year	5 Year	Since Inception (03/28/14)
A-Class Shares	9.82%	15.66%	10.69%	10.85%
A-Class Shares with sales charge‡	4.61%	10.18%	9.62%	9.77%
C-Class Shares	9.45%	14.79%	9.86%	10.02%
C-Class Shares with CDSC§	8.45%	13.79%	9.86%	10.02%
Institutional Class Shares	9.96%	15.94%	11.01%	11.17%
FTSE NAREIT EQUITY REITs Index	8.50%	20.86%	9.12%	9.28%

	6 Month†	1 Year	Since Inception (05/01/15)
P-Class Shares	9.81%	15.62%	7.80%
FTSE NAREIT EQUITY REITs Index	8.50%	20.86%	7.14%

*	The performance data above represents past performance that is not predictive of future results. 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 effect of taxes. The FTSE NAREIT EQUITY REITs Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	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.

42 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS(Unaudited)	March 31, 2019
RISK MANAGED REAL ESTATE FUND

	Shares		Value
COMMON STOCKS† - 95.1%
REITs- 94.8%
REITs-Diversified - 16.5%
Equinix, Inc.		20,691	$	9,376,334
Gaming and Leisure Properties, Inc.		108,276		4,176,205
American Tower Corp. — Class A		16,113		3,175,228
Cousins Properties, Inc.		298,847		2,886,862
Digital Realty Trust, Inc.		24,057		2,862,783
Crown Castle International Corp.		22,028		2,819,584
VICI Properties, Inc.		105,132		2,300,288
Four Corners Property Trust, Inc.		60,830		1,800,568
EPR Properties		12,755		980,859
CoreSite Realty Corp.		6,431		688,246
CoreCivic, Inc.		32,382		629,830
Duke Realty Corp.		10,428		318,888
Total REITs-Diversified				32,015,675
REITs-Apartments - 15.1%
Equity Residential		101,639		7,655,449
AvalonBay Communities, Inc.		27,312		5,482,338
Invitation Homes, Inc.		164,322		3,997,954
American Homes 4 Rent — Class A		164,324		3,733,441
Essex Property Trust, Inc.1		12,110		3,502,696
UDR, Inc.		33,425		1,519,500
Apartment Investment & Management Co. — Class A		28,088		1,412,546
Mid-America Apartment Communities, Inc.		12,152		1,328,578
Camden Property Trust		7,403		751,404
Total REITs-Apartments				29,383,906
REITs-Health Care - 12.7%
Welltower, Inc.		84,053		6,522,513
Ventas, Inc.		95,902		6,119,507
HCP, Inc.		154,504		4,835,975
Healthcare Trust of America, Inc. — Class A		110,485		3,158,766
Omega Healthcare Investors, Inc.		56,367		2,150,401
Healthcare Realty Trust, Inc.		60,598		1,945,802
Total REITs-Health Care				24,732,964
REITs-Warehouse/Industries - 11.7%
Prologis, Inc.		85,785		6,172,231
Rexford Industrial Realty, Inc.		96,226		3,445,853
Terreno Realty Corp.		74,163		3,117,813
CyrusOne, Inc.		58,821		3,084,573
QTS Realty Trust, Inc. — Class A		67,737		3,047,488
EastGroup Properties, Inc.		20,924		2,335,955
Americold Realty Trust		51,969		1,585,574
Total REITs-Warehouse/Industries				22,789,487
REITs-Office Property - 8.5%
Alexandria Real Estate Equities, Inc.		25,323		3,610,047
JBG SMITH Properties		80,563		3,331,280
Hudson Pacific Properties, Inc.		84,919		2,922,912
Boston Properties, Inc.1		20,517		2,746,816
Kilroy Realty Corp.		17,255		1,310,690
Douglas Emmett, Inc.		31,693		1,281,031
Highwoods Properties, Inc.		24,524		1,147,233
Total REITs-Office Property				16,350,009
REITs-Single Tenant - 5.3%
Realty Income Corp.		74,076		5,449,031
STORE Capital Corp.		81,988		2,746,598
National Retail Properties, Inc.		38,854		2,152,123
Total REITs-Single Tenant				10,347,752
REITs-Manufactured Homes - 5.3%
Sun Communities, Inc.		47,256		5,600,781
Equity LifeStyle Properties, Inc.1		41,330		4,724,019
Total REITs-Manufactured Homes				10,324,800
REITs-Regional Malls - 5.1%
Simon Property Group, Inc.		53,756		9,794,881
REITs-Storage - 4.9%
Public Storage		26,007		5,663,804
Extra Space Storage, Inc.		28,685		2,923,288
National Storage Affiliates Trust		34,429		981,571
Total REITs-Storage				9,568,663
REITs-Hotels - 4.7%
MGM Growth Properties LLC — Class A		125,511		4,047,730
Pebblebrook Hotel Trust		57,530		1,786,882
Sunstone Hotel Investors, Inc.		121,304		1,746,778
Host Hotels & Resorts, Inc.		77,240		1,459,836
Total REITs-Hotels				9,041,226
REITs-Shopping Centers - 4.3%
Federal Realty Investment Trust		17,834		2,458,417
Regency Centers Corp.		34,028		2,296,550
Retail Opportunity Investments Corp.		108,404		1,879,725
Retail Properties of America, Inc. — Class A		140,334		1,710,671
Total REITs-Shopping Centers				8,345,363
REITs-Mortgage - 0.7%
TPG RE Finance Trust, Inc.		68,963		1,351,675
Total REITs				184,046,401
Entertainment - 0.3%
Racetracks - 0.3%
Penn National Gaming, Inc.*		31,277		628,667
Total Common Stocks
(Cost $161,798,261)				184,675,068
MONEY MARKET FUND† - 7.6%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares 2.27%2		14,673,751		14,673,751
Total Money Market Fund
(Cost $14,673,751)				14,673,751
Total Investments - 102.7%
(Cost $176,472,012)				199,348,819

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|43

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
RISK MANAGED REAL ESTATE FUND

	Shares			Value
COMMON STOCKS SOLD SHORT† - (10.5%)
Real Estate - (0.2%)
Real Estate Management/Services - (0.2%)
CBRE Group, Inc. — Class A*		(9,230	)	$	(456,423	)
Lodging - (0.6%)
Hotels & Motels - (0.6%)
Marriott International, Inc. — Class A		(5,022	)		(628,202	)
Hilton Worldwide Holdings, Inc.		(7,721	)		(641,692	)
Total Hotels & Motels					(1,269,894	)
Total Lodging					(1,269,894	)
REITs- (9.7%)
REITs-Mortgage - (0.3%)
Apollo Commercial Real Estate Finance, Inc.		(33,671	)		(612,812	)
REITs-Warehouse/Industries - (0.4%)
Prologis, Inc.		(10,905	)		(784,615	)
REITs-Single Tenant - (0.4%)
Spirit Realty Capital, Inc.		(20,230	)		(803,738	)
REITs-Health Care - (0.5%)
Physicians Realty Trust		(49,672	)		(934,330	)
REITs-Apartments - (0.8%)
Independence Realty Trust, Inc.		(72,082	)		(777,765	)
NexPoint Residential Trust, Inc.		(20,766	)		(796,168	)
Total REITs-Apartments					(1,573,933	)
REITs-Regional Malls - (0.9%)
Tanger Factory Outlet Centers, Inc.		(36,757	)		(771,162	)
Washington Prime Group, Inc.		(168,403	)		(951,477	)
Total REITs-Regional Malls					(1,722,639	)
REITs-Shopping Centers - (1.3%)
Brixmor Property Group, Inc.		(67,829	)		(1,246,019	)
Kimco Realty Corp.		(68,213	)		(1,261,941	)
Total REITs-Shopping Centers					(2,507,960	)
REITs-Office Property - (1.4 %)
VEREIT, Inc.		(93,944	)		(786,311	)
Brandywine Realty Trust		(53,009	)		(840,723	)
Piedmont Office Realty Trust, Inc. — Class A		(48,901	)		(1,019,586	)
Total REITs-Office Property					(2,646,620	)
REITs-Diversified - (1.8%)
WP Carey, Inc.		(8,877	)		(695,335	)
Vornado Realty Trust		(11,766	)		(793,499	)
Digital Realty Trust, Inc.		(8,123	)		(966,637	)
PS Business Parks, Inc.		(6,587	)		(1,033,039	)
Total REITs-Diversified					(3,488,510	)
REITs-Hotels - (1.9%)
Park Hotels & Resorts, Inc.		(17,457	)		(542,564	)
Chesapeake Lodging Trust		(21,090	)		(586,513	)
Hersha Hospitality Trust		(41,795	)		(716,366	)
Hospitality Properties Trust		(34,674	)		(912,273	)
Xenia Hotels & Resorts, Inc.		(42,640	)		(934,242	)
Total REITs-Hotels					(3,691,958	)
Total REITs					(18,767,115	)
Total Common Stocks
(Proceeds $19,785,065)					(20,493,432	)
EXCHANGE-TRADED FUNDS SOLD SHORT† - (3.8%)
iShares U.S. Home Construction ETF		8,240			(290,378	)
iShares U.S. Real Estate ETF		80,356			(6,994,186	)
Total Exchange-Traded Funds Sold Short
(Proceeds $6,857,689)					(7,284,564	)
Total Securities Sold Short - (14.3)%
(Proceeds $26,642,754)				$	(27,777,996	)
Other Assets & Liabilities, net - 11.6%					22,580,937
Total Net Assets - 100.0%				$	194,151,760

Custom Basket Swap Agreements
Counterparty	Reference Obligation	Financing Rate Pay (Receive)			Payment Frequency	Maturity Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)
OTC Custom Basket Swap Agreements††
Morgan Stanley	Risk Managed Real Estate Portfolio Long Custom Basket Swap3		2.81	%	At Maturity	06/12/19	$	51,231,017	$	4,155,241
OTC Custom Basket Swap Agreements Sold Short††
Morgan Stanley	Risk Managed Real Estate Portfolio Short Custom Basket Swap4		(2.01	%)	At Maturity	06/12/19	$	51,086,797	$	(1,384,696	)

44|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
RISK MANAGED REAL ESTATE FUND

	Shares			Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
CUSTOM BASKET OF LONG SECURITIES3
American Tower Corp. — Class A		10,632			4.10	%	$	621,279
Sun Communities, Inc.		17,715			4.11	%		480,994
Equity LifeStyle Properties, Inc.		14,732			3.30	%		397,154
Rexford Industrial Realty, Inc.		49,840			3.48	%		361,064
HCP, Inc.		38,379			2.34	%		320,828
Crown Castle International Corp.		14,683			3.67	%		319,906
MGM Growth Properties LLC — Class A		83,414			5.25	%		281,224
Equity Residential		24,492			3.60	%		220,921
Invitation Homes, Inc.		84,322			4.00	%		163,973
Gaming and Leisure Properties, Inc.		32,989			2.48	%		163,676
Hudson Pacific Properties, Inc.		47,347			3.18	%		154,679
Equinix, Inc.		4,301			3.80	%		152,317
QTS Realty Trust, Inc. — Class A		40,055			3.52	%		104,214
JBG SMITH Properties		28,641			2.31	%		98,374
Omega Healthcare Investors, Inc.		39,617			2.95	%		82,208
American Homes 4 Rent — Class A		89,847			3.98	%		74,000
Four Corners Property Trust, Inc.		50,348			2.91	%		60,402
Ventas, Inc.		18,686			2.33	%		52,081
Cousins Properties, Inc.		166,512			3.14	%		48,180
Retail Properties of America, Inc. — Class A		93,930			2.23	%		46,677
Simon Property Group, Inc.		5,908			2.10	%		43,362
Terreno Realty Corp.		34,862			2.86	%		41,986
Americold Realty Trust		44,650			2.66	%		41,024
Retail Opportunity Investments Corp.		80,928			2.74	%		15,072
VICI Properties, Inc.		67,075			2.86	%		7,787
CoreCivic, Inc.		59,580			2.26	%		1,632
Host Hotels & Resorts, Inc.		90,823			3.35	%		(601	)
Penn National Gaming, Inc.*		57,546			2.26	%		(4,374	)
TPG RE Finance Trust, Inc.		55,992			2.14	%		(7,850	)
Healthcare Trust of America, Inc. — Class A		60,402			3.37	%		(8,582	)
CyrusOne, Inc.		22,265			2.28	%		(9,281	)
Pebblebrook Hotel Trust		44,272			2.68	%		(71,507	)
Sunstone Hotel Investors, Inc.		62,492			1.76	%		(97,578	)
Total Custom Basket of Long Securities							$	4,155,241
CUSTOM BASKET OF SHORT SECURITIES4
Tanger Factory Outlet Centers, Inc.		(67,571	)		(2.77	%)		149,378
Chesapeake Lodging Trust		(38,800	)		(2.11	%)		135,623
Hersha Hospitality Trust		(76,832	)		(2.58	%)		90,138
Brandywine Realty Trust		(97,447	)		(3.03	%)		66,507
Physicians Realty Trust		(91,312	)		(3.36	%)		16,009
Hospitality Properties Trust		(63,791	)		(3.29	%)		14,118
Apollo Commercial Real Estate Finance, Inc.		(61,898	)		(2.21	%)		11,906
VEREIT, Inc.		(172,697	)		(2.83	%)		3,570
Marriott International, Inc. — Class A		(9,239	)		(2.26	%)		856
Xenia Hotels & Resorts, Inc.		(78,452	)		(3.36	%)		275
iShares U.S. Home Construction ETF		(15,204	)		(1.05	%)		(8,531	)
Prologis, Inc.		(20,046	)		(2.82	%)		(27,177	)
Piedmont Office Realty Trust, Inc. — Class A		(89,894	)		(3.67	%)		(34,956	)
Vornado Realty Trust		(21,630	)		(2.86	%)		(35,749	)
Park Hotels & Resorts, Inc.		(32,090	)		(1.95	%)		(36,593	)
NexPoint Residential Trust, Inc.		(38,174	)		(2.86	%)		(47,698	)
Hilton Worldwide Holdings, Inc.		(14,193	)		(2.31	%)		(57,326	)
Washington Prime Group, Inc.		(309,840	)		(3.43	%)		(60,385	)
Spirit Realty Capital, Inc.		(37,188	)		(2.89	%)		(74,982	)
Independence Realty Trust, Inc.		(132,509	)		(2.80	%)		(76,705	)
CBRE Group, Inc. — Class A*		(16,968	)		(1.64	%)		(90,303	)
Digital Realty Trust, Inc.		(14,932	)		(3.48	%)		(102,605	)
Brixmor Property Group, Inc.		(124,796	)		(4.49	%)		(106,286	)
Kimco Realty Corp.		(125,485	)		(4.54	%)		(122,660	)
WP Carey, Inc.		(16,319	)		(2.50	%)		(164,890	)
PS Business Parks, Inc.		(12,109	)		(3.72	%)		(357,389	)
iShares U.S. Real Estate ETF		(147,845	)		(25.19	%)		(468,841	)
Total Custom Basket of Short Securities							$	(1,384,696	)

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|45

SCHEDULE OF INVESTMENTS(Unaudited)(concluded)	March 31, 2019
RISK MANAGED REAL ESTATE FUND

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is pledged as short security collateral at March 31, 2019.
2	Rate indicated is the 7-day yield as of March 31, 2019.
3	Total Return based on the return of the custom long basket of securities +/- financing at a variable rate. Rate indicated is rate effective at March 31, 2019.
4	Total Return based on the return of the custom short basket of securities +/- financing at a variable rate. Rate indicated is rate effective at March 31, 2019.
	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 March 31, 2019 (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	$	184,675,068	$	—	$	—	$	184,675,068
Money Market Fund		14,673,751		—		—		14,673,751
Custom Basket Swap Agreements**		—		4,155,241		—		4,155,241
Total Assets	$	199,348,819	$	4,155,241	$	—	$	203,504,060

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	20,493,432	$	—	$	—	$	20,493,432
Exchange-Traded Funds		7,284,564		—		—		7,284,564
Custom Basket Swap Agreements**		—		1,384,696		—		1,384,696
Total Liabilities	$	27,777,996	$	1,384,696	$	—	$	29,162,692

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

46|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

RISK MANAGED REAL ESTATE FUND

STATEMENT OF ASSETS AND LIABILITIES(Unaudited)

March 31, 2019

Assets:
Investments, at value (cost $176,472,012)	$	199,348,819
Cash		21,198,974
Unrealized appreciation on swap agreements		4,155,241
Prepaid expenses		61,483
Receivables:
Securities sold		2,282,089
Dividends		624,844
Fund shares sold		228,047
Interest		26,317
Other assets		33,814
Total assets		227,959,628
Liabilities:
Securities sold short, at value (proceeds $26,642,754)		27,777,996
Segregated cash due to broker		1,780,000
Unrealized depreciation on swap agreements		1,384,696
Payable for:
Securities purchased		2,194,076
Swap settlement		110,410
Fund shares redeemed		190,156
Distributions to shareholders		166,393
Management fees		119,008
Due to Investment Adviser		13,776
Fund accounting/administration fees		12,865
Distribution and service fees		4,715
Transfer agent/maintenance fees		3,488
Trustees’ fees*		782
Miscellaneous		49,507
Total liabilities		33,807,868
Net assets	$	194,151,760
Net assets consist of:
Paid in capital	$	172,898,818
Total distributable earnings (loss)		21,252,942
Net assets	$	194,151,760
A-Class:
Net assets	$	14,166,634
Capital shares outstanding		454,774
Net asset value per share	$	31.15
Maximum offering price per share(Net asset value divided by 95.25%)	$	32.70
C-Class:
Net assets	$	657,946
Capital shares outstanding		21,263
Net asset value per share	$	30.94
P-Class:
Net assets	$	6,139,746
Capital shares outstanding		195,961
Net asset value per share	$	31.33
Institutional Class:
Net assets	$	173,187,434
Capital shares outstanding		5,493,721
Net asset value per share	$	31.52

* 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 SEMI-ANNUAL REPORT|47

RISK MANAGED REAL ESTATE FUND

STATEMENT OF OPERATIONS(Unaudited)

Period Ended March 31, 2019

Investment Income:
Dividends	$	2,080,998
Interest		263,105
Total investment income		2,344,103
Expenses:
Management fees		655,931
Distribution and service fees:
A-Class		16,687
C-Class		3,651
P-Class		5,746
Transfer agent/maintenance fees:
A-Class		3,194
C-Class		703
P-Class		2,970
Institutional Class		28,458
Fund accounting/administration fees		69,967
Short sales dividend expense		40,763
Prime broker interest expense		35,900
Trustees’ fees*		10,720
Custodian fees		5,415
Line of credit fees		1,693
Miscellaneous		96,456
Recoupment of previously waived fees:
A-Class		1,611
P-Class		573
Institutional Class		48,537
Total expenses		1,028,975
Less:
Expenses waived by Adviser:		(10,513	)
Expenses reimbursed by Adviser:
A-Class		(652	)
C-Class		(368	)
P-Class		(1,137	)
Institutional Class		(3,047	)
Total waived/reimbursed expenses		(15,717	)
Net expenses		1,013,258
Net investment income		1,330,845
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	77,446
Swap agreements		714,035
Securities sold short		21,374
Net realized gain		812,855
Net change in unrealized appreciation(depreciation) on:
Investments		15,296,035
Swap agreements		1,053,714
Securities sold short		(1,090,046	)
Net change in unrealized appreciation(depreciation)		15,259,703
Net realized and unrealized gain		16,072,558
Net increase in net assets resulting from operations	$	17,403,403

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

48|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

RISK MANAGED REAL ESTATE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,330,845		$	2,409,131
Net realized gain on investments		812,855			1,479,215
Net change in unrealized appreciation (depreciation) on investments		15,259,703			1,249,273
Net increase in net assets resulting from operations		17,403,403			5,137,619
Distributions to shareholders:
A-Class		(262,459	)		(741,207	)
C-Class		(9,412	)		(42,140	)
P-Class		(89,638	)		(230,429	)
Institutional Class		(3,237,596	)		(7,275,260	)
Total distributions to shareholders		(3,599,105	)		(8,289,036	)
Capital share transactions:
Proceeds from sale of shares
A-Class		834,266			17,701,055
C-Class		130,838			623,503
P-Class		2,002,981			4,732,078
Institutional Class		12,824,078			44,394,797
Distributions reinvested
A-Class		259,972			736,362
C-Class		9,383			42,140
P-Class		89,638			216,184
Institutional Class		2,693,593			5,972,641
Cost of shares redeemed
A-Class		(1,696,640	)		(6,361,125	)
C-Class		(382,894	)		(492,819	)
P-Class		(549,975	)		(3,134,802	)
Institutional Class		(8,968,326	)		(16,699,323	)
Net increase from capital share transactions		7,246,914			47,730,691
Net increase in net assets		21,051,212			44,579,274
Net assets:
Beginning of period		173,100,548			128,521,274
End of period	$	194,151,760		$	173,100,548
Capital share activity:
Shares sold
A-Class		28,387			595,944
C-Class		4,486			21,422
P-Class		66,743			160,270
Institutional Class		434,018			1,537,226
Shares issued from reinvestment of distributions
A-Class		9,137			25,255
C-Class		333			1,449
P-Class		3,108			7,367
Institutional Class		92,527			202,581
Shares redeemed
A-Class		(58,715	)		(219,176	)
C-Class		(13,708	)		(17,261	)
P-Class		(18,874	)		(108,542	)
Institutional Class		(302,516	)		(565,538	)
Net increase in shares		244,926			1,640,997

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|49

RISK MANAGED REAL ESTATE 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.

A-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Period Ended September 30, 2014b
Per Share Data
Net asset value, beginning of period	$	28.93		$	29.70		$	28.87		$	29.77		$	26.99		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.19			.41			.03			.19			(.21	)		.02
Net gain (loss) on investments (realized and unrealized)		2.60			.38			2.08			3.84			3.18			2.06
Total from investment operations		2.79			.79			2.11			4.03			2.97			2.08
Less distributions from:
Net investment income		(.31	)		(.52	)		(.57	)		(1.12	)		(.05	)		(.09	)
Net realized gains		(.26	)		(1.04	)		(.71	)		(3.81	)		(.14	)		—
Total distributions		(.57	)		(1.56	)		(1.28	)		(4.93	)		(.19	)		(.09	)
Net asset value, end of period	$	31.15		$	28.93		$	29.70		$	28.87		$	29.77		$	26.99
Total Returnd		9.82	%		2.70	%		7.54	%		14.88	%		10.97	%		8.35	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	14,167		$	13,772		$	2,196		$	743		$	366		$	107
Ratios to average net assets:
Net investment income (loss)		1.30	%		1.42	%		0.09	%		0.66	%		(0.67	%)		0.16	%
Total expensese		1.37	%		1.78	%		1.45	%		1.93	%		3.41	%		4.22	%i
Net expensesf,g,j		1.35	%		1.76	%		1.33	%		1.78	%		3.04	%		3.32	%
Portfolio turnover rate		47	%		107	%		85	%		133	%		214	%		57	%

C-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Period Ended September 30, 2014b
Per Share Data
Net asset value, beginning of period	$	28.75		$	29.54		$	28.77		$	29.56		$	26.95		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.04			.15			(.19	)		.02			(.43	)		(.23	)
Net gain (loss) on investments (realized and unrealized)		2.62			.42			2.06			3.77			3.18			2.19
Total from investment operations		2.66			.57			1.87			3.79			2.75			1.96
Less distributions from:
Net investment income		(.21	)		(.32	)		(.39	)		(.77	)		—			(.01	)
Net realized gains		(.26	)		(1.04	)		(.71	)		(3.81	)		(.14	)		—
Total distributions		(.47	)		(1.36	)		(1.10	)		(4.58	)		(.14	)		(.01	)
Net asset value, end of period	$	30.94		$	28.75		$	29.54		$	28.77		$	29.56		$	26.95
Total Returnd		9.45	%		1.93	%		6.71	%		14.00	%		10.20	%		7.85	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	658		$	867		$	725		$	518		$	95		$	52
Ratios to average net assets:
Net investment income (loss)		0.31	%		0.53	%		(0.66	%)		0.08	%		(1.42	%)		(1.60	%)
Total expensese		2.25	%		2.71	%		2.27	%		3.32	%		5.76	%		9.33	%i
Net expensesf,g,j		2.13	%		2.53	%		2.08	%		2.53	%		3.76	%		2.67	%
Portfolio turnover rate		47	%		107	%		85	%		133	%		214	%		57	%

50|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

RISK MANAGED REAL ESTATE 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.

P-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Period Ended September 30, 2015h
Per Share Data
Net asset value, beginning of period	$	29.09		$	29.85		$	29.01		$	29.77		$	30.89
Income (loss) from investment operations:
Net investment income (loss)c		.21			.37			.13			.16			.04
Net gain (loss) on investments (realized and unrealized)		2.59			.43			1.98			3.88			(1.16	)
Total from investment operations		2.80			.80			2.11			4.04			(1.12	)
Less distributions from:
Net investment income		(.30	)		(.52	)		(.56	)		(.99	)		—
Net realized gains		(.26	)		(1.04	)		(.71	)		(3.81	)		—
Total distributions		(.56	)		(1.56	)		(1.27	)		(4.80	)		—
Net asset value, end of period	$	31.33		$	29.09		$	29.85		$	29.01		$	29.77
Total Return		9.81	%		2.68	%		7.53	%		14.87	%		(3.63	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,140		$	4,217		$	2,564		$	82		$	30
Ratios to average net assets:
Net investment income (loss)		1.43	%		1.29	%		0.42	%		0.56	%		0.30	%
Total expensese		1.45	%		1.88	%		1.51	%		1.88	%		4.04	%i
Net expensesf,g,j		1.39	%		1.78	%		1.30	%		1.78	%		2.94	%
Portfolio turnover rate		47	%		107	%		85	%		133	%		214	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|51

RISK MANAGED REAL ESTATE 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	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Period Ended September 30, 2014b
Per Share Data
Net asset value, beginning of period	$	29.27		$	30.04		$	29.18		$	29.90		$	27.00		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.23			.46			.11			.26			(.11	)		.02
Net gain (loss) on investments (realized and unrealized)		2.63			.43			2.10			3.89			3.18			2.09
Total from investment operations		2.86			.89			2.21			4.15			3.07			2.11
Less distributions from:
Net investment income		(.35	)		(.62	)		(.64	)		(1.06	)		(.03	)		(.11	)
Net realized gains		(.26	)		(1.04	)		(.71	)		(3.81	)		(.14	)		—
Total distributions		(.61	)		(1.66	)		(1.35	)		(4.87	)		(.17	)		(.11	)
Net asset value, end of period	$	31.52		$	29.27		$	30.04		$	29.18		$	29.90		$	27.00
Total Return		9.96	%		2.98	%		7.87	%		15.20	%		11.36	%		8.44	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	173,187		$	154,245		$	123,037		$	111,823		$	105,882		$	103,993
Ratios to average net assets:
Net investment income (loss)		1.55	%		1.56	%		0.38	%		0.91	%		(0.35	%)		0.11	%
Total expensese		1.15	%		1.51	%		1.02	%		1.50	%		2.70	%		2.69	%i
Net expensesf,g,j		1.13	%		1.50	%		1.01	%		1.50	%		2.70	%		2.58	%
Portfolio turnover rate		47	%		107	%		85	%		133	%		214	%		57	%

a	Unaudited figures for the period ended March 31, 2019. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Since commencement of operations: March 28, 2014. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
c	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
d	Total return does not reflect the impact of any applicable sales charges and has not been annualized.
e	Does not include expenses of the underlying funds in which the Fund invests.
f	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
g	The portion of the ratios of net expenses to average net assets attributable to recoupments of prior fee reductions or expense reimbursements for the periods presented was as follows:

	03/31/19	09/30/18	09/30/17
A-Class	0.02%	0.03%	0.02%
C-Class	—	0.01%	0.00%*
P-Class	0.02%	0.01%	0.00%*
Institutional Class	0.06%	0.02%	—

* Less than 0.1%

h	Since commencement of operations: May 1, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
i	Due to limited length of fund operations, ratios for this period are not indicative of futures performance.
j	Net expenses may include expenses that are excluded from the expense limitation agreement and recouped amounts. Excluding these expenses, the net expense ratios for the periods presented would be:

	03/31/19	09/30/18	09/30/17	09/30/16	09/30/15	09/30/14
A-Class	1.26%	1.29%	1.30%	1.29%	1.30%	1.30%
C-Class	2.04%	2.05%	2.04%	2.03%	2.05%	2.05%
P-Class	1.30%	1.30%	1.29%	1.28%	1.30%	—
Institutional Class	1.04%	1.03%	0.97%	1.00%	0.99%	1.10%

52|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

PERFORMANCE REPORT AND FUND PROFILE(Unaudited) March 31, 2019

SMALL CAP VALUE FUND

OBJECTIVE:Seeks long-term capital appreciation.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
A-Class	July 11, 2008
C-Class	July 11, 2008
P-Class	May 1, 2015
Institutional Class	July 11, 2008

Ten Largest Holdings (% of Total Net Assets)
iShares Russell 2000 Value ETF	4.0%
Equity Commonwealth	1.7%
Portland General Electric Co.	1.6%
Physicians Realty Trust	1.6%
Cathay General Bancorp	1.4%
US Concrete, Inc.	1.4%
Radian Group, Inc.	1.4%
Wintrust Financial Corp.	1.3%
Black Hills Corp.	1.3%
Viavi Solutions, Inc.	1.2%
Top Ten Total	16.9%

“Ten Largest Holdings” excludes any temporary cash investments.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 53

PERFORMANCE REPORT AND FUND PROFILE(Unaudited)(concluded) March 31, 2019

Average Annual Returns*

Periods Ended March 31, 2019

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(8.98%)	(2.80%)	2.30%	13.26%
A-Class Shares with sales charge‡	(13.33%)	(7.44%)	1.31%	12.59%
C-Class Shares	(9.34%)	(3.47%)	1.53%	12.43%
C-Class Shares with CDSC§	(10.14%)	(4.32%)	1.53%	12.43%
Institutional Class Shares	(8.88%)	(2.51%)	2.55%	13.54%
Russell 2000 Value Index	(8.97%)	0.17%	5.59%	14.12%

	6 Month†	1 Year	Since Inception (05/01/15)
P-Class Shares	(8.92%)	(2.74%)	3.73%
Russell 2000 Value Index	(8.97%)	0.17%	6.51%

*	The performance data above represents past performance that is not predictive of future results. 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 effect of taxes. The Russell 2000 Value Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Effective February 22, 2011, 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 Returns based on subscriptions made prior to February 22, 2011, and a 4.75% maximum sales charge will be used to calculate performance for periods based on subscriptions made on or after February 22, 2011.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

54 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS(Unaudited)	March 31, 2019
SMALL CAP VALUE FUND

	Shares		Value
COMMON STOCKS† - 92.8%
Financial - 33.3%
Equity Commonwealth REIT		8,621	$	281,820
Physicians Realty Trust REIT		13,719		258,054
Cathay General Bancorp		6,927		234,895
Radian Group, Inc.		11,142		231,085
Wintrust Financial Corp.		3,227		217,274
Federal Agricultural Mortgage Corp. — Class C		2,765		200,269
Umpqua Holdings Corp.		11,784		194,436
Invesco Mortgage Capital, Inc. REIT		12,303		194,387
Investors Bancorp, Inc.		15,277		181,032
Cousins Properties, Inc. REIT		17,345		167,553
Lexington Realty Trust REIT		18,262		165,454
Hanmi Financial Corp.		7,713		164,056
Axis Capital Holdings Ltd.		2,941		161,108
WSFS Financial Corp.		3,888		150,077
National Storage Affiliates Trust REIT		5,249		149,649
CNO Financial Group, Inc.		9,059		146,575
Pinnacle Financial Partners, Inc.		2,490		136,203
RLJ Lodging Trust REIT		7,364		129,385
Berkshire Hills Bancorp, Inc.		4,686		127,647
Dynex Capital, Inc. REIT		20,676		125,917
IBERIABANK Corp.		1,661		119,110
Hancock Whitney Corp.		2,853		115,261
Redwood Trust, Inc. REIT		7,090		114,504
Old National Bancorp		6,707		109,995
Piedmont Office Realty Trust, Inc. — Class A REIT		5,074		105,793
Sunstone Hotel Investors, Inc. REIT		6,999		100,786
Kennedy-Wilson Holdings, Inc.		4,658		99,635
TriCo Bancshares		2,346		92,174
Flagstar Bancorp, Inc.		2,748		90,464
Howard Hughes Corp.*		793		87,230
PennyMac Mortgage Investment Trust REIT		4,180		86,568
BOK Financial Corp.		1,015		82,773
Prosperity Bancshares, Inc.		1,188		82,043
Hilltop Holdings, Inc.		4,380		79,935
Preferred Bank/Los Angeles CA		1,759		79,102
Stifel Financial Corp.		1,471		77,610
First Horizon National Corp.		5,324		74,430
RE/MAX Holdings, Inc. — Class A		1,866		71,916
Washington Federal, Inc.		2,412		69,683
Third Point Reinsurance Ltd.*		6,030		62,591
American National Insurance Co.		420		50,744
RMR Group, Inc. — Class A		619		37,746
Total Financial				5,506,969
Industrial - 16.1%
US Concrete, Inc.*		5,655		234,230
Louisiana-Pacific Corp.		7,566		184,459
MDU Resources Group, Inc.		6,473		167,198
Scorpio Tankers, Inc.		8,142		161,537
GATX Corp.		2,020		154,267
Valmont Industries, Inc.		1,074		139,727
Graphic Packaging Holding Co.		10,891		137,553
Trinseo S.A.		2,402		108,811
Plexus Corp.*		1,768		107,760
Ryder System, Inc.		1,562		96,829
Sanmina Corp.*		3,296		95,089
Gibraltar Industries, Inc.*		2,207		89,626
Knight-Swift Transportation Holdings, Inc.		2,730		89,217
Owens Corning		1,846		86,984
Kirby Corp.*		1,156		86,827
Advanced Energy Industries, Inc.*		1,695		84,208
Crane Co.		971		82,166
EnPro Industries, Inc.		1,256		80,949
Rexnord Corp.*		3,055		76,803
Vishay Intertechnology, Inc.		3,910		72,218
Golar LNG Ltd.		3,368		71,031
Park Electrochemical Corp.		4,368		68,577
Oshkosh Corp.		871		65,438
Matson, Inc.		1,746		63,013
KEMET Corp.		3,260		55,322
Total Industrial				2,659,839
Consumer, Cyclical - 9.3%
UniFirst Corp.		1,157		177,600
Hawaiian Holdings, Inc.		6,519		171,124
Acushnet Holdings Corp.		5,621		130,070
Wyndham Hotels & Resorts, Inc.		2,599		129,924
St. Joe Co.*		6,515		107,432
Foot Locker, Inc.		1,694		102,656
International Speedway Corp. — Class A		2,223		96,990
MDC Holdings, Inc.		3,024		87,877
Methode Electronics, Inc.		3,000		86,340
Tenneco, Inc. — Class A		3,584		79,421
Wabash National Corp.		5,595		75,812
Asbury Automotive Group, Inc.*		930		64,505
Cato Corp. — Class A		3,660		54,827
KB Home		2,268		54,818
Abercrombie & Fitch Co. — Class A		1,940		53,175
La-Z-Boy, Inc.		1,238		40,842
Unifi, Inc.*		1,606		31,076
Total Consumer, Cyclical				1,544,489
Consumer, Non-cyclical - 8.7%
Encompass Health Corp.		3,001		175,258
Central Garden & Pet Co. — Class A*		7,348		170,841
Premier, Inc. — Class A*		4,830		166,587
Euronet Worldwide, Inc.*		1,099		156,706
Sanderson Farms, Inc.		954		125,775
SP Plus Corp.*		3,551		121,160
Navigant Consulting, Inc.		5,680		110,590
Eagle Pharmaceuticals, Inc.*		2,080		105,019
Fresh Del Monte Produce, Inc.		3,555		96,092
Cambrex Corp.*		2,254		87,568
AMAG Pharmaceuticals, Inc.*		5,507		70,930
Inovio Pharmaceuticals, Inc.*		13,342		49,766
Total Consumer, Non-cyclical				1,436,292

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|55

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
SMALL CAP VALUE FUND

	Shares		Value
Communications - 7.5%
Viavi Solutions, Inc.*		16,227	$	200,890
Ciena Corp.*		4,907		183,227
Finisar Corp.*		5,421		125,605
Gray Television, Inc.*		5,796		123,803
Infinera Corp.*		26,643		115,631
Scholastic Corp.		2,636		104,807
Sinclair Broadcast Group, Inc. — Class A		2,682		103,203
InterDigital, Inc.		1,235		81,485
MSG Networks, Inc. — Class A*		3,594		78,170
Liberty Latin America Ltd. — Class C*		3,778		73,482
Tribune Publishing Co.*		4,200		49,518
Total Communications				1,239,821
Utilities - 6.3%
Portland General Electric Co.		4,999		259,148
Black Hills Corp.		2,869		212,507
Southwest Gas Holdings, Inc.		1,850		152,181
PNM Resources, Inc.		2,705		128,055
ALLETE, Inc.		1,369		112,573
Ormat Technologies, Inc.		1,754		96,733
Avista Corp.		1,998		81,159
Total Utilities				1,042,356
Energy - 4.0%
Range Resources Corp.		15,879		178,480
Whiting Petroleum Corp.*		5,439		142,176
Oasis Petroleum, Inc.*		21,332		128,845
MRC Global, Inc.*		5,220		91,245
Gulfport Energy Corp.*		10,025		80,401
Antero Resources Corp.*		5,521		48,750
Total Energy				669,897
Technology - 3.9%
Cray, Inc.*		5,277		137,466
MACOM Technology Solutions Holdings, Inc.*		7,199		120,295
CSG Systems International, Inc.		2,479		104,862
Evolent Health, Inc. — Class A*		5,950		74,851
Nanometrics, Inc.*		1,980		61,142
ManTech International Corp. — Class A		1,054		56,937
TiVo Corp.		5,675		52,891
Axcelis Technologies, Inc.*		2,324		46,759
Total Technology				655,203
Basic Materials - 3.7%
Ashland Global Holdings, Inc.		2,288		178,761
Huntsman Corp.		7,616		171,284
Alcoa Corp.*		4,282		120,581
Verso Corp. — Class A*		4,291		91,913
Pan American Silver Corp.		3,415		45,249
Total Basic Materials				607,788
Total Common Stocks
(Cost $15,345,147)				15,362,654
CONVERTIBLE PREFERRED STOCKS††† - 0.0%
Preferred Stock – 0.0%
Thermoenergy Corp.*,1,2		6,250		—
Total Convertible Preferred Stocks
(Cost $5,968)				—
RIGHTS†††- 0.0%
Pan American Silver Corp.
Expires 12/31/19*,1		17,705		—
Total Rights
(Cost $—)				—
EXCHANGE-TRADED FUNDS† - 4.0%
iShares Russell 2000 Value ETF		5,513		661,009
Total Exchange-Traded Funds
(Cost $700,554)				661,009
MONEY MARKET FUND† - 3.2%
Dreyfus Treasury Securities Cash Management - Institutional Shares 2.27%3		525,806		525,806
Total Money Market Fund
(Cost $525,806)				525,806
Total Investments - 100.0%
(Cost $16,577,475)			$	16,549,469
Other Assets & Liabilities, net - 0.0%				3,787
Total Net Assets - 100.0%			$	16,553,256

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
1	Security was fair valued by the Valuation Committee at March 31, 2019. The total market value of fair valued securities amounts to $0, (cost $5,968) or less than 0.1% of total net assets.
2	PIPE (Private Investment in Public Equity) — Stock issued by a company in the secondary market as a means of raising capital more quickly and less expensively than through registration of a secondary public offering.
3	Rate indicated is the 7-day yield as of March 31, 2019.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

56|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS(Unaudited)(concluded)	March 31, 2019
SMALL CAP VALUE FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2019 (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	$	15,362,654	$	—	$	—		$	15,362,654
Convertible Preferred Stocks		—		—		—	*		—
Rights		—		—		—	*		—
Exchange-Traded Funds		661,009		—		—			661,009
Money Market Fund		525,806		—		—			525,806
Total Assets	$	16,549,469	$	—	$	—		$	16,549,469

* Security has a market value of $0.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|57

SMALL CAP VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES(Unaudited)

March 31, 2019

Assets:
Investments, at value (cost $16,577,475)	$	16,549,469
Cash		929
Prepaid expenses		37,233
Receivables:
Securities sold		219,938
Dividends		25,410
Fund shares sold		18,996
Interest		897
Total assets		16,852,872
Liabilities:
Payable for:
Securities purchased		249,112
Fund shares redeemed		16,407
Transfer agent/maintenance fees		6,218
Distribution and service fees		4,282
Management fees		490
Trustees’ fees*		267
Miscellaneous		22,840
Total liabilities		299,616
Net assets	$	16,553,256
Net assets consist of:
Paid in capital	$	16,727,240
Total distributable earnings (loss)		(173,984	)
Net assets	$	16,553,256
A-Class:
Net assets	$	10,679,617
Capital shares outstanding		856,289
Net asset value per share	$	12.47
Maximum offering price per share(Net asset value divided by 95.25%)	$	13.09
C-Class:
Net assets	$	2,268,630
Capital shares outstanding		198,294
Net asset value per share	$	11.44
P-Class:
Net assets	$	44,559
Capital shares outstanding		3,529
Net asset value per share	$	12.63
Institutional Class:
Net assets	$	3,560,450
Capital shares outstanding		316,740
Net asset value per share	$	11.24

STATEMENT OF OPERATIONS(Unaudited)

Period Ended March 31, 2019

Investment Income:
Dividends (net of foreign withholding tax of $30)	$	186,913
Interest		4,810
Total investment income		191,723
Expenses:
Management fees		62,000
Distribution and service fees:
A-Class		13,340
C-Class		11,987
P-Class		28
Transfer agent/maintenance fees:
A-Class		8,910
C-Class		3,465
P-Class		90
Institutional Class		3,838
Registration fees		20,795
Professional fees		14,416
Fund accounting/administration fees		12,465
Trustees’ fees*		7,843
Custodian fees		1,596
Miscellaneous		13,332
Total expenses		174,105
Less:
Expenses reimbursed by Adviser:
A-Class		(14,922	)
C-Class		(4,835	)
P-Class		(102	)
Institutional Class		(5,784	)
Expenses waived by Adviser		(36,524	)
Total waived/reimbursed expenses		(62,167	)
Net expenses		111,938
Net investment income		79,785
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		353,723
Net realized gain		353,723
Net change in unrealized appreciation(depreciation) on:
Investments		(2,087,189	)
Net change in unrealized appreciation(depreciation)		(2,087,189	)
Net realized and unrealized loss		(1,733,466	)
Net decrease in net assets resulting from operations	$	(1,653,681	)

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

58|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SMALL CAP VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	79,785		$	36,203
Net realized gain on investments		353,723			1,784,434
Net change in unrealized appreciation (depreciation) on investments		(2,087,189	)		(703,509	)
Net increase (decrease) in net assets resulting from operations		(1,653,681	)		1,117,128
Distributions to shareholders:
A-Class		(1,117,845	)		(844,451	)
C-Class		(254,536	)		(259,676	)
P-Class		(1,542	)		(861	)
Institutional Class		(414,600	)		(403,734	)
Total distributions to shareholders		(1,788,523	)		(1,508,722	)
Capital share transactions:
Proceeds from sale of shares
A-Class		1,148,426			2,936,068
C-Class		34,298			226,040
P-Class		30,503			714
Institutional Class		523,721			1,692,756
Distributions reinvested
A-Class		1,099,437			831,363
C-Class		249,807			254,977
P-Class		1,542			861
Institutional Class		414,577			397,704
Cost of shares redeemed
A-Class		(1,324,399	)		(3,632,141	)
C-Class		(387,103	)		(1,803,026	)
P-Class		(11	)		(26	)
Institutional Class		(423,818	)		(2,912,537	)
Net increase (decrease) from capital share transactions		1,366,980			(2,007,247	)
Net decrease in net assets		(2,075,224	)		(2,398,841	)
Net assets:
Beginning of period		18,628,480			21,027,321
End of period	$	16,553,256		$	18,628,480
Capital share activity:
Shares sold
A-Class		91,415			188,618
C-Class		2,916			15,862
P-Class		2,417			45
Institutional Class		44,054			120,877
Shares issued from reinvestment of distributions
A-Class		98,164			55,684
C-Class		24,277			18,477
P-Class		136			57
Institutional Class		41,088			29,157
Shares redeemed
A-Class		(100,044	)		(236,430	)
C-Class		(30,654	)		(127,654	)
P-Class		(1	)		(1	)
Institutional Class		(35,182	)		(213,469	)
Net increase (decrease) in shares		138,586			(148,777	)

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|59

SMALL 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.

A-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Per Share Data
Net asset value, beginning of period	$	15.56		$	15.74		$	13.61		$	12.78		$	16.82		$	17.81
Income (loss) from investment operations:
Net investment income (loss)b		.07			.04			.02			.01			.02			(.03	)
Net gain (loss) on investments (realized and unrealized)		(1.64	)		.91			2.20			1.81			(.60	)		.26
Total from investment operations		(1.57	)		.95			2.22			1.82			(.58	)		.23
Less distributions from:
Net investment income		(.19	)		(.15	)		(.09	)		—			(.09	)		(.03	)
Net realized gains		(1.33	)		(.98	)		—			(.99	)		(3.37	)		(1.19	)
Total distributions		(1.52	)		(1.13	)		(.09	)		(.99	)		(3.46	)		(1.22	)
Net asset value, end of period	$	12.47		$	15.56		$	15.74		$	13.61		$	12.78		$	16.82
Total Returnc		(8.98	%)		6.32	%		16.41	%		14.81	%		(5.23	%)		1.07	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	10,680		$	11,931		$	11,943		$	13,283		$	12,866		$	17,342
Ratios to average net assets:
Net investment income (loss)		1.03	%		0.29	%		0.15	%		0.12	%		0.13	%		(0.14	%)
Total expensesd		2.02	%		2.09	%		1.87	%		2.29	%		1.99	%		1.85	%
Net expensese,f,h		1.30	%		1.30	%		1.32	%		1.32	%		1.32	%		1.32	%
Portfolio turnover rate		57	%		18	%		48	%		64	%		62	%		45	%

C-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Per Share Data
Net asset value, beginning of period	$	14.30		$	14.51		$	12.57		$	11.95		$	15.96		$	17.05
Income (loss) from investment operations:
Net investment income (loss)b		.02			(.07	)		(.08	)		(.08	)		(.09	)		(.15	)
Net gain (loss) on investments (realized and unrealized)		(1.51	)		.84			2.02			1.69			(.55	)		.25
Total from investment operations		(1.49	)		.77			1.94			1.61			(.64	)		.10
Less distributions from:
Net investment income		(.04	)		—			—			—			—			—
Net realized gains		(1.33	)		(.98	)		—			(.99	)		(3.37	)		(1.19	)
Total distributions		(1.37	)		(.98	)		—			(.99	)		(3.37	)		(1.19	)
Net asset value, end of period	$	11.44		$	14.30		$	14.51		$	12.57		$	11.95		$	15.96
Total Returnc		(9.34	%)		5.57	%		15.53	%		14.02	%		(5.97	%)		0.30	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,269		$	2,884		$	4,281		$	4,762		$	5,173		$	8,527
Ratios to average net assets:
Net investment income (loss)		0.25	%		(0.50	%)		(0.60	%)		(0.64	%)		(0.65	%)		(0.87	%)
Total expensesd		2.90	%		2.94	%		2.71	%		3.04	%		2.72	%		2.51	%
Net expensese,f,h		2.05	%		2.05	%		2.07	%		2.07	%		2.08	%		2.07	%
Portfolio turnover rate		57	%		18	%		48	%		64	%		62	%		45	%

60|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SMALL 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.

P-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Period Ended September 30, 2015g
Per Share Data
Net asset value, beginning of period	$	15.73		$	15.76		$	13.60		$	12.77		$	14.33
Income (loss) from investment operations:
Net investment income (loss)b		.08			.05			.01			.02			.04
Net gain (loss) on investments (realized and unrealized)		(1.66	)		.90			2.22			1.80			(1.60	)
Total from investment operations		(1.58	)		.95			2.23			1.82			(1.56	)
Less distributions from:
Net investment income		(.19	)		—			(.07	)		—			—
Net realized gains		(1.33	)		(.98	)		—			(.99	)		—
Total distributions		(1.52	)		(.98	)		(.07	)		(.99	)		—
Net asset value, end of period	$	12.63		$	15.73		$	15.76		$	13.60		$	12.77
Total Return		(8.92	%)		6.30	%		16.35	%		14.88	%		(10.82	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	45		$	15		$	14		$	11		$	9
Ratios to average net assets:
Net investment income (loss)		1.19	%		0.30	%		0.09	%		0.13	%		0.60	%
Total expensesd		2.55	%		2.79	%		3.60	%		2.50	%		4.04	%
Net expensese,f,h		1.25	%		1.30	%		1.32	%		1.32	%		1.31	%
Portfolio turnover rate		57	%		18	%		48	%		64	%		62	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|61

SMALL 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	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Per Share Data
Net asset value, beginning of period	$	14.24		$	14.50		$	12.54		$	11.82		$	17.04		$	18.04
Income (loss) from investment operations:
Net investment income (loss)b		.08			.07			.04			.04			.05			.01
Net gain (loss) on investments (realized and unrealized)		(1.53	)		.84			2.04			1.67			(.49	)		.25
Total from investment operations		(1.45	)		.91			2.08			1.71			(.44	)		.26
Less distributions from:
Net investment income		(.22	)		(.19	)		(.12	)		—			(1.41	)		(.07	)
Net realized gains		(1.33	)		(.98	)		—			(.99	)		(3.37	)		(1.19	)
Total distributions		(1.55	)		(1.17	)		(.12	)		(.99	)		(4.78	)		(1.26	)
Net asset value, end of period	$	11.24		$	14.24		$	14.50		$	12.54		$	11.82		$	17.04
Total Return		(8.88	%)		6.64	%		16.65	%		15.18	%		(5.01	%)		1.21	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,560		$	3,798		$	4,790		$	281		$	459		$	753
Ratios to average net assets:
Net investment income (loss)		1.27	%		0.50	%		0.30	%		0.30	%		0.33	%		0.05	%
Total expensesd		1.83	%		1.91	%		1.56	%		2.09	%		1.70	%		1.33	%
Net expensese,f,h		1.05	%		1.05	%		1.07	%		1.07	%		1.07	%		1.07	%
Portfolio turnover rate		57	%		18	%		48	%		64	%		62	%		45	%

a	Unaudited figures for the period ended March 31, 2019. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
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 periods presented was as follows:

	03/31/19	09/30/18	09/30/17
A-Class	—	—	0.00%*
C-Class	—	—	0.01%
P-Class	—	—	0.74%
Institutional Class	—	—	0.00%*

* Less than 0.01%

g	Since commencement of operations: May 1, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
h	Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the periods presented would be:

	03/31/19	09/30/18	09/30/17	09/30/16	09/30/15	09/30/14
A-Class	1.30%	1.30%	1.30%	1.30%	1.30%	1.30%
C-Class	2.05%	2.05%	2.05%	2.05%	2.05%	2.05%
P-Class	1.25%	1.30%	1.30%	1.30%	1.30%	—
Institutional Class	1.05%	1.05%	1.05%	1.05%	1.05%	1.05%

62|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

PERFORMANCE REPORT AND FUND PROFILE(Unaudited) March 31, 2019

STYLEPLUS—LARGE CORE FUND

OBJECTIVE:Seeks long-term growth of capital.

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
A-Class	September 10, 1962
C-Class	January 29, 1999
P-Class	May 1, 2015
Institutional Class	March 1, 2012

Ten Largest Holdings (% of Total Net Assets)
Guggenheim Strategy Fund III	33.0%
Guggenheim Strategy Fund II	27.4%
Guggenheim Ultra Short Duration Fund — Institutional Class	15.2%
Apple, Inc.	0.8%
Alphabet, Inc. — Class C	0.7%
Microsoft Corp.	0.6%
Exxon Mobil Corp.	0.5%
Johnson & Johnson	0.5%
Amazon.com, Inc.	0.5%
Verizon Communications, Inc.	0.4%
Top Ten Total	79.6%

“Ten Largest Holdings” excludes any temporary cash or derivative investments.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 63

PERFORMANCE REPORT AND FUND PROFILE(Unaudited)(concluded) March 31, 2019

Average Annual Returns*

Periods Ended March 31, 2019

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(3.41%)	6.57%	10.42%	14.28%
A-Class Shares with sales charge‡	(8.01%)	1.51%	9.35%	13.62%
C-Class Shares	(3.85%)	5.61%	9.43%	13.31%
C-Class Shares with CDSC§	(4.59%)	4.80%	9.43%	13.31%
S&P 500 Index	(1.72%)	9.50%	10.91%	15.92%

	6 Month†	1 Year	5 Year	Since Inception (03/01/12)
Institutional Class Shares	(3.27%)	6.88%	10.79%	11.96%
S&P 500 Index	(1.72%)	9.50%	10.91%	13.11%

	6 Month†	1 Year	Since Inception (05/01/15)
P-Class Shares	(3.40%)	6.37%	9.15%
S&P 500 Index	(1.72%)	9.50%	10.11%

*	The performance data above represents past performance that is not predictive of future results. 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 effect of taxes. The S&P 500 Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Effective February 22, 2011, 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 Returns based on subscriptions made prior to February 22, 2011, and a 4.75% maximum sales charge will be used to calculate performance for periods based on subscriptions made on or after February 22, 2011.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

64 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS(Unaudited)	March 31, 2019
STYLEPLUS—LARGE CORE FUND

	Shares		Value
COMMON STOCKS† - 20.6%
Consumer, Non-cyclical - 6.2%
Johnson & Johnson		6,973	$	974,756
Pfizer, Inc.		19,990		848,975
Amgen, Inc.		3,329		632,443
Gilead Sciences, Inc.		8,853		575,534
Philip Morris International, Inc.		6,365		562,602
Medtronic plc		6,001		546,571
Kimberly-Clark Corp.		4,106		508,733
Tyson Foods, Inc. — Class A		6,907		479,553
Humana, Inc.		1,786		475,076
Biogen, Inc.*		2,007		474,415
Archer-Daniels-Midland Co.		10,914		470,721
Kroger Co.		18,894		464,792
McKesson Corp.		3,673		429,961
UnitedHealth Group, Inc.		1,707		422,073
Sysco Corp.		5,324		355,430
HCA Healthcare, Inc.		2,650		345,507
AbbVie, Inc.		4,046		326,067
Altria Group, Inc.		5,613		322,355
Colgate-Palmolive Co.		4,155		284,784
Molson Coors Brewing Co. — Class B		4,763		284,113
Procter & Gamble Co.		2,686		279,478
AmerisourceBergen Corp. — Class A		3,305		262,814
Zimmer Biomet Holdings, Inc.		2,017		257,571
PepsiCo, Inc.		2,012		246,571
Cardinal Health, Inc.		4,868		234,394
Mylan N.V.*		7,657		216,999
CVS Health Corp.		3,797		204,772
Anthem, Inc.		629		180,510
Centene Corp.*		3,206		170,239
Kraft Heinz Co.		4,800		156,720
Bristol-Myers Squibb Co.		2,974		141,890
General Mills, Inc.		2,545		131,704
H&R Block, Inc.		5,254		125,781
Total Consumer, Non-cyclical				12,393,904
Technology - 3.2%
Apple, Inc.		8,661		1,645,157
Microsoft Corp.		11,016		1,299,227
Intel Corp.		14,659		787,188
Oracle Corp.		7,714		414,319
HP, Inc.		17,425		338,568
Applied Materials, Inc.		8,476		336,158
Activision Blizzard, Inc.		7,340		334,190
Lam Research Corp.		1,805		323,113
Seagate Technology plc		5,317		254,631
International Business Machines Corp.		1,588		224,067
DXC Technology Co.		2,639		169,714
Electronic Arts, Inc.*		1,593		161,897
Micron Technology, Inc.*		3,757		155,277
Total Technology				6,443,506
Communications - 3.1%
Alphabet, Inc. — Class C*		1,202		1,410,319
Amazon.com, Inc.*		508		904,621
Verizon Communications, Inc.		14,607		863,712
Facebook, Inc. — Class A*		4,451		741,937
AT&T, Inc.		21,815		684,119
Omnicom Group, Inc.		6,065		442,684
Comcast Corp. — Class A		7,529		301,010
Walt Disney Co.		2,711		301,002
Discovery, Inc. — Class A*		9,569		258,554
Cisco Systems, Inc.		2,361		127,470
Netflix, Inc.*		224		79,869
Total Communications				6,115,297
Industrial - 2.9%
United Parcel Service, Inc. — Class B		5,124		572,556
Union Pacific Corp.		3,373		563,966
Caterpillar, Inc.		4,015		543,992
FedEx Corp.		2,809		509,581
Cummins, Inc.		2,939		463,980
J.B. Hunt Transport Services, Inc.		4,401		445,777
Huntington Ingalls Industries, Inc.		2,116		438,435
Textron, Inc.		8,610		436,183
Snap-on, Inc.		2,567		401,787
CSX Corp.		5,129		383,752
Norfolk Southern Corp.		1,815		339,205
Kansas City Southern		2,825		327,643
United Technologies Corp.		1,452		187,148
General Electric Co.		15,517		155,015
CH Robinson Worldwide, Inc.		1,459		126,918
Total Industrial				5,895,938
Energy - 2.6%
Exxon Mobil Corp.		12,718		1,027,614
Chevron Corp.		6,772		834,175
ConocoPhillips		8,118		541,795
Occidental Petroleum Corp.		7,640		505,768
Kinder Morgan, Inc.		24,230		484,842
Phillips 66		4,203		400,000
Valero Energy Corp.		4,683		397,259
Marathon Petroleum Corp.		6,122		366,402
HollyFrontier Corp.		5,150		253,740
Williams Companies, Inc.		7,056		202,649
Cimarex Energy Co.		2,108		147,349
Marathon Oil Corp.		7,214		120,546
Total Energy				5,282,139
Consumer, Cyclical - 1.6%
Walgreens Boots Alliance, Inc.		7,689		486,483
PACCAR, Inc.		6,848		466,623
Delta Air Lines, Inc.		7,877		406,847
United Continental Holdings, Inc.*		4,598		366,828
Southwest Airlines Co.		6,695		347,538
BorgWarner, Inc.		8,710		334,551
Alaska Air Group, Inc.		5,607		314,665
General Motors Co.		4,836		179,415
Home Depot, Inc.		670		128,566
Starbucks Corp.		1,469		109,206
Total Consumer, Cyclical				3,140,722

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|65

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
STYLEPLUS—LARGE CORE FUND

	Shares		Value
Financial - 1.0%
JPMorgan Chase & Co.		3,587	$	363,112
Berkshire Hathaway, Inc. — Class B*		1,428		286,871
Visa, Inc. — Class A		1,635		255,371
Prudential Financial, Inc.		2,628		241,461
Western Union Co.		11,490		212,220
Bank of America Corp.		7,534		207,863
Franklin Resources, Inc.		5,281		175,012
Travelers Companies, Inc.		947		129,890
MetLife, Inc.		2,947		125,454
Total Financial				1,997,254
Total Common Stocks
(Cost $40,430,658)				41,268,760
MUTUAL FUNDS† - 75.6%
Guggenheim Strategy Fund III1		2,667,849		66,135,986
Guggenheim Strategy Fund II1		2,208,764		54,799,438
Guggenheim Ultra Short Duration Fund — Institutional Class1,2		3,042,163		30,330,368
Total Mutual Funds
(Cost $151,893,145)				151,265,792
MONEY MARKET FUND† - 3.1%
Dreyfus Treasury Securities Cash Management - Institutional Shares 2.27%3		6,118,171		6,118,171
Total Money Market Fund
(Cost $6,118,171)				6,118,171
Total Investments - 99.3%
(Cost $198,441,974)			$	198,652,723
Other Assets & Liabilities, net - 0.7%				1,483,591
Total Net Assets - 100.0%			$	200,136,314

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Purchased†
S&P 500 Index Mini Futures Contracts		29	Jun 2019	$	4,115,100	$	70,809

Total Return Swap Agreements

Counterparty

Index

Financing Rate Pay

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Equity Index Swap Agreements††

Wells Fargo Bank, N.A

S&P 500 Index

2.83

%

At Maturity

09/30/19

28,022

$

158,716,888

$

(1,871,673

)

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Affiliated issuer.
2	Effective November 30, 2018, Guggenheim Strategy Fund I was reorganized with and into the Guggenheim Ultra Short Duration Fund.
3	Rate indicated is the 7-day yield as of March 31, 2019.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

66|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS(Unaudited)(concluded)	March 31, 2019
STYLEPLUS—LARGE CORE FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2019 (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	$	41,268,760	$	—	$	—	$	41,268,760
Mutual Funds		151,265,792		—		—		151,265,792
Money Market Fund		6,118,171		—		—		6,118,171
Equity Futures Contracts**		70,809		—		—		70,809
Total Assets	$	198,723,532	$	—	$	—	$	198,723,532

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Index Swap Agreements**	$	—	$	1,871,673	$	—	$	1,871,673

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

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Cash Management Funds”), each of which are open-end management investment companies managed by GI. The Cash Management Funds, which launched on March 11, 2014, are offered as cash management options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Cash Management Funds pay no investment management fees. The Cash Management Funds’ annual report on Form N-CSR dated September 30, 2018, is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000089180418000513/gug75569-ncsr.htm.

Transactions during the period ended March 31, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 09/30/18		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 03/31/19		Shares 03/31/19		Investment Income		Capital Gain Distributions
Mutual Funds
Guggenheim Limited Duration Fund - Institutional Class	$	16,592,241	$	114,943	$	(16,646,649	)	$	271,859		$	(332,394	)	$	—		—	$	114,627	$	319
Guggenheim Strategy Fund II		66,163,141		2,993,547		(13,968,303	)		(4,175	)		(384,772	)		54,799,438		2,208,764		864,631		30,930
Guggenheim Strategy Fund III		78,685,454		1,147,161		(13,063,354	)		(77,617	)		(555,658	)		66,135,986		2,667,849		1,144,384		2,778
Guggenheim Ultra Short Duration Fund - Institutional Class1		17,256,263		23,077,758		(9,994,950	)		31,442			(40,145	)		30,330,368		3,042,163		212,786		5,297
	$	178,697,099	$	27,333,409	$	(53,673,256	)	$	221,509		$	(1,312,969	)	$	151,265,792			$	2,336,428	$	39,324

¹ Effective November 30, 2018, Guggenheim Strategy Fund I was reorganized with and into the Guggenheim Ultra Short Duration Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|67

STYLEPLUS—LARGE CORE FUND

STATEMENT OF ASSETS AND LIABILITIES(Unaudited)

March 31, 2019

Assets:
Investments in unaffiliated issuers, at value (cost $46,548,829)	$	47,386,931
Investments in affiliated issuers, at value(cost $151,893,145)		151,265,792
Cash		541,117
Segregated cash with broker		5,574,000
Prepaid expenses		62,292
Receivables:
Dividends		396,071
Variation margin on futures contracts		24,650
Fund shares sold		22,042
Interest		12,901
Total assets		205,285,796
Liabilities:
Unrealized depreciation on swap agreements		1,871,673
Payable for:
Swap settlement		2,496,295
Securities purchased		341,201
Fund shares redeemed		140,032
Management fees		120,321
Distribution and service fees		42,254
Fund accounting/administration fees		13,530
Transfer agent/maintenance fees		7,493
Trustees’ fees*		2,510
Miscellaneous		114,173
Total liabilities		5,149,482
Net assets	$	200,136,314
Net assets consist of:
Paid in capital	$	204,668,357
Total distributable earnings (loss)		(4,532,043	)
Net assets	$	200,136,314
A-Class:
Net assets	$	195,825,559
Capital shares outstanding		10,051,620
Net asset value per share	$	19.48
Maximum offering price per share(Net asset value divided by 95.25%)	$	20.45
C-Class:
Net assets	$	961,992
Capital shares outstanding		70,803
Net asset value per share	$	13.59
P-Class:
Net assets	$	241,687
Capital shares outstanding		12,562
Net asset value per share	$	19.24
Institutional Class:
Net assets	$	3,107,076
Capital shares outstanding		160,939
Net asset value per share	$	19.31

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

68|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STYLEPLUS—LARGE CORE FUND

STATEMENT OF OPERATIONS(Unaudited)

Period Ended March 31, 2019

Investment Income:
Dividends from securities of unaffiliated issuers	$	486,025
Dividends from securities of affiliated issuers		2,336,428
Interest		55,175
Total investment income		2,877,628
Expenses:
Management fees		746,865
Distribution and service fees:
A-Class		242,028
C-Class		5,203
P-Class		348
Transfer agent/maintenance fees:
A-Class		84,162
C-Class		1,608
P-Class		131
Institutional Class		2,077
Fund accounting/administration fees		79,667
Custodian fees		14,353
Trustees’ fees*		6,432
Line of credit fees		657
Miscellaneous		132,363
Total expenses		1,315,894
Less:
Expenses waived by Adviser		(34,269	)
Net expenses		1,281,625
Net investment income		1,596,003
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers	$	(629,697	)
Investments in affiliated issuers		221,509
Distributions received from affiliated investment company shares		39,324
Swap agreements		(3,595,542	)
Futures contracts		(403,761	)
Net realized loss		(4,368,167	)
Net change in unrealized appreciation(depreciation) on:
Investments in unaffiliated issuers		(1,954,828	)
Investments in affiliated issuers		(1,312,969	)
Swap agreements		(2,867,231	)
Futures contracts		61,805
Net change in unrealized appreciation(depreciation)		(6,073,223	)
Net realized and unrealized loss		(10,441,390	)
Net decrease in net assets resulting from operations	$	(8,845,387	)

* 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 SEMI-ANNUAL REPORT|69

STYLEPLUS—LARGE CORE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,596,003		$	2,808,320
Net realized gain (loss) on investments		(4,368,167	)		34,055,009
Net change in unrealized appreciation (depreciation) on investments		(6,073,223	)		(2,746,381	)
Net increase (decrease) in net assets resulting from operations		(8,845,387	)		34,116,948
Distributions to shareholders:
A-Class		(33,234,942	)		(34,164,488	)
C-Class		(243,784	)		(475,223	)
P-Class		(57,515	)		(87,267	)
Institutional Class		(818,298	)		(998,960	)
Total distributions to shareholders		(34,354,539	)		(35,725,938	)
Capital share transactions:
Proceeds from sale of shares
A-Class		2,517,454			6,578,624
C-Class		209,643			457,398
P-Class		48,288			123,734
Institutional Class		892,216			4,334,054
Distributions reinvested
A-Class		31,501,411			31,962,892
C-Class		241,526			467,557
P-Class		57,515			87,266
Institutional Class		755,670			922,633
Cost of shares redeemed
A-Class		(14,326,474	)		(25,292,149	)
C-Class		(409,138	)		(1,900,350	)
P-Class		(103,206	)		(372,908	)
Institutional Class		(4,130,690	)		(4,225,529	)
Net increase from capital share transactions		17,254,215			13,143,222
Net increase (decrease) in net assets		(25,945,711	)		11,534,232
Net assets:
Beginning of period		226,082,025			214,547,793
End of period	$	200,136,314		$	226,082,025
Capital share activity:
Shares sold
A-Class		132,295			272,567
C-Class		14,120			25,701
P-Class		2,096			5,149
Institutional Class		39,683			187,375
Shares issued from reinvestment of distributions
A-Class		1,858,490			1,401,881
C-Class		20,382			27,407
P-Class		3,436			3,861
Institutional Class		45,011			40,770
Shares redeemed
A-Class		(723,903	)		(1,055,618	)
C-Class		(31,032	)		(106,147	)
P-Class		(5,989	)		(16,275	)
Institutional Class		(200,681	)		(175,281	)
Net increase in shares		1,153,908			611,390

70|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STYLEPLUS—LARGE CORE 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.

A-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Per Share Data
Net asset value, beginning of period	$	24.78		$	25.23		$	21.86		$	21.14		$	24.53		$	24.27
Income (loss) from investment operations:
Net investment income (loss)b		.16			.30			.24			.16			.11			.20
Net gain (loss) on investments (realized and unrealized)		(1.59	)		3.52			3.72			3.04			(.12	)		4.45
Total from investment operations		(1.43	)		3.82			3.96			3.20			(.01	)		4.65
Less distributions from:
Net investment income		(.29	)		(.24	)		(.16	)		(.13	)		(.22	)		(.06	)
Net realized gains		(3.58	)		(4.03	)		(.43	)		(2.35	)		(3.16	)		(4.33	)
Total distributions		(3.87	)		(4.27	)		(.59	)		(2.48	)		(3.38	)		(4.39	)
Net asset value, end of period	$	19.48		$	24.78		$	25.23		$	21.86		$	21.14		$	24.53
Total Returnc		(3.41	%)		16.60	%		18.58	%		16.13	%		(0.84	%)		21.59	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	195,826		$	217,697		$	206,033		$	188,979		$	177,748		$	192,850
Ratios to average net assets:
Net investment income (loss)		1.60	%		1.27	%		1.03	%		0.79	%		0.48	%		0.86	%
Total expensesd		1.32	%		1.34	%		1.38	%		1.33	%		1.32	%		1.41	%
Net expensese		1.29	%		1.31	%		1.34	%		1.31	%		1.32	%		1.39	%
Portfolio turnover rate		31	%		46	%		30	%		50	%		65	%		107	%

C-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Per Share Data
Net asset value, beginning of period	$	18.41		$	19.74		$	17.22		$	17.17		$	20.55		$	21.12
Income (loss) from investment operations:
Net investment income (loss)b		.05			.06			.03			(.02	)		(.08	)		(.02	)
Net gain (loss) on investments (realized and unrealized)		(1.29	)		2.69			2.92			2.42			(.06	)		3.78
Total from investment operations		(1.24	)		2.75			2.95			2.40			(.14	)		3.76
Less distributions from:
Net investment income		—			(.05	)		—			—			(.08	)		—
Net realized gains		(3.58	)		(4.03	)		(.43	)		(2.35	)		(3.16	)		(4.33	)
Total distributions		(3.58	)		(4.08	)		(.43	)		(2.35	)		(3.24	)		(4.33	)
Net asset value, end of period	$	13.59		$	18.41		$	19.74		$	17.22		$	17.17		$	20.55
Total Returnc		(3.85	%)		15.56	%		17.59	%		15.00	%		(1.72	%)		20.40	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	962		$	1,239		$	2,376		$	2,650		$	2,767		$	3,042
Ratios to average net assets:
Net investment income (loss)		0.65	%		0.33	%		0.19	%		(0.14	%)		(0.44	%)		(0.08	%)
Total expensesd		2.30	%		2.24	%		2.23	%		2.27	%		2.25	%		2.36	%
Net expensese		2.26	%		2.21	%		2.20	%		2.25	%		2.25	%		2.34	%
Portfolio turnover rate		31	%		46	%		30	%		50	%		65	%		107	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|71

STYLEPLUS—LARGE CORE 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.

P-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Period Ended September 30, 2015f
Per Share Data
Net asset value, beginning of period	$	24.49		$	25.03		$	21.75		$	21.11		$	23.12
Income (loss) from investment operations:
Net investment income (loss)b		.16			.26			.22			.21			.03
Net gain (loss) on investments (realized and unrealized)		(1.57	)		3.45			3.68			2.97			(2.04	)
Total from investment operations		(1.41	)		3.71			3.90			3.18			(2.01	)
Less distributions from:
Net investment income		(.26	)		(.22	)		(.19	)		(.19	)		—
Net realized gains		(3.58	)		(4.03	)		(.43	)		(2.35	)		—
Total distributions		(3.84	)		(4.25	)		(.62	)		(2.54	)		—
Net asset value, end of period	$	19.24		$	24.49		$	25.03		$	21.75		$	21.11
Total Return		(3.40	%)		16.23	%		18.43	%		16.08	%		(8.69	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	242		$	319		$	508		$	405		$	14
Ratios to average net assets:
Net investment income (loss)		1.62	%		1.06	%		0.93	%		1.02	%		0.31	%
Total expensesd		1.33	%		1.56	%		1.47	%		1.22	%		1.38	%
Net expensese		1.30	%		1.53	%		1.44	%		1.19	%		1.38	%
Portfolio turnover rate		31	%		46	%		30	%		50	%		65	%

72|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STYLEPLUS—LARGE CORE 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	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Per Share Data
Net asset value, beginning of period	$	24.65		$	25.13		$	21.78		$	21.00		$	24.42		$	24.25
Income (loss) from investment operations:
Net investment income (loss)b		.19			.37			.32			.24			.12			.23
Net gain (loss) on investments (realized and unrealized)		(1.59	)		3.51			3.69			3.10			(.10	)		4.38
Total from investment operations		(1.40	)		3.88			4.01			3.34			.02			4.61
Less distributions from:
Net investment income		(.36	)		(.33	)		(.23	)		(.21	)		(.28	)		(.11	)
Net realized gains		(3.58	)		(4.03	)		(.43	)		(2.35	)		(3.16	)		(4.33	)
Total distributions		(3.94	)		(4.36	)		(.66	)		(2.56	)		(3.44	)		(4.44	)
Net asset value, end of period	$	19.31		$	24.65		$	25.13		$	21.78		$	21.00		$	24.42
Total Return		(3.27	%)		16.96	%		18.96	%		17.00	%		(0.75	%)		21.50	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,107		$	6,826		$	5,631		$	4,247		$	303		$	80
Ratios to average net assets:
Net investment income (loss)		1.85	%		1.57	%		1.35	%		1.11	%		0.52	%		0.97	%
Total expensesd		1.10	%		1.06	%		1.05	%		0.99	%		1.25	%		1.39	%
Net expensese		1.06	%		1.03	%		1.01	%		0.97	%		1.25	%		1.37	%
Portfolio turnover rate		31	%		46	%		30	%		50	%		65	%		107	%

a	Unaudited figures for the period ended March 31, 2019. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
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	Since commencement of operations: May 1, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|73

PERFORMANCE REPORT AND FUND PROFILE(Unaudited) March 31, 2019

STYLEPLUS—MID GROWTH FUND

OBJECTIVE:Seeks long-term growth of capital.

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
A-Class	September 17, 1969
C-Class	January 29, 1999
P-Class	May 1, 2015
Institutional Class	March 1, 2012

Ten Largest Holdings (% of Total Net Assets)
Guggenheim Strategy Fund II	31.6%
Guggenheim Strategy Fund III	30.8%
Guggenheim Ultra Short Duration Fund — Institutional Class	15.5%
STERIS plc	0.4%
Leidos Holdings, Inc.	0.4%
Post Holdings, Inc.	0.3%
Old Dominion Freight Line, Inc.	0.3%
Molina Healthcare, Inc.	0.3%
Bio-Rad Laboratories, Inc. — Class A	0.3%
Hill-Rom Holdings, Inc.	0.3%
Top Ten Total	80.2%

“Ten Largest Holdings” excludes any temporary cash or derivative investments.

74 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE(Unaudited)(concluded) March 31, 2019

Average Annual Returns*

Periods Ended March 31, 2019

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(1.31%)	8.15%	9.95%	15.27%
A-Class Shares with sales charge‡	(6.00%)	3.02%	8.89%	14.59%
C-Class Shares	(1.77%)	7.18%	9.02%	14.31%
C-Class Shares with CDSC§	(2.46%)	6.42%	9.02%	14.31%
Russell Midcap Growth Index	0.49%	11.51%	10.89%	17.60%

	6 Month†	1 Year	Since Inception (05/01/15)
P-Class Shares	(1.37%)	7.94%	8.48%
Russell Midcap Growth Index	0.49%	11.51%	9.87%

	6 Month†	1 Year	5 Year	Since Inception (03/01/12)
Institutional Class Shares	(1.28%)	8.26%	10.07%	11.60%
Russell Midcap Growth Index	0.49%	11.51%	10.89%	13.02%

*	The performance data above represents past performance that is not predictive of future results. 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 effect of taxes. The Russell Midcap Growth Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Effective February 22, 2011, 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 Returns based on subscriptions made prior to February 22, 2011, and a 4.75% maximum sales charge will be used to calculate performance for periods based on subscriptions made on or after February 22, 2011.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 75

SCHEDULE OF INVESTMENTS(Unaudited)	March 31, 2019
STYLEPLUS—MID GROWTH FUND

	Shares		Value
COMMON STOCKS† - 20.2%
Consumer, Non-cyclical - 6.2%
STERIS plc		2,973	$	380,633
Post Holdings, Inc.*		2,535		277,329
Molina Healthcare, Inc.*		1,948		276,538
Bio-Rad Laboratories, Inc. — Class A*		904		276,335
Hill-Rom Holdings, Inc.		2,567		271,743
Encompass Health Corp.		4,193		244,871
PRA Health Sciences, Inc.*		2,025		223,337
Sabre Corp.		10,059		215,162
Chemed Corp.		651		208,366
Kimberly-Clark Corp.		1,439		178,292
Humana, Inc.		659		175,294
Zimmer Biomet Holdings, Inc.		1,269		162,051
Baxter International, Inc.		1,919		156,034
Universal Health Services, Inc. — Class B		1,144		153,033
Flowers Foods, Inc.		6,826		145,530
Sysco Corp.		2,175		145,203
Edgewell Personal Care Co.*		3,101		136,103
Aaron’s, Inc.		2,528		132,973
Hershey Co.		1,101		126,428
Masimo Corp.*		905		125,143
DaVita, Inc.*		2,285		124,053
Charles River Laboratories International, Inc.*		818		118,815
Integra LifeSciences Holdings Corp.*		1,996		111,217
Catalent, Inc.*		2,711		110,039
ICU Medical, Inc.*		459		109,853
Exelixis, Inc.*		4,303		102,411
Kellogg Co.		1,783		102,308
Integer Holdings Corp.*		1,266		95,482
United Rentals, Inc.*		796		90,943
H&R Block, Inc.		3,337		79,888
Korn Ferry		1,664		74,514
Robert Half International, Inc.		1,013		66,007
Amedisys, Inc.*		517		63,725
MarketAxess Holdings, Inc.		227		55,860
Weight Watchers International, Inc.*		2,768		55,775
Total Consumer, Non-cyclical				5,371,288
Industrial - 4.5%
Old Dominion Freight Line, Inc.		1,917		276,796
Kennametal, Inc.		6,676		245,343
Crane Co.		2,767		234,143
Regal Beloit Corp.		2,648		216,792
Landstar System, Inc.		1,889		206,638
Curtiss-Wright Corp.		1,766		200,158
Gentex Corp.		8,796		181,901
Kansas City Southern		1,568		181,857
Carlisle Companies, Inc.		1,403		172,036
KBR, Inc.		8,016		153,025
J.B. Hunt Transport Services, Inc.		1,460		147,883
XPO Logistics, Inc.*		2,739		147,194
Expeditors International of Washington, Inc.		1,926		146,183
Kirby Corp.*		1,946		146,164
Trimble, Inc.*		3,529		142,572
Lennox International, Inc.		427		112,899
GATX Corp.		1,427		108,980
Clean Harbors, Inc.*		1,510		108,010
ITT, Inc.		1,803		104,574
Waters Corp.*		400		100,684
Masco Corp.		2,489		97,843
Louisiana-Pacific Corp.		3,595		87,646
Hillenbrand, Inc.		2,079		86,341
Agilent Technologies, Inc.		990		79,576
EnerSys		1,164		75,846
Barnes Group, Inc.		1,341		68,941
IDEX Corp.		404		61,303
Total Industrial				3,891,328
Technology - 3.2%
Leidos Holdings, Inc.		5,803		371,914
Zebra Technologies Corp. — Class A*		1,291		270,503
j2 Global, Inc.		2,548		220,657
Teradyne, Inc.		4,726		188,284
MAXIMUS, Inc.		2,538		180,147
CDK Global, Inc.		2,878		169,284
Cypress Semiconductor Corp.		11,179		166,791
Skyworks Solutions, Inc.		1,908		157,372
Citrix Systems, Inc.		1,563		155,768
Seagate Technology plc		2,753		131,841
KLA-Tencor Corp.		1,046		124,903
Maxim Integrated Products, Inc.		2,336		124,205
Cerner Corp.*		2,060		117,853
NetApp, Inc.		1,695		117,532
Teradata Corp.*		1,970		85,990
Electronic Arts, Inc.*		629		63,925
PTC, Inc.*		600		55,308
Tyler Technologies, Inc.*		219		44,764
Total Technology				2,747,041
Consumer, Cyclical - 2.1%
Cinemark Holdings, Inc.		5,151		205,989
UniFirst Corp.		1,304		200,164
Live Nation Entertainment, Inc.*		2,874		182,614
MSC Industrial Direct Company, Inc. — Class A		2,114		174,849
Domino’s Pizza, Inc.		621		160,280
NVR, Inc.*		52		143,884
Brinker International, Inc.		2,592		115,033
Williams-Sonoma, Inc.		1,998		112,427
Five Below, Inc.*		857		106,482
Wyndham Destinations, Inc.		2,528		102,359
Carter’s, Inc.		1,005		101,294
Deckers Outdoor Corp.*		680		99,953
Sally Beauty Holdings, Inc.*		4,116		75,776
Total Consumer, Cyclical				1,781,104
Communications - 1.5%
InterDigital, Inc.		3,162		208,629
AMC Networks, Inc. — Class A*		3,330		189,011
F5 Networks, Inc.*		1,069		167,758

76|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
STYLEPLUS—MID GROWTH FUND

	Shares		Value
John Wiley & Sons, Inc. — Class A		3,707	$	163,923
Cable One, Inc.		163		159,965
New York Times Co. — Class A		4,369		143,522
Cars.com, Inc.*		4,159		94,825
World Wrestling Entertainment, Inc. — Class A		1,091		94,677
FactSet Research Systems, Inc.		301		74,729
Total Communications				1,297,039
Energy - 1.4%
ONEOK, Inc.		2,615		182,632
Murphy Oil Corp.		5,341		156,491
PBF Energy, Inc. — Class A		5,008		155,949
HollyFrontier Corp.		2,794		137,660
CNX Resources Corp.*		8,553		92,116
Cimarex Energy Co.		1,251		87,445
Southwestern Energy Co.*		17,430		81,747
Devon Energy Corp.		2,426		76,565
Apache Corp.		2,092		72,509
Marathon Oil Corp.		4,154		69,413
Anadarko Petroleum Corp.		1,469		66,810
Total Energy				1,179,337
Financial - 0.7%
Weingarten Realty Investors REIT		4,671		137,187
Western Union Co.		6,980		128,921
East West Bancorp, Inc.		2,099		100,689
Interactive Brokers Group, Inc. — Class A		1,754		90,997
Camden Property Trust REIT		549		55,724
Medical Properties Trust, Inc. REIT		2,908		53,827
Total Financial				567,345
Utilities - 0.4%
UGI Corp.		3,707		205,442
National Fuel Gas Co.		1,552		94,610
Aqua America, Inc.		1,709		62,276
Total Utilities				362,328
Basic Materials - 0.2%
Chemours Co.		4,737		176,027
Total Common Stocks
(Cost $16,740,044)				17,372,837
MUTUAL FUNDS† - 77.9%
Guggenheim Strategy Fund II1		1,091,725		27,085,705
Guggenheim Strategy Fund III1		1,065,763		26,420,255
Guggenheim Ultra Short Duration Fund — Institutional Class1,2		1,333,868		13,298,668
Total Mutual Funds
(Cost $67,066,300)				66,804,628
MONEY MARKET FUND† - 0.6%
Dreyfus Treasury Securities Cash Management Fund- Institutional Shares 2.27%3		539,200		539,200
Total Money Market Fund
(Cost $539,200)				539,200
Total Investments - 98.7%
(Cost $84,345,544)			$	84,716,665
Other Assets & Liabilities, net - 1.3%				1,094,321
Total Net Assets - 100.0%			$	85,810,986

Total Return Swap Agreements

Counterparty

Index

Financing Rate Pay

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements††

Wells Fargo Bank, N.A

Russell MidCap Growth Index Total Return

2.74

%

At Maturity

09/30/19

21,759

$

70,238,922

$

39,384

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Affiliated issuer.
2	Effective November 30, 2018, Guggenheim Strategy Fund I was reorganized with and into the Guggenheim Ultra Short Duration Fund.
3	Rate indicated is the 7-day yield as of March 31, 2019.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|77

SCHEDULE OF INVESTMENTS(Unaudited)(concluded)	March 31, 2019
STYLEPLUS—MID GROWTH FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2019 (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	$	17,372,837	$	—	$	—	$	17,372,837
Mutual Funds		66,804,628		—		—		66,804,628
Money Market Fund		539,200		—		—		539,200
Equity Index Swap Agreements**		—		39,384		—		39,384
Total Assets	$	84,716,665	$	39,384	$	—	$	84,756,049

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

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Cash Management Funds”), each of which are open-end management investment companies managed by GI. The Cash Management Funds, which launched on March 11, 2014, are offered as cash management options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Cash Management Funds pay no investment management fees. The Cash Management Funds’ annual report on Form N-CSR dated September 30, 2018, is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000089180418000513/gug75569-ncsr.htm.

Transactions during the period ended March 31, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 09/30/18		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 03/31/19		Shares 03/31/19		Investment Income		Capital Gain Distributions
Mutual Funds
Guggenheim Limited Duration Fund - Institutional Class	$	6,598,929	$	46,024	$	(6,620,712	)	$	108,158		$	(132,399	)	$	—		—	$	45,899	$	127
Guggenheim Strategy Fund II		25,058,692		6,959,992		(4,785,434	)		108			(147,653	)		27,085,705		1,091,725		357,900		11,746
Guggenheim Strategy Fund III		30,040,343		450,304		(3,819,310	)		(29,757	)		(221,325	)		26,420,255		1,065,763		449,178		1,125
Guggenheim Ultra Short Duration Fund - Institutional Class1		8,642,455		13,649,077		(8,987,061	)		(7,143	)		1,340			13,298,668		1,333,868		104,066		2,525
	$	70,340,419	$	21,105,397	$	(24,212,517	)	$	71,366		$	(500,037	)	$	66,804,628			$	957,043	$	15,523

¹ Effective November 30, 2018, Guggenheim Strategy Fund I was reorganized with and into the Guggenheim Ultra Short Duration Fund.

78|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STYLEPLUS—MID GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES(Unaudited)

March 31, 2019

Assets:
Investments in unaffiliated issuers, at value (cost $17,279,244)	$	17,912,037
Investments in affiliated issuers, at value(cost $67,066,300)		66,804,628
Cash		570,366
Segregated cash with broker		1,650,000
Unrealized appreciation on swap agreements		39,384
Prepaid expenses		50,069
Receivables:
Dividends		164,349
Interest		2,545
Fund shares sold		365
Total assets		87,193,743
Liabilities:
Payable for:
Swap settlement		1,054,604
Securities purchased		150,975
Management fees		51,554
Fund shares redeemed		44,083
Distribution and service fees		19,097
Transfer agent/maintenance fees		7,242
Fund accounting/administration fees		5,798
Trustees’ fees*		314
Miscellaneous		49,090
Total liabilities		1,382,757
Net assets	$	85,810,986
Net assets consist of:
Paid in capital	$	86,400,757
Total distributable earnings (loss)		(589,771	)
Net assets	$	85,810,986
A-Class:
Net assets	$	83,643,416
Capital shares outstanding		2,187,479
Net asset value per share	$	38.24
Maximum offering price per share(Net asset value divided by 95.25%)	$	40.15
C-Class:
Net assets	$	1,693,336
Capital shares outstanding		68,092
Net asset value per share	$	24.87
P-Class:
Net assets	$	95,579
Capital shares outstanding		2,528
Net asset value per share	$	37.81
Institutional Class:
Net assets	$	378,655
Capital shares outstanding		9,904
Net asset value per share	$	38.23

* 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 SEMI-ANNUAL REPORT|79

STYLEPLUS—MID GROWTH FUND

STATEMENT OF OPERATIONS(Unaudited)

Period Ended March 31, 2019

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $20)	$	110,899
Dividends from securities of affiliated issuers		957,043
Interest		27,785
Total investment income		1,095,727
Expenses:
Management fees		307,477
Distribution and service fees:
A-Class		99,497
C-Class		8,020
P-Class		129
Transfer agent/maintenance fees:
A-Class		47,459
C-Class		2,370
P-Class		135
Institutional Class		788
Fund accounting/administration fees		32,798
Trustees’ fees*		8,902
Custodian fees		2,908
Prime broker interest expense		38
Line of credit fees		12
Miscellaneous		64,974
Total expenses		575,507
Less:
Expenses waived by Adviser		(15,110	)
Net expenses		560,397
Net investment income		535,330
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers	$	(416,927	)
Investments in affiliated issuers		71,366
Distributions received from affiliated investment company shares		15,523
Swap agreements		(935,992	)
Futures contracts		(250,755	)
Net realized loss		(1,516,785	)
Net change in unrealized appreciation(depreciation) on:
Investments in unaffiliated issuers		(93,745	)
Investments in affiliated issuers		(500,037	)
Swap agreements		336,612
Futures contracts		307
Net change in unrealized appreciation(depreciation)		(256,863	)
Net realized and unrealized loss		(1,773,648	)
Net decrease in net assets resulting from operations	$	(1,238,318	)

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

80|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STYLEPLUS—MID GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	535,330		$	728,677
Net realized gain (loss) on investments		(1,516,785	)		16,735,826
Net change in unrealized appreciation (depreciation) on investments		(256,863	)		(2,764,532	)
Net increase (decrease) in net assets resulting from operations		(1,238,318	)		14,699,971
Distributions to shareholders:
A-Class		(15,751,937	)		(9,270,951	)
C-Class		(404,113	)		(593,301	)
P-Class		(21,229	)		(12,477	)
Institutional Class		(165,670	)		(237,769	)
Total distributions to shareholders		(16,342,949	)		(10,114,498	)
Capital share transactions:
Proceeds from sale of shares
A-Class		4,387,197			5,516,404
C-Class		282,332			374,112
P-Class		7,762			1,585,053
Institutional Class		116,519			2,172,283
Distributions reinvested
A-Class		15,152,790			8,840,748
C-Class		399,145			587,100
P-Class		21,229			12,477
Institutional Class		158,129			232,834
Cost of shares redeemed
A-Class		(6,492,180	)		(8,509,704	)
C-Class		(404,280	)		(3,089,435	)
P-Class		(32,298	)		(1,603,227	)
Institutional Class		(561,835	)		(3,242,555	)
Net increase from capital share transactions		13,034,510			2,876,090
Net increase (decrease) in net assets		(4,546,757	)		7,461,563
Net assets:
Beginning of period		90,357,743			82,896,180
End of period	$	85,810,986		$	90,357,743
Capital share activity:
Shares sold
A-Class		117,085			115,313
C-Class		12,631			10,754
P-Class		200			32,510
Institutional Class		2,695			47,234
Shares issued from reinvestment of distributions
A-Class		481,032			197,822
C-Class		19,433			18,125
P-Class		681			282
Institutional Class		5,020			5,208
Shares redeemed
A-Class		(171,315	)		(180,073	)
C-Class		(15,655	)		(89,006	)
P-Class		(889	)		(32,829	)
Institutional Class		(15,382	)		(71,578	)
Net increase in shares		435,536			53,762

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|81

STYLEPLUS—MID GROWTH 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.

A-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Per Share Data
Net asset value, beginning of period	$	49.70		$	47.34		$	40.52		$	41.49		$	45.82		$	43.54
Income (loss) from investment operations:
Net investment income (loss)b		.26			.41			.34			.19			.07			.16
Net gain (loss) on investments (realized and unrealized)		(2.79	)		7.70			6.72			4.25			.63			6.21
Total from investment operations		(2.53	)		8.11			7.06			4.44			.70			6.37
Less distributions from:
Net investment income		(.41	)		(.24	)		(.24	)		(.05	)		—			—
Net realized gains		(8.52	)		(5.51	)		—			(5.36	)		(5.03	)		(4.09	)
Total distributions		(8.93	)		(5.75	)		(.24	)		(5.41	)		(5.03	)		(4.09	)
Net asset value, end of period	$	38.24		$	49.70		$	47.34		$	40.52		$	41.49		$	45.82
Total Returnc		(1.31	%)		18.51	%		17.54	%		11.55	%		1.04	%		15.61	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	83,643		$	87,509		$	77,049		$	72,179		$	73,178		$	77,363
Ratios to average net assets:
Net investment income (loss)		1.32	%		0.87	%		0.78	%		0.48	%		0.16	%		0.36	%
Total expensesd		1.39	%		1.55	%		1.45	%		1.45	%		1.47	%		1.67	%
Net expensese		1.35	%		1.52	%		1.42	%		1.43	%		1.47	%		1.65	%
Portfolio turnover rate		54	%		52	%		43	%		61	%		75	%		112	%

C-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Per Share Data
Net asset value, beginning of period	$	35.78		$	35.64		$	30.58		$	32.78		$	37.48		$	36.63
Income (loss) from investment operations:
Net investment income (loss)b		.05			.02			(.03	)		(.12	)		(.25	)		(.20	)
Net gain (loss) on investments (realized and unrealized)		(2.44	)		5.63			5.09			3.28			.58			5.14
Total from investment operations		(2.39	)		5.65			5.06			3.16			.33			4.94
Less distributions from:
Net realized gains		(8.52	)		(5.51	)		—			(5.36	)		(5.03	)		(4.09	)
Total distributions		(8.52	)		(5.51	)		—			(5.36	)		(5.03	)		(4.09	)
Net asset value, end of period	$	24.87		$	35.78		$	35.64		$	30.58		$	32.78		$	37.48
Total Returnc		(1.77	%)		17.51	%		16.55	%		10.55	%		0.20	%		14.56	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,693		$	1,849		$	3,984		$	3,760		$	4,762		$	4,329
Ratios to average net assets:
Net investment income (loss)		0.39	%		0.05	%		(0.08	%)		(0.42	%)		(0.68	%)		(0.55	%)
Total expensesd		2.31	%		2.33	%		2.31	%		2.34	%		2.31	%		2.57	%
Net expensese		2.28	%		2.30	%		2.27	%		2.32	%		2.31	%		2.55	%
Portfolio turnover rate		54	%		52	%		43	%		61	%		75	%		112	%

82|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STYLEPLUS—MID GROWTH 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.

P-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Period Ended September 30, 2015f
Per Share Data
Net asset value, beginning of period	$	49.12		$	46.83		$	40.27		$	41.48		$	45.96
Income (loss) from investment operations:
Net investment income (loss)b		.23			.32			.24			.26			—	g
Net gain (loss) on investments (realized and unrealized)		(2.76	)		7.61			6.65			4.09			(4.48	)
Total from investment operations		(2.53	)		7.93			6.89			4.35			(4.48	)
Less distributions from:
Net investment income		(.26	)		(.13	)		(.33	)		(.20	)		—
Net realized gains		(8.52	)		(5.51	)		—			(5.36	)		—
Total distributions		(8.78	)		(5.64	)		(.33	)		(5.56	)		—
Net asset value, end of period	$	37.81		$	49.12		$	46.83		$	40.27		$	41.48
Total Return		(1.37	%)		18.26	%		17.27	%		11.36	%		(9.75	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	96		$	125		$	121		$	102		$	11
Ratios to average net assets:
Net investment income (loss)		1.18	%		0.67	%		0.55	%		0.69	%		—
Total expensesd		1.53	%		1.68	%		1.66	%		1.39	%		1.49	%
Net expensese		1.49	%		1.64	%		1.63	%		1.35	%		1.49	%
Portfolio turnover rate		54	%		52	%		43	%		61	%		75	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|83

STYLEPLUS—MID GROWTH 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	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Per Share Data
Net asset value, beginning of period	$	49.80		$	47.48		$	40.59		$	41.64		$	45.96		$	43.72
Income (loss) from investment operations:
Net investment income (loss)b		.29			.53			.42			.19			.11			.11
Net gain (loss) on investments (realized and unrealized)		(2.82	)		7.71			6.78			4.25			.60			6.22
Total from investment operations		(2.53	)		8.24			7.20			4.44			.71			6.33
Less distributions from:
Net investment income		(.52	)		(.41	)		(.31	)		(.13	)		—			—
Net realized gains		(8.52	)		(5.51	)		—			(5.36	)		(5.03	)		(4.09	)
Total distributions		(9.04	)		(5.92	)		(.31	)		(5.49	)		(5.03	)		(4.09	)
Net asset value, end of period	$	38.23		$	49.80		$	47.48		$	40.59		$	41.64		$	45.96
Total Return		(1.28	%)		18.77	%		17.88	%		11.50	%		1.08	%		15.42	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	379		$	875		$	1,743		$	113		$	54		$	30
Ratios to average net assets:
Net investment income (loss)		1.47	%		1.11	%		0.95	%		0.48	%		0.23	%		0.24	%
Total expensesd		1.26	%		1.26	%		1.26	%		1.46	%		1.41	%		1.81	%
Net expensese		1.22	%		1.23	%		1.22	%		1.44	%		1.41	%		1.79	%
Portfolio turnover rate		54	%		52	%		43	%		61	%		75	%		112	%

a	Unaudited figures for the period ended March 31, 2019. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
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	Since commencement of operations: May 1, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
g	Net investment income is less than $0.01 per share.

84|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

PERFORMANCE REPORT AND FUND PROFILE(Unaudited) March 31, 2019

WORLD EQUITY INCOME FUND

OBJECTIVE:Seeks to provide total return, comprised of capital appreciation and income.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

COUNTRY DIVERSIFICATION

Country	% of Long Term Investments
United States	54.9%
Japan	8.5%
United Kingdom	6.9%
Canada	6.6%
Australia	5.4%
France	3.3%
Switzerland	2.9%
Other	11.5%
Total Long-Term Investments	100.0%

Inception Dates:
A-Class	October 1, 1993
C-Class	January 29, 1999
P-Class	May 1, 2015
Institutional Class	May 2, 2011

Ten Largest Holdings (% of Total Net Assets)
Johnson & Johnson	1.8%
Microsoft Corp.	1.7%
Apple, Inc.	1.6%
Procter & Gamble Co.	1.5%
Verizon Communications, Inc.	1.4%
iShares Edge MSCI Min Vol Global ETF	1.4%
Home Depot, Inc.	1.4%
Pfizer, Inc.	1.4%
AT&T, Inc.	1.3%
Roche Holding AG	1.3%
Top Ten Total	14.8%

“Ten Largest Holdings” excludes any temporary cash or derivative investments.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 85

PERFORMANCE REPORT AND FUND PROFILE(Unaudited)(concluded) March 31, 2019

Average Annual Returns*

Periods Ended March 31, 2019

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(3.53%)	1.08%	4.84%	8.88%
A-Class Shares with sales charge‡	(8.13%)	(3.74%)	3.82%	8.24%
C-Class Shares	(3.95%)	0.31%	4.05%	8.06%
C-Class Shares with CDSC§	(4.89%)	(0.67%)	4.05%	8.06%
MSCI World Index	(2.61%)	4.08%	6.78%	12.38%

	6 Month†	1 Year	Since Inception (05/01/15)
P-Class Shares	(3.56%)	1.07%	5.11%
MSCI World Index	(2.61%)	4.08%	6.35%

	6 Month†	1 Year	5 Year	Since Inception (05/02/11)
Institutional Class Shares	(3.42%)	1.38%	5.12%	4.75%
MSCI World Index	(2.61%)	4.08%	6.78%	7.55%

*	The performance data above represents past performance that is not predictive of future results. 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 effect of taxes. The MSCI World Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Effective February 22, 2011, 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 Returns based on subscriptions made prior to February 22, 2011, and a 4.75% maximum sales charge will be used to calculate performance for periods based on subscriptions made on or after February 22, 2011.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

86 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS(Unaudited)	March 31, 2019
WORLD EQUITY INCOME FUND

	Shares		Value
COMMON STOCKS† - 97.7%
Financial - 21.1%
Mastercard, Inc. — Class A		4,000	$	941,800
Commonwealth Bank of Australia		15,000		752,450
Westpac Banking Corp.		40,200		739,940
National Australia Bank Ltd. ADR		39,100		701,645
Public Storage REIT		3,100		675,118
Aflac, Inc.		13,300		665,000
Australia & New Zealand Banking Group Ltd.		35,800		661,748
Bank Leumi Le-Israel BM		100,300		655,362
Swiss Re AG		6,520		637,126
AXA S.A.		25,300		636,687
Canadian Imperial Bank of Commerce		7,800		616,555
SmartCentres Real Estate Investment Trust		21,300		558,193
Mizuho Financial Group, Inc.		338,000		522,464
RioCan Real Estate Investment Trust REIT		24,100		477,512
First Capital Realty, Inc.		29,100		466,144
Essex Property Trust, Inc. REIT		1,600		462,784
H&R Real Estate Investment Trust		26,000		455,604
Daiwa House REIT Investment Corp.		200		443,422
BNP Paribas S.A.		9,200		439,821
Nippon Prologis REIT, Inc.		200		425,555
Invesco Ltd.		22,000		424,820
VEREIT, Inc.		49,900		417,663
Japan Retail Fund Investment Corp. REIT		200		401,913
Toronto-Dominion Bank		7,100		385,416
Simon Property Group, Inc. REIT		2,100		382,641
Bank of Montreal		4,600		344,292
Power Financial Corp.		14,100		329,507
Ventas, Inc. REIT		5,000		319,050
United Urban Investment Corp. REIT		200		315,647
HSBC Holdings plc		29,900		242,693
Cincinnati Financial Corp.		2,800		240,520
AvalonBay Communities, Inc. REIT		1,100		220,803
IGM Financial, Inc.		8,200		211,024
Visa, Inc. — Class A		1,300		203,047
Great-West Lifeco, Inc.		8,200		198,626
JPMorgan Chase & Co.		1,800		182,214
Alliance Data Systems Corp.		1,000		174,980
Western Union Co.		9,000		166,230
CI Financial Corp.		9,600		131,072
Total Financial				17,227,088
Consumer, Non-cyclical - 20.9%
Johnson & Johnson		10,400		1,453,816
Procter & Gamble Co.		11,700		1,217,385
Pfizer, Inc.		26,900		1,142,443
Roche Holding AG		3,900		1,074,791
Philip Morris International, Inc.		10,200		901,578
Altria Group, Inc.		15,100		867,193
Kimberly-Clark Corp.		6,600		817,740
Woolworths Group Ltd.		31,200		673,541
Japan Tobacco, Inc.		24,600		609,340
Coloplast A/S — Class B		5,400		592,493
General Mills, Inc.		11,300		584,775
AbbVie, Inc.		7,200		580,248
Colgate-Palmolive Co.		8,200		562,028
UnitedHealth Group, Inc.		2,200		543,972
Kellogg Co.		9,300		533,634
PepsiCo, Inc.		4,300		526,965
Bristol-Myers Squibb Co.		10,800		515,268
Medtronic plc		5,500		500,940
Mowi ASA		22,300		497,737
Imperial Brands plc		13,000		444,288
Hershey Co.		3,800		436,354
Societe BIC S.A.*		3,800		338,730
Amgen, Inc.		1,700		322,966
Danone S.A.		3,800		292,855
Novo Nordisk A/S — Class B		4,800		251,285
Otsuka Holdings Company Ltd.		5,900		231,538
H&R Block, Inc.		9,000		215,460
Ingredion, Inc.		2,000		189,380
Sanofi		2,100		185,520
Total Consumer, Non-cyclical				17,104,263
Technology - 14.3%
Microsoft Corp.		11,600		1,368,104
Apple, Inc.		7,100		1,348,645
International Business Machines Corp.		6,400		903,040
Accenture plc — Class A		4,900		862,498
Broadcom, Inc.		2,700		811,917
Texas Instruments, Inc.		7,000		742,490
Paychex, Inc.		9,200		737,840
Canon, Inc.		23,100		669,737
Fiserv, Inc.*		7,100		626,788
Jack Henry & Associates, Inc.		4,385		608,375
Maxim Integrated Products, Inc.		10,800		574,236
Seagate Technology plc		9,000		431,010
Applied Materials, Inc.		8,000		317,280
HP, Inc.		15,900		308,937
CDK Global, Inc.		5,000		294,100
Intuit, Inc.		1,100		287,551
Oracle Corp.		4,000		214,840
Western Digital Corp.		4,000		192,240
Broadridge Financial Solutions, Inc.		1,800		186,642
Fidelity National Information Services, Inc.		1,600		180,960
Total Technology				11,667,230
Communications - 12.6%
Verizon Communications, Inc.		20,000		1,182,600
AT&T, Inc.		35,000		1,097,600
Alphabet, Inc. — Class C*		800		938,648
Amazon.com, Inc.*		500		890,375
Walt Disney Co.		5,700		632,871
Omnicom Group, Inc.		8,200		598,518
HKT Trust & HKT Ltd.		359,300		577,659
NTT DOCOMO, Inc.		25,900		572,946
BCE, Inc.		11,800		524,134
KDDI Corp.		23,700		510,057
TELUS Corp.		12,200		451,676
PCCW Ltd.		707,700		439,971
WPP plc		38,300		404,455

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|87

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
WORLD EQUITY INCOME FUND

	Shares		Value
Interpublic Group of Companies, Inc.		15,400	$	323,554
Eutelsat Communications S.A.		16,200		283,450
Facebook, Inc. — Class A*		1,700		283,373
Vodafone Group plc		142,600		259,648
Nokia Oyj		29,900		170,215
Nippon Telegraph & Telephone Corp.		3,000		127,315
Total Communications				10,269,065
Utilities - 8.1%
Duke Energy Corp.		8,573		771,570
Dominion Energy, Inc.		9,868		756,481
National Grid plc		63,900		708,086
PPL Corp.		19,354		614,296
OGE Energy Corp.		13,300		573,496
Snam SpA		110,200		566,146
Centrica plc		361,600		537,603
SSE plc		29,700		459,160
Endesa S.A.		17,900		456,688
Power Assets Holdings Ltd.		53,100		368,339
NextEra Energy, Inc.		1,700		328,644
WEC Energy Group, Inc.		4,000		316,320
Pinnacle West Capital Corp.		1,300		124,254
Total Utilities				6,581,083
Consumer, Cyclical - 7.5%
Home Depot, Inc.		6,000		1,151,340
TJX Companies, Inc.		15,600		830,076
Ford Motor Co.		68,000		597,040
Sekisui House Ltd.		34,000		562,065
Bridgestone Corp.		13,900		535,078
Nissan Motor Company Ltd.		55,000		450,740
Harvey Norman Holdings Ltd.		142,300		406,225
Lawson, Inc.		7,100		393,377
Crown Resorts Ltd.		45,400		371,079
McDonald’s Corp.		1,900		360,810
Las Vegas Sands Corp.		5,100		310,896
Walmart, Inc.		1,900		185,307
Total Consumer, Cyclical				6,154,033
Industrial - 6.7%
3M Co.		4,400		914,232
Emerson Electric Co.		9,600		657,312
Lockheed Martin Corp.		2,140		642,342
TE Connectivity Ltd.		7,700		621,775
United Parcel Service, Inc. — Class B		5,200		581,048
Pentair plc		12,200		543,022
Cummins, Inc.		2,200		347,314
General Dynamics Corp.		1,600		270,848
Republic Services, Inc. — Class A		3,300		265,254
CH Robinson Worldwide, Inc.		2,800		243,572
Waste Management, Inc.		2,300		238,993
ComfortDelGro Corporation Ltd.		82,900		157,249
Total Industrial				5,482,961
Energy - 4.7%
BP plc		121,900		886,557
Eni SpA		41,800		738,828
Royal Dutch Shell plc — Class A		22,200		697,843
Exxon Mobil Corp.		8,600		694,880
TOTAL S.A.		8,200		455,586
Koninklijke Vopak N.V.		7,800		373,329
Total Energy				3,847,023
Basic Materials - 1.1%
Rio Tinto plc		12,900		749,429
Israel Chemicals Ltd.		29,900		155,569
Total Basic Materials				904,998
Diversified - 0.7%
Jardine Matheson Holdings Ltd.		9,100		567,476
Total Common Stocks
(Cost $76,483,462)				79,805,220
EXCHANGE-TRADED FUNDS† - 1.4%
iShares Edge MSCI Min Vol Global ETF		13,000		1,163,240
Total Exchange-Traded Funds
(Cost $1,105,398)				1,163,240
MONEY MARKET FUND† - 0.5%
Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares 2.26%1		424,556		424,556
Total Money Market Fund
(Cost $424,556)				424,556
Total Investments - 99.6%
(Cost $78,013,416)			$	81,393,016
Other Assets & Liabilities, net - 0.4%				352,241
Total Net Assets - 100.0%			$	81,745,257

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation**
Currency Futures Contracts Sold Short†
Euro FX Futures Contracts		35	Jun 2019	$	4,939,594	$	4,723
Canadian Dollar Futures Contracts		68	Jun 2019		5,097,960		3,905
				$	10,037,554	$	8,628

88|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS(Unaudited)(concluded)	March 31, 2019
WORLD EQUITY INCOME FUND

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
1	Rate indicated is the 7-day yield as of March 31, 2019.
	ADR — American Depositary Receipt
	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 March 31, 2019 (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	$	79,805,220	$	—	$	—	$	79,805,220
Exchange-Traded Funds		1,163,240		—		—		1,163,240
Money Market Fund		424,556		—		—		424,556
Currency Futures Contracts**		8,628		—		—		8,628
Total Assets	$	81,401,644	$	—	$	—	$	81,401,644

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

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|89

WORLD EQUITY INCOME FUND

STATEMENT OF ASSETS AND LIABILITIES(Unaudited)

March 31, 2019

Assets:
Investments, at value (cost $78,013,416)	$	81,393,016
Foreign currency, at value(cost $57,746)		57,822
Cash		14,628
Segregated cash with broker		78,200
Prepaid expenses		45,941
Receivables:
Dividends		285,360
Foreign tax reclaims		194,077
Securities sold		62,376
Fund shares sold		43,003
Interest		931
Total assets		82,175,354
Liabilities:
Payable for:
Fund shares redeemed		246,355
Management fees		41,283
Printing fees		35,156
Variation margin on futures contracts		23,845
Transfer agent/maintenance fees		19,383
Distribution and service fees		16,014
Fund accounting/administration fees		5,541
Distributions to shareholders		3,542
Due to Advisor		166
Trustees’ fees*		18
Miscellaneous		38,794
Total liabilities		430,097
Net assets	$	81,745,257
Net assets consist of:
Paid in capital	$	79,666,448
Total distributable earnings (loss)		2,078,809
Net assets	$	81,745,257
A-Class:
Net assets	$	61,132,268
Capital shares outstanding		4,108,129
Net asset value per share	$	14.88
Maximum offering price per share(Net asset value divided by 95.25%)	$	15.62
C-Class:
Net assets	$	3,659,159
Capital shares outstanding		287,215
Net asset value per share	$	12.74
P-Class:
Net assets	$	140,547
Capital shares outstanding		9,364
Net asset value per share	$	15.01
Institutional Class:
Net assets	$	16,813,283
Capital shares outstanding		1,134,674
Net asset value per share	$	14.82

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

90|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

WORLD EQUITY INCOME FUND

STATEMENT OF OPERATIONS(Unaudited)

Period Ended March 31, 2019

Investment Income:
Dividends (net of foreign withholding tax of $75,619)	$	1,480,643
Interest		6,492
Total investment income		1,487,135
Expenses:
Management fees		284,075
Distribution and service fees:
A-Class		75,286
C-Class		18,540
P-Class		192
Transfer agent/maintenance fees:
A-Class		20,188
C-Class		3,992
P-Class		111
Institutional Class		10,593
Fund accounting/administration fees		32,466
Trustees’ fees*		8,715
Custodian fees		8,453
Line of credit fees		719
Miscellaneous		69,223
Recoupment of previously waived fees:
A-Class		422
Total expenses		532,975
Less:
Expenses reimbursed by Adviser:
A-Class		(19,050	)
C-Class		(3,900	)
P-Class		(107	)
Institutional Class		(10,158	)
Expenses waived by Adviser		(13,219	)
Total waived/reimbursed expenses		(46,434	)
Net expenses		486,541
Net investment income		1,000,594
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	(1,090,474	)
Futures contracts		(128,406	)
Foreign currency transactions		827
Net realized loss		(1,218,053	)
Net change in unrealized appreciation(depreciation) on:
Investments		(3,274,810	)
Futures contracts		(16,397	)
Foreign currency translations		(3,007	)
Net change in unrealized appreciation(depreciation)		(3,294,214	)
Net realized and unrealized loss		(4,512,267	)
Net decrease in net assets resulting from operations	$	(3,511,673	)

* 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 SEMI-ANNUAL REPORT|91

WORLD EQUITY INCOME FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,000,594		$	1,341,958
Net realized gain (loss) on investments		(1,218,053	)		6,312,313
Net change in unrealized appreciation (depreciation) on investments		(3,294,214	)		(602,150	)
Net increase (decrease) in net assets resulting from operations		(3,511,673	)		7,052,121
Distributions to shareholders:
A-Class		(1,268,884	)		(1,156,255	)
C-Class		(70,432	)		(47,501	)
P-Class		(3,182	)		(4,572	)
Institutional Class		(384,780	)		(204,911	)
Total distributions to shareholders		(1,727,278	)		(1,413,239	)
Capital share transactions:
Proceeds from sale of shares
A-Class		1,638,420			6,655,092
C-Class		50,926			604,160
P-Class		13,934			102,160
Institutional Class		1,018,016			17,699,901
Distributions reinvested
A-Class		1,256,193			1,146,400
C-Class		67,294			45,750
P-Class		3,182			4,572
Institutional Class		383,860			201,768
Cost of shares redeemed
A-Class		(5,599,570	)		(25,252,350	)
C-Class		(419,890	)		(3,249,720	)
P-Class		(59,216	)		(283,546	)
Institutional Class		(3,047,628	)		(2,769,819	)
Net decrease from capital share transactions		(4,694,479	)		(5,095,632	)
Net increase (decrease) in net assets		(9,933,430	)		543,250
Net assets:
Beginning of period		91,678,687			91,135,437
End of period	$	81,745,257		$	91,678,687
Capital share activity:
Shares sold
A-Class		111,600			431,369
C-Class		4,033			45,705
P-Class		941			6,473
Institutional Class		70,905			1,160,747
Shares issued from reinvestment of distributions
A-Class		89,987			74,729
C-Class		5,664			3,491
P-Class		226			295
Institutional Class		27,601			13,131
Shares redeemed
A-Class		(383,950	)		(1,645,397	)
C-Class		(34,150	)		(244,443	)
P-Class		(4,053	)		(18,035	)
Institutional Class		(210,794	)		(180,147	)
Net decrease in shares		(321,990	)		(352,082	)

92|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

WORLD EQUITY INCOME 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.

A-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Per Share Data
Net asset value, beginning of period	$	15.77		$	14.84		$	13.54		$	12.28		$	13.51		$	12.60
Income (loss) from investment operations:
Net investment income (loss)b		.18			.23			.31			.31			.29			.38
Net gain (loss) on investments (realized and unrealized)		(.76	)		.95			1.34			1.26			(1.18	)		.95
Total from investment operations		(.58	)		1.18			1.65			1.57			(.89	)		1.33
Less distributions from:
Net investment income		(.18	)		(.25	)		(.35	)		(.31	)		(.34	)		(.42	)
Net realized gains		(.13	)		—			—			—			—			—
Total distributions		(.31	)		(.25	)		(.35	)		(.31	)		(.34	)		(.42	)
Net asset value, end of period	$	14.88		$	15.77		$	14.84		$	13.54		$	12.28		$	13.51
Total Returnc		(3.53	%)		8.01	%		12.31	%		12.85	%		(6.70	%)		10.62	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	61,132		$	67,679		$	80,598		$	80,575		$	73,568		$	78,783
Ratios to average net assets:
Net investment income (loss)		2.45	%		1.48	%		2.23	%		2.36	%		2.21	%		2.81	%
Total expensesd		1.31	%		1.37	%		1.34	%		1.48	%		1.48	%		1.66	%
Net expensese,f,g		1.22	%		1.22	%		1.24	%		1.48	%		1.43	%		1.49	%
Portfolio turnover rate		62	%		125	%		94	%		51	%		131	%		131	%

C-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Per Share Data
Net asset value, beginning of period	$	13.53		$	12.72		$	11.63		$	10.55		$	11.61		$	10.79
Income (loss) from investment operations:
Net investment income (loss)b		.11			.09			.19			.18			.17			.25
Net gain (loss) on investments (realized and unrealized)		(.66	)		.83			1.13			1.09			(1.02	)		.81
Total from investment operations		(.55	)		.92			1.32			1.27			(.85	)		1.06
Less distributions from:
Net investment income		(.11	)		(.11	)		(.23	)		(.19	)		(.21	)		(.24	)
Net realized gains		(.13	)		—			—			—			—			—
Total distributions		(.24	)		(.11	)		(.23	)		(.19	)		(.21	)		(.24	)
Net asset value, end of period	$	12.74		$	13.53		$	12.72		$	11.63		$	10.55		$	11.61
Total Returnc		(3.95	%)		7.27	%		11.46	%		12.05	%		(7.40	%)		9.79	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,659		$	4,215		$	6,449		$	5,455		$	5,936		$	5,337
Ratios to average net assets:
Net investment income (loss)		1.70	%		0.71	%		1.53	%		1.59	%		1.50	%		2.13	%
Total expensesd		2.21	%		2.18	%		2.19	%		2.35	%		2.28	%		2.62	%
Net expensese,f,g		1.97	%		1.97	%		1.99	%		2.23	%		2.23	%		2.24	%
Portfolio turnover rate		62	%		125	%		94	%		51	%		131	%		131	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|93

WORLD EQUITY INCOME 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.

P-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Period Ended September 30, 2015h
Per Share Data
Net asset value, beginning of period	$	15.92		$	15.08		$	13.73		$	12.33		$	13.62
Income (loss) from investment operations:
Net investment income (loss)b		.18			.24			.33			.33			.12
Net gain (loss) on investments (realized and unrealized)		(.77	)		.95			1.35			1.35			(1.29	)
Total from investment operations		(.59	)		1.19			1.68			1.68			(1.17	)
Less distributions from:
Net investment income		(.19	)		(.35	)		(.33	)		(.28	)		(.12	)
Net realized gains		(.13	)		—			—			—			—
Total distributions		(.32	)		(.35	)		(.33	)		(.28	)		(.12	)
Net asset value, end of period	$	15.01		$	15.92		$	15.08		$	13.73		$	12.33
Total Return		(3.56	%)		7.99	%		12.32	%		13.73	%		(8.64	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	141		$	195		$	355		$	133		$	9
Ratios to average net assets:
Net investment income (loss)		2.41	%		1.50	%		2.28	%		2.58	%		2.14	%
Total expensesd		1.39	%		1.40	%		1.76	%		1.33	%		3.54	%
Net expensese,g		1.22	%		1.22	%		1.24	%		1.33	%		1.48	%
Portfolio turnover rate		62	%		125	%		94	%		51	%		131	%

94|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

WORLD EQUITY INCOME 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	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Per Share Data
Net asset value, beginning of period	$	15.71		$	14.74		$	13.44		$	12.23		$	13.45		$	12.53
Income (loss) from investment operations:
Net investment income (loss)b		.20			.29			.35			.31			.36			.44
Net gain (loss) on investments (realized and unrealized)		(.76	)		.93			1.33			1.28			(1.21	)		.90
Total from investment operations		(.56	)		1.22			1.68			1.59			(.85	)		1.34
Less distributions from:
Net investment income		(.20	)		(.25	)		(.38	)		(.38	)		(.37	)		(.42	)
Net realized gains		(.13	)		—			—			—			—			—
Total distributions		(.33	)		(.25	)		(.38	)		(.38	)		(.37	)		(.42	)
Net asset value, end of period	$	14.82		$	15.71		$	14.74		$	13.44		$	12.23		$	13.45
Total Return		(3.42	%)		8.34	%		12.61	%		13.11	%		(6.42	%)		10.83	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	16,813		$	19,589		$	3,734		$	2,824		$	4,541		$	911
Ratios to average net assets:
Net investment income (loss)		2.70	%		1.85	%		2.50	%		2.42	%		2.70	%		3.27	%
Total expensesd		1.12	%		1.02	%		1.09	%		1.30	%		1.23	%		1.33	%
Net expensese,f,g		0.97	%		0.97	%		0.98	%		1.22	%		1.23	%		1.23	%
Portfolio turnover rate		62	%		125	%		94	%		51	%		131	%		131	%

a	Unaudited figures for the period ended March 31, 2019. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
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 before and after waivers/reimbursements to average net assets attributable to recoupments of prior fee reductions or expense reimbursements was for the periods presented as follows:

	3/31/2019	9/30/18	9/30/17
A-Class	0.00%*	0.00%*	0.01%
C-Class	—	0.00%*	0.01%
P-Class	—	—	—
Institutional Class	—	0.02%	0.03%

* Less than 0.01%.

^g Net expenses may include expenses that are excluded from the expense limitation agreement and recouped amounts. Excluding these expenses, the net expense ratios for the periods presented was as follows:

	03/31/19	09/30/18	09/30/17	09/30/16	09/30/15	09/30/14
A-Class	1.22%	1.22%	1.22%	1.46%	1.46%	1.46%
C-Class	1.97%	1.97%	1.97%	2.21%	2.21%	2.21%
P-Class	1.22%	1.22%	1.22%	1.32%	1.46%	—
Institutional Class	0.97%	0.97%	0.96%	1.21%	1.21%	1.21%

^h Since commencement of operations: May 1, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|95

NOTES TO FINANCIAL STATEMENTS(Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

Guggenheim Funds Trust (the “Trust”), a Delaware statutory trust, is registered with 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. The Trust is authorized to issue an unlimited number of shares. The Trust accounts for the assets of each fund separately.

The Trust offers a combination of five separate classes of shares, A-Class shares, C-Class shares, P-Class shares, R6-Class 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 A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased. A-Class share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% contingent deferred sales charge (“CDSC”), if shares are redeemed within 12 months of purchase. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. 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. R6-Class shares are offered primarily through qualified retirement and benefit plans. R6-Class shares are also offered through certain other plans and platforms sponsored by financial intermediaries. Certain institutional investors and others deemed appropriate by Guggenheim Investments (“GI”) may also be eligible to purchase R6-Class shares subject to a $2 million minimum initial investment. At March 31, 2019, the Trust consisted of twenty funds.

C-Class shares of each Fund automatically convert to A-Class shares of the same Fund on or about the 10th day of the month following the 10-year anniversary of the purchase of the C-Class 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 A-Class shares.

This report covers the Alpha Opportunity Fund, Large Cap ValueFund, Market Neutral Real Estate Fund, Risk Managed Real Estate Fund, Small Cap Value Fund, StylePlus—Large Core Fund, StylePlus—Mid Growth Fund, and World Equity Income Fund (the “Funds”), each a diversified investment company. At March 31, 2019, only A-Class, C-Class, P-Class and Institutional Class shares have been issued by the Funds.

Security Investors, LLC and Guggenheim Partners Investment Management, LLC (“GPIM”), which operates under the name Guggenheim Investments, provides advisory services. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI 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 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 Class by the number of outstanding shares of the Class.

(a) Valuation of Investments

The Board of Trustees of the Funds (the “Board”) has adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Funds’ securities and/or other assets.

Valuations of the Funds’ securities are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Funds’ officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used and valuations provided by the pricing services.

96 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

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

Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sale price as of the close of business on the NYSE, usually 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on a given day, the security is valued at the closing bid price on that day.

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

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 valued at the last quoted sale price.

Money market funds are valued at their NAV.

The value of futures contracts is accounted for using the unrealized appreciation or depreciation on the contracts that is determined by marking the contracts to their current realized settlement prices. Financial futures contracts are valued at the 4:00 p.m. price on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the official settlement price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation would provide a more accurate valuation.

The values of over-the-counter (“OTC”) swap agreements entered into by a fund are accounted for using the unrealized appreciation or depreciation on the agreements that are determined by marking the agreements to the last quoted value of the index that the swaps pertain to at the close of the NYSE.

Investments for which market quotations are not readily available are fair-valued as determined in good faith by GI, subject to review and approval by the Valuation Committee, pursuant to methods established or ratified by the Board. 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 prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis.

In connection with futures contracts and other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

(b) Short Sales

When a Fund engages in a short sale of a security, an amount equal to the proceeds is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the market value of the short sale. The Fund maintains a segregated account of cash and/or securities as collateral for short sales.

Fees, if any, paid to brokers to borrow securities in connection with short sales are recorded as interest expense. In addition, the Fund must pay out the dividend rate of the equity or coupon rate of the obligation to the lender and record this as an expense. Short dividend or interest expense is a cost associated with the investment objective of short sales transactions, rather than an operational cost associated with the day-to-day management of any mutual fund. The Fund may also receive rebate income from the broker resulting from the investment of the proceeds from securities sold short.

(c) Futures Contracts

Upon entering into a futures contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 97

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

(d) Swap Agreements

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

(e) 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 Statement 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 March 31, 2019, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

(f) 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. 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. Amendment fees are earned as compensation for evaluating and accepting changes to the original loan agreement and are recognized when received. 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.

(g) Distributions

Dividends from net investment income are declared quarterly in the World Equity Income Fund and Risk Managed Real Estate Fund. Distributions of net investment income in the remaining Funds and distributions of net realized gains, if any, in all Funds are declared at least annually and recorded on the ex-dividend date and are determined in accordance with income tax regulations which may differ from U.S. GAAP. Normally, all distributions of a Fund will automatically be reinvested without charge in additional shares of the same Fund.

(h) Class Allocations

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

(i) Earnings Credits

Under the fee arrangement with the custodian, the Funds may earn credits based on overnight custody cash balances. These credits are utilized to reduce related custodial expenses. The custodian fees disclosed in the Statement of Operations are before the reduction in expense from the related earnings credits, if any. For the period ended March 31, 2019, there were no earnings credits received.

(j) 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 2.43% at March 31, 2019.

(k) Currency Translations

The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars at prevailing exchange rates. Purchases and sales of investment securities, dividend and interest income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and

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earnings of the Funds. Foreign investments may also subject the Funds to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. The Funds do not isolate that portion of the results of operations resulting from changes in the foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized appreciation or depreciation on investments.

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

(l) 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 - Financial Instruments and Derivatives

As part of their investment strategy, the Funds utilize short sales and a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized in the Statements of Assets and Liabilities. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Financial Statements.

Short Sales

A short sale is a transaction in which a Fund sells a security it does not own. If the security sold short decreases in price between the time the Fund sells the security and closes its short position, the Fund will realize a gain on the transaction. Conversely, if the security increases in price during the period, the Fund will realize a loss on the transaction. The risk of such price increases is the principal risk of engaging in short sales.

Derivatives

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

The Funds may utilize derivatives for the following purposes:

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

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

Leverage:gaining total exposure to equities or other assets on the long and short sides at greater than 100% of invested capital.

For any Fund whose investment strategy consistently involves applying leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index or other asset. In addition, because an investment in derivative instruments generally requires a small investment relative to the amount of investment exposure assumed, an opportunity for increased net income is created; but, at the same time, leverage risk will increase. The Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more volatile and riskier than if they had not been leveraged.

Futures

A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a Fund’s use of futures contracts, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to a Fund because futures

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NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Cash deposits are shown as segregated cash with broker on the Statements of Assets and Liabilities; securities held as collateral are noted on the Schedules of Investments.

The following table represents the Funds’ use and volume of futures on a quarterly basis:

		Average Notional Amount
Fund	Use	Long		Short
StylePlus—Large Core Fund	Index Exposure	$	2,810,400	$	—
StylePlus—Mid Growth Fund	Index Exposure		585,100		—
World Equity Income Fund	Hedge		—		9,633,218

Swaps

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. A Fund utilizing OTC swaps bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. Upon entering into certain centrally-cleared swap transactions, the Fund is required to deposit with its clearing broker an amount of cash or securities as an initial margin. Subsequent variation margin payments or receipts are made or received by the Fund, depending on fluctuations in the fair value of the reference entity. For a fund utilizing interest rate swaps, the exchange bears the risk of loss. There is no guarantee that a fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

Total return swaps and custom basket swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as index or a custom basket of securities) for a fixed or variable interest rate. Total return and custom basket swaps will usually be computed based on the current value of the reference asset as of the close of regular trading on the NYSE or other exchange. A fund utilizing total return or custom basket swaps bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying reference asset declines in value.

The following table represents the Funds’ use and volume of total return and custom basket swaps on a quarterly basis:

		Average Notional Amount
Fund	Use	Long		Short
Alpha Opportunity Fund	Hedge, Leverage	$	47,448,258	$	120,405,031
Market Neutral Real Estate Fund	Leverage		—		6,346,367
Risk Managed Real Estate Fund	Leverage		43,666,575		42,938,850
StylePlus—Large Core Fund	Index Exposure		152,784,462		—
StylePlus—Mid Growth Fund	Index Exposure		64,480,729		—

Derivative Investment Holdings Categorized by Risk Exposure

The following is a summary of the location of derivative investments on the Funds’ Statements of Assets and Liabilities as of March 31, 2019:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Equity/Currency contracts	Variation margin on futures contracts	Variation margin on futures contracts
Equity contracts	Unrealized appreciation on swap agreements	Unrealized depreciation on swap agreements

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The following table sets forth the fair value of the Funds’ derivative investments categorized by primary risk exposure at March 31, 2019:

Asset Derivative Investments Value
Fund	Futures Equity Risk*		Swaps Equity Risk		Futures Currency Risk*		Total Value at March 31, 2019
Alpha Opportunity Fund	$	—	$	204,676	$	—	$	204,676
Risk Managed Real Estate Fund		—		4,155,241		—		4,155,241
StylePlus—Large Core Fund		70,809		—		—		70,809
StylePlus—Mid Growth Fund		—		39,384		—		39,384
World Equity Income Fund		—		—		8,628		8,628

Liability Derivative Investments Value
Fund	Futures Equity Risk*		Swaps Equity Risk		Futures Currency Risk*		Total Value at March 31, 2019
Alpha Opportunity Fund	$	—	$	1,552,671	$	—	$	1,552,671
Market Neutral Real Estate Fund		—		212,808		—		212,808
Risk Managed Real Estate Fund		—		1,384,696		—		1,384,696
StylePlus—Large Core Fund		—		1,871,673		—		1,871,673

* Includes cumulative appreciation (depreciation) of futures contracts as reported on the Schedules of Investments. Variation margin is reported within the Statements of Assets and Liabilities.

The following is a summary of the location of derivative investments on the Funds’ Statements of Operations for the period ended March 31, 2019:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Equity/Currency contracts	Net realized gain (loss) on futures contracts
	Net change in unrealized appreciation (depreciation) on futures contracts
Equity contracts	Net realized gain (loss) on swap agreements
	Net change in unrealized appreciation (depreciation) on swap agreements

The following is a summary of the Funds’ realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Statements of Operations categorized by primary risk exposure for the period ended March 31, 2019:

Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk			Swaps Equity Risk			Futures Currency Risk			Total
Alpha Opportunity Fund	$	—		$	1,009,404		$	—		$	1,009,404
Market Neutral Real Estate Fund		—			22,217			—			22,217
Risk Managed Real Estate Fund		—			714,035			—			714,035
StylePlus—Large Core Fund		(403,761	)		(3,595,542	)		—			(3,999,303	)
StylePlus—Mid Growth Fund		(250,755	)		(935,992	)		—			(1,186,747	)
World Equity Income Fund		—			—			(128,406	)		(128,406	)

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NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk		Swaps Equity Risk			Futures Currency Risk			Total
Alpha Opportunity Fund	$	—	$	8,498,504		$	—		$	8,498,504
Market Neutral Real Estate Fund		—		(297,026	)		—			(297,026	)
Risk Managed Real Estate Fund		—		1,053,714			—			1,053,714
StylePlus—Large Core Fund		61,805		(2,867,231	)		—			(2,805,426	)
StylePlus—Mid Growth Fund		307		336,612			—			336,919
World Equity Income Fund		—		—			(16,397	)		(16,397	)

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

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

Certain Funds may invest in securities of foreign companies directly, or in financial instruments, such as ADRs and exchange-traded funds, which are indirectly linked to the performance of foreign issuers. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities of foreign companies directly, or in financial instruments that are indirectly linked to the performance of foreign issuers, may involve risks not typically associated with investing in U.S. issuers. The value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets, and prices in some foreign markets may fluctuate more than those of securities traded on U.S. markets. Many foreign countries lack accounting and disclosure standards comparable to those that apply to U.S. companies, and it may be more difficult to obtain reliable information regarding a foreign issuer’s financial condition and operations. Transaction costs and costs associated with custody services are generally higher for foreign securities than they are for U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries portions of these taxes are recoverable, the non-recovered portion will reduce the income received by the Fund.

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

Note 3 – Offsetting

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

In order to better define their contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with their derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs

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OTC derivatives, including foreign exchange contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

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

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.

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

								Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Assets1		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amount of Assets Presented on the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Received			Net Amount
Alpha Opportunity Fund	Custom basket swap agreements	$	204,676	$	—	$	204,676	$	(204,676	)	$	—		$	—
Risk Managed Real Estate Fund	Custom basket swap agreements		4,155,241		—		4,155,241		—			(1,780,000	)		2,375,241
StylePlus—Mid Growth Fund	Swap equity contracts		39,384		—		39,384		—			—			39,384

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NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

								Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Liabilities1		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amount of Liabilities Presented on the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged			Net Amount
Alpha Opportunity Fund	Custom basket swap agreements	$	1,552,671	$	—	$	1,552,671	$	(1,552,671	)	$	—		$	—
Market Neutral Real Estate Fund	Custom basket swap agreements		212,808		—		212,808		—			—			212,808
Risk Managed Real Estate Fund	Custom basket swap agreements		1,384,696		—		1,384,696		(1,384,696	)		—			—
StylePlus—Large Core Fund	Swap equity contracts		1,871,673		—		1,871,673		—			(1,871,673	)		—

¹ Exchange-traded or centrally-cleared derivatives are excluded from these reported amounts.

The Funds have the right to offset deposits against any related derivative liabilities outstanding with each counterparty with the exception of exchange-traded or centrally-cleared derivatives. The following table presents deposits held by others in connection with derivative investments as of March 31, 2019.

Fund	Counterparty/ Clearing Agent	Asset Type	Cash Pledged		Cash Received
Risk Managed Real Estate Fund	Morgan Stanley	Custom Basket Swap agreements	$	—	$	1,780,000
StylePlus—Large Core Fund	Morgan Stanley	Futures Contracts		174,000		—
	Wells Fargo	Total Return Swap agreements		5,400,000		—
				5,574,000		—
StylePlus—Mid Growth Fund	Wells Fargo	Total Return Swap agreements		1,650,000		—
World Equity Income Fund	Bank of America Merrill Lynch	Futures Contracts		78,200		—

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 with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. 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 — 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.

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.

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The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

Note 5 – Investment Advisory Agreement and Other Agreements

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

Fund	Management Fees (as a % of Net Assets)
Alpha Opportunity Fund		0.90	%
Large Cap Value Fund		0.65	%
Market Neutral Real Estate Fund		1.10	%
Risk Managed Real Estate Fund		0.75	%
Small Cap Value Fund		0.75	%
StylePlus—Large Core Fund		0.75	%
StylePlus—Mid Growth Fund		0.75	%
World Equity Income Fund		0.70	%

GI engages external service providers to perform other necessary services for the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, etc., on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

The Funds have adopted Distribution Plans related to the offering of A-Class, C-Class and P-Class 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 A-Class and P-Class shares, and 1.00% of the average daily net assets of each Fund’s C-Class shares.

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 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:

	Limit			Effective Date		Contract End Date
Alpha Opportunity Fund – A-Class		1.76	%		05/31/17		02/01/20
Alpha Opportunity Fund – C-Class		2.51	%		05/31/17		02/01/20
Alpha Opportunity – P-Class		1.76	%		05/31/17		02/01/20
Alpha Opportunity Fund – Institutional Class		1.51	%		05/31/17		02/01/20
Large Cap Value Fund – A-Class		1.15	%		11/30/12		02/01/20
Large Cap Value Fund – C-Class		1.90	%		11/30/12		02/01/20
Large Cap Value Fund – P-Class		1.15	%		05/01/15		02/01/20
Large Cap Value Fund – Institutional Class		0.90	%		06/05/13		02/01/20
Market Neutral Real Estate Fund – A-Class		1.65	%		02/26/16		02/01/20
Market Neutral Real Estate Fund – C-Class		2.40	%		02/26/16		02/01/20
Market Neutral Real Estate Fund – P-Class		1.65	%		02/26/16		02/01/20
Market Neutral Real Estate Fund – Institutional Class		1.40	%		02/26/16		02/01/20
Risk Managed Real Estate Fund – A-Class		1.30	%		03/26/14		02/01/20
Risk Managed Real Estate Fund – C-Class		2.05	%		03/26/14		02/01/20
Risk Managed Real Estate Fund – P-Class		1.30	%		05/01/15		02/01/20
Risk Managed Real Estate Fund – Institutional Class		1.10	%		03/26/14		02/01/20
Small Cap Value Fund – A-Class		1.30	%		11/30/12		02/01/20
Small Cap Value Fund – C-Class		2.05	%		11/30/12		02/01/20
Small Cap Value Fund – P-Class		1.30	%		05/01/15		02/01/20
Small Cap Value Fund – Institutional Class		1.05	%		11/30/12		02/01/20
World Equity Income Fund – A-Class		1.22	%		08/15/13		02/01/20
World Equity Income Fund – C-Class		1.97	%		08/15/13		02/01/20
World Equity Income Fund – P-Class		1.22	%		05/01/15		02/01/20
World Equity Income Fund – Institutional Class		0.97	%		08/15/13		02/01/20

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NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

GI is entitled to reimbursement by the Funds 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, GI is entitled to recoupment of previously waived fees or reimbursed expenses for 36 months from the date of the waiver or reimbursement by GI. At March 31, 2019, 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	2019		2020		2021		2022		Fund Total
Alpha Opportunity Fund
A-Class	$	—	$	1,411	$	760	$	443	$	2,614
C-Class		6,357		1,244		574		156		8,331
P-Class		—		—		26		63		89
Institutional Class		—		—		—		1,371		1,371
Large Cap Value Fund
A-Class		36,140		78,038		93,910		29,149		237,237
C-Class		3,927		6,283		6,839		2,622		19,671
P-Class		113		762		552		294		1,721
Institutional Class		182		1,773		3,127		4,825		9,907
Market Neutral Real Estate Fund
A-Class		864		3,417		13,868		25,580		43,729
C-Class		779		4,410		4,083		1,327		10,599
P-Class		856		5,860		16,626		3,111		26,453
Institutional Class		40,084		151,686		164,605		47,548		403,923
Risk Managed Real Estate Fund
A-Class		—		—		1,410		1,488		2,898
C-Class		1,236		1,084		1,513		430		4,263
P-Class		—		783		4,143		1,396		6,322
Institutional Class		—		—		—		—		—
Small Cap Value Fund
A-Class		52,435		71,327		91,854		38,444		254,060
C-Class		21,203		29,870		31,586		10,172		92,831
P-Class		46		336		215		147		744
Institutional Class		1,395		15,554		34,694		13,404		65,047
World Equity Income Fund
A-Class		—		84,527		111,231		28,846		224,604
C-Class		4,047		12,042		12,493		4,507		33,089
P-Class		—		896		531		133		1,560
Institutional Class		—		2,846		5,983		12,948		21,777

For the period ended March 31, 2019, GI recouped amounts from the Funds as follows:

Alpha Opportunity Fund	$	6,875
Large Cap Value Fund		339
Market Neutral Real Estate Fund		1,549
Risk Managed Real Estate Fund		50,721
World Equity Income Fund		422

If a Fund invests in a fund that is advised by the same adviser or an affiliated adviser, the investing Fund’s adviser has agreed to waive fees at the investing fund level to the extent necessary to offset the proportionate share of any management fee paid by each Fund with respect to its investment in such affiliated fund. Fee waivers will be calculated at the investing Fund level without regard to any expense cap, if any, in effect for the investing Fund. Fees waived under this arrangement are not subject to reimbursement to GI. For the period ended March 31, 2019, the StylePlus—Large Core Fund and StylePlus—Mid Growth Fund waived $34,269 and $15,110, respectively, related to investments in affiliated fund.

For the period ended March 31, 2019, GFD retained sales charges of $162,871 relating to sales of A-Class shares of the Trust.

Certain 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.

106 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

MUFG Investor Services (US), LLC (“MUIS”) acts as the Funds’ administrator, transfer agent and accounting agent. As administrator, transfer agent and accounting agent, MUIS is responsible for maintaining 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.

At March 31, 2019, GI and its affiliates owned over twenty percent of the outstanding shares of the Funds, as follows:

Fund	Percent of Outstanding Shares Owned
Alpha Opportunity Fund		71	%
Market Neutral Real Estate Fund		67	%

Note 6– Federal Income Tax Information

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the 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 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’ federal tax returns are subject to examination by the Internal Revenue Service for a period of three years after they are filed.

At March 31, 2019, the cost of securities for Federal income tax purposes, the aggregate gross unrealized appreciation for all securities for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over value were as follows:

Fund	Tax Cost		Tax Unrealized Gain		Tax Unrealized Loss			Net Unrealized Gain (Loss)
Alpha Opportunity Fund	$	98,801,558	$	3,577,066	$	(5,486,315	)	$	(1,909,249	)
Large Cap Value Fund		53,488,312		11,232,273		(2,728,219	)		8,504,054
Market Neutral Real Estate Fund		8,485,273		658,965		(244,739	)		414,226
Risk Managed Real Estate Fund		152,139,746		25,702,383		(3,500,761	)		22,201,622
Small Cap Value Fund		16,625,821		1,560,821		(1,637,173	)		(76,352	)
StylePlus—Large Core Fund		198,726,438		2,107,190		(3,981,769	)		(1,874,579	)
StylePlus—Mid Growth Fund		84,402,588		992,396		(638,935	)		353,461
World Equity Income Fund		78,333,085		5,741,094		(2,672,535	)		3,068,559

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NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

Note 7 – Securities Transactions

For the period ended March 31, 2019, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

Fund	Purchases		Sales
Alpha Opportunity Fund	$	107,542,407	$	201,552,914
Large Cap Value Fund		12,488,274		12,970,354
Market Neutral Real Estate Fund		6,509,489		5,243,534
Risk Managed Real Estate Fund		85,620,320		94,601,033
Small Cap Value Fund		9,220,252		9,497,780
StylePlus—Large Core Fund		59,774,045		86,337,252
StylePlus—Mid Growth Fund		42,686,442		45,699,132
World Equity Income Fund		50,619,417		55,635,672

Note 8 – Line of Credit

The Trust, along with other affiliated trusts, secured a 364-day committed, $1,065,000,000 line of credit from Citibank, N.A., which was in place through October 5, 2018, at which time the line of credit was renewed with an increased commitment amount of $1,205,000,000. 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”, LIBOR 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 unused commitment amount. The allocated commitment fee amount for each Fund is referenced in the Statement of Operations under “Line of credit fees”. The Funds did not have any borrowings under this agreement as of and for the period ended March 31, 2019.

