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: (301) 296-5100

Date of fiscal year end: September 30

Date of reporting period: October 1, 2022 - March 31, 2023

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:

3.31.2023

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

GuggenheimInvestments.com SBE-SEMI-0323x0923

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	5
ABOUT SHAREHOLDERS’ FUND EXPENSES	7
ALPHA OPPORTUNITY FUND	10
LARGE CAP VALUE FUND	28
MARKET NEUTRAL REAL ESTATE FUND	37
RISK MANAGED REAL ESTATE FUND	47
SMALL CAP VALUE FUND	60
STYLEPLUS—LARGE CORE FUND	69
STYLEPLUS—MID GROWTH FUND	79
WORLD EQUITY INCOME FUND	90
NOTES TO FINANCIAL STATEMENTS	100
OTHER INFORMATION	115
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	116
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	122

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 1

March 31, 2023

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 semiannual fiscal period ended March 31, 2023 (the “Reporting Period”).

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, 2023

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. The intrinsic value of the underlying stocks may never be realized, or the stock may decline in value. An investment in the Fund may lose money. There can be no guarantee the Fund will achieve it 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. ●In certain circumstances, 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. ● It is important to note that the Fund is not guaranteed by the U.S. Government. ● See the prospectus for more information on these and additional risks.

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March 31, 2023

Large Cap Value Fund is subject to a number of risks and is not 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. ● 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.

Market Neutral Real Estate Fund is subject to a number of risks and is not 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 risk). ● 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. ● 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 is subject to a number of risks and is not 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 risk). ● 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. ● 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 is subject to a number of risks and is not 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. ● 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—Large Core Fund is subject to a number of risks and is not 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 risk). ● 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 is subject to a number of risks and is not 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 risk). ● The Fund may invest in fixed

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 3

March 31, 2023

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 is subject to a number of risks and is not 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 risk). 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. ● 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.

4 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited) March 31, 2023

Developments in March 2023 highlighted the increasingly difficult place in which the U.S. Federal Reserve (the “Fed”) and other central banks find themselves as they work toward restoring price stability and maintaining financial stability. The collapse of Silicon Valley Bank and Signature Bank prompted banks to rush for liquidity support from the Fed, totaling $165 billion in the immediate aftermath. Overseas, the Swiss National Bank provided the equivalent of $54 billion in emergency liquidity to Credit Suisse before a deal was struck with rival UBS to buy it for $3.25 billion.

Heightened concerns about further bank stress and central banks’ ability to continue aggressively tightening monetary policy weighed heavily on market-implied expectations for the path of policy rates. Nevertheless, in March 2023 the Fed raised rates by 25 basis points and the European Central Bank raised rates by 50 basis points. One basis point equals 0.01%. We expect central banks will continue to raise rates over the next few months in their continuing effort to bring inflation to heel, despite the cracks in financial stability that are beginning to show.

While markets were volatile, data releases indicated that the U.S. economy is still on a relatively firm footing. March job growth came in at 236,000, well above the level needed to keep the unemployment rate from rising. Housing data has surprised to the upside, likely in response to the recent softening of mortgage rates. Meanwhile, the S&P Global U.S. composite Purchasing Managers’ Index (“PMI”) rose to a 10-month high, with strength especially evident in sub-indices for the service sector. Forward-looking data looks more concerning, however, with the Leading Economic Index turning down further, initial signs of job loss in the most cyclical and interest rate sensitive sectors, and business surveys souring on the economic outlook and plans for spending and hiring.

The Fed acknowledged in its March 2023 Federal Open Market Committee meeting statement that a contraction of credit emanating from volatility in the banking sector was likely to create new headwinds for the economy. In recognition of this new risk, the Fed’s updated Summary of Economic Projections showed a small downward revision of real gross domestic product growth this year, from 0.5% to 0.4%, followed by a larger downward revision for next year, from 1.6% to 1.2%. We continue to expect a recession could begin midway through the year.

For the Reporting Period, the S&P 500^® Index* returned 15.62%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* (gross) returned 27.52%. The return of the MSCI Emerging Markets Index* (gross) was 14.20%.

In the bond market, the Bloomberg U.S. Aggregate Bond Index* posted a 4.89% return for the Reporting Period, while the Bloomberg U.S. Corporate High Yield Index* returned 7.89%. The return of the ICE Bank of America (“BofA”) 3-Month U.S. Treasury Bill Index* was 1.94% 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 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 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.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 5

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) September 30, 2022

FTSE NAREIT Equity REITs Total Return Index (“FNRE”) is one of the FTSE NAREIT U.S. Real Estate Index Series that contains all Equity REITs not designated as Timber REITs or Infrastructure REITs. FTSE NAREIT U.S. 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 U.S. 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 U.S. property and investment markets.

ICE BofA 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 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^® 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.

6 | 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, 2022 and ending March 31, 2023.

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.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 7

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2022	Ending Account Value March 31, 2023	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Alpha Opportunity Fund
A-Class	1.74%	10.72%	$ 1,000.00	$ 1,107.20	$ 9.14
C-Class	2.49%	10.28%	1,000.00	1,102.80	13.05
P-Class	1.74%	10.69%	1,000.00	1,106.90	9.14
Institutional Class	1.49%	10.87%	1,000.00	1,108.70	7.83
Large Cap Value Fund
A-Class	1.12%	12.99%	1,000.00	1,129.90	5.95
C-Class	1.87%	12.58%	1,000.00	1,125.80	9.91
P-Class	1.12%	13.01%	1,000.00	1,130.10	5.95
Institutional Class	0.87%	13.15%	1,000.00	1,131.50	4.62
Market Neutral Real Estate Fund
A-Class	1.68%	0.93%	1,000.00	1,009.30	8.42
C-Class	2.43%	0.55%	1,000.00	1,005.50	12.15
P-Class	1.68%	0.96%	1,000.00	1,009.60	8.42
Institutional Class	1.43%	1.04%	1,000.00	1,010.40	7.17
Risk Managed Real Estate Fund
A-Class	1.82%	6.31%	1,000.00	1,063.10	9.36
C-Class	2.45%	5.95%	1,000.00	1,059.50	12.58
P-Class	1.78%	6.28%	1,000.00	1,062.80	9.15
Institutional Class	1.42%	6.46%	1,000.00	1,064.60	7.31
Small Cap Value Fund
A-Class	1.27%	12.90%	1,000.00	1,129.00	6.74
C-Class	2.02%	12.47%	1,000.00	1,124.70	10.70
P-Class	1.27%	12.91%	1,000.00	1,129.10	6.74
Institutional Class	1.02%	13.05%	1,000.00	1,130.50	5.42
StylePlus—Large Core Fund
A-Class	1.30%	16.26%	1,000.00	1,162.60	7.01
C-Class	2.13%	15.80%	1,000.00	1,158.00	11.46
P-Class	1.48%	16.15%	1,000.00	1,161.50	7.98
Institutional Class	1.09%	16.35%	1,000.00	1,163.50	5.88
StylePlus—Mid Growth Fund
A-Class	1.54%	18.15%	1,000.00	1,181.50	8.38
C-Class	2.35%	17.65%	1,000.00	1,176.50	12.75
P-Class	1.88%	17.92%	1,000.00	1,179.20	10.21
Institutional Class	1.47%	18.20%	1,000.00	1,182.00	8.00
World Equity Income Fund
A-Class	1.19%	13.54%	1,000.00	1,135.40	6.34
C-Class	1.94%	13.09%	1,000.00	1,130.90	10.31
P-Class	1.19%	13.49%	1,000.00	1,134.90	6.33
Institutional Class	0.94%	13.59%	1,000.00	1,135.90	5.01

8 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2022	Ending Account Value March 31, 2023	Expenses Paid During Period2
Table 2. Based on hypothetical 5% return (before expenses)
Alpha Opportunity Fund
A-Class	1.74%	5.00%	$ 1,000.00	$ 1,016.26	$ 8.75
C-Class	2.49%	5.00%	1,000.00	1,012.52	12.49
P-Class	1.74%	5.00%	1,000.00	1,016.26	8.75
Institutional Class	1.49%	5.00%	1,000.00	1,017.50	7.49
Large Cap Value Fund
A-Class	1.12%	5.00%	1,000.00	1,019.35	5.64
C-Class	1.87%	5.00%	1,000.00	1,015.61	9.40
P-Class	1.12%	5.00%	1,000.00	1,019.35	5.64
Institutional Class	0.87%	5.00%	1,000.00	1,020.59	4.38
Market Neutral Real Estate Fund
A-Class	1.68%	5.00%	1,000.00	1,016.55	8.45
C-Class	2.43%	5.00%	1,000.00	1,012.81	12.19
P-Class	1.68%	5.00%	1,000.00	1,016.55	8.45
Institutional Class	1.43%	5.00%	1,000.00	1,017.80	7.19
Risk Managed Real Estate Fund
A-Class	1.82%	5.00%	1,000.00	1,015.86	9.15
C-Class	2.45%	5.00%	1,000.00	1,012.72	12.29
P-Class	1.78%	5.00%	1,000.00	1,016.06	8.95
Institutional Class	1.42%	5.00%	1,000.00	1,017.85	7.14
Small Cap Value Fund
A-Class	1.27%	5.00%	1,000.00	1,018.60	6.39
C-Class	2.02%	5.00%	1,000.00	1,014.86	10.15
P-Class	1.27%	5.00%	1,000.00	1,018.60	6.39
Institutional Class	1.02%	5.00%	1,000.00	1,019.85	5.14
StylePlus—Large Core Fund
A-Class	1.30%	5.00%	1,000.00	1,018.45	6.54
C-Class	2.13%	5.00%	1,000.00	1,014.31	10.70
P-Class	1.48%	5.00%	1,000.00	1,017.55	7.44
Institutional Class	1.09%	5.00%	1,000.00	1,019.50	5.49
StylePlus—Mid Growth Fund
A-Class	1.54%	5.00%	1,000.00	1,017.25	7.75
C-Class	2.35%	5.00%	1,000.00	1,013.21	11.80
P-Class	1.88%	5.00%	1,000.00	1,015.56	9.45
Institutional Class	1.47%	5.00%	1,000.00	1,017.60	7.39
World Equity Income Fund
A-Class	1.19%	5.00%	1,000.00	1,019.00	5.99
C-Class	1.94%	5.00%	1,000.00	1,015.26	9.75
P-Class	1.19%	5.00%	1,000.00	1,019.00	5.99
Institutional Class	0.94%	5.00%	1,000.00	1,020.24	4.73

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, 2022 to March 31, 2023.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 9

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

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)
Alphabet, Inc. — Class C	1.0%
MGE Energy, Inc.	1.0%
General Mills, Inc.	1.0%
VeriSign, Inc.	1.0%
OGE Energy Corp.	1.0%
Analog Devices, Inc.	1.0%
John B Sanfilippo & Son, Inc.	1.0%
McDonald’s Corp.	1.0%
Illinois Tool Works, Inc.	1.0%
Verizon Communications, Inc.	1.0%
Top Ten Total	10.0%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

10 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Average Annual Returns*

Periods Ended March 31, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	10.72%	2.06%	(0.37%)	3.54%
A-Class Shares with sales charge‡	5.49%	(2.81%)	(1.33%)	3.04%
C-Class Shares	10.28%	1.26%	(1.15%)	2.75%
C-Class Shares with CDSC§	9.28%	0.26%	(1.15%)	2.75%
Institutional Class Shares	10.87%	2.34%	(0.06%)	3.91%
Morningstar Long/Short Equity Category Average	7.49%	(3.56%)	2.58%	3.45%
S&P 500 Index	15.62%	(7.73%)	11.19%	12.24%
S&P 500 Index Blended**	1.93%	2.50%	1.41%	5.96%
ICE BofA 3-Month U.S. Treasury Bill Index	1.94%	2.53%	1.41%	0.87%

	6 Month†	1 Year	5 Year	Since Inception (05/01/15)
P-Class Shares	10.69%	2.04%	(0.38%)	1.04%
Morningstar Long/Short Equity Category Average	7.49%	(3.56%)	2.58%	4.23%
S&P 500 Index	15.62%	(7.73%)	11.19%	10.71%
S&P 500 Index Blended**	1.93%	2.50%	1.41%	8.68%
ICE BofA 3-Month U.S. Treasury Bill Index	1.94%	2.53%	1.41%	1.09%

*	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 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 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 09/30/12 to 03/12/17, and the ICE BofA 3-Month U.S. Treasury Bill index from 03/13/17 to 03/31/23.
†	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 | 11