Note 9 – Recent Regulatory Reporting Updates

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (the “2018 ASU”) which adds, modifies and removes disclosure requirements related to certain aspects of fair value measurement. The 2018 ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. As of March 31, 2019, the Funds have fully adopted the provisions of the ASU, which did not have a material impact on the Funds’ financial statements and related disclosures or impact the Funds’ net assets or results of operations.

Note 10 – Other Liabilities

StylePlus—Large Core Fund wrote put option contracts through Lehman Brothers Inc., (“LBI”) that were exercised prior to the option contracts’ expiration and prior to the bankruptcy filing by LBI, during September 2008. However, these transactions have not settled and the securities have not been delivered to the Fund as of March 31, 2019.

Although the ultimate resolution of these transactions is uncertain, the Fund has recorded a liability equal to the difference between the strike price on the put options and the market price of the underlying security on the exercise date. The amount of the liability recorded in miscellaneous payables by the Fund as of March 31, 2019, was $18,615.

Note 11 – Large Shareholder Risk

As of March 31, 2019, 71.0% of the Alpha Opportunity Fund (the “Fund”) was held by Macro Opportunities Fund. The Fund may experience adverse effects if a large number of shares of the Fund are held by a single shareholder (e.g., an institutional investor, financial intermediary or another GI Fund). The Fund is subject to the risk that a redemption by those shareholders of all or a large portion of the Fund could cause the Fund to liquidate its assets at inopportune times, or at a loss or depressed value, which could adversely impact the Fund’s performance and cause the value of a shareholder’s investment to decline. Redemptions of a large number of shares also may increase transaction costs or, by necessitating a sale of portfolio securities, have adverse tax consequences for shareholders. They also potentially limit the use of any capital loss carryforwards and certain other losses to offset future realized capital gains (if any) and may limit or prevent a Fund’s use of tax equalization.

108 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS(Unaudited)(concluded)

Note 12 – Subsequent Events

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 109

OTHER INFORMATION(Unaudited)

Proxy Voting Information

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Fund’s portfolios is available, without charge and upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

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. The Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Fund usually classifies 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 on Form N-Q, which are available on the SEC’s website at https://www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

110 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS(Unaudited)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES
Randall C. Barnes (1951)	Trustee	Since 2014	Current: Private Investor (2001-present). Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).	49	Current: Trustee, Purpose Investments Funds (2013-present). Former: Managed Duration Investment Grade Municipal Fund (2003-2016).
Donald A. Chubb, Jr. (1946)	Trustee and Chairman of the Valuation Oversight Committee	Since 1994	Current: Retired. Former: Business broker and manager of commercial real estate, Griffith & Blair, Inc. (1997-2017).	48	Former: Midland Care, Inc. (2011-2016).
Jerry B. Farley (1946)	Trustee and Chairman of the Audit Committee	Since 2005	Current: President, Washburn University (1997-present).	48	Current: CoreFirst Bank & Trust (2000-present). Former: Westar Energy, Inc. (2004-2018).
Roman Friedrich III (1946)	Trustee and Chairman of the Contracts Review Committee	Since 2014	Current: Founder and Managing Partner, Roman Friedrich & Company (1998-present).	48	Former: Zincore Metals, Inc. (2009-January 2019).
Ronald A. Nyberg (1953)	Trustee and Chairman of the Nominating and Governance Committee	Since 2014	Current: Partner, Momkus LLC (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	49	Current: PPM Funds (2018-present); Edward-Elmhurst Healthcare System (2012-present); Western Asset Inflation-Linked Opportunities & Income Fund (2004-present); Western Asset Inflation-Linked Income Fund (2003-present). Former: Managed Duration Investment Grade Municipal Fund (2003-2016).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 111

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS(Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES - concluded
Ronald E. Toupin, Jr. (1958)	Trustee and Chairman of the Board	Since 2014	Current: Portfolio Consultant (2010-present); Member, Governing Council, Independent Directors Council (2013-present); Governor, Board of Governors, Investment Company Institute (2018-present). Former: Member, Executive Committee, Independent Directors Council (2016-2018); Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).	48	Current: Western Asset Inflation-Linked Opportunities & Income Fund (2004-present); Western Asset Inflation-Linked Income Fund (2003-present). Former: Managed Duration Investment Grade Municipal Fund (2003-2016).
INTERESTED TRUSTEE
Amy J. Lee*** (1961)	Trustee, Vice President and Chief Legal Officer	Since 2018 (Trustee) Since 2014 (Chief Legal Officer) Since 2007 (Vice President)	Current: Interested Trustee, certain other funds in the Fund Complex (2018-present); President, certain other funds in the Fund Complex (2017-present); Chief Legal Officer, certain other funds in the Fund Complex (2014-present); Vice President, certain other funds in the Fund Complex (2007-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: President and Chief Executive Officer (2017-2018); Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).	48	None.

*	The business address of each Trustee is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each Trustee serves an indefinite term, until his or her successor is elected and qualified. Time served includes time served in the respective position for the Predecessor Corporation.
***	This Trustee is deemed to be an "interested person" of the Funds under the 1940 Act by reason of her position with the Funds' Investment Manager and/or the parent of the Investment Manager.

112 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS(Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS
Brian E. Binder (1972)	President and Chief Executive Officer	Since 2018	Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President and Chief Executive Officer, Guggenheim Funds Investment Advisors, LLC and Security Investors, LLC (2018-present); Senior Managing Director and Chief Administrative Officer, Guggenheim Investments (2018-present). Former: Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Head of Business Management and Consulting, Invesco Ltd. (2010-2012).
James M. Howley (1972)	Assistant Treasurer	Since 2014	Current: Managing Director, Guggenheim Investments (2004-present); Assistant Treasurer, certain other funds in the Fund Complex (2006-present). Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).
Mark E. Mathiasen (1978)	Secretary	Since 2014	Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).
Glenn McWhinnie (1969)	Assistant Treasurer	Since 2016	Current: Vice President, Guggenheim Investments (2009-present); Assistant Treasurer, certain other funds in the Fund complex (2016-present).
Michael P. Megaris (1984)	Assistant Secretary	Since 2014	Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2012-present).
Elisabeth Miller (1968)	Chief Compliance Officer	Since 2012	Current: Chief Compliance Officer, certain other funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments (2012-present); Vice President, Guggenheim Funds Distributors, LLC (2014-present). Former: Chief Compliance Officer, Security Investors, LLC (2012-2018); Chief Compliance Officer, Guggenheim Funds Investment Advisors, LLC (2012-2018); Chief Compliance Officer, Guggenheim Distributors, LLC (2009-2014); Senior Manager, Security Investors, LLC (2004-2014); Senior Manager, Guggenheim Distributors, LLC (2004-2014).
Margaux Misantone (1978)	AML Officer	Since 2017	Current: Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investment Advisors, LLC (2018-present); AML Officer, Security Investors, LLC and certain other funds in the Fund Complex (2017-present); Managing Director, Guggenheim Investments (2015-present). Former: Assistant Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investments Advisors, LLC (2015-2018).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS(Unaudited)(concluded)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - concluded
Adam J. Nelson (1979)	Assistant Treasurer	Since 2015	Current: Vice President, Guggenheim Investments (2015-present); Assistant Treasurer, certain other funds in the Fund Complex (2015-present). Former: Assistant Vice President and Fund Administration Director, State Street Corporation (2013-2015); Fund Administration Assistant Director, State Street (2011-2013); Fund Administration Manager, State Street (2009-2011).
Kimberly J. Scott (1974)	Assistant Treasurer	Since 2014	Current: Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
Bryan Stone (1979)	Vice President	Since 2014	Current: Vice President, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2013-present). Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).
John L. Sullivan (1955)	Chief Financial Officer, Chief Accounting Officer and Treasurer	Since 2014	Current: Chief Financial Officer, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present). Former: Managing Director and Chief Compliance Officer, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); Chief Financial Officer and Treasurer, Van Kampen Funds (1996-2004).
Jon Szafran (1989)	Assistant Treasurer	Since 2017	Current: Vice President, Guggenheim Investments (2017-present); Assistant Treasurer, certain other funds in the Fund Complex (2017-present). Former: Assistant Treasurer of Henderson Global Funds and Manager of US Fund Administration, Henderson Global Investors (North America) Inc. ("HGINA"), (2017); Senior Analyst of US Fund Administration, HGINA (2014-2017); Senior Associate of Fund Administration, Cortland Capital Market Services, LLC (2013-2014); Experienced Associate, PricewaterhouseCoopers LLP (2012-2013).

*	The business address of each officer is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each officer serves an indefinite term, until his or her successor is duly elected and qualified.

114 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY NOTICE(Unaudited)

Who We Are

This Privacy Notice describes the data protection practices of Guggenheim Investments. Guggenheim Investments as used herein refers to the affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Guggenheim Investment Advisors (Europe) Limited, Guggenheim Real Estate, LLC, GS Gamma Advisors, LLC, Guggenheim Partners India Management, LLC, Guggenheim Partners Europe Limited, as well as the funds in the Guggenheim Funds complex (the “Funds”) (“Guggenheim Investments,” “we,” “us,” or “our”).

Guggenheim Partners Investment Management Holdings, LLC, located at 330 Madison Avenue, New York, New York 10017 is the data controller for your information. The Affiliates who are also controllers of certain of your information are: Guggenheim Investment Advisors (Europe) Limited, Guggenheim Partners Europe Limited, Guggenheim Partners, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC and Security Investors, LLC, as well as the Funds.

Our Commitment to You

Guggenheim Investments considers your privacy our utmost concern. When you become our client or investor, you entrust us with not only your hard-earned money but also with your personal and financial information. Because we have access to your private information, we hold ourselves to the highest standards in its safekeeping and use. We strictly limit how we share your information with others, whether you are a current or former Guggenheim Investments client or investor.

The Information We Collect About You

We collect certain nonpublic personal information about you from information you provide on applications, other forms, our website, and/or from third parties including investment advisors. This information includes Social Security or other tax identification number, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history, bank account information, marital status, family relationships, information that we collect on our website through the use of “cookies,” and other personal information that you or others provide to us. We may also collect such information through your inquiries by mail, e-mail or telephone. We may also collect customer due diligence information, as required by applicable law and regulation, through third party service providers.

How We Handle Your Personal Information

The legal basis for using your information as set out in this Privacy Notice is as follows: (a) use of your personal data is necessary to perform our obligations under any contract with you (such as a contract for us to provide financial services to you); or (b) where use of your personal data is not necessary for performance of a contract, use of your personal data is necessary for our legitimate interests or the legitimate interests of others (for example, to enforce the legal terms governing our services, operate and market our website and other services we offer, ensure safe environments for our personnel and others, make and receive payments, prevent fraud and to know the customer to whom we are providing the services). Some processing is done to comply with applicable law.

In addition to the specific uses described above, we also use your information in the following manner:

● We use your information in connection with servicing your accounts.

● We use information to respond to your requests or questions. For example, we might use your information to respond to your customer feedback.

● We use information to improve our products and services. We may use your information to make our website and products better. We may use your information to customize your experience with us.

● We use information for security purposes. We may use your information to protect our company and our customers.

● We use information to communicate with you. For example, we will communicate with you about your account or our relationship. We may contact you about your feedback. We might also contact you about this Privacy Notice. We may also enroll you in our email newsletter.

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE(Unaudited)(continued)

● We use information as otherwise permitted by law, as we may notify you.

● Aggregate/Anonymous Data. We may aggregate and/or anonymize any information collected through the website so that such information can no longer be linked to you or your device (“Aggregate/Anonymous Information”). We may use Aggregate/Anonymous Information for any purpose, including without limitation for research and marketing purposes, and may also share such data with any third parties, including advertisers, promotional partners, and sponsors.

We do not sell information about current or former clients or their accounts to third parties. Nor do we share this information, except when necessary to complete transactions at your request, to make you aware of investment products and services that we or our affiliates offer, or as permitted or required by law.

We provide information about you to companies and individuals not affiliated with Guggenheim Investments to complete certain transactions or account changes, or to perform services for us related to your account. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we must provide certain information about you to that company to complete the transaction. We provide the third party with only the information necessary to carry out its responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. To alert you to other Guggenheim Investments products and services, we share your information within our family of affiliated companies. You may limit our sharing with affiliated companies as set out below. We may also share information with any successor to all or part of our business, or in connection with steps leading up to a merger or acquisition. For example, if part of our business was sold we may give customer information as part of that transaction. We may also share information about you with your consent.

We will release information about you if you direct us to do so, if we are compelled by law to do so, or in other circumstances as permitted by law (for example, to protect your account from fraud).

If you close your account(s) or become an inactive client or investor, we will continue to adhere to the privacy policies and practices described in this notice.

Opt-Out Provisions and Your Data Choices

The law allows you to “opt out” of certain kinds of information sharing with third parties. We do not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.

When you are no longer our client or investor, we continue to share your information as described in this notice, and you may contact us at any time to limit our sharing by sending an email to CorporateDataPrivacy@GuggenheimPartners.com.

European Union Data Subjects and certain others: In addition to the choices set forth above, residents of the European Union and certain other jurisdictions have certain rights to (1) request access to or rectification or deletion of information we collect about them, (2) request a restriction on the processing of their information, (3) object to the processing of their information, or (4) request the portability of certain information. To exercise these or other rights, please contact us using the contact information below. We will consider all requests and provide our response within the time period stated by applicable law. Please note, however, that certain information may be exempt from such requests in some circumstances, which may include if we need to keep processing your information for our legitimate interests or to comply with a legal obligation. We may request you provide us with information necessary to confirm your identity before responding to your request.

Residents of France and certain other jurisdictions may also provide us with instructions regarding the manner in which we may continue to store, erase and share your information after your death, and where applicable, the person you have designated to exercise these rights after your death.

How We Protect Privacy Online

We take steps to protect your privacy when syou use our web site – www.guggenheiminvestments.com – by using secure forms of online communication, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These safeguards vary based on the sensitivity of the information that we collect and store. However, we cannot and do not guarantee that these measures will prevent every unauthorized attempt to access, use, or disclose your information since despite our efforts, no Internet and/or other

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE(Unaudited)(concluded)

electronic transmissions can be completely secure. Our web site uses “http cookies”—tiny pieces of information that we ask your browser to store. We use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your e-mail address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

How We Safeguard Your Personal Information and Data Retention

We restrict access to nonpublic personal information about you to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

We keep your information for no longer than necessary for the purposes for which it is processed. The length of time for which we retain information depends on the purposes for which we collected and use it and/or as required to comply with applicable laws. Information may persist in copies made for backup and business continuity purposes for additional time.

International Visitors

If you are not a resident of the United States, please be aware that your information may be transferred to, stored and processed in the United States where our servers are located and our databases are operated. The data protection and other laws of the United States and other countries might not be as comprehensive as those in your country.

In such cases, we ensure that a legal basis for such a transfer exists and that adequate protection is provided as required by applicable law, for example, by using standard contractual clauses or by transferring your data to a jurisdiction that has obtained an adequacy finding. Individuals whose data may be transferred on the basis of standard contractual clauses may contact us as described below.

We’ll Keep You Informed

If you have any questions or concerns about how we treat your personal data, we encourage you to consult with us first. You may also contact the relevant supervisory authority.

We reserve the right to modify this policy at any time and will inform you promptly of material changes. You may access our privacy policy from our web site at www.guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us by email at CorporateDataPrivacy@GuggenheimPartners.com.

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3.31.2019

Guggenheim Funds Semi-Annual Report

Guggenheim Diversified Income Fund

Guggenheim High Yield Fund

Guggenheim Investment Grade Bond Fund

Guggenheim Municipal Income Fund

Beginning on January 1, 2021, paper copies of the Funds’ annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from a fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from a fund electronically by calling 800.820.0888, going toGuggenheimInvestments.com/myaccount, or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a fund directly, you can inform the Fund that you wish to receive paper copies of reports by calling 800.820.0888. If you hold shares of a fund through a financial intermediary, please contact the financial intermediary to make this election. Your election to receive reports in paper will apply to all Guggenheim Funds in which you are invested and may apply to all funds held with your financial intermediary.

GuggenheimInvestments.com SBINC-SEMI-0319x0919

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	4
ABOUT SHAREHOLDERS’ FUND EXPENSES	6
DIVERSIFIED INCOME FUND	9
HIGH YIELD FUND	17
INVESTMENT GRADE BOND FUND	36
MUNICIPAL INCOME FUND	57
NOTES TO FINANCIAL STATEMENTS	69
OTHER INFORMATION	87
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	88
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	92

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 1

March 31, 2019

Dear Shareholder:

Security Investors, LLC and Guggenheim Partners Investment Management, LLC (the “Investment Advisers”) are pleased to present the shareholder report for a selection of our Funds (the “Funds”) for the semi-annual fiscal period ended March 31, 2019.

The Investment Advisers are part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), a global, diversified financial services firm.

Guggenheim Funds Distributors, LLC is the distributor of the Funds. Guggenheim Funds Distributors, LLC is affiliated with Guggenheim and the Investment Advisers.

We encourage you to read the Economic and Market Overview section of the report, which follows this letter.

We are committed to providing innovative investment solutions and appreciate the trust you place in us.

Sincerely,

Security Investors, LLC,
Guggenheim Partners Investment Management, LLC,
April 30, 2019

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments.com or call 800.820.0888.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/ or legal professional regarding your specific situation.

Diversified Income Fund may not be suitable for all investors. ● The Fund’s market value will change in response to interest rate changes and market conditions among other factors. In general, bond prices rise when interest rates fall and vice versa. ● The Fund’s exposure to high yield securities may subject the fund to greater volatility. ● Derivatives may pose risks in addition to and greater than those associated with investing directly in securities or other investments, including risks relating to leverage, imperfect correlations with underlying investments or the fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, liquidity, valuation and legal restrictions. ● Stock prices, especially stock prices of smaller companies, can be volatile as they reflect changes in the issuing company’s financial conditions and changes in the overall market ● Some asset-backed securities, including mortgage-backed securities, may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices very volatile and they are subject to liquidity risk.● The Fund’s investments in other investment vehicles subject the fund to those risks and expenses affecting the investment vehicle. ● The Fund’s investments in foreign securities carry additional risks when compared to U.S. securities, due to the impact of diplomatic, political or economic developments in the country in question (investments in emerging markets securities are generally subject to an even greater level of risks). ● Investments in syndicated bank loans generally offer a floating interest rate and involve special types of risks. ● Master limited partnerships (“MLPs”) are subject to certain risks inherent in the structure of MLPs, including tax risks, limited control and voting rights and potential conflicts of interest. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. ● The Fund’s investments in real estate securities subject the fund to the same risks as direct investments in real estate, which is particularly sensitive to economic downturns. ● The Fund’s investments and investment strategies, including investments in MLPs and certain investment vehicles, may be subject to special and complex federal income tax provisions that may adversely affect the fund and its distributions to shareholders. ● Leveraging will exaggerate the effect on NAV of any increase or decrease in the market value of the Fund’s portfolio. ● Please read the prospectus for more detailed information regarding these and other risks.

2 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

March 31, 2019

High Yield Fund may not be suitable for all investors. ● The Fund’s market value will change in response to interest rate changes and market conditions among other factors. In general, bond prices rise when interest rates fall and vice versa. ● The Fund’s exposure to high yield securities may subject the Fund to greater volatility. ● The Fund may invest in derivative instruments, which may be more volatile and less liquid, increasing the risk of loss when compared to traditional securities. Certain of the derivative instruments are also subject to the risks of counterparty default and adverse tax treatment. ●The Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more volatile than if it had not been leveraged. ● Instruments and strategies (such as borrowing transactions and reverse repurchase agreements) may provide leveraged exposure to a particular investment, which will magnify any gains or losses on those investments. ● The Fund may invest in foreign securities which carry additional risks when compared to U.S. securities, due to the impact of diplomatic, political, or economic developments in the country in question (investments in emerging markets securities are generally subject to an even greater level of risks). ● Investments in syndicated bank loans generally offer a floating interest rate and involve special types of risks. ● The Fund’s investments in other investment vehicles subject the Fund to those risks and expenses affecting the investment vehicle. ● The Fund’s investments in restricted securities may involve financial and liquidity risk. ● You may have a gain or loss when you sell your shares. ● It is important to note that the Fund is not guaranteed by the U.S. government. ● Please read the prospectus for more detailed information regarding these and other risks.

Investment Grade Bond Fund may not be suitable for all investors. ● The Fund’s market value will change in response to interest rate changes and market conditions among other factors. In general, bond prices rise when interest rates fall and vice versa. ● The Fund’s exposure to high yield securities may subject the Fund to greater volatility. ● When market conditions are deemed appropriate, the Fund may use leverage to the full extent permitted by its investment policies and restrictions and applicable law. Leveraging will exaggerate the effect on net asset value of any increase or decrease in the market value of the Fund’s portfolio. ● The Fund may invest in derivative instruments, which may be more volatile and less liquid, increasing the risk of loss when compared to traditional securities. Certain of the derivative instruments are also subject to the risks of counterparty default and adverse tax treatment. ● Instruments and strategies (such as borrowing transactions and reverse repurchase agreements) may provide leveraged exposure to a particular investment, which will magnify any gains or losses on those investments. ● Investments in reverse repurchase agreements expose the Fund to the many of the same risks as investments in derivatives. ● The Fund’s investments in other investment vehicles subject the Fund to those risks and expenses affecting the investment vehicle. ● The Fund’s investments in foreign securities carry additional risks when compared to U.S. securities, due to the impact of diplomatic, political or economic developments in the country in question (investments in emerging markets securities are generally subject to an even greater level of risks). ● Investments in syndicated bank loans generally offer a floating interest rate and involve special types of risks. ● The Fund’s investments in municipal securities can be affected by events that affect the municipal bond market. ● The Fund’s investments in real estate securities subject the Fund to the same risks as direct investments in real estate, which is particularly sensitive to economic downturns. ● The Fund’s investments in restricted securities may involve financial and liquidity risk. ● You may have a gain or loss when you sell your shares. ● It is important to note that the Fund is not guaranteed by the U.S. government. ● Please read the prospectus for more detailed information regarding these and other risks.

Municipal Income Fund may not be suitable for all investors. ● The Fund will be significantly affected by events that affect the municipal bond market, which could include unfavorable legislative or political developments and adverse changes in the financial conditions of state and municipal issuers or the federal government in case it provides financial support to the municipality. Income from municipal bonds held by the Fund could be declared taxable because of changes in tax laws. The Fund may invest in securities that generate taxable income. A portion of the Fund’s otherwise tax-exempt dividends may be taxable to those shareholders subject to the alternative minimum tax. ● Certain sectors of the municipal bond market have special risks that can affect them more significantly than the market as a whole. Because many municipal instruments are issued to finance similar projects, conditions in these industries can significantly affect the Fund and the overall municipal market. ● Municipalities currently experience budget shortfalls, which could cause them to default on their debt and thus subject the Fund to unforeseen losses. ● Like other funds that hold bonds and other fixed-income investments, the Fund’s market value will change in response to interest rate changes and market conditions, among other factors. In general, bond prices rise when interest rates fall and vice versa. ● The Fund’s exposure to high-yield securities may subject the Fund to greater volatility. ● When market conditions are deemed appropriate, the Fund will leverage to the full extent permitted by its investment policies and restrictions and applicable law. Leveraging will exaggerate the effect on net asset value of any increase or decrease in the market value of the Fund’s portfolio. ● The Fund may invest in derivative instruments, which may be more volatile and less liquid, increasing the risk of loss when compared to traditional securities. Certain of the derivative instruments are also subject to the risks of counterparty default and adverse tax treatment. ●Instruments and strategies (such as reverse repurchase agreements, unfunded commitments, tender option bonds, and borrowings) may expose the Fund to many of the same risks as investments in derivatives and may provide leveraged exposure to a particular investment, which will magnify any gains or losses on those investments. ● The Fund’s investments in other investment vehicles subject the Fund to those risks and expenses affecting the investment vehicle. ● The Fund’s investments in foreign securities carry additional risks when compared to U.S. securities, due to the impact of diplomatic, political, or economic developments in the country in question (investments in emerging markets securities are generally subject to an even greater level of risks). ● Investments in syndicated bank loans generally offer a floating interest rate and involve special types of risks. ● The Fund is subject to active trading risks that may increase volatility and impact its ability to achieve its investment objective. ● You may have a gain or loss when you sell your shares. ● It is important to note that the Fund is not guaranteed by the U.S. government. ● Please read the prospectus for more detailed information regarding these and other risks.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited) March 31, 2019

Late 2018 and early 2019 U.S. economic data stoked recession fears, prompting the U.S. Federal Reserve (the ”Fed”) to abort its tightening cycle and the 3-month/10-year Treasury yield curve to invert. Housing activity weakened markedly in the second half of 2018, personal spending growth decelerated, job gains moderated, and industrial production growth slowed. However, first-quarter 2019 real gross domestic product (“GDP”) surprised everyone by posting a growth rate of 3.2 percent. While this number benefited from big contributions from inventories and trade, the decline in interest rates and recovery in risk assets could support U.S. economic growth in the second and third quarters of 2019.

Taking a longer view, the indicators Guggenheim tracks as part of our proprietary recession probability indicator continue to signal that the economy could be heading into a recession in about a year. The unemployment rate has leveled off after years of steady declines, the Fed has moved to a neutral bias on rates, the yield curve has inverted, growth in leading indicators has slowed, gains in total hours worked have slowed, and real retail sales growth has fallen sharply. Taken together, these data points support the view that the next recession may begin as early as the first half of 2020.

Overseas, continued weakness in economic data finally prompted policy action. The European Central Bank (“ECB”) revised expected real GDP growth downward for 2019 and shortly thereafter delivered further accommodation. Rate hikes are now forecast to come later than previously indicated, and the ECB launched a series of targeted long-term refinancing operations consisting of two-year loans. China, another major economy that has shown signs of slowing, showed a mix of softening and signs of stabilization in recent economic activity. So far, Chinese authorities have announced fiscal stimulus through tax cuts and infrastructure spending, and monetary stimulus in the form of a reduction in the reserve requirement ratio.

Foreign governments’ stimulus to their local economies may be good news for U.S. activity. The downward trend in global growth weighed on U.S. activity, as evidenced by some weakness in 2018 U.S. exports and downward revisions to this year’s expected corporate earnings. If policy changes are enough to avoid recession across Western Europe or boost growth in China, the combination of this and lower U.S. rates could be positive for U.S. growth later in the year. However, the U.S., Europe, and China are not yet out of the woods. All three remain key risks to global growth given the lack of a Brexit agreement, significant weakening in German manufacturing activity, and unresolved U.S.-China tariff negotiations. Without a positive catalyst, the trajectory for the U.S. could remain negative, with a major event risk looming in the fall, when the U.S. Treasury Department will exhaust its “extraordinary measures” and force a congressional debate about the debt ceiling, which could prompt fears of a technical default and complicate fiscal year 2020 budget negotiations, where a fiscal spending cliff looms.

For the six months ended March 31, 2019, the Standard & Poor’s 500^® (“S&P 500”) Index^* returned -1.72%. The MSCI Europe-Australasia-Far East (“EAFE”) Index^* returned -3.64%. The return of the MSCI Emerging Markets Index^* was 1.83%.

In the bond market, the Bloomberg Barclays U.S. Aggregate Bond Index^* posted a 4.63% return for the period, while the Bloomberg Barclays U.S. Corporate High Yield Index^* returned 2.39%. The return of the ICE Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index^* was 1.17% for the six-month period.

The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.

^*Index Definitions

Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.

Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, mortgage-backed securities or “MBS” (agency fixed-rate and hybrid adjustable-rate mortgage, or “ARM”, pass-throughs), asset-backed securities (“ABS”), and commercial mortgage-backed securities (“CMBS”) (agency and non-agency).

Bloomberg Barclays U.S. Corporate High Yield Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB +/BB + or below.

4 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) March 31, 2019

Bloomberg Barclays Municipal Bond Index is a broad market performance benchmark for the tax-exempt bond market. The bonds included in this index must have a minimum credit rating of at least Baa.

ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market Index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

MSCI Emerging Markets Index is a free float-adjusted market capitalization-weighted index that is designed to measure equity market performance in the global emerging markets.

S&P 500^® is a broad-based index, the performance of which is based on the performance of 500 widely held common stocks chosen for market size, liquidity, and industry group representation.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 5

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

All mutual funds have operating expenses, and it is important for our shareholders to understand the impact of costs on their investments. Shareholders of a fund incur two types of costs: (i) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, other distributions, and exchange fees, and (ii) ongoing costs, including management fees, administrative services, and shareholder reports, among others. These ongoing costs, or operating expenses, are deducted from a fund’s gross income and reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets, which is known as the expense ratio. The following examples are intended to help investors understand the ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning September 30, 2018 and ending March 31, 2019.

The following tables illustrate the Funds’ costs in two ways:

Table 1. Based on actual Fund return: This section helps investors estimate the actual expenses paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fifth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. Investors may use the information here, together with the amount invested, to estimate the expenses paid over the period. Simply divide the Fund’s account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number provided under the heading “Expenses Paid During Period.”

Table 2. Based on hypothetical 5% return: This section is intended to help investors compare a fund’s cost with those of other mutual funds. The table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid during the period. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on the 5% return. Investors can assess a fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

The calculations illustrated above assume no shares were bought or sold during the period. Actual costs may have been higher or lower, depending on the amount of investment and the timing of any purchases or redemptions.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments, and contingent deferred sales charges (“CDSC”) on redemptions, if any. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

More information about the Funds’ expenses, including annual expense ratios for periods up to five years (subject to the Fund’s inception date), can be found in the Financial Highlights section of this report. For additional information on operating expenses and other shareholder costs, please refer to the appropriate Fund prospectus.

6 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2018	Ending Account Value March 31, 2019	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Diversified Income Fund
A-Class	0.87%	1.15%	$1,000.00	$1,011.50	$4.36
C-Class	1.59%	0.79%	1,000.00	1,007.90	7.96
P-Class	0.87%	1.15%	1,000.00	1,011.50	4.36
Institutional Class	0.63%	1.27%	1,000.00	1,012.70	3.16
High Yield Fund
A-Class	1.31%	0.61%	1,000.00	1,006.10	6.55
C-Class	2.06%	0.16%	1,000.00	1,001.60	10.28
P-Class	1.34%	0.50%	1,000.00	1,005.00	6.70
Institutional Class	1.02%	0.64%	1,000.00	1,006.40	5.10
R6-Class	0.95%	0.70%	1,000.00	1,007.00	4.75
Investment Grade Bond Fund
A-Class	0.79%	1.93%	1,000.00	1,019.30	3.98
C-Class	1.54%	1.56%	1,000.00	1,015.60	7.74
P-Class	0.79%	1.98%	1,000.00	1,019.80	3.98
Institutional Class	0.50%	2.13%	1,000.00	1,021.30	2.52
Municipal Income Fund
A-Class	0.81%	4.26%	1,000.00	1,042.60	4.12
C-Class	1.56%	3.87%	1,000.00	1,038.70	7.93
P-Class	0.80%	4.25%	1,000.00	1,042.50	4.07
Institutional Class	0.55%	4.38%	1,000.00	1,043.80	2.80

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 7

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2018	Ending Account Value March 31, 2019	Expenses Paid During Period2
Table 2. Based on hypothetical 5% return (before expenses)
Diversified Income Fund
A-Class	0.87%	5.00%	$1,000.00	$1,020.59	$4.38
C-Class	1.59%	5.00%	1,000.00	1,017.00	8.00
P-Class	0.87%	5.00%	1,000.00	1,020.59	4.38
Institutional Class	0.63%	5.00%	1,000.00	1,021.79	3.18
High Yield Fund
A-Class	1.31%	5.00%	1,000.00	1,018.40	6.59
C-Class	2.06%	5.00%	1,000.00	1,014.66	10.35
P-Class	1.34%	5.00%	1,000.00	1,018.25	6.74
Institutional Class	1.02%	5.00%	1,000.00	1,019.85	5.14
R6-Class	0.95%	5.00%	1,000.00	1,020.19	4.78
Investment Grade Bond Fund
A-Class	0.79%	5.00%	1,000.00	1,020.99	3.98
C-Class	1.54%	5.00%	1,000.00	1,017.25	7.75
P-Class	0.79%	5.00%	1,000.00	1,020.99	3.98
Institutional Class	0.50%	5.00%	1,000.00	1,022.44	2.52
Municipal Income Fund
A-Class	0.81%	5.00%	1,000.00	1,020.89	4.08
C-Class	1.56%	5.00%	1,000.00	1,017.15	7.85
P-Class	0.80%	5.00%	1,000.00	1,020.94	4.03
Institutional Class	0.55%	5.00%	1,000.00	1,022.19	2.77

1	Annualized and excludes expenses of the underlying funds in which the Funds invest, if any.
2	Expenses are equal to the Fund's annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period September 30, 2018 to March 31, 2019.

8 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2019

DIVERSIFIED INCOME FUND

OBECTIVE: Seeks to achieve high current income with consideration for capital appreciation.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
A-Class	January 29, 2016
C-Class	January 29, 2016
P-Class	January 29, 2016
Institutional Class	January 29, 2016

Ten Largest Holdings (% of Total Net Assets)
Guggenheim High Yield Fund – R6-Class	22.6%
Guggenheim Investment Grade Bond Fund - Institutional Class	16.3%
Guggenheim Risk Managed Real Estate Fund - Institutional Class	15.3%
Guggenheim Limited Duration Fund - R6-Class	12.8%
Guggenheim Floating Rate Strategies Fund - R6-Class	12.7%
Invesco S&P High Income Infrastructure ETF	4.9%
Guggenheim World Equity Income Fund - Institutional Class	4.9%
Western Asset Premier Bond Fund	0.3%
BlackRock Enhanced Capital and Income Fund, Inc.	0.3%
Neuberger Berman High Yield Strategies Fund, Inc.	0.3%
Top Ten Total	90.4%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns^*

Periods Ended March 31, 2019

	6 Month†	1 Year	Since Inception (01/29/16)
A-Class Shares	1.15%	3.07%	6.31%
A-Class Shares with sales charge‡	(2.89%)	(1.06%)	4.95%
C-Class Shares	0.79%	2.33%	5.53%
C-Class Shares with CDSC§	(0.20%)	1.34%	5.53%
P-Class Shares	1.15%	3.08%	6.31%
Institutional Class Shares	1.27%	3.32%	6.58%
Bloomberg Barclays U.S. Aggregate Bond Index	4.63%	4.48%	2.44%

*	The performance data above represents past performance that is not predictive of future results. 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 effect of taxes. The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.00%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 9

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2019
DIVERSIFIED INCOME FUND

	Shares		Value
EXCHANGE-TRADED FUNDS† - 4.9%
Invesco S&P High Income Infrastructure ETF		12,916	$	339,949
Total Exchange-Traded Funds
(Cost $276,596)				339,949
MUTUAL FUNDS† - 84.6%
Guggenheim High Yield Fund – R6-Class1		145,327		1,559,361
Guggenheim Investment Grade Bond Fund - Institutional Class1		61,000		1,126,062
Guggenheim Risk Managed Real Estate Fund - Institutional Class1		33,575		1,058,293
Guggenheim Limited Duration Fund - R6-Class1		36,000		885,966
Guggenheim Floating Rate Strategies Fund - R6-Class1		34,847		880,925
Guggenheim World Equity Income Fund - Institutional Class1		22,755		337,228
Total Mutual Funds
(Cost $5,699,281)				5,847,835
CLOSED-END FUNDS† - 9.2%
Western Asset Premier Bond Fund		1,529		19,999
BlackRock Enhanced Capital and Income Fund, Inc.		1,199		18,908
Neuberger Berman High Yield Strategies Fund, Inc.		1,613		18,211
John Hancock Investors Trust		1,128		17,789
BlackRock Multi-Sector Income Trust		1,067		17,702
PGIM High Yield Bond Fund, Inc.		1,242		17,612
Eaton Vance Enhanced Equity Income Fund II		1,058		17,425
Royce Value Trust, Inc.		1,206		16,595
Flaherty & Crumrine Preferred Income Fund, Inc.		1,202		16,551
PIMCO Corporate & Income Opportunity Fund		944		16,511
Eaton Vance Tax-Managed Buy-Write Income Fund		1,057		16,510
John Hancock Tax-Advantaged Dividend Income Fund		661		16,393
BlackRock Limited Duration Income Trust		1,110		16,317
Eaton Vance Tax-Managed Diversified Equity Income Fund		1,432		16,182
Apollo Tactical Income Fund, Inc.		1,095		16,085
AllianzGI Diversified Income & Convertible Fund		708		16,022
Apollo Senior Floating Rate Fund, Inc.		1,074		15,927
Eaton Vance Tax-Advantaged Dividend Income Fund		712		15,870
PIMCO Dynamic Credit and Mortgage Income Fund		672		15,745
PIMCO Corporate & Income Strategy Fund		904		15,558
Invesco Dynamic Credit Opportunities Fund		1,429		15,505
Ivy High Income Opportunities Fund		1,128		15,251
Western Asset High Income Fund II, Inc.		2,348		15,215
BlackRock Credit Allocation Income Trust		1,209		15,004
BlackRock Corporate High Yield Fund, Inc.		1,452		14,897
Blackstone / GSO Strategic Credit Fund		1,030		14,677
Brookfield Real Assets Income Fund, Inc.		670		14,485
Cohen & Steers Total Return Realty Fund, Inc.		1,093		14,395
DoubleLine Income Solutions Fund		718		14,310
Eaton Vance Senior Floating-Rate Trust		1,077		14,022
Voya Global Advantage and Premium Opportunity Fund		1,289		13,908
KKR Income Opportunities Fund		891		13,793
Pioneer High Income Trust		1,517		13,577
Western Asset Global Corporate Defined Opportunity Fund, Inc.		823		13,547
Barings Global Short Duration High Yield Fund		748		13,539
AllianceBernstein Global High Income Fund, Inc.		1,164		13,491
Reaves Utility Income Fund		400		13,472
Clough Global Dividend and Income Fund		1,209		13,420
Nuveen Senior Income Fund		2,251		13,056
Tortoise Energy Infrastructure Corp.		539		12,666
Calamos Convertible Opportunities and Income Fund		1,244		12,614
Total Closed-End Funds
(Cost $622,800)				632,756
MONEY MARKET FUND† - 0.8%
Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares 2.26%2		58,261		58,261
Total Money Market Fund
(Cost $58,261)				58,261
Total Investments - 99.5%
(Cost $6,656,938)			$	6,878,801
Other Assets & Liabilities, net - 0.5%				34,410
Total Net Assets - 100.0%			$	6,913,211

†	Value determined based on Level 1 inputs — See Note 4.
1	Affiliated issuer.
2	Rate indicated is the 7-day yield as of March 31, 2019.
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2019
DIVERSIFIED INCOME FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2019 (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
Exchange-Traded Funds	$	339,949	$	—	$	—	$	339,949
Mutual Funds		5,847,835		—		—		5,847,835
Closed-End Funds		632,756		—		—		632,756
Money Market Fund		58,261		—		—		58,261
Total Assets	$	6,878,801	$	—	$	—	$	6,878,801

Affiliated Transactions

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

Transactions during the period ended March 31, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 09/30/18		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 03/31/19		Shares 03/31/19		Investment Income		Capital Gain Distributions
Mutual Funds
Guggenheim Floating Rate Strategies Fund - R6-Class	$	639,499	$	720,536	$	(448,000	)	$	(10,907	)	$	(20,203	)	$	880,925		34,847	$	25,238	$	6
Guggenheim High Yield Fund – R6-Class		1,072,867		922,934		(419,997	)		24,069			(40,512	)		1,559,361		145,327		32,278		2,178
Guggenheim Investment Grade Bond Fund - Institutional Class		1,278,508		115,378		(275,680	)		(4,266	)		12,122			1,126,062		61,000		14,079		—
Guggenheim Limited Duration Fund - R6-Class		1,286,329		113,249		(508,991	)		(2,600	)		(2,021	)		885,966		36,000		14,425		24
Guggenheim Risk Managed Real Estate Fund - Institutional Class		469,932		717,233		(173,075	)		(2,807	)		47,010			1,058,293		33,575		8,092		2,641
Guggenheim World Equity Income Fund - Institutional Class		316,169		38,369		—			—			(17,310	)		337,228		22,755		4,285		2,574
	$	5,063,304	$	2,627,699	$	(1,825,743	)	$	3,489		$	(20,914	)	$	5,847,835			$	98,397	$	7,423

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

DIVERSIFIED INCOME FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2019

Assets:
Investments in unaffiliated issuers, at value (cost $957,657)	$	1,030,966
Investments in affiliated issuers, at value (cost $5,699,281)		5,847,835
Prepaid expenses		50,088
Receivables:
Dividends		22,968
Investment Adviser		9,841
Interest		84
Total assets		6,961,782
Liabilities:
Payable for:
Securities purchased		22,039
Professional fees		14,822
Transfer agent/maintenance fees		4,444
Distribution and service fees		688
Trustees’ fees*		247
Fund shares redeemed		202
Miscellaneous		6,129
Total liabilities		48,571
Net assets	$	6,913,211
Net assets consist of:
Paid in capital	$	6,658,057
Total distributable earnings (loss)		255,154
Net assets	$	6,913,211
A-Class:
Net assets	$	142,659
Capital shares outstanding		5,425
Net asset value per share	$	26.30
Maximum offering price per share (Net asset value divided by 96.00%)	$	27.40
C-Class:
Net assets	$	747,563
Capital shares outstanding		28,396
Net asset value per share	$	26.33
P-Class:
Net assets	$	126,083
Capital shares outstanding		4,795
Net asset value per share	$	26.29
Institutional Class:
Net assets	$	5,896,906
Capital shares outstanding		224,146
Net asset value per share	$	26.31

STATEMENT OF OPERATIONS (Unaudited)

Period Ended March 31, 2019

Investment Income:
Dividends from securities of unaffiliated issuers	$	36,415
Dividends from securities of affiliated issuers		98,397
Interest		894
Total investment income		135,706
Expenses:
Management fees		23,322
Distribution and service fees:
A-Class		173
C-Class		1,283
P-Class		154
Transfer agent/maintenance fees:
A-Class		384
C-Class		595
P-Class		324
Institutional Class		11,171
Registration fees		22,993
Professional fees		15,268
Fund accounting/administration fees		12,465
Trustees’ fees*		5,819
Custodian fees		386
Line of credit fees		55
Miscellaneous		12,444
Total expenses		106,836
Less:
Expenses reimbursed by Adviser:
A-Class		(1,209	)
C-Class		(1,928	)
P-Class		(1,057	)
Institutional Class		(11,171	)
Expenses waived by Adviser		(70,468	)
Total waived/reimbursed expenses		(85,833	)
Net expenses		21,003
Net investment income		114,703
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(5,438	)
Investments in affiliated issuers		3,489
Distributions received from affiliated investment company shares		7,423
Net realized gain		5,474
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(11,670	)
Investments in affiliated issuers		(20,914	)
Net change in unrealized appreciation (depreciation)		(32,584	)
Net realized and unrealized loss		(27,110	)
Net increase in net assets resulting from operations	$	87,593

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

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

DIVERSIFIED INCOME FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	114,703		$	207,632
Net realized gain on investments		5,474			73,375
Net change in unrealized appreciation (depreciation) on investments		(32,584	)		(218,573	)
Net increase in net assets resulting from operations		87,593			62,434
Distributions to shareholders:
A-Class		(3,675	)		(5,537	)
C-Class		(5,284	)		(4,610	)
P-Class		(3,265	)		(5,100	)
Institutional Class		(157,728	)		(242,306	)
Total distributions to shareholders		(169,952	)		(257,553	)
Capital share transactions:
Proceeds from sale of shares
A-Class		182			2,202
C-Class		643,730			25,491
P-Class		154			8,835
Institutional Class		64,220			77,521
Distributions reinvested
A-Class		3,675			5,537
C-Class		5,284			4,610
P-Class		3,265			5,100
Institutional Class		157,728			242,306
Cost of shares redeemed
A-Class		(15	)		—
C-Class		(48,645	)		(17,551	)
P-Class		(622	)		(7,853	)
Institutional Class		(732	)		—
Net increase from capital share transactions		828,224			346,198
Net increase in net assets		745,865			151,079
Net assets:
Beginning of period		6,167,346			6,016,267
End of period	$	6,913,211		$	6,167,346
Capital share activity:
Shares sold
A-Class		7			82
C-Class		24,707			951
P-Class		6			324
Institutional Class		2,530			2,813
Shares issued from reinvestment of distributions
A-Class		144			205
C-Class		206			171
P-Class		128			189
Institutional Class		6,172			8,970
Shares redeemed
A-Class		(1	)		—
C-Class		(1,936	)		(659	)
P-Class		(24	)		(293	)
Institutional Class		(28	)		—
Net increase in shares		31,911			12,753

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

DIVERSIFIED INCOME 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.

A-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Period Ended September 30, 2016b
Per Share Data
Net asset value, beginning of period	$	26.70		$	27.58		$	27.12		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.45			.91			.96			.76
Net gain (loss) on investments (realized and unrealized)		(.16	)		(.70	)		.89			2.03
Total from investment operations		.29			.21			1.85			2.79
Less distributions from:
Net investment income		(.39	)		(.90	)		(.95	)		(.67	)
Net realized gains		(.30	)		(.19	)		(.44	)		—
Total distributions		(.69	)		(1.09	)		(1.39	)		(.67	)
Net asset value, end of period	$	26.30		$	26.70		$	27.58		$	27.12
Total Returnd		1.15	%		0.78	%		7.00	%		11.29	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	143		$	141		$	138		$	132
Ratios to average net assets:
Net investment income (loss)		3.47	%		3.37	%		3.53	%		4.35	%
Total expensese		3.80	%		4.83	%		4.16	%		3.31	%
Net expensesf,g,h		0.87	%		0.84	%		0.85	%		0.77	%
Portfolio turnover rate		38	%		37	%		44	%		83	%

C-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Period Ended September 30, 2016b
Per Share Data
Net asset value, beginning of period	$	26.69		$	27.56		$	27.11		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.43			.71			.76			.63
Net gain (loss) on investments (realized and unrealized)		(.24	)		(.69	)		.87			2.03
Total from investment operations		.19			.02			1.63			2.66
Less distributions from:
Net investment income		(.25	)		(.70	)		(.74	)		(.55	)
Net realized gains		(.30	)		(.19	)		(.44	)		—
Total distributions		(.55	)		(.89	)		(1.18	)		(.55	)
Net asset value, end of period	$	26.33		$	26.69		$	27.56		$	27.11
Total Returnd		0.79	%		0.08	%		6.17	%		10.74	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	748		$	145		$	137		$	118
Ratios to average net assets:
Net investment income (loss)		3.31	%		2.63	%		2.78	%		3.58	%
Total expensese		4.29	%		5.65	%		5.13	%		4.05	%
Net expensesf,g,h		1.59	%		1.59	%		1.60	%		1.52	%
Portfolio turnover rate		38	%		37	%		44	%		83	%

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

DIVERSIFIED INCOME 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.

P-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Period Ended September 30, 2016b
Per Share Data
Net asset value, beginning of period	$	26.70		$	27.58		$	27.11		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.45			.91			.95			.74
Net gain (loss) on investments (realized and unrealized)		(.17	)		(.70	)		.89			2.05
Total from investment operations		.28			.21			1.84			2.79
Less distributions from:
Net investment income		(.39	)		(.90	)		(.93	)		(.68	)
Net realized gains		(.30	)		(.19	)		(.44	)		—
Total distributions		(.69	)		(1.09	)		(1.37	)		(.68	)
Net asset value, end of period	$	26.29		$	26.70		$	27.58		$	27.11
Total Return		1.15	%		0.82	%		7.00	%		11.27	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	126		$	125		$	123		$	111
Ratios to average net assets:
Net investment income (loss)		3.46	%		3.37	%		3.51	%		4.32	%
Total expensese		3.77	%		4.82	%		4.23	%		3.21	%
Net expensesf,g,h		0.87	%		0.84	%		0.85	%		0.80	%
Portfolio turnover rate		38	%		37	%		44	%		83	%

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

DIVERSIFIED INCOME 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	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Period Ended September 30, 2016b
Per Share Data
Net asset value, beginning of period	$	26.72		$	27.59		$	27.11		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.48			.98			1.03			.79
Net gain (loss) on investments (realized and unrealized)		(.17	)		(.70	)		.89			2.04
Total from investment operations		.31			.28			1.92			2.83
Less distributions from:
Net investment income		(.42	)		(.96	)		(1.00	)		(.72	)
Net realized gains		(.30	)		(.19	)		(.44	)		—
Total distributions		(.72	)		(1.15	)		(1.44	)		(.72	)
Net asset value, end of period	$	26.31		$	26.72		$	27.59		$	27.11
Total Return		1.27	%		1.06	%		7.30	%		11.44	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,897		$	5,757		$	5,619		$	5,239
Ratios to average net assets:
Net investment income (loss)		3.72	%		3.62	%		3.78	%		4.57	%
Total expensese		3.38	%		4.42	%		3.83	%		2.93	%
Net expensesf,g,h		0.63	%		0.60	%		0.59	%		0.54	%
Portfolio turnover rate		38	%		37	%		44	%		83	%

a	Unaudited figures for the period ended March 31, 2019. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Since commencement of operations: January 29, 2016. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
c	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
d	Total return does not reflect the impact of any applicable sales charges.
e	Does not include expenses of the underlying funds in which the Fund invests.
f	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
g	Net expenses may include expenses that are excluded from the expense limitation agreement and affiliated fund waivers. Excluding these expenses, the net expense ratios for the periods would be:

	03/31/19	09/30/18	09/30/17	09/30/16
A-Class	0.87%	0.84%	0.82%	0.76%
C-Class	1.59%	1.58%	1.57%	1.52%
P-Class	0.87%	0.84%	0.82%	0.79%
Institutional Class	0.62%	0.59%	0.57%	0.54%

^h The portion of the ratios of net expenses to average net assets attributable to recoupments of prior fee reductions or expense reimbursements for the periods presented would be:

	03/31/19	09/30/18	09/30/17
A-Class	—	—	0.19%
C-Class	—	—	0.19%
P-Class	—	—	0.16%
Institutional Class	—	—	0.16%

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2019

HIGH YIELD FUND

OBJECTIVE: Seeks high current income. Capital appreciation is a secondary objective.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
A-Class	August 5, 1996
C-Class	May 1, 2000
P-Class	May 1, 2015
Institutional Class	July 11, 2008
R6-Class	May 15, 2017

Ten Largest Holdings (% of Total Net Assets)
SPDR Bloomberg Barclays High Yield Bond ETF	2.5%
Eldorado Gold Corp., 6.13%	1.7%
Vector Group Ltd., 6.13%	1.6%
Indigo Natural Resources LLC, 6.88%	1.5%
Great Lakes Dredge & Dock Corp., 8.00%	1.5%
LBC Tank Terminals Holding Netherlands BV, 6.88%	1.5%
EIG Investors Corp., 10.88%	1.5%
Fidelity & Guaranty Life Holdings, Inc., 5.50%	1.4%
Cengage Learning, Inc., 9.50%	1.4%
Unit Corp., 6.63%	1.4%
Top Ten Total	16.0%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 17

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2019

Average Annual Returns^*

Periods Ended March 31, 2019

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	0.61%	2.90%	4.09%	11.13%
A-Class Shares with sales charge‡	(3.42%)	(1.18%)	3.09%	10.59%
C-Class Shares	0.16%	2.07%	3.31%	10.32%
C-Class Shares with CDSC§	(0.81%)	1.10%	3.31%	10.32%
Institutional Class Shares	0.64%	3.04%	4.35%	11.45%
Bloomberg Barclays U.S. Corporate High Yield Index	2.39%	5.93%	4.68%	11.26%

	6 Month†	1 Year	Since Inception (05/01/15)
P-Class Shares	0.50%	2.76%	4.52%
Bloomberg Barclays U.S. Corporate High Yield Index	2.39%	5.93%	5.15%

	6 Month†	1 Year	Since Inception (05/15/17)
R6-Class Shares	0.70%	3.17%	2.96%
Bloomberg Barclays U.S. Corporate High Yield Index	2.39%	5.93%	4.35%

Portfolio Composition by Quality Rating1
Rating	% of Total Investments
Fixed Income Instruments
A	0.2%
BBB	7.3%
BB	41.0%
B	36.1%
CCC	8.4%
CC	0.1%
D	0.3%
NR2	3.3%
Other Instruments	3.3%
Total Investments	100.0%

*	The performance data above represents past performance that is not predictive of future results. 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 effect of taxes. The Bloomberg Barclays U.S. Corporate High Yield Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Effective October 1, 2015, the maximum sales charge decreased from 4.75% to 4.00%. A 4.75% maximum sales charge is used in the calculation of the Average Annual Returns based on subscriptions made prior to October 1, 2015, and a 4.00% maximum sales charge is used to calculate performance for periods based on subscriptions made on or after October 1, 2015.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.
1	Source: BlackRock Solutions. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). All securities except for those labeled “NR” have been rated by Moody’s, Standard & Poor’s (“S&P”), or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (“NRSRO”). For purposes of this presentation, when ratings are available from more than one agency, the highest rating is used. Guggenheim Investments converts ratings to the equivalent S&P rating. Security ratings are determined at the time of purchase and may change thereafter.
2	NR securities do not necessarily indicate low credit quality.

18 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2019
HIGH YIELD FUND

	Shares		Value
COMMON STOCKS† - 0.7%
Consumer, Cyclical - 0.3%
ATD New Holdings, Inc.*,††		21,488	$	526,456
Metro-Goldwyn-Mayer, Inc.*,††		7,040		513,920
Total Consumer, Cyclical				1,040,376
Utilities - 0.3%
TexGen Power LLC††		26,665		1,036,602
Energy - 0.1%
SandRidge Energy, Inc.*		51,278		411,250
Approach Resources, Inc.*		26,183		9,261
Titan Energy LLC*		17,186		1,031
Total Energy				421,542
Consumer, Non-cyclical - 0.0%
Targus Group International Equity, Inc.†††,1,2		12,825		27,365
Crimson Wine Group Ltd.*		8		66
Total Consumer, Non-cyclical				27,431
Communications - 0.0%
Cengage Learning Acquisitions, Inc.*,††		2,107		13,959
Industrial - 0.0%
BP Holdco LLC*,†††,1		23,711		8,373
Vector Phoenix Holdings, LP*,†††,1		23,711		1,984
Total Industrial				10,357
Financial - 0.0%
Jefferies Financial Group, Inc.		81		1,522
Total Common Stocks
(Cost $4,379,942)				2,551,789
PREFERRED STOCKS†† - 0.2%
Communications - 0.1%
Medianews Group, Inc.*,†††,1		11,074		455,065
Industrial - 0.1%
Seaspan Corp. 6.38% due 04/30/19		16,280		412,210
U.S. Shipping Corp.*,†††,1		14,718		—
Total Industrial				412,210
Total Preferred Stocks
(Cost $945,632)				867,275
WARRANTS†† - 0.0%
SandRidge Energy, Inc.
$42.03, 10/04/22*		205		16
SandRidge Energy, Inc.
$41.34, 10/04/22*		488		10
Total Warrants
(Cost $43,811)				26
EXCHANGE-TRADED FUNDS† - 2.4%
SPDR Bloomberg Barclays High Yield Bond ETF		280,000		10,071,600
Total Exchange-Traded Funds
(Cost $9,890,049)				10,071,600
	Face Amount~
CORPORATE BONDS†† - 77.1%
Financial - 17.2%
Jefferies Finance LLC / JFIN Company-Issuer Corp.
7.25% due 08/15/243		4,150,000		4,087,750
6.88% due 04/15/223		3,865,000		3,884,325
7.50% due 04/15/213		850,000		862,750
Fidelity & Guaranty Life Holdings, Inc.
5.50% due 05/01/253		5,900,000		5,922,125
LoanCore Capital Markets LLC / JLC Finance Corp.
6.88% due 06/01/203		5,075,000		5,081,344
Lincoln Finance Ltd.
7.38% due 04/15/213		4,260,000		4,343,070
Icahn Enterprises, LP / Icahn Enterprises Finance Corp.
5.88% due 02/01/22		4,225,000		4,277,812
Hunt Companies, Inc.
6.25% due 02/15/263		4,575,000		4,266,188
Quicken Loans, Inc.
5.25% due 01/15/283		4,350,000		4,072,687
5.75% due 05/01/253		150,000		150,525
AmWINS Group, Inc.
7.75% due 07/01/263		2,950,000		2,942,625
Newmark Group, Inc.
6.13% due 11/15/23		2,800,000		2,885,551
Citigroup, Inc.
6.25% 4,5		1,900,000		1,999,750
5.95% 4,5		850,000		867,000
GEO Group, Inc.
5.88% due 10/15/24		2,000,000		1,750,000
6.00% due 04/15/26		1,050,000		879,375
Springleaf Finance Corp.
7.13% due 03/15/26		1,250,000		1,272,650
6.13% due 03/15/24		1,125,000		1,150,290
Oxford Finance LLC / Oxford Finance Company-Issuer II, Inc.
6.38% due 12/15/223		2,250,000		2,311,875
CoreCivic, Inc.
4.75% due 10/15/27		2,700,000		2,296,701
American Equity Investment Life Holding Co.
5.00% due 06/15/27		2,200,000		2,234,245
Kennedy-Wilson, Inc.
5.88% due 04/01/24		1,957,000		1,944,769

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
HIGH YIELD FUND

	Face Amount~		Value
JPMorgan Chase & Co.
6.13%4,5		1,250,000	$	1,311,000
6.00%4,5		500,000		521,290
HUB International Ltd.
7.00% due 05/01/263		1,850,000		1,831,500
USI, Inc.
6.88% due 05/01/253		1,500,000		1,456,875
Goldman Sachs Group, Inc.
5.30%4,5		1,100,000		1,107,150
NFP Corp.
6.88% due 07/15/253		1,150,000		1,098,250
Greystar Real Estate Partners LLC
5.75% due 12/01/253		1,000,000		1,002,500
Assurant, Inc.
7.00% due 03/27/485		950,000		951,948
Wilton Re Finance LLC
5.88% due 03/30/333,5		650,000		659,473
Hospitality Properties Trust
4.95% due 02/15/27		500,000		495,645
EPR Properties
5.75% due 08/15/22		450,000		479,219
Wells Fargo & Co.
5.90%4,5		250,000		256,875
Total Financial				70,655,132
Communications - 12.3%
Altice France S.A.
7.38% due 05/01/263		4,850,000		4,753,000
8.13% due 02/01/273		1,600,000		1,618,000
EIG Investors Corp.
10.88% due 02/01/24		5,700,000		5,985,000
Cengage Learning, Inc.
9.50% due 06/15/243		7,100,000		5,857,500
MDC Partners, Inc.
6.50% due 05/01/243		5,582,000		4,619,105
Level 3 Financing, Inc.
5.38% due 01/15/24		1,700,000		1,731,620
5.25% due 03/15/26		950,000		947,625
5.38% due 08/15/22		900,000		904,500
5.63% due 02/01/23		874,000		883,832
McGraw-Hill Global Education Holdings LLC / McGraw-Hill Global Education Finance
7.88% due 05/15/243		5,234,000		4,187,200
CSC Holdings LLC
6.50% due 02/01/293		3,200,000		3,408,000
DISH DBS Corp.
5.88% due 11/15/24		3,350,000		2,814,000
7.75% due 07/01/26		560,000		487,200
Match Group, Inc.
5.63% due 02/15/293		2,300,000		2,328,750
CCO Holdings LLC / CCO Holdings Capital Corp.
5.00% due 02/01/283		1,050,000		1,035,458
5.13% due 05/01/273		1,000,000		1,006,250
Ziggo BV
5.50% due 01/15/273		1,900,000		1,876,250
Altice Financing S.A.
6.63% due 02/15/233		1,700,000		1,738,250
Sprint Communications, Inc.
7.00% due 03/01/203		1,600,000		1,642,000
Anixter, Inc.
6.00% due 12/01/253		1,400,000		1,470,000
Virgin Media Secured Finance plc
5.00% due 04/15/27	GBP	875,000		1,146,110
Total Communications				50,439,650
Consumer, Non-cyclical - 11.1%
Bausch Health Companies, Inc.
7.00% due 03/15/243		4,900,000		5,184,200
6.50% due 03/15/223		1,000,000		1,035,000
5.75% due 08/15/273		700,000		717,710
Vector Group Ltd.
6.13% due 02/01/253		7,335,000		6,512,013
Midas Intermediate Holdco II LLC / Midas Intermediate Holdco II Finance, Inc.
7.88% due 10/01/223		5,077,000		4,785,072
FAGE International S.A. / FAGE USA Dairy Industry, Inc.
5.63% due 08/15/263		4,790,000		3,796,075
Par Pharmaceutical, Inc.
7.50% due 04/01/273		3,650,000		3,701,100
Prime Security Services Borrower LLC / Prime Finance, Inc.
5.25% due 04/15/243		2,050,000		2,050,000
5.75% due 04/15/263		1,450,000		1,450,305
HCA, Inc.
5.88% due 02/01/29		2,500,000		2,693,625
Beverages & More, Inc.
11.50% due 06/15/223		3,525,000		2,626,125
Nathan’s Famous, Inc.
6.63% due 11/01/253		2,500,000		2,428,125
Tenet Healthcare Corp.
6.00% due 10/01/20		1,250,000		1,295,313
6.25% due 02/01/273		1,050,000		1,089,952
KeHE Distributors LLC / KeHE Finance Corp.
7.63% due 08/15/216		1,470,000		1,455,300
Endo Dac / Endo Finance LLC / Endo Finco, Inc.
5.88% due 10/15/243		1,168,000		1,146,100
6.00% due 07/15/233		225,000		173,250
Flexi-Van Leasing, Inc.
10.00% due 02/15/233		1,375,000		1,267,750
C&S Group Enterprises LLC
5.38% due 07/15/223		1,050,000		1,053,937
Avanos Medical, Inc.
6.25% due 10/15/22		775,000		791,469
Darling Ingredients, Inc.
5.25% due 04/15/273		400,000		405,250
Total Consumer, Non-cyclical				45,657,671
Energy - 11.0%
Indigo Natural Resources LLC
6.88% due 02/15/263		7,050,000		6,239,250

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
HIGH YIELD FUND

	Face Amount~		Value
Unit Corp.
6.63% due 05/15/21		6,054,000	$	5,811,840
American Midstream Partners Limited Partnership / American Midstream Finance Corp.
8.50% due 12/15/213		6,240,000		5,740,800
Moss Creek Resources Holdings, Inc.
7.50% due 01/15/263		4,850,000		4,474,125
Exterran Energy Solutions Limited Partnership / EES Finance Corp.
8.13% due 05/01/25		3,917,000		3,995,340
PDC Energy, Inc.
6.13% due 09/15/24		2,750,000		2,750,000
Antero Resources Corp.
5.13% due 12/01/22		2,225,000		2,236,793
Range Resources Corp.
5.00% due 03/15/23		1,400,000		1,372,000
5.88% due 07/01/22		650,000		656,500
Bruin E&P Partners LLC
8.88% due 08/01/233		2,025,000		1,938,937
Summit Midstream Holdings LLC / Summit Midstream Finance Corp.
5.75% due 04/15/25		1,900,000		1,790,750
Parkland Fuel Corp.
6.00% due 04/01/263		1,450,000		1,463,123
Pattern Energy Group, Inc.
5.88% due 02/01/243		1,275,000		1,297,313
SRC Energy, Inc.
6.25% due 12/01/25		1,375,000		1,227,600
CNX Resources Corp.
5.88% due 04/15/22		1,173,000		1,170,067
Murphy Oil USA, Inc.
5.63% due 05/01/27		1,000,000		1,035,000
Basic Energy Services, Inc.
10.75% due 10/15/233		1,225,000		980,000
NuStar Logistics, LP
5.63% due 04/28/27		550,000		549,312
Legacy Reserves Limited Partnership / Legacy Reserves Finance Corp.
8.00% due 09/20/23		1,017,000		305,100
SandRidge Energy, Inc.
7.50% due 03/15/21†††,1		250,000		—
Total Energy				45,033,850
Consumer, Cyclical - 9.4%
Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp.
5.75% due 03/01/25		1,950,000		1,886,625
5.88% due 03/01/27		1,610,000		1,525,475
5.50% due 06/01/24		1,225,000		1,193,272
Williams Scotsman International, Inc.
7.88% due 12/15/223		2,000,000		2,060,000
6.88% due 08/15/233		2,050,000		2,050,000
AMC Entertainment Holdings, Inc.
6.13% due 05/15/27		3,150,000		2,846,813
5.88% due 11/15/26		500,000		451,250
Titan International, Inc.
6.50% due 11/30/23		3,500,000		3,224,375
Wabash National Corp.
5.50% due 10/01/253		2,585,000		2,410,512
JB Poindexter & Company, Inc.
7.13% due 04/15/263		2,225,000		2,231,297
Carrols Restaurant Group, Inc.
8.00% due 05/01/22		2,000,000		2,046,000
HD Supply, Inc.
5.38% due 10/15/263		1,800,000		1,836,000
Delphi Technologies plc
5.00% due 10/01/253		2,080,000		1,831,440
MGM Resorts International
5.50% due 04/15/27		1,800,000		1,819,125
Ferrellgas Limited Partnership / Ferrellgas Finance Corp.
6.75% due 01/15/22		2,070,000		1,806,075
Superior Plus Limited Partnership / Superior General Partner, Inc.
7.00% due 07/15/263		1,750,000		1,778,438
VOC Escrow Ltd.
5.00% due 02/15/283		1,475,000		1,434,438
Panther BF Aggregator 2 Limited Partnership / Panther Finance Company, Inc.
8.50% due 05/15/273		1,400,000		1,403,500
Party City Holdings, Inc.
6.63% due 08/01/263		1,250,000		1,243,750
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
5.50% due 03/01/253		1,250,000		1,234,375
Sabre GLBL, Inc.
5.38% due 04/15/233		1,150,000		1,178,658
Allison Transmission, Inc.
4.75% due 10/01/273		600,000		572,250
QVC, Inc.
4.85% due 04/01/24		400,000		408,983
Total Consumer, Cyclical				38,472,651
Industrial - 7.2%
Great Lakes Dredge & Dock Corp.
8.00% due 05/15/22		5,900,000		6,180,250
Grinding Media Inc. / MC Grinding Media Canada Inc.
7.38% due 12/15/233		5,150,000		4,944,000
Cleaver-Brooks, Inc.
7.88% due 03/01/233		2,775,000		2,566,875
Standard Industries, Inc.
4.75% due 01/15/283		2,595,000		2,478,225
Intertape Polymer Group, Inc.
7.00% due 10/15/263		1,800,000		1,845,000
Amsted Industries, Inc.
5.38% due 09/15/243		1,316,000		1,296,260
5.00% due 03/15/223		500,000		501,250
Masonite International Corp.
5.75% due 09/15/263		1,600,000		1,632,000

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
HIGH YIELD FUND

	Face Amount~			Value
New Enterprise Stone & Lime Company, Inc.
6.25% due 03/15/263		1,525,000		$	1,483,230
Jeld-Wen, Inc.
4.88% due 12/15/273		1,500,000			1,413,750
Reynolds Group Issuer Incorporated / Reynolds Group Issuer LLC / Reynolds Group Issuer Luxembourg
5.75% due 10/15/20		726,831			727,739
6.29% (3 Month USD LIBOR + 3.50%) due 07/15/213,7		667,000			669,501
Trinity Industries, Inc.
4.55% due 10/01/24		1,190,000			1,136,907
Resideo Funding, Inc.
6.13% due 11/01/263		1,050,000			1,081,500
Summit Materials LLC / Summit Materials Finance Corp.
6.50% due 03/15/273		700,000			707,000
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc.			��
7.25% due 05/15/243		375,000			395,044
TransDigm, Inc.
6.25% due 03/15/263		350,000			364,525
Total Industrial					29,423,056
Utilities - 4.5%
LBC Tank Terminals Holding Netherlands BV
6.88% due 05/15/236		6,465,000			6,109,425
Terraform Global Operating LLC
6.13% due 03/01/263		5,330,000			5,196,750
AmeriGas Partners Limited Partnership / AmeriGas Finance Corp.
5.50% due 05/20/25		2,550,000			2,540,437
Clearway Energy Operating LLC
5.75% due 10/15/253		1,950,000			1,957,313
AmeriGas Partners, LP / AmeriGas Finance Corp.
5.75% due 05/20/27		1,450,000			1,431,875
DPL, Inc.
7.25% due 10/15/21		1,050,000			1,128,540
Total Utilities					18,364,340
Basic Materials - 3.6%
Eldorado Gold Corp.
6.13% due 12/15/203		6,960,000			6,811,752
Alcoa Nederland Holding B.V.
7.00% due 09/30/263		1,350,000			1,455,462
6.13% due 05/15/283		900,000			927,000
Yamana Gold, Inc.
4.95% due 07/15/24		1,625,000			1,670,289
4.63% due 12/15/27		300,000			293,495
Valvoline, Inc.
5.50% due 07/15/24		1,500,000			1,526,250
United States Steel Corp.
6.88% due 08/15/25		1,050,000			1,021,125
Neon Holdings, Inc.
10.13% due 04/01/263		825,000			841,500
Mirabela Nickel Ltd.
9.50% due 06/24/198		278,115			27,812
Total Basic Materials					14,574,685
Technology - 0.8%
TIBCO Software, Inc.
11.38% due 12/01/213		2,000,000			2,129,000
First Data Corp.
5.00% due 01/15/243		550,000			564,231
Ascend Learning LLC
6.88% due 08/01/253		450,000			447,188
Total Technology					3,140,419
Total Corporate Bonds
(Cost $328,059,573)					315,761,454
SENIOR FLOATING RATE INTERESTS††,7 - 20.2%
Industrial - 4.2%
Bhi Investments LLC
7.10% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 08/28/24		1,784,780			1,762,471
11.63% (3 Month USD LIBOR + 8.75%, Rate Floor: 9.75%) due 02/28/25†††,1		1,500,000			1,470,000
Diversitech Holdings, Inc.
10.10% (3 Month USD LIBOR + 7.50%, Rate Floor: 8.50%) due 06/02/25		2,650,000			2,544,000
Coveris Rigid
4.50% (6 Month EURIBOR + 4.50%, Rate Floor: 4.50%) due 07/28/25	EUR	1,850,000			2,048,388
CPG International LLC
6.63% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 05/05/24		1,791,029			1,773,119
Arctic Long Carriers
7.00% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 05/18/23		1,522,875			1,473,381
American Bath Group LLC
6.85% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 09/30/23		1,013,973			1,003,833
Dynasty Acquisition Co.
due 04/04/26		900,000			899,748
STS Operating, Inc. (SunSource)
6.75% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 12/11/24		769,158			752,814
Tank Holdings Corp.
due 03/26/26		750,000			750,472
Bioplan USA, Inc.
7.25% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 09/23/21		751,094			688,505
YAK MAT (YAK ACCESS LLC)
12.49% (1 Month USD LIBOR + 10.00%, Rate Floor: 10.00%) due 07/10/26		800,000			634,000
Avison Young (Canada), Inc.
7.26% (3 Month USD LIBOR + 5.00%, Rate Floor: 5.00%) due 01/31/26		550,000			541,750
ProAmpac PG Borrower LLC
11.19% (3 Month USD LIBOR + 8.50%, Rate Floor: 9.50%) due 11/18/24		350,000			340,665

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
HIGH YIELD FUND

	Face Amount~		Value
KUEHG Corp. (KinderCare)
6.35% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 02/21/25		314,400	$	310,011
Wencor Group
6.00% ((1 Month USD LIBOR + 3.50%) and (Commercial Prime Lending Rate + 2.50%), Rate Floor: 3.50%) due 06/19/19		131,539		128,250
Total Industrial				17,121,407
Technology - 3.8%
MRI Software LLC
8.00% (1 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 06/30/23		2,730,923		2,703,614
8.00% (1 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) Due 06/30/23†††,1		13,222		12,331
8.30% (3 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 06/30/23		310,536		307,430
8.10% (3 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 06/30/23		43,444		43,010
Lytx, Inc.
9.25% (1 Month USD LIBOR + 6.75%, Rate Floor: 7.75%) due 08/31/23†††,1		2,284,752		2,243,091
Park Place Technologies LLC
6.50% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 03/29/25		2,261,512		2,240,774
Bullhorn, Inc.
9.40% (3 Month USD LIBOR + 6.75%, Rate Floor: 7.75%) due 11/21/22†††,1		1,882,561		1,874,021
9.39% (3 Month USD LIBOR + 6.75%, Rate Floor: 7.75%) due 11/21/22†††,1		77,789		70,695
Planview, Inc.
7.75% (1 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 01/27/23†††,1		1,179,000		1,179,000
Advanced Computer Software
7.24% (1 Month USD LIBOR + 4.75%, Rate Floor: 4.75%) due 05/31/24		1,068,400		1,063,507
Refinitiv (Financial & Risk Us Holdings, Inc.)
6.25% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 10/01/25		935,156		907,270
Optiv, Inc.
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 02/01/24		814,972		776,261
Cvent, Inc.
6.25% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 11/29/24		746,231		729,441
Global Payments, Inc.
4.25% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 10/17/25		498,750		492,102
Solera LLC
7.00% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 03/03/21†††,1		416,667		394,039
Aspect Software, Inc.
7.74% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 01/15/24		440,272		351,746
Misys Ltd.
6.10% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/13/24		199,467		192,113
Targus Group International, Inc.
15.13% (3 Month USD LIBOR + 11.50%, Rate Floor: 14.75%) due 08/01/25†††,1,2,8		153,489		—
Total Technology				15,580,445
Communications - 3.7%
Resource Label Group LLC
7.30% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 05/26/23		1,860,000		1,827,450
11.30% (3 Month USD LIBOR + 8.50%, Rate Floor: 9.50%) due 11/26/23		1,500,000		1,473,750
Houghton Mifflin Co.
5.50% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 05/28/21		2,688,016		2,536,815
Cengage Learning Acquisitions, Inc.
6.74% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 06/07/23		2,737,333		2,456,757
Market Track LLC
6.83% (2 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 06/05/24		2,462,500		2,314,750
Mcgraw-Hill Global Education Holdings LLC
6.50% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 05/04/22		1,912,157		1,754,404
GTT Communications, Inc.
5.25% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 05/31/25		1,439,125		1,353,137
Imagine Print Solutions LLC
7.25% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 06/21/22		1,078,000		994,455
Liberty Cablevision of Puerto Rico LLC
5.98% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 01/07/22		300,000		296,814
Total Communications				15,008,332
Consumer, Cyclical - 3.4%
Power Solutions (Panther)
due 03/14/26		1,625,000		1,605,711
American Tire Distributors, Inc.
10.13% (3 Month USD LIBOR + 7.50%, Rate Floor: 8.50%) due 09/02/24		1,336,779		1,189,733
8.66% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 09/01/23		330,924		324,306
Alexander Mann
6.23% (1 Month GBP LIBOR + 5.50%, Rate Floor: 5.50%) due 06/16/25	GBP	1,100,000		1,376,279
BBB Industries, LLC
6.98% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 08/01/25		1,263,825		1,260,665
Midas Intermediate Holdco II LLC
5.35% (3 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 08/18/21		1,286,835		1,250,379

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
HIGH YIELD FUND

	Face Amount~		Value
AMC Entertainment, Inc.
due 03/14/26		1,050,000	$	1,041,600
Prime Security Services Borrower LLC
5.25% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 05/02/22		895,443		885,038
AVSC Holding Corp.
5.76% ((1 Month USD LIBOR + 3.25%) and (3 Month USD LIBOR + 3.25%), Rate Floor: 4.25%) due 03/03/25		895,489		870,863
Accuride Corp.
7.85% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 11/17/23		976,023		810,099
Blue Nile, Inc.
9.13% (3 Month USD LIBOR + 6.50%, Rate Floor: 7.50%) due 02/17/23		707,188		675,364
Equinox Holdings, Inc.
5.50% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 03/08/24		648,354		643,816
EnTrans International, LLC
8.50% (1 Month USD LIBOR + 6.00%, Rate Floor: 6.00%) due 11/01/24		588,750		579,919
Belk, Inc.
7.45% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 12/12/22		489,997		393,972
Mavis Tire Express Services Corp.
5.74% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 03/20/25		352,100		342,417
Acosta, Inc.
6.38% ((1 Month USD LIBOR + 3.25%) and (Commercial Prime Lending Rate + 2.25%), Rate Floor: 4.25%) due 09/26/19		441,194		202,949
6.07% ((3 Month USD LIBOR + 3.25%) and (Commercial Prime Lending Rate + 2.25%), Rate Floor: 3.25%) due 09/26/19		278,707		128,205
SMG US Midco 2, Inc.
9.50% (1 Month USD LIBOR + 7.00%, Rate Floor: 7.00%) due 01/23/26		300,000		302,250
Total Consumer, Cyclical				13,883,565
Consumer, Non-cyclical - 3.2%
Springs Window Fashions
6.74% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 06/15/25		1,736,875		1,712,993
10.99% (1 Month USD LIBOR + 8.50%, Rate Floor: 8.50%) due 06/15/26		1,025,000		930,392
CTI Foods Holding Co. LLC
10.00% (Commercial Prime Lending Rate + 2.50%, Rate Floor: 3.50%) due 06/29/20		2,160,000		1,083,607
10.50% (1 Month USD LIBOR + 8.00%, Rate Floor: 9.00%) due 07/10/19		495,591		485,679
9.85% (3 Month USD LIBOR + 7.25%, Rate Floor: 8.25%) due 06/28/21		590,000		29,500
Recess Holdings, Inc.
6.25% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 09/30/24		1,378,171		1,342,573
ScribeAmerica Intermediate Holdco LLC (Healthchannels)
6.98% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 04/03/25		1,188,000		1,170,180
Civitas Solutions, Inc.
6.75% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 03/09/26		1,000,000		1,002,500
Albertson’s LLC
5.50% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.75%) due 11/17/25		997,500		983,974
Smart & Final Stores LLC
6.13% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 11/15/22		1,000,000		950,830
IHC Holding Corp.
9.35% (3 Month USD LIBOR + 6.75%, Rate Floor: 7.75%) due 04/30/21†††,1		783,683		779,589
6.75% (3 Month USD LIBOR + 6.75%, Rate Floor: 7.75%) due 04/30/21†††,1		149,046		148,267
Packaging Coordinators Midco, Inc.
6.61% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 06/30/23		522,453		518,535
6.49% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 07/01/21†††,1		334,615		315,718
Hearthside Group Holdings LLC
6.19% (1 Month USD LIBOR + 3.69%, Rate Floor: 3.69%) due 05/23/25		744,375		722,044
Give and Go Prepared Foods Corp.
6.85% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 07/29/23		699,350		637,283
Moran Foods LLC
8.60% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 12/05/23		426,744		241,643
Total Consumer, Non-cyclical				13,055,307
Basic Materials - 0.7%
ICP Industrial, Inc.
6.50% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 11/03/23		1,236,848		1,230,664
Element Solutions, Inc.
4.75% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 01/30/26		997,500		988,154
Big River Steel LLC
7.60% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 08/23/23		886,500		888,716
Total Basic Materials				3,107,534
Energy - 0.4%
Permian Production Partners LLC
8.49% (1 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 05/20/24		1,203,125		1,155,000
Riverstone Utopia Member LLC
6.74% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 10/17/24		397,000		395,015

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
HIGH YIELD FUND

	Face Amount~		Value
Summit Midstream Partners, LP
8.50% (1 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 05/13/22		250,250	$	247,642
Total Energy				1,797,657
Utilities - 0.4%
Panda Power
9.10% (3 Month USD LIBOR + 6.50%, Rate Floor: 7.50%) due 08/21/20		960,905		860,010
MRP Generation Holding
9.60% (3 Month USD LIBOR + 7.00%, Rate Floor: 8.00%) due 10/18/22		706,875		676,833
Total Utilities				1,536,843
Financial - 0.4%
iStar, Inc.
5.23% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 06/28/23		995,000		986,294
PSS Companies
7.00% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 01/28/20		520,180		520,180
Total Financial				1,506,474
Total Senior Floating Rate Interests
(Cost $86,637,275)				82,597,564
ASSET-BACKED SECURITIES†† - 0.3%
Collateralized Loan Obligations - 0.3%
WhiteHorse X Ltd.
2015-10A, 8.07% (3 Month USD LIBOR + 5.30%, Rate Floor: 5.30%) due 04/17/273,7		750,000		737,800
WhiteHorse VII Ltd.
2013-1A, 7.45% (3 Month USD LIBOR + 4.80%, Rate Floor: 0.00%) due 11/24/253,7		600,000		589,373
Total Collateralized Loan Obligations				1,327,173
Total Asset-Backed Securities
(Cost $1,187,745)				1,327,173
Total Investments - 100.9%
(Cost $431,144,027)			$	413,176,881
Other Assets & Liabilities, net - (0.9)%				(3,692,226	)
Total Net Assets - 100.0%			$	409,484,655

Forward Foreign Currency Exchange Contracts††
Counterparty		Contracts to Sell	Currency	Settlement Date		Settlement Value		Value at March 31, 2019		Unrealized Appreciation/ (Depreciation)
Barclays Bank plc	2,298,000		GBP		04/12/19	$	3,012,283	$	2,994,522	$	17,761
Bank of America, N.A.	1,871,000		EUR		04/12/19		2,098,701		2,100,962		(2,261	)
										$	15,500

Counterparty		Contracts to Buy	Currency	Settlement Date		Settlement Value		Value at March 31, 2019		Unrealized Appreciation/ (Depreciation)
Bank of America, N.A.	160,000		GBP		04/12/19	$	211,038	$	208,496	$	(2,542	)
Barclays Bank plc	185,000		GBP		04/12/19		245,104		241,073		(4,031	)
										$	(6,573	)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
HIGH YIELD FUND

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
*	Non-income producing security.
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 4.
††	Value determined based on Level 2 inputs, unless otherwise noted — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
1	Security was fair valued by the Valuation Committee at March 31, 2019. The total market value of fair valued securities amounts to $8,979,538, (cost $9,125,942) or 2.2% of total net assets.
2	Affiliated issuer.
3	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $205,369,323 (cost $213,855,578), or 50.2% of total net assets.
4	Perpetual maturity.
5	Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.
6	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $7,564,725 (cost $8,095,707), or 1.8% of total net assets — See Note 10.
7	Variable rate security. Rate indicated is the rate effective at March 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
8	Security is in default of interest and/or principal obligations.
	EUR — Euro
	EURIBOR — European Interbank Offered Rate
	GBP — British Pound
	LIBOR — London Interbank Offered Rate
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2019 (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	$	423,130	$	2,090,937	$	37,722		$	2,551,789
Preferred Stocks		—		412,210		455,065			867,275
Warrants		—		26		—			26
Exchange-Traded Funds		10,071,600		—		—			10,071,600
Corporate Bonds		—		315,761,454		—	*		315,761,454
Senior Floating Rate Interests		—		74,110,813		8,486,751			82,597,564
Asset-Backed Securities		—		1,327,173		—			1,327,173
Forward Foreign Currency Exchange Contracts**		—		17,761		—			17,761
Total Assets	$	10,494,730	$	393,720,374	$	8,979,538		$	413,194,642

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Forward Foreign Currency Exchange Contracts**	$	—	$	8,834	$	—	$	8,834
Unfunded Loan Commitments (Note 9)		—		344,048		224,615		568,663
Total Liabilities	$	—	$	352,882	$	224,615	$	577,497

*	Includes securities with a market value of $0.
**	This derivative is reported as unrealized appreciation/depreciation at period end.

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
HIGH YIELD FUND

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

Category	Ending Balance at March 31, 2019		Valuation Technique	Unobservable Inputs	Input Range			Weighted Average*
Assets:
Common Stocks	$	37,722	Enterprise Value	Valuation Multiple		1.7x-8.1x			6.4x
Preferred Stocks		455,065	Enterprise Value	Valuation Multiple		3.0x			—
Senior Floating Rate Interests		792,783	Model Price	Purchase Price		—			—
Senior Floating Rate Interests		1,179,000	Model Price	Liquidation Value		—			—
Senior Floating Rate Interests		1,470,000	Model Price	Market Comparable Yield		10.6	%		—
Senior Floating Rate Interests		5,044,968	Yield Analysis	Yield		7.1% - 9.8	%		7.6	%
Total Assets	$	8,979,538
Liabilities:
Unfunded Loan Commitments	$	224,615	Model Price	Purchase Price		—			—

^* Inputs are weighted by the relative fair value of the instruments.

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

Summary of Fair Value Level 3 Activity

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended March 31, 2019:

	Assets												Liabilities
	Senior Floating Rate Interests			Common Stocks			Preferred Stocks			Total Assets			Unfunded Loan Commitments
Beginning Balance	$	10,442,995		$	33,198		$	515,827		$	10,992,020		$	(325,938	)
Purchases/(Receipts)		1,185,409			16,003			—			1,201,412			(99,325	)
(Sales, maturities and paydowns)/Fundings		(3,234,240	)		(4,731	)		—			(3,238,971	)		181,463
Amortization of discount/premiums		58,256			—			—			58,256			—
Total realized gains (losses) included in earnings		(3,909	)		(1,687,664	)		—			(1,691,573	)		148
Total change in unrealized appreciation (depreciation) included in earnings		38,240			1,680,916			(60,762	)		1,658,394			19,037
Ending Balance	$	8,486,751		$	37,722		$	455,065		$	8,979,538		$	(224,615	)
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at March 31, 2019	$	34,779		$	(6,747	)	$	(60,762	)	$	(32,730	)	$	22,008

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2019
HIGH YIELD FUND

Affiliated Transactions

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

Transactions during the period ended March 31, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 09/30/18			Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 03/31/19			Shares/ Face Amount 03/31/19		Investment Income
Common Stocks
Aspect Software, Inc.4	$	—	**	$	—		$	—		$	—		$	—			—	$	—
Targus Group International Equity, Inc.*,1		33,198			—			(4,731	)		(1,102	)		27,365			12,825		1,145
Senior Floating Rate Interests
Aspect Software, Inc. 7.74% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 01/15/243,4		543,677			(4,235	)		—			—			—			—		16,637
Targus Group International, Inc. 15.13% (3 Month USD LIBOR + 11.50%, Rate Floor: 14.75%) due 08/01/251,2,3		—	**		—			—			—			—	**		153,489		—
Warrants
Aspect Software, Inc.4		—	**		—			—			—			—			—		—
	$	576,875		$	(4,235	)	$	(4,731	)	$	(1,102	)	$	27,365				$	17,782

*	Non-Income producing security.
**	Market value is less than $1.
1	Security was fair valued by the Valuation Committee at March 31, 2019. The total market value of fair valued and affiliated securities to $27,365 (cost $151,280) or less than 0.1% of total net assets.
2	Security is in default of interest and/or principal obligations.
3	Variable rate security. Rate indicated is the rate effective at March 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
4	Security is no longer an affiliated entity effective February 4, 2019.

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

HIGH YIELD FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2019

Assets:
Investments in unaffiliated issuers, at value (cost $430,992,747)	$	413,149,516
Investments in affiliated issuers, at value (cost $151,280)		27,365
Cash		1,999,598
Unrealized appreciation on forward foreign currency exchange contracts		17,761
Prepaid expenses		76,316
Receivables:
Interest		6,383,999
Securities sold		1,844,973
Fund shares sold		662,159
Foreign tax reclaims		5,805
Dividends		4,343
Total assets		424,171,835
Liabilities:
Unfunded loan commitments, at value (Note 9) (proceeds $808,256)		568,663
Unrealized depreciation on forward foreign currency exchange contracts		8,834
Payable for:
Securities purchased		11,829,515
Fund shares redeemed		1,600,297
Distributions to shareholders		225,375
Management fees		201,495
Distribution and service fees		33,797
Fund accounting/administration fees		27,822
Transfer agent/maintenance fees		15,405
Due to Advisor		9,354
Trustees’ fees*		413
Miscellaneous		166,210
Total liabilities		14,687,180
Commitments and contingent liabilities (Note 12)		—
Net assets	$	409,484,655
Net assets consist of:
Paid in capital	$	434,941,000
Total distributable earnings (loss)		(25,456,345	)
Net assets	$	409,484,655
A-Class:
Net assets	$	70,541,785
Capital shares outstanding		6,564,452
Net asset value per share	$	10.75
Maximum offering price per share (Net asset value divided by 96.00%)	$	11.20
C-Class:
Net assets	$	20,166,266
Capital shares outstanding		1,860,980
Net asset value per share	$	10.84
P-Class:
Net assets	$	7,956,352
Capital shares outstanding		739,960
Net asset value per share	$	10.75
Institutional Class:
Net assets	$	163,567,989
Capital shares outstanding		18,677,886
Net asset value per share	$	8.76
R6-Class:
Net assets	$	147,252,263
Capital shares outstanding		13,718,697
Net asset value per share	$	10.73

^* 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 SEMI-ANNUAL REPORT| 29

HIGH YIELD FUND

STATEMENT OF OPERATIONS (Unaudited)

Period Ended March 31, 2019

Investment Income:
Dividends from securities of unaffiliated issuers	$	256,418
Dividends from securities of affiliated issuers		1,145
Interest from securities of unaffiliated issuers		14,116,286
Interest from securities of affiliated issuers		16,637
Total investment income		14,390,486
Expenses:
Management fees		1,168,703
Distribution and service fees:
A-Class		89,086
C-Class		103,567
P-Class		11,270
Transfer agent/maintenance fees:
A-Class		28,160
C-Class		10,398
P-Class		6,772
Institutional Class		78,182
R6-Class		200
Interest expense		303,182
Fund accounting/administration fees		155,828
Custodian fees		18,952
Line of credit fees		15,910
Trustees’ fees*		10,779
Miscellaneous		143,792
Recoupment of previously waived fees:
A-Class		18,033
C-Class		3,348
P-Class		522
Institutional Class		9,828
Total expenses		2,176,512
Less:
Expenses reimbursed by Adviser:
A-Class		(3,533	)
C-Class		(1,071	)
P-Class		(1,007	)
Institutional Class		(14,263	)
Total reimbursed expenses		(19,874	)
Net expenses		2,156,638
Net investment income		12,233,848
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(5,745,170	)
Investments in affiliated issuers		(4,731	)
Foreign currency transactions		(55,587	)
Forward foreign currency exchange contracts		199,404
Net realized loss		(5,606,084	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(4,093,132	)
Investments in affiliated issuers		(1,102	)
Foreign currency translations		1,831
Forward foreign currency exchange contracts		56,777
Net change in unrealized appreciation (depreciation)		(4,035,626	)
Net realized and unrealized loss		(9,641,710	)
Net increase in net assets resulting from operations	$	2,592,138

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

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

HIGH YIELD FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	12,233,848		$	30,452,732
Net realized gain (loss) on investments		(5,606,084	)		1,556,940
Net change in unrealized appreciation (depreciation) on investments		(4,035,626	)		(21,815,906	)
Net increase in net assets resulting from operations		2,592,138			10,193,766
Distributions to shareholders:
A-Class		(2,333,782	)		(5,848,923	)
C-Class		(599,574	)		(1,388,169	)
P-Class		(293,620	)		(816,570	)
Institutional Class		(4,599,587	)		(9,381,532	)
R6-Class		(5,278,940	)		(13,025,080	)
Total distributions to shareholders		(13,105,503	)		(30,460,274	)
Capital share transactions:
Proceeds from sale of shares
A-Class		8,766,965			26,096,181
C-Class		1,873,076			5,369,804
P-Class		1,295,787			6,720,672
Institutional Class		75,498,946			83,387,211
R6-Class		5,258,021			25,353,579
Redemption fees collected
A-Class		2,973			31,637
C-Class		871			8,663
P-Class		395			4,473
Institutional Class		5,406			48,326
R6-Class		6,868			68,690
Distributions reinvested
A-Class		2,039,773			5,079,351
C-Class		526,926			1,192,099
P-Class		292,719			813,162
Institutional Class		3,526,495			7,513,267
R6-Class		5,278,745			12,996,541
Cost of shares redeemed
A-Class		(13,245,579	)		(78,069,295	)
C-Class		(3,967,653	)		(13,600,593	)
P-Class		(5,455,916	)		(11,767,318	)
Institutional Class		(38,688,846	)		(153,274,924	)
R6-Class		(48,887,020	)		(39,655,766	)
Net decrease from capital share transactions		(5,871,048	)		(121,684,240	)
Net decrease in net assets		(16,384,413	)		(141,950,748	)
Net assets:
Beginning of period		425,869,068			567,819,816
End of period	$	409,484,655		$	425,869,068

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 31

HIGH YIELD FUND

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Capital share activity:
Shares sold
A-Class		815,741			2,317,006
C-Class		174,244			470,923
P-Class		121,609			597,929
Institutional Class		8,730,126			9,109,186
R6-Class		492,982			2,217,170
Shares issued from reinvestment of distributions
A-Class		191,558			452,179
C-Class		49,080			105,417
P-Class		27,454			72,392
Institutional Class		405,898			819,617
R6-Class		495,647			1,160,432
Shares redeemed
A-Class		(1,236,294	)		(6,937,082	)
C-Class		(369,192	)		(1,195,508	)
P-Class		(506,302	)		(1,039,994	)
Institutional Class		(4,443,491	)		(16,656,442	)
R6-Class		(4,530,360	)		(3,532,108	)
Net increase (decrease) in shares		418,700			(12,038,883	)

32| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

HIGH YIELD 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.

A-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Per Share Data
Net asset value, beginning of period	$	11.04		$	11.50		$	11.16		$	10.79		$	12.02		$	11.85
Income (loss) from investment operations:
Net investment income (loss)b		.32			.68			.64			.67			.69			.72
Net gain (loss) on investments (realized and unrealized)		(.26	)		(.46	)		.35			.41			(.97	)		.27
Total from investment operations		.06			.22			.99			1.08			(.28	)		.99
Less distributions from:
Net investment income		(.35	)		(.68	)		(.65	)		(.72	)		(.74	)		(.83	)
Net realized gains		—			—			—			—			(.22	)		—
Total distributions		(.35	)		(.68	)		(.65	)		(.72	)		(.96	)		(.83	)
Redemption fees collected		—	h		—	h		—	h		.01			.01			.01
Net asset value, end of period	$	10.75		$	11.04		$	11.50		$	11.16		$	10.79		$	12.02
Total Returnc		0.61	%		2.00	%		9.11	%		10.71	%		(2.40	%)		9.18	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	70,542		$	75,028		$	126,097		$	87,045		$	73,236		$	82,854
Ratios to average net assets:
Net investment income (loss)		6.09	%		6.05	%		5.63	%		6.32	%		6.01	%		5.91	%
Total expensesd		1.32	%		1.35	%		1.31	%		1.25	%		1.27	%		1.32	%
Net expensese,f,j		1.31	%		1.33	%		1.29	%		1.23	%		1.20	%		1.26	%
Portfolio turnover rate		29	%		61	%		62	%		55	%		72	%		97	%

C-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Per Share Data
Net asset value, beginning of period	$	11.14		$	11.60		$	11.26		$	10.88		$	12.12		$	11.95
Income (loss) from investment operations:
Net investment income (loss)b		.29			.60			.56			.60			.61			.63
Net gain (loss) on investments (realized and unrealized)		(.28	)		(.46	)		.35			.41			(.98	)		.27
Total from investment operations		.01			.14			.91			1.01			(.37	)		.90
Less distributions from:
Net investment income		(.31	)		(.60	)		(.57	)		(.64	)		(.66	)		(.74	)
Net realized gains		—			—			—			—			(.22	)		—
Total distributions		(.31	)		(.60	)		(.57	)		(.64	)		(.88	)		(.74	)
Redemption fees collected		—	h		—	h		—	h		.01			.01			.01
Net asset value, end of period	$	10.84		$	11.14		$	11.60		$	11.26		$	10.88		$	12.12
Total Returnc		0.16	%		1.27	%		8.38	%		9.81	%		(3.14	%)		8.46	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	20,166		$	22,350		$	30,461		$	26,941		$	13,671		$	14,674
Ratios to average net assets:
Net investment income (loss)		5.34	%		5.31	%		4.92	%		5.52	%		5.25	%		5.14	%
Total expensesd		2.07	%		2.11	%		2.05	%		2.01	%		2.01	%		2.09	%
Net expensese,f,j		2.06	%		2.09	%		2.03	%		1.98	%		1.95	%		2.01	%
Portfolio turnover rate		29	%		61	%		62	%		55	%		72	%		97	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 33

HIGH YIELD 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.

P-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Period Ended September 30, 2015g
Per Share Data
Net asset value, beginning of period	$	11.05		$	11.51		$	11.17		$	10.80		$	11.53
Income (loss) from investment operations:
Net investment income (loss)b		.32			.68			.64			.67			.27
Net gain (loss) on investments (realized and unrealized)		(.27	)		(.46	)		.37			.42			(.73	)
Total from investment operations		.05			.22			1.01			1.09			(.46	)
Less distributions from:
Net investment income		(.35	)		(.68	)		(.67	)		(.72	)		(.27	)
Total distributions		(.35	)		(.68	)		(.67	)		(.72	)		(.27	)
Redemption fees collected		—	h		—	h		—	h		—	h		—	h
Net asset value, end of period	$	10.75		$	11.05		$	11.51		$	11.17		$	10.80
Total Return		0.50	%		1.95	%		9.24	%		10.74	%		(4.06	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,956		$	12,124		$	16,883		$	3,178		$	10
Ratios to average net assets:
Net investment income (loss)		6.08	%		6.00	%		5.58	%		6.20	%		5.76	%
Total expensesd		1.36	%		1.45	%		1.29	%		1.17	%		3.36	%
Net expensese,f,j		1.34	%		1.39	%		1.22	%		1.17	%		1.19	%
Portfolio turnover rate		29	%		61	%		62	%		55	%		72	%

Institutional Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Per Share Data
Net asset value, beginning of period	$	9.01		$	9.38		$	9.11		$	8.81		$	9.87		$	9.74
Income (loss) from investment operations:
Net investment income (loss)b		.28			.58			.56			.58			.58			.61
Net gain (loss) on investments (realized and unrealized)		(.23	)		(.38	)		.28			.34			(.79	)		.23
Total from investment operations		.05			.20			.84			.92			(.21	)		.84
Less distributions from:
Net investment income		(.30	)		(.57	)		(.57	)		(.62	)		(.64	)		(.72	)
Net realized gains		—			—			—			—			(.22	)		—
Total distributions		(.30	)		(.57	)		(.57	)		(.62	)		(.86	)		(.72	)
Redemption fees collected		—	h		—	h		—	h		—	h		.01			.01
Net asset value, end of period	$	8.76		$	9.01		$	9.38		$	9.11		$	8.81		$	9.87
Total Return		0.64	%		2.27	%		9.56	%		10.95	%		(2.21	%)		9.50	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	163,568		$	125,945		$	194,280		$	141,833		$	75,167		$	36,880
Ratios to average net assets:
Net investment income (loss)		6.33	%		6.28	%		6.00	%		6.58	%		6.21	%		6.12	%
Total expensesd		1.05	%		1.14	%		0.94	%		0.95	%		0.94	%		1.01	%
Net expensese,f,j		1.02	%		1.11	%		0.93	%		0.94	%		0.94	%		1.01	%
Portfolio turnover rate		29	%		61	%		62	%		55	%		72	%		97	%

34| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

HIGH YIELD 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.

R6-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Period Ended September 30, 2017i
Per Share Data
Net asset value, beginning of period	$	11.03		$	11.49		$	11.45
Income (loss) from investment operations:
Net investment income (loss)b		.34			.72			.24
Net gain (loss) on investments (realized and unrealized)		(.27	)		(.46	)		.04
Total from investment operations		.07			.26			.28
Less distributions from:
Net investment income		(.37	)		(.72	)		(.24	)
Total distributions		(.37	)		(.72	)		(.24	)
Redemption fees collected		—	h		—	h		—	h
Net asset value, end of period	$	10.73		$	11.03		$	11.49
Total Return		0.70	%		2.34	%		2.49	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	147,252		$	190,421		$	200,099
Ratios to average net assets:
Net investment income (loss)		6.47	%		6.41	%		5.41	%
Total expensesd		0.95	%		1.00	%		0.82	%
Net expensese,f,j		0.95	%		1.00	%		0.82	%
Portfolio turnover rate		29	%		61	%		62	%

a	Unaudited figures for the period ended March 31, 2019. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
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 periods presented was as follows:

	03/31/19	09/30/18	09/30/17
A-Class	0.05%	—	0.09%
C-Class	0.03%	—	0.06%
P-Class	0.01%	0.03%	0.00%*
Institutional Class	0.01%	0.04%	0.00%*
R6-Class	—	—	—

^* Less than 0.01%.

g	Since commencement of operations: May 1, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
h	Redemption fees collected are less than $0.01 per share.
i	Since commencement of operations: May 15, 2017. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
j	Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the periods presented would be:

	03/31/19	09/30/18	09/30/17	09/30/16	09/30/15	09/30/14
A-Class	1.14%	1.10%	1.15%	1.16%	1.16%	1.16%
C-Class	1.89%	1.86%	1.89%	1.91%	1.91%	1.91%
P-Class	1.16%	1.16%	1.08%	1.09%	1.16%	—
Institutional Class	0.88%	0.88%	0.79%	0.87%	0.91%	0.91%
R6-Class	0.77%	0.77%	0.79%	—	—	—

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 35

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2019

INVESTMENT GRADE BOND FUND

OBJECTIVE: Seeks to provide current income.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
A-Class	August 15, 1985
C-Class	May 1, 2000
P-Class	May 1, 2015
Institutional Class	January 29, 2013

Ten Largest Holdings (% of Total Net Assets)
U.S. Treasury Notes, 2.38%	11.8%
U.S. Treasury Notes, 2.38%	6.8%
U.S. Treasury Notes, 2.50%	3.6%
U.S. Treasury Inflation Protected Securities, 1.38%	2.8%
State of Israel, 2.25%	1.6%
U.S. Treasury Bonds, 08/15/48	1.6%
Government of Japan, 01/20/20	1.2%
Federative Republic of Brazil, 07/01/19	1.1%
Government of Japan, 05/27/19	0.9%
Government of Japan, 04/08/19	0.8%
Top Ten Total	32.2%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

36 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2019

Average Annual Returns^*

Periods Ended March 31, 2019

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	1.93%	2.45%	3.78%	5.46%
A-Class Shares with sales charge‡	(2.13%)	(1.65%)	2.77%	4.94%
C-Class Shares	1.56%	1.71%	3.03%	4.68%
C-Class Shares with CDSC§	0.56%	0.71%	3.03%	4.68%
Bloomberg Barclays U.S. Aggregate Bond Index	4.63%	4.48%	2.74%	3.77%

	6 Month†	1 Year	Since Inception (05/01/15)
P-Class Shares	1.98%	2.45%	3.34%
Bloomberg Barclays U.S. Aggregate Bond Index	4.63%	4.48%	2.23%

	6 Month†	1 Year	5 Year	Since Inception (01/29/13)
Institutional Class Shares	2.13%	2.75%	4.07%	4.31%
Bloomberg Barclays U.S. Aggregate Bond Index	4.63%	4.48%	2.74%	2.30%

Portfolio Composition by Quality Rating1
Rating	% of Total Investments
Fixed Income Instruments
AAA	55.3%
AA	6.0%
A	13.4%
BBB	11.5%
BB	1.7%
B	1.7%
CCC	1.0%
CC	0.6%
C	0.2%
NR2	3.9%
Other Instruments	4.7%
Total Investments	100.0%
The chart above reflects percentages of the value of total investments.

*	The performance data above represents past performance that is not predictive of future results. 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 effect of taxes. The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Effective October 1, 2015, the maximum sales charge decreased from 4.75% to 4.00%. A 4.75% maximum sales charge is used in the calculation of the Average Annual Returns based on subscriptions made prior to October 1, 2015, and a 4.00% maximum sales charge is used to calculate performance for periods based on subscriptions made on or after October 1, 2015.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.
1	Source: BlackRock Solutions. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). All securities except for those labeled “NR” have been rated by Moody’s, Standard & Poor’s (“S&P”), or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (“NRSRO”). For purposes of this presentation, when ratings are available from more than one agency, the highest rating is used. Guggenheim Investments converts ratings to the equivalent S&P rating. Security ratings are determined at the time of purchase and may change thereafter.
2	NR securities do not necessarily indicate low credit quality.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 37

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2019
INVESTMENT GRADE BOND FUND

	Shares		Value
COMMON STOCKS††† - 0.0%
Industrial – 0.0%
Constar International Holdings LLC*,1		68	$	—
Total Common Stocks
(Cost $—)				—
PREFERRED STOCKS† - 0.0%
Industrial - 0.0%
Seaspan Corp. 6.38% due 04/30/19††		7,340		185,849
Constar International Holdings LLC*,†††,1		7		—
Total Industrial				185,849
Total Preferred Stocks
(Cost $183,500)				185,849
MUTUAL FUNDS† - 0.3%
Guggenheim Floating Rate Strategies Fund — R6-Class2		98,315		2,485,396
Total Mutual Funds
(Cost $2,563,622)				2,485,396
MONEY MARKET FUND† - 1.7%
Dreyfus Treasury Securities Cash Management Fund — Institutional Class 2.27%3		12,408,323		12,408,323
Total Money Market Fund
(Cost $12,408,323)				12,408,323
	Face Amount~
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 27.1%
Government Agency - 14.6%
Fannie Mae
3.03% due 02/01/30		5,100,000		5,090,837
3.71% due 02/01/34		4,700,000		4,931,013
3.59% due 05/01/34		4,350,000		4,537,668
3.66% due 03/01/34		4,000,000		4,168,608
3.60% due 03/01/31		4,000,000		4,129,883
3.00% due 12/01/29		2,500,000		2,488,226
3.49% due 04/01/30		2,300,000		2,390,743
4.17% due 02/01/49		2,000,000		2,116,746
3.59% due 02/01/29		2,025,000		2,090,011
3.19% due 02/01/29		2,000,000		2,031,682
3.09% due 10/01/29		2,000,000		1,999,030
3.26% due 05/01/34		2,000,000		1,991,602
3.11% due 04/01/30		1,979,143		1,986,027
3.12% due 10/01/32		1,700,000		1,677,067
3.88% due 07/01/33		1,500,000		1,596,989
3.33% due 03/01/49		1,500,000		1,525,371
3.13% due 01/01/30		1,500,000		1,515,144
3.01% due 12/01/27		1,500,000		1,500,424
2.86% due 09/01/29		1,450,000		1,430,755
3.61% due 04/01/34†††		1,300,000		1,360,461
3.37% due 05/01/31		1,250,000		1,273,686
4.27% due 12/01/33		996,268		1,098,713
4.24% due 08/01/48		1,000,000		1,064,477
3.67% due 03/01/30		1,000,000		1,056,173
3.68% due 04/01/34		1,000,000		1,054,090
3.70% due 03/01/31		1,000,000		1,053,920
3.71% due 04/01/34†††		1,000,000		1,049,706
3.74% due 02/01/30		1,000,000		1,047,024
3.56% due 04/01/30		1,000,000		1,045,488
4.07% due 04/01/49		1,000,000		1,042,638
3.56% due 03/01/31		1,000,000		1,040,335
3.66% due 03/01/34		1,000,000		1,040,001
3.48% due 04/01/30		1,000,000		1,038,814
3.42% due 04/01/30		1,000,000		1,027,815
3.53% due 04/01/33		1,000,000		1,027,222
3.51% due 04/01/34		1,000,000		1,025,302
3.19% due 02/01/30		1,000,000		1,013,091
3.18% due 01/01/30		1,000,000		1,012,314
3.31% due 01/01/33		1,000,000		1,003,968
3.23% due 01/01/30		982,465		1,001,293
3.05% due 01/01/30		1,000,000		999,676
3.61% due 04/01/39		1,000,000		996,359
3.12% due 01/01/30		980,955		990,805
2.96% due 11/01/29		900,000		891,700
3.08% due 10/01/32		850,000		840,256
2.90% due 11/01/29		850,000		835,140
4.37% due 10/01/48		746,148		813,940
4.25% due 05/01/48		663,321		709,020
2.99% due 09/01/29		650,000		643,951
3.14% due 09/01/32		650,000		643,517
3.17% due 01/01/30		550,000		557,423
2.82% due 10/01/29		550,000		540,651
3.05% due 10/01/29		500,000		499,434
3.22% due 01/01/30		450,000		456,892
3.94% due 10/01/36		347,930		360,989
Freddie Mac Multifamily Structured Pass Through Certificates
2019-K087, 3.77% due 12/25/28		4,250,000		4,523,810
2017-KGX1, 3.00% due 10/25/27		3,500,000		3,498,280
2017-KW03, 3.02% due 06/25/27		3,000,000		2,992,692
2018-K073, 3.45% (WAC) due 01/25/284		1,200,000		1,242,977
2018-K078, 3.92% due 06/25/51		1,000,000		1,072,446
2018-K074, 3.60% due 02/25/28		1,000,000		1,047,458
2017-K066, 3.20% due 06/25/27		1,000,000		1,018,145
Freddie Mac Seasoned Credit Risk Transfer Trust
2017-3, 3.00% due 07/25/56		2,138,321		2,087,192
2017-4, 2.75% due 06/25/575		1,972,012		1,951,584
2017-4, 3.50% due 06/25/57		1,592,414		1,602,463
2018-1, 2.50% due 05/25/575		1,568,033		1,535,884
2017-3, 2.75% due 07/25/565		890,877		872,820
Fannie Mae-Aces
2017-M11, 2.98% due 08/25/29		2,500,000		2,454,622
Total Government Agency				108,254,483

38| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
INVESTMENT GRADE BOND FUND

	Face Amount~		Value
Residential Mortgage Backed Securities - 9.2%
CIM Trust
2018-R2, 3.69% (WAC) due 08/25/574,6		3,089,346	$	3,053,351
2018-R4, 4.07% (WAC) due 12/26/574,6		2,822,791		2,804,006
Structured Asset Securities Corporation Mortgage Loan Trust
2007-WF1, 2.70% (1 Month USD LIBOR + 0.21%, Rate Floor: 0.21%) due 02/25/374		2,908,631		2,873,030
2006-BC3, 2.65% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 10/25/364		1,012,658		889,722
2006-BC4, 2.66% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 12/25/364		856,856		822,850
Cascade Funding Mortgage Trust
2018-RM2, 4.00% (WAC) due 10/25/684,6		4,349,311		4,419,509
New Residential Mortgage Loan Trust
2018-2A, 3.50% (WAC) due 02/25/584,6		1,800,077		1,805,594
2019-RPL1, 4.33% due 02/26/245,6		1,245,408		1,255,428
2017-5A, 3.99% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 06/25/574,6		1,105,460		1,122,151
LSTAR Securities Investment Limited
2018-1 4.49% due 04/01/21		3,441,742		3,444,324
GSAA Home Equity Trust
2005-6, 2.92% (1 Month USD LIBOR + 0.43%, Rate Floor: 0.43%) due 06/25/354		3,150,000		3,157,850
Home Equity Loan Trust
2007-FRE1, 2.68% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 04/25/374		3,184,687		2,972,068
Soundview Home Loan Trust
2006-OPT5, 2.63% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/364		2,997,146		2,897,468
CSMC Trust
2018-RPL9, 3.85% (WAC) due 09/25/574,6		2,808,821		2,847,277
Towd Point Mortgage Trust
2017-6, 2.75% (WAC) due 10/25/574,6		2,047,819		2,010,137
2017-5, 3.09% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.00%) due 02/25/574,6		537,848		533,411
2018-1, 3.00% (WAC) due 01/25/584,6		305,387		302,190
HarborView Mortgage Loan Trust
2006-12, 2.67% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 01/19/384		1,953,901		1,861,350
2006-14, 2.63% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 01/25/474		964,262		928,399
NovaStar Mortgage Funding Trust Series
2007-2, 2.69% (1 Month USD LIBOR + 0.20%, Rate Cap/Floor: 11.00%/0.20%) due 09/25/374		2,302,566		2,224,372
Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series
2005-W2, 2.98% (1 Month USD LIBOR + 0.49%, Rate Floor: 0.49%) due 10/25/354		2,000,000		1,992,406
JP Morgan Mortgage Acquisition Trust
2006-WMC4, 2.61% (1 Month USD LIBOR + 0.12%, Rate Floor: 0.12%) due 12/25/364		3,241,121		1,921,453
Countrywide Asset-Backed Certificates
2006-6, 2.66% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 09/25/364		1,789,786		1,764,626
LSTAR Securities Investment Trust
2019-1, 4.19% (1 Month USD LIBOR + 1.70%, Rate Floor: 0.00%) due 03/01/244,6		1,000,000		999,777
2018-2, 4.00% (1 Month USD LIBOR + 1.50%, Rate Floor: 0.00%) due 04/01/234,6		689,752		688,907
Alternative Loan Trust
2007-OA4, 2.66% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 05/25/474		1,701,424		1,588,478
American Home Mortgage Investment Trust
2007-1, 2.08% due 05/25/477		9,449,228		1,513,611
COLT Mortgage Loan Trust
2018-3, 3.69% (WAC) due 10/26/484,6		1,271,890		1,274,295
GSAMP Trust
2007-NC1, 2.62% (1 Month USD LIBOR + 0.13%, Rate Floor: 0.13%) due 12/25/464		1,825,105		1,181,165
Structured Asset Investment Loan Trust
2005-11, 3.21% (1 Month USD LIBOR + 0.72%, Rate Floor: 0.36%) due 01/25/364		1,187,732		1,171,751
Park Place Securities Incorporated Asset Backed Pass Through Certificates Ser
2005-WHQ3, 3.43% (1 Month USD LIBOR + 0.95%, Rate Floor: 0.63%) due 06/25/354		1,000,000		998,121
Asset Backed Securities Corporation Home Equity Loan Trust Series AEG
2006-HE1, 2.89% (1 Month USD LIBOR + 0.40%, Rate Floor: 0.40%) due 01/25/364		1,000,000		954,247
Luminent Mortgage Trust
2006-2, 2.69% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 02/25/464		998,079		917,521

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 39

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
INVESTMENT GRADE BOND FUND

	Face Amount~		Value
Nationstar Home Equity Loan Trust
2007-B, 2.71% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 04/25/374		917,470	$	903,565
Deephaven Residential Mortgage Trust
2017-3A, 2.58% (WAC) due 10/25/474,6		848,889		844,931
New Residential Mortgage Trust
2018-1A, 4.00% (WAC) due 12/25/574,6		802,043		818,640
Legacy Mortgage Asset Trust
2018-GS3, 4.00% due 06/25/585,6		794,025		791,574
Bear Stearns Asset Backed Securities I Trust
2006-HE9, 2.63% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 11/25/364		805,267		779,141
RALI Series Trust
2006-QO2, 2.71% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 02/25/464		1,855,375		735,144
CSMC Series
2015-12R, 2.99% (WAC) due 11/30/374,6		729,639		726,551
GSMSC Resecuritization Trust
2015-5R, 2.63% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 04/26/374,6		666,171		662,938
Deutsche Alt-A Securities Mortgage Loan Trust Series
2007-OA2, 3.17% (1 Year CMT Rate + 0.77%, Rate Floor: 0.77%) due 04/25/474		658,262		616,583
Angel Oak Mortgage Trust LLC
2017-3, 2.71% (WAC) due 11/25/474,6		546,813		544,310
CIT Mortgage Loan Trust
2007-1, 3.94% (1 Month USD LIBOR + 1.45%, Rate Floor: 1.45%) due 10/25/374,6		527,653		530,065
Banc of America Funding Trust
2015-R4, 2.66% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 01/27/354,6		508,852		491,230
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-AR9, 3.24% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/464		464,295		410,280
MASTR Adjustable Rate Mortgages Trust
2003-5, 3.37% (WAC) due 11/25/334		426,869		403,626
UCFC Manufactured Housing Contract
1997-2, 7.38% due 10/15/28		141,370		147,488
Total Residential Mortgage Backed Securities				68,596,911
Commercial Mortgage Backed Securities - 2.4%
CGBAM Mezzanine Securities Trust
2015-SMMZ, 8.21% due 04/10/286		2,650,000		2,760,730
COMM Mortgage Trust
2015-CR24, 0.77% (WAC) due 08/10/484,7		46,714,797		1,912,223
2015-CR26, 0.96% (WAC) due 10/10/484,7		9,580,274		462,836
Americold LLC Trust
2010-ARTA, 7.44% due 01/14/296		1,250,000		1,320,655
GAHR Commercial Mortgage Trust
2015-NRF, 3.38% (WAC) due 12/15/344,6		1,000,000		994,488
Bancorp Commercial Mortgage Trust
2018-CR3, 3.73% (1 Month USD LIBOR + 1.25%, Rate Floor: 1.25%) due 01/15/334,6		1,000,000		994,188
CSAIL Commercial Mortgage Trust
2019-C15, 1.22% (WAC) due 03/15/524,7		12,500,000		983,543
SG Commercial Mortgage Securities Trust
2016-C5, 2.00% (WAC) due 10/10/484,7		9,739,261		959,718
BENCHMARK Mortgage Trust
2018-B6, 0.44% (WAC) due 10/10/514,7		31,458,186		951,078
UBS Commercial Mortgage Trust
2017-C2, 1.10% (WAC) due 08/15/504,7		11,272,750		778,736
Citigroup Commercial Mortgage Trust
2016-GC37, 1.78% (WAC) due 04/10/494,7		3,771,788		363,063
2016-C2, 1.78% (WAC) due 08/10/494,7		2,456,898		247,216
2016-P5, 1.53% (WAC) due 10/10/494,7		1,956,996		155,796
GE Business Loan Trust
2007-1A, 2.65% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 04/15/354,6		690,539		677,187
JPMDB Commercial Mortgage Securities Trust
2016-C2, 1.69% (WAC) due 06/15/494,7		8,785,522		659,837
Morgan Stanley Capital I Trust
2016-UB11, 1.64% (WAC) due 08/15/494,7		7,463,018		616,531
Wells Fargo Commercial Mortgage Trust
2016-NXS5, 1.52% (WAC) due 01/15/594,7		4,846,191		332,096
2016-C37, 1.01% (WAC) due 12/15/494,7		3,796,715		176,387
LSTAR Commercial Mortgage Trust
2014-2, 5.60% (WAC) due 01/20/414,6		500,000		498,529
Americold 2010 LLC
2010-ARTA, 3.85% due 01/14/296		455,486		458,589
Aventura Mall Trust
2013-AVM, 3.74% (WAC) due 12/05/324,6		425,000		429,856
CGBAM Commercial Mortgage Trust
2015-SMRT, 3.79% (WAC) due 04/10/284,6		350,000		353,050
CFCRE Commercial Mortgage Trust
2016-C3, 1.05% (WAC) due 01/10/484,7		5,825,595		336,721

40| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
INVESTMENT GRADE BOND FUND

	Face Amount~		Value
CD Mortgage Trust
2016-CD1, 1.42% (WAC) due 08/10/494,7		2,546,841	$	199,110
Total Commercial Mortgage Backed Securities				17,622,163
Military Housing - 0.9%
Freddie Mac Military Housing Bonds Resecuritization Trust Certificates
2015-R1, 4.66% (WAC) due 11/25/554,6		2,605,460		2,758,661
2015-R1, 6.02% (WAC) due 11/25/554,6		1,350,979		1,481,011
GMAC Commercial Mortgage Asset Corp.
2007-HCKM, 6.11% due 08/10/5211		1,487,449		1,571,234
Capmark Military Housing Trust
2007-ROBS, 6.06% due 10/10/5211		472,788		520,297
2007-AETC, 5.75% due 02/10/5211		329,060		340,168
Total Military Housing				6,671,371
Total Collateralized Mortgage Obligations
(Cost $199,679,431)				201,144,928
U.S. GOVERNMENT SECURITIES†† - 26.6%
U.S. Treasury Notes
2.38% due 03/15/22		86,894,000		87,274,161
2.38% due 02/29/24		50,336,000		50,664,364
2.50% due 02/28/26		26,348,000		26,647,503
U.S. Treasury Inflation Protected Securities
1.38% due 01/15/208		20,403,868		20,572,572
U.S. Treasury Bonds
due 08/15/489,13		26,919,000		11,592,385
Total U.S. Government Securities
(Cost $195,633,212)				196,750,985
ASSET-BACKED SECURITIES†† - 14.6%
Collateralized Loan Obligations - 9.0%
Palmer Square Loan Funding Ltd.
2018-4A, 3.58% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 11/15/264,6		5,375,827		5,355,526
2018-4A, 4.13% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 11/15/264,6		1,000,000		987,776
Denali Capital CLO XI Ltd.
2018-1A, 3.89% (3 Month USD LIBOR + 1.13%, Rate Floor: 0.00%) due 10/20/284,6		3,000,000		3,001,170
2018-1A, 4.41% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 10/20/284,6		2,000,000		1,999,684
Golub Capital Partners CLO Ltd.
2018-36A, 4.03% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 02/05/314,6		4,100,000		4,024,730
Fortress Credit Opportunities IX CLO Ltd.
2017-9A, 4.23% (3 Month USD LIBOR + 1.55%, Rate Floor: 0.00%) due 11/15/294,6		3,286,000		3,265,927
NXT Capital CLO LLC
2017-1A, 4.46% (3 Month USD LIBOR + 1.70%, Rate Floor: 0.00%) due 04/20/294,6		1,800,000		1,800,136
2018-1A, 4.36% (3 Month USD LIBOR + 1.60%, Rate Floor: 0.00%) due 04/21/274,6		1,000,000		980,043
ALM VI Ltd.
2018-6A, 3.99% (3 Month USD LIBOR + 1.20%, Rate Floor: 0.00%) due 07/15/264,6		2,800,000		2,760,950
Mountain View CLO Ltd.
2018-1A, 3.59% (3 Month USD LIBOR + 0.80%, Rate Floor: 0.80%) due 10/15/264,6		2,366,581		2,360,243
Figueroa CLO Ltd.
2018-2A, 3.48% (3 Month USD LIBOR + 0.85%, Rate Floor: 0.85%) due 06/20/274,6		2,350,000		2,338,672
ALM XII Ltd.
2018-12A, 3.67% (3 Month USD LIBOR + 0.89%, Rate Floor: 0.89%) due 04/16/274,6		2,300,000		2,295,283
Carlyle Global Market Strategies CLO Ltd.
2018-2A, 3.54% (3 Month USD LIBOR + 0.78%, Rate Floor: 0.00%) due 04/27/274,6		2,300,000		2,287,284
MP CLO VIII Ltd.
2018-2A, 3.67% (3 Month USD LIBOR + 0.91%, Rate Floor: 0.00%) due 10/28/274,6		2,200,000		2,190,593
OCP CLO Ltd.
2018-7A, 3.36% (3 Month USD LIBOR + 0.60%, Rate Floor: 0.00%) due 07/20/294		2,142,857		2,139,755
Venture XII CLO Ltd.
2018-12A, 3.43% (3 Month USD LIBOR + 0.80%, Rate Floor: 0.80%) due 02/28/264,6		2,100,000		2,093,193
Golub Capital Partners CLO 16 Ltd.
2017-16A, 4.62% (3 Month USD LIBOR + 1.85%, Rate Floor: 0.00%) due 07/25/294,6		2,000,000		2,001,968
Cerberus Loan Funding XVII Ltd.
2016-3A, 5.32% (3 Month USD LIBOR + 2.53%, Rate Floor: 0.00%) due 01/15/284,6		2,000,000		1,989,076
Atlas Senior Loan Fund IV Ltd.
2018-2A, 3.98% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 02/17/264,6		1,000,000		1,000,427
2018-2A, 3.36% (3 Month USD LIBOR + 0.68%, Rate Floor: 0.00%) due 02/17/264,6		974,364		970,923

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 41

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
INVESTMENT GRADE BOND FUND

	Face Amount~		Value
Crown Point CLO III Ltd.
2017-3A, 4.24% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 12/31/274,6		2,000,000	$	1,970,938
Fortress Credit Opportunities XI CLO Ltd.
2018-11A, 4.09% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 04/15/314,6		2,000,000		1,963,692
Ladder Capital Commercial Mortgage Mortgage Trust
2017-FL1, 3.36% (1 Month USD LIBOR + 0.88%, Rate Floor: 0.88%) due 09/15/344,6		1,597,478		1,590,576
VMC Finance LLC
2018-FL1, 3.30% (1 Month USD LIBOR + 0.82%) due 03/15/354,6		1,428,812		1,418,352
Garrison BSL CLO Ltd.
2018-1A, 3.72% (3 Month USD LIBOR + 0.95%, Rate Floor: 0.00%) due 07/17/284,6		1,300,000		1,295,092
KVK CLO Ltd.
2017-1A, 3.70% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 01/14/284,6		1,250,000		1,242,822
FDF II Ltd.
2016-2A, 4.29% due 05/12/316		1,000,000		1,002,245
Flatiron CLO Ltd.
2017-1A, 4.42% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 01/17/264,6		1,000,000		1,000,606
FDF I Ltd.
2015-1A, 4.40% due 11/12/306		1,000,000		1,000,179
TCP Waterman CLO Ltd.
2016-1A, 4.84% (3 Month USD LIBOR + 2.05%, Rate Floor: 0.00%) due 12/15/284,6		1,000,000		999,943
MONROE CAPITAL BSL CLO Ltd.
2017-1A, 4.41% (3 Month USD LIBOR + 1.75%, Rate Floor: 0.00%) due 05/22/274,6		1,000,000		993,644
Diamond CLO Ltd.
2018-1A, 4.26% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 07/22/304,6		1,000,000		991,735
NewStar Fairfield Fund CLO Ltd.
2018-2A, 4.03% (3 Month USD LIBOR + 1.27%, Rate Floor: 1.27%) due 04/20/304,6		1,000,000		980,883
Mountain Hawk II CLO Ltd.
2018-2A, 3.58% (3 Month USD LIBOR + 0.82%, Rate Floor: 0.00%) due 07/20/244,6		958,122		956,513
Dryden 37 Senior Loan Fund
2015-37A, due 01/15/316,10		1,000,000		897,556
Monroe Capital CLO Ltd.
2017-1A, 4.11% (3 Month USD LIBOR + 1.35%, Rate Floor: 0.00%) due 10/22/264,6		824,094		821,695
Avery Point V CLO Ltd.
2017-5A, 3.75% (3 Month USD LIBOR + 0.98%, Rate Floor: 0.00%) due 07/17/264,6		776,812		775,714
Treman Park CLO Ltd.
2015-1A, due 10/20/286,10		500,000		428,011
Babson CLO Ltd.
2014-IA, due 07/20/256,10		650,000		211,562
2012-2A, due 05/15/236,10		1,000,000		12,200
Copper River CLO Ltd.
2007-1A, due 01/20/2110,11		700,000		110,508
Total Collateralized Loan Obligations				66,507,825
Transport-Aircraft - 2.4%
Castlelake Aircraft Securitization Trust
2017-1, 3.97% due 07/15/42		1,776,182		1,772,631
2018-1, 4.13% due 06/15/436		1,668,183		1,670,395
AASET US Ltd.
2018-2A, 4.45% due 11/18/386		3,200,257		3,242,376
SAPPHIRE AVIATION FINANCE I Ltd.
2018-1A, 4.25% due 03/15/406		2,493,769		2,510,504
Apollo Aviation Securitization Equity Trust
2016-2, 4.21% due 11/15/41		1,758,349		1,774,766
2016-1A, 4.88% due 03/17/365,6		644,238		650,058
Willis Engine Securitization Trust II
2012-A, 5.50% due 09/15/375,6		1,638,783		1,669,801
AIM Aviation Finance Ltd.
2015-1A, 4.21% due 02/15/406		996,595		998,439
MAPS Ltd.
2018-1A, 4.21% due 05/15/436		929,500		937,941
Falcon Aerospace Ltd.
2017-1, 4.58% due 02/15/426		730,405		734,756
AASET Trust
2017-1A, 3.97% due 05/16/426		665,023		663,401
Raspro Trust
2005-1A, 3.69% (3 Month USD LIBOR + 0.93%, Rate Floor: 0.93%) due 03/23/244,6		645,389		616,346
Turbine Engines Securitization Ltd.
2013-1A, 5.13% due 12/13/4811		454,173		439,672
Diamond Head Aviation Ltd.
2015-1, 3.81% due 07/14/286		274,682		273,866
Total Transport-Aircraft				17,954,952
Transport-Container - 0.8%
Textainer Marine Containers Ltd.
2017-2A, 3.52% due 06/20/426		2,409,663		2,383,687
CLI Funding LLC
2018-1A, 4.03% due 04/18/436		1,177,062		1,185,418
CAL Funding III Ltd.
2018-1A, 3.96% due 02/25/436		1,114,583		1,122,807
Textainer Marine Containers V Ltd.
2017-1A, 3.72% due 05/20/426		826,481		825,257

42| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
INVESTMENT GRADE BOND FUND

	Face Amount~		Value
Cronos Containers Program Ltd.
2013-1A, 3.08% due 04/18/286		735,000	$	728,003
Total Transport-Container				6,245,172
Net Lease - 0.8%
Capital Automotive LLC
2017-1A, 3.87% due 04/15/476		2,942,500		2,962,397
Store Master Funding I-VII
2016-1A, 3.96% due 10/20/466		2,772,999		2,790,328
Total Net Lease				5,752,725
Collateralized Debt Obligations - 0.7%
Anchorage Credit Funding Ltd.
2016-4A, 3.50% due 02/15/356		3,750,000		3,635,268
2016-3A, 3.85% due 10/28/336		1,000,000		984,763
Putnam Structured Product Funding Ltd.
2003-1A, 3.48% (1 Month USD LIBOR + 1.00%, Rate Floor: 0.00%) due 10/15/384,6		377,151		373,340
Highland Park CDO I Ltd.
2006-1A, 3.05% (3 Month USD LIBOR + 0.40%, Rate Floor: 0.00%) due 11/25/514,11		198,185		196,124
N-Star REL CDO VIII Ltd.
2006-8A, 2.85% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 02/01/414,6		108,390		106,867
Total Collateralized Debt Obligations				5,296,362
Whole Business - 0.4%
Taco Bell Funding LLC
2016-1A, 4.97% due 05/25/466		1,471,871		1,539,872
Domino’s Pizza Master Issuer LLC
2017-1A, 4.02% (3 Month USD LIBOR + 1.25%, Rate Floor: 0.00%) due 07/25/474,6		985,000		982,222
Drug Royalty III Limited Partnership
2016-1A, 3.98% due 04/15/276		318,345		318,702
Total Whole Business				2,840,796
Infrastructure - 0.3%
Secured Tenant Site Contract Revenue Notes Series
2018-1A, 3.97% due 06/15/4811		1,091,750		1,090,506
Vantage Data Centers Issuer LLC
2018-1A, 4.07% due 02/16/436		989,167		1,003,873
Total Infrastructure				2,094,379
Diversified Payment Rights - 0.2%
Bib Merchant Voucher Receivables Ltd.
4.18% due 04/07/28†††,1		1,000,000		1,026,364
CIC Receivables Master Trust
REGD, 4.89% due 10/07/21		160,010		161,849
Total Diversified Payment Rights				1,188,213
Insurance - 0.0%
Chesterfield Financial Holdings LLC
2014-1A, 4.50% due 12/15/346		432,000		433,636
Total Asset-Backed Securities
(Cost $108,563,040)				108,314,060
FOREIGN GOVERNMENT DEBT†† - 11.4%
Government of Japan
due 01/20/209	JPY	985,000,000		8,897,966
due 05/27/199	JPY	708,500,000		6,395,072
due 04/08/199	JPY	690,000,000		6,226,425
due 05/10/199	JPY	445,000,000		4,016,320
due 05/13/199	JPY	411,700,000		3,715,832
due 04/10/199	JPY	196,000,000		1,768,680
due 06/24/199	JPY	156,000,000		1,408,281
due 04/22/199	JPY	156,000,000		1,407,819
due 06/03/199	JPY	111,000,000		1,001,944
due 05/20/199	JPY	106,000,000		956,745
due 04/04/199	JPY	86,250,000		778,293
State of Israel
2.25% due 05/31/19	ILS	43,000,000		11,887,745
5.00% due 01/31/20	ILS	10,400,000		2,978,293
Federative Republic of Brazil
due 07/01/199	BRL	32,000,000		8,055,278
due 10/01/199	BRL	15,100,000		3,738,178
Province of Quebec, Canada
due 04/18/199	CAD	7,640,000		5,713,158
Province of Ontario, Canada
due 04/24/199	CAD	5,297,000		3,959,765
due 04/17/199	CAD	2,260,000		1,690,102
Kingdom of Spain
due 04/05/199	EUR	3,340,000		3,747,478
Province of Manitoba, Canada
due 04/17/199	CAD	2,900,000		2,168,716
Government of United Kingdom
due 04/01/199	GBP	1,086,000		1,414,449
due 04/08/199	GBP	380,000		494,863
Kingdom of Denmark
due 06/03/199	DKK	6,590,000		991,329
Province of Newfoundland, Canada
due 04/18/199	CAD	900,000		672,895
Total Foreign Government Debt
(Cost $84,437,589)				84,085,626
CORPORATE BONDS†† - 9.5%
Financial - 6.1%
Station Place Securitization Trust
3.09% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 09/24/194,6		5,100,000		5,100,000
3.18% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 06/24/194,6		4,600,000		4,600,000
Barclays Bank plc
3.22% due 10/31/19†††,1		3,850,000		3,850,000

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 43

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
INVESTMENT GRADE BOND FUND

	Face Amount~		Value
Synchrony Bank
3.23% (3 Month USD LIBOR + 0.63%) due 03/30/204		2,600,000	$	2,603,796
CNA Financial Corp.
5.88% due 08/15/20		1,800,000		1,871,772
Ventas Realty Limited Partnership / Ventas Capital Corp.
2.70% due 04/01/20		1,800,000		1,796,098
Morgan Stanley
5.50% due 07/24/20		1,700,000		1,757,894
Capital One Financial Corp.
2.50% due 05/12/20		1,750,000		1,745,051
Assurant, Inc.
3.86% (3 Month USD LIBOR + 1.25%) due 03/26/214		1,745,000		1,741,234
Lloyds Bank Corporate Markets plc NY
3.10% (3 Month USD LIBOR + 0.37%) due 08/05/204		1,730,000		1,733,249
Credit Suisse AG NY
3.14% (3 Month USD LIBOR + 0.40%) due 07/31/204		1,720,000		1,719,990
Standard Chartered Bank
3.14% (3 Month USD LIBOR + 0.40%) due 08/04/204		1,710,000		1,710,438
UBS AG
3.17% (3 Month USD LIBOR + 0.58%, Rate Floor: 0.00%) due 06/08/204,6		1,700,000		1,706,120
ANZ New Zealand Int’l Ltd.
2.85% due 08/06/206		1,700,000		1,700,980
American Tower Corp.
2.80% due 06/01/20		1,650,000		1,648,798
Jefferies Group LLC
8.50% due 07/15/19		1,600,000		1,625,113
Alexandria Real Estate Equities, Inc.
2.75% due 01/15/20		1,540,000		1,537,346
Aspen Insurance Holdings Ltd.
6.00% due 12/15/20		1,400,000		1,454,730
American International Group, Inc.
6.40% due 12/15/20		1,060,000		1,120,944
Central Storage Safety Project Trust
4.82% due 02/01/3811		1,000,000		1,028,201
American Equity Investment Life Holding Co.
5.00% due 06/15/27		953,000		967,835
Santander UK plc
3.04% (3 Month USD LIBOR + 0.30%) due 11/03/204		840,000		838,917
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.25% due 07/01/20		785,000		795,580
Discover Bank
3.10% due 06/04/20		350,000		350,791
Credit Suisse Group Funding Guernsey Ltd.
2.75% due 03/26/20		300,000		299,594
Hospitality Properties Trust
5.25% due 02/15/26		272,000		277,365
Total Financial				45,581,836
Consumer, Non-cyclical - 1.4%
Mondelez International, Inc.
3.00% due 05/07/20		1,920,000		1,924,448
Reynolds American, Inc.
3.25% due 06/12/20		1,920,000		1,922,738
Cigna Corp.
2.96% (3 Month USD LIBOR + 0.35%) due 03/17/204,6		1,795,000		1,793,393
Allergan Incorporated/United States
3.38% due 09/15/20		1,635,000		1,642,670
Zimmer Biomet Holdings, Inc.
2.70% due 04/01/20		905,000		902,779
Coca-Cola Femsa SAB de CV
4.63% due 02/15/20		850,000		863,474
Kraft Heinz Foods Co.
2.80% due 07/02/20		630,000		629,196
Constellation Brands, Inc.
2.25% due 11/06/20		530,000		524,728
Allergan Funding SCS
3.85% (3 Month USD LIBOR + 1.26%) due 03/12/204		165,000		166,410
Total Consumer, Non-cyclical				10,369,836
Utilities - 0.4%
NextEra Energy Capital Holdings, Inc.
3.06% (3 Month USD LIBOR + 0.45%) due 09/28/204		1,830,000		1,829,995
Exelon Corp.
2.85% due 06/15/20		860,000		859,064
PSEG Power LLC
5.13% due 04/15/20		250,000		255,536
Total Utilities				2,944,595
Technology - 0.4%
Broadcom Corporation / Broadcom Cayman Finance Ltd.
2.38% due 01/15/20		1,800,000		1,790,370
Fidelity National Information Services, Inc.
3.63% due 10/15/20		1,050,000		1,061,036
CA, Inc.
5.38% due 12/01/19		50,000		50,684
Total Technology				2,902,090
Energy - 0.3%
ONEOK Partners, LP
3.80% due 03/15/20		1,630,000		1,639,619
Pioneer Natural Resources Co.
7.50% due 01/15/20		500,000		517,392
Reliance Holding USA, Inc.
4.50% due 10/19/206		350,000		356,161

44| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
INVESTMENT GRADE BOND FUND

	Face Amount~		Value
Florida Gas Transmission Co. LLC
5.45% due 07/15/206		140,000	$	144,343
Total Energy				2,657,515
Basic Materials - 0.3%
Yamana Gold, Inc.
4.95% due 07/15/24		1,205,000		1,238,583
Newmont Mining Corp.
5.13% due 10/01/19		960,000		970,647
Total Basic Materials				2,209,230
Industrial - 0.3%
Harris Corp.
2.70% due 04/27/20		1,586,000		1,580,061
Vulcan Materials Co.
3.21% (3 Month USD LIBOR + 0.60%) due 06/15/204		200,000		199,715
Molex Electronic Technologies LLC
2.88% due 04/15/206		190,000		189,675
Total Industrial				1,969,451
Communications - 0.2%
Deutsche Telekom International Finance BV
2.23% due 01/17/206		580,000		576,759
Juniper Networks, Inc.
3.30% due 06/15/20		390,000		391,516
Telefonica Emisiones SAU
5.13% due 04/27/20		300,000		306,932
Total Communications				1,275,207
Consumer, Cyclical - 0.1%
Northern Group Housing LLC
6.80% due 08/15/536		444,000		547,184
Total Corporate Bonds
(Cost $70,286,237)				70,456,944
FEDERAL AGENCY BONDS†† - 4.4%
Fannie Mae Principal Strips
due 07/15/379		13,000,000		7,067,374
due 05/15/309		6,650,000		4,770,361
due 01/15/309		2,575,000		1,868,513
Freddie Mac Coupon Strips
due 07/15/329		10,550,000		6,996,417
due 03/15/319		3,850,000		2,676,319
Tennessee Valley Authority
due 01/15/389		4,000,000		2,114,971
4.25% due 09/15/65		1,300,000		1,548,575
5.38% due 04/01/56		600,000		849,990
Residual Funding Corporation Principal
due 04/15/309		3,000,000		2,182,050
due 01/15/309		1,500,000		1,098,919
Freddie Mac
due 01/02/349		1,850,000		1,153,544
Total Federal Agency Bonds
(Cost $31,148,869)				32,327,033
MUNICIPAL BONDS†† - 0.6%
California - 0.4%
Newport Mesa Unified School District General Obligation Unlimited
due 08/01/449		2,000,000		764,000
due 08/01/419		1,540,000		669,376
due 08/01/469		750,000		263,093
Beverly Hills Unified School District California General Obligation Unlimited
due 08/01/399		1,410,000		642,692
Cypress School District General Obligation Unlimited
due 08/01/489		1,000,000		298,490
Hanford Joint Union High School District General Obligation Unlimited
due 08/01/399		500,000		217,845
Total California				2,855,496
Illinois - 0.1%
State of Illinois General Obligation Unlimited
5.65% due 12/01/38		500,000		557,855
Florida - 0.1%
Florida Department of Environmental Protection Revenue Bonds
7.05% due 07/01/19		550,000		556,012
Total Municipal Bonds
(Cost $3,798,898)				3,969,363
SENIOR FLOATING RATE INTERESTS††,4 - 0.5%
Technology - 0.2%
Misys Ltd.
6.10% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/13/24		1,170,058		1,126,918
Epicor Software
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 06/01/22		586,833		579,403
Total Technology				1,706,321
Consumer, Non-cyclical - 0.1%
Packaging Coordinators Midco, Inc.
6.61% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 06/30/23		501,671		497,908
Diamond (BC) B.V.
5.74% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 09/06/24		395,000		378,707
Total Consumer, Non-cyclical				876,615

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 45

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
INVESTMENT GRADE BOND FUND

	Face Amount~		Value
Consumer, Cyclical - 0.1%
Mavis Tire Express Services Corp.
5.74% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 03/20/25		703,860	$	684,503
Communications - 0.1%
Internet Brands, Inc.
6.24% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 09/13/24		373,101		367,508
Industrial - 0.0%
Titan Acquisition Ltd. (Husky)
5.50% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/28/25		247,500		229,680
Total Senior Floating Rate Interests
(Cost $3,967,081)				3,864,627
COMMERCIAL PAPER†† - 4.5%
Fidelity National Information Services, Inc.
2.70% due 04/01/196,12		7,300,000		7,300,000
Nasdaq, Inc.
2.75% due 04/02/196,12		7,300,000		7,299,442
Walgreens Boots Alliance, Inc.
3.28% due 07/22/1912		6,000,000		5,944,379
Duke Energy Corp.
2.80% due 04/25/196,12		5,000,000		4,989,751
Schlumberger Holdings Corp.
2.90% due 04/17/196,12		3,000,000		2,995,733
Astrazeneca plc
2.95% due 05/15/196,12		3,000,000		2,989,633
Rogers Communications, Inc.
2.70% due 04/16/196,12		2,200,000		2,197,479
Total Commercial Paper
(Cost $33,711,305)				33,716,417
Total Investments - 101.2%
(Cost $746,381,107)			$	749,709,551
Other Assets & Liabilities, net - (1.2)%				(8,720,371	)
Total Net Assets - 100.0%			$	740,989,180

Centrally Cleared Credit Default Swap Agreements Protection Purchased††
Counterparty	Exchange	Index	Protection Premium Rate			Payment Frequency	Maturity Date	Notional Amount		Value			Upfront Premiums Paid			Unrealized Depreciation**
BofA Merrill Lynch	ICE	CDX.NA.IG.31		1.00	%	Quarterly	12/20/23	$	119,420,000	$	(2,315,797	)	$	(1,379,290	)	$	(936,507	)

OTC Credit Default Swap Agreements Protection Purchased††
Counterparty	Index	Protection Premium Rate			Payment Frequency	Maturity Date	Notional Amount		Value			Upfront Premiums Paid			Unrealized Depreciation
Morgan Stanley Capital Services LLC	CDX.NA.IG.31		1.00	%	Quarterly	12/20/23	$	6,080,000	$	(86,581	)	$	(1,280	)	$	(85,301	)
Goldman Sachs International	CDX.NA.IG.31		1.00	%	Quarterly	12/20/23		13,940,000		(198,511	)		(21,811	)		(176,700	)
									$	(285,092	)	$	(23,091	)	$	(262,001	)

Centrally Cleared Interest Rate Swap Agreements††
Counterparty	Exchange	Floating Rate Type	Floating Rate Index	Fixed Rate	Payment Frequency	Maturity Date	Notional Amount		Value			Premiums Paid		Unrealized Depreciation**
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	2.83%	Quarterly	01/31/20	$	1,158,000	$	(2,140	)	$	222	$	(2,362	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	2.84%	Quarterly	01/31/20		1,854,000		(3,578	)		221		(3,799	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	2.79%	Quarterly	01/21/20		9,259,000		(14,447	)		251		(14,698	)
									$	(20,165	)	$	694	$	(20,859	)

46| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
INVESTMENT GRADE BOND FUND

Forward Foreign Currency Exchange Contracts††
Counterparty	Contracts to Sell	Currency	Settlement Date		Settlement Value		Value at March 31, 2019		Unrealized Appreciation (Depreciation)
Goldman Sachs International	9,450,000	EUR	05/17/19	$	10,847,376	$	10,643,703	$	203,673
Goldman Sachs International	15,700,000	BRL	07/01/19		4,166,556		3,988,568		177,988
Citibank N.A., New York	16,300,000	BRL	07/01/19		4,310,516		4,140,997		169,519
Bank of America, N.A.	985,000,000	JPY	01/21/20		9,258,824		9,098,335		160,489
Citibank N.A., New York	37,700,000	BRL	04/01/19		9,741,595		9,638,000		103,595
Goldman Sachs International	6,419,000	EUR	05/10/19		7,304,916		7,225,321		79,595
Morgan Stanley Capital Services LLC	460,000,000	JPY	04/08/19		4,226,290		4,153,135		73,155
JPMorgan Chase Bank, N.A.	3,582,000	EUR	05/10/19		4,104,129		4,031,952		72,177
Bank of America, N.A.	3,340,000	EUR	04/05/19		3,816,621		3,748,288		68,333
Goldman Sachs International	5,014,000	CAD	05/01/19		3,807,947		3,755,967		51,980
Bank of America, N.A.	2,710,000	EUR	05/10/19		3,094,685		3,050,416		44,269
JPMorgan Chase Bank, N.A.	15,100,000	BRL	10/01/19		3,843,706		3,805,047		38,659
JPMorgan Chase Bank, N.A.	2,720,000	CAD	05/02/19		2,075,838		2,037,593		38,245
Citibank N.A., New York	2,981,000	EUR	05/17/19		3,394,154		3,357,553		36,601
Goldman Sachs International	2,970,000	CAD	05/16/19		2,261,305		2,225,670		35,635
Goldman Sachs International	3,289,000	CAD	05/08/19		2,498,931		2,464,219		34,712
Goldman Sachs International	230,000,000	JPY	04/08/19		2,103,806		2,076,568		27,238
Morgan Stanley Capital Services LLC	86,250,000	JPY	04/04/19		803,260		778,431		24,829
Goldman Sachs International	196,000,000	JPY	04/10/19		1,792,926		1,769,918		23,008
Bank of America, N.A.	1,233,000	CAD	05/01/19		943,573		923,635		19,938
Barclays Bank plc	6,590,000	DKK	06/03/19		1,014,494		995,992		18,502
JPMorgan Chase Bank, N.A.	2,640,000	CAD	04/18/19		1,995,171		1,976,952		18,219
Goldman Sachs International	1,312,000	CAD	05/07/19		1,000,957		982,965		17,992
Barclays Bank plc	2,646,000	CAD	04/24/19		1,999,679		1,981,750		17,929
JPMorgan Chase Bank, N.A.	1,300,000	CAD	05/03/19		991,113		973,875		17,238
Bank of America, N.A.	2,675,000	CAD	05/15/19		2,021,477		2,004,551		16,926
BNP Paribas	5,000,000	CAD	04/18/19		3,760,962		3,744,226		16,736
Goldman Sachs International	610,000	GBP	04/01/19		809,280		794,488		14,792
JPMorgan Chase Bank, N.A.	2,000,000	CAD	05/09/19		1,512,953		1,498,499		14,454
Goldman Sachs International	1,049,000	CAD	05/03/19		800,049		785,842		14,207
Bank of America, N.A.	2,910,000	CAD	04/17/19		2,193,090		2,179,084		14,006
Goldman Sachs International	310,000,000	JPY	05/28/19		2,821,491		2,809,949		11,542
JPMorgan Chase Bank, N.A.	1,320,000	CAD	05/14/19		999,250		989,136		10,114
Barclays Bank plc	1,200,000	CAD	04/17/19		907,921		898,591		9,330
Morgan Stanley Capital Services LLC	398,500,000	JPY	05/28/19		3,620,621		3,612,144		8,477
Barclays Bank plc	1,316,000	CAD	05/09/19		993,973		986,012		7,961
Barclays Bank plc	900,000	CAD	04/18/19		680,751		673,961		6,790
JPMorgan Chase Bank, N.A.	520,000	CAD	05/16/19		395,993		389,680		6,313
JPMorgan Chase Bank, N.A.	1,050,000	CAD	04/17/19		792,564		786,267		6,297
Bank of America, N.A.	1,050,000	CAD	05/09/19		792,961		786,712		6,249
Morgan Stanley Capital Services LLC	520,000	CAD	05/14/19		395,697		389,660		6,037
Goldman Sachs International	3,976,000	CAD	04/24/19		2,983,622		2,977,869		5,753
JPMorgan Chase Bank, N.A.	790,000	CAD	05/08/19		596,968		591,892		5,076
Morgan Stanley Capital Services LLC	300,000	GBP	04/01/19		395,753		390,732		5,021
JPMorgan Chase Bank, N.A.	380,000	GBP	04/08/19		498,686		495,077		3,609
JPMorgan Chase Bank, N.A.	1,900,000	CAD	04/25/19		1,426,644		1,423,063		3,581
JPMorgan Chase Bank, N.A.	176,000	GBP	04/01/19		231,997		229,229		2,768
JPMorgan Chase Bank, N.A.	1,600,000	CAD	04/24/19		1,200,879		1,198,337		2,542
Bank of America, N.A.	2,620,000	GBP	04/23/19		3,412,445		3,416,021		(3,576	)
Goldman Sachs International	430,000	GBP	04/23/19		555,932		560,645		(4,713	)
Goldman Sachs International	111,000,000	JPY	06/03/19		1,001,706		1,006,578		(4,872	)
Goldman Sachs International	106,000,000	JPY	05/20/19		955,194		960,295		(5,101	)
Goldman Sachs International	156,000,000	JPY	06/24/19		1,409,402		1,417,001		(7,599	)
Goldman Sachs International	156,000,000	JPY	04/22/19		1,401,416		1,410,243		(8,827	)
JPMorgan Chase Bank, N.A.	65,600,000	MXN	04/11/19		3,365,828		3,375,248		(9,420	)
JPMorgan Chase Bank, N.A.	445,000,000	JPY	05/10/19		4,015,972		4,028,663		(12,691	)
Morgan Stanley Capital Services LLC	411,700,000	JPY	05/13/19		3,714,983		3,727,959		(12,976	)
Goldman Sachs International	11,900,000	BRL	04/01/19		3,023,297		3,042,233		(18,936	)

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 47

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
INVESTMENT GRADE BOND FUND

Counterparty	Contracts to Sell	Currency	Settlement Date		Settlement Value		Value at March 31, 2019		Unrealized Appreciation (Depreciation)
Goldman Sachs International	10,920,000	ILS		01/31/20	$	3,011,632	$	3,080,282	$	(68,650	)
JPMorgan Chase Bank, N.A.	59,970,000	MXN		05/23/19		2,924,438		3,064,440		(140,002	)
Goldman Sachs International	43,967,500	ILS		05/31/19		11,978,640		12,171,888		(193,249	)
									$	1,281,487

Counterparty	Contracts to Buy	Currency	Settlement Date		Settlement Value			Value at March 31, 2019		Unrealized Appreciation (Depreciation)
Barclays Bank plc	6,247,000	CAD		05/01/19	$	(4,671,674	)	$	4,679,603	$	7,929
Citibank N.A., New York	4,366,000	CAD		05/09/19		(3,267,140	)		3,271,224		4,084
Citibank N.A., New York	3,470,000	CAD		05/16/19		(2,597,045	)		2,600,362		3,317
Citibank N.A., New York	2,675,000	CAD		05/15/19		(2,001,478	)		2,004,551		3,073
Citibank N.A., New York	4,079,000	CAD		05/08/19		(3,053,077	)		3,056,111		3,034
Citibank N.A., New York	2,349,000	CAD		05/03/19		(1,756,915	)		1,759,717		2,802
Citibank N.A., New York	2,720,000	CAD		05/02/19		(2,034,941	)		2,037,594		2,653
Citibank N.A., New York	1,840,000	CAD		05/14/19		(1,376,529	)		1,378,796		2,267
Citibank N.A., New York	2,925,000	CAD		04/24/19		(2,188,814	)		2,190,711		1,897
Citibank N.A., New York	1,900,000	CAD		04/25/19		(1,421,234	)		1,423,063		1,829
Citibank N.A., New York	1,312,000	CAD		05/07/19		(981,749	)		982,965		1,216
Goldman Sachs International	20,000	CAD		05/16/19		(15,208	)		14,988		(220	)
Barclays Bank plc	59,970,000	MXN		05/23/19		(3,068,147	)		3,064,440		(3,707	)
Barclays Bank plc	65,600,000	MXN		04/11/19		(3,384,409	)		3,375,248		(9,161	)
JPMorgan Chase Bank, N.A.	7,000,000	BRL		04/01/19		(1,832,461	)		1,789,549		(42,912	)
Goldman Sachs International	7,000,000	BRL		04/01/19		(1,846,284	)		1,789,549		(56,735	)
Barclays Bank plc	3,050,000	GBP		04/23/19		(4,036,119	)		3,976,666		(59,453	)
Barclays Bank plc	12,711,000	EUR		05/10/19		(14,406,711	)		14,307,689		(99,022	)
Morgan Stanley Capital Services LLC	12,431,000	EUR		05/17/19		(14,101,353	)		14,001,256		(100,097	)
Citibank N.A., New York	35,600,000	BRL		04/01/19		(9,397,524	)		9,101,135		(296,389	)
										$	(633,595	)

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 4.
††	Value determined based on Level 2 inputs, unless otherwise noted — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
1	Security was fair valued by the Valuation Committee at March 31, 2019. The total market value of fair valued securities amounts to $1,026,364, (cost $1,000,000) or 0.1% of total net assets.
2	Affiliated issuer.
3	Rate indicated is the 7-day yield as of March 31, 2019.
4	Variable rate security. Rate indicated is the rate effective at March 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
5	Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at March 31, 2019. See table below for additional step information for each security.
6	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $185,341,755 (cost $185,493,444), or 25.0% of total net assets.
7	Security is an interest-only strip.
8	Face amount of security is adjusted for inflation.
9	Zero coupon rate security.
10	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
11	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $5,296,710 (cost $6,075,846), or 0.7% of total net assets — See Note 10.
12	Rate indicated is the effective yield at the time of purchase.
13	Security is a principal-only strip.

48| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
INVESTMENT GRADE BOND FUND

BRL — Brazilian Real

CAD — Canadian Dollar

CME — Chicago Mercantile Exchange

CMT — Constant Maturity Treasury

DKK — Danish Krone

EUR — Euro

GBP — British Pound

ICE — Intercontinental Exchange

ILS — Israeli New Shekel

JPY — Japanese Yen

LIBOR — London Interbank Offered Rate

MXN — Mexican Peso

plc — Public Limited Company

WAC — Weighted Average Coupon

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2019 (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	$	—	$	—	$	—	*	$	—
Preferred Stocks		—		185,849		—	*		185,849
Mutual Funds		2,485,396		—		—			2,485,396
Money Market Fund		12,408,323		—		—			12,408,323
Collateralized Mortgage Obligations		—		198,734,761		2,410,167			201,144,928
U.S. Government Securities		—		196,750,985		—			196,750,985
Asset-Backed Securities		—		107,287,696		1,026,364			108,314,060
Foreign Government Debt		—		84,085,626		—			84,085,626
Corporate Bonds		—		66,606,944		3,850,000			70,456,944
Federal Agency Bonds		—		32,327,033		—			32,327,033
Municipal Bonds		—		3,969,363		—			3,969,363
Senior Floating Rate Interests		—		3,864,627		—			3,864,627
Commercial Paper		—		33,716,417		—			33,716,417
Forward Foreign Currency Exchange Contracts**		—		1,806,200		—			1,806,200
Total Assets	$	14,893,719	$	729,335,501	$	7,286,531		$	751,515,751

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Credit Default Swap Agreements**	$	—	$	1,198,508	$	—	$	1,198,508
Interest Rate Swap Agreements**		—		20,859		—		20,859
Forward Foreign Currency Exchange Contracts**		—		1,158,308		—		1,158,308
Unfunded Loan Commitments (Note 9)		—		2,451		—		2,451
Total Liabilities	$	—	$	2,380,126	$	—	$	2,380,126

*	Includes securities with a market value of $0.
**	This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 49

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2019
INVESTMENT GRADE BOND FUND

Step Coupon Bonds

The following table discloses additional information related to step coupon bonds held by the Fund. Certain securities are subject to multiple rate changes prior to maturity. For those securities a range of rates and corresponding dates have been provided. Rates for all step coupon bonds held by the Fund are scheduled to increase, none are scheduled to decrease.

Name	Coupon Rate at Next Reset Date			Next Rate Reset Date		Future Reset Rate(s)			Future Reset Date(s)
Apollo Aviation Securitization Equity Trust 2016-1A, 4.88% due 03/17/36		6.88	%		03/15/23		6.88	%	03/15/23
Freddie Mac Seasoned Credit Risk Transfer Trust 2017-3, 2.75% due 07/25/56		3.25	%		09/25/19		3.25	%	09/25/19
Freddie Mac Seasoned Credit Risk Transfer Trust 2018-1, 2.50% due 05/25/57		2.75	%		09/25/19		3.00	%	03/25/20
Freddie Mac Seasoned Credit Risk Transfer Trust 2017-4, 2.75% due 06/25/57		3.00	%		06/25/19		3.25	%	12/25/19
Legacy Mortgage Asset Trust 2018-GS3, 4.00% due 06/25/58		7.00	%		07/26/21		8.00	%	07/26/22
New Residential Mortgage Loan Trust 2019-RPL1, 4.33% due 02/26/24		7.33	%		02/25/22		8.33	%	02/25/23
Willis Engine Securitization Trust II 2012-A, 5.50% due 09/15/37		8.50	%		09/15/20		8.50	%	09/15/20

Affiliated Transactions

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

Transactions during the period ended March 31, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 09/30/18		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 03/31/19		��	Shares 03/31/19		Investment Income		Capital Gain Distributions
Mutual Funds
Guggenheim Floating Rate Strategies Fund — R6-Class	$	2,489,273	$	60,557	$	—	$	—	$	(64,434	)	$	2,485,396			98,315	$	60,545	$	12

50| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

INVESTMENT GRADE BOND FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2019

Assets:
Investments in unaffiliated issuers, at value (cost $743,817,485)	$	747,224,155
Investments in affiliated issuers, at value (cost $2,563,622)		2,485,396
Cash		19,258
Segregated cash with broker		2,526,001
Unrealized appreciation on forward foreign currency exchange contracts		1,806,200
Prepaid expenses		106,478
Unamortized upfront premiums paid on interest rate swap agreements		694
Receivables:
Fund shares sold		6,795,028
Interest		2,276,093
Securities sold		203,332
Foreign tax reclaims		15,570
Dividends		3,759
Variation margin on interest rate swap agreements		1,120
Total assets		763,463,084
Liabilities:
Unfunded loan commitments, at value (Note 9) (proceeds $446)		2,451
Segregated cash due to broker		480,000
Unamortized upfront premiums received on credit default swap agreements		1,402,381
Unrealized depreciation on OTC credit default swap agreements		262,001
Unrealized depreciation on forward foreign currency exchange contracts		1,158,308
Payable for:
Securities purchased		15,714,273
Fund shares redeemed		2,665,032
Variation margin on credit default swap agreements		206,685
Distributions to shareholders		174,182
Management fees		159,305
Distribution and service fees		53,449
Fund accounting/administration fees		49,357
Swap settlement		6,673
Transfer agent/maintenance fees		37,410
Trustees’ fees*		1,245
Miscellaneous		101,152
Total liabilities		22,473,904
Net assets	$	740,989,180
Net assets consist of:
Paid in capital	$	742,495,109
Total distributable earnings (loss)		(1,505,929	)
Net assets	$	740,989,180
A-Class:
Net assets	$	120,170,641
Capital shares outstanding		6,502,572
Net asset value per share	$	18.48
Maximum offering price per share (Net asset value divided by 96.00%)	$	19.25
C-Class:
Net assets	$	20,079,060
Capital shares outstanding		1,091,144
Net asset value per share	$	18.40
P-Class:
Net assets	$	54,014,671
Capital shares outstanding		2,920,366
Net asset value per share	$	18.50
Institutional Class:
Net assets	$	546,724,808
Capital shares outstanding		29,623,607
Net asset value per share	$	18.46

^* 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 SEMI-ANNUAL REPORT| 51

INVESTMENT GRADE BOND FUND

STATEMENT OF OPERATIONS (Unaudited)

Period Ended March 31, 2019

Investment Income:
Dividends from securities of unaffiliated issuers	$	3,732
Dividends from securities of affiliated issuers		60,545
Interest		9,989,866
Total investment income		10,054,143
Expenses:
Management fees		1,264,173
Distribution and service fees:
A-Class		148,055
C-Class		96,464
P-Class		62,795
Transfer agent/maintenance fees:
A-Class		61,753
C-Class		12,990
P-Class		34,068
Institutional Class		153,626
Fund accounting/administration fees		259,321
Line of credit fees		19,359
Trustees’ fees*		15,000
Custodian fees		13,001
Short interest expense		1,170
Miscellaneous		124,738
Recoupment of previously waived fees:
P-Class		2,049
Total expenses		2,268,562
Less:
Expenses reimbursed by Adviser:
A-Class		(39,878	)
C-Class		(9,598	)
P-Class		(26,660	)
Institutional Class		(153,626	)
Expenses waived by Adviser		(60,434	)
Total waived/reimbursed expenses		(290,196	)
Net expenses		1,978,366
Net investment income		8,075,777
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(816,904	)
Distributions received from affiliated investment company shares		12
Swap agreements		(2,424,394	)
Futures contracts		(195,560	)
Foreign currency transactions		737,913
Forward foreign currency exchange contracts		483,800
Options purchased		(723,428	)
Net realized loss		(2,938,561	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		11,881,447
Investments in affiliated issuers		(64,434	)
Swap agreements		(3,191,354	)
Options purchased		533,014
Foreign currency translations		1,656
Forward foreign currency exchange contracts		(200,737	)
Net change in unrealized appreciation (depreciation)		8,959,592
Net realized and unrealized gain		6,021,031
Net increase in net assets resulting from operations	$	14,096,808

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

52| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

INVESTMENT GRADE BOND FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	8,075,777		$	12,108,319
Net realized gain (loss) on investments		(2,938,561	)		2,180,609
Net change in unrealized appreciation (depreciation) on investments		8,959,592			(7,667,160	)
Net increase in net assets resulting from operations		14,096,808			6,621,768
Distributions to shareholders:
A-Class		(1,298,496	)		(4,168,019	)
C-Class		(141,405	)		(473,849	)
P-Class		(550,050	)		(832,713	)
Institutional Class		(5,726,001	)		(6,667,145	)
Total distributions to shareholders		(7,715,952	)		(12,141,726	)
Capital share transactions:
Proceeds from sale of shares
A-Class		18,162,047			53,960,443
C-Class		3,171,918			5,242,102
P-Class		17,577,701			40,693,678
Institutional Class		235,532,833			286,726,563
Distributions reinvested
A-Class		1,233,617			3,808,487
C-Class		121,341			418,766
P-Class		550,050			831,621
Institutional Class		4,990,293			6,230,399
Cost of shares redeemed
A-Class		(19,294,529	)		(107,498,545	)
C-Class		(2,176,155	)		(14,673,803	)
P-Class		(12,810,226	)		(10,133,358	)
Institutional Class		(79,551,634	)		(51,009,557	)
Net increase from capital share transactions		167,507,256			214,596,796
Net increase in net assets		173,888,112			209,076,838
Net assets:
Beginning of period		567,101,068			358,024,230
End of period	$	740,989,180		$	567,101,068
Capital share activity:
Shares sold
A-Class		993,889			2,921,467
C-Class		173,971			284,936
P-Class		959,721			2,202,577
Institutional Class		12,888,737			15,578,745
Shares issued from reinvestment of distributions
A-Class		67,433			206,047
C-Class		6,660			22,751
P-Class		30,032			45,020
Institutional Class		272,924			337,987
Shares redeemed
A-Class		(1,054,674	)		(5,830,241	)
C-Class		(119,461	)		(798,082	)
P-Class		(700,327	)		(548,740	)
Institutional Class		(4,351,010	)		(2,770,696	)
Net increase in shares		9,167,895			11,651,771

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 53

INVESTMENT GRADE BOND 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.

A-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Per Share Data
Net asset value, beginning of period	$	18.33		$	18.55		$	18.55		$	18.10		$	18.50		$	17.81
Income (loss) from investment operations:
Net investment income (loss)b		.21			.49			.59			.64			.69			.65
Net gain (loss) on investments (realized and unrealized)		.14			(.22	)		.02			.50			(.30	)		.83
Total from investment operations		.35			.27			.61			1.14			.39			1.48
Less distributions from:
Net investment income		(.20	)		(.49	)		(.61	)		(.69	)		(.79	)		(.79	)
Total distributions		(.20	)		(.49	)		(.61	)		(.69	)		(.79	)		(.79	)
Net asset value, end of period	$	18.48		$	18.33		$	18.55		$	18.55		$	18.10		$	18.50
Total Returnc		1.93	%		1.46	%		3.39	%		6.50	%		2.12	%		8.47	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	120,171		$	119,066		$	170,624		$	158,932		$	115,019		$	99,565
Ratios to average net assets:
Net investment income (loss)		2.31	%		2.64	%		3.19	%		3.55	%		3.72	%		3.55	%
Total expensesd		0.88	%		0.93	%		1.07	%		1.08	%		1.17	%		1.19	%
Net expensese,f,g		0.79	%		0.83	%		1.02	%		1.03	%		1.07	%		1.05	%
Portfolio turnover rate		55	%		53	%		81	%		100	%		57	%		61	%

C-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Per Share Data
Net asset value, beginning of period	$	18.25		$	18.47		$	18.48		$	18.02		$	18.42		$	17.73
Income (loss) from investment operations:
Net investment income (loss)b		.14			.35			.45			.51			.55			.51
Net gain (loss) on investments (realized and unrealized)		.14			(.22	)		.02			.51			(.30	)		.83
Total from investment operations		.28			.13			.47			1.02			.25			1.34
Less distributions from:
Net investment income		(.13	)		(.35	)		(.48	)		(.56	)		(.65	)		(.65	)
Total distributions		(.13	)		(.35	)		(.48	)		(.56	)		(.65	)		(.65	)
Net asset value, end of period	$	18.40		$	18.25		$	18.47		$	18.48		$	18.02		$	18.42
Total Returnc		1.56	%		0.71	%		2.59	%		5.78	%		1.36	%		7.69	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	20,079		$	18,799		$	28,083		$	36,040		$	24,111		$	20,673
Ratios to average net assets:
Net investment income (loss)		1.57	%		1.92	%		2.47	%		2.81	%		3.00	%		2.80	%
Total expensesd		1.66	%		1.75	%		1.85	%		1.90	%		1.99	%		1.99	%
Net expensese,f,g		1.54	%		1.57	%		1.77	%		1.77	%		1.82	%		1.80	%
Portfolio turnover rate		55	%		53	%		81	%		100	%		57	%		61	%

54| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

INVESTMENT GRADE BOND 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.

P-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Period Ended September 30, 2015h
Per Share Data
Net asset value, beginning of period	$	18.34		$	18.56		$	18.57		$	18.12		$	18.45
Income (loss) from investment operations:
Net investment income (loss)b		.21			.48			.56			.59			.25
Net gain (loss) on investments (realized and unrealized)		.15			(.21	)		.05			.55			(.26	)
Total from investment operations		.36			.27			.61			1.14			(.01	)
Less distributions from:
Net investment income		(.20	)		(.49	)		(.62	)		(.69	)		(.32	)
Total distributions		(.20	)		(.49	)		(.62	)		(.69	)		(.32	)
Net asset value, end of period	$	18.50		$	18.34		$	18.56		$	18.57		$	18.12
Total Return		1.98	%		1.45	%		3.33	%		6.51	%		(0.11	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	54,015		$	48,263		$	17,303		$	3,087		$	10
Ratios to average net assets:
Net investment income (loss)		2.30	%		2.61	%		3.06	%		3.25	%		3.25	%
Total expensesd		0.92	%		0.94	%		1.13	%		0.98	%		3.29	%
Net expensese,f,g		0.79	%		0.80	%		1.01	%		0.98	%		1.09	%
Portfolio turnover rate		55	%		53	%		81	%		100	%		57	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 55

INVESTMENT GRADE BOND 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	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Per Share Data
Net asset value, beginning of period	$	18.30		$	18.52		$	18.53		$	18.07		$	18.47		$	17.80
Income (loss) from investment operations:
Net investment income (loss)b		.24			.54			.64			.62			.74			.68
Net gain (loss) on investments (realized and unrealized)		.15			(.22	)		.02			.58			(.31	)		.83
Total from investment operations		.39			.32			.66			1.20			.43			1.51
Less distributions from:
Net investment income		(.23	)		(.54	)		(.67	)		(.74	)		(.83	)		(.84	)
Total distributions		(.23	)		(.54	)		(.67	)		(.74	)		(.83	)		(.84	)
Net asset value, end of period	$	18.46		$	18.30		$	18.52		$	18.53		$	18.07		$	18.47
Total Return		2.13	%		1.75	%		3.67	%		6.83	%		2.37	%		8.64	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	546,725		$	380,974		$	142,014		$	83,168		$	6,910		$	5,909
Ratios to average net assets:
Net investment income (loss)		2.60	%		2.92	%		3.51	%		3.41	%		4.01	%		3.72	%
Total expensesd		0.59	%		0.60	%		0.74	%		0.76	%		0.94	%		0.88	%
Net expensese,f,g		0.50	%		0.52	%		0.70	%		0.76	%		0.82	%		0.78	%
Portfolio turnover rate		55	%		53	%		81	%		100	%		57	%		61	%

a	Unaudited figures for the period ended March 31, 2019. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
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 expenses before and after waivers/reimbursements to average net assets attributable to recoupments of prior fee reductions or expense reimbursements for the periods presented was as follows:

	03/31/19	09/30/18	09/30/17
A-Class	—	0.00%*	0.05%
C-Class	—	0.00%*	0.03%
P-Class	0.01%	0.00%*	0.01%
Institutional Class	—	0.00%*	0.02%

^* 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 periods would be:

	03/31/19	09/30/18	09/30/17	09/30/16	09/30/15	09/30/14
A-Class	0.79%	0.82%	1.00%	1.00%	1.00%	1.00%
C-Class	1.54%	1.57%	1.75%	1.74%	1.75%	1.75%
P-Class	0.79%	0.80%	0.99%	0.97%	1.00%	N/A
Institutional Class	0.50%	0.52%	0.68%	0.75%	0.75%	0.75%

^h Since commencement of operations: May 1, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

56| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2019

MUNICIPAL INCOME FUND

OBJECTIVE: Seeks to provide current income with an emphasis on income exempt from federal income tax, while also considering capital appreciation.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
A-Class	April 28, 2004
C-Class	January 13, 2012
P-Class	May 1, 2015
Institutional Class	January 13, 2012

Ten Largest Holdings (% of Total Net Assets)
Stockton Public Financing Authority Revenue Bonds, 6.25%	3.2%
Tustin Unified School District General Obligation Unlimited, 6.00%	3.0%
Detroit Wayne County Stadium Authority Revenue Bonds, 5.00%	2.9%
Hudson County Improvement Authority Revenue Bonds, 6.00%	2.8%
Los Angeles Department of Water & Power Power System Revenue Bonds, 1.30%	2.7%
College of the Sequoias Tulare Area Improvement District No. 3 General Obligation Unlimited	1.9%
Massachusetts Development Finance Agency Revenue Bonds, 6.88%	1.8%
Newport Mesa Unified School District General Obligation Unlimited	1.7%
North Texas Tollway Authority Revenue Bonds	1.6%
Pennsylvania Economic Development Financing Authority Revenue Bonds, 5.00%	1.5%
Top Ten Total	23.1%
“Ten Largest Holdings” excludes any temporary cash investments.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 57

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2019

Average Annual Returns^*

Periods Ended March 31, 2019

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares~	4.26%	4.76%	3.82%	8.96%
A-Class Shares with sales charge‡	0.08%	0.59%	2.81%	8.43%
Bloomberg Barclays Municipal Bond Index	4.63%	5.38%	3.73%	4.72%

	6 Month†	1 Year	5 Year	Since Inception (01/13/12)
C-Class Shares	3.87%	3.99%	3.05%	2.81%
C-Class Shares with CDSC§	2.87%	2.99%	3.05%	2.81%
Institutional Class Shares	4.38%	5.02%	4.08%	3.83%
Bloomberg Barclays Municipal Bond Index	4.63%	5.38%	3.73%	3.38%

	6 Month†	1 Year	Since Inception (05/01/15)
P-Class Shares	4.25%	4.75%	2.66%
Bloomberg Barclays Municipal Bond Index	4.63%	5.38%	3.26%

Portfolio Composition by Quality Rating1
Rating	% of Total Investments
Fixed Income Instruments
AAA	10.2%
AA	50.7%
A	18.1%
BBB	10.9%
BB	2.6%
NR2	4.7%
Other Instruments	2.8%
Total Investments	100.0%

*	The performance data above represents past performance that is not predictive of future results. 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 effect of taxes. The Bloomberg Barclays Municipal Bond Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Effective October 1, 2015, the maximum sales charge decreased from 4.75% to 4.00%. A 4.75% maximum sales charge is used in the calculation of the Average Annual Returns based on subscriptions made prior to October 1, 2015, and a 4.00% maximum sales charge is used to calculate performance for periods based on subscriptions made on or after October 1, 2015.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.
~	Effective January 13, 2012, the Fund acquired all of the assets and liabilities of the TS&W/Claymore Tax-Advantage Balanced Fund (“TYW”), a registered closed-end management investment company. The A-Class performance prior to that date reflects performance of TYW.
1	Source: BlackRock Solutions. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). All securities except for those labeled “NR” have been rated by Moody’s, Standard & Poor’s (“S&P”), or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (“NRSRO”). For purposes of this presentation, when ratings are available from more than one agency, the highest rating is used. Guggenheim Investments converts ratings to the equivalent S&P rating. Security ratings are determined at the time of purchase and may change thereafter.
2	NR securities do not necessarily indicate low credit quality.

58 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2019
MUNICIPAL INCOME FUND

	Shares		Value
CLOSED-END FUNDS† - 0.4%
BlackRock MuniYield California Quality Fund, Inc.		10,000	$	134,700
Total Closed-End Funds
(Cost $127,689)				134,700
MONEY MARKET FUND† - 2.5%
Dreyfus AMT-Free Tax Exempt Cash Management —Institutional Shares 1.37%1		930,354		930,354
Total Money Market Fund
(Cost $930,354)				930,354
	Face Amount
MUNICIPAL BONDS†† - 97.5%
California - 24.1%
Stockton Public Financing Authority Revenue Bonds
6.25% due 10/01/38	$	1,000,000		1,181,870
6.25% due 10/01/40		250,000		294,893
5.00% due 10/01/33		200,000		239,366
Los Angeles Department of Water & Power Power System Revenue Bonds
1.30% (VRDN) due 07/01/352		1,000,000		1,000,000
5.00% due 07/01/43		500,000		546,550
Tustin Unified School District General Obligation Unlimited
6.00% due 08/01/21		1,000,000		1,107,040
College of the Sequoias Tulare Area Improvement District No. 3 General Obligation Unlimited
due 08/01/423,6		1,000,000		727,540
Newport Mesa Unified School District General Obligation Unlimited
due 08/01/394		1,300,000		619,164
Kings Canyon Unified School District General Obligation Unlimited
5.00% due 08/01/28		445,000		527,619
San Diego Unified School District General Obligation Unlimited
due 07/01/394		1,000,000		454,660
Riverside County Public Financing Authority Tax Allocation
5.00% due 10/01/28		300,000		367,350
Sacramento Municipal Utility District Revenue Bonds
5.00% due 08/15/37		300,000		338,958
Oakland Unified School District/Alameda County General Obligation Unlimited
5.00% due 08/01/22		265,000		283,203
Riverside County Redevelopment Successor Agency Tax Allocation
due 10/01/373,6		250,000		254,517
M-S-R Energy Authority Revenue Bonds
6.13% due 11/01/29		200,000		250,404
Alameda Corridor Transportation Authority Revenue Bonds
5.00% due 10/01/35		200,000		231,276
Stanton Redevelopment Agency Tax Allocation
5.00% due 12/01/40		180,000		206,015
Department of Veterans Affairs Veteran’s Farm & Home Purchase Program Revenue Bonds
3.45% due 12/01/39		200,000		202,112
Culver Redevelopment Agency Successor Agency Tax Allocation
due 11/01/234		195,000		177,707
Total California				9,010,244
Texas - 9.2%
North Texas Tollway Authority Revenue Bonds
due 01/01/364		1,000,000		589,050
Birdville Independent School District General Obligation Unlimited
5.00% due 02/15/27		305,000		357,393
State of Texas General Obligation Unlimited
5.00% due 10/01/29		250,000		295,930
Bexar County Hospital District General Obligation Limited
5.00% due 02/15/32		200,000		242,454
Central Texas Regional Mobility Authority Revenue Bonds
5.00% due 01/01/27		200,000		234,166
Texas Water Development Board Revenue Bonds
5.00% due 10/15/46		200,000		232,194
Dallas Area Rapid Transit Revenue Bonds
5.00% due 12/01/41		200,000		228,282
Central Texas Turnpike System Revenue Bonds
5.00% due 08/15/34		200,000		221,126
Arlington Higher Education Finance Corp. Revenue Bonds
5.00% due 12/01/46		200,000		215,542
Harris County-Houston Sports Authority Revenue Bonds
due 11/15/534		1,000,000		215,440
Texas Municipal Gas Acquisition & Supply Corporation I Revenue Bonds
6.25% due 12/15/26		185,000		214,859
Texas Tech University Revenue Bonds
5.00% due 08/15/32		200,000		213,622
Spring Independent School District General Obligation Unlimited
4.00% due 08/15/37		150,000		164,919
Total Texas				3,424,977
Michigan - 6.3%
Detroit Wayne County Stadium Authority Revenue Bonds
5.00% due 10/01/26		1,000,000		1,089,550

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 59

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MUNICIPAL INCOME FUND

	Face Amount		Value
Detroit City School District General Obligation Unlimited
5.00% due 05/01/32	$	500,000	$	540,905
5.00% due 05/01/30		300,000		325,182
City of Detroit Michigan Water Supply System Revenue Bonds
5.00% due 07/01/41		200,000		209,426
Michigan State Housing Development Authority Revenue Bonds
3.35% due 12/01/34		200,000		203,540
Total Michigan				2,368,603
New Jersey - 6.0%
Hudson County Improvement Authority Revenue Bonds
6.00% due 01/01/40		1,000,000		1,031,460
New Jersey Health Care Facilities Financing Authority Revenue Bonds
5.00% due 07/01/41		300,000		326,991
5.00% due 07/01/36		200,000		220,924
New Jersey Turnpike Authority Revenue Bonds
5.00% due 01/01/31		300,000		363,126
New Jersey Economic Development Authority Revenue Bonds
5.00% due 06/01/28		250,000		296,240
Total New Jersey				2,238,741
Washington - 5.0%
Greater Wenatchee Regional Events Center Public Facilities Dist Revenue Bonds
5.00% due 09/01/27		500,000		512,420
5.25% due 09/01/32		500,000		510,615
King County School District No. 409 Tahoma General Obligation Unlimited
5.00% due 12/01/27		325,000		388,235
Central Puget Sound Regional Transit Authority Revenue Bonds
5.00% due 11/01/41		200,000		231,978
State of Washington General Obligation Unlimited
5.00% due 06/01/41		195,000		207,045
Total Washington				1,850,293
New York - 4.9%
New York State Dormitory Authority Revenue Bonds
5.00% due 10/01/41		350,000		371,724
5.00% due 08/01/26		250,000		296,060
5.00% due 12/01/275		200,000		235,588
New York Transportation Development Corp. Revenue Bonds
5.00% due 07/01/34		200,000		220,116
5.00% due 08/01/26		200,000		209,860
New York State Urban Development Corp. Revenue Bonds
5.00% due 03/15/35		250,000		282,953
Westchester County Healthcare Corp. Revenue Bonds
5.00% due 11/01/44		193,000		209,262
Total New York				1,825,563
Massachusetts - 4.9%
Massachusetts Development Finance Agency Revenue Bonds
6.88% due 01/01/21		1,000,000		1,089,950
5.00% due 07/01/29		200,000		232,684
Commonwealth of Massachusetts General Obligation Limited
1.47% (VRDN) due 03/01/262		500,000		500,000
Total Massachusetts				1,822,634
Illinois - 4.8%
Will County Township High School District No. 204 Joliet General Obligation Ltd.
6.25% due 01/01/31		500,000		536,050
City of Chicago Illinois Wastewater Transmission Revenue Bonds
5.25% due 01/01/42		400,000		458,480
Chicago O’Hare International Airport Revenue Bonds
5.00% due 01/01/34		300,000		339,285
Metropolitan Water Reclamation District of Greater Chicago General Obligation Unlimited
5.00% due 12/01/25		200,000		236,284
University of Illinois Revenue Bonds
6.00% due 10/01/29		200,000		228,920
Total Illinois				1,799,019
Colorado - 3.7%
University of Colorado Revenue Bonds
5.00% due 06/01/22		285,000		315,306
5.00% due 06/01/41		200,000		231,514
Auraria Higher Education Center Revenue Bonds
5.00% due 04/01/28		390,000		452,743
City & County of Denver Colorado Airport System Revenue Bonds
5.00% due 12/01/28		200,000		246,438
City & County of Denver Colorado Revenue Bonds
due 08/01/304		200,000		136,698
Total Colorado				1,382,699
Pennsylvania - 3.4%
Pennsylvania Economic Development Financing Authority Revenue Bonds
5.00% due 02/01/27		500,000		575,660
Reading School District General Obligation Unlimited
5.00% due 02/01/27		300,000		347,124

60| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MUNICIPAL INCOME FUND

	Face Amount		Value
Pittsburgh Water & Sewer Authority Revenue Bonds
5.25% due 09/01/36	$	300,000	$	338,691
Total Pennsylvania				1,261,475
Louisiana - 2.8%
Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds
5.00% due 10/01/37		500,000		569,025
5.00% due 10/01/26		150,000		179,463
City of Shreveport Louisiana Water & Sewer Revenue Bonds
5.00% due 12/01/35		250,000		291,387
Total Louisiana				1,039,875
West Virginia - 2.4%
West Virginia Higher Education Policy Commission Revenue Bonds
5.00% due 04/01/29		500,000		543,065
West Virginia Hospital Finance Authority Revenue Bonds
5.00% due 06/01/42		300,000		335,514
Total West Virginia				878,579
District of Columbia - 2.3%
District of Columbia General Obligation Unlimited
5.00% due 06/01/41		285,000		329,101
5.00% due 06/01/32		275,000		311,949
5.00% due 06/01/31		175,000		210,091
Total District of Columbia				851,141
Mississippi - 2.1%
Mississippi Development Bank Revenue Bonds
6.50% due 10/01/31		500,000		526,925
6.25% due 10/01/26		230,000		242,579
Total Mississippi				769,504
Florida - 1.8%
Miami Beach Redevelopment Agency Tax Allocation
5.00% due 02/01/40		300,000		337,542
City of Jacksonville Florida Revenue Bonds
5.00% due 10/01/29		300,000		329,163
Total Florida				666,705
Oklahoma - 1.7%
Oklahoma Development Finance Authority Revenue Bonds
5.00% due 08/15/28		350,000		414,631
Oklahoma City Airport Trust Revenue Bonds
5.00% due 07/01/30		200,000		239,540
Total Oklahoma				654,171
South Carolina - 1.6%
Anderson County School District No. 5 General Obligation Unlimited
5.00% due 03/01/27		300,000		361,347
Charleston County Airport District Revenue Bonds
5.00% due 07/01/43		200,000		237,534
Total South Carolina				598,881
Puerto Rico - 1.4%
Puerto Rico Highway & Transportation Authority Revenue Bonds
5.25% due 07/01/41		250,000		273,745
Puerto Rico Public Buildings Authority Revenue Bonds
6.00% due 07/01/23		250,000		271,340
Total Puerto Rico				545,085
Ohio - 1.2%
County of Miami Ohio Revenue Bonds
5.00% due 08/01/33		200,000		235,816
American Municipal Power, Inc. Revenue Bonds
5.00% due 02/15/41		200,000		224,402
Total Ohio				460,218
Kentucky - 1.1%
Kentucky Economic Development Finance Authority Revenue Bonds
5.00% due 07/01/37		200,000		218,636
City of Ashland Kentucky Revenue Bonds
5.00% due 02/01/22		200,000		204,544
Total Kentucky				423,180
Arkansas - 1.0%
County of Baxter Arkansas Revenue Bonds
5.00% due 09/01/26		330,000		368,600
North Carolina - 1.0%
North Carolina Turnpike Authority Revenue Bonds
5.00% due 01/01/27		300,000		359,388
Virginia - 0.8%
Virginia College Building Authority Revenue Bonds
5.00% due 02/01/25		250,000		296,520
Nevada - 0.7%
Las Vegas Valley Water District General Obligation Ltd.
5.00% due 06/01/27		230,000		271,846
Arizona - 0.7%
Salt Verde Financial Corp. Revenue Bonds
5.00% due 12/01/32		200,000		246,504

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 61

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MUNICIPAL INCOME FUND

	Face Amount		Value
Delaware - 0.6%
Delaware State Health Facilities Authority Revenue Bonds
5.00% due 06/01/28	$	200,000	$	237,248
Georgia - 0.6%
Savannah Economic Development Authority Revenue Bonds
5.00% due 12/01/28		200,000		235,602
Vermont - 0.6%
Vermont Educational & Health Buildings Financing Agency Revenue Bonds
5.00% due 12/01/46		200,000		227,222
Nebraska - 0.5%
Nebraska Investment Finance Authority Revenue Bonds
3.40% due 09/01/39		200,000		200,364
Kansas - 0.3%
University of Kansas Hospital Authority Revenue Bonds
5.00% due 09/01/48		100,000		115,938
Total Municipal Bonds
(Cost $34,935,282)				36,430,819
Total Investments - 100.4%
(Cost $35,993,325)			$	37,495,873
Other Assets & Liabilities, net - (0.4)%				(152,506	)
Total Net Assets - 100.0%			$	37,343,367

†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Rate indicated is the 7-day yield as of March 31, 2019.
2	The rate is adjusted periodically by the counterparty, allows the holder to tender the security upon a rate reset, and is not based upon a set reference rate and spread. Rate indicated is the rate effective at March 31, 2019.
3	Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at March 31, 2019. See table below for additional step information for each security.
4	Zero coupon rate security.
5	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $235,588 (cost $215,981), or 0.6% of total net assets.
6	Security has no current coupon. However, a coupon rate will come into effect at a future rate reset date.
	VRDN — Variable Rate Demand Note
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2019 (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
Closed-End Funds	$	134,700	$	—	$	—	$	134,700
Money Market Fund		930,354		—		—		930,354
Municipal Bonds		—		36,430,819		—		36,430,819
Total Assets	$	1,065,054	$	36,430,819	$	—	$	37,495,873

62| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2019
MUNICIPAL INCOME FUND

Step Coupon Bonds

The following table discloses additional information related to step coupon bonds held by the Fund. Certain securities are subject to multiple rate changes prior to maturity. For those securities a range of rates and corresponding dates have been provided. Rates for all step coupon bonds held by the Fund are scheduled to increase, none are scheduled to decrease.

Name	Coupon Rate at Next Reset Date				Next Rate Reset Date	Future Reset Rate(s)				Future Reset Date(s)
College of the Sequoias Tulare Area Improvement District No. 3 General Obligation Unlimited, due 08/01/42		6.85	%	08/01/32			6.85	%	08/01/32
Riverside County Redevelopment Successor Agency Tax Allocation, due 10/01/37		5.00	%	10/01/21			5.00	%	10/01/21

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 63

MUNICIPAL INCOME FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2019

Assets:
Investments, at value (cost $35,993,325)	$	37,495,873
Prepaid expenses		50,711
Receivables:
Interest		435,859
Fund shares sold		80,825
Dividends		520
Total assets		38,063,788
Liabilities:
Payable for:
Securities purchased		600,000
Fund shares redeemed		45,746
Distributions to shareholders		21,324
Transfer agent/maintenance fees		8,748
Distribution and service fees		6,936
Fund accounting/administration fees		2,576
Trustees’ fees*		673
Management fees		283
Miscellaneous		34,135
Total liabilities		720,421
Net assets	$	37,343,367
Net assets consist of:
Paid in capital	$	36,096,665
Total distributable earnings (loss)		1,246,702
Net assets	$	37,343,367
A-Class:
Net assets	$	24,133,589
Capital shares outstanding		1,886,787
Net asset value per share	$	12.79
Maximum offering price per share (Net asset value divided by 96.00%)	$	13.32
C-Class:
Net assets	$	2,132,364
Capital shares outstanding		166,828
Net asset value per share	$	12.78
P-Class:
Net assets	$	100,751
Capital shares outstanding		7,877
Net asset value per share	$	12.79
Institutional Class:
Net assets	$	10,976,663
Capital shares outstanding		858,073
Net asset value per share	$	12.79

STATEMENT OF OPERATIONS (Unaudited)

Period Ended March 31, 2019

Investment Income:
Dividends	$	3,536
Interest		592,880
Total investment income		596,416
Expenses:
Management fees		89,276
Distribution and service fees:
A-Class		29,662
C-Class		10,668
P-Class		76
Transfer agent/maintenance fees:
A-Class		14,213
C-Class		1,812
P-Class		181
Institutional Class		6,592
Registration fees		23,365
Fund accounting/administration fees		14,284
Professional fees		13,624
Trustees’ fees*		8,854
Custodian fees		1,948
Line of credit fees		872
Miscellaneous		19,699
Recoupment of previously waived fees:
A-Class		19
Total expenses		235,145
Less:
Expenses waived by Adviser		(67,020	)
Expenses reimbursed by Adviser:
A-Class		(19,540	)
C-Class		(2,319	)
P-Class		(192	)
Institutional Class		(6,592	)
Total waived/reimbursed expenses		(95,663	)
Net expenses		139,482
Net investment income		456,934
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(66,859	)
Net realized loss		(66,859	)
Net change in unrealized appreciation (depreciation) on:
Investments		1,105,132
Net change in unrealized appreciation (depreciation)		1,105,132
Net realized and unrealized gain		1,038,273
Net increase in net assets resulting from operations	$	1,495,207

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

64| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

MUNICIPAL INCOME FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	456,934		$	1,068,778
Net realized gain (loss) on investments		(66,859	)		134,287
Net change in unrealized appreciation (depreciation) on investments		1,105,132			(999,817	)
Net increase in net assets resulting from operations		1,495,207			203,248
Distributions to shareholders:
A-Class		(370,924	)		(687,912	)
C-Class		(25,055	)		(49,583	)
P-Class		(978	)		(1,608	)
Institutional Class		(162,785	)		(329,776	)
Total distributions to shareholders		(559,742	)		(1,068,879	)
Capital share transactions:
Proceeds from sale of shares
A-Class		2,374,008			1,774,909
C-Class		179,963			208,755
P-Class		61,318			9,947
Institutional Class		2,447,968			3,898,644
Distributions reinvested
A-Class		233,619			437,195
C-Class		19,099			34,842
P-Class		978			1,602
Institutional Class		153,726			269,005
Cost of shares redeemed
A-Class		(4,657,098	)		(9,596,304	)
C-Class		(522,637	)		(1,549,487	)
P-Class		(624	)		(83,607	)
Institutional Class		(960,295	)		(10,769,834	)
Net decrease from capital share transactions		(669,975	)		(15,364,333	)
Net increase (decrease) in net assets		265,490			(16,229,964	)
Net assets:
Beginning of period		37,077,877			53,307,841
End of period	$	37,343,367		$	37,077,877
Capital share activity:
Shares sold
A-Class		188,374			140,305
C-Class		14,400			16,475
P-Class		4,871			788
Institutional Class		194,959			308,805
Shares issued from reinvestment of distributions
A-Class		18,610			34,710
C-Class		1,523			2,768
P-Class		78			127
Institutional Class		12,235			21,353
Shares redeemed
A-Class		(372,163	)		(761,249	)
C-Class		(42,106	)		(123,092	)
P-Class		(49	)		(6,672	)
Institutional Class		(76,653	)		(855,029	)
Net decrease in shares		(55,921	)		(1,220,711	)

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 65

MUNICIPAL INCOME 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.

A-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Per Share Data
Net asset value, beginning of period	$	12.46		$	12.70		$	12.86		$	12.52		$	12.51		$	11.59
Income (loss) from investment operations:
Net investment income (loss)b		.16			.30			.27			.26			.29			.36
Net gain (loss) on investments (realized and unrealized)		.37			(.24	)		(.15	)		.34			.01			.92
Total from investment operations		.53			.06			.12			.60			.30			1.28
Less distributions from:
Net investment income		(.16	)		(.30	)		(.28	)		(.26	)		(.29	)		(.36	)
Net realized gains		(.04	)		—			—			—			—			—
Total distributions		(.20	)		(.30	)		(.28	)		(.26	)		(.29	)		(.36	)
Net asset value, end of period	$	12.79		$	12.46		$	12.70		$	12.86		$	12.52		$	12.51
Total Returnc		4.26	%		0.44	%		0.94	%		4.85	%		2.39	%		11.20	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	24,134		$	25,570		$	33,515		$	41,283		$	49,086		$	44,090
Ratios to average net assets:
Net investment income (loss)		2.54	%		2.35	%		2.19	%		2.06	%		2.28	%		3.00	%
Total expensesd		1.33	%		1.30	%		1.20	%		1.18	%		1.17	%		1.29	%
Net expensese,f,h		0.81	%		0.80	%		0.82	%		0.81	%		0.81	%		0.83	%
Portfolio turnover rate		16	%		13	%		31	%		61	%		80	%		173	%

C-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Per Share Data
Net asset value, beginning of period	$	12.45		$	12.69		$	12.86		$	12.52		$	12.50		$	11.59
Income (loss) from investment operations:
Net investment income (loss)b		.11			.20			.18			.16			.19			.27
Net gain (loss) on investments (realized and unrealized)		.37			(.24	)		(.17	)		.35			.02			.91
Total from investment operations		.48			(.04	)		.01			.51			.21			1.18
Less distributions from:
Net investment income		(.11	)		(.20	)		(.18	)		(.17	)		(.19	)		(.27	)
Net realized gains		(.04	)		—			—			—			—			—
Total distributions		(.15	)		(.20	)		(.18	)		(.17	)		(.19	)		(.27	)
Net asset value, end of period	$	12.78		$	12.45		$	12.69		$	12.86		$	12.52		$	12.50
Total Returnc		3.87	%		(0.30	%)		0.12	%		4.06	%		1.71	%		10.28	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,132		$	2,403		$	3,768		$	5,008		$	2,472		$	1,082
Ratios to average net assets:
Net investment income (loss)		1.79	%		1.60	%		1.44	%		1.26	%		1.54	%		2.24	%
Total expensesd		2.14	%		2.11	%		1.92	%		1.89	%		1.87	%		2.08	%
Net expensese,f,h		1.56	%		1.55	%		1.57	%		1.56	%		1.56	%		1.58	%
Portfolio turnover rate		16	%		13	%		31	%		61	%		80	%		173	%

66| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

MUNICIPAL INCOME 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.

P-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Period Ended September 30, 2015g
Per Share Data
Net asset value, beginning of period	$	12.46		$	12.70		$	12.86		$	12.52		$	12.64
Income (loss) from investment operations:
Net investment income (loss)b		.16			.29			.25			.26			.13
Net gain (loss) on investments (realized and unrealized)		.36			(.23	)		(.14	)		.34			(.12	)
Total from investment operations		.52			.06			.11			.60			.01
Less distributions from:
Net investment income		(.15	)		(.30	)		(.27	)		(.26	)		(.13	)
Net realized gains		(.04	)		—			—			—			—
Total distributions		(.19	)		(.30	)		(.27	)		(.26	)		(.13	)
Net asset value, end of period	$	12.79		$	12.46		$	12.70		$	12.86		$	12.52
Total Return		4.25	%		0.44	%		0.89	%		4.86	%		0.06	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	101		$	37		$	111		$	84		$	10
Ratios to average net assets:
Net investment income (loss)		2.53	%		2.32	%		2.01	%		2.00	%		2.46	%
Total expensesd		1.79	%		1.72	%		1.27	%		1.21	%		3.17	%
Net expensese,f,h		0.80	%		0.80	%		0.82	%		0.79	%		0.81	%
Portfolio turnover rate		16	%		13	%		31	%		61	%		80	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 67

MUNICIPAL INCOME 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	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2014
Per Share Data
Net asset value, beginning of period	$	12.46		$	12.71		$	12.87		$	12.53		$	12.51		$	11.60
Income (loss) from investment operations:
Net investment income (loss)b		.17			.33			.30			.29			.32			.39
Net gain (loss) on investments (realized and unrealized)		.37			(.25	)		(.15	)		.34			.02			.91
Total from investment operations		.54			.08			.15			.63			.34			1.30
Less distributions from:
Net investment income		(.17	)		(.33	)		(.31	)		(.29	)		(.32	)		(.39	)
Net realized gains		(.04	)		—			—			—			—			—
Total distributions		(.21	)		(.33	)		(.31	)		(.29	)		(.32	)		(.39	)
Net asset value, end of period	$	12.79		$	12.46		$	12.71		$	12.87		$	12.53		$	12.51
Total Return		4.38	%		0.61	%		1.19	%		5.11	%		2.73	%		11.38	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	10,977		$	9,067		$	15,914		$	24,126		$	8,564		$	6,451
Ratios to average net assets:
Net investment income (loss)		2.78	%		2.59	%		2.43	%		2.24	%		2.53	%		3.23	%
Total expensesd		1.09	%		1.09	%		0.88	%		0.84	%		0.89	%		0.97	%
Net expensese,f,h		0.55	%		0.55	%		0.57	%		0.56	%		0.56	%		0.58	%
Portfolio turnover rate		16	%		13	%		31	%		61	%		80	%		173	%

a	Unaudited figures for the period ended March 31, 2019. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
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:

	03/31/19	09/30/18	09/30/17
A-Class	0.00%*	—	—
C-Class	—	—	—
P-Class	—	—	0.04%
Institutional Class	—	—	—

^* Less than 0.01%.

g	Since commencement of operations: May 1, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
h	Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the periods would be:

	03/31/19	09/30/18	09/30/17	09/30/16	09/30/15	09/30/14
A-Class	0.80%	0.80%	0.80%	0.80%	0.80%	0.80%
C-Class	1.55%	1.55%	1.55%	1.55%	1.55%	1.54%
P-Class	0.80%	0.80%	0.80%	0.78%	0.81%	N/A
Institutional Class	0.55%	0.55%	0.55%	0.55%	0.55%	0.55%

68| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

Guggenheim Funds Trust (the “Trust”), a Delaware statutory trust, is registered with 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. The Trust is authorized to issue an unlimited number of shares. The Trust accounts for the assets of each fund separately.

The Trust offers a combination of five separate classes of shares, A-Class shares, C-Class shares, P-Class shares, R6-Class 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 A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased. A-Class share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% contingent deferred sales charge (“CDSC”), if shares are redeemed within 12 months of purchase. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. 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. The High Yield Fund offers R6-Class shares. R6-Class shares are offered primarily through qualified retirement and benefit plans. R6-Class shares are also offered through certain other plans and platforms sponsored by financial intermediaries. Certain institutional investors and others deemed appropriate by Guggenheim Investments (“GI”) may also be eligible to purchase R6-Class shares, subject to $2 million minimum investment. At March 31, 2019, the Trust consisted of twenty funds.

C-Class shares of each Fund automatically convert to A-Class shares of the same Fund on or about the 10th day of the month following the 10-year anniversary of the purchase of the C-Class 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 A-Class shares.

As of January 1, 2012, A-Class, C-Class and Institutional Class shares of High Yield Fund are subject to a 2% redemption fee when shares are redeemed or exchanged within 90 days of purchase.

This report covers the Diversified Income Fund, High Yield Fund, Investment Grade Bond Fund and Municipal Income Fund (the “Funds”), each a diversified investment company. At March 31, 2019, A-Class, C-Class, P-Class and Institutional Class shares had been issued by the Funds. Additionally, R6-Class shares have been issued by the High Yield Fund only.

Security Investors, LLC and Guggenheim Partners Investment Management, LLC (“GPIM”), which operate under the name Guggenheim Investments, provide advisory services. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI and GFD are affiliated entities.

GPIM, an affiliate of GI, serves as investment sub-advisor (the “Sub-Advisor”) to the Municipal Income Fund and is responsible for the day-to-day management of the Fund’s portfolio.

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 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 Class by the number of outstanding shares of the Class.

(a) Valuation of Investments

The Board of Trustees of the Funds (the “Board”) has adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Funds’ securities and/or other assets.

Valuations of the Funds’ securities are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Funds’ officers, through the Valuation Committee and consistent with the

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 69

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used and valuations provided by the pricing services.

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

Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sale price as of the close of business on the NYSE, usually at 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on a given day, the security is valued at the closing bid price on that day.

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

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 valued at the last quoted sale price.

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

Debt securities with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from independent pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Short-term debt securities with a maturity of 60 days or less at acquisition are valued at amortized cost, provided such amount approximates market value. Money market funds are valued at their NAV.

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

Typically, loans are valued using information provided by an independent third party pricing service which uses broker quotes. If the pricing service cannot or does not provide a valuation for a particular loan or such valuation is deemed unrealiable, such loan is fair valued by the Valuation Committee.

Listed options are valued at the official settlement price listed by the exchange, usually as of 4:00 p.m. Long options are valued using the bid price and short options are valued using the ask price. In the event that a settlement price is not availaible, fair valuation is enacted. Over-the counter (“OTC”) options are valued using the average bid price (for long options) or average ask price (for short options) obtained from one or more security dealers.

The value of interest rate swap agreements entered into by a fund is accounted for using the unrealized appreciation or depreciation on the agreements that is determined using the spread priced off the previous day’s Chicago Mercantile Exchange price.

The values of OTC swap agreements and credit default swap agreements entered into by a fund are accounted for using the unrealized appreciation or depreciation on the agreements that are determined by marking the agreements to the last quoted value of the index that the swaps pertain to at the close of the NYSE.

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

Investments for which market quotations are not readily available are fair-valued as determined in good faith by GI, subject to review and approval by the Valuation Committee, pursuant to methods established or ratified by the Board. 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 prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis.

70 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

In connection with futures contracts and other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

(b) U.S. Government and Agency Obligations

Inflation-Indexed bonds are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these securities is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond however, interest will be paid based on a principal value which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond is recognized as a component of Interest Income on the Statements of Operations, even though principal is not received until maturity.

(c) Senior Loans

Senior loans in which the Funds invest generally pay interest rates which are periodically adjusted by reference to a base short-term floating rate, plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the one-month or three-month London Inter-Bank Offered Rate (“LIBOR”), (ii) the prime rate offered by one or more major United States banks, or (iii) the bank’s certificate of deposit rate. Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities disclosed in the Funds’ Schedules of Investments. The interest rate indicated is the rate in effect at March 31, 2019.

(d) Interests in When-Issued Securities

The Funds may purchase and sell interests in securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Funds actually take delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Funds will generally purchase these securities with the intention of acquiring such securities, they may sell such securities before the settlement date.

(e) Options

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

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

(f) Swap Agreements

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

Credit default swap agreements are marked-to-market dialy and the change, if any, is recorded as unrealized appreciation or depreciation. Upfront payments received or made by a Fund on credit default or interest rate swap agreements are amortized over the expected life of the agreement. Periodic payments received or paid by a Fund are recorded as realized gains or losses. Payments received or made as a result of a credit event or termination of the contract are recognized, net of a proportional amount of the upfront payment, as realized gains or losses.

(g) Currency Translations

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 71

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

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

(h) Forward Foreign Currency Exchange Contracts

The change in the value of the contract is recorded as unrealized appreciation or depreciation until the contract is closed. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

(i) 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 Statement 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 March 31, 2019, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

(j) 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. 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. Interest income also includes paydown gains and losses on mortgage-backed and asset-backed securities and senior and subordinated loans. Amendment fees are earned as compensation for evaluating and accepting changes to the original loan agreement and are recognized when received. 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.

Income from residual collateralized loan obligations is recognized using the effective interest method. At the time of purchase, management estimates the future expected cash flows and determines the effective yield and estimated maturity date based on the estimated cash flows. Subsequent to the purchase, the estimated cash flows are updated periodically and a revised yield is calculated prospectively. Cash flows received in excess of the effective yield are reflected as a return of capital.

(k) Distributions

The Funds declare dividends from investment income daily, except for Diversifed Income Fund, which declares monthly. Each Fund pays its shareholders from its net investment income monthly and distributes any net capital gains that it has realized, at least annually. Distributions to shareholders are recorded on the ex-dividend date. Dividends are reinvested in additional shares unless shareholders request payment in cash. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes.

(l) Class Allocations

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

(m) Earnings Credits

Under the fee arrangement with the custodian, the Funds may earn credits based on overnight custody cash balances. These credits are utilized to reduce related custodial expenses. The custodian fees disclosed in the Statement of Operations are before the reduction in expense from the related earnings credits, if any. For the period ended March 31, 2019, there were no earnings credits received.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

(n) 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 2.43% at March 31, 2019.

(o) 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 - Derivatives

As part of their investment strategy, the Funds utilize a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized in the Statements of Assets and Liabilities. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Financial Statements.

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

The Funds may utilize derivatives for the following purposes:

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

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

Options Purchased and Written

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

The following table represents the Funds’ use and volume of call/put options purchased on a quarterly basis:

Fund	Use	Average Notional Purchased
Investment Grade Bond Fund	Duration, Hedge	$	—	*

^* Options purchased were outstanding 114 days during the period ended March 31, 2019. The daily average outstanding notional amount of equity options purchased during the period was $18,454.

Futures

A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a Fund’s use of futures contracts, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to the Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Cash deposits are shown as segregated cash with broker on the Statement of Assets and Liabilities; securities held as collateral are noted on the Schedule of Investments.

The following table represents the Fund’s use and volume of futures on a quarterly basis:

		Average Notional Amount
Fund	Use	Long		Short
Investment Grade Bond Fund	Duration, Hedge	$	—	$	—	*

^* Futures contracts were outstanding for 51 days during the period ended March 31, 2019. The daily average outstanding notional amount of interest rate futures contracts during the period was $3,282,759.

Swaps

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. A Fund utilizing OTC swaps bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. Upon entering into certain centrally-cleared swap transactions, the Fund is required to deposit with its clearing broker an amount of cash or securities as an initial margin. Subsequent variation margin payments or receipts are made or received by the Fund, depending on fluctuations in the fair value of the reference entity. For a fund utilizing centrally cleared swaps, the exchange bears the risk of loss. There is no guarantee that a fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

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

The following table represents the Funds’ use and volume of interest rate swaps on a quarterly basis:

		Average Notional Amount
Fund	Use	Pay Floating Rate		Receive Floating Rate
Investment Grade Bond Fund	Duration, Hedge	$	—	$	63,176,500

Credit default swaps are instruments which allow for the full or partial transfer of third party credit risk, with respect to a particular entity or entities, from one counterparty to the other. A fund enters into credit default swaps as a “seller” or “buyer” of protection primarily to gain or reduce exposure to the high yield bond market. A seller of credit default swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. The buyer in a credit default swap is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If a credit event occurs, as defined under the terms of the swap agreement, the seller will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the reference obligation or underlying securities comprising the reference index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference obligation or underlying securities comprising the reference index. The Notional Principal reflects the maximum potential amount the seller of credit protection could be required to pay to the buyer if a credit event occurs. The seller of protection receives periodic premium payments from the buyer and may also receive or pay an upfront premium adjustment to the stated periodic payments. In the event a credit default occurs, an adjustment will be made to any upfront premiums that were received by a reduction of 1.00% per event. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the fund selling the credit protection. For a fund utilizing centrally cleared credit default swaps, the exchange

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bears the risk of loss. For OTC credit default swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty, or in the case of a credit default swap in which a fund is selling credit protection, the default of a third party issuer.

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

The following table represents the Funds’ use and volume of credit default swaps on a quarterly basis:

		Average Notional Amount
Fund	Use	Protection Purchased		Protection Sold
Investment Grade Bond Fund	Duration, Hedge	$	—	$	131,495,000

Forward Foreign Currency Exchange Contracts

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

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

The following table represents the Funds’ use, and volume of forward foreign currency exchange contracts on a quarterly basis:

		Average Value
Fund	Use	Purchased		Sold
High Yield Fund	Hedge	$	1,500,377	$	7,093,960
Investment Grade Bond Fund	Duration, Hedge		39,810,826		153,991,080

Derivative Investment Holdings Categorized by Risk Exposure

The following is a summary of the location of derivative investments on the Funds’ Statements of Assets and Liabilities as of March 31, 2019:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Interest Rate Contracts	Variation margin on interest rate swap agreements	Variation margin on interest rate swap agreements
	Unamortized upfront premiums paid on interest rate swap agreements	Unrealized depreciation on OTC credit default swap agreements
Currency contracts	Unrealized appreciation on forward foreign currency exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts
Credit Contracts		Unamortized upfront premiums received on credit default swap agreements
		Variation margin on credit default swap agreements

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The following table sets forth the fair value of the Funds’ derivative investments categorized by primary risk exposure at March 31, 2019:

Asset Derivative Investments Value
Fund	Swaps Interest Rate Risk*		Swaps Credit Risk*		Forward Foreign Currency Exchange Risk		Total Value at March 31, 2019
High Yield Fund	$	—	$	—	$	17,761	$	17,761
Investment Grade Bond Fund		—		—		1,806,200		1,806,200

Liability Derivative Investments Value
Fund	Swaps Interest Rate Risk*		Swaps Credit Risk*		Forward Foreign Currency Exchange Risk		Total Value at March 31, 2019
High Yield Fund	$	—	$	—	$	8,834	$	8,834
Investment Grade Bond Fund		20,859		1,198,508		1,158,308		2,377,675

^* Includes cumulative appreciation (depreciation) of OTC and centrally-cleared swap agreements as reported on the Schedules of Investments. For centrally-cleared swap agreements, variation margin is reported within the Statements of Assets and Liabilities.

The following is a summary of the location of derivative investments on the Funds’ Statements of Operations for the period ended March 31, 2019:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Interest Rate contracts	Net realized gain (loss) on futures contracts
	Net realized gain (loss) on swap agreements
	Net change in unrealized appreciation (depreciation) on swap agreements
	Net realized gain (loss) on options purchased
	Net change in unrealized appreciation (depreciation) on options purchased
Currency contracts	Net realized gain (loss) on futures contracts
	Net realized gain (loss) on forward foreign currency exchange contracts
	Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts
Credit contracts	Net realized gain (loss) on swap agreements
	Net change in unrealized appreciation (depreciation) on swap agreements

The following is a summary of the Funds’ realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Statements of Operations categorized by primary risk exposure for the period ended March 31, 2019:

Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Interest Rate Risk			Swaps Interest Rate Risk			Swaps Credit Risk		Options Purchased Equity Contracts			Forward Foreign Currency Exchange Risk		Total
High Yield Fund	$	—		$	—		$	—	$	—		$	199,404	$	199,404
Investment Grade Bond Fund		(195,560	)		(2,446,941	)		22,547		(723,428	)		483,800		(2,859,582	)

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Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Interest Rate Risk		Swaps Interest Rate Risk			Swaps Credit Risk			Options Purchased Equity Contracts		Forward Foreign Currency Exchange Risk			Total
High Yield Fund	$	—	$	—		$	—		$	—	$	56,777		$	56,777
Investment Grade Bond Fund		—		(1,992,846	)		(1,198,508	)		533,014		(200,737	)		(2,859,077	)

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

Foreign Investments

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

The Fund may invest in securities of foreign companies directly, or in financial instruments, such as ADRs and exchange-traded funds, which are indirectly linked to the performance of foreign issuers. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities of foreign companies directly, or in financial instruments that are indirectly linked to the performance of foreign issuers, may involve risks not typically associated with investing in U.S. issuers. The value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets, and prices in some foreign markets may fluctuate more than those of securities traded on U.S. markets. Many foreign countries lack accounting and disclosure standards comparable to those that apply to U.S. companies, and it may be more difficult to obtain reliable information regarding a foreign issuer’s financial condition and operations. Transaction costs and costs associated with custody services are generally higher for foreign securities than they are for U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries portions of these taxes are recoverable, the non-recovered portion will reduce the income received by the Fund.

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

Note 3 – Offsetting

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

In order to better define their contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with their derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

OTC derivatives, including foreign exchange contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

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

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.

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

								Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Assets1		Gross Amounts Offset In the Statements of Assets and Liabilities		Net Amount of Assets Presented on the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Received			Net Amount
High Yield Fund	Forward foreign currency exchange contracts	$	17,761	$	—	$	17,761	$	(4,031	)	$	—		$	13,730
Investment Grade Bond Fund	Forward foreign currency exchange contracts		1,806,200		—		1,806,200		(1,236,552	)		(152,513	)		417,135

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

								Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Liabilities1		Gross Amounts Offset In the Statements of Assets and Liabilities		Net Amount of Liabilities Presented on the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged		Net Amount
High Yield Fund	Forward foreign currency exchange contracts	$	8,834	$	—	$	8,834	$	(4,031	)	$	—	$	4,803
Investment Grade Bond Fund
	Credit default swap agreements		262,001		—		262,001		(262,001	)		—		—
	Forward foreign currency exchange contracts		1,158,308		—		1,158,308		(974,551	)		—		183,757

¹ Exchange-traded or centrally-cleared derivatives are excluded from these reported amounts.

The Funds have the right to offset deposits against any related derivative liabilities outstanding with each counterparty with the exception of exchange-traded or centrally-cleared derivatives. The following table presents deposits held by others in connection with derivative investments as of March 31, 2019.

Fund	Counterparty/Clearing Agent	Asset Type	Cash Pledged		Cash Received
Investment Grade Bond Fund	Bank of America Merrill Lynch	Credit Default Swap agreements	$	1,421,430	$	—
	Bank of America Merrill Lynch	Interest Rate Swap agreements		1,104,571		260,000
	Goldman Sachs Group	Forward Currency Contracts, Credit Default Swap agreements		—		220,000
				2,526,001		480,000

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 with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. 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 — 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.

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.

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

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

Note 5 – Investment Advisory Agreement and Other Agreements

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

Fund	Management Fees (as a % of Net Assets)
Diversified Income Fund		0.75	%
High Yield Fund		0.60	%
Investment Grade Bond Fund		0.39	%
Municipal Income Fund		0.50	%

GI engages external service providers to perform other necessary services for the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, etc., 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 A-Class, C-Class and P-Class 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 the Fund’s A-Class and P-Class shares, and 1.00% of the average daily net assets of the Fund’s C-Class shares.

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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 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:

	Limit			Effective Date		Contract End Date
Diversified Income Fund - A-Class		1.30	%		01/29/16		02/01/20
Diversified Income Fund - C-Class		2.05	%		01/29/16		02/01/20
Diversified Income Fund - P-Class		1.30	%		01/29/16		02/01/20
Diversified Income Fund - Institutional Class		1.05	%		01/29/16		02/01/20
High Yield Fund - A-Class		1.16	%		11/30/12		02/01/20
High Yield Fund - C-Class		1.91	%		11/30/12		02/01/20
High Yield Fund - P-Class		1.16	%		05/01/15		02/01/20
High Yield Fund - R6-Class		0.91	%		05/15/17		02/01/20
High Yield Fund - Institutional Class		0.91	%		11/30/12		02/01/20
Investment Grade Bond Fund - A-Class		0.79	%		11/30/12		02/01/20
Investment Grade Bond Fund - C-Class		1.54	%		11/30/12		02/01/20
Investment Grade Bond Fund - P-Class		0.79	%		05/01/15		02/01/20
Investment Grade Bond Fund - Institutional Class		0.50	%		11/30/12		02/01/20
Municipal Income Fund - A-Class		0.80	%		11/30/12		02/01/20
Municipal Income Fund - C-Class		1.55	%		11/30/12		02/01/20
Municipal Income Fund - P-Class		0.80	%		05/01/15		02/01/20
Municipal Income Fund - Institutional Class		0.55	%		11/30/12		02/01/20

GI is entitled to reimbursement by the Funds 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, GI is entitled to recoupment of previously waived fees or reimbursed expenses for 36 months from the date of the waiver or reimbursement by GI. At March 31, 2019, 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	2019		2020		2021		2022		Fund Total
Diversified Income Fund
A-Class	$	1,312	$	3,873	$	4,873	$	1,729	$	11,787
C-Class		1,196		3,893		5,069		2,902		13,060
P-Class		1,156		3,402		4,482		1,519		10,559
Institutional Class		53,207		148,686		191,684		66,382		459,959
High Yield Fund
A-Class		—		5,083		21,392		3,533		30,008
C-Class		2,588		5,167		3,674		1,071		12,500
P-Class		—		3,206		8,622		1,007		12,835
Institutional Class		—		—		—		10,158		10,158
R6-Class		—		—		—		—		—
Investment Grade Bond Fund
A-Class		39,320		77,376		156,533		48,194		321,423
C-Class		17,554		25,128		43,011		10,940		96,633
P-Class		—		806		42,627		30,166		73,598
Institutional Class		—		18,798		174,956		192,904		386,658
Municipal Income Fund
A-Class		86,650		125,964		147,177		62,742		422,533
C-Class		7,084		14,699		17,294		6,219		45,296
P-Class		100		758		634		303		1,795
Institutional Class		21,022		58,022		67,892		26,399		173,335

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 81

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

For the period ended March 31, 2019, GI recouped amounts from the Funds as follows:

High Yield Fund	$	31,731
Investment Grade Bond Fund		2,049
Municipal Income Fund		19

If a Fund invests in a fund that is advised by the same adviser or an affiliated adviser, the investing Fund’s adviser has agreed to waive fees at the investing fund level to the extent necessary to offset the proportionate share of any management fee paid by each Fund with respect to its investment in such affiliated fund. Fee waivers will be calculated at the investing Fund level without regard to any expense cap, if any, in effect for the investing Fund. Fees waived under this arrangement are not subject to reimbursement to GI. For the period ended March 31, 2019, the following Funds waived fees related to investments in affiliated funds:

Fund	Amount Waived
Diversified Income Fund	$	13,301
Investment Grade Bond Fund		7,992

For the period ended March 31, 2019, GFD retained sales charges of $162,871 relating to sales of A-Class shares of the Trust.

Certain 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.

At March 31, 2019, GI and its affiliates owned over twenty percent of the outstanding shares of the Funds, as follows:

Fund	Percent of Outstanding Shares owned
Diversified Income Fund		88	%

MUFG Investor Services (US), LLC (“MUIS”) acts as the Funds’ administrator, transfer agent and accounting agent. As administrator, transfer agent and accounting agent, MUIS is responsible for maintaining 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 6 – Reverse Repurchase Agreements

Each of the Funds may enter into reverse repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities and agrees to repurchase them at a particular price at a future date. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce the Fund’s obligation to repurchase the securities, and the Fund’s use of the proceeds of the reverse repurchase agreement may effectively be restricted pending such decision.

For the period ended March 31, 2019, the High Yield Fund entered into reverse repurchase agreements as follows:

Number of Days Outstanding		Balance at March 31, 2019		Average Balance Outstanding		Average Interest Rate
	106	$	—	$	40,179,098		1.51	%

82 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 7 – Federal Income Tax Information

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the 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 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’ federal tax returns are subject to examination by the Internal Revenue Service for a period of three years after they are filed.

At March 31, 2019, the cost of securities for federal income tax purposes, the aggregate gross unrealized appreciation for all securities for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over value were as follows:

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Diversified Income Fund	$	6,658,271	$	254,847	$	(34,317	)	$	220,530
High Yield Fund		431,349,070		3,457,099		(21,620,361	)		(18,163,262	)
Investment Grade Bond Fund		746,381,107		9,857,951		(7,100,982	)		2,756,969
Municipal Income Fund		35,993,325		1,538,082		(35,534	)		1,502,548

Note 8 – Securities Transactions

For the period ended March 31, 2019, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

Fund	Purchases		Sales
Diversified Income Fund	$	3,143,135	$	2,378,570
High Yield Fund		116,007,491		175,535,754
Investment Grade Bond Fund		133,960,716		143,859,770
Municipal Income Fund		5,535,242		5,706,478

For the period ended March 31, 2019, the cost of purchases and proceeds from sales of government securities were as follows:

Fund	Purchases		Sales
Investment Grade Bond Fund	$	223,036,022	$	107,402,845

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 to save costs, where permissible. For the period ended March 31, 2019, the Funds engaged in purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act, as follows:

Fund	Purchases		Sales		Realized Gain (Loss)
High Yield Fund	$	25,350,710	$	11,647,000	$	(198,360	)
Investment Grade Bond Fund		—		857,209		20,091

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 9 – Unfunded Loan Commitments

Pursuant to the terms of certain loan agreements, certain Funds held unfunded loan commitments as of March 31, 2019. The Funds are obligated to fund these loan commitments at the borrower’s discretion.

The unfunded loan commitments as of March 31, 2019, were as follows:

Fund	Borrower	Maturity Date		Face Amount		Value
High Yield Fund
	Acosta, Inc.		09/26/19	$	280,100	$	151,253
	Advantage Sales & Marketing LLC		07/25/19		1,100,000		169,125
	Aspect Software, Inc.		07/15/23		91,145		—	*
	CTI Foods Holding Co. LLC		07/10/19		99,118		1,982
	Cypress Intermediate Holdings III, Inc.		04/27/22		750,000		57,093
	Epicor Software		06/01/20		1,000,000		28,890
	Lytx, Inc.		08/31/22		105,263		9,014
	Mavis Tire Express Services Corp.		03/20/25		44,586		1,226
	MRI Software LLC		06/30/23		104,834		7,064
	National Technical Systems		06/12/21		250,000		11,482
	Packaging Coordinators Midco, Inc.		07/01/21		1,165,385		65,816
	Solera LLC		03/03/21		833,333		45,256
	Wencor Group		06/19/19		818,461		20,462
							568,663
Investment Grade Bond Fund
	Mavis Tire Express Services Corp.		03/20/25		89,129		2,451

^* Security has a market value of $0.

Note 10 – Restricted Securities

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

Fund	Restricted Securities	Acquisition Date		Cost		Value
High Yield Fund	KeHE Distributors LLC / KeHE Finance Corp.
	7.63% due 08/15/21		07/30/13	$	1,478,220	$	1,455,300
	LBC Tank Terminals Holding Netherlands BV
	6.88% due 05/15/23		05/08/13		6,617,487		6,109,425
				$	8,095,707	$	7,564,725
Investment Grade Bond Fund	Capmark Military Housing Trust
	2007-ROBS, 6.06% due 10/10/52		04/23/15	$	464,656	$	520,297
	Capmark Military Housing Trust
	2007-AETC, 5.75% due 02/10/52		09/18/14		325,800		340,168
	Central Storage Safety Project Trust
	4.82% due 02/01/38		03/20/18		1,025,891		1,028,201
	Copper River CLO Ltd.
	2007-1A due 01/20/211		05/09/14		819,000		110,508
	GMAC Commercial Mortgage Asset Corp.
	2007-HCKM, 6.11% due 08/10/52		10/07/16		1,710,415		1,571,234
	Highland Park CDO I Ltd.
	2006-1A, 3.05% (3 Month USD LIBOR + 0.40%, Rate Floor: 0.00%) due 11/25/512		07/01/16		187,458		196,124
	Secured Tenant Site Contract Revenue Notes Series
	2018-1A, 3.97% due 06/15/48		05/25/18		1,091,706		1,090,506
	Turbine Engines Securitization Ltd.

84 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Fund	Restricted Securities	Acquisition Date		Cost		Value
	2013-1A, 5.13% due 12/13/482		11/27/13	$	450,920	$	439,672
				$	6,075,846	$	5,296,710

1

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

2

Variable rate security. Rate indicated is the rate effective at March 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.

Note 11 – Line of Credit

The Trust, along with other affiliated trusts, secured a 364-day committed, $1,065,000,000 line of credit from Citibank, N.A., which was in place through October 5, 2018, at which time the line of credit was renewed with an increased commitment amount of $1,205,000,000. 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”, LIBOR 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 unused commitment amount. The allocated commitment fee amount for each Fund is referenced in the Statement of Operations under “Line of credit fees”. The Funds did not have any borrowings under this agreement as of and for the period ended March 31, 2019.

Note 12 – Legal Proceedings

Motors Liquidation Company

On or about June of 2015, the Guggenheim High Yield Fund was served and became a party to the case entitled Official Committee of Unsecured Creditors of Motors Liquidation Company v. JPMorgan Chase Bank, N.A., et al., Adversary Proceeding No. 09-00504 (MG) (Bankr. S.D.N.Y.), brought by the Motors Liquidation Avoidance Action Trust (the “Motors Trust”). The lawsuit was initially filed in the United States Bankruptcy Court for the Southern District of New York on July 31, 2009 by the Official Committee of Unsecured Creditors of Motors Liquidation Company (f/k/a General Motors) against the former holders of an approximately $1.5 billion term loan issued pursuant to a term loan agreement, dated as of November 29, 2006 (the “Term Loan”), between General Motors, as borrower, JPMorgan Chase Bank, N.A., as administrative agent (“JPMorgan”), and various institutions as lenders, including the Guggenheim High Yield Fund (f/k/a Security Income Fund – High Yield Series). The Term Loan lenders received a full repayment of the Term Loan pursuant to a June 1, 2009 court order issued in connection with the General Motors chapter 11 bankruptcy filing. The plaintiff is seeking a court order that the lenders return at least a portion of the proceeds received in 2009 based on the contention that certain UCC financing statements securing the indebtedness due under the Term Loan were terminated (thus releasing collateral secured by the UCC financing statement), rendering the Term Loan under-secured or completely unsecured. As a result, the lawsuit alleges that the Term Loan lenders were at least partially unsecured creditors at the time General Motors filed for bankruptcy, and should not have been paid as fully secured creditors.

After being served, the Guggenheim High Yield Fund filed a motion to dismiss the lawsuit on November 19, 2015. On June 30, 2016, the Bankruptcy Court denied the motion to dismiss, holding that the orders extending the time to serve defendants were valid. On July 14, 2016, the Guggenheim High Yield Fund filed a motion for leave to file an interlocutory appeal of the Bankruptcy Court’s decision, which was denied on March 8, 2017.

On December 18, 2015, the Guggenheim High Yield Fund filed cross-claims against co-defendant JPMorgan related to JPMorgan’s actions as administrative agent in connection with the Term Loan and the termination of the UCC financing statements. Discovery is currently stayed pending the outcome of the below referenced mediation.

On November 10, 2016, the Motors Trust filed a stipulation and proposed order dismissing its third claim for relief as set forth in its amended complaint, which was so Ordered on November 17, 2016.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 85

NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

On April 24, 2017, a trial in commenced in the Bankruptcy Court for the Southern District of New York on the collateral status and valuation of 40 representative assets (the “Representative Asset Trial”). The evidentiary potion of the trial concluded on May 5, 2017, and closing arguments were held on June 5, 2017.

On September 26, 2017, the Bankruptcy Court issued its decision. The Court held that 33 of the 40 assets at issue (the “Representative Assets”) were fixtures and that the majority of the Representative Assets should be valued on a going concern basis. The Avoidance Trust sought leave to appeal portions of the decision on October 10, 2017. The motion for leave to appeal was denied on September 7, 2018.

The parties agreed to attend mediation in front of David Geronemus, Esq in an attempt to consensually resolve the dispute. While no resolution was reached on a global settlement, mediation sessions are continuing in an effort to narrow the remaining issues in the litigation.

This lawsuit does not allege any wrongdoing on the part of the Guggenheim High Yield Fund and the Fund intends to vigorously defend the matter. If the plaintiff is successful, it is reasonably possible that the Guggenheim High Yield Fund will be required to make payments in some amount (but not likely to exceed approximately $1,000,000), although the Fund may recover some or all of this amount from its cross-claims against co-defendant JPMorgan. At this stage of the proceedings, the Guggenheim High Yield Fund is unable to make a reliable prediction as to the outcome of this lawsuit or the affect, if any, on the Fund’s net asset value.

Note 13 – Recent Regulatory Reporting Updates

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (the “2018 ASU”) which adds, modifies and removes disclosure requirements related to certain aspects of fair value measurement. The 2018 ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. As of March 31, 2019, the Fund has fully adopted the provisions of the 2018 ASU, which did not have a material impact on the Fund’s financial statements and related disclosures or impact the Fund’s net assets or results of operations.

Note 14 – Recent Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (the “2017 ASU”) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The 2017 ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The 2017 ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

Note 15 – Subsequent Events

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

86 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

OTHER INFORMATION (Unaudited)

Proxy Voting Information

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

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 on Form N-Q; which are available on the SEC’s website at https://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 87

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES
Randall C. Barnes (1951)	Trustee	Since 2014	Current: Private Investor (2001-present). Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).	49	Current: Trustee, Purpose Investments Funds (2013-present). Former: Managed Duration Investment Grade Municipal Fund (2003-2016).
Donald A. Chubb, Jr. (1946)	Trustee and Chairman of the Valuation Oversight Committee	Since 1994	Current: Retired. Former: Business broker and manager of commercial real estate, Griffith & Blair, Inc. (1997-2017).	48	Former: Midland Care, Inc. (2011-2016).
Jerry B. Farley (1946)	Trustee and Chairman of the Audit Committee	Since 2005	Current: President, Washburn University (1997-present).	48	Current: CoreFirst Bank & Trust (2000-present). Former: Westar Energy, Inc. (2004-2018).
Roman Friedrich III (1946)	Trustee and Chairman of the Contracts Review Committee	Since 2014	Current: Founder and Managing Partner, Roman Friedrich & Company (1998-present).	48	Former: Zincore Metals, Inc. (2009-January 2019).
Ronald A. Nyberg (1953)	Trustee and Chairman of the Nominating and Governance Committee	Since 2014	Current: Partner, Momkus LLC (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	49	Current: PPM Funds (2018-present); Edward-Elmhurst Healthcare System (2012-present); Western Asset Inflation-Linked Opportunities & Income Fund (2004-present); Western Asset Inflation-Linked Income Fund (2003-present). Former: Managed Duration Investment Grade Municipal Fund (2003-2016).

88 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES - concluded
Ronald E. Toupin, Jr. (1958)	Trustee and Chairman of the Board	Since 2014	Current: Portfolio Consultant (2010-present); Member, Governing Council, Independent Directors Council (2013-present); Governor, Board of Governors, Investment Company Institute (2018-present). Former: Member, Executive Committee, Independent Directors Council (2016-2018); Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).	48	Current: Western Asset Inflation-Linked Opportunities & Income Fund (2004-present); Western Asset Inflation-Linked Income Fund (2003-present). Former: Managed Duration Investment Grade Municipal Fund (2003-2016).
INTERESTED TRUSTEE
Amy J. Lee*** (1961)	Trustee, Vice President and Chief Legal Officer	Since 2018 (Trustee) Since 2014 (Chief Legal Officer) Since 2007 (Vice President)	Current: Interested Trustee, certain other funds in the Fund Complex (2018-present); President, certain other funds in the Fund Complex (2017-present); Chief Legal Officer, certain other funds in the Fund Complex (2014-present); Vice President, certain other funds in the Fund Complex (2007-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: President and Chief Executive Officer (2017-2018); Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).	48	None.

*	The business address of each Trustee is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each Trustee serves an indefinite term, until his or her successor is elected and qualified. Time served includes time served in the respective position for the Predecessor Corporation.
***	This Trustee is deemed to be an "interested person" of the Funds under the 1940 Act by reason of her position with the Funds' Investment Manager and/or the parent of the Investment Manager.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 89

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS
Brian E. Binder (1972)	President and Chief Executive Officer	Since 2018	Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President and Chief Executive Officer, Guggenheim Funds Investment Advisors, LLC and Security Investors, LLC (2018-present); Senior Managing Director and Chief Administrative Officer, Guggenheim Investments (2018-present). Former: Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Head of Business Management and Consulting, Invesco Ltd. (2010-2012).
James M. Howley (1972)	Assistant Treasurer	Since 2014	Current: Managing Director, Guggenheim Investments (2004-present); Assistant Treasurer, certain other funds in the Fund Complex (2006-present). Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).
Mark E. Mathiasen (1978)	Secretary	Since 2014	Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).
Glenn McWhinnie (1969)	Assistant Treasurer	Since 2016	Current: Vice President, Guggenheim Investments (2009-present); Assistant Treasurer, certain other funds in the Fund complex (2016-present).
Michael P. Megaris (1984)	Assistant Secretary	Since 2014	Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2012-present).
Elisabeth Miller (1968)	Chief Compliance Officer	Since 2012	Current: Chief Compliance Officer, certain other funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments (2012-present); Vice President, Guggenheim Funds Distributors, LLC (2014-present). Former: Chief Compliance Officer, Security Investors, LLC (2012-2018); Chief Compliance Officer, Guggenheim Funds Investment Advisors, LLC (2012-2018); Chief Compliance Officer, Guggenheim Distributors, LLC (2009-2014); Senior Manager, Security Investors, LLC (2004-2014); Senior Manager, Guggenheim Distributors, LLC (2004-2014).
Margaux Misantone (1978)	AML Officer	Since 2017	Current: Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investment Advisors, LLC (2018-present); AML Officer, Security Investors, LLC and certain other funds in the Fund Complex (2017-present); Managing Director, Guggenheim Investments (2015-present). Former: Assistant Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investments Advisors, LLC (2015-2018).

90 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - concluded
Adam J. Nelson (1979)	Assistant Treasurer	Since 2015	Current: Vice President, Guggenheim Investments (2015-present); Assistant Treasurer, certain other funds in the Fund Complex (2015-present). Former: Assistant Vice President and Fund Administration Director, State Street Corporation (2013-2015); Fund Administration Assistant Director, State Street (2011-2013); Fund Administration Manager, State Street (2009-2011).
Kimberly J. Scott (1974)	Assistant Treasurer	Since 2014	Current: Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
Bryan Stone (1979)	Vice President	Since 2014	Current: Vice President, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2013-present). Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).
John L. Sullivan (1955)	Chief Financial Officer, Chief Accounting Officer and Treasurer	Since 2014	Current: Chief Financial Officer, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present). Former: Managing Director and Chief Compliance Officer, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); Chief Financial Officer and Treasurer, Van Kampen Funds (1996-2004).
Jon Szafran (1989)	Assistant Treasurer	Since 2017	Current: Vice President, Guggenheim Investments (2017-present); Assistant Treasurer, certain other funds in the Fund Complex (2017-present). Former: Assistant Treasurer of Henderson Global Funds and Manager of US Fund Administration, Henderson Global Investors (North America) Inc. (“HGINA”), (2017); Senior Analyst of US Fund Administration, HGINA (2014-2017); Senior Associate of Fund Administration, Cortland Capital Market Services, LLC (2013-2014); Experienced Associate, PricewaterhouseCoopers LLP (2012-2013).

*	The business address of each officer is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each officer serves an indefinite term, until his or her successor is duly elected and qualified.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 91

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)

Who We Are

This Privacy Notice describes the data protection practices of Guggenheim Investments. Guggenheim Investments as used herein refers to the affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Guggenheim Investment Advisors (Europe) Limited, Guggenheim Real Estate, LLC, GS Gamma Advisors, LLC, Guggenheim Partners India Management, LLC, Guggenheim Partners Europe Limited, as well as the funds in the Guggenheim Funds complex (the “Funds”) (“Guggenheim Investments,” “we,” “us,” or “our”).

Guggenheim Partners Investment Management Holdings, LLC, located at 330 Madison Avenue, New York, New York 10017 is the data controller for your information. The affiliates who are also controllers of certain of your information are: Guggenheim Investment Advisors (Europe) Limited, Guggenheim Partners Europe Limited, Guggenheim Partners, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC and Security Investors, LLC, as well as the Funds.

Our Commitment to You

Guggenheim Investments considers your privacy our utmost concern. When you become our client or investor, you entrust us with not only your hard-earned money but also with your personal and financial information. Because we have access to your private information, we hold ourselves to the highest standards in its safekeeping and use. We strictly limit how we share your information with others, whether you are a current or former Guggenheim Investments client or investor.

The Information We Collect About You

We collect certain nonpublic personal information about you from information you provide on applications, other forms, our website, and/or from third parties including investment advisors. This information includes Social Security or other tax identification number, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history, bank account information, marital status, family relationships, information that we collect on our website through the use of “cookies,” and other personal information that you or others provide to us. We may also collect such information through your inquiries by mail, e-mail or telephone. We may also collect customer due diligence information, as required by applicable law and regulation, through third party service providers.

How We Handle Your Personal Information

The legal basis for using your information as set out in this Privacy Notice is as follows: (a) use of your personal data is necessary to perform our obligations under any contract with you (such as a contract for us to provide financial services to you); or (b) where use of your personal data is not necessary for performance of a contract, use of your personal data is necessary for our legitimate interests or the legitimate interests of others (for example, to enforce the legal terms governing our services, operate and market our website and other services we offer, ensure safe environments for our personnel and others, make and receive payments, prevent fraud and to know the customer to whom we are providing the services). Some processing is done to comply with applicable law.

In addition to the specific uses described above, we also use your information in the following manner:

● We use your information in connection with servicing your accounts.

● We use information to respond to your requests or questions. For example, we might use your information to respond to your customer feedback.

● We use information to improve our products and services. We may use your information to make our website and products better. We may use your information to customize your experience with us.

● We use information for security purposes. We may use your information to protect our company and our customers.

● We use information to communicate with you. For example, we will communicate with you about your account or our relationship. We may contact you about your feedback. We might also contact you about this Privacy Notice. We may also enroll you in our email newsletter.

92 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(continued)

● We use information as otherwise permitted by law, as we may notify you.

● Aggregate/Anonymous Data. We may aggregate and/or anonymize any information collected through the website so that such information can no longer be linked to you or your device (“Aggregate/Anonymous Information”). We may use Aggregate/Anonymous Information for any purpose, including without limitation for research and marketing purposes, and may also share such data with any third parties, including advertisers, promotional partners, and sponsors.

We do not sell information about current or former clients or their accounts to third parties. Nor do we share this information, except when necessary to complete transactions at your request, to make you aware of investment products and services that we or our affiliates offer, or as permitted or required by law.

We provide information about you to companies and individuals not affiliated with Guggenheim Investments to complete certain transactions or account changes, or to perform services for us related to your account. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we must provide certain information about you to that company to complete the transaction. We provide the third party with only the information necessary to carry out its responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. To alert you to other Guggenheim Investments products and services, we share your information within our family of affiliated companies. You may limit our sharing with affiliated companies as set out below. We may also share information with any successor to all or part of our business, or in connection with steps leading up to a merger or acquisition. For example, if part of our business was sold we may give customer information as part of that transaction. We may also share information about you with your consent.

We will release information about you if you direct us to do so, if we are compelled by law to do so, or in other circumstances as permitted by law (for example, to protect your account from fraud).

If you close your account(s) or become an inactive client or investor, we will continue to adhere to the privacy policies and practices described in this notice.

Opt-Out Provisions and Your Data Choices

The law allows you to “opt out” of certain kinds of information sharing with third parties. We do not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.

When you are no longer our client or investor, we continue to share your information as described in this notice, and you may contact us at any time to limit our sharing by sending an email to CorporateDataPrivacy@GuggenheimPartners.com.

European Union Data Subjects and certain others: In addition to the choices set forth above, residents of the European Union and certain other jurisdictions have certain rights to (1) request access to or rectification or deletion of information we collect about them, (2) request a restriction on the processing of their information, (3) object to the processing of their information, or (4) request the portability of certain information. To exercise these or other rights, please contact us using the contact information below. We will consider all requests and provide our response within the time period stated by applicable law. Please note, however, that certain information may be exempt from such requests in some circumstances, which may include if we need to keep processing your information for our legitimate interests or to comply with a legal obligation. We may request you provide us with information necessary to confirm your identity before responding to your request.

Residents of France and certain other jurisdictions may also provide us with instructions regarding the manner in which we may continue to store, erase and share your information after your death, and where applicable, the person you have designated to exercise these rights after your death.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 93

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(concluded)

How We Protect Privacy Online

We take steps to protect your privacy when you use our web site – www.guggenheiminvestments.com – by using secure forms of online communication, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These safeguards vary based on the sensitivity of the information that we collect and store. However, we cannot and do not guarantee that these measures will prevent every unauthorized attempt to access, use, or disclose your information since despite our efforts, no Internet and/or other electronic transmissions can be completely secure. Our web site uses “http cookies”—tiny pieces of information that we ask your browser to store. We use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your e-mail address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

How We Safeguard Your Personal Information and Data Retention

We restrict access to nonpublic personal information about you to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

We keep your information for no longer than necessary for the purposes for which it is processed. The length of time for which we retain information depends on the purposes for which we collected and use it and/or as required to comply with applicable laws. Information may persist in copies made for backup and business continuity purposes for additional time.

International Visitors

If you are not a resident of the United States, please be aware that your information may be transferred to, stored and processed in the United States where our servers are located and our databases are operated. The data protection and other laws of the United States and other countries might not be as comprehensive as those in your country.

In such cases, we ensure that a legal basis for such a transfer exists and that adequate protection is provided as required by applicable law, for example, by using standard contractual clauses or by transferring your data to a jurisdiction that has obtained an adequacy finding. Individuals whose data may be transferred on the basis of standard contractual clauses may contact us as described below.

We’ll Keep You Informed

If you have any questions or concerns about how we treat your personal data, we encourage you to consult with us first. You may also contact the relevant supervisory authority.

We reserve the right to modify this policy at any time and will inform you promptly of material changes. You may access our privacy policy from our web site at www.guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us by email at CorporateDataPrivacy@GuggenheimPartners.com.

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3.31.2019

Guggenheim Funds Semi-Annual Report

Guggenheim Mid Cap Value Fund

Guggenheim Mid Cap Value Institutional Fund

Beginning on January 1, 2021, paper copies of the Funds’ annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from a fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from a fund electronically by calling 800.820.0888, going toGuggenheimInvestments.com/myaccount, or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a fund directly, you can inform the Fund that you wish to receive paper copies of reports by calling 800.820.0888. If you hold shares of a fund through a financial intermediary, please contact the financial intermediary to make this election. Your election to receive reports in paper will apply to all Guggenheim Funds in which you are invested and may apply to all funds held with your financial intermediary.

GuggenheimInvestments.com SBMCV-SEMI-0319x0919

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	3
ABOUT SHAREHOLDERS’ FUND EXPENSES	5
MID CAP VALUE FUND	8
MID CAP INSTITUTIONAL VALUE FUND	22
NOTES TO FINANCIAL STATEMENTS	32
OTHER INFORMATION	41
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	42
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	49

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|1

March 31, 2019

Dear Shareholder:

Security Investors, LLC (the “Investment Adviser”) is pleased to present the shareholder report for Guggenheim Mid Cap Value Fund and the Guggenheim Mid Cap Value Institutional Fund (the “Fund” or “Funds”) for the semi-annual fiscal period ended March 31, 2019.

The Investment Adviser is part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), a global, diversified financial services firm.

Guggenheim Funds Distributors, LLC is the distributor of the Funds. Guggenheim Funds Distributors, LLC is affiliated with Guggenheim and the Investment Adviser.

We encourage you to read the Economic and Market Overview section of the report, which follows this letter.

We are committed to providing innovative investment solutions and appreciate the trust you place in us.

Sincerely,

Security Investors, LLC

April 30, 2019

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments.com or call 800.820.0888.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/ or legal professional regarding your specific situation.

The Funds may not be suitable for all investors. ● An investment in the Funds will fluctuate and is subject to investment risks, which means investors could lose money. ● The intrinsic value of the underlying stocks may never be realized, or the stock may decline in value. ● Investments in small- and/or mid-sized company securities may present additional risks such as less predictable earnings, higher volatility and less liquidity than larger, more established companies. ● Please read the prospectus for more detailed information regarding these and other risks.

2 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW(Unaudited) March 31, 2019

Late 2018 and early 2019 U.S. economic data stoked recession fears, prompting the U.S. Federal Reserve (the ”Fed”) to abort its tightening cycle and the 3-month/10-year Treasury yield curve to invert. Housing activity weakened markedly in the second half of 2018, personal spending growth decelerated, job gains moderated, and industrial production growth slowed. However, first-quarter 2019 real gross domestic product (“GDP”) surprised everyone by posting a growth rate of 3.2 percent. While this number benefited from big contributions from inventories and trade, the decline in interest rates and recovery in risk assets could support U.S. economic growth in the second and third quarters of 2019.

Taking a longer view, the indicators Guggenheim tracks as part of our proprietary recession probability indicator continue to signal that the economy could be heading into a recession in about a year. The unemployment rate has leveled off after years of steady declines, the Fed has moved to a neutral bias on rates, the yield curve has inverted, growth in leading indicators has slowed, gains in total hours worked have slowed, and real retail sales growth has fallen sharply. Taken together, these data points support the view that the next recession may begin as early as the first half of 2020.

Overseas, continued weakness in economic data finally prompted policy action. The European Central Bank (“ECB”) revised expected real GDP growth downward for 2019 and shortly thereafter delivered further accommodation. Rate hikes are now forecast to come later than previously indicated, and the ECB launched a series of targeted long-term refinancing operations consisting of two-year loans. China, another major economy that has shown signs of slowing, showed a mix of softening and signs of stabilization in recent economic activity. So far, Chinese authorities have announced fiscal stimulus through tax cuts and infrastructure spending, and monetary stimulus in the form of a reduction in the reserve requirement ratio.

Foreign governments’ stimulus to their local economies may be good news for U.S. activity. The downward trend in global growth weighed on U.S. activity, as evidenced by some weakness in 2018 U.S. exports and downward revisions to this year’s expected corporate earnings. If policy changes are enough to avoid recession across Western Europe or boost growth in China, the combination of this and lower U.S. rates could be positive for U.S. growth later in the year. However, the U.S., Europe, and China are not yet out of the woods. All three remain key risks to global growth given the lack of a Brexit agreement, significant weakening in German manufacturing activity, and unresolved U.S.-China tariff negotiations. Without a positive catalyst, the trajectory for the U.S. could remain negative, with a major event risk looming in the fall, when the U.S. Treasury Department will exhaust its “extraordinary measures” and force a congressional debate about the debt ceiling, which could prompt fears of a technical default and complicate fiscal year 2020 budget negotiations, where a fiscal spending cliff looms.

For the six months ended March 31, 2019, the Standard & Poor’s 500^® (“S&P 500”) Index*returned -1.72%. The MSCI Europe-Australasia-Far East (“EAFE”) Index*returned -3.64%. The return of the MSCI Emerging Markets Index* was 1.83%.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|3

ECONOMIC AND MARKET OVERVIEW(Unaudited)(concluded) March 31, 2019

In the bond market, the Bloomberg Barclays U.S. Aggregate Bond Index* posted a 4.63% return for the period, while the Bloomberg Barclays U.S. Corporate High Yield Index*returned 2.39%. The return of the ICE Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index*was 1.17% for the six-month period.

The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.

*Index Definitions

Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.

Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, mortgage-backed securities or “MBS” (agency fixed-rate and hybrid adjustable-rate mortgage, or “ARM”, pass-throughs), asset-backed securities (“ABS”), and commercial mortgage-backed securities (“CMBS”) (agency and non-agency).

Bloomberg Barclays U.S. Corporate High Yield Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB +/BB + or below.

ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market Index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

MSCI EAFE Index is a capitalization-weighted measure of stock markets in Europe, Australasia, and the Far East.

MSCI Emerging Markets Index is a free float-adjusted market capitalization-weighted index that is designed to measure equity market performance in the global emerging markets.

Russell 2500^®Value Index measures the performance of the small-to mid-cap value segment of the U.S. equity universe. It includes those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.

S&P 500^® is a broad-based index, the performance of which is based on the performance of 500 widely held common stocks chosen for market size, liquidity, and industry group representation.

4 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES(Unaudited)

All mutual funds have operating expenses, and it is important for our shareholders to understand the impact of costs on their investments. Shareholders of a fund incur two types of costs: (i) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, other distributions, and exchange fees, and (ii) ongoing costs, including management fees, administrative services, and shareholder reports, among others. These ongoing costs, or operating expenses, are deducted from a fund’s gross income and reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets, which is known as the expense ratio. The following examples are intended to help investors understand the ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning September 30, 2018 and ending March 31, 2019.

The following tables illustrate the Funds’ costs in two ways:

Table 1. Based on actual Fund return:This section helps investors estimate the actual expenses paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fifth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. Investors may use the information here, together with the amount invested, to estimate the expenses paid over the period. Simply divide the Fund’s account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number provided under the heading “Expenses Paid During Period.”

Table 2. Based on hypothetical 5% return: This section is intended to help investors compare a fund’s cost with those of other mutual funds. The table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid during the period. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on the 5% return. Investors can assess a fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

The calculations illustrated above assume no shares were bought or sold during the period. Actual costs may have been higher or lower, depending on the amount of investment and the timing of any purchases or redemptions.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|5

ABOUT SHAREHOLDERS’ FUND EXPENSES(Unaudited)(continued)

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments, and contingent deferred sales charges (“CDSC”) on redemptions, if any. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

More information about the Funds’ expenses, including annual expense ratios for periods up to five years (subject to the Fund’s inception date), can be found in the Financial Highlights section of this report. For additional information on operating expenses and other shareholder costs, please refer to the appropriate Fund prospectus.

6 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES(Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2018	Ending Account Value March 31, 2019	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Mid Cap Value Fund
A-Class	1.23%	(7.62%)	$ 1,000.00	$ 923.80	$ 5.90
C-Class	2.07%	(8.02%)	1,000.00	919.80	9.91
P-Class	1.31%	(7.66%)	1,000.00	923.40	6.28
Mid Cap Value Institutional Fund	1.14%	(7.58%)	1,000.00	924.20	5.47
Table 2. Based on hypothetical 5% return (before expenses)
Mid Cap Value Fund
A-Class	1.23%	5.00%	$ 1,000.00	$ 1,018.80	$ 6.19
C-Class	2.07%	5.00%	1,000.00	1,014.61	10.40
P-Class	1.31%	5.00%	1,000.00	1,018.40	6.59
Mid Cap Value Institutional Fund	1.14%	5.00%	1,000.00	1,019.25	5.74

1	Annualized and excludes expenses of the underlying funds in which the Funds invest, if any.
2	Expenses are equal to the Fund's annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period September 30, 2018 to March 31, 2019.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|7

PERFORMANCE REPORT AND FUND PROFILE(Unaudited) March 31, 2019

MID CAP VALUE FUND

OBJECTIVE:Seeks long-term growth of capital.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
A-Class	May 1, 1997
C-Class	January 29, 1999
P-Class	May 1, 2015

Ten Largest Holdings (% of Total Net Assets)
OGE Energy Corp.	2.5%
Alleghany Corp.	2.2%
Voya Financial, Inc.	2.1%
Zions Bancorp North America	2.0%
KeyCorp	1.8%
Huntington Bancshares, Inc.	1.8%
Equity Commonwealth	1.7%
LKQ Corp.	1.6%
Bunge Ltd.	1.6%
Physicians Realty Trust	1.6%
Top Ten Total	18.9%

“Ten Largest Holdings” excludes any temporary cash investments.

8|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE(Unaudited)(concluded) March 31, 2019

Average Annual Returns*

Periods Ended March 31, 2019

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(7.62%)	(0.89%)	4.73%	12.79%
A-Class Shares with sales charge‡	(12.02%)	(5.59%)	3.72%	12.13%
C-Class Shares	(8.02%)	(1.72%)	3.92%	11.95%
C-Class Shares with CDSC§	(8.77%)	(2.52%)	3.92%	11.95%
Russell 2500 Value Index	(6.25%)	1.84%	6.02%	15.03%

	6 Month†	1 Year	Since Inception (05/01/15)
P-Class Shares	(7.66%)	(1.00%)	6.61%
Russell 2500 Value Index	(6.25%)	1.84%	6.24%

*	The performance data above represents past performance that is not predictive of future results. 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 effect of taxes. The Russell 2500 Value Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Effective February 22, 2011, the maximum sales charge decreased from 5.75% to 4.75%. A 5.75% maximum sales charge is used in the calculation for the Average Annual Returns based on subscriptions made prior to February 22. 2011, and a 4.75% maximum sales charge will be used to calculate performance for periods based on subscriptions made on or after February 22, 2011.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|9

SCHEDULE OF INVESTMENTS(Unaudited)	March 31, 2019
MID CAP VALUE FUND

	Shares		Value
COMMON STOCKS† - 99.6%
Financial - 34.2%
Alleghany Corp.*		14,194	$	8,692,406
Voya Financial, Inc.		164,364		8,211,625
Zions Bancorp North America		170,946		7,762,658
KeyCorp		463,390		7,298,392
Huntington Bancshares, Inc.		549,365		6,965,948
Equity Commonwealth REIT		206,832		6,761,338
Physicians Realty Trust REIT		342,926		6,450,438
Alexandria Real Estate Equities, Inc. REIT		40,263		5,739,893
Radian Group, Inc.		275,443		5,712,688
Sun Communities, Inc. REIT		48,006		5,689,671
Willis Towers Watson plc		31,841		5,592,872
Wintrust Financial Corp.		65,829		4,432,267
Cousins Properties, Inc. REIT		432,211		4,175,158
Umpqua Holdings Corp.		251,296		4,146,384
Axis Capital Holdings Ltd.		70,433		3,858,320
Federal Agricultural Mortgage Corp. — Class C		52,512		3,803,444
National Storage Affiliates Trust REIT		122,797		3,500,943
Pinnacle Financial Partners, Inc.		61,189		3,347,038
IBERIABANK Corp.		45,767		3,281,952
Old Republic International Corp.		141,988		2,970,389
Camden Property Trust REIT		28,376		2,880,164
Redwood Trust, Inc. REIT		172,208		2,781,159
Prosperity Bancshares, Inc.		31,877		2,201,426
Medical Properties Trust, Inc. REIT		115,845		2,144,291
Unum Group		63,310		2,141,777
E*TRADE Financial Corp.		42,907		1,992,172
BOK Financial Corp.		24,292		1,981,013
Stifel Financial Corp.		37,539		1,980,558
Hilltop Holdings, Inc.		105,434		1,924,170
Old National Bancorp		112,597		1,846,591
Howard Hughes Corp.*		16,738		1,841,180
First Horizon National Corp.		131,577		1,839,446
American National Insurance Co.		10,072		1,216,899
Total Financial				135,164,670
Industrial - 16.4%
US Concrete, Inc.*		133,186		5,516,564
MDU Resources Group, Inc.		197,063		5,090,138
Carlisle Companies, Inc.		41,221		5,054,519
Jacobs Engineering Group, Inc.		62,179		4,675,239
Scorpio Tankers, Inc.		199,423		3,956,552
FLIR Systems, Inc.		73,874		3,514,925
Valmont Industries, Inc.		24,936		3,244,173
Graphic Packaging Holding Co.		239,555		3,025,580
Knight-Swift Transportation Holdings, Inc.		72,201		2,359,529
Snap-on, Inc.		15,048		2,355,313
Plexus Corp.*		38,477		2,345,173
Ryder System, Inc.		37,568		2,328,840
Huntington Ingalls Industries, Inc.		10,362		2,147,006
Owens Corning		45,092		2,124,735
Hub Group, Inc. — Class A*		51,283		2,094,911
Crane Co.		24,234		2,050,681
Advanced Energy Industries, Inc.*		40,506		2,012,338
Rexnord Corp.*		76,713		1,928,565
EnPro Industries, Inc.		29,691		1,913,585
Golar LNG Ltd.		80,995		1,708,185
Park Electrochemical Corp.		105,474		1,655,942
Kirby Corp.*		18,332		1,376,916

10|THE GUGGENEHIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
MID CAP VALUE FUND

	Shares		Value
Oshkosh Corp.		17,085	$	1,283,596
Celadon Group, Inc.*		594,476		1,070,057
Total Industrial				64,833,062
Consumer, Non-cyclical - 10.4%
Bunge Ltd.		121,741		6,460,795
Premier, Inc. — Class A*		118,721		4,094,687
Central Garden & Pet Co. — Class A*		173,605		4,036,316
Euronet Worldwide, Inc.*		25,959		3,701,494
Encompass Health Corp.		61,414		3,586,578
Emergent BioSolutions, Inc.*		63,505		3,208,273
Eagle Pharmaceuticals, Inc.*		61,455		3,102,863
Sanderson Farms, Inc.		22,941		3,024,542
Ingredion, Inc.		30,531		2,890,980
Cambrex Corp.*		56,806		2,206,913
SP Plus Corp.*		63,838		2,178,152
TherapeuticsMD, Inc.*		361,895		1,762,429
Inovio Pharmaceuticals, Inc.*		285,661		1,065,515
Total Consumer, Non-cyclical				41,319,537
Utilities - 10.2%
OGE Energy Corp.		227,518		9,810,576
Portland General Electric Co.		121,208		6,283,423
Pinnacle West Capital Corp.		58,615		5,602,422
Black Hills Corp.		55,464		4,108,218
Southwest Gas Holdings, Inc.		44,864		3,690,513
UGI Corp.		57,876		3,207,488
AES Corp.		166,713		3,014,171
American Electric Power Company, Inc.		33,996		2,847,165
Avista Corp.		47,694		1,937,330
Total Utilities				40,501,306
Consumer, Cyclical - 9.1%
LKQ Corp.*		228,274		6,478,416
PVH Corp.		47,966		5,849,453
UniFirst Corp.		27,902		4,282,957
DR Horton, Inc.		102,747		4,251,671
Acushnet Holdings Corp.		148,501		3,436,313
Wyndham Hotels & Resorts, Inc.		63,741		3,186,413
Alaska Air Group, Inc.		55,160		3,095,579
Foot Locker, Inc.		41,163		2,494,478
JetBlue Airways Corp.*		123,957		2,027,937
Unifi, Inc.*		42,031		813,300
Total Consumer, Cyclical				35,916,517
Basic Materials - 5.9%
Reliance Steel & Aluminum Co.		66,745		6,024,403
Huntsman Corp.		239,072		5,376,729
Ashland Global Holdings, Inc.		56,404		4,406,845
Alcoa Corp.*		149,347		4,205,612
Nucor Corp.		34,248		1,998,371
Pan American Silver Corp.		86,389		1,144,653
Total Basic Materials				23,156,613
Communications - 5.1%
Ciena Corp.*		111,788		4,174,164
Viavi Solutions, Inc.*		328,599		4,068,056
Symantec Corp.		174,176		4,004,306
Finisar Corp.*		130,399		3,021,345
Infinera Corp.*		638,915		2,772,891
MSG Networks, Inc. — Class A*		89,867		1,954,607
Total Communications				19,995,369
Technology - 4.5%
Cray, Inc.*		221,292		5,764,657
Super Micro Computer, Inc.*		228,255		4,822,457
MACOM Technology Solutions Holdings, Inc.*		169,825		2,837,776
CSG Systems International, Inc.		56,807		2,402,936

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
MID CAP VALUE FUND

	Shares		Value
Evolent Health, Inc. — Class A*		142,632	$	1,794,310
Total Technology				17,622,136
Energy - 3.8%
Range Resources Corp.		390,216		4,386,028
Whiting Petroleum Corp.*		133,763		3,496,565
Oasis Petroleum, Inc.*		514,384		3,106,879
Parsley Energy, Inc. — Class A*		155,320		2,997,676
Antero Resources Corp.*		135,685		1,198,098
Total Energy				15,185,246
Total Common Stocks
(Cost $370,167,669)				393,694,456
CONVERTIBLE PREFERRED STOCKS††† - 0.0%
Thermoenergy Corp*,1,2		858,334		3
Total Convertible Preferred Stocks
(Cost $819,654)				3
RIGHTS†††- 0.0%
Pan American Silver Corp.*,1		447,792		—
Total Rights
(Cost $—)				—
MONEY MARKET FUND† - 1.4%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares 2.27%3		5,654,862		5,654,862
Total Money Market Fund
(Cost $5,654,862)				5,654,862
Total Investments - 101.0%
(Cost $376,642,185)			$	399,349,321
Other Assets & Liabilities, net - (1.0)%				(3,938,397	)
Total Net Assets - 100.0%			$	395,410,924

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
1	Security was fair valued by the Valuation Committee at March 31, 2019. The total market value of fair valued securities amounts to $3, (cost $819,654) or less than 0.1% of total net assets.
2	PIPE (Private Investment in Public Equity) — Stock issued by a company in the secondary market as a means of raising capital more quickly and less expensively than through registration of a secondary public offering.
3	Rate indicated is the 7-day yield as of March 31, 2019.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

12|THE GUGGENEHIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS(Unaudited)(concluded)	March 31, 2019
MID CAP VALUE FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2019 (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	$	393,694,456	$	—	$	—		$	393,694,456
Convertible Preferred Stocks		—		—		3			3
Rights		—		—		—	*		—
Money Market Fund		5,654,862		—		—			5,654,862
Total Assets	$	399,349,318	$	—	$	3		$	399,349,321

* Security has a market value less than $1.

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

STATEMENT OF ASSETS AND LIABILITIES(Unaudited)

MID CAP VALUE FUND

March 31, 2019

Assets:
Investments, at value (cost $376,642,185)	$	399,349,321
Prepaid expenses		63,179
Receivables:
Securities sold		963,494
Dividends		554,086
Fund shares sold		18,412
Interest		17,016
Total assets		400,965,508
Liabilities:
Payable for:
Securities purchased		4,047,077
Fund shares redeemed		461,470
Management fees		252,583
Distribution and service fees		110,248
Transfer agent/maintenance fees		57,694
Fund accounting/administration fees		27,193
Trustees’ fees*		14,370
Due to Investment Adviser		825
Miscellaneous (Note 7)		583,124
Total liabilities		5,554,584
Net assets	$	395,410,924
Net assets consist of:
Paid in capital	$	373,324,112
Total distributable earnings (loss)		22,086,812
Net assets	$	395,410,924
A-Class:
Net assets	$	340,092,912
Capital shares outstanding		11,761,233
Net asset value per share	$	28.92
Maximum offering price per share(Net asset value divided by 95.25%)	$	30.36
C-Class:
Net assets	$	37,848,720
Capital shares outstanding		1,941,814
Net asset value per share	$	19.49
P-CLASS:
Net assets	$	17,469,292
Capital shares outstanding		609,085
Net asset value per share	$	28.68

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

14 THE GUGGENEHIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENT OF OPERATIONS(Unaudited)

MID CAP VALUE FUND

Period Ended March 31, 2019

Investment Income:
Dividends (net of foreign withholding tax of $756)	$	4,411,443
Interest		99,979
Total investment income		4,511,422
Expenses:
Management fees		1,525,345
Distribution and service fees:
A-Class		430,874
C-Class		218,987
P-Class		22,827
Transfer agent/maintenance fees:
A-Class		152,816
C-Class		33,147
P-Class		13,450
Fund accounting/administration fees		162,705
Custodian fees		8,467
Trustees’ fees*		5,391
Miscellaneous		95,810
Recoupment of previously waived fees:
A-Class		27,758
C-Class		7,902
P-Class		5,674
Total expenses		2,711,153
Less:
Expenses reimbursed by Adviser:
A-Class		(15,563	)
C-Class		(1,917	)
P-Class		(2,636	)
Total reimbursed expenses		(20,116	)
Net expenses		2,691,037
Net investment income		1,820,385
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(2,125,419	)
Net realized loss		(2,125,419	)
Net change in unrealized appreciation(depreciation) on:
Investments		(36,676,759	)
Net change in unrealized appreciation(depreciation)		(36,676,759	)
Net realized and unrealized loss		(38,802,178	)
Net decrease in net assets resulting from operations	$	(36,981,793	)

* 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 SEMI-ANNUAL REPORT|15

STATEMENTS OF CHANGES IN NET ASSETS

MID CAP VALUE FUND

	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,820,385		$	161,275
Net realized gain (loss) on investments		(2,125,419	)		65,650,196
Net change in unrealized appreciation (depreciation) on investments		(36,676,759	)		(19,255,452	)
Net increase (decrease) in net assets resulting from operations		(36,981,793	)		46,556,019
Distributions To Shareholders:
A-Class		(42,473,154	)		(28,138,220	)
C-Class		(7,586,927	)		(8,265,848	)
P-Class		(2,333,056	)		(1,646,381	)
Total distributions to shareholders		(52,393,137	)		(38,050,449	)
Capital share transactions:
Proceeds from sale of shares
A-Class		15,258,055			44,722,196
C-Class		1,239,894			2,359,664
P-Class		3,088,935			12,393,245
Distributions reinvested
A-Class		41,063,260			27,178,864
C-Class		6,887,170			7,679,358
P-Class		2,333,056			1,641,967
Cost of shares redeemed
A-Class		(35,301,579	)		(84,528,678	)
C-Class		(11,229,153	)		(43,771,157	)
P-Class		(3,933,360	)		(16,920,813	)
Net increase (decrease) from capital share transactions		19,406,278			(49,245,354	)
Net decrease in net assets		(69,968,652	)		(40,739,784	)
Net assets:
Beginning of period		465,379,576			506,119,360
End of period	$	395,410,924		$	465,379,576

16 THE GUGGENEHIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF CHANGES IN NET ASSETS(concluded)

MID CAP VALUE FUND

	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Capital share activity:
Shares sold
A-Class		499,476			1,245,327
C-Class		65,166			91,870
P-Class		99,524			353,729
Shares issued from reinvestment of distributions
A-Class		1,599,037			788,250
C-Class		396,955			307,667
P-Class		91,564			47,941
Shares redeemed
A-Class		(1,179,741	)		(2,399,640	)
C-Class		(554,619	)		(1,688,333	)
P-Class		(135,314	)		(480,110	)
Net increase (decrease) in shares		882,048			(1,733,299	)

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

FINANCIAL HIGHLIGHTS

MID CAP VALUE FUND

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.

A-Class	Period Ended March 31, 2019a			Year Ended Sept. 30, 2018			Year Ended Sept. 30, 2017			Year Ended Sept. 30, 2016			Year Ended Sept. 30, 2015			Year Ended Sept. 30, 2014
Per Share Data
Net asset value, beginning of period	$	36.20		$	35.37		$	30.27		$	30.86		$	37.73		$	38.15
Income (loss) from investment operations:
Net investment income (loss)b		.15			.06			.03			.30			.06			.03
Net gain (loss) on investments (realized and unrealized)		(3.42	)		3.37			6.09			3.95			(2.24	)		2.04
Total from investment operations		(3.27	)		3.43			6.12			4.25			(2.18	)		2.07
Less distributions from:
Net investment income		(.03	)		—			(.37	)		—			—			—
Net realized gains		(3.98	)		(2.60	)		(.65	)		(4.84	)		(4.69	)		(2.49	)
Total distributions		(4.01	)		(2.60	)		(1.02	)		(4.84	)		(4.69	)		(2.49	)
Net asset value, end of period	$	28.92		$	36.20		$	35.37		$	30.27		$	30.86		$	37.73
Total Returnc		(7.62	%)		10.05	%		20.62	%		15.51	%		(6.83	%)		5.52	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	340,093		$	392,495		$	396,408		$	407,883		$	476,792		$	1,017,208
Ratios to average net assets:
Net investment income (loss)		0.99	%		0.17	%		0.11	%		1.04	%		0.18	%		0.08	%
Total expenses		1.24	%		1.26	%		1.27	%		1.49	%		1.42	%		1.39	%
Net expensesd,e,f		1.23	%		1.26	%		1.27	%		1.49	%		1.42	%		1.39	%
Portfolio turnover rate		30	%		54	%		55	%		52	%		84	%		35	%

18 THE GUGGENEHIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL HIGHLIGHTS(continued)

MID CAP VALUE FUND

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.

C-Class	Period Ended March 31, 2019a			Year Ended Sept. 30, 2018			Year Ended Sept. 30, 2017			Year Ended Sept. 30, 2016			Year Ended Sept. 30, 2015			Year Ended Sept. 30, 2014
Per Share Data
Net asset value, beginning of period	$	26.05		$	26.33		$	22.78		$	24.54		$	31.14		$	32.13
Income (loss) from investment operations:
Net investment income (loss)b		.01			(.17	)		(.17	)		.06			(.15	)		(.21	)
Net gain (loss) on investments (realized and unrealized)		(2.59	)		2.49			4.55			3.02			(1.76	)		1.71
Total from investment operations		(2.58	)		2.32			4.38			3.08			(1.91	)		1.50
Less distributions from:
Net investment income		—			—			(.18	)		—			—			—
Net realized gains		(3.98	)		(2.60	)		(.65	)		(4.84	)		(4.69	)		(2.49	)
Total distributions		(3.98	)		(2.60	)		(.83	)		(4.84	)		(4.69	)		(2.49	)
Net asset value, end of period	$	19.49		$	26.05		$	26.33		$	22.78		$	24.54		$	31.14
Total Returnc		(8.02	%)		9.22	%		19.63	%		14.64	%		(7.49	%)		4.74	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	37,849		$	52,996		$	87,508		$	98,176		$	126,047		$	192,942
Ratios to average net assets:
Net investment income (loss)		0.14	%		(0.65	%)		(0.68	%)		0.27	%		(0.53	%)		(0.65	%)
Total expenses		2.08	%		2.03	%		2.07	%		2.27	%		2.12	%		2.12	%
Net expensesd,e,f		2.07	%		2.03	%		2.06	%		2.27	%		2.12	%		2.12	%
Portfolio turnover rate		30	%		54	%		55	%		52	%		84	%		35	%

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

FINANCIAL HIGHLIGHTS(continued)

MID CAP VALUE FUND

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.

P-Class	Period Ended March 31, 2019a			Year Ended Sept. 30, 2018			Year Ended Sept. 30, 2017			Year Ended Sept. 30, 2016			Period Ended Sept. 30, 2015g
Per Share Data
Net asset value, beginning of period	$	35.94		$	35.15		$	30.18		$	30.77		$	33.91
Income (loss) from investment operations:
Net investment income (loss)b		.13			.05			.01			.14			.10
Net gain (loss) on investments (realized and unrealized)		(3.39	)		3.34			6.08			4.11			(3.24	)
Total from investment operations		(3.26	)		3.39			6.09			4.25			(3.14	)
Less distributions from:
Net investment income		(.02	)		—			(.47	)		—			—
Net realized gains		(3.98	)		(2.60	)		(.65	)		(4.84	)		—
Total distributions		(4.00	)		(2.60	)		(1.12	)		(4.84	)		—
Net asset value, end of period	$	28.68		$	35.94		$	35.15		$	30.18		$	30.77
Total Return		(7.66	%)		10.03	%		20.57	%		15.61	%		(9.26	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	17,469		$	19,889		$	22,203		$	3,423		$	57
Ratios to average net assets:
Net investment income (loss)		0.90	%		0.13	%		0.02	%		0.48	%		0.71	%
Total expenses		1.34	%		1.35	%		1.25	%		1.32	%		1.32	%
Net expensesd,e,f		1.31	%		1.28	%		1.23	%		1.32	%		1.32	%
Portfolio turnover rate		30	%		54	%		55	%		52	%		84	%

20 THE GUGGENEHIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL HIGHLIGHTS(concluded)

MID CAP VALUE FUND

a	Unaudited figures for the period ended March 31, 2019. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
e	Net expenses may include expenses that are excluded from the expense limitation agreement and affiliated fund waivers. Excluding these expenses, that net expense ratios for the year would be:

	03/31/19	09/30/18	09/30/17
A-Class	1.23%	1.26%	1.25%
C-Class	2.07%	2.03%	2.04%
P-Class	1.31%	1.28%	1.21%

^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:

	03/31/19	09/30/18	09/30/17
A-Class	0.02%	0.01%	0.00%*
C-Class	0.04%	0.01%	0.00%*
P-Class	0.06%	0.04%	0.00%*

* Less than 0.01%.

g Since commencement of operations: May 1, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

PERFORMANCE REPORT AND FUND PROFILE(Unaudited) March 31, 2019

MID CAP VALUE INSTITUTIONAL FUND

OBJECTIVE:Seeks long-term growth of capital.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Date:July 11, 2008

Ten Largest Holdings (% of Total Net Assets)
OGE Energy Corp.	2.5%
Alleghany Corp.	2.2%
Voya Financial, Inc.	2.1%
Zions Bancorp North America	2.0%
KeyCorp	1.8%
Huntington Bancshares, Inc.	1.8%
Equity Commonwealth	1.7%
LKQ Corp.	1.6%
Physicians Realty Trust	1.6%
Bunge Ltd.	1.6%
Top Ten Total	18.9%

“Ten Largest Holdings” excludes any temporary cash investments.

22|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE(Unaudited)(concluded) March 31, 2019

Average Annual Returns*

Periods Ended March 31, 2019

	6 Month†	1 Year	5 Year	10 Year
Mid Cap Value Institutional Fund	(7.58%)	(0.67%)	5.12%	12.99%
Russell 2500 Value Index	(6.25%)	1.84%	6.02%	15.03%

*

The performance data above represents past performance that is not predictive of future results. 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 effect of taxes. The Russell 2500 Value Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.

†

6 month returns are not annualized.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|23

SCHEDULE OF INVESTMENTS(Unaudited)	March 31, 2019
MID CAP VALUE INSTITUTIONAL FUND

	Shares		Value
COMMON STOCKS† - 99.3%
Financial - 34.0%
Alleghany Corp.*		2,119	$	1,297,676
Voya Financial, Inc.		24,712		1,234,612
Zions Bancorp North America		25,683		1,166,265
KeyCorp		69,844		1,100,043
Huntington Bancshares, Inc.		82,548		1,046,709
Equity Commonwealth REIT		31,097		1,016,561
Physicians Realty Trust REIT		51,577		970,163
Sun Communities, Inc. REIT		7,259		860,337
Radian Group, Inc.		41,177		854,011
Alexandria Real Estate Equities, Inc. REIT		5,940		846,806
Willis Towers Watson plc		4,808		844,525
Wintrust Financial Corp.		9,905		666,904
Cousins Properties, Inc. REIT		64,910		627,031
Umpqua Holdings Corp.		37,848		624,492
Axis Capital Holdings Ltd.		10,675		584,777
Federal Agricultural Mortgage Corp. — Class C		7,801		565,026
National Storage Affiliates Trust REIT		18,663		532,082
IBERIABANK Corp.		7,004		502,257
Pinnacle Financial Partners, Inc.		9,158		500,943
Old Republic International Corp.		21,519		450,177
Redwood Trust, Inc. REIT		26,370		425,875
Camden Property Trust REIT		4,142		420,413
Prosperity Bancshares, Inc.		4,831		333,629
Medical Properties Trust, Inc. REIT		17,805		329,571
Unum Group		9,509		321,689
BOK Financial Corp.		3,681		300,185
Stifel Financial Corp.		5,688		300,099
Hilltop Holdings, Inc.		16,024		292,438
E*TRADE Financial Corp.		6,237		289,584
First Horizon National Corp.		20,436		285,695
Howard Hughes Corp.*		2,509		275,990
Old National Bancorp		16,146		264,794
American National Insurance Co.		1,545		186,667
Total Financial				20,318,026
Industrial - 16.5%
US Concrete, Inc.*		19,847		822,063
Carlisle Companies, Inc.		6,264		768,092
MDU Resources Group, Inc.		29,664		766,221
Jacobs Engineering Group, Inc.		9,450		710,545
Scorpio Tankers, Inc.		32,445		643,709
FLIR Systems, Inc.		11,227		534,181
Valmont Industries, Inc.		3,789		492,949
Graphic Packaging Holding Co.		36,654		462,940
Snap-on, Inc.		2,278		356,553
Knight-Swift Transportation Holdings, Inc.		10,898		356,146
Ryder System, Inc.		5,625		348,694
Plexus Corp.*		5,448		332,056
Hub Group, Inc. — Class A*		7,989		326,351
Huntington Ingalls Industries, Inc.		1,574		326,133
Owens Corning		6,785		319,709
Crane Co.		3,676		311,063
Rexnord Corp.*		12,131		304,973
Advanced Energy Industries, Inc.*		6,087		302,402
EnPro Industries, Inc.		4,428		285,384
Park Electrochemical Corp.		16,568		260,117
Golar LNG Ltd.		12,078		254,725
Kirby Corp.*		2,877		216,091

24|THE GUGGENEHIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
MID CAP VALUE INSTITUTIONAL FUND

	Shares		Value
Oshkosh Corp.		2,627	$	197,367
Celadon Group, Inc.*		95,686		172,235
Total Industrial				9,870,699
Consumer, Non-cyclical - 10.5%
Bunge Ltd.		18,108		960,992
Premier, Inc. — Class A*		18,043		622,303
Central Garden & Pet Co. — Class A*		25,928		602,826
Euronet Worldwide, Inc.*		3,868		551,538
Encompass Health Corp.		9,191		536,754
Emergent BioSolutions, Inc.*		9,651		487,568
Eagle Pharmaceuticals, Inc.*		9,340		471,576
Sanderson Farms, Inc.		3,432		452,475
Ingredion, Inc.		4,632		438,604
Cambrex Corp.*		8,648		335,975
SP Plus Corp.*		9,744		332,466
TherapeuticsMD, Inc.*		56,618		275,730
Inovio Pharmaceuticals, Inc.*		45,705		170,480
Total Consumer, Non-cyclical				6,239,287
Utilities - 10.2%
OGE Energy Corp.		34,192		1,474,359
Portland General Electric Co.		18,298		948,568
Pinnacle West Capital Corp.		8,908		851,427
Black Hills Corp.		8,351		618,559
Southwest Gas Holdings, Inc.		6,748		555,091
UGI Corp.		8,508		471,513
AES Corp.		25,102		453,844
American Electric Power Company, Inc.		5,119		428,716
Avista Corp.		7,168		291,164
Total Utilities				6,093,241
Consumer, Cyclical - 9.0%
LKQ Corp.*		34,277		972,781
PVH Corp.		7,217		880,113
UniFirst Corp.		4,169		639,942
DR Horton, Inc.		15,179		628,107
Acushnet Holdings Corp.	��	22,320		516,485
Wyndham Hotels & Resorts, Inc.		9,408		470,306
Alaska Air Group, Inc.		8,179		459,005
Foot Locker, Inc.		6,147		372,508
JetBlue Airways Corp.*		18,635		304,869
Unifi, Inc.*		6,388		123,608
Total Consumer, Cyclical				5,367,724
Basic Materials - 5.9%
Reliance Steel & Aluminum Co.		10,058		907,835
Huntsman Corp.		36,334		817,152
Ashland Global Holdings, Inc.		8,572		669,730
Alcoa Corp.*		22,698		639,175
Nucor Corp.		5,205		303,712
Pan American Silver Corp.		13,265		175,763
Total Basic Materials				3,513,367
Communications - 5.0%
Ciena Corp.*		16,611		620,254
Viavi Solutions, Inc.*		49,242		609,616
Symantec Corp.		26,082		599,625
Finisar Corp.*		19,818		459,183
Infinera Corp.*		96,617		419,318
MSG Networks, Inc. — Class A*		13,597		295,735
Total Communications				3,003,731
Technology - 4.4%
Cray, Inc.*		33,021		860,197
Super Micro Computer, Inc.*		34,493		728,751
MACOM Technology Solutions Holdings, Inc.*		25,383		424,150
CSG Systems International, Inc.		8,608		364,118

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
MID CAP VALUE INSTITUTIONAL FUND

	Shares		Value
Evolent Health, Inc. — Class A*		21,581	$	271,489
Total Technology				2,648,705
Energy - 3.8%
Range Resources Corp.		58,717		659,979
Whiting Petroleum Corp.*		19,858		519,088
Oasis Petroleum, Inc.*		76,163		460,025
Parsley Energy, Inc. — Class A*		23,350		450,655
Antero Resources Corp.*		20,767		183,373
HydroGen Corp.*,†††,1,2		1,265,700		1
Total Energy				2,273,121
Total Common Stocks
(Cost $57,547,329)				59,327,901
CONVERTIBLE PREFERRED STOCKS††† - 0.0%
Thermoenergy Corp.*,1,3		793,750		3
Total Convertible Preferred Stocks
(Cost $757,981)				3
RIGHTS†††- 0.0%
Pan American Silver Corp.*,1		68,759		��
Total Rights
(Cost $—)				—
MONEY MARKET FUND† - 1.9%
Dreyfus Treasury Securities Cash Management - Institutional Shares 2.27%4		1,134,136		1,134,136
Total Money Market Fund
(Cost $1,134,136)				1,134,136
Total Investments - 101.2%
(Cost $59,439,446)			$	60,462,040
Other Assets & Liabilities, net - (1.2)%				(711,035	)
Total Net Assets - 100.0%			$	59,751,005

*	Non-income producing security.
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
1	Security was fair valued by the Valuation Committee at March 31, 2019. The total market value of fair valued securities amounts to $4, (cost $760,512) or less than 0.1% of total net assets.
2	Affiliated issuer.
3	PIPE (Private Investment in Public Equity) — Stock issued by a company in the secondary market as a means of raising capital more quickly and less expensively than through registration of a secondary public offering.
4	Rate indicated is the 7-day yield as of March 31, 2019.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

26|THE GUGGENEHIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS(Unaudited)(concluded)	March 31, 2019
MID CAP VALUE INSTITUTIONAL FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2019 (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	$	59,327,900	$	—	$	1		$	59,327,901
Convertible Preferred Stocks		—		—		3			3
Rights		—		—		—	*		—
Money Market Fund		1,134,136		—		—			1,134,136
Total Assets	$	60,462,036	$	—	$	4		$	60,462,040

* Security has a market value less than $1.

Affiliated Transactions

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

Transactions during the period ended March 31, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 09/30/18		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 03/31/19		Shares 03/31/19		Investment Income
Common Stock
HydroGen Corp.*,1	$	1	$	—	$	—	$	—	$	—	$	1		1,265,700	$	—

*	Non-income producing security.
1	Security was fair valued by the Valuation Committee at March 31, 2019. The total market value of fair valued and affiliated securities amounts to $1, (cost $2,531) or less than 0.1% of total net assets.

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

STATEMENT OF ASSETS AND LIABILITIES(Unaudited)

MID CAP VALUE INSTITUTIONAL FUND

March 31, 2019

Assets:
Investments in unaffiliated issuers, at value (cost $59,436,915)	$	60,462,039
Investments in affiliated issuers, at value(cost $2,531)		1
Prepaid expenses		22,922
Receivables:
Securities sold		146,011
Dividends		83,509
Fund shares sold		39,501
Interest		2,107
Total assets		60,756,090
Liabilities:
Payable for:
Securities purchased		613,632
Fund shares redeemed		249,454
Management fees		38,282
Transfer agent/maintenance fees		29,269
Fund accounting/administration fees		4,084
Trustees’ fees*		700
Miscellaneous (Note 7)		69,664
Total liabilities		1,005,085
Net assets	$	59,751,005
Net assets consist of:
Paid in capital	$	59,481,520
Total distributable earnings (loss)		269,485
Net assets	$	59,751,005
Capital shares outstanding		6,446,329
Net asset value per share	$	9.27

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

28 THE GUGGENEHIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENT OF OPERATIONS(Unaudited)

MID CAP VALUE INSTITUTIONAL FUND

Period Ended March 31, 2019

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $116)	$	692,801
Interest		13,537
Total investment income		706,338
Expenses:
Management fees		237,828
Transfer agent/maintenance fees		48,815
Fund accounting/administration fees		25,369
Trustees’ fees*		3,561
Custodian fees		2
Miscellaneous		44,612
Total expenses		360,187
Net investment income		346,151
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(395,546	)
Net realized loss		(395,546	)
Net change in unrealized appreciation(depreciation) on:
Investments in unaffiliated issuers		(6,266,705	)
Net change in unrealized appreciation(depreciation)		(6,266,705	)
Net realized and unrealized loss		(6,662,251	)
Net decrease in net assets resulting from operations	$	(6,316,100	)

* 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 SEMI-ANNUAL REPORT|29

STATEMENTS OF CHANGES IN NET ASSETS

MID CAP VALUE INSTITUTIONAL FUND

	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	346,151		$	215,997
Net realized gain (loss) on investments		(395,546	)		9,494,478
Net change in unrealized appreciation (depreciation) on investments		(6,266,705	)		(2,409,347	)
Net increase (decrease) in net assets resulting from operations		(6,316,100	)		7,301,128
Distributions to shareholders		(7,489,785	)		(8,941,778	)
Capital share transactions:
Proceeds from sale of shares		8,767,705			20,521,609
Distributions reinvested		4,515,542			5,265,056
Cost of shares redeemed		(13,663,383	)		(28,017,572	)
Net decrease from capital share transactions		(380,136	)		(2,230,907	)
Net decrease in net assets		(14,186,021	)		(3,871,557	)
Net assets:
Beginning of period		73,937,026			77,808,583
End of period	$	59,751,005		$	73,937,026
Capital share activity:
Shares sold		915,206			1,834,588
Shares issued from reinvestment of distributions		549,338			481,707
Shares redeemed		(1,448,961	)		(2,505,584	)
Net increase (decrease) in shares		15,583			(189,289	)

30|THE GUGGENEHIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL HIGHLIGHTS

MID CAP VALUE INSTITUTIONAL FUND

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	Period Ended March 31, 2019a			Year Ended Sept. 30, 2018			Year Ended Sept. 30, 2017			Year Ended Sept. 30, 2016			Year Ended Sept. 30, 2015			Year Ended Sept. 30, 2014
Per Share Data
Net asset value, beginning of period	$	11.50		$	11.75		$	10.90		$	10.41		$	12.92		$	13.09
Income (loss) from investment operations:
Net investment income (loss)b		.05			.03			(.01	)		.15			.06			.06
Net gain (loss) on investments (realized and unrealized)		(1.07	)		1.11			2.07			1.43			(.66	)		.65
Total from investment operations		(1.02	)		1.14			2.06			1.58			(.60	)		.71
Less distributions from:
Net investment income		(.07	)		(.05	)		(.53	)		(.12	)		(.07	)		(.07	)
Net realized gains		(1.14	)		(1.34	)		(.68	)		(.97	)		(1.84	)		(.81	)
Total distributions		(1.21	)		(1.39	)		(1.21	)		(1.09	)		(1.91	)		(.88	)
Net asset value, end of period	$	9.27		$	11.50		$	11.75		$	10.90		$	10.41		$	12.92
Total Return		(7.58	%)		10.32	%		20.23	%		16.28	%		(5.85	%)		5.53	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	59,751		$	73,937		$	77,809		$	70,810		$	287,370		$	598,101
Ratios to average net assets:
Net investment income (loss)		1.09	%		0.29	%		(0.07	%)		1.52	%		0.52	%		0.42	%
Total expensesc		1.14	%		1.14	%		1.14	%		1.14	%		1.05	%		1.05	%
Portfolio turnover rate		32	%		63	%		72	%		149	%		95	%		41	%

a	Unaudited figures for the period ended March 31, 2019. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Does not include expenses of the underlying funds in which the Fund invests.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|31

NOTES TO FINANCIAL STATEMENTS(Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

Guggenheim Funds Trust (the “Trust”), a Delaware statutory trust, is registered with 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. The Trust is authorized to issue an unlimited number of shares. The Trust accounts for the assets of each fund separately.