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2023
ALPHA OPPORTUNITY FUND

	Shares		Value
COMMON STOCKS† - 86.3%
Consumer, Non-cyclical - 21.9%
General Mills, Inc.		4,015	$	343,122
John B Sanfilippo & Son, Inc.		3,437		333,114
Abbott Laboratories		3,059		309,754
Perdoceo Education Corp.*		22,110		296,937
Hologic, Inc.*		3,632		293,102
EVERTEC, Inc.		8,509		287,179
Amgen, Inc.		1,168		282,364
Bristol-Myers Squibb Co.		3,970		275,161
Merck & Company, Inc.		2,569		273,316
Kimberly-Clark Corp.		1,963		263,474
Incyte Corp.*		3,553		256,775
USANA Health Sciences, Inc.*		3,978		250,216
Triton International Ltd.		3,549		224,368
Ironwood Pharmaceuticals, Inc. — Class A*		20,524		215,913
Royalty Pharma plc — Class A		5,898		212,505
Exelixis, Inc.*		10,048		195,032
Vertex Pharmaceuticals, Inc.*		602		189,672
Altria Group, Inc.		3,972		177,231
Philip Morris International, Inc.		1,586		154,238
Eagle Pharmaceuticals, Inc.*		5,076		144,006
Innoviva, Inc.*		12,628		142,065
Hackett Group, Inc.		7,561		139,727
Gilead Sciences, Inc.		1,680		139,390
Pfizer, Inc.		3,176		129,581
Kellogg Co.		1,889		126,487
Quanex Building Products Corp.		5,779		124,422
Johnson & Johnson		800		124,000
Organon & Co.		4,945		116,306
United Therapeutics Corp.*		503		112,652
IDEXX Laboratories, Inc.*		222		111,018
Premier, Inc. — Class A		3,390		109,734
Neurocrine Biosciences, Inc.*		993		100,511
Fulgent Genetics, Inc.*		3,007		93,878
Corcept Therapeutics, Inc.*		4,066		88,070
Inter Parfums, Inc.		611		86,909
Prestige Consumer Healthcare, Inc.*		1,267		79,352
Acadia Healthcare Company, Inc.*		1,096		79,186
Waters Corp.*		241		74,621
Ionis Pharmaceuticals, Inc.*		2,014		71,980
Grand Canyon Education, Inc.*		606		69,024
Amphastar Pharmaceuticals, Inc.*		1,711		64,163
Quest Diagnostics, Inc.		452		63,949
ResMed, Inc.		291		63,726
Total Consumer, Non-cyclical				7,288,230
Industrial - 14.5%
Illinois Tool Works, Inc.		1,334		324,762
Graco, Inc.		4,414		322,266
Standex International Corp.		2,582		316,140
Packaging Corporation of America		2,169		301,122
Sturm Ruger & Company, Inc.		4,913		282,203
Donaldson Company, Inc.		4,144		270,769
Snap-on, Inc.		1,094		270,098
Vishay Intertechnology, Inc.		11,868		268,454
Advanced Energy Industries, Inc.		2,553		250,194
Eagle Materials, Inc.		1,374		201,634
Acuity Brands, Inc.		1,064		194,425
Mueller Industries, Inc.		2,420		177,822
Simpson Manufacturing Company, Inc.		1,588		174,108
A O Smith Corp.		2,306		159,460
Otis Worldwide Corp.		1,735		146,434
Louisiana-Pacific Corp.		2,450		132,815
Lennox International, Inc.		524		131,671
Dorian LPG Ltd.		6,498		129,570
Sealed Air Corp.		2,488		114,224
ITT, Inc.		1,190		102,697
Masco Corp.		2,012		100,037
3M Co.		885		93,022
Timken Co.		1,086		88,748
PGT Innovations, Inc.*		3,418		85,826
Albany International Corp. — Class A		954		85,249
Lindsay Corp.		485		73,298
GrafTech International Ltd.		11,023		53,572
Total Industrial				4,850,620
Consumer, Cyclical - 13.7%
McDonald’s Corp.		1,183		330,779
Yum! Brands, Inc.		2,415		318,973
Boyd Gaming Corp.		4,845		310,661
Allison Transmission Holdings, Inc.		6,547		296,186
Darden Restaurants, Inc.		1,864		289,218
Brunswick Corp.		3,297		270,354
Gentex Corp.		9,490		266,005
DR Horton, Inc.		2,626		256,534
Murphy USA, Inc.		867		223,729
MSC Industrial Direct Company, Inc. — Class A		2,360		198,240
MDC Holdings, Inc.		4,986		193,806
Oxford Industries, Inc.		1,779		187,845
PulteGroup, Inc.		2,950		171,926
Steven Madden Ltd.		4,330		155,880
Buckle, Inc.		4,198		149,827
GMS, Inc.*		2,432		140,788
O’Reilly Automotive, Inc.*		163		138,384
WW Grainger, Inc.		199		137,073
Taylor Morrison Home Corp. — Class A*		3,263		124,842
KB Home		2,779		111,660
Haverty Furniture Companies, Inc.		3,391		108,207
Methode Electronics, Inc.		1,981		86,926
Ethan Allen Interiors, Inc.		2,638		72,440
BlueLinx Holdings, Inc.*		479		32,553
Total Consumer, Cyclical				4,572,836
Financial - 12.2%
Visa, Inc. — Class A		1,428		321,957
Evercore, Inc. — Class A		2,334		269,297
MGIC Investment Corp.		19,742		264,971
Mastercard, Inc. — Class A		607		220,590
Bank of New York Mellon Corp.		4,402		200,027
Radian Group, Inc.		8,446		186,657

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
ALPHA OPPORTUNITY FUND

	Shares		Value
Mr Cooper Group, Inc.*		4,284	$	175,515
Essent Group Ltd.		4,192		167,890
NMI Holdings, Inc. — Class A*		7,498		167,430
FB Financial Corp.		5,369		166,869
TowneBank		6,129		163,338
S&T Bancorp, Inc.		4,963		156,086
Renasant Corp.		5,053		154,521
Preferred Bank/Los Angeles CA		2,752		150,837
FNB Corp.		12,914		149,802
Ameris Bancorp		3,831		140,138
Southside Bancshares, Inc.		4,210		139,772
Hope Bancorp, Inc.		13,089		128,534
Stewart Information Services Corp.		2,750		110,962
Federated Hermes, Inc. — Class B		2,640		105,969
Janus Henderson Group plc		3,940		104,962
Virtus Investment Partners, Inc.		548		104,334
Hilltop Holdings, Inc.		3,173		94,143
Marcus & Millichap, Inc.		2,613		83,903
International Bancshares Corp.		1,839		78,746
BOK Financial Corp.		432		36,465
Central Pacific Financial Corp.		1,302		23,306
Total Financial				4,067,021
Technology - 6.9%
Analog Devices, Inc.		1,693		333,894
Microchip Technology, Inc.		3,541		296,665
Cirrus Logic, Inc.*		2,522		275,856
QUALCOMM, Inc.		1,606		204,894
Dropbox, Inc. — Class A*		8,916		192,764
ON Semiconductor Corp.*		1,624		133,688
Teradata Corp.*		3,240		130,507
Avid Technology, Inc.*		3,772		120,629
Diodes, Inc.*		1,295		120,124
Kulicke & Soffa Industries, Inc.		1,715		90,363
Silicon Laboratories, Inc.*		470		82,292
Veeco Instruments, Inc.*		3,886		82,111
NetApp, Inc.		1,284		81,983
Cognizant Technology Solutions Corp. — Class A		1,336		81,402
Seagate Technology Holdings plc		1,121		74,121
Total Technology				2,301,293
Communications - 5.7%
Alphabet, Inc. — Class C*		3,334		346,736
VeriSign, Inc.*		1,590		336,015
Verizon Communications, Inc.		8,298		322,709
Cisco Systems, Inc.		5,406		282,599
Arista Networks, Inc.*		1,315		220,736
A10 Networks, Inc.		8,436		130,673
Extreme Networks, Inc.*		5,949		113,745
Viavi Solutions, Inc.*		6,423		69,561
T-Mobile US, Inc.*		448		64,888
Total Communications				1,887,662
Energy - 5.1%
Exxon Mobil Corp.		2,824		309,680
Antero Midstream Corp.		25,549		268,009
Kinder Morgan, Inc.		15,170		265,627
Marathon Petroleum Corp.		1,673		225,571
Valero Energy Corp.		1,192		166,403
DT Midstream, Inc.		3,133		154,676
REX American Resources Corp.*		3,282		93,832
Occidental Petroleum Corp.		1,234		77,039
ONEOK, Inc.		1,205		76,566
Magnolia Oil & Gas Corp. — Class A		3,205		70,125
Total Energy				1,707,528
Utilities - 4.7%
MGE Energy, Inc.		4,454		345,942
OGE Energy Corp.		8,895		334,986
ONE Gas, Inc.		3,875		307,016
Clearway Energy, Inc. — Class C		8,296		259,914
National Fuel Gas Co.		2,955		170,622
Chesapeake Utilities Corp.		1,289		164,979
Total Utilities				1,583,459
Basic Materials - 1.6%
Huntsman Corp.		5,750		157,320
NewMarket Corp.		423		154,386
Olin Corp.		2,449		135,919
AdvanSix, Inc.		2,391		91,504
Total Basic Materials				539,129
Total Common Stocks
(Cost $28,693,867)				28,797,778
MONEY MARKET FUND† - 6.7%
Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares, 4.56%1		2,225,231		2,225,231
Total Money Market Fund
(Cost $2,225,231)				2,225,231
Total Investments - 93.0%
(Cost $30,919,098)			$	31,023,009
Other Assets & Liabilities, net - 7.0%				2,329,148
Total Net Assets - 100.0%			$	33,352,157

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
ALPHA OPPORTUNITY FUND

Custom Basket Swap Agreements
Counterparty	Reference Obligation	Type	Financing Rate		Payment Frequency		Maturity Date	Notional Amount		Value and Unrealized Appreciation
OTC Custom Basket Swap Agreements††
Goldman Sachs International	GS Equity Custom Basket	Pay	5.28% (Federal Funds Rate + 0.45%)	At Maturity		05/06/24		$	7,413,832	$	172,009
Morgan Stanley Capital Services LLC	MS Equity Custom Basket	Pay	5.23% (Federal Funds Rate + 0.40%)	At Maturity		02/01/24			7,414,764		170,289
								$	14,828,596	$	342,298
OTC Custom Basket Swap Agreements Sold Short††
Goldman Sachs International	GS Equity Custom Basket	Receive	4.63% (Federal Funds Rate - 0.20%)	At Maturity		05/06/24		$	15,521,572	$	809,940
Morgan Stanley Capital Services LLC	MS Equity Custom Basket	Receive	4.53% (Federal Funds Rate - 0.30%)	At Maturity		02/01/24			15,395,397		801,402
								$	30,916,969	$	1,611,342

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
MS EQUITY LONG CUSTOM BASKET
Communications
Alphabet, Inc. — Class C		859		1.19	%	$	9,819
Arista Networks, Inc.		339		0.77	%		9,319
Cisco Systems, Inc.		1,392		0.98	%		5,381
VeriSign, Inc.		409		1.17	%		4,569
T-Mobile US, Inc.		115		0.22	%		1,421
A10 Networks, Inc.		2,173		0.45	%		943
Extreme Networks, Inc.		1,532		0.40	%		(235	)
Viavi Solutions, Inc.		1,654		0.24	%		(910	)
Verizon Communications, Inc.		2,137		1.12	%		(6,785	)
Total Communications							23,522
Consumer, Non-cyclical
Perdoceo Education Corp.		5,695		1.02	%		15,258
John B Sanfilippo & Son, Inc.		885		1.16	%		15,249
Vertex Pharmaceuticals, Inc.		155		0.66	%		12,584
Hologic, Inc.		936		1.02	%		11,266
Amphastar Pharmaceuticals, Inc.		441		0.22	%		8,025
Bristol-Myers Squibb Co.		1,023		0.96	%		6,982
Inter Parfums, Inc.		157		0.30	%		6,801
General Mills, Inc.		1,034		1.19	%		6,399
Exelixis, Inc.		2,588		0.68	%		5,961
IDEXX Laboratories, Inc.		57		0.38	%		4,524
Kimberly-Clark Corp.		506		0.92	%		3,910
Amgen, Inc.		301		0.98	%		2,047
Kellogg Co.		486		0.44	%		726
Johnson & Johnson		206		0.43	%		335
Prestige Consumer Healthcare, Inc.		326		0.28	%		330
United Therapeutics Corp.		130		0.39	%		277
Grand Canyon Education, Inc.		156		0.24	%		96
ResMed, Inc.		75		0.22	%		(45	)
Premier, Inc. — Class A		873		0.38	%		(113	)
Ionis Pharmaceuticals, Inc.		519		0.25	%		(414	)
Ironwood Pharmaceuticals, Inc. — Class A		5,286		0.75	%		(573	)
Philip Morris International, Inc.		408		0.54	%		(715	)
Neurocrine Biosciences, Inc.		256		0.35	%		(717	)
Acadia Healthcare Company, Inc.		282		0.27	%		(726	)
Quest Diagnostics, Inc.		116		0.22	%		(876	)
Triton International Ltd.		914		0.78	%		(1,281	)
Gilead Sciences, Inc.		433		0.48	%		(1,529	)
Organon & Co.		1,274		0.40	%		(1,567	)
Hackett Group, Inc.		1,948		0.49	%		(1,602	)
Incyte Corp.		915		0.89	%		(1,626	)
Fulgent Genetics, Inc.		774		0.33	%		(1,669	)
Corcept Therapeutics, Inc.		1,047		0.31	%		(1,681	)
Pfizer, Inc.		818		0.45	%		(1,987	)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
ALPHA OPPORTUNITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Quanex Building Products Corp.		1,489		0.43	%	$	(2,020	)
Altria Group, Inc.		1,023		0.62	%		(2,040	)
Waters Corp.		62		0.26	%		(2,092	)
Innoviva, Inc.		3,253		0.49	%		(3,549	)
EVERTEC, Inc.		2,192		1.00	%		(3,995	)
Merck & Company, Inc.		662		0.95	%		(4,439	)
Abbott Laboratories		788		1.08	%		(6,734	)
USANA Health Sciences, Inc.		1,025		0.87	%		(7,812	)
Royalty Pharma plc — Class A		1,519		0.74	%		(10,149	)
Eagle Pharmaceuticals, Inc.		1,307		0.50	%		(13,245	)
Total Consumer, Non-cyclical							27,574
Industrial
Standex International Corp.		665		1.09	%		22,795
Vishay Intertechnology, Inc.		3,057		0.93	%		11,586
Dorian LPG Ltd.		1,674		0.45	%		11,583
Snap-on, Inc.		282		0.94	%		11,526
Advanced Energy Industries, Inc.		658		0.87	%		9,466
Eagle Materials, Inc.		354		0.70	%		8,201
Donaldson Company, Inc.		1,067		0.94	%		7,524
Mueller Industries, Inc.		623		0.62	%		7,012
Graco, Inc.		1,137		1.12	%		4,568
Illinois Tool Works, Inc.		344		1.13	%		2,345
PGT Innovations, Inc.		881		0.30	%		2,207
A O Smith Corp.		594		0.55	%		1,676
Louisiana-Pacific Corp.		631		0.46	%		806
Acuity Brands, Inc.		274		0.68	%		506
Otis Worldwide Corp.		447		0.51	%		453
Albany International Corp. — Class A		246		0.30	%		(147	)
Lindsay Corp.		125		0.25	%		(747	)
GrafTech International Ltd.		2,839		0.19	%		(905	)
Simpson Manufacturing Company, Inc.		409		0.60	%		(942	)
Lennox International, Inc.		135		0.46	%		(1,559	)
Packaging Corporation of America		559		1.05	%		(1,716	)
Timken Co.		280		0.31	%		(1,928	)
Masco Corp.		518		0.35	%		(2,225	)
ITT, Inc.		307		0.36	%		(2,264	)
3M Co.		228		0.32	%		(4,486	)
Sealed Air Corp.		641		0.40	%		(4,601	)
Sturm Ruger & Company, Inc.		1,265		0.98	%		(6,080	)
Total Industrial							74,654
Basic Materials
NewMarket Corp.		109		0.54	%		6,446
Olin Corp.		631		0.47	%		236
AdvanSix, Inc.		616		0.32	%		(1,620	)
Huntsman Corp.		1,481		0.55	%		(2,418	)
Total Basic Materials							2,644
Consumer, Cyclical
Allison Transmission Holdings, Inc.		1,686		1.03	%		12,505
Boyd Gaming Corp.		1,248		1.08	%		8,351
GMS, Inc.		626		0.49	%		8,301
Brunswick Corp.		849		0.94	%		6,007
Darden Restaurants, Inc.		480		1.00	%		5,045
McDonald’s Corp.		305		1.15	%		4,886
Oxford Industries, Inc.		458		0.65	%		3,678
DR Horton, Inc.		676		0.89	%		3,429
Haverty Furniture Companies, Inc.		873		0.38	%		3,343
Steven Madden Ltd.		1,115		0.54	%		2,923
Methode Electronics, Inc.		510		0.30	%		2,650
PulteGroup, Inc.		760		0.60	%		2,273
KB Home		716		0.39	%		1,679
Taylor Morrison Home Corp. — Class A		840		0.43	%		1,432
Yum! Brands, Inc.		622		1.11	%		985
WW Grainger, Inc.		51		0.47	%		932
O’Reilly Automotive, Inc.		42		0.48	%		685
MDC Holdings, Inc.		1,284		0.67	%		606
Ethan Allen Interiors, Inc.		680		0.25	%		348
MSC Industrial Direct Company, Inc. — Class A		608		0.69	%		(175	)
Murphy USA, Inc.		223		0.78	%		(1,097	)
Gentex Corp.		2,444		0.92	%		(1,950	)
BlueLinx Holdings, Inc.		123		0.11	%		(2,531	)
Buckle, Inc.		1,081		0.52	%		(4,116	)
Total Consumer, Cyclical							60,189
Financial
Evercore, Inc. — Class A		602		0.94	%		4,383
S&T Bancorp, Inc.		1,277		0.54	%		4,228
Virtus Investment Partners, Inc.		141		0.36	%		3,149
Hilltop Holdings, Inc.		817		0.33	%		1,044
NMI Holdings, Inc. — Class A		1,931		0.58	%		1,026
Mastercard, Inc. — Class A		156		0.76	%		512
Radian Group, Inc.		2,175		0.65	%		343
Federated Hermes, Inc. — Class B		680		0.37	%		314
International Bancshares Corp.		474		0.27	%		(450	)
Central Pacific Financial Corp.		334		0.08	%		(1,143	)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
ALPHA OPPORTUNITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
TowneBank		1,578		0.57	%	$	(1,771	)
Visa, Inc. — Class A		368		1.12	%		(1,867	)
Janus Henderson Group plc		1,015		0.36	%		(1,869	)
BOK Financial Corp.		112		0.13	%		(2,132	)
Marcus & Millichap, Inc.		673		0.29	%		(2,905	)
MGIC Investment Corp.		5,085		0.92	%		(2,941	)
Renasant Corp.		1,301		0.54	%		(3,808	)
Essent Group Ltd.		1,079		0.58	%		(4,079	)
Bank of New York Mellon Corp.		1,134		0.69	%		(7,125	)
Southside Bancshares, Inc.		1,085		0.49	%		(7,128	)
Mr Cooper Group, Inc.		1,104		0.61	%		(7,606	)
Preferred Bank/Los Angeles CA		676		0.50	%		(7,906	)
FNB Corp.		3,326		0.52	%		(9,705	)
FB Financial Corp.		1,365		0.57	%		(10,272	)
Stewart Information Services Corp.		708		0.39	%		(10,570	)
Hope Bancorp, Inc.		3,371		0.45	%		(11,627	)
Ameris Bancorp		986		0.49	%		(12,514	)
Total Financial							(92,419	)
Technology
Cirrus Logic, Inc.		650		0.96	%		24,217
Diodes, Inc.		334		0.42	%		6,019
Teradata Corp.		835		0.45	%		5,131
Analog Devices, Inc.		436		1.16	%		5,056
Avid Technology, Inc.		972		0.42	%		3,528
QUALCOMM, Inc.		414		0.71	%		2,575
Kulicke & Soffa Industries, Inc.		442		0.31	%		2,183
NetApp, Inc.		331		0.29	%		2,058
ON Semiconductor Corp.		418		0.46	%		1,642
Veeco Instruments, Inc.		1,001		0.29	%		1,610
Microchip Technology, Inc.		912		1.03	%		(240	)
Cognizant Technology Solutions Corp. — Class A		344		0.28	%		(567	)
Silicon Laboratories, Inc.		121		0.29	%		(607	)
Seagate Technology Holdings plc		289		0.26	%		(1,375	)
Dropbox, Inc. — Class A		2,297		0.67	%		(2,278	)
Total Technology							48,952
Energy
Marathon Petroleum Corp.		431		0.78	%		15,971
Exxon Mobil Corp.		727		1.08	%		8,544
Valero Energy Corp.		307		0.58	%		5,341
Antero Midstream Corp.		6,581		0.93	%		3,170
Magnolia Oil & Gas Corp. — Class A		825		0.24	%		(177	)
Kinder Morgan, Inc.		3,907		0.92	%		(186	)
REX American Resources Corp.		845		0.33	%		(515	)
ONEOK, Inc.		310		0.27	%		(1,331	)
Occidental Petroleum Corp.		318		0.27	%		(2,288	)
DT Midstream, Inc.		807		0.54	%		(3,684	)
Total Energy							24,845
Utilities
MGE Energy, Inc.		1,147		1.20	%		4,487
Chesapeake Utilities Corp.		332		0.57	%		3,457
ONE Gas, Inc.		998		1.07	%		3,065
National Fuel Gas Co.		761		0.59	%		(2,061	)
OGE Energy Corp.		2,291		1.16	%		(3,690	)
Clearway Energy, Inc. — Class C		2,137		0.90	%		(4,930	)
Total Utilities							328
Total MS Equity Long Custom Basket						$	170,289
MS EQUITY SHORT CUSTOM BASKET
Consumer, Non-cyclical
Viad Corp.		2,563		(0.34	)%		60,925
Equifax, Inc.		981		(1.29	)%		35,989
Healthcare Services Group, Inc.		5,342		(0.48	)%		16,889
Dun & Bradstreet Holdings, Inc.		6,484		(0.49	)%		16,047
Clarivate plc		9,450		(0.58	)%		14,325
ManpowerGroup, Inc.		779		(0.42	)%		4,594
Performance Food Group Co.		1,080		(0.42	)%		(341	)
TransUnion		3,419		(1.38	)%		(2,581	)
ABM Industries, Inc.		4,127		(1.20	)%		(3,902	)
Driven Brands Holdings, Inc.		8,118		(1.60	)%		(9,107	)
ICF International, Inc.		1,516		(1.08	)%		(9,226	)
GXO Logistics, Inc.		2,461		(0.81	)%		(10,367	)
FTI Consulting, Inc.		738		(0.95	)%		(14,254	)
ICU Medical, Inc.		1,287		(1.38	)%		(36,135	)
Total Consumer, Non-cyclical							62,856
Utilities
AES Corp.		9,612		(1.50	)%		22,407
Spire, Inc.		1,429		(0.65	)%		(201	)
DTE Energy Co.		1,530		(1.09	)%		(913	)
Dominion Energy, Inc.		4,331		(1.57	)%		(1,239	)
Duke Energy Corp.		2,510		(1.57	)%		(4,401	)
Entergy Corp.		2,296		(1.61	)%		(6,792	)
CMS Energy Corp.		4,045		(1.61	)%		(7,355	)
Public Service Enterprise Group, Inc.		3,986		(1.62	)%		(10,764	)
Vistra Corp.		11,255		(1.75	)%		(18,205	)
Edison International		1,913		(0.88	)%		(22,687	)
Total Utilities							(50,150	)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
ALPHA OPPORTUNITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Consumer, Cyclical
MillerKnoll, Inc.		4,010		(0.53	)%	$	67,338
Alaska Air Group, Inc.		3,105		(0.85	)%		29,334
UniFirst Corp.		1,008		(1.15	)%		24,351
American Airlines Group, Inc.		8,048		(0.77	)%		22,852
Southwest Airlines Co.		3,800		(0.80	)%		11,011
Royal Caribbean Cruises Ltd.		1,204		(0.51	)%		10,511
Gap, Inc.		5,685		(0.37	)%		9,259
United Airlines Holdings, Inc.		1,048		(0.30	)%		6,532
Burlington Stores, Inc.		305		(0.40	)%		5,669
Live Nation Entertainment, Inc.		666		(0.30	)%		1,886
Hyatt Hotels Corp. — Class A		605		(0.44	)%		(49	)
Costco Wholesale Corp.		68		(0.22	)%		(1,790	)
Tesla, Inc.		162		(0.22	)%		(2,675	)
Delta Air Lines, Inc.		4,757		(1.08	)%		(7,950	)
Lululemon Athletica, Inc.		207		(0.49	)%		(10,768	)
Floor & Decor Holdings, Inc. — Class A		1,390		(0.89	)%		(26,507	)
Copart, Inc.		2,560		(1.25	)%		(28,076	)
Total Consumer, Cyclical							110,928
Financial
Bank of America Corp.		6,093		(1.13	)%		55,985
Sun Communities, Inc.		1,667		(1.53	)%		48,096
Raymond James Financial, Inc.		1,942		(1.18	)%		42,957
Invitation Homes, Inc.		3,673		(0.75	)%		41,291
Americold Realty Trust, Inc.		6,016		(1.11	)%		35,181
Prudential Financial, Inc.		2,108		(1.13	)%		34,356
Equitable Holdings, Inc.		5,990		(0.99	)%		33,636
Allstate Corp.		1,656		(1.19	)%		28,058
Alexandria Real Estate Equities, Inc.		981		(0.80	)%		27,578
American Tower Corp. — Class A		847		(1.12	)%		25,979
Assured Guaranty Ltd.		2,079		(0.68	)%		23,257
Howard Hughes Corp.		2,031		(1.06	)%		22,004
Goldman Sachs Group, Inc.		762		(1.62	)%		21,915
Independence Realty Trust, Inc.		5,696		(0.59	)%		21,362
Ventas, Inc.		3,726		(1.05	)%		20,910
Equinix, Inc.		256		(1.20	)%		18,121
Assurant, Inc.		721		(0.56	)%		17,870
Outfront Media, Inc.		6,418		(0.68	)%		17,367
Brighthouse Financial, Inc.		2,236		(0.64	)%		16,909
Healthcare Realty Trust, Inc.		12,169		(1.53	)%		15,821
Citigroup, Inc.		2,997		(0.91	)%		12,739
KKR & Company, Inc. — Class A		4,236		(1.45	)%		11,838
Kite Realty Group Trust		11,127		(1.51	)%		11,094
Kennedy-Wilson Holdings, Inc.		14,321		(1.54	)%		10,988
Welltower, Inc.		2,540		(1.18	)%		8,445
TFS Financial Corp.		6,446		(0.53	)%		7,040
Rexford Industrial Realty, Inc.		3,399		(1.32	)%		6,321
Apple Hospitality REIT, Inc.		2,862		(0.29	)%		5,625
SoFi Technologies, Inc.		4,780		(0.19	)%		5,522
Rayonier, Inc.		2,330		(0.50	)%		1,298
Ryman Hospitality Properties, Inc.		1,907		(1.11	)%		(42	)
Apollo Global Management, Inc.		3,304		(1.36	)%		(5,999	)
Iron Mountain, Inc.		4,277		(1.47	)%		(8,081	)
Ares Management Corp. — Class A		2,809		(1.52	)%		(12,503	)
Progressive Corp.		1,434		(1.33	)%		(18,538	)
Total Financial							604,400
Basic Materials
Ashland, Inc.		1,077		(0.72	)%		4,814
Royal Gold, Inc.		673		(0.57	)%		(2,122	)
Carpenter Technology Corp.		1,732		(0.50	)%		(12,788	)
Total Basic Materials							(10,096	)
Technology
Atlassian Corp. — Class A		185		(0.21	)%		929
Take-Two Interactive Software, Inc.		1,297		(1.01	)%		(3,239	)
Total Technology							(2,310	)
Energy
Halliburton Co.		5,041		(1.04	)%		33,509
Patterson-UTI Energy, Inc.		6,252		(0.48	)%		32,676
NOV, Inc.		5,199		(0.63	)%		21,903
Helmerich & Payne, Inc.		1,432		(0.33	)%		19,417
Baker Hughes Co.		3,222		(0.60	)%		10,498
Liberty Energy, Inc. — Class A		4,928		(0.41	)%		6,138
Hess Corp.		1,070		(0.92	)%		(5,180	)
Valaris Ltd.		1,320		(0.56	)%		(16,398	)
Schlumberger Ltd.		2,417		(0.77	)%		(19,767	)
Total Energy							82,796
Communications
IAC, Inc.		2,059		(0.69	)%		11,544
CDW Corp.		867		(1.10	)%		6,281
Paramount Global — Class B		3,535		(0.51	)%		791
Robinhood Markets, Inc. — Class A		3,289		(0.21	)%		612

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
ALPHA OPPORTUNITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Chewy, Inc. — Class A		790		(0.19	)%	$	(619	)
DoorDash, Inc. — Class A		564		(0.23	)%		(943	)
Walt Disney Co.		2,076		(1.35	)%		(2,435	)
Trade Desk, Inc. — Class A		563		(0.22	)%		(3,929	)
Warner Bros Discovery, Inc.		6,618		(0.65	)%		(19,156	)
Uber Technologies, Inc.		3,974		(0.82	)%		(20,693	)
Total Communications							(28,547	)
Industrial
Stericycle, Inc.		3,000		(0.85	)%		44,856
Stanley Black & Decker, Inc.		1,027		(0.54	)%		42,490
Jacobs Solutions, Inc.		1,910		(1.46	)%		7,847
Vulcan Materials Co.		673		(0.75	)%		7,267
Ryder System, Inc.		484		(0.28	)%		4,039
TD SYNNEX Corp.		841		(0.53	)%		1,248
General Electric Co.		1		0.00	%		(8	)
Waste Management, Inc.		1,257		(1.33	)%		(192	)
Kirby Corp.		1,374		(0.62	)%		(2,643	)
J.B. Hunt Transport Services, Inc.		575		(0.66	)%		(2,755	)
Teledyne Technologies, Inc.		260		(0.76	)%		(3,775	)
Tetra Tech, Inc.		496		(0.47	)%		(6,893	)
MSA Safety, Inc.		1,182		(1.02	)%		(10,784	)
Republic Services, Inc. — Class A		1,617		(1.42	)%		(13,351	)
Casella Waste Systems, Inc. — Class A		1,871		(1.00	)%		(35,821	)
Total Industrial							31,525
Total MS Equity Short Custom Basket						$	801,402