The Trust offers a combination of five separate classes of shares, A-Class shares, C-Class shares, P-Class shares, R6-Class 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 A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased. A-Class share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% contingent deferred sales charge (“CDSC”), if shares are redeemed within 12 months of purchase. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. 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. R6-Class shares are offered primarily through qualified retirement and benefit plans. R6-Class shares are also offered through certain other plans and platforms sponsored by financial intermediaries. Certain institutional investors and others deemed appropriate by Guggenheim Investments (“GI”) may also be eligible to purchase R6-Class shares subject to a $2 million minimum initial investment. At March 31, 2019, the Trust consisted of twenty funds.

C-Class shares of each Fund automatically convert to A-Class shares of the same Fund on or about the 10th day of the month following the 10-year anniversary of the purchase of the C-Class 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 A-Class shares.

This report covers the Mid Cap Value Fund and Mid Cap Value Institutional Fund (the “Funds”), each a diversified investment company. At March 31, 2019, only A-Class, C-Class, P-Class and Institutional Class shares have been issued by the Funds.

Security Investors, LLC, which operates under the name Guggenheim Investments (“GI”), provides advisory services. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI 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.

32 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

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 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 Class by the number of outstanding shares of the Class.

(a) Valuation of Investments

The Board of Trustees of the Funds (the “Board”) has adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Funds’ securities and/or other assets.

Valuations of the Funds’ securities are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Funds’ officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used and valuations provided by the pricing services.

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

Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sale price as of the close of business on the NYSE, usually at 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on a given day, the security is valued at the closing bid price on that day.

Open-end investment companies are valued at their NAV as of the close of business on the valuation date.

Money market funds are valued at their NAV.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|33

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

Investments for which market quotations are not readily available are fair-valued as determined in good faith by GI, subject to review and approval by the Valuation Committee, pursuant to methods established or ratified by the Board. 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 prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information 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 Statement 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 March 31, 2019, 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. 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.

34 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

(d) Distributions

Distributions of net investment income and net realized gains, if any, are declared and paid at least annually. Distributions are recorded on the ex-dividend date and are determined in accordance with income tax regulations which may differ from U.S. GAAP. Normally, all distributions of a Fund will automatically be reinvested without charge in additional shares of the same Fund.

(e) Class Allocations

Interest and dividend income, most expenses, all realized gains and losses, and all unrealized appreciation and depreciation are allocated to the classes based upon the value of the outstanding shares in each Class. Certain costs, such as distribution and service fees are charged directly to specific 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 Funds may earn credits based on overnight custody cash balances. These credits are utilized to reduce related custodial expenses. The custodian fees disclosed in the Statement of Operations are before the reduction in expense from the related earnings credits, if any. For the period ended March 31, 2019, there were no earnings credits received.

(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 2.43% at March 31, 2019.

(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.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|35

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

Note 2 – Investment Advisory Agreement and Other Agreements

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

Fund	Management Fees (as a % of Net Assets)
Mid Cap Value Fund		0.75	%
Mid Cap Value Institutional Fund		0.75	%

GI engages external service providers to perform other necessary services for the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, etc., on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

The Mid Cap Value Fund has adopted Distribution Plans related to the offering of A-Class, C-Class and P-Class 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 the Fund’s A-Class and P-Class shares, and 1.00% of the average daily net assets of the Fund’s C-Class shares.

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

	Limit			Effective Date		Contract End Date
Mid Cap Value Fund – A-Class		1.42	%		01/30/17		02/01/20
Mid Cap Value Fund – C-Class		2.12	%		01/30/17		02/01/20
Mid Cap Value Fund – P-Class		1.32	%		01/30/17		02/01/20

GI is entitled to reimbursement by the Mid Cap Value 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, GI is entitled to recoupment of previously waived fees or reimbursed expenses for 36 months from the date of the waiver or reimbursement by GI. At March 31, 2019, 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	2019		2020		2021		2022		Fund Total
Mid Cap Value Fund
P-Class	$	—	$	—	$	1,846	$	2,636	$	4,482

36 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

During the period ended March 31, 2019, GI recouped $41,334 from the Mid Cap Value Fund.

For the period ended March 31, 2019, GFD retained sales charges of $162,871 relating to sales of A-Class shares of the Trust.

Certain 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 is responsible for maintaining 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 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 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’ federal tax returns are subject to examination by the Internal Revenue Service for a period of three years after they are filed.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|37

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

At March 31, 2019, the cost of securities for federal income tax purposes, the aggregate gross unrealized appreciation for all securities for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over value were as follows:

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Mid Cap Value Fund	$	376,800,919	$	53,462,548	$	(30,914,146	)	$	22,548,402
Mid Cap Value Institutional Fund		59,685,902		5,985,397		(5,209,259	)		776,138

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 with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. 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 — 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.

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 used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

38 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

Note 5 – Securities Transactions

For the period ended March 31, 2019, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

Fund	Purchases		Sales
Mid Cap Value Fund	$	120,604,618	$	136,347,379
Mid Cap Value Institutional Fund		20,268,056		25,521,461

Note 6 – Line of Credit

The Trust, along with other affiliated trusts, secured a 364-day committed, $1,065,000,000 line of credit from Citibank, N.A., which was in place through October 5, 2018, at which time the line of credit was renewed with an increased commitment amount of $1,205,000,000. 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”, LIBOR 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 unused commitment amount. The allocated commitment fee amount for each Fund is referenced in the Statement of Operations under “Line of credit fees”. The Funds did not have any borrowings under this agreement as of and for the period ended March 31, 2019.

Note 7 – Other Liabilities

The Mid Cap Value Fund and Mid Cap Value Institutional Fund each wrote put options contracts through Lehman Brothers Inc., (“LBI”) that were exercised prior to the option contracts’ expiration and prior to the bankruptcy filing by LBI, during September 2008. However, these transactions have not settled and the securities have not been delivered to the Fund as of March 31, 2019.

Although the ultimate resolution of these transactions is uncertain, the Funds have recorded a liability equal on their respective books equal to the difference between the strike price on the put options and the market prices of the underlying security on the exercise date. The amount of the liability recorded by the Funds as of March 31, 2019 was $473,594 for Mid Cap Value Fund and $15,940 for Mid Cap Value Institutional Fund and included in payable for miscellaneous in the Statements of Assets and Liabilities.

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NOTES TO FINANCIAL STATEMENTS(Unaudited)(concluded)

Note 8 – Recent Regulatory Reporting Updates

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (the “2018 ASU”) which adds, modifies and removes disclosure requirements related to certain aspects of fair value measurement. The 2018 ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. As of March 31, 2019, the Funds have fully adopted the provisions of the ASU, which did not have a material impact on the Funds’ financial statements and related disclosures or impact the Funds’ net assets or results of operations.

Note 9 – Subsequent Events

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

40 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

OTHER INFORMATION(Unaudited)

Proxy Voting Information

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Fund’s portfolios is available, without charge and upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

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. The Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Fund usually classifies 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 on Form N-Q, which are available on the SEC’s website at https://www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS(Unaudited)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES
Randall C. Barnes (1951)	Trustee	Since 2014	Current: Private Investor (2001-present). Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).	49	Current: Trustee, Purpose Investments Funds (2013-present). Former: Managed Duration Investment Grade Municipal Fund (2003-2016).
Donald A. Chubb, Jr. (1946)	Trustee and Chairman of the Valuation Oversight Committee	Since 1994	Current: Retired. Former: Business broker and manager of commercial real estate, Griffith & Blair, Inc. (1997-2017).	48	Former: Midland Care, Inc. (2011-2016).
Jerry B. Farley (1946)	Trustee and Chairman of the Audit Committee	Since 2005	Current: President, Washburn University (1997-present).	48	Current: CoreFirst Bank & Trust (2000-present). Former: Westar Energy, Inc. (2004-2018).
Roman Friedrich III (1946)	Trustee and Chairman of the Contracts Review Committee	Since 2014	Current: Founder and Managing Partner, Roman Friedrich & Company (1998-present).	48	Former: Zincore Metals, Inc. (2009-January 2019).

42 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS(Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES - continued
Ronald A. Nyberg (1953)	Trustee and Chairman of the Nominating and Governance Committee	Since 2014	Current: Partner, Momkus LLC (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	49	Current: PPM Funds (2018-present); Edward-Elmhurst Healthcare System (2012-present); Western Asset Inflation-Linked Opportunities & Income Fund (2004-present); Western Asset Inflation-Linked Income Fund (2003-present). Former: Managed Duration Investment Grade Municipal Fund (2003-2016).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS(Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES - concluded
Ronald E. Toupin, Jr. (1958)	Trustee and Chairman of the Board	Since 2014	Current: Portfolio Consultant (2010-present); Member, Governing Council, Independent Directors Council (2013-present); Governor, Board of Governors, Investment Company Institute (2018-present). Former: Member, Executive Committee, Independent Directors Council (2016-2018); Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).	48	Current: Western Asset Inflation-Linked Opportunities & Income Fund (2004-present); Western Asset Inflation-Linked Income Fund (2003-present). Former: Managed Duration Investment Grade Municipal Fund (2003-2016).

44 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS(Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INTERESTED TRUSTEE
Amy J. Lee*** (1961)	Trustee, Vice President and Chief Legal Officer	Since 2018 (Trustee) Since 2014 (Chief Legal Officer) Since 2007 (Vice President)	Current: Interested Trustee, certain other funds in the Fund Complex (2018-present); President, certain other funds in the Fund Complex (2017-present); Chief Legal Officer, certain other funds in the Fund Complex (2014-present); Vice President, certain other funds in the Fund Complex (2007-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: President and Chief Executive Officer (2017-2018); Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).	48	None.

*	The business address of each Trustee is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each Trustee serves an indefinite term, until his or her successor is elected and qualified. Time served includes time served in the respective position for the Predecessor Corporation.
***	This Trustee is deemed to be an "interested person" of the Funds under the 1940 Act by reason of her position with the Funds' Investment Manager and/or the parent of the Investment Manager.

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS(Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS
Brian E. Binder (1972)	President and Chief Executive Officer	Since 2018	Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President and Chief Executive Officer, Guggenheim Funds Investment Advisors, LLC and Security Investors, LLC (2018-present); Senior Managing Director and Chief Administrative Officer, Guggenheim Investments (2018-present). Former: Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Head of Business Management and Consulting, Invesco Ltd. (2010-2012).
James M. Howley (1972)	Assistant Treasurer	Since 2014	Current: Managing Director, Guggenheim Investments (2004-present); Assistant Treasurer, certain other funds in the Fund Complex (2006-present). Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).
Mark E. Mathiasen (1978)	Secretary	Since 2014	Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).
Glenn McWhinnie (1969)	Assistant Treasurer	Since 2016	Current: Vice President, Guggenheim Investments (2009-present); Assistant Treasurer, certain other funds in the Fund complex (2016-present).
Michael P. Megaris (1984)	Assistant Secretary	Since 2014	Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2012-present).
Elisabeth Miller (1968)	Chief Compliance Officer	Since 2012	Current: Chief Compliance Officer, certain other funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments (2012-present); Vice President, Guggenheim Funds Distributors, LLC (2014-present). Former: Chief Compliance Officer, Security Investors, LLC (2012-2018); Chief Compliance Officer, Guggenheim Funds Investment Advisors, LLC (2012-2018); Chief Compliance Officer, Guggenheim Distributors, LLC (2009-2014); Senior Manager, Security Investors, LLC (2004-2014); Senior Manager, Guggenheim Distributors, LLC (2004-2014).

46 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS(Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - continued
Margaux Misantone (1978)	AML Officer	Since 2017	Current: Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investment Advisors, LLC (2018-present); AML Officer, Security Investors, LLC and certain other funds in the Fund Complex (2017-present); Managing Director, Guggenheim Investments (2015-present). Former: Assistant Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investments Advisors, LLC (2015-2018).
Adam J. Nelson (1979)	Assistant Treasurer	Since 2015	Current: Vice President, Guggenheim Investments (2015-present); Assistant Treasurer, certain other funds in the Fund Complex (2015-present). Former: Assistant Vice President and Fund Administration Director, State Street Corporation (2013-2015); Fund Administration Assistant Director, State Street (2011-2013); Fund Administration Manager, State Street (2009-2011).
Kimberly J. Scott (1974)	Assistant Treasurer	Since 2014	Current: Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
Bryan Stone (1979)	Vice President	Since 2014	Current: Vice President, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2013-present). Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS(Unaudited)(concluded)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - concluded
John L. Sullivan (1955)	Chief Financial Officer, Chief Accounting Officer and Treasurer	Since 2014	Current: Chief Financial Officer, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present). Former: Managing Director and Chief Compliance Officer, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); Chief Financial Officer and Treasurer, Van Kampen Funds (1996-2004).
Jon Szafran (1989)	Assistant Treasurer	Since 2017	Current: Vice President, Guggenheim Investments (2017-present); Assistant Treasurer, certain other funds in the Fund Complex (2017-present). Former: Assistant Treasurer of Henderson Global Funds and Manager of US Fund Administration, Henderson Global Investors (North America) Inc. ("HGINA"), (2017); Senior Analyst of US Fund Administration, HGINA (2014-2017); Senior Associate of Fund Administration, Cortland Capital Market Services, LLC (2013-2014); Experienced Associate, PricewaterhouseCoopers LLP (2012-2013).

*	The business address of each officer is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each officer serves an indefinite term, until his or her successor is duly elected and qualified.

48 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY NOTICE(Unaudited)

Who We Are

This Privacy Notice describes the data protection practices of Guggenheim Investments. Guggenheim Investments as used herein refers to the affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Guggenheim Investment Advisors (Europe) Limited, Guggenheim Real Estate, LLC, GS Gamma Advisors, LLC, Guggenheim Partners India Management, LLC, Guggenheim Partners Europe Limited, as well as the funds in the Guggenheim Funds complex (the “Funds”) (“Guggenheim Investments,” “we,” “us,” or “our”).

Guggenheim Partners Investment Management Holdings, LLC, located at 330 Madison Avenue, New York, New York 10017 is the data controller for your information. The Affiliates who are also controllers of certain of your information are: Guggenheim Investment Advisors (Europe) Limited, Guggenheim Partners Europe Limited, Guggenheim Partners, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC and Security Investors, LLC, as well as the Funds.

Our Commitment to You

Guggenheim Investments considers your privacy our utmost concern. When you become our client or investor, you entrust us with not only your hard-earned money but also with your personal and financial information. Because we have access to your private information, we hold ourselves to the highest standards in its safekeeping and use. We strictly limit how we share your information with others, whether you are a current or former Guggenheim Investments client or investor.

The Information We Collect About You

We collect certain nonpublic personal information about you from information you provide on applications, other forms, our website, and/or from third parties including investment advisors. This information includes Social Security or other tax identification number, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history, bank account information, marital status, family relationships, information that we collect on our website through the use of “cookies,” and other personal information that you or others provide to us. We may also collect such information through your inquiries by mail, e-mail or telephone. We may also collect customer due diligence information, as required by applicable law and regulation, through third party service providers.

How We Handle Your Personal Information

The legal basis for using your information as set out in this Privacy Notice is as follows: (a) use of your personal data is necessary to perform our obligations under any contract with you (such as a contract for us to provide financial services to you); or (b) where use of your personal data is not necessary for performance of a contract, use of your personal data is necessary for our

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE(Unaudited)(continued)

legitimate interests or the legitimate interests of others (for example, to enforce the legal terms governing our services, operate and market our website and other services we offer, ensure safe environments for our personnel and others, make and receive payments, prevent fraud and to know the customer to whom we are providingthe services). Some processing is done to comply with applicable law.

In addition to the specific uses described above, we also use your information in the following manner:

● We use your information in connection with servicing your accounts.

● We use information to respond to your requests or questions. For example, we might use your information to respond to your customer feedback.

● We use information to improve our products and services. We may use your information to make our website and products better. We may use your information to customize your experience with us.

● We use information for security purposes. We may use your information to protect our company and our customers.

● We use information to communicate with you. For example, we will communicate with you about your account or our relationship. We may contact you about your feedback. We might also contact you about this Privacy Notice. We may also enroll you in our email newsletter.

● We use information as otherwise permitted by law, as we may notify you.

● Aggregate/Anonymous Data. We may aggregate and/or anonymize any information collected through the website so that such information can no longer be linked to you or your device (“Aggregate/Anonymous Information”). We may use Aggregate/Anonymous Information for any purpose, including without limitation for research and marketing purposes, and may also share such data with any third parties, including advertisers, promotional partners, and sponsors.

We do not sell information about current or former clients or their accounts to third parties. Nor do we share this information, except when necessary to complete transactions at your request, to make you aware of investment products and services that we or our affiliates offer, or as permitted or required by law.

We provide information about you to companies and individuals not affiliated with Guggenheim Investments to complete certain transactions or account changes, or to perform services for us related to your account. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we must provide certain information about you to that company to complete the transaction. We provide the third party with only the information necessary to carry out its responsibilities and only for that purpose. And we require these third

50 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY NOTICE(Unaudited)(continued)

parties to treat your private information with the same high degree of confidentiality that we do. To alert you to other Guggenheim Investments products and services, we share your information within our family of affiliated companies. You may limit our sharing with affiliated companies as set out below. We may also share information with any successor to all or part of our business, or in connection with steps leading up to a merger or acquisition. For example, if part of our business was sold we may give customer information as part of that transaction. We may also share information about you with your consent.

We will release information about you if you direct us to do so, if we are compelled by law to do so, or in other circumstances as permitted by law (for example, to protect your account from fraud).

If you close your account(s) or become an inactive client or investor, we will continue to adhere to the privacy policies and practices described in this notice.

Opt-Out Provisions and Your Data Choices

The law allows you to “opt out” of certain kinds of information sharing with third parties. We do not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.

When you are no longer our client or investor, we continue to share your information as described in this notice, and you may contact us at any time to limit our sharing by sending an email to CorporateDataPrivacy@GuggenheimPartners.com.

European Union Data Subjects and certain others: In addition to the choices set forth above, residents of the European Union and certain other jurisdictions have certain rights to (1) request access to or rectification or deletion of information we collect about them, (2) request a restriction on the processing of their information, (3) object to the processing of their information, or (4) request the portability of certain information. To exercise these or other rights, please contact us using the contact information below. We will consider all requests and provide our response within the time period stated by applicable law. Please note, however, that certain information may be exempt from such requests in some circumstances, which may include if we need to keep processing your information for our legitimate interests or to comply with a legal obligation. We may request you provide us with information necessary to confirm your identity before responding to your request.

Residents of France and certain other jurisdictions may also provide us with instructions regarding the manner in which we may continue to store, erase and share your information after your death, and where applicable, the person you have designated to exercise these rights after your death.

How We Protect Privacy Online

We take steps to protect your privacy when you use our web site – www.guggenheiminvestments.com – by using secure forms of online communication, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These safeguards vary

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|51

GUGGENHEIM INVESTMENTS PRIVACY NOTICE(Unaudited)(concluded)

based on the sensitivity of the information that we collect and store. However, we cannot and do not guarantee that these measures will prevent every unauthorized attempt to access, use, or disclose your information since despite our efforts, no Internet and/or other electronic transmissions can be completely secure. Our web site uses “http cookies”—tiny pieces of information that we ask your browser to store. We use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your e-mail address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

How We Safeguard Your Personal Information and Data Retention

We restrict access to nonpublic personal information about you to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

We keep your information for no longer than necessary for the purposes for which it is processed. The length of time for which we retain information depends on the purposes for which we collected and use it and/or as required to comply with applicable laws. Information may persist in copies made for backup and business continuity purposes for additional time.

International Visitors

If you are not a resident of the United States, please be aware that your information may be transferred to, stored and processed in the United States where our servers are located and our databases are operated. The data protection and other laws of the United States and other countries might not be as comprehensive as those in your country.

In such cases, we ensure that a legal basis for such a transfer exists and that adequate protection is provided as required by applicable law, for example, by using standard contractual clauses or by transferring your data to a jurisdiction that has obtained an adequacy finding. Individuals whose data may be transferred on the basis of standard contractual clauses may contact us as described below.

We’ll Keep You Informed

If you have any questions or concerns about how we treat your personal data, we encourage you to consult with us first. You may also contact the relevant supervisory authority.

We reserve the right to modify this policy at any time and will inform you promptly of material changes. You may access our privacy policy from our web site at www.guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us by email at CorporateDataPrivacy@GuggenheimPartners.com.

52 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

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3.31.2019

Guggenheim Funds Semi-Annual Report

Guggenheim Capital Stewardship Fund

Beginning on January 1, 2021, paper copies of the Fund’s annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the Fund electronically by calling 800.820.0888, going to GuggenheimInvestments.com/myaccount, or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a fund directly, you can inform the Fund that you wish to receive paper copies of reports by calling 800.820.0888. If you hold shares of the Fund through a financial intermediary, please contact the financial intermediary to make this election. Your election to receive reports in paper will apply to all Guggenheim Funds in which you are invested and may apply to all funds held with your financial intermediary.

GuggenheimInvestments.com CSF-SEMI-0319x0919

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	3
ABOUT SHAREHOLDERS’ FUND EXPENSES	4
CAPITAL STEWARDSHIP FUND	6
NOTES TO FINANCIAL STATEMENTS	13
OTHER INFORMATION	17
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	18
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	22

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 1

March 31, 2019

Dear Shareholder:

Guggenheim Partners Investment Management, LLC (“GPIM” or the “Investment Adviser”), is pleased to present the shareholder report for the Guggenheim Capital Stewardship Fund (the “Fund”). The report covers the semi-annual fiscal period ended March 31, 2019.

Concinnity Advisors, LP, serves as the Fund’s sub-adviser (the “Sub-Adviser”).

The Investment Adviser is part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC, (“Guggenheim”) a global, diversified financial services firm.

Guggenheim Funds Distributors, LLC is the distributor of the Funds. Guggenheim Funds Distributors, LLC is affiliated with Guggenheim and the Investment Adviser.

We encourage you to read the Economic and Market Overview section of the report, which follows this letter.

We are committed to providing innovative investment solutions and appreciate the trust you place in us.

Sincerely,

Guggenheim Partners Investment Management, LLC
April 30, 2019

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments.com or call 800.820.0888.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/ or legal professional regarding your specific situation.

There can be no assurance that any investment product will achieve its investment objective(s). There are risks associated with investing, including the entire loss of principal invested. Investing involves market risks. The investment return and principal value of any investment product will fluctuate with changes in market conditions. Please read the prospectus for more detailed information regarding these and other risks.

2 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited) March 31, 2019

Late 2018 and early 2019 U.S. economic data stoked recession fears, prompting the U.S. Federal Reserve (the “Fed”) to abort its tightening cycle and the 3-month/10-year Treasury yield curve to invert. Housing activity weakened markedly in the second half of 2018, personal spending growth decelerated, job gains moderated, and industrial production growth slowed. However, first-quarter 2019 real gross domestic product (“GDP”) surprised everyone by posting a growth rate of 3.2 percent. While this number benefited from big contributions from inventories and trade, the decline in interest rates and recovery in risk assets could support U.S. economic growth in the second and third quarters of 2019.

Taking a longer view, the indicators Guggenheim tracks as part of our proprietary recession probability indicator continue to signal that the economy could be heading into a recession in about a year. The unemployment rate has leveled off after years of steady declines, the Fed has moved to a neutral bias on rates, the yield curve has inverted, growth in leading indicators has slowed, gains in total hours worked have slowed, and real retail sales growth has fallen sharply. Taken together, these data points support the view that the next recession may begin as early as the first half of 2020.

Overseas, continued weakness in economic data finally prompted policy action. The European Central Bank (“ECB”) revised expected real GDP growth downward for 2019 and shortly thereafter delivered further accommodation. Rate hikes are now forecast to come later than previously indicated, and the ECB launched a series of targeted long-term refinancing operations consisting of two-year loans. China, another major economy that has shown signs of slowing, showed a mix of softening and signs of stabilization in recent economic activity. So far, Chinese authorities have announced fiscal stimulus through tax cuts and infrastructure spending, and monetary stimulus in the form of a reduction in the reserve requirement ratio.

Foreign governments’ stimulus to their local economies may be good news for U.S. activity. The downward trend in global growth weighed on U.S. activity, as evidenced by some weakness in 2018 U.S. exports and downward revisions to this year’s expected corporate earnings. If policy changes are enough to avoid recession across Western Europe or boost growth in China, the combination of this and lower U.S. rates could be positive for U.S. growth later in the year. However, the U.S., Europe, and China are not yet out of the woods. All three remain key risks to global growth given the lack of a Brexit agreement, significant weakening in German manufacturing activity, and unresolved U.S.-China tariff negotiations. Without a positive catalyst, the trajectory for the U.S. could remain negative, with a major event risk looming in the fall, when the U.S. Treasury Department will exhaust its “extraordinary measures” and force a congressional debate about the debt ceiling, which could prompt fears of a technical default and complicate fiscal year 2020 budget negotiations, where a fiscal spending cliff looms.

For the six months ended March 31, 2019, the Standard & Poor’s 500^® (“S&P 500”) Index^* returned -1.72%. The MSCI Europe-Australasia-Far East (“EAFE”) Index^* returned -3.64%. The return of the MSCI Emerging Markets Index^* was 1.83%.

In the bond market, the Bloomberg Barclays U.S. Aggregate Bond Index^* posted a 4.63% return for the period, while the Bloomberg Barclays U.S. Corporate High Yield Index^* returned 2.39%. The return of the ICE Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index^* was 1.17% for the six-month period.

The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.

^*Index Definitions

The following indices are referenced throughout this report.

Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.

Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, mortgage-backed securities or “MBS” (agency fixed-rate and hybrid adjustable-rate mortgage, or “ARM”, pass-throughs), asset-backed securities (“ABS”), and commercial mortgage-backed securities (“CMBS”) (agency and non-agency).

Bloomberg Barclays U.S. Corporate High Yield Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB +/BB + or below.

ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market Index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.

MSCI Emerging Markets Index is a free float-adjusted market capitalization-weighted index that is designed to measure equity market performance in the global emerging markets.

S&P 500^® is a broad-based index, the performance of which is based on the performance of 500 widely held common stocks chosen for market size, liquidity, and industry group representation.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 3

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

All mutual funds have operating expenses, and it is important for our shareholders to understand the impact of costs on their investments. Shareholders of a fund incur two types of costs: (i) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, other distributions, and exchange fees, and (ii) ongoing costs, including management fees, administrative services, and shareholder reports, among others. These ongoing costs, or operating expenses, are deducted from a fund’s gross income and reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets, which is known as the expense ratio. The following examples are intended to help investors understand the ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning September 30, 2018 and ending March 31, 2019.

The following tables illustrate the Fund’s costs in two ways:

Table 1. Based on actual Fund return: This section helps investors estimate the actual expenses paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fifth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. Investors may use the information here, together with the amount invested, to estimate the expenses paid over the period. Simply divide the Fund’s account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number provided under the heading “Expenses Paid During Period.”

Table 2. Based on hypothetical 5% return: This section is intended to help investors compare a Fund’s cost with those of other mutual funds. The table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid during the period. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on the 5% return. Investors can assess a Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

The calculations illustrated above assume no shares were bought or sold during the period. Actual costs may have been higher or lower, depending on the amount of investment and the timing of any purchases or redemptions.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments, and contingent deferred sales charges (“CDSC”) on redemptions, if any. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

More information about the Fund’s expenses, including annual expense ratios for periods up to five years (subject to the Fund’s inception date), can be found in the Financial Highlights section of this report. For additional information on operating expenses and other shareholder costs, please refer to the Fund’s prospectus.

4 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2018	Ending Account Value March 31, 2019	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Capital Stewardship Fund	1.05%	(3.08%)	$1,000.00	$969.20	$5.15
Table 2. Based on hypothetical 5% return (before expenses)
Capital Stewardship Fund	1.05%	5.00%	$1,000.00	$1,019.70	$5.29

1	Annualized and excludes expenses of the underlying funds in which the Fund invests, if any.
2	Expenses are equal to the Fund's annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period September 30, 2018 to March 31, 2019.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 5

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2019

CAPITAL STEWARDSHIP FUND

OBJECTIVE: Seeks long-term capital appreciation.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Date: September 26, 2014

Ten Largest Holdings (% of Total Net Assets)
Apple, Inc.	3.2%
Johnson & Johnson	2.9%
Alphabet, Inc. — Class A	2.8%
Verizon Communications, Inc.	2.8%
Microsoft Corp.	2.6%
Procter & Gamble Co.	2.4%
AT&T, Inc.	2.4%
Pfizer, Inc.	2.0%
Facebook, Inc. — Class A	1.9%
3M Co.	1.6%
Top Ten Total	24.6%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns^*

Periods Ended March 31, 2019

	6 Month†	1 Year	Since Inception (09/26/14)
Capital Stewardship Fund	(3.08%)	5.54%	8.14%
S&P 500 Index	(1.72%)	9.50%	10.50%

*

The performance data above represents past performance that is not predictive of future results. 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 effect of taxes. The S&P 500 Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.

†

6 month returns are not annualized.

6 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2019
CAPITAL STEWARDSHIP FUND

	Shares			Value
COMMON STOCKS† - 99.0%
Consumer, Non-cyclical - 27.9%
Johnson & Johnson		41,649		$	5,822,114
Procter & Gamble Co.		46,802			4,869,748
Pfizer, Inc.		97,425			4,137,640
PepsiCo, Inc.		22,775			2,791,076
Kimberly-Clark Corp.		22,516			2,789,733
Colgate-Palmolive Co.		38,716			2,653,595
AbbVie, Inc.		30,141			2,429,063
Medtronic plc		26,376			2,402,326
Amgen, Inc.		12,038			2,286,979
Eli Lilly & Co.		15,926			2,066,558
Coca-Cola Co.		43,583			2,042,300
Merck & Company, Inc.		21,851			1,817,347
Allergan plc		12,058			1,765,412
Gilead Sciences, Inc.		26,250			1,706,512
Abbott Laboratories		20,913			1,671,785
Humana, Inc.		5,296			1,408,736
Kellogg Co.		19,960			1,145,305
JM Smucker Co.		9,137			1,064,460
Clorox Co.		5,879			943,344
Kroger Co.		34,231			842,083
Anthem, Inc.		2,852			818,467
S&P Global, Inc.		3,838			808,091
Hershey Co.		7,032			807,484
General Mills, Inc.		14,169			733,246
Quest Diagnostics, Inc.		8,017			720,889
Bristol-Myers Squibb Co.		14,644			698,665
Moody’s Corp.		3,805			689,047
Biogen, Inc.*		2,876			679,829
DaVita, Inc.*		9,284			504,028
Illumina, Inc.*		1,580			490,890
CVS Health Corp.		9,071			489,199
Vertex Pharmaceuticals, Inc.*		2,629			483,605
Regeneron Pharmaceuticals, Inc.*		1,128			463,179
United Rentals, Inc.*		4,004			457,457
United Therapeutics Corp.*		3,813			447,532
Varian Medical Systems, Inc.*		2,094			296,762
Verisk Analytics, Inc. — Class A		2,014			267,862
IDEXX Laboratories, Inc.*		905			202,358
Church & Dwight Company, Inc.		2,656			189,187
Total Consumer, Non-cyclical					56,903,893
Technology - 18.2%
Apple, Inc.		34,553			6,563,342
Microsoft Corp.		45,359			5,349,641
Adobe, Inc.*		9,562			2,548,177
Intel Corp.		43,172			2,318,336
Oracle Corp.		40,508			2,175,685
Accenture plc — Class A		12,251			2,156,421
Texas Instruments, Inc.		19,741			2,093,928
HP, Inc.		75,704			1,470,929
Applied Materials, Inc.		35,559			1,410,270
salesforce.com, Inc.*		8,666			1,372,434
Cerner Corp.*		22,405			1,281,790
International Business Machines Corp.		9,030			1,274,133
Intuit, Inc.		4,195			1,096,615
Lam Research Corp.		5,553			994,042
Paychex, Inc.		12,315			987,663
Jack Henry & Associates, Inc.		6,632			920,124
Xilinx, Inc.		6,230			789,902
Activision Blizzard, Inc.		16,545			753,294
Ultimate Software Group, Inc.*		1,125	��		371,396
QUALCOMM, Inc.		5,865			334,481
Micron Technology, Inc.*		7,281			300,924
Akamai Technologies, Inc.*		4,140			296,879
Cognizant Technology Solutions Corp. — Class A		2,969			215,104
Total Technology					37,075,510
Communications - 17.3%
Alphabet, Inc. — Class A*		4,880			5,743,223
Verizon Communications, Inc.		96,506			5,706,400
AT&T, Inc.		152,768			4,790,804
Facebook, Inc. — Class A*		23,158			3,860,207
Amazon.com, Inc.*		1,592			2,834,954
Walt Disney Co.		21,633			2,401,912
Omnicom Group, Inc.		29,672			2,165,759
Cisco Systems, Inc.		31,725			1,712,833
Comcast Corp. — Class A		36,898			1,475,182
AMC Networks, Inc. — Class A*		23,391			1,327,673
Juniper Networks, Inc.		30,197			799,315
T-Mobile US, Inc.*		10,173			702,954
FactSet Research Systems, Inc.		2,582			641,033
CenturyLink, Inc.		32,623			391,150
eBay, Inc.		7,767			288,467
F5 Networks, Inc.*		1,305			204,794
Etsy, Inc.*		2,819			189,493
Total Communications					35,236,153
Financial - 10.6%
Mastercard, Inc. — Class A		13,523			3,183,990
Visa, Inc. — Class A		14,444			2,256,008
Prudential Financial, Inc.		15,176			1,394,371
American Tower Corp. — Class A REIT		6,150			1,211,919
JPMorgan Chase & Co.		11,893			1,203,928
MetLife, Inc.		27,596			1,174,762
BlackRock, Inc. — Class A		2,489			1,063,724
Marsh & McLennan Companies, Inc.		11,324			1,063,324
Aflac, Inc.		20,365			1,018,250
Ventas, Inc. REIT		15,645			998,307
Citigroup, Inc.		15,102			939,647
Prologis, Inc. REIT		12,567			904,196
Travelers Companies, Inc.		6,125			840,105
T. Rowe Price Group, Inc.		5,840			584,701
Alliance Data Systems Corp.		2,963			518,466
Bank of America Corp.		16,868			465,388
Hartford Financial Services Group, Inc.		7,935			394,528
Allstate Corp.		3,078			289,886
Bank of New York Mellon Corp.		5,598			282,307
Equinix, Inc. REIT		610			276,428
State Street Corp.		4,096			269,558
Weyerhaeuser Co. REIT		9,974			262,715

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
CAPITAL STEWARDSHIP FUND

	Shares		Value
U.S. Bancorp		4,951	$	238,589
American Express Co.		2,055		224,612
Franklin Resources, Inc.		6,659		220,679
Progressive Corp.		2,860		206,177
Nasdaq, Inc.		1,750		153,107
Total Financial				21,639,672
Industrial - 9.0%
3M Co.		15,792		3,281,262
Cummins, Inc.		13,858		2,187,762
Union Pacific Corp.		9,667		1,616,322
Norfolk Southern Corp.		8,437		1,576,791
FedEx Corp.		8,524		1,546,339
United Parcel Service, Inc. — Class B		13,236		1,478,991
Caterpillar, Inc.		10,636		1,441,072
Lockheed Martin Corp.		4,461		1,339,014
Honeywell International, Inc.		5,732		910,929
Oshkosh Corp.		9,416		707,424
Waste Management, Inc.		6,586		684,351
Illinois Tool Works, Inc.		4,625		663,826
Mettler-Toledo International, Inc.*		609		440,307
General Electric Co.		35,635		355,994
Total Industrial				18,230,384
Energy - 5.9%
Chevron Corp.		23,569		2,903,229
Valero Energy Corp.		19,560		1,659,275
ONEOK, Inc.		23,690		1,654,510
Occidental Petroleum Corp.		24,543		1,624,746
Phillips 66		16,612		1,580,964
ConocoPhillips		17,340		1,157,272
Devon Energy Corp.		26,578		838,802
Apache Corp.		19,544		677,395
Total Energy				12,096,193
Consumer, Cyclical - 5.9%
Home Depot, Inc.		14,412		2,765,519
Walgreens Boots Alliance, Inc.		24,687		1,561,946
Starbucks Corp.		17,821		1,324,813
Delta Air Lines, Inc.		23,794		1,228,960
Southwest Airlines Co.		22,001		1,142,072
Lear Corp.		6,033		818,738
JetBlue Airways Corp.*		48,690		796,569
Alaska Air Group, Inc.		12,719		713,790
Costco Wholesale Corp.		2,556		618,910
KAR Auction Services, Inc.		8,805		451,785
Hasbro, Inc.		3,898		331,408
Darden Restaurants, Inc.		2,693		327,119
Total Consumer, Cyclical				12,081,629
Utilities - 4.0%
NextEra Energy, Inc.		9,556		1,847,366
Duke Energy Corp.		13,387		1,204,830
Sempra Energy		8,167		1,027,898
WEC Energy Group, Inc.		12,671		1,002,023
Pinnacle West Capital Corp.		9,942		950,256
American Water Works Company, Inc.		8,913		929,269
American Electric Power Company, Inc.		10,045		841,269
Exelon Corp.		5,398		270,602
Total Utilities				8,073,513
Basic Materials - 0.2%
Air Products & Chemicals, Inc.		1,240		236,791
International Flavors & Fragrances, Inc.		1,375		177,086
Total Basic Materials				413,877
Total Common Stocks
(Cost $191,589,392)				201,750,824
EXCHANGE-TRADED FUND† - 0.7%
SPDR S&P 500 ETF Trust		5,250		1,483,020
Total Exchange-Traded Fund
(Cost $1,473,335)				1,483,020
MONEY MARKET FUND† - 0.6%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares 2.27%1		1,151,753		1,151,753
Total Money Market Fund
(Cost $1,151,753)				1,151,753
Total Investments - 100.3%
(Cost $194,214,480)			$	204,385,597
Other Assets & Liabilities, net - (0.3)%				(681,761	)
Total Net Assets - 100.0%			$	203,703,836

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
1	Rate indicated is the 7-day yield as of March 31, 2019.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2019
CAPITAL STEWARDSHIP FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2019 (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	$	201,750,824	$	—	$	—	$	201,750,824
Exchange-Traded Fund		1,483,020		—		—		1,483,020
Money Market Fund		1,151,753		—		—		1,151,753
Total Assets	$	204,385,597	$	—	$	—	$	204,385,597

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

CAPITAL STEWARDSHIP FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2019

Assets:
Investments, at value (cost $194,214,480)	$	204,385,597
Prepaid expenses		10,466
Receivables:
Dividends		188,713
Interest		1,770
Total assets		204,586,546
Liabilities:
Overdraft due to custodian bank		69
Payable for:
Fund shares redeemed		671,502
Management fees		154,208
Fund accounting/administration fees		13,707
Transfer agent/maintenance fees		3,033
Trustees’ fees*		825
Miscellaneous		39,366
Total liabilities		882,710
Net assets	$	203,703,836
Net assets consist of:
Paid in capital	$	193,816,775
Total distributable earnings (loss)		9,887,061
Net assets	$	203,703,836
Capital shares outstanding		7,708,750
Net asset value per share	$	26.43

STATEMENT OF OPERATIONS (Unaudited)

Period Ended March 31, 2019

Investment Income:
Dividends	$	2,311,091
Interest		12,582
Total investment income		2,323,673
Expenses:
Management fees		891,266
Transfer agent/maintenance fees		12,426
Fund accounting/administration fees		79,224
Trustees’ fees*		10,707
Custodian fees		6,483
Miscellaneous		39,381
Total expenses		1,039,487
Net investment income		1,284,186
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,328,830
Net realized gain		1,328,830
Net change in unrealized appreciation(depreciation) on:
Investments		(9,998,051	)
Net change in unrealized appreciation(depreciation)		(9,998,051	)
Net realized and unrealized loss		(8,669,221	)
Net decrease in net assets resulting from operations	$	(7,385,035	)

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

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

CAPITAL STEWARDSHIP FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,284,186		$	2,044,580
Net realized gain on investments		1,328,830			27,902,511
Net change in unrealized appreciation (depreciation) on investments		(9,998,051	)		3,665,214
Net increase (decrease) in net assets resulting from operations		(7,385,035	)		33,612,305
Distributions to shareholders		(23,268,533	)		(18,271,148	)
Capital share transactions:
Proceeds from sale of shares		45,892,533			85,091,202
Distributions reinvested		23,250,378			18,250,767
Cost of shares redeemed		(55,372,427	)		(114,104,117	)
Net increase (decrease) from capital share transactions		13,770,484			(10,762,148	)
Net increase (decrease) in net assets		(16,883,084	)		4,579,009
Net assets:
Beginning of period		220,586,920			216,007,911
End of period	$	203,703,836		$	220,586,920
Capital share activity:
Shares sold		1,544,724			2,857,242
Shares issued from reinvestment of distributions		1,003,473			628,037
Shares redeemed		(1,902,142	)		(3,842,743	)
Net increase (decrease) in shares		646,055			(357,464	)

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

CAPITAL STEWARDSHIP 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.

Institutional Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Period Ended September 30, 2014b
Per Share Data
Net asset value, beginning of period	$	31.23		$	29.11		$	26.55		$	23.69		$	24.79		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.17			.28			.34			.35			.31			—	d
Net gain (loss) on investments (realized and unrealized)		(1.59	)		4.34			3.51			3.22			(1.33	)		(.21	)
Total from investment operations		(1.42	)		4.62			3.85			3.57			(1.02	)		(.21	)
Less distributions from:
Net investment income		(.32	)		(.34	)		(.37	)		(.32	)		(.08	)		—
Net realized gains		(3.06	)		(2.16	)		(.92	)		(.39	)		—			—
Total distributions		(3.38	)		(2.50	)		(1.29	)		(.71	)		(.08	)		—
Net asset value, end of period	$	26.43		$	31.23		$	29.11		$	26.55		$	23.69		$	24.79
Total Return		(3.08	%)		16.50	%		15.01	%		15.30	%		(4.15	%)		(0.84	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	203,704		$	220,587		$	216,008		$	208,867		$	189,668		$	209,015
Ratios to average net assets:
Net investment income (loss)		1.30	%		0.93	%		1.23	%		1.38	%		1.22	%		0.13	%
Total expensese		1.05	%		1.05	%		1.03	%		1.07	%		1.15	%		1.24	%
Portfolio turnover rate		74	%		164	%		156	%		209	%		221	%		—

a	Unaudited figures for the period ended March 31, 2019. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Since commencement of operations: September 26, 2014. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
c	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
d	Net investment income is less than $0.01 per share.
e	Does not include expenses of the underlying funds in which the Fund invests.

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

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

Guggenheim Funds Trust (the “Trust”), a Delaware statutory trust, is registered with 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. The Trust is authorized to issue an unlimited number of shares. The Trust accounts for the assets of each fund separately.

The Trust offers a combination of five separate classes of shares: A-Class shares, C-Class shares, P-Class shares, R6-Class 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 A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased. A-Class share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% contingent deferred sales charge (“CDSC”), if shares are redeemed within 12 months of purchase. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. 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. R6-Class shares are offered primarily through qualified retirement and benefit plans. R6-Class shares are also offered through certain other plans and platforms sponsored by financial intermediaries. Certain institutional investors and others deemed appropriate by Guggenheim Investments (“GI”) may also be eligible to purchase R6-Class shares subject to a $2 million minimum initial investment. At March 31, 2019, the Trust consisted of twenty funds (the “Funds”).

C-Class shares of the Fund automatically convert to A-Class shares on or about the 10th day of the month following the 10-year anniversary date of the purchase of the C-Class 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 A-Class shares.

This report covers the Guggenheim Capital Stewardship Fund (the “Fund”), a diversified investment company. At March 31, 2019, Institutional Class shares had been issued by the Fund.

Guggenheim Partners Investment Management, LLC (“GPIM”), which operates under the name Guggenheim Investments (“GI”), provides advisory services. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI and GFD are affiliated entities.

Concinnity Advisors, LP (the “Sub-Adviser”) serves as the sub-adviser to the Fund.

Significant Accounting Policies

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

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the 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 the Fund is calculated by dividing the market value of the Fund’s securities and other assets, less all liabilities, by the number of outstanding shares of the Fund.

(a) Valuation of Investments

The Board of Trustees of the Fund (the “Board”) has adopted policies and procedures for the valuation of the Fund’s investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Fund’s securities and/or other assets.

Valuations of the Fund’s securities are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Fund’s officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used and valuations provided by the pricing services.

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 13

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sale price as of the close of business on the NYSE, usually at 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on a given day, the security is valued at the closing bid price on that day.

Exchange-traded funds are valued at the last quoted sale price.

Money market funds are valued at their NAV.

Investments for which market quotations are not readily available are fair-valued as determined in good faith by GI, subject to review and approval by the Valuation Committee, pursuant to methods established or ratified by the Board. 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 prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis.

(b) 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 Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries. 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.

(c) Distributions

Distributions of net investment income and net realized gains, if any, are declared and paid at least annually. Distributions are recorded on the ex-dividend date and are determined in accordance with income tax regulations which may differ from U.S. GAAP. Normally, all distributions of a Fund will automatically be reinvested without charge in additional shares of the same Fund.

(d) Expenses

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.

(e) 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 Statement of Operations are before the reduction in expense from the related earnings credits, if any. For the period ended March 31, 2019, there were no earnings credits received.

(f) Cash

The Fund may leave cash overnight in its cash account with the custodian. Periodically, the 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 2.43% at March 31, 2019.

(g) Indemnifications

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

Note 2 – Investment Advisory Agreement and Other Agreements

Under the terms of an investment advisory contract, the Fund pays GI investment advisory fees calculated at an annualized rate of 0.90% of the average daily net assets of the Fund.

14 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

GI engages external service providers to perform other necessary services for the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, etc., on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

Certain 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 Fund’s administrator, transfer agent and accounting agent. As administrator, transfer agent and accounting agent, MUIS is responsible for maintaining the books and records of the Fund’s securities and cash. The Bank of New York Mellon Corp. (“BNY”) acts as the Fund’s custodian. As custodian, BNY is responsible for the custody of the Fund’s assets. For providing the aforementioned administrative and accounting services, MUIS is entitled to receive a monthly fee equal to a percentage of the Fund’s 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 Fund intends to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Fund from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

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

At March 31, 2019, the cost of securities for federal income tax purposes, the aggregate gross unrealized appreciation for all securities for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over value were as follows:

Tax Cost		Tax Unrealized Appreciation		Tax Unrealized (Depreciation)			Net Unrealized Appreciation
$	195,879,177	$	13,644,142	$	(5,137,722	)	$	8,506,420

Note 4 – Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. 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— 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.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 15

NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

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 used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

Note 5 – Securities Transactions

For the period ended March 31, 2019, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

Purchases		Sales
$	149,756,276	$	159,423,023

Note 6 – Recent Regulatory Reporting Updates

In August 2018, the U.S. Securities and Exchange Commission adopted amendments to certain disclosure requirements under Regulation S-X to conform to U.S. GAAP, including : (i) an amendment to require presentation of the total, rather than the components of, of distributions to shareholders, except for tax return of capital distributions, on the Statement of Changes in Net Assets. As of March 31, 2019, management has implemented the amendments to Regulation S-X, which did not have a material impact on the Fund’s financial statements and related disclosures or impact the Fund’s net assets or results of operations.

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (the “2018 ASU”) which adds, modifies and removes disclosure requirements related to certain aspects of fair value measurement. The 2018 ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. As of March 31, 2019, the Fund has fully adopted the provisions of the ASU, which did not have a material impact on the Fund’s financial statements and related disclosures or impact the Fund’s net assets or results of operations.

Note 7 – Subsequent Events

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

16 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

OTHER INFORMATION (Unaudited)

Proxy Voting Information

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

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 on Form N-Q; which are available on the SEC’s website at https://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 17

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES
Randall C. Barnes (1951)	Trustee	Since 2014	Current: Private Investor (2001-present). Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).	49	Current: Trustee, Purpose Investments Funds (2013-present). Former: Managed Duration Investment Grade Municipal Fund (2003-2016).
Donald A. Chubb, Jr. (1946)	Trustee and Chairman of the Valuation Oversight Committee	Since 1994	Current: Retired. Former: Business broker and manager of commercial real estate, Griffith & Blair, Inc. (1997-2017).	48	Former: Midland Care, Inc. (2011-2016).
Jerry B. Farley (1946)	Trustee and Chairman of the Audit Committee	Since 2005	Current: President, Washburn University (1997-present).	48	Current: CoreFirst Bank & Trust (2000-present). Former: Westar Energy, Inc. (2004-2018).
Roman Friedrich III (1946)	Trustee and Chairman of the Contracts Review Committee	Since 2014	Current: Founder and Managing Partner, Roman Friedrich & Company (1998-present).	48	Former: Zincore Metals, Inc. (2009-January 2019).
Ronald A. Nyberg (1953)	Trustee and Chairman of the Nominating and Governance Committee	Since 2014	Current: Partner, Momkus LLC (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	49	Current: PPM Funds (2018-present); Edward-Elmhurst Healthcare System (2012-present); Western Asset Inflation-Linked Opportunities & Income Fund (2004-present); Western Asset Inflation-Linked Income Fund (2003-present). Former: Managed Duration Investment Grade Municipal Fund (2003-2016).

18 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES - concluded
Ronald E. Toupin, Jr. (1958)	Trustee and Chairman of the Board	Since 2014	Current: Portfolio Consultant (2010-present); Member, Governing Council, Independent Directors Council (2013-present); Governor, Board of Governors, Investment Company Institute (2018-present). Former: Member, Executive Committee, Independent Directors Council (2016-2018); Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).	48	Current: Western Asset Inflation-Linked Opportunities & Income Fund (2004-present); Western Asset Inflation-Linked Income Fund (2003-present). Former: Managed Duration Investment Grade Municipal Fund (2003-2016).
INTERESTED TRUSTEE
Amy J. Lee*** (1961)	Trustee, Vice President and Chief Legal Officer	Since 2018 (Trustee) Since 2014 (Chief Legal Officer) Since 2007 (Vice President)	Current: Interested Trustee, certain other funds in the Fund Complex (2018-present); President, certain other funds in the Fund Complex (2017-present); Chief Legal Officer, certain other funds in the Fund Complex (2014-present); Vice President, certain other funds in the Fund Complex (2007-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: President and Chief Executive Officer (2017-2018); Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).	48	None.

*	The business address of each Trustee is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each Trustee serves an indefinite term, until his or her successor is elected and qualified. Time served includes time served in the respective position for the Predecessor Corporation.
***	This Trustee is deemed to be an "interested person" of the Funds under the 1940 Act by reason of her position with the Funds' Investment Manager and/or the parent of the Investment Manager.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 19

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS
Brian E. Binder (1972)	President and Chief Executive Officer	Since 2018	Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President and Chief Executive Officer, Guggenheim Funds Investment Advisors, LLC and Security Investors, LLC (2018-present); Senior Managing Director and Chief Administrative Officer, Guggenheim Investments (2018-present). Former: Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Head of Business Management and Consulting, Invesco Ltd. (2010-2012).
James M. Howley (1972)	Assistant Treasurer	Since 2014	Current: Managing Director, Guggenheim Investments (2004-present); Assistant Treasurer, certain other funds in the Fund Complex (2006-present). Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).
Mark E. Mathiasen (1978)	Secretary	Since 2014	Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).
Glenn McWhinnie (1969)	Assistant Treasurer	Since 2016	Current: Vice President, Guggenheim Investments (2009-present); Assistant Treasurer, certain other funds in the Fund complex (2016-present).
Michael P. Megaris (1984)	Assistant Secretary	Since 2014	Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2012-present).
Elisabeth Miller (1968)	Chief Compliance Officer	Since 2012	Current: Chief Compliance Officer, certain other funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments (2012-present); Vice President, Guggenheim Funds Distributors, LLC (2014-present). Former: Chief Compliance Officer, Security Investors, LLC (2012-2018); Chief Compliance Officer, Guggenheim Funds Investment Advisors, LLC (2012-2018); Chief Compliance Officer, Guggenheim Distributors, LLC (2009-2014); Senior Manager, Security Investors, LLC (2004-2014); Senior Manager, Guggenheim Distributors, LLC (2004-2014).
Margaux Misantone (1978)	AML Officer	Since 2017	Current: Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investment Advisors, LLC (2018-present); AML Officer, Security Investors, LLC and certain other funds in the Fund Complex (2017-present); Managing Director, Guggenheim Investments (2015-present). Former: Assistant Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investments Advisors, LLC (2015-2018).
Adam J. Nelson (1979)	Assistant Treasurer	Since 2015	Current: Vice President, Guggenheim Investments (2015-present); Assistant Treasurer, certain other funds in the Fund Complex (2015-present). Former: Assistant Vice President and Fund Administration Director, State Street Corporation (2013-2015); Fund Administration Assistant Director, State Street (2011-2013); Fund Administration Manager, State Street (2009-2011).

20 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - concluded
Kimberly J. Scott (1974)	Assistant Treasurer	Since 2014	Current: Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
Bryan Stone (1979)	Vice President	Since 2014	Current: Vice President, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2013-present). Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).
John L. Sullivan (1955)	Chief Financial Officer, Chief Accounting Officer and Treasurer	Since 2014	Current: Chief Financial Officer, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present). Former: Managing Director and Chief Compliance Officer, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); Chief Financial Officer and Treasurer, Van Kampen Funds (1996-2004).
Jon Szafran (1989)	Assistant Treasurer	Since 2017	Current: Vice President, Guggenheim Investments (2017-present); Assistant Treasurer, certain other funds in the Fund Complex (2017-present). Former: Assistant Treasurer of Henderson Global Funds and Manager of US Fund Administration, Henderson Global Investors (North America) Inc. ("HGINA"), (2017); Senior Analyst of US Fund Administration, HGINA (2014-2017); Senior Associate of Fund Administration, Cortland Capital Market Services, LLC (2013-2014); Experienced Associate, PricewaterhouseCoopers LLP (2012-2013).

*	The business address of each officer is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each officer serves an indefinite term, until his or her successor is duly elected and qualified.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 21

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)

Who We Are

This Privacy Notice describes the data protection practices of Guggenheim Investments. Guggenheim Investments as used herein refers to the affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Guggenheim Investment Advisors (Europe) Limited, Guggenheim Real Estate, LLC, GS Gamma Advisors, LLC, Guggenheim Partners India Management, LLC, Guggenheim Partners Europe Limited, as well as the funds in the Guggenheim Funds complex (the “Funds”) (“Guggenheim Investments,” “we,” “us,” or “our”).

Guggenheim Partners Investment Management Holdings, LLC, located at 330 Madison Avenue, New York, New York 10017 is the data controller for your information. The affiliates who are also controllers of certain of your information are: Guggenheim Investment Advisors (Europe) Limited, Guggenheim Partners Europe Limited, Guggenheim Partners, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC and Security Investors, LLC, as well as the Funds.

Our Commitment to You

Guggenheim Investments considers your privacy our utmost concern. When you become our client or investor, you entrust us with not only your hard-earned money but also with your personal and financial information. Because we have access to your private information, we hold ourselves to the highest standards in its safekeeping and use. We strictly limit how we share your information with others, whether you are a current or former Guggenheim Investments client or investor.

The Information We Collect About You

We collect certain nonpublic personal information about you from information you provide on applications, other forms, our website, and/or from third parties including investment advisors. This information includes Social Security or other tax identification number, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history, bank account information, marital status, family relationships, information that we collect on our website through the use of “cookies,” and other personal information that you or others provide to us. We may also collect such information through your inquiries by mail, e-mail or telephone. We may also collect customer due diligence information, as required by applicable law and regulation, through third party service providers.

How We Handle Your Personal Information

The legal basis for using your information as set out in this Privacy Notice is as follows: (a) use of your personal data is necessary to perform our obligations under any contract with you (such as a contract for us to provide financial services to you); or (b) where use of your personal data is not necessary for performance of a contract, use of your personal data is necessary for our legitimate interests or the legitimate interests of others (for example, to enforce the legal terms governing our services, operate and market our website and other services we offer, ensure safe environments for our personnel and others, make and receive payments, prevent fraud and to know the customer to whom we are providing the services). Some processing is done to comply with applicable law.

In addition to the specific uses described above, we also use your information in the following manner:

● We use your information in connection with servicing your accounts.

● We use information to respond to your requests or questions. For example, we might use your information to respond to your customer feedback.

● We use information to improve our products and services. We may use your information to make our website and products better. We may use your information to customize your experience with us.

● We use information for security purposes. We may use your information to protect our company and our customers.

● We use information to communicate with you. For example, we will communicate with you about your account or our relationship. We may contact you about your feedback. We might also contact you about this Privacy Notice. We may also enroll you in our email newsletter.

22 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(continued)

● We use information as otherwise permitted by law, as we may notify you.

● Aggregate/Anonymous Data. We may aggregate and/or anonymize any information collected through the website so that such information can no longer be linked to you or your device (“Aggregate/Anonymous Information”). We may use Aggregate/Anonymous Information for any purpose, including without limitation for research and marketing purposes, and may also share such data with any third parties, including advertisers, promotional partners, and sponsors.

We do not sell information about current or former clients or their accounts to third parties. Nor do we share this information, except when necessary to complete transactions at your request, to make you aware of investment products and services that we or our affiliates offer, or as permitted or required by law.

We provide information about you to companies and individuals not affiliated with Guggenheim Investments to complete certain transactions or account changes, or to perform services for us related to your account. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we must provide certain information about you to that company to complete the transaction. We provide the third party with only the information necessary to carry out its responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. To alert you to other Guggenheim Investments products and services, we share your information within our family of affiliated companies. You may limit our sharing with affiliated companies as set out below. We may also share information with any successor to all or part of our business, or in connection with steps leading up to a merger or acquisition. For example, if part of our business was sold we may give customer information as part of that transaction. We may also share information about you with your consent.

We will release information about you if you direct us to do so, if we are compelled by law to do so, or in other circumstances as permitted by law (for example, to protect your account from fraud).

If you close your account(s) or become an inactive client or investor, we will continue to adhere to the privacy policies and practices described in this notice.

Opt-Out Provisions and Your Data Choices

The law allows you to “opt out” of certain kinds of information sharing with third parties. We do not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.

When you are no longer our client or investor, we continue to share your information as described in this notice, and you may contact us at any time to limit our sharing by sending an email to CorporateDataPrivacy@GuggenheimPartners.com.

European Union Data Subjects and certain others: In addition to the choices set forth above, residents of the European Union and certain other jurisdictions have certain rights to (1) request access to or rectification or deletion of information we collect about them, (2) request a restriction on the processing of their information, (3) object to the processing of their information, or (4) request the portability of certain information. To exercise these or other rights, please contact us using the contact information below. We will consider all requests and provide our response within the time period stated by applicable law. Please note, however, that certain information may be exempt from such requests in some circumstances, which may include if we need to keep processing your information for our legitimate interests or to comply with a legal obligation. We may request you provide us with information necessary to confirm your identity before responding to your request.

Residents of France and certain other jurisdictions may also provide us with instructions regarding the manner in which we may continue to store, erase and share your information after your death, and where applicable, the person you have designated to exercise these rights after your death.

How We Protect Privacy Online

We take steps to protect your privacy when you use our web site – www.guggenheiminvestments.com – by using secure forms of online communication, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These safeguards vary based on the sensitivity of the information that we collect and store. However, we cannot and do not guarantee that these measures will prevent every unauthorized attempt to access, use, or disclose your information since despite our efforts, no Internet and/or other

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 23

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(concluded)

electronic transmissions can be completely secure. Our web site uses “http cookies”—tiny pieces of information that we ask your browser to store. We use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your e-mail address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

How We Safeguard Your Personal Information and Data Retention

We restrict access to nonpublic personal information about you to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

We keep your information for no longer than necessary for the purposes for which it is processed. The length of time for which we retain information depends on the purposes for which we collected and use it and/or as required to comply with applicable laws. Information may persist in copies made for backup and business continuity purposes for additional time.

International Visitors

If you are not a resident of the United States, please be aware that your information may be transferred to, stored and processed in the United States where our servers are located and our databases are operated. The data protection and other laws of the United States and other countries might not be as comprehensive as those in your country.

In such cases, we ensure that a legal basis for such a transfer exists and that adequate protection is provided as required by applicable law, for example, by using standard contractual clauses or by transferring your data to a jurisdiction that has obtained an adequacy finding. Individuals whose data may be transferred on the basis of standard contractual clauses may contact us as described below.

We’ll Keep You Informed

If you have any questions or concerns about how we treat your personal data, we encourage you to consult with us first. You may also contact the relevant supervisory authority.

We reserve the right to modify this policy at any time and will inform you promptly of material changes. You may access our privacy policy from our web site at www.guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us by email at CorporateDataPrivacy@GuggenheimPartners.com.

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3.31.2019

Guggenheim Funds Semi-Annual Report

Guggenheim Macro Opportunities Fund

Beginning on January 1, 2021, paper copies of the Fund’s annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from a Fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from a Fund electronically by calling 800.820.0888, going to GuggenheimInvestments.com/myaccount, or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a Fund directly, you can inform the Fund that you wish to receive paper copies of reports by calling 800.820.0888. If you hold shares of a Fund through a financial intermediary, please contact the financial intermediary to make this election. Your election to receive reports in paper will apply to all Guggenheim Funds in which you are invested and may apply to all funds held with your financial intermediary.

GuggenheimInvestments.com MO-SEMI-0319x0919

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	4
ABOUT SHAREHOLDERS’ FUND EXPENSES	6
MACRO OPPORTUNITIES FUND	9
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS	75
OTHER INFORMATION	101
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	102
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	109

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 1

March 31, 2019

Dear Shareholder:

Guggenheim Partners Investment Management, LLC (“GPIM” or the “Investment Adviser”), is pleased to present the shareholder report for Guggenheim Macro Opportunities Fund (the “Fund”) for the semi-annual fiscal period ended March 31, 2019.

The Investment Adviser is part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), a global, diversified financial services firm.

Guggenheim Funds Distributors, LLC is the distributor of the Funds. Guggenheim Funds Distributors, LLC is affiliated with Guggenheim and the Investment Adviser.

We encourage you to read the Economic and Market Overview section of the report, which follows this letter.

We are committed to providing innovative investment solutions and appreciate the trust you place in us.

Sincerely,

Guggenheim Partners Investment Management, LLC
April 30, 2019

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments.com or call 800.820.0888.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/ or legal professional regarding your specific situation.

2 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

March 31, 2019

Macro Opportunities Fund may not be suitable for all investors. ● The Fund’s market value will change in response to interest rate changes and market conditions among other factors. In general, bond prices rise when interest rates fall and vice versa. ● The Fund’s exposure to high yield securities may subject the Fund to greater volatility. ● The intrinsic value of the underlying stocks in which the Fund invests may never be realized or the stock may decline in value. ● When market conditions are deemed appropriate, the Fund may use leverage to the full extent permitted by its investment policies and restrictions and applicable law. Leveraging will exaggerate the effect on net asset value of any increase or decrease in the market value of the Fund’s portfolio. ● The use of short selling involves increased risks and costs. You risk paying more for a security than you received from its sale. Theoretically, stocks sold short have the risk of unlimited losses. ● The Fund may invest in derivative instruments, which may be more volatile and less liquid, increasing the risk of loss when compared to traditional securities. Certain of the derivative instruments are also subject to the risks of counterparty default and adverse tax treatment. ● Instruments and strategies (such as borrowing transactions and reverse repurchase agreements) may provide leveraged exposure to a particular investment, which will magnify any gains or losses on those investments. ● Investments in reverse repurchase agreements expose the Fund to the many of the same risks as investments in derivatives. ● The Fund’s investments in other investment vehicles subject the Fund to those risks and expenses affecting the investment vehicle. ● The Fund’s investments in foreign securities carry additional risks when compared to U.S. securities, due to the impact of diplomatic, political or economic developments in the country in question (investments in emerging markets securities are generally subject to an even greater level of risks). ● Investments in syndicated bank loans generally offer a floating interest rate and involve special types of risks. ● A highly liquid secondary market may not exist for the commodity-linked structured notes the Fund invests in, and there can be no assurance that a highly liquid secondary market will develop. ● The Fund’s exposure to the commodity markets may subject the Fund to greater volatility as commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates or factors affecting a particular industry or commodity such as droughts, floods, weather, embargos, tariffs and international economic, political and regulatory developments. ● The Fund’s investments in municipal securities can be affected by events that affect the municipal bond market. ● The Fund’s investments in real estate securities subject the Fund to the same risks as direct investments in real estate, which is particularly sensitive to economic downturns. ● The Fund’s investments in restricted securities may involve financial and liquidity risk. ● You may have a gain or loss when you sell your shares. ● It is important to note that the Fund is not guaranteed by the U.S. government. ● This Fund is considered nondiversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single security could cause greater fluctuations in the value of fund shares than would occur in a more diversified fund. ● Please read the prospectus for more detailed information regarding these and other risks.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 3

ECONOMIC AND MARKET OVERVIEW (Unaudited) March 31, 2019

Late 2018 and early 2019 U.S. economic data stoked recession fears, prompting the U.S. Federal Reserve (the “Fed”) to abort its tightening cycle and the 3-month/10-year Treasury yield curve to invert. Housing activity weakened markedly in the second half of 2018, personal spending growth decelerated, job gains moderated, and industrial production growth slowed. However, first-quarter 2019 real gross domestic product (“GDP”) surprised everyone by posting a growth rate of 3.2 percent. While this number benefited from big contributions from inventories and trade, the decline in interest rates and recovery in risk assets could support U.S. economic growth in the second and third quarters of 2019.

Taking a longer view, the indicators Guggenheim tracks as part of our proprietary recession probability indicator continue to signal that the economy could be heading into a recession in about a year. The unemployment rate has leveled off after years of steady declines, the Fed has moved to a neutral bias on rates, the yield curve has inverted, growth in leading indicators has slowed, gains in total hours worked have slowed, and real retail sales growth has fallen sharply. Taken together, these data points support the view that the next recession may begin as early as the first half of 2020.

Overseas, continued weakness in economic data finally prompted policy action. The European Central Bank (“ECB”) revised expected real GDP growth downward for 2019 and shortly thereafter delivered further accommodation. Rate hikes are now forecast to come later than previously indicated, and the ECB launched a series of targeted long-term refinancing operations consisting of two-year loans. China, another major economy that has shown signs of slowing, showed a mix of softening and signs of stabilization in recent economic activity. So far, Chinese authorities have announced fiscal stimulus through tax cuts and infrastructure spending, and monetary stimulus in the form of a reduction in the reserve requirement ratio.

Foreign governments’ stimulus to their local economies may be good news for U.S. activity. The downward trend in global growth weighed on U.S. activity, as evidenced by some weakness in 2018 U.S. exports and downward revisions to this year’s expected corporate earnings. If policy changes are enough to avoid recession across Western Europe or boost growth in China, the combination of this and lower U.S. rates could be positive for U.S. growth later in the year. However, the U.S., Europe, and China are not yet out of the woods. All three remain key risks to global growth given the lack of a Brexit agreement, significant weakening in German manufacturing activity, and unresolved U.S.-China tariff negotiations. Without a positive catalyst, the trajectory for the U.S. could remain negative, with a major event risk looming in the fall, when the U.S. Treasury Department will exhaust its “extraordinary measures” and force a congressional debate about the debt ceiling, which could prompt fears of a technical default and complicate fiscal year 2020 budget negotiations, where a fiscal spending cliff looms.

For the six months ended March 31, 2019, the Standard & Poor’s 500^® (“S&P 500”) Index^* returned -1.72%. The MSCI Europe-Australasia-Far East (“EAFE”) Index^* returned -3.64%. The return of the MSCI Emerging Markets Index^* was 1.83%.

4 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) March 31, 2019

In the bond market, the Bloomberg Barclays U.S. Aggregate Bond Index^* posted a 4.63% return for the period, while the Bloomberg Barclays U.S. Corporate High Yield Index^* returned 2.39%. The return of the ICE Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index^* was 1.17% for the six-month period.

The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.

^*Index Definitions

Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.

Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, mortgage-backed securities or “MBS” (agency fixed-rate and hybrid adjustable-rate mortgage, or “ARM”, pass-throughs), asset-backed securities (“ABS”), and commercial mortgage-backed securities (“CMBS”) (agency and non-agency).

Bloomberg Barclays U.S. Corporate High Yield Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB +/BB + or below.

ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market Index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

MSCI EAFE Index is a capitalization-weighted measure of stock markets in Europe, Australasia, and the Far East.

MSCI Emerging Markets Index is a free float-adjusted market capitalization-weighted index that is designed to measure equity market performance in the global emerging markets.

S&P 500^® Index is a broad-based index, the performance of which is based on the performance of 500 widely held common stocks chosen for market size, liquidity, and industry group representation.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 5

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

All mutual funds have operating expenses, and it is important for our shareholders to understand the impact of costs on their investments. Shareholders of a fund incur two types of costs: (i) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, other distributions, and exchange fees, and (ii) ongoing costs, including management fees, administrative services, and shareholder reports, among others. These ongoing costs, or operating expenses, are deducted from a fund’s gross income and reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets, which is known as the expense ratio. The following examples are intended to help investors understand the ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning September 30, 2018 and ending March 31, 2019.

The following tables illustrate the Fund’s costs in two ways:

Table 1. Based on actual Fund return: This section helps investors estimate the actual expenses paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fifth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. Investors may use the information here, together with the amount invested, to estimate the expenses paid over the period. Simply divide the Fund’s account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number provided under the heading “Expenses Paid During Period.”

Table 2. Based on hypothetical 5% return: This section is intended to help investors compare a Fund’s cost with those of other mutual funds. The table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid during the period. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on the 5% return. Investors can assess a Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

The calculations illustrated above assume no shares were bought or sold during the period. Actual costs may have been higher or lower, depending on the amount of investment and the timing of any purchases or redemptions.

6 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments, and contingent deferred sales charges (“CDSC”) on redemptions, if any. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

More information about the Fund’s expenses, including annual expense ratios for periods up to five years (subject to the Fund’s inception date), can be found in the Financial Highlights section of this report. For additional information on operating expenses and other shareholder costs, please refer to the Fund’s prospectus.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 7

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2018	Ending Account Value March 31, 2019	Expenses Paid During Period2
Table 1. Based on actual Fund return3
A-Class	1.38%	(0.65%)	$1,000.00	$993.50	$6.86
C-Class	2.11%	(1.01%)	1,000.00	989.90	10.47
P-Class	1.38%	(0.65%)	1,000.00	993.50	6.86
Institutional Class	0.97%	(0.45%)	1,000.00	995.50	4.83
R6-Class4	1.44%	0.05%	1,000.00	1,000.50	0.71
Table 2. Based on hypothetical 5% return (before expenses)
A-Class	1.38%	5.00%	$1,000.00	$1,018.05	$6.94
C-Class	2.11%	5.00%	1,000.00	1,014.41	10.60
P-Class	1.38%	5.00%	1,000.00	1,018.05	6.94
Institutional Class	0.97%	5.00%	1,000.00	1,020.09	4.89
R6-Class	1.44%	5.00%	1,000.00	1,017.75	7.24

1	Annualized and excludes expenses of the underlying funds in which the Fund invests, if any.
2	Expenses are equal to the Fund's annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period September 30, 2018 to March 31, 2019.
4	Since commencement of operations: March 13, 2019. Due to the limited length of Class operations, current expense ratios may not be indicative of future expense ratios. Expenses paid based on actual fund return are calculated using 18 days from the commencement of operations.

8 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2019

MACRO OPPORTUNITIES FUND

OBJECTIVE: Seeks to provide total return, comprised of current income and capital appreciation.

Consolidated Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
A-Class	November 30, 2011
C-Class	November 30, 2011
P-Class	May 1, 2015
Institutional Class	November 30, 2011
R6-Class	March 13, 2019

Ten Largest Holdings (% of Total Net Assets)
Guggenheim Limited Duration Fund – R6-Class	4.3%
U.S. Treasury Inflation Protected Securities, 1.38%	3.1%
Republic of Portugal, 05/17/19	2.0%
Kingdom of Spain, 05/10/19	2.0%
Guggenheim Strategy Fund II	1.4%
Government of Japan, 01/20/20	1.3%
LSTAR Securities Investment Limited, 4.49%	1.3%
Guggenheim Ultra Short Duration Fund - Institutional Class	1.3%
State of Israel, 2.25%	1.2%
Guggenheim Strategy Fund III	1.1%
Top Ten Total	19.0%

“Ten Largest Holdings” excludes any temporary cash or derivative investments.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 9

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(continued) March 31, 2019

Portfolio Composition by Quality Rating1
Rating	% of Total Investments
Fixed Income Instruments
AAA	5.9%
AA	10.7%
A	18.2%
BBB	14.0%
BB	4.7%
B	6.2%
CCC	2.8%
CC	4.8%
C	0.3%
D	0.1%
BBB+	0.1%
NR2	11.9%
Other Instruments	20.3%
Total Investments	100.0%

1

Source: BlackRock Solutions. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). All securities except for those labeled “NR” have been rated by Moody's, Standard & Poor's ("S&P"), or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (“NRSRO”). For purposes of this presentation, when ratings are available from more than one agency, the highest rating is used. Guggenheim Investments has converted ratings to the equivalent S&P rating. Security ratings are determined at the time of purchase and may change thereafter.

2

NR securities do not necessarily indicate low credit quality.

10| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2019

Average Annual Returns^*

Periods Ended March 31, 2019

	6 Month†	1 Year	5 Year	Since Inception (11/30/11)
A-Class Shares	(0.65%)	0.42%	3.24%	5.05%
A-Class Shares with sales charge‡	(4.64%)	(3.59%)	2.25%	4.35%
C-Class Shares	(1.01%)	(0.29%)	2.49%	4.29%
C-Class Shares with CDSC§	(1.99%)	(1.26%)	2.49%	4.29%
Institutional Class Shares	(0.45%)	0.82%	3.62%	5.43%
ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index	1.17%	2.12%	0.74%	0.53%

	6 Month†	1 Year	Since Inception (05/01/15)
P-Class Shares	(0.65%)	0.42%	3.24%
ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index	1.17%	2.12%	0.94%

	Since Inception (03/13/19)††
R6-Class Shares	0.05%
ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index	2.75%

*	The performance data above represents past performance that is not predictive of future results. 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 effect of taxes. The ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
††	Return since commencement of operations is not annualized.
‡	Effective October 1, 2015, the maximum sales charge decreased from 4.75% to 4.00%. A 4.75% maximum sales charge is used in the calculation of the Average Annual Returns based on subscriptions made prior to October 1, 2015, and a 4.00% maximum sales charge will be used to calculate performance for periods based on subscriptions made on or after October 1, 2015.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 11

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Shares		Value
COMMON STOCKS† - 0.3%
Energy - 0.2%
Maverick Natural Resources, LLC*,†††,1		7,168	$	5,196,800
SandRidge Energy, Inc.*		488,408		3,917,032
Approach Resources, Inc.*		357,054		126,290
Titan Energy LLC*		35,116		2,107
Total Energy				9,242,229
Utilities - 0.1%
TexGen Power LLC††		233,394		9,073,192
Consumer, Cyclical - 0.0%
ATD New Holdings, Inc.*,††		42,478		1,040,711
Industrial - 0.0%
API Heat Transfer Parent LLC*,††		1,024,936		281,857
BP Holdco LLC*,†††,1		37,539		13,255
Vector Phoenix Holdings, LP*,†††,1		37,539		3,142
Total Industrial				298,254
Technology - 0.0%
Qlik Technologies, Inc. - Class A*,†††,1		177		196,863
Qlik Technologies, Inc.*,†††,1		11,400		1
Qlik Technologies, Inc. - Class B*,†††,1		43,738		—
Total Technology				196,864
Communications - 0.0%
Cengage Learning Acquisitions, Inc.*,††		21,660		143,497
Consumer, Non-cyclical - 0.0%
Targus Group International Equity, Inc.*,†††,1,2		12,773		27,255
Total Common Stocks
(Cost $25,446,213)				20,022,002
PREFERRED STOCKS†† - 0.1%
Industrial - 0.1%
Seaspan Corp. 6.38% due 04/30/19		326,575		8,268,879
API Heat Transfer Intermediate*		218		175,764
Total Industrial				8,444,643
Financial - 0.0%
Cent CLO 16, LP due 08/01/24*,3		7,000		58,520
Total Preferred Stocks
(Cost $8,340,692)				8,503,163
EXCHANGE-TRADED FUNDS† - 0.2%
Invesco Solar ETF		700,700		16,228,212
Total Exchange-Traded Funds
(Cost $13,878,503)				16,228,212
MUTUAL FUNDS† - 9.4%
Guggenheim Limited Duration Fund – R6-Class2		12,433,744		305,994,446
Guggenheim Strategy Fund II2		4,097,512		101,659,284
Guggenheim Ultra Short Duration Fund - Institutional Class2,4		9,115,057		90,877,115
Guggenheim Strategy Fund III2		3,241,981		80,368,721
Guggenheim Alpha Opportunity Fund - Institutional Class2		2,726,278		71,673,840

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Shares		Value
Guggenheim Risk Managed Real Estate Fund - Institutional Class2		539,063	$	16,991,250
Total Mutual Funds
(Cost $676,342,076)				667,564,656
MONEY MARKET FUND† - 1.2%
Federated U.S. Treasury Cash Reserve Fund Institutional —Shares 2.28%5		88,084,008		88,084,008
Western Asset Institutional U.S. Treasury Reserves —Institutional Shares 1.89%5		30,334		30,334
Total Money Market Fund
(Cost $88,114,342)				88,114,342

	Face Amount~
ASSET-BACKED SECURITIES†† - 21.3%
Collateralized Loan Obligations - 13.4%
Fortress Credit Opportunities IX CLO Ltd.
2017-9A, 4.23% (3 Month USD LIBOR + 1.55%, Rate Floor: 0.00%) due 11/15/296,7		55,420,000	55,081,467
2017-9A, 4.63% (3 Month USD LIBOR + 1.95%, Rate Floor: 0.00%) due 11/15/296,7		34,300,000	33,667,477

Shackleton 2015-VIII CLO Ltd.
2017-8A, 3.70% (3 Month USD LIBOR + 0.92%, Rate Floor: 0.00%) due 10/20/276,7	62,000,000	61,721,862
Shackleton 2014-VI-R CLO Ltd.
2018-6RA, 3.37% (3 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 07/17/286,7	1,000,000	998,171
Golub Capital Partners CLO Ltd.
2018-36A, 4.83% (3 Month USD LIBOR + 2.10%, Rate Floor: 0.00%) due 02/05/316,7	20,000,000	18,416,214
2018-25A, 4.63% (3 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 05/05/306,7	18,500,000	18,027,793
2018-36A, 4.38% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 02/05/316,7	13,200,000	12,599,348
2018-39A, 4.66% (3 Month USD LIBOR + 2.20%, Rate Floor: 2.20%) due 10/20/286,7	5,000,000	4,913,582
Telos CLO Ltd.
2017-6A, 4.04% (3 Month USD LIBOR + 1.27%, Rate Floor: 0.00%) due 01/17/276,7	24,950,000	25,007,435

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
2017-6A, 5.37% (3 Month USD LIBOR + 2.60%, Rate Floor: 0.00%) due 01/17/276,7		7,500,000	$	7,505,737
Tralee CLO III Ltd.
2017-3A, 4.21% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 10/20/276,7		31,000,000		30,489,852
ABPCI Direct Lending Fund CLO II LLC
2017-1A, 4.54% (3 Month USD LIBOR + 1.78%, Rate Floor: 0.00%) due 07/20/296,7		25,000,000		25,015,730
2017-1A, 5.11% (3 Month USD LIBOR + 2.35%, Rate Floor: 0.00%) due 07/20/296,7		4,650,000		4,638,570
Diamond CLO Ltd.
2018-1A, 5.36% (3 Month USD LIBOR + 2.60%, Rate Floor: 2.60%) due 07/22/306,7		13,500,000		13,114,113
2018-1A, 4.56% (3 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 07/22/306,7		11,000,000		10,794,692
2018-1A, 6.46% (3 Month USD LIBOR + 3.70%, Rate Floor: 3.70%) due 07/22/306,7		5,000,000		4,889,353
Treman Park CLO Ltd.
2015-1A, due 10/20/283,6		32,400,000		24,514,372
ABPCI Direct Lending Fund CLO I LLC
2016-1A, 5.46% (3 Month USD LIBOR + 2.70%, Rate Floor: 0.00%) due 12/22/286,7		24,000,000		23,894,410
Palmer Square Loan Funding Ltd.
2018-4A, 3.58% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 11/15/266,7		19,499,592		19,425,952
2018-4A, 4.58% (3 Month USD LIBOR + 1.90%, Rate Floor: 0.00%) due 11/15/266,7		2,800,000		2,785,232
FDF I Ltd.
2015-1A, 5.50% due 11/12/306		12,000,000		11,956,811
2015-1A, 4.40% due 11/12/306		10,000,000		10,001,794
A Voce CLO Ltd.
2017-1A, 3.95% (3 Month USD LIBOR + 1.16%, Rate Floor: 0.00%) due 07/15/266,7		21,831,583		21,852,013
KVK CLO Ltd.
2018-1A, 4.29% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 05/20/296,7		16,250,000		16,157,138
2013-1A, due 01/14/283,6		11,900,000		4,704,427
Atlas Senior Loan Fund IV Ltd.
2018-2A, 4.38% (3 Month USD LIBOR + 1.70%, Rate Floor: 0.00%) due 02/17/266,7		12,000,000		11,883,221

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
2018-2A, 3.98% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 02/17/266,7		4,500,000	$	4,501,921
2018-2A, 5.28% (3 Month USD LIBOR + 2.60%, Rate Floor: 0.00%) due 02/17/266,7		4,500,000		4,472,808
Crown Point CLO III Ltd.
2017-3A, 4.24% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 12/31/276,7		15,000,000		14,782,038
2017-3A, 3.70% (3 Month USD LIBOR + 0.91%, Rate Floor: 0.00%) due 12/31/276,7		5,300,000		5,279,097
Mountain Hawk II CLO Ltd.
2018-2A, 3.58% (3 Month USD LIBOR + 0.82%, Rate Floor: 0.00%) due 07/20/246,7		8,383,569		8,369,488
2018-2A, 5.11% (3 Month USD LIBOR + 2.35%, Rate Floor: 0.00%) due 07/20/246,7		8,250,000		8,255,960
2013-2A, 5.91% (3 Month USD LIBOR + 3.15%, Rate Floor: 0.00%) due 07/22/246,7		2,750,000		2,682,417
Ladder Capital Commercial Mortgage Trust
2017-FL1, 4.73% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 09/15/346,7		12,198,000		12,123,476
2017-FL1, 6.08% (1 Month USD LIBOR + 3.60%, Rate Floor: 3.60%) due 09/15/346,7		6,650,000		6,615,682
Ares XXXIII CLO Ltd.
2016-1A, 3.95% (3 Month USD LIBOR + 1.35%, Rate Floor: 0.00%) due 12/05/256,7		18,250,000		18,256,116
SCOF Ltd.
2018-2A, 4.64% (3 Month USD LIBOR + 1.85%, Rate Floor: 0.00%) due 07/15/286,7		18,250,000		18,251,502
Monroe Capital CLO Ltd.
2017-1A, 4.11% (3 Month USD LIBOR + 1.35%, Rate Floor: 0.00%) due 10/22/266,7		15,245,740		15,201,360
2017-1A, 6.36% (3 Month USD LIBOR + 3.60%, Rate Floor: 0.00%) due 10/22/266,7		3,000,000		2,928,509
Cerberus Loan Funding XVII Ltd.
2016-3A, 5.32% (3 Month USD LIBOR + 2.53%, Rate Floor: 0.00%) due 01/15/286,7		18,000,000		17,901,686

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Voya CLO Ltd.
2013-1A, due 10/15/303,6		28,970,307	$	15,307,534
Avery Point II CLO Ltd.
2013-3X COM, due 01/18/253		19,800,000		14,569,684
West CLO Ltd.
2017-1A, 3.70% (3 Month USD LIBOR + 0.92%, Rate Floor: 0.00%) due 07/18/266,7		11,977,278		11,953,001
2013-1A, due 11/07/253,6		5,300,000		1,309,429
OZLM XIII Ltd.
2018-13A, 4.85% (3 Month USD LIBOR + 2.10%, Rate Floor: 0.00%) due 07/30/276,7		12,650,000		12,476,418
NewStar Clarendon Fund CLO LLC
2015-1A, 5.47% (3 Month USD LIBOR + 2.70%, Rate Floor: 0.00%) due 01/25/276,7		7,000,000		7,003,070
2015-1A, 6.12% (3 Month USD LIBOR + 3.35%, Rate Floor: 0.00%) due 01/25/276,7		4,000,000		4,003,864
2015-1A, 7.12% (3 Month USD LIBOR + 4.35%, Rate Floor: 0.00%) due 01/25/276,7		1,300,000		1,300,543
OHA Credit Partners IX Ltd.
2013-9A, due 10/20/253,6		14,000,000		11,668,761
MP CLO VIII Ltd.
2018-2A, 4.66% (3 Month USD LIBOR + 1.90%, Rate Floor: 0.00%) due 10/28/276,7		11,950,000		11,647,842
Octagon Loan Funding Ltd.
2014-1A, due 11/18/313,6		19,435,737		11,250,921
TCP Waterman CLO Ltd.
2016-1A, 5.79% (3 Month USD LIBOR + 3.00%, Rate Floor: 0.00%) due 12/15/286,7		11,000,000		11,000,429
SCOF-2 Ltd.
2018-2A, 4.64% (3 Month USD LIBOR + 1.85%, Rate Floor: 0.00%) due 07/15/286,7		10,500,000		10,508,755
Seneca Park CLO Limited
2017-1A, 3.89% (3 Month USD LIBOR + 1.12%, Rate Floor: 0.00%) due 07/17/266,7		10,475,480		10,482,896
Marathon CLO V Ltd.
2017-5A, 4.09% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 11/21/276,7		7,920,233		7,815,082
2013-5A, due 11/21/273,6		5,500,000		1,538,080
Dryden 37 Senior Loan Fund
2015-37A, due 01/15/313,6		9,500,000		8,526,781

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Avery Point VI CLO Ltd.
2018-6A, 4.73% (3 Month USD LIBOR + 2.00%, Rate Floor: 0.00%) due 08/05/276,7		8,000,000	$	7,863,484
Golub Capital BDC CLO LLC
2018-1A, 4.17% (3 Month USD LIBOR + 1.40%, Rate Floor: 0.00%) due 04/25/266,7		8,000,000		7,856,748
Flagship CLO VIII Ltd.
2018-8A, 4.58% (3 Month USD LIBOR + 1.80%, Rate Floor: 0.00%) due 01/16/266,7		8,025,000		7,853,789
Dryden 41 Senior Loan Fund
2015-41A, due 04/15/313,6		11,700,000		7,751,671
Newstar Commercial Loan Funding LLC
2017-1A, 6.13% (3 Month USD LIBOR + 3.50%, Rate Floor: 0.00%) due 03/20/276,7		7,500,000		7,502,665
Carlyle Global Market Strategies CLO Ltd.
2012-3A, due 01/14/323,6		6,400,000		4,799,098
2013-3X SUB, due 07/15/253		4,938,326		2,572,206
Woodmont Trust
2017-3A, 5.03% (3 Month USD LIBOR + 2.25%, Rate Floor: 0.00%) due 10/18/296,7		7,400,000		7,313,563
Venture XIII CLO Ltd.
2013-13A, due 09/10/293,6		13,790,000		6,866,482
ACIS CLO Ltd.
2014-4A, 5.29% (3 Month USD LIBOR + 2.55%, Rate Floor: 0.00%) due 05/01/266,7		3,600,000		3,618,282
2015-6A, 6.11% (3 Month USD LIBOR + 3.37%, Rate Floor: 0.00%) due 05/01/276,7		3,250,000		3,224,239
Marathon CRE Ltd.
2018-FL1, 5.48% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 06/15/286,7		6,000,000		5,954,156
2018-FL1, 5.08% (1 Month USD LIBOR + 2.60%, Rate Floor: 2.60%) due 06/15/286,7		650,000		647,123
Atlas Senior Loan Fund IX Ltd.
2018-9A, due 04/20/283,6		9,600,000		5,320,406
2018-9A, 4.56% (3 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 04/20/286,7		1,250,000		1,206,141
Octagon Investment Partners XIX Ltd.
2017-1A, 3.89% (3 Month USD LIBOR + 1.10%, Rate Floor: 0.00%) due 04/15/266,7		6,008,535		6,010,760
Dryden 50 Senior Loan Fund
2017-50A, due 07/15/303,6		7,895,000		5,997,516

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Hull Street CLO Ltd.
2014-1A, 6.38% (3 Month USD LIBOR + 3.60%, Rate Floor: 0.00%) due 10/18/266,7		5,785,000	$	5,742,673
Resource Capital Corp.
2017-CRE5, 4.48% (1 Month USD LIBOR + 2.00%) due 07/15/346,7		5,689,910		5,646,512
Silvermore CLO Ltd.
2014-1A, 5.68% (3 Month USD LIBOR + 3.00%, Rate Floor: 0.00%) due 05/15/266,7		5,500,000		5,505,277
FDF II Ltd.
2016-2A, 6.29% due 05/12/316		5,250,000		5,247,031
Sudbury Mill CLO Ltd.
2017-1A, 5.22% (3 Month USD LIBOR + 2.45%, Rate Floor: 0.00%) due 01/17/266,7		5,000,000		5,009,018
WhiteHorse X Ltd.
2015-10A, 8.07% (3 Month USD LIBOR + 5.30%, Rate Floor: 5.30%) due 04/17/276,7		4,980,000		4,898,995
Greywolf CLO III Ltd.
2018-3RA, 3.41% (3 Month USD LIBOR + 0.65%, Rate Floor: 0.65%) due 10/22/286,7		4,800,000		4,793,735
BNPP IP CLO Ltd.
2014-2A, 8.00% (3 Month USD LIBOR + 5.25%, Rate Floor: 0.00%) due 10/30/256,7		5,500,000		4,617,700
Jackson Mill CLO Ltd.
2018-1A, 4.64% (3 Month USD LIBOR + 1.85%, Rate Floor: 1.85%) due 04/15/276,7		4,150,000		4,067,987
Babson CLO Ltd.
2014-IA, due 07/20/253,6		11,900,000		3,873,212
2012-2A, due 05/15/233,6		11,850,000		144,570
Madison Park Funding XVI Ltd.
2016-16A, 5.41% (3 Month USD LIBOR + 2.65%, Rate Floor: 0.00%) due 04/20/266,7		4,000,000		4,003,191
Symphony Clo V Ltd.
2007-5A, 7.04% (3 Month USD LIBOR + 4.25%, Rate Floor: 0.00%) due 01/15/246,7		4,000,000		3,998,662
Adams Mill CLO Ltd.
2014-1A, 7.79% (3 Month USD LIBOR + 5.00%, Rate Floor: 0.00%) due 07/15/266,7		4,000,000		3,781,736
Denali Capital CLO XI Ltd.
2018-1A, 4.91% (3 Month USD LIBOR + 2.15%, Rate Floor: 0.00%) due 10/20/286,7		2,500,000		2,499,643
2018-1A, 3.46% (3 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 10/20/286,7		1,000,000		999,431

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Flagship VII Ltd.
2017-7A, 3.88% (3 Month USD LIBOR + 1.12%, Rate Floor: 0.00%) due 01/20/266,7		3,470,558	$	3,470,715
Flatiron CLO Ltd.
2013-1A, 6.37% (3 Month USD LIBOR + 3.60%, Rate Floor: 0.00%) due 01/17/266,7		3,200,000		3,199,270
AMMC CLO XI Ltd.
2012-11A, due 04/30/313,6		5,650,000		2,997,913
Mountain Hawk III CLO Ltd.
2014-3A, 5.58% (3 Month USD LIBOR + 2.80%, Rate Floor: 0.00%) due 04/18/256,7		3,000,000		2,996,395
NXT Capital CLO LLC
2018-1A, 6.06% (3 Month USD LIBOR + 3.30%, Rate Floor: 0.00%) due 04/21/276,7		2,750,000		2,655,818
Colombia Cent CLO Ltd.
2018-27A, 3.19% (3 Month USD LIBOR + 0.70%, Rate Floor: 0.70%) due 10/25/286,7		1,750,000		1,748,788
Garrison BSL CLO Ltd.
2018-1A, 3.47% (3 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 07/17/286,7		1,714,286		1,713,000
DRSLF
due 01/15/313		1,897,598		1,342,135
Copper River CLO Ltd.
2007-1A, due 01/20/213,8		8,150,000		1,286,624
Great Lakes CLO Ltd.
2014-1A, due 10/15/293,6		1,500,000		1,019,544
Halcyon Loan Advisors Funding Ltd.
2012-1A, 5.68% (3 Month USD LIBOR + 3.00%, Rate Floor: 0.00%) due 08/15/236,7		1,000,000		1,000,047
Ivy Hill Middle Market Credit Fund X Ltd.
2018-10A, 3.48% (3 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 07/18/306,7		1,000,000		999,345
Total Collateralized Loan Obligations				947,659,212
Transport-Aircraft - 5.8%
Castlelake Aircraft Securitization Trust
2017-1, 3.97% due 07/15/42		29,831,785		29,772,148
2018-1, 4.13% due 06/15/436		24,652,038		24,684,732
2016-1, 4.45% due 08/15/41		22,109,161		22,013,915
KDAC Aviation Finance Ltd.
2017-1A, 4.21% due 12/15/426		56,513,327		56,751,440
AASET Trust
2017-1A, 3.97% due 05/16/426		44,822,534		44,713,212
Raspro Trust
2005-1A, 3.69% (3 Month USD LIBOR + 0.93%, Rate Floor: 0.93%) due 03/23/246,7		46,564,781		44,469,366
2005-1A, 3.03% (3 Month USD LIBOR + 0.40%, Rate Floor: 0.40%) due 03/23/246,7		179,442		179,454

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
AASET US Ltd.
2018-2A, 5.43% due 11/18/386		20,559,230	$	20,783,858
2018-2A, 4.45% due 11/18/386		18,425,725		18,668,228
Falcon Aerospace Ltd.
2017-1, 4.58% due 02/15/426		34,727,459		34,934,295
Apollo Aviation Securitization Equity Trust
2017-1A, 5.93% due 05/16/426		11,637,898		11,975,127
2016-2, 5.93% due 11/15/41		6,790,866		6,830,986
2016-2, 4.21% due 11/15/41		6,063,273		6,119,883
2016-1A, 6.50% due 03/17/366,9		3,338,012		3,395,791
2016-2, 7.87% due 11/15/41		2,197,679		2,194,653
2018-1A, 5.44% due 01/16/386		1,553,897		1,572,610
SAPPHIRE AVIATION FINANCE I Ltd.
2018-1A, 4.25% due 03/15/406		31,013,422		31,221,537
AIM Aviation Finance Ltd.
2015-1A, 5.07% due 02/15/406		11,495,753		11,432,386
Falcon Aerospace Limited
2017-1, 6.30% due 02/15/426		7,996,044		8,172,900
MAPS Ltd.
2018-1A, 4.21% due 05/15/436		7,297,505		7,363,776
Stripes Aircraft Ltd.
2013-1 A1, 5.99% due 03/20/23†††		5,722,069		5,608,939
Atlas Ltd.
2014-1 A, 4.88% due 12/15/39		5,230,505		5,003,386
Willis Engine Securitization Trust II
2012-A, 5.50% due 09/15/376,9		3,575,526		3,643,203
Eagle I Ltd.
2014-1A, 5.29% due 12/15/396		3,551,844		3,599,162
Turbine Engines Securitization Ltd.
2013-1A, 5.13% due 12/13/488		2,119,879		2,052,191
2013-1A, 6.38% due 12/13/488		1,536,469		1,307,412
Diamond Head Aviation Ltd.
2015-1, 3.81% due 07/14/286		961,387		958,529
Airplanes Pass Through Trust
2001-1A, 3.01% (1 Month USD LIBOR + 0.55%, Rate Floor: 0.55%) due 03/15/197,8,10		2,097,481		73,213
Total Transport-Aircraft				409,496,332
Whole Business - 0.6%
TSGE
2017-1, 6.25% due 09/25/31†††,1		42,550,000		43,520,810
Drug Royalty III Limited Partnership 1
2017-1A, 5.29% (3 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 04/15/276,7		2,429,075		2,450,500
Total Whole Business				45,971,310

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Collateralized Debt Obligations - 0.4%
Putnam Structured Product Funding Ltd.
2003-1A, 3.48% (1 Month USD LIBOR + 1.00%, Rate Floor: 0.00%) due 10/15/386,7		10,296,235	$	10,192,191
Anchorage Credit Funding Ltd.
2016-4A, 4.50% due 02/15/356		9,200,000		9,121,014
N-Star REL CDO VIII Ltd.
2006-8A, 2.85% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 02/01/416,7		7,939,598		7,827,967
Banco Bradesco SA
2014-1, 5.44% due 03/12/26		2,353,350		2,335,700
Highland Park CDO I Ltd.
2006-1A, 3.05% (3 Month USD LIBOR + 0.40%, Rate Floor: 0.00%) due 11/25/517,8		1,635,028		1,618,024
Pasadena CDO Ltd.
2002-1A, 3.48% (3 Month USD LIBOR + 0.85%, Rate Floor: 0.00%) due 06/19/376,7		12,993		12,971
Total Collateralized Debt Obligations				31,107,867
Automotive - 0.3%
Avis Budget Rental Car Funding AESOP LLC
2015-1A, 2.50% due 07/20/216		21,410,000		21,309,553
Diversified Payment Rights - 0.3%
Bib Merchant Voucher Receivables Ltd.
4.18% due 04/07/28†††,1		15,300,000		15,703,365
CIC Receivables Master Trust
REGD, 4.89% due 10/07/21		3,466,874		3,506,743
Total Diversified Payment Rights				19,210,108
Insurance - 0.3%
LTCG Securitization Issuer LLC
2018-A, 4.59% due 06/15/486		18,449,763		18,529,964
Transport-Container - 0.1%
Global SC Finance II SRL
2013-1A, 2.98% due 04/17/286		8,575,000		8,486,534
Infrastructure - 0.1%
Secured Tenant Site Contract Revenue Notes Series
2018-1A, 4.70% due 06/15/488		6,947,502		7,000,677
Total Asset-Backed Securities
(Cost $1,522,483,888)				1,508,771,557
FOREIGN GOVERNMENT DEBT†† - 19.1%
Government of Japan
due 01/20/2011	JPY	10,421,000,000		94,137,777
due 05/27/1911	JPY	6,883,700,000		62,133,747
due 04/08/1911	JPY	6,739,000,000		60,811,418
due 05/10/1911	JPY	4,208,000,000		37,979,042
due 05/13/1911	JPY	4,183,000,000		37,754,010
due 04/10/1911	JPY	2,053,000,000		18,526,018
due 04/22/1911	JPY	1,574,000,000		14,204,533
due 06/24/1911	JPY	1,359,000,000		12,268,292
due 06/03/1911	JPY	903,000,000		8,150,948
due 05/20/1911	JPY	845,000,000		7,626,884
due 04/04/1911	JPY	593,400,000		5,354,656

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Kingdom of Spain
due 05/10/1911	EUR	123,544,000	$	138,671,313
due 04/05/1911	EUR	36,150,000		40,560,276
Republic of Portugal
due 05/17/1911	EUR	123,828,000		139,002,591
Province of Ontario, Canada
due 05/01/1911	CAD	65,611,000		49,028,745
due 04/24/1911	CAD	52,035,000		38,898,688
due 05/08/1911	CAD	41,261,000		30,821,436
due 04/17/1911	CAD	24,285,000		18,161,124
due 05/15/1911	CAD	350,000		261,348
State of Israel
2.25% due 05/31/19	ILS	315,250,000		87,153,763
5.00% due 01/31/20	ILS	126,800,000		36,312,270
Federative Republic of Brazil
due 07/01/1911	BRL	233,600,000		58,803,531
due 10/01/1911	BRL	167,500,000		41,466,540
Province of New Brunswick, Canada
due 05/09/1911	CAD	24,687,000		18,439,948
due 05/14/1911	CAD	19,350,000		14,449,711
due 05/02/1911	CAD	18,310,000		13,681,720
due 05/16/1911	CAD	15,850,000		11,834,763
due 05/07/1911	CAD	14,042,000		10,489,824
Province of Manitoba, Canada
due 04/24/1911	CAD	30,425,000		22,744,164
due 05/15/1911	CAD	26,825,000		20,030,501
due 04/17/1911	CAD	25,375,000		18,976,262
Government of United Kingdom
due 04/23/1911	GBP	31,680,000		41,242,550
due 04/01/1911	GBP	9,160,000		11,930,345
due 04/08/1911	GBP	3,950,000		5,143,967
Province of Newfoundland
due 05/09/1911	CAD	20,700,000		15,456,746
due 04/25/1911	CAD	19,300,000		14,422,920
due 05/16/1911	CAD	18,000,000		13,437,550
due 05/02/1911	CAD	9,800,000		7,322,308
due 04/18/1911	CAD	9,600,000		7,177,544
Province of Quebec, Canada
due 04/18/1911	CAD	35,290,000		26,389,705
due 05/03/1911	CAD	24,465,000		18,279,985
Republic of Hungary
due 04/24/1911	HUF	4,780,000,000		16,700,406
Kingdom of Denmark
due 06/03/1911	DKK	58,100,000		8,739,938
Total Foreign Government Debt
(Cost $1,364,548,382)				1,354,979,807
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 16.7%
Residential Mortgage Backed Securities - 13.4%
LSTAR Securities Investment Limited
4.49% due 04/01/21		91,636,371		91,705,135
2017-9, 4.05% (1 Month USD LIBOR + 1.55%, Rate Floor: 0.00%) due 12/01/226,7		34,221,052		34,231,746
2017-6, 4.26% (1 Month USD LIBOR + 1.75%, Rate Floor: 0.00%) due 09/01/226,7		29,711,468		29,720,753
2017-8, 4.15% (1 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 11/01/226,7		26,877,957		27,103,084
Lehman XS Trust Series
2006-16N, 2.70% (1 Month USD LIBOR + 0.21%, Rate Floor: 0.21%) due 11/25/467		23,946,367		22,968,884
2006-18N, 2.67% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 12/25/367		22,148,431		20,368,729

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
2006-10N, 2.70% (1 Month USD LIBOR + 0.21%, Rate Floor: 0.21%) due 07/25/467		5,453,807	$	5,284,838
RALI Series Trust
2006-QO6, 2.67% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 06/25/467		37,591,825		15,171,703
2007-QO2, 2.64% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 02/25/477		19,607,913		11,114,828
2006-QO8, 2.69% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 10/25/467		9,757,188		9,269,400
2006-QO6, 2.72% (1 Month USD LIBOR + 0.23%, Rate Floor: 0.23%) due 06/25/467		9,780,880		4,053,014
2006-QO2, 2.76% (1 Month USD LIBOR + 0.27%, Rate Floor: 0.27%) due 02/25/467		7,420,304		2,991,606
2006-QO6, 2.75% (1 Month USD LIBOR + 0.26%, Rate Floor: 0.26%) due 06/25/467		6,170,902		2,597,803
2006-QO2, 2.83% (1 Month USD LIBOR + 0.34%, Rate Floor: 0.34%) due 02/25/467		3,970,492		1,644,610
2006-QO2, 2.71% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 02/25/467		266,143		105,452
LSTAR Securities Investment Trust
2018-2, 4.00% (1 Month USD LIBOR + 1.50%, Rate Floor: 0.00%) due 04/01/236,7		37,140,488		37,094,991
2019-1, 4.19% (1 Month USD LIBOR + 1.70%, Rate Floor: 0.00%) due 03/01/246,7		9,000,000		8,997,996
JP Morgan Mortgage Acquisition Trust
2006-WMC4, 2.64% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 12/25/367		28,382,961		16,908,748
2006-WMC3, 2.64% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 08/25/367		13,170,076		9,599,381
2006-HE3, 2.65% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 11/25/367		8,467,270		7,236,777
2006-WMC4, 2.61% (1 Month USD LIBOR + 0.12%, Rate Floor: 0.12%) due 12/25/367		9,769,665		5,791,807
2006-WMC4, 2.57% (1 Month USD LIBOR + 0.08%, Rate Floor: 0.08%) due 12/25/367		4,130,957		2,433,006

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Morgan Stanley ABS Capital I Incorporated Trust
2006-HE8, 2.71% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 10/25/367		25,511,476	$	15,753,086
2007-HE1, 2.72% (1 Month USD LIBOR + 0.23%, Rate Floor: 0.23%) due 11/25/367		16,279,412		11,122,019
2007-HE6, 2.74% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 05/25/377		9,661,392		8,542,484
2006-HE6, 2.59% (1 Month USD LIBOR + 0.10%, Rate Floor: 0.10%) due 09/25/367		5,266,625		2,573,966
2007-HE4, 2.72% (1 Month USD LIBOR + 0.23%, Rate Floor: 0.23%) due 02/25/377		4,494,119		2,021,661
Structured Asset Securities Corporation Mortgage Loan Trust
2008-BC4, 3.12% (1 Month USD LIBOR + 0.63%, Rate Floor: 0.63%) due 11/25/377		39,273,455		38,922,574
FirstKey Master Funding
2017-R1, 2.71% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 11/03/416,7		39,813,814		38,393,652
WaMu Asset-Backed Certificates WaMu Series
2007-HE2, 2.85% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 04/25/377		30,751,803		15,855,713
2007-HE2, 2.68% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 04/25/377		23,432,602		11,837,011
2007-HE4, 2.66% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 07/25/477		9,414,518		7,256,998
2007-HE4, 2.74% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 07/25/477		2,942,700		2,056,672
CIM Trust
2018-R2, 3.69% (WAC) due 08/25/576,7		37,363,595		36,928,253
GSAA Home Equity Trust
2006-12, 2.64% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 08/25/367		25,452,188		15,820,701
2006-3, 2.79% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 03/25/367		18,037,048		12,899,977
2006-9, 2.97% (1 Month USD LIBOR + 0.24%, Rate Floor: 0.24%) due 06/25/367		10,953,800		5,891,509

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
2007-7, 2.76% (1 Month USD LIBOR + 0.27%) due 07/25/377		2,044,244	$	1,956,977
American Home Mortgage Assets Trust
2006-6, 2.70% (1 Month USD LIBOR + 0.21%, Rate Floor: 0.21%) due 12/25/467		15,418,936		13,244,754
2006-1, 2.68% (1 Month USD LIBOR + 0.19%) due 05/25/467		14,934,358		13,152,785
2006-3, 3.34% (1 Year CMT Rate + 0.94%, Rate Floor: 0.94%) due 10/25/467		7,916,481		6,988,650
Long Beach Mortgage Loan Trust
2006-6, 2.74% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 07/25/367		17,189,698		9,009,386
2006-8, 2.65% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 09/25/367		20,091,783		7,684,882
2006-4, 2.65% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 05/25/367		12,644,768		5,599,952
2006-1, 2.68% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 02/25/367		5,037,370		4,074,797
2006-6, 2.64% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 07/25/367		5,352,664		2,755,668
2006-8, 2.58% (1 Month USD LIBOR + 0.09%, Rate Floor: 0.09%) due 09/25/367		5,444,496		2,061,183
2006-6, 2.59% (1 Month USD LIBOR + 0.10%, Rate Floor: 0.10%) due 07/25/367		3,098,544		1,580,674
Legacy Mortgage Asset Trust
2018-GS3, 4.00% due 06/25/586,9		28,565,052		28,476,875
Morgan Stanley IXIS Real Estate Capital Trust
2006-2, 2.71% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 11/25/367		26,727,273		13,535,456
2006-2, 2.64% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 11/25/367		20,389,564		10,243,193
Ameriquest Mortgage Securities Trust
2006-M3, 2.66% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 10/25/367		26,381,383		17,073,340
2006-M3, 2.59% (1 Month USD LIBOR + 0.10%, Rate Floor: 0.10%) due 10/25/367		16,259,547		6,685,271

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
ACE Securities Corporation Home Equity Loan Trust Series
2007-HE1, 2.64% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 01/25/377		19,394,951	$	12,679,804
2007-ASP1, 2.87% (1 Month USD LIBOR + 0.38%, Rate Floor: 0.38%) due 03/25/377		14,139,578		8,381,139
Impac Secured Assets Trust
2006-3, 2.69% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 11/25/367		20,495,753		19,033,940
GSAMP Trust
2007-NC1, 2.62% (1 Month USD LIBOR + 0.13%, Rate Floor: 0.13%) due 12/25/467		25,210,026		16,315,341
IXIS Real Estate Capital Trust
2007-HE1, 2.65% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 05/25/377		27,142,567		9,434,952
2007-HE1, 2.72% (1 Month USD LIBOR + 0.23%, Rate Floor: 0.23%) due 05/25/377		19,230,127		6,738,002
Nationstar Home Equity Loan Trust
2007-C, 2.66% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 06/25/377		16,326,115		15,761,703
Master Asset Backed Securities Trust
2006-WMC3, 2.65% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 08/25/367		12,620,419		6,068,682
2006-HE3, 2.59% (1 Month USD LIBOR + 0.10%, Rate Floor: 0.10%) due 08/25/367		11,181,440		4,654,105
2006-HE3, 2.64% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 08/25/367		9,400,921		3,949,430
Citigroup Mortgage Loan Trust, Inc.
2007-AMC3, 2.74% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 03/25/377		15,990,620		13,544,332
Home Equity Loan Trust
2007-FRE1, 2.68% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 04/25/377		13,652,978		12,741,469
Alternative Loan Trust
2007-OA7, 2.67% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 05/25/477		12,672,504		12,275,738
Banc of America Funding Trust
2015-R2, 2.75% (1 Month USD LIBOR + 0.26%, Rate Floor: 0.26%) due 04/29/376,7		10,000,000		9,714,599

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
First NLC Trust
2007-1, 2.77% (1 Month USD LIBOR + 0.28%, Rate Floor: 0.28%) due 08/25/376,7		8,845,993	$	5,334,701
2007-1, 2.56% (1 Month USD LIBOR + 0.07%, Rate Floor: 0.07%) due 08/25/376,7		6,708,200		3,934,297
WaMu Asset-Backed Certificates WaMu Series Trust
2007-HE1, 2.72% (1 Month USD LIBOR + 0.23%, Rate Floor: 0.23%) due 01/25/377		10,165,592		6,361,577
2007-HE4, 2.66% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 07/25/477		4,121,428		2,853,689
Luminent Mortgage Trust
2006-2, 2.69% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 02/25/467		8,653,177		7,954,747
CitiMortgage Alternative Loan Trust Series
2007-A7, 2.89% (1 Month USD LIBOR + 0.40%, Rate Cap/Floor: 7.50%/0.40%) due 07/25/377		8,875,872		7,274,665
HSI Asset Securitization Corporation Trust
2007-HE1, 2.68% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 01/25/377		8,517,777		6,730,881
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-AR9, 3.24% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/467		7,289,433		6,441,396
Morgan Stanley Mortgage Loan Trust
2006-9AR, 2.64% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 08/25/367		11,470,158		5,361,721
Nomura Resecuritization Trust
2015-4R, 1.75% (1 Month USD LIBOR + 0.43%, Rate Floor: 0.43%) due 03/26/366,7		4,343,579		4,205,609
Alliance Bancorp Trust
2007-OA1, 2.73% (1 Month USD LIBOR + 0.24%, Rate Floor: 0.24%) due 07/25/377		3,455,748		3,060,734
Wachovia Asset Securitization Issuance II LLC Trust
2007-HE1, 2.63% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/376,7		1,587,714		1,503,987

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Morgan Stanley Re-REMIC Trust
2010-R5, 3.88% due 06/26/366		1,286,062	$	1,179,742
Asset Backed Securities Corporation Home Equity Loan Trust
2006-HE5, 2.63% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/367		857,818		838,253
Total Residential Mortgage Backed Securities				950,723,645
Commercial Mortgage Backed Securities - 2.7%
GAHR Commercial Mortgage Trust
2015-NRF, 3.38% (WAC) due 12/15/346,7		88,357,227		86,985,724
CGBAM Mezzanine Securities Trust
2015-SMMZ, 8.21% due 04/10/286		28,200,000		29,378,334
CGBAM Commercial Mortgage Trust
2015-SMRT, 3.79% (WAC) due 04/10/286,7		16,864,000		16,998,379
2015-SMRT, 3.77% due 04/10/286		1,400,000		1,411,072
GS Mortgage Securities Corporation Trust
2017-STAY, 4.63% (1 Month USD LIBOR + 2.15%, Rate Floor: 2.15%) due 07/15/326,7		16,531,000		16,121,402
COMM Mortgage Trust
2014-UBS3, 2.84% due 06/10/47		14,774,683		14,761,145
Wells Fargo Commercial Mortgage Trust
2015-NXS1, 2.63% due 05/15/48		7,450,000		7,428,933
Credit Suisse First Boston Mortgage Securities Corporation Series
2006-OMA, 5.63% due 05/15/236		3,850,000		3,914,521
Vornado DP LLC Trust
2010-VNO, 4.74% due 09/13/286		2,400,000		2,440,855
2010-VNO, 6.36% due 09/13/286		840,000		866,965
GE Business Loan Trust
2007-1A, 2.93% (1 Month USD LIBOR + 0.45%, Rate Floor: 0.45%) due 04/16/356,7		1,553,713		1,490,480
2007-1A, 2.65% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 04/15/356,7		1,150,898		1,128,646
GS Mortgage Securities Trust
2014-GSFL, 6.03% (1 Month USD LIBOR + 3.90%, Rate Floor: 3.90%) due 07/15/316,7		2,389,143		2,389,836
JP Morgan Chase Commercial Mortgage Securities Trust
2009-IWST, 5.63% due 12/05/276		1,295,000		1,308,077

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
JPMBB Commercial Mortgage Securities Trust
2015-C28, 2.77% due 10/15/48		1,278,859	$	1,276,150
Total Commercial Mortgage Backed Securities				187,900,519
Government Agency - 0.4%
Fannie Mae
3.00% due 02/01/57		24,636,249		24,339,937
Military Housing - 0.2%
GMAC Commercial Mortgage Asset Corp.
2004-POKA, 6.36% due 09/10/44†††,6		9,000,000		9,756,237
Capmark Military Housing Trust
2007-AET2, 6.06% due 10/10/526		5,733,790		6,313,513
Total Military Housing				16,069,750
Total Collateralized Mortgage Obligations
(Cost $1,206,111,521)				1,179,033,851
CORPORATE BONDS†† - 11.5%
Financial - 6.3%
Station Place Securitization Trust
3.09% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 09/24/196,7		62,550,000		62,550,000
3.18% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 06/24/196,7		30,500,000		30,500,000
3.18% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.70%) due 09/24/197		3,000,000		3,000,000
Barclays Bank plc
3.22% due 10/31/19†††		40,600,000		40,600,000
American Equity Investment Life Holding Co.
5.00% due 06/15/27		28,388,000		28,829,889
Synchrony Bank
3.23% (3 Month USD LIBOR + 0.63%) due 03/30/207		25,800,000		25,837,668
Citigroup, Inc.
3.54% (3 Month USD LIBOR + 0.93%) due 06/07/197		19,910,000		19,940,364
ANZ New Zealand Int’l Ltd.
2.85% due 08/06/206		18,240,000		18,250,514
Lloyds Bank Corporate Markets plc NY
3.10% (3 Month USD LIBOR + 0.37%) due 08/05/207		18,210,000		18,244,198
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.63% due 10/30/20		9,850,000		10,081,465
4.25% due 07/01/20		8,000,000		8,107,823
Credit Suisse AG NY
3.14% (3 Month USD LIBOR + 0.40%) due 07/31/207		18,140,000		18,139,895
Standard Chartered Bank
3.14% (3 Month USD LIBOR + 0.40%) due 08/04/207		18,120,000		18,124,635
Morgan Stanley
5.50% due 07/24/20		17,500,000		18,095,971
Ventas Realty Limited Partnership / Ventas Capital Corp.
2.70% due 04/01/20		17,800,000		17,761,416

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Capital One Financial Corp.
2.50% due 05/12/20		7,370,000	$	7,349,157
3.20% (3 Month USD LIBOR + 0.45%) due 10/30/207		6,745,000		6,747,833
3.46% (3 Month USD LIBOR + 0.76%) due 05/12/207		2,741,000		2,752,814
Alexandria Real Estate Equities, Inc.
2.75% due 01/15/20		15,530,000		15,503,233
UBS AG
3.17% (3 Month USD LIBOR + 0.58%, Rate Floor: 0.00%) due 06/08/206,7		14,689,000		14,741,880
Atlas Mara Ltd.
8.00% due 12/31/20		14,400,000		12,698,179
American International Group, Inc.
6.40% due 12/15/20		10,339,000		10,933,437
Discover Bank
3.10% due 06/04/20		9,148,000		9,168,681
Santander UK plc
3.04% (3 Month USD LIBOR + 0.30%) due 11/03/207		8,300,000		8,289,299
Jefferies Group LLC
8.50% due 07/15/19		4,700,000		4,773,769
Jefferies Finance LLC / JFIN Company-Issuer Corp.
7.25% due 08/15/246		4,135,000		4,072,975
ERP Operating, LP
4.75% due 07/15/20		2,500,000		2,551,660
Univest Financial Corp.
5.10% due 03/30/2512		2,500,000		2,505,708
Credit Suisse Group Funding Guernsey Ltd.
2.75% due 03/26/20		2,120,000		2,117,131
Hospitality Properties Trust
5.25% due 02/15/26		1,567,000		1,597,911
Danske Bank A/S
3.19% (3 Month USD LIBOR + 0.58%) due 09/06/196,7		1,000,000		999,326
Total Financial				444,866,831
Consumer, Non-cyclical - 1.9%
Mondelez International, Inc.
3.00% due 05/07/20		20,210,000		20,256,827
Reynolds American, Inc.
3.25% due 06/12/20		20,093,000		20,121,654
Zimmer Biomet Holdings, Inc.
2.70% due 04/01/20		16,539,000		16,498,406
Allergan Funding SCS
3.85% (3 Month USD LIBOR + 1.26%) due 03/12/207		11,575,000		11,673,890
3.00% due 03/12/20		2,215,000		2,213,665
Cigna Corp.
3.20% due 09/17/206		7,850,000		7,892,314
2.96% (3 Month USD LIBOR + 0.35%) due 03/17/206,7		5,816,000		5,810,793
Molson Coors Brewing Co.
2.25% due 03/15/20		13,717,000		13,629,207
Coca-Cola Femsa SAB de CV
4.63% due 02/15/20		8,540,000		8,675,370
S&P Global, Inc.
3.30% due 08/14/20		8,135,000		8,204,128
Kraft Heinz Foods Co.
2.80% due 07/02/20		5,663,000		5,655,771
3.12% (3 Month USD LIBOR + 0.42%) due 08/09/197		2,386,000		2,386,933
Constellation Brands, Inc.
2.25% due 11/06/20		5,236,000		5,183,922

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Allergan Incorporated/United States
3.38% due 09/15/20		4,210,000	$	4,229,750
Quest Diagnostics, Inc.
2.50% due 03/30/20		2,260,000		2,252,533
Vector Group Ltd.
6.13% due 02/01/256		2,500,000		2,219,500
Sysco Corp.
2.60% due 10/01/20		997,000		995,430
Total Consumer, Non-cyclical				137,900,093
Industrial - 1.2%
Encore Capital Group, Inc.
5.63% due 08/11/24†††		39,600,000		38,813,815
Harris Corp.
2.70% due 04/27/20		16,800,000		16,737,091
Molex Electronic Technologies LLC
2.88% due 04/15/206		12,035,000		12,014,397
Yamana Gold, Inc.
4.76% due 03/23/22†††		4,750,000		4,719,335
4.78% due 06/10/23†††		550,000		543,402
Aviation Capital Group LLC
7.13% due 10/15/206		4,500,000		4,749,313
Princess Juliana International Airport Operating Company N.V.
5.50% due 12/20/278		1,492,513		1,370,604
GATX Corp.
2.60% due 03/30/20		1,209,000		1,205,237
Vulcan Materials Co.
3.21% (3 Month USD LIBOR + 0.60%) due 06/15/207		1,050,000		1,048,503
Penske Truck Leasing Company Lp / PTL Finance Corp.
3.05% due 01/09/206		500,000		500,030
Total Industrial				81,701,727
Utilities - 0.6%
NextEra Energy Capital Holdings, Inc.
3.06% (3 Month USD LIBOR + 0.45%) due 09/28/207		17,820,000		17,819,950
Exelon Corp.
2.85% due 06/15/20		14,396,000		14,380,334
Southern Co.
3.10% due 09/30/20		3,880,000		3,883,256
PSEG Power LLC
5.13% due 04/15/20		2,545,000		2,601,358
Total Utilities				38,684,898
Technology - 0.4%
Broadcom Corporation / Broadcom Cayman Finance Ltd.
2.38% due 01/15/20		17,902,000		17,806,228
Fidelity National Information Services, Inc.
3.63% due 10/15/20		10,480,000		10,590,150
CA, Inc.
5.38% due 12/01/19		2,122,000		2,151,003
Total Technology				30,547,381
Basic Materials - 0.4%
Yamana Gold, Inc.
4.95% due 07/15/24		14,734,000		15,144,637
4.63% due 12/15/27		3,200,000		3,130,620
Newmont Mining Corp.
5.13% due 10/01/19		9,680,000		9,787,354
Eldorado Gold Corp.
6.13% due 12/15/206		740,000		724,238
Mirabela Nickel Ltd.
9.50% due 06/24/198,10		1,885,418		188,542
Total Basic Materials				28,975,391
Communications - 0.4%
Cengage Learning, Inc.					��
9.50% due 06/15/246		8,100,000		6,682,500

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 31

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Deutsche Telekom International Finance BV
2.23% due 01/17/206		5,985,000	$	5,951,560
McGraw-Hill Global Education Holdings LLC / McGraw-Hill Global Education Finance
7.88% due 05/15/246		6,510,000		5,208,000
Juniper Networks, Inc.
3.30% due 06/15/20		3,900,000		3,915,159
Telefonica Emisiones SAU
5.13% due 04/27/20		2,885,000		2,951,659
MDC Partners, Inc.
6.50% due 05/01/246		2,905,000		2,403,888
EIG Investors Corp.
10.88% due 02/01/24		270,000		283,500
Total Communications				27,396,266
Energy - 0.3%
ONEOK Partners, LP
3.80% due 03/15/20		16,350,000		16,446,479
Reliance Holding USA, Inc.
4.50% due 10/19/206		3,750,000		3,816,016
Florida Gas Transmission Co. LLC
5.45% due 07/15/206		1,420,000		1,464,055
Basic Energy Services, Inc.
10.75% due 10/15/236		1,500,000		1,200,000
Total Energy				22,926,550
Total Corporate Bonds
(Cost $816,288,922)				812,999,137
SENIOR FLOATING RATE INTERESTS††,7 - 7.7%
Technology - 2.1%
Misys Ltd.
6.10% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/13/24		26,206,732		25,240,490
Epicor Software
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 06/01/22		20,247,733		19,991,397
EIG Investors Corp.
6.39% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 02/09/23		13,010,402		12,929,087
Datix Bidco Ltd.
7.28% (6 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 04/21/25†††,1		9,112,505		9,033,675
10.53% (6 Month USD LIBOR + 7.75%, Rate Floor: 7.75%) due 04/27/26†††,1		461,709		457,383
Planview, Inc.
7.75% (1 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 01/27/23†††,1		8,797,010		8,797,010
Nimbus Acquisitions Bidco Ltd.
7.25% (3 Month GBP LIBOR + 6.25%, Rate Floor: 7.25%) (in-kind rate was 1.00%) due 07/15/21†††,1,18	GBP	5,194,495		6,722,356
8.88% (3 Month USD LIBOR + 6.25%, Rate Floor: 7.25%) (in-kind rate was 1.00%) due 07/15/21†††,1,18		1,848,904		1,811,793
Cvent, Inc.
6.25% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 11/29/24		8,183,668		7,999,536

32| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Lytx, Inc.
9.25% (1 Month USD LIBOR + 6.75%, Rate Floor: 7.75%) due 08/31/23†††,1		7,882,394	$	7,738,665
Optiv, Inc.
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 02/01/24		7,667,183		7,302,992
LANDesk Group, Inc.
6.75% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 01/20/24		6,353,509		6,301,919
Bullhorn, Inc.
9.40% (3 Month USD LIBOR + 6.75%, Rate Floor: 7.75%) due 11/21/22†††,1		5,378,745		5,354,346
9.39% (3 Month USD LIBOR + 6.75%, Rate Floor: 7.75%) due 11/21/22†††,1		222,254		201,984
Peak 10 Holding Corp.
6.10% (3 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 08/01/24		4,938,492		4,509,486
Neustar, Inc.
6.00% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 08/08/24		3,649,943		3,511,538
Greenway Health LLC
6.35% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 02/16/24		3,563,728		3,278,630
24-7 Intouch, Inc.
6.75% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 08/25/25		3,184,000		3,040,720
Brave Parent Holdings, Inc.
6.50% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 04/18/25		2,772,184		2,735,231
Ministry Brands LLC
6.50% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 12/02/22		2,694,257		2,680,784
Solera LLC
7.00% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 03/03/21†††,1		2,700,000		2,553,372
Refinitiv (Financial & Risk Us Holdings, Inc.)
6.25% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 10/01/25		2,094,750		2,032,285
MRI Software LLC
8.00% (1 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 06/30/23		1,445,783		1,431,326
8.30% (3 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 06/30/23		164,401		162,757
8.10% (3 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 06/30/23		23,000		22,770
8.00% (1 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 06/30/23†††,1		7,000		6,528

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 33

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Kar Finland Bidco Oy
4.50% (3 Month EURIBOR + 4.50%, Rate Floor: 4.50%) due 11/27/23†††	EUR	1,000,000	$	1,110,737
Aspect Software, Inc.
7.74% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 01/15/24		697,036		556,883
Targus Group International, Inc.
15.13% (3 Month USD LIBOR + 11.50%, Rate Floor: 14.75%) due 08/01/25†††,1,2,10		152,876		—
Total Technology				147,515,680
Consumer, Cyclical - 1.7%
Petco Animal Supplies, Inc.
5.99% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 01/26/23		15,011,054		11,378,379
Mavis Tire Express Services Corp.
5.74% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 03/20/25		11,657,673		11,337,088
AVSC Holding Corp.
5.76% ((1 Month USD LIBOR + 3.25%) and (3 Month USD LIBOR + 3.25%), Rate Floor: 4.25%) due 03/03/25		7,383,571		7,180,523
Accuride Corp.
7.85% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 11/17/23		7,717,180		6,405,260
Zephyr Bidco Ltd.
8.23% (1 Month GBP LIBOR + 7.50%, Rate Floor: 7.50%) due 07/23/26	GBP	4,650,417		6,002,011
EG Finco Ltd.
6.60% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 02/07/25		4,287,531		4,182,486
5.60% (3 Month GBP LIBOR + 4.75%, Rate Floor: 4.75%) due 02/07/25	GBP	992,500		1,254,434
WESCO
6.56% ((3 Month USD LIBOR + 4.25%) and (Commercial Prime Lending Rate + 3.25%), Rate Floor: 5.25%) due 06/14/24†††,1	CAD	4,000,000		2,981,191
6.75% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 06/14/24†††,1		2,382,000		2,371,694
IRB Holding Corp.
5.74% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 02/05/25		5,110,440		4,976,291
CD&R Firefly Bidco Ltd.
5.41% (3 Month GBP LIBOR + 4.50%, Rate Floor: 4.50%) due 06/23/25	GBP	3,800,000		4,863,895

34| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Leslie’s Poolmart, Inc.
6.08% (2 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 08/16/23		4,442,200	$	4,293,209
Power Solutions (Panther)
due 03/14/263		4,000,000		3,952,520
Alexander Mann
6.23% (1 Month GBP LIBOR + 5.50%, Rate Floor: 5.50%) due 06/16/25	GBP	3,000,000		3,753,487
Galls LLC
8.83% (2 Month USD LIBOR + 6.25%, Rate Floor: 7.25%) due 01/31/25†††,1		3,133,989		3,104,550
8.81% ((1 Month USD LIBOR + 6.25%) and (2 Month USD LIBOR + 6.25%), Rate Floor: 7.25%) due 01/31/25†††,1		351,283		347,984
8.87% ((1 Month USD LIBOR + 6.25%) and (Commercial Prime Lending Rate + 5.25%), Rate Floor: 7.25%) due 01/31/24†††,1		323,111		289,150
CPI Acquisition, Inc.
7.35% (3 Month USD LIBOR + 4.50%, Rate Floor: 6.50%) due 08/17/22		5,602,372		3,722,776
Truck Hero, Inc.
6.25% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 04/22/24		3,712,217		3,574,159
SHO Holding I Corp.
7.74% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 10/27/22		3,719,464		3,459,101
EnTrans International, LLC
8.50% (1 Month USD LIBOR + 6.00%, Rate Floor: 6.00%) due 11/01/24		3,434,375		3,382,859
Lands’ End, Inc.
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 04/02/21		3,216,146		3,060,709
Blue Nile, Inc.
9.13% (3 Month USD LIBOR + 6.50%, Rate Floor: 7.50%) due 02/17/23		3,193,750		3,050,031
Belk, Inc.
7.45% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 12/12/22		3,666,539		2,948,007
At Home Holding III Corp.
6.24% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/03/22		2,936,597		2,870,524
Checkers Drive-In Restaurants, Inc.
6.88% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 04/25/24		3,391,102		2,842,863

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 35

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Nellson Nutraceutical (US)
6.86% ((3 Month USD LIBOR + 4.25%) and (Commercial Prime Lending Rate + 3.25%), Rate Floor: 5.25%) due 12/23/21		2,404,575	$	2,272,323
AI Aqua Zip Bidco Pty Ltd.
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 12/13/23		1,970,740		1,888,620
IBC Capital Ltd.
6.36% (3 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 09/11/23		1,909,728		1,848,865
Comet Bidco Ltd.
7.63% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 09/30/24		1,584,040		1,540,479
Acosta, Inc.
6.38% ((1 Month USD LIBOR + 3.25%) and (Commercial Prime Lending Rate + 2.25%), Rate Floor: 4.25%) due 09/26/19		2,647,161		1,217,694
K & N Parent, Inc.
7.25% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 10/20/23		973,950		958,532
Richmond UK Bidco Ltd.
4.98% (1 Month GBP LIBOR + 4.25%, Rate Floor: 4.25%) due 03/03/24	GBP	749,186		923,322
Safe Fleet Holdings LLC
5.49% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 02/03/25		734,450		713,335
SMG US Midco 2, Inc.
9.50% (1 Month USD LIBOR + 7.00%, Rate Floor: 7.00%) due 01/23/26		600,000		604,500
American Tire Distributors, Inc.
8.66% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 09/01/23		249,634		244,641
10.13% (3 Month USD LIBOR + 7.50%, Rate Floor: 8.50%) due 09/02/24		166,008		147,747
Total Consumer, Cyclical				119,945,239
Industrial - 1.4%
DAE Aviation
6.25% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 07/07/22		14,261,172		14,270,156
USIC Holding, Inc.
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 12/08/23		6,676,116		6,495,327

36| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Tronair Parent, Inc.
7.56% ((1 Month USD LIBOR + 4.75%) and (12 Month USD LIBOR + 4.75%), Rate Floor: 5.75%) due 09/08/23		6,600,349	$	6,435,340
KUEHG Corp. (KinderCare)
6.35% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 02/21/25		6,016,873		5,932,877
CPG International LLC
6.63% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 05/05/24		5,899,754		5,840,756
Arctic Long Carriers
7.00% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 05/18/23		5,305,500		5,133,071
Diversitech Holdings, Inc.
5.60% (3 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 06/03/24		4,316,244		4,148,990
10.10% (3 Month USD LIBOR + 7.50%, Rate Floor: 8.50%) due 06/02/25		1,000,000		960,000
PT Intermediate Holdings III LLC
6.50% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 12/09/24		3,985,118		3,905,415
10.50% (1 Month USD LIBOR + 8.00%, Rate Floor: 9.00%) due 12/08/25		400,000		392,000
Hillman Group, Inc.
6.50% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 05/30/25		4,371,975		4,164,306
Titan Acquisition Ltd. (Husky)
5.50% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/28/25		4,306,500		3,996,432
Coveris Rigid
4.50% (6 Month EURIBOR + 4.50%, Rate Floor: 4.50%) due 07/28/25	EUR	3,175,000		3,515,476
Lineage Logistics LLC
5.50% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 02/27/25		3,373,462		3,270,167
Flex Acquisition Company, Inc.
5.88% ((1 Month USD LIBOR + 3.25%) and (3 Month USD LIBOR + 3.25%), Rate Floor: 3.25%) due 06/29/25		3,283,500		3,176,786
YAK MAT (YAK ACCESS LLC)
12.49% (1 Month USD LIBOR + 10.00%, Rate Floor: 10.00%) due 07/10/26		3,400,000		2,694,500

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 37

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Hanjin International Corp.
4.98% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 10/19/20		2,600,000	$	2,567,500
Fortis Solutions Group LLC
6.99% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 12/15/23†††,1		2,552,179		2,552,178
Pelican Products, Inc.
5.98% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 05/01/25		2,487,500		2,446,033
Bioplan USA, Inc.
7.25% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 09/23/21		2,627,545		2,408,592
Dimora Brands, Inc.
6.00% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 08/24/24		2,464,975		2,397,188
BWAY Holding Co.
6.03% (3 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 04/03/24		1,890,380		1,841,703
Bhi Investments LLC
7.10% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 08/28/24		1,543,208		1,523,918
National Technical Systems
8.74% (1 Month USD LIBOR + 6.25%, Rate Floor: 7.25%) due 06/12/21†††,1		1,557,329		1,506,716
Survitec
6.15% (6 Month GBP LIBOR + 5.25%, Rate Floor: 5.25%) due 03/12/22	GBP	1,125,000		1,166,085
4.75% (6 Month EURIBOR + 4.75%, Rate Floor: 4.75%) due 03/12/22	EUR	300,000		270,811
SLR Consulting Ltd.
6.49% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 06/23/25†††,1		1,190,970		1,162,203
Safety Bidco Ltd.
5.23% (1 Month GBP LIBOR + 4.50%, Rate Floor: 4.50%) due 10/25/24†††,1	GBP	850,000		1,098,178
Klockner Pentaplast of America, Inc.
4.75% (3 Month EURIBOR + 4.75%, Rate Floor: 4.75%) due 06/30/22	EUR	1,100,000		1,089,140
API Heat Transfer
8.60% (3 Month USD LIBOR + 6.00%, Rate Floor: 6.00%) due 01/01/24		958,276		857,657
8.60% (3 Month USD LIBOR + 6.00%, Rate Floor: 6.00%) due 10/02/23		170,967		153,870
Duran Group Holding GMBH
4.00% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 03/29/24	EUR	439,412		478,211

38| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
4.00% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 12/20/24	EUR	150,000	$	163,245
Transcendia Holdings, Inc.
6.00% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 05/30/24		641,875		604,165
Wencor Group
6.00% ((1 Month USD LIBOR + 3.50%) and (Commercial Prime Lending Rate + 2.50%), Rate Floor: 3.50%) due 06/19/19		69,231		67,500
Total Industrial				98,686,492
Communications - 0.9%
Cengage Learning Acquisitions, Inc.
6.74% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 06/07/23		19,869,839		17,833,180
Dominion Web Solutions LLC
9.00% (1 Month USD LIBOR + 6.50%, Rate Floor: 7.50%) due 06/17/24†††,1		10,900,138		10,759,268
Mcgraw-Hill Global Education Holdings LLC
6.50% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 05/04/22		9,849,211		9,036,651
Authentic Brands
6.00% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 09/27/24		5,910,560		5,788,684
Flight Bidco, Inc.
6.00% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 07/23/25		3,945,535		3,879,763
10.00% (1 Month USD LIBOR + 7.50%, Rate Floor: 7.50%) due 07/23/26		1,000,000		975,000
Market Track LLC
6.83% (2 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 06/05/24		4,186,250		3,935,075
Resource Label Group LLC
7.30% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 05/26/23		1,957,895		1,923,631
11.30% (3 Month USD LIBOR + 8.50%, Rate Floor: 9.50%) due 11/26/23		1,500,000		1,473,750
SFR Group S.A.
6.48% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 08/14/26		1,795,500		1,716,498
Imagine Print Solutions LLC
7.25% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 06/21/22		1,617,000		1,491,682

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 39

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Liberty Cablevision of Puerto Rico LLC
5.98% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 01/07/22		1,355,000	$	1,340,610
Houghton Mifflin Co.
5.50% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 05/28/21		1,390,585		1,312,365
Total Communications				61,466,157
Consumer, Non-cyclical - 0.8%
Springs Window Fashions
6.74% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 06/15/25		6,315,841		6,228,998
10.99% (1 Month USD LIBOR + 8.50%, Rate Floor: 8.50%) due 06/15/26		5,500,000		4,992,350
Diamond (BC) B.V.
5.74% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 09/06/24		11,217,844		10,755,108
IHC Holding Corp.
9.35% (3 Month USD LIBOR + 6.75%, Rate Floor: 7.75%) due 04/30/21†††,1		6,914,848		6,878,727
6.75% (3 Month USD LIBOR + 6.75%, Rate Floor: 7.75%) due 04/30/21†††,1		1,350,731		1,343,676
ScribeAmerica Intermediate Holdco LLC (Healthchannels)
6.98% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 04/03/25		4,691,996		4,621,616
AI Aqua Zip Bidco Pty Ltd.
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 12/13/23		4,294,998		4,101,723
Smart & Final Stores LLC
6.13% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 11/15/22		3,200,000		3,042,656
BCPE Eagle Buyer LLC
6.88% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 03/18/24		2,847,910		2,726,873
Affordable Care Holdings Corp.
7.31% (2 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 10/24/22		2,716,660		2,580,827
CTI Foods Holding Co. LLC
10.00% (Commercial Prime Lending Rate + 2.50%, Rate Floor: 3.50%) due 06/29/20		2,585,000		1,296,817
10.50% (1 Month USD LIBOR + 8.00%, Rate Floor: 9.00%) due 07/10/19		631,361		618,734

40| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
9.85% (3 Month USD LIBOR + 7.25%, Rate Floor: 8.25%) due 06/28/21		1,035,000	$	51,750
Acosta, Inc.
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 09/26/21		2,422,045		1,114,141
6.07% ((3 Month USD LIBOR + 3.25%) and (Commercial Prime Lending Rate + 2.25%), Rate Floor: 3.25%) due 09/26/19		1,672,241		769,231
CPI Holdco LLC
6.24% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 03/21/24		1,900,460		1,876,704
One Call Medical, Inc.
7.73% (1 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 11/27/22		2,198,894		1,856,241
Certara, Inc.
6.10% (3 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 08/15/24		1,667,268		1,650,596
Give and Go Prepared Foods Corp.
6.85% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 07/29/23		1,679,919		1,530,826
Executive Consulting Group LLC
7.10% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 06/20/24†††,1		948,713		940,447
Nellson Nutraceutical (CAD)
6.86% ((3 Month USD LIBOR + 4.25%) and (Commercial Prime Lending Rate + 3.25%), Rate Floor: 5.25%) due 12/23/21		988,551		934,181
Recess Holdings, Inc.
6.25% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 09/30/24		787,526		767,184
Moran Foods LLC
8.60% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 12/05/23		1,346,556		762,487
Total Consumer, Non-cyclical				61,441,893
Energy - 0.3%
Permian Production Partners LLC
8.49% (1 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 05/20/24		11,886,875		11,411,400
SeaPort Financing LLC
8.00% (1 Month USD LIBOR + 5.50%, Rate Floor: 5.50%) due 10/31/25		3,142,125		3,126,414
Gavilan Resources LLC
8.49% (1 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 03/01/24		2,050,000		1,590,800

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 41

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Summit Midstream Partners, LP
8.50% (1 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 05/13/22		1,573,000	$	1,556,609
Ultra Petroleum, Inc.
6.49% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 04/12/24		1,561,000		1,348,314
Total Energy				19,033,537
Financial - 0.2%
USI, Inc.
5.60% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 05/16/24		4,552,084		4,407,920
Camelia Bidco Banc Civica
5.60% (3 Month GBP LIBOR + 4.75%, Rate Floor: 4.75%) due 10/14/24	GBP	3,000,000		3,868,245
Aretec Group, Inc.
6.75% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 10/01/25		3,890,250		3,835,125
Masergy Holdings, Inc.
5.85% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 12/15/23		3,632,891		3,546,610
Northstar Financial Services LLC
6.08% ((2 Month USD LIBOR + 3.50%) and (1 Month USD LIBOR + 3.50%), Rate Floor: 4.25%) due 05/25/25		1,333,959		1,309,507
PSS Companies
7.00% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 01/28/20		832,478		832,478
Total Financial				17,799,885
Basic Materials - 0.2%
GrafTech Finance, Inc.
6.00% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 02/12/25		4,715,100		4,697,418
Dubois Chemicals, Inc.
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 03/15/24		3,291,098		3,233,503
Vectra Co.
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 03/08/25		2,729,375		2,592,060
ICP Industrial, Inc.
6.50% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 11/03/23		2,473,697		2,461,328
LTI Holdings, Inc.
6.00% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 09/06/25		1,492,500		1,434,039

42| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
PMHC II, Inc. (Prince)
6.17% ((1 Month USD LIBOR + 3.50%) and (3 Month USD LIBOR + 3.50%), Rate Floor: 4.50%) due 03/29/25		1,386,000	$	1,345,002
ASP Chromaflo Dutch I B.V.
6.00% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 11/20/23		755,336		746,839
ASP Chromaflo Intermediate Holdings, Inc.
6.00% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 11/20/23		580,885		574,350
Total Basic Materials				17,084,539
Utilities - 0.1%
MRP Generation Holding
9.60% (3 Month USD LIBOR + 7.00%, Rate Floor: 8.00%) due 10/18/22		3,412,500		3,267,469
Panda Power
9.10% (3 Month USD LIBOR + 6.50%, Rate Floor: 7.50%) due 08/21/20		2,181,675		1,952,599
Total Utilities				5,220,068
Total Senior Floating Rate Interests
(Cost $574,908,442)				548,193,490
U.S. GOVERNMENT SECURITIES†† - 3.1%
U.S. Treasury Inflation Protected Securities
1.38% due 01/15/2013		215,363,818		217,144,496
Total U.S. Government Securities
(Cost $215,699,783)				217,144,496
U.S. TREASURY BILLS†† - 2.5%
U.S. Treasury Bills
2.43% due 07/18/1914		100,000,000		99,291,625
2.39% due 04/02/1914		25,000,000		24,998,353
2.40% due 04/11/1914		25,000,000		24,983,511
2.44% due 07/05/1914		25,000,000		24,843,756
Total U.S. Treasury Bills
(Cost $174,091,703)				174,117,245
MUNICIPAL BONDS†† - 0.1%
Florida - 0.1%
Florida Department of Environmental Protection Revenue Bonds
7.05% due 07/01/19		5,900,000		5,964,487
Total Municipal Bonds
(Cost $5,997,480)				5,964,487
SENIOR FIXED RATE INTERESTS††† - 0.1%
Communications - 0.1%
MHGE Parent LLC
11.00% due 04/20/221		4,700,000		4,194,750
Total Senior Fixed Rate Interests
(Cost $4,610,065)				4,194,750
COMMERCIAL PAPER†† - 3.6%
Ryder System, Inc.
2.65% due 04/05/1914		22,500,000		22,493,200
2.72% due 04/22/1914		10,000,000	��	9,984,133

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 43

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Waste Management, Inc.
2.70% due 04/03/196,14		16,000,000	$	15,997,600
2.70% due 04/02/196,14		9,000,000		8,999,325
Mondelez International, Inc.
3.00% due 04/12/196,14		25,000,000		24,974,061
Anheuser-Busch InBev Worldwide, Inc.
2.70% due 04/22/196,14		25,000,000		24,960,625
Schlumberger Holdings Corp.
2.90% due 04/17/196,14		23,200,000		23,167,001
International Paper Co.
2.70% due 04/01/196,14		20,000,000		20,000,000
American Water Capital Corp.
2.67% due 04/02/196,14		20,000,000		19,998,517
Lowes Cos., Inc.
2.70% due 04/01/1914		16,000,000		16,000,000
Astrazeneca plc
2.95% due 05/15/196,14		15,000,000		14,948,163
Rogers Communications, Inc.
2.70% due 04/16/196,14		11,000,000		10,987,396
Nextera Energy Capital Holdings Inc.
2.85% due 04/03/196,14		10,000,000		9,996,326
UDR, Inc.
2.70% due 04/15/196,14		10,000,000		9,989,500
Walgreens Boots Alliance, Inc.
3.28% due 07/22/1914		10,000,000		9,907,297
Duke Energy Corp.
2.70% due 05/08/196,14		9,000,000		8,972,470
Total Commercial Paper
(Cost $251,374,169)				251,375,614
REPURCHASE AGREEMENTS††,15 - 3.2%
BNP Paribas
issued 03/27/19 at 2.92% due 05/01/19		45,698,666		45,698,666
issued 02/01/19 at 2.92% due 05/01/19		44,034,505		44,034,505
issued 01/31/19 at 2.10% open maturity16		93,500		93,500
issued 02/06/19 at 2.10% open maturity16		83,475		83,475
Barclays
issued 03/28/19 at 2.74% (1 Month USD LIBOR + 0.25%) due 04/29/197		22,650,000		22,650,000
issued 03/13/19 at 1.80% open maturity16		11,668,687		11,668,687
issued 03/06/19 at (2.00)% open maturity16		967,500		967,500
issued 03/06/19 at (0.13)% open maturity16		882,000		882,000
issued 03/13/19 at (2.50)% open maturity16		861,750		861,750
issued 03/06/19 at (2.25)% open maturity16		483,750		483,750

44| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
issued 01/30/19 at (2.50)% open maturity16		284,625	$	284,625
issued 03/11/19 at 1.50% open maturity16		225,312		225,312
issued 03/13/19 at 0.25% open maturity16		216,000		216,000
issued 03/13/19 at 2.00% open maturity16		203,500		203,500
issued 03/15/19 at 1.60% open maturity16		103,263		103,263
Nomura Securities International, Inc.
issued 03/18/19 at 2.88% due 04/18/19		26,366,000		26,366,000
Deutsche Bank
issued 01/30/19 at 3.10% due 04/30/19		22,787,000		22,787,000
issued 03/04/19 at 3.10% due 04/30/19		524,000		524,000
Citigroup Global Markets
issued 03/15/19 at 2.10% open maturity16		16,389,000		16,389,000
issued 03/07/19 at 2.05% open maturity16		1,278,000		1,278,000
issued 03/05/19 at 1.50% open maturity16		1,104,000		1,104,000
issued 03/05/19 at 0.00% open maturity16		661,000		661,000
issued 03/05/19 at 1.60% open maturity16		551,000		551,000
issued 03/07/19 at 1.80% open maturity16		458,000		458,000
issued 02/07/19 at 2.10% open maturity16		406,000		406,000
issued 03/05/19 at (0.25)% open maturity16		331,000		331,000
issued 02/14/19 at 2.10% open maturity16		230,000		230,000
issued 02/04/19 at 2.10% open maturity16		200,000		200,000
issued 03/15/19 at 1.80% open maturity16		139,000		139,000
issued 01/31/19 at 2.10% open maturity16		90,750		90,750
issued 02/06/19 at 2.10% open maturity16		82,000		82,000
issued 02/08/19 at 2.10% open maturity16		56,000		56,000
Bank of America Merrill Lynch
issued 03/12/19 at 2.15% open maturity16		19,675,600		19,675,600
issued 02/13/19 at 2.15% open maturity16		652,285		652,285
issued 02/12/19 at 2.10% open maturity16		131,075		131,075
issued 02/08/19 at 2.10% open maturity16		56,100		56,100
Jefferies & Company, Inc.
issued 03/14/19 at 5.49% due 04/12/19		1,354,000		1,354,000

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 45

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
issued 03/19/19 at 5.58% due 04/18/19		1,177,000	$	1,177,000
Total Repurchase Agreements
(Cost $223,155,343)				223,155,343

	Contracts
LISTED OPTIONS PURCHASED† - 0.1%
Put options on:
Eurodollar Futures Expiring December 2019 with strike price of $97.63 (Notional Value $4,287,225,800)		17,576		8,128,900
Total Listed Options Purchased
(Cost $18,740,866)				8,128,900
Total Investments - 100.2%
(Cost $7,190,132,390)			$	7,088,491,052

	Face Amount~
CORPORATE BONDS SOLD SHORT†† - (0.8%)
Enova International, Inc.
8.50% due 09/15/256		(110,000	)	(102,437	)
Herc Rentals, Inc.
7.75% due 06/01/246		(200,000	)	(212,250	)
Envision Healthcare Corp.
8.75% due 10/15/266		(900,000	)	(802,125	)
Harley-Davidson, Inc.
3.50% due 07/28/25		(1,330,000	)	(1,292,364	)
Park-Ohio Industries, Inc.
6.63% due 04/15/27		(1,400,000	)	(1,393,000	)
Staples, Inc.
8.50% due 09/15/256		(1,600,000	)	(1,746,000	)

Gogo Intermediate Holdings LLC / Gogo Finance Company, Inc.
12.50% due 07/01/226	(1,700,000	)	(1,836,000	)
Univision Communications, Inc.
5.13% due 05/15/236	(510,000	)	(482,906	)
5.13% due 02/15/256	(1,740,000	)	(1,620,375	)
Flex Ltd.
4.75% due 06/15/25	(2,210,000	)	(2,275,061	)
Quorum Health Corp.
11.63% due 04/15/23	(2,700,000	)	(2,416,500	)
Tenet Healthcare Corp.
8.13% due 04/01/22	(2,425,000	)	(2,608,936	)
Seagate HDD Cayman
4.75% due 01/01/25	(8,000,000	)	(7,772,590	)
Mylan N.V.
3.95% due 06/15/26	(8,640,000	)	(8,242,812	)
Spirit AeroSystems, Inc.
4.60% due 06/15/28	(10,110,000	)	(10,168,414	)
Dollar Tree, Inc.
4.00% due 05/15/25	(15,080,000	)	(15,243,675	)
Total Corporate Bonds Sold Short
(Proceeds $56,423,761)			(58,215,445	)

46| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Contracts		Value
LISTED OPTIONS WRITTEN† - 0.0%
Put options on:
Eurodollar Futures Expiring December 2019 with strike price of $97.00 (Notional Value $4,287,225,800)		17,576	$	(219,700	)
Total Listed Options Written
(Premiums received $5,818,355)				(219,700	)
Total Securities Sold Short - (0.8)%
(Proceeds $62,242,116)			$	(58,435,145	)
Other Assets & Liabilities, net - 0.6%				45,370,090
Total Net Assets - 100.0%			$	7,075,425,997

Centrally Cleared Credit Default Swap Agreements Protection Purchased††
Counterparty	Exchange	Index	Protection Premium Rate			Payment Frequency		Maturity Date
BofA Merrill Lynch	ICE	CDX.NA.IG.31		1.00	%		Quarterly		12/20/23

Counterparty	Notional Amount		Value			Upfront Premiums Received			Unrealized Depreciation**
BofA Merrill Lynch	$	1,245,395,000	$	(24,150,750	)	$	(13,881,684	)	$	(10,269,066	)

OTC Credit Default Swap Agreements Protection Purchased††
Counterparty	Index/Reference Obligation	Protection Premium Rate			Payment Frequency		Maturity Date
Goldman Sachs International	L Brands, Inc.		1.00	%		Quarterly		06/20/24
Morgan Stanley Capital Services LLC	CDX.NA.IG.31		1.00	%		Quarterly		12/20/23
Goldman Sachs International	CDX.NA.IG.31		1.00	%		Quarterly		12/20/23

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 47

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

Counterparty	Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Depreciation
Goldman Sachs International	$	410,000	$	41,435		$	43,454		$	(2,019	)
Morgan Stanley Capital Services LLC		73,830,000		(1,051,365	)		(17,388	)		(1,033,977	)
Goldman Sachs International		166,350,000		(2,368,882	)		(281,393	)		(2,087,489	)
			$	(3,378,812	)	$	(255,327	)	$	(3,123,485	)

Centrally Cleared Interest Rate Swap Agreements††
Counterparty	Exchange	Floating Rate Type	Floating Rate Index	Fixed Rate			Payment Frequency		Maturity Date
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR		2.83	%		Quarterly		01/31/20
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR		2.92	%		Quarterly		01/31/20
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR		2.84	%		Quarterly		01/31/20
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR		2.79	%		Quarterly		01/21/20
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR		3.18	%		Quarterly		11/07/23
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR		3.14	%		Quarterly		11/06/21

Counterparty	Notional Amount		Value			Premiums Paid (Received)			Unrealized Depreciation**
BofA Merrill Lynch	$	10,276,000	$	(18,988	)	$	239		$	(19,227	)
BofA Merrill Lynch		9,744,000		(25,528	)		231			(25,759	)
BofA Merrill Lynch		16,742,000		(32,311	)		248			(32,559	)
BofA Merrill Lynch		97,955,000		(152,846	)		322			(153,168	)
BofA Merrill Lynch		63,000,000		(2,424,290	)		(11,476	)		(2,412,814	)
BofA Merrill Lynch		830,000,000		(16,757,244	)		184,216			(16,941,460	)
			$	(19,411,207	)	$	173,780		$	(19,584,987	)

Forward Foreign Currency Exchange Contracts^††

Counterparty	Contracts to Sell		Currency		Settlement Date	Settlement Value		Value at March 31, 2019		Unrealized Appreciation
Goldman Sachs International		96,492,000		EUR	05/17/19	$	110,790,984	$	108,680,654	$	2,110,330
Bank of America, N.A.		10,421,000,000		JPY	01/21/20		97,955,539		96,257,610		1,697,929
Goldman Sachs International		116,000,000		BRL	07/01/19		30,784,746		29,469,673		1,315,073
Citibank N.A., New York		117,600,000		BRL	07/01/19		31,099,181		29,876,151		1,223,030
Citibank N.A., New York		438,900,000		BRL	04/01/19		113,396,620		112,204,724		1,191,896

48| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

Counterparty	Contracts to Sell		Currency		Settlement Date	Settlement Value		Value at March 31, 2019		Unrealized Appreciation
Goldman Sachs International		60,534,000		EUR	05/10/19	$	68,895,588	$	68,137,963	$	757,625
Bank of America, N.A.		36,150,000		EUR	04/05/19		41,308,641		40,569,054		739,587
JPMorgan Chase Bank, N.A.		35,130,000		EUR	05/10/19		40,252,612		39,542,847		709,765
Morgan Stanley Capital Services LLC		4,415,000,000		JPY	04/08/19		40,563,199		39,861,075		702,124
Goldman Sachs International		52,118,000		CAD	05/01/19		39,581,688		39,041,386		540,302
Bank of America, N.A.		27,880,000		EUR	05/10/19		31,837,566		31,382,139		455,427
JPMorgan Chase Bank, N.A.		167,500,000		BRL	10/01/19		42,637,139		42,208,311		428,828
JPMorgan Chase Bank, N.A.		28,110,000		CAD	05/02/19		21,452,504		21,057,631		394,873
Goldman Sachs International		33,816,000		CAD	05/08/19		25,692,866		25,335,976		356,890
Goldman Sachs International		28,300,000		CAD	05/16/19		21,546,837		21,207,565		339,272
Citibank N.A., New York		27,336,000		EUR	05/17/19		31,125,195		30,789,022		336,173
Goldman Sachs International		2,324,000,000		JPY	04/08/19		21,257,582		20,982,364		275,218
Goldman Sachs International		2,053,000,000		JPY	04/10/19		18,779,987		18,538,986		241,001
Bank of America, N.A.		13,493,000		CAD	05/01/19		10,325,735		10,107,552		218,183
JPMorgan Chase Bank, N.A.		29,290,000		CAD	04/18/19		22,135,815		21,933,677		202,138
Goldman Sachs International		14,042,000		CAD	05/07/19		10,712,991		10,520,424		192,567
JPMorgan Chase Bank, N.A.		13,580,000		CAD	05/03/19		10,353,316		10,173,246		180,070
Barclays Bank plc		22,986,000		GBP	04/12/19		30,130,693		29,953,039		177,654
Barclays Bank plc		25,794,000		CAD	04/24/19		19,493,601		19,318,700		174,901
Morgan Stanley Capital Services LLC		593,400,000		JPY	04/04/19		5,526,426		5,355,601		170,825
Bank of America, N.A.		26,825,000		CAD	05/15/19		20,271,444		20,101,709		169,735
Barclays Bank plc		58,100,000		DKK	06/03/19		8,944,172		8,781,047		163,125
Bank of America, N.A.		31,310,000		CAD	04/17/19		23,596,441		23,445,740		150,701
JPMorgan Chase Bank, N.A.		20,700,000		CAD	05/09/19		15,659,065		15,509,467		149,598
Goldman Sachs International		10,885,000		CAD	05/03/19		8,301,746		8,154,329		147,417
Goldman Sachs International		5,950,000		GBP	04/01/19		7,893,800		7,749,515		144,285
Goldman Sachs International		1,400,000,000		HUF	04/24/19		5,025,368		4,900,055		125,313

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 49

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

Counterparty	Contracts to Sell		Currency		Settlement Date	Settlement Value		Value at March 31, 2019		Unrealized Appreciation (Depreciation)
BNP Paribas		1,000,000,000		HUF	04/24/19	$	3,611,286	$	3,500,039	$	111,247
Barclays Bank plc		13,725,000		CAD	04/17/19		10,384,353		10,277,636		106,717
JPMorgan Chase Bank, N.A.		13,800,000		CAD	05/14/19		10,446,711		10,340,969		105,742
Bank of America, N.A.		1,300,000,000		HUF	04/24/19		4,655,327		4,550,051		105,276
Goldman Sachs International		2,766,200,000		JPY	05/28/19		25,176,798		25,073,805		102,993
Morgan Stanley Capital Services LLC		4,117,500,000		JPY	05/28/19		37,410,052		37,322,461		87,591
Citibank N.A., New York		1,000,000,000		HUF	04/24/19		3,585,772		3,500,039		85,733
Barclays Bank plc		13,557,000		CAD	05/09/19		10,239,588		10,157,577		82,011
Barclays Bank plc		9,600,000		CAD	04/18/19		7,261,340		7,188,914		72,426
JPMorgan Chase Bank, N.A.		5,550,000		CAD	05/16/19		4,226,462		4,159,081		67,381
Bank of America, N.A.		11,130,000		CAD	05/09/19		8,405,392		8,339,148		66,244
Morgan Stanley Capital Services LLC		5,550,000		CAD	05/14/19		4,223,299		4,158,868		64,431
Goldman Sachs International		40,266,000		CAD	04/24/19		30,216,127		30,157,663		58,464
Morgan Stanley Capital Services LLC		3,210,000		GBP	04/01/19		4,234,559		4,180,831		53,728
JPMorgan Chase Bank, N.A.		7,445,000		CAD	05/08/19		5,625,853		5,578,021		47,832
JPMorgan Chase Bank, N.A.		3,950,000		GBP	04/08/19		5,183,712		5,146,200		37,512
JPMorgan Chase Bank, N.A.		19,300,000		CAD	04/25/19		14,491,698		14,455,319		36,379
JPMorgan Chase Bank, N.A.		4,625,000		CAD	04/17/19		3,496,089		3,463,320		32,769
JPMorgan Chase Bank, N.A.		15,750,000		CAD	04/24/19		11,821,103		11,796,135		24,968
BNP Paribas		6,000,000		CAD	04/18/19		4,512,241		4,493,071		19,170
JPMorgan Chase Bank, N.A.		80,000,000		HUF	04/24/19		283,817		280,003		3,814
BNP Paribas		650,000		CAD	04/24/19		488,145		486,825		1,320
JPMorgan Chase Bank, N.A.		350,000		CAD	05/15/19		263,186		262,278		908
Bank of America, N.A.		6,045,000		EUR	04/12/19		6,780,676		6,787,980		(7,304	)
JPMorgan Chase Bank, N.A.		4,028,000		CAD	04/12/19		2,997,324		3,015,882		(18,558	)
JPMorgan Chase Bank, N.A.		153,800,000		MXN	04/11/19		7,891,226		7,913,311		(22,085	)
Bank of America, N.A.		26,610,000		GBP	04/23/19		34,658,461		34,694,782		(36,321	)
Goldman Sachs International		903,000,000		JPY	06/03/19		8,149,010		8,188,646		(39,636	)

50| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

Counterparty	Contracts to Sell		Currency		Settlement Date	Settlement Value		Value at March 31, 2019		Unrealized Appreciation (Depreciation)
Goldman Sachs International		845,000,000		JPY	05/20/19	$	7,614,519	$	7,655,179	$	(40,660	)
Goldman Sachs International		5,070,000		GBP	04/23/19		6,554,825		6,610,392		(55,567	)
Goldman Sachs International		1,359,000,000		JPY	06/24/19		12,278,064		12,344,259		(66,195	)
Goldman Sachs International		1,574,000,000		JPY	04/22/19		14,139,926		14,228,993		(89,067	)
JPMorgan Chase Bank, N.A.		4,208,000,000		JPY	05/10/19		37,975,752		38,095,765		(120,013	)
Morgan Stanley Capital Services LLC		4,183,000,000		JPY	05/13/19		37,745,383		37,877,224		(131,841	)
Goldman Sachs International		141,200,000		BRL	04/01/19		35,873,073		36,097,761		(224,688	)
Goldman Sachs International		133,140,000		ILS	01/31/20		36,761,653		37,555,746		(794,093	)
JPMorgan Chase Bank, N.A.		415,640,000		MXN	05/23/19		20,268,696		21,239,018		(970,322	)
Goldman Sachs International		322,343,125		ILS	05/31/19		87,866,609		89,236,925		(1,370,316	)
										$	13,569,845

Counterparty	Contracts to Buy		Currency		Settlement Date	Settlement Value		Value at March 31, 2019		Unrealized Depreciation
Barclays Bank plc		153,800,000		MXN	04/11/19	$	7,934,788	$	7,913,311	$	(21,477	)
Barclays Bank plc		415,640,000		MXN	05/23/19		21,264,709		21,239,018		(25,691	)
JPMorgan Chase Bank, N.A.		87,000,000		BRL	04/01/19		22,774,869		22,241,538		(533,331	)
Goldman Sachs International		87,000,000		BRL	04/01/19		22,946,669		22,241,538		(705,131	)
Citibank N.A., New York		406,100,000		BRL	04/01/19		107,215,279		103,819,409		(3,395,870	)
										$	(4,681,500	)

Custom Basket Swap Agreements
Counterparty	Reference Obligation	Financing Rate Pay (Receive)	Payment Frequency	Maturity Date	Notional Amount		Value and Unrealized Depreciation
OTC Custom Basket Swap Agreements Sold Short††
Morgan Stanley Capital Services LLC	Macro Opportunities Portfolio Short Custom Basket Swap17	(2.11)%	At Maturity	07/22/19	$	314,135	$	(3,632	)

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 51

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Shares			Percentage Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
CUSTOM BASKET OF SHORT SECURITIES17
Steven Madden Ltd.		(1	)		(0.01	%)	$	2
Arthur J Gallagher & Co.		(4,022	)		(99.99	%)		(3,634	)
Total Custom Basket of Short Securities							$	(3,632	)

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 4.
††	Value determined based on Level 2 inputs, unless otherwise noted — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
1	Security was fair valued by the Valuation Committee at March 31, 2019. The total market value of fair valued securities amounts to $146,384,825, (cost $144,714,722) or 2.1% of total net assets.
2	Affiliated issuer.
3	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
4	Effective November 30, 2018, Guggenheim Strategy Fund I was reorganized with and into the Guggenheim Ultra Short Duration Fund.
5	Rate indicated is the 7-day yield as of March 31, 2019.
6	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $2,159,603,378 (cost $2,172,632,640), or 30.5% of total net assets.
7	Variable rate security. Rate indicated is the rate effective at March 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
8	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $14,897,287 (cost $18,488,530), or 0.2% of total net assets — See Note 9.
9	Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at March 31, 2019. See table below for additional step information for each security.
10	Security is in default of interest and/or principal obligations.
11	Zero coupon rate security.
12	Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.
13	Face amount of security is adjusted for inflation.
14	Rate indicated is the effective yield at the time of purchase.
15	Repurchase Agreements - The interest rate on repurchase agreements is market driven and based on the underlying collateral obtained. See additional disclosure in the repurchase agreements table below for more information on repurchase agreements.

52| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

16	The rate is adjusted periodically by the counterparty, subject to approval by the Adviser, and is not based upon a set reference rate and spread. Rate indicated is the rate effective at March 31, 2019.
17	Total Return based on the return of the custom short basket of securities +/- financing at a variable rate. Rate indicated is rate effective at March 31, 2019.
18	Payment in-kind security.
	BofA — Bank of America
	BRL — Brazilian Real
	CAD — Canadian Dollar
	CDX.NA.IG.31 — Credit Default Swap North American Investment Grade Series 31 Index
	CME — Chicago Mercantile Exchange
	CMT — Constant Maturity Treasury
	DKK — Danish Krone
	EUR — Euro
	EURIBOR — European Interbank Offered Rate
	GBP — British Pound
	HUF — Hungarian Forint
	ICE — Intercontinental Exchange
	ILS — Israeli New Shekel
	JPY — Japanese Yen
	LIBOR — London Interbank Offered Rate
	MXN — Mexican Peso
	plc — Public Limited Company
	WAC — Weighted Average Coupon
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 53

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2019 (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	$	4,045,429	$	10,539,257	$	5,437,316	$	20,022,002
Preferred Stocks		—		8,503,163		—		8,503,163
Exchange-Traded Funds		16,228,212		—		—		16,228,212
Mutual Funds		667,564,656		—		—		667,564,656
Money Market Fund		88,114,342		—		—		88,114,342
Asset-Backed Securities		—		1,443,938,443		64,833,114		1,508,771,557
Foreign Government Debt		—		1,354,979,807		—		1,354,979,807
Collateralized Mortgage Obligations		—		1,169,277,614		9,756,237		1,179,033,851
Corporate Bonds		—		728,322,585		84,676,552		812,999,137
Senior Floating Rate Interests		—		469,069,679		79,123,811		548,193,490
U.S. Government Securities		—		217,144,496		—		217,144,496
U.S. Treasury Bills		—		174,117,245		—		174,117,245
Municipal Bonds		—		5,964,487		—		5,964,487
Senior Fixed Rate Interests		—		—		4,194,750		4,194,750
Commercial Paper		—		251,375,614		—		251,375,614
Repurchase Agreements		—		223,155,343		—		223,155,343
Options Purchased		8,128,900		—		—		8,128,900
Forward Foreign Currency Exchange Contracts**		—		17,556,511		—		17,556,511
Total Assets	$	784,081,539	$	6,073,944,244	$	248,021,780	$	7,106,047,563

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Corporate Bonds	$	—	$	58,215,445	$	—	$	58,215,445
Options Written		219,700		—		—		219,700
Credit Default Swap Agreements**		—		13,392,551		—		13,392,551
Interest Rate Swap Agreements**		—		19,584,987		—		19,584,987
Forward Foreign Currency Exchange Contracts**		—		8,668,166		—		8,668,166
Custom Basket Swap Agreements**		—		3,632		—		3,632
Unfunded Loan Commitments (Note 8)		—		1,192,961		484,490		1,677,451
Total Liabilities	$	219,700	$	101,057,742	$	484,490	$	101,761,932

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

54| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

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

Category	Ending Balance at March 31, 2019		Valuation Technique	Unobservable Inputs	Input Range		Weighted Average*
Assets:
Asset-Backed Securities	$	59,224,175	Yield Analysis	Yield		3.7%-5.8%		5.2%
Asset-Backed Securities		5,608,939	Option Adjusted Spread off the prior month end broker mark over the 3 Month LIBOR	Indicative Quote		—		—
Collateralized Mortgage Obligations		9,756,237	Option Adjusted Spread off the prior month end broker mark over the 3 Month LIBOR	Indicative Quote		—		—
Common Stocks		5,437,316	Enterprise Value	Valuation Multiple		1.7x-9.2x		4.9x
Corporate Bonds		44,076,552	Option Adjusted Spread off the prior month end broker mark over the 3 Month LIBOR	Indicative Quote		—		—
Corporate Bonds		40,600,000	Model Price	Purchase Price		—		—
Senior Fixed Rate Interests		4,194,750	Model Price	Market Comparable Yields		8.9%		—
Senior Floating Rate Interests		61,758,152	Yield Analysis	Yield		4.3%-10.5%		7.6%
Senior Floating Rate Interests		8,797,010	Model Price	Liquidation Value		—		—
Senior Floating Rate Interests		3,399,018	Model Price	Purchase Price		—		—
Senior Floating Rate Interests		2,552,178	Enterprise Value	Valuation Multiple		10.4x		—
Senior Floating Rate Interests		1,506,716	Model Price	Market Comparable Yields		6.7%		—
Senior Floating Rate Interests		1,110,737	Option Adjusted Spread off the prior month end broker mark over the 3 Month LIBOR	Indicative Quote		—		—
Total Assets	$	248,021,780

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 55

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

Category	Ending Balance at March 31, 2019		Valuation Technique	Unobservable Inputs	Input Range		Weighted Average*
Liabilities:
Unfunded Loan Commitments	$	484,490	Model Price	Purchase Price		—		—

^* Inputs are weighted by the relative fair value of the instruments.

Significant changes in an indicative quote, yield, market comparable yields, liquidation value or valuation multiples would generally result in significant changes in the fair value of the security.

Any remaining Level 3 securities held by the Fund and excluded from the tables above, were not considered material to the Fund.

Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. For the period ended March 31, 2019, the Fund had securities with a total value of $14,531,428 transfer into Level 3 from Level 2 due to lack of observable inputs and had securities with a total market value of $2,335,700 transfer out of Level 3 to Level 2 due to the availability of current and reliable market-based data provided by a third-party pricing service which utilizes significant observable inputs.

Summary of Fair Value Level 3 Activity

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended March 31, 2019:

	Assets
	Asset- Backed Securities			Collateralized Mortgage Obligations		Corporate Bonds			Senior Floating Rate Interests			Common Stocks
Beginning Balance	$	66,401,735		$	—	$	43,444,723		$	75,522,776		$	5,502,560
Purchases/(Receipts)		—			—		40,600,000			7,106,367			25,414
(Sales, maturities and paydowns)/Fundings		(767,873	)		—		—			(8,824,782	)		(4,713	)
Amortization of discount/premiums		5,702			—		(1,925	)		233,660			—
Total realized gains (losses) included in earnings		—			—		—			(10,448	)		—
Total change in unrealized appreciation (depreciation) included in earnings		1,529,250			—		633,754			321,047			(85,945	)
Transfers into Level 3		—			9,756,237		—			4,775,191			—
Transfers out of Level 3		(2,335,700	)		—		—			—			—
Ending Balance	$	64,833,114		$	9,756,237	$	84,676,552		$	79,123,811		$	5,437,316
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at March 31, 2019	$	1,530,236			—	$	633,754		$	13,352		$	(85,945	)

56| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

	Assets						Liabilities
	Senior Fixed Rate Interests			Total Assets			Unfunded Loan Commitments
Beginning Balance	$	4,448,080		$	195,319,874		$	(754,340	)
Purchases/(Receipts)		—			47,731,781			(144,439	)
(Sales, maturities and paydowns)/Fundings		—			(9,597,368	)		442,139
Amortization of discount/premiums		14,526			251,963			—
Total realized gains (losses) included in earnings		—			(10,448	)		325
Total change in unrealized appreciation (depreciation) included in earnings		(267,856	)		2,130,250			(28,175	)
Transfers into Level 3		—			14,531,428			—
Transfers out of Level 3		—			(2,335,700	)		—
Ending Balance	$	4,194,750		$	248,021,780		$	(484,490	)
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at March 31, 2019	$	(267,856	)	$	1,823,541		$	(9,373	)

Step Coupon Bonds

The following table discloses additional information related to step coupon bonds held by the Fund. Certain securities are subject to multiple rate changes prior to maturity. For those securities a range of rates and corresponding dates have been provided. Rates for all step coupon bonds held by the Fund are scheduled to increase, none are scheduled to decrease.

Name	Coupon Rate at Next Reset Date			Next Rate Reset Date		Future Reset Rate(s)			Future Reset Date(s)
Apollo Aviation Securitization Equity Trust 2016-1A, 6.50% due 03/17/36		8.50	%		03/15/23		—			—
Legacy Mortgage Asset Trust 2018-GS3, 4.00% due 06/25/58		7.00	%		07/26/21		8.00	%		07/26/22
Willis Engine Securitization Trust II 2012-A, 5.50% due 09/15/37		8.50	%		09/15/20		—			—

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 57

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

Repurchase Agreements

In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian takes possession of the underlying collateral. For the following repurchase agreements, the collateral is in the possession of the Fund’s custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements, with the exception of where securities are being sold short. The interest rate on repurchase agreements is market driven and based on the underlying collateral obtained.

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
BNP Paribas					Morgan Stanley ABS Capital I Inc. Trust
2.92%					3.51%
05/01/19	$	89,733,171	$	90,180,171	10/25/33	$	56,315,000	$	55,768,745
2.10%
Open Maturity*		176,975		176,975
		89,910,146		90,357,146	Park Place Securities Inc Asset-Backed Pass-Through Certificates Series
					3.76%
					12/25/34		22,720,000		22,869,952
					First Franklin Mortgage Loan Trust
					2.99%
					12/25/35		23,487,000		21,864,048
					JP Morgan Mortgage Trust
					4.25%
					04/25/36		20,550,000		19,769,100
					Morgan Stanley ABS Capital I Inc. Trust
					2.64%
					11/25/36		27,790,000		18,802,714
					HSI Asset Securitization Corp. Trust
					2.68%
					01/25/37		16,242,500		12,834,824
					MASTR Adjustable Rate Mortgages Trust
					2.69%
					05/25/47		10,756,500		11,339,502
					Nationstar Home Equity Loan Trust
					2.81%
					04/25/37		11,731,000		11,177,297
					Morgan Stanley ABS Capital I Inc. Trust
					3.27%
					01/25/35		8,000,000		7,641,600

58| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
					Fannie Mae Connecticut Avenue Securities
					6.94%
					01/25/29	$	1,229,000	$	1,345,141
					Univision Communications Inc.
					5.13%
					02/15/25		190,000		176,928
						$	199,011,000	$	183,589,851
Barclays					CSC Holdings LLC
2.74% (1 Month USD LIBOR + 0.25%)					5.50%
04/29/19**	$	22,650,000	$	22,650,000	05/15/26	$	15,526,000	$	15,957,623
(2.50)% - 2.00%
Open Maturity*		15,896,387		15,896,387
		38,546,387		38,546,387	Seagate HDD Cayman
					4.75%
					01/01/25		8,000,000		7,772,800
					SBA Communications Corp.
					4.88%
					09/01/24		4,658,000		4,705,977
					Goldman Sachs Group Inc.
					5.00%
					Perpetual Maturity		4,249,000		3,925,226
					Quorum Health Corp.
					11.63%
					04/15/23		2,700,000		2,416,500
					Tenet Healthcare Corp.
					8.13%
					04/01/22		1,925,000		2,070,915
					Park-Ohio Industries Inc.
					6.63%
					04/15/27		1,400,000		1,393,000
					Gogo Intermediate Holdings LLC / Gogo Finance Co. Inc.
					12.50%
					07/01/22		800,000		864,000
					AGFC Capital Trust I
					4.54%
					01/15/67		1,339,000		669,500

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 59

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
					Staples Inc,
					8.50%
					09/15/25	$	500,000	$	545,600
					Envision Healthcare Corp.
					8.75%
					10/15/26		250,000		222,800
					Herc Rentals Inc.
					7.75%
					06/01/24		200,000		212,240
					Enova International Inc.
					8.50%
					09/15/25		110,000		102,432
						$	41,657,000	$	40,858,613
Nomura Securities International, Inc.					Fannie Mae Connecticut Avenue Securities
2.88%					8.19%
04/18/19	$	26,366,000	$	26,431,473	04/25/28	$	15,361,000	$	17,576,056
					Avery Point IV CLO Ltd.
					7.37%
					04/25/26		5,000,000		4,604,500
					Avery Point III CLO Ltd.
					7.78%
					01/18/25		4,550,000		4,365,270
					Atlas Senior Loan Fund IV Ltd.
					7.58%
					02/17/26		4,000,000		3,785,200
					ALM XVIII Ltd.
					8.29%
					01/15/28		2,500,000		2,367,000
					Anchorage Capital CLO 8 Ltd.
					8.51%
					07/28/28		1,700,000		1,666,510
					Acis CLO Ltd.
					7.49%
					02/01/26		1,659,000		1,512,013
					Black Diamond CLO Ltd.
					7.87%
					02/06/26		1,036,000		1,037,140
						$	35,806,000	$	36,913,689

60| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
Deutsche Bank					Great Wolf Trust
3.10%					6.70%
04/30/19		23,311,000		23,490,200	09/15/34	$	32,532,000	$	32,603,570
					CGGS Commercial Mortgage Trust
					5.63%
					02/15/37	$	750,000	$	747,675
						$	33,282,000	$	33,351,245
					Dollar Tree Inc.
					4.00%
					05/15/25	$	11,450,000	$	11,574,805
Citigroup Global Markets					Spirit AeroSystems Inc.
(0.25)% - 2.10%					4.60%
Open Maturity*	$	21,975,750	$	21,975,750	06/15/28		4,920,000		4,948,536
					Harley-Davidson Inc.
					3.50%
					07/28/25		1,330,000		1,292,361
					Staples Inc,
					8.50%
					09/15/25		1,100,000		1,200,320
					Gogo Intermediate Holdings LLC / Gogo Finance Co. Inc.
					12.50%
					07/01/22		900,000		972,000
					Univision Communications Inc.
					5.13%
					02/15/25		860,000		800,832
					Envision Healthcare Corp.
					8.75%
					10/15/26		650,000		579,280
					Tenet Healthcare Corp.
					8.13%
					04/01/22		500,000		537,900
					Univision Communications Inc.
					5.13%
					05/15/23		310,000		293,539
						$	22,020,000	$	22,199,573
					Mylan NV
					3.95%
					06/15/26	$	8,640,000	$	8,242,560

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 61

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
Bank of America Merrill Lynch					Spirit AeroSystems Inc.
2.10% - 2.15%					4.60%
Open Maturity*	$	20,515,060	$	20,515,060	06/15/28	$	5,190,000	$	5,220,102
					Dollar Tree Inc.
					4.00%
					05/15/25		3,630,000		3,669,567
					Flex Ltd.
					4.75%
					06/15/25		2,210,000		2,274,974
					Univision Communications Inc.
					5.13%
					02/15/25		690,000		642,528
					Univision Communications Inc.
					5.13%
					05/15/23		200,000		189,380
						$	20,560,000	$	20,239,111
					Tralee CLO III Ltd.
					0.00%
					10/20/27	$	5,000,000	$	3,167,500
Jefferies & Company, Inc.					Cathedral Lake CLO 2013 Ltd.
5.49% - 5.58%					0.00%
04/12/19 - 04/18/19		2,531,000		2,542,461	10/15/29		6,217,386		2,444,676
						$	11,217,386	$	5,612,176

*

The rate is adjusted periodically by the counterparty, subject to approval by the Adviser, and is not based upon a set reference rate and spread. Rate indicated is the rate effective at March 31, 2019.

**

Variable rate security. Rate indicated is the rate effective at March 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.

In the event of counterparty default, the Fund has the right to collect the collateral to offset losses incurred. There is potential loss to the Fund in the event the Fund is delayed or prevented from exercising its right to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights. The Fund’s investment adviser, acting under the supervision of the Board of Trustees, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Fund enters into repurchase agreements to evaluate potential risks.

62| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
MACRO OPPORTUNITIES FUND

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Cash Management Funds”), each of which are open-end management investment companies managed by GI. The Cash Management Funds, which launched on March 11, 2014, are offered as cash management options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Cash Management Funds pay no investment management fees. The Cash Management Funds’ annual report on Form N-CSR dated September 30, 2018, is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000089180418000513/gug75569-ncsr.htm.

Transactions during the period ended March 31, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 09/30/18			Additions		Reductions			Realized Gain (Loss)
Common Stocks
Aspect Software Parent, Inc.5	$	—	**	$	—	$	—		$	—
Targus Group International Equity, Inc.*,1		33,063			—		—			(4,712	)
Warrants
Aspect Software Parent, Inc.5		—	**		—		—			—
Mutual Funds
Guggenheim Alpha Opportunity Fund - Institutional Class		162,817,511			1,810,030		(84,265,410	)		(4,702,154	)
Guggenheim Floating Rate Strategies Fund - Institutional Class		13,448,684			116,194		(13,283,868	)		(80,136	)
Guggenheim Limited Duration Fund - R6-Class		303,269,766			3,708,155		—			—
Guggenheim Risk Managed Real Estate Fund - Institutional Class		15,452,163			321,538		—			—
Guggenheim Strategy Fund II		100,757,116			1,591,465		—			—
Guggenheim Strategy Fund III		79,770,031			1,272,240		—			—
Guggenheim Ultra Short Duration Fund - Institutional Class2		89,926,690			1,342,667		—			—
Senior Floating Rate Interests
Aspect Software, Inc. 7.74% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 01/15/244,5		860,746			—		—			—
Targus Group International, Inc. 15.13% (3 Month USD LIBOR + 11.50%, Rate Floor: 14.75%) due 08/01/251,3,4		—	**		—		—			—
	$	766,335,770		$	10,162,289	$	(97,549,278	)	$	(4,787,002	)

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 63

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2019
MACRO OPPORTUNITIES FUND

Security Name	Change in Unrealized			Value 03/31/19			Shares 03/31/19		Investment Income		Capital Gain Distributions
Common Stocks
Aspect Software Parent, Inc.5	$	—		$	—			—	$	—	$	—
Targus Group International Equity, Inc.*,1		(1,096	)		27,255			12,773		1,140		—
Warrants
Aspect Software Parent, Inc.5		—			—			—		—		—
Mutual Funds
Guggenheim Alpha Opportunity Fund - Institutional Class		(3,986,137	)		71,673,840			2,726,278		1,810,030		—
Guggenheim Floating Rate Strategies Fund - Institutional Class		(200,874	)		—			—		123,402		—
Guggenheim Limited Duration Fund - R6-Class		(983,475	)		305,994,446			12,433,744		3,702,333		5,822
Guggenheim Risk Managed Real Estate Fund - Institutional Class		1,217,549			16,991,250			539,063		182,884		138,655
Guggenheim Strategy Fund II		(689,297	)		101,659,284			4,097,512		1,537,401		54,065
Guggenheim Strategy Fund III		(673,550	)		80,368,721			3,241,981		1,269,253		2,987
Guggenheim Ultra Short Duration Fund - Institutional Class2		(392,242	)		90,877,115			9,115,057		1,277,147		65,518
Senior Floating Rate Interests
Aspect Software, Inc. 7.74% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 01/15/244,5		—			—			—		48,444		—
Targus Group International, Inc. 15.13% (3 Month USD LIBOR + 11.50%, Rate Floor: 14.75%) due 08/01/251,3,4		—			—	**		152,876		—		—
	$	(5,709,122	)	$	667,591,911				$	9,952,034	$	267,047

*	Non-income producing security.
**	Market value is less than $1.
1	Security was fair valued by the Valuation Committee at March 31, 2019. The total market value of fair valued and affiliated securities amounts to $27,255, (cost $156,873) or less than 0.1% of total net assets.
2	Effective November 30, 2018, Guggenheim Strategy Fund I was reorganized with and into the Guggenheim Ultra Short Duration Fund.
3	Security is in default of interest and/or principal obligations.
4	Variable rate security. Rate indicated is the rate effective at March 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
5	Security is no longer an affiliated entity as of February 4, 2019.

64| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

MACRO OPPORTUNITIES FUND

March 31, 2019

Assets:
Investments in unaffiliated issuers, at value (cost $6,290,478,097)	$	6,197,743,798
Investments in affiliated issuers, at value (cost $676,498,950)		667,591,911
Repurchase agreements, at value (cost $223,155,343)		223,155,343
Foreign currency, at value (cost $26,543)		26,543
Cash		55,962,287
Segregated cash with broker		41,961,489
Unrealized appreciation on forward foreign currency exchange contracts		17,556,511
Prepaid expenses		565,316
Unamortized upfront premiums paid on interest rate swap agreements		185,256
Unamortized upfront premiums paid on credit default swap agreements		43,454
Receivables:
Interest		21,956,891
Fund shares sold		12,605,027
Securities sold		1,230,496
Dividends		1,114,873
Foreign tax reclaims		197,601
Other assets		1,986
Total assets		7,241,898,782
Liabilities:
Unfunded loan commitments, at value (Note 8) (proceeds $1,656,271)		1,677,451
Securities sold short, at value (proceeds $56,423,761)		58,215,445
Options written, at value (premiums received $5,818,355)		219,700
Segregated cash due to broker		3,370,000
Unamortized upfront premiums received on credit default swap agreements		14,180,465
Unrealized depreciation on OTC swap agreements		3,127,117
Unrealized depreciation on forward foreign currency exchange contracts		8,668,166
Unamortized upfront premiums received on interest rate swap agreements		11,476
Payable for:
Securities purchased		35,415,031
Fund shares redeemed		24,145,986
Variation margin on interest rate swap agreements		6,534,518
Management fees		4,452,330
Distributions to shareholders		2,551,212
Variation margin on credit default swap agreements		2,154,583
Fund accounting/administration fees		483,888
Distribution and service fees		483,269
Transfer agent/maintenance fees		263,551
Swap settlement		81,731
Due to Investment Adviser		35,835
Trustees’ fees*		6,825
Miscellaneous		394,206
Total liabilities		166,472,785
Net assets	$	7,075,425,997
Net assets consist of:
Paid in capital	$	7,329,302,521
Total distributable earnings (loss)		(253,876,524	)
Net assets	$	7,075,425,997
A-Class:
Net assets	$	526,541,776
Capital shares outstanding		20,303,296
Net asset value per share	$	25.93
Maximum offering price per share (Net asset value divided by 96.00%)	$	27.01
C-Class:
Net assets	$	387,142,407
Capital shares outstanding		14,937,353
Net asset value per share	$	25.92
P-Class:
Net assets	$	146,296,820
Capital shares outstanding		5,639,335
Net asset value per share	$	25.94
Institutional Class:
Net assets	$	5,997,953,906
Capital shares outstanding		230,976,929
Net asset value per share	$	25.97
R6-Class:
Net assets	$	17,491,088
Capital shares outstanding		673,295
Net asset value per share	$	25.98

^* 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 SEMI-ANNUAL REPORT| 65

CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)

MACRO OPPORTUNITIES FUND

Period Ended March 31, 2019

Investment Income:
Dividends from securities of unaffiliated issuers	$	1,992,384
Dividends from securities of affiliated issuers		9,903,590
Interest from securities of unaffiliated issuers (net of foreign withholding tax of $3,146)		143,512,578
Interest from securities of affiliated issuers		48,444
Total investment income		155,456,996
Expenses:
Management fees		31,813,913
Distribution and service fees:
A-Class		790,839
C-Class		2,057,278
P-Class		189,506
Transfer agent/maintenance fees:
A-Class		443,119
C-Class		190,135
P-Class		88,762
Institutional Class		2,189,923
R6-Class		1
Fund accounting/administration fees		2,908,976
Prime broker interest expense		1,807,338
Line of credit fees		308,609
Trustees’ fees*		92,133
Custodian fees		62,293
Miscellaneous		688,717
Recoupment of previously waived fees:
A-Class		87,042
C-Class		92,129
P-Class		31,247
Total expenses		43,841,960
Less:
Expenses waived by Adviser		(2,385,681	)
Expenses reimbursed by Adviser:
A-Class		(37,645	)
C-Class		(3,261	)
P-Class		(1,300	)
Institutional Class		(2,189,923	)
R6-Class		(1	)
Total waived/reimbursed expenses		(4,617,811	)
Net expenses		39,224,149
Net investment income		116,232,847
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(34,238,404	)
Investments in affiliated issuers		(4,787,002	)
Distributions received from affiliated investment company shares		267,047
Swap agreements		11,296,971
Foreign currency transactions		554,145
Forward foreign currency exchange contracts		9,067,116
Securities sold short		953,160
Options purchased		(29,932,202	)
Options written		3,939,380
Net realized gain		(42,879,789	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(59,815,123	)
Investments in affiliated issuers		(5,709,122	)
Securities sold short		(2,080,306	)
Swap agreements		(31,768,005	)
Options purchased		(18,073,187	)
Options written		9,901,080
Foreign currency translations		120,353
Forward foreign currency exchange contracts		(4,631,402	)
Net change in unrealized appreciation (depreciation)		(112,055,712	)
Net realized and unrealized loss		(154,935,501	)
Net decrease in net assets resulting from operations	$	(38,702,654	)

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

66| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

MACRO OPPORTUNITIES FUND

	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	116,232,847		$	205,322,232
Net realized gain (loss) on investments		(42,879,789	)		18,070,024
Net change in unrealized appreciation (depreciation) on investments		(112,055,712	)		(43,739,272	)
Net increase (decrease) in net assets resulting from operations		(38,702,654	)		179,652,984
Distributions to shareholders:
A-Class		(10,465,596	)		(23,691,782	)
C-Class		(5,259,514	)		(9,668,422	)
P-Class		(2,485,527	)		(5,201,207	)
Institutional Class		(111,782,269	)		(180,095,136	)
R6-Class*		(15,248	)		—
Total distributions to shareholders		(130,008,154	)		(218,656,547	)
Capital share transactions:
Proceeds from sale of shares
A-Class		88,605,344			328,520,122
C-Class		27,568,675			91,817,691
P-Class		32,639,666			104,834,460
Institutional Class		1,553,099,082			3,054,881,732
R6-Class*		17,481,520			—
Distributions reinvested
A-Class		8,535,649			19,275,179
C-Class		4,466,886			8,238,846
P-Class		2,484,670			5,192,408
Institutional Class		96,377,715			155,391,320
R6-Class*		15,248			—
Cost of shares redeemed
A-Class		(270,148,252	)		(521,979,332	)
C-Class		(68,456,983	)		(99,156,360	)
P-Class		(45,861,563	)		(137,512,748	)
Institutional Class		(1,576,677,622	)		(1,704,634,359	)
Net increase (decrease) from capital share transactions		(129,869,965	)		1,304,868,959
Net increase (decrease) in net assets		(298,580,773	)		1,265,865,396
Net assets:
Beginning of period		7,374,006,770			6,108,141,374
End of period	$	7,075,425,997		$	7,374,006,770

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 67

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (concluded)

MACRO OPPORTUNITIES FUND

	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Capital share activity:
Shares sold
A-Class		3,384,607			12,309,117
C-Class		1,054,624			3,442,802
P-Class		1,245,183			3,930,414
Institutional Class		59,316,623			114,423,497
R6-Class*		672,884			—
Shares issued from reinvestment of distributions
A-Class		326,923			723,618
C-Class		171,210			309,569
P-Class		95,157			194,873
Institutional Class		3,689,034			5,827,797
R6-Class*		411			—
Shares redeemed
A-Class		(10,342,227	)		(19,582,955	)
C-Class		(2,622,892	)		(3,724,094	)
P-Class		(1,751,153	)		(5,158,216	)
Institutional Class		(60,345,583	)		(63,860,836	)
Net increase (decrease) in shares		(5,105,199	)		48,835,586

^* Since commencement of operations: March 13, 2019.

68| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL HIGHLIGHTS

MACRO OPPORTUNITIES FUND

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.

A-Class	Period Ended March 31, 2019a,j			Year Ended Sept. 30, 2018 j			Year Ended Sept. 30, 2017 j			Year Ended Sept. 30, 2016 j			Year Ended Sept. 30, 2015 j			Year Ended Sept. 30, 2014
Per Share Data
Net asset value, beginning of period	$	26.53		$	26.67		$	26.01		$	26.07		$	26.81		$	26.31
Income (loss) from investment operations:
Net investment income (loss)b		.38			.72			.95			1.16			.98			1.10
Net gain (loss) on investments (realized and unrealized)		(.55	)		(.08	)		.68			.21			(.55	)		.69
Total from investment operations		(.17	)		.64			1.63			1.37			.43			1.79
Less distributions from:
Net investment income		(.41	)		(.78	)		(.97	)		(1.43	)		(1.17	)		(1.27	)
Net realized gains		(.02	)		—			—			—			—			—
Return of capital		—			—			—			—			—			(.02	)
Total distributions		(.43	)		(.78	)		(.97	)		(1.43	)		(1.17	)		(1.29	)
Net asset value, end of period	$	25.93		$	26.53		$	26.67		$	26.01		$	26.07		$	26.81
Total Returnc		(0.65	%)		2.42	%		6.33	%		5.57	%		1.59	%		6.88	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	526,542		$	714,630		$	893,104		$	727,602		$	844,523		$	357,765
Ratios to average net assets:
Net investment income (loss)		2.93	%		2.72	%		3.58	%		4.59	%		3.67	%		4.08	%
Total expensesd		1.46	%		1.43	%		1.42	%		1.65	%		1.52	%		1.51	%
Net expensese,f,i		1.38	%		1.33	%		1.27	%		1.46	%		1.38	%		1.36	%
Portfolio turnover rate		17	%		66	%		61	%		61	%		40	%		54	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 69

FINANCIAL HIGHLIGHTS (continued)

MACRO OPPORTUNITIES FUND

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.

C-Class	Period Ended March 31, 2019a,j			Year Ended Sept. 30, 2018 j			Year Ended Sept. 30, 2017 j			Year Ended Sept. 30, 2016 j			Year Ended Sept. 30, 2015 j			Year Ended Sept. 30, 2014
Per Share Data
Net asset value, beginning of period	$	26.52		$	26.65		$	25.99		$	26.05		$	26.79		$	26.29
Income (loss) from investment operations:
Net investment income (loss)b		.28			.53			.75			.98			.78			.90
Net gain (loss) on investments (realized and unrealized)		(.55	)		(.08	)		.68			.20			(.55	)		.69
Total from investment operations		(.27	)		.45			1.43			1.18			.23			1.59
Less distributions from:
Net investment income		(.31	)		(.58	)		(.77	)		(1.24	)		(.97	)		(1.07	)
Net realized gains		(.02	)		—			—			—			—			—
Return of capital		—			—			—			—			—			(.02	)
Total distributions		(.33	)		(.58	)		(.77	)		(1.24	)		(.97	)		(1.09	)
Net asset value, end of period	$	25.92		$	26.52		$	26.65		$	25.99		$	26.05		$	26.79
Total Returnc		(1.01	%)		1.69	%		5.55	%		4.79	%		0.84	%		6.10	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	387,142		$	433,121		$	434,634		$	337,075		$	374,633		$	248,359
Ratios to average net assets:
Net investment income (loss)		2.18	%		1.98	%		2.83	%		3.87	%		2.90	%		3.34	%
Total expensesd		2.18	%		2.18	%		2.14	%		2.36	%		2.24	%		2.22	%
Net expensese,f,i		2.11	%		2.09	%		2.03	%		2.20	%		2.13	%		2.10	%
Portfolio turnover rate		17	%		66	%		61	%		61	%		40	%		54	%

70| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL HIGHLIGHTS (continued)

MACRO OPPORTUNITIES FUND

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.

P-Class	Period Ended March 31, 2019a,j			Year Ended Sept. 30, 2018 j			Year Ended Sept. 30, 2017 j			Year Ended Sept. 30, 2016 j			Period Ended Sept. 30, 2015g, j
Per Share Data
Net asset value, beginning of period	$	26.54		$	26.68		$	26.02		$	26.07		$	26.78
Income (loss) from investment operations:
Net investment income (loss)b		.38			.73			.92			1.20			.37
Net gain (loss) on investments (realized and unrealized)		(.55	)		(.09	)		.71			.21			(.62	)
Total from investment operations		(.17	)		.64			1.63			1.41			(.25	)
Less distributions from:
Net investment income		(.41	)		(.78	)		(.97	)		(1.46	)		(.46	)
Net realized gains		(.02	)		—			—			—			—
Total distributions		(.43	)		(.78	)		(.97	)		(1.46	)		(.46	)
Net asset value, end of period	$	25.94		$	26.54		$	26.68		$	26.02		$	26.07
Total Return		(0.65	%)		2.42	%		6.33	%		5.74	%		(0.95	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	146,297		$	160,578		$	188,980		$	63,665		$	63,819
Ratios to average net assets:
Net investment income (loss)		2.91	%		2.73	%		3.48	%		4.73	%		3.36	%
Total expensesd		1.45	%		1.46	%		1.44	%		1.49	%		1.43	%
Net expensese,f,i		1.38	%		1.33	%		1.26	%		1.33	%		1.30	%
Portfolio turnover rate		17	%		66	%		61	%		61	%		40	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 71

FINANCIAL HIGHLIGHTS (continued)

MACRO OPPORTUNITIES FUND

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	Period Ended March 31, 2019a,j			Year Ended Sept. 30, 2018 j			Year Ended Sept. 30, 2017 j			Year Ended Sept. 30, 2016 j			Year Ended Sept. 30, 2015 j			Year Ended Sept. 30, 2014
Per Share Data
Net asset value, beginning of period	$	26.57		$	26.71		$	26.04		$	26.10		$	26.84		$	26.34
Income (loss) from investment operations:
Net investment income (loss)b		.43			.84			1.02			1.26			1.06			1.18
Net gain (loss) on investments (realized and unrealized)		(.55	)		(.09	)		.71			.21			(.54	)		.70
Total from investment operations		(.12	)		.75			1.73			1.47			.52			1.88
Less distributions from:
Net investment income		(.46	)		(.89	)		(1.06	)		(1.53	)		(1.26	)		(1.36	)
Net realized gains		(.02	)		—			—			—			—			—
Return of capital		—			—			—			—			—			(.02	)
Total distributions		(.48	)		(.89	)		(1.06	)		(1.53	)		(1.26	)		(1.38	)
Net asset value, end of period	$	25.97		$	26.57		$	26.71		$	26.04		$	26.10		$	26.84
Total Return		(0.45	%)		2.83	%		6.73	%		5.97	%		1.92	%		7.23	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,997,954		$	6,065,678		$	4,591,424		$	2,204,079		$	2,396,622		$	914,366
Ratios to average net assets:
Net investment income (loss)		3.30	%		3.15	%		3.86	%		4.96	%		3.97	%		4.37	%
Total expensesd		1.11	%		1.08	%		1.06	%		1.29	%		1.20	%		1.18	%
Net expensese,i		0.97	%		0.93	%		0.91	%		1.08	%		1.05	%		1.02	%
Portfolio turnover rate		17	%		66	%		61	%		61	%		40	%		54	%

72| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL HIGHLIGHTS (continued)

MACRO OPPORTUNITIES FUND

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.

R6-Class	Period Ended March 31, 2019h,j
Per Share Data
Net asset value, beginning of period	$	25.98
Income (loss) from investment operations:
Net investment income (loss)b		(.02	)
Net gain (loss) on investments (realized and unrealized)		.04	k
Total from investment operations		.02
Less distributions from:
Net investment income		(.02	)
Total distributions		(.02	)
Net asset value, end of period	$	25.98
Total Return		0.05	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	17,491
Ratios to average net assets:
Net investment income (loss)		(1.35	%)
Total expensesd		1.51	%
Net expensese,i		1.44	%
Portfolio turnover rate		17	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 73

FINANCIAL HIGHLIGHTS (concluded)

MACRO OPPORTUNITIES FUND

a	Unaudited figures for the period ended March 31, 2019. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
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 periods presented was as follows:

	03/31/19	09/30/18	09/30/17
A-Class	0.03%	0.04%	0.02%
C-Class	0.04%	0.11%	0.04%
P-Class	0.04%	0.04%	0.02%
Institutional Class	—	—	—
R6-Class	—	N/A	N/A

g	Since commencement of operations: May 1, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
h	Since commencement of operations: March 13, 2019. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
i	Net expenses may include expenses that are excluded from the expense limitation agreement and affiliated fee waivers. Excluding these expenses, the net expense ratios for the periods would be:

	03/31/19	09/30/18	09/30/17	09/30/16	09/30/15	09/30/14
A-Class	1.32%	1.31%	1.25%	1.28%	1.30%	1.27%
C-Class	2.05%	2.06%	2.00%	2.02%	2.05%	2.01%
P-Class	1.32%	1.31%	1.24%	1.15%	1.21%	N/A
Institutional Class	0.91%	0.90%	0.88%	0.90%	0.97%	0.94%
R6-Class	0.93%	N/A	N/A	N/A	N/A	N/A

j	Consolidated.
k	The amount shown for a share outstanding throughout the period does not accord with the aggregate net loss on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

74| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Note 1 – Organization, Consolidation of Subsidiary and Significant Accounting Policies

Organization

Guggenheim Funds Trust (the “Trust”), a Delaware statutory trust, is registered with 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. The Trust is authorized to issue an unlimited number of shares. The Trust accounts for the assets of each fund separately.

The Trust offers a combination of five separate classes of shares, A-Class shares, C-Class shares, P-Class shares, R6-Class 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 A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased. A-Class share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% contingent deferred sales charge (“CDSC”), if shares are redeemed within 12 months of purchase. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. 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. R6-Class shares are offered primarily through qualified retirement and benefit plans. R6-Class shares are also offered through certain other plans and platforms sponsored by financial intermediaries. Certain institutional investors and others deemed appropriate by Guggenheim Investments (“GI”) may also be eligible to purchase R6-Class shares subject to a $2 million minimum initial investment. At March 31, 2019, the Trust consisted of twenty funds (the “Funds”).

This report covers the Macro Opportunities Fund (the “Fund”), a non-diversified investment company. At March 31, 2019, A-Class, C-Class, P-Class, Institutional Class and R6-Class shares had been issued by the Fund.

C-Class shares of the Fund automatically convert to A-Class shares on or about the 10th day of the month following the 10-year anniversary of the purchase of the C-Class 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 A-Class shares.

Guggenheim Partners Investment Mangements, LLC (“GPIM”) which operates under the name GI, provides advisory services. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI and GFD are affiliated entities.

Consolidation of Subsidiary

The consolidated financial statements of the Fund includes the accounts of a wholly-owned and controlled Cayman Islands subsidiary (the “Subsidiary”). Significant inter-company accounts and transactions have been eliminated in consolidation for the Fund.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 75

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

The Fund may invest up to 25% of its total assets in its Subsidiary which acts as an investment vehicle in order to effect certain investments consistent with the Fund’s investment objective and policies.

A summary of the Fund’s investment in its Subsidiary is as follows:

Commencement Date of Subsidiary		Subsidiary Net Assets at March 31, 2019		% of Net Assets of the Fund at March 31, 2018
	01/08/15	$	13,761		—	*

^* Less than 0.01%.

Significant Accounting Policies

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

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the 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 Class of the Fund is calculated by dividing the market value of the Fund’s securities and other assets, less all liabilities, attributable to the Class by the number of outstanding shares of the Class.

(a) Valuation of Investments

The Board of Trustees of the Fund (the “Board”) has adopted policies and procedures for the valuation of the Fund’s investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Fund’s securities and/or other assets.

Valuations of the Fund’s securities are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair

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valued for reasonableness. The Fund’s officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used and valuations provided by the pricing services.

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

Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sale price as of the close of business on the NYSE, usually at 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on a given day, the security is valued at the closing bid price on that day.

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

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 valued at the last quoted sale price.

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

Debt securities with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from independent pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Short-term debt securities with a maturity of 60 days or less at acquisition are valued at amortized cost, provided such amount approximates market value. Money market funds are valued at their NAV.

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

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Typically, loans are valued using information provided by an independent third party pricing service which uses broker quotes. If the pricing service cannot or does not provide a valuation for a particular loan or such valuation is deemed unrealiable, such investment is fair valued by the Valuation Committee.

Listed options are valued at the official settlement price listed by the exchange, usually as of 4:00 p.m. Long options are valued using the bid price and short options are valued using the ask price. In the event that a settlement price is not available, fair valuation is enacted. Over-the-counter (“OTC”) options are valued using the average bid price (for long options) or average ask price (for short options) obtained from one or more security dealers.

The value of interest rate swap agreements entered into by a fund is accounted for using the unrealized appreciation or depreciation on the agreements that is determined using the spread priced off the previous day’s Chicago Mercantile Exchange (“CME”) price.

The values of OTC swap agreements and credit default swap agreements entered into by a fund are accounted for using the unrealized appreciation or depreciation on the agreements that are determined by marking the agreements to the last quoted value of the index that the swaps pertain to at the close of the NYSE.

The value of equity swaps with custom portfolio baskets shall be computed by using the last exchange sale price for each underlying equity security within the swap agreement. A custom portfolio equity swap will be adjusted to include dividends accrued, financing charges and/or interest, as applicable, under the swap agreement.

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

Investments for which market quotations are not readily available are fair-valued as determined in good faith by GI, subject to review and approval by the Valuation Committee, pursuant to methods established or ratified by the Board. 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 prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis.

In connection with futures contracts and other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

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(b) U.S. Government and Agency Obligations

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

Inflation-Indexed bonds are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these securities is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond however, interest will be paid based on a principal value which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond is recognized as a component of Interest Income on the Consolidated Statement of Operations, even though principal is not received until maturity.

(c) Senior Loans

Senior loans in which the Fund invests generally pay interest rates which are periodically adjusted by reference to a base short-term floating rate, plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the one-month or three-month London Inter-Bank Offered Rate (“LIBOR”), (ii) the prime rate offered by one or more major United States banks, or (iii) the bank’s certificate of deposit rate. Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities disclosed in the Funds’ Consolidated Schedule of Investments. The interest rate indicated is the rate in effect at March 31, 2019.

(d) Interests in When-Issued Securities

The Fund may purchase and sell interests in securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually take delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities before the settlement date.

(e) Short Sales

When the Fund engages in a short sale of a security, an amount equal to the proceeds is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the market value of the short sale. The Fund maintains a segregated account of cash and/or securities as collateral for short sales.

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Fees, if any, paid to brokers to borrow securities in connection with short sales are recorded as interest expense. In addition, the Fund must pay out the dividend rate of the equity or coupon rate of the obligation to the lender and record this as an expense. Short dividend or interest expense is a cost associated with the investment objective of short sales transactions, rather than an operational cost associated with the day-to-day management of any mutual fund. The Fund may also receive rebate income from the broker resulting from the investment of the proceeds from securities sold short.

(f) Options

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

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

(g) Swap Agreements

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

Credit default swap agreements are marked-to-market daily and the change, if any, is recorded as unrealized appreciation or depreciation. Upfront payments received or made by the Fund on credit default swap agreements are amortized over the expected life of the agreement. Periodic payments received or paid by the Fund are recorded as realized gains or losses. Payments received or made as a result of a credit event or termination of the contract are recognized, net of a proportional amount of the upfront payment, as realized gains or losses.

(h) Currency Translations

The accounting records of the Fund are maintained in U.S. dollars. All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars at prevailing exchange rates. Purchases and sales of investment securities, dividend and interest income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions.

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Changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation, or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments.

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

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

(i) Forward Foreign Currency Exchange Contracts

The change in value of the contract is recorded as unrealized appreciation or depreciation until the contract is closed. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

(j) Foreign Taxes

The Fund 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 Fund invests. These foreign taxes, if any, are paid by the Fund and reflected in its Consolidated Statement 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 March 31, 2019, if any, are disclosed in the Fund’s Consolidated Statement of Assets and Liabilities.

(k) 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 Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries. 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. Interest income also includes

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paydown gains and losses on mortgage-backed and asset-backed securities and senior and subordinated loans. Amendment fees are earned as compensation for evaluating and accepting changes to the original loan agreement and are recognized when received. 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.

Income from residual collateralized loan obligations is recognized using the effective interest method. At the time of purchase, management estimates the future expected cash flows and determines the effective yield and estimated maturity date based on the estimated cash flows. Subsequent to the purchase, the estimated cash flows are updated periodically and a revised yield is calculated prospectively. Cash flows received in excess of the effective yield are reflected as a return of capital.

(l) Distributions

The Fund declares dividends from investment income daily. The Fund pays its shareholders from its net investment income monthly and distributes any net capital gains that it has realized, at least annually. Distributions to shareholders are recorded on the ex-dividend date. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Normally, all such distributions of the Fund will automatically be reinvested without charge in additional shares of the same Fund.

(m) Class Allocations

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

(n) 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 Consolidated Statement of Operations are before the reduction in expense from the related earnings credits, if any. For the period ended March 31, 2019, there were no earnings credits received.

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(o) Cash

The Fund may leave cash overnight in its cash account with the custodian. Periodically, the 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 2.43% at March 31, 2019.

(p) Indemnifications

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

Note 2 - Financial Instruments and Derivatives

As part of its investment strategy, the Fund utilizes short sales and a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized in the Consolidated Statement of Assets and Liabilities. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Consolidated Financial Statements.

Short Sales

A short sale is a transaction in which a Fund sells a security it does not own. If the security sold short decreases in price between the time the Fund sells the security and closes its short position, the Fund will realize a gain on the transaction. Conversely, if the security increases in price during the period, the Fund will realize a loss on the transaction. The risk of such price increases is the principal risk of engaging in short sales.

Derivatives

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

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The Fund utilized derivatives for the following purposes:

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

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

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

Leverage: gaining total exposure to equities or other assets on the long and short sides at greater than 100% of invested capital.

Speculation: the use of an instrument to express macro-economic and other investment views.

For any Fund whose investment strategy consistently involves applying leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index or other asset. In addition, because an investment in derivative instruments generally requires a small investment relative to the amount of investment exposure assumed, an opportunity for increased net income is created; but, at the same time, leverage risk will increase. The Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more volatile and riskier than if they had not been leveraged.

Options Purchased and Written

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

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

Use	Average Notional Purchased
Duration, Hedge, Speculation	$	5,073,585,712

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

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

Use	Average Notional Written
Duration, Hedge, Speculation	$	4,325,225,085

Swaps

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. A Fund utilizing OTC swaps bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. Upon entering into certain centrally-cleared swap transactions, the Fund is required to deposit with its clearing broker an amount of cash or securities as an initial margin. Subsequent variation margin payments or receipts are made or received by the Fund, depending on fluctuations in the fair value of the reference entity. For a fund utilizing centrally cleared swaps, the exchange bears the risk of loss. There is no guarantee that a fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

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

The following table represents the Fund’s use and volume of custom basket swaps on a quarterly basis:

	Average Notional Amount
Use		Long		Short
Hedge, Leverage		$	19,572,768	$	50,047,996

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

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

	Average Notional Amount
Use	Pay Floating Rate		Receive Floating Rate
Duration, Hedge	$	—	$	978,739,500

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

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

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

	Average Notional Amount
Use	Protection Purchased		Protection Sold
Hedge	$	1,493,185,000	$	—

Forward Foreign Currency Exchange Contracts

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

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

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

	Average Value
Use	Purchased		Sold
Hedge, Income	$	106,844,698	$	1,698,195,957

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Derivative Investment Holdings Categorized by Risk Exposure

The following is a summary of the location of derivative investments on the Fund’s Consolidated Statement of Assets and Liabilities as of March 31, 2019:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Equity/Credit/Interest Rate contracts	Unamortized upfront premiums paid on credit default swap agreements	Unrealized depreciation on OTC swap agreements
	Unamortized upfront premiums paid on interest rate swap agreements	Unamortized upfront premiums received on credit default swap agreements
		Unamortized upfront premiums received on interest rate swap agreements
		Variation margin on interest rate swap agreements
		Variation margin on credit default swap agreements
Interest rate contracts	Investments in unaffiliated issuers, at value	Options written, at value
Currency contracts	Unrealized appreciation on forward foreign currency exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts

The following table sets forth the fair value of the Fund’s derivative investments categorized by primary risk exposure at March 31, 2019:

Asset Derivative Investments Value
Swaps Equity Risk		Swaps Interest Rate Risk*		Swaps Credit Risk*		Options Purchased Interest Rate Risk		Forward Foreign Currency Exchange Risk		Total Value at March 31, 2019
$	—	$	—	$	—	$	8,128,900	$	17,556,511	$	25,685,411

Liability Derivative Investments Value
Swaps Equity Risk		Swaps Interest Rate Risk*		Swaps Credit Risk*		Options Written Interest Rate Risk		Forward Foreign Currency Exchange Risk		Total Value at March 31, 2019
$	3,632	$	19,584,987	$	13,392,551	$	219,700	$	8,668,166	$	41,869,036

^* Includes cumulative appreciation (depreciation) of OTC and centrally-cleared swap agreements as reported on the Consolidated Schedule of Investments. For centrally-cleared swaps, variation margin is reported within the Consolidated Statement of Assets and Liabilities.

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The following is a summary of the location of derivative investments on the Fund’s Consolidated Statement of Operations for the period ended March 31, 2019:

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

The following is a summary of the Fund’s realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Consolidated Statement of Operations categorized by primary risk exposure for the period ended March 31, 2019:

Realized Gain (Loss) on Derivative Investments Recognized on the Consolidated Statement of Operations
Swaps Equity Risk		Swaps Interest Rate Risk		Swaps Credit Risk			Options Purchased Interest Rate Risk			Options Written Interest Rate Risk		Options Purchased Equity Risk			Options Written Equity Risk		Forward Foreign Currency Exchange Risk		Total
$	8,002,139	$	4,648,987	$	(1,354,155	)	$	(11,140,050	)	$	3,939,380	$	(18,792,152	)	$	—	$	9,067,116	$	(5,628,735	)

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Consolidated Statement of Operations
Swaps Equity Risk		Swaps Interest Rate Risk			Swaps Credit Risk			Options Purchased Interest Rate Risk			Options Written Interest Rate Risk		Options Purchased Equity Risk		Options Written Equity Risk			Forward Foreign Currency Exchange Risk			Total
$	8,759,301	$	(27,179,288	)	$	(13,348,018	)	$	(26,803,400	)	$	12,742,600	$	8,730,213	$	(2,841,520	)	$	(4,631,402	)	$	(44,571,514	)

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

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Foreign Investments

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

The Fund may invest in securities of foreign companies directly, or in financial instruments, such as ADRs and exchange-traded funds, which are indirectly linked to the performance of foreign issuers. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities of foreign companies directly, or in financial instruments that are indirectly linked to the performance of foreign issuers, may involve risks not typically associated with investing in U.S. issuers. The value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets, and prices in some foreign markets may fluctuate more than those of securities traded on U.S. markets. Many foreign countries lack accounting and disclosure standards comparable to those that apply to U.S. companies, and it may be more difficult to obtain reliable information regarding a foreign issuer’s financial condition and operations. Transaction costs and costs associated with custody services are generally higher for foreign securities than they are for U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries portions of these taxes are recoverable, the non-recovered portion will reduce the income received by the Fund.

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

Note 3 – Offsetting

In the normal course of business, the Fund enters into transactions subject to enforceable master netting arrangements or other similar arrangements. Generally, the right to offset in those agreements allows the Fund to counteract the exposure to a specific counterparty with collateral

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

received from or delivered to that counterparty based on the terms of the arrangements. These arrangements provide for the right to liquidate upon the occurrence of an event of default, credit event upon merger or additional termination event.

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

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

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

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

							Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Instrument	Gross Amounts of Recognized Assets1		Gross Amounts Offset in the Consolidated Statement of Assets and Liabilities		Net Amount of Assets Presented on the Consolidated Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Received			Net Amount
Forward foreign currency exchange contracts	$	17,556,511	$	—	$	17,556,511	$	(11,145,494	)	$	(2,600,157	)	$	3,810,860

							Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Instrument	Gross Amounts of Recognized Liabilities1		Gross Amounts Offset in the Consolidated Statement of Assets and Liabilities		Net Amount of Liabilities Presented on the Consolidated Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged			Net Amount
Credit default swap agreements	$	3,123,485	$	—	$	3,123,485	$	(3,032,734	)	$	(90,751	)	$	—
Custom basket swap agreements		3,632		—		3,632		(3,632	)		—			—
Forward foreign currency exchange contracts		8,668,166		—		8,668,166		(8,109,128	)		—			559,038

¹ Exchange-traded or centrally-cleared derivatives are excluded from these reported amounts.

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The Fund has the right to offset deposits against any related derivative liabilities outstanding with each counterparty with the exception of exchange-traded or centrally-cleared derivatives. The following table presents deposits held by others in connection with derivative investments as of March 31, 2019.

Counterparty/Clearing Agent	Asset Type	Cash Pledged		Cash Received
Bank of America Merrill Lynch	Credit Default Swap agreements	$	14,556,200	$	—
Bank of America Merrill Lynch	Interest Rate Swap agreements		25,488,289		—
Barclays Bank plc	Forward Currency Contracts		—		610,000
Barclays Bank plc	Repurchase agreements		1,597,000		—
Goldman Sachs Group	Forward Currency Contracts, Credit Default Swap agreements		—		1,940,000
JP Morgan Chase and Co.	Forward Currency Contracts		—		820,000
Morgan Stanley	Forward Currency Contracts, Credit Default Swap agreements, Custom Basket Swap agreements		320,000		—
			41,961,489		3,370,000

Note 4 – Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. 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 — 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.

The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

Independent pricing services are used to value a majority of the Fund’s investments. When values are not available from a pricing service, they will be determined using a variety of sources and techniques, including: market prices; broker quotes; and models which derive prices based on

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

inputs such as prices of securities with comparable maturities and characteristics or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information and analysis. A significant portion of the Fund’s assets and liabilities are categorized as Level 2, as indicated in this report.

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

Note 5 – Investment Advisory Agreement and Other Agreements

Under the terms of an investment advisory contract, the Fund pays GI investment advisory fees calculated at an annualized rate of 0.89% of the average daily net assets of the Fund. A breakpoint of 5 basis points (0.05%) on average daily net asets above $5 billion will apply to the Fund’s advisory fees.

GI has contractually agreed to waive the management fee it receives from the Subsidiary in an amount equal to the management fee paid to GI by the Subsidiary. This undertaking will continue in effect for so long as the Fund invests in the Subsidiary, and may not be terminated by GI unless GI obtains the prior approval of the Fund’s Board for such termination. Fees waived under this arrangement are not subject to reimbursement to GI. For the period ended March 31, 2019, the Fund waived $23,317 related to advisory fees in the Subsidiary.

GI engages external service providers to perform other necessary services for the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, etc., on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

The Fund has adopted Distribution Plans related to the offering of A-Class, C-Class and P-Class 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 the Fund’s A-Class and P-Class shares, and 1.00% of the average daily net assets of the Fund’s C-Class shares.

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

	Limit			Effective Date		Contract End Date
Macro Opportunities Fund - A-Class		1.36	%		11/30/12		02/01/20
Macro Opportunities Fund - C-Class		2.11	%		11/30/12		02/01/20
Macro Opportunities Fund - P-Class		1.36	%		05/01/15		02/01/20
Macro Opportunities Fund - Institutional Class		0.95	%		11/30/12		02/01/20
Macro Opportunities Fund - R6-Class		0.95	%		03/13/19		02/01/20

GI 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, GI is entitled to recoupment of previously waived fees or reimbursed expenses for 36 months from the date of the waiver or reimbursement by GI. At March 31, 2019, 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:

	2019		2020		2021		2022		Total
A-Class	$	527,244	$	698,565	$	369,679	$	118,306	$	1,713,794
C-Class		12,580		203,863		169,716		55,311		441,470
P-Class		—		129,083		123,284		20,518		272,885
Institutional Class		1,941,043		2,955,151		5,293,700		3,011,704		13,201,598
R6-Class		—		—		—		273		273

For the period ended March 31, 2019, GI recouped $210,418 from the Fund.

If the Fund invests in a fund that is advised by the same adviser or an affiliated adviser, the investing Fund’s adviser has agreed to waive fees at the investing fund level to the extent necessary to offset the proportionate share of any management fee paid by the Fund with respect to its investment in such affiliated fund. Fee waivers will be calculated at the investing Fund level without regard to any expense cap, if any, in effect for the investing Fund. Fees waived under this arrangement are not subject to reimbursement to GI. For the period ended March 31, 2019, the Fund waived $1,388,382 related to investments in affiliated funds.

For the period ended March 31, 2019, GFD retained sales charges of $162,871 relating to sales of A-Class shares of the Trust.

Certain 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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

MUFG Investor Services (US), LLC (“MUIS”) acts as the Fund’s administrator, transfer agent and accounting agent. As administrator, transfer agent and accounting agent, MUIS is responsible for maintaining the books and records of the Fund’s 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 Fund’s 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 6 – Federal Income Tax Information

The Fund intends to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Fund from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

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

At March 31, 2019, the cost of securities for federal income tax purposes, the aggregate gross unrealized appreciation for all securities for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over value were as follows:

Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Unrealized Depreciation
$	7,128,118,513	$	44,120,857	$	(166,276,288	)	$	(122,155,431	)

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Note 7 – Securities Transactions

For the period ended March 31, 2019, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

Purchases		Sales
$	855,583,707	$	2,018,572,111

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to save costs, where permissible. For the period ended March 31, 2019, the Fund engaged in purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act, as follows:

Purchases		Sales		Realized Gain (Loss)
$	2,215,625	$	32,444,132	$	(755,701	)

Note 8 – Unfunded Loan Commitments

Pursuant to the terms of certain loan agreements, the Fund held unfunded loan commitments as of March 31, 2019. The Fund is obligated to fund these loan commitments at the borrower’s discretion.

The unfunded loan commitments as of March 31, 2019, were as follows:

Borrower	Maturity Date		Face Amount**		Value
Acosta, Inc.		09/26/19		1,680,598	$	907,523
Advantage Sales & Marketing LLC		07/25/19		1,500,000		230,625
Aspect Software, Inc.		07/15/23		144,301		—	*
CTI Foods Holding Co. LLC		07/10/19		126,272		2,525
Dominion Web Solutions LLC		06/15/23		461,538		—	*
Epicor Software		06/01/20		2,000,000		57,781
Fortis Solutions Group LLC		12/15/23		511,080		48,684
Galls LLC		01/31/25		1,408,539		13,231
Galls LLC		01/31/24		190,929		20,068
Lytx, Inc.		08/31/22		363,158		31,100
Mavis Tire Express Services Corp.		03/20/25		1,476,194		40,595
Ministry Brands LLC		12/02/22		184,896		924
MRI Software LLC		06/30/23		55,500		3,740

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

Borrower	Maturity Date		Face Amount**		Value
National Technical Systems		06/12/21		250,000	$	11,482
SLR Consulting Ltd.		05/23/25	GBP	300,000		5,148
Solera LLC		03/03/21		5,400,000		293,256
Wencor Group		06/19/19		430,769		10,769
					$	1,677,451

*	Security has a market value of zero.
**	The face amount is denominated in U.S. dollars unless otherwise indicated.

Note 9 – Restricted Securities

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

Restricted Securities	Acquisition Date		Cost		Value
Airplanes Pass Through Trust
2001-1A, 3.01% (1 Month USD LIBOR + 0.55%, Rate Floor: 0.55%) due 03/15/191,2		01/18/12	$	1,691,717	$	73,213
Copper River CLO Ltd.
2007-1A, due 01/20/213		05/09/14		1,748,253		1,286,624
Highland Park CDO I Ltd.
2006-1A, 3.05% (3 Month USD LIBOR + 0.40%, Rate Floor: 0.00%) due 11/25/511		04/14/15		1,284,240		1,618,024
Mirabela Nickel Ltd.
9.50% due 6/24/192		12/31/13		1,710,483		188,542
Princess Juliana International Airport Operating Company N.V.
5.50% due 12/20/27		12/17/12		1,487,453		1,370,604
Secured Tenant Site Contract Revenue Notes Series
2018-1A, 4.70% due 06/15/48		05/25/18		6,945,526		7,000,677
Turbine Engines Securitization Ltd.
2013-1A, 6.38% due 12/13/48		11/27/13		1,516,163		1,307,412
Turbine Engines Securitization Ltd.
2013-1A, 5.13% due 12/13/48		11/27/13		2,104,695		2,052,191
			$	18,488,530	$	14,897,287

1	Variable rate security. Rate indicated is the rate effective at March 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
2	Security is in default of interest and/or principal obligations.
3	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

Note 10 – Line of Credit

The Trust, along with other affiliated trusts, secured a 364-day committed, $1,065,000,000 line of credit from Citibank, N.A., which was in place through October 5, 2018, at which time the line of credit was renewed with an increased commitment amount of $1,205,000,000. The 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”, LIBOR 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 unused commitment amount. The allocated commitment fee amount for the Fund is referenced in the Consolidated Statement of Operations under “Line of credit fees”. The Fund did not have any borrowings under this agreement as of and for the period ended March 31, 2019.

Note 11 – Recent Regulatory Reporting Updates

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (the “2018 ASU”) which adds, modifies and removes disclosure requirements related to certain aspects of fair value measurement. The 2018 ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. As of March 31, 2019, the Fund has fully adopted the provisions of the 2018 ASU, which did not have a material impact on the Fund’s financial statements and related disclosures or impact the Fund’s net assets or results of operations.

Note 12 – Recent Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (the “2017 ASU”) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The 2017 ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The 2017 ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(concluded)

Note 13 – Subsequent Events

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

100 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

OTHER INFORMATION (Unaudited)

Proxy Voting Information

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Fund’s portfolios is available, without charge and upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

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. The Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Fund usually classifies 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 on Form N-Q, which are available on the SEC’s website at https://www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES
Randall C. Barnes (1951)	Trustee	Since 2014	Current: Private Investor (2001-present). Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).	49	Current: Trustee, Purpose Investments Funds (2013-present). Former: Managed Duration Investment Grade Municipal Fund (2003-2016).
Donald A. Chubb, Jr. (1946)	Trustee and Chairman of the Valuation Oversight Committee	Since 1994	Current: Retired. Former: Business broker and manager of commercial real estate, Griffith & Blair, Inc. (1997-2017).	48	Former: Midland Care, Inc. (2011-2016).
Jerry B. Farley (1946)	Trustee and Chairman of the Audit Committee	Since 2005	Current: President, Washburn University (1997-present).	48	Current: CoreFirst Bank & Trust (2000-present). Former: Westar Energy, Inc. (2004-2018).
Roman Friedrich III (1946)	Trustee and Chairman of the Contracts Review Committee	Since 2014	Current: Founder and Managing Partner, Roman Friedrich & Company (1998-present).	48	Former: Zincore Metals, Inc. (2009-January 2019).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES - continued
Ronald A. Nyberg (1953)	Trustee and Chairman of the Nominating and Governance Committee	Since 2014	Current: Partner, Momkus LLC (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	49	Current: PPM Funds (2018-present); Edward-Elmhurst Healthcare System (2012-present); Western Asset Inflation-Linked Opportunities & Income Fund (2004-present); Western Asset Inflation-Linked Income Fund (2003-present). Former: Managed Duration Investment Grade Municipal Fund (2003-2016).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES - concluded
Ronald E. Toupin, Jr. (1958)	Trustee and Chairman of the Board	Since 2014	Current: Portfolio Consultant (2010-present); Member, Governing Council, Independent Directors Council (2013-present); Governor, Board of Governors, Investment Company Institute (2018-present). Former: Member, Executive Committee, Independent Directors Council (2016-2018); Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).	48	Current: Western Asset Inflation-Linked Opportunities & Income Fund (2004-present); Western Asset Inflation-Linked Income Fund (2003-present). Former: Managed Duration Investment Grade Municipal Fund (2003-2016).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INTERESTED TRUSTEE
Amy J. Lee*** (1961)	Trustee, Vice President and Chief Legal Officer	Since 2018 (Trustee) Since 2014 (Chief Legal Officer) Since 2007 (Vice President)	Current: Interested Trustee, certain other funds in the Fund Complex (2018-present); President, certain other funds in the Fund Complex (2017-present); Chief Legal Officer, certain other funds in the Fund Complex (2014-present); Vice President, certain other funds in the Fund Complex (2007-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: President and Chief Executive Officer (2017-2018); Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).	48	None.

*	The business address of each Trustee is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each Trustee serves an indefinite term, until his or her successor is elected and qualified. Time served includes time served in the respective position for the Predecessor Corporation.
***	This Trustee is deemed to be an "interested person" of the Fund under the 1940 Act by reason of her position with the Fund's Investment Manager and/or the parent of the Investment Manager.

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS
Brian E. Binder (1972)	President and Chief Executive Officer	Since 2018	Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President and Chief Executive Officer, Guggenheim Funds Investment Advisors, LLC and Security Investors, LLC (2018-present); Senior Managing Director and Chief Administrative Officer, Guggenheim Investments (2018-present). Former: Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Head of Business Management and Consulting, Invesco Ltd. (2010-2012).
James M. Howley (1972)	Assistant Treasurer	Since 2014	Current: Managing Director, Guggenheim Investments (2004-present); Assistant Treasurer, certain other funds in the Fund Complex (2006-present). Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).
Mark E. Mathiasen (1978)	Secretary	Since 2014	Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).
Glenn McWhinnie (1969)	Assistant Treasurer	Since 2016	Current: Vice President, Guggenheim Investments (2009-present); Assistant Treasurer, certain other funds in the Fund complex (2016-present).
Michael P. Megaris (1984)	Assistant Secretary	Since 2014	Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2012-present).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - continued
Elisabeth Miller (1968)	Chief Compliance Officer	Since 2012	Current: Chief Compliance Officer, certain other funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments (2012-present); Vice President, Guggenheim Funds Distributors, LLC (2014-present). Former: Chief Compliance Officer, Security Investors, LLC (2012-2018); Chief Compliance Officer, Guggenheim Funds Investment Advisors, LLC (2012-2018); Chief Compliance Officer, Guggenheim Distributors, LLC (2009-2014); Senior Manager, Security Investors, LLC (2004-2014); Senior Manager, Guggenheim Distributors, LLC (2004-2014).
Margaux Misantone (1978)	AML Officer	Since 2017	Current: Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investment Advisors, LLC (2018-present); AML Officer, Security Investors, LLC and certain other funds in the Fund Complex (2017-present); Managing Director, Guggenheim Investments (2015-present). Former: Assistant Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investments Advisors, LLC (2015-2018).
Adam J. Nelson (1979)	Assistant Treasurer	Since 2015	Current: Vice President, Guggenheim Investments (2015-present); Assistant Treasurer, certain other funds in the Fund Complex (2015-present). Former: Assistant Vice President and Fund Administration Director, State Street Corporation (2013-2015); Fund Administration Assistant Director, State Street (2011-2013); Fund Administration Manager, State Street (2009-2011).
Kimberly J. Scott (1974)	Assistant Treasurer	Since 2014	Current: Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - concluded
Bryan Stone (1979)	Vice President	Since 2014	Current: Vice President, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2013-present). Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).
John L. Sullivan (1955)	Chief Financial Officer, Chief Accounting Officer and Treasurer	Since 2014	Current: Chief Financial Officer, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present). Former: Managing Director and Chief Compliance Officer, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); Chief Financial Officer and Treasurer, Van Kampen Funds (1996-2004).
Jon Szafran (1989)	Assistant Treasurer	Since 2017	Current: Vice President, Guggenheim Investments (2017-present); Assistant Treasurer, certain other funds in the Fund Complex (2017-present). Former: Assistant Treasurer of Henderson Global Funds and Manager of US Fund Administration, Henderson Global Investors (North America) Inc. ("HGINA"), (2017); Senior Analyst of US Fund Administration, HGINA (2014-2017); Senior Associate of Fund Administration, Cortland Capital Market Services, LLC (2013-2014); Experienced Associate, PricewaterhouseCoopers LLP (2012-2013).

*	The business address of each officer is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each officer serves an indefinite term, until his or her successor is duly elected and qualified.

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)

Who We Are

This Privacy Notice describes the data protection practices of Guggenheim Investments. Guggenheim Investments as used herein refers to the affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Guggenheim Investment Advisors (Europe) Limited, Guggenheim Real Estate, LLC, GS Gamma Advisors, LLC, Guggenheim Partners India Management, LLC, Guggenheim Partners Europe Limited, as well as the funds in the Guggenheim Funds complex (the “Funds”) (“Guggenheim Investments,” “we,” “us,” or “our”).

Guggenheim Partners Investment Management Holdings, LLC, located at 330 Madison Avenue, New York, New York 10017 is the data controller for your information. The Affiliates who are also controllers of certain of your information are: Guggenheim Investment Advisors (Europe) Limited, Guggenheim Partners Europe Limited, Guggenheim Partners, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC and Security Investors, LLC, as well as the Funds.

Our Commitment to You

Guggenheim Investments considers your privacy our utmost concern. When you become our client or investor, you entrust us with not only your hard-earned money but also with your personal and financial information. Because we have access to your private information, we hold ourselves to the highest standards in its safekeeping and use. We strictly limit how we share your information with others, whether you are a current or former Guggenheim Investments client or investor.

The Information We Collect About You

We collect certain nonpublic personal information about you from information you provide on applications, other forms, our website, and/or from third parties including investment advisors. This information includes Social Security or other tax identification number, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history, bank account information, marital status, family relationships, information that we collect on our website through the use of “cookies,” and other personal information that you or others provide to us. We may also collect such information through your inquiries by mail, e-mail or telephone. We may also collect customer due diligence information, as required by applicable law and regulation, through third party service providers.

How We Handle Your Personal Information

The legal basis for using your information as set out in this Privacy Notice is as follows: (a) use of your personal data is necessary to perform our obligations under any contract with you (such as a contract for us to provide financial services to you); or (b) where use of your personal data is not necessary for performance of a contract, use of your personal data is necessary for our

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legitimate interests or the legitimate interests of others (for example, to enforce the legal terms governing our services, operate and market our website and other services we offer, ensure safe environments for our personnel and others, make and receive payments, prevent fraud and to know the customer to whom we are providingthe services). Some processing is done to comply with applicable law.

In addition to the specific uses described above, we also use your information in the following manner:

● We use your information in connection with servicing your accounts.

● We use information to respond to your requests or questions. For example, we might use your information to respond to your customer feedback. ● We use information to improve our products and services. We may use your information to make our website and products better. We may use your information to customize your experience with us.

● We use information for security purposes. We may use your information to protect our company and our customers.

● We use information to communicate with you. For example, we will communicate with you about your account or our relationship. We may contact you about your feedback. We might also contact you about this Privacy Notice. We may also enroll you in our email newsletter.

● We use information as otherwise permitted by law, as we may notify you.

● Aggregate/Anonymous Data. We may aggregate and/or anonymize any information collected through the website so that such information can no longer be linked to you or your device (“Aggregate/Anonymous Information”). We may use Aggregate/Anonymous Information for any purpose, including without limitation for research and marketing purposes, and may also share such data with any third parties, including advertisers, promotional partners, and sponsors.

We do not sell information about current or former clients or their accounts to third parties. Nor do we share this information, except when necessary to complete transactions at your request, to make you aware of investment products and services that we or our affiliates offer, or as permitted or required by law.

We provide information about you to companies and individuals not affiliated with Guggenheim Investments to complete certain transactions or account changes, or to perform services for us related to your account. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we must provide certain information about you to that company to complete the transaction. We provide the third party with only the information necessary to carry out its responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do.

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(continued)

To alert you to other Guggenheim Investments products and services, we share your information within our family of affiliated companies. You may limit our sharing with affiliated companies as set out below. We may also share information with any successor to all or part of our business, or in connection with steps leading up to a merger or acquisition. For example, if part of our business was sold we may give customer information as part of that transaction. We may also share information about you with your consent.

We will release information about you if you direct us to do so, if we are compelled by law to do so, or in other circumstances as permitted by law (for example, to protect your account from fraud).

If you close your account(s) or become an inactive client or investor, we will continue to adhere to the privacy policies and practices described in this notice.

Opt-Out Provisions and Your Data Choices

The law allows you to “opt out” of certain kinds of information sharing with third parties. We do not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.

When you are no longer our client or investor, we continue to share your information as described in this notice, and you may contact us at any time to limit our sharing by sending an email to CorporateDataPrivacy@GuggenheimPartners.com.

European Union Data Subjects and certain others: In addition to the choices set forth above, residents of the European Union and certain other jurisdictions have certain rights to (1) request access to or rectification or deletion of information we collect about them, (2) request a restriction on the processing of their information, (3) object to the processing of their information, or (4) request the portability of certain information. To exercise these or other rights, please contact us using the contact information below. We will consider all requests and provide our response within the time period stated by applicable law. Please note, however, that certain information may be exempt from such requests in some circumstances, which may include if we need to keep processing your information for our legitimate interests or to comply with a legal obligation. We may request you provide us with information necessary to confirm your identity before responding to your request.

Residents of France and certain other jurisdictions may also provide us with instructions regarding the manner in which we may continue to store, erase and share your information after your death, and where applicable, the person you have designated to exercise these rights after your death.

How We Protect Privacy Online

We take steps to protect your privacy when you use our web site – www.guggenheiminvestments.com – by using secure forms of online communication, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These safeguards vary

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(concluded)

based on the sensitivity of the information that we collect and store. However, we cannot and do not guarantee that these measures will prevent every unauthorized attempt to access, use, or disclose your information since despite our efforts, no Internet and/or other electronic transmissions can be completely secure. Our web site uses “http cookies”—tiny pieces of information that we ask your browser to store. We use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your e-mail address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

How We Safeguard Your Personal Information and Data Retention

We restrict access to nonpublic personal information about you to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

We keep your information for no longer than necessary for the purposes for which it is processed. The length of time for which we retain information depends on the purposes for which we collected and use it and/or as required to comply with applicable laws. Information may persist in copies made for backup and business continuity purposes for additional time.

International Visitors

If you are not a resident of the United States, please be aware that your information may be transferred to, stored and processed in the United States where our servers are located and our databases are operated. The data protection and other laws of the United States and other countries might not be as comprehensive as those in your country.

In such cases, we ensure that a legal basis for such a transfer exists and that adequate protection is provided as required by applicable law, for example, by using standard contractual clauses or by transferring your data to a jurisdiction that has obtained an adequacy finding. Individuals whose data may be transferred on the basis of standard contractual clauses may contact us as described below.

We’ll Keep You Informed

If you have any questions or concerns about how we treat your personal data, we encourage you to consult with us first. You may also contact the relevant supervisory authority.

We reserve the right to modify this policy at any time and will inform you promptly of material changes. You may access our privacy policy from our web site at www.guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us by email at CorporateDataPrivacy@GuggenheimPartners.com.

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3.31.2019

Guggenheim Funds Semi-Annual Report

Guggenheim Floating Rate Strategies Fund

Beginning on January 1, 2021, paper copies of the Fund’s annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from a fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from a fund electronically by calling 800.820.0888, going toGuggenheimInvestments.com/myaccount, or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a fund directly, you can inform the Fund that you wish to receive paper copies of reports by calling 800.820.0888. If you hold shares of a fund through a financial intermediary, please contact the financial intermediary to make this election. Your election to receive reports in paper will apply to all Guggenheim Funds in which you are invested and may apply to all funds held with your financial intermediary.

GuggenheimInvestments.com FR-SEMI-0319x0919

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	4
ABOUT SHAREHOLDERS’ FUND EXPENSES	6
FLOATING RATE STRATEGIES FUND	9
NOTES TO FINANCIAL STATEMENTS	44
OTHER INFORMATION	60
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	61
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	68

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|1

March 31, 2019

Dear Shareholder:

Guggenheim Partners Investment Management, LLC (“GPIM” or the “Investment Adviser”), is pleased to present the shareholder report for Guggenheim Floating Rate Strategies Fund (the “Fund”) for the semi-annual fiscal period ended March 31, 2019.

The Investment Adviser is part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), a global, diversified financial services firm.

Guggenheim Funds Distributors, LLC is the distributor of the Funds. Guggenheim Funds Distributors, LLC is affiliated with Guggenheim and the Investment Adviser.

We encourage you to read the Economic and Market Overview section of the report, which follows this letter.

We are committed to providing innovative investment solutions and appreciate the trust you place in us.

Sincerely,

Guggenheim Partners Investment Management, LLC
April 30, 2019

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments.com or call 800.820.0888.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/ or legal professional regarding your specific situation.

2 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

March 31, 2019

Floating Rate Strategies Fund may not be suitable for all investors. ● Investments in floating rate senior secured syndicated bank loans and other floating rate securities involve special types of risks, including credit rate risk, interest rate risk, liquidity risk and prepayment risk. ● The Fund’s market value will change in response to interest rate changes and market conditions among other factors. In general, bond prices rise when interest rates fall and vice versa. ● The Fund’s exposure to high yield securities may subject the Fund to greater volatility. ● When market conditions are deemed appropriate, the Fund may use leverage to the full extent permitted by its investment policies and restrictions and applicable law. Leveraging will exaggerate the effect on net asset value of any increase or decrease in the market value of the Fund’s portfolio. ● The Fund may invest in derivative instruments, which may be more volatile and less liquid, increasing the risk of loss when compared to traditional securities. Certain of the derivative instruments are also subject to the risks of counterparty default and adverse tax treatment. ● Instruments and strategies (such as borrowing transactions and reverse repurchase agreements) may provide leveraged exposure to a particular investment, which will magnify any gains or losses on those investments. ● Investments in reverse repurchase agreements and synthetic instruments (such as synthetic collateralized debt obligations) expose the Fund to the many of the same risks as investments in derivatives. ● The Fund’s investments in other investment vehicles subject the Fund to those risks and expenses affecting the investment vehicle. ● The Fund’s investments in foreign securities carry additional risks when compared to U.S. securities, due to the impact of diplomatic, political or economic developments in the country in question (investments in emerging markets securities are generally subject to an even greater level of risk). ● The Fund’s investments in real estate securities subject the Fund to the same risks as direct investments in real estate, which is particularly sensitive to economic downturns. ● The Fund’s investments in restricted securities may involve financial and liquidity risk. ● The Fund is subject to active trading risks that may increase volatility and impact its ability to achieve its investment objective. ● You may have a gain or loss when you sell your shares. ● It is important to note that the Fund is not guaranteed by the U.S. government. ● Please read the prospectus for more detailed information regarding these and other risks.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|3

ECONOMIC AND MARKET OVERVIEW(Unaudited) March 31, 2019

Late 2018 and early 2019 U.S. economic data stoked recession fears, prompting the U.S. Federal Reserve (the “Fed”) to abort its tightening cycle and the 3-month/10-year Treasury yield curve to invert. Housing activity weakened markedly in the second half of 2018, personal spending growth decelerated, job gains moderated, and industrial production growth slowed. However, first-quarter 2019 real gross domestic product (“GDP”) surprised everyone by posting a growth rate of 3.2 percent. While this number benefited from big contributions from inventories and trade, the decline in interest rates and recovery in risk assets could support U.S. economic growth in the second and third quarters of 2019.

Taking a longer view, the indicators Guggenheim tracks as part of our proprietary recession probability indicator continue to signal that the economy could be heading into a recession in about a year. The unemployment rate has leveled off after years of steady declines, the Fed has moved to a neutral bias on rates, the yield curve has inverted, growth in leading indicators has slowed, gains in total hours worked have slowed, and real retail sales growth has fallen sharply. Taken together, these data points support the view that the next recession may begin as early as the first half of 2020.

Overseas, continued weakness in economic data finally prompted policy action. The European Central Bank (“ECB”) revised expected real GDP growth downward for 2019 and shortly thereafter delivered further accommodation. Rate hikes are now forecast to come later than previously indicated, and the ECB launched a series of targeted long-term refinancing operations consisting of two-year loans. China, another major economy that has shown signs of slowing, showed a mix of softening and signs of stabilization in recent economic activity. So far, Chinese authorities have announced fiscal stimulus through tax cuts and infrastructure spending, and monetary stimulus in the form of a reduction in the reserve requirement ratio.

Foreign governments’ stimulus to their local economies may be good news for U.S. activity. The downward trend in global growth weighed on U.S. activity, as evidenced by some weakness in 2018 U.S. exports and downward revisions to this year’s expected corporate earnings. If policy changes are enough to avoid recession across Western Europe or boost growth in China, the combination of this and lower U.S. rates could be positive for U.S. growth later in the year. However, the U.S., Europe, and China are not yet out of the woods. All three remain key risks to global growth given the lack of a Brexit agreement, significant weakening in German manufacturing activity, and unresolved U.S.-China tariff negotiations. Without a positive catalyst, the trajectory for the U.S. could remain negative, with a major event risk looming in the fall, when the U.S. Treasury Department will exhaust its “extraordinary measures” and force a congressional debate about the debt ceiling, which could prompt fears of a technical default and complicate fiscal year 2020 budget negotiations, where a fiscal spending cliff looms.

For the six months ended March 31, 2019, the Standard & Poor’s 500^® (“S&P 500”) Index*returned -1.72%. The MSCI Europe-Australasia-Far East (“EAFE”) Index*returned -3.64%. The return of the MSCI Emerging Markets Index* was 1.83%.

4 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW(Unaudited)(concluded) March 31, 2019

In the bond market, the Bloomberg Barclays U.S. Aggregate Bond Index* posted a 4.63% return for the period, while the Bloomberg Barclays U.S. Corporate High Yield Index*returned 2.39%. The return of the ICE Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index*was 1.17% for the six-month period.

The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.

*Index Definitions

Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.

Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, mortgage-backed securities or “MBS” (agency fixed-rate and hybrid adjustable-rate mortgage, or “ARM”, pass-throughs), asset-backed securities (“ABS”), and commercial mortgage-backed securities (“CMBS”) (agency and non-agency).

Bloomberg Barclays U.S. Corporate High Yield Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB +/BB + or below.

Credit Suisse Leveraged Loan Index tracks the investable market of the U.S. dollar denominated leveraged loan market. It consists of issues rated “5B” or lower, meaning that the highest rated issues included in this index are Moody’s/S&P ratings of Baa1/BB+ or Ba1/BBB+. All loans are funded term loans with a tenor of at least one year and are made by issuers domiciled in developed countries.

ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market Index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

MSCI EAFE Index is a capitalization-weighted measure of stock markets in Europe, Australasia, and the Far East.

MSCI Emerging Markets Index is a free float-adjusted market capitalization-weighted index that is designed to measure equity market performance in the global emerging markets.

S&P 500^® is a broad-based index, the performance of which is based on the performance of 500 widely held common stocks chosen for market size, liquidity, and industry group representation.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|5

ABOUT SHAREHOLDERS’ FUND EXPENSES(Unaudited)

All mutual funds have operating expenses, and it is important for our shareholders to understand the impact of costs on their investments. Shareholders of a fund incur two types of costs: (i) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, other distributions, and exchange fees, and (ii) ongoing costs, including management fees, administrative services, and shareholder reports, among others. These ongoing costs, or operating expenses, are deducted from a fund’s gross income and reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets, which is known as the expense ratio. The following examples are intended to help investors understand the ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning September 30, 2018 and ending March 31, 2019.

The following tables illustrate the Fund’s costs in two ways:

Table 1. Based on actual Fund return: This section helps investors estimate the actual expenses paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fifth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. Investors may use the information here, together with the amount invested, to estimate the expenses paid over the period. Simply divide the Fund’s account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number provided under the heading “Expenses Paid During Period.”

Table 2. Based on hypothetical 5% return: This section is intended to help investors compare a Fund’s cost with those of other mutual funds. The table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid during the period. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on the 5% return. Investors can assess a Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

The calculations illustrated above assume no shares were bought or sold during the period. Actual costs may have been higher or lower, depending on the amount of investment and the timing of any purchases or redemptions.

6 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES(Unaudited)(continued)

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments, and contingent deferred sales charges (“CDSC”) on redemptions, if any. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

More information about the Fund’s expenses, including annual expense ratios for periods up to five years (subject to the Fund’s inception date), can be found in the Financial Highlights section of this report. For additional information on operating expenses and other shareholder costs, please refer to the Fund’s prospectus.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|7

ABOUT SHAREHOLDERS’ FUND EXPENSES(Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2018	Ending Account Value March 31, 2019	Expenses Paid During Period2
Table 1. Based on actual Fund return3
A-Class	1.05%	(0.24%)	$ 1,000.00	$ 997.60	$ 5.23
C-Class	1.79%	(0.60%)	1,000.00	994.00	8.90
P-Class	1.06%	(0.24%)	1,000.00	997.60	5.28
Institutional Class	0.81%	(0.16%)	1,000.00	998.40	4.04
R6-Class4	0.82%	(0.17%)	1,000.00	998.30	0.40
Table 2. Based on hypothetical 5% return (before expenses)
A-Class	1.05%	5.00%	$ 1,000.00	$ 1,019.70	$ 5.29
C-Class	1.79%	5.00%	1,000.00	1,016.01	9.00
P-Class	1.06%	5.00%	1,000.00	1,019.65	5.34
Institutional Class	0.81%	5.00%	1,000.00	1,020.89	4.08
R6-Class	0.82%	5.00%	1,000.00	1,020.84	4.13

1	Annualized and excludes expenses of the underlying funds in which the Fund invests, if any.
2	Expenses are equal to the Fund's annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period September 30, 2018 to March 31, 2019.
4	Since commencement of operations: March 13, 2019. Due to the limited length of Class operations, current expense ratios may not be indicative of future expense ratios. Expenses paid based on actual fund return are calculated using 18 days from the commencement of operations.

8 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE(Unaudited) March 31, 2019

FLOATING RATE STRATEGIES FUND

OBJECTIVE:Seeks to provide a high level of current income while maximizing total return.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. Investments in those Funds do not provide “market exposure” to meet the Fund’s investment objective, but will significantly increase the portfolio’s exposure to certain other asset categories (and their associated risks), which may cause the Fund to deviate from its principal investment strategy, including: (i) high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization (also known as “junk bonds”); (ii) securities issued by the U.S. government or its agencies and instrumentalities; (iii) CLOs and similar investments; and (iv) other short-term fixed income securities.

Inception Dates:
A-Class	November 30, 2011
C-Class	November 30, 2011
P-Class	May 1, 2015
Institutional Class	November 30, 2011
R6-Class	March 13, 2019

Ten Largest Holdings (% of Total Net Assets)
VC GB Holdings, Inc., 5.50%	1.2%
CD&R Firefly Bidco Ltd., 5.41%	1.0%
Cengage Learning Acquisitions, Inc., 6.74%	1.0%
CSC Holdings, LLC, 4.73%	1.0%
Mavis Tire Express Services Corp., 5.74%	0.9%
Dole Food Company, Inc., 5.25%	0.9%
Sprint Communications, Inc., 5.00%	0.9%
Misys Ltd., 6.10%	0.9%
Optiv, Inc., 5.75%	0.9%
Lineage Logistics LLC, 5.50%	0.9%
Top Ten Total	9.6%

“Ten Largest Holdings” excludes any temporary cash or derivative investments.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|9

PERFORMANCE REPORT AND FUND PROFILE(Unaudited)(continued) March 31, 2019

Average Annual Returns*

Periods Ended March 31, 2019

	6 Month†	1 Year	5 Year	Since Inception (11/30/11)
A-Class Shares	(0.24%)	1.71%	3.09%	4.72%
A-Class Shares with sales charge‡	(3.22%)	(1.32%)	2.09%	4.03%
C-Class Shares	(0.60%)	0.96%	2.33%	3.95%
C-Class Shares with CDSC§	(1.58%)	(0.01%)	2.33%	3.95%
Institutional Class Shares	(0.16%)	1.96%	3.34%	4.97%
Credit Suisse Leveraged Loan Index	0.59%	3.33%	3.83%	4.97%

	6 Month†	1 Year	Since Inception (05/01/15)
P-Class Shares	(0.24%)	1.71%	3.00%
Credit Suisse Leveraged Loan Index	0.59%	3.33%	3.92%

	Since Inception (03/13/19)††
R6-Class Shares	(0.17%)
Credit Suisse Leveraged Loan Index	(0.12%)

*	The performance data above represents past performance that is not predictive of future results. 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 effect of taxes. The Credit Suisse Leveraged Loan Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
††	Return since commencement of operations is not annualized.
‡	Effective October 1, 2015, the maximum sales charge decreased from 4.75% to 3.00%. A 4.75% maximum sales charge is used in the calculation of the Average Annual Returns based on subscriptions made prior to October 1, 2015, and a 3.00% maximum sales charge is used to calculate performance for periods based on subscriptions made on or after October 1, 2015.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

10|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE(Unaudited)(concluded) March 31, 2019

Portfolio Composition by Quality Rating1
Rating	% of Total Investments
Fixed Income Instruments
AAA	0.2%
AA	0.4%
A	1.4%
BBB	7.3%
BB	30.0%
B	54.0%
CCC	0.5%
CC	0.5%
D	0.1%
NR2	3.2%
Other Instruments	2.4%
Total Investments	100.0%

1

Source: BlackRock Solutions. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). All securities except for those labeled “NR” have been rated by Moody's, Standard & Poor's ("S&P"), or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (“NRSRO”). For purposes of this presentation, when ratings are available from more than one agency, the highest rating is used. Guggenheim Investments converts ratings to the equivalent S&P rating. Security ratings are determined at the time of purchase and may change thereafter.

2

NR securities do not necessarily indicate low credit quality.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|11

SCHEDULE OF INVESTMENTS(Unaudited)	March 31, 2019
FLOATING RATE STRATEGIES FUND

	Shares		Value
COMMON STOCKS† - 0.0%
Industrial - 0.0%
API Heat Transfer Parent LLC*,††		2,902,566	$	798,206
BP Holdco LLC*,†††,1		244,278		86,255
Vector Phoenix Holdings, LP*,†††,1		244,278		20,442
Total Industrial				904,903
Consumer, Non-cyclical - 0.0%
Targus Group International, Inc.*,†††,1,2		12,773		27,255
Energy - 0.0%
Titan Energy LLC*		10,110		607
Total Common Stocks
(Cost $1,900,183)				932,765
PREFERRED STOCKS†† - 0.0%
Industrial - 0.0%
API Heat Transfer Intermediate*		618		497,748
Total Preferred Stocks
(Cost $493,920)				497,748
MONEY MARKET FUND† - 2.3%
Federated U.S. Treasury Cash Reserve Fund Institutional Shares 2.28%3		49,768,014		49,768,014
Total Money Market Fund
(Cost $49,768,014)				49,768,014

		Face Amount~
SENIOR FLOATING RATE INTERESTS††,6 - 85.4%
Consumer, Cyclical - 18.2%
CD&R Firefly Bidco Ltd.
5.41% (3 Month GBP LIBOR + 4.50%, Rate Floor: 4.50%) due 06/23/25	GBP	17,450,000	22,335,518
3.50% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 06/23/25	EUR	2,500,000	2,776,254
Mavis Tire Express Services Corp.
5.74% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 03/20/25		21,245,177	20,660,934
Crown Finance US, Inc.
5.00% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 02/28/25		16,250,037	15,853,211
2.63% (1 Month EURIBOR + 2.63%, Rate Floor: 2.63%) due 02/28/25	EUR	2,856,075	3,160,332
American Tire Distributors, Inc.
10.13% (3 Month USD LIBOR + 7.50%, Rate Floor: 8.50%) due 09/02/24		18,323,995	16,308,355
8.66% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 09/01/23		2,017,146	1,976,803
Zephyr Bidco Ltd.
8.23% (1 Month GBP LIBOR + 7.50%, Rate Floor: 7.50%) due 07/23/26	GBP	8,542,917	11,025,825
5.48% (1 Month GBP LIBOR + 4.75%, Rate Floor: 4.75%) due 07/23/25	GBP	5,265,000	6,766,758

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Equinox Holdings, Inc.
5.50% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 03/08/24		17,399,499	$	17,277,702
Navistar Inc.
6.00% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 11/06/24		17,325,000		17,245,652
Cartrawler
4.50% (1 Month EURIBOR + 4.50%, Rate Floor: 4.50%) due 04/29/21	EUR	14,363,130		13,536,440
Petco Animal Supplies, Inc.
5.99% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 01/26/23		17,797,050		13,490,164
EG Finco Ltd.
6.60% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 02/07/25		6,484,519		6,325,649
4.00% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 02/07/25	EUR	5,449,732		5,983,577
At Home Holding III Corp.
6.24% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/03/22		12,031,250		11,760,547
GVC Holdings plc
2.75% (6 Month EURIBOR + 2.75%, Rate Floor: 2.75%) due 03/29/24	EUR	6,350,000		7,103,265
4.53% (6 Month GBP LIBOR + 3.50%, Rate Floor: 3.50%) due 03/29/24	GBP	2,700,000		3,490,951
Peer Holding III BV
3.25% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 03/08/25	EUR	9,575,000		10,530,889
Argo Merchants
6.35% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 12/06/24		10,619,358		10,480,032
AI Aqua Zip Bidco Pty Ltd.
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 12/13/23		10,828,386		10,377,168
AMC Entertainment, Inc.
due 03/14/26		10,350,000		10,267,200
Party City Holdings, Inc.
5.00% (1 Month USD LIBOR + 2.50%, Rate Floor: 3.25%) due 08/19/22		9,923,535		9,838,094
Sapphire Bidco B.V.
3.25% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 05/05/25	EUR	8,100,000		8,784,406
Life Time Fitness, Inc.
5.38% (3 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 06/10/22		8,746,074		8,632,025
Burlington Stores, Inc.
4.50% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.75%) due 11/17/24		8,693,188		8,609,908
Packers Sanitation Services, Inc.
5.49% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 12/04/24		8,606,711		8,312,619

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Leslie’s Poolmart, Inc.
6.08% (2 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 08/16/23		8,578,838	$	8,291,104
IBC Capital Ltd.
6.36% (3 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 09/11/23		8,563,500		8,290,581
Truck Hero, Inc.
6.25% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 04/22/24		8,364,861		8,053,772
Power Solutions (Panther)
due 03/14/26		8,125,000		8,028,556
NVA Holdings, Inc
5.25% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 02/03/25		7,686,316		7,412,529
National Vision, Inc.
5.00% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 11/20/24		6,927,791		6,884,493
Stars Group (Amaya)
6.10% (3 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 07/10/25		6,414,111		6,396,600
Wyndham Hotels & Resorts, Inc.
4.25% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 05/30/25		6,467,500		6,375,532
Eldorado Resorts, Inc.
4.88% (2 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 04/17/24		6,394,500		6,330,555
Columbus Finance, Inc.
4.75% (6 Month EURIBOR + 4.75%, Rate Floor: 4.75%) due 07/05/24	EUR	5,500,000		6,114,176
Amaya Holdings B.V.
3.75% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 07/10/25	EUR	5,100,000		5,737,715
IRB Holding Corp.
5.74% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 02/05/25		5,770,854		5,619,369
Prime Security Services Borrower LLC
5.25% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 05/02/22		5,522,354		5,458,184
Midas Intermediate Holdco II LLC
5.35% (3 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 08/18/21		5,198,330		5,051,062
Belmond Interfin Ltd.
5.25% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 07/03/24		3,930,000		3,918,524
Nellson Nutraceutical (US)
6.86% ((3 Month USD LIBOR + 4.25%) and (Commercial Prime Lending Rate + 3.25%), Rate Floor: 5.25%) due 12/23/21		4,034,688		3,812,780
Belk, Inc.
7.45% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 12/12/22		4,059,008		3,263,565

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
AMC Entertainment Holdings, Inc.
4.73% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 12/15/23		3,136,000	$	3,132,864
International Car Wash Group Ltd.
5.99% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 10/03/24		2,905,031		2,894,137
Geo Group, Inc.
4.50% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.75%) due 03/22/24		2,499,000		2,381,347
Alexander Mann
6.23% (1 Month GBP LIBOR + 5.50%, Rate Floor: 5.50%) due 06/16/25	GBP	1,540,000		1,926,790
Total Consumer, Cyclical				398,284,513
Industrial - 16.6%
VC GB Holdings, Inc.
5.50% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 02/28/24		25,678,697		25,100,926
Lineage Logistics LLC
5.50% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 02/27/25		20,089,530		19,474,389
Engineered Machinery Holdings, Inc.
5.85% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 07/19/24		19,527,954		18,820,066
Flex Acquisition Company, Inc.
5.63% ((1 Month USD LIBOR + 3.00%) and (3 Month USD LIBOR + 3.00%), Rate Floor: 4.00%) due 12/29/23		19,165,446		18,534,519
USIC Holding, Inc.
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 12/08/23		18,574,404		18,071,409
Quikrete Holdings, Inc.
5.25% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 11/15/23		18,480,769		18,015,423
BWAY Holding Co.
6.03% (3 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 04/03/24		17,267,111		16,822,483
GYP Holdings III Corp.
5.25% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 06/01/25		16,943,167		16,385,398
Advanced Disposal Services, Inc.
4.66% (1 Week USD LIBOR + 2.25%, Rate Floor: 3.00%) due 11/10/23		15,955,492		15,875,714
Altra Industrial Motion Corp.
4.50% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 10/01/25		15,582,090		15,289,925
Arctic Long Carriers
7.00% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 05/18/23		15,184,538		14,691,040

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
TransDigm Group, Inc.
5.00% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 05/30/25		14,880,849	$	14,471,625
Hayward Industries, Inc.
6.00% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 08/05/24		14,233,250		13,939,760
CPG International LLC
6.63% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 05/05/24		12,591,254		12,465,341
Blitz F18-675 GmbH
3.75% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 07/31/25	EUR	10,452,373		11,745,403
American Bath Group LLC
6.85% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 09/30/23		11,740,737		11,623,330
STS Operating, Inc. (SunSource)
6.75% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 12/11/24		11,711,053		11,462,194
Hillman Group, Inc.
6.50% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 05/30/25		11,989,599		11,420,093
CHI Overhead Doors, Inc.
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 07/29/22		10,149,686		10,022,815
Charter Nex US, Inc.
5.25% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 05/16/24		9,949,367		9,648,797
Titan Acquisition Ltd. (Husky)
5.50% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/28/25		10,098,000		9,370,944
Hanjin International Corp.
4.98% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 10/19/20		7,250,000		7,159,375
Duran Group Holding GMBH
4.00% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 03/29/24	EUR	4,003,529		4,357,033
4.00% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 12/20/24	EUR	1,350,000		1,469,202
Pelican Products, Inc.
5.98% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 05/01/25		4,746,150		4,667,032
Minerva Bidco Ltd.
5.91% (3 Month GBP LIBOR + 5.00%, Rate Floor: 5.00%) due 07/28/25	GBP	3,100,000		4,002,234
Consolidated Container Co. LLC
5.25% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 05/22/24		3,693,867		3,630,000

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Corialis Group Ltd.
3.50% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 03/29/24	EUR	3,075,000	$	3,418,587
RBS Global, Inc.
4.50% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 08/21/24		3,433,680		3,396,218
Reece Ltd.
4.61% (3 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 07/02/25		3,176,000		3,144,240
API Heat Transfer
8.60% (3 Month USD LIBOR + 6.00%, Rate Floor: 6.00%) due 01/01/24		2,713,789		2,428,842
8.60% (3 Month USD LIBOR + 6.00%, Rate Floor: 6.00%) due 10/02/23		484,169		435,752
KUEHG Corp. (KinderCare)
6.35% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 02/21/25		2,865,631		2,825,627
Filtration Group Corp.
5.50% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/29/25		2,647,877		2,628,574
Survitec
4.75% (6 Month EURIBOR + 4.75%, Rate Floor: 4.75%) due 03/12/22	EUR	2,700,000		2,437,301
YAK MAT (YAK ACCESS LLC)
12.49% (1 Month USD LIBOR + 10.00%, Rate Floor: 10.00%) due 07/10/26		2,550,000		2,020,875
Fly Leasing Ltd.
4.70% (3 Month USD LIBOR + 2.00%, Rate Floor: 2.75%) due 02/09/23		1,471,486		1,448,310
Wencor Group
6.00% ((1 Month USD LIBOR + 3.50%) and (Commercial Prime Lending Rate + 2.50%), Rate Floor: 3.50%) due 06/19/19		394,615		384,750
Total Industrial				363,105,546
Technology - 13.9%
Misys Ltd.
6.10% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/13/24		20,521,210		19,764,593
Optiv, Inc.
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 02/01/24		20,731,774		19,747,015
TIBCO Software, Inc.
6.00% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 12/04/20		18,961,394		18,866,587
Solera LLC
5.25% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 03/03/23		15,964,820		15,815,229

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Peak 10 Holding Corp.
6.10% (3 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 08/01/24		17,182,500	$	15,689,856
Planview, Inc.
7.75% (1 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 01/27/23†††,1		15,680,000		15,680,000
First Data Corp.
4.49% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 04/26/24		14,205,407		14,160,802
LANDesk Group, Inc.
6.75% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 01/20/24		13,608,833		13,498,329
Press Ganey Holdings, Inc.
5.25% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 10/23/23		12,342,316		12,064,614
GTT Communications B.V.
3.25% (1 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 05/31/25	EUR	10,991,813		11,962,368
WEX, Inc.
4.75% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 06/30/23		11,670,987		11,545,991
Cologix Holdings, Inc.
5.50% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 03/20/24		9,505,020		9,107,045
9.50% (1 Month USD LIBOR + 7.00%, Rate Floor: 8.00%) due 03/20/25		1,900,000		1,821,150
IRIS Software Group
5.23% (1 Month GBP LIBOR + 4.50%, Rate Floor: 4.50%) due 09/08/25	GBP	7,500,000		9,743,875
Seattle Spnco
5.00% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 06/21/24		9,368,189		9,115,248
Cvent, Inc.
6.25% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 11/29/24		8,577,181		8,384,194
Eiger Acquisition B.V.
3.50% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 12/12/24	EUR	7,400,000		8,284,297
Greenway Health LLC
6.35% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 02/16/24		8,760,831		8,059,965
Jaggaer
6.50% ((1 Month USD LIBOR + 4.00%) and (Commercial Prime Lending Rate + 3.00%), Rate Floor: 5.00%) due 12/28/24		8,118,000		7,955,640
Micron Technology, Inc.
4.50% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 05/29/25		7,970,010		7,872,378
EIG Investors Corp.
6.39% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 02/09/23		7,829,035		7,780,103

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Park Place Technologies LLC
6.50% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 03/29/25		6,784,535	$	6,722,321
10.50% (1 Month USD LIBOR + 8.00%, Rate Floor: 9.00%) due 03/29/26		408,434		399,244
MA Financeco LLC
4.75% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 11/19/21		6,212,250		6,056,944
Refinitiv (Financial & Risk Us Holdings, Inc.)
6.25% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 10/01/25		5,785,500		5,612,976
PISWBidCo GmbH
3.25% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 04/30/25	EUR	4,800,000		5,302,942
Epicor Software
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 06/01/22		4,952,425		4,889,727
Evergood 4 ApS (Nets)
3.00% (3 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 02/06/25	EUR	3,832,286		4,233,359
Equian LLC
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 05/20/24		4,249,313		4,164,326
Lumentum Holdings, Inc.
5.00% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 12/10/25		4,065,159		4,054,996
Aspect Software, Inc.
7.74% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 01/15/24		4,535,848		3,623,825
Flexera Software LLC
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 02/26/25		3,443,450		3,421,068
Brave Parent Holdings, Inc.
6.50% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 04/18/25		3,233,709		3,190,604
Sabre GLBL, Inc.
4.50% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 02/22/24		2,339,546		2,319,800
EXC Holdings III Corp.
6.10% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 12/02/24		1,999,688		1,987,189
Miami Escrow Borrower LLC
5.00% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 06/21/24		1,387,213		1,349,758
Targus Group International, Inc.
15.13% (3 Month USD LIBOR + 11.50%, Rate Floor: 14.75%) due 08/01/25†††,1,2,4		152,876		—
Total Technology				304,248,358

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Consumer, Non-cyclical - 13.1%
Dole Food Company, Inc.
5.25% ((1 Month USD LIBOR + 2.75%) and (Commercial Prime Lending Rate + 1.75%), Rate Floor: 3.75%) due 04/06/24		21,473,613	$	20,432,143
Diamond (BC) B.V.
5.74% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 09/06/24		10,813,125		10,367,084
3.25% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 09/06/24	EUR	8,986,250		9,857,149
Examworks Group, Inc.
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 07/27/23		18,951,532		18,847,299
Sterigenics-Norion Holdings
5.50% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 05/15/22		17,128,966		16,814,992
Albertson’s LLC
5.50% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.75%) due 11/17/25		10,663,275		10,518,681
5.61% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.75%) due 12/21/22		6,174,276		6,121,115
Aspen Dental
5.50% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 04/30/25		15,334,125		15,148,889
IQVIA Holdings, Inc.
4.25% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 06/11/25		15,185,250		15,008,038
Endo Luxembourg Finance Co.
6.75% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 04/29/24		14,666,898		14,371,214
US Foods, Inc.
4.50% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 06/27/23		13,050,655		12,838,582
Springs Window Fashions
6.74% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 06/15/25		11,711,500		11,550,467
10.99% (1 Month USD LIBOR + 8.50%, Rate Floor: 8.50%) due 06/15/26		1,350,000		1,225,395
Immucor, Inc.
7.60% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 06/15/21		11,961,314		11,931,411
CPI Holdco LLC
6.24% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 03/21/24		10,723,591		10,589,546
PAREXEL International Corp.
5.25% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 09/27/24		10,453,805		10,061,787

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Sigma Holding BV (Flora Food)
3.50% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 07/02/25	EUR	9,000,000	$	9,952,508
Cidron New Bidco Ltd.
3.50% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 04/16/25	EUR	8,125,000		9,081,713
Smart & Final Stores LLC
6.13% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 11/15/22		8,298,839		7,890,785
AI Aqua Zip Bidco Pty Ltd.
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 12/13/23		8,256,967		7,885,403
JBS USA Lux SA
4.98% (1 Month USD LIBOR + 2.50%, Rate Floor: 3.25%) due 10/30/22		7,811,624		7,750,146
Syneos Health, Inc.
4.50% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 08/01/24		6,993,260		6,931,090
Recess Holdings, Inc.
6.25% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 09/30/24		5,709,565		5,562,087
Avantor, Inc.
6.25% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 11/21/24		4,366,449		4,370,073
Alpha Bidco SAS
3.25% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 06/30/25	EUR	3,472,271		3,867,337
CTI Foods Holding Co. LLC
10.00% (Commercial Prime Lending Rate + 2.50%, Rate Floor: 3.50%) due 06/29/20		3,662,453		1,837,343
10.50% (1 Month USD LIBOR + 8.00%, Rate Floor: 9.00%) due 07/10/19		1,587,022		1,555,281
9.85% (3 Month USD LIBOR + 7.25%, Rate Floor: 8.25%) due 06/28/21		7,420,000		371,000
Global Healthcare Exchange LLC
5.85% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 06/28/24		3,537,000		3,457,417
Stratose Intermediate Holdings II LLC
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 06/22/23		3,242,250		3,215,242
Agiliti
5.50% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 01/04/26		2,700,000		2,689,875
Arctic Glacier Group Holdings, Inc.
6.00% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 03/20/24		2,272,564		2,246,998

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Universal Health Services, Inc.
4.25% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 10/31/25		2,194,500	$	2,192,437
Valeant Pharmaceuticals International, Inc.
5.48% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 06/02/25		2,103,759		2,088,738
BCPE Eagle Buyer LLC
6.88% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 03/18/24		2,117,588		2,027,590
Cheese Bidco B.V.
3.25% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 06/30/25	EUR	1,627,729		1,812,929
Nellson Nutraceutical (CAD)
6.86% ((3 Month USD LIBOR + 4.25%) and (Commercial Prime Lending Rate + 3.25%), Rate Floor: 5.25%) due 12/23/21		1,658,712		1,567,482
Acadia Healthcare Co., Inc.
5.00% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 02/16/23		1,275,063		1,262,542
Catalent Pharma Solutions, Inc.
4.75% (1 Month USD LIBOR + 2.25%, Rate Floor: 3.25%) due 05/20/24		638,711		635,121
Jacobs Douwe Egberts
4.50% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 11/01/25		588,495		583,098
Total Consumer, Non-cyclical				286,518,027
Communications - 11.1%
Cengage Learning Acquisitions, Inc.
6.74% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 06/07/23		24,695,215		22,163,956
CSC Holdings, LLC
4.73% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 07/17/25		21,381,655		20,744,054
Sprint Communications, Inc.
5.00% (1 Month USD LIBOR + 2.50%, Rate Floor: 3.25%) due 02/02/24		20,657,728		20,089,641
McGraw-Hill Global Education Holdings LLC
6.50% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 05/04/22		20,981,682		19,250,693
SFR Group S.A.
6.17% (1 Month USD LIBOR + 3.69%, Rate Floor: 3.69%) due 01/31/26		19,281,051		18,239,874
Internet Brands, Inc.
6.24% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 09/13/24		16,525,251		16,277,538

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Market Track LLC
6.83% (2 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 06/05/24		13,642,250	$	12,823,715
Radiate HoldCo LLC
5.50% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.75%) due 02/01/24		13,020,035		12,710,939
Authentic Brands
6.00% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 09/27/24		11,869,250		11,624,506
Ziggo Secured Finance BV
4.98% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 04/15/25		11,275,000		10,970,801
Charter Communications Operating, LLC
4.50% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 04/30/25		10,418,125		10,339,989
Houghton Mifflin Co.
5.50% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 05/28/21		10,493,681		9,903,411
Virgin Media Bristol LLC
4.98% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 01/15/26		10,000,000		9,885,700
Imagine Print Solutions LLC
7.25% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 06/21/22		10,535,000		9,718,538
Trader Corp.
5.50% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 09/28/23		9,052,876		8,962,347
WMG Acquisition Corp.
4.62% (1 Month USD LIBOR + 2.13%, Rate Floor: 2.13%) due 11/01/23		8,637,894		8,440,864
Telenet Financing USD LLC
4.73% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 08/15/26		7,070,000		6,909,370
GTT Communications, Inc.
5.25% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 05/31/25		6,252,750		5,879,148
Level 3 Financing, Inc.
4.74% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 02/22/24		4,450,000		4,393,441
Match Group, Inc.
5.08% (2 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 11/16/22		2,471,875	$	2,464,163
SFR Group SA
5.25% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 07/31/25		492,662		457,560
Total Communications				242,250,248
Financial - 7.0%
Amwins Group LLC
5.25% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 01/25/24		18,152,258		17,879,974

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Alliant Holdings Intermediate LLC
5.23% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 05/09/25		18,132,744	$	17,396,192
National Financial Partners Corp.
5.50% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 01/08/24		17,193,433		16,548,679
LPL Holdings, Inc.
4.74% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 09/23/24		15,959,596		15,806,703
AlixPartners, LLP
5.25% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 04/04/24		12,966,921		12,863,186
Delos Finance S.A.R.L (International Lease Finance)
4.35% (3 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 10/06/23		11,250,000		11,230,312
HUB International Ltd.
5.51% (3 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 04/25/25		10,000,000		9,658,300
Virtu Financial, Inc.
6.13% (3 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 03/01/26		8,625,000		8,635,781
Aretec Group, Inc.
6.75% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 10/01/25		7,830,375		7,719,419
HarbourVest Partners LP
4.85% (2 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 03/03/25		7,484,197		7,396,857
Camelia Bidco Banc Civica
5.60% (3 Month GBP LIBOR + 4.75%, Rate Floor: 4.75%) due 10/14/24	GBP	5,600,000		7,220,724
USI, Inc.
5.60% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 05/16/24		7,046,690		6,823,521
PSS Companies
7.00% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 01/28/20		5,462,841		5,462,841
Jefferies Finance LLC
5.31% (3 Month USD LIBOR + 2.50%, Rate Floor: 3.50%) due 08/02/24		5,431,250		5,332,836
Advisor Group, Inc.
6.25% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 08/15/25		3,184,000		3,184,000
Total Financial				153,159,325
Basic Materials - 3.9%
GrafTech Finance, Inc.
6.00% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 02/12/25		16,540,806		16,478,778
Alpha 3 B.V.
5.60% (3 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 01/31/24		14,932,348		14,573,076

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Messer Industries USA, Inc.
5.10% (3 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 03/01/26		12,075,000	$	11,810,920
2.75% (3 Month EURIBOR + 2.75%, Rate Floor: 2.75%) due 03/02/26	EUR	2,000,000		2,231,303
PQ Corp.
5.24% (3 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 02/08/25		12,617,548		12,459,829
LTI Holdings, Inc.
6.00% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 09/06/25		9,104,250		8,747,636
Arch Coal, Inc.
5.25% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 03/07/24		6,732,922		6,699,258
PMHC II, Inc. (Prince)
6.17% ((1 Month USD LIBOR + 3.50%) and (3 Month USD LIBOR + 3.50%) and (12 Month USD LIBOR + 3.50%), Rate Floor: 4.50%) due 03/29/25		5,316,300		5,159,044
HB Fuller Co.
4.49% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 10/20/24		4,114,320		4,035,901
Pregis Holding I Corp.
6.10% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 05/20/21		1,339,102		1,315,667
Minerals Technologies, Inc.
4.86% ((1 Month USD LIBOR + 2.25%) and (3 Month USD LIBOR + 2.25%), Rate Floor: 3.00%) due 02/14/24		741,595		738,814
Total Basic Materials				84,250,226
Energy - 1.6%
Ultra Petroleum, Inc.
6.49% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 04/12/24		16,726,793		14,447,767
Penn Virginia Holding Corp.
9.50% (1 Month USD LIBOR + 7.00%, Rate Floor: 8.00%) due 09/29/22		10,890,000		10,617,750
Permian Production Partners LLC
8.49% (1 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 05/20/24		8,470,000		8,131,200
Summit Midstream Partners, LP
8.50% (1 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 05/13/22		715,000		707,550
Total Energy				33,904,267
Total Senior Floating Rate Interests
(Cost $1,943,232,261)				1,865,720,510
CORPORATE BONDS†† - 4.9%
Financial - 1.3%
Nexi Capital SpA
3.63% due 05/01/23	EUR	15,000,000		17,049,815
Icahn Enterprises, LP / Icahn Enterprises Finance Corp.
5.88% due 02/01/22		5,000,000		5,062,500

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Kennedy-Wilson, Inc.
5.88% due 04/01/24		2,796,000	$	2,778,525
Icahn Enterprises Limited Partnership / Icahn Enterprises Finance Corp.
6.00% due 08/01/20		1,700,000		1,716,150
Jefferies Finance LLC / JFIN Company-Issuer Corp.
7.38% due 04/01/205		1,050,000		1,050,000
Lincoln Financing SARL
3.56% due 04/01/24	EUR	350,000		392,724
Total Financial				28,049,714
Energy - 1.1%
Sabine Pass Liquefaction LLC
5.63% due 02/01/21		5,500,000		5,712,695
5.63% due 04/15/23		4,200,000		4,552,214
CNX Resources Corp.
5.88% due 04/15/22		4,398,000		4,387,005
Unit Corp.
6.63% due 05/15/21		4,000,000		3,840,000
Moss Creek Resources Holdings, Inc.
7.50% due 01/15/265		4,000,000		3,690,000
American Midstream Partners Limited Partnership / American Midstream Finance Corp.
8.50% due 12/15/215		1,268,000		1,166,560
Total Energy				23,348,474
Communications - 1.0%
DISH DBS Corp.
7.75% due 07/01/26		10,700,000		9,309,000
Ziggo BV
5.50% due 01/15/275		5,000,000		4,937,500
Midcontinent Communications / Midcontinent Finance Corp.
6.88% due 08/15/235		4,000,000		4,161,150
Anixter, Inc.
5.50% due 03/01/23		3,000,000		3,105,000
MDC Partners, Inc.
6.50% due 05/01/245		1,700,000		1,406,750
Total Communications				22,919,400
Industrial - 0.7%
Reynolds Group Issuer Incorporated / Reynolds Group Issuer LLC / Reynolds Group Issuer Luxemburg
6.29% (3 Month USD LIBOR + 3.50%) due 07/15/215,6		7,500,000		7,528,125
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc.
4.63% due 05/15/235		2,100,000		2,113,125
4.25% due 09/15/225		1,500,000		1,500,000
Novelis Corp.
6.25% due 08/15/245		3,000,000		3,067,500
Grinding Media Inc. / MC Grinding Media Canada Inc.
7.38% due 12/15/235		750,000		720,000
Total Industrial				14,928,750
Consumer, Non-cyclical - 0.4%
Nathan’s Famous, Inc.
6.63% due 11/01/255		4,275,000		4,152,094
ServiceMaster Co. LLC
5.13% due 11/15/245		4,000,000		4,015,000
HCA, Inc.
4.50% due 02/15/27		1,500,000		1,540,466
Total Consumer, Non-cyclical				9,707,560
Utilities - 0.2%
AES Corp.
6.00% due 05/15/26		2,000,000		2,119,960
5.50% due 04/15/25		1,059,000		1,098,712
LBC Tank Terminals Holding Netherlands BV
6.88% due 05/15/237		630,000		595,350
Total Utilities				3,814,022

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Technology - 0.1%
NCR Corp.
5.88% due 12/15/21		1,450,000	$	1,474,360
6.38% due 12/15/23		800,000		822,000
Total Technology				2,296,360
Consumer, Cyclical - 0.1%
Lennar Corp.
4.13% due 01/15/22		1,500,000		1,513,125
Basic Materials - 0.0%
Eldorado Gold Corp.
6.13% due 12/15/205		265,000		259,355
Mirabela Nickel Ltd.
9.50% due 06/24/194		1,279,819		127,982
Total Basic Materials				387,337
Total Corporate Bonds
(Cost $111,250,578)				106,964,742
ASSET-BACKED SECURITIES†† - 1.3%
Collateralized Loan Obligations - 1.3%
OHA Credit Partners IX Ltd.
2013-9A, due 10/20/255,8		6,000,000		5,000,897
Cerberus Loan Funding XVII Ltd.
2016-3A, 5.32% (3 Month USD LIBOR + 2.53%, Rate Floor: 0.00%) due 01/15/285,6		5,000,000		4,972,691
Jamestown CLO V Ltd.
2014-5A, 7.87% (3 Month USD LIBOR + 5.10%, Rate Floor: 0.00%) due 01/17/275,6		4,000,000		3,515,567
Avery Point II CLO Ltd.
2013-3X COM, due 01/18/258		4,300,020		3,164,138
ABPCI Direct Lending Fund CLO I LLC
2016-1A, 5.46% (3 Month USD LIBOR + 2.70%, Rate Floor: 0.00%) due 12/22/285,6		3,000,000		2,986,801
Halcyon Loan Advisors Funding Ltd.
2012-1A, 5.68% (3 Month USD LIBOR + 3.00%, Rate Floor: 0.00%) due 08/15/235,6		2,600,000		2,600,121
Treman Park CLO Ltd.
2015-1A, due 10/20/285,8		3,000,000		2,568,068
Octagon Loan Funding Ltd.
2014-1A, due 11/18/315,8		2,071,948		1,199,405
Newstar Commercial Loan Funding LLC
2017-1A, 6.29% (3 Month USD LIBOR + 3.50%, Rate Floor: 0.00%) due 03/20/275,6		1,000,000		1,000,355
ACIS CLO Ltd.
2015-6A, 6.11% (3 Month USD LIBOR + 3.37%, Rate Floor: 0.00%) due 05/01/275,6		1,000,000		992,073
Ares XXVI CLO Ltd.
2013-1A, due 04/15/255,8		1,250,000		2,221
Total Collateralized Loan Obligations				28,002,337
Collateralized Debt Obligations - 0.0%
N-Star REL CDO VIII Ltd.
2006-8A, 2.85% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 02/01/415,6		704,538		694,632

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Transport-Aircraft - 0.0%
Airplanes Pass Through Trust
2001-1A, 3.01% (1 Month USD LIBOR + 0.55%, Rate Floor: 0.55%) due 03/15/194,6,7		896,492	$	31,292
Total Asset-Backed Securities
(Cost $30,858,322)				28,728,261
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 1.0%
Residential Mortgage Backed Securities - 1.0%
RALI Series Trust
2006-QO6, 2.67% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 06/25/466		12,834,013		5,179,686
2006-QO2, 2.71% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 02/25/466		519,917		206,004
Washington Mutual Mortgage Pass-Through Certificates Trust
2007-OA6, 3.14% (1 Year CMT Rate + 0.81%, Rate Floor: 0.81%) due 07/25/476		4,149,099		3,712,538
American Home Mortgage Assets Trust
2006-4, 2.70% (1 Month USD LIBOR + 0.21%, Rate Floor: 0.21%) due 10/25/466		3,772,229		2,711,446
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-AR9, 3.24% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/466		2,994,703		2,646,306
Lehman XS Trust Series
2006-16N, 2.68% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 11/25/466		2,292,430		2,144,833
Wachovia Asset Securitization Issuance II LLC Trust
2007-HE1, 2.63% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/375,6		2,060,008		1,951,376
Nomura Resecuritization Trust
2015-4R, 2.00% (1 Month USD LIBOR + 0.43%, Rate Floor: 0.43%) due 03/26/365,6		1,687,125		1,633,535
Morgan Stanley Re-REMIC Trust
2010-R5, 3.88% due 06/26/365		665,204		610,211
Alliance Bancorp Trust
2007-OA1, 2.73% (1 Month USD LIBOR + 0.24%, Rate Floor: 0.24%) due 07/25/376		628,318		556,497
GSAA Home Equity Trust
2007-7, 2.76% (1 Month USD LIBOR + 0.27%) due 07/25/376		541,522		518,404
New Century Home Equity Loan Trust
2004-4, 3.29% (1 Month USD LIBOR + 0.80%, Rate Cap/Floor: 12.50%/0.53%) due 02/25/356		264,069		256,574
Total Residential Mortgage Backed Securities				22,127,410
Total Collateralized Mortgage Obligations
(Cost $21,187,718)				22,127,410

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
COMMERCIAL PAPER†† - 3.6%
American Water Capital Corp.
2.67% due 04/02/195,9		20,000,000	$	19,998,517
Marriott International, Inc.
2.80% due 04/03/195,9		16,000,000		15,997,511
Waste Management, Inc.
2.70% due 04/03/195,9		15,000,000		14,997,750
Mondelez International, Inc.
2.67% due 04/15/195,9		10,000,000		9,989,617
Walgreens Boots Alliance, Inc.
2.86% due 05/24/199		10,000,000		9,956,615
Lowes Cos., Inc.
2.70% due 04/01/199		7,600,000		7,600,000
Total Commercial Paper
(Cost $78,540,847)				78,540,010
Total Investments - 98.5%
(Cost $2,237,231,843)			$	2,153,279,460
Other Assets & Liabilities, net - 1.5%				32,749,455
Total Net Assets - 100.0%			$	2,186,028,915

Forward Foreign Currency Exchange Contracts††
Counterparty	Contracts to Sell	Currency	Settlement Date	Settlement Value		Value at March 31, 2019		Unrealized Appreciation (Depreciation)
Barclays Bank plc	54,625,000	GBP	04/12/19	$	71,603,979	$	71,181,794	$	422,185
Goldman Sachs International	1,940,000	EUR	04/12/19		2,206,800		2,178,442		28,358
Bank of America, N.A.	159,625,000	EUR	04/12/19		179,051,363		179,244,227		(192,864	)
								$	257,679

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
FLOATING RATE STRATEGIES FUND

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
*	Non-income producing security.
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 4.
††	Value determined based on Level 2 inputs, unless otherwise noted — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
1	Security was fair valued by the Valuation Committee at March 31, 2019. The total market value of fair valued securities amounts to $15,813,952, (cost $15,850,730) or 0.7% of total net assets.
2	Affiliated issuer.
3	Rate indicated is the 7-day yield as of March 31, 2019.
4	Security is in default of interest and/or principal obligations.
5	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $130,478,507 (cost $131,652,939), or 6.0% of total net assets.
6	Variable rate security. Rate indicated is the rate effective at March 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
7	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $626,642 (cost $1,365,254), or less than 0.1% of total net assets — See Note 9.
8	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
9	Rate indicated is the effective yield at the time of purchase.
	CMT — Constant Maturity Treasury
	EUR — Euro
	EURIBOR — European Interbank Offered Rate
	GBP — British Pound
	LIBOR — London Interbank Offered Rate
	plc — Public Limited Company
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
FLOATING RATE STRATEGIES FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2019 (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	$	607	$	798,206	$	133,952	$	932,765
Preferred Stocks		—		497,748		—		497,748
Money Market Fund		49,768,014		—		—		49,768,014
Senior Floating Rate Interests		—		1,850,040,510		15,680,000		1,865,720,510
Corporate Bonds		—		106,964,742		—		106,964,742
Asset-Backed Securities		—		28,728,261		—		28,728,261
Collateralized Mortgage Obligations		—		22,127,410		—		22,127,410
Commercial Paper		—		78,540,010		—		78,540,010
Forward Foreign Currency Exchange Contracts**		—		450,543		—		450,543
Total Assets	$	49,768,621	$	2,088,147,430	$	15,813,952	$	2,153,730,003

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Forward Foreign Currency Exchange Contracts**	$	—	$	192,864	$	—	$	192,864
Unfunded Loan Commitments (Note 8)		—		1,377,851		—		1,377,851
Total Liabilities	$	—	$	1,570,715	$	—	$	1,570,715

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

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|31

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
FLOATING RATE STRATEGIES FUND

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Cash Management Funds”), each of which are open-end management investment companies managed by GI. The Cash Management Funds, which launched on March 11, 2014, are offered as cash management options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Cash Management Funds pay no investment management fees. The Cash Management Funds’ annual report on Form N-CSR dated September 30, 2018, is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000089180418000513/gug75569-ncsr.htm.

Transactions during the period ended March 31, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 09/30/18			Additions		Reductions			Realized Gain (Loss)
Common Stocks
Aspect Software, Inc.*,5	$	—	**	$	—	$	—		$	—
Targus Group International, Inc.1		33,063			—		(4,712	)		—
Mutual Funds
Guggenheim Strategy Fund II		7,554,385			61,983		(7,573,814	)		308
Guggenheim Strategy Fund III		7,587,154			64,096		(7,593,287	)		(66,939	)
Guggenheim Ultra Short Duration Fund - Institutional Class2		8,665,910			70,076		(8,689,421	)		845
Senior Floating Rate Interests
Aspect Software, Inc. 7.74% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 01/15/243,5		5,601,165			—		(43,625	)		—
Targus Group International, Inc. due 05/24/161,4		—	**		—		—			—
	$	29,441,677		$	196,155	$	(23,904,859	)	$	(65,786	)

32|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS(Unaudited)(concluded)	March 31, 2019
FLOATING RATE STRATEGIES FUND

Security Name	Change in Unrealized Appreciation (Depreciation)			Value 03/31/19			Shares/ Face Amount 03/31/19		Investment Income		Capital Gain Distributions
Common Stocks
Aspect Software, Inc.*,5	$	—		$	—			—	$	—	$	—
Targus Group International, Inc.1		(1,096	)		27,255			12,773		1,140		—
Mutual Funds
Guggenheim Strategy Fund II		(42,862	)		—			—		—		4,053
Guggenheim Strategy Fund III		8,976			—			—		—		284
Guggenheim Ultra Short Duration Fund - Institutional Class2		(47,410	)		—			—		—		6,314
Senior Floating Rate Interests
Aspect Software, Inc. 7.74% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 01/15/243,5		—			—			—		312,404		—
Targus Group International, Inc. due 05/24/161,4		—			—	**		152,876		—		—
	$	(82,392	)	$	27,255				$	313,544	$	10,651

*	Non-income producing security.
**	Security has a market value less than $1.
1	Security was fair valued by the Valuation Committee at March 31, 2019. The total market value of fair valued and affiliated securities amounts to $27,255, (cost $156,853) or less than 0.1% of total net assets.
2	Effective November 30, 2018, Guggenheim Strategy Fund I was reorganized with and into the Guggenheim Ultra Short Duration Fund.
3	Variable rate security. Rate indicated is the rate effective at March 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
4	Security is in default of interest and/or principal obligations.
5	Security is no longer an affiliated entity effective February 4, 2019.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|33

STATEMENT OF ASSETS AND LIABILITIES(Unaudited)

FLOATING RATE STRATEGIES FUND

March 31, 2019

Assets:
Investments in unaffiliated issuers, at value (cost $2,237,074,990)	$	2,153,252,205
Investments in affiliated issuers, at value (cost $156,853)		27,255
Foreign currency, at value (cost $691,812)		691,812
Cash		4,740,453
Segregated cash with broker		460,000
Unrealized appreciation on forward foreign currency exchange contracts		450,543
Prepaid expenses		281,719
Receivables:
Securities sold		75,328,095
Interest		6,507,866
Fund shares sold		3,760,380
Foreign tax reclaims		57,090
Total assets		2,245,557,418
Liabilities:
Unfunded loan commitments, at value (Note 8) (proceeds $1,357,370)		1,377,851
Unrealized depreciation on forward foreign currency exchange contracts		192,864
Payable for:
Securities purchased		38,458,694
Fund shares redeemed		16,208,166
Distributions to shareholders		1,651,570
Management fees		854,356
Distribution and service fees		239,522
Transfer agent/maintenance fees		187,069
Fund accounting/administration fees		152,647
Trustees’ fees*		3,539
Miscellaneous		202,225
Total liabilities		59,528,503
Net assets	$	2,186,028,915
Net assets consist of:
Paid in capital	$	2,308,207,480
Total distributable earnings (loss)		(122,178,565	)
Net assets	$	2,186,028,915
A-Class:
Net assets	$	289,617,230
Capital shares outstanding		11,466,699
Net asset value per share	$	25.26
Maximum offering price per share (Net asset value divided by 97.00%)	$	26.04
C-Class:
Net assets	$	141,360,379
Capital shares outstanding		5,598,838
Net asset value per share	$	25.25
P-Class:
Net assets	$	250,811,242
Capital shares outstanding		9,925,762
Net asset value per share	$	25.27
Institutional Class:
Net assets	$	1,417,350,878
Capital shares outstanding		56,067,211
Net asset value per share	$	25.28
R6-Class:
Net assets	$	86,889,186
Capital shares outstanding		3,437,396
Net asset value per share	$	25.28

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

34|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENT OF OPERATIONS(Unaudited)

FLOATING RATE STRATEGIES FUND

Period Ended March 31, 2019

Investment Income:
Dividends from securities of affiliated issuers	$	1,140
Interest from securities of unaffiliated issuers (net of foreign withholding tax of $12,448)		74,248,437
Interest from securities of affiliated issuers		312,404
Total investment income		74,561,981
Expenses:
Management fees		8,680,136
Distribution and service fees:
A-Class		447,636
C-Class		780,424
P-Class		416,215
Transfer agent/maintenance fees:
A-Class		247,015
C-Class		88,622
P-Class		213,028
Institutional Class		758,390
R6-Class		3
Fund accounting/administration fees		1,068,335
Interest expense		244,510
Line of credit fees		211,550
Trustees’ fees*		44,134
Custodian fees		43,254
Miscellaneous		362,823
Total expenses		13,606,075
Less:
Expenses reimbursed by Adviser:
A-Class		(232,835	)
C-Class		(92,244	)
P-Class		(198,588	)
Institutional Class		(587,372	)
Expenses waived by Adviser		(30,560	)
Total waived/reimbursed expenses		(1,141,599	)
Net expenses		12,464,476
Net investment income		62,097,505
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers	$	(38,203,553	)
Investments in affiliated issuers		(65,786	)
Distributions received from affiliated investment company shares		10,651
Foreign currency transactions		818,427
Forward foreign currency exchange contracts		10,277,062
Net realized loss		(27,163,199	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(53,912,287	)
Investments in affiliated issuers		(82,392	)
Foreign currency translations		(52,499	)
Forward foreign currency exchange contracts		170,106
Net change in unrealized appreciation (depreciation)		(53,877,072	)
Net realized and unrealized loss		(81,040,271	)
Net decrease in net assets resulting from operations	$	(18,942,766	)

* 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 SEMI-ANNUAL REPORT|35

STATEMENTS OF CHANGES IN NET ASSETS

FLOATING RATE STRATEGIES FUND

	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	62,097,505		$	143,792,027
Net realized gain (loss) on investments		(27,163,199	)		20,095,310
Net change in unrealized appreciation (depreciation) on investments		(53,877,072	)		(31,396,838	)
Net increase (decrease) in net assets resulting from operations		(18,942,766	)		132,490,499
Distributions to shareholders:
A-Class		(8,393,366	)		(19,328,895	)
C-Class		(3,086,462	)		(6,226,360	)
P-Class		(7,819,711	)		(14,036,610	)
Institutional Class		(44,665,110	)		(105,692,526	)
R6-Class*		(194,346	)		—
Total distributions to shareholders		(64,158,995	)		(145,284,391	)
Capital share transactions:
Proceeds from sale of shares
A-Class		35,471,234			174,750,198
C-Class		8,248,990			25,524,875
P-Class		68,222,507			196,163,250
Institutional Class		371,394,569			993,737,991
R6-Class*		87,046,267			—
Distributions reinvested
A-Class		6,986,743			15,899,450
C-Class		2,388,108			4,861,463
P-Class		7,814,864			13,987,188
Institutional Class		36,098,265			85,084,696
R6-Class*		194,346			—
Cost of shares redeemed
A-Class		(173,358,441	)		(292,303,519	)
C-Class		(37,748,518	)		(60,834,101	)
P-Class		(200,586,841	)		(184,687,809	)
Institutional Class		(1,160,786,304	)		(1,431,785,517	)
R6-Class*		—			—
Net decrease from capital share transactions		(948,614,211	)		(459,601,835	)
Net decrease in net assets		(1,031,715,972	)		(472,395,727	)
Net assets:
Beginning of period		3,217,744,887			3,690,140,614
End of period	$	2,186,028,915		$	3,217,744,887

36|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF CHANGES IN NET ASSETS(concluded)

FLOATING RATE STRATEGIES FUND

	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Capital share activity:
Shares sold
A-Class		1,389,506			6,734,757
C-Class		324,150			983,543
P-Class		2,686,569			7,564,336
Institutional Class		14,612,634			38,250,771
R6-Class*		3,429,719			—
Shares issued from reinvestment of distributions
A-Class		275,673			613,005
C-Class		94,345			187,516
P-Class		308,410			539,448
Institutional Class		1,423,332			3,277,180
R6-Class*		7,677			—
Shares redeemed
A-Class		(6,846,645	)		(11,264,301	)
C-Class		(1,492,195	)		(2,344,621	)
P-Class		(7,926,262	)		(7,112,156	)
Institutional Class		(45,840,602	)		(55,157,087	)
Net decrease in shares		(37,553,689	)		(17,727,609	)

* Since commencement of operations: March 13, 2019.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|37

FINANCIAL HIGHLIGHTS

FLOATING RATE STRATEGIES FUND

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.

A-Class	Period Ended March 31, 2019a			Year Ended Sept. 30, 2018			Year Ended Sept. 30, 2017			Year Ended Sept. 30, 2016			Year Ended Sept. 30, 2015			Year Ended Sept. 30, 2014
Per Share Data
Net asset value, beginning of period	$	25.92		$	26.01		$	25.92		$	25.88		$	26.52		$	26.62
Income (loss) from investment operations:
Net investment income (loss)b		.57			1.04			.93			.99			1.04			1.10
Net gain (loss) on investments (realized and unrealized)		(.64	)		(.07	)		.10			.12			(.42	)		.05
Total from investment operations		(.07	)		.97			1.03			1.11			.62			1.15
Less distributions from:
Net investment income		(.59	)		(1.06	)		(.94	)		(1.07	)		(1.18	)		(1.20	)
Net realized gains		—	c		—			—			—			(.08	)		(.05	)
Total distributions		(.59	)		(1.06	)		(.94	)		(1.07	)		(1.26	)		(1.25	)
Net asset value, end of period	$	25.26		$	25.92		$	26.01		$	25.92		$	25.88		$	26.52
Total Returnd		(0.24	%)		3.80	%		4.03	%		4.47	%		2.36	%		4.42	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	289,617		$	431,562		$	534,911		$	452,611		$	400,270		$	365,207
Ratios to average net assets:
Net investment income (loss)		4.53	%		4.02	%		3.58	%		3.88	%		3.97	%		4.10	%
Total expensese		1.19	%		1.15	%		1.13	%		1.20	%		1.19	%		1.18	%
Net expensesf,g,j		1.05	%		1.03	%		1.04	%		1.03	%		1.03	%		1.04	%
Portfolio turnover rate		5	%		33	%		44	%		35	%		44	%		58	%

38|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL HIGHLIGHTS(continued)

FLOATING RATE STRATEGIES FUND

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.

C-Class	Period Ended March 31, 2019a			Year Ended Sept. 30, 2018			Year Ended Sept. 30, 2017			Year Ended Sept. 30, 2016			Year Ended Sept. 30, 2015			Year Ended Sept. 30, 2014
Per Share Data
Net asset value, beginning of period	$	25.91		$	26.00		$	25.91		$	25.87		$	26.51		$	26.60
Income (loss) from investment operations:
Net investment income (loss)b		.48			.85			.74			.80			.85			.90
Net gain (loss) on investments (realized and unrealized)		(.64	)		(.07	)		.10			.12			(.43	)		.06
Total from investment operations		(.16	)		.78			.84			.92			.42			.96
Less distributions from:
Net investment income		(.50	)		(.87	)		(.75	)		(.88	)		(.98	)		(1.00	)
Net realized gains		—	c		—			—			—			(.08	)		(.05	)
Total distributions		(.50	)		(.87	)		(.75	)		(.88	)		(1.06	)		(1.05	)
Net asset value, end of period	$	25.25		$	25.91		$	26.00		$	25.91		$	25.87		$	26.51
Total Returnd		(0.60	%)		3.03	%		3.26	%		3.68	%		1.63	%		3.64	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	141,360		$	172,906		$	204,008		$	197,296		$	145,808		$	132,370
Ratios to average net assets:
Net investment income (loss)		3.80	%		3.29	%		2.83	%		3.13	%		3.23	%		3.35	%
Total expensese		1.91	%		1.87	%		1.83	%		1.93	%		1.91	%		1.89	%
Net expensesf,g,j		1.79	%		1.78	%		1.79	%		1.78	%		1.78	%		1.79	%
Portfolio turnover rate		5	%		33	%		44	%		35	%		44	%		58	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|39

FINANCIAL HIGHLIGHTS(continued)

FLOATING RATE STRATEGIES FUND

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.

P-Class	Period Ended March 31, 2019a			Year Ended Sept. 30, 2018			Year Ended Sept. 30, 2017			Year Ended Sept. 30, 2016			Period Ended Sept. 30, 2015h
Per Share Data
Net asset value, beginning of period	$	25.93		$	26.02		$	25.93		$	25.89		$	26.37
Income (loss) from investment operations:
Net investment income (loss)b		.58			1.05			.94			.99			.40
Net gain (loss) on investments (realized and unrealized)		(.65	)		(.08	)		.09			.12			(.46	)
Total from investment operations		(.07	)		.97			1.03			1.11			(.06	)
Less distributions from:
Net investment income		(.59	)		(1.06	)		(.94	)		(1.07	)		(.42	)
Net realized gains		—	c		—			—			—			—
Total distributions		(.59	)		(1.06	)		(.94	)		(1.07	)		(.42	)
Net asset value, end of period	$	25.27		$	25.93		$	26.02		$	25.93		$	25.89
Total Return		(0.24	%)		3.80	%		4.03	%		4.46	%		(0.24	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	250,811		$	385,306		$	360,829		$	124,974		$	20,536
Ratios to average net assets:
Net investment income (loss)		4.53	%		4.05	%		3.59	%		3.86	%		3.68	%
Total expensese		1.18	%		1.15	%		1.16	%		1.06	%		1.04	%
Net expensesf,g,j		1.06	%		1.03	%		1.03	%		1.03	%		1.02	%
Portfolio turnover rate		5	%		33	%		44	%		35	%		44	%

40|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL HIGHLIGHTS(continued)

FLOATING RATE STRATEGIES FUND

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	Period Ended March 31, 2019a			Year Ended Sept. 30, 2018			Year Ended Sept. 30, 2017			Year Ended Sept. 30, 2016			Year Ended Sept. 30, 2015			Year Ended Sept. 30, 2014
Per Share Data
Net asset value, beginning of period	$	25.95		$	26.03		$	25.94		$	25.90		$	26.54		$	26.64
Income (loss) from investment operations:
Net investment income (loss)b		.61			1.11			1.00			1.05			1.10			1.16
Net gain (loss) on investments (realized and unrealized)		(.66	)		(.07	)		.10			.12			(.42	)		.06
Total from investment operations		(.05	)		1.04			1.10			1.17			.68			1.22
Less distributions from:
Net investment income		(.62	)		(1.12	)		(1.01	)		(1.13	)		(1.24	)		(1.27	)
Net realized gains		—	c		—			—			—			(.08	)		(.05	)
Total distributions		(.62	)		(1.12	)		(1.01	)		(1.13	)		(1.32	)		(1.32	)
Net asset value, end of period	$	25.28		$	25.95		$	26.03		$	25.94		$	25.90		$	26.54
Total Return		(0.16	%)		4.08	%		4.28	%		4.71	%		2.59	%		4.67	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,417,351		$	2,227,970		$	2,590,393		$	1,643,932		$	1,231,352		$	753,476
Ratios to average net assets:
Net investment income (loss)		4.77	%		4.28	%		3.83	%		4.11	%		4.18	%		4.32	%
Total expensese		0.88	%		0.84	%		0.82	%		0.87	%		0.85	%		0.87	%
Net expensesf,g,j		0.81	%		0.79	%		0.79	%		0.79	%		0.79	%		0.80	%
Portfolio turnover rate		5	%		33	%		44	%		35	%		44	%		58	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|41

FINANCIAL HIGHLIGHTS(continued)

FLOATING RATE STRATEGIES FUND

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.

R6-Class	Period Ended March 31, 2019i
Per Share Data
Net asset value, beginning of period	$	25.38
Income (loss) from investment operations:
Net investment income (loss)b		.06
Net gain (loss) on investments (realized and unrealized)		(.10	)
Total from investment operations		(.04	)
Less distributions from:
Net investment income		(.06	)
Net realized gains		—
Total distributions		(.06	)
Net asset value, end of period	$	25.28
Total Return		(0.17	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	86,889
Ratios to average net assets:
Net investment income (loss)		4.57	%
Total expensese		0.82	%
Net expensesf,g,j		0.82	%
Portfolio turnover rate		5	%

42|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL HIGHLIGHTS(concluded)

FLOATING RATE STRATEGIES FUND

a	Unaudited figures for the period ended March 31, 2019. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Distributions from realized gains are less than $0.01 per share.
d	Total return does not reflect the impact of any applicable sales charges.
e	Does not include expenses of the underlying funds in which the Fund invests.
f	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
g	The portion of the ratios of net expenses to average net assets attributable to recoupments of prior fee reductions or expense reimbursements for the periods presented was as follows:

	03/31/19	09/30/18	09/30/17
A-Class	—	—	—
C-Class	—	0.01%	—
P-Class	—	—	—
Institutional Class	—	—	0.01%
R6-Class	—	N/A	N/A

h	Since commencement of operations: May 1, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
i	Since commencement of operations: March 13, 2019. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
j	Net expenses may include expenses that are excluded from the expense limitation agreement and affiliated fee waivers. Excluding these expenses, the net expense ratios for the periods would be:

	03/31/19	09/30/18	09/30/17	09/30/16	09/30/15	09/30/14
A-Class	1.02%	1.02%	1.02%	1.02%	1.02%	1.02%
C-Class	1.76%	1.77%	1.77%	1.77%	1.77%	1.77%
P-Class	1.02%	1.02%	1.02%	1.02%	1.01%	N/A
Institutional Class	0.78%	0.78%	0.78%	0.78%	0.78%	0.78%
R6-Class	0.76%	N/A	N/A	N/A	N/A	N/A

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|43

NOTES TO FINANCIAL STATEMENTS(Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

Guggenheim Funds Trust (the “Trust”), a Delaware statutory trust, is registered with 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. The Trust is authorized to issue an unlimited number of shares. The Trust accounts for the assets of each fund separately.

The Trust offers a combination of five separate classes of shares, A-Class shares, C-Class shares, P-Class shares, R6-Class 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 A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased. A-Class share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% contingent deferred sales charge (“CDSC”), if shares are redeemed within 12 months of purchase. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. 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. R6-Class shares are also offered through certain other plans and platforms sponsored by financial intermediaries. Certain institutional investors and others deemed appropriate by Guggenheim Investments (“GI”) may also be eligible to purchase R6-Class shares subject to a $2 million minimum initial investment. At March 31, 2019, the Trust consisted of twenty funds (the “Funds”).

This report covers the Floating Rate Strategies Fund (the “Fund”), a diversified investment company. At March 31, 2019, only Investor Class, A-Class, C-Class, P-Class, Institutional Class and R6-Class shares had been issued by the Fund.

C-Class shares of the Fund automatically convert to A-Class shares on or about the 10th day of the month following the 10-year anniversary date of the purchase of the C-Class 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 A-Class shares.

Guggenheim Partners Investment Management, LLC (“GPIM”), which operates under the name Guggenheim Investments, provides advisory services. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI and GFD are affiliated entities.

Significant Accounting Policies

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

44 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

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 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 Class by the number of outstanding shares of the Class.

(a) Valuation of Investments

The Board of Trustees of the Fund (the “Board”) has adopted policies and procedures for the valuation of the Fund’s investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Fund’s securities and/or other assets.

Valuations of the Fund’s securities are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Fund’s officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used and valuations provided by the pricing services.

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

Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sale price as of the close of business on the NYSE, usually at 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on a given day, the security is valued at the closing bid price on that day.

Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the NYSE. The values of foreign securities are determined as of the close of such foreign markets or the close of the NYSE, if earlier. All investments quoted in foreign currencies are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of U.S. business at 4:00 p.m. Investments in foreign securities may involve risks not present in domestic investments. The Valuation Committee will determine the current

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|45

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

value of such foreign securities by taking into consideration certain factors which may include those discussed above, as well as the following factors, among others: the value of the securities traded on other foreign markets, ADR trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities. In addition, under the Valuation Procedures, the Valuation Committee and GI are authorized to use prices and other information supplied by a third party pricing vendor in valuing foreign securities.

Open-end investment companies (“mutual funds”) are valued at their NAV as of the close of business, on the valuation date.

Debt securities with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from independent pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Short-term debt securities with a maturity of 60 days or less at acquisition are valued at amortized cost, provided such amount approximates market value. Money market funds are valued at their NAV.

Typically, loans are valued using information provided by an independent third party pricing service which uses broker quotes. If the pricing service cannot or does not provide a valuation for a particular loan or such valuation is deemed unreliable, such loan is fair valued by the Valuation Committee.

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

Investments for which market quotations are not readily available are fair-valued as determined in good faith by GI, subject to review and approval by the Valuation Committee, pursuant to methods established or ratified by the Board. 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 prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis.

In connection with futures contracts and other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

46 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

(b) Senior Loans

Senior loans in which the Fund invests generally pay interest rates which are periodically adjusted by reference to a base short-term floating rate, plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the one-month or three-month London Inter-Bank Offered Rate (LIBOR), (ii) the prime rate offered by one or more major United States banks, or (iii) the bank’s certificate of deposit rate. Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities disclosed in the Fund’s Schedule of Investments. The interest rate indicated is the rate in effect at March 31, 2019.

(c) Interests in When-Issued Securities

The Fund may purchase and sell interests in securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually take delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities before the settlement date.

(d) Currency Translations

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

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

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|47

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

(e) Forward Foreign Currency Exchange Contracts

The change in value of the contract is recorded as unrealized appreciation or depreciation until the contract is closed. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

(f) Foreign Taxes

The Fund 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 Fund invests. These foreign taxes, if any, are paid by the Fund and reflected in its Statement 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 March 31, 2019, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.

(g) 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 realized gains in the Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries. 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. Interest income also includes paydown gains and losses on mortgage-backed and asset-backed securities and senior and subordinated loans. Amendment fees are earned as compensation for evaluating and accepting changes to the original loan agreement and are recognized when received. 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.

Income from residual collateralized loan obligations is recognized using the effective interest method. At the time of purchase, management estimates the future expected cash flows and determines the effective yield and estimated maturity date based on the estimated cash flows. Subsequent to the purchase, the estimated cash flows are updated periodically and a revised yield is calculated prospectively. Cash flows received in excess of the effective yield are reflected as a return of capital.

48 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

(h) Distributions

The Fund declares dividends from investment income daily. The Fund pays its shareholders from its net investment income monthly and distributes any net capital gains that it has realized, at least annually. Distributions to shareholders are recorded on the ex-dividend date. Dividends are reinvested in additional shares unless shareholders request payment in cash. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes.

(i) Class Allocations

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

(j) 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 Statement of Operations are before the reduction in expense from the related earnings credits, if any. For the period ended March 31, 2019, there were no earnings credits received.

(k) Cash

The Fund may leave cash overnight in its cash account with the custodian. Periodically, the 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 2.43% at March 31, 2019.

(l) Indemnifications

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|49

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

Note 2 – Derivatives

As part of its investment strategy, the Fund utilizes a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized in the Statement of Assets and Liabilities. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Financial Statements.

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

The Fund utilized derivatives for the following purpose:

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

Forward Foreign Currency Exchange Contracts

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

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

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

	Average Value
Use	Purchased		Sold
Hedge	$	3,743,765	$	279,980,079

50 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

Derivative Investment Holdings Categorized by Risk Exposure

The following is a summary of the location of derivative investments on the Fund’s Statement of Assets and Liabilities as of March 31, 2019:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Currency contracts	Unrealized appreciation on forward foreign currency exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts

The following table sets forth the fair value of the Fund’s derivative investments categorized by primary risk exposure at March 31, 2019:

	Primary Risk Exposure	Forward Foreign Currency Exchange Risk
Asset Derivative Investments Value	Foreign exchange risk	$	450,543
Liability Derivative Investments Value	Foreign exchange risk	$	(192,864	)

The following is a summary of the location of derivative investments on the Fund’s Statement of Operations for the period ended March 31, 2019:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Currency contracts	Net realized gain (loss) on forward foreign currency exchange contracts
	Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts

The following is a summary of the Fund’s realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Statement of Operations categorized by primary risk exposure for the period ended March 31, 2019:

Realized Gain (Loss) on Derivative Investments Recognized on the Statement of Operations
Primary Risk Exposure	Forward Foreign Currency Exchange Risk
Foreign exchange risk	$	10,277,062

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statement of Operations
Primary Risk Exposure	Forward Foreign Currency Exchange Risk
Foreign exchange risk	$	170,106

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

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NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

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

Note 3 – Offsetting

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

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

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

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

52 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

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

							Gross Amounts Not Offset in the Statement of Assets and Liabilities
Instrument	Gross Amounts of Recognized Assets1		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amount of Assets Presented on the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received		Net Amount
Forward foreign currency exchange contracts	$	450,543	$	—	$	450,543	$	—	$	—	$	450,543

							Gross Amounts Not Offset in the Statement of Assets and Liabilities
Instrument	Gross Amounts of Recognized Liabilities1		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amount of Liabilities Presented on the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Pledged			Net Amount
Forward foreign currency exchange contracts	$	192,864	$	—	$	192,864	$	—	$	(192,864	)	$	—

The Fund has the right to offset deposits against any related derivative liabilities outstanding with each counterparty with the exception of exchange-traded or centrally-cleared derivatives. The following table presents deposits held by others in connection with derivative investments as of March 31, 2019.

Counterparty	Asset Type	Cash Pledged		Cash Received
Bank of America Merrill Lynch	Forward currency contracts	$	460,000	$	—

Note 4 – Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for

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NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

the investment or liability. 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 — 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.

The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

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

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

54 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

Note 5 – Investment Advisory Agreement and Other Agreements

Under the terms of an investment advisory contract, the Fund pays GI investment advisory fees calculated at an annualized rate of 0.65% of the average daily net assets of the Fund up to $5 billion; and 0.60% of the average daily net assets in excess of $5 billion.

GI engages external service providers to perform other necessary services for the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, etc., on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

The Fund has adopted Distribution Plans related to the offering of A-Class, C-Class and P-Class 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 the Fund’s A-Class and P-Class shares, and 1.00% of the average daily net assets of the Fund’s C-Class shares.

The investment advisory contract for the Fund provides that the total expenses be limited to a percentage of average net assets for each class of shares, exclusive of brokerage costs, dividends 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:

	Limit	Effective Date	Contract End Date
A-Class	1.02%	11/30/12	02/01/20
C-Class	1.77%	11/30/12	02/01/20
P-Class	1.02%	05/01/15	02/01/20
Institutional Class	0.78%	11/30/12	02/01/20
R6-Class	0.78%*	03/13/19	02/01/20

* Since the commencement of operations: March 13, 2019.

GI is entitled to reimbursement by the Funds 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, GI is entitled to recoupment of previously waived fees or reimbursed expenses for 36 months from the date of the waiver or reimbursement by GI. At March 31, 2019, 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:

	2019		2020		2021		2022		Total
A-Class	$	408,812	$	506,871	$	572,780	$	236,835	$	1,725,298
C-Class		126,576		104,116		176,311		93,898		500,901
P-Class		9,234		320,707		442,125		202,111		974,177
Institutional Class		633,650		819,172		1,285,374		607,550		3,345,746
R6-Class		—		—		—		252		252

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NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

During the period ended March 31, 2019, GI did not recoup from the Fund.

If a Fund invests in a fund that is advised by the same advisor or an affiliated adviser, the investing Fund’s adviser has agreed to waive fees at the investing fund level to the extent necessary to offset the proportionate share of any management fee paid by each Fund with respect to its investment in such affiliated fund. Fee waivers will be calculated at the investing Fund level without regard to any expense cap, if any, in effect for the investing Fund. Fees waived under this arrangement are not subject to reimbursement to GI. For the period ended March 31, 2019, the Fund waived $952 related to investments in affiliated funds.

For the period ended March 31, 2019, GFD retained sales charges of $162,871 relating to sales of A-Class shares of the Trust.

Certain 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 Fund’s administrator, transfer agent and accounting agent. As administrator, transfer agent and accounting agent, MUIS is responsible for maintaining the books and records of the Fund’s securities and cash. The Bank of New York Mellon Corp. (“BNY”) acts as the Fund’s custodian. As custodian, BNY is responsible for the custody of the Fund’s assets. For providing the aforementioned administrative and accounting services, MUIS is entitled to receive a monthly fee equal to a percentage of the Fund’s 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 6 – Federal Income Tax Information

The Fund intends to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Fund from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax is required.

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

56 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

At March 31, 2019, the cost of securities for federal income tax purposes, the aggregate gross unrealized appreciation for all securities for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over value were as follows:

Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
$	2,237,319,837	$	—	$	(83,782,698	)	$	(83,782,698	)

Note 7 – Securities Transactions

For the period ended March 31, 2019, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

Purchases		Sales
$	117,901,808	$	1,096,411,836

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by 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 to save costs, where permissible. For the period ended March 31, 2019, the Fund engaged in purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act, as follows:

Purchases		Sales		Realized Gain (Loss)
$	4,135,364	$	—	$	—

Note 8 – Unfunded Loan Commitments

Pursuant to the terms of certain loan agreements, the Fund held unfunded loan commitments as of March 31, 2019. The Fund is obligated to fund these loan commitments at the borrower’s discretion.

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NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

The unfunded loan commitments as of March 31, 2019, were as follows:

Borrower	Maturity Date	Face Amount		Value
Advantage Sales & Marketing LLC	07/25/19	$	8,000,000	$	1,230,000
Aspect Software, Inc.	07/15/23		939,012		—	*
CTI Foods Holding Co. LLC	07/10/19		317,404		6,348
Mavis Tire Express Services Corp.	03/20/25		3,146,714		80,118
Wencor Group	06/19/19		2,455,385		61,385
				$	1,377,851

* Security has a market value of $0.

Note 9 – Restricted Securities

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

Restricted Securities	Acquisition Date	Cost		Value
Airplanes Pass Through Trust
2001-1A, 3.01% (1 Month USD LIBOR + 0.55%, Rate Floor: 0.55%) due 03/15/191,2	12/27/11	$	723,184	$	31,292
LBC Tank Terminals Holding Netherlands BV
6.88% due 05/15/23	12/17/13		642,070		595,350
		$	1,365,254	$	626,642

1

Variable rate security. Rate indicated is the rate effective at March 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.

2

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

Note 10 – Line of Credit

The Trust, along with other affiliated trusts, secured a 364-day committed, $1,065,000,000 line of credit from Citibank, N.A., which was in place through October 5, 2018, at which time the line of credit was renewed with an increased commitment amount of $1,205,000,000. 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”, LIBOR plus 1%, or the federal funds rate plus 1/2 of 1%.

58 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS(Unaudited)(concluded)

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 unused commitment amount. The allocated commitment fee amount for the Fund is referenced in the Statement of Operations under “Line of credit fees”. The Fund did not have any borrowings under this agreement as of and for the period ended March 31, 2019.

Note 11 – Recent Regulatory Reporting Updates

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (the “2018 ASU”) which adds, modifies and removes disclosure requirements related to certain aspects of fair value measurement. The 2018 ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. As of March 31, 2019, the Fund has fully adopted the provisions of the 2018 ASU, which did not have a material impact on the Fund’s financial statements and related disclosures or impact the Fund’s net assets or results of operations.

Note 12 – Recent Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (the “2017 ASU”) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The 2017 ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The 2017 ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

Note 13 – Subsequent Events

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|59

OTHER INFORMATION(Unaudited)

Proxy Voting Information

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

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 on Form N-Q; which are available on the SEC’s website at https://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

60 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS(Unaudited)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES
Randall C. Barnes (1951)	Trustee	Since 2014	Current: Private Investor (2001-present). Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).	49	Current: Trustee, Purpose Investments Funds (2013-present). Former: Managed Duration Investment Grade Municipal Fund (2003-2016).
Donald A. Chubb, Jr. (1946)	Trustee and Chairman of the Valuation Oversight Committee	Since 1994	Current: Retired. Former: Business broker and manager of commercial real estate, Griffith & Blair, Inc. (1997-2017).	48	Former: Midland Care, Inc. (2011-2016).
Jerry B. Farley (1946)	Trustee and Chairman of the Audit Committee	Since 2005	Current: President, Washburn University (1997-present).	48	Current: CoreFirst Bank & Trust (2000-present). Former: Westar Energy, Inc. (2004-2018).
Roman Friedrich III (1946)	Trustee and Chairman of the Contracts Review Committee	Since 2014	Current: Founder and Managing Partner, Roman Friedrich & Company (1998-present).	48	Former: Zincore Metals, Inc. (2009-January 2019).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS(Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES - continued
Ronald A. Nyberg (1953)	Trustee and Chairman of the Nominating and Governance Committee	Since 2014	Current: Partner, Momkus LLC (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	49	Current: PPM Funds (2018-present); Edward-Elmhurst Healthcare System (2012-present); Western Asset Inflation-Linked Opportunities & Income Fund (2004-present); Western Asset Inflation-Linked Income Fund (2003-present). Former: Managed Duration Investment Grade Municipal Fund (2003-2016).

62 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS(Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES - concluded
Ronald E. Toupin, Jr. (1958)	Trustee and Chairman of the Board	Since 2014	Current: Portfolio Consultant (2010-present); Member, Governing Council, Independent Directors Coucil (2013-present); Governor, Board of Governors, Investment Company Institute (2018-present). Former: Member, Executive Committee, Independent Directors Coucil (2016-2018); Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).	48	Current: Western Asset Inflation-Linked Opportunities & Income Fund (2004-present); Western Asset Inflation-Linked Income Fund (2003-present). Former: Managed Duration Investment Grade Municipal Fund (2003-2016).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|63

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS(Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INTERESTED TRUSTEE
Amy J. Lee*** (1961)	Trustee, Vice President and Chief Legal Officer	Since 2018 (Trustee) Since 2014 (Chief Legal Officer) Since 2007 (Vice President)	Current: Interested Trustee, certain other funds in the Fund Complex (2018-present); President, certain other funds in the Fund Complex (2017-present); Chief Legal Officer, certain other funds in the Fund Complex (2014-present); Vice President, certain other funds in the Fund Complex (2007-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: President and Chief Executive Officer (2017-2018); Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).	48	None.

*	The business address of each Trustee is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each Trustee serves an indefinite term, until his or her successor is elected and qualified. Time served includes time served in the respective position for the Predecessor Corporation.
***	This Trustee is deemed to be an "interested person" of the Funds under the 1940 Act by reason of her position with the Funds' Investment Manager and/or the parent of the Investment Manager.

64 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS(Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS
Brian E. Binder (1972)	President and Chief Executive Officer	Since 2018	Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President and Chief Executive Officer, Guggenheim Funds Investment Advisors, LLC and Security Investors, LLC (2018-present); Senior Managing Director and Chief Administrative Officer, Guggenheim Investments (2018-present). Former: Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Head of Business Management and Consulting, Invesco Ltd. (2010-2012).
James M. Howley (1972)	Assistant Treasurer	Since 2014	Current: Managing Director, Guggenheim Investments (2004-present); Assistant Treasurer, certain other funds in the Fund Complex (2006-present). Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).
Mark E. Mathiasen (1978)	Secretary	Since 2014	Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).
Glenn McWhinnie (1969)	Assistant Treasurer	Since 2016	Current: Vice President, Guggenheim Investments (2009-present); Assistant Treasurer, certain other funds in the Fund complex (2016-present).
Michael P. Megaris (1984)	Assistant Secretary	Since 2014	Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2012-present).
Elisabeth Miller (1968)	Chief Compliance Officer	Since 2012	Current: Chief Compliance Officer, certain other funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments (2012-present); Vice President, Guggenheim Funds Distributors, LLC (2014-present). Former: Chief Compliance Officer, Security Investors, LLC (2012-2018); Chief Compliance Officer, Guggenheim Funds Investment Advisors, LLC (2012-2018); Chief Compliance Officer, Guggenheim Distributors, LLC (2009-2014); Senior Manager, Security Investors, LLC (2004-2009); Senior Manager, Guggenheim Distributors, LLC (2004-2009).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|65

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS(Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - continued
Margaux Misantone (1978)	AML Officer	Since 2017	Current: Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investment Advisors, LLC (2018-present); AML Officer, Security Investors, LLC and certain other funds in the Fund Complex (2017-present); Managing Director, Guggenheim Investments (2015-present). Former: Assistant Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investments Advisors, LLC (2015-2018).
Adam J. Nelson (1979)	Assistant Treasurer	Since 2015	Current: Vice President, Guggenheim Investments (2015-present); Assistant Treasurer, certain other funds in the Fund Complex (2015-present). Former: Assistant Vice President and Fund Administration Director, State Street Corporation (2013-2015); Fund Administration Assistant Director, State Street (2011-2013); Fund Administration Manager, State Street (2009-2011).
Kimberly J. Scott (1974)	Assistant Treasurer	Since 2014	Current: Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
Bryan Stone (1979)	Vice President	Since 2014	Current: Vice President, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2013-present). Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).

66 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS(Unaudited)(concluded)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - concluded
John L. Sullivan (1955)	Chief Financial Officer, Chief Accounting Officer and Treasurer	Since 2014	Current: Chief Financial Officer, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present). Former: Managing Director and Chief Compliance Officer, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); Chief Financial Officer and Treasurer, Van Kampen Funds (1996-2004).
Jon Szafran (1989)	Assistant Treasurer	Since 2017	Current: Vice President, Guggenheim Investments (2017-present); Assistant Treasurer, certain other funds in the Fund Complex (2017-present). Former: Assistant Treasurer of Henderson Global Funds and Manager of US Fund Administration, Henderson Global Investors (North America) Inc. ("HGINA"), (2017); Senior Analyst of US Fund Administration, HGINA (2014-2017); Senior Associate of Fund Administration, Cortland Capital Market Services, LLC (2013-2014); Experienced Associate, PricewaterhouseCoopers LLP (2012-2013).

*	The business address of each officer is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each officer serves an indefinite term, until his or her successor is duly elected and qualified.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|67

GUGGENHEIM INVESTMENTS PRIVACY NOTICE(Unaudited)

Who We Are

This Privacy Notice describes the data protection practices of Guggenheim Investments. Guggenheim Investments as used herein refers to the affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Guggenheim Investment Advisors (Europe) Limited, Guggenheim Real Estate, LLC, GS Gamma Advisors, LLC, Guggenheim Partners India Management, LLC, Guggenheim Partners Europe Limited, as well as the funds in the Guggenheim Funds complex (the “Funds”) (“Guggenheim Investments,” “we,” “us,” or “our”).

Guggenheim Partners Investment Management Holdings, LLC, located at 330 Madison Avenue, New York, New York 10017 is the data controller for your information. The affiliates who are also controllers of certain of your information are: Guggenheim Investment Advisors (Europe) Limited, Guggenheim Partners Europe Limited, Guggenheim Partners, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC and Security Investors, LLC, as well as the Funds.

Our Commitment to You

Guggenheim Investments considers your privacy our utmost concern. When you become our client or investor, you entrust us with not only your hard-earned money but also with your personal and financial information. Because we have access to your private information, we hold ourselves to the highest standards in its safekeeping and use. We strictly limit how we share your information with others, whether you are a current or former Guggenheim Investments client or investor.

The Information We Collect About You

We collect certain nonpublic personal information about you from information you provide on applications, other forms, our website, and/or from third parties including investment advisors. This information includes Social Security or other tax identification number, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history, bank account information, marital status, family relationships, information that we collect on our website through the use of “cookies,” and other personal information that you or others provide to us. We may also collect such information through your inquiries by mail, e-mail or telephone. We may also collect customer due diligence information, as required by applicable law and regulation, through third party service providers.

How We Handle Your Personal Information

The legal basis for using your information as set out in this Privacy Notice is as follows: (a) use of your personal data is necessary to perform our obligations under any contract with you (such as a contract for us to provide financial services to you); or (b) where use of your personal data is not necessary for performance of a contract, use of your personal data is necessary for our legitimate interests or the legitimate interests of others (for example, to enforce the legal terms

68 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY NOTICE(Unaudited)(continued)

governing our services, operate and market our website and other services we offer, ensure safe environments for our personnel and others, make and receive payments, prevent fraud and to know the customer to whom we are providing the services). Some processing is done to comply with applicable law.

In addition to the specific uses described above, we also use your information in the following manner:

● We use your information in connection with servicing your accounts.

● We use information to respond to your requests or questions. For example, we might use your information to respond to your customer feedback.

● We use information to improve our products and services. We may use your information to make our website and products better. We may use your information to customize your experience with us.

● We use information for security purposes. We may use your information to protect our company and our customers.

● We use information to communicate with you. For example, we will communicate with you about your account or our relationship. We may contact you about your feedback. We might also contact you about this Privacy Notice. We may also enroll you in our email newsletter.

● We use information as otherwise permitted by law, as we may notify you.

● Aggregate/Anonymous Data. We may aggregate and/or anonymize any information collected through the website so that such information can no longer be linked to you or your device (“Aggregate/Anonymous Information”). We may use Aggregate/Anonymous Information for any purpose, including without limitation for research and marketing purposes, and may also share such data with any third parties, including advertisers, promotional partners, and sponsors.

We do not sell information about current or former clients or their accounts to third parties. Nor do we share this information, except when necessary to complete transactions at your request, to make you aware of investment products and services that we or our affiliates offer, or as permitted or required by law.

We provide information about you to companies and individuals not affiliated with Guggenheim Investments to complete certain transactions or account changes, or to perform services for us related to your account. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we must provide certain information about you to that company to complete the transaction. We provide the third party with only the information necessary to carry out its responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|69

GUGGENHEIM INVESTMENTS PRIVACY NOTICE(Unaudited)(continued)

To alert you to other Guggenheim Investments products and services, we share your information within our family of affiliated companies. You may limit our sharing with affiliated companies as set out below. We may also share information with any successor to all or part of our business, or in connection with steps leading up to a merger or acquisition. For example, if part of our business was sold we may give customer information as part of that transaction. We may also share information about you with your consent.

We will release information about you if you direct us to do so, if we are compelled by law to do so, or in other circumstances as permitted by law (for example, to protect your account from fraud).

If you close your account(s) or become an inactive client or investor, we will continue to adhere to the privacy policies and practices described in this notice.

Opt-Out Provisions and Your Data Choices

The law allows you to “opt out” of certain kinds of information sharing with third parties. We do not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.

When you are no longer our client or investor, we continue to share your information as described in this notice, and you may contact us at any time to limit our sharing by sending an email to CorporateDataPrivacy@GuggenheimPartners.com.

European Union Data Subjects and certain others: In addition to the choices set forth above, residents of the European Union and certain other jurisdictions have certain rights to (1) request access to or rectification or deletion of information we collect about them, (2) request a restriction on the processing of their information, (3) object to the processing of their information, or (4) request the portability of certain information. To exercise these or other rights, please contact us using the contact information below. We will consider all requests and provide our response within the time period stated by applicable law. Please note, however, that certain information may be exempt from such requests in some circumstances, which may include if we need to keep processing your information for our legitimate interests or to comply with a legal obligation. We may request you provide us with information necessary to confirm your identity before responding to your request.

Residents of France and certain other jurisdictions may also provide us with instructions regarding the manner in which we may continue to store, erase and share your information after your death, and where applicable, the person you have designated to exercise these rights after your death.

How We Protect Privacy Online

We take steps to protect your privacy when you use our web site – www.guggenheiminvestments.com – by using secure forms of online communication, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These safeguards vary

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE(Unaudited)(concluded)

based on the sensitivity of the information that we collect and store. However, we cannot and do not guarantee that these measures will prevent every unauthorized attempt to access, use, or disclose your information since despite our efforts, no Internet and/or other electronic transmissions can be completely secure. Our web site uses “http cookies”—tiny pieces of information that we ask your browser to store. We use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your e-mail address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

How We Safeguard Your Personal Information and Data Retention

We restrict access to nonpublic personal information about you to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

We keep your information for no longer than necessary for the purposes for which it is processed. The length of time for which we retain information depends on the purposes for which we collected and use it and/or as required to comply with applicable laws. Information may persist in copies made for backup and business continuity purposes for additional time.

International Visitors

If you are not a resident of the United States, please be aware that your information may be transferred to, stored and processed in the United States where our servers are located and our databases are operated. The data protection and other laws of the United States and other countries might not be as comprehensive as those in your country.

In such cases, we ensure that a legal basis for such a transfer exists and that adequate protection is provided as required by applicable law, for example, by using standard contractual clauses or by transferring your data to a jurisdiction that has obtained an adequacy finding. Individuals whose data may be transferred on the basis of standard contractual clauses may contact us as described below.

We’ll Keep You Informed

If you have any questions or concerns about how we treat your personal data, we encourage you to consult with us first. You may also contact the relevant supervisory authority.

We reserve the right to modify this policy at any time and will inform you promptly of material changes. You may access our privacy policy from our web site at www.guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us by email at CorporateDataPrivacy@GuggenheimPartners.com.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|71

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3.31.2019

Guggenheim Semi-Annual Report

Guggenheim Total Return Bond Fund

Beginning on January 1, 2021, paper copies of the Fund’s annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the Fund electronically by calling 800.820.0888, going to GuggenheimInvestments.com/myaccount, or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of the Fund directly, you can inform the Fund that you wish to receive paper copies of reports by calling 800.820.0888. If you hold shares of the Fund through a financial intermediary, please contact the financial intermediary to make this election. Your election to receive reports in paper will apply to all Guggenheim Funds in which you are invested and may apply to all funds held with your financial intermediary.

GuggenheimInvestments.com TRB-SEMI-0319x0919

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	4
ABOUT SHAREHOLDERS’ FUND EXPENSES	6
TOTAL RETURN BOND FUND	9
NOTES TO FINANCIAL STATEMENTS	63
OTHER INFORMATION	85
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	86
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	93

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 1

March 31, 2019

Dear Shareholder:

Guggenheim Partners Investment Management, LLC (“GPIM” or the “Investment Adviser”), is pleased to present the shareholder report for Guggenheim Total Return Bond Fund (the “Fund”) for the semi-annual fiscal period ended March 31, 2019.

The Investment Adviser is part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), a global, diversified financial services firm.

Guggenheim Funds Distributors, LLC is the distributor of the Funds. Guggenheim Funds Distributors, LLC is affiliated with Guggenheim and the Investment Adviser.

We encourage you to read the Economic and Market Overview section of the report, which follows this letter.

We are committed to providing innovative investment solutions and appreciate the trust you place in us.

Sincerely,

Guggenheim Partners Investment Management, LLC
April 30, 2019

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments.com or call 800.820.0888.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/ or legal professional regarding your specific situation.

2 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

March 31, 2019

Total Return Bond Fund may not be suitable for all investors. ● Investments in fixed-income instruments are subject to the possibility that interest rates could rise, causing the value of the Fund’s holdings and share price to decline. ● Investors in asset-backed securities, including collateralized loan obligations (“CLOs”), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate loans are repaid. Some asset-backed securities may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices volatile and they are subject to liquidity and valuation risk. CLOs bear similar risks to investing in loans directly. ● Investments in loans involve special types of risks, including credit, interest rate, counterparty, prepayment, liquidity, and valuation risks. Loans are often below investment grade, may be unrated, and typically offer a fixed or floating interest rate. ● High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. ● The Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more volatile and riskier than if it had not been leveraged. The more a Fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. ● Investments in reverse repurchase agreements expose the Fund to many of the same risks as leveraged instruments, such as derivatives. ● You may have a gain or loss when you sell your shares. ● Please read the prospectus for more detailed information regarding these and other risks.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 3

ECONOMIC AND MARKET OVERVIEW (Unaudited) March 31, 2019

Late 2018 and early 2019 U.S. economic data stoked recession fears, prompting the U.S. Federal Reserve (the “Fed”) to abort its tightening cycle and the 3-month/10-year Treasury yield curve to invert. Housing activity weakened markedly in the second half of 2018, personal spending growth decelerated, job gains moderated, and industrial production growth slowed. However, first-quarter 2019 real gross domestic product (“GDP”) surprised everyone by posting a growth rate of 3.2 percent. While this number benefited from big contributions from inventories and trade, the decline in interest rates and recovery in risk assets could support U.S. economic growth in the second and third quarters of 2019.

Taking a longer view, the indicators Guggenheim tracks as part of our proprietary recession probability indicator continue to signal that the economy could be heading into a recession in about a year. The unemployment rate has leveled off after years of steady declines, the Fed has moved to a neutral bias on rates, the yield curve has inverted, growth in leading indicators has slowed, gains in total hours worked have slowed, and real retail sales growth has fallen sharply. Taken together, these data points support the view that the next recession may begin as early as the first half of 2020.

Overseas, continued weakness in economic data finally prompted policy action. The European Central Bank (“ECB”) revised expected real GDP growth downward for 2019 and shortly thereafter delivered further accommodation. Rate hikes are now forecast to come later than previously indicated, and the ECB launched a series of targeted long-term refinancing operations consisting of two-year loans. China, another major economy that has shown signs of slowing, showed a mix of softening and signs of stabilization in recent economic activity. So far, Chinese authorities have announced fiscal stimulus through tax cuts and infrastructure spending, and monetary stimulus in the form of a reduction in the reserve requirement ratio.

Foreign governments’ stimulus to their local economies may be good news for U.S. activity. The downward trend in global growth weighed on U.S. activity, as evidenced by some weakness in 2018 U.S. exports and downward revisions to this year’s expected corporate earnings. If policy changes are enough to avoid recession across Western Europe or boost growth in China, the combination of this and lower U.S. rates could be positive for U.S. growth later in the year. However, the U.S., Europe, and China are not yet out of the woods. All three remain key risks to global growth given the lack of a Brexit agreement, significant weakening in German manufacturing activity, and unresolved U.S.-China tariff negotiations. Without a positive catalyst, the trajectory for the U.S. could remain negative, with a major event risk looming in the fall, when the U.S. Treasury Department will exhaust its “extraordinary measures” and force a congressional debate about the debt ceiling, which could prompt fears of a technical default and complicate fiscal year 2020 budget negotiations, where a fiscal spending cliff looms.

For the six months ended March 31, 2019, the Standard & Poor’s 500^® (“S&P 500”) Index^* returned -1.72%. The MSCI Europe-Australasia-Far East (“EAFE”) Index^* returned -3.64%. The return of the MSCI Emerging Markets Index^* was 1.83%.

4 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) March 31, 2019

In the bond market, the Bloomberg Barclays U.S. Aggregate Bond Index^* posted a 4.63% return for the period, while the Bloomberg Barclays U.S. Corporate High Yield Index^* returned 2.39%. The return of the ICE Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index^* was 1.17% for the six-month period.

The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.

^*Index Definitions

Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.

Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, mortgage-backed securities or “MBS” (agency fixed-rate and hybrid adjustable-rate mortgage, or “ARM”, pass-throughs), asset-backed securities (“ABS”), and commercial mortgage-backed securities (“CMBS”) (agency and non-agency).

Bloomberg Barclays U.S. Corporate High Yield Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB +/BB + or below.

ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market Index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

MSCI EAFE Index is a capitalization-weighted measure of stock markets in Europe, Australasia, and the Far East.

MSCI Emerging Markets Index is a free float-adjusted market capitalization-weighted index that is designed to measure equity market performance in the global emerging markets.

S&P 500^® is a broad-based index, the performance of which is based on the performance of 500 widely held common stocks chosen for market size, liquidity, and industry group representation.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 5

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

All mutual funds have operating expenses, and it is important for our shareholders to understand the impact of costs on their investments. Shareholders of a fund incur two types of costs: (i) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, other distributions, and exchange fees, and (ii) ongoing costs, including management fees, administrative services, and shareholder reports, among others. These ongoing costs, or operating expenses, are deducted from a fund’s gross income and reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets, which is known as the expense ratio. The following examples are intended to help investors understand the ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning September 30, 2018 and ending March 31, 2019.

The following tables illustrate the Fund’s costs in two ways:

Table 1. Based on actual Fund return: This section helps investors estimate the actual expenses paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fifth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. Investors may use the information here, together with the amount invested, to estimate the expenses paid over the period. Simply divide the Fund’s account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number provided under the heading “Expenses Paid During Period.”

Table 2. Based on hypothetical 5% return: This section is intended to help investors compare a Fund’s cost with those of other mutual funds. The table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid during the period. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on the 5% return. Investors can assess a Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

The calculations illustrated above assume no shares were bought or sold during the period. Actual costs may have been higher or lower, depending on the amount of investment and the timing of any purchases or redemptions.

6 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments, and contingent deferred sales charges (“CDSC”) on redemptions, if any. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

More information about the Fund’s expenses, including annual expense ratios for periods up to five years (subject to the Fund’s inception date), can be found in the Financial Highlights section of this report. For additional information on operating expenses and other shareholder costs, please refer to the Fund’s prospectus.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 7

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2018	Ending Account Value March 31, 2019	Expenses Paid During Period2
Table 1. Based on actual Fund return3
A-Class	0.79%	1.87%	$1,000.00	$1,018.70	$3.98
C-Class	1.54%	1.49%	1,000.00	1,014.90	7.74
P-Class	0.79%	1.83%	1,000.00	1,018.30	3.98
Institutional Class	0.50%	2.01%	1,000.00	1,020.10	2.52
R6-Class	0.50%	2.01%	1,000.00	1,020.10	2.52
Table 2. Based on hypothetical 5% return (before expenses)
A-Class	0.79%	5.00%	$1,000.00	$1,020.99	$3.98
C-Class	1.54%	5.00%	1,000.00	1,017.25	7.75
P-Class	0.79%	5.00%	1,000.00	1,020.99	3.98
Institutional Class	0.50%	5.00%	1,000.00	1,022.44	2.52
R6-Class	0.50%	5.00%	1,000.00	1,022.44	2.52

1	Annualized and excludes expenses of the underlying funds in which the Fund invests, if any.
2	Expenses are equal to the Fund's annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period September 30, 2018 to March 31, 2019.

8 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2019

TOTAL RETURN BOND FUND

OBJECTIVE: Seeks to provide total return, comprised of current income and capital appreciation.

Holdings Diversification (Market Exposure as % of Net Assets)

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 9

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(continued) March 31, 2019

Inception Dates:
A-Class	November 30, 2011
C-Class	November 30, 2011
P-Class	May 1, 2015
Institutional Class	November 30, 2011
R6-Class	October 19, 2016

Portfolio Composition by Quality Rating1
Rating	% of Total Investments
Fixed Income Instruments
AAA	53.3%
AA	6.9%
A	14.2%
BBB	7.0%
BB	2.3%
B	2.4%
CCC	1.6%
CC	0.8%
C	0.2%
NR2	4.9%
Other Instruments	6.4%
Total Investments	100.0%

Ten Largest Holdings (% of Total Net Assets)
U.S. Treasury Notes, 02/15/22	6.6%
U.S. Treasury Notes, 03/15/22	4.9%
U.S. Treasury Notes, 01/31/24	4.1%
U.S. Treasury Inflation Protected Securities, 01/15/20	2.8%
U.S. Treasury Notes, 02/29/24	2.5%
U.S. Treasury Bonds, 08/15/48	1.9%
U.S. Treasury Notes, 02/28/26	1.9%
State of Israel, 05/31/19	1.7%
Government of Japan, 01/20/20	1.2%
Federative Republic of Brazil, 07/01/19	1.0%
Top Ten Total	28.6%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

1

Source: BlackRock Solutions. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). All securities except for those labeled “NR” have been rated by Moody's, Standard & Poor's ("S&P"), or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (“NRSRO”). For purposes of this presentation, when ratings are available from more than one agency, the highest rating is used. Guggenheim Investments has converted ratings to the equivalent S&P rating. Security ratings are determined at the time of purchase and may change thereafter.

2

NR securities do not necessarily indicate low credit quality.

10| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2019

Average Annual Returns^*

Periods Ended March 31, 2019

	6 Month†	1 Year	5 Year	Since Inception (11/30/11)
A-Class Shares	1.87%	2.30%	3.82%	5.09%
A-Class Shares with sales charge‡	(2.20%)	(1.79%)	2.81%	4.39%
C-Class Shares	1.49%	1.54%	3.06%	4.32%
C-Class Shares with CDSC§	0.49%	0.55%	3.06%	4.32%
Institutional Class Shares	2.01%	2.59%	4.17%	5.44%
Bloomberg Barclays U.S. Aggregate Bond Index	4.63%	4.48%	2.74%	2.56%

	6 Month†	1 Year	Since Inception (05/01/15)
P-Class Shares	1.83%	2.30%	3.36%
Bloomberg Barclays U.S. Aggregate Bond Index	4.63%	4.48%	2.23%

	6 Month†	1 Year	Since Inception (10/19/16)
R6-Class Shares	2.01%	2.59%	3.09%
Bloomberg Barclays U.S. Aggregate Bond Index	4.63%	4.48%	1.55%

*	The performance data above represents past performance that is not predictive of future results. 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 effect of taxes. The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Effective October 1, 2015, the maximum sales charge decreased from 4.75% to 4.00%. A 4.75% maximum sales charge is used in the calculation of the Average Annual Returns based on subscriptions made prior to October 1, 2015, and a 4.00% maximum sales charge will be used to calculate performance for periods based on subscriptions made on or after October 1, 2015.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 11

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2019
TOTAL RETURN BOND FUND

	Shares		Value
COMMON STOCKS† - 0.0%
Industrial - 0.0%
API Heat Transfer Parent LLC*,††		42,528	$	11,695
BP Holdco LLC*,†††,1		532		188
Vector Phoenix Holdings, LP*,†††,1		532		45
Total Industrial				11,928
Energy - 0.0%
Titan Energy LLC*		6,740		404
Total Common Stocks
(Cost $221,199)				12,332
PREFERRED STOCKS†† - 0.0%
Industrial - 0.0%
Seaspan Corp. 6.38% due 04/30/19		25,075		634,899
API Heat Transfer Intermediate*		9		7,293
Total Industrial				642,192
Total Preferred Stocks
(Cost $634,112)				642,192
MUTUAL FUNDS† - 1.1%
Guggenheim Floating Rate Strategies Fund — R6 Class2		2,322,097		58,702,621
Guggenheim Ultra Short Duration Fund — Institutional Class2,3		2,580,476		25,727,343
Guggenheim Strategy Fund II2		1,034,394		25,663,326
Guggenheim Strategy Fund III2		1,034,088		25,635,031
Total Mutual Funds
(Cost $137,814,343)				135,728,321
MONEY MARKET FUND† - 2.5%
Federated U.S. Treasury Cash Reserve Fund — Institutional Shares 2.28%4		311,968,378		311,968,378
Total Money Market Fund
(Cost $311,968,378)				311,968,378
	Face Amount~
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 29.3%
Government Agency - 15.4%
Fannie Mae
3.59% due 05/01/34		71,867,000		74,967,492
3.59% due 02/01/29		37,705,400		38,916,347
2.89% due 10/01/29		38,458,000		37,925,710
3.01% due 09/01/29		36,899,000		36,874,620
3.26% due 05/01/34		37,000,000		36,844,637
3.19% due 02/01/29		29,250,000		29,713,355
3.56% due 04/01/30		26,311,799		27,140,471
3.33% due 03/01/49		25,100,000		25,524,543
3.60% due 03/01/31		24,586,000		25,384,323
3.40% due 02/01/33		25,000,000		25,336,350
3.48% due 04/01/29†††		23,630,000		24,575,163
3.12% due 10/01/32		24,800,000		24,465,455
3.23% due 01/01/33		23,622,869		23,676,522
3.61% due 04/01/34†††		28,014,000		22,835,861
3.68% due 04/01/34		20,000,000		21,081,797
2.90% due 11/01/29		21,378,000		21,004,267
2.87% due 09/01/29		20,000,000		19,673,752
3.37% due 05/01/31		19,250,000		19,614,766
3.49% due 04/01/30		18,587,830		19,314,234
3.56% due 03/01/31		18,550,000		19,298,212
3.17% due 02/01/28		18,350,000		18,477,637
2.96% due 11/01/29		18,620,000		18,448,288
4.17% due 02/01/49		15,500,000		16,404,785
3.62% due 04/01/34†††		14,435,000		15,111,368
3.71% due 04/01/34†††		18,150,000		14,643,395

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
3.75% due 03/01/34		13,500,000	$	14,208,138
3.19% due 02/01/30		13,742,293		13,910,709
4.08% due 04/01/49†††		12,879,000		13,400,244
3.07% due 01/01/28		13,100,000		12,999,276
3.42% due 09/01/47		13,177,643		12,778,165
3.66% due 03/01/34		12,125,000		12,610,014
3.66% due 03/01/31		11,821,000		12,479,427
2.82% due 10/01/29		12,100,000		11,894,318
3.59% due 04/01/33		11,280,000		11,647,484
3.03% due 12/01/27		10,900,000		10,785,212
4.21% due 10/01/48		9,750,000		10,486,859
3.41% due 02/01/33		10,250,000		10,393,670
3.08% due 10/01/32		10,250,000		10,132,497
3.42% due 04/01/30		9,800,000		10,072,591
3.51% due 04/01/34		9,820,000		10,068,461
3.31% due 01/01/33		9,700,000		9,776,908
3.71% due 03/01/31		8,763,000		9,244,437
3.05% due 10/01/29		9,100,000		9,089,698
3.06% due 12/01/27		9,000,000		8,922,545
3.04% due 01/01/28		8,900,000		8,811,237
3.60% due 03/01/30		8,341,000		8,750,590
3.08% due 01/01/30		8,500,000		8,502,449
2.94% due 10/01/32		8,531,885		8,374,038
3.43% due 03/01/33		8,100,000		8,225,394
3.66% due 03/01/34		7,000,000		7,295,064
3.48% due 04/01/30		7,000,000		7,249,007
3.14% due 01/01/28		6,900,000		6,883,806
2.99% due 09/01/29		6,800,000		6,736,718
3.29% due 03/01/33		6,700,000		6,693,319
3.63% due 05/01/34†††		6,140,000		6,385,149
4.04% due 08/01/48		6,100,000		6,378,186
4.07% due 04/01/49		6,000,000		6,255,830
3.61% due 04/01/39		6,193,000		6,170,452
3.13% due 02/01/28		5,900,000		5,983,649
3.44% due 05/01/34		5,850,000		5,967,914
3.60% due 04/01/33		5,600,000		5,795,523
3.21% due 01/01/33		5,500,000		5,457,517
4.00% due 12/01/38		4,813,917		4,987,061
3.39% due 02/01/30		4,800,000		4,944,931
4.50% due 04/01/48		4,720,933		4,922,809
3.10% due 01/01/33		4,800,000		4,742,342
3.22% due 01/01/30		4,650,000		4,721,212
3.11% due 01/01/28		4,600,000		4,666,014
3.16% due 01/01/30		4,500,000		4,544,757
3.50% due 02/01/48		4,576,261		4,511,305
3.39% due 02/01/33		4,300,000		4,353,368
3.33% due 04/01/30		4,252,347		4,349,115
3.71% due 04/01/31		4,200,000		4,336,815
4.27% due 12/01/33		3,736,004		4,120,175
3.76% due 03/01/37		4,000,000		4,117,425
3.50% due 12/01/47		4,022,045		4,082,079
3.65% due 03/01/33		3,600,000		3,740,026
3.69% due 03/01/29		3,500,000		3,646,713
4.24% due 08/01/48		3,400,000		3,619,221
3.11% due 11/01/27		3,500,000		3,492,693
3.77% due 03/01/31		3,200,000		3,395,821
3.92% due 04/01/39		3,198,000		3,334,300
3.50% due 12/01/46		3,208,644		3,259,964
3.18% due 01/01/30		3,000,000		3,036,942
3.61% due 03/01/34		2,900,000		3,004,738
4.00% due 01/01/46		2,888,371		2,983,513
3.94% due 06/01/35		2,600,000		2,697,809
3.12% due 02/01/28		2,600,000		2,634,816
3.53% due 04/01/33		2,500,000		2,568,054
3.26% due 11/01/46		2,543,812		2,416,552
3.58% due 12/01/27		2,284,553		2,403,294
3.50% due 12/01/45		2,272,936		2,314,125
4.00% due 08/01/47		2,223,979		2,297,385
3.55% due 04/01/33		2,150,000		2,213,414
3.51% due 11/01/37		2,150,000		2,124,103
3.00% due 07/01/46		1,902,056		1,895,158
3.14% due 12/01/32		1,600,000		1,574,902
2.97% due 11/01/25		1,378,866		1,391,518
3.27% due 01/01/30		1,350,000		1,376,771
3.27% due 08/01/34		1,338,096		1,338,917
3.74% due 02/01/48		1,305,417		1,317,719
3.02% due 11/01/27		1,300,000		1,285,648
4.05% due 09/01/48		1,202,061		1,260,938
4.50% due 02/01/45		1,083,925		1,141,910
3.13% due 01/01/30		1,000,000		1,010,096
3.60% due 10/01/47		978,173		964,984
5.00% due 05/01/44		794,879		854,166
3.63% due 01/01/37		733,957		737,161
4.50% due 05/01/47		701,187		734,569
5.00% due 12/01/44		608,097		653,452
2.75% due 11/01/31		655,288		633,003
3.50% due 08/01/43		615,866		628,908

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
			��
4.87% due 04/01/49†††		550,000	$	579,802
4.33% due 09/01/48		347,557		376,939
Freddie Mac Multifamily Structured Pass Through Certificates
2017-KIR3, 3.28% due 08/25/27		91,932,800		93,615,124
2019-K087, 3.77% due 12/25/28		80,750,000		85,952,400
2017-KGX1, 3.00% due 10/25/27		81,400,000		81,360,000
2017-KW03, 3.02% due 06/25/27		65,900,000		65,739,474
2018-K074, 3.60% due 02/25/28		34,823,000		36,475,619
2017-K066, 3.20% due 06/25/27		19,507,000		19,860,955
2017-K061, 3.44% (WAC) due 11/25/265		15,000,000		15,545,154
2016-K060, 3.30% (WAC) due 10/25/265		13,000,000		13,339,215
2018-K073, 3.45% (WAC) due 01/25/285		11,600,000		12,015,448
2018-K078, 3.92% (WAC) due 06/25/515		10,150,000		10,885,324
2017-K069, 3.25% (WAC) due 09/25/275		10,000,000		10,203,299
2016-K057, 2.62% due 08/25/26		10,000,000		9,847,155
2018-K154, 3.46% due 11/25/32		8,500,000		8,702,537
2016-K152, 3.08% due 01/25/31		7,090,000		7,107,359
2017-K070, 3.36% (WAC) due 12/25/275		6,000,000		6,174,134
2015-K151, 3.51% due 04/25/30		2,105,000		2,171,213
2015-K043, 0.54% (WAC) due 12/25/245,6		44,193,770		1,191,575
2014-K715, 2.86% due 01/25/21		446,165		447,130
Freddie Mac Seasoned Credit Risk Transfer Trust
2017-4, 2.75% due 06/25/577		61,218,099		60,583,947
2017-3, 3.00% due 07/25/56		59,281,546		57,864,065
2018-1, 2.50% due 05/25/577		41,714,294		40,859,030
2017-4, 3.50% due 06/25/57		30,742,429		30,936,444
2017-3, 2.75% due 07/25/567		8,908,771		8,728,196
Fannie Mae-Aces
2017-M11, 2.98% due 08/25/29		52,100,000		51,154,312
2018-M3, 3.19% (WAC) due 02/25/305		7,800,000		7,776,478
Freddie Mac
3.55% due 10/01/33		4,672,809		4,783,386
4.00% due 02/01/46		2,629,265		2,717,923
3.50% due 01/01/44		2,573,045		2,626,355
4.50% due 06/01/48		2,342,370		2,445,708
4.00% due 11/01/45		2,020,426		2,088,395
3.00% due 08/01/46		1,929,481		1,922,315
3.26% due 09/01/45		1,946,540		1,869,937
3.40% due 04/01/31		1,000,000		1,018,991
FREMF Mortgage Trust
2013-K29, 0.13% due 05/25/466,8		782,477,118		3,111,599
Total Government Agency				1,897,529,493

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
Residential Mortgage Backed Securities - 10.4%
Soundview Home Loan Trust
2006-OPT5, 2.63% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/365		81,509,634	$	78,798,819
2005-OPT3, 2.96% (1 Month USD LIBOR + 0.47%, Rate Floor: 0.47%) due 11/25/355		19,495,000		19,310,710
2007-1, 2.66% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 03/25/375		2,676,073		2,661,818
Home Equity Loan Trust
2007-FRE1, 2.68% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 04/25/375		103,082,057		96,200,021
Structured Asset Securities Corporation Mortgage Loan Trust
2008-BC4, 3.12% (1 Month USD LIBOR + 0.63%, Rate Floor: 0.63%) due 11/25/375		46,700,531		46,283,294
2006-BC4, 2.66% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 12/25/365		6,902,451		6,628,510
2006-BC3, 2.65% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 10/25/365		6,194,089		5,442,133
2006-BC6, 2.66% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 01/25/375		783,637		766,356
CIT Mortgage Loan Trust
2007-1, 3.84% (1 Month USD LIBOR + 1.35%, Rate Floor: 1.35%) due 10/25/375,8		53,967,471		54,449,492
2007-1, 3.94% (1 Month USD LIBOR + 1.45%, Rate Floor: 1.45%) due 10/25/375,8		3,959,220		3,977,318
NovaStar Mortgage Funding Trust Series
2007-2, 2.69% (1 Month USD LIBOR + 0.20%, Rate Cap/Floor: 11.00%/0.20%) due 09/25/375		54,448,915		52,599,857
Alternative Loan Trust
2007-OA4, 2.66% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 05/25/475		30,405,252		28,386,848
2007-OH3, 2.78% (1 Month USD LIBOR + 0.29%, Rate Cap/Floor: 10.00%/0.29%) due 09/25/475		11,424,982		11,200,044
2005-38, 2.84% (1 Month USD LIBOR + 0.35%, Rate Floor: 0.35%) due 09/25/355		8,478,391		8,125,752

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
2007-OA7, 2.67% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 05/25/475		4,701,615	$	4,554,411
CSMC Trust
2018-RPL9, 3.85% (WAC) due 09/25/575,8		50,137,452		50,823,894
CIM Trust
2018-R4, 4.07% (WAC) due 12/26/575,8		31,834,977		31,623,132
2018-R2, 3.69% (WAC) due 08/25/575,8		14,767,022		14,594,964
Morgan Stanley ABS Capital I Incorporated Trust
2007-HE6, 2.67% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 05/25/375		30,240,156		26,579,304
2006-NC1, 2.87% (1 Month USD LIBOR + 0.38%, Rate Floor: 0.38%) due 12/25/355		7,800,000		7,736,759
2007-HE6, 2.55% (1 Month USD LIBOR + 0.06%, Rate Floor: 0.06%) due 05/25/375		4,117,183		3,588,358
2007-HE6, 2.74% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 05/25/375		3,024,154		2,673,920
Towd Point Mortgage Trust
2017-6, 2.75% (WAC) due 10/25/575,8		15,979,429		15,685,389
2017-5, 3.09% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.00%) due 02/25/575,8		13,558,258		13,446,395
2018-1, 3.00% (WAC) due 01/25/585,8		7,314,029		7,237,453
Bear Stearns Asset Backed Securities I Trust
2006-HE9, 2.63% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 11/25/365		29,402,840		28,502,006
2006-HE3, 2.85% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 04/25/365		7,600,000		7,537,302
RALI Series Trust
2007-QO4, 2.68% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 05/25/475		9,857,879		9,392,754
2006-QO2, 2.71% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 02/25/465		20,629,707		8,173,985
2007-QO2, 2.64% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 02/25/475		11,304,208		6,407,838
2005-QO1, 2.79% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 08/25/355		4,626,741		4,108,056

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
2006-QS8, 2.94% (1 Month USD LIBOR + 0.45%, Rate Floor: 0.45%) due 08/25/365		3,683,819	$	2,706,798
2006-QO2, 2.76% (1 Month USD LIBOR + 0.27%, Rate Floor: 0.27%) due 02/25/465		5,085,388		2,050,250
2007-QO3, 2.65% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 03/25/475		1,825,674		1,727,860
LSTAR Securities Investment Limited
4.49% due 04/01/21		21,510,885		21,527,027
2019-1, 4.19% (1 Month USD LIBOR + 1.70%, Rate Floor: 0.00%) due 03/01/245,8		15,250,000		15,246,604
2018-2, 4.00% (1 Month USD LIBOR + 1.50%, Rate Floor: 0.00%) due 04/01/235,8		15,015,369		14,996,975
American Home Mortgage Investment Trust
2007-1, 2.08% due 05/25/476		186,258,819		29,835,608
HSI Asset Securitization Corporation Trust
2006-OPT2, 2.88% (1 Month USD LIBOR + 0.39%, Rate Floor: 0.39%) due 01/25/365		29,140,000		28,841,746
New Residential Mortgage Loan Trust
2019-RPL1, 4.33% due 02/26/247,8		19,328,727		19,484,250
2018-2A, 3.50% (WAC) due 02/25/585,8		4,582,015		4,596,057
2017-5A, 3.99% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 06/25/575,8		3,684,865		3,740,502
First NLC Trust
2005-4, 2.88% (1 Month USD LIBOR + 0.39%, Rate Cap/Floor: 14.00%/0.39%) due 02/25/365		25,027,697		24,890,528
2005-1, 2.34% (1 Month USD LIBOR + 0.46%, Rate Cap/Floor: 14.00%/0.23%) due 05/25/355		2,908,035		2,822,977
Countrywide Asset-Backed Certificates
2006-6, 2.66% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 09/25/365		23,776,801		23,442,545
2005-15, 2.94% (1 Month USD LIBOR + 0.45%, Rate Floor: 0.45%) due 03/25/365		1,500,000		1,472,955
GSAMP Trust
2007-NC1, 2.62% (1 Month USD LIBOR + 0.13%, Rate Floor: 0.13%) due 12/25/465		35,161,728		22,755,851
2005-HE6, 2.93% (1 Month USD LIBOR + 0.44%, Rate Floor: 0.44%) due 11/25/355		379,539		380,168

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-AR9, 3.23% (1 Year CMT Rate + 0.83%, Rate Floor: 0.83%) due 11/25/465		15,567,429	$	14,143,499
2006-AR9, 3.24% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/465		7,465,865		6,597,302
2006-7, 4.33% due 09/25/36		2,652,646		1,183,791
2006-8, 4.48% due 10/25/36		446,280		246,690
FirstKey Master Funding
2017-R1, 2.71% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 11/03/415,8		22,324,075		21,871,499
Cascade Funding Mortgage Trust
2018-RM2, 4.00% (WAC) due 10/25/685,8		21,021,670		21,360,960
COLT Mortgage Loan Trust
2018-3, 3.69% (WAC) due 10/26/485,8		21,198,162		21,238,243
HarborView Mortgage Loan Trust
2006-14, 2.63% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 01/25/475		11,943,703		11,499,490
2006-12, 2.67% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 01/19/385		9,681,144		9,222,573
Nationstar Home Equity Loan Trust
2007-B, 2.71% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 04/25/375		20,228,576		19,921,996
Credit-Based Asset Servicing & Securitization LLC
2006-CB2, 2.68% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 12/25/365		19,283,936		19,154,961
New Residential Mortgage Trust
2018-1A, 4.00% (WAC) due 12/25/575,8		16,040,855		16,372,802
Legacy Mortgage Asset Trust
2018-GS3, 4.00% due 06/25/587,8		14,808,567		14,762,855
Impac Secured Assets CMN Owner Trust
2005-2, 2.74% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 03/25/365		13,249,021		12,468,949
Angel Oak Mortgage Trust LLC
2017-3, 2.71% (WAC) due 11/25/475,8		12,212,157		12,156,250

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
JP Morgan Mortgage Acquisition Trust
2006-WMC4, 2.61% (1 Month USD LIBOR + 0.12%, Rate Floor: 0.12%) due 12/25/365		15,511,080	$	9,195,523
2006-HE2, 2.63% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/365		2,855,221		2,839,178
Lehman XS Trust Series
2007-2N, 2.67% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 02/25/375		8,563,867		8,219,716
2007-15N, 2.74% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.00%) due 08/25/375		3,766,807		3,676,449
Citigroup Mortgage Loan Trust, Inc.
2005-HE3, 3.22% (1 Month USD LIBOR + 0.74%, Rate Floor: 0.49%) due 09/25/355		11,687,000		11,701,820
CSMC Series
2015-12R, 2.99% (WAC) due 11/30/375,8		11,208,371		11,160,942
Wachovia Asset Securitization Issuance II LLC Trust
2007-HE1, 2.63% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/375,8		6,340,937		6,006,556
2007-HE2A, 2.62% (1 Month USD LIBOR + 0.13%, Rate Floor: 0.13%) due 07/25/375,8		5,306,598		4,966,262
Deutsche Alt-A Securities Mortgage Loan Trust Series
2006-AF1, 2.79% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 04/25/365		7,459,631		7,043,499
2007-OA2, 3.17% (1 Year CMT Rate + 0.77%, Rate Floor: 0.77%) due 04/25/475		3,959,173		3,708,491
American Home Mortgage Assets Trust
2006-4, 2.68% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 10/25/465		11,614,899		8,324,322
2006-6, 2.68% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 12/25/465		2,740,190		2,349,424
WaMu Mortgage Pass-Through Certificates Series Trust
2007-OA6, 3.21% (1 Year CMT Rate + 0.81%, Rate Floor: 0.81%) due 07/25/475		8,285,435		7,413,655
2006-AR13, 3.28% (1 Year CMT Rate + 0.88%, Rate Floor: 0.88%) due 10/25/465		1,768,980		1,659,648

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
2006-AR11, 3.32% (1 Year CMT Rate + 0.92%, Rate Floor: 0.92%) due 09/25/465		1,496,553	$	1,398,213
Asset Backed Securities Corporation Home Equity Loan Trust Series AEG
2006-HE1, 2.89% (1 Month USD LIBOR + 0.40%, Rate Floor: 0.40%) due 01/25/365		10,072,000		9,611,171
First Frankin Mortgage Loan Trust
2006-FF3, 2.78% (1 Month USD LIBOR + 0.29%, Rate Floor: 0.29%) due 02/25/365		8,616,000		8,425,639
2004-FF10, 3.77% (1 Month USD LIBOR + 1.28%, Rate Floor: 0.85%) due 07/25/345		6,729,366		6,736,026
Deephaven Residential Mortgage Trust
2017-3A, 2.58% (WAC) due 10/25/475,8		6,706,225		6,674,952
ASG Resecuritization Trust
2010-3, 3.07% (1 Month USD LIBOR + 0.29%, Rate Cap/Floor: 10.50%/0.29%) due 12/28/455,8		6,634,828		6,442,508
IndyMac INDX Mortgage Loan Trust
2005-AR18, 3.27% (1 Month USD LIBOR + 0.78%, Rate Cap/Floor: 10.50%/0.78%) due 10/25/365		7,641,616		6,411,798
ACE Securities Corporation Home Equity Loan Trust Series
2005-HE2, 3.51% (1 Month USD LIBOR + 1.02%, Rate Floor: 0.68%) due 04/25/355		5,700,000		5,668,833
Structured Asset Investment Loan Trust
2005-11, 3.21% (1 Month USD LIBOR + 0.72%, Rate Floor: 0.36%) due 01/25/365		5,686,266		5,609,758
Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series
2005-W2, 2.98% (1 Month USD LIBOR + 0.49%, Rate Floor: 0.49%) due 10/25/355		5,435,000		5,414,364
Morgan Stanley Resecuritization Trust
2014-R9, 2.62% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 11/26/465,8		4,380,646		4,259,954

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
Morgan Stanley Capital I Incorporated Trust
2006-HE1, 2.78% (1 Month USD LIBOR + 0.29%, Rate Floor: 0.29%) due 01/25/365		4,127,962	$	4,056,303
Luminent Mortgage Trust
2006-2, 2.69% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 02/25/465		4,053,185		3,726,037
GE-WMC Asset-Backed Pass-Through Certificates Series
2005-2, 2.74% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 12/25/355		3,652,478		3,633,779
CWABS Asset-Backed Certificates Trust
2004-15, 3.84% (1 Month USD LIBOR + 1.35%, Rate Floor: 0.90%) due 04/25/355		3,490,000		3,513,146
WaMu Asset-Backed Certificates WaMu Series
2007-HE4, 2.74% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 07/25/475		4,980,059		3,480,597
GSAA Trust
2005-10, 3.14% (1 Month USD LIBOR + 0.65%, Rate Floor: 0.65%) due 06/25/355		3,000,758		2,992,046
Nomura Resecuritization Trust
2015-4R, 1.75% (1 Month USD LIBOR + 0.43%, Rate Floor: 0.43%) due 03/26/365,8		1,687,125		1,633,535
2015-4R, 4.33% (1 Month USD LIBOR + 0.39%, Rate Floor: 0.39%) due 12/26/365,8		1,101,026		1,092,564
GSMSC Resecuritization Trust
2015-5R, 2.63% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 04/26/375,8		2,658,556		2,645,655
GSAA Home Equity Trust
2006-3, 2.68% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 03/25/365		3,985,514		2,313,543
2007-7, 2.76% (1 Month USD LIBOR + 0.27%, Rate Floor: 0.27%) due 07/25/375		270,761		259,202
Banc of America Funding Trust
2015-R4, 2.66% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 01/27/355,8		2,238,949		2,161,413

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
Impac Secured Assets Trust
2006-2, 2.66% (1 Month USD LIBOR + 0.17%, Rate Cap/Floor: 11.50%/0.17%) due 08/25/365		1,791,656	$	1,542,139
RFMSI Series Trust
2006-S11, 6.00% due 11/25/36		1,532,485		1,536,989
Alliance Bancorp Trust
2007-OA1, 2.73% (1 Month USD LIBOR + 0.24%, Rate Floor: 0.24%) due 07/25/375		942,477		834,746
BCAP LLC
2014-RR2, 3.09% (WAC) due 03/26/365,8		805,500		799,687
UCFC Manufactured Housing Contract
1997-2, 7.38% due 10/15/28		610,719		637,148
Morgan Stanley Re-REMIC Trust
2010-R5, 3.88% due 06/26/368		295,646		271,205
Irwin Home Equity Loan Trust
2007-1, 5.85% due 08/25/378		198,675		197,474
Total Residential Mortgage Backed Securities				1,272,463,362
Commercial Mortgage Backed Securities - 2.2%
CGBAM Mezzanine Securities Trust
2015-SMMZ, 8.21% due 04/10/288		44,400,000		46,255,250
Wells Fargo Commercial Mortgage Trust
2017-C38, 1.07% (WAC) due 07/15/505,6		74,094,029		4,909,263
2016-BNK1, 1.78% (WAC) due 08/15/495,6		37,320,263		3,807,831
2017-RB1, 1.28% (WAC) due 03/15/505,6		39,744,509		3,210,450
2016-C35, 1.97% (WAC) due 07/15/485,6		26,912,373		2,894,660
2017-C42, 0.90% (WAC) due 12/15/505,6		35,317,311		2,238,305
2016-NXS5, 1.52% (WAC) due 01/15/595,6		30,046,387		2,058,995
2015-NXS4, 0.93% (WAC) due 12/15/485,6		38,992,934		1,820,993
2017-RC1, 1.54% (WAC) due 01/15/605,6		20,989,273		1,808,610
2015-P2, 1.00% (WAC) due 12/15/485,6		34,285,105		1,592,965
2016-C32, 4.72% (WAC) due 01/15/595		1,400,000		1,471,552
2015-C30, 0.92% (WAC) due 09/15/585,6		31,846,497		1,461,089
2015-NXS1, 1.15% (WAC) due 05/15/485,6		11,538,977		520,819
2015-NXS4, 4.22% (WAC) due 12/15/485		64,000		65,683

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
GAHR Commercial Mortgage Trust
2015-NRF, 3.38% (WAC) due 12/15/345,8		23,829,324	$	23,504,016
2015-NRF, 3.23% due 12/15/348		1,000,000		998,307
CGBAM Commercial Mortgage Trust
2015-SMRT, 3.52% due 04/10/288		9,900,000		9,953,620
2015-SMRT, 3.79% (WAC) due 04/10/285,8		5,900,000		5,951,408
2015-SMRT, 3.77% due 04/10/288		2,400,000		2,418,981
COMM Mortgage Trust
2015-CR26, 0.96% (WAC) due 10/10/485,6		88,100,955		4,256,272
2018-COR3, 0.45% (WAC) due 05/10/515,6		84,169,266		3,014,455
2013-WWP, 3.90% due 03/10/318		2,000,000		2,085,365
2015-CR24, 0.77% (WAC) due 08/10/485,6		48,939,311		2,003,282
2015-CR23, 0.95% (WAC) due 05/10/485,6		48,084,793		1,794,625
2015-CR27, 1.12% (WAC) due 10/10/485,6		30,923,636		1,510,122
2013-CR13, 0.80% (WAC) due 11/10/465,6		39,436,729		1,269,409
2015-CR23, 3.80% due 05/10/48		700,000		716,616
2014-LC15, 1.23% (WAC) due 04/10/475,6		11,824,971		531,447
JPMDB Commercial Mortgage Securities Trust
2017-C7, 0.91% (WAC) due 10/15/505,6		138,400,290		7,984,700
2016-C4, 0.83% (WAC) due 12/15/495,6		86,844,981		4,365,228
2016-C2, 1.69% (WAC) due 06/15/495,6		32,540,789		2,443,976
2017-C5, 0.99% (WAC) due 03/15/505,6		8,994,274		534,177
Citigroup Commercial Mortgage Trust
2016-C2, 1.78% (WAC) due 08/10/495,6		34,003,463		3,421,469
2016-P4, 1.99% (WAC) due 07/10/495,6		32,366,405		3,384,364
2016-P5, 1.53% (WAC) due 10/10/495,6		31,311,938		2,492,740
2016-GC37, 1.78% (WAC) due 04/10/495,6		18,992,176		1,828,139
2015-GC35, 0.87% (WAC) due 11/10/485,6		33,684,651		1,315,379
2015-GC29, 1.11% (WAC) due 04/10/485,6		23,848,458		1,109,776
2013-GC15, 4.37% (WAC) due 09/10/465		380,000		402,622
Morgan Stanley Capital I Trust
2014-MP, 3.47% due 08/11/338		11,000,000		11,160,177
2016-UBS9, 4.54% (WAC) due 03/15/495		275,000		282,295

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
CSAIL Commercial Mortgage Trust
2019-C15, 1.22% (WAC) due 03/15/525,6		97,500,000	$	7,671,631
2015-C1, 0.91% (WAC) due 04/15/505,6		56,562,146		2,206,636
Bancorp Commercial Mortgage Trust
2018-CR3, 3.73% (1 Month USD LIBOR + 1.25%, Rate Floor: 1.25%) due 01/15/335,8		7,075,000		7,033,882
2017-BNK3, 1.13% (WAC) due 02/15/505,6		24,271,693		1,597,410
JP Morgan Chase Commercial Mortgage Securities Trust
2016-JP3, 1.44% (WAC) due 08/15/495,6		70,574,469		5,742,595
2009-IWST, 7.45% (WAC) due 12/05/275,8		1,700,000		1,732,939
Aventura Mall Trust
2013-AVM, 3.74% (WAC) due 12/05/325,8		6,600,000		6,675,413
UBS Commercial Mortgage Trust
2017-C5, 1.02% (WAC) due 11/15/505,6		54,264,938		3,338,607
2017-C2, 1.10% (WAC) due 08/15/505,6		43,494,026		3,004,624
BENCHMARK Mortgage Trust
2018-B2, 0.43% (WAC) due 02/15/515,6		132,636,038		3,691,486
2018-B6, 0.44% (WAC) due 10/10/515,6		64,913,716		1,962,543
CD Mortgage Trust
2016-CD1, 1.42% (WAC) due 08/10/495,6		35,361,905		2,764,569
2017-CD6, 0.97% (WAC) due 11/13/505,6		47,443,802		2,716,884
JPMBB Commercial Mortgage Securities Trust
2015-C27, 1.31% (WAC) due 02/15/485,6		99,830,740		4,646,642
2013-C12, 0.51% (WAC) due 07/15/455,6		38,052,883		650,818
CD Commercial Mortgage Trust
2017-CD4, 1.32% (WAC) due 05/10/505,6		32,384,193		2,454,712
2017-CD3, 1.03% (WAC) due 02/10/505,6		34,731,378		2,195,009
JPMCC Commercial Mortgage Securities Trust
2017-JP6, 1.32% (WAC) due 07/15/505,6		69,383,125		4,329,937
GS Mortgage Securities Trust
2017-GS6, 1.05% (WAC) due 05/10/505,6		42,749,716		3,018,844
2015-GC28, 1.10% (WAC) due 02/10/485,6		20,963,989		840,260
2013-GC10, 2.94% due 02/10/46		225,000		226,582

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
Morgan Stanley Bank of America Merrill Lynch Trust
2015-C27, 0.96% (WAC) due 12/15/475,6		74,044,813	$	3,579,052
BBCMS Mortgage Trust
2018-C2, 0.77% (WAC) due 12/15/515,6		58,461,521		3,576,875
CGMS Commercial Mortgage Trust
2017-B1, 0.85% (WAC) due 08/15/505,6		66,403,889		3,568,412
Vornado DP LLC Trust
2010-VNO, 4.00% due 09/13/288		3,260,000		3,293,083
GE Business Loan Trust
2007-1A, 2.65% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 04/15/355,8		3,216,761		3,154,564
BANK
2017-BNK6, 0.87% (WAC) due 07/15/605,6		43,888,007		2,313,253
CFCRE Commercial Mortgage Trust
2016-C3, 1.05% (WAC) due 01/10/485,6		39,808,236		2,300,924
DBJPM Mortgage Trust
2017-C6, 1.04% (WAC) due 06/10/505,6		24,948,892		1,490,654
Americold 2010 LLC
2010-ARTA, 3.85% due 01/14/298		888,753		894,807
BAMLL Commercial Mortgage Securities Trust
2012-PARK, 2.96% due 12/10/308		500,000		505,120
LSTAR Commercial Mortgage Trust
2014-2, 5.60% (WAC) due 01/20/415,8		500,000		498,529
WFRBS Commercial Mortgage Trust
2013-C12, 1.27% (WAC) due 03/15/485,6,8		11,192,348		446,912
Total Commercial Mortgage Backed Securities				268,973,640
Military Housing - 1.3%
Freddie Mac Military Housing Bonds Resecuritization Trust Certificates
2015-R1, 4.66% (WAC) due 11/25/555,8		43,501,567		46,059,459
2015-R1, 6.02% (WAC) due 11/25/555,8		22,098,158		24,225,105
2015-R1, 4.11% (WAC) due 11/25/525,8		13,258,291		13,921,206
2015-R1, 4.10% (WAC) due 10/25/525,8		11,192,356		11,354,645
Capmark Military Housing Trust
2008-AMCW, 6.90% due 07/10/558		8,342,580		10,446,333
2007-AETC, 5.75% due 02/10/528		8,132,477		8,407,000
2007-ROBS, 6.06% due 10/10/528		4,727,879		5,202,974
2006-RILY, 2.86% (1 Month USD LIBOR + 0.37%, Rate Floor: 0.37%) due 07/10/515,8		7,079,680		5,129,896
2007-AET2, 6.06% due 10/10/528		2,150,171		2,367,567

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
GMAC Commercial Mortgage Asset Corp.
2007-HCKM, 6.11% due 08/10/528		22,455,683	$	23,720,570
2005-DRUM, 5.47% due 05/10/50†††,8		4,610,037		4,819,010
2005-BLIS, 5.25% due 07/10/508		2,500,000		2,534,679
Total Military Housing				158,188,444
Total Collateralized Mortgage Obligations
(Cost $3,581,115,741)				3,597,154,939
U.S. GOVERNMENT SECURITIES†† - 25.4%
U.S. Treasury Notes
2.50% due 02/15/22		800,000,000		805,875,000
2.38% due 03/15/22		600,920,900		603,549,929
2.50% due 01/31/24		500,000,000		505,820,310
2.38% due 02/29/24		310,046,200		312,068,768
2.50% due 02/28/26		228,339,000		230,934,573
2.00% due 04/30/24		24,800,000		24,495,813
2.25% due 08/15/27		3,690,000		3,654,686
3.13% due 05/15/19		2,500,000		2,501,957
U.S. Treasury Inflation Protected Securities
1.38% due 01/15/2010		344,258,534		347,104,942
U.S. Treasury Bonds
due 08/15/4811,16		539,684,000		232,409,264
8.13% due 08/15/21		9,900,000		11,222,191
4.38% due 05/15/40		5,850,000		7,441,611
8.75% due 08/15/20		6,500,000		7,056,055
8.75% due 05/15/20		6,030,000		6,452,100
8.00% due 11/15/21		5,600,000		6,409,156
7.88% due 02/15/21		5,500,000		6,057,090
2.88% due 08/15/45		4,600,000		4,661,273
2.75% due 11/15/42		2,580,000		2,567,201
Total U.S. Government Securities
(Cost $3,096,206,205)				3,120,281,919
ASSET-BACKED SECURITIES†† - 16.0%
Collateralized Loan Obligations - 9.8%
Golub Capital Partners CLO Ltd.
2018-36A, 4.03% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 02/05/315,8		76,300,000		74,899,239
2018-36A, 4.38% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 02/05/315,8		13,250,000		12,647,073
Fortress Credit Opportunities IX CLO Ltd.
2017-9A, 4.23% (3 Month USD LIBOR + 1.55%, Rate Floor: 0.00%) due 11/15/295,8		84,368,000		83,852,638
Ladder Capital Commercial Mortgage Mortgage Trust
2017-FL1, 3.36% (1 Month USD LIBOR + 0.88%, Rate Floor: 0.88%) due 09/15/345,8		30,766,303		30,633,383
2017-FL1, 3.73% (1 Month USD LIBOR + 1.25%, Rate Floor: 1.25%) due 09/15/345,8		22,477,000		22,377,186
2017-FL1, 3.98% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 09/15/345,8		14,269,000		14,171,797

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
MP CLO VIII Ltd.
2018-2A, 3.67% (3 Month USD LIBOR + 0.91%, Rate Floor: 0.00%) due 10/28/275,8		48,350,000	$	48,143,270
Venture XII CLO Ltd.
2018-12A, 3.43% (3 Month USD LIBOR + 0.80%, Rate Floor: 0.80%) due 02/28/265,8		48,000,000		47,844,403
Denali Capital CLO XI Ltd.
2018-1A, 3.89% (3 Month USD LIBOR + 1.13%, Rate Floor: 0.00%) due 10/20/285,8		42,800,000		42,816,696
2018-1A, 4.41% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 10/20/285,8		4,600,000		4,599,273
Mountain View CLO Ltd.
2018-1A, 3.59% (3 Month USD LIBOR + 0.80%, Rate Floor: 0.80%) due 10/15/265,8		45,399,717		45,278,141
Fortress Credit Opportunities XI CLO Ltd.
2018-11A, 4.09% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 04/15/315,8		44,300,000		43,495,769
Palmer Square Loan Funding Ltd.
2018-4A, 3.58% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 11/15/265,8		28,574,966		28,467,053
2018-4A, 4.13% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 11/15/265,8		12,000,000		11,853,317
Woodmont Trust
2017-3A, 4.51% (3 Month USD LIBOR + 1.73%, Rate Floor: 0.00%) due 10/18/295,8		16,000,000		16,010,456
2017-2A, 4.58% (3 Month USD LIBOR + 1.80%, Rate Floor: 0.00%) due 07/18/285,8		10,100,000		10,106,327
2017-3A, 4.73% (3 Month USD LIBOR + 1.95%, Rate Floor: 0.00%) due 10/18/295,8		9,800,000		9,856,553
NXT Capital CLO LLC
2017-1A, 4.46% (3 Month USD LIBOR + 1.70%, Rate Floor: 0.00%) due 04/20/295,8		33,000,000		33,002,498
2018-1A, 4.96% (3 Month USD LIBOR + 2.20%, Rate Floor: 0.00%) due 04/21/275,8		1,000,000		964,429
Telos CLO Ltd.
2017-6A, 4.52% (3 Month USD LIBOR + 1.75%, Rate Floor: 0.00%) due 01/17/275,8		32,000,000		31,884,170

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
Cerberus Loan Funding XVII Ltd.
2016-3A, 5.32% (3 Month USD LIBOR + 2.53%, Rate Floor: 0.00%) due 01/15/285,8		31,500,000	$	31,327,950
ABPCI Direct Lending Fund CLO II LLC
2017-1A, 4.54% (3 Month USD LIBOR + 1.78%, Rate Floor: 0.00%) due 07/20/295,8		29,700,000		29,718,687
Garrison BSL CLO Ltd.
2018-1A, 3.72% (3 Month USD LIBOR + 0.95%, Rate Floor: 0.00%) due 07/17/285,8		27,300,000		27,196,923
FDF II Ltd.
2016-2A, 4.29% due 05/12/318		20,500,000		20,546,014
2016-2A, 5.29% due 05/12/318		5,000,000		4,998,992
Monroe Capital CLO Ltd.
2017-1A, 4.11% (3 Month USD LIBOR + 1.35%, Rate Floor: 0.00%) due 10/22/265,8		15,080,922		15,037,021
2017-1A, 4.46% (3 Month USD LIBOR + 1.70%, Rate Floor: 0.00%) due 10/22/265,8		10,100,000		9,928,553
Mountain Hawk II CLO Ltd.
2018-2A, 4.36% (3 Month USD LIBOR + 1.60%, Rate Floor: 0.00%) due 07/20/245,8		14,750,000		14,757,574
2018-2A, 3.58% (3 Month USD LIBOR + 0.82%, Rate Floor: 0.00%) due 07/20/245,8		10,170,940		10,153,856
Golub Capital Partners CLO 16 Ltd.
2017-16A, 4.47% (3 Month USD LIBOR + 1.70%, Rate Floor: 0.00%) due 07/25/295,8		17,500,000		17,506,153
2017-16A, 4.62% (3 Month USD LIBOR + 1.85%, Rate Floor: 0.00%) due 07/25/295,8		6,700,000		6,706,592
ALM XII Ltd.
2018-12A, 3.67% (3 Month USD LIBOR + 0.89%, Rate Floor: 0.89%) due 04/16/275,8		24,150,000		24,100,473
Marathon CLO V Ltd.
2017-5A, 3.51% (3 Month USD LIBOR + 0.87%, Rate Floor: 0.00%) due 11/21/275,8		10,794,661		10,729,585
2017-5A, 4.09% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 11/21/275,8		10,520,137		10,380,469
NewStar Fairfield Fund CLO Ltd.
2018-2A, 4.03% (3 Month USD LIBOR + 1.27%, Rate Floor: 1.27%) due 04/20/305,8		21,400,000		20,990,905

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
VMC Finance LLC
2018-FL1, 3.30% (1 Month USD LIBOR + 0.82%) due 03/15/355,8		21,042,500	$	20,888,458
Flagship VII Ltd.
2017-7A, 4.31% (3 Month USD LIBOR + 1.55%, Rate Floor: 0.00%) due 01/20/265,8		19,125,000		19,125,977
Newstar Commercial Loan Funding LLC
2017-1A, 5.13% (3 Month USD LIBOR + 2.50%, Rate Floor: 0.00%) due 03/20/275,8		12,750,000		12,723,786
2016-1A, 6.40% (3 Month USD LIBOR + 3.75%) due 02/25/285,8		5,750,000		5,751,903
Atlas Senior Loan Fund IV Ltd.
2018-2A, 3.98% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 02/17/265,8		18,450,000		18,457,878
Diamond CLO Ltd.
2018-1A, 4.26% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 07/22/305,8		18,000,000		17,851,223
Avery Point V CLO Ltd.
2017-5A, 3.75% (3 Month USD LIBOR + 0.98%, Rate Floor: 0.00%) due 07/17/265,8		17,633,623		17,608,707
ABPCI Direct Lending Fund CLO I LLC
2016-1A, 5.46% (3 Month USD LIBOR + 2.70%, Rate Floor: 0.00%) due 12/22/285,8		17,000,000		16,925,207
FDF I Ltd.
2015-1A, 4.40% due 11/12/308		15,000,000		15,002,691
West CLO Ltd.
2017-1A, 3.70% (3 Month USD LIBOR + 0.92%, Rate Floor: 0.00%) due 07/18/265,8		13,707,900		13,680,116
Seneca Park CLO Limited
2017-1A, 4.27% (3 Month USD LIBOR + 1.50%, Rate Floor: 0.00%) due 07/17/265,8		12,900,000		12,860,565
Marathon CLO VII Ltd.
2017-7A, 4.41% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 10/28/255,8		12,600,000		12,604,614
Sudbury Mill CLO Ltd.
2017-1A, 4.42% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 01/17/265,8		11,850,000		11,785,597
Treman Park CLO Ltd.
2015-1A, due 10/20/288,12		13,600,000		10,706,847
Shackleton CLO Ltd.
2017-8A, 4.08% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 10/20/275,8		5,510,000		5,409,239

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
2017-8A, 3.70% (3 Month USD LIBOR + 0.92%, Rate Floor: 0.00%) due 10/20/275,8		4,900,000	$	4,878,018
Dryden 37 Senior Loan Fund
2015-37A, due 01/15/318,12		10,000,000		8,975,559
KVK CLO Ltd.
2017-1A, 3.70% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 01/14/285,8		8,600,000		8,550,615
Crown Point CLO III Ltd.
2017-3A, 4.24% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 12/31/275,8		8,280,000		8,159,685
ACIS CLO Ltd.
2015-6A, 5.22% (3 Month USD LIBOR + 2.48%, Rate Floor: 0.00%) due 05/01/275,8		7,500,000		7,500,697
TCP Waterman CLO Ltd.
2016-1A, 4.84% (3 Month USD LIBOR + 2.05%, Rate Floor: 0.00%) due 12/15/285,8		7,150,000		7,149,590
Flatiron CLO Ltd.
2017-1A, 4.42% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 01/17/265,8		7,100,000		7,104,305
AIMCO CLO Series
2017-AA, 3.86% (3 Month USD LIBOR + 1.10%, Rate Floor: 0.00%) due 07/20/265,8		7,026,113		7,025,680
Vibrant CLO IV Ltd.
2016-4A, 5.16% (3 Month USD LIBOR + 2.40%, Rate Floor: 2.40%) due 07/20/285,8		7,000,000		7,007,006
Carlyle Global Market Strategies CLO Ltd.
2012-3A, due 01/14/328,12		8,920,000		6,688,742
Symphony CLO XII Ltd.
2017-12A, 4.29% (3 Month USD LIBOR + 1.50%, Rate Floor: 0.00%) due 10/15/255,8		5,750,000		5,725,681
Voya CLO Ltd.
2013-1A, due 10/15/308,12		10,575,071		5,587,730
Avery Point II CLO Ltd.
2013-3X COM, due 01/18/2512		7,500,060		5,518,864
OHA Credit Partners IX Ltd.
2013-9A, due 10/20/258,12		6,000,000		5,000,897
Oaktree CLO Ltd.
2017-1A, 3.63% (3 Month USD LIBOR + 0.87%) due 10/20/275,8		4,500,000		4,495,901
Golub Capital BDC CLO 2014 LLC
2018-1A, 3.72% (3 Month USD LIBOR + 0.95%, Rate Floor: 0.00%) due 04/25/265,8		3,080,533		3,063,212

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
Golub Capital Partners CLO 39B Ltd.
2018-39A, 3.86% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 10/20/285,8		3,100,000	$	3,061,436
MONROE CAPITAL BSL CLO Ltd.
2017-1A, 4.41% (3 Month USD LIBOR + 1.75%, Rate Floor: 0.00%) due 05/22/275,8		3,000,000		2,980,933
Ocean Trails CLO IV
2017-4A, 4.49% (3 Month USD LIBOR + 1.80%, Rate Floor: 0.00%) due 08/13/255,8		2,500,000		2,499,944
Resource Capital Corporation Ltd.
2017-CRE5, 3.28% (1 Month USD LIBOR + 0.80%) due 07/15/345,8		2,310,295		2,303,309
NewStar Clarendon Fund CLO LLC
2015-1A, 6.12% (3 Month USD LIBOR + 3.35%, Rate Floor: 0.00%) due 01/25/275,8		2,000,000		2,001,932
Ivy Hill Middle Market Credit Fund IX Ltd.
2017-9A, 4.53% (3 Month USD LIBOR + 1.75%, Rate Floor: 0.00%) due 01/18/305,8		1,000,000		965,910
2017-9A, 5.13% (3 Month USD LIBOR + 2.35%, Rate Floor: 0.00%) due 01/18/305,8		1,000,000		930,919
Venture XIII CLO Ltd.
2013-13A, due 09/10/298,12		3,700,000		1,842,348
Catamaran CLO Ltd.
2016-2A, 4.83% (3 Month USD LIBOR + 2.05%, Rate Floor: 2.05%) due 10/18/265,8		1,750,000		1,750,203
Cereberus ICQ Levered LLC
2015-1A, 5.84% (3 Month USD LIBOR + 3.05%, Rate Floor: 0.00%) due 11/06/255,8		1,301,878		1,301,978
Dryden XXV Senior Loan Fund
2017-25A, 4.14% (3 Month USD LIBOR + 1.35%, Rate Floor: 0.00%) due 10/15/275,8		766,703		755,409
Atlas Senior Loan Fund IX Ltd.
2018-9A, due 04/20/288,12		1,200,000		665,051
Babson CLO Ltd.
2014-IA, due 07/20/258,12		1,300,000		423,124
2012-2A, due 05/15/238,12		4,750,000		57,950
Great Lakes CLO Ltd.
2014-1A, due 10/15/298,12		461,538		313,706
Copper River CLO Ltd.
2007-1A, due 01/20/2112,13		1,500,000		236,802
Ares XXVI CLO Ltd.
2013-1A, due 04/15/258,12		4,300,000		7,639
Total Collateralized Loan Obligations				1,202,897,001

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 31

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
Transport-Aircraft - 2.7%
AASET US Ltd.
2018-2A, 4.45% due 11/18/388		51,689,007	$	52,369,291
2018-2A, 5.43% due 11/18/388		9,697,750		9,803,706
Castlelake Aircraft Securitization Trust
2018-1, 4.13% due 06/15/438		33,595,353		33,639,907
2017-1, 3.97% due 07/15/42		17,358,143		17,323,442
SAPPHIRE AVIATION FINANCE I Ltd.
2018-1A, 4.25% due 03/15/408		46,021,379		46,330,205
Apollo Aviation Securitization Equity Trust
2016-2, 4.21% due 11/15/41		29,012,761		29,283,642
2016-1A, 4.88% due 03/17/367,8		10,007,164		10,097,560
KDAC Aviation Finance Ltd.
2017-1A, 4.21% due 12/15/428		38,473,520		38,635,625
MAPS Ltd.
2018-1A, 4.21% due 05/15/438		28,860,975		29,123,073
AIM Aviation Finance Ltd.
2015-1A, 4.21% due 02/15/408		19,404,282		19,440,193
2015-1A, 5.07% due 02/15/408		1,614,984		1,606,082
Raspro Trust
2005-1A, 3.69% (3 Month USD LIBOR + 0.93%, Rate Floor: 0.93%) due 03/23/245,8		15,489,324		14,792,305
AASET Trust
2017-1A, 3.97% due 05/16/428		11,870,656		11,841,704
Falcon Aerospace Ltd.
2017-1, 4.58% due 02/15/428		11,022,482		11,088,132
Diamond Head Aviation Ltd.
2015-1, 3.81% due 07/14/288		3,233,008		3,223,397
Atlas Ltd.
2014-1 A, 4.88% due 12/15/39		2,885,796		2,760,489
Eagle I Ltd.
2014-1A, 4.31% due 12/15/398		2,066,675		2,076,767
Stripes Aircraft Ltd.
2013-1 A1, 5.99% (1 Month USD LIBOR + 3.50%) due 03/20/23†††,5		1,175,068		1,151,836
Willis Engine Securitization Trust II
2012-A, 5.50% due 09/15/377,8		893,882		910,801
ECAF I Ltd.
2015-1A, 3.47% due 06/15/408		864,062		858,824
Turbine Engines Securitization Ltd.
2013-1A, 5.13% due 12/13/4813		757,358		733,176
Airplanes Pass Through Trust
2001-1A, 3.01% (1 Month USD LIBOR + 0.55%, Rate Floor: 0.55%) due 03/15/195,13,14		409,604		14,297
Total Transport-Aircraft				337,104,454
Net Lease - 1.0%
Capital Automotive LLC
2017-1A, 3.87% due 04/15/478		53,308,292		53,668,763

32| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
Store Master Funding I-VII
2016-1A, 3.96% due 10/20/468		29,833,644	$	30,020,077
2016-1A, 4.32% due 10/20/468		11,008,036		11,086,689
STORE Master Funding I LLC
2015-1A, 4.17% due 04/20/458		7,793,332		7,866,303
2015-1A, 3.75% due 04/20/458		1,470,625		1,475,606
Spirit Master Funding LLC
2014-2A, 5.76% due 03/20/418		4,756,591		4,914,603
2014-4A, 4.63% due 01/20/458		3,975,970		4,065,949
Capital Automotive REIT
2014-1A, 3.66% due 10/15/448		4,500,000		4,502,849
STORE Master Funding LLC
2013-3A, 4.24% due 11/20/438		1,003,289		1,003,032
Total Net Lease				118,603,871
Transport-Container - 0.9%
Textainer Marine Containers Ltd.
2017-2A, 3.52% due 06/20/428		42,900,611		42,438,142
CLI Funding LLC
2018-1A, 4.03% due 04/18/438		26,800,786		26,991,045
CAL Funding III Ltd.
2018-1A, 3.96% due 02/25/438		20,552,917		20,704,564
Textainer Marine Containers V Ltd.
2017-1A, 3.72% due 05/20/428		14,339,445		14,318,205
Cronos Containers Program Ltd.
2013-1A, 3.08% due 04/18/288		6,472,083		6,410,474
Total Transport-Container				110,862,430
Collateralized Debt Obligations - 0.7%
Anchorage Credit Funding Ltd.
2016-4A, 3.50% due 02/15/358		55,600,000		53,898,912
2016-3A, 3.85% due 10/28/338		7,500,000		7,385,720
Putnam Structured Product Funding Ltd.
2003-1A, 3.48% (1 Month USD LIBOR + 1.00%, Rate Floor: 0.00%) due 10/15/385,8		13,313,446		13,178,914
Anchorage Credit Funding 1 Ltd.
2015-1A, 4.30% due 07/28/308		3,000,000		2,974,823
Highland Park CDO I Ltd.
2006-1A, 3.05% (3 Month USD LIBOR + 0.40%, Rate Floor: 0.00%) due 11/25/515,13		1,486,389		1,470,931
N-Star REL CDO VIII Ltd.
2006-8A, 2.85% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 02/01/415,8		791,250		780,125
Total Collateralized Debt Obligations				79,689,425
Whole Business - 0.4%
Taco Bell Funding LLC
2016-1A, 4.97% due 05/25/468		20,832,643		21,795,111

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 33

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
Domino’s Pizza Master Issuer LLC
2017-1A, 4.02% (3 Month USD LIBOR + 1.25%, Rate Floor: 0.00%) due 07/25/475,8		16,942,000	$	16,894,224
Sonic Capital LLC
2016-1A, 4.47% due 05/20/468		3,740,532		3,798,585
Drug Royalty III Limited Partnership 1
2017-1A, 3.60% due 04/15/278		1,580,362		1,571,554
Drug Royalty III Limited Partnership
2016-1A, 3.98% due 04/15/278		1,432,551		1,434,160
Total Whole Business				45,493,634
Infrastructure - 0.3%
Secured Tenant Site Contract Revenue Notes Series
2018-1A, 3.97% due 06/15/4813		22,777,876		22,751,913
Vantage Data Centers Issuer LLC
2018-1A, 4.07% due 02/16/438		10,336,792		10,490,472
Total Infrastructure				33,242,385
Diversified Payment Rights - 0.2%
Bib Merchant Voucher Receivables Ltd.
4.18% due 04/07/28†††,1		21,400,000		21,964,184
CCR Incorporated MT100 Payment Rights Master Trust
2012-CA, 4.75% due 07/10/228		452,381		450,907
CIC Receivables Master Trust
4.89% due 10/07/21		266,683		269,749
Total Diversified Payment Rights				22,684,840
Financial - 0.0%
Industrial DPR Funding Ltd.
2016-1A, 5.24% due 04/15/268		4,000,000		3,907,960
Insurance - 0.0%
Chesterfield Financial Holdings LLC
2014-1A, 4.50% due 12/15/348		3,600,000		3,613,637
Transport-Rail - 0.0%
TRIP Rail Master Funding LLC
2017-1A, 2.71% due 08/15/478		2,425,129		2,406,887
Total Asset-Backed Securities
(Cost $1,964,279,931)				1,960,506,524
FOREIGN GOVERNMENT DEBT†† - 13.2%
Government of Japan
due 01/20/2011	JPY	16,380,000,000		147,968,217
due 05/27/1911	JPY	11,587,100,000		104,587,641
due 04/08/1911	JPY	11,517,000,000		103,927,155
due 05/10/1911	JPY	7,250,000,000		65,434,423
due 05/13/1911	JPY	6,863,000,000		61,942,569
due 04/10/1911	JPY	3,371,000,000		30,419,488
due 04/22/1911	JPY	2,593,000,000		23,400,480
due 06/24/1911	JPY	2,573,000,000		23,227,605
due 05/20/1911	JPY	1,770,000,000		15,975,839
due 06/03/1911	JPY	1,716,000,000		15,489,509
due 04/04/1911	JPY	1,426,850,000		12,875,448
State of Israel
2.25% due 05/31/19	ILS	742,300,000		205,215,664
5.00% due 01/31/20	ILS	185,800,000		53,208,388
Federative Republic of Brazil
due 07/01/1911	BRL	481,700,000		121,257,110
due 10/01/1911	BRL	264,300,000		65,430,487

34| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
Province of Ontario, Canada
due 04/24/1911	CAD	87,251,000	$	65,224,358
due 05/08/1911	CAD	66,331,000		49,548,404
due 04/17/1911	CAD	38,225,000		28,585,916
due 04/03/1911	CAD	3,231,000		2,417,965
due 05/15/1911	CAD	725,000		541,365
Province of Newfoundland, Canada
due 05/09/1911	CAD	32,800,000		24,491,848
due 05/16/1911	CAD	29,900,000		22,321,263
due 04/25/1911	CAD	29,000,000		21,671,744
due 05/02/1911	CAD	27,400,000		20,472,575
due 04/18/1911	CAD	14,800,000		11,065,380
due 04/04/1911	CAD	2,600,000		1,945,553
Province of New Brunswick, Canada
due 05/09/1911	CAD	39,225,000		29,299,102
due 05/02/1911	CAD	32,053,000		23,950,857
due 05/16/1911	CAD	25,180,000		18,801,220
due 05/07/1911	CAD	22,311,000		16,667,032
Province of Manitoba, Canada
due 04/24/1911	CAD	47,600,000		35,583,311
due 04/17/1911	CAD	39,850,000		29,801,145
Kingdom of Spain
due 04/05/1911	EUR	55,605,000		62,388,773
Province of Quebec, Canada
due 04/18/1911	CAD	46,000,000		34,398,596
Government of United Kingdom
due 04/01/1911	GBP	11,820,000		15,394,834
due 04/08/1911	GBP	7,720,000		10,053,526
Czech Republic
5.00% due 04/11/19	CZK	500,000,000		21,753,402
Kingdom of Denmark
due 06/03/1911	DKK	118,000,000		17,750,648
Total Foreign Government Debt
(Cost $1,622,051,151)				1,614,488,840
CORPORATE BONDS†† - 7.2%
Financial - 5.2%
Station Place Securitization Trust
3.09% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 09/24/195,8		98,700,000		98,700,000
3.18% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 06/24/195,8		41,650,000		41,650,000
3.18% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.70%) due 09/24/195		23,000,000		23,000,000
Barclays Bank plc
3.22% due 10/31/19†††		64,250,000		64,250,000
Synchrony Bank
3.23% (3 Month USD LIBOR + 0.63%) due 03/30/205		44,250,000		44,314,605
Citigroup, Inc.
3.54% (3 Month USD LIBOR + 0.93%) due 06/07/195		31,830,000		31,878,542
ANZ New Zealand Int’l Ltd.
2.85% due 08/06/208		29,500,000		29,517,004
Assurant, Inc.
3.86% (3 Month USD LIBOR + 1.25%) due 03/26/215		27,620,000		27,560,394
6.75% due 02/15/34		1,450,000		1,670,050
Lloyds Bank Corporate Markets plc NY
3.10% (3 Month USD LIBOR + 0.37%) due 08/05/205		29,100,000		29,154,650

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 35

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
Standard Chartered Bank
3.14% (3 Month USD LIBOR + 0.40%) due 08/04/205		28,810,000	$	28,817,370
Credit Suisse AG NY
3.14% (3 Month USD LIBOR + 0.40%) due 07/31/205		28,730,000		28,729,833
Alexandria Real Estate Equities, Inc.
2.75% due 01/15/20		25,460,000		25,416,119
American Equity Investment Life Holding Co.
5.00% due 06/15/27		22,855,000		23,210,762
UBS AG
3.17% (3 Month USD LIBOR + 0.58%, Rate Floor: 0.00%) due 06/08/205,8		22,000,000		22,079,200
Central Storage Safety Project Trust
4.82% due 02/01/3813		20,500,000		21,078,117
Ventas Realty Limited Partnership / Ventas Capital Corp.
2.70% due 04/01/20		18,480,000		18,439,943
Morgan Stanley
5.50% due 07/24/20		12,300,000		12,718,882
6.25% due 08/09/26		1,230,000		1,424,675
RBC USA Holdco Corp.
5.25% due 09/15/20		11,158,000		11,520,464
Jefferies Group LLC / Jefferies Group Capital Finance, Inc.
8.50% due 07/15/19		7,553,000		7,671,549
Hospitality Properties Trust
5.25% due 02/15/26		6,429,000		6,555,819
Discover Bank
3.10% due 06/04/20		5,950,000		5,963,451
Atlas Mara Ltd.
8.00% due 12/31/20		6,600,000		5,819,999
Navigators Group, Inc.
5.75% due 10/15/23		4,050,000		4,309,527
Credit Suisse Group Funding Guernsey Ltd.
2.75% due 03/26/20		3,950,000		3,944,654
Fort Knox Military Housing Privatization Project
5.82% due 02/15/528		1,931,270		2,014,465
2.82% (1 Month USD LIBOR + 0.34%) due 02/15/525,8		1,731,355		1,253,652
Nomura Holdings, Inc.
6.70% due 03/04/20		2,263,000		2,340,424
Welltower, Inc.
6.50% due 03/15/41		1,470,000		1,795,037
Transatlantic Holdings, Inc.
8.00% due 11/30/39		1,135,000		1,574,457
Brookfield Finance, Inc.
4.85% due 03/29/29		1,410,000		1,449,743
Lloyds Banking Group plc
3.90% due 03/12/24		1,400,000		1,417,900
Hartford Financial Services Group, Inc.
6.10% due 10/01/41		1,160,000		1,414,014
Lexington Realty Trust
4.25% due 06/15/23		1,300,000		1,304,505
Univest Corporation of Pennsylvania
5.10% due 03/30/2515		1,000,000		1,002,283
Atlantic Marine Corporations Communities LLC
5.37% due 12/01/508		790,309		811,242
Pacific Beacon LLC
5.51% due 07/15/368		500,000		566,568

36| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
Capital One Financial Corp.
3.46% (3 Month USD LIBOR + 0.76%) due 05/12/205		400,000	$	401,724
Total Financial				636,741,623
Consumer, Non-cyclical - 1.0%
Mondelez International, Inc.
3.00% due 05/07/20		32,300,000		32,374,839
Allergan Funding SCS
3.00% due 03/12/20		29,600,000		29,582,161
BAT International Finance plc
2.75% due 06/15/208		23,060,000		22,971,454
Cigna Corp.
3.20% due 09/17/208		13,230,000		13,301,315
2.96% (3 Month USD LIBOR + 0.35%) due 03/17/205,8		9,175,000		9,166,786
Constellation Brands, Inc.
2.25% due 11/06/20		7,530,000		7,455,106
BAT Capital Corp.
2.30% due 08/14/20		3,250,000		3,216,699
Reynolds American, Inc.
6.88% due 05/01/20		2,890,000		3,007,258
Cardinal Health, Inc.
4.50% due 11/15/44		2,020,000		1,830,291
Philip Morris International, Inc.
6.38% due 05/16/38		1,430,000		1,770,573
AmerisourceBergen Corp.
4.25% due 03/01/45		1,950,000		1,762,466
Total Consumer, Non-cyclical				126,438,948
Utilities - 0.3%
NextEra Energy Capital Holdings, Inc.
3.06% (3 Month USD LIBOR + 0.45%) due 09/28/205		30,310,000		30,309,915
Virginia Electric & Power Co.
8.88% due 11/15/38		1,100,000		1,734,769
Southern Power Co.
4.15% due 12/01/25		1,400,000		1,453,653
Exelon Generation Company LLC
6.25% due 10/01/39		670,000		743,568
Total Utilities				34,241,905
Technology - 0.3%
Broadcom Corporation / Broadcom Cayman Finance Ltd.
2.38% due 01/15/20		26,890,000		26,746,145
Fiserv, Inc.
2.70% due 06/01/20		2,230,000		2,227,410
Citrix Systems, Inc.
4.50% due 12/01/27		1,700,000		1,672,857
Total Technology				30,646,412
Basic Materials - 0.2%
Yamana Gold, Inc.
4.95% due 07/15/24		18,972,000		19,500,750
Southern Copper Corp.
7.50% due 07/27/35		1,140,000		1,433,208
Eldorado Gold Corp.
6.13% due 12/15/208		77,000		75,360
Total Basic Materials				21,009,318
Industrial - 0.2%
Aviation Capital Group LLC
7.13% due 10/15/208		7,940,000		8,379,899
Agnico-Eagle Mines Ltd.
4.84% due 06/30/26†††		6,000,000		6,176,249
Princess Juliana International Airport Operating Company N.V.
5.50% due 12/20/2713		2,256,124		2,071,844
CRH America, Inc.
3.88% due 05/18/258		1,410,000		1,414,012

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 37

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
Oshkosh Corp.
4.60% due 05/15/28		1,380,000	$	1,401,832
Vulcan Materials Co.
3.21% (3 Month USD LIBOR + 0.60%) due 06/15/205		895,000		893,724
Total Industrial				20,337,560
Consumer, Cyclical - 0.0%
Hasbro, Inc.
6.35% due 03/15/40		1,500,000		1,654,628
HP Communities LLC
5.86% due 09/15/538		1,420,000		1,633,866
Lear Corp.
3.80% due 09/15/27		1,480,000		1,418,109
Northern Group Housing LLC
6.80% due 08/15/538		1,037,000		1,277,995
Total Consumer, Cyclical				5,984,598
Communications - 0.0%
Juniper Networks, Inc.
5.95% due 03/15/41		1,690,000		1,751,350
Alibaba Group Holding Ltd.
3.40% due 12/06/27		1,490,000		1,461,046
Motorola Solutions, Inc.
5.50% due 09/01/44		360,000		350,273
Total Communications				3,562,669
Total Corporate Bonds
(Cost $876,152,385)				878,963,033
FEDERAL AGENCY BONDS†† - 4.4%
Fannie Mae Principal Strips
due 05/15/3011,16		86,472,000		62,030,468
due 01/15/3011,16		75,565,000		54,832,685
due 07/15/3711,16		86,350,000		46,943,671
due 11/15/3011,16		37,570,000		26,418,547
due 08/06/3811,16		2,250,000		1,174,568
Freddie Mac Coupon Strips
due 07/15/326,11		123,250,000		81,735,398
due 03/15/316,11		84,457,000		58,710,105
due 03/15/306,11		12,050,000		8,688,107
due 07/15/306,11		8,600,000		6,139,234
due 01/15/316,11		7,750,000		5,437,824
due 09/15/306,11		2,906,000		2,064,192
due 07/15/316,11		1,800,000		1,235,139
due 01/15/306,11		1,050,000		760,832
Residual Funding Corporation Principal
due 04/15/3011,16		98,239,000		71,454,132
due 01/15/3011,16		22,264,000		16,310,893
Tennessee Valley Authority
4.25% due 09/15/65		32,550,000		38,773,938
5.38% due 04/01/56		8,360,000		11,843,198
due 01/15/386,11		15,800,000		8,354,136
due 09/15/536,11		1,612,000		485,506
due 09/15/556,11		1,612,000		453,050
due 09/15/566,11		1,612,000		437,714
due 03/15/576,11		1,612,000		429,740
due 09/15/576,11		1,612,000		422,746
due 09/15/586,11		1,612,000		408,001
due 03/15/596,11		1,612,000		401,248
due 09/15/596,11		1,612,000		393,983
due 09/15/606,11		1,612,000		380,495
due 09/15/546,11		1,020,000		296,926
due 03/15/616,11		1,020,000		237,200
due 09/15/616,11		1,020,000		233,231
due 09/15/626,11		1,020,000		224,589
due 03/15/636,11		1,020,000		221,582
due 09/15/636,11		1,020,000		217,539
due 09/15/646,11		1,020,000		210,068
due 03/15/656,11		1,020,000		206,640
due 09/15/656,11		1,020,000		202,986
Fannie Mae Interest Strips
due 01/15/326,11		9,413,000		6,344,869
due 01/15/306,11		5,900,000		4,281,252
due 07/15/326,11		3,963,000		2,627,680
due 01/15/356,11		2,250,000		1,349,647
due 02/06/336,11		1,456,000		945,178
due 01/15/336,11		1,450,000		942,998
Freddie Mac
due 01/02/3411		18,000,000		11,223,667

38| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
1.25% due 10/02/19		2,500,000	$	2,484,824
Total Federal Agency Bonds
(Cost $521,701,228)				538,970,426
SENIOR FLOATING RATE INTERESTS††,5 - 0.7%
Technology - 0.4%
Misys Ltd.
6.10% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/13/24		28,806,827		27,744,719
Epicor Software
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 06/01/22		20,451,815		20,192,896
Aspect Software, Inc.
7.74% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 01/15/24		9,881		7,894
Total Technology				47,945,509
Consumer, Non-cyclical - 0.1%
Diamond (BC) B.V.
5.74% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 09/06/24		7,208,750		6,911,389
Albertson’s LLC
5.61% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.75%) due 12/21/22		2,707,814		2,684,500
Packaging Coordinators Midco, Inc.
6.61% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 06/30/23		2,306,143		2,288,847
JBS USA Lux SA
4.98% (1 Month USD LIBOR + 2.50%, Rate Floor: 3.25%) due 10/30/22		1,553,177		1,540,953
Total Consumer, Non-cyclical				13,425,689
Industrial - 0.1%
Hayward Industries, Inc.
6.00% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 08/05/24		5,171,250		5,064,619
VC GB Holdings, Inc.
5.50% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 02/28/24		2,280,826		2,229,507
Hillman Group, Inc.
6.50% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 05/30/25		992,500		945,356
Engineered Machinery Holdings, Inc.
5.85% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 07/19/24		584,791		563,592
CHI Overhead Doors, Inc.
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 07/29/22		488,400		482,295
Wencor Group
6.10% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/19/21		286,877		279,705

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 39

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
USIC Holding, Inc.
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 12/08/23		156,477	$	152,239
API Heat Transfer
8.60% (3 Month USD LIBOR + 6.00%, Rate Floor: 6.00%) due 01/01/24		39,762		35,588
8.60% (3 Month USD LIBOR + 6.00%, Rate Floor: 6.00%) due 10/02/23		7,094		6,385
Total Industrial				9,759,286
Consumer, Cyclical - 0.1%
Leslie’s Poolmart, Inc.
6.08% (2 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 08/16/23		4,115,317		3,977,289
Acosta, Inc.
6.38% ((1 Month USD LIBOR + 3.25%) and (Commercial Prime Lending Rate + 2.25%), Rate Floor: 4.25%) due 09/26/19		970,626		446,488
6.07% ((3 Month USD LIBOR + 3.25%) and (Commercial Prime Lending Rate + 2.25%), Rate Floor: 3.25%) due 09/26/19		613,155		282,051
Total Consumer, Cyclical				4,705,828
Basic Materials - 0.0%
Road Infrastructure Investment
6.24% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/13/23		4,350,242		3,817,338
Communications - 0.0%
Internet Brands, Inc.
6.24% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 09/13/24		3,428,546		3,377,152
Financial - 0.0%
USI, Inc.
5.60% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 05/16/24		2,018,177		1,954,261
Total Senior Floating Rate Interests
(Cost $88,314,683)				84,985,063
MUNICIPAL BONDS†† - 0.5%
California - 0.3%
Poway Unified School District General Obligation Unlimited
due 08/01/4011		10,000,000		4,785,100
due 08/01/3811		8,460,000		4,405,122
Newport Mesa Unified School District General Obligation Unlimited
due 08/01/4511		8,565,000		3,135,646
due 08/01/3911		4,000,000		1,905,120
due 08/01/4011		2,500,000		1,138,250
due 08/01/3811		2,000,000		1,081,780
due 08/01/4111		2,000,000		869,320
due 08/01/4311		1,900,000		757,378

40| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
San Diego Unified School District General Obligation Unlimited
due 07/01/3911		7,150,000	$	3,707,990
due 07/01/4611		2,200,000		860,068
due 07/01/4311		1,350,000		598,604
Cypress School District General Obligation Unlimited
due 08/01/4811		14,450,000		4,313,181
Beverly Hills Unified School District California General Obligation Unlimited
due 08/01/3411		5,295,000		3,280,994
Placentia-Yorba Linda Unified School District General Obligation Unlimited
due 08/01/4111		5,325,000		2,415,899
San Bernardino Community College District General Obligation Unlimited
due 08/01/4411		4,750,000		1,804,905
Hanford Joint Union High School District General Obligation Unlimited
due 08/01/4111		4,125,000		1,616,422
Upland Unified School District General Obligation Unlimited
due 08/01/5011		5,040,000		1,546,574
Antelope Valley Community College District General Obligation Unlimited
due 08/01/3611		2,800,000		1,428,140
San Marcos Unified School District General Obligation Unlimited
due 08/01/4711		3,600,000		1,306,296
Wiseburn School District General Obligation Unlimited
due 08/01/3411		900,000		546,003
Santa Ana Unified School District General Obligation Unlimited
due 08/01/3511		700,000		413,777
Total California				41,916,569
Illinois - 0.1%
State of Illinois General Obligation Unlimited
5.65% due 12/01/38		5,350,000		5,969,049
6.63% due 02/01/35		1,820,000		2,167,620
City of Chicago Illinois General Obligation Unlimited
6.31% due 01/01/44		4,500,000		5,406,840
Total Illinois				13,543,509
Texas - 0.1%
Wylie Independent School District General Obligation Unlimited
due 08/15/4611		10,000,000		3,427,600
due 08/15/4311		4,000,000		1,567,440
Harris County-Houston Sports Authority Revenue Bonds
due 11/15/4511		2,850,000		940,101
due 11/15/4111		1,500,000		604,500
Total Texas				6,539,641
Oregon - 0.0%
Washington & Multnomah Counties School District No. 48J Beaverton General Obligation Unlimited
due 06/15/3311		3,850,000		2,312,002

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 41

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

	Face Amount~		Value
Florida - 0.0%
County of Miami-Dade Florida Revenue Bonds
due 10/01/4111		4,100,000	$	1,752,094
Pennsylvania - 0.0%
Pennsylvania Economic Development Financing Authority Revenue Bonds
due 01/01/4111		995,000		440,128
due 01/01/3711		570,000		299,581
Total Pennsylvania				739,709
Total Municipal Bonds
(Cost $61,695,564)				66,803,524
COMMERCIAL PAPER†† - 1.8%
Mondelez International, Inc.
3.05% due 04/08/198,9		25,000,000		24,981,548
3.00% due 04/11/198,9		25,000,000		24,975,941
3.00% due 04/12/198,9		25,000,000		24,974,061
2.82% due 06/14/198,9		325,000		323,030
Walgreens Boots Alliance, Inc.
3.28% due 07/15/199		50,000,000		49,566,500
3.28% due 07/22/199		10,000,000		9,907,297
Fidelity National Information Services, Inc.
2.71% due 04/08/198,9		20,000,000		19,989,461
Astrazeneca plc
2.95% due 05/15/198,9		20,000,000		19,930,884
UnitedHealth Group, Inc.
2.60% due 04/29/198,9		19,750,000		19,710,061
E.I. du Pont de Nemours & Co.
2.76% due 04/16/198,9		15,000,000		14,980,058
Rogers Communications, Inc.
2.70% due 04/16/198,9		10,000,000		9,988,542
Keurig Dr Pepper, Inc.
2.68% due 05/06/198,9		1,925,000		1,919,984
Walmart, Inc.
2.44% due 04/15/198,9		500,000		499,526
Total Commercial Paper
(Cost $221,698,836)				221,746,893
Total Investments - 102.1%
(Cost $12,483,853,756)			$	12,532,252,384
Other Assets & Liabilities, net - (2.1)%				(255,959,082	)
Total Net Assets - 100.0%			$	12,276,293,302

42| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

Centrally Cleared Credit Default Swap Agreements Protection Purchased††
Counterparty	Exchange	Index	Protection Premium Rate	Payment Frequency	Maturity Date		Notional Amount
Bank of America, N.A.	ICE	CDX.NA.IG.31	1.00%	Quarterly	12/20/23	$	1,801,020,000

Counterparty	Value			Upfront Premiums Received			Unrealized Depreciation**
Bank of America, N.A.	$	(34,925,452	)	$	(20,079,412	)	$	(14,846,040	)

OTC Credit Default Swap Agreements Protection Purchased††
Counterparty	Index	Protection Premium Rate	Payment Frequency	Maturity Date	Notional Amount
Morgan Stanley Capital Services LLC	CDX.NA.IG.31 7-15%	1.00%	Quarterly	12/20/23		106,080,000
Goldman Sachs International	CDX.NA.IG.31 7-15%	1.00%	Quarterly	12/20/23		241,590,000

Counterparty	Value			Upfront Premiums Received			Unrealized Depreciation
Morgan Stanley Capital Services LLC	$	(1,510,617	)	$	(22,271	)	$	(1,488,346	)
Goldman Sachs International		(3,440,326	)		(384,708	)		(3,055,618	)
	$	(4,950,943	)	$	(406,979	)	$	(4,543,964	)

Centrally Cleared Interest Rate Swap Agreements††
Counterparty	Exchange	Floating Rate Type	Floating Rate Index	Fixed Rate	Payment Frequency	Maturity Date	Notional Amount
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	2.83%	Quarterly	01/31/20	$	15,573,000
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	2.92%	Quarterly	01/31/20		14,106,000
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	2.84%	Quarterly	01/31/20		24,186,000
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	2.79%	Quarterly	01/21/20		153,969,000

Counterparty	Value			Upfront Premiums Paid		Unrealized Depreciation**
BofA Merrill Lynch	$	(28,776	)	$	249	$	(29,025	)
BofA Merrill Lynch		(36,956	)		238		(37,194	)
BofA Merrill Lynch		(46,678	)		262		(46,940	)
BofA Merrill Lynch		(240,247	)		368		(240,615	)
	$	(352,657	)	$	1,117	$	(353,774	)

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 43

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

Forward Foreign Currency Exchange Contracts††
Counterparty	Contracts to Sell		Currency	Settlement Date	Settlement Value		Value at March 31, 2019		Unrealized Appreciation (Depreciation)
Goldman Sachs International		156,310,000	EUR	05/17/19	$	179,450,608	$	176,054,729	$	3,395,879
Goldman Sachs International		239,000,000	BRL	07/01/19		63,427,191		60,717,688		2,709,503
Bank of America, N.A.		16,380,000,000	JPY	01/21/20		153,969,074		151,300,225		2,668,849
Citibank N.A., New York		242,700,000	BRL	07/01/19		64,181,729		61,657,669		2,524,060
Citibank N.A., New York		647,630,000	BRL	04/01/19		167,289,134		165,566,520		1,722,614
Goldman Sachs International		106,564,000	EUR	05/10/19		121,258,197		119,950,010		1,308,187
Morgan Stanley Capital Services LLC		7,734,000,000	JPY	04/08/19		71,056,802		69,826,852		1,229,950
JPMorgan Chase Bank, N.A.		58,727,000	EUR	05/10/19		67,288,129		66,103,978		1,184,151
Bank of America, N.A.		55,605,000	EUR	04/05/19		63,539,889		62,402,275		1,137,614
JPMorgan Chase Bank, N.A.		59,453,000	CAD	05/02/19		45,379,213		44,537,151		842,062
Goldman Sachs International		78,243,000	CAD	05/01/19		59,422,656		58,611,519		811,137
Bank of America, N.A.		45,400,000	EUR	05/10/19		51,844,530		51,102,910		741,620
JPMorgan Chase Bank, N.A.		264,300,000	BRL	10/01/19		67,277,587		66,600,935		676,652
Citibank N.A., New York		48,612,000	EUR	05/17/19		55,358,229		54,752,559		605,670
Goldman Sachs International		54,341,000	CAD	05/08/19		41,287,439		40,713,930		573,509
Goldman Sachs International		46,300,000	CAD	05/16/19		35,251,846		34,696,476		555,370
Goldman Sachs International		3,783,000,000	JPY	04/08/19		34,603,025		34,155,027		447,998
Morgan Stanley Capital Services LLC		1,426,850,000	JPY	04/04/19		13,288,475		12,877,721		410,754
Goldman Sachs International		3,371,000,000	JPY	04/10/19		30,836,501		30,440,781		395,720
Bank of America, N.A.		525,000,000	CZK	04/11/19		23,189,046		22,831,708		357,338
Bank of America, N.A.		20,692,000	CAD	05/01/19		15,834,887		15,500,295		334,592
Barclays Bank plc		118,000,000	DKK	06/03/19		18,165,444		17,834,140		331,304
JPMorgan Chase Bank, N.A.		46,000,000	CAD	04/18/19		34,764,339		34,446,881		317,458
Goldman Sachs International		22,311,000	CAD	05/07/19		17,021,618		16,715,652		305,966
Barclays Bank plc		43,250,000	CAD	04/24/19		32,685,317		32,392,562		292,755
Bank of America, N.A.		45,350,000	CAD	05/15/19		34,270,644		33,983,691		286,953
JPMorgan Chase Bank, N.A.		21,380,000	CAD	05/03/19		16,299,993		16,016,495		283,498
JPMorgan Chase Bank, N.A.		32,800,000	CAD	05/09/19		24,812,431		24,575,387		237,044
Goldman Sachs International		17,443,000	CAD	05/03/19		13,303,386		13,067,153		236,233
Bank of America, N.A.		49,000,000	CAD	04/17/19		36,928,318		36,692,472		235,846
Goldman Sachs International		4,803,000,000	JPY	05/28/19		43,714,902		43,536,073		178,829
Goldman Sachs International		7,230,000	GBP	04/01/19		9,591,961		9,416,637		175,324
Barclays Bank plc		21,825,000	CAD	04/17/19		16,512,825		16,343,127		169,698
JPMorgan Chase Bank, N.A.		21,640,000	CAD	05/14/19		16,381,653		16,215,838		165,815
Morgan Stanley Capital Services LLC		6,784,100,000	JPY	05/28/19		61,637,775		61,493,457		144,318
Barclays Bank plc		21,325,000	CAD	05/09/19		16,106,751		15,977,748		129,003
Barclays Bank plc		14,800,000	CAD	04/18/19		11,194,566		11,082,909		111,657
JPMorgan Chase Bank, N.A.		8,780,000	CAD	05/16/19		6,686,187		6,579,591		106,596
Bank of America, N.A.		17,900,000	CAD	05/09/19		13,518,106		13,411,568		106,538
Morgan Stanley Capital Services LLC		8,780,000	CAD	05/14/19		6,681,183		6,579,254		101,929
Goldman Sachs International		65,776,000	CAD	04/24/19		49,358,777		49,263,657		95,120

44| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

Counterparty	Contracts to Sell		Currency	Settlement Date	Settlement Value		Value at March 31, 2019		Unrealized Appreciation (Depreciation)
JPMorgan Chase Bank, N.A.		11,990,000	CAD	05/08/19	$	9,060,305	$	8,983,273	$	77,032
Morgan Stanley Capital Services LLC		4,590,000	GBP	04/01/19		6,055,023		5,978,197		76,826
JPMorgan Chase Bank, N.A.		7,720,000	GBP	04/08/19		10,131,203		10,057,889		73,314
JPMorgan Chase Bank, N.A.		29,000,000	CAD	04/25/19		21,775,091		21,720,428		54,663
JPMorgan Chase Bank, N.A.		7,250,000	CAD	04/17/19		5,480,355		5,428,988		51,367
JPMorgan Chase Bank, N.A.		24,725,000	CAD	04/24/19		18,557,251		18,518,060		39,191
Barclays Bank plc		2,600,000	CAD	04/04/19		1,961,187		1,946,295		14,892
Goldman Sachs International		3,231,000	CAD	04/03/19		2,429,288		2,418,584		10,704
BNP Paribas		1,100,000	CAD	04/24/19		826,091		823,857		2,234
JPMorgan Chase Bank, N.A.		725,000	CAD	05/15/19		545,171		543,290		1,881
Citibank N.A., New York		770,614	CZK	04/18/19		34,061		33,521		540
Bank of America, N.A.		47,140,000	GBP	04/23/19		61,397,965		61,462,308		(64,343	)
Goldman Sachs International		1,716,000,000	JPY	06/03/19		15,485,827		15,561,148		(75,321	)
JPMorgan Chase Bank, N.A		576,300,000	MXN	04/11/19		29,569,010		29,651,762		(82,752	)
Goldman Sachs International		1,770,000,000	JPY	05/20/19		15,949,941		16,035,110		(85,169	)
Goldman Sachs International		9,220,000	GBP	04/23/19		11,920,215		12,021,266		(101,051	)
Goldman Sachs International		2,573,000,000	JPY	06/24/19		23,246,107		23,371,434		(125,327	)
Goldman Sachs International		2,593,000,000	JPY	04/22/19		23,294,046		23,440,775		(146,729	)
JPMorgan Chase Bank, N.A.		7,250,000,000	JPY	05/10/19		65,428,755		65,635,526		(206,771	)
Morgan Stanley Capital Services LLC		6,863,000,000	JPY	05/13/19		61,928,417		62,144,726		(216,309	)
Goldman Sachs International		213,300,000	BRL	04/01/19		54,190,696		54,530,115		(339,419	)
JPMorgan Chase Bank, N.A.		175,780,000	MXN	05/23/19		8,571,916		8,982,279		(410,363	)
Goldman Sachs International		195,090,000	ILS	01/31/20		53,865,793		55,030,424		(1,164,631	)
Goldman Sachs International		759,001,750	ILS	05/31/19		206,543,843		210,120,759		(3,576,916	)
									$	22,452,656

Counterparty	Contracts to Buy		Currency	Settlement Date	Settlement Value		Value at March 31, 2019		Unrealized Appreciation (Depreciation)
Barclays Bank plc		98,935,000	CAD	05/01/19	$	73,986,246	$	74,111,813	$	125,567
Citibank N.A., New York		45,350,000	CAD	05/15/19		33,931,599		33,983,691		52,092
Citibank N.A., New York		38,823,000	CAD	05/03/19		29,037,336		29,083,648		46,312
Citibank N.A., New York		30,420,000	CAD	05/14/19		22,757,616		22,795,092		37,476
Barclays Bank plc		175,780,000	MXN	05/23/19		8,993,144		8,982,279		(10,865	)
Barclays Bank plc		576,300,000	MXN	04/11/19		29,732,239		29,651,762		(80,477	)
JPMorgan Chase Bank, N.A.		129,000,000	BRL	04/01/19		33,769,633		32,978,832		(790,801	)
Goldman Sachs International		129,000,000	BRL	04/01/19		34,024,371		32,978,832		(1,045,539	)
Barclays Bank plc		56,360,000	GBP	04/23/19		74,582,186		73,483,574		(1,098,612	)
Barclays Bank plc		210,691,000	EUR	05/10/19		238,798,233		237,156,898		(1,641,335	)
Morgan Stanley Capital Services LLC		204,922,000	EUR	05/17/19		232,457,369		230,807,288		(1,650,081	)
Citibank N.A., New York		602,930,000	BRL	04/01/19		159,179,040		154,138,971		(5,040,069	)
									$	(11,096,332	)

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 45

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 4.
††	Value determined based on Level 2 inputs, unless otherwise noted — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
1	Security was fair valued by the Valuation Committee at March 31, 2019. The total market value of fair valued securities amounts to $21,964,417, (cost $21,400,360) or 0.2% of total net assets.
2	Affiliated issuer.
3	Effective November 30, 2018, Guggenheim Strategy Fund I was reorganized with and into the Guggenheim Ultra Short Duration Fund.
4	Rate indicated is the 7-day yield as of March 31, 2019.
5	Variable rate security. Rate indicated is the rate effective at March 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
6	Security is an interest-only strip.
7	Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at March 31, 2019. See table below for additional step information for each security.
8	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $2,967,953,270 (cost $2,968,429,120), or 24.2% of total net assets.
9	Rate indicated is the effective yield at the time of purchase.
10	Face amount of security is adjusted for inflation.
11	Zero coupon rate security.
12	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
13	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $48,357,080 (cost $49,075,814), or 0.4% of total net assets — See Note 10.
14	Security is in default of interest and/or principal obligations.
15	Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.
16	Security is a principal-only strip.
	BofA — Bank of America
	BRL — Brazilian Real
	CAD — Canadian Dollar
	CDX.NA.IG.31 Index — Credit Default Swap North American Investment Grade Series 31 Index
	CME — Chicago Mercantile Exchange
	CMT — Constant Maturity Treasury
	CZK — Czech Koruna
	DKK — Danish Krone
	EUR — Euro
	GBP — British Pound
	ICE — Intercontinental Exchange
	ILS — Israeli New Shekel

46| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

JPY — Japanese Yen

LIBOR — London Interbank Offered Rate

MXN — Mexican Peso

plc — Public Limited Company

REIT — Real Estate Investment Trust

REMIC — Real Estate Mortgage Investment Conduit

WAC — Weighted Average Coupon

See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 47

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2019 (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	$	404	$	11,695	$	233	$	12,332
Preferred Stocks		—		642,192		—		642,192
Mutual Funds		135,728,321		—		—		135,728,321
Money Market Fund		311,968,378		—		—		311,968,378
Collateralized Mortgage Obligations		—		3,494,804,947		102,349,992		3,597,154,939
U.S. Government Securities		—		3,120,281,919		—		3,120,281,919
Asset-Backed Securities		—		1,937,390,504		23,116,020		1,960,506,524
Foreign Government Debt		—		1,614,488,840		—		1,614,488,840
Corporate Bonds		—		808,536,784		70,426,249		878,963,033
Federal Agency Bonds		—		538,970,426		—		538,970,426
Senior Floating Rate Interests		—		84,985,063		—		84,985,063
Municipal Bonds		—		66,803,524		—		66,803,524
Commercial Paper		—		221,746,893		—		221,746,893
Forward Foreign Currency Exchange Contracts**		—		29,309,204		—		29,309,204
Total Assets	$	447,697,103	$	11,917,971,991	$	195,892,494	$	12,561,561,588

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Credit Default Swap Agreements**	$	—	$	19,390,004	$	—		$	19,390,004
Interest Rate Swap Agreements**		—		353,774		—			353,774
Forward Foreign Currency Exchange Contracts**		—		17,952,880		—			17,952,880
Unfunded Loan Commitments (Note 9)		—		332,758		—	*		332,758
Total Liabilities	$	—	$	38,029,416	$	—		$	38,029,416

*	Security has a market value of $0.
**	This derivative is reported as unrealized appreciation/depreciation at period end.

48| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

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

Category	Ending Balance at March 31, 2019		Valuation Technique	Unobservable Inputs	Input Range		Weighted Average*
Assets:
Asset-Backed Securities	$	21,964,184	Yield Analysis	Yield		3.7%		—
Asset-Backed Securities		1,151,836	Option Adjusted Spread off the prior month end broker mark over the 3 Month LIBOR	Indicative Quote		—		—
Collateralized Mortgage Obligations		102,349,992	Option Adjusted Spread off the prior month end broker mark over the 3 Month LIBOR	Indicative Quote		—		—
Common Stocks		233	Enterprise Value	Valuation Multiple		1.7x-8.1x		2.9x
Corporate Bonds		64,250,000	Model Price	Purchase Price		—		—
Corporate Bonds		6,176,249	Option Adjusted Spread off the prior month end broker mark over the 3 Month LIBOR	Indicative Quote		—		—
Total	$	195,892,494

^* Inputs are weighted by the relative fair value of the instruments.

Significant changes in an indicative quote, yield, market comparable yields, or valuation multiples would generally result in significant changes in the fair value of the security.

Any remaining Level 3 securities held by the Fund and excluded from the tables above, were not considered material to the Fund.

Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. For the period ended March 31, 2019, the Fund had securities with a total value of $7,664,575 transfer out of Level 3 to Level 2 due to the availability of current and reliable market-based data provided by a third-party service which utilizes significant observable inputs.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 49

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

Summary of Fair Value Level 3 Activity

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the year ended March 31, 2019:

	Assets																	Liabilities
	Asset- Backed Securities			Collateralized Mortgage Obligations			Corporate Bonds		Common Stocks			Warrants			Total Assets			Unfunded Loan Commitments
Beginning Balance	$	22,443,434		$	12,469,266		$	5,891,932	$	—	*	$	—	*	$	40,804,632		$	—	*
Purchases/(Receipts)		—			94,405,409			64,250,000		360			—			158,655,769			—
(Sales, maturities and paydowns)/Fundings		(126,241	)		(56,981	)		—		—			—	*		(183,222	)		—	*
Amortization of discount/premiums		1,187			36,470			—		—			—			37,657			—
Total realized gains (losses) included in earnings		(4	)		(1,737	)		—		—			—			(1,741	)		—
Total change in unrealized appreciation (depreciation) included in earnings		797,644			3,162,140			284,317		(127	)		—			4,243,974			—
Transfers out of Level 3		—			(7,664,575	)		—		—			—			(7,664,575	)		—
Ending Balance	$	23,116,020		$	102,349,992		$	70,426,249	$	233		$	—		$	195,892,494		$	—	*
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at March 31, 2019	$	797,644		$	3,199,200		$	284,317	$	(127	)	$	—		$	4,281,034		$	—

^* Security has a market value of $0.

50| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
TOTAL RETURN BOND FUND

Step Coupon Bonds

The following table discloses additional information related to step coupon bonds held by the Fund. Certain securities are subject to multiple rate changes prior to maturity. For those securities a range of rates and corresponding dates have been provided. Rates for all step coupon bonds held by the Fund are scheduled to increase, none are scheduled to decrease.

Name	Coupon rate at next reset date	Next rate reset date	Future reset rate(s)	Future reset date(s)
Apollo Aviation Securitization Equity Trust 2016-1A, 4.88% due 03/17/36	6.88%	03/15/23	6.88%	03/15/23
Freddie Mac Seasoned Credit Risk Transfer Trust 2017-4, 2.75% due 06/25/57	3.00%	06/25/19	3.25%	12/25/19
Freddie Mac Seasoned Credit Risk Transfer Trust 2017-3, 2.75% due 07/25/56	3.25%	09/25/19	3.25%	09/25/19
Freddie Mac Seasoned Credit Risk Transfer Trust 2018-1, 2.50% due 05/25/57	2.75%	09/25/19	3.00%	03/25/20
Legacy Mortgage Asset Trust 2018-GS3, 4.00% due 06/25/58	7.00%	07/26/21	8.00%	07/26/22
New Residential Mortgage Loan Trust 2019-RPL1, 4.33% due 02/26/24	7.33%	02/25/22	8.33%	02/25/23
Willis Engine Securitization Trust II 2012-A, 5.50% due 09/15/37	8.50%	09/15/20	8.50%	09/15/20

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Cash Management Funds”), each of which are open-end management investment companies managed by GI. The Cash Management Funds, which launched on March 11, 2014, are offered as cash management options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Cash Management Funds pay no investment management fees. The Cash Management Funds’ annual report on Form N-CSR dated September 30, 2018, is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000089180418000513/gug75569-ncsr.htm.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 51

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2019
TOTAL RETURN BOND FUND

Transactions during the period ended March 31, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 09/30/18			Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)
Common Stocks
Aspect Software Parent, Inc.3	$	—	*	$	—	$	—		$	—		$	—
Mutual Funds
Guggenheim Floating Rate Strategies Fund - R6 Class		105,685,870			1,866,921		(46,270,000	)		(1,209,953	)		(1,370,217	)
Guggenheim Strategy Fund II		25,435,578			401,757		—			—			(174,009	)
Guggenheim Strategy Fund III		25,444,068			405,803		—			—			(214,840	)
Guggenheim Ultra Short Duration Fund - Institutional Class1		25,458,278			380,109		—			—			(111,044	)
Senior Floating Rate Interests
Aspect Software, Inc. 7.74% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 01/15/242,3		12,202			—		(95	)		—			—
Warrants
Aspect Software, Inc.3		—	*		—		—			—			—
	$	182,035,996		$	3,054,590	$	(46,270,095	)	$	(1,209,953	)	$	(1,870,110	)

Security Name	Value 03/31/19		Shares/ Face Amount 03/31/19		Investment Income		Capital Gain Distributions
Common Stocks
Aspect Software Parent, Inc.3	$	—		—	$	—	$	—
Mutual Funds
Guggenheim Floating Rate Strategies Fund - R6 Class		58,702,621		2,322,097		1,866,529		392
Guggenheim Strategy Fund II		25,663,326		1,034,394		388,108		13,648
Guggenheim Strategy Fund III		25,635,031		1,034,088		404,851		953
Guggenheim Ultra Short Duration Fund - Institutional Class1		25,727,343		2,580,476		361,561		18,548
Senior Floating Rate Interests
Aspect Software, Inc. 7.74% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 01/15/242,3		—		—		687		—
Warrants
Aspect Software, Inc.3		—		—		—		—
	$	135,728,321			$	3,021,736	$	33,541

*	Security has a market value of $0.
1	Effective November 30, 2018, Guggenheim Strategy Fund I was reorganized with and into the Guggenheim Ultra Short Duration Fund.
2	Variable rate security. Rate indicated is the rate effective at March 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
3	Security is no longer an affiliated entity as of period end.

52| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

TOTAL RETURN BOND FUND

March 31, 2019

Assets:
Investments in unaffiliated issuers, at value (cost $12,346,039,413)	$	12,396,524,063
Investments in affiliated issuers, at value (cost $137,814,343)		135,728,321
Foreign currency, at value (cost $34,184)		33,504
Segregated cash with broker		38,001,108
Unrealized appreciation on forward foreign currency exchange contracts		29,309,204
Prepaid expenses		878,240
Unamortized premiums paid on interest rate swap agreements		1,117
Receivables:
Interest		38,732,224
Fund shares sold		29,005,059
Securities sold		1,798,996
Foreign tax reclaims		496,497
Dividends		302,677
Variation margin on interest rate swap agreements		29,800
Total assets		12,670,840,810
Liabilities:
Unfunded loan commitments, at value (Note 9) (proceeds $80,109)		332,758
Overdraft due to custodian bank		1,341,987
Segregated cash due to broker		6,165,000
Unamortized upfront premiums received on credit default swap agreements		20,486,391
Unrealized depreciation on forward foreign currency exchange contracts		17,952,880
Unrealized depreciation on OTC credit default swap agreements		4,543,964
Payable for:
Securities purchased		304,254,308
Fund shares redeemed		26,548,472
Distributions to shareholders		4,647,522
Variation margin on credit default swap agreements		3,115,844
Management fees		2,195,925
Fund accounting/administration fees		817,828
Distribution and service fees		526,311
Transfer agent/maintenance fees		502,082
Swap settlement		129,081
Trustees’ fees*		9,317
Due to Investment Adviser		1,184
Miscellaneous		976,654
Total liabilities		394,547,508
Net assets	$	12,276,293,302
Net assets consist of:
Paid in capital	$	12,298,316,740
Total distributable earnings (loss)		(22,023,438	)
Net assets	$	12,276,293,302
A-Class:
Net assets	$	637,824,079
Capital shares outstanding		23,834,838
Net asset value per share	$	26.76
Maximum offering price per share (Net asset value divided by 96.00%)	$	27.88
C-Class:
Net assets	$	274,057,432
Capital shares outstanding		10,240,712
Net asset value per share	$	26.76
P-Class:
Net assets	$	763,503,129
Capital shares outstanding		28,538,361
Net asset value per share	$	26.75
Institutional Class:
Net assets	$	10,557,504,368
Capital shares outstanding		394,190,326
Net asset value per share	$	26.78
R6-Class:
Net assets	$	43,404,294
Capital shares outstanding		1,619,666
Net asset value per share	$	26.80

^* 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 SEMI-ANNUAL REPORT| 53

STATEMENT OF OPERATIONS (Unaudited)

TOTAL RETURN BOND FUND

Period Ended March 31, 2019

Investment Income:
Dividends from securities of unaffiliated issuers	$	27,582
Dividends from securities of affiliated issuers		3,021,049
Interest from unaffiliated issuers		177,862,075
Interest from affiliated issuers		687
Other income		12,255
Total investment income		180,923,648
Expenses:
Management fees		21,755,701
Distribution and service fees:
A-Class		769,018
C-Class		1,330,579
P-Class		910,484
Transfer agent/maintenance fees:
A-Class		741,768
C-Class		141,615
P-Class		421,845
Institutional Class		3,478,299
R6-Class		2,344
Fund accounting/administration fees		4,462,760
Line of credit fees		462,489
Trustees’ fees*		119,381
Custodian fees		62,330
Interest expense		17,030
Miscellaneous		807,886
Recoupment of previously waived fees:
P-Class		9,203
R6-Class		1,354
Total expenses		35,494,086
Less:
Expenses reimbursed by Adviser:
A-Class		(576,447	)
C-Class		(70,069	)
P-Class		(237,151	)
Institutional Class		(2,802,910	)
R6-Class		(825	)
Expenses waived by Adviser		(370,964	)
Total waived/reimbursed expenses		(4,058,366	)
Net expenses		31,435,720
Net investment income		149,487,928
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(4,771,748	)
Investments in affiliated issuers		(1,209,953	)
Distributions received from affiliated investment company shares		33,541
Swap agreements		(42,417,580	)
Futures contracts		(6,051,811	)
Foreign currency transactions		6,216,603
Forward foreign currency exchange contracts		19,657,929
Options purchased		(6,829,735	)
Net realized loss		(35,372,754	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		188,099,787
Investments in affiliated issuers		(1,870,110	)
Swap agreements		(60,092,439	)
Options purchased		2,540,000
Foreign currency translations		71,132
Forward foreign currency exchange contracts		(14,916,364	)
Net change in unrealized appreciation (depreciation)		113,832,006
Net realized and unrealized gain		78,459,252
Net increase in net assets resulting from operations	$	227,947,180

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

54| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF CHANGES IN NET ASSETS

TOTAL RETURN BOND FUND

	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	149,487,928		$	274,573,149
Net realized gain (loss) on investments		(35,372,754	)		43,660,869
Net change in unrealized appreciation (depreciation) on investments		113,832,006			(182,445,396	)
Net increase in net assets resulting from operations		227,947,180			135,788,622
Distributions To Shareholders:
A-Class		(9,828,746	)		(18,699,133	)
C-Class		(3,249,342	)		(4,951,071	)
P-Class		(11,545,648	)		(18,342,874	)
Institutional Class		(163,991,143	)		(226,254,584	)
R6-Class		(694,314	)		(865,517	)
Total distributions to shareholders		(189,309,193	)		(269,113,179	)
Capital share transactions:
Proceeds from sale of shares
A-Class		180,115,776			407,895,750
C-Class		41,119,091			81,807,500
P-Class		186,950,373			449,910,679
Institutional Class		3,336,809,709			5,167,683,542
R6-Class		9,332,216			41,692,891
Distributions reinvested
A-Class		8,845,942			15,679,136
C-Class		2,716,265			4,111,804
P-Class		11,397,817			18,176,643
Institutional Class		133,117,161			183,827,711
R6-Class		694,318			791,740
Cost of shares redeemed
A-Class		(142,800,591	)		(568,610,410	)
C-Class		(35,988,412	)		(67,984,756	)
P-Class		(175,496,787	)		(291,745,596	)
Institutional Class		(1,904,242,257	)		(2,703,743,736	)
R6-Class		(4,492,262	)		(18,007,700	)
Net increase from capital share transactions		1,648,078,359			2,721,485,198
Net increase in net assets		1,686,716,346			2,588,160,641
Net assets:
Beginning of period		10,589,576,956			8,001,416,315
End of period	$	12,276,293,302		$	10,589,576,956

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 55

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

TOTAL RETURN BOND FUND

	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Capital share activity:
Shares sold
A-Class		6,787,004			15,135,128
C-Class		1,548,339			3,034,563
P-Class		7,037,198			16,683,240
Institutional Class		125,516,777			191,850,977
R6-Class		350,869			1,544,316
Shares issued from reinvestment of distributions
A-Class		333,042			582,204
C-Class		102,234			152,729
P-Class		429,197			675,415
Institutional Class		5,007,084			6,824,628
R6-Class		26,103			29,388
Shares redeemed
A-Class		(5,379,948	)		(21,162,856	)
C-Class		(1,355,126	)		(2,526,601	)
P-Class		(6,609,591	)		(10,851,945	)
Institutional Class		(71,654,262	)		(100,449,512	)
R6-Class		(169,000	)		(668,132	)
Net increase in shares		61,969,920			100,853,542

56| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL HIGHLIGHTS

TOTAL RETURN BOND FUND

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.

A-Class	Period Ended March 31, 2019a			Year Ended Sept. 30, 2018			Year Ended Sept. 30, 2017			Year Ended Sept. 30, 2016			Year Ended Sept. 30, 2015			Year Ended Sept. 30, 2014
Per Share Data
Net asset value, beginning of period	$	26.69		$	27.05		$	27.23		$	26.50		$	26.94		$	26.16
Income (loss) from investment operations:
Net investment income (loss)b		.33			.72			.83			.96			.94			1.01
Net gain (loss) on investments (realized and unrealized)		.16			(.37	)		.05			.81			(.25	)		1.13
Total from investment operations		.49			.35			.88			1.77			.69			2.14
Less distributions from:
Net investment income		(.31	)		(.71	)		(.95	)		(1.04	)		(1.09	)		(1.36	)
Net realized gains		(.11	)		—			(.11	)		—			(.04	)		—
Total distributions		(.42	)		(.71	)		(1.06	)		(1.04	)		(1.13	)		(1.36	)
Net asset value, end of period	$	26.76		$	26.69		$	27.05		$	27.23		$	26.50		$	26.94
Total Returnc		1.87	%		1.28	%		3.33	%		6.88	%		2.56	%		8.34	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	637,824		$	589,760		$	744,989		$	548,223		$	435,760		$	90,805
Ratios to average net assets:
Net investment income (loss)		2.46	%		2.66	%		3.08	%		3.63	%		3.50	%		3.80	%
Total expensesd		0.98	%		0.93	%		1.02	%		1.15	%		1.10	%		1.19	%
Net expensese,f,i		0.79	%		0.81	%		0.87	%		0.97	%		0.91	%		0.94	%
Portfolio turnover rate		51	%		48	%		72	%		86	%		74	%		52	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 57

FINANCIAL HIGHLIGHTS (continued)

TOTAL RETURN BOND FUND

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.

C-Class	Period Ended March 31, 2019a			Year Ended Sept. 30, 2018			Year Ended Sept. 30, 2017			Year Ended Sept. 30, 2016			Year Ended Sept. 30, 2015			Year Ended Sept. 30, 2014
Per Share Data
Net asset value, beginning of period	$	26.69		$	27.05		$	27.23		$	26.50		$	26.94		$	26.16
Income (loss) from investment operations:
Net investment income (loss)b		.23			.52			.65			.75			.74			.82
Net gain (loss) on investments (realized and unrealized)		.16			(.38	)		.03			.82			(.25	)		1.12
Total from investment operations		.39			.14			.68			1.57			.49			1.94
Less distributions from:
Net investment income		(.21	)		(.50	)		(.75	)		(.84	)		(.89	)		(1.16	)
Net realized gains		(.11	)		—			(.11	)		—			(.04	)		—
Total distributions		(.32	)		(.50	)		(.86	)		(.84	)		(.93	)		(1.16	)
Net asset value, end of period	$	26.76		$	26.69		$	27.05		$	27.23		$	26.50		$	26.94
Total Returnc		1.49	%		0.53	%		2.58	%		6.08	%		1.82	%		7.58	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	274,057		$	265,486		$	251,177		$	216,255		$	89,320		$	25,107
Ratios to average net assets:
Net investment income (loss)		1.70	%		1.93	%		2.44	%		2.82	%		2.75	%		3.10	%
Total expensesd		1.60	%		1.62	%		1.74	%		1.83	%		1.80	%		1.90	%
Net expensese,f,i		1.54	%		1.55	%		1.60	%		1.69	%		1.63	%		1.66	%
Portfolio turnover rate		51	%		48	%		72	%		86	%		74	%		52	%

58| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL HIGHLIGHTS (continued)

TOTAL RETURN BOND FUND

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.

P-Class	Period Ended March 31, 2019a			Year Ended Sept. 30, 2018			Year Ended Sept. 30, 2017			Year Ended Sept. 30, 2016			Period Ended Sept. 30, 2015g
Per Share Data
Net asset value, beginning of period	$	26.69		$	27.04		$	27.23		$	26.49		$	26.98
Income (loss) from investment operations:
Net investment income (loss)b		.32			.72			.85			.96			.36
Net gain (loss) on investments (realized and unrealized)		.16			(.36	)		.03			.84			(.43	)
Total from investment operations		.48			.36			.88			1.80			(.07	)
Less distributions from:
Net investment income		(.31	)		(.71	)		(.96	)		(1.06	)		(.42	)
Net realized gains		(.11	)		—			(.11	)		—			—
Total distributions		(.42	)		(.71	)		(1.07	)		(1.06	)		(.42	)
Net asset value, end of period	$	26.75		$	26.69		$	27.04		$	27.23		$	26.49
Total Return		1.83	%		1.32	%		3.34	%		6.97	%		(0.21	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	763,503		$	738,694		$	572,644		$	161,928		$	12,509
Ratios to average net assets:
Net investment income (loss)		2.45	%		2.69	%		3.14	%		3.58	%		3.20	%
Total expensesd		0.87	%		0.91	%		1.03	%		0.96	%		1.02	%
Net expensese,f,i		0.79	%		0.80	%		0.86	%		0.82	%		0.84	%
Portfolio turnover rate		51	%		48	%		72	%		86	%		74	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 59

FINANCIAL HIGHLIGHTS (continued)

TOTAL RETURN BOND FUND

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	Period Ended March 31, 2019a			Year Ended Sept. 30, 2018			Year Ended Sept. 30, 2017			Year Ended Sept. 30, 2016			Year Ended Sept. 30, 2015			Year Ended Sept. 30, 2014
Per Share Data
Net asset value, beginning of period	$	26.71		$	27.07		$	27.26		$	26.53		$	26.97		$	26.19
Income (loss) from investment operations:
Net investment income (loss)b		.36			.80			.93			1.05			1.03			1.09
Net gain (loss) on investments (realized and unrealized)		.17			(.37	)		.04			.82			(.25	)		1.14
Total from investment operations		.53			.43			.97			1.87			.78			2.23
Less distributions from:
Net investment income		(.35	)		(.79	)		(1.05	)		(1.14	)		(1.18	)		(1.45	)
Net realized gains		(.11	)		—			(.11	)		—			(.04	)		—
Total distributions		(.46	)		(.79	)		(1.16	)		(1.14	)		(1.22	)		(1.45	)
Net asset value, end of period	$	26.78		$	26.71		$	27.07		$	27.26		$	26.53		$	26.97
Total Return		2.01	%		1.59	%		3.68	%		7.26	%		2.91	%		8.74	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	10,557,504		$	8,957,902		$	6,418,897		$	3,024,918		$	1,409,171		$	270,668
Ratios to average net assets:
Net investment income (loss)		2.74	%		2.99	%		3.47	%		3.94	%		3.83	%		4.09	%
Total expensesd		0.57	%		0.58	%		0.68	%		0.79	%		0.76	%		0.81	%
Net expensese,f,i		0.50	%		0.50	%		0.52	%		0.59	%		0.57	%		0.57	%
Portfolio turnover rate		51	%		48	%		72	%		86	%		74	%		52	%

60| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL HIGHLIGHTS (continued)

TOTAL RETURN BOND FUND

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.

R6-Class	Period Ended March 31, 2019a			Year Ended Sept. 30, 2018			Period Ended Sept. 30, 2017h
Per Share Data
Net asset value, beginning of period	$	26.73		$	27.09		$	27.15
Income (loss) from investment operations:
Net investment income (loss)b		.36			.81			.86
Net gain (loss) on investments (realized and unrealized)		.17			(.38	)		.18
Total from investment operations		.53			.43			1.04
Less distributions from:
Net investment income		(.35	)		(.79	)		(.99	)
Net realized gains		(.11	)		—			(.11	)
Total distributions		(.46	)		(.79	)		(1.10	)
Net asset value, end of period	$	26.80		$	26.73		$	27.09
Total Return		2.01	%		1.59	%		3.97	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	43,404		$	37,735		$	13,709
Ratios to average net assets:
Net investment income (loss)		2.73	%		3.00	%		3.35	%
Total expensesd		0.52	%		0.53	%		0.65	%
Net expensese,f,i		0.50	%		0.50	%		0.51	%
Portfolio turnover rate		51	%		48	%		72	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 61

FINANCIAL HIGHLIGHTS (concluded)

TOTAL RETURN BOND FUND

a	Unaudited figures for the period ended March 31, 2019. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
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 total and net expenses before and after waivers/reimbursements to average net assets attributable to recoupments of prior fee reductions or expense reimbursements for the years presented was as follows:

	03/31/19	09/30/18	09/30/17
A-Class	—	0.00%*	0.01%
C-Class	—	0.00%*	0.01%
P-Class	0.00%*	0.00%*	0.01%
Institutional Class	—	0.00%*	—
R6-Class	0.01%	0.00%*	—

^* Less than 0.01%.

g	Since commencement of operations: May 1, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
h	Since commencement of operations: October 19, 2016. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
i	Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratio for the year would be:

	03/31/19	09/30/18	09/30/17	09/30/16	09/30/15	09/30/14
A-Class	0.79%	0.80%	0.84%	0.87%	0.84%	0.86%
C-Class	1.54%	1.55%	1.57%	1.60%	1.56%	1.58%
P-Class	0.79%	0.80%	0.83%	0.75%	0.75%	—
Institutional Class	0.50%	0.49%	0.49%	0.49%	0.50%	0.50%
R6-Class	0.50%	0.49%	0.48%	—	—	—

62| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

Guggenheim Funds Trust (the “Trust”), a Delaware statutory trust, is registered with 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. The Trust is authorized to issue an unlimited number of shares. The Trust accounts for the assets of each fund separately.

The Trust offers a combination of five separate classes of shares, A-Class shares, C-Class shares, P-Class shares, R6-Class 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 A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased. A-Class share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% contingent deferred sales charge (“CDSC”), if shares are redeemed within 12 months of purchase. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. 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. R6-Class shares are offered primarily through qualified retirement and benefit plans. R6-Class shares are also offered through certain other plans and platforms sponsored by financial intermediaries. Certain institutional investors and others deemed appropriate by Guggenheim Investments (“GI”) may also be eligible to purchase R6-Class shares subject to a $2 million minimum initial investment. At March 31, 2019, the Trust consisted of twenty funds (the “Funds”).

This report covers the Total Return Bond Fund (the “Fund”), a diversified investment company. At March 31, 2019, A-Class, C-Class, P-Class, Institutional Class and R6-Class shares had been issued by the Fund.

C-Class shares of the Fund automatically convert to A-Class shares on or about the 10th day of the month following the 10-year anniversary of the purchase of the C-Class 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 A-Class shares.

Guggenheim Partners Investment Management, LLC which operates under the name Guggenheim Investments (“GI”), provides advisory services. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI and GFD are affiliated entities.

Significant Accounting Policies

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 Class of the Fund is calculated by dividing the market value of the Fund’s securities and other assets, less all liabilities, attributable to the Class by the number of outstanding shares of the Class.

(a) Valuation of Investments

The Board of Trustees of the Fund (the “Board”) has adopted policies and procedures for the valuation of the Fund’s investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Fund’s securities and/or other assets.

Valuations of the Fund’s securities are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Fund’s officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used and valuations provided by the pricing services.

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

Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sale price as of the close of business on the NYSE, usually at 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on a given day, the security is valued at the closing bid price on that day.

Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the NYSE. The values of foreign securities are determined as of the close of such foreign markets or the close of the NYSE, if earlier. All investments quoted in foreign currencies are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of U.S. business at 4:00 p.m. Investments in foreign securities may involve risks not present in domestic investments. The Valuation Committee will determine the current

64 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

value of such foreign securities by taking into consideration certain factors which may include those discussed above, as well as the following factors, among others: the value of the securities traded on other foreign markets, ADR trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities. In addition, under the Valuation Procedures, the Valuation Committee and GI are authorized to use prices and other information supplied by a third party pricing vendor in valuing foreign securities.

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 valued at the last quoted sale price.

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

Debt securities with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from independent pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Short-term debt securities with a maturity of 60 days or less at acquisition are valued at amortized cost, provided such amount approximates market value. Money market funds are valued at their NAV.

Typically, loans are valued using information provided by an independent third party pricing service which uses broker quotes. If the pricing service cannot or does not provide a valuation for a particular loan or such valuation is deemed unrealiable, such investment is fair valued by the Valuation Committee.

Listed options are valued at the official settlement price listed by the exchange, usually as of 4:00 p.m. Long options are valued using the bid price and short options are valued using the ask price. In the event that a settlement price is not available, fair valuation is enacted. Over-the-counter (“OTC”) options are valued using the average bid price (for long options) or average ask price (for short options) obtained from one or more security dealers.

The value of futures contracts is accounted for using the unrealized appreciation or depreciation on the contracts that is determined by marking the contracts to their current realized settlement prices. Financial futures contracts are valued at the 4:00 p.m. price on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the official settlement price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation would provide a more accurate valuation.

The value of interest rate swap agreements entered into by a fund is accounted for using the unrealized appreciation or depreciation on the agreements that is determined using the spread priced off the previous day’s Chicago Mercantile Exchange (“CME”) price.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 65

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The values of OTC swap agreements and credit default swap agreements entered into by a fund are accounted for using the unrealized appreciation or depreciation on the agreements that are determined by marking the agreements to the last quoted value of the index that the swaps pertain to at the close of the NYSE.

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

Investments for which market quotations are not readily available are fair-valued as determined in good faith by GI, subject to review and approval by the Valuation Committee, pursuant to methods established or ratified by the Board. 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 prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis.

In connection with futures contracts and other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

(b) U.S. Government and Agency Obligations

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

Inflation-Indexed bonds are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these securities is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond however, interest will be paid based on a principal value which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond is recognized as a component of Interest Income on the Statement of Operations, even though principal is not received until maturity.

(c) Senior Loans

Senior loans in which the Fund invests generally pay interest rates which are periodically adjusted by reference to a base short-term floating rate, plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the one-month or three-month London Inter-Bank Offered Rate (“LIBOR”), (ii) the prime rate offered by one or more major United States banks, or (iii) the bank’s certificate of deposit rate. Senior floating rate interests often require prepayments from excess cash flows or permit the borrower

66 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities disclosed in the Funds’ Schedules of Investments. The interest rate indicated is the rate in effect at March 31, 2019.

(d) Interests in When-Issued Securities

The Fund may purchase and sell interests in securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually take delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities before the settlement date.

(e) Options

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

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

(f) Futures Contracts

Upon entering into a futures contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

(g) Swap Agreements

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

Credit default swap agreements are marked-to-market daily and the change, if any, is recorded as unrealized appreciation or depreciation. Upfront payments received or made by the Fund on credit default swap agreements are amortized over the expected life of the agreement. Periodic payments received or paid by the Fund are recorded as realized gains or losses. Payments received or made as a result of a credit event or termination of the contract are recognized, net of a proportional amount of the upfront payment, as realized gains or losses.

(h) Forward Foreign Currency Exchange Contracts

The change in value of the contract is recorded as unrealized appreciation or depreciation until the contract is closed. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

(i) Currency Translations

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

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

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

(j) Foreign Taxes

The Fund 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 Fund invests. These foreign taxes, if any, are paid by the Fund and reflected in its Statement 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 March 31, 2019, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.

(k) 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 Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries. 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. Interest income also includes paydown gains and losses on mortgage-backed and asset-backed securities and senior and subordinated loans. Amendment fees are earned as compensation for evaluating and accepting changes to the original loan agreement and are recognized when received. 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.

Income from residual collateralized loan obligations is recognized using the effective interest method. At the time of purchase, management estimates the future expected cash flows and determines the effective yield and estimated maturity date based on the estimated cash flows. Subsequent to the purchase, the estimated cash flows are updated periodically and a revised yield is calculated prospectively. Cash flows received in excess of the effective yield are reflected as a return of capital.

(l) Distributions

The Fund declares dividends from investment income daily. The Fund pays its shareholders from its net investment income monthly and distributes any net capital gains that it has realized, at least annually. Distributions to shareholders are recorded on the ex-dividend date. The character of distributions made during the year from net investment income or net realized gains may

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 69

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

differ from their ultimate characterization for federal income tax purposes. Normally, all such distributions of the Fund will automatically be reinvested without charge in additional shares of the same Fund.

(m) Class Allocations

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

(n) 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 Statement of Operations are before the reduction in expense from the related earnings credits, if any. For the period ended March 31, 2019, there were no earnings credits received.

(o) Cash

The Fund may leave cash overnight in its cash account with the custodian. Periodically, the 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 2.43% at March 31, 2019.

(p) Indemnifications

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

Note 2 - Derivatives

As part of its investment strategy, the Fund utilizes a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized in the Statement of Assets and Liabilities. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Financial Statements.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

The Fund utilized derivatives for the following purposes:

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

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

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

Options Purchased and Written

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

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

Use	Average Notional Purchased
Duration, Hedge	$	—	*

^* Options purchased were outstanding for 114 days during the period ended March 31, 2019. The daily average outstanding notional amount of equity options purchased during the period was $389,440.

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Futures

A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a Fund’s use of futures contracts, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to the Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Cash deposits are shown as segregated cash with broker on the Statement of Assets and Liabilities; securities held as collateral are noted on the Schedule of Investments.

The following table represents the Fund’s use and volume of futures on a quarterly basis:

	Average Notional Amount
Use	Long		Short
Hedge, Income	$	—	$	—	*

^* Futures contracts were outstanding for 62 days during the period ended March 31, 2019. The daily average outstanding notional amount of interest rate futures contracts during the period was $73,089,366.

Swaps

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. A Fund utilizing OTC swaps bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. Upon entering into certain centrally-cleared swap transactions, the Fund is required to deposit with its clearing broker an amount of cash or securities as an initial margin. Subsequent variation margin payments or receipts are made or received by the Fund, depending on fluctuations in the fair value of the reference entity. For a fund utilizing centrally cleared swaps, the exchange bears the risk of loss. There is no guarantee that a fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

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

	Average Notional Amount
Use	Pay Floating Rate		Receive Floating Rate
Duration, Hedge	$	—	$	1,169,609,500

Credit default swaps are instruments which allow for the full or partial transfer of third party credit risk, with respect to a particular entity or entities, from one counterparty to the other. In accordance with its principal investment strategy, the Fund enters into credit default swaps as a seller of protection primarily to gain exposure similar to the high yield bond market. A seller of credit default swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. If a credit event occurs, as defined under the terms of the swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the fund selling the credit protection. The Notional Principal reflects the maximum potential amount the Fund could be required to pay as a seller of credit protection if a credit event occurs. As the seller of protection, the Fund receives periodic premium payments from the counterparty and may also receive or pay an upfront premium adjustment to the stated periodic premium. In the event a credit event occurs, an adjustment will be made to any upfront premiums that were received by a reduction of 1.00% per credit event. A fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty, or in the case of a credit default swap in which a fund is selling credit protection, the default of a third party issuer.

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

	Average Notional Amount
Use	Protection Sold		Protection Purchased
Hedge	$	—	$	2,148,690,000

Forward Foreign Currency Exchange Contracts

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

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

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

	Average Value
Use	Purchased		Sold
Hedge, Income	$	506,155,259	$	2,430,380,733

Derivative Investment Holdings Categorized by Risk Exposure

The following is a summary of the location of derivative investments on the Fund’s Statement of Assets and Liabilities as of March 31, 2019:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Currency contracts	Unrealized appreciation on forward foreign currency exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts
Interest Rate contracts	Unamortized upfront premiums paid on interest rate swap agreements
	Variation margin on interest rate swap agreements
Credit contracts		Unamortized upfront premiums received on credit default swap agreements
		Variation margin on credit default swap agreements
		Unrealized depreciation on OTC credit default swap agreements

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The following table sets forth the fair value of the Fund’s derivative investments categorized by primary risk exposure at March 31, 2019:

Asset Derivative Investments Value
Swaps Interest Rate Risk*		Swaps Credit Risk*		Forward Foreign Currency Exchange Risk		Total Value at March 31, 2019
$	—	$	—	$	29,309,204	$	29,309,204

Liability Derivative Investments Value
Swaps Interest Rate Risk*		Swaps Credit Risk*		Forward Foreign Currency Exchange Risk		Total Value at March 31, 2019
$	353,774	$	19,390,004	$	17,952,880	$	37,696,658

^* Includes cumulative appreciation (depreciation) of OTC and centrally-cleared swap agreements as reported on the Schedule of Investments. For centrally-cleared swaps, variation margin is reported within the Statement of Assets and Liabilities.

The following is a summary of the location of derivative investments on the Fund’s Statement of Operations for the period ended March 31, 2019:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Currency contracts	Net realized gain (loss) on forward foreign currency exchange contracts
	Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts
Interest Rate/Credit contracts	Net realized gain (loss) on swap agreements
	Net change in unrealized appreciation (depreciation) on swap agreements
Interest Rate contracts	Net realized gain (loss) on futures contracts
Equity contracts	Net realized gain (loss) on options purchased
	Net change in unrealized appreciation (depreciation) on options purchased

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The following is a summary of the Fund’s realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Statement of Operations categorized by primary risk exposure for the period ended March 31, 2019:

Realized Gain (Loss) on Derivative Investments Recognized on the Statement of Operations
Futures Interest Rate Risk			Swaps Interest Rate Risk			Swaps Credit Risk			Options Purchased Equity Contracts			Forward Foreign Currency Exchange Risk		Total
$	(6,051,811	)	$	(36,565,162	)	$	(5,852,418	)	$	(6,829,735	)	$	19,657,929	$	(35,641,197	)

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statement of Operations
Futures Interest Rate Risk		Swaps Interest Rate Risk			Swaps Credit Risk			Options Purchased Equity Contracts		Forward Foreign Currency Exchange Risk			Total
$	—	$	(40,702,435	)	$	(19,390,004	)	$	2,540,000	$	(14,916,364	)	$	(72,468,803	)

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

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

Note 3 – Offsetting

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

In order to better define their contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs OTC derivatives, including foreign exchange contracts, and typically contains, among other things, collateral posting terms and netting provisions in

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

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

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

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

							Gross Amounts Not Offset in the Statement of Assets and Liabilities
Instrument	Gross Amounts of Recognized Assets1		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amount of Assets Presented on the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Received			Net Amount
Forward foreign currency exchange contracts	$	29,309,204	$	—	$	29,309,204	$	(19,547,392	)	$	(4,103,796	)	$	5,658,016

��

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

							Gross Amounts Not Offset in the Statement of Assets and Liabilities
Instrument	Gross Amounts of Recognized Liabilities1		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amount of Liabilities Presented on the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged			Net Amount
Credit default swap agreements	$	4,543,964	$	—	$	4,543,964	$	(4,543,964	)	$	—		$	—
Forward foreign currency exchange contracts		17,952,880		—		17,952,880		(15,003,428	)		(472,000	)		2,477,452

¹ Exchange-traded or centrally-cleared derivatives are excluded from these reported amounts.

The Fund has the right to offset deposits against any related derivative liabilities outstanding with each counterparty with the exception of exchange-traded or centrally-cleared derivatives. The following table presents deposits held by others in connection with derivative investments as of March 31, 2019.

Counterparty	Asset Type	Cash Pledged		Cash Received
BofA Merrill Lynch	Credit default swap agreements	$	21,054,867	$	—
	Interest rate swap agreements		16,474,241		—
Citigroup	Forward foreign currency exchange contracts		—		510,000
Goldman Sachs Group	Forward foreign currency exchange contracts, Credit default swap agreements		—		2,510,000
JPMorgan Chase & Co.	Forward foreign currency exchange contracts		—		3,145,000
Morgan Stanley	Forward foreign currency exchange contracts, Credit default swap agreements		472,000		—
Total		$	38,001,108	$	6,165,000

Note 4 – Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. 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 — 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.).

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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.

The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

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

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

Note 5 – Investment Advisory Agreement and Other Agreements

Under the terms of an investment advisory contract, the Fund pays GI investment advisory fees calculated at an annualized rate of 0.39% of the average daily net assets of the Fund.

GI engages external service providers to perform other necessary services for the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, etc., on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The Fund has adopted Distribution Plans related to the offering of A-Class, C-Class and P-Class 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 the Fund’s A-Class and P-Class shares, and 1.00% of the average daily net assets of the Fund’s C-Class shares.

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

	Limit	Effective Date	Contract End Date
Total Return Bond Fund - A-Class	0.79%	11/20/17	02/01/20
Total Return Bond Fund - C-Class	1.54%	11/20/17	02/01/20
Total Return Bond Fund - P-Class	0.79%	11/20/17	02/01/20
Total Return Bond Fund - Institutional Class	0.50%	11/30/12	02/01/20
Total Return Bond Fund - R6-Class	0.50%	10/19/16	02/01/20

GI is entitled to reimbursement by the Funds 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, GI is entitled to recoupment of previously waived fees or reimbursed expenses for 36 months from the date of the waiver or reimbursement by GI. At March 31, 2019, 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:

	2019		2020		2021		2022		Total
A-Class	$	525,018	$	902,097	$	807,942	$	581,955	$	2,817,012
C-Class		116,149		297,149		141,993		72,502		627,793
P-Class		26,199		562,669		661,267		243,909		1,494,044
Institutional Class		2,931,227		6,941,687		5,917,973		2,890,541		18,681,428
R6-Class		—		1,602		5,254		1,188		8,044

For the period ended March 31, 2019, GI recouped $10,557 from the Fund.

If the Fund invests in a fund that is advised by the same adviser or an affiliated adviser, the investing Fund’s adviser has agreed to waive fees at the investing fund level to the extent necessary to offset the proportionate share of any management fee paid by the Fund with respect to its investment in such affiliated fund. Fee waivers will be calculated at the investing Fund level without regard to any expense cap, if any, in effect for the investing Fund. Fees waived under this arrangement are not subject to reimbursement to GI. For the period ended March 31, 2019, the Fund waived $268,271 related to investments in affiliated funds.

For the period ended March 31, 2019, GFD retained sales charges of $162,871 relating to sales of A-Class shares of the Trust.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Certain 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 Fund’s administrator, transfer agent and accounting agent. As administrator, transfer agent and accounting agent, MUIS is responsible for maintaining the books and records of the Fund’s 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 Fund’s 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 6 – Reverse Repurchase Agreements

The Fund may enter into reverse repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities and agrees to repurchase them at a particular price at a future date. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce the Fund’s obligation to repurchase the securities, and the Fund’s use of the proceeds of the reverse repurchase agreement may effectively be restricted pending such decision.

For the period ended March 31, 2019, the Fund entered into reverse repurchase agreements as follows:

Number of Days Outstanding		Balance at March 31, 2019		Average Balance Outstanding		Average Interest Rate
	2	$	—	$	200,578,125		1.55	%

Note 7 – Federal Income Tax Information

The Fund intends to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Fund from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

Tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Fund’s tax positions taken, or to be taken, on federal income tax returns for all open tax years, and

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

has concluded that no provision for income tax is required in the Fund’s financial statements. The Fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years after they are filed.

At March 31, 2019, the cost of securities for federal income tax purposes, the aggregate gross unrealized appreciation for all securities for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over value were as follows:

Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
$	12,483,893,955	$	140,928,515	$	(100,957,540	)	$	39,970,975

Note 8 – Securities Transactions

For the period ended March 31, 2019, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

Purchases		Sales
$	1,620,998,851	$	2,470,700,408

For the period ended March 31, 2019, the cost of purchases and proceeds from sales of government securities, were as follows:

Purchases		Sales
$	3,291,564,582	$	1,799,106,241

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to save costs, where permissible. For the period ended March 31, 2019, the Fund engaged in purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act, as follows:

Purchases		Sales		Realized Gain
$	—	$	4,674,688	$	9,623

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 9 – Unfunded Loan Commitments

Pursuant to the terms of certain loan agreements, the Fund held unfunded loan commitments as of March 31, 2019. The Fund is obligated to fund these loan commitments at the borrower’s discretion.

Borrower	Maturity Date	Face Amount		Value
Acosta, Inc.	09/26/19	$	616,219	$	332,758
Aspect Software, Inc.	07/15/23		2,046		—
		$	618,265	$	332,758

Note 10 – Restricted Securities

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

Restricted Securities	Acquisition Date	Cost		Value
Airplanes Pass Through Trust
2001-1A, 3.01% (1 Month USD LIBOR + 0.55%, Rate Floor: 0.55%) due 03/15/191,2	11/30/11	$	335,966	$	14,297
Central Storage Safety Project Trust
4.82% due 02/01/38	02/02/18		21,234,623		21,078,117
Copper River CLO Ltd.
2007-1A, due 01/20/213	05/09/14		321,764		236,802
Highland Park CDO I Ltd.
2006-1A, 3.05% (3 Month USD LIBOR + 0.40%, Rate Floor: 0.00%) due 11/25/511	07/01/16		1,405,938		1,470,931
Princess Juliana International Airport Operating Company N.V.
5.50% due 12/20/27	12/17/12		2,248,643		2,071,844
Secured Tenant Site Contract Revenue Notes Series
2018-1A, 3.97% due 06/15/48	05/25/18		22,776,946		22,751,913
Turbine Engines Securitization Ltd.
2013-1A, 5.13% due 12/13/48	11/27/13		751,934		733,176
		$	49,075,814	$	48,357,080

1	Variable rate security. Rate indicated is the rate effective at March 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
2	Security is in default of interest and/or principal obligations.
3	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

Note 11 – Line of Credit

The Trust, along with other affiliated trusts, secured a 364-day committed, $1,065,000,000 line of credit from Citibank, N.A., which was in place through October 5, 2018, at which time the line of credit was renewed with an increased commitment amount of $1,205,000,000. The 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”, LIBOR 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 unused commitment amount. The allocated commitment fee amount for the Fund is referenced in the Statement of Operations under “Line of credit fees”. The Fund did not have any borrowings under this agreement as of and for the period ended March 31, 2019.

Note 12 – Recent Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (the “2017 ASU”) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The 2017 ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The 2017 ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

Note 13 – Recent Regulatory Reporting Updates

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (the “2018 ASU”) which adds, modifies and removes disclosure requirements related to certain aspects of fair value measurement. The 2018 ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. As of March 31, 2019, the Fund has fully adopted the provisions of the ASU, which did not have a material impact on the Fund’s financial statements and related disclosures or impact the Fund’s net assets or results of operations.

Note 14 – Subsequent Events

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

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OTHER INFORMATION (Unaudited)

Proxy Voting Information

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

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 on Form N-Q; which are available on the SEC’s website at https://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES
Randall C. Barnes (1951)	Trustee	Since 2014	Current: Private Investor (2001-present). Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).	49	Current: Trustee, Purpose Investments Funds (2013-present). Former: Managed Duration Investment Grade Municipal Fund (2003-2016).
Donald A. Chubb, Jr. (1946)	Trustee and Chairman of the Valuation Oversight Committee	Since 1994	Current: Retired. Former: Business broker and manager of commercial real estate, Griffith & Blair, Inc. (1997-2017).	48	Former: Midland Care, Inc. (2011-2016).
Jerry B. Farley (1946)	Trustee and Chairman of the Audit Committee	Since 2005	Current: President, Washburn University (1997-present).	48	Current: CoreFirst Bank & Trust (2000-present). Former: Westar Energy, Inc. (2004-2018).
Roman Friedrich III (1946)	Trustee and Chairman of the Contracts Review Committee	Since 2014	Current: Founder and Managing Partner, Roman Friedrich & Company (1998-present).	48	Former: Zincore Metals, Inc. (2009-January 2019).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES - continued
Ronald A. Nyberg (1953)	Trustee and Chairman of the Nominating and Governance Committee	Since 2014	Current: Partner, Momkus LLC (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	49	Current: PPM Funds (2018-present); Edward-Elmhurst Healthcare System (2012-present); Western Asset Inflation-Linked Opportunities & Income Fund (2004-present); Western Asset Inflation-Linked Income Fund (2003-present). Former: Managed Duration Investment Grade Municipal Fund (2003-2016).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES - concluded
Ronald E. Toupin, Jr. (1958)	Trustee and Chairman of the Board	Since 2014	Current: Portfolio Consultant (2010-present); Member, Governing Council, Independent Directors Council (2013-present); Governor, Board of Governors, Investment Company Institute (2018-present). Former: Member, Executive Committee, Independent Directors Council (2016-2018); Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).	48	Current: Western Asset Inflation-Linked Opportunities & Income Fund (2004-present); Western Asset Inflation-Linked Income Fund (2003-present). Former: Managed Duration Investment Grade Municipal Fund (2003-2016).

88 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INTERESTED TRUSTEE
Amy J. Lee*** (1961)	Trustee, Vice President and Chief Legal Officer	Since 2018 (Trustee) Since 2014 (Chief Legal Officer) Since 2007 (Vice President)	Current: Interested Trustee, certain other funds in the Fund Complex (2018-present); President, certain other funds in the Fund Complex (2017-present); Chief Legal Officer, certain other funds in the Fund Complex (2014-present); Vice President, certain other funds in the Fund Complex (2007-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: President and Chief Executive Officer (2017-2018); Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).	48	None.

*	The business address of each Trustee is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each Trustee serves an indefinite term, until his or her successor is elected and qualified. Time served includes time served in the respective position for the Predecessor Corporation.
***	This Trustee is deemed to be an "interested person" of the Funds under the 1940 Act by reason of her position with the Funds' Investment Manager and/or the parent of the Investment Manager.

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS
Brian E. Binder (1972)	President and Chief Executive Officer	Since 2018	Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President and Chief Executive Officer, Guggenheim Funds Investment Advisors, LLC and Security Investors, LLC (2018-present); Senior Managing Director and Chief Administrative Officer, Guggenheim Investments (2018-present). Former: Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Head of Business Management and Consulting, Invesco Ltd. (2010-2012).
James M. Howley (1972)	Assistant Treasurer	Since 2014	Current: Managing Director, Guggenheim Investments (2004-present); Assistant Treasurer, certain other funds in the Fund Complex (2006-present). Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).
Mark E. Mathiasen (1978)	Secretary	Since 2014	Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).
Glenn McWhinnie (1969)	Assistant Treasurer	Since 2016	Current: Vice President, Guggenheim Investments (2009-present); Assistant Treasurer, certain other funds in the Fund complex (2016-present).
Michael P. Megaris (1984)	Assistant Secretary	Since 2014	Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2012-present).
Elisabeth Miller (1968)	Chief Compliance Officer	Since 2012	Current: Chief Compliance Officer, certain other funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments (2012-present); Vice President, Guggenheim Funds Distributors, LLC (2014-present). Former: Chief Compliance Officer, Security Investors, LLC (2012-2018); Chief Compliance Officer, Guggenheim Funds Investment Advisors, LLC (2012-2018); Chief Compliance Officer, Guggenheim Distributors, LLC (2009-2014); Senior Manager, Security Investors, LLC (2004-2014); Senior Manager, Guggenheim Distributors, LLC (2004-2014).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - continued
Margaux Misantone (1978)	AML Officer	Since 2017	Current: Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investment Advisors, LLC (2018-present); AML Officer, Security Investors, LLC and certain other funds in the Fund Complex (2017-present); Managing Director, Guggenheim Investments (2015-present). Former: Assistant Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investments Advisors, LLC (2015-2018).
Adam J. Nelson (1979)	Assistant Treasurer	Since 2015	Current: Vice President, Guggenheim Investments (2015-present); Assistant Treasurer, certain other funds in the Fund Complex (2015-present). Former: Assistant Vice President and Fund Administration Director, State Street Corporation (2013-2015); Fund Administration Assistant Director, State Street (2011-2013); Fund Administration Manager, State Street (2009-2011).
Kimberly J. Scott (1974)	Assistant Treasurer	Since 2014	Current: Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
Bryan Stone (1979)	Vice President	Since 2014	Current: Vice President, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2013-present). Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - concluded
John L. Sullivan (1955)	Chief Financial Officer and Treasurer	Since 2014	Current: Chief Financial Officer, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present). Former: Managing Director and Chief Compliance Officer, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002- 2004); Chief Financial Officer and Treasurer, Van Kampen Funds (1996-2004).
Jon Szafran (1989)	Assistant Treasurer	Since 2017	Current: Vice President, Guggenheim Investments (2017-present); Assistant Treasurer, certain other funds in the Fund Complex (2017-present). Former: Assistant Treasurer of Henderson Global Funds and Manager of US Fund Administration, Henderson Global Investors (North America) Inc. ("HGINA"), (2017); Senior Analyst of US Fund Administration, HGINA (2014-2017); Senior Associate of Fund Administration, Cortland Capital Market Services, LLC (2013-2014); Experienced Associate, PricewaterhouseCoopers LLP (2012-2013).

*	The business address of each officer is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each officer serves an indefinite term, until his or her successor is duly elected and qualified.

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)

Who We Are

This Privacy Notice describes the data protection practices of Guggenheim Investments. Guggenheim Investments as used herein refers to the affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Guggenheim Investment Advisors (Europe) Limited, Guggenheim Real Estate, LLC, GS Gamma Advisors, LLC, Guggenheim Partners India Management, LLC, Guggenheim Partners Europe Limited, as well as the funds in the Guggenheim Funds complex (the “Funds”) (“Guggenheim Investments,” “we,” “us,” or “our”).

Guggenheim Partners Investment Management Holdings, LLC, located at 330 Madison Avenue, New York, New York 10017 is the data controller for your information. The Affiliates who are also controllers of certain of your information are: Guggenheim Investment Advisors (Europe) Limited, Guggenheim Partners Europe Limited, Guggenheim Partners, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC and Security Investors, LLC, as well as the Funds.

Our Commitment to You

Guggenheim Investments considers your privacy our utmost concern. When you become our client or investor, you entrust us with not only your hard-earned money but also with your personal and financial information. Because we have access to your private information, we hold ourselves to the highest standards in its safekeeping and use. We strictly limit how we share your information with others, whether you are a current or former Guggenheim Investments client or investor.

The Information We Collect About You

We collect certain nonpublic personal information about you from information you provide on applications, other forms, our website, and/or from third parties including investment advisors. This information includes Social Security or other tax identification number, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history, bank account information, marital status, family relationships, information that we collect on our website through the use of “cookies,” and other personal information that you or others provide to us. We may also collect such information through your inquiries by mail, e-mail or telephone. We may also collect customer due diligence information, as required by applicable law and regulation, through third party service providers.

How We Handle Your Personal Information

The legal basis for using your information as set out in this Privacy Notice is as follows: (a) use of your personal data is necessary to perform our obligations under any contract with you (such as a contract for us to provide financial services to you); or (b) where use of your personal data is not necessary for performance of a contract, use of your personal data is necessary for our

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 93

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(continued)

legitimate interests or the legitimate interests of others (for example, to enforce the legal terms governing our services, operate and market our website and other services we offer, ensure safe environments for our personnel and others, make and receive payments, prevent fraud and to know the customer to whom we are providingthe services). Some processing is done to comply with applicable law.

In addition to the specific uses described above, we also use your information in the following manner:

● We use your information in connection with servicing your accounts.

● We use information to respond to your requests or questions. For example, we might use your information to respond to your customer feedback.

● We use information to improve our products and services. We may use your information to make our website and products better. We may use your information to customize your experience with us.

● We use information for security purposes. We may use your information to protect our company and our customers.

● We use information to communicate with you. For example, we will communicate with you about your account or our relationship. We may contact you about your feedback. We might also contact you about this Privacy Notice. We may also enroll you in our email newsletter.

● We use information as otherwise permitted by law, as we may notify you.

● Aggregate/Anonymous Data. We may aggregate and/or anonymize any information collected through the website so that such information can no longer be linked to you or your device (“Aggregate/Anonymous Information”). We may use Aggregate/Anonymous Information for any purpose, including without limitation for research and marketing purposes, and may also share such data with any third parties, including advertisers, promotional partners, and sponsors.

We do not sell information about current or former clients or their accounts to third parties. Nor do we share this information, except when necessary to complete transactions at your request, to make you aware of investment products and services that we or our affiliates offer, or as permitted or required by law.

We provide information about you to companies and individuals not affiliated with Guggenheim Investments to complete certain transactions or account changes, or to perform services for us related to your account. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we must provide certain information about you to that company to complete the transaction. We provide the third party with only the information necessary to carry out its responsibilities and only for that purpose. And we require these third

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(continued)

parties to treat your private information with the same high degree of confidentiality that we do. To alert you to other Guggenheim Investments products and services, we share your information within our family of affiliated companies. You may limit our sharing with affiliated companies as set out below. We may also share information with any successor to all or part of our business, or in connection with steps leading up to a merger or acquisition. For example, if part of our business was sold we may give customer information as part of that transaction. We may also share information about you with your consent.

We will release information about you if you direct us to do so, if we are compelled by law to do so, or in other circumstances as permitted by law (for example, to protect your account from fraud).

If you close your account(s) or become an inactive client or investor, we will continue to adhere to the privacy policies and practices described in this notice.

Opt-Out Provisions and Your Data Choices

The law allows you to “opt out” of certain kinds of information sharing with third parties. We do not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.

When you are no longer our client or investor, we continue to share your information as described in this notice, and you may contact us at any time to limit our sharing by sending an email to CorporateDataPrivacy@GuggenheimPartners.com.

European Union Data Subjects and certain others: In addition to the choices set forth above, residents of the European Union and certain other jurisdictions have certain rights to (1) request access to or rectification or deletion of information we collect about them, (2) request a restriction on the processing of their information, (3) object to the processing of their information, or (4) request the portability of certain information. To exercise these or other rights, please contact us using the contact information below. We will consider all requests and provide our response within the time period stated by applicable law. Please note, however, that certain information may be exempt from such requests in some circumstances, which may include if we need to keep processing your information for our legitimate interests or to comply with a legal obligation. We may request you provide us with information necessary to confirm your identity before responding to your request.

Residents of France and certain other jurisdictions may also provide us with instructions regarding the manner in which we may continue to store, erase and share your information after your death, and where applicable, the person you have designated to exercise these rights after your death.

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(continued)

How We Protect Privacy Online

We take steps to protect your privacy when you use our web site – www.guggenheiminvestments.com – by using secure forms of online communication, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These safeguards vary based on the sensitivity of the information that we collect and store. However, we cannot and do not guarantee that these measures will prevent every unauthorized attempt to access, use, or disclose your information since despite our efforts, no Internet and/or other electronic transmissions can be completely secure. Our web site uses “http cookies”—tiny pieces of information that we ask your browser to store. We use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your e-mail address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

How We Safeguard Your Personal Information and Data Retention

We restrict access to nonpublic personal information about you to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

We keep your information for no longer than necessary for the purposes for which it is processed. The length of time for which we retain information depends on the purposes for which we collected and use it and/or as required to comply with applicable laws. Information may persist in copies made for backup and business continuity purposes for additional time.

International Visitors

If you are not a resident of the United States, please be aware that your information may be transferred to, stored and processed in the United States where our servers are located and our databases are operated. The data protection and other laws of the United States and other countries might not be as comprehensive as those in your country.

In such cases, we ensure that a legal basis for such a transfer exists and that adequate protection is provided as required by applicable law, for example, by using standard contractual clauses or by transferring your data to a jurisdiction that has obtained an adequacy finding. Individuals whose data may be transferred on the basis of standard contractual clauses may contact us as described below.

We’ll Keep You Informed

If you have any questions or concerns about how we treat your personal data, we encourage you to consult with us first. You may also contact the relevant supervisory authority.

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(concluded)

We reserve the right to modify this policy at any time and will inform you promptly of material changes. You may access our privacy policy from our web site at www.guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us by email at CorporateDataPrivacy@GuggenheimPartners.com.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 97

3.31.2019

Guggenheim Funds Semi-Annual Report

Guggenheim Ultra Short Duration Fund

Beginning on January 1, 2021, paper copies of the funds’ annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from a fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from a fund electronically by calling 800.820.0888, going to GuggenheimInvestments.com/myaccount, or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a fund directly, you can inform the Fund that you wish to receive paper copies of reports by calling 800.820.0888. If you hold shares of a fund through a financial intermediary, please contact the financial intermediary to make this election. Your election to receive reports in paper will apply to all Guggenheim Funds in which you are invested and may apply to all funds held with your financial intermediary.

GuggenheimInvestments.com USD-SEMI-0319x0919

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	4
ABOUT SHAREHOLDERS’ FUND EXPENSES	6
ULTRA SHORT DURATION FUND	9
NOTES TO FINANCIAL STATEMENTS	35
OTHER INFORMATION	54
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	55
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	62

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 1

March 31, 2019

Dear Shareholder:

Guggenheim Partners Investment Management, LLC (the “Investment Manager”) is pleased to present the shareholder report for Guggenheim Ultra Short Duration Fund (the “Fund”) for the semi-annual fiscal period ended March 31, 2019.

The investment objective for the Fund is to seek a high level of income consistent with the preservation of capital. There is no guarantee that the Fund will achieve this objective.

The Investment Manager is responsible for the management of the Funds’ portfolio of investments. It is an affiliate of Guggenheim Partners, LLC (“Guggenheim”), a global diversified financial services firm.

Guggenheim Funds Distributors, LLC is the distributor of the Funds. Guggenheim Funds Distributors, LLC is affiliated with Guggenheim Partners, LLC and the Investment Manager.

We encourage you to read the Economic and Market Overview section of the report, which follows this letter.

We are committed to providing innovative investment solutions and appreciate the trust you place in us.

Sincerely,

Guggenheim Partners Investment Management, LLC
April 30, 2019

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments.com or call 800.820.0888.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/ or legal professional regarding your specific situation.

2 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

March 31, 2019

Ultra Short Duration Fund may not be suitable for all investors. The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any governmental agency. The Fund is not a money market fund (or equivalent to a money market fund), does not attempt to maintain a stable net asset value, and is not subject to the rules that govern the quality, maturity, liquidity, and other features of securities that money market funds may purchase. Under normal conditions, the Fund’s investments may be more susceptible than a money market fund to interest rate risk, valuation risk, credit risk, and other risks relevant to the Fund’s investments.

Investments in fixed-income instruments are subject to the possibility that interest rates could rise, causing the value of the Fund’s holdings and share price to decline. ● Investors in asset-backed securities, including collateralized loan obligations (“CLOs”), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate loans are repaid. Some asset-backed securities may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices volatile and they are subject to liquidity and valuation risk. CLOs bear similar risks to investing in loans directly. ● Investments in loans involve special types of risks, including credit, interest rate, counterparty, prepayment, liquidity, and valuation risks. Loans are often below investment grade, may be unrated, and typically offer a fixed or floating interest rate. ● High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. ● The Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more volatile and riskier than if it had not been leveraged. The more a Fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. ● Foreign securities carry unique or additional risks when compared to U.S. securities, including currency fluctuations, adverse political and economic developments, unreliable or untimely information, less liquidity and more volatility, limited legal recourse and higher transactional costs, all of which are enhanced when investing in emerging markets. In addition, investments in emerging markets are subject to risks associated with trading in smaller markets, lower volumes of trading, and being subject to lower levels of government regulation and less extensive accounting, financial and other reporting requirements. Please read the prospectus for more detailed information regarding these and other risks.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 3

ECONOMIC AND MARKET OVERVIEW (Unaudited) March 31, 2019

Late 2018 and early 2019 U.S. economic data stoked recession fears, prompting the U.S. Federal Reserve (the ”Fed”) to abort its tightening cycle and the 3-month/10-year Treasury yield curve to invert. Housing activity weakened markedly in the second half of 2018, personal spending growth decelerated, job gains moderated, and industrial production growth slowed. However, first-quarter 2019 real gross domestic product (“GDP”) surprised everyone by posting a growth rate of 3.2 percent. While this number benefited from big contributions from inventories and trade, the decline in interest rates and recovery in risk assets could support U.S. economic growth in the second and third quarters of 2019.

Taking a longer view, the indicators Guggenheim tracks as part of our proprietary recession probability indicator continue to signal that the economy could be heading into a recession in about a year. The unemployment rate has leveled off after years of steady declines, the Fed has moved to a neutral bias on rates, the yield curve has inverted, growth in leading indicators has slowed, gains in total hours worked have slowed, and real retail sales growth has fallen sharply. Taken together, these data points support the view that the next recession may begin as early as the first half of 2020.

Overseas, continued weakness in economic data finally prompted policy action. The European Central Bank (“ECB”) revised expected real GDP growth downward for 2019 and shortly thereafter delivered further accommodation. Rate hikes are now forecast to come later than previously indicated, and the ECB launched a series of targeted long-term refinancing operations consisting of two-year loans. China, another major economy that has shown signs of slowing, showed a mix of softening and signs of stabilization in recent economic activity. So far, Chinese authorities have announced fiscal stimulus through tax cuts and infrastructure spending, and monetary stimulus in the form of a reduction in the reserve requirement ratio.

Foreign governments’ stimulus to their local economies may be good news for U.S. activity. The downward trend in global growth weighed on U.S. activity, as evidenced by some weakness in 2018 U.S. exports and downward revisions to this year’s expected corporate earnings. If policy changes are enough to avoid recession across Western Europe or boost growth in China, the combination of this and lower U.S. rates could be positive for U.S. growth later in the year. However, the U.S., Europe, and China are not yet out of the woods. All three remain key risks to global growth given the lack of a Brexit agreement, significant weakening in German manufacturing activity, and unresolved U.S.-China tariff negotiations. Without a positive catalyst, the trajectory for the U.S. could remain negative, with a major event risk looming in the fall, when the U.S. Treasury Department will exhaust its “extraordinary measures” and force a congressional debate about the debt ceiling, which could prompt fears of a technical default and complicate fiscal year 2020 budget negotiations, where a fiscal spending cliff looms.

For the six months ended March 31, 2019, the Standard & Poor’s 500^® (“S&P 500”) Index^* returned -1.72%. The MSCI Europe-Australasia-Far East (“EAFE”) Index^* returned -3.64%. The return of the MSCI Emerging Markets Index^* was 1.83%.

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ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) March 31, 2019

In the bond market, the Bloomberg Barclays U.S. Aggregate Bond Index^* posted a 4.63% return for the period, while the Bloomberg Barclays U.S. Corporate High Yield Index^* returned 2.39%. The return of the ICE Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index^* was 1.17% for the six-month period.

^*Index Definitions

Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.

Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months and more than 1 month, are rated investment grade, and have $250 million or more of outstanding face value. In addition, the securities must be denominated in U.S. dollars and must be fixed rate and nonconvertible. The 1-3 Month U.S. Treasury Bill Index is market capitalization weighted and the securities in the index are updated on the last business day of each month.

Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, mortgage-backed securities or “MBS” (agency fixed-rate and hybrid adjustable-rate mortgage, or “ARM”, pass-throughs), asset-backed securities (“ABS”), and commercial mortgage-backed securities (“CMBS”) (agency and non-agency).

Bloomberg Barclays U.S. Corporate High Yield Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB +/BB + or below.

ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market Index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.

MSCI Emerging Markets Index is a free float-adjusted market capitalization-weighted index that is designed to measure equity market performance in the global emerging markets.

S&P 500^® is a broad-based index, the performance of which is based on the performance of 500 widely held common stocks chosen for market size, liquidity, and industry group representation.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 5

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

All mutual funds have operating expenses, and it is important for our shareholders to understand the impact of costs on their investments. Shareholders of a fund incur two types of costs: (i) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, other distributions, and exchange fees, and (ii) ongoing costs, including management fees, administrative services, and shareholder reports, among others. These ongoing costs, or operating expenses, are deducted from a fund’s gross income and reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets, which is known as the expense ratio. The following examples are intended to help investors understand the ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning September 30, 2018 and ending March 31, 2019.

The following tables illustrate the Fund’s costs in two ways:

Table 1. Based on actual Fund return: This section helps investors estimate the actual expenses paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fifth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. Investors may use the information here, together with the amount invested, to estimate the expenses paid over the period. Simply divide the Fund’s account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number provided under the heading “Expenses Paid During Period.”

Table 2. Based on hypothetical 5% return: This section is intended to help investors compare a Fund’s cost with those of other mutual funds. The table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid during the period. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on the 5% return. Investors can assess a Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

The calculations illustrated above assume no shares were bought or sold during the period. Actual costs may have been higher or lower, depending on the amount of investment and the timing of any purchases or redemptions.

6 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments, and contingent deferred sales charges (“CDSC”) on redemptions, if any. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

More information about the Fund’s expenses, including annual expense ratios for periods up to five years (subject to the Fund’s inception date), can be found in the Financial Highlights section of this report. For additional information on operating expenses and other shareholder costs, please refer to the Fund’s prospectus.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 7

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2018	Ending Account Value March 31, 2019	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Ultra Short Duration Fund
A-Class4	0.55%	0.62%	$1,000.00	$1,006.20	$1.80
Institutional Class	0.24%	1.06%	1,000.00	1,010.60	1.20
Table 2. Based on hypothetical 5% return (before expenses)
Ultra Short Duration Fund
A-Class	0.55%	5.00%	$1,000.00	$1,022.19	$2.77
Institutional Class	0.24%	5.00%	1,000.00	1,023.73	1.21

1	Annualized and excludes expenses of the underlying funds in which the Fund invests, if any.
2	Expenses are equal to the Fund's annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period September 30, 2018 to March 31, 2019.
4	Since commencement of operations: November 30, 2018. Expenses paid based on actual fund return are calculated using 119 days from the commencement of operations.

8 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2019

ULTRA SHORT DURATION FUND

OBJECTIVE: Seeks a high level of income consistent with the preservation of capital.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)”.

Inception Dates:
A-Class	November 30, 2018
Institutional Class	March 11, 2014

Ten Largest Holdings (% of Total Net Assets)
U.S. Treasury Inflation Protected Securities, 1.38%	2.7%
Kingdom of Spain	2.0%
Republic of Portugal	1.6%
U.S. Treasury Notes, 1.25%	1.6%
State of Israel, 2.25%	1.5%
West CLO Ltd., 3.70%	1.4%
Seneca Park CLO Limited, 3.89%	1.3%
U.S. Treasury Notes, 3.38%	1.2%
Government of Japan	1.2%
Atlas Senior Loan Fund IV Ltd., 3.36%	1.1%
Top Ten Total	15.6%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 9

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2019

Average Annual Returns^*

Periods Ended March 31, 2019

	6 Month†	1 Year	5 Year	Since Inception (03/11/14)
Institutional Class Shares	1.06%	2.46%	1.80%	1.79%
Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index	1.16%	2.09%	0.71%	0.70%

	Since Inception (11/30/18)††
A-Class Shares	0.62%
Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index	0.79%

*	The performance data above represents past performance that is not predictive of future results. 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 effect of taxes. The Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
††	Return since commencement of operations is not annualized.

10| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2019
ULTRA SHORT DURATION FUND

	Shares		Value
MONEY MARKET FUND† - 2.6%
Dreyfus Treasury Securities Cash Management Fund - Institutional Shares 2.27%1		10,527,376	$	10,527,376
Total Money Market Fund
(Cost $10,527,376)				10,527,376
	Face Amount~
CORPORATE BONDS†† - 23.1%
Financial - 14.6%
Station Place Securitization Trust
3.18% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 06/24/192,3		3,550,000		3,550,000
3.18% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.70%) due 09/24/193		1,000,000		1,000,000
Citigroup, Inc.
3.57% (3 Month USD LIBOR + 0.79%) due 01/10/203		2,300,000		2,309,737
3.54% (3 Month USD LIBOR + 0.93%) due 06/07/193		1,020,000		1,021,555
3.98% (3 Month USD LIBOR + 1.38%) due 03/30/213		250,000		254,224
Wells Fargo & Co.
3.63% (3 Month USD LIBOR + 0.93%) due 02/11/223		2,800,000		2,820,520
HSBC Holdings plc
3.28% (3 Month USD LIBOR + 0.60%) due 05/18/213		2,600,000		2,598,605

Lloyds Bank plc
3.23% (3 Month USD LIBOR + 0.49%) due 05/07/213	2,600,000	2,594,432
BNZ International Funding Ltd.
3.34% (3 Month USD LIBOR + 0.70%) due 02/21/202,3	2,550,000	2,559,522
UBS Group Funding Switzerland AG
4.58% (3 Month USD LIBOR + 1.78%, Rate Floor: 0.00%) due 04/14/212,3	1,400,000	1,434,478
4.04% (3 Month USD LIBOR + 1.44%) due 09/24/202,3	1,100,000	1,115,597
Capital One Financial Corp.
3.20% (3 Month USD LIBOR + 0.45%) due 10/30/203	2,535,000	2,536,065
Australia & New Zealand Banking Group Ltd.
3.26% (3 Month USD LIBOR + 0.66%) due 09/23/192,3	2,225,000	2,231,570
3.62% (3 Month USD LIBOR + 0.99%) due 06/01/212,3	300,000	303,448
Sumitomo Mitsui Trust Bank Ltd.
3.69% (3 Month USD LIBOR + 0.91%) due 10/18/192,3	2,375,000	2,384,174
3.07% (3 Month USD LIBOR + 0.44%) due 09/19/192,3	150,000	150,207

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
ULTRA SHORT DURATION FUND

	Face Amount~		Value
Huntington National Bank
3.11% (3 Month USD LIBOR + 0.51%) due 03/10/203		2,525,000	$	2,532,230
Citizens Bank North America/Providence RI
3.16% (3 Month USD LIBOR + 0.54%) due 03/02/203		2,525,000		2,528,344
Credit Agricole S.A.
3.57% (3 Month USD LIBOR + 0.97%) due 06/10/202,3		2,495,000		2,514,718
Goldman Sachs Group, Inc.
3.34% (3 Month USD LIBOR + 0.73%) due 12/27/203		1,400,000		1,402,895
4.42% (3 Month USD LIBOR + 1.77%) due 02/25/213		1,050,000		1,075,466
Svenska Handelsbanken AB
3.12% (3 Month USD LIBOR + 0.47%) due 05/24/213		2,250,000		2,256,889
American Express Co.
3.21% (3 Month USD LIBOR + 0.53%) due 05/17/213		2,150,000		2,155,775
Barclays Bank plc
3.22% due 10/31/19†††,4		2,050,000		2,050,000
AvalonBay Communities, Inc.
3.22% (3 Month USD LIBOR + 0.43%) due 01/15/213		2,050,000		2,035,140
Synchrony Financial
3.97% (3 Month USD LIBOR + 1.23%) due 02/03/203		1,800,000		1,808,792
Sumitomo Mitsui Financial Group, Inc.
4.28% (3 Month USD LIBOR + 1.68%) due 03/09/213		1,350,000		1,378,723
Mitsubishi UFJ Financial Group, Inc.
4.51% (3 Month USD LIBOR + 1.88%) due 03/01/213		1,234,000		1,263,809
Assurant, Inc.
3.86% (3 Month USD LIBOR + 1.25%) due 03/26/213		1,160,000		1,157,497
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.25% due 07/01/20		900,000		912,130
4.63% due 10/30/20		150,000		153,525
Santander UK plc
3.25% (3 Month USD LIBOR + 0.62%) due 06/01/213		980,000		979,341
Standard Chartered Bank
3.14% (3 Month USD LIBOR + 0.40%) due 08/04/203		920,000		920,235
Credit Suisse AG NY
3.14% (3 Month USD LIBOR + 0.40%) due 07/31/203		920,000		919,995
UBS AG
3.17% (3 Month USD LIBOR + 0.58%, Rate Floor: 0.00%) due 06/08/202,3		870,000		873,132
Alexandria Real Estate Equities, Inc.
2.75% due 01/15/20		830,000		828,569

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
ULTRA SHORT DURATION FUND

	Face Amount~		Value
Station Place Securitization Trust Series
3.09% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 09/24/192,3		750,000	$	750,000
ANZ New Zealand Int’l Ltd.
2.85% due 08/06/202		600,000		600,346
Credit Suisse Group Funding Guernsey Ltd.
2.75% due 03/26/20		250,000		249,662
Total Financial				60,211,347
Consumer, Non-cyclical - 4.3%
Allergan Funding SCS
3.85% (3 Month USD LIBOR + 1.26%) due 03/12/203		2,650,000		2,672,640
Express Scripts Holding Co.
3.38% (3 Month USD LIBOR + 0.75%) due 11/30/203		2,530,000		2,530,106
General Mills, Inc.
3.32% (3 Month USD LIBOR + 0.54%) due 04/16/213		2,450,000		2,445,416
Zimmer Biomet Holdings, Inc.
3.38% (3 Month USD LIBOR + 0.75%) due 03/19/213		1,400,000		1,395,279
2.70% due 04/01/20		890,000		887,815
CVS Health Corp.
3.23% (3 Month USD LIBOR + 0.63%) due 03/09/203		1,150,000		1,152,616
3.32% (3 Month USD LIBOR + 0.72%) due 03/09/213		1,050,000		1,052,392
Bayer US Finance II LLC
3.23% (3 Month USD LIBOR + 0.63%) due 06/25/212,3		1,700,000		1,685,303
Mondelez International, Inc.
3.00% due 05/07/20		1,040,000		1,042,410
Coca-Cola Femsa SAB de CV
4.63% due 02/15/20		950,000		965,059
Constellation Brands, Inc.
2.25% due 11/06/20		900,000		891,048
Molson Coors Brewing Co.
2.25% due 03/15/20		775,000		770,040
BAT Capital Corp.
2.30% due 08/14/20		225,000		222,694
Quest Diagnostics, Inc.
2.50% due 03/30/20		130,000		129,570
Total Consumer, Non-cyclical				17,842,388
Energy - 1.3%
Equities Corp.
3.57% (3 Month USD LIBOR + 0.77%) due 10/01/203		2,200,000		2,188,119
Florida Gas Transmission Co. LLC
5.45% due 07/15/202		900,000		927,922
Reliance Holding USA, Inc.
4.50% due 10/19/202		900,000		915,844
ONEOK Partners, LP
3.80% due 03/15/20		900,000		905,311
Phillips 66
3.25% (3 Month USD LIBOR + 0.60%) due 02/26/213		350,000		350,008
Total Energy				5,287,204

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
ULTRA SHORT DURATION FUND

	Face Amount~		Value
Communications - 0.9%
Deutsche Telekom International Finance BV
3.35% (3 Month USD LIBOR + 0.58%) due 01/17/202,3		2,515,000	$	2,519,366
Juniper Networks, Inc.
3.30% due 06/15/20		900,000		903,499
Discovery Communications LLC
3.34% (3 Month USD LIBOR + 0.71%) due 09/20/193		300,000		300,279
Total Communications				3,723,144
Industrial - 0.8%
Siemens Financieringsmaatschappij N.V.
3.22% (3 Month USD LIBOR + 0.61%) due 03/16/222,3		1,870,000		1,880,270
Molex Electronic Technologies LLC
2.88% due 04/15/202		900,000		898,459
Ryder System, Inc.
2.50% due 05/11/20		540,000		538,384
GATX Corp.
2.60% due 03/30/20		70,000		69,782
Total Industrial				3,386,895
Technology - 0.7%
CA, Inc.
5.38% due 12/01/19		900,000		912,301
Fidelity National Information Services, Inc.
3.63% due 10/15/20		900,000		909,460
Broadcom Corporation / Broadcom Cayman Finance Ltd.
2.38% due 01/15/20		900,000		895,185
Total Technology				2,716,946
Utilities - 0.3%
NextEra Energy Capital Holdings, Inc.
3.06% (3 Month USD LIBOR + 0.45%) due 09/28/203		1,000,000		999,997
Southern Co.
3.10% due 09/30/20		220,000		220,185
Total Utilities				1,220,182
Basic Materials - 0.2%
Newmont Mining Corp.
5.13% due 10/01/19		900,000		909,981
Total Corporate Bonds
(Cost $95,224,654)				95,298,087
FOREIGN GOVERNMENT DEBT†† - 17.7%
Government of Japan
due 01/20/205	JPY	536,000,000		4,841,939
due 05/27/195	JPY	376,400,000		3,397,467
due 04/08/195	JPY	338,000,000		3,050,046
due 05/10/195	JPY	267,000,000		2,409,792
due 05/13/195	JPY	233,700,000		2,109,279
due 04/10/195	JPY	142,000,000		1,281,390
due 06/24/195	JPY	89,000,000		803,442
due 04/22/195	JPY	88,000,000		794,154
due 06/03/195	JPY	67,000,000		604,777
due 05/20/195	JPY	61,000,000		550,580
due 04/04/195	JPY	21,450,000		193,558
Kingdom of Spain
due 05/10/195	EUR	7,279,000		8,170,275
due 04/05/195	EUR	1,580,000		1,772,759
State of Israel
2.25% due 05/31/19	ILS	22,400,000		6,192,686
5.00% due 01/31/20	ILS	5,500,000		1,575,059
Province of Ontario, Canada
due 05/01/195	CAD	3,334,000		2,491,379
due 04/24/195	CAD	2,913,000		2,177,609
due 05/08/195	CAD	2,237,000		1,671,010
due 04/17/195	CAD	1,190,000		889,921
Republic of Portugal
due 05/17/195	EUR	6,038,000		6,777,931

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
ULTRA SHORT DURATION FUND

	Face Amount~		Value
Federative Republic of Brazil
due 07/01/195	BRL	16,700,000	$	4,203,848
due 10/01/195	BRL	8,200,000		2,030,004
Province of New Brunswick, Canada
due 05/09/195	CAD	1,188,000		887,376
due 05/02/195	CAD	1,035,000		773,380
due 05/14/195	CAD	945,000		705,684
due 05/16/195	CAD	805,000		601,072
due 05/07/195	CAD	656,000		490,053
Province of Manitoba, Canada
due 04/17/195	CAD	1,700,000		1,271,316
due 04/24/195	CAD	1,450,000		1,083,945
due 05/15/195	CAD	1,325,000		989,391
Government of United Kingdom
due 04/23/195	GBP	1,620,000		2,108,994
due 04/01/195	GBP	460,000		599,122
due 04/08/195	GBP	220,000		286,500
Province of Newfoundland, Canada
due 05/09/195	CAD	1,100,000		821,373
due 05/16/195	CAD	1,000,000		746,531
due 04/25/195	CAD	900,000		672,571
due 05/02/195	CAD	500,000		373,587
due 04/18/195	CAD	400,000		299,064
Province of Quebec, Canada
due 04/18/195	CAD	1,320,000		987,090
due 05/03/195	CAD	1,175,000		877,947
Kingdom of Denmark
due 06/03/195	DKK	3,200,000		481,374
Total Foreign Government Debt
(Cost $73,500,004)				73,045,275
ASSET-BACKED SECURITIES†† - 13.6%
Collateralized Loan Obligations - 12.3%
West CLO Ltd.
2017-1A, 3.70% (3 Month USD LIBOR + 0.92%, Rate Floor: 0.00%) due 07/18/262,3		5,757,318		5,745,649
Seneca Park CLO Limited
2017-1A, 3.89% (3 Month USD LIBOR + 1.12%, Rate Floor: 0.00%) due 07/17/262,3		5,185,091		5,188,762
Atlas Senior Loan Fund IV Ltd.
2018-2A, 3.36% (3 Month USD LIBOR + 0.68%, Rate Floor: 0.00%) due 02/17/262,3		4,428,926		4,413,285
Fortress Credit Opportunities IX CLO Ltd.
2017-9A, 4.23% (3 Month USD LIBOR + 1.55%, Rate Floor: 0.00%) due 11/15/292,3		3,907,000		3,883,134
OZLM XII Ltd.
2018-12A, 3.80% (3 Month USD LIBOR + 1.05%, Rate Floor: 0.00%) due 04/30/272,3		3,600,000		3,593,848
Avery Point VI CLO Ltd.
2018-6A, 3.78% (3 Month USD LIBOR + 1.05%, Rate Floor: 0.00%) due 08/05/272,3		3,600,000		3,592,827
Figueroa CLO Ltd.
2018-2A, 3.48% (3 Month USD LIBOR + 0.85%, Rate Floor: 0.85%) due 06/20/272,3		3,550,000		3,532,888

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
ULTRA SHORT DURATION FUND

	Face Amount~		Value
Mountain View CLO Ltd.
2018-1A, 3.59% (3 Month USD LIBOR + 0.80%, Rate Floor: 0.80%) due 10/15/262,3		3,477,425	$	3,468,113
MP CLO VIII Ltd.
2018-2A, 3.67% (3 Month USD LIBOR + 0.91%, Rate Floor: 0.00%) due 10/28/272,3		3,450,000		3,435,249
Mountain Hawk II CLO Ltd.
2018-2A, 4.36% (3 Month USD LIBOR + 1.60%, Rate Floor: 0.00%) due 07/20/242,3		2,000,000		2,001,027
Palmer Square Loan Funding Ltd.
2018-4A, 3.58% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 11/15/262,3		1,954,846		1,947,464
KVK CLO Ltd.
2017-1A, 3.70% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 01/14/282,3		1,800,000		1,789,664
Fortress Credit Opportunities XI CLO Ltd.
2018-11A, 4.09% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 04/15/312,3		1,800,000		1,767,322
Garrison BSL CLO Ltd.
2018-1A, 3.72% (3 Month USD LIBOR + 0.95%, Rate Floor: 0.00%) due 07/17/282,3		1,750,000		1,743,393
Midocean Credit CLO V
2018-5A, 4.36% (3 Month USD LIBOR + 1.60%, Rate Floor: 0.00%) due 07/19/282,3		1,750,000		1,724,556
Marathon CLO V Ltd.
2017-5A, 3.51% (3 Month USD LIBOR + 0.87%, Rate Floor: 0.00%) due 11/21/272,3		1,021,117		1,014,961
GPMT Ltd.
2018-FL1, 3.39% (1 Month USD LIBOR + 0.90%, Rate Floor: 0.90%) due 11/21/352,3		991,327		989,202
VMC Finance LLC
2018-FL1, 3.30% (1 Month USD LIBOR + 0.82%) due 03/15/352,3		844,298		838,117
Total Collateralized Loan Obligations				50,669,461
Automotive - 1.0%
Hertz Vehicle Financing II, LP
2015-1A, 2.73% due 03/25/212		2,700,000		2,691,616
2016-3A, 2.27% due 07/25/202		550,000		548,857
Avis Budget Rental Car Funding AESOP LLC
2015-1A, 2.50% due 07/20/212		750,000		746,481
Total Automotive				3,986,954

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
ULTRA SHORT DURATION FUND

	Face Amount~		Value
Transport-Aircraft - 0.3%
AIM Aviation Finance Ltd.
2015-1A, 4.21% due 02/15/402		1,172,464	$	1,174,634
Total Asset-Backed Securities
(Cost $56,032,216)				55,831,049
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 9.5%
Residential Mortgage Backed Securities - 7.5%
CSMC Series
2014-7R, 2.64% (WAC) due 10/27/362,3		4,017,150		4,008,425
2014-2R, 2.69% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 02/27/462,3		3,698,341		3,563,422
2014-7R, 2.65% (WAC) due 12/27/372,3		2,745,448		2,708,397
Towd Point Mortgage Trust
2018-2, 3.25% (WAC) due 03/25/582,3		1,579,935		1,575,644
2017-6, 2.75% (WAC) due 10/25/572,3		1,433,474		1,407,096
2017-5, 3.09% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.00%) due 02/25/572,3		986,055		977,920
CIM Trust
2018-R4, 4.07% (WAC) due 12/26/572,3		3,433,123		3,410,278
Soundview Home Loan Trust
2006-OPT5, 2.63% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/363		3,412,311		3,298,825
CIT Mortgage Loan Trust
2007-1, 3.84% (1 Month USD LIBOR + 1.35%, Rate Floor: 1.35%) due 10/25/372,3		2,615,347		2,638,706
New Residential Mortgage Loan Trust
2018-2A, 3.50% (WAC) due 02/25/582,3		2,127,364		2,133,884
LSTAR Securities Investment Limited
2017-8, 4.15% (1 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 11/01/222,3		891,475		898,941
2017-6, 4.25% (1 Month USD LIBOR + 1.75%, Rate Floor: 0.00%) due 09/01/222,3		857,808		858,076
Ameriquest Mortgage Securities Incorporated Asset-Backed Pass-Through Ctfs Series
2005-R10, 2.92% (1 Month USD LIBOR + 0.43%, Rate Floor: 0.43%) due 01/25/363		1,500,000		1,499,023
Banc of America Funding Trust
2015-R2, 2.75% (1 Month USD LIBOR + 0.26%, Rate Floor: 0.26%) due 04/29/372,3		1,200,000		1,165,752

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
ULTRA SHORT DURATION FUND

	Face Amount~		Value
GE-WMC Asset-Backed Pass-Through Certificates Series
2005-2, 2.74% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 12/25/353		644,014	$	640,717
Total Residential Mortgage Backed Securities				30,785,106
Commercial Mortgage Backed Securities - 2.0%
Morgan Stanley Capital I Trust
2018-H3, 1.00% (WAC) due 07/15/513,6		46,845,701		2,770,230
Bear Stearns Deutsche Bank Trust
2005-AFR1, 5.12% due 09/15/272		2,015,000		2,031,728
CGBAM Mezzanine Securities Trust
2015-SMMZ, 8.21% due 04/10/282		1,400,000		1,458,499
Americold LLC Trust
2010-ARTA, 7.44% due 01/14/292		974,000		1,029,054
GAHR Commercial Mortgage Trust
2015-NRF, 3.38% (WAC) due 12/15/342,3		1,000,000		994,488
Total Commercial Mortgage Backed Securities				8,283,999
Total Collateralized Mortgage Obligations
(Cost $39,006,517)				39,069,105
U.S. GOVERNMENT SECURITIES†† - 7.0%
U.S. Treasury Notes
1.25% due 08/31/19		6,530,000		6,496,330
3.38% due 11/15/19		4,900,000		4,926,223
1.75% due 11/30/19		2,775,000		2,762,426
1.50% due 10/31/19		2,220,000		2,207,599
1.50% due 11/30/19		1,630,000		1,619,812
U.S. Treasury Inflation Protected Securities
1.38% due 01/15/207		10,941,036		11,031,499
Total U.S. Government Securities
(Cost $28,965,526)				29,043,889
U.S. TREASURY BILLS†† - 2.4%
U.S. Treasury Bills
2.45% due 07/11/198		5,000,000		4,966,768
2.39% due 04/18/198		3,000,000		2,996,650
2.39% due 04/09/198		2,000,000		1,998,943
Total U.S. Treasury Bills
(Cost $9,960,955)				9,962,361
MUNICIPAL BONDS†† - 0.9%
Hawaii - 0.4%
City & County of Honolulu Hawaii General Obligation Unlimited
5.78% due 09/01/24		1,500,000		1,519,005
California - 0.3%
City of Riverside California Sewer Revenue Revenue Bonds
7.00% due 08/01/19		1,400,000		1,420,566
District of Columbia - 0.2%
Washington Metropolitan Area Transit Authority Revenue Bonds
7.00% due 07/01/34		645,000		651,785
Total Municipal Bonds
(Cost $3,611,435)				3,591,356
COMMERCIAL PAPER†† - 20.4%
Lowes Cos., Inc.
2.62% due 04/04/198		4,000,000		3,999,127
2.68% due 04/08/198		3,700,000		3,698,072
Ameren Corp.
2.68% due 04/05/198		4,000,000		3,998,809

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
ULTRA SHORT DURATION FUND

	Face Amount~		Value
Anheuser-Busch InBev Worldwide, Inc.
2.67% due 04/02/192,8		1,600,000	$	1,599,881
2.72% due 04/08/192,8		1,300,000		1,299,312
2.70% due 04/23/192,8		1,100,000		1,098,185
Aon Corp.
2.73% due 04/12/192,8		4,000,000		3,996,663
Mondelez International, Inc.
2.67% due 04/15/192,8		4,000,000		3,995,847
Entergy Corp.
2.71% due 04/15/192,8		4,000,000		3,995,784
Amcor Finance (USA), Inc.
2.69% due 04/23/192,8		4,000,000		3,993,424
UnitedHealth Group, Inc.
2.60% due 04/29/192,8		4,000,000		3,991,911
Keurig Dr Pepper, Inc.
2.80% due 05/20/192,8		4,000,000		3,984,756
Marsh & McLennan Cos., Inc.
2.68% due 04/29/192,8		3,900,000		3,891,871
E.I. du Pont de Nemours & Co.
2.71% due 04/29/192,8		3,800,000		3,791,990
Marriott International, Inc.
2.82% due 04/02/192,8		3,700,000		3,699,710
Ryder System, Inc.
2.71% due 04/08/198		3,700,000		3,698,050
Northrop Grumman Corp.
2.90% due 05/22/198		3,700,000		3,684,516
General Mills, Inc.
2.70% due 04/16/192,8		3,600,000		3,595,151
Spire, Inc.
2.76% due 04/04/192,8		3,500,000		3,499,195
UDR, Inc.
2.70% due 04/15/192,8		3,425,000		3,421,404
Xylem, Inc.
2.68% due 04/11/192,8		3,000,000		2,997,767
Duke Energy Corp.
2.70% due 05/08/192,8		3,000,000		2,990,824
Astrazeneca plc
2.95% due 05/15/192,8		3,000,000		2,989,633
Walgreens Boots Alliance, Inc.
3.28% due 07/22/198		3,000,000		2,972,189
American Water Capital Corp.
2.65% due 04/05/192,8		2,000,000		1,999,411
Rogers Communications, Inc.
2.73% due 04/22/192,8		1,000,000		998,183
Total Commercial Paper
(Cost $83,880,362)				83,881,665
REPURCHASE AGREEMENTS††,9 - 2.9%
BNP Paribas
issued 03/27/19 at 2.92% due 05/01/19		2,821,020		2,821,020
issued 02/01/19 at 2.92% due 05/01/19		2,240,200		2,240,200

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
ULTRA SHORT DURATION FUND

	Face Amount~		Value
RBC Capital Markets
issued 03/15/19 at 2.68% (1 Month USD LIBOR + 0.20%) due 06/14/193		3,850,000	$	3,850,000
Barclays Capital, Inc.
issued 03/28/19 at 2.74% (1 Month USD LIBOR + 0.25%) due 04/29/193		1,700,000		1,700,000
Deutsche Bank
issued 01/30/19 at 3.10% due 04/30/19		1,231,000		1,231,000
Total Repurchase Agreements
(Cost $11,842,220)				11,842,220
Total Investments - 100.1%
(Cost $412,551,265)			$	412,092,383
Other Assets & Liabilities, net - (0.1)%				(282,615	)
Total Net Assets - 100.0%			$	411,809,768

Centrally Cleared Credit Default Swap Agreements Protection Purchased††
Counterparty	Exchange	Index	Protection Premium Rate			Payment Frequency	Maturity Date		Notional Amount		Value			Upfront Premiums Received			Unrealized Depreciation**
BofA Merrill Lynch	ICE	CDX.NA.IG.31		1.00	%	Quarterly		12/20/23	$	24,960,000	$	(484,025	)	$	(275,370	)	$	(208,655	)

OTC Credit Default Swap Agreements Protection Purchased††
Counterparty	Index	Protection Premium Rate			Payment Frequency	Maturity Date		Notional Amount		Value			Upfront Premiums Received			Unrealized Depreciation
Morgan Stanley Capital Services LLC	CDX.NA.IG.31		1.00	%	Quarterly		12/20/23	$	3,280,000	$	(46,708	)	$	(910	)	$	(45,798	)
Goldman Sachs International	CDX.NA.IG.31		1.00	%	Quarterly		12/20/23		6,840,000		(97,404	)		(14,945	)		(82,459	)
										$	(144,112	)	$	(15,855	)	$	(128,257	)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
ULTRA SHORT DURATION FUND

Centrally Cleared Interest Rate Swap Agreements††
Counterparty	Exchange	Floating Rate Type	Floating Rate Index		Fixed Rate	Payment Frequency	Maturity Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Depreciation**
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	2.83%		Quarterly		01/31/20	$	579,000	$	(1,070	)	$	221		$	(1,291	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	2.84%		Quarterly		01/31/20		1,014,000		(1,957	)		220			(2,177	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	2.79%		Quarterly		01/21/20		5,038,000		(7,861	)		247			(8,108	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	3.28%		Quarterly		11/07/28		550,000		(40,536	)		650			(41,186	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	3.21%		Quarterly		11/07/25		1,650,000		(88,515	)		513			(89,028	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	3.18%		Quarterly		11/07/23		2,450,000		(94,277	)		(287	)		(93,990	)
BofA Merrill Lynch	CME	Receive	3-Month USD LIBOR	3.14%		Quarterly		11/06/21		11,700,000		(236,217	)		2,853			(239,070	)
											$	(470,433	)	$	4,417		$	(474,850	)

Forward Foreign Currency Exchange Contracts††
Counterparty	Contracts to Sell	Currency	Settlement Date	Settlement Value		Value at March 31, 2019		Unrealized Appreciation
Goldman Sachs International	4,636,000	EUR	05/17/19	$	5,322,378	$	5,221,609	$	100,769
Goldman Sachs International	8,400,000	BRL	07/01/19		2,229,240		2,134,011		95,229
Bank of America, N.A.	536,000,000	JPY	01/21/20		5,038,304		4,950,972		87,332
Citibank N.A., New York	8,300,000	BRL	07/01/19		2,194,925		2,108,606		86,319
Citibank N.A., New York	18,720,000	BRL	04/01/19		4,837,006		4,785,766		51,240
Goldman Sachs International	3,869,000	EUR	05/10/19		4,400,100		4,355,004		45,096
JPMorgan Chase Bank, N.A.	1,920,000	EUR	05/10/19		2,199,837		2,161,180		38,657
Bank of America, N.A.	1,580,000	EUR	04/05/19		1,805,468		1,773,143		32,325
Morgan Stanley Capital Services LLC	175,000,000	JPY	04/08/19		1,607,828		1,579,997		27,831

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
ULTRA SHORT DURATION FUND

Counterparty	Contracts to Sell	Currency	Settlement Date	Settlement Value		Value at March 31, 2019		Unrealized Appreciation
Goldman Sachs International	2,639,000	CAD	05/01/19	$	2,004,222	$	1,976,864	$	27,358
Bank of America, N.A.	1,490,000	EUR	05/10/19		1,701,506		1,677,166		24,340
JPMorgan Chase Bank, N.A.	1,535,000	CAD	05/02/19		1,171,473		1,149,892		21,581
JPMorgan Chase Bank, N.A.	8,200,000	BRL	10/01/19		2,087,310		2,066,317		20,993
Goldman Sachs International	1,842,000	CAD	05/08/19		1,399,522		1,380,082		19,440
Goldman Sachs International	163,000,000	JPY	04/08/19		1,490,958		1,471,655		19,303
Goldman Sachs International	1,530,000	CAD	05/16/19		1,164,874		1,146,556		18,318
Citibank N.A., New York	1,402,000	EUR	05/17/19		1,596,305		1,579,097		17,208
Goldman Sachs International	142,000,000	JPY	04/10/19		1,298,956		1,282,287		16,669
Bank of America, N.A.	695,000	CAD	05/01/19		531,860		520,622		11,238
Barclays Bank plc	1,588,000	CAD	04/24/19		1,200,109		1,189,350		10,759
JPMorgan Chase Bank, N.A.	1,320,000	CAD	04/18/19		997,586		988,476		9,110
Goldman Sachs International	656,000	CAD	05/07/19		500,479		491,483		8,996
Barclays Bank plc	3,200,000	DKK	06/03/19		492,623		483,638		8,985
JPMorgan Chase Bank, N.A.	650,000	CAD	05/03/19		495,556		486,937		8,619
Bank of America, N.A.	1,325,000	CAD	05/15/19		1,001,292		992,908		8,384
JPMorgan Chase Bank, N.A.	1,100,000	CAD	05/09/19		832,125		824,175		7,950
Bank of America, N.A.	1,590,000	CAD	04/17/19		1,198,286		1,190,633		7,653
Goldman Sachs International	310,000	GBP	04/01/19		411,273		403,756		7,517
Goldman Sachs International	525,000	CAD	05/03/19		400,406		393,296		7,110
Morgan Stanley Capital Services LLC	21,450,000	JPY	04/04/19		199,768		193,593		6,175
Goldman Sachs International	155,000,000	JPY	05/28/19		1,410,745		1,404,974		5,771
JPMorgan Chase Bank, N.A.	670,000	CAD	05/14/19		507,196		502,062		5,134
Barclays Bank plc	650,000	CAD	04/17/19		491,791		486,737		5,054
Morgan Stanley Capital Services LLC	221,400,000	JPY	05/28/19		2,011,557		2,006,847		4,710
Barclays Bank plc	658,000	CAD	05/09/19		496,987		493,006		3,981
JPMorgan Chase Bank, N.A.	650,000	CAD	04/17/19		490,635		486,737		3,898

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
ULTRA SHORT DURATION FUND

Counterparty	Contracts to Sell	Currency	Settlement Date	Settlement Value		Value at March 31, 2019		Unrealized Appreciation (Depreciation)
JPMorgan Chase Bank, N.A.	275,000	CAD	05/16/19	$	209,420	$	206,081	$	3,339
Morgan Stanley Capital Services LLC	275,000	CAD	05/14/19		209,263		206,070		3,193
Bank of America, N.A.	530,000	CAD	05/09/19		400,257		397,102		3,155
Barclays Bank plc	400,000	CAD	04/18/19		302,556		299,538		3,018
Goldman Sachs International	2,000,000	CAD	04/24/19		1,500,818		1,497,922		2,896
JPMorgan Chase Bank, N.A.	395,000	CAD	05/08/19		298,484		295,946		2,538
Morgan Stanley Capital Services LLC	150,000	GBP	04/01/19		197,877		195,366		2,511
JPMorgan Chase Bank, N.A.	220,000	GBP	04/08/19		288,713		286,624		2,089
JPMorgan Chase Bank, N.A.	900,000	CAD	04/25/19		675,778		674,082		1,696
JPMorgan Chase Bank, N.A.	775,000	CAD	04/24/19		581,659		580,445		1,214
Bank of America, N.A.	1,390,000	GBP	04/23/19		1,810,420		1,812,317		(1,897	)
Goldman Sachs International	230,000	GBP	04/23/19		297,359		299,880		(2,521	)
Goldman Sachs International	61,000,000	JPY	05/20/19		549,687		552,622		(2,935	)
Goldman Sachs International	67,000,000	JPY	06/03/19		604,633		607,574		(2,941	)
JPMorgan Chase Bank, N.A.	23,200,000	MXN	04/11/19		1,190,354		1,193,685		(3,331	)
Goldman Sachs International	89,000,000	JPY	06/24/19		804,082		808,417		(4,335	)
Goldman Sachs International	88,000,000	JPY	04/22/19		790,542		795,522		(4,980	)
Morgan Stanley Capital Services LLC	233,700,000	JPY	05/13/19		2,108,796		2,116,162		(7,366	)
JPMorgan Chase Bank, N.A.	267,000,000	JPY	05/10/19		2,409,583		2,417,198		(7,615	)
Goldman Sachs International	7,900,000	BRL	04/01/19		2,007,063		2,019,634		(12,571	)
JPMorgan Chase Bank, N.A.	14,480,000	MXN	05/23/19		706,118		739,922		(33,804	)
Goldman Sachs International	5,775,000	ILS	01/31/20		1,592,711		1,628,995		(36,284	)
Goldman Sachs International	22,904,000	ILS	05/31/19		6,208,766		6,340,705		(131,939	)
								$	654,182

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
ULTRA SHORT DURATION FUND

Counterparty	Contracts to Buy	Currency	Settlement Date	Settlement Value		Value at March 31, 2019		Unrealized Depreciation
Barclays Bank plc	14,480,000	MXN	05/23/19	$	740,817	$	739,922	$	(895	)
Barclays Bank plc	23,200,000	MXN	04/11/19		1,196,925		1,193,685		(3,240	)
JPMorgan Chase Bank, N.A.	4,000,000	BRL	04/01/19		1,047,120		1,022,599		(24,521	)
Goldman Sachs International	4,000,000	BRL	04/01/19		1,055,019		1,022,599		(32,420	)
Citibank N.A., New York	18,620,000	BRL	04/01/19		4,916,347		4,760,201		(156,146	)
								$	(217,222	)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
ULTRA SHORT DURATION FUND

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs, unless otherwise noted — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
1	Rate indicated is the 7-day yield as of March 31, 2019.
2	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $175,816,617 (cost $175,903,411), or 42.7% of total net assets.
3	Variable rate security. Rate indicated is the rate effective at March 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
4	Security was fair valued by the Valuation Committee at March 31, 2019. The total market value of fair valued securities amounts to $2,050,000, (cost $2,050,000) or 0.5% of total net assets.
5	Zero coupon rate security.
6	Security is an interest-only strip.
7	Face amount of security is adjusted for inflation.
8	Rate indicated is the effective yield at the time of purchase.
9	Repurchase Agreements — See additional disclosure in the repurchase agreements table below for more information on repurchase agreements.
	BofA — Bank of America
	BRL — Brazilian Real
	CAD — Canadian Dollar
	CDX.NA.IG.31 — Credit Default Swap North American Investment Grade Series 31 Index
	CME — Chicago Mercantile Exchange
	DKK — Danish Krone
	EUR — Euro
	GBP — British Pound
	ICE — Intercontinental Exchange
	ILS — Israeli New Shekel
	JPY — Japanese Yen
	LIBOR — London Interbank Offered Rate
	MXN — Mexican Peso
	plc — Public Limited Company
	WAC — Weighted Average Coupon
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2019
ULTRA SHORT DURATION FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2019 (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
Money Market Fund	$	10,527,376	$	—	$	—	$	10,527,376
Corporate Bonds		—		93,248,087		2,050,000		95,298,087
Foreign Government Debt		—		73,045,275		—		73,045,275
Asset-Backed Securities		—		55,831,049		—		55,831,049
Collateralized Mortgage Obligations		—		39,069,105		—		39,069,105
U.S. Government Securities		—		29,043,889		—		29,043,889
U.S. Treasury Bills		—		9,962,361		—		9,962,361
Municipal Bonds		—		3,591,356		—		3,591,356
Commercial Paper		—		83,881,665		—		83,881,665
Repurchase Agreements		—		11,842,220		—		11,842,220
Forward Foreign Currency Exchange Contracts**		—		906,701		—		906,701
Total Assets	$	10,527,376	$	400,421,708	$	2,050,000	$	412,999,084

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Credit Default Swap Agreements**	$	—	$	336,912	$	—	$	336,912
Interest Rate Swap Agreements**		—		474,850		—		474,850
Forward Foreign Currency Exchange Contracts**		—		469,741		—		469,741
Total Liabilities	$	—	$	1,281,503	$	—	$	1,281,503

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

Repurchase Agreements

In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral. The collateral is in the possession of the Fund’s custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements.

The Fund may engage in repurchase agreements. Repurchase agreements are fixed income securities in the form of agreements backed by collateral. These agreements typically involve the acquisition by the Fund of securities from the selling institution coupled with the agreement that the selling institution will repurchase the underlying securities at a specified price and at a fixed time in the future. The Fund may accept a wide variety of underlying securities as collateral for the repurchase agreements entered into by the Fund. Any such securities serving as collateral are marked-to-market daily in order to maintain full collateralization. Securities purchased under repurchase agreements are reflected as an asset on the Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statement of Operations.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2019
ULTRA SHORT DURATION FUND

The use of repurchase agreements involves certain risks. For example, if the selling institution defaults on its obligation to repurchase the underlying securities at a time when the value of securities has declined, the Fund may incur a loss upon disposition of them. In the event of an insolvency or bankruptcy by the selling institution, the Funds right to control the collateral could be affected and result in certain costs and delays. In addition, the Fund could incur a loss if the value of the underlying collateral falls below the agreed upon repurchase price.

At March 31, 2019, the repurchase agreements in the account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
BNP Paribas					MASTR Adjustable Rate Mortgages Trust
2.92%					2.69%
05/01/19	$	5,061,220	$	5,085,367	05/25/47	$	20,636,400	$	21,754,893
					Fannie Mae Connecticut Avenue Securities
					6.94%
					01/25/29		658,462		720,687
						$	21,294,862	$	22,475,580
RBC Capital Markets					Endo Dac / Endo Finance LLC / Endo Finco Inc.
2.68% (1 Month USD LIBOR + 0.20%)					6.00%
06/14/19*		3,850,000		3,850,000	02/01/25		5,500,000		3,978,150
Barclays					Hess Corp.
2.74% (1 Month USD LIBOR + 0.25%)					5.60%
04/29/19*		1,700,000		1,700,000	02/15/41		1,980,000		2,007,918
Deutsche Bank					Great Wolf Trust
3.10%					6.70%
04/30/19		1,231,000		1,240,542	09/15/34		1,757,000		1,760,865

^* Variable rate security. Rate indicated is the rate effective at March 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.

In the event of counterparty default, the Fund has the right to collect the collateral to offset losses incurred. There is potential loss to the Fund in the event the Fund is delayed or prevented from exercising its right to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights. The Fund’s investment adviser, acting under the supervision of the Board of Trustees, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Fund enters into repurchase agreements to evaluate potential risks.

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

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

ULTRA SHORT DURATION FUND

March 31, 2019

Assets:
Investments, at value (cost $400,709,045)	$	400,250,163
Repurchase agreements, at value (cost $11,842,220)		11,842,220
Cash		33,284
Segregated cash with broker		803,942
Unrealized appreciation on forward foreign currency exchange contracts		906,701
Prepaid expenses		11,294
Unamortized upfront premiums paid on interest rate swap agreements		4,704
Receivables:
Interest		1,210,321
Fund shares sold		500,000
Dividends		15,933
Foreign tax reclaims		9,737
Other assets		1,992
Total assets		415,590,291
Liabilities:
Unamortized upfront premiums received on credit default swap agreements		291,225
Unrealized depreciation on OTC credit default swap agreements		128,257
Unrealized depreciation on forward foreign currency exchange contracts		469,741
Unamortized upfront premiums received on interest rate swap agreements		287
Payable for:
Securities purchased		1,305,045
Fund shares redeemed		1,100,081
Swap settlement		3,374
Variation margin on interest rate swap agreements		115,493
Distributions to shareholders		147,800
Management fees		84,418
Variation margin on credit default swap agreements		43,177
Fund accounting/administration fees		12,035
Transfer agent and administrative fees		1,019
Trustees’ fees*		209
Distribution and service fees		51
Miscellaneous		78,311
Total liabilities		3,780,523
Net assets	$	411,809,768
Net assets consist of:
Paid in capital	$	412,414,647
Total distributable earnings (loss)		(604,879	)
Net assets	$	411,809,768
A-Class:
Net assets	$	271,971
Capital shares outstanding		27,289
Net asset value per share	$	9.97
Institutional Class:
Net assets	$	411,537,797
Capital shares outstanding		41,295,356
Net asset value per share	$	9.97

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

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

STATEMENT OF OPERATIONS (Unaudited)

ULTRA SHORT DURATION FUND

Period Ended March 31, 2019

Investment Income:
Dividends	$	74,292
Interest		4,915,676
Total investment income		4,989,968
Expenses:
Management fees		294,828
Distribution and service fees:
A-Class		110
Transfer agent and administrative fees		5,984
Fund accounting/administration fees		51,814
Professional Fees		19,838
Trustees’ fees*		11,984
Custodian fees		4,680
Miscellaneous		29,928
Total expenses		419,166
Less:
Expenses waived by Adviser		(2,507	)
Net expenses		416,659
Net investment income		4,573,309
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(210,108	)
Swap agreements		35,433
Foreign currency transactions		(4,678,227	)
Forward foreign currency exchange contracts		5,460,114
Net realized gain		607,212
Net change in unrealized appreciation(depreciation) on:
Investments		(464,255	)
Swap agreements		(949,900	)
Foreign currency translations		985
Forward foreign currency exchange contracts		(96,878	)
Net change in unrealized appreciation(depreciation)		(1,510,048	)
Net realized and unrealized loss		(902,836	)
Net increase in net assets resulting from operations	$	3,670,473

^* 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 SEMI-ANNUAL REPORT| 29

STATEMENTS OF CHANGES IN NET ASSETS

ULTRA SHORT DURATION FUND

	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	4,573,309		$	9,231,656
Net realized gain on investments		607,212			540,847
Net change in unrealized appreciation (depreciation) on investments		(1,510,048	)		(497,223	)
Net increase in net assets resulting from operations		3,670,473			9,275,280
Distributions to shareholders:
A-Class		(953	)		—
Institutional Class		(5,186,531	)		(10,147,848	)
Total distributions to shareholders		(5,187,484	)		(10,147,848	)
Capital share transactions:
Proceeds from sale of shares
A-Class		351,300			—
Institutional Class		212,345,131			317,765,844
Distributions reinvested
A-Class		948			—
Institutional Class		4,014,004			7,941,436
Cost of shares redeemed
A-Class		(80,412	)		—
Institutional Class		(159,432,527	)		(395,297,978	)
Net increase (decrease) from capital share transactions		57,198,444			(69,590,698	)
Net increase (decrease) in net assets		55,681,433			(70,463,266	)
Net assets:
Beginning of period		356,128,335			426,591,601
End of period	$	411,809,768		$	356,128,335

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

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

ULTRA SHORT DURATION FUND

	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Capital share activity:
Shares sold
A-Class		35,267			—
Institutional Class		21,291,529	1		31,708,647	1
Shares issued from reinvestment of distributions
A-Class		95			—
Institutional Class		402,405	1		792,707	1
Shares redeemed
A-Class		(8,073	)		—
Institutional Class		(15,964,324	)1		(39,440,614	)1
Net increase (decrease) in shares		5,756,899			(6,939,260	)

¹ The capital share activity has been restated to reflect the reorganization of the Guggenheim Strategy Fund I with and into the Guggenheim Ultra Short Duration Fund - Institutional Class effective November 30, 2018. In conjunction with the reorganization, Guggenheim Ultra Short Duration Fund issued 2.501601322 shares for every 1 share of Guggenheim Strategy Fund I. See Note 11 in Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 31

FINANCIAL HIGHLIGHTS

ULTRA SHORT DURATION FUND

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.

A-Class	Period Ended March 31, 2019a,b
Per Share Data
Net asset value, beginning of period	$	10.00
Income (loss) from investment operations:
Net investment income (loss)c		.08
Net gain (loss) on investments (realized and unrealized)		(.02	)
Total from investment operations		.06
Less distributions from:
Net investment income		(.08	)
Net realized gains		(.01	)
Total distributions		(.09	)
Net asset value, end of period	$	9.97
Total Return		0.62	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	272
Ratios to average net assets:
Net investment income (loss)		2.28	%
Total expenses		0.55	%
Net expensese,h		0.55	%
Portfolio turnover rate		18	%

32| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL HIGHLIGHTS (continued)

ULTRA SHORT DURATION FUND

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	Period Ended March 31, 2019a,g			Year Ended Sept. 30, 2018g			Year Ended Sept. 30, 2017g			Year Ended Sept. 30, 2016g			Year Ended Sept. 30, 2015g			Period Ended Sept. 30, 2014f,g
Per Share Data
Net asset value, beginning of period	$	10.01		$	10.04		$	9.99		$	9.95		$	9.96		$	9.99
Income (loss) from investment operations:
Net investment income (loss)c		.16			.24			.17			.14			.11			.04
Net gain (loss) on investments (realized and unrealized)		(.02	)		—			.06			.04			(.01	)		—
Total from investment operations		.14			.24			.23			.18			.10			.04
Less distributions from:
Net investment income		(.17	)		(.27	)		(.18	)		(.14	)		(.11	)		(.05	)
Net realized gains		(.01	)		—	d		—			—			—			(.02	)
Total distributions		(.18	)		(.27	)		(.18	)		(.14	)		(.11	)		(.07	)
Net asset value, end of period	$	9.97		$	10.01		$	10.04		$	9.99		$	9.95		$	9.96
Total Return		1.06	%		2.48	%		2.24	%		1.95	%		1.06	%		0.25	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	411,538		$	356,128		$	426,592		$	407,371		$	957,190		$	659,541
Ratios to average net assets:
Net investment income (loss)		2.60	%		2.44	%		1.73	%		1.37	%		1.14	%		0.82	%
Total expenses		0.24	%		0.07	%		0.08	%		0.07	%		0.04	%		0.06	%
Net expensese,h		0.24	%		0.07	%		0.08	%		0.07	%		0.04	%		0.05	%
Portfolio turnover rate		18	%		74	%		65	%		66	%		46	%		34	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 33

FINANCIAL HIGHLIGHTS (concluded)

ULTRA SHORT DURATION FUND

a	Unaudited figures for the period ended March 31, 2019. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Since commencement of operations: November 30, 2018. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
c	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
d	Distributions from realized gains are less than $0.01 per share.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
f	Since commencement of operations: March 11, 2014. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
g	The per share data has been restated to reflect the reorganization of the Guggenheim Strategy Fund I with and into the Guggenheim Ultra Short Duration Fund effective November 30, 2018. In conjunction with the reorganization, per share amounts for the periods presented through September 30, 2018 have also been restated to reflect a 1:2.501601322 share split effective December 3, 2018. See Note 11 in Notes to Financial Statements.
h	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:

	03/31/19	09/30/18	09/30/17	09/30/16	09/30/15	09/30/14
A-Class	0.55%	N/A	N/A	N/A	N/A	N/A
Institutional Class	0.24%	0.07%	0.08%	0.07%	0.04%	0.05%

34| THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

Guggenheim Funds Trust (the “Trust”), a Delaware statutory trust, is registered with 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. The Trust is authorized to issue an unlimited number of shares. The Trust accounts for the assets of each fund separately.

The Trust offers a combination of five separate classes of shares, A-Class shares, C-Class shares, P-Class shares, R6-Class 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 A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased. A-Class share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% contingent deferred sales charge (“CDSC”), if shares are redeemed within 12 months of purchase. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. 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. R6-Class shares are offered primarily through qualified retirement and benefit plans. R6-Class shares are also offered through certain other plans and platforms sponsored by financial intermediaries. Certain institutional investors and others deemed appropriate by Guggenheim Investments (“GI”) may also be eligible to purchase R6-Class shares subject to a $2 million minimum initial investment. At March 31, 2019, the Trust consisted of twenty funds (the “Funds”).

This report covers the Ultra Short Duration Fund (the “Fund”), a diversified investment company. At March 31, 2019, only A-Class and Institutional Class shares had been issued by the Fund.

C-Class shares of the Fund automatically convert to A-Class shares on or about the 10th day of the month following the 10-year anniversary of the purchase of the C-Class 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 A-Class shares.

Guggenheim Partners Investment Management, LLC (“GPIM”) which operates under the name GI, provides advisory services. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI and GFD are affiliated entities.

Significant Accounting Policies

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 35

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 net asset value per share (“NAV”) of each Class of the Fund is calculated by dividing the market value of the Fund’s securities and other assets, less all liabilities, attributable to the Class by the number of outstanding shares of the Class.

(a) Valuation of Investments

The Board of Trustees of the Fund (the “Board”) has adopted policies and procedures for the valuation of the Fund’s investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Fund’s securities and/or other assets.

Valuations of the Fund’s securities are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Fund’s officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used and valuations provided by the pricing services.

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

Money market funds are valued at their NAV.

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

36 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

tied to foreign securities. In addition, under the Valuation Procedures, the Valuation Committee and GI are authorized to use prices and other information supplied by a third party pricing vendor in valuing foreign securities.

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

Debt securities with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from independent pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Short-term debt securities with a maturity of 60 days or less at acquisition are valued at amortized cost, provided such amount approximates market value. Money market funds are valued at their NAV.

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

The value of interest rate swap agreements entered into by a fund is accounted for using the unrealized appreciation or depreciation on the agreements that is determined using the spread priced off the previous day’s Chicago Mercantile Exchange (“CME”) price.

The values of credit default swap agreements entered into by a fund are accounted for using the unrealized appreciation or depreciation on the agreements that are determined by marking the agreements to the last quoted value of the index that the swaps pertain to at the close of the NYSE.

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

Investments for which market quotations are not readily available are fair-valued as determined in good faith by GI, subject to review and approval by the Valuation Committee, pursuant to methods established or ratified by the Board. 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 prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis.

In connection with other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 37

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

(b) U.S. Government and Agency Obligations

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

Inflation-Indexed bonds are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these securities is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond however, interest will be paid based on a principal value which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond is recognized as a component of Interest Income on the Statement of Operations, even though principal is not received until maturity.

(c) Interests in When-Issued Securities

The Fund may purchase and sell interests in securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually take delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities before the settlement date.

(d) Swap Agreements

Swap agreements are marked-to-market daily and the change, if any, is recorded as unrealized appreciation or depreciation. Upfront payments received or made by the Fund on credit default or interest rate swap agreements are amortized over the expected life of the agreement. Periodic payments received or paid by the Fund are recorded as realized gains or losses. Payments received or made as a result of a credit event or termination of the contract are recognized, net of a proportional amount of the upfront payment, as realized gains or losses.

(e) Currency Translations

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

38 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

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

(f) Forward Foreign Currency Exchange Contracts

The change in value of the contract is recorded as unrealized appreciation or depreciation until the contract is closed. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

(g) Foreign Taxes

The Fund 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 Fund invests. These foreign taxes, if any, are paid by the Fund and reflected in its Statement 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 March 31, 2019, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.

(h) 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 Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries. 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. Interest income also includes paydown gains and losses on mortgage-backed and asset-backed securities and senior and subordinated loans.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 39

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

(i) Distributions

The Fund declares dividends from investment income daily. The Fund pays its shareholders from its net investment income monthly and distributes any net capital gains that it has realized, at least annually. Distributions to shareholders are recorded on the ex-dividend date. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Normally, all such distributions of the Fund will automatically be reinvested without charge in additional shares of the same Fund.

(j) Class Allocations

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

(k) 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 Statement of Operations are before the reduction in expense from the related earnings credits, if any. For the period ended March 31, 2019, there were no earnings credits received.

(l) Cash

The Fund may leave cash overnight in its cash account with the custodian. Periodically, the 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 2.43% at March 31, 2019.

(m) Indemnifications

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

40 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 2 - Derivatives

As part of its investment strategy, the Fund utilizes a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized in the Statement of Assets and Liabilities. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Financial Statements.

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

The Fund utilized derivatives for the following purposes:

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

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

Swaps

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. A Fund utilizing OTC swaps bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. Upon entering into certain centrally-cleared swap transactions, the Fund is required to deposit with its clearing broker an amount of cash or securities as an initial margin. Subsequent variation margin payments or receipts are made or received by the Fund, depending on fluctuations in the fair value of the reference entity. For a fund utilizing interest rate swaps, the exchange bears the risk of loss. There is no guarantee that a fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 41

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

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

	Average Notional Amount
Use	Pay Floating Rate		Receive Floating Rate
Hedge, Income	$	—	$	20,462,000

Credit default swaps are instruments which allow for the full or partial transfer of third party credit risk, with respect to a particular entity or entities, from one counterparty to the other. A fund enters into credit default swaps as a “seller” or “buyer” of protection primarily to gain or reduce exposure to the high yield bond market. A seller of credit default swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. The buyer in a credit default swap is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If a credit event occurs, as defined under the terms of the swap agreement, the seller will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the reference obligation or underlying securities comprising the reference index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference obligation or underlying securities comprising the reference index. The notional principal reflects the maximum potential amount the seller of credit protection could be required to pay to the buyer if a credit event occurs. The seller of protection receives periodic premium payments from the buyer and may also receive or pay an upfront premium adjustment to the stated periodic payments. In the event a credit default occurs, an adjustment will be made to any upfront premiums that were received by a reduction of 1.00% per event. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the fund selling the credit protection. For a fund utilizing centrally cleared credit default swaps, the exchange bears the risk of loss. For OTC credit default swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty, or in the case of a credit default swap in which a fund is selling credit protection, the default of a third party issuer.

The quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

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

	Average Notional Amount
Use	Protection Purchased		Protection Sold
Hedge	$	22,600,000	$	—

Forward Foreign Currency Exchange Contracts

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

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

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

	Average Value
Use	Purchased		Sold
Hedge, Income	$	5,195,532	$	80,794,443

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Derivative Investment Holdings Categorized by Risk Exposure

The following is a summary of the location of derivative investments on the Fund’s Statement of Assets and Liabilities as of March 31, 2019:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Currency contracts	Unrealized appreciation on forward foreign currency exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts
Credit contracts		Unrealized depreciation on OTC credit default swap agreements
		Unamortized upfront premiums received on credit default swap agreements
		Variation margin on credit default swap agreements
Interest rate contracts	Unamortized upfront premiums paid on interest rate swap agreements	Unamortized upfront premiums received on interest rate swap agreements
		Variation margin on interest rate swap agreements

The following table sets forth the fair value of the Fund’s derivative investments categorized by primary risk exposure at March 31, 2019:

Asset Derivative Investments Value
	Swaps Interest Rate Risk*		Swaps Credit Risk*		Forward Foreign Currency Exchange Risk		Total Value at March 31, 2019
	$	—	$	—	$	906,701	$	906,701

Liability Derivative Investments Value
	Swaps Interest Rate Risk*		Swaps Credit Risk*		Forward Foreign Currency Exchange Risk		Total Value at March 31, 2019
	$	474,850	$	336,912	$	469,741	$	1,281,503

^* Includes cumulative appreciation (depreciation) of OTC and centrally-cleared swap agreements as reported on the Schedule of Investments. For centrally-cleared swaps, variation margin is reported within the Statement of Assets and Liabilities.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The following is a summary of the location of derivative investments on the Fund’s Statement of Operations for the period ended March 31, 2019:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Currency contracts	Net realized gain (loss) on forward foreign currency exchange contracts
	Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts
Interest rate/Credit contracts	Net realized gain (loss) on swap agreements
	Net change in unrealized appreciation (depreciation) on swap agreements

The following is a summary of the Fund’s realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Statement of Operations categorized by primary risk exposure for the period ended March 31, 2019:

Realized Gain (Loss) on Derivative Investments Recognized on the Statement of Operations
	Swaps Interest Rate Risk		Swaps Credit Risk			Forward Foreign Currency Exchange Risk		Total
	$	106,373	$	(70,940	)	$	5,460,114	$	5,495,547

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statement of Operations
	Swaps Interest Rate Risk			Swaps Credit Risk			Forward Foreign Currency Exchange Risk			Total
	$	(612,988	)	$	(336,912	)	$	(96,878	)	$	(1,046,778	)

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

Foreign Investments

There are several risks associated with exposure to foreign currencies, foreign issuers and emerging markets. The Fund’s indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, or in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. In addition, the Fund may incur transaction costs in connection with conversions between various currencies. The Fund may, but is not

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

obligated to, engage in currency hedging transactions, which generally involve buying currency forward, options or futures contracts. However, not all currency risks may be effectively hedged, and in some cases the costs of hedging techniques may outweigh expected benefits. In such instances, the value of securities denominated in foreign currencies can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar.

The Fund may invest in securities of foreign companies directly, or in financial instruments, such as ADRs and exchange-traded funds, which are indirectly linked to the performance of foreign issuers. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities of foreign companies directly, or in financial instruments that are indirectly linked to the performance of foreign issuers, may involve risks not typically associated with investing in U.S. issuers. The value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets, and prices in some foreign markets may fluctuate more than those of securities traded on U.S. markets. Many foreign countries lack accounting and disclosure standards comparable to those that apply to U.S. companies, and it may be more difficult to obtain reliable information regarding a foreign issuer’s financial condition and operations. Transaction costs and costs associated with custody services are generally higher for foreign securities than they are for U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries portions of these taxes are recoverable, the non-recovered portion will reduce the income received by the Fund.

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

Note 3 – Offsetting

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

In order to better define their contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs OTC derivatives, including foreign exchange contracts, and typically contains, among other things, collateral posting terms and netting provisions in

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

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

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

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

							Gross Amounts Not Offset in the Statement of Assets and Liabilities
Instrument	Gross Amounts of Recognized Assets1		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amount of Assets Presented on the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Received		Net Amount
Forward foreign currency exchange contracts	$	906,701	$	—	$	906,701	$	(587,875	)	$	—	$	318,826

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

							Gross Amounts Not Offset in the Statement of Assets and Liabilities
Instrument	Gross Amounts of Recognized Liabilities1		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amount of Liabilities Presented on the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged		Net Amount
Credit default swap agreements	$	128,257	$	—	$	128,257	$	(119,513	)	$	—	$	8,744
Forward foreign currency exchange contracts		469,741		—		469,741		(468,362	)		—		1,379

¹ Exchange-traded or centrally-cleared derivatives are excluded from these reported amounts.

The Fund has the right to offset deposits against any related derivative liabilities outstanding with each counterparty with the exception of exchange-traded or centrally-cleared derivatives. The following table presents deposits held by others in connection with derivative investments as of March 31, 2019.

Counterparty/Clearing Agent	Asset Type	Cash Pledged		Cash Received
Bank of America Merrill Lynch	Credit Default Swap agreements	$	288,884	$	—
	Interest Rate Swap agreements		515,058		—
			803,942		—

Note 4 – Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. 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 — 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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

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

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

Note 5 – Investment Advisory Agreement and Other Agreements

Under the terms of an investment advisory contract, the Fund pays GI investment advisory fees calculated at an annualized rate of 0.25% of the average daily net assets of the Fund. Prior to November 30, 2018, the Institutional Class did not pay GI Investment advisory fees. See Note 11.

GI engages external service providers to perform other necessary services for the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, etc., on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

The Fund has adopted a Distribution Plan related to the offering of A-Class shares pursuant to Rule 12b-1 under the 1940 Act. The plan provides for payments at an annual rate of 0.25% of the average daily net assets of the Fund’s A-Class shares.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

	Limit			Effective Date		Contract End Date
Ultra Short Duration Fund - A-Class		0.58	%		11/30/18		02/01/20
Ultra Short Duration Fund - Institutional Class		0.33	%		11/30/18		02/01/20

GI is entitled to reimbursement by the Funds 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, GI is entitled to recoupment of previously waived fees or reimbursed expenses for 36 months from the date of the waiver or reimbursement by GI. At March 31, 2019, 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:

	2019		2020		2021		2022		Total
Institutional Class	$	—	$	—	$	—	$	2,507	$	2,507

For the period ended March 31, 2019, GFD retained sales charges of $162,871 relating to sales of A-Class shares of the Trust.

Certain 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 Fund’s administrator, transfer agent and accounting agent. As administrator, transfer agent and accounting agent, MUIS is responsible for maintaining the books and records of the Fund’s 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 Fund’s 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.

At March 31, 2019, GI and GPIM and its affiliates owned 80% of the outstanding shares of the Fund.

50 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 6 – Federal Income Tax Information

The Fund intends to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Fund from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

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

At March 31, 2019, the cost of securities for Federal income tax purposes, the aggregate gross unrealized appreciation for all securities for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over value were as follows:

Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Unrealized Depreciation
$	412,551,265	$	857,994	$	(1,691,678	)	$	(833,684	)

Note 7 – Securities Transactions

For the period ended March 31, 2019, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

Fund	Purchases		Sales
Ultra Short Duration Fund	$	35,157,321	$	82,182,516

Note 8 – Line of Credit

The Trust, along with other affiliated trusts, secured a 364-day committed, $1,065,000,000 line of credit from Citibank, N.A., which was in place through October 5, 2018, at which time the line of credit was renewed with an increased commitment amount of $1,205,000,000. The 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

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 51

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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”, LIBOR 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 unused commitment amount. The allocated commitment fee amount for the Fund is referenced in the Statement of Operations under “Line of credit fees”. The Funds did not have any borrowings under this agreement as of and for the period ended March 31, 2019.

Note 9 – Recent Regulatory Reporting Updates

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (the “2018 ASU”) which adds, modifies and removes disclosure requirements related to certain aspects of fair value measurement. The 2018 ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. As of March 31, 2019, the Fund has fully adopted the provisions of the 2018 ASU, which did not have a material impact on the Fund’s financial statements and related disclosures or impact the Fund’s net assets or results of operations.

Note 10 – Recent Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (the “2017 ASU”) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The 2017 ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The 2017 ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

Note 11 – Merger

On November 14, 2018, the Board approved the reorganization of Guggenheim Strategy Fund I with and into the Guggenheim Ultra Short Duration Fund, a newly organized series of Guggenheim Funds Trust. The reorganization of Guggenheim Strategy Fund I took place on November 30, 2018. For financial reporting purposes, the Guggenheim Strategy Fund I is the accounting survivor in the reorganization and, as such, its financial and performance history prior to the reorganization will be carried forward and reflected in the Guggenheim Ultra Short Duration Fund’s financial statements and financial highlights. In conjunction with the reorganization, shareholders of Guggenheim Strategy Fund I received shares of Guggenheim Ultra Short Duration Fund at a ratio of 2.501601322 shares for every 1 share of Guggenheim

52 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

Strategy Fund I. The effect of this reorganization resulted in an increase in the number of shares outstanding and a corresponding decrease in the net asset value per share. The capital share activity in the Statements of Changes in Net Assets for the period then ended September 30, 2018, and the per share data in the Financial Highlights from September 30, 2015 to September 30, 2018 and the period March 11, 2014 (commencement of operations) to Septembers 30, 2014 have been given retroactive effect to reflect the ratio of shares issued in the reorganization. There were no changes in net assets, results of operations or total return as a result of these transactions.

Note 12 – Subsequent Events

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 53

OTHER INFORMATION (Unaudited)

Proxy Voting Information

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Fund’s portfolios is available, without charge and upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

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. The Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Fund usually classifies 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 on Form N-Q, which are available on the SEC’s website at https://www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

54 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES
Randall C. Barnes (1951)	Trustee	Since 2014	Current: Private Investor (2001-present). Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).	49	Current: Trustee, Purpose Investments Funds (2013-present). Former: Managed Duration Investment Grade Municipal Fund (2003-2016).
Donald A. Chubb, Jr. (1946)	Trustee and Chairman of the Valuation Oversight Committee	Since 1994	Current: Retired. Former: Business broker and manager of commercial real estate, Griffith & Blair, Inc. (1997-2017).	48	Former: Midland Care, Inc. (2011-2016).
Jerry B. Farley (1946)	Trustee and Chairman of the Audit Committee	Since 2005	Current: President, Washburn University (1997-present).	48	Current: CoreFirst Bank & Trust (2000-present). Former: Westar Energy, Inc. (2004-2018).
Roman Friedrich III (1946)	Trustee and Chairman of the Contracts Review Committee	Since 2014	Current: Founder and Managing Partner, Roman Friedrich & Company (1998-present).	48	Former: Zincore Metals, Inc. (2009-January 2019).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES - continued
Ronald A. Nyberg (1953)	Trustee and Chairman of the Nominating and Governance Committee	Since 2014	Current: Partner, Momkus LLC (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	49	Current: PPM Funds (2018-present); Edward-Elmhurst Healthcare System (2012-present); Western Asset Inflation-Linked Opportunities & Income Fund (2004-present); Western Asset Inflation-Linked Income Fund (2003-present). Former: Managed Duration Investment Grade Municipal Fund (2003-2016).