GS EQUITY LONG CUSTOM BASKET
Communications
Alphabet, Inc. — Class C	859	1.19	%	$	9,816
Arista Networks, Inc.	339	0.77	%		9,343
Cisco Systems, Inc.	1,392	0.98	%		5,371
VeriSign, Inc.	409	1.17	%		4,712
T-Mobile US, Inc.	115	0.22	%		1,408
A10 Networks, Inc.	2,173	0.45	%		844
Extreme Networks, Inc.	1,532	0.40	%		(204	)
Viavi Solutions, Inc.	1,654	0.24	%		(895	)
Verizon Communications, Inc.	2,137	1.12	%		(6,846	)
Total Communications					23,549
Consumer, Non-cyclical
John B Sanfilippo & Son, Inc.	885	1.15	%		15,287
Perdoceo Education Corp.	5,695	1.03	%		15,215
Vertex Pharmaceuticals, Inc.	155	0.66	%		12,535
Hologic, Inc.	936	1.02	%		11,286
Amphastar Pharmaceuticals, Inc.	441	0.22	%		8,021
Bristol-Myers Squibb Co.	1,023	0.96	%		7,026
Inter Parfums, Inc.	157	0.30	%		6,833
General Mills, Inc.	1,034	1.19	%		6,299
Exelixis, Inc.	2,588	0.68	%		6,055
IDEXX Laboratories, Inc.	57	0.38	%		4,502
Kimberly-Clark Corp.	506	0.92	%		3,923
Amgen, Inc.	301	0.98	%		2,009
Kellogg Co.	486	0.44	%		692
Prestige Consumer Healthcare, Inc.	326	0.28	%		329
Johnson & Johnson	206	0.43	%		323
United Therapeutics Corp.	130	0.39	%		272
Grand Canyon Education, Inc.	156	0.24	%		63
ResMed, Inc.	75	0.22	%		(32	)
Premier, Inc. — Class A	873	0.38	%		(150	)
Ionis Pharmaceuticals, Inc.	519	0.25	%		(391	)
Philip Morris International, Inc.	408	0.54	%		(681	)
Ironwood Pharmaceuticals, Inc. — Class A	5,286	0.75	%		(699	)
Acadia Healthcare Company, Inc.	282	0.27	%		(718	)
Neurocrine Biosciences, Inc.	256	0.35	%		(757	)
Quest Diagnostics, Inc.	116	0.22	%		(888	)
Triton International Ltd.	914	0.78	%		(1,285	)
Incyte Corp.	915	0.89	%		(1,446	)
Organon & Co.	1,274	0.40	%		(1,525	)
Gilead Sciences, Inc.	433	0.48	%		(1,560	)
Hackett Group, Inc.	1,948	0.49	%		(1,611	)
Corcept Therapeutics, Inc.	1,047	0.31	%		(1,704	)
Fulgent Genetics, Inc.	774	0.33	%		(1,873	)
Pfizer, Inc.	818	0.45	%		(1,980	)
Quanex Building Products Corp.	1,489	0.43	%		(2,041	)
Altria Group, Inc.	1,023	0.62	%		(2,046	)
Waters Corp.	62	0.26	%		(2,113	)
Innoviva, Inc.	3,253	0.49	%		(3,536	)
EVERTEC, Inc.	2,192	1.00	%		(3,870	)
Merck & Company, Inc.	662	0.95	%		(4,423	)
Abbott Laboratories	788	1.08	%		(6,769	)
USANA Health Sciences, Inc.	1,025	0.87	%		(7,983	)
Royalty Pharma plc — Class A	1,519	0.74	%		(9,960	)
Eagle Pharmaceuticals, Inc.	1,307	0.50	%		(13,489	)
Total Consumer, Non-cyclical					27,140

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
ALPHA OPPORTUNITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Industrial
Standex International Corp.		665		1.09	%	$	22,699
Dorian LPG Ltd.		1,674		0.45	%		11,583
Vishay Intertechnology, Inc.		3,057		0.93	%		11,563
Snap-on, Inc.		282		0.94	%		11,510
Advanced Energy Industries, Inc.		658		0.87	%		9,589
Eagle Materials, Inc.		354		0.70	%		8,206
Donaldson Company, Inc.		1,067		0.94	%		7,595
Mueller Industries, Inc.		623		0.62	%		7,002
Graco, Inc.		1,137		1.12	%		4,529
PGT Innovations, Inc.		881		0.30	%		2,227
Illinois Tool Works, Inc.		344		1.13	%		2,122
A O Smith Corp.		594		0.55	%		1,608
Louisiana-Pacific Corp.		631		0.46	%		1,107
Acuity Brands, Inc.		274		0.68	%		623
Otis Worldwide Corp.		447		0.51	%		447
Albany International Corp. — Class A		246		0.30	%		(150	)
Lindsay Corp.		125		0.25	%		(725	)
Simpson Manufacturing Company, Inc.		409		0.60	%		(905	)
GrafTech International Ltd.		2,839		0.19	%		(955	)
Lennox International, Inc.		135		0.46	%		(1,571	)
Packaging Corporation of America		559		1.05	%		(1,850	)
Timken Co.		280		0.31	%		(1,872	)
ITT, Inc.		307		0.36	%		(2,204	)
Masco Corp.		518		0.35	%		(2,216	)
3M Co.		228		0.32	%		(4,510	)
Sealed Air Corp.		641		0.40	%		(4,614	)
Sturm Ruger & Company, Inc.		1,265		0.98	%		(6,553	)
Total Industrial							74,285
Basic Materials
NewMarket Corp.		109		0.54	%		6,504
Olin Corp.		631		0.47	%		221
AdvanSix, Inc.		616		0.32	%		(1,642	)
Huntsman Corp.		1,481		0.55	%		(2,451	)
Total Basic Materials							2,632
Consumer, Cyclical
Allison Transmission Holdings, Inc.		1,686		1.03	%		12,509
Boyd Gaming Corp.		1,248		1.08	%		8,453
GMS, Inc.		626		0.49	%		8,124
Brunswick Corp.		849		0.94	%		6,172
Darden Restaurants, Inc.		480		1.00	%		5,171
McDonald’s Corp.		305		1.15	%		4,877
DR Horton, Inc.		676		0.89	%		3,513
Oxford Industries, Inc.		458		0.65	%		3,413
Haverty Furniture Companies, Inc.		873		0.38	%		3,320
Steven Madden Ltd.		1,115		0.54	%		2,899
Methode Electronics, Inc.		510		0.30	%		2,668
PulteGroup, Inc.		760		0.60	%		2,325
KB Home		716		0.39	%		1,616
Taylor Morrison Home Corp. — Class A		840		0.43	%		1,467
Yum! Brands, Inc.		622		1.11	%		1,010
WW Grainger, Inc.		51		0.47	%		957
O’Reilly Automotive, Inc.		42		0.48	%		677
MDC Holdings, Inc.		1,284		0.67	%		612
Ethan Allen Interiors, Inc.		680		0.25	%		389
MSC Industrial Direct Company, Inc. — Class A		608		0.69	%		(191	)
Murphy USA, Inc.		223		0.78	%		(1,063	)
Gentex Corp.		2,444		0.92	%		(1,965	)
BlueLinx Holdings, Inc.		123		0.11	%		(2,526	)
Buckle, Inc.		1,081		0.52	%		(4,052	)
Total Consumer, Cyclical							60,375
Financial
Evercore, Inc. — Class A		601		0.94	%		4,853
S&T Bancorp, Inc.		1,277		0.54	%		4,218
Virtus Investment Partners, Inc.		141		0.36	%		3,093
NMI Holdings, Inc. — Class A		1,931		0.58	%		1,082
Hilltop Holdings, Inc.		817		0.33	%		1,050
Mastercard, Inc. — Class A		156		0.76	%		513
Federated Hermes, Inc. — Class B		680		0.37	%		279
Radian Group, Inc.		2,175		0.65	%		237
Douglas Elliman, Inc.		1		0.00	%		(1	)
International Bancshares Corp.		474		0.27	%		(443	)
Central Pacific Financial Corp.		334		0.08	%		(1,147	)
TowneBank		1,578		0.57	%		(1,404	)
Visa, Inc. — Class A		368		1.12	%		(1,862	)
Janus Henderson Group plc		1,015		0.36	%		(1,942	)
BOK Financial Corp.		112		0.13	%		(2,128	)
Marcus & Millichap, Inc.		673		0.29	%		(2,928	)
MGIC Investment Corp.		5,085		0.92	%		(2,960	)
Renasant Corp.		1,301		0.54	%		(3,823	)
Essent Group Ltd.		1,079		0.58	%		(4,098	)
Bank of New York Mellon Corp.		1,134		0.70	%		(7,116	)
Southside Bancshares, Inc.		1,085		0.49	%		(7,208	)
Mr Cooper Group, Inc.		1,104		0.61	%		(7,426	)
Preferred Bank/Los Angeles CA		659		0.49	%		(7,606	)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
ALPHA OPPORTUNITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
FNB Corp.		3,326		0.52	%	$	(9,643	)
FB Financial Corp.		1,365		0.57	%		(10,292	)
Stewart Information Services Corp.		708		0.39	%		(10,590	)
Hope Bancorp, Inc.		3,371		0.45	%		(11,635	)
Ameris Bancorp		986		0.49	%		(12,503	)
Total Financial							(91,430	)
Technology
Cirrus Logic, Inc.		650		0.96	%		24,256
Diodes, Inc.		334		0.42	%		6,031
Analog Devices, Inc.		436		1.16	%		5,127
Teradata Corp.		835		0.45	%		5,118
Avid Technology, Inc.		972		0.42	%		3,354
QUALCOMM, Inc.		414		0.71	%		2,594
Kulicke & Soffa Industries, Inc.		442		0.31	%		2,186
NetApp, Inc.		331		0.29	%		2,063
ON Semiconductor Corp.		418		0.46	%		1,727
Veeco Instruments, Inc.		1,001		0.29	%		1,628
Microchip Technology, Inc.		912		1.03	%		(260	)
Cognizant Technology Solutions Corp. — Class A		344		0.28	%		(566	)
Silicon Laboratories, Inc.		121		0.29	%		(596	)
Seagate Technology Holdings plc		289		0.26	%		(1,386	)
Dropbox, Inc. — Class A		2,297		0.67	%		(2,426	)
Total Technology							48,850
Energy
Marathon Petroleum Corp.		431		0.78	%		16,015
Exxon Mobil Corp.		727		1.08	%		8,782
Valero Energy Corp.		307		0.58	%		5,374
Antero Midstream Corp.		6,581		0.93	%		3,323
Kinder Morgan, Inc.		3,907		0.92	%		(61	)
Magnolia Oil & Gas Corp. — Class A		825		0.24	%		(198	)
REX American Resources Corp.		845		0.33	%		(368	)
ONEOK, Inc.		310		0.27	%		(1,290	)
Occidental Petroleum Corp.		318		0.27	%		(2,036	)
DT Midstream, Inc.		807		0.54	%		(3,499	)
Total Energy							26,042
Utilities
MGE Energy, Inc.		1,147		1.20	%		4,427
Chesapeake Utilities Corp.		332		0.57	%		3,394
ONE Gas, Inc.		998		1.07	%		3,222
National Fuel Gas Co.		761		0.59	%		(2,034	)
OGE Energy Corp.		2,291		1.16	%		(3,509	)
Clearway Energy, Inc. — Class C		2,137		0.90	%		(4,934	)
Total Utilities							566
Total GS Equity Long Custom Basket						$	172,009
GS EQUITY SHORT CUSTOM BASKET
Consumer, Non-cyclical
Viad Corp.		2,563		(0.34	)%	$	61,033
Equifax, Inc.		981		(1.28	)%		35,919
Healthcare Services Group, Inc.		5,342		(0.48	)%		17,139
Dun & Bradstreet Holdings, Inc.		6,484		(0.49	)%		15,971
Clarivate plc		9,450		(0.57	)%		14,249
ManpowerGroup, Inc.		779		(0.41	)%		4,563
Performance Food Group Co.		1,080		(0.42	)%		(417	)
TransUnion		3,419		(1.37	)%		(3,088	)
ABM Industries, Inc.		4,127		(1.19	)%		(3,948	)
Driven Brands Holdings, Inc.		8,118		(1.59	)%		(8,689	)
ICF International, Inc.		1,516		(1.07	)%		(9,257	)
GXO Logistics, Inc.		2,461		(0.80	)%		(10,402	)
FTI Consulting, Inc.		738		(0.94	)%		(13,452	)
ICU Medical, Inc.		1,287		(1.37	)%		(36,320	)
Total Consumer, Non-cyclical							63,299
Utilities
AES Corp.		9,612		(1.49	)%		22,581
Spire, Inc.		1,429		(0.65	)%		(273	)
DTE Energy Co.		1,530		(1.08	)%		(1,170	)
Dominion Energy, Inc.		4,331		(1.56	)%		(2,098	)
Duke Energy Corp.		2,510		(1.56	)%		(4,865	)
Entergy Corp.		2,296		(1.59	)%		(7,049	)
CMS Energy Corp.		4,045		(1.60	)%		(8,180	)
Public Service Enterprise Group, Inc.		3,986		(1.60	)%		(9,887	)
Vistra Corp.		11,255		(1.74	)%		(18,324	)
Edison International		1,913		(0.87	)%		(23,364	)
Total Utilities							(52,629	)
Consumer, Cyclical
MillerKnoll, Inc.		4,010		(0.53	)%		67,310
Alaska Air Group, Inc.		3,105		(0.84	)%		29,620
UniFirst Corp.		1,008		(1.14	)%		24,512
American Airlines Group, Inc.		8,048		(0.76	)%		22,886
Southwest Airlines Co.		3,800		(0.80	)%		11,334
Royal Caribbean Cruises Ltd.		1,204		(0.51	)%		10,264
Gap, Inc.		5,685		(0.37	)%		9,396

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
ALPHA OPPORTUNITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
United Airlines Holdings, Inc.		1,048		(0.30	)%	$	6,294
Burlington Stores, Inc.		305		(0.40	)%		5,671
Live Nation Entertainment, Inc.		666		(0.30	)%		1,718
Hyatt Hotels Corp. — Class A		605		(0.44	)%		103
Costco Wholesale Corp.		68		(0.22	)%		(1,793	)
Tesla, Inc.		162		(0.22	)%		(2,644	)
Delta Air Lines, Inc.		4,757		(1.07	)%		(8,096	)
Lululemon Athletica, Inc.		207		(0.49	)%		(10,848	)
Floor & Decor Holdings, Inc. — Class A		1,390		(0.88	)%		(26,573	)
Copart, Inc.		2,560		(1.24	)%		(28,537	)
Total Consumer, Cyclical							110,617
Financial
Bank of America Corp.		6,093		(1.12	)%		56,191
Sun Communities, Inc.		1,667		(1.51	)%		47,927
Raymond James Financial, Inc.		1,942		(1.17	)%		42,630
Morgan Stanley		4,276		(2.42	)%		42,272
Invitation Homes, Inc.		3,673		(0.74	)%		41,242
Americold Realty Trust, Inc.		6,016		(1.10	)%		34,773
Prudential Financial, Inc.		2,108		(1.12	)%		33,976
Equitable Holdings, Inc.		5,990		(0.98	)%		33,339
Allstate Corp.		1,656		(1.18	)%		28,092
Alexandria Real Estate Equities, Inc.		981		(0.79	)%		26,991
American Tower Corp. — Class A		847		(1.12	)%		26,339
Assured Guaranty Ltd.		2,079		(0.67	)%		23,260
Howard Hughes Corp.		2,031		(1.05	)%		21,931
Independence Realty Trust, Inc.		5,696		(0.59	)%		21,223
Ventas, Inc.		3,726		(1.04	)%		20,386
Assurant, Inc.		721		(0.56	)%		17,857
Equinix, Inc.		256		(1.19	)%		17,842
Outfront Media, Inc.		6,418		(0.67	)%		17,616
Brighthouse Financial, Inc.		2,236		(0.64	)%		16,858
Healthcare Realty Trust, Inc.		12,169		(1.52	)%		16,091
Citigroup, Inc.		2,997		(0.91	)%		12,965
KKR & Company, Inc. — Class A		4,236		(1.43	)%		11,827
Kite Realty Group Trust		11,127		(1.50	)%		11,156
Kennedy-Wilson Holdings, Inc.		14,321		(1.53	)%		10,545
Welltower, Inc.		2,540		(1.17	)%		8,114
TFS Financial Corp.		6,446		(0.52	)%		7,079
Rexford Industrial Realty, Inc.		3,399		(1.31	)%		5,881
Apple Hospitality REIT, Inc.		2,862		(0.29	)%		5,702
SoFi Technologies, Inc.		4,780		(0.19	)%		5,510
Rayonier, Inc.		2,330		(0.50	)%		1,414
Ryman Hospitality Properties, Inc.		1,907		(1.10	)%		(78	)
Apollo Global Management, Inc.		3,304		(1.34	)%		(6,290	)
Iron Mountain, Inc.		4,277		(1.46	)%		(8,085	)
Ares Management Corp. — Class A		2,809		(1.51	)%		(13,147	)
Progressive Corp.		1,434		(1.32	)%		(18,499	)
Total Financial							620,930
Basic Materials
Ashland, Inc.		1,077		(0.71	)%		4,748
Royal Gold, Inc.		673		(0.56	)%		(2,081	)
Carpenter Technology Corp.		1,732		(0.50	)%		(12,643	)
Total Basic Materials							(9,976	)
Technology
Atlassian Corp. — Class A		185		(0.20	)%		938
Take-Two Interactive Software, Inc.		1,297		(1.00	)%		(3,506	)
Total Technology							(2,568	)
Energy
Patterson-UTI Energy, Inc.		6,252		(0.47	)%		33,009
Halliburton Co.		5,041		(1.03	)%		32,850
NOV, Inc.		5,199		(0.62	)%		22,002
Helmerich & Payne, Inc.		1,432		(0.33	)%		19,467
Baker Hughes Co.		3,222		(0.60	)%		10,314
Liberty Energy, Inc. — Class A		4,928		(0.41	)%		5,824
Hess Corp.		1,070		(0.91	)%		(5,021	)
Valaris Ltd.		1,320		(0.55	)%		(16,563	)
Schlumberger Ltd.		2,417		(0.76	)%		(19,921	)
Total Energy							81,961
Communications
IAC, Inc.		2,059		(0.68	)%		10,187
CDW Corp.		867		(1.09	)%		6,284
Paramount Global — Class B		3,535		(0.51	)%		498
Robinhood Markets, Inc. — Class A		3,289		(0.21	)%		430
Chewy, Inc. — Class A		790		(0.19	)%		(772	)
DoorDash, Inc. — Class A		564		(0.23	)%		(1,120	)
Walt Disney Co.		2,076		(1.34	)%		(2,988	)
Trade Desk, Inc. — Class A		563		(0.22	)%		(4,003	)
Warner Bros Discovery, Inc.		6,618		(0.64	)%		(20,134	)
Uber Technologies, Inc.		3,974		(0.81	)%		(20,546	)
Total Communications							(32,164	)

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2023
ALPHA OPPORTUNITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Industrial
Stericycle, Inc.		3,000		(0.84	)%	$	44,810
Stanley Black & Decker, Inc.		1,027		(0.53	)%		42,364
Jacobs Solutions, Inc.		1,910		(1.45	)%		7,235
Vulcan Materials Co.		673		(0.74	)%		7,154
Ryder System, Inc.		484		(0.28	)%		3,997
TD SYNNEX Corp.		841		(0.52	)%		1,169
General Electric Co.		1		0.00	%		(8	)
Waste Management, Inc.		1,257		(1.32	)%		(397	)
Kirby Corp.		1,374		(0.62	)%		(2,287	)
J.B. Hunt Transport Services, Inc.		575		(0.65	)%		(2,987	)
Teledyne Technologies, Inc.		260		(0.75	)%		(3,830	)
Tetra Tech, Inc.		496		(0.47	)%		(6,980	)
MSA Safety, Inc.		1,182		(1.02	)%		(10,619	)
Republic Services, Inc. — Class A		1,617		(1.41	)%		(13,318	)
Casella Waste Systems, Inc. — Class A		1,871		(1.00	)%		(35,833	)
Total Industrial							30,470
Total GS Equity Short Custom Basket						$	809,940

*	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, 2023.
	GS — Goldman Sachs International
	MS — Morgan Stanley Capital Services LLC
	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, 2023 (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	$	28,797,778	$	—	$	—	$	28,797,778
Money Market Fund		2,225,231		—		—		2,225,231
Equity Custom Basket Swap Agreements**		—		1,953,640		—		1,953,640
Total Assets	$	31,023,009	$	1,953,640	$	—	$	32,976,649

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

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

ALPHA OPPORTUNITY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2023

Assets:
Investments, at value (cost $30,919,098)	$	31,023,009
Unrealized appreciation on OTC swap agreements		1,953,640
Prepaid expenses		55,344
Receivables:
Swap settlement		176,443
Fund shares sold		169,815
Dividends		27,427
Interest		6,016
Total assets		33,411,694
Liabilities:
Overdraft due to custodian bank		369
Payable for:
Management fees		19,734
Professional fees		18,841
Fund shares redeemed		4,972
Fund accounting/administration fees		4,546
Trustees’ fees*		3,974
Transfer agent/maintenance fees		3,400
Distribution and service fees		1,125
Due to Investment Adviser		232
Miscellaneous		2,344
Total liabilities		59,537
Net assets	$	33,352,157
Net assets consist of:
Paid in capital	$	59,986,005
Total distributable earnings (loss)		(26,633,848	)
Net assets	$	33,352,157
A-Class:
Net assets	$	2,764,304
Capital shares outstanding		150,283
Net asset value per share	$	18.39
Maximum offering price per share (Net asset value divided by 95.25%)	$	19.31
C-Class:
Net assets	$	216,924
Capital shares outstanding		13,478
Net asset value per share	$	16.09
P-Class:
Net assets	$	1,757,383
Capital shares outstanding		94,768
Net asset value per share	$	18.54
Institutional Class:
Net assets	$	28,613,546
Capital shares outstanding		1,056,277
Net asset value per share	$	27.09

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended March 31, 2023

Investment Income:
Dividends	$	340,791
Interest		22,029
Total investment income		362,820
Expenses:
Management fees		144,166
Distribution and service fees:
A-Class		3,422
C-Class		1,041
P-Class		2,159
Transfer agent/maintenance fees:
A-Class		3,635
C-Class		286
P-Class		1,214
Institutional Class		9,477
Registration fees		31,081
Professional fees		22,080
Fund accounting/administration fees		11,356
Custodian fees		10,366
Trustees’ fees*		6,256
Line of credit fees		502
Miscellaneous		6,157
Recoupment of previously waived fees:
A-Class		146
C-Class		16
P-Class		220
Institutional Class		6,716
Total expenses		260,296
Less: Expenses reimbursed by Adviser:
A-Class		(2,564	)
C-Class		(206	)
P-Class		(669	)
Institutional Class		(4,409	)
Expenses waived by Adviser		(7,491	)
Total waived/reimbursed expenses		(15,339	)
Net expenses		244,957
Net investment income		117,863
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		196,600
Swap agreements		335,456
Net realized gain		532,056
Net change in unrealized appreciation (depreciation) on:
Investments		3,909,654
Swap agreements		(1,305,410	)
Net change in unrealized appreciation (depreciation)		2,604,244
Net realized and unrealized gain		3,136,300
Net increase in net assets resulting from operations	$	3,254,163

* 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 | 23

ALPHA OPPORTUNITY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	117,863		$	205,930
Net realized gain (loss) on investments		532,056			(1,341,421	)
Net change in unrealized appreciation (depreciation) on investments		2,604,244			(830,642	)
Net increase (decrease) in net assets resulting from operations		3,254,163			(1,966,133	)
Distributions to shareholders:
A-Class		(19,964	)		(25,810	)
C-Class		—			(554	)
P-Class		(12,413	)		(17,637	)
Institutional Class		(173,553	)		(238,313	)
Total distributions to shareholders		(205,930	)		(282,314	)
Capital share transactions:
Proceeds from sale of shares
A-Class		46,933			166,738
C-Class		2,190			980
P-Class		38			150,241
Institutional Class		306,022			458,517
Distributions reinvested
A-Class		17,789			22,964
C-Class		—			525
P-Class		12,413			17,637
Institutional Class		173,553			234,219
Cost of shares redeemed
A-Class		(166,712	)		(413,839	)
C-Class		(600	)		(70,209	)
P-Class		(67,540	)		(245,270	)
Institutional Class		(107,322	)		(2,939,045	)
Net increase (decrease) from capital share transactions		216,764			(2,616,542	)
Net increase (decrease) in net assets		3,264,997			(4,864,989	)
Net assets:
Beginning of period		30,087,160			34,952,149
End of period	$	33,352,157		$	30,087,160
Capital share activity:
Shares sold
A-Class		2,635			8,794
C-Class		137			61
P-Class		2			8,039
Institutional Class		11,425			16,552
Shares issued from reinvestment of distributions
A-Class		1,004			1,171
C-Class		—			31
P-Class		695			892
Institutional Class		6,660			8,141
Shares redeemed
A-Class		(9,341	)		(22,446	)
C-Class		(39	)		(4,318	)
P-Class		(3,747	)		(12,977	)
Institutional Class		(4,066	)		(108,537	)
Net increase (decrease) in shares		5,365			(104,597	)

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

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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	16.73		$	18.05		$	16.89		$	17.42		$	19.15		$	21.10
Income (loss) from investment operations:
Net investment income (loss)b		.05			.07			.10			.11			.12			.10
Net gain (loss) on investments (realized and unrealized)		1.74			(1.23	)		1.27			(.48	)		(1.64	)		(.60	)
Total from investment operations		1.79			(1.16	)		1.37			(.37	)		(1.52	)		(.50	)
Less distributions from:
Net investment income		(.13	)		(.16	)		(.21	)		(.16	)		(.21	)		—
Net realized gains		—			—			—			—			—			(1.45	)
Total distributions		(.13	)		(.16	)		(.21	)		(.16	)		(.21	)		(1.45	)
Net asset value, end of period	$	18.39		$	16.73		$	18.05		$	16.89		$	17.42		$	19.15
Total Returnc		10.72	%		(6.55	%)		8.17	%		(2.15	%)		(7.97	%)		(2.90	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,764		$	2,610		$	3,042		$	3,429		$	7,326		$	11,243
Ratios to average net assets:
Net investment income (loss)		0.53	%		0.39	%		0.56	%		0.65	%		0.64	%		0.51	%
Total expensesd		1.97	%		1.91	%		1.94	%		1.73	%		1.65	%		1.54	%
Net expensese,f,g		1.74	%		1.76	%		1.76	%		1.69	%		1.64	%		1.54	%
Portfolio turnover rate		146	%		283	%		169	%		209	%		126	%		255	%

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

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.

C-Class	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	14.59		$	15.76		$	14.71		$	15.16		$	16.61		$	18.62
Income (loss) from investment operations:
Net investment income (loss)b		(.02	)		(.06	)		(.03	)		(.02	)		(.03	)		(.05	)
Net gain (loss) on investments (realized and unrealized)		1.52			(1.08	)		1.11			(.43	)		(1.42	)		(.51	)
Total from investment operations		1.50			(1.14	)		1.08			(.45	)		(1.45	)		(.56	)
Less distributions from:
Net investment income		—			(.03	)		(.03	)		—			—			—
Net realized gains		—			—			—			—			—			(1.45	)
Total distributions		—			(.03	)		(.03	)		—			—			(1.45	)
Net asset value, end of period	$	16.09		$	14.59		$	15.76		$	14.71		$	15.16		$	16.61
Total Returnc		10.28	%		(7.25	%)		7.37	%		(2.97	%)		(8.73	%)		(3.65	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	217		$	195		$	277		$	354		$	702		$	1,036
Ratios to average net assets:
Net investment income (loss)		(0.23	%)		(0.37	%)		(0.19	%)		(0.15	%)		(0.20	%)		(0.31	%)
Total expensesd		2.74	%		2.75	%		2.75	%		2.72	%		2.55	%		2.34	%
Net expensese,f,g		2.49	%		2.51	%		2.51	%		2.51	%		2.48	%		2.31	%
Portfolio turnover rate		146	%		283	%		169	%		209	%		126	%		255	%

P-Class	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	16.87		$	18.21		$	17.06		$	17.56		$	19.23		$	21.19
Income (loss) from investment operations:
Net investment income (loss)b		.05			.07			.10			.12			.11			.10
Net gain (loss) on investments (realized and unrealized)		1.75			(1.24	)		1.28			(.49	)		(1.64	)		(.61	)
Total from investment operations		1.80			(1.17	)		1.38			(.37	)		(1.53	)		(.51	)
Less distributions from:
Net investment income		(.13	)		(.17	)		(.23	)		(.13	)		(.14	)		—
Net realized gains		—			—			—			—			—			(1.45	)
Total distributions		(.13	)		(.17	)		(.23	)		(.13	)		(.14	)		(1.45	)
Net asset value, end of period	$	18.54		$	16.87		$	18.21		$	17.06		$	17.56		$	19.23
Total Return		10.69	%		(6.54	%)		8.17	%		(2.11	%)		(7.99	%)		(2.93	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,757		$	1,650		$	1,855		$	1,161		$	1,905		$	4,525
Ratios to average net assets:
Net investment income (loss)		0.53	%		0.39	%		0.54	%		0.70	%		0.59	%		0.47	%
Total expensesd		1.86	%		1.82	%		1.96	%		1.67	%		1.67	%		1.58	%
Net expensese,f,g		1.74	%		1.76	%		1.76	%		1.64	%		1.66	%		1.57	%
Portfolio turnover rate		146	%		283	%		169	%		209	%		126	%		255	%

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

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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	24.59		$	26.44		$	24.65		$	25.37		$	27.77		$	29.86
Income (loss) from investment operations:
Net investment income (loss)b		.10			.17			.22			.25			.28			.27
Net gain (loss) on investments (realized and unrealized)		2.57			(1.81	)		1.85			(.72	)		(2.37	)		(.91	)
Total from investment operations		2.67			(1.64	)		2.07			(.47	)		(2.09	)		(.64	)
Less distributions from:
Net investment income		(.17	)		(.21	)		(.28	)		(.25	)		(.31	)		—
Net realized gains		—			—			—			—			—			(1.45	)
Total distributions		(.17	)		(.21	)		(.28	)		(.25	)		(.31	)		(1.45	)
Net asset value, end of period	$	27.09		$	24.59		$	26.44		$	24.65		$	25.37		$	27.77
Total Return		10.87	%		(6.31	%)		8.46	%		(1.87	%)		(7.57	%)		(2.50	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	28,614		$	25,632		$	29,778		$	32,260		$	79,318		$	181,095
Ratios to average net assets:
Net investment income (loss)		0.78	%		0.64	%		0.82	%		1.00	%		1.05	%		0.94	%
Total expensesd		1.57	%		1.54	%		1.58	%		1.36	%		1.22	%		1.12	%
Net expensese,f,g		1.49	%		1.51	%		1.50	%		1.36	%		1.21	%		1.12	%
Portfolio turnover rate		146	%		283	%		169	%		209	%		126	%		255	%

a	Unaudited figures for the period ended March 31, 2023. 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:

	03/31/23a	09/30/22	09/30/21	09/30/20	09/30/19	09/30/18
A-Class	0.01%	0.02%	0.01%	0.02%	0.09%	0.02%
C-Class	0.02%	0.03%	0.01%	0.01%	0.04%	0.07%
P-Class	0.03%	0.03%	0.01%	0.01%	0.03%	0.04%
Institutional Class	0.05%	0.06%	0.02%	0.00%*	0.00%*	—

* Less than 0.01%.