56 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES - concluded
Ronald E. Toupin, Jr. (1958)	Trustee and Chairman of the Board	Since 2014	Current: Portfolio Consultant (2010-present); Member, Governing Council, Independent Directors Council (2013-present); Governor, Board of Governors, Investment Company Institute (2018-present). Former: Member, Executive Committee, Independent Directors Council (2016-2018); Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).	48	Current: Western Asset Inflation-Linked Opportunities & Income Fund (2004-present); Western Asset Inflation-Linked Income Fund (2003-present). Former: Managed Duration Investment Grade Municipal Fund (2003-2016).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 57

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INTERESTED TRUSTEE
Amy J. Lee*** (1961)	Trustee, Vice President and Chief Legal Officer	Since 2018 (Trustee) Since 2014 (Chief Legal Officer) Since 2007 (Vice President)	Current: Interested Trustee, certain other funds in the Fund Complex (2018-present); President, certain other funds in the Fund Complex (2017-present); Chief Legal Officer, certain other funds in the Fund Complex (2014-present); Vice President, certain other funds in the Fund Complex (2007-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: President and Chief Executive Officer (2017-2018); Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).	48	None.

*	The business address of each Trustee is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each Trustee serves an indefinite term, until his or her successor is elected and qualified. Time served includes time served in the respective position for the Predecessor Corporation.
***	This Trustee is deemed to be an "interested person" of the Fund under the 1940 Act by reason of her position with the Fund’s Investment Manager and/or the parent of the Investment Manager.

58 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS
Brian E. Binder (1972)	President and Chief Executive Officer	Since 2018	Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President and Chief Executive Officer, Guggenheim Funds Investment Advisors, LLC and Security Investors, LLC (2018-present); Senior Managing Director and Chief Administrative Officer, Guggenheim Investments (2018-present). Former: Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Head of Business Management and Consulting, Invesco Ltd. (2010-2012).
James M. Howley (1972)	Assistant Treasurer	Since 2014	Current: Managing Director, Guggenheim Investments (2004-present); Assistant Treasurer, certain other funds in the Fund Complex (2006-present). Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).
Mark E. Mathiasen (1978)	Secretary	Since 2014	Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).
Glenn McWhinnie (1969)	Assistant Treasurer	Since 2016	Current: Vice President, Guggenheim Investments (2009-present); Assistant Treasurer, certain other funds in the Fund complex (2016-present).
Michael P. Megaris (1984)	Assistant Secretary	Since 2014	Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2012-present).
Elisabeth Miller (1968)	Chief Compliance Officer	Since 2012	Current: Chief Compliance Officer, certain other funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments (2012-present); Vice President, Guggenheim Funds Distributors, LLC (2014-present). Former: Chief Compliance Officer, Security Investors, LLC (2012-2018); Chief Compliance Officer, Guggenheim Funds Investment Advisors, LLC (2012-2018); Chief Compliance Officer, Guggenheim Distributors, LLC (2009-2014); Senior Manager, Security Investors, LLC (2004-2014); Senior Manager, Guggenheim Distributors, LLC (2004-2014).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - continued
Margaux Misantone (1978)	AML Officer	Since 2017	Current: Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investment Advisors, LLC (2018-present); AML Officer, Security Investors, LLC and certain other funds in the Fund Complex (2017-present); Managing Director, Guggenheim Investments (2015-present). Former: Assistant Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investments Advisors, LLC (2015-2018).
Adam J. Nelson (1979)	Assistant Treasurer	Since 2015	Current: Vice President, Guggenheim Investments (2015-present); Assistant Treasurer, certain other funds in the Fund Complex (2015-present). Former: Assistant Vice President and Fund Administration Director, State Street Corporation (2013-2015); Fund Administration Assistant Director, State Street (2011-2013); Fund Administration Manager, State Street (2009-2011).
Kimberly J. Scott (1974)	Assistant Treasurer	Since 2014	Current: Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
Bryan Stone (1979)	Vice President	Since 2014	Current: Vice President, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2013-present). Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).

60 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - concluded
John L. Sullivan (1955)	Chief Financial Officer, Chief Accounting Officer and Treasurer	Since 2014	Current: Chief Financial Officer, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present). Former: Managing Director and Chief Compliance Officer, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); Chief Financial Officer and Treasurer, Van Kampen Funds (1996-2004).
Jon Szafran (1989)	Assistant Treasurer	Since 2017	Current: Vice President, Guggenheim Investments (2017-present); Assistant Treasurer, certain other funds in the Fund Complex (2017-present). Former: Assistant Treasurer of Henderson Global Funds and Manager of US Fund Administration, Henderson Global Investors (North America) Inc. ("HGINA"), (2017); Senior Analyst of US Fund Administration, HGINA (2014-2017); Senior Associate of Fund Administration, Cortland Capital Market Services, LLC (2013-2014); Experienced Associate, PricewaterhouseCoopers LLP (2012-2013).

*	The business address of each officer is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each officer serves an indefinite term, until his or her successor is duly elected and qualified.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT| 61

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)

Who We Are

This Privacy Notice describes the data protection practices of Guggenheim Investments. Guggenheim Investments as used herein refers to the affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Guggenheim Investment Advisors (Europe) Limited, Guggenheim Real Estate, LLC, GS Gamma Advisors, LLC, Guggenheim Partners India Management, LLC, Guggenheim Partners Europe Limited, as well as the funds in the Guggenheim Funds complex (the “Funds”) (“Guggenheim Investments,” “we,” “us,” or “our”).

Guggenheim Partners Investment Management Holdings, LLC, located at 330 Madison Avenue, New York, New York 10017 is the data controller for your information. The Affiliates who are also controllers of certain of your information are: Guggenheim Investment Advisors (Europe) Limited, Guggenheim Partners Europe Limited, Guggenheim Partners, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC and Security Investors, LLC, as well as the Funds.

Our Commitment to You

Guggenheim Investments considers your privacy our utmost concern. When you become our client or investor, you entrust us with not only your hard-earned money but also with your personal and financial information. Because we have access to your private information, we hold ourselves to the highest standards in its safekeeping and use. We strictly limit how we share your information with others, whether you are a current or former Guggenheim Investments client or investor.

The Information We Collect About You

We collect certain nonpublic personal information about you from information you provide on applications, other forms, our website, and/or from third parties including investment advisors. This information includes Social Security or other tax identification number, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history, bank account information, marital status, family relationships, information that we collect on our website through the use of “cookies,” and other personal information that you or others provide to us. We may also collect such information through your inquiries by mail, e-mail or telephone. We may also collect customer due diligence information, as required by applicable law and regulation, through third party service providers.

How We Handle Your Personal Information

The legal basis for using your information as set out in this Privacy Notice is as follows: (a) use of your personal data is necessary to perform our obligations under any contract with you (such as a contract for us to provide financial services to you); or (b) where use of your personal data is not necessary for performance of a contract, use of your personal data is necessary for our

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(continued)

legitimate interests or the legitimate interests of others (for example, to enforce the legal terms governing our services, operate and market our website and other services we offer, ensure safe environments for our personnel and others, make and receive payments, prevent fraud and to know the customer to whom we are providingthe services). Some processing is done to comply with applicable law.

In addition to the specific uses described above, we also use your information in the following manner:

● We use your information in connection with servicing your accounts.

● We use information to respond to your requests or questions. For example, we might use your information to respond to your customer feedback.

● We use information to improve our products and services. We may use your information to make our website and products better. We may use your information to customize your experience with us.

● We use information for security purposes. We may use your information to protect our company and our customers.

● We use information to communicate with you. For example, we will communicate with you about your account or our relationship. We may contact you about your feedback. We might also contact you about this Privacy Notice. We may also enroll you in our email newsletter.

● We use information as otherwise permitted by law, as we may notify you.

● Aggregate/Anonymous Data. We may aggregate and/or anonymize any information collected through the website so that such information can no longer be linked to you or your device (“Aggregate/Anonymous Information”). We may use Aggregate/Anonymous Information for any purpose, including without limitation for research and marketing purposes, and may also share such data with any third parties, including advertisers, promotional partners, and sponsors.

We do not sell information about current or former clients or their accounts to third parties. Nor do we share this information, except when necessary to complete transactions at your request, to make you aware of investment products and services that we or our affiliates offer, or as permitted or required by law.

We provide information about you to companies and individuals not affiliated with Guggenheim Investments to complete certain transactions or account changes, or to perform services for us related to your account. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we must provide certain information about you to that company to complete the transaction. We provide the third party with only the information necessary to carry out its responsibilities and only for that purpose. And we require these third

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(continued)

parties to treat your private information with the same high degree of confidentiality that we do. To alert you to other Guggenheim Investments products and services, we share your information within our family of affiliated companies. You may limit our sharing with affiliated companies as set out below. We may also share information with any successor to all or part of our business, or in connection with steps leading up to a merger or acquisition. For example, if part of our business was sold we may give customer information as part of that transaction. We may also share information about you with your consent.

We will release information about you if you direct us to do so, if we are compelled by law to do so, or in other circumstances as permitted by law (for example, to protect your account from fraud).

If you close your account(s) or become an inactive client or investor, we will continue to adhere to the privacy policies and practices described in this notice.

Opt-Out Provisions and Your Data Choices

The law allows you to “opt out” of certain kinds of information sharing with third parties. We do not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.

When you are no longer our client or investor, we continue to share your information as described in this notice, and you may contact us at any time to limit our sharing by sending an email to CorporateDataPrivacy@GuggenheimPartners.com.

European Union Data Subjects and certain others: In addition to the choices set forth above, residents of the European Union and certain other jurisdictions have certain rights to (1) request access to or rectification or deletion of information we collect about them, (2) request a restriction on the processing of their information, (3) object to the processing of their information, or (4) request the portability of certain information. To exercise these or other rights, please contact us using the contact information below. We will consider all requests and provide our response within the time period stated by applicable law. Please note, however, that certain information may be exempt from such requests in some circumstances, which may include if we need to keep processing your information for our legitimate interests or to comply with a legal obligation. We may request you provide us with information necessary to confirm your identity before responding to your request.

Residents of France and certain other jurisdictions may also provide us with instructions regarding the manner in which we may continue to store, erase and share your information after your death, and where applicable, the person you have designated to exercise these rights after your death.

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(continued)

How We Protect Privacy Online

We take steps to protect your privacy when you use our web site – www.guggenheiminvestments.com – by using secure forms of online communication, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These safeguards vary based on the sensitivity of the information that we collect and store. However, we cannot and do not guarantee that these measures will prevent every unauthorized attempt to access, use, or disclose your information since despite our efforts, no Internet and/or other electronic transmissions can be completely secure. Our web site uses “http cookies”—tiny pieces of information that we ask your browser to store. We use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your e-mail address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

How We Safeguard Your Personal Information and Data Retention

We restrict access to nonpublic personal information about you to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

We keep your information for no longer than necessary for the purposes for which it is processed. The length of time for which we retain information depends on the purposes for which we collected and use it and/or as required to comply with applicable laws. Information may persist in copies made for backup and business continuity purposes for additional time.

International Visitors

If you are not a resident of the United States, please be aware that your information may be transferred to, stored and processed in the United States where our servers are located and our databases are operated. The data protection and other laws of the United States and other countries might not be as comprehensive as those in your country.

In such cases, we ensure that a legal basis for such a transfer exists and that adequate protection is provided as required by applicable law, for example, by using standard contractual clauses or by transferring your data to a jurisdiction that has obtained an adequacy finding. Individuals whose data may be transferred on the basis of standard contractual clauses may contact us as described below.

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(concluded)

We’ll Keep You Informed

If you have any questions or concerns about how we treat your personal data, we encourage you to consult with us first. You may also contact the relevant supervisory authority.

We reserve the right to modify this policy at any time and will inform you promptly of material changes. You may access our privacy policy from our web site at www.guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us by email at CorporateDataPrivacy@GuggenheimPartners.com.

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3.31.2019

Guggenheim Funds Semi-Annual Report

Guggenheim Limited Duration Fund

Beginning on January 1, 2021, paper copies of the funds’ annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from a fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from a fund electronically by calling 800.820.0888, going toGuggenheimInvestments.com/myaccount, or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a fund directly, you can inform the fund that you wish to receive paper copies of reports by calling 800.820.0888. If you hold shares of a Fund through a financial intermediary, please contact the financial intermediary to make this election. Your election to receive reports in paper will apply to all Guggenheim Funds in which you are invested and may apply to all funds held with your financial intermediary.

GuggenheimInvestments.com LD-SEMI-0319x0919

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	3
ABOUT SHAREHOLDERS’ FUND EXPENSES	5
LIMITED DURATION FUND	7
NOTES TO FINANCIAL STATEMENTS	34
OTHER INFORMATION	48
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	49
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	53

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 1

March 31, 2019

Dear Shareholder:

Guggenheim Partners Investment Management, LLC (the “Investment Manager”) is pleased to present the shareholder report for Guggenheim Limited Duration Fund (the “Fund”) for the semi-annual fiscal period ended March 31, 2019.

The Investment Manager is part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), a global, diversified financial services firm.

Guggenheim Funds Distributors, LLC is the distributor of the Fund. Guggenheim Funds Distributors, LLC is affiliated with Guggenheim and the Investment Manager.

We encourage you to read the Economic and Market Overview section of the report, which follows this letter.

We are committed to providing innovative investment solutions and appreciate the trust you place in us.

Sincerely,

Security Investors, LLC,
Guggenheim Partners Investment Management, LLC,
April 30, 2019

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments.com or call 800.820.0888.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/ or legal professional regarding your specific situation.

Limited Duration Fund may not be suitable for all investors.● The Fund’s market value will change in response to interest rate changes and market conditions among other factors. In general, bond prices rise when interest rates fall and vice versa. ● The Fund’s exposure to high yield securities may subject the Fund to greater volatility. ● When market conditions are deemed appropriate, the Fund may use leverage to the full extent permitted by its investment policies and restrictions and applicable law. Leveraging will exaggerate the effect on net asset value of any increase or decrease in the market value of the Fund’s portfolio. ● The Fund may invest in derivative instruments, which may be more volatile and less liquid, increasing the risk of loss when compared to traditional securities. Certain of the derivative instruments are also subject to the risks of counterparty default and adverse tax treatment. ● Instruments and strategies (such as borrowing transactions and reverse repurchase agreements) may provide leveraged exposure to a particular investment, which will magnify any gains or losses on those investments. ● Investments in reverse repurchase agreements expose the Fund to the many of the same risks as investments in derivatives. ● The Fund’s investments in other investment vehicles subject the Fund to those risks and expenses affecting the investment vehicle. ● The Fund’s investments in foreign securities carry additional risks when compared to U.S. securities, due to the impact of diplomatic, political or economic developments in the country in question (investments in emerging markets securities are generally subject to an even greater level of risks). ● Investments in syndicated bank loans generally offer a floating interest rate and involve special types of risks. ● The Fund’s investments in municipal securities can be affected by events that affect the municipal bond market. ● The Fund’s investments in real estate securities subject the Fund to the same risks as direct investments in real estate, which is particularly sensitive to economic downturns. ● The Fund’s investments in restricted securities may involve financial and liquidity risk. ● You may have a gain or loss when you sell your shares. ● It is important to note that the Fund is not guaranteed by the U.S. government. ● Please read the prospectus for more detailed information regarding these and other risks.

2 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW(Unaudited) March 31, 2019

Late 2018 and early 2019 U.S. economic data stoked recession fears, prompting the U.S. Federal Reserve (the “Fed”) to abort its tightening cycle and the 3-month/10-year Treasury yield curve to invert. Housing activity weakened markedly in the second half of 2018, personal spending growth decelerated, job gains moderated, and industrial production growth slowed. However, first-quarter 2019 real gross domestic product (“GDP”) surprised everyone by posting a growth rate of 3.2 percent. While this number benefited from big contributions from inventories and trade, the decline in interest rates and recovery in risk assets could support U.S. economic growth in the second and third quarters of 2019.

Taking a longer view, the indicators Guggenheim tracks as part of our proprietary recession probability indicator continue to signal that the economy could be heading into a recession in about a year. The unemployment rate has leveled off after years of steady declines, the Fed has moved to a neutral bias on rates, the yield curve has inverted, growth in leading indicators has slowed, gains in total hours worked have slowed, and real retail sales growth has fallen sharply. Taken together, these data points support the view that the next recession may begin as early as the first half of 2020.

Overseas, continued weakness in economic data finally prompted policy action. The European Central Bank (“ECB”) revised expected real GDP growth downward for 2019 and shortly thereafter delivered further accommodation. Rate hikes are now forecast to come later than previously indicated, and the ECB launched a series of targeted long-term refinancing operations consisting of two-year loans. China, another major economy that has shown signs of slowing, showed a mix of softening and signs of stabilization in recent economic activity. So far, Chinese authorities have announced fiscal stimulus through tax cuts and infrastructure spending, and monetary stimulus in the form of a reduction in the reserve requirement ratio.

Foreign governments’ stimulus to their local economies may be good news for U.S. activity. The downward trend in global growth weighed on U.S. activity, as evidenced by some weakness in 2018 U.S. exports and downward revisions to this year’s expected corporate earnings. If policy changes are enough to avoid recession across Western Europe or boost growth in China, the combination of this and lower U.S. rates could be positive for U.S. growth later in the year. However, the U.S., Europe, and China are not yet out of the woods. All three remain key risks to global growth given the lack of a Brexit agreement, significant weakening in German manufacturing activity, and unresolved U.S.-China tariff negotiations. Without a positive catalyst, the trajectory for the U.S. could remain negative, with a major event risk looming in the fall, when the U.S. Treasury Department will exhaust its “extraordinary measures” and force a congressional debate about the debt ceiling, which could prompt fears of a technical default and complicate fiscal year 2020 budget negotiations, where a fiscal spending cliff looms.

For the six months ended March 31, 2019, the Standard & Poor’s 500^® (“S&P 500”) Index*returned -1.72%. The MSCI Europe-Australasia-Far East (“EAFE”) Index*returned -3.64%. The return of the MSCI Emerging Markets Index* was 1.83%.

In the bond market, the Bloomberg Barclays U.S. Aggregate Bond Index* posted a 4.63% return for the period, while the Bloomberg Barclays U.S. Corporate High Yield Index*returned 2.39%. The return of the ICE Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index*was 1.17% for the six-month period.

The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.

*Index Definitions

Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.

Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, mortgage-backed securities or “MBS” (agency fixed-rate and hybrid adjustable-rate mortgage, or “ARM”, pass-throughs), asset-backed securities (“ABS”), and commercial mortgage-backed securities (“CMBS”) (agency and non-agency).

Bloomberg Barclays U.S. Corporate High Yield Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB +/BB + or below.

Bloomberg Barclays U.S. Aggregate Bond 1-3 Year Total Return Index measures the performance of publicly issued investment grade corporate, U.S. Treasury and government agency securities with remaining maturities of one to three years.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW(Unaudited)(concluded) March 31, 2019

ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market Index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

MSCI Emerging Markets Index is a free float-adjusted market capitalization-weighted index that is designed to measure equity market performance in the global emerging markets.

S&P 500^® is a broad-based index, the performance of which is based on the performance of 500 widely held common stocks chosen for market size, liquidity, and industry group representation.

4 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES(Unaudited)

All mutual funds have operating expenses, and it is important for our shareholders to understand the impact of costs on their investments. Shareholders of a fund incur two types of costs: (i) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, other distributions, and exchange fees, and (ii) ongoing costs, including management fees, administrative services, and shareholder reports, among others. These ongoing costs, or operating expenses, are deducted from a fund’s gross income and reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets, which is known as the expense ratio. The following examples are intended to help investors understand the ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning September 30, 2018 and ending March 31, 2019.

The following tables illustrate the Fund’s costs in two ways:

Table 1. Based on actual Fund return: This section helps investors estimate the actual expenses paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fifth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. Investors may use the information here, together with the amount invested, to estimate the expenses paid over the period. Simply divide the Fund’s account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number provided under the heading “Expenses Paid During Period.”

Table 2. Based on hypothetical 5% return: This section is intended to help investors compare a Fund’s cost with those of other mutual funds. The table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid during the period. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on the 5% return. Investors can assess a Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

The calculations illustrated above assume no shares were bought or sold during the period. Actual costs may have been higher or lower, depending on the amount of investment and the timing of any purchases or redemptions.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments, and contingent deferred sales charges (“CDSC”) on redemptions, if any. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

More information about the Fund’s expenses, including annual expense ratios for periods up to five years (subject to the Fund’s inception date), can be found in the Financial Highlights section of this report. For additional information on operating expenses and other shareholder costs, please refer to the Fund’s prospectus.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 5

ABOUT SHAREHOLDERS’ FUND EXPENSES(Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2018	Ending Account Value March 31, 2019	Expenses Paid During Period2
Table 1. Based on actual Fund return3
A-Class	0.75%	0.77%	$ 1,000.00	$ 1,007.70	$ 3.75
C-Class	1.50%	0.40%	1,000.00	1,004.00	7.49
P-Class	0.75%	0.77%	1,000.00	1,007.70	3.75
Institutional Class	0.50%	0.90%	1,000.00	1,009.00	2.50
R6-Class4	0.49%	0.19%	1,000.00	1,001.90	0.24
Table 2. Based on hypothetical 5% return (before expenses)
A-Class	0.75%	5.00%	$ 1,000.00	$ 1,021.19	$ 3.78
C-Class	1.50%	5.00%	1,000.00	1,017.45	7.54
P-Class	0.75%	5.00%	1,000.00	1,021.19	3.78
Institutional Class	0.50%	5.00%	1,000.00	1,022.44	2.52
R6-Class	0.49%	5.00%	1,000.00	1,022,49	2.47

1	Annualized and excludes expenses of the underlying funds in which the Fund invests.
2	Expenses are equal to the Fund's annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period September 30, 2018 to March 31, 2019.
4	Since commencement of operations: March 13, 2019. Due to the limited length of Class operations, current expense ratios may not be indicative of future expense ratios. Expenses paid based on actual fund return are calculated using 18 days from the commencement of operations.

6 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE(Unaudited) March 31, 2019

LIMITED DURATION FUND

OBJECTIVE:Seeks to provide a high level of income consistent with preservation of capital.

Holdings Diversification (Market Exposure as % of Net Assets)

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

Portfolio Composition by Quality Rating1
Rating	% of Total Investments
Fixed Income Instruments
AAA	32.6%
AA	9.4%
A	21.5%
BBB	15.5%
BB	2.4%
B	2.5%
CCC	0.8%
NR2	7.0%
Other Instruments	8.3%
Total Investments	100.0%

Inception Dates:
A-Class	December 16, 2013
C-Class	December 16, 2013
P-Class	May 1, 2015
Institutional Class	December 16, 2013
R6-Class	March 13, 2019

Ten Largest Holdings (% of Total Net Assets)
U.S. Treasury Inflation Protected Securities, 1.38%	3.1%
U.S. Treasury Notes, 1.25%	2.5%
Kingdom of Spain, 05/10/19	2.0%
Republic of Portugal, 05/17/19	1.9%
U.S. Treasury Notes, 3.38%	1.9%
State of Israel, 2.25%	1.8%
U.S. Treasury Notes, 1.00%	1.7%
Government of Japan, 01/20/20	1.3%
U.S. Treasury Notes, 1.75%	1.3%
U.S. Treasury Notes, 1.75%	1.1%
Top Ten Total	18.6%

“Ten Largest Holdings” excludes any temporary cash or derivative investments.

1

Source: BlackRock Solutions. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). All securities except for those labeled “NR” have been rated by Moody's, Standard & Poor's ("S&P"), or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (“NRSRO”). For purposes of this presentation, when ratings are available from more than one agency, the highest rating is used. Guggenheim Investments converts ratings to the equivalent S&P rating. Security ratings are determined at the time of purchase and may change thereafter.

2

NR securities do not necessarily indicate low credit quality.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 7

PERFORMANCE REPORT AND FUND PROFILE(Unaudited)(concluded) March 31, 2019

Average Annual Returns*

Periods Ended March 31, 2019

	6 Month†	1 Year	5 Year	Since Inception (12/16/13)
A-Class Shares	0.77%	1.75%	2.39%	2.36%
A-Class Shares with sales charge‡	(1.50%)	(0.54%)	1.92%	1.92%
C-Class Shares	0.40%	0.96%	1.62%	1.59%
C-Class Shares with CDSC§	(0.59%)	(0.04%)	1.62%	1.59%
Institutional Class Shares	0.90%	1.96%	2.65%	2.62%
Bloomberg Barclays U.S. Aggregate Bond 1-3 Total Return Index	2.41%	3.06%	1.24%	1.22%

	6 Month†	1 Year	Since Inception (05/01/15)
P-Class Shares	0.77%	1.75%	2.27%
Bloomberg Barclays U.S. Aggregate Bond 1-3 Total Return Index	2.41%	3.06%	1.29%

	Since Inception (03/13/19)††
R6-Class Shares	0.19%
Bloomberg Barclays U.S. Aggregate Bond 1-3 Total Return Index	0.44%

*	The performance data above represents past performance that is not predictive of future results. 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 effect of taxes. The Bloomberg Barclays U.S. Aggregate Bond 1-3 Total Return Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
††	Return since commencement of operations is not annualized.
‡	Fund returns are calculated using the maximum sales charge of 2.25%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

8 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS(Unaudited)	March 31, 2019
LIMITED DURATION FUND

	Shares		Value
MUTUAL FUNDS† - 1.4%
Guggenheim Floating Rate Strategies Fund — R6-Class1		938,223	$	23,718,285
Guggenheim Strategy Fund II1		505,414		12,539,332
Guggenheim Strategy Fund III1		433,899		10,756,350
Guggenheim Ultra Short Duration Fund — Institutional Class1,2		859,146		8,565,687
Total Mutual Funds
(Cost $56,467,477)				55,579,654
MONEY MARKET FUND† - 0.7%
Dreyfus Treasury Securities Cash Management Fund — Institutional Class 2.27%3		28,077,174		28,077,174
Total Money Market Fund
(Cost $28,077,174)				28,077,174
	Face Amount~
ASSET-BACKED SECURITIES†† - 19.8%
Collateralized Loan Obligations - 13.3%
ALM XII Ltd.
2018-12A, 3.67% (3 Month USD LIBOR + 0.89%, Rate Floor: 0.89%) due 04/16/274,5		35,000,000		34,928,222
Atlas Senior Loan Fund IV Ltd.
2018-2A, 3.36% (3 Month USD LIBOR + 0.68%, Rate Floor: 0.00%) due 02/17/264,5		27,237,897		27,141,700
2018-2A, 3.98% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 02/17/264,5		5,000,000		5,002,135
Figueroa CLO Ltd.
2018-2A, 3.48% (3 Month USD LIBOR + 0.85%, Rate Floor: 0.85%) due 06/20/274,5		31,470,000		31,318,305
2018-2A, 3.23% (3 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 06/20/274,5		250,000		249,835
MP CLO VIII Ltd.
2018-2A, 3.67% (3 Month USD LIBOR + 0.91%, Rate Floor: 0.00%) due 10/28/274,5		30,300,000		30,170,446
Golub Capital Partners CLO Ltd.
2018-36A, 4.03% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 02/05/314,5		27,500,000		26,995,139
Venture XII CLO Ltd.
2018-12A, 3.43% (3 Month USD LIBOR + 0.80%, Rate Floor: 0.80%) due 02/28/264,5		23,000,000		22,925,443
Shackleton 2015-VIII CLO Ltd.
2017-8A, 3.70% (3 Month USD LIBOR + 0.92%, Rate Floor: 0.00%) due 10/20/274,5		23,000,000		22,896,820
Flagship CLO VIII Ltd.
2018-8A, 3.63% (3 Month USD LIBOR + 0.85%, Rate Floor: 0.00%) due 01/16/264,5		21,150,000		21,101,738
Fortress Credit Opportunities IX CLO Ltd.
2017-9A, 4.23% (3 Month USD LIBOR + 1.55%, Rate Floor: 0.00%) due 11/15/294,5		21,107,000		20,978,068
Telos CLO Ltd.
2017-6A, 4.04% (3 Month USD LIBOR + 1.27%, Rate Floor: 0.00%) due 01/17/274,5		19,900,000		19,945,810
West CLO Ltd.
2017-1A, 3.70% (3 Month USD LIBOR + 0.92%, Rate Floor: 0.00%) due 07/18/264,5		16,449,480		16,416,139
Carlyle Global Market Strategies CLO Ltd.
2018-2A, 3.54% (3 Month USD LIBOR + 0.78%, Rate Floor: 0.00%) due 04/27/274,5		15,950,000		15,861,816
Garrison BSL CLO Ltd.
2018-1A, 3.72% (3 Month USD LIBOR + 0.95%, Rate Floor: 0.00%) due 07/17/284,5		15,770,000		15,710,457
Mountain View CLO Ltd.
2018-1A, 3.59% (3 Month USD LIBOR + 0.80%, Rate Floor: 0.80%) due 10/15/264,5		15,455,223		15,413,835
Palmer Square Loan Funding Ltd.
2018-4A, 3.58% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 11/15/264,5		10,507,299		10,467,618
2018-4A, 4.13% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 11/15/264,5		3,500,000		3,457,217
Fortress Credit Opportunities XI CLO Ltd.
2018-11A, 4.09% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 04/15/314,5		13,450,000		13,205,826
Ladder Capital Commercial Mortgage Mortgage Trust
2017-FL1, 3.36% (1 Month USD LIBOR + 0.88%, Rate Floor: 0.88%) due 09/15/344,5		12,779,820		12,724,608
Ares XXXIII CLO Ltd.
2016-1A, 3.95% (3 Month USD LIBOR + 1.35%, Rate Floor: 0.00%) due 12/05/254,5		8,800,000		8,802,949
Crown Point CLO III Ltd.
2017-3A, 3.70% (3 Month USD LIBOR + 0.91%, Rate Floor: 0.00%) due 12/31/274,5		8,670,000		8,635,806
ABPCI Direct Lending Fund CLO I LLC
2016-1A, 5.46% (3 Month USD LIBOR + 2.70%, Rate Floor: 0.00%) due 12/22/284,5		8,000,000		7,964,803

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
LIMITED DURATION FUND

	Face Amount~		Value
NXT Capital CLO LLC
2017-1A, 4.46% (3 Month USD LIBOR + 1.70%, Rate Floor: 0.00%) due 04/20/294,5		7,700,000	$	7,700,583
KVK CLO Ltd.
2018-1A, 3.34% (3 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 05/20/294,5		5,113,634		5,109,291
2017-1A, 3.70% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 01/14/284,5		2,600,000		2,585,070
ABPCI Direct Lending Fund CLO II LLC
2017-1A, 4.54% (3 Month USD LIBOR + 1.78%, Rate Floor: 0.00%) due 07/20/294,5		7,500,000		7,504,719
Woodmont Trust
2017-3A, 4.51% (3 Month USD LIBOR + 1.73%, Rate Floor: 0.00%) due 10/18/294,5		4,700,000		4,703,071
2017-2A, 4.58% (3 Month USD LIBOR + 1.80%, Rate Floor: 0.00%) due 07/18/284,5		2,500,000		2,501,566
Seneca Park CLO Limited
2017-1A, 4.27% (3 Month USD LIBOR + 1.50%, Rate Floor: 0.00%) due 07/17/264,5		4,000,000		3,987,772
2017-1A, 3.89% (3 Month USD LIBOR + 1.12%, Rate Floor: 0.00%) due 07/17/264,5		2,791,972		2,793,949
Monroe Capital CLO Ltd.
2017-1A, 4.11% (3 Month USD LIBOR + 1.35%, Rate Floor: 0.00%) due 10/22/264,5		6,675,162		6,655,731
NewStar Fairfield Fund CLO Ltd.
2018-2A, 4.03% (3 Month USD LIBOR + 1.27%, Rate Floor: 1.27%) due 04/20/304,5		6,600,000		6,473,830
Cerberus Loan Funding XVII Ltd.
2016-3A, 5.32% (3 Month USD LIBOR + 2.53%, Rate Floor: 0.00%) due 01/15/284,5		6,500,000		6,464,498
Mountain Hawk II CLO Ltd.
2018-2A, 3.58% (3 Month USD LIBOR + 0.82%, Rate Floor: 0.00%) due 07/20/244,5		6,048,147		6,037,987
Diamond CLO Ltd.
2018-1A, 4.26% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 07/22/304,5		6,000,000		5,950,408
Marathon CLO V Ltd.
2017-5A, 3.51% (3 Month USD LIBOR + 0.87%, Rate Floor: 0.00%) due 11/21/274,5		5,834,951		5,799,775
A Voce CLO Ltd.
2017-1A, 3.95% (3 Month USD LIBOR + 1.16%, Rate Floor: 0.00%) due 07/15/264,5		5,732,190		5,737,554
VMC Finance LLC
2018-FL1, 3.30% (1 Month USD LIBOR + 0.82%) due 03/15/354,5		5,455,463		5,415,526
Avery Point V CLO Ltd.
2017-5A, 3.75% (3 Month USD LIBOR + 0.98%, Rate Floor: 0.00%) due 07/17/264,5		4,893,913		4,886,998
Golub Capital Partners CLO 16 Ltd.
2017-16A, 4.47% (3 Month USD LIBOR + 1.70%, Rate Floor: 0.00%) due 07/25/294,5		4,700,000		4,701,653
FDF I Ltd.
2015-1A, 4.40% due 11/12/304		4,500,000		4,500,807
ACIS CLO Ltd.
2014-4A, 4.16% (3 Month USD LIBOR + 1.42%, Rate Floor: 0.00%) due 05/01/264,5		4,000,000		4,019,077
FDF II Ltd.
2016-2A, 4.29% due 05/12/314		4,000,000		4,008,978
TCP Waterman CLO Ltd.
2016-1A, 4.84% (3 Month USD LIBOR + 2.05%, Rate Floor: 0.00%) due 12/15/284,5		4,000,000		3,999,770
Newstar Commercial Loan Funding LLC
2017-1A, 5.13% (3 Month USD LIBOR + 2.50%, Rate Floor: 0.00%) due 03/20/274,5		3,000,000		2,993,832
2016-1A, 6.40% (3 Month USD LIBOR + 3.75%) due 02/25/284,5		1,000,000		1,000,331
Northwoods Capital XII-B Ltd.
2018-12BA, 3.36% (3 Month USD LIBOR + 0.75%, Rate Floor: 0.75%) due 06/15/314,5		3,281,250		3,276,330
Marathon CLO VII Ltd.
2017-7A, 4.41% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 10/28/254,5		3,000,000		3,001,099
Cent CLO Ltd.
2013-19A, 4.08% (3 Month USD LIBOR + 1.33%, Rate Floor: 0.00%) due 10/29/254,5		2,875,277		2,878,496
Oaktree CLO Ltd.
2017-1A, 3.63% (3 Month USD LIBOR + 0.87%) due 10/20/274,5		2,000,000		1,998,178
AIMCO CLO Series
2017-AA, 3.86% (3 Month USD LIBOR + 1.10%, Rate Floor: 0.00%) due 07/20/264,5		1,776,718		1,776,609
Dryden 37 Senior Loan Fund
2015-37A, due 01/15/314,6		1,500,000		1,346,334
Symphony CLO XII Ltd.
2017-12A, 4.29% (3 Month USD LIBOR + 1.50%, Rate Floor: 0.00%) due 10/15/254,5		1,250,000		1,244,713

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
LIMITED DURATION FUND

	Face Amount~		Value
LCM XXII Ltd.
2018-22A, 3.36% (3 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 10/20/284,5		993,055	$	992,223
Flagship VII Ltd.
2017-7A, 3.88% (3 Month USD LIBOR + 1.12%, Rate Floor: 0.00%) due 01/20/264,5		946,516		946,559
Treman Park CLO Ltd.
2015-1A, due 10/20/284,6		1,000,000		856,023
OHA Credit Partners IX Ltd.
2013-9A, due 10/20/254,6		1,000,000		833,483
Resource Capital Corporation Ltd.
2017-CRE5, 3.28% (1 Month USD LIBOR + 0.80%) due 07/15/344,5		624,404		622,516
Halcyon Loan Advisors Funding Ltd.
2012-1A, 5.68% (3 Month USD LIBOR + 3.00%, Rate Floor: 0.00%) due 08/15/234,5		500,000		500,023
LMREC, Inc.
2016-CRE2, 4.19% (1 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 11/24/314,5		461,693		461,693
Venture VII CDO Ltd.
2006-7A, 2.99% (3 Month USD LIBOR + 0.23%, Rate Floor: 0.00%) due 01/20/224,5		89,467		89,467
A10 Term Asset Financing LLC
2016-1, 3.35% due 03/15/354		86,522		86,474
Copper River CLO Ltd.
2007-1A, due 01/20/216,7		500,000		78,934
Babson CLO Ltd.
2012-2A, due 05/15/234,6		750,000		9,150
Total Collateralized Loan Obligations				528,845,815
Transport-Aircraft - 2.7%
AASET US Ltd.
2018-2A, 4.45% due 11/18/384		19,347,011		19,601,639
Castlelake Aircraft Securitization Trust
2018-1, 4.13% due 06/15/434		10,982,205		10,996,770
2017-1, 3.97% due 07/15/42		4,682,662		4,673,301
Sapphire Aviation Finance I Ltd.
2018-1A, 4.25% due 03/15/404		15,234,663		15,336,896
Apollo Aviation Securitization Equity Trust
2016-2, 4.21% due 11/15/41		8,609,848		8,690,234
2016-1A, 4.88% due 03/17/364,8		2,276,308		2,296,870
KDAC Aviation Finance Ltd.
2017-1A, 4.21% due 12/15/424		10,687,089		10,732,118
MAPS Ltd.
2018-1A, 4.21% due 05/15/434		9,759,750		9,848,382
AIM Aviation Finance Ltd.
2015-1A, 4.21% due 02/15/404		6,038,190		6,049,365
AASET Trust
2017-1A, 3.97% due 05/16/424		5,985,205		5,970,607
Raspro Trust
2005-1A, 3.69% (3 Month USD LIBOR + 0.93%, Rate Floor: 0.93%) due 03/23/244,5		3,872,331		3,698,076
2005-1A, 3.03% (3 Month USD LIBOR + 0.40%, Rate Floor: 0.40%) due 03/23/244,5		56,785		56,789
Falcon Aerospace Ltd.
2017-1, 4.58% due 02/15/424		2,490,019		2,504,849
AASET 2018-1 US Ltd.
2018-1A, 3.84% due 01/16/384		1,642,691		1,641,185
Diamond Head Aviation Ltd.
2015-1, 3.81% due 07/14/284		1,043,792		1,040,689
ECAF I Ltd.
2015-1A, 3.47% due 06/15/404		864,062		858,824
Atlas Ltd.
2014-1 A, 4.88% due 12/15/39		721,449		690,122
Total Transport-Aircraft				104,686,716
Transport-Container - 1.0%
Textainer Marine Containers Ltd.
2017-2A, 3.52% due 06/20/424		13,353,837		13,209,883
CLI Funding LLC
2018-1A, 4.03% due 04/18/434		8,239,431		8,297,922
CAL Funding III Ltd.
2018-1A, 3.96% due 02/25/434		6,420,000		6,467,369
Global SC Finance II SRL
2013-1A, 2.98% due 04/17/284		6,441,458		6,375,004
Textainer Marine Containers V Ltd.
2017-1A, 3.72% due 05/20/424		4,876,238		4,869,015
Cronos Containers Program Ltd.
2013-1A, 3.08% due 04/18/284		1,804,833		1,787,653
Total Transport-Container				41,006,846
Automotive - 1.0%
Hertz Vehicle Financing II, LP
2015-1A, 2.73% due 03/25/214		27,282,000		27,197,281
2016-3A, 2.27% due 07/25/204		5,350,000		5,338,886
Avis Budget Rental Car Funding AESOP LLC
2015-1A, 2.50% due 07/20/214		7,500,000		7,464,813
Total Automotive				40,000,980
Net Lease - 0.8%
Capital Automotive LLC
2017-1A, 3.87% due 04/15/474		16,576,083		16,688,171
STORE Master Funding I LLC
2015-1A, 4.17% due 04/20/454		10,490,458		10,588,684
2015-1A, 3.75% due 04/20/454		1,764,750		1,770,727
Capital Automotive REIT
2014-1A, 3.66% due 10/15/444		1,000,000		1,000,633
Total Net Lease				30,048,215
Collateralized Debt Obligations - 0.4%
Anchorage Credit Funding Ltd.
2016-4A, 3.50% due 02/15/354		11,650,000		11,293,567
2016-3A, 3.85% due 10/28/334		1,500,000		1,477,144

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
LIMITED DURATION FUND

	Face Amount~		Value
Putnam Structured Product Funding Ltd.
2003-1A, 3.48% (1 Month USD LIBOR + 1.00%, Rate Floor: 0.00%) due 10/15/384,5		1,131,454	$	1,120,021
Total Collateralized Debt Obligations				13,890,732
Infrastructure - 0.3%
Secured Tenant Site Contract Revenue Notes Series
2018-1A, 3.97% due 06/15/487		7,443,750		7,435,266
Vantage Data Centers Issuer LLC
2018-1A, 4.07% due 02/16/434		3,165,333		3,212,393
SBA Tower Trust
2.90% due 10/15/444		1,725,000		1,723,012
Total Infrastructure				12,370,671
Whole Business - 0.3%
Domino’s Pizza Master Issuer LLC
2017-1A, 4.02% (3 Month USD LIBOR + 1.25%, Rate Floor: 0.00%) due 07/25/474,5		5,171,250		5,156,667
Sonic Capital LLC
2016-1A, 4.47% due 05/20/464		3,272,966		3,323,762
Taco Bell Funding LLC
2016-1A, 4.97% due 05/25/464		2,641,821		2,763,873
Drug Royalty III Limited Partnership
2016-1A, 3.98% due 04/15/274		636,689		637,404
Drug Royalty II Limited Partnership 2
2014-1, 3.48% due 07/15/234		215,733		215,320
Total Whole Business				12,097,026
Transport-Rail - 0.0%
TRIP Rail Master Funding LLC
2017-1A, 2.71% due 08/15/474		692,894		687,682
Insurance - 0.0%
Chesterfield Financial Holdings LLC
2014-1A, 4.50% due 12/15/344		432,000		433,636
Total Asset-Backed Securities
(Cost $786,296,025)				784,068,319
FOREIGN GOVERNMENT DEBT†† - 19.6%
Government of Japan
due 01/20/209	JPY	5,903,000,000		53,324,565
due 05/27/199	JPY	3,718,400,000		33,563,073
due 04/08/199	JPY	3,538,000,000		31,926,220
due 05/10/199	JPY	2,516,000,000		22,708,001
due 05/13/199	JPY	2,235,000,000		20,172,176
due 04/10/199	JPY	1,076,000,000		9,709,691
due 06/24/199	JPY	880,000,000		7,944,148
due 04/22/199	JPY	837,000,000		7,553,491
due 06/03/199	JPY	580,000,000		5,235,382
due 04/04/199	JPY	516,650,000		4,662,088
due 05/20/199	JPY	511,000,000		4,612,234
Kingdom of Spain
due 05/10/199	EUR	69,893,000		78,451,030
due 04/05/199	EUR	19,600,000		21,991,187
State of Israel
2.25% due 05/31/19	ILS	259,170,000		71,649,931
5.00% due 01/31/20	ILS	65,800,000		18,843,433
Republic of Portugal
due 05/17/199	EUR	68,498,000		76,892,137
Province of Ontario, Canada
due 05/01/199	CAD	36,845,000		27,532,946
due 04/24/199	CAD	27,673,000		20,686,911
due 05/08/199	CAD	23,207,000		17,335,331
due 04/17/199	CAD	13,305,000		9,949,918
due 05/15/199	CAD	225,000		168,010
Federative Republic of Brazil
due 07/01/199	BRL	144,300,000		36,324,270
due 10/01/199	BRL	90,400,000		22,379,554
Province of New Brunswick, Canada
due 05/09/199	CAD	13,742,000		10,264,583
due 05/02/199	CAD	11,410,000		8,525,856
due 05/14/199	CAD	10,765,000		8,038,819
due 05/16/199	CAD	8,905,000		6,649,121
due 05/07/199	CAD	7,743,000		5,784,269
Province of Manitoba, Canada
due 04/24/199	CAD	18,100,000		13,530,629
due 04/17/199	CAD	17,825,000		13,330,123
due 05/15/199	CAD	15,075,000		11,256,656
Government of United Kingdom
due 04/23/199	GBP	18,150,000		23,628,544
due 04/01/199	GBP	5,170,000		6,733,612
due 04/08/199	GBP	2,300,000		2,995,221
Province of Newfoundland
due 05/09/199	CAD	11,700,000		8,736,421
due 04/25/199	CAD	11,100,000		8,295,047
due 05/16/199	CAD	10,000,000		7,465,305
due 05/02/199	CAD	5,500,000		4,109,458
due 04/18/199	CAD	5,400,000		4,037,368
Province of Quebec, Canada
due 04/18/199	CAD	16,500,000		12,338,627
due 05/03/199	CAD	13,934,000		10,411,335
Kingdom of Denmark
due 06/03/199	DKK	36,000,000		5,415,452
Total Foreign Government Debt
(Cost $780,018,353)				775,162,173
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 18.2%
Residential Mortgage Backed Securities - 12.7%
CIM Trust
2018-R2, 3.69% (WAC) due 08/25/574,5		31,615,294		31,246,928
2018-R4, 4.07% (WAC) due 12/26/574,5		30,516,657		30,313,584
Towd Point Mortgage Trust
2017-6, 2.75% (WAC) due 10/25/574,5		28,394,267		27,871,778
2017-5, 3.09% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.00%) due 02/25/574,5		17,332,159		17,189,160
2018-2, 3.25% (WAC) due 03/25/584,5		14,061,421		14,023,229
2018-1, 3.00% (WAC) due 01/25/584,5		2,168,251		2,145,550

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
LIMITED DURATION FUND

	Face Amount~			Value
Structured Asset Securities Corporation Mortgage Loan Trust
2007-WF1, 2.70% (1 Month USD LIBOR + 0.21%, Rate Floor: 0.21%) due 02/25/375		19,641,288		$	19,400,886
2008-BC4, 3.12% (1 Month USD LIBOR + 0.63%, Rate Floor: 0.63%) due 11/25/375		14,604,400			14,473,920
2006-BC4, 2.66% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 12/25/365		1,951,728			1,874,268
2006-BC3, 2.65% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 10/25/365		1,907,172			1,675,643
2007-BC1, 2.62% (1 Month USD LIBOR + 0.13%, Rate Floor: 0.13%) due 02/25/375		306,200			301,476
Soundview Home Loan Trust
2006-OPT5, 2.63% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/365		23,374,327			22,596,953
2006-1, 2.79% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 02/25/365		8,202,179			8,180,766
2005-OPT3, 2.96% (1 Month USD LIBOR + 0.47%, Rate Floor: 0.47%) due 11/25/355		4,000,000			3,962,187
New Residential Mortgage Loan Trust
2018-2A, 3.50% (WAC) due 02/25/584,5		18,409,882			18,466,301
2019-RPL1, 4.33% due 02/26/244,8		6,974,283			7,030,400
2017-5A, 3.99% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 06/25/574,5		2,149,505			2,181,959
Home Equity Loan Trust
2007-FRE1, 2.68% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 04/25/375		21,928,347			20,464,352
CSMC Trust
2018-RPL9, 3.85% (WAC) due 09/25/574,5		16,852,925			17,083,662
NovaStar Mortgage Funding Trust Series
2007-2, 2.69% (1 Month USD LIBOR + 0.20%, Rate Cap/Floor: 11.00%/0.20%) due 09/25/375		15,553,608			15,025,415
Cascade Funding Mortgage Trust
2018-RM2, 4.00% (WAC) due 10/25/684,5		14,497,703			14,731,696
CIT Mortgage Loan Trust
2007-1, 3.84% (1 Month USD LIBOR + 1.35%, Rate Floor: 1.35%) due 10/25/374,5		12,315,654			12,425,653
2007-1, 3.94% (1 Month USD LIBOR + 1.45%, Rate Floor: 1.45%) due 10/25/374,5		848,248			852,126
Bear Stearns Asset Backed Securities I Trust			��
2006-HE9, 2.63% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 11/25/365		9,393,902			9,106,565
2006-HE3, 2.85% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 04/25/365		4,000,000			3,967,001
Banc of America Funding Trust
2015-R2, 2.75% (1 Month USD LIBOR + 0.26%, Rate Floor: 0.26%) due 04/29/374,5		10,278,000			9,984,665
2015-R4, 2.66% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 01/27/354,5		2,849,571			2,750,889
Alternative Loan Trust
2007-OA7, 2.63% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 05/25/475		9,068,397			8,764,623
2007-OH3, 2.78% (1 Month USD LIBOR + 0.29%, Rate Cap/Floor: 10.00%/0.29%) due 09/25/475		3,861,326			3,785,303
Ameriquest Mortgage Securities Incorporated Asset-Backed Pass-Through Ctfs Series
2005-R10, 2.92% (1 Month USD LIBOR + 0.43%, Rate Floor: 0.43%) due 01/25/365		12,500,000			12,491,860
LSTAR Securities Investment Trust
2019-1, 4.19% (1 Month USD LIBOR + 1.70%, Rate Floor: 0.00%) due 03/01/244,5		5,000,000			4,998,886
2018-2, 4.00% (1 Month USD LIBOR + 1.50%, Rate Floor: 0.00%) due 04/01/234,5		4,616,032			4,610,377
American Home Mortgage Investment Trust
2006-3, 2.85% (1 Month USD LIBOR + 0.36%, Rate Cap/Floor: 10.50%/0.18%) due 12/25/465		9,831,226			9,311,640
LSTAR Securities Investment Limited
4.49% due 04/01/21		6,453,266			6,458,108
2017-6, 4.25% (1 Month USD LIBOR + 1.75%, Rate Floor: 0.00%) due 09/01/224,5		2,358,972			2,359,709
Morgan Stanley Home Equity Loan Trust
2006-2, 2.77% (1 Month USD LIBOR + 0.28%, Rate Floor: 0.28%) due 02/25/365		8,256,358			8,245,816
COLT Mortgage Loan Trust
2018-3, 3.69% (WAC) due 10/26/484,5		7,419,357			7,433,385

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
LIMITED DURATION FUND

	Face Amount~		Value
Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series
2005-W2, 2.98% (1 Month USD LIBOR + 0.49%, Rate Floor: 0.49%) due 10/25/355		7,250,000	$	7,222,473
Park Place Securities Incorporated Asset Backed Pass Through Certificates Ser
2005-WHQ3, 3.43% (1 Month USD LIBOR + 0.95%, Rate Floor: 0.63%) due 06/25/355		7,025,000		7,011,803
First NLC Trust
2005-4, 2.88% (1 Month USD LIBOR + 0.39%, Rate Cap/Floor: 14.00%/0.39%) due 02/25/365		6,848,823		6,811,287
HarborView Mortgage Loan Trust
2006-14, 2.63% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 01/25/475		3,754,779		3,615,130
2006-12, 2.67% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 01/19/385		3,236,148		3,082,860
Countrywide Asset-Backed Certificates
2006-6, 2.66% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 09/25/365		4,772,764		4,705,668
2006-5, 2.78% (1 Month USD LIBOR + 0.29%, Rate Floor: 0.29%) due 08/25/365		1,954,297		1,942,020
JP Morgan Mortgage Acquisition Trust
2006-HE2, 2.63% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 07/25/365		6,536,048		6,499,323
FBR Securitization Trust
2005-2, 3.24% (1 Month USD LIBOR + 0.75%, Rate Cap/Floor: 14.00%/0.50%) due 09/25/355		6,435,811		6,423,833
Nationstar Home Equity Loan Trust
2007-B, 2.71% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 04/25/375		6,516,392		6,417,631
Structured Asset Investment Loan Trust
2006-3, 2.64% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 06/25/365		5,296,258		5,123,808
2005-2, 3.22% (1 Month USD LIBOR + 0.74%, Rate Floor: 0.49%) due 03/25/355		632,579		631,408
2005-1, 3.21% (1 Month USD LIBOR + 0.72%, Rate Floor: 0.48%) due 02/25/354,5		271,718		272,631
FirstKey Master Funding
2017-R1, 2.71% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 11/03/414,5		5,387,600		5,278,377
Legacy Mortgage Asset Trust
2018-GS3, 4.00% due 06/25/584,8		4,883,254		4,868,180
New Residential Mortgage Trust
2018-1A, 4.00% (WAC) due 12/25/574,5		4,651,848		4,748,113
Credit-Based Asset Servicing & Securitization LLC
2006-CB2, 2.68% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 12/25/365		4,319,602		4,290,711
CWABS Incorporated Asset-Backed Certificates Trust
2004-4, 3.21% (1 Month USD LIBOR + 0.72%, Rate Floor: 0.48%) due 07/25/345		4,239,758		4,242,143
CSMC Series
2015-12R, 2.99% (WAC) due 11/30/374,5		3,816,571		3,800,421
2014-2R, 2.69% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 02/27/464,5		256,150		246,806
Deephaven Residential Mortgage Trust
2017-3A, 2.58% (WAC) due 10/25/474,5		3,565,335		3,548,709
Asset Backed Securities Corporation Home Equity Loan Trust Series AEG
2006-HE1, 2.89% (1 Month USD LIBOR + 0.40%, Rate Floor: 0.40%) due 01/25/365		3,350,000		3,196,726
ACE Securities Corporation Home Equity Loan Trust Series
2005-HE2, 3.51% (1 Month USD LIBOR + 1.02%, Rate Floor: 0.68%) due 04/25/355		2,000,000		1,989,064
Morgan Stanley Capital I Incorporated Trust
2006-HE1, 2.78% (1 Month USD LIBOR + 0.29%, Rate Floor: 0.29%) due 01/25/365		1,639,044		1,610,591
Morgan Stanley ABS Capital I Incorporated Trust
2006-NC1, 2.87% (1 Month USD LIBOR + 0.38%, Rate Floor: 0.38%) due 12/25/355		1,500,000		1,487,838
First Franklin Mortgage Loan Trust
2004-FF10, 3.76% (1 Month USD LIBOR + 1.28%, Rate Floor: 0.85%) due 07/25/345		1,318,191		1,319,496
Deutsche Alt-A Securities Mortgage Loan Trust Series
2006-AF1, 2.79% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 04/25/365		1,355,384		1,279,775
Nomura Resecuritization Trust
2015-4R, 1.75% (1 Month USD LIBOR + 0.43%, Rate Floor: 0.43%) due 03/26/364,5		1,124,750		1,089,023

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
LIMITED DURATION FUND

	Face Amount~		Value
GE-WMC Asset-Backed Pass-Through Certificates Series
2005-2, 2.74% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 12/25/355		1,048,822	$	1,043,453
GSMSC Resecuritization Trust
2015-5R, 2.63% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.14%) due 04/26/374,5		879,346		875,079
Encore Credit Receivables Trust
2005-4, 2.93% (1 Month USD LIBOR + 0.44%, Rate Floor: 0.44%) due 01/25/365		755,033		753,865
UCFC Manufactured Housing Contract
1997-2, 7.38% due 10/15/28		361,907		377,569
Ellington Loan Acquisition Trust
2007-2, 3.44% (1 Month USD LIBOR + 0.95%, Rate Floor: 0.95%) due 05/25/374,5		214,627		214,405
GSAMP Trust
2005-HE6, 2.93% (1 Month USD LIBOR + 0.44%, Rate Floor: 0.44%) due 11/25/355		213,491		213,844
Morgan Stanley Re-REMIC Trust
2010-R5, 3.88% due 06/26/364		118,259		108,482
First Frankin Mortgage Loan Trust
2006-FF4, 2.87% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 03/25/365		89,851		89,455
Accredited Mortgage Loan Trust
2007-1, 2.62% (1 Month USD LIBOR + 0.13%, Rate Cap/Floor: 14.00%/0.13%) due 02/25/375		46,290		46,238
Total Residential Mortgage Backed Securities				504,264,957
Government Agency - 3.1%
Freddie Mac Seasoned Credit Risk Transfer Trust
2018-1, 2.50% due 05/25/578		26,656,564		26,110,027
2017-4, 2.75% due 06/25/578		17,533,755		17,352,125
2017-4, 3.50% due 06/25/57		8,802,508		8,858,061
2017-3, 3.00% due 07/25/56		909,924		888,167
Fannie Mae
3.59% due 02/01/29		10,200,000		10,527,465
3.01% due 12/01/27		4,600,000		4,629,664
2.99% due 03/01/30		4,000,000		3,977,146
3.71% due 03/01/31		3,000,000		3,164,819
3.13% due 01/01/30		3,050,000		3,080,793
3.23% due 01/01/30		2,947,394		3,003,879
3.12% due 01/01/30		2,942,864		2,972,414
3.21% due 08/01/27		2,166,247		2,230,749
3.17% due 01/01/30		1,700,000		1,722,943
3.22% due 01/01/30		1,300,000		1,319,909
Freddie Mac Multifamily Structured Pass Through Certificates
2018-K074, 3.60% due 02/25/28		14,000,000		14,664,408
2017-KGX1, 3.00% due 10/25/27		14,000,000		13,993,120
2018-K078, 3.92% due 06/25/51		3,350,000		3,592,693
2013-K035, 0.39% (WAC) due 08/25/235,10		106,809,681		1,585,846
Total Government Agency				123,674,228
Commercial Mortgage Backed Securities - 2.4%
CGBAM Mezzanine Securities Trust
2015-SMMZ, 8.21% due 04/10/284		15,800,000		16,460,201
Americold LLC Trust
2010-ARTA, 6.81% due 01/14/294		8,995,000		9,430,932
2010-ARTA, 7.44% due 01/14/294		3,500,000		3,697,833
Wells Fargo Commercial Mortgage Trust
2016-C37, 1.01% (WAC) due 12/15/495,10		37,821,126		1,757,086
2017-C38, 1.07% (WAC) due 07/15/505,10		25,685,930		1,701,878
2015-LC22, 0.86% (WAC) due 09/15/585,10		23,921,948		1,016,589
2017-C42, 0.90% (WAC) due 12/15/505,10		14,922,807		945,763
2017-RB1, 1.28% (WAC) due 03/15/505,10		9,929,794		802,101
2016-NXS5, 1.52% (WAC) due 01/15/595,10		6,784,668		464,934
GAHR Commercial Mortgage Trust
2015-NRF, 3.38% (WAC) due 12/15/344,5		6,353,165		6,278,381
COMM Mortgage Trust
2015-CR24, 0.77% (WAC) due 08/10/485,10		65,067,038		2,663,454
2018-COR3, 0.45% (WAC) due 05/10/515,10		35,644,636		1,276,584
JP Morgan Chase Commercial Mortgage Securities Trust
2016-JP2, 1.84% (WAC) due 08/15/495,10		37,712,167		3,934,876
Banc of America Commercial Mortgage Trust
2017-BNK3, 1.13% (WAC) due 02/15/505,10		33,447,577		2,201,309
2016-UB10, 1.98% (WAC) due 07/15/495,10		18,985,579		1,690,366
DBJPM Mortgage Trust
2017-C6, 1.04% (WAC) due 06/10/505,10		62,720,123		3,747,421
BENCHMARK Mortgage Trust
2018-B2, 0.43% (WAC) due 02/15/515,10		123,773,720		3,444,833
Morgan Stanley Bank of America Merrill Lynch Trust
2015-C27, 0.96% (WAC) due 12/15/475,10		35,437,292		1,712,907
2017-C34, 0.82% (WAC) due 11/15/525,10		24,618,402		1,320,420
UBS Commercial Mortgage Trust
2017-C2, 1.10% (WAC) due 08/15/505,10		31,187,941		2,154,503

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
LIMITED DURATION FUND

	Face Amount~		Value
2017-C5, 1.02% (WAC) due 11/15/505,10		13,975,080	$	859,806
JPMDB Commercial Mortgage Securities Trust
2016-C4, 0.83% (WAC) due 12/15/495,10		39,474,991		1,984,195
2016-C2, 1.69% (WAC) due 06/15/495,10		8,785,522		659,837
2017-C5, 0.99% (WAC) due 03/15/505,10		3,694,270		219,406
BANK
2017-BNK7, 0.81% (WAC) due 09/15/605,10		34,852,923		1,768,758
2017-BNK6, 0.87% (WAC) due 07/15/605,10		15,420,111		812,765
CSAIL Commercial Mortgage Trust
2019-C15, 1.22% (WAC) due 03/15/525,10		20,000,000		1,573,668
2016-C6, 1.79% (WAC) due 01/15/495,10		9,820,065		848,919
Aventura Mall Trust
2013-AVM, 3.74% (WAC) due 12/05/324,5		2,200,000		2,225,138
Bancorp Commercial Mortgage Trust
2018-CR3, 3.73% (1 Month USD LIBOR + 1.25%, Rate Floor: 1.25%) due 01/15/334,5		2,200,000		2,187,214
Credit Suisse First Boston Mortgage Securities Corporation Series
2006-OMA, 5.63% due 05/15/234		2,000,000		2,033,518
BBCMS Mortgage Trust
2018-C2, 0.77% (WAC) due 12/15/515,10		29,980,267		1,834,295
CD Mortgage Trust
2017-CD6, 0.97% (WAC) due 11/13/505,10		14,826,188		849,026
2016-CD1, 1.42% (WAC) due 08/10/495,10		6,954,835		543,724
BAMLL Commercial Mortgage Securities Trust
2012-PARK, 2.96% due 12/10/304		1,300,000		1,313,311
CD Commercial Mortgage Trust
2017-CD4, 1.32% (WAC) due 05/10/505,10		17,132,922		1,298,670
CGMS Commercial Mortgage Trust
2017-B1, 0.85% (WAC) due 08/15/505,10		22,333,146		1,200,139
Citigroup Commercial Mortgage Trust
2016-C2, 1.78% (WAC) due 08/10/495,10		6,682,762		672,427
2016-GC37, 1.78% (WAC) due 04/10/495,10		3,771,788		363,063
Americold LLC
2010-ARTA, 4.95% due 01/14/294		840,000		861,149
GS Mortgage Securities Trust
2017-GS6, 1.05% (WAC) due 05/10/505,10		11,545,907		815,334
JPMBB Commercial Mortgage Securities Trust
2013-C17, 0.77% (WAC) due 01/15/475,10		23,844,300		712,842
GE Business Loan Trust
2007-1A, 2.65% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 04/15/354,5		233,057		228,551
LSTAR Commercial Mortgage Trust
2014-2, 4.21% (WAC) due 01/20/414,5		138,543		138,178
Total Commercial Mortgage Backed Securities				92,706,304
Total Collateralized Mortgage Obligations
(Cost $717,916,265)				720,645,489
CORPORATE BONDS†† - 15.9%
Financial - 10.3%
Station Place Securitization Trust
3.09% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 09/24/194,5		36,400,000		36,400,000
3.18% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.00%) due 06/24/194,5		13,600,000		13,600,000
3.18% (1 Month USD LIBOR + 0.70%, Rate Floor: 0.70%) due 09/24/195		4,000,000		4,000,000
Santander UK plc
3.25% (3 Month USD LIBOR + 0.62%) due 06/01/215		30,740,000		30,719,322
Wells Fargo & Co.
3.63% (3 Month USD LIBOR + 0.93%) due 02/11/225		29,450,000		29,665,832
Capital One Financial Corp.
3.46% (3 Month USD LIBOR + 0.76%) due 05/12/205		22,900,000		22,998,699
Barclays Bank plc
3.22% due 10/31/19†††		22,800,000		22,800,000
Sumitomo Mitsui Trust Bank Ltd.
3.07% (3 Month USD LIBOR + 0.44%) due 09/19/194,5		14,350,000		14,369,820
3.69% (3 Month USD LIBOR + 0.91%) due 10/18/194,5		7,600,000		7,629,356
Mitsubishi UFJ Financial Group, Inc.
3.41% (3 Month USD LIBOR + 0.65%) due 07/26/215		11,450,000		11,470,128
3.67% (3 Month USD LIBOR + 1.06%) due 09/13/215		5,990,000		6,054,764
4.51% (3 Month USD LIBOR + 1.88%) due 03/01/215		453,000		463,943
Goldman Sachs Group, Inc.
3.34% (3 Month USD LIBOR + 0.73%) due 12/27/205		15,700,000		15,732,467
3.81% (3 Month USD LIBOR + 1.20%) due 09/15/205		1,000,000		1,010,298

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
LIMITED DURATION FUND

	Face Amount~		Value
Citibank North America
3.34% (3 Month USD LIBOR + 0.57%) due 07/23/215		16,390,000	$	16,444,712
Sumitomo Mitsui Banking Corp.
3.12% (3 Month USD LIBOR + 0.35%) due 01/17/205		15,450,000		15,478,137
Synchrony Bank
3.23% (3 Month USD LIBOR + 0.63%) due 03/30/205		14,450,000		14,471,097
Svenska Handelsbanken AB
3.12% (3 Month USD LIBOR + 0.47%) due 05/24/215		13,500,000		13,541,334
Credit Agricole S.A.
3.57% (3 Month USD LIBOR + 0.97%) due 06/10/204,5		11,550,000		11,641,280
Citigroup, Inc.
3.54% (3 Month USD LIBOR + 0.93%) due 06/07/195		11,160,000		11,177,019
Credit Suisse AG NY
3.14% (3 Month USD LIBOR + 0.40%) due 07/31/205		10,190,000		10,189,941
Standard Chartered Bank
3.14% (3 Month USD LIBOR + 0.40%) due 08/04/205		10,170,000		10,172,602
ANZ New Zealand Int’l Ltd.
2.85% due 08/06/204		10,000,000		10,005,764
Assurant, Inc.
3.86% (3 Month USD LIBOR + 1.25%) due 03/26/215		9,552,000		9,531,386
Alexandria Real Estate Equities, Inc.
2.75% due 01/15/20		8,750,000		8,734,919
JPMorgan Chase & Co.
3.31% (3 Month USD LIBOR + 0.68%) due 06/01/215		8,100,000		8,122,348
Citizens Bank North America/Providence RI
3.22% (3 Month USD LIBOR + 0.57%) due 05/26/205		8,050,000		8,057,567
Lloyds Bank plc
3.23% (3 Month USD LIBOR + 0.49%) due 05/07/215		8,050,000		8,032,762
UBS Group Funding Switzerland AG
4.58% (3 Month USD LIBOR + 1.78%, Rate Floor: 0.00%) due 04/14/214,5		5,700,000		5,840,374
4.04% (3 Month USD LIBOR + 1.44%) due 09/24/204,5		1,000,000		1,014,179
Ventas Realty Limited Partnership / Ventas Capital Corp.
2.70% due 04/01/20		6,330,000		6,316,279
Morgan Stanley
5.50% due 07/24/20		3,796,000		3,925,275
3.59% (3 Month USD LIBOR + 0.98%) due 06/16/205		1,650,000		1,661,525
Westpac Banking Corp.
3.65% (3 Month USD LIBOR + 0.85%) due 01/11/225		5,000,000		5,046,264
Bank of America Corp.
3.24% (3 Month USD LIBOR + 0.65%) due 10/01/215		4,200,000		4,211,469
Lloyds Bank Corporate Markets plc NY
3.10% (3 Month USD LIBOR + 0.37%) due 08/05/205		2,070,000		2,073,887
Sumitomo Mitsui Financial Group, Inc.
4.28% (3 Month USD LIBOR + 1.68%) due 03/09/215		1,000,000		1,021,276
3.90% (3 Month USD LIBOR + 1.14%) due 10/19/215		702,000		710,401
Mizuho Financial Group, Inc.
3.75% (3 Month USD LIBOR + 1.14%) due 09/13/215		1,500,000		1,516,967
Credit Suisse Group Funding Guernsey Ltd.
2.75% due 03/26/20		1,180,000		1,178,403
American Equity Investment Life Holding Co.
5.00% due 06/15/27		324,000		329,044
Total Financial				407,360,840
Consumer, Non-cyclical - 2.8%
Express Scripts Holding Co.
3.38% (3 Month USD LIBOR + 0.75%) due 11/30/205		21,875,000		21,875,911
General Mills, Inc.
3.32% (3 Month USD LIBOR + 0.54%) due 04/16/215		20,750,000		20,711,177
CVS Health Corp.
3.23% (3 Month USD LIBOR + 0.63%) due 03/09/205		8,950,000		8,970,361
3.32% (3 Month USD LIBOR + 0.72%) due 03/09/215		8,500,000		8,519,363
Allergan Funding SCS
3.85% (3 Month USD LIBOR + 1.26%) due 03/12/205		11,300,000		11,396,540
Mondelez International, Inc.
3.00% due 05/07/20		11,330,000		11,356,252
Zimmer Biomet Holdings, Inc.
3.38% (3 Month USD LIBOR + 0.75%) due 03/19/215		11,050,000		11,012,735
BAT Capital Corp.
2.30% due 08/14/20		5,198,000		5,144,738
Reynolds American, Inc.
6.88% due 05/01/20		4,802,000		4,996,835
Coca-Cola Femsa SAB de CV
4.63% due 02/15/20		4,750,000		4,825,294
Cigna Corp.
3.26% (3 Month USD LIBOR + 0.65%) due 09/17/214,5		4,100,000		4,097,022
Constellation Brands, Inc.
2.25% due 11/06/20		380,000		376,220
Total Consumer, Non-cyclical				113,282,448

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
LIMITED DURATION FUND

	Face Amount~		Value
Energy - 0.8%
Equities Corp.
3.57% (3 Month USD LIBOR + 0.77%) due 10/01/205		11,450,000	$	11,388,167
ONEOK Partners, LP
3.80% due 03/15/20		9,080,000		9,133,580
Phillips 66
3.25% (3 Month USD LIBOR + 0.60%) due 02/26/215		8,700,000		8,700,202
Reliance Holding USA, Inc.
4.50% due 10/19/204		2,000,000		2,035,209
Florida Gas Transmission Co. LLC
5.45% due 07/15/204		800,000		824,820
Total Energy				32,081,978
Industrial - 0.6%
Siemens Financieringsmaatschappij N.V.
3.22% (3 Month USD LIBOR + 0.61%) due 03/16/224,5		20,410,000		20,522,087
Aviation Capital Group LLC
7.13% due 10/15/204		2,500,000		2,638,507
Molex Electronic Technologies LLC
2.88% due 04/15/204		1,030,000		1,028,237
Total Industrial				24,188,831
Communications - 0.6%
Discovery Communications LLC
3.34% (3 Month USD LIBOR + 0.71%) due 09/20/195		11,000,000		11,010,236
Deutsche Telekom International Finance BV
3.35% (3 Month USD LIBOR + 0.58%) due 01/17/204,5		9,400,000		9,416,319
Juniper Networks, Inc.
3.30% due 06/15/20		2,155,000		2,163,377
Total Communications				22,589,932
Technology - 0.4%
Broadcom Corporation / Broadcom Cayman Finance Ltd.
2.38% due 01/15/20		9,165,000		9,115,969
Fidelity National Information Services, Inc.
3.63% due 10/15/20		5,820,000		5,881,171
CA, Inc.
5.38% due 12/01/19		280,000		283,827
Total Technology				15,280,967
Utilities - 0.2%
NextEra Energy Capital Holdings, Inc.
3.06% (3 Month USD LIBOR + 0.45%) due 09/28/205		10,010,000		10,009,972
Basic Materials - 0.2%
Newmont Mining Corp.
5.13% due 10/01/19		5,380,000		5,439,666
Yamana Gold, Inc.
4.95% due 07/15/24		1,116,000		1,147,103
Total Basic Materials				6,586,769
Total Corporate Bonds
(Cost $630,758,349)				631,381,737
U.S. GOVERNMENT SECURITIES†† - 13.1%
U.S. Treasury Notes
1.25% due 08/31/19		101,220,000		100,698,084
3.38% due 11/15/19		75,920,000		76,326,290
1.00% due 11/15/19		68,920,000		68,298,105
1.75% due 09/30/19		50,760,000		50,575,599
1.75% due 11/30/19		43,015,000		42,820,088
1.50% due 10/31/19		34,410,000		34,217,788
1.50% due 11/30/19		25,305,000		25,146,844
U.S. Treasury Inflation Protected Securities
1.38% due 01/15/2013		120,863,530		121,862,857
Total U.S. Government Securities
(Cost $519,020,216)				519,945,655
SENIOR FLOATING RATE INTERESTS††,5 - 0.7%
Technology - 0.3%
Misys Ltd.
6.10% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/13/24		7,441,569		7,167,198
Epicor Software
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 06/01/22		4,385,801		4,330,277
Neustar, Inc.
6.00% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 08/08/24		296,985		285,723
Total Technology				11,783,198
Consumer, Cyclical - 0.2%
Mavis Tire Express Services Corp.
5.74% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 03/20/25		4,839,034		4,705,961
Prime Security Services Borrower LLC
5.25% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 05/02/22		519,710		513,671
Total Consumer, Cyclical				5,219,632
Financial - 0.1%
iStar, Inc.
5.23% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 06/28/23		3,980,000		3,945,175

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
LIMITED DURATION FUND

	Face Amount~		Value
Masergy Holdings, Inc.
5.85% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 12/15/23		375,547	$	366,628
Total Financial				4,311,803
Consumer, Non-cyclical - 0.1%
Diamond (BC) B.V.
5.74% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 09/06/24		2,172,500		2,082,885
Albertson’s LLC
5.61% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.75%) due 12/21/22		1,218,937		1,208,442
Total Consumer, Non-cyclical				3,291,327
Industrial - 0.0%
CHI Overhead Doors, Inc.
5.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 07/29/22		979,300		967,059
ProAmpac PG Borrower LLC
6.14% ((1 Month USD LIBOR + 3.50%) and (3 Month USD LIBOR + 3.50%), Rate Floor: 4.50%) due 11/20/23		108,861		104,948
Total Industrial				1,072,007
Communications - 0.0%
Internet Brands, Inc.
6.24% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 09/13/24		1,079,193		1,063,016
Total Senior Floating Rate Interests
(Cost $27,350,465)				26,740,983
MUNICIPAL BONDS†† - 0.3%
Utah - 0.1%
Utah State Board of Regents Revenue Bonds
5.67% due 04/01/19		3,550,000		3,550,000
Florida - 0.1%
Florida Department of Environmental Protection Revenue Bonds
7.05% due 07/01/19		3,200,000		3,234,976
Wisconsin - 0.1%
Wisconsin Department of Transportation Revenue Bonds
4.89% due 07/01/21		1,900,000		1,909,348
District of Columbia - 0.0%
Washington Metropolitan Area Transit Authority Revenue Bonds
7.00% due 07/01/34		1,870,000		1,889,672
Ohio - 0.0%
City of Dayton Ohio General Obligation Limited
6.50% due 06/01/19		1,110,000		1,117,060
Total Municipal Bonds
(Cost $11,762,803)				11,701,056
COMMERCIAL PAPER†† - 7.0%
Walgreens Boots Alliance, Inc.
2.81% due 05/24/1912		20,300,000		20,211,930
2.86% due 05/24/1912		10,000,000		9,956,616
3.28% due 07/22/1912		7,800,000		7,727,692
E.I. du Pont de Nemours & Co.
2.85% due 04/22/194,12		30,000,000		29,946,160
2.72% due 04/23/194,12		3,000,000		2,995,013
Rogers Communications, Inc.
2.73% due 04/22/194,12		30,000,000		29,945,500
Mondelez International, Inc.
3.05% due 04/08/194,12		25,000,000		24,981,548
Anheuser-Busch InBev Worldwide, Inc.
2.70% due 04/22/194,12		25,000,000		24,960,625
Nextera Energy Capital Holdings Inc.
2.85% due 04/03/194,12		24,000,000		23,991,183
Fidelity National Information Services, Inc.
2.71% due 04/08/194,12		20,000,000		19,989,461
Entergy Corp.
2.71% due 04/15/194,12		20,000,000		19,978,922
Amcor Finance (USA), Inc.
2.69% due 04/23/194,12		20,000,000		19,967,122
Waste Management, Inc.
2.66% due 04/17/194,12		15,000,000		14,982,267
UDR, Inc.
2.70% due 04/15/194,12		10,000,000		9,989,500
Keurig Dr Pepper, Inc.
2.80% due 05/20/194,12		10,000,000		9,961,889
Ryder System, Inc.
2.72% due 04/22/1912		8,300,000		8,286,831
Total Commercial Paper
(Cost $277,885,655)				277,872,259
REPURCHASE AGREEMENTS††,13 - 3.1%
BNP Paribas
issued 03/27/19 at 2.92% due 05/01/19		25,986,954		25,986,954
issued 02/01/19 at 2.92% due 05/01/19		18,965,428		18,965,428
issued 03/21/19 at 2.92% due 05/01/19		5,730,266		5,730,266
RBC Capital Markets
issued 03/15/19 at 2.68% (1 Month USD LIBOR + 0.20%) due 06/14/195		29,700,000		29,700,000
issued 03/26/19 at 2.68% (1 Month USD LIBOR + 0.20%) due 06/14/195		10,850,000		10,850,000

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
LIMITED DURATION FUND

	Face Amount~		Value
Barclays
issued 03/28/19 at 2.74% (1 Month USD LIBOR + 0.25%) due 04/29/195		17,912,000	$	17,912,000
Deutsche Bank
issued 01/30/19 at 3.10% due 04/30/19		13,033,000		13,033,000
issued 03/04/19 at 3.10% due 04/30/19		1,118,000		1,118,000
Total Repurchase Agreements
(Cost $123,295,648)				123,295,648
Total Investments - 99.8%
(Cost $3,958,848,430)			$	3,954,470,147
Other Assets & Liabilities, net - 0.2%				9,670,925
Total Net Assets - 100.0%			$	3,964,141,072

Centrally Cleared Credit Default Swap Agreements Protection Purchased††
Counterparty	Exchange	Index	Protection Premium Rate	Payment Frequency	Maturity Date		Notional Amount		Value			Upfront Premiums Received			Unrealized Depreciation**
BofA Merrill Lynch	ICE	CDX.NA.IG.31	1.00%	Quarterly	12/20/23	$	642,110,000	$	(12,451,823	)	$	(7,158,938	)	$	(5,292,885	)

OTC Credit Default Swap Agreements Protection Purchased††
Counterparty		Index		Protection Premium Rate		Payment Frequency		Maturity Date	Notional Amount		Value			Upfront Premiums Received			Unrealized Depreciation
Morgan Stanley Capital Services LLC	CDX.NA.IG.31		1.00%		Quarterly		12/20/23		$	37,820,000	$	(538,570	)	$	(7,542	)	$	(531,028	)
Goldman Sachs International	CDX.NA.IG.31		1.00%		Quarterly		12/20/23			87,130,000		(1,240,762	)		(132,411	)		(1,108,351	)
											$	(1,779,332	)	$	(139,953	)	$	(1,639,379	)

Centrally Cleared Interest Rate Swap Agreements††
Counterparty		Exchange		Floating Rate Type		Floating Rate Index		Fixed Rate		Payment Frequency	Maturity Date		Notional Amount		Value			Premiums Paid		Unrealized Depreciation**
BofA Merrill Lynch	CME		Receive		3-Month USD LIBOR		2.83%		Quarterly			01/31/20	$	5,268,000	$	(9,734	)	$	230	$	(9,964	)
BofA Merrill Lynch	CME		Receive		3-Month USD LIBOR		2.92%		Quarterly			01/31/20		5,235,000		(13,715	)		223		(13,938	)
BofA Merrill Lynch	CME		Receive		3-Month USD LIBOR		2.84%		Quarterly			01/31/20		8,574,000		(16,548	)		233		(16,781	)
BofA Merrill Lynch	CME		Receive		3-Month USD LIBOR		2.79%		Quarterly			01/21/20		55,487,000		(86,580	)		288		(86,868	)
BofA Merrill Lynch	CME		Receive		3-Month USD LIBOR		3.14%		Quarterly			11/06/21		190,000,000		(3,835,995	)		42,270		(3,878,265	)
															$	(3,962,572	)	$	43,244	$	(4,005,816	)

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
LIMITED DURATION FUND

Forward Foreign Currency Exchange Contracts††
Counterparty		Contracts to Sell		Currency	Settlement Date		Settlement Value		Value at March 31, 2019		Unrealized Appreciation (Depreciation)
Goldman Sachs International	53,382,000		EUR			05/17/19	$	61,291,460	$	60,125,095	$	1,166,365
Bank of America, N.A.	5,903,000,000		JPY			01/21/20		55,487,146		54,525,350		961,796
Goldman Sachs International	71,800,000		BRL			07/01/19		19,054,696		18,240,711		813,985
Citibank N.A., New York	72,500,000		BRL			07/01/19		19,172,540		18,418,546		753,994
Citibank N.A., New York	234,800,000		BRL			04/01/19		60,658,229		60,026,587		631,642
Goldman Sachs International	35,026,000		EUR			05/10/19		39,864,037		39,425,782		438,255
Bank of America, N.A.	19,600,000		EUR			04/05/19		22,396,939		21,995,946		400,993
JPMorgan Chase Bank, N.A.	19,567,000		EUR			05/10/19		22,419,573		22,024,904		394,669
Morgan Stanley Capital Services LLC	2,311,000,000		JPY			04/08/19		21,232,515		20,864,993		367,522
Goldman Sachs International	29,292,000		CAD			05/01/19		22,246,187		21,942,520		303,667
Bank of America, N.A.	15,300,000		EUR			05/10/19		17,471,835		17,221,906		249,929
JPMorgan Chase Bank, N.A.	16,910,000		CAD			05/02/19		12,905,452		12,667,539		237,913
JPMorgan Chase Bank, N.A.	90,400,000		BRL			10/01/19		23,011,327		22,779,888		231,439
Goldman Sachs International	18,947,000		CAD			05/08/19		14,395,634		14,195,669		199,965
Goldman Sachs International	15,810,000		CAD			05/16/19		12,037,286		11,847,760		189,526
Citibank N.A., New York	15,116,000		EUR			05/17/19		17,211,754		17,025,419		186,335
Morgan Stanley Capital Services LLC	516,650,000		JPY			04/04/19		4,811,642		4,662,911		148,731
Goldman Sachs International	1,227,000,000		JPY			04/08/19		11,223,344		11,078,038		145,306
Goldman Sachs International	1,076,000,000		JPY			04/10/19		9,842,799		9,716,488		126,311
Bank of America, N.A.	7,553,000		CAD			05/01/19		5,780,055		5,657,922		122,133
JPMorgan Chase Bank, N.A.	16,500,000		CAD			04/18/19		12,469,817		12,355,946		113,871
Goldman Sachs International	7,743,000		CAD			05/07/19		5,907,328		5,801,143		106,185
JPMorgan Chase Bank, N.A.	7,770,000		CAD			05/03/19		5,923,805		5,820,775		103,030
Barclays Bank plc	36,000,000		DKK			06/03/19		5,542,000		5,440,924		101,076
Bank of America, N.A.	15,075,000		CAD			05/15/19		11,392,061		11,296,674		95,387
Barclays Bank plc	13,625,000		CAD			04/24/19		10,296,989		10,204,593		92,396
JPMorgan Chase Bank, N.A.	11,700,000		CAD			05/09/19		8,850,776		8,766,221		84,555
Goldman Sachs International	6,164,000		CAD			05/03/19		4,701,145		4,617,665		83,480
Bank of America, N.A.	17,155,000		CAD			04/17/19		12,928,679		12,846,109		82,570
Goldman Sachs International	3,350,000		GBP			04/01/19		4,444,408		4,363,172		81,236
Barclays Bank plc	7,725,000		CAD			04/17/19		5,844,745		5,784,680		60,065
JPMorgan Chase Bank, N.A.	7,670,000		CAD			05/14/19		5,806,251		5,747,480		58,771
Goldman Sachs International	1,515,400,000		JPY			05/28/19		13,792,539		13,736,116		56,423
Morgan Stanley Capital Services LLC	2,203,000,000		JPY			05/28/19		20,015,627		19,968,763		46,864
Barclays Bank plc	7,502,000		CAD			05/09/19		5,666,253		5,620,871		45,382
Barclays Bank plc	5,400,000		CAD			04/18/19		4,084,504		4,043,764		40,740
JPMorgan Chase Bank, N.A.	3,095,000		CAD			05/16/19		2,356,919		2,319,343		37,576
JPMorgan Chase Bank, N.A.	6,250,000		CAD			04/17/19		4,717,647		4,680,162		37,485
Bank of America, N.A.	6,240,000		CAD			05/09/19		4,712,457		4,675,318		37,139
Morgan Stanley Capital Services LLC	3,095,000		CAD			05/14/19		2,355,155		2,319,225		35,930
Goldman Sachs International	22,348,000		CAD			04/24/19		16,770,402		16,737,780		32,622
Morgan Stanley Capital Services LLC	1,820,000		GBP			04/01/19		2,400,902		2,370,440		30,462
JPMorgan Chase Bank, N.A.	4,260,000		CAD			05/08/19		3,219,091		3,191,722		27,369
JPMorgan Chase Bank, N.A.	2,300,000		GBP			04/08/19		3,018,363		2,996,521		21,842
JPMorgan Chase Bank, N.A.	11,100,000		CAD			04/25/19		8,334,604		8,313,681		20,923
JPMorgan Chase Bank, N.A.	9,475,000		CAD			04/24/19		7,111,431		7,096,405		15,026
BNP Paribas	325,000		CAD			04/24/19		244,072		243,412		660
JPMorgan Chase Bank, N.A.	225,000		CAD			05/15/19		169,191		168,607		584
Citibank N.A., New York	423,071		CZK			04/18/19		18,699		18,403		296
JPMorgan Chase Bank, N.A.	124,800,000		MXN			04/11/19		6,403,284		6,421,204		(17,920	)
Bank of America, N.A.	15,120,000		GBP			04/23/19		19,693,195		19,713,833		(20,638	)
Goldman Sachs International	511,000,000		JPY			05/20/19		4,604,757		4,629,345		(24,588	)
Goldman Sachs International	580,000,000		JPY			06/03/19		5,234,137		5,259,595		(25,458	)

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
LIMITED DURATION FUND

Counterparty		Contracts to Sell		Currency	Settlement Date		Settlement Value		Value at March 31, 2019		Unrealized Appreciation (Depreciation)
Goldman Sachs International	3,030,000		GBP			04/23/19	$	3,917,381	$	3,950,590	$	(33,209	)
Goldman Sachs International	880,000,000		JPY			06/24/19		7,950,476		7,993,339		(42,863	)
Goldman Sachs International	837,000,000		JPY			04/22/19		7,519,135		7,566,498		(47,363	)
Morgan Stanley Capital Services LLC	2,235,000,000		JPY			05/13/19		20,167,567		20,238,010		(70,443	)
JPMorgan Chase Bank, N.A.	2,516,000,000		JPY			05/10/19		22,706,034		22,777,791		(71,757	)
Goldman Sachs International	76,500,000		BRL			04/01/19		19,435,482		19,557,215		(121,733	)
Goldman Sachs International	69,090,000		ILS			01/31/20		19,077,415		19,488,707		(411,292	)
JPMorgan Chase Bank, N.A.	229,540,000		MXN			05/23/19		11,193,524		11,729,391		(535,867	)
Goldman Sachs International	265,001,325		ILS			05/31/19		72,158,365		73,362,518		(1,204,153	)
											$	6,993,137

Counterparty		Contracts to Buy		Currency	Settlement Date		Settlement Value			Value at March 31, 2019		Unrealized Appreciation (Depreciation)
Barclays Bank plc	229,540,000		MXN			05/23/19	$	(11,743,579	)	$	11,729,391	$	(14,188	)
Barclays Bank plc	124,800,000		MXN			04/11/19		(6,438,632	)		6,421,204		(17,428	)
JPMorgan Chase Bank, N.A.	47,000,000		BRL			04/01/19		(12,303,665	)		12,015,544		(288,121	)
Goldman Sachs International	47,000,000		BRL			04/01/19		(12,396,476	)		12,015,543		(380,933	)
Citibank N.A., New York	217,300,000		BRL			04/01/19		(57,369,267	)		55,552,715		(1,816,552	)
												$	(2,517,222	)

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
LIMITED DURATION FUND

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs, unless otherwise noted — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
1	Affiliated issuer.
2	Effective November 30, 2018, Guggenheim Strategy Fund I was reorganized with and into the Guggenheim Ultra Short Duration Fund.
3	Rate indicated is the 7-day yield as of March 31, 2019.
4	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $1,432,857,195 (cost $1,434,597,365), or 36.1% of total net assets.
5	Variable rate security. Rate indicated is the rate effective at March 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
6	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
7	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $7,514,200 (cost $7,550,701), or 0.2% of total net assets — See Note 9.
8	Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at March 31, 2019. See table below for additional step information for each security.
9	Zero coupon rate security.
10	Security is an interest-only strip.
11	Face amount of security is adjusted for inflation.
12	Rate indicated is the effective yield at the time of purchase.
13	Repurchase Agreements — See additional disclosure in the repurchase agreements table below for more information on repurchase agreements.
	BofA — Bank of America
	BRL — Brazilian Real
	CDX.NA.IG.31 — Credit Default Swap North American Investment Grade Series 31 Index
	CAD — Canadian Dollar
	CME — Chicago Mercantile Exchange
	CZK — Czech Koruna
	DKK — Danish Krone
	EUR — Euro
	GBP — British Pound
	ICE — Intercontinental Exchange
	ILS — Israeli New Shekel
	JPY — Japanese Yen
	LIBOR — London Interbank Offered Rate
	REIT — Real Estate Investment Trust
	MXN — Mexican Peso
	plc — Public Limited Company
	WAC — Weighted Average Coupon
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
LIMITED DURATION FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2019 (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
Mutual Funds	$	55,579,654	$	—	$	—	$	55,579,654
Money Market Fund		28,077,174		—		—		28,077,174
Asset-Backed Securities		—		784,068,319		—		784,068,319
Foreign Government Debt		—		775,162,173		—		775,162,173
Collateralized Mortgage Obligations		—		720,645,489		—		720,645,489
Corporate Bonds		—		608,581,737		22,800,000		631,381,737
U.S. Government Securities		—		519,945,655		—		519,945,655
Senior Floating Rate Interests		—		26,740,983		—		26,740,983
Municipal Bonds		—		11,701,056		—		11,701,056
Commercial Paper		—		277,872,259		—		277,872,259
Repurchase Agreements		—		123,295,648		—		123,295,648
Forward Foreign Currency Exchange Contracts**		—		9,620,421		—		9,620,421
Total Assets	$	83,656,828	$	3,857,633,740	$	22,800,000	$	3,964,090,568

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Credit Default Swap Agreements**	$	—	$	6,932,264	$	—	$	6,932,264
Interest Rate Swap Agreements**		—		4,005,816		—		4,005,816
Forward Foreign Currency Exchange Contracts**		—		5,144,506		—		5,144,506
Unfunded Loan Commitments (Note 8)		—		16,851		—		16,851
Total Liabilities	$	—	$	16,099,437	$	—	$	16,099,437

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

Step Coupon Bonds

The following table discloses additional information related to step coupon bonds held by the Fund. Certain securities are subject to multiple rate changes prior to maturity. For those securities a range of rates and corresponding dates have been provided. Rates for all step coupon bonds held by the Fund are scheduled to increase, none are scheduled to decrease.

Name	Coupon Rate at Next Reset Date		Next Rate Reset Date		Future Reset Rate(s)				Future Reset Date(s)
Apollo Aviation Securitization Equity Trust 2016-1A, 4.88% due 03/17/36	6.88	%		03/15/23		6.88	%			03/15/23
Freddie Mac Seasoned Credit Risk Transfer Trust 2018-1, 2.50% due 05/25/57	2.75	%		09/25/19		3.00	%	03/25/20
Freddie Mac Seasoned Credit Risk Transfer Trust 2017-4, 2.75% due 06/25/57	3.00	%		06/25/19		3.25	%	12/25/19
Legacy Mortgage Asset Trust 2018-GS3, 4.00% due 06/25/58	7.00	%		07/26/21		8.00	%	07/26/22
New Residential Mortgage Loan Trust 2019-RPL1, 4.33% due 02/26/24	7.33	%		02/25/22		8.33	%	02/25/23

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

SCHEDULE OF INVESTMENTS(Unaudited)(continued)	March 31, 2019
LIMITED DURATION FUND

Repurchase Agreements

In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral. The collateral is in the possession of the Fund��s custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements.

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
BNP Paribas					HSI Asset Securitization Corp. Trust
2.92%					2.68%
05/01/19	$	50,682,648	$	50,912,073	01/25/37	$	33,257,500	$	26,280,077
					Morgan Stanley ABS Capital I Inc. Trust
					3.16%
					09/25/35		17,065,000		15,976,253
					JP Morgan Mortgage Acquisition Corp.
					3.11%
					12/25/35		16,459,000		15,856,601
					Fannie Mae Connecticut Avenue Securities
					6.94%
					01/25/29		6,265,000		6,857,043
						$	73,046,500	$	64,969,973
RBC Capital Markets					Tenet Healthcare Corp.
2.68% (1 Month USD LIBOR + 0.20%)					4.63%
06/14/19*		40,550,000		40,550,000	07/15/24	$	24,800,000	$	24,839,680
					Altice France SA
					7.38%
					05/01/26		12,295,000		12,049,100
					Endo Dac / Endo Finance LLC / Endo Finco Inc.
					6.00%
					02/01/25		9,395,000		6,795,404
						$	46,490,000	$	43,684,184
Deutsche Bank					Structured Asset Securities Corp. Trust
3.10%					2.64%
04/30/19		14,151,000		14,257,510	10/28/35	$	39,667,000	$	31,920,035
					Great Wolf Trust
					6.70%
					09/15/34		2,212,000		2,216,866
					CGGS Commercial Mortgage Trust
					5.63%
					02/15/37		1,600,000		1,595,040
					Morgan Stanley ABS Capital I Inc. Trust
					2.62%
					01/25/37		2,103,000		1,166,955
						$	45,582,000	$	36,898,896
Barclays					Standard Chartered plc
2.74% (1 Month USD LIBOR + 0.25%)					4.26%
04/29/19*		17,912,000		17,912,000	Perpetual Maturity	$	24,300,000	$	19,425,420

* Variable rate security. Rate indicated is the rate effective at March 31, 2019. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average

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

SCHEDULE OF INVESTMENTS(Unaudited)(concluded)	March 31, 2019
LIMITED DURATION FUND

In the event of counterparty default, the Fund has the right to collect the collateral to offset losses incurred. There is potential loss to the Fund in the event the Fund is delayed or prevented from exercising its right to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights. The Fund’s investment adviser, acting under the supervision of the Board of Trustees, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Fund enters into repurchase agreements to evaluate potential risks.

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Cash Management Funds”), each of which are open-end management investment companies managed by GI. The Cash Management Funds, which launched on March 11, 2014, are offered as cash management options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Cash Management Funds pay no investment management fees. The Cash Management Funds’ annual report on Form N-CSR dated September 30, 2018, is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000089180418000513/gug75569-ncsr.htm.

Transactions during the period ended March 31, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 09/30/18		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 03/31/19		Shares 03/31/19		Investment Income		Capital Gain Distributions
Mutual Funds
Guggenheim Floating Rate Strategies Fund – R6-Class	$	34,179,223	$	684,268	$	(10,300,000	)	$	(264,974	)	$	(580,232	)	$	23,718,285		938,223	$	684,128	$	141
Guggenheim Strategy Fund II		14,722,876		207,499		(2,300,000	)		9,881			(100,924	)		12,539,332		505,414		200,295		7,204
Guggenheim Strategy Fund III		12,175,294		183,258		(1,500,000	)		(12,097	)		(90,105	)		10,756,350		433,899		182,802		456
Guggenheim Ultra Short Duration Fund – Institutional Class1		9,971,325		136,885		(1,500,000	)		5,840			(48,363	)		8,565,687		859,146		129,984		6,901
	$	71,048,718	$	1,211,910	$	(15,600,000	)	$	(261,350	)	$	(819,624	)	$	55,579,654			$	1,197,209	$	14,702

¹ Effective November 30, 2018, Guggenheim Strategy Fund I was reorganized with and into the Guggenheim Ultra Short Duration Fund.

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

LIMITED DURATION FUND

STATEMENT OF ASSETS AND LIABILITIES(Unaudited)

March 31, 2019

Assets:
Investments in unaffiliated issuers, at value (cost $3,779,085,305)	$	3,775,594,845
Investments in affiliated issuers, at value(cost $56,467,477)		55,579,654
Repurchase agreements, at value (cost $123,295,648)		123,295,648
Foreign currency, at value(cost $18,767)		18,394
Cash		572,483
Segregated cash with broker		16,311,690
Unrealized appreciation on forward foreign currency exchange contracts		9,620,421
Prepaid expenses		318,554
Unamortized upfront premiums paid on interest rate swap agreements		43,244
Receivables:
Interest		13,122,909
Fund shares sold		10,991,173
Dividends		164,594
Foreign tax reclaims		63,115
Securities sold		3,795
Total assets		4,005,700,519
Liabilities:
Unfunded loan commitments, at value (Note 8)(proceeds $3,064)		16,851
Segregated cash due to broker		1,680,000
Unamortized upfront premiums received on credit default swap agreements		7,298,891
Unrealized depreciation on forward foreign currency exchange contracts		5,144,506
Unrealized depreciation on OTC swap agreements		1,639,379
Payable for:
Fund shares redeemed		19,787,879
Swap settlement		41,650
Distributions to shareholders		1,832,785
Variation margin on interest rate swap agreements		1,396,127
Variation margin on credit default swap agreements		1,110,879
Management fees		807,518
Fund accounting/administration fees		271,587
Distribution and service fees		248,365
Securities purchased		124,680
Transfer agent/maintenance fees		64,484
Trustees’ fees*		3,800
Miscellaneous		90,066
Total liabilities		41,559,447
Net assets	$	3,964,141,072
Net assets consist of:
Paid in capital	$	3,982,098,144
Total distributable earnings (loss)		(17,957,072	)
Net assets	$	3,964,141,072
A-Class:
Net assets	$	653,176,080
Capital shares outstanding		26,529,834
Net asset value per share	$	24.62
Maximum offering price per share(Net asset value divided by 97.75%)	$	25.19
C-Class:
Net assets	$	89,059,111
Capital shares outstanding		3,619,890
Net asset value per share	$	24.60
P-class:
Net assets	$	152,126,816
Capital shares outstanding		6,179,111
Net asset value per share	$	24.62
Institutional class:
Net assets	$	2,759,854,491
Capital shares outstanding		112,130,233
Net asset value per share	$	24.61
R6-class:
Net assets	$	309,924,574
Capital shares outstanding		12,591,233
Net asset value per share	$	24.61

* 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 SEMI-ANNUAL REPORT|27

LIMITED DURATION FUND

STATEMENT OF OPERATIONS(Unaudited)

Period Ended March 31, 2019

Investment Income:
Dividends from securities of unaffiliated issuers	$	207,189
Dividends from securities of affiliated issuers		1,197,209
Interest		55,640,293
Total investment income		57,044,691
Expenses:
Management fees		7,563,996
Distribution and service fees:
A-Class		804,146
C-Class		416,313
P-Class		223,634
Transfer agent/maintenance fees:
A-Class		231,295
C-Class		40,130
P-Class		104,927
Institutional Class		801,212
R6-Class		2
Fund accounting/administration fees		1,551,607
Line of credit fees		91,025
Trustees’ fees*		48,239
Custodian fees		19,222
Miscellaneous		358,236
Recoupment of previously waived fees:
A-Class		197
P-Class		31
Institutional Class		15,737
Total expenses		12,269,949
Less:
Expenses waived by Adviser		(171,217	)
Expenses reimbursed by Adviser:
A-Class		(193,581	)
C-Class		(35,138	)
P-Class		(95,258	)
Institutional Class		(640,711	)
R6-Class		(52	)
Total waived/reimbursed expenses		(1,135,957	)
Net expenses		11,133,992
Net investment income		45,910,699
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers	$	1,750,909
Investments in affiliated issuers		(261,350	)
Distributions received from affiliated investment company shares		14,702
Swap agreements		(2,491,565	)
Foreign currency transactions		379,935
Forward foreign currency exchange contracts		2,236,335
Options purchased		(4,875,424	)
Net realized loss		(3,246,458	)
Net change in unrealized appreciation(depreciation) on:
Investments in unaffiliated issuers		2,447,559
Investments in affiliated issuers		(819,624	)
Swap agreements		(13,335,749	)
Options purchased		3,595,872
Foreign currency translations		10,691
Forward foreign currency exchange contracts		(893,321	)
Net change in unrealized appreciation(depreciation)		(8,994,572	)
Net realized and unrealized loss		(12,241,030	)
Net increase in net assets resulting from operations	$	33,669,669

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

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

LIMITED DURATION FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	45,910,699		$	66,125,524
Net realized gain (loss) on investments		(3,246,458	)		2,129,861
Net change in unrealized appreciation (depreciation) on investments		(8,994,572	)		(13,060,674	)
Net increase in net assets resulting from operations		33,669,669			55,194,711
Distributions to shareholders:
A-Class		(7,068,267	)		(14,531,941	)
C-Class		(605,691	)		(976,834	)
P-Class		(1,966,022	)		(3,531,968	)
Institutional Class		(36,153,625	)		(53,984,980	)
R6-Class		(211,762	)		—
Total distributions to shareholders		(46,005,367	)		(73,025,723	)
Capital share transactions:
Proceeds from sale of shares
A-Class		216,716,673			420,082,761
C-Class		31,216,218			36,102,270
P-Class		52,091,703			194,420,699
Institutional Class		1,270,627,138			1,948,541,092
R6-Class		309,281,006			—
Distributions reinvested
A-Class		5,768,302			11,467,034
C-Class		462,975			753,493
P-Class		1,959,774			3,515,551
Institutional Class		30,135,238			45,162,931
R6-Class		211,762			—
Cost of shares redeemed
A-Class		(194,835,241	)		(309,311,321	)
C-Class		(13,342,155	)		(16,238,186	)
P-Class		(91,215,031	)		(99,572,539	)
Institutional Class		(1,160,433,849	)		(989,425,440	)
Net increase from capital share transactions		458,644,513			1,245,498,345
Net increase in net assets		446,308,815			1,227,667,333
Net assets:
Beginning of period		3,517,832,257			2,290,164,924
End of period	$	3,964,141,072		$	3,517,832,257

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

LIMITED DURATION FUND

STATEMENTS OF CHANGES IN NET ASSETS(concluded)

	Period Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Capital share activity:
Shares sold
A-Class		8,796,993			16,952,205
C-Class		1,267,886			1,458,935
P-Class		2,113,703			7,852,162
Institutional Class		51,585,519			78,739,381
R6-Class		12,582,628			—
Shares issued from reinvestment of distributions
A-Class		234,221			463,353
C-Class		18,825			30,471
P-Class		79,572			142,114
Institutional Class		1,224,327			1,825,515
R6-Class		8,605			—
Shares redeemed
A-Class		(7,909,181	)		(12,500,453	)
C-Class		(542,404	)		(656,417	)
P-Class		(3,705,423	)		(4,024,388	)
Institutional Class		(47,161,390	)		(39,976,154	)
Net increase in shares		18,593,881			50,306,724

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

LIMITED DURATION 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.

A-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Period Ended September 30, 2014b
Per Share Data
Net asset value, beginning of period	$	24.70		$	24.86		$	24.71		$	24.65		$	24.97		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.27			.51			.53			.67			.69			.52
Net gain (loss) on investments (realized and unrealized)		(.08	)		(.09	)		.20			.08			(.16	)		(.08	)
Total from investment operations		.19			.42			.73			.75			.53			.44
Less distributions from:
Net investment income		(.27	)		(.57	)		(.58	)		(.69	)		(.84	)		(.47	)
Net realized gains		—	d		(.01	)		—	d		—			(.01	)		—
Total distributions		(.27	)		(.58	)		(.58	)		(.69	)		(.85	)		(.47	)
Net asset value, end of period	$	24.62		$	24.70		$	24.86		$	24.71		$	24.65		$	24.97
Total Returne		0.77	%		1.69	%		2.95	%		3.16	%		2.15	%		1.75	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	653,176		$	627,570		$	509,410		$	215,856		$	117,628		$	17,035
Ratios to average net assets:
Net investment income (loss)		2.20	%		2.07	%		2.14	%		2.73	%		2.79	%		2.67	%
Total expensesf		0.82	%		0.81	%		0.86	%		0.93	%		0.99	%		1.14	%
Net expensesg,h,k		0.75	%		0.75	%		0.81	%		0.84	%		0.87	%		0.83	%
Portfolio turnover rate		18	%		45	%		55	%		39	%		26	%		40	%

C-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Period Ended September 30, 2014b
Per Share Data
Net asset value, beginning of period	$	24.68		$	24.84		$	24.70		$	24.63		$	24.96		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.18			.33			.35			.48			.49			.38
Net gain (loss) on investments (realized and unrealized)		(.08	)		(.10	)		.18			.10			(.16	)		(.09	)
Total from investment operations		.10			.23			.53			.58			.33			.29
Less distributions from:
Net investment income		(.18	)		(.38	)		(.39	)		(.51	)		(.65	)		(.33	)
Net realized gains		—	d		(.01	)		—	d		—			(.01	)		—
Total distributions		(.18	)		(.39	)		(.39	)		(.51	)		(.66	)		(.33	)
Net asset value, end of period	$	24.60		$	24.68		$	24.84		$	24.70		$	24.63		$	24.96
Total Returne		0.40	%		0.94	%		2.18	%		2.39	%		1.37	%		1.13	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	89,059		$	70,981		$	50,743		$	26,802		$	10,323		$	643
Ratios to average net assets:
Net investment income (loss)		1.45	%		1.34	%		1.41	%		1.98	%		1.96	%		1.93	%
Total expensesf		1.59	%		1.59	%		1.65	%		1.73	%		1.76	%		2.14	%
Net expensesg,h,k		1.50	%		1.51	%		1.56	%		1.58	%		1.62	%		1.56	%
Portfolio turnover rate		18	%		45	%		55	%		39	%		26	%		40	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|31

LIMITED DURATION 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.

P-Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Period Ended September 30, 2015i
Per Share Data
Net asset value, beginning of period	$	24.70		$	24.86		$	24.72		$	24.65		$	24.86
Income (loss) from investment operations:
Net investment income (loss)c		.27			.52			.47			.68			.25
Net gain (loss) on investments (realized and unrealized)		(.08	)		(.10	)		.24			.08			(.17	)
Total from investment operations		.19			.42			.71			.76			.08
Less distributions from:
Net investment income		(.27	)		(.57	)		(.57	)		(.69	)		(.29	)
Net realized gains		—	d		(.01	)		—	d		—			—
Total distributions		(.27	)		(.58	)		(.57	)		(.69	)		(.29	)
Net asset value, end of period	$	24.62		$	24.70		$	24.86		$	24.72		$	24.65
Total Return		0.77	%		1.69	%		2.93	%		3.17	%		0.32	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	152,127		$	189,965		$	92,503		$	1,646		$	2,736
Ratios to average net assets:
Net investment income (loss)		2.19	%		2.12	%		1.89	%		2.76	%		2.39	%
Total expensesf		0.87	%		0.87	%		0.92	%		0.94	%		0.94	%
Net expensesg,h,k		0.75	%		0.75	%		0.81	%		0.84	%		0.88	%
Portfolio turnover rate		18	%		45	%		55	%		39	%		26	%

Institutional Class	Period Ended March 31, 2019a			Year Ended September 30, 2018			Year Ended September 30, 2017			Year Ended September 30, 2016			Year Ended September 30, 2015			Period Ended September 30, 2014b
Per Share Data
Net asset value, beginning of period	$	24.69		$	24.85		$	24.71		$	24.64		$	24.96		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.30			.58			.59			.73			.78			.57
Net gain (loss) on investments (realized and unrealized)		(.08	)		(.11	)		.19			.09			(.19	)		(.08	)
Total from investment operations		.22			.47			.78			.82			.59			.49
Less distributions from:
Net investment income		(.30	)		(.62	)		(.64	)		(.75	)		(.90	)		(.53	)
Net realized gains		—	d		(.01	)		—	d		—			(.01	)		—
Total distributions		(.30	)		(.63	)		(.64	)		(.75	)		(.91	)		(.53	)
Net asset value, end of period	$	24.61		$	24.69		$	24.85		$	24.71		$	24.64		$	24.96
Total Return		0.90	%		1.95	%		3.21	%		3.43	%		2.41	%		1.98	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,759,854		$	2,629,316		$	1,637,509		$	476,591		$	176,322		$	69,150
Ratios to average net assets:
Net investment income (loss)		2.46	%		2.35	%		2.36	%		2.97	%		3.14	%		2.90	%
Total expensesf		0.55	%		0.56	%		0.61	%		0.67	%		0.73	%		0.96	%
Net expensesg,h,k		0.50	%		0.50	%		0.56	%		0.58	%		0.62	%		0.57	%
Portfolio turnover rate		18	%		45	%		55	%		39	%		26	%		40	%

32|THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

LIMITED DURATION 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 period presented.

R6-Class	Period Ended March 31, 2019j
Per Share Data
Net asset value, beginning of period	$	24.58
Income (loss) from investment operations:
Net investment income (loss)c		.01
Net gain (loss) on investments (realized and unrealized)		.04	l
Total from investment operations		.05
Less distributions from:
Net investment income		(.02	)
Total distributions		(.02	)
Net asset value, end of period	$	24.61
Total Return		0.19	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	309,925
Ratios to average net assets:
Net investment income (loss)		0.62	%
Total expensesf		0.52	%
Net expensesg,h,k		0.49	%
Portfolio turnover rate		18	%

a	Unaudited figures for the period ended March 31, 2019. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Since commencement of operations: December 16, 2013. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
c	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
d	Distributions from realized gains are less than $0.01 per share.
e	Total return does not reflect the impact of any applicable sales charges.
f	Does not include expenses of the underlying funds in which the Fund invests.
g	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
h	The portion of the ratios of net expenses to average net assets attributable to recoupments of prior fee reductions or expense reimbursements for the periods presented was as follows:

	03/31/19	09/30/18	09/30/17
A-Class	0.00%*	—	—
C-Class	—	—	0.00%*
P-Class	0.00%*	—	0.00%*
Institutional Class	0.00%*	—	—
R6-Class	—	—	—

* Less than 0.01%.

i	Since commencement of operations: May 1, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
j	Since commencement of operations: March 13, 2019. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
k	Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the periods would be:

	03/31/19	09/30/18	09/30/17	09/30/16	09/30/15	09/30/14
A-Class	0.74%	0.75%	0.79%	0.80%	0.80%	0.79%
C-Class	1.50%	1.50%	1.54%	1.55%	1.55%	1.52%
P-Class	0.74%	0.75%	0.79%	0.80%	0.80%	N/A
Institutional Class	0.49%	0.50%	0.54%	0.55%	0.55%	0.54%
R6-Class	0.49%	N/A	N/A	N/A	N/A	N/A

^l The amount shown for a share outstanding throughout the period does not accord with the aggregate net loss on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments in the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT|33

NOTES TO FINANCIAL STATEMENTS(Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

Guggenheim Funds Trust (the “Trust”), a Delaware statutory trust, is registered with 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. The Trust is authorized to issue an unlimited number of shares. The Trust accounts for the assets of each fund separately.

The Trust offers a combination of five separate classes of shares, A-Class shares, C-Class shares, P-Class shares, R6-Class 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 A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased. A-Class share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% contingent deferred sales charge (“CDSC”), if shares are redeemed within 12 months of purchase. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. 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. R6-Class shares are offered primarily through qualified retirement and benefit plans. R6-Class shares are also offered through certain other plans and platforms sponsored by financial intermediaries. Certain institutional investors and others deemed appropriate by Guggenheim Investments (“GI”) may also be eligible to purchase R6-Class shares subject to a $2 million minimum initial investment. At March 31, 2019, the Trust consisted of twenty funds (the “Funds”).

This report covers the Limited Duration Fund (the “Fund”), a diversified investment company. At March 31, 2019, A-Class, C-Class, P-Class, Institutional Class and R6-Class shares had been issued by the Fund.

C-Class shares of the Fund automatically convert to A-Class shares on or about the 10th day of the month following the 10-year anniversary of the purchase of the C-Class 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 A-Class shares.

This report covers the Limited Duration Fund (the “Fund”), a diversified investment company. At March 31, 2019, A-Class, C-Class, P-Class, Institutional Class and R6-Class shares had been issued by the Fund.

Guggenheim Partners Investment Management, LLC (“GPIM”), which operates under the name GI, provides advisory services. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI and GFD are affiliated entities.

Significant Accounting Policies

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

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the 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 Class of the Fund is calculated by dividing the market value of the Fund’s securities and other assets, less all liabilities, attributable to the Class by the number of outstanding shares of the Class.

(a) Valuation of Investments

The Board of Trustees of the Fund (the “Board”) has adopted policies and procedures for the valuation of the Fund’s investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Fund’s securities and/or other assets.

Valuations of the Fund’s securities are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Fund’s officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used and valuations provided by the pricing services.

34 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

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

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

Open-end investment companies are valued at their NAV as of the close of business, on the valuation date.

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

Debt securities with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from independent pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Short-term debt securities with a maturity of 60 days or less at acquisition are valued at amortized cost, provided such amount approximates market value. Money market funds are valued at their NAV.

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

Typically, loans are valued using information provided by an independent third party pricing service which uses broker quotes. If the pricing service cannot or does not provide a valuation for a particular loan or such valuation is deemed unrealiable, such loan is fair valued by the Valuation Committee.

Listed options are valued at the official settlement price listed by the exchange, usually as of 4:00 p.m. Long options are valued using the bid price and short options are valued using the ask price. In the event that a settlement price is not available, fair valuation is enacted. Over-the-counter (“OTC”) options are valued using the average bid price (for long options) or average ask price (for short options) obtained from one or more security dealers.

The value of interest rate swap agreements entered into by a fund is accounted for using the unrealized appreciation or depreciation on the agreements that is determined using the spread priced off the previous day’s Chicago Mercantile Exchange price.

The values of OTC swap agreements and credit default swap agreements entered into by a fund are accounted for using the unrealized appreciation or depreciation on the agreements that are determined by marking the agreements to the last quoted value of the index that the swaps pertain to at the close of the NYSE.

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

Investments for which market quotations are not readily available are fair-valued as determined in good faith by GI, subject to review and approval by the Valuation Committee, pursuant to methods established or ratified by the Board. 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 prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis.

In connection with futures contracts and other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

(b) U.S. Government and Agency Obligations

Inflation-Indexed bonds are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these securities is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond however, interest will be paid based on a principal value which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond is recognized as a component of Interest Income on the Statement of Operations, even though principal is not received until maturity.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 35

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

(c) Senior Loans

Senior loans in which the Fund invests generally pay interest rates which are periodically adjusted by reference to a base short-term floating rate, plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the one-month or three-month London Inter-Bank Offered Rate (“LIBOR”), (ii) the prime rate offered by one or more major United States banks, or (iii) the bank’s certificate of deposit rate. Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities disclosed in the Fund’s Schedule of Investments. The interest rate indicated is the rate in effect at March 31, 2019.

(d) Interests in When-Issued Securities

The Fund may purchase and sell interests in securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually take delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities before the settlement date.

(e) Options

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

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

(f) Swap Agreements

Credit default swap agreements are marked-to-market daily and the change, if any, is recorded as unrealized appreciation or depreciation. Upfront payments received or made by the Fund on credit default or interest rate swap agreements are amortized over the expected life of the agreement. Periodic payments received or paid by the Fund are recorded as realized gains or losses. Payments received or made as a result of a credit event or termination of the contract are recognized, net of a proportional amount of the upfront payment, as realized gains or losses.

(g) Curency Translations

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

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

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

(h) Forward Foreign Currency Exchange Contracts

The change in value of the contract is recorded as unrealized appreciation or depreciation until the contract is closed. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

(i) Foreign Taxes

The Fund 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

36 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and reflected in its Statement 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 March 31, 2019, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.

(j) 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 Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries. 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. Interest income also includes paydown gains and losses on mortgage-backed and asset-backed securities and senior and subordinated loans. Amendment fees are earned as compensation for evaluating and accepting changes to the original loan agreement and are recognized when received. 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.

Income from residual collateralized loan obligations is recognized using the effective interest method. At the time of purchase, management estimates the future expected cash flows and determines the effective yield and estimated maturity date based on the estimated cash flows. Subsequent to the purchase, the estimated cash flows are updated periodically and a revised yield is calculated prospectively. Cash flows received in excess of the effective yield are reflected as a return of capital.

(k) Distributions

The Fund declares dividends from investment income daily. The Fund pays its shareholders from its net investment income monthly and distributes any net capital gains that it has realized, at least annually. Distributions to shareholders are recorded on the ex-dividend date. Dividends are reinvested in additional shares, unless shareholders request payment in cash. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes.

(l) Class Allocations

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

(m) 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 Statement of Operations are before the reduction in expense from the related earnings credits, if any. For the period ended March 31, 2019, there were no earnings credits received.

(n) Cash

The Fund may leave cash overnight in its cash account with the custodian. Periodically, the 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 2.43% at March 31, 2019.

(o) Indemnifications

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

Note 2 - Derivatives

As part of its investment strategy, the Fund utilizes a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized in the Statement of Assets and Liabilities. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Financial Statements.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 37

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

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

The Fund utilized derivatives for the following purposes:

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

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

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

Options Purchased

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

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

Use	Average Notional Purchased
Hedge	$	82,314,529

Swaps

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. A Fund utilizing OTC swaps bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. Upon entering into certain centrally-cleared swap transactions, the Fund is required to deposit with its clearing broker an amount of cash or securities as an initial margin. Subsequent variation margin payments or receipts are made or received by the Fund, depending on fluctuations in the fair value of the reference entity. For a fund utilizing interest rate swaps, the exchange bears the risk of loss. There is no guarantee that a fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

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

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

	Average Notional Amount
Use	Pay Floating Rate		Receive Floating Rate
Duration, Hedge	$	—	$	293,070,500

38 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

Credit default swaps are instruments which allow for the full or partial transfer of third party credit risk, with respect to a particular entity or entities, from one counterparty to the other. In accordance with its principal investment strategy, the Fund enters into credit default swaps as a seller of protection primarily to gain exposure similar to the high yield bond market. A seller of credit default swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. If a credit event occurs, as defined under the terms of the swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The Notional Principal reflects the maximum potential amount the Fund could be required to pay as a seller of credit protection if a credit event occurs. As the seller of protection, the Fund receives periodic premium payments from the counterparty and may also receive or pay an upfront premium adjustment to the stated periodic premium. In the event a credit event occurs, an adjustment will be made to any upfront premiums that were received by a reduction of 1.00% per credit event.

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

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

	Average Notional Amount
Use	Protection Purchased		Protection Sold
Hedge	$	—	$	767,060,000

A credit default swap enables a fund to buy or sell protection against a defined credit event of an issuer or a basket of securities. Generally, the seller of credit protection against an issuer or basket of securities receives a periodic payment from the buyer to compensate against potential default events. If a default event occurs, the seller must pay the buyer the full notional value of the reference obligation in exchange for the reference obligation. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the fund selling the credit protection. A fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty, or in the case of a credit default swap in which a fund is selling credit protection, the default of a third party issuer.

Forward Foreign Currency Exchange Contracts

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

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

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

	Average Value
Use	Purchased		Sold
Hedge, Income	$	57,620,851	$	891,029,283

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 39

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

Derivative Investment Holdings Categorized by Risk Exposure

The following is a summary of the location of derivative investments on the Fund’s Statement of Assets and Liabilities as of March 31, 2019:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Currency contracts	Unrealized appreciation on forward foreign currency exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts
Interest rate contracts	Unamortized upfront premiums paid on interest rate swap agreements	Variation margin on interest rate swap agreements
Credit contracts		Unrealized depreciation on OTC swap agreements
		Unamortized upfront premiums received on credit default swap agreements
		Variation margin on credit default swap agreements

The following table sets forth the fair value of the Fund’s derivative investments categorized by primary risk exposure at March 31, 2019:

Asset Derivative Investments Value
Swaps Interest Rate Risk*		Swaps Credit Risk*		Forward Foreign Currency Exchange Risk		Total Value at March 31, 2019
$	—	$	—	$	9,620,421	$	9,620,421

Liability Derivative Investments Value
Swaps Interest Rate Risk*		Swaps Credit Risk*		Forward Foreign Currency Exchange Risk		Total Value at March 31, 2019
$	4,005,816	$	6,932,264	$	5,144,506	$	16,082,586

* Includes cumulative appreciation (depreciation) of OTC and centrally-cleared swap agreements as reported on the Schedule of Investments. For centrally-cleared swaps, variation margin is reported within the Statement of Assets and Liabilities.

The following is a summary of the location of derivative investments on the Fund’s Statement of Operations for the period ended March 31, 2019:

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

40 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

The following is a summary of the Fund’s realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Statement of Operations categorized by primary risk exposure for the period ended March 31, 2019:

Realized Gain (Loss) on Derivative Investments Recognized on the Statement of Operations
Swaps Interest Rate Risk		Swaps Credit Risk			Options Purchased Equity Contracts			Forward Foreign Currency Exchange Risk		Total
$	248,440	$	(2,740,005	)	$	(4,875,424	)	$	2,236,335	$	(5,130,654	)

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statement of Operations
Swaps Interest Rate Risk			Swaps Credit Risk			Options Purchased Equity Contracts		Forward Foreign Currency Exchange Risk			Total
$	(6,403,485	)	$	(6,932,264	)	$	3,595,872	$	(893,321	)	$	(10,633,198	)

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

Foreign Investments

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

The Fund may invest in securities of foreign companies directly, or in financial instruments, such as ADRs and exchange-traded funds, which are indirectly linked to the performance of foreign issuers. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities of foreign companies directly, or in financial instruments that are indirectly linked to the performance of foreign issuers, may involve risks not typically associated with investing in U.S. issuers. The value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets, and prices in some foreign markets may fluctuate more than those of securities traded on U.S. markets. Many foreign countries lack accounting and disclosure standards comparable to those that apply to U.S. companies, and it may be more difficult to obtain reliable information regarding a foreign issuer’s financial condition and operations. Transaction costs and costs associated with custody services are generally higher for foreign securities than they are for U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries portions of these taxes are recoverable, the non-recovered portion will reduce the income received by the Fund.

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 41

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

Note 3 – Offsetting

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

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

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

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

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

							Gross Amounts Not Offset in the Statement of Assets and Liabilities
Instrument	Gross Amounts of Recognized Assets1		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amount of Assets Presented on the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Received			Net Amount
Forward foreign currency exchange contracts	$	9,620,421	$	—	$	9,620,421	$	(6,539,600	)	$	(1,122,814	)	$	1,958,007

42 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

							Gross Amounts Not Offset in the Statement of Assets and Liabilities
Instrument	Gross Amounts of Recognized Liabilities1		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amount of Liabilities Presented on the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged		Net Amount
Credit default swap agreements	$	1,639,379	$	—	$	1,639,379	$	(1,639,379	)	$	—	$	—
Forward foreign currency exchange contracts		5,144,506		—		5,144,506		(4,900,221	)		—		244,285

¹ Exchange-traded or centrally-cleared derivatives are excluded from these reported amounts.

The Fund has the right to offset deposits against any related derivative liabilities outstanding with each counterparty with the exception of exchange-traded or centrally-cleared derivatives. The following table presents deposits held by others in connection with derivative investments as of March 31, 2019.

Counterparty/Clearing Agent	Asset Type	Cash Pledged		Cash Received
Bank of America Merrill Lynch	Credit Default Swap agreements	$	7,506,712	$	—
Bank of America Merrill Lynch	Interest Rate Swap agreements		8,804,978		—
Barclays Bank plc	Forward Currency Contracts		—		460,000
Goldman Sachs Group	Forward Currency Contracts, Credit Default Swap agreements		—		720,000
JP Morgan Chase and Co.	Forward Currency Contracts		—		500,000
			16,311,690		1,680,000

Note 4 – Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. 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   — 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.

The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 43

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

Note 5 – Investment Advisory Agreement and Other Agreements

Under the terms of an investment advisory contract, the Fund pays GI investment advisory fees calculated at an annualized rate of 0.39% of the average daily net assets of the Fund.

GI engages external service providers to perform other necessary services for the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, etc., 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 A-Class, C-Class and P-Class 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 the Fund’s A-Class and P-Class shares, and 1.00% of the average daily net assets of the Fund’s C-Class shares.

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

	Limit			Effective Date		Contract End Date
A-Class		0.75	%		12/01/13		02/01/20
C-Class		1.50	%		12/01/13		02/01/20
P-Class		0.75	%		05/01/15		02/01/20
Institutional Class		0.50	%		12/01/13		02/01/20
R6-Class		0.50	%		03/13/19		02/01/20

GI 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, GI is entitled to recoupment of previously waived fees or reimbursed expenses for 36 months from the date of the waiver or reimbursement by GI. At March 31, 2019, 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:

	2019		2020		2021		2022		Total
A-Class	$	95,567	$	152,459	$	282,834	$	206,019	$	736,879
C-Class		21,737		31,774		47,300		36,724		137,535
P-Class		83		41,567		163,906		98,604		304,160
Institutional Class		195,502		442,161		896,378		693,525		2,227,566
R6-Class		—		—		—		3,358		3,358

For the period ended March 31, 2019, GI recouped $15,965 from the Fund.

44 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

If the Fund invests in a fund that is advised by the same adviser or an affiliated adviser, the investing Fund’s adviser has agreed to waive fees at the investing fund level to the extent necessary to offset the proportionate share of any management fee paid by the Fund with respect to its investment in such affiliated fund. Fee waivers will be calculated at the investing Fund level without regard to any expense cap, if any, in effect for the investing Fund. Fees waived under this arrangement are not subject to reimbursement to GI. For the period ended March 31, 2019, the Fund waived $97,727 related to investments in affiliated funds.

For the period ended March 31, 2019, GFD retained sales charges of $162,871 relating to sales of A-Class shares of the Trust.

Certain 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 Fund’s administrator, transfer agent and accounting agent. As administrator, transfer agent and accounting agent, MUIS is responsible for maintaining the books and records of the Fund’s securities and cash. The Bank of New York Mellon Corp. (“BNY”) acts as the Fund’s custodian. As custodian, BNY is responsible for the custody of the Fund’s assets. For providing the aforementioned administrative and accounting services, MUIS is entitled to receive a monthly fee equal to a percentage of the Fund’s 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 6 – Federal Income Tax Information

The Fund intends to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Fund from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

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

At March 31, 2019, the cost of securities for Federal income tax purposes, the aggregate gross unrealized appreciation for all securities for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over value were as follows:

Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Unrealized Depreciation
$	3,958,849,136	$	15,905,502	$	(26,746,656	)	$	(10,841,154	)

Note 7 – Securities Transactions

For the period ended March 31, 2019, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

Purchases		Sales
$	409,666,524	$	1,068,833,187

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 45

NOTES TO FINANCIAL STATEMENTS(Unaudited)(continued)

Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to save costs, where permissible. For the period ended March 31, 2019, the Fund engaged in purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act, as follows:

Purchases		Sales		Realized Loss
$	—	$	6,111,231	$	(20,622	)

Note 8 – Unfunded Loan Commitments

Pursuant to the terms of certain loan agreements, the Fund held unfunded loan commitments as of March 31, 2019. The Fund is obligated to fund these loan commitments at the borrower’s discretion.

The unfunded loan commitments as of March 31, 2019, were as follows:

Borrower	Maturity Date		Face Amount		Value
Mavis Tire Express Services Corp.		03/20/25	$	612,760	$	16,851

Note 9 – Restricted Securities

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

Restricted Securities	Acquisition Date		Cost		Value
Copper River CLO Ltd.
2007-1A, due 01/20/211		05/09/14	$	107,255	$	78,934
Secured Tenant Site Contract Revenue Notes Series
2018-1A, 3.97% due 06/15/48		05/25/18		7,443,446		7,435,266
			$	7,550,701	$	7,514,200

¹ Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.

Note 10 – Line of Credit

The Trust, along with other affiliated trusts, secured a 364-day committed, $1,065,000,000 line of credit from Citibank, N.A., which was in place through October 5, 2018, at which time the line of credit was renewed with an increased commitment amount of $1,205,000,000. The 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”, LIBOR plus 1%, or the federal funds rate plus 1/2 of 1%.

The commitment fee that may be paid by the Fund is at an annualized rate of 0.15% of the average daily amount of their unused commitment amount. The allocated commitment fee amount for the Fund is referenced in the Statement of Operations under “Line of credit fees”. The Fund did not have any borrowings under this agreement as of and for the period ended March 31, 2019.

Note 11 – Recent Regulatory Reporting Updates

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (the “2018 ASU”) which adds, modifies and removes disclosure requirements related to certain aspects of fair value measurement. The 2018 ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. As of March 31, 2019, the Fund has fully adopted the provisions of the 2018 ASU, which did not have a material impact on the Fund’s financial statements and related disclosures or impact the Fund’s net assets or results of operations.

46 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS(Unaudited)(concluded)

Note 12 – Recent Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (the “2017 ASU”) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The 2017 ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The 2017 ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

Note 13 – Subsequent Events

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 47

OTHER INFORMATION(Unaudited)

Proxy Voting Information

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Fund’s portfolios is available, without charge and upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

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. The Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Fund usually classifies 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 on Form N-Q, which are available on the SEC’s website at https://www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

48 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS(Unaudited)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES
Randall C. Barnes (1951)	Trustee	Since 2014	Current: Private Investor (2001-present). Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).	49	Current: Trustee, Purpose Investments Funds (2013-present). Former: Managed Duration Investment Grade Municipal Fund (2003-2016).
Donald A. Chubb, Jr. (1946)	Trustee and Chairman of the Valuation Oversight Committee	Since 1994	Current: Retired. Former: Business broker and manager of commercial real estate, Griffith & Blair, Inc. (1997-2017).	48	Former: Midland Care, Inc. (2011-2016).
Jerry B. Farley (1946)	Trustee and Chairman of the Audit Committee	Since 2005	Current: President, Washburn University (1997-present).	48	Current: CoreFirst Bank & Trust (2000-present). Former: Westar Energy, Inc. (2004-2018).
Roman Friedrich III (1946)	Trustee and Chairman of the Contracts Review Committee	Since 2014	Current: Founder and Managing Partner, Roman Friedrich & Company (1998-present).	48	Former: Zincore Metals, Inc. (2009-January 2019).
Ronald A. Nyberg (1953)	Trustee and Chairman of the Nominating and Governance Committee	Since 2014	Current: Partner, Momkus LLC (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	49	Current: PPM Funds (2018-present); Edward-Elmhurst Healthcare System (2012-present); Western Asset Inflation-Linked Opportunities & Income Fund (2004-present); Western Asset Inflation-Linked Income Fund (2003-present). Former: Managed Duration Investment Grade Municipal Fund (2003-2016).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 49

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS(Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES - concluded
Ronald E. Toupin, Jr. (1958)	Trustee and Chairman of the Board	Since 2014	Current: Portfolio Consultant (2010-present); Member, Governing Council, Independent Directors Council (2013-present); Governor, Board of Governors, Investment Company Institute (2018-present). Former: Member, Executive Committee, Independent Directors Council (2016-2018); Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).	48	Current: Western Asset Inflation-Linked Opportunities & Income Fund (2004-present); Western Asset Inflation-Linked Income Fund (2003-present). Former: Managed Duration Investment Grade Municipal Fund (2003-2016).
INTERESTED TRUSTEE
Amy J. Lee*** (1961)	Trustee, Vice President and Chief Legal Officer	Since 2018 (Trustee) Since 2014 (Chief Legal Officer) Since 2007 (Vice President)	Current: Interested Trustee, certain other funds in the Fund Complex (2018-present); President, certain other funds in the Fund Complex (2017-present); Chief Legal Officer, certain other funds in the Fund Complex (2014-present); Vice President, certain other funds in the Fund Complex (2007-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: President and Chief Executive Officer (2017-2018); Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).	48	None.

*	The business address of each Trustee is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each Trustee serves an indefinite term, until his or her successor is elected and qualified. Time served includes time served in the respective position for the Predecessor Corporation.
***	This Trustee is deemed to be an "interested person" of the Fund under the 1940 Act by reason of her position with the Fund’s Investment Manager and/or the parent of the Investment Manager.

50 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS(Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS
Brian E. Binder (1972)	President and Chief Executive Officer	Since 2018	Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President and Chief Executive Officer, Guggenheim Funds Investment Advisors, LLC and Security Investors, LLC (2018-present); Senior Managing Director and Chief Administrative Officer, Guggenheim Investments (2018-present). Former: Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Head of Business Management and Consulting, Invesco Ltd. (2010-2012).
James M. Howley (1972)	Assistant Treasurer	Since 2014	Current: Managing Director, Guggenheim Investments (2004-present); Assistant Treasurer, certain other funds in the Fund Complex (2006-present). Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).
Mark E. Mathiasen (1978)	Secretary	Since 2014	Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).
Glenn McWhinnie (1969)	Assistant Treasurer	Since 2016	Current: Vice President, Guggenheim Investments (2009-present); Assistant Treasurer, certain other funds in the Fund complex (2016-present).
Michael P. Megaris (1984)	Assistant Secretary	Since 2014	Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2012-present).
Elisabeth Miller (1968)	Chief Compliance Officer	Since 2012	Current: Chief Compliance Officer, certain other funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments (2012-present); Vice President, Guggenheim Funds Distributors, LLC (2014-present). Former: Chief Compliance Officer, Security Investors, LLC (2012-2018); Chief Compliance Officer, Guggenheim Funds Investment Advisors, LLC (2012-2018); Chief Compliance Officer, Guggenheim Distributors, LLC (2009-2014); Senior Manager, Security Investors, LLC (2004-2014); Senior Manager, Guggenheim Distributors, LLC (2004-2014).
Margaux Misantone (1978)	AML Officer	Since 2017	Current: Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investment Advisors, LLC (2018-present); AML Officer, Security Investors, LLC and certain other funds in the Fund Complex (2017-present); Managing Director, Guggenheim Investments (2015-present). Former: Assistant Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investments Advisors, LLC (2015-2018).
Adam J. Nelson (1979)	Assistant Treasurer	Since 2015	Current: Vice President, Guggenheim Investments (2015-present); Assistant Treasurer, certain other funds in the Fund Complex (2015-present). Former: Assistant Vice President and Fund Administration Director, State Street Corporation (2013-2015); Fund Administration Assistant Director, State Street (2011-2013); Fund Administration Manager, State Street (2009-2011).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 51

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS(Unaudited)(concluded)

Name, Address* and Year of Birth	Position(s) held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - concluded
Kimberly J. Scott (1974)	Assistant Treasurer	Since 2014	Current: Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
Bryan Stone (1979)	Vice President	Since 2014	Current: Vice President, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2013-present). Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).
John L. Sullivan (1955)	Chief Financial Officer, Chief Accounting Officer and Treasurer	Since 2014	Current: Chief Financial Officer, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present). Former: Managing Director and Chief Compliance Officer, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); Chief Financial Officer and Treasurer, Van Kampen Funds (1996-2004).
Jon Szafran (1989)	Assistant Treasurer	Since 2017	Current: Vice President, Guggenheim Investments (2017-present); Assistant Treasurer, certain other funds in the Fund Complex (2017-present). Former: Assistant Treasurer of Henderson Global Funds and Manager of US Fund Administration, Henderson Global Investors (North America) Inc. ("HGINA"), (2017); Senior Analyst of US Fund Administration, HGINA (2014-2017); Senior Associate of Fund Administration, Cortland Capital Market Services, LLC (2013-2014); Experienced Associate, PricewaterhouseCoopers LLP (2012-2013).

*	The business address of each officer is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each officer serves an indefinite term, until his or her successor is duly elected and qualified.

52 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY NOTICE(Unaudited)

Who We Are

This Privacy Notice describes the data protection practices of Guggenheim Investments. Guggenheim Investments as used herein refers to the affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Guggenheim Investment Advisors (Europe) Limited, Guggenheim Real Estate, LLC, GS Gamma Advisors, LLC, Guggenheim Partners India Management, LLC, Guggenheim Partners Europe Limited, as well as the funds in the Guggenheim Funds complex (the “Funds”) (“Guggenheim Investments,” “we,” “us,” or “our”).

Guggenheim Partners Investment Management Holdings, LLC, located at 330 Madison Avenue, New York, New York 10017 is the data controller for your information. The Affiliates who are also controllers of certain of your information are: Guggenheim Investment Advisors (Europe) Limited, Guggenheim Partners Europe Limited, Guggenheim Partners, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC and Security Investors, LLC, as well as the Funds.

Our Commitment to You

Guggenheim Investments considers your privacy our utmost concern. When you become our client or investor, you entrust us with not only your hard-earned money but also with your personal and financial information. Because we have access to your private information, we hold ourselves to the highest standards in its safekeeping and use. We strictly limit how we share your information with others, whether you are a current or former Guggenheim Investments client or investor.

The Information We Collect About You

We collect certain nonpublic personal information about you from information you provide on applications, other forms, our website, and/or from third parties including investment advisors. This information includes Social Security or other tax identification number, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history, bank account information, marital status, family relationships, information that we collect on our website through the use of “cookies,” and other personal information that you or others provide to us. We may also collect such information through your inquiries by mail, e-mail or telephone. We may also collect customer due diligence information, as required by applicable law and regulation, through third party service providers.

How We Handle Your Personal Information

The legal basis for using your information as set out in this Privacy Notice is as follows: (a) use of your personal data is necessary to perform our obligations under any contract with you (such as a contract for us to provide financial services to you); or (b) where use of your personal data is not necessary for performance of a contract, use of your personal data is necessary for our legitimate interests or the legitimate interests of others (for example, to enforce the legal terms governing our services, operate and market our website and other services we offer, ensure safe environments for our personnel and others, make and receive payments, prevent fraud and to know the customer to whom we are providingthe services). Some processing is done to comply with applicable law.

In addition to the specific uses described above, we also use your information in the following manner:

● We use your information in connection with servicing your accounts.

● We use information to respond to your requests or questions. For example, we might use your information to respond to your customer feedback.

● We use information to improve our products and services. We may use your information to make our website and products better. We may use your information to customize your experience with us.

● We use information for security purposes. We may use your information to protect our company and our customers.

● We use information to communicate with you. For example, we will communicate with you about your account or our relationship. We may contact you about your feedback. We might also contact you about this Privacy Notice. We may also enroll you in our email newsletter.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 53

GUGGENHEIM INVESTMENTS PRIVACY NOTICE(Unaudited)(continued)

● We use information as otherwise permitted by law, as we may notify you.

● Aggregate/Anonymous Data. We may aggregate and/or anonymize any information collected through the website so that such information can no longer be linked to you or your device (“Aggregate/Anonymous Information”). We may use Aggregate/Anonymous Information for any purpose, including without limitation for research and marketing purposes, and may also share such data with any third parties, including advertisers, promotional partners, and sponsors.

We do not sell information about current or former clients or their accounts to third parties. Nor do we share this information, except when necessary to complete transactions at your request, to make you aware of investment products and services that we or our affiliates offer, or as permitted or required by law.

We provide information about you to companies and individuals not affiliated with Guggenheim Investments to complete certain transactions or account changes, or to perform services for us related to your account. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we must provide certain information about you to that company to complete the transaction. We provide the third party with only the information necessary to carry out its responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. To alert you to other Guggenheim Investments products and services, we share your information within our family of affiliated companies. You may limit our sharing with affiliated companies as set out below. We may also share information with any successor to all or part of our business, or in connection with steps leading up to a merger or acquisition. For example, if part of our business was sold we may give customer information as part of that transaction. We may also share information about you with your consent.

We will release information about you if you direct us to do so, if we are compelled by law to do so, or in other circumstances as permitted by law (for example, to protect your account from fraud).

If you close your account(s) or become an inactive client or investor, we will continue to adhere to the privacy policies and practices described in this notice.

Opt-Out Provisions and Your Data Choices

The law allows you to “opt out” of certain kinds of information sharing with third parties. We do not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.

When you are no longer our client or investor, we continue to share your information as described in this notice, and you may contact us at any time to limit our sharing by sending an email to CorporateDataPrivacy@GuggenheimPartners.com.

European Union Data Subjects and certain others: In addition to the choices set forth above, residents of the European Union and certain other jurisdictions have certain rights to (1) request access to or rectification or deletion of information we collect about them, (2) request a restriction on the processing of their information, (3) object to the processing of their information, or (4) request the portability of certain information. To exercise these or other rights, please contact us using the contact information below. We will consider all requests and provide our response within the time period stated by applicable law. Please note, however, that certain information may be exempt from such requests in some circumstances, which may include if we need to keep processing your information for our legitimate interests or to comply with a legal obligation. We may request you provide us with information necessary to confirm your identity before responding to your request.

Residents of France and certain other jurisdictions may also provide us with instructions regarding the manner in which we may continue to store, erase and share your information after your death, and where applicable, the person you have designated to exercise these rights after your death.

How We Protect Privacy Online

We take steps to protect your privacy when you use our web site – www.guggenheiminvestments.com – by using secure forms of online communication, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These safeguards vary based on the sensitivity of the information that we collect and store. However, we cannot and do not guarantee that these measures will prevent every unauthorized attempt to access, use, or disclose your information since despite our efforts, no Internet and/or other

54 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY NOTICE(Unaudited)(concluded)

electronic transmissions can be completely secure. Our web site uses “http cookies”—tiny pieces of information that we ask your browser to store. We use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your e-mail address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

How We Safeguard Your Personal Information and Data Retention

We restrict access to nonpublic personal information about you to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

We keep your information for no longer than necessary for the purposes for which it is processed. The length of time for which we retain information depends on the purposes for which we collected and use it and/or as required to comply with applicable laws. Information may persist in copies made for backup and business continuity purposes for additional time.

International Visitors

If you are not a resident of the United States, please be aware that your information may be transferred to, stored and processed in the United States where our servers are located and our databases are operated. The data protection and other laws of the United States and other countries might not be as comprehensive as those in your country.

In such cases, we ensure that a legal basis for such a transfer exists and that adequate protection is provided as required by applicable law, for example, by using standard contractual clauses or by transferring your data to a jurisdiction that has obtained an adequacy finding. Individuals whose data may be transferred on the basis of standard contractual clauses may contact us as described below.

We’ll Keep You Informed

If you have any questions or concerns about how we treat your personal data, we encourage you to consult with us first. You may also contact the relevant supervisory authority.

We reserve the right to modify this policy at any time and will inform you promptly of material changes. You may access our privacy policy from our web site at www.guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us by email at CorporateDataPrivacy@GuggenheimPartners.com.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 55

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Item 2. Code of Ethics.

Not required at this time.

Item 3. Audit Committee Financial Expert.

Not required at this time.

Item 4. Principal Accountant Fees and Services.

Not required at this time.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

The Schedule of Investments is included under Item 1 of this form.

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

Not applicable.

Item 8. Portfolio Managers of Closed-end Management Investment Companies

Not applicable

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

Not applicable.

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

The registrant does not currently have in place procedures by which shareholders may recommend nominees to the registrant’s board.

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

Item 11. 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) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the registrant’s period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

Not Applicable.

Item 13. 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 Act (17 CFR 270.30a-2(a)) are attached.

(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 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)	Guggenheim Funds Trust
By (Signature and Title)*	/s/ Brian E. Binder
	Brian E. Binder, President and Chief Executive Officer
Date	June 7, 2019

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	June 7, 2019
By (Signature and Title)*	/s/ John L. Sullivan
	John L. Sullivan, Chief Financial Officer and Treasurer
Date	June 7, 2019

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