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

	03/31/23a	09/30/22	09/30/21	09/30/20	09/30/19	09/30/18
A-Class	1.74%	1.76%	1.76%	1.69%	1.64%	1.52%
C-Class	2.49%	2.51%	2.51%	2.51%	2.48%	2.30%
P-Class	1.74%	1.76%	1.76%	1.64%	1.66%	1.56%
Institutional Class	1.48%	1.50%	1.50%	1.36%	1.21%	1.11%

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

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.	3.2%
iShares Russell 1000 Value ETF	3.2%
Chevron Corp.	2.7%
Verizon Communications, Inc.	2.5%
Johnson & Johnson	2.3%
Humana, Inc.	2.3%
Alphabet, Inc. — Class A	2.2%
ConocoPhillips	2.1%
Berkshire Hathaway, Inc. — Class B	2.1%
Bank of America Corp.	2.1%
Top Ten Total	24.7%
“Ten Largest Holdings” excludes any temporary cash investments.

28 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Average Annual Returns*

Periods Ended March 31, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	12.99%	(5.12%)	7.69%	9.01%
A-Class Shares with sales charge‡	7.63%	(9.63%)	6.65%	8.48%
C-Class Shares	12.58%	(5.81%)	6.89%	8.19%
C-Class Shares with CDSC§	11.58%	(6.67%)	6.89%	8.19%
Russell 1000 Value Index	13.55%	(5.91%)	7.50%	9.13%

	6 Month†	1 Year	5 Year	Since Inception (05/01/15)
P-Class Shares	13.01%	(5.10%)	7.70%	7.94%
Russell 1000 Value Index	13.55%	(5.91%)	7,50%	7.48%

	6 Month†	1 Year	5 Year	Since Inception (06/07/13)
Institutional Class Shares	13.15%	(4.86%)	7.96%	8.97%
Russell 1000 Value Index	13.55%	(5.91%)	7.50%	8.77%

*	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.
‡	Fund returns are calculated using the maximum charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 29

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2023
LARGE CAP VALUE FUND

	Shares		Value
COMMON STOCKS† - 94.9%
Consumer, Non-cyclical - 20.0%
Johnson & Johnson		5,676	$	879,780
Humana, Inc.		1,783		865,575
Tyson Foods, Inc. — Class A		11,064		656,316
Merck & Company, Inc.		5,702		606,636
Ingredion, Inc.		5,963		606,616
Quest Diagnostics, Inc.		4,286		606,383
Medtronic plc		6,416		517,258
Archer-Daniels-Midland Co.		6,265		499,070
Henry Schein, Inc.*		5,653		460,945
Encompass Health Corp.		6,123		331,255
HCA Healthcare, Inc.		1,156		304,814
Bunge Ltd.		3,038		290,190
Moderna, Inc.*		1,739		267,076
Euronet Worldwide, Inc.*		2,372		265,427
Pfizer, Inc.		5,946		242,597
Bristol-Myers Squibb Co.		3,336		231,218
Total Consumer, Non-cyclical				7,631,156
Financial - 14.8%
JPMorgan Chase & Co.		9,476		1,234,818
Berkshire Hathaway, Inc. — Class B*		2,603		803,728
Bank of America Corp.		27,835		796,081
Mastercard, Inc. — Class A		1,295		470,616
Wells Fargo & Co.		12,050		450,429
American Tower Corp. — Class A REIT		1,929		394,172
Voya Financial, Inc.		5,223		373,236
Goldman Sachs Group, Inc.		1,059		346,409
Charles Schwab Corp.		6,546		342,880
STAG Industrial, Inc. REIT		6,837		231,227
T. Rowe Price Group, Inc.		1,638		184,930
Total Financial				5,628,526
Energy - 10.7%
Chevron Corp.		6,300		1,027,908
ConocoPhillips		8,156		809,157
Diamondback Energy, Inc.		4,180		565,011
Coterra Energy, Inc. — Class A		17,152		420,910
Pioneer Natural Resources Co.		1,695		346,187
Kinder Morgan, Inc.		18,532		324,495
Equities Corp.		9,397		299,858
Marathon Oil Corp.		12,079		289,413
Total Energy				4,082,939
Communications - 10.3%
Verizon Communications, Inc.		24,434		950,238
Alphabet, Inc. — Class A*		8,073		837,412
Comcast Corp. — Class A		12,661		479,979
Cisco Systems, Inc.		8,837		461,954
Walt Disney Co.*		4,030		403,524
Fox Corp. — Class B		9,888		309,593
Juniper Networks, Inc.		8,031		276,427
T-Mobile US, Inc.*		1,466		212,336
Total Communications				3,931,463
Utilities - 9.3%
OGE Energy Corp.		19,951		751,355
Edison International		8,141		574,673
Pinnacle West Capital Corp.		6,376		505,234
Exelon Corp.		11,707		490,406
Duke Energy Corp.		3,752		361,955
NiSource, Inc.		12,480		348,941
Black Hills Corp.		5,047		318,466
PPL Corp.		6,676		185,526
Total Utilities				3,536,556
Technology - 7.8%
Microsoft Corp.		2,281		657,612
KLA Corp.		1,194		476,609
Teradyne, Inc.		4,240		455,842
Leidos Holdings, Inc.		4,450		409,667
Fiserv, Inc.*		3,397		383,963
Amdocs Ltd.		3,001		288,186
Micron Technology, Inc.		3,266		197,071
MACOM Technology Solutions Holdings, Inc.*		1,783		126,308
Total Technology				2,995,258
Consumer, Cyclical - 7.5%
Walmart, Inc.		4,560		672,372
PACCAR, Inc.		5,826		426,463
Lear Corp.		2,877		401,313
Delta Air Lines, Inc.*		11,162		389,777
Ferguson plc		2,889		386,404
Whirlpool Corp.		2,259		298,233
Southwest Airlines Co.		9,056		294,682
Total Consumer, Cyclical				2,869,244
Basic Materials - 7.3%
Westlake Corp.		5,666		657,142
Huntsman Corp.		19,666		538,062
Reliance Steel & Aluminum Co.		1,872		480,617
Nucor Corp.		2,686		414,907
Freeport-McMoRan, Inc.		9,948		406,973
DuPont de Nemours, Inc.		4,043		290,166
Total Basic Materials				2,787,867
Industrial - 7.2%
Curtiss-Wright Corp.		3,913		689,705
Knight-Swift Transportation Holdings, Inc.		9,555		540,622
Johnson Controls International plc		8,932		537,885
L3Harris Technologies, Inc.		2,153		422,505
Teledyne Technologies, Inc.*		710		317,625
Advanced Energy Industries, Inc.		2,506		245,588
Total Industrial				2,753,930
Total Common Stocks
(Cost $30,891,629)				36,216,939

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2023
LARGE CAP VALUE FUND

	Shares		Value
EXCHANGE-TRADED FUNDS† - 3.2%
iShares Russell 1000 Value ETF		7,953	$	1,210,924
Total Exchange-Traded Funds
(Cost $1,121,233)				1,210,924
MONEY MARKET FUND† - 1.7%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.43%1		666,867		666,867
Total Money Market Fund
(Cost $666,867)				666,867
Total Investments - 99.8%
(Cost $32,679,729)			$	38,094,730
Other Assets & Liabilities, net - 0.2%				64,424
Total Net Assets - 100.0%			$	38,159,154

*	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, 2023.
	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, 2023 (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	$	36,216,939	$	—	$	—	$	36,216,939
Exchange-Traded Funds		1,210,924		—		—		1,210,924
Money Market Fund		666,867		—		—		666,867
Total Assets	$	38,094,730	$	—	$	—	$	38,094,730

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

LARGE CAP VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2023

Assets:
Investments, at value (cost $32,679,729)	$	38,094,730
Prepaid expenses		48,157
Receivables:
Dividends		39,117
Fund shares sold		13,549
Interest		4,065
Total assets		38,199,618
Liabilities:
Payable for:
Professional fees		12,831
Fund shares redeemed		11,343
Distribution and service fees		8,225
Fund accounting/administration fees		3,912
Management fees		2,626
Transfer agent/maintenance fees		542
Trustees’ fees*		341
Miscellaneous		644
Total liabilities		40,464
Net assets	$	38,159,154
Net assets consist of:
Paid in capital	$	30,439,355
Total distributable earnings (loss)		7,719,799
Net assets	$	38,159,154
A-Class:
Net assets	$	33,258,237
Capital shares outstanding		736,020
Net asset value per share	$	45.19
Maximum offering price per share (Net asset value divided by 95.25%)	$	47.43
C-Class:
Net assets	$	1,516,876
Capital shares outstanding		37,534
Net asset value per share	$	40.41
P-Class:
Net assets	$	96,151
Capital shares outstanding		2,134
Net asset value per share	$	45.06
Institutional Class:
Net assets	$	3,287,890
Capital shares outstanding		74,078
Net asset value per share	$	44.38

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended March 31, 2023

Investment Income:
Dividends	$	495,169
Interest		20,260
Total investment income		515,429
Expenses:
Management fees		131,688
Distribution and service fees:
A-Class		42,327
C-Class		8,507
P-Class		123
Transfer agent/maintenance fees:
A-Class		23,056
C-Class		1,744
P-Class		262
Institutional Class		3,960
Registration fees		28,904
Professional fees		19,372
Fund accounting/administration fees		12,985
Custodian fees		850
Trustees’ fees*		716
Line of credit fees		640
Miscellaneous		6,986
Total expenses		282,120
Less:
Expenses reimbursed by Adviser:
A-Class		(22,303	)
C-Class		(1,704	)
P-Class		(260	)
Institutional Class		(3,831	)
Expenses waived by Adviser		(26,368	)
Total waived/reimbursed expenses		(54,466	)
Net expenses		227,654
Net investment income		287,775
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		2,065,208
Net realized gain		2,065,208
Net change in unrealized appreciation (depreciation) on:
Investments		2,639,673
Net change in unrealized appreciation (depreciation)		2,639,673
Net realized and unrealized gain		4,704,881
Net increase in net assets resulting from operations	$	4,992,656

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

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

LARGE CAP VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	287,775		$	450,747
Net realized gain on investments		2,065,208			3,580,356
Net change in unrealized appreciation (depreciation) on investments		2,639,673			(6,500,785	)
Net increase (decrease) in net assets resulting from operations		4,992,656			(2,469,682	)
Distributions to shareholders:
A-Class		(2,952,899	)		(2,507,851	)
C-Class		(151,235	)		(71,394	)
P-Class		(8,525	)		(14,229	)
Institutional Class		(518,877	)		(104,499	)
Total distributions to shareholders		(3,631,536	)		(2,697,973	)
Capital share transactions:
Proceeds from sale of shares
A-Class		691,062			1,652,023
C-Class		224,076			1,012,743
P-Class		5,585			97,002
Institutional Class		1,023,004			5,240,686
Distributions reinvested
A-Class		2,884,298			2,467,309
C-Class		137,939			71,394
P-Class		8,525			13,975
Institutional Class		518,877			104,499
Cost of shares redeemed
A-Class		(2,106,422	)		(5,675,420	)
C-Class		(561,184	)		(398,244	)
P-Class		(19,062	)		(195,391	)
Institutional Class		(3,736,596	)		(922,034	)
Net increase (decrease) from capital share transactions		(929,898	)		3,468,542
Net increase (decrease) in net assets		431,222			(1,699,113	)
Net assets:
Beginning of period		37,727,932			39,427,045
End of period	$	38,159,154		$	37,727,932
Capital share activity:
Shares sold
A-Class		14,684			33,081
C-Class		5,353			22,757
P-Class		122			1,910
Institutional Class		22,646			111,528
Shares issued from reinvestment of distributions
A-Class		63,832			50,292
C-Class		3,405			1,605
P-Class		189			286
Institutional Class		11,697			2,166
Shares redeemed
A-Class		(44,932	)		(113,292	)
C-Class		(13,127	)		(8,672	)
P-Class		(402	)		(3,856	)
Institutional Class		(81,956	)		(19,629	)
Net increase (decrease) in shares		(18,489	)		78,176

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

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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	43.75		$	50.08		$	38.17		$	43.56		$	48.08		$	46.96
Income (loss) from investment operations:
Net investment income (loss)b		.33			.56			.41			.97			.62			.48
Net gain (loss) on investments (realized and unrealized)		5.36			(3.40	)		14.51			(2.97	)		(2.66	)		4.46
Total from investment operations		5.69			(2.84	)		14.92			(2.00	)		(2.04	)		4.94
Less distributions from:
Net investment income		(.52	)		(.43	)		(1.30	)		(.70	)		(.36	)		(.51	)
Net realized gains		(3.73	)		(3.06	)		(1.71	)		(2.69	)		(2.12	)		(3.31	)
Total distributions		(4.25	)		(3.49	)		(3.01	)		(3.39	)		(2.48	)		(3.82	)
Net asset value, end of period	$	45.19		$	43.75		$	50.08		$	38.17		$	43.56		$	48.08
Total Returnc		12.99	%		(6.43	%)		40.59	%		(5.58	%)		(3.59	%)		10.82	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	33,258		$	30,733		$	36,678		$	28,548		$	53,248		$	56,369
Ratios to average net assets:
Net investment income (loss)		1.42	%		1.11	%		0.88	%		2.40	%		1.42	%		1.03	%
Total expensesd		1.39	%		1.41	%		1.47	%		1.46	%		1.31	%		1.31	%
Net expensese,f,g		1.12	%		1.13	%		1.15	%		1.15	%		1.15	%		1.15	%
Portfolio turnover rate		9	%		33	%		19	%		25	%		37	%		24	%

C-Class	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	39.44		$	45.43		$	34.79		$	39.77		$	44.03		$	43.29
Income (loss) from investment operations:
Net investment income (loss)b		.14			.18			.05			.62			.26			.12
Net gain (loss) on investments (realized and unrealized)		4.83			(3.07	)		13.23			(2.74	)		(2.40	)		4.09
Total from investment operations		4.97			(2.89	)		13.28			(2.12	)		(2.14	)		4.21
Less distributions from:
Net investment income		(.27	)		(.04	)		(.93	)		(.17	)		—			(.16	)
Net realized gains		(3.73	)		(3.06	)		(1.71	)		(2.69	)		(2.12	)		(3.31	)
Total distributions		(4.00	)		(3.10	)		(2.64	)		(2.86	)		(2.12	)		(3.47	)
Net asset value, end of period	$	40.41		$	39.44		$	45.43		$	34.79		$	39.77		$	44.03
Total Returnc		12.58	%		(7.13	%)		39.55	%		(6.30	%)		(4.28	%)		9.97	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,517		$	1,653		$	1,191		$	911		$	1,533		$	2,632
Ratios to average net assets:
Net investment income (loss)		0.66	%		0.39	%		0.12	%		1.69	%		0.66	%		0.28	%
Total expensesd		2.20	%		2.29	%		2.36	%		2.43	%		2.18	%		2.10	%
Net expensese,f,g		1.87	%		1.88	%		1.89	%		1.90	%		1.90	%		1.90	%
Portfolio turnover rate		9	%		33	%		19	%		25	%		37	%		24	%

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

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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	43.59		$	49.91		$	38.06		$	43.46		$	48.00		$	46.91
Income (loss) from investment operations:
Net investment income (loss)b		.33			.53			.41			.83			.61			.49
Net gain (loss) on investments (realized and unrealized)		5.34			(3.34	)		14.46			(2.82	)		(2.64	)		4.44
Total from investment operations		5.67			(2.81	)		14.87			(1.99	)		(2.03	)		4.93
Less distributions from:
Net investment income		(.47	)		(.45	)		(1.31	)		(.72	)		(.39	)		(.53	)
Net realized gains		(3.73	)		(3.06	)		(1.71	)		(2.69	)		(2.12	)		(3.31	)
Total distributions		(4.20	)		(3.51	)		(3.02	)		(3.41	)		(2.51	)		(3.84	)
Net asset value, end of period	$	45.06		$	43.59		$	49.91		$	38.06		$	43.46		$	48.00
Total Return		13.01	%		(6.44	%)		40.60	%		(5.58	%)		(3.58	%)		10.80	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	96		$	97		$	194		$	170		$	155		$	147
Ratios to average net assets:
Net investment income (loss)		1.43	%		1.05	%		0.87	%		2.12	%		1.41	%		1.03	%
Total expensesd		1.78	%		1.67	%		1.71	%		1.72	%		1.60	%		1.59	%
Net expensese,f,g		1.12	%		1.14	%		1.15	%		1.15	%		1.15	%		1.15	%
Portfolio turnover rate		9	%		33	%		19	%		25	%		37	%		24	%

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

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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	43.11		$	49.39		$	37.71		$	43.08		$	47.60		$	46.56
Income (loss) from investment operations:
Net investment income (loss)b		.39			.71			.52			.98			.71			.64
Net gain (loss) on investments (realized and unrealized)		5.26			(3.38	)		14.31			(2.84	)		(2.63	)		4.35
Total from investment operations		5.65			(2.67	)		14.83			(1.86	)		(1.92	)		4.99
Less distributions from:
Net investment income		(.65	)		(.55	)		(1.44	)		(.82	)		(.48	)		(.64	)
Net realized gains		(3.73	)		(3.06	)		(1.71	)		(2.69	)		(2.12	)		(3.31	)
Total distributions		(4.38	)		(3.61	)		(3.15	)		(3.51	)		(2.60	)		(3.95	)
Net asset value, end of period	$	44.38		$	43.11		$	49.39		$	37.71		$	43.08		$	47.60
Total Return		13.15	%		(6.20	%)		40.93	%		(5.35	%)		(3.33	%)		11.04	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,288		$	5,246		$	1,364		$	477		$	798		$	5,946
Ratios to average net assets:
Net investment income (loss)		1.70	%		1.46	%		1.10	%		2.50	%		1.65	%		1.39	%
Total expensesd		1.14	%		1.15	%		1.24	%		1.35	%		1.14	%		1.00	%
Net expensese,f,g		0.87	%		0.88	%		0.89	%		0.90	%		0.90	%		0.90	%
Portfolio turnover rate		9	%		33	%		19	%		25	%		37	%		24	%

a	Unaudited figures for the period ended March 31, 2023. 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:

	03/31/23a	09/30/22	09/30/21	09/30/20	09/30/19	09/30/18
A-Class	—	—	—	0.00%*	0.00%*	0.00%*
C-Class	—	—	—	0.00%*	—	0.00%*
P-Class	—	—	—	—	—	—
Institutional Class	—	—	—	—	—	—

* Less than 0.01%.

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

	03/31/23a	09/30/22	09/30/21	09/30/20	09/30/19	09/30/18
A-Class	1.12%	1.13%	1.14%	1.15%	1.15%	1.15%
C-Class	1.87%	1.88%	1.89%	1.90%	1.90%	1.90%
P-Class	1.12%	1.13%	1.14%	1.15%	1.15%	1.15%
Institutional Class	0.87%	0.88%	0.89%	0.90%	0.90%	0.90%

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

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)
Rexford Industrial Realty, Inc.	5.1%
Ryman Hospitality Properties, Inc.	4.5%
Gaming and Leisure Properties, Inc.	3.9%
CareTrust REIT, Inc.	3.2%
Agree Realty Corp.	3.1%
AvalonBay Communities, Inc.	3.0%
Four Corners Property Trust, Inc.	2.8%
Equity Residential	2.8%
Sun Communities, Inc.	2.8%
Alexandria Real Estate Equities, Inc.	2.7%
Top Ten Total	33.9%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 37

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Average Annual Returns*

Periods Ended March 31, 2023

	6 Month†	1 Year	5 Year	Since Inception (02/26/16)
A-Class Shares	0.93%	(1.62%)	1.88%	2.73%
A-Class Shares with sales charge‡	(3.86%)	(6.29%)	0.90%	2.03%
C-Class Shares	0.55%	(2.35%)	1.08%	1.95%
C-Class Shares with CDSC§	(0.45%)	(3.32%)	1.08%	1.95%
P-Class Shares	0.96%	(1.61%)	1.81%	2.67%
Institutional Class Shares	1.04%	(1.36%)	2.10%	2.96%
ICE BofA 3-Month U.S. Treasury Bill Index	1.94%	2.53%	1.41%	1.21%

*	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 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.

38 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2023
MARKET NEUTRAL REAL ESTATE FUND

	Shares		Value
COMMON STOCKS† - 48.5%
REITs - 48.5%
REITs-Diversified - 8.3%
Gaming and Leisure Properties, Inc.		34,581	$	1,800,287
InvenTrust Properties Corp.		43,926		1,027,868
SBA Communications Corp.		2,024		528,406
American Tower Corp. — Class A		2,557		522,497
Total REITs-Diversified				3,879,058
REITs-Single Tenant - 5.9%
Agree Realty Corp.		21,127		1,449,523
Four Corners Property Trust, Inc.		49,024		1,316,785
Total REITs-Single Tenant				2,766,308
REITs-Apartments - 5.8%
AvalonBay Communities, Inc.		8,256		1,387,503
Equity Residential		21,839		1,310,340
Total REITs-Apartments				2,697,843
REITs-Health Care - 5.8%
CareTrust REIT, Inc.		76,430		1,496,499
Ventas, Inc.		27,557		1,194,596
Total REITs-Health Care				2,691,095
REITs-Shopping Centers - 5.7%
Brixmor Property Group, Inc.		53,229		1,145,488
Kite Realty Group Trust		36,872		771,362
NETSTREIT Corp.		39,531		722,627
Total REITs-Shopping Centers				2,639,477
REITs-Warehouse/Industries - 5.1%
Rexford Industrial Realty, Inc.		39,608		2,362,617
REITs-Office Property - 4.6%
Alexandria Real Estate Equities, Inc.		10,107		1,269,338
Piedmont Office Realty Trust, Inc. — Class A		61,079		445,877
Boston Properties, Inc.		8,059		436,153
Total REITs-Office Property				2,151,368
REITs-Hotels - 4.5%
Ryman Hospitality Properties, Inc.		23,159		2,078,057
REITs-Manufactured Homes - 2.8%
Sun Communities, Inc.		9,179		1,293,138
Total REITs				22,558,961
Total Common Stocks
(Cost $23,163,168)				22,558,961
MONEY MARKET FUND† - 50.4%
Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares, 4.56%1		23,380,204		23,380,204
Total Money Market Fund
(Cost $23,380,204)				23,380,204
Total Investments - 98.9%
(Cost $46,543,372)			$	45,939,165
Other Assets & Liabilities, net - 1.1%				493,821
Total Net Assets - 100.0%			$	46,432,986

Custom Basket Swap Agreements
Counterparty	Reference Obligation	Type	Financing Rate	Payment Frequency			Maturity Date	Notional Amount		Value and Unrealized Appreciation
OTC Custom Basket Swap Agreements Sold Short††
Morgan Stanley Capital Services LLC	MS Equity Custom Basket	Receive	4.53% (Federal Funds Rate - 0.30%)		At Maturity	07/22/24		$	11,001,907	$	2,017,995
Goldman Sachs International	GS Equity Custom Basket	Receive	4.61% (Federal Funds Rate - 0.22%)		At Maturity	05/06/24			10,987,774		1,999,371
								$	21,989,681	$	4,017,366

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MARKET NEUTRAL REAL ESTATE FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
MS EQUITY SHORT CUSTOM BASKET
Financial
Douglas Emmett, Inc.		50,747		(5.70	)%	$	598,298
Office Properties Income Trust		41,272		(4.61	)%		437,107
Broadstone Net Lease, Inc.		20,216		(3.13	)%		214,447
Essex Property Trust, Inc.		3,641		(6.92	)%		192,675
Necessity Retail REIT, Inc.		69,591		(3.97	)%		127,748
Camden Property Trust		3,351		(3.19	)%		112,988
JBG SMITH Properties		34,005		(4.65	)%		110,100
Apartment Income REIT Corp.		10,555		(3.44	)%		83,029
Realty Income Corp.		19,956		(11.49	)%		53,545
Host Hotels & Resorts, Inc.		6,585		(0.99	)%		21,580
Federal Realty Investment Trust		6,479		(5.82	)%		19,843
Apple Hospitality REIT, Inc.		42,689		(6.02	)%		(1,981	)
Mid-America Apartment Communities, Inc.		4,315		(5.92	)%		(16,906	)
Phillips Edison & Company, Inc.		37,117		(11.00	)%		(31,577	)
STAG Industrial, Inc.		33,426		(10.28	)%		(60,371	)
Welltower, Inc.		8,831		(5.75	)%		(79,489	)
Total Financial							1,781,036
Exchange-Traded Funds
Vanguard Real Estate ETF		9,437		(7.12	)%		236,959
Total MS Equity Short Custom Basket						$	2,017,995

GS EQUITY SHORT CUSTOM BASKET
Financial
Douglas Emmett, Inc.	50,747	(5.69	)%		600,119
Office Properties Income Trust	41,272	(4.62	)%		438,129
Broadstone Net Lease, Inc.	20,216	(3.13	)%		207,297
Essex Property Trust, Inc.	3,641	(6.93	)%		189,447
Necessity Retail REIT, Inc.	69,591	(3.98	)%		128,567
Camden Property Trust	3,351	(3.20	)%		112,933
JBG SMITH Properties	33,066	(4.53	)%		108,601
Apartment Income REIT Corp.	10,555	(3.44	)%		82,666
Realty Income Corp.	19,956	(11.50	)%		52,677
Host Hotels & Resorts, Inc.	6,585	(0.99	)%		21,651
Federal Realty Investment Trust	6,479	(5.83	)%		18,737
Apple Hospitality REIT, Inc.	42,689	(6.03	)%		(1,990	)
Mid-America Apartment Communities, Inc.	4,315	(5.93	)%		(16,684	)
Phillips Edison & Company, Inc.	37,117	(11.02	)%		(38,216	)
STAG Industrial, Inc.	33,426	(10.29	)%		(61,020	)
Welltower, Inc.	8,831	(5.76	)%		(80,374	)
Total Financial					1,762,540
Exchange-Traded Funds
Vanguard Real Estate ETF	9,437	(7.13	)%		236,831
Total GS Equity Short Custom Basket				$	1,999,371

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2023
MARKET NEUTRAL REAL ESTATE FUND

†	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, 2023.
	GS — Goldman Sachs International
	MS — Morgan Stanley Capital Services LLC
	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, 2023 (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	$	22,558,961	$	—	$	—	$	22,558,961
Money Market Fund		23,380,204		—		—		23,380,204
Equity Custom Basket Swap Agreements**		—		4,017,366		—		4,017,366
Total Assets	$	45,939,165	$	4,017,366	$	—	$	49,956,531

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

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

MARKET NEUTRAL REAL ESTATE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2023

Assets:
Investments, at value (cost $46,543,372)	$	45,939,165
Cash		42
Unrealized appreciation on OTC swap agreements		4,017,366
Prepaid expenses		54,220
Receivables:
Dividends		154,181
Interest		85,042
Fund shares sold		6,023
Total assets		50,256,039
Liabilities:
Segregated cash due to broker		2,960,000
Payable for:
Swap settlement		749,870
Management fees		32,972
Fund shares redeemed		26,860
Transfer agent/maintenance fees		11,381
Fund accounting/administration fees		4,586
Distribution and service fees		584
Due to Investment Adviser		415
Trustees’ fees*		355
Miscellaneous		36,030
Total liabilities		3,823,053
Net assets	$	46,432,986
Net assets consist of:
Paid in capital	$	47,403,965
Total distributable earnings (loss)		(970,979	)
Net assets	$	46,432,986
A-Class:
Net assets	$	450,765
Capital shares outstanding		16,543
Net asset value per share	$	27.25
Maximum offering price per share (Net asset value divided by 95.25%)	$	28.61
C-Class:
Net assets	$	212,694
Capital shares outstanding		8,242
Net asset value per share	$	25.81
P-Class:
Net assets	$	1,452,529
Capital shares outstanding		55,205
Net asset value per share	$	26.31
Institutional Class:
Net assets	$	44,316,998
Capital shares outstanding		1,641,528
Net asset value per share	$	27.00

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended March 31, 2023

Investment Income:
Dividends	$	415,278
Interest		417,248
Total investment income		832,526
Expenses:
Management fees		263,609
Distribution and service fees:
A-Class		550
C-Class		1,082
P-Class		1,949
Transfer agent/maintenance fees:
A-Class		1,444
C-Class		207
P-Class		1,550
Institutional Class		35,575
Registration fees		36,035
Professional fees		25,519
Fund accounting and administration fees		14,521
Interest expense		13,812
Trustees’ fees*		6,647
Line of credit fees		721
Custodian fees		469
Miscellaneous		7,883
Recoupment of previously waived fees:
P-Class		16
Institutional Class		389
Total expenses		411,978
Less:
Expenses reimbursed by Adviser:
A-Class		(1,444	)
C-Class		(207	)
P-Class		(1,550	)
Institutional Class		(35,575	)
Expenses waived by Adviser		(26,132	)
Earnings credits applied		(467	)
Total waived/reimbursed expenses		(65,375	)
Net expenses		346,603
Net investment income		485,923
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(1,319,377	)
Swap agreements		358,802
Net realized loss		(960,575	)
Net change in unrealized appreciation (depreciation) on:
Investments		1,645,330
Swap agreements		(695,459	)
Net change in unrealized appreciation (depreciation)		949,871
Net realized and unrealized loss		(10,704	)
Net increase in net assets resulting from operations	$	475,219

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

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

MARKET NEUTRAL REAL ESTATE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	485,923		$	99,279
Net realized loss on investments		(960,575	)		(2,097,736	)
Net change in unrealized appreciation (depreciation) on investments		949,871			679,359
Net increase (decrease) in net assets resulting from operations		475,219			(1,319,098	)
Distributions to shareholders:
A-Class		—			—
C-Class		—			—
P-Class		—			—
Institutional Class		(99,279	)		(161,651	)
Total distributions to shareholders		(99,279	)		(161,651	)
Capital share transactions:
Proceeds from sale of shares
A-Class		9,606			120,328
C-Class		180			50,203
P-Class		1,788			298,054
Institutional Class		7,900,422			11,581,110
Distributions reinvested
A-Class		—			—
C-Class		—			—
P-Class		—			—
Institutional Class		99,279			161,357
Cost of shares redeemed
A-Class		(4,123	)		(1,539,819	)
C-Class		(19,120	)		(53,438	)
P-Class		(259,677	)		(1,266,443	)
Institutional Class		(8,088,149	)		(19,898,533	)
Net decrease from capital share transactions		(359,794	)		(10,547,181	)
Net increase (decrease) in net assets		16,146			(12,027,930	)
Net assets:
Beginning of period		46,416,840			58,444,770
End of period	$	46,432,986		$	46,416,840
Capital share activity:
Shares sold
A-Class		359			4,326
C-Class		7			1,906
P-Class		69			11,128
Institutional Class		296,270			424,223
Shares issued from reinvestment of distributions
A-Class		—			—
C-Class		—			—
P-Class		—			—
Institutional Class		3,736			5,876
Shares redeemed
A-Class		(154	)		(55,191	)
C-Class		(753	)		(2,020	)
P-Class		(10,017	)		(47,625	)
Institutional Class		(303,624	)		(729,644	)
Net decrease in shares		(14,107	)		(387,021	)

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

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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	27.00		$	27.78		$	28.18		$	26.95		$	25.16		$	26.47
Income (loss) from investment operations:
Net investment income (loss)b		.24			(.07	)		(.08	)		(.02	)		.25			.50
Net gain (loss) on investments (realized and unrealized)		.01			(.71	)		(.24	)		2.30			1.78			(.41	)
Total from investment operations		.25			(.78	)		(.32	)		2.28			2.03			.09
Less distributions from:
Net investment income		—			—			(.02	)		(.25	)		(.01	)		—
Net realized gains		—			—			(.06	)		(.80	)		(.23	)		(1.40	)
Total distributions		—			—			(.08	)		(1.05	)		(.24	)		(1.40	)
Net asset value, end of period	$	27.25		$	27.00		$	27.78		$	28.18		$	26.95		$	25.16
Total Returnc		0.93	%		(2.81	%)		(1.14	%)		8.81	%		8.12	%		0.13	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	451		$	441		$	1,867		$	11,723		$	2,766		$	2,482
Ratios to average net assets:
Net investment income (loss)		1.82	%		(0.25	%)		(0.29	%)		(0.06	%)		0.96	%		2.00	%
Total expensesd		2.45	%		2.42	%		2.08	%		2.38	%		3.99	%		5.01	%
Net expensese,f,g		1.68	%		1.64	%		1.64	%		1.65	%		1.62	%		1.65	%
Portfolio turnover rate		37	%		49	%		264	%		355	%		180	%		216	%

C-Class	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	25.67		$	26.61		$	27.20		$	26.07		$	24.67		$	26.16
Income (loss) from investment operations:
Net investment income (loss)b		.13			(.19	)		(.22	)		(.15	)		.05			.12
Net gain (loss) on investments (realized and unrealized)		.01			(.75	)		(.29	)		2.16			1.70			(.21	)
Total from investment operations		.14			(.94	)		(.51	)		2.01			1.75			(.09	)
Less distributions from:
Net investment income		—			—			(.02	)		(.08	)		(.12	)		—
Net realized gains		—			—			(.06	)		(.80	)		(.23	)		(1.40	)
Total distributions		—			—			(.08	)		(.88	)		(.35	)		(1.40	)
Net asset value, end of period	$	25.81		$	25.67		$	26.61		$	27.20		$	26.07		$	24.67
Total Returnc		0.55	%		(3.53	%)		(1.88	%)		7.99	%		7.15	%		(0.59	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	213		$	231		$	242		$	333		$	135		$	134
Ratios to average net assets:
Net investment income (loss)		1.02	%		(0.72	%)		(0.83	%)		(0.56	%)		0.18	%		0.47	%
Total expensesd		2.73	%		2.72	%		2.71	%		3.17	%		4.66	%		5.72	%
Net expensese,f,g		2.43	%		2.39	%		2.39	%		2.40	%		2.40	%		2.38	%
Portfolio turnover rate		37	%		49	%		264	%		355	%		180	%		216	%

44 | 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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	26.07		$	26.83		$	27.23		$	26.10		$	25.14		$	26.48
Income (loss) from investment operations:
Net investment income (loss)b		.23			(.03	)		(.04	)		—	h		.20			.33
Net gain (loss) on investments (realized and unrealized)		.01			(.73	)		(.28	)		2.20			1.71			(.27	)
Total from investment operations		.24			(.76	)		(.32	)		2.20			1.91			.06
Less distributions from:
Net investment income		—			—			(.02	)		(.27	)		(.72	)		—
Net realized gains		—			—			(.06	)		(.80	)		(.23	)		(1.40	)
Total distributions		—			—			(.08	)		(1.07	)		(.95	)		(1.40	)
Net asset value, end of period	$	26.31		$	26.07		$	26.83		$	27.23		$	26.10		$	25.14
Total Return		0.96	%		(2.83	%)		(1.17	%)		8.79	%		7.80	%		0.09	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,453		$	1,699		$	2,727		$	8,360		$	332		$	488
Ratios to average net assets:
Net investment income (loss)		1.74	%		(0.11	%)		(0.16	%)		0.00	%		0.77	%		1.26	%
Total expensesd		1.99	%		1.95	%		1.91	%		2.00	%		4.05	%		4.93	%
Net expensese,f,g		1.68	%		1.64	%		1.64	%		1.65	%		1.65	%		1.65	%
Portfolio turnover rate		37	%		49	%		264	%		355	%		180	%		216	%

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

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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	26.77		$	27.57		$	27.92		$	26.74		$	25.32		$	26.57
Income (loss) from investment operations:
Net investment income (loss)b		.27			.06			.07			.09			.31			.36
Net gain (loss) on investments (realized and unrealized)		.02			(.78	)		(.31	)		2.23			1.73			(.21	)
Total from investment operations		.29			(.72	)		(.24	)		2.32			2.04			.15
Less distributions from:
Net investment income		(.06	)		(.08	)		(.05	)		(.34	)		(.39	)		—
Net realized gains		—			—			(.06	)		(.80	)		(.23	)		(1.40	)
Total distributions		(.06	)		(.08	)		(.11	)		(1.14	)		(.62	)		(1.40	)
Net asset value, end of period	$	27.00		$	26.77		$	27.57		$	27.92		$	26.74		$	25.32
Total Return		1.04	%		(2.57	%)		(0.87	%)		9.06	%		8.19	%		0.36	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	44,317		$	44,047		$	53,609		$	37,399		$	5,479		$	5,083
Ratios to average net assets:
Net investment income (loss)		2.04	%		0.21	%		0.27	%		0.32	%		1.18	%		1.39	%
Total expensesd		1.70	%		1.64	%		1.58	%		1.85	%		3.57	%		4.59	%
Net expensese,f,g		1.43	%		1.39	%		1.39	%		1.40	%		1.40	%		1.40	%
Portfolio turnover rate		37	%		49	%		264	%		355	%		180	%		216	%

a	Unaudited figures for the period ended March 31, 2023. 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:

	3/31/2023a	9/30/2022	9/30/2021	9/30/2020	9/30/2019
A-Class	—	—	—	0.00%*	0.00%*
C-Class	—	0.00%*	—	0.00%*	0.02%
P-Class	—	0.01%	—	0.00%*	0.01%
Institutional Class	—	0.01%	—	0.00%*	0.03%

* Less than 0.01%.

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

	3/31/2023a	9/30/2022	9/30/2021	9/30/2020	9/30/2019
A-Class	1.62%	1.63%	1.63%	1.65%	1.62%
C-Class	2.37%	2.38%	2.38%	2.40%	2.40%
P-Class	1.62%	1.63%	1.63%	1.64%	1.65%
Institutional Class	1.37%	1.38%	1.39%	1.40%	1.40%

^h Less than $0.01 per share.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

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)
Prologis, Inc.	11.7%
Equinix, Inc.	6.0%
Public Storage	4.5%
AvalonBay Communities, Inc.	3.6%
Simon Property Group, Inc.	3.4%
Equity Residential	3.4%
VICI Properties, Inc.	3.0%
Alexandria Real Estate Equities, Inc.	2.9%
Sun Communities, Inc.	2.7%
Ventas, Inc.	2.6%
Top Ten Total	43.8%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 47

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Average Annual Returns*

Periods Ended March 31, 2023

	6 Month†	1 Year	5 Year	Since Inception (03/28/14)
A-Class Shares	6.31%	(17.95%)	7.20%	8.29%
A-Class Shares with sales charge‡	1.26%	(21.86%)	6.16%	7.71%
C Class Shares	5.95%	(18.52%)	6.37%	7.47%
C-Class Shares with CDSC§	4.95%	(19.28%)	6.37%	7.47%
Institutional Class Shares	6.46%	(17.69%)	7.50%	8.60%
FTSE NAREIT Equity REITs Total Return Index	8.07%	(19.22%)	6.02%	6.26%

	6 Month†	1 Year	5 Year	Since Inception (05/01/15)
P-Class Shares	6.28%	(17.98%)	7.14%	6.44%
FTSE NAREIT Equity REITs Total Return Index	8.07%	(19.22%)	6.02%	4.83%

*	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 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.
‡	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.

48 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2023
RISK MANAGED REAL ESTATE FUND

	Shares		Value
COMMON STOCKS† - 93.0%
REITs - 93.0%
REITs-Diversified - 17.4%
Equinix, Inc.		34,674	$	25,001,341
VICI Properties, Inc.		386,323		12,601,856
Gaming and Leisure Properties, Inc.		199,014		10,360,669
Digital Realty Trust, Inc.		90,758		8,922,419
WP Carey, Inc.		75,197		5,824,008
InvenTrust Properties Corp.		174,302		4,078,667
American Tower Corp. — Class A		12,022		2,456,575
SBA Communications Corp.		8,947		2,335,793
EPR Properties		26,528		1,010,717
Total REITs-Diversified				72,592,045
REITs-Warehouse/Industries - 15.8%
Prologis, Inc.1		390,188		48,683,757
Rexford Industrial Realty, Inc.		170,118		10,147,539
Americold Realty Trust, Inc.1		99,270		2,824,231
First Industrial Realty Trust, Inc.		47,938		2,550,302
Terreno Realty Corp.		27,938		1,804,795
Total REITs-Warehouse/Industries				66,010,624
REITs-Apartments - 12.7%
AvalonBay Communities, Inc.		88,543		14,880,537
Equity Residential1		235,820		14,149,200
Invitation Homes, Inc.		232,953		7,275,122
Essex Property Trust, Inc.		19,687		4,117,339
UDR, Inc.		94,727		3,889,491
Mid-America Apartment Communities, Inc.		23,447		3,541,435
American Homes 4 Rent — Class A		107,364		3,376,598
Camden Property Trust		16,240		1,702,602
Total REITs-Apartments				52,932,324
REITs-Storage - 10.0%
Public Storage		62,768		18,964,724
Extra Space Storage, Inc.		49,505		8,065,850
Life Storage, Inc.		47,677		6,249,978
Iron Mountain, Inc.		109,557		5,796,661
National Storage Affiliates Trust		70,519		2,946,284
Total REITs-Storage				42,023,497
REITs-Health Care - 9.7%
Ventas, Inc.		253,406		10,985,150
Welltower, Inc.		145,433		10,426,092
CareTrust REIT, Inc.		283,531		5,551,537
Healthpeak Properties, Inc.		221,830		4,873,605
Sabra Health Care REIT, Inc.		335,565		3,858,997
Healthcare Realty Trust, Inc.		148,514		2,870,776
Medical Properties Trust, Inc.		230,186		1,892,129
Total REITs-Health Care				40,458,286
REITs-Shopping Centers - 6.0%
Brixmor Property Group, Inc.		275,337		5,925,252
Kite Realty Group Trust		232,278		4,859,256
Kimco Realty Corp.		242,527		4,736,552
Regency Centers Corp.		65,484		4,006,311
NETSTREIT Corp.		212,336		3,881,502
Federal Realty Investment Trust		11,488		1,135,359
Acadia Realty Trust		35,562		496,090
Total REITs-Shopping Centers				25,040,322
REITs-Single Tenant - 5.8%
Realty Income Corp.		153,944		9,747,734
Agree Realty Corp.		96,691		6,633,970
Four Corners Property Trust, Inc.		197,558		5,306,408
National Retail Properties, Inc.		51,854		2,289,354
Total REITs-Single Tenant				23,977,466
REITs-Office Property - 5.6%
Alexandria Real Estate Equities, Inc.		95,633		12,010,548
Boston Properties, Inc.		89,033		4,818,466
Piedmont Office Realty Trust, Inc. — Class A		249,858		1,823,963
Kilroy Realty Corp.		45,640		1,478,736
Cousins Properties, Inc.		63,953		1,367,315
Highwoods Properties, Inc.1		39,844		923,982
Hudson Pacific Properties, Inc.		57,615		383,140
Empire State Realty Trust, Inc. — Class A1		54,518		353,822
Total REITs-Office Property				23,159,972
REITs-Manufactured Homes - 3.8%
Sun Communities, Inc.		80,911		11,398,742
Equity LifeStyle Properties, Inc.		67,050		4,501,066
Total REITs-Manufactured Homes				15,899,808
REITs-Regional Malls - 3.4%
Simon Property Group, Inc.		126,529		14,167,452
REITs-Hotels - 2.8%
Ryman Hospitality Properties, Inc.		70,953		6,366,613
Xenia Hotels & Resorts, Inc.		106,581		1,395,145
DiamondRock Hospitality Co.1		165,955		1,349,214
Park Hotels & Resorts, Inc.		86,998		1,075,295
Host Hotels & Resorts, Inc.		58,277		960,988
Pebblebrook Hotel Trust		49,296		692,116
Total REITs-Hotels				11,839,371
Total REITs				388,101,167
Total Common Stocks
(Cost $406,705,710)				388,101,167
MONEY MARKET FUND† - 5.0%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.43%2		20,803,883		20,803,883
Total Money Market Fund
(Cost $20,803,883)				20,803,883
Total Investments - 98.0%
(Cost $427,509,593)			$	408,905,050

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
RISK MANAGED REAL ESTATE FUND

	Shares		Value
COMMON STOCKS SOLD SHORT† - (5.2)%
REITs - (5.2)%
REITs-Health Care - (0.3)%
Welltower, Inc.		18,832	$	(1,350,066	)
REITs-Hotels - (0.4)%
Host Hotels & Resorts, Inc.		14,076		(232,113	)
Apple Hospitality REIT, Inc.		91,033		(1,412,832	)
Total REITs-Hotels				(1,644,945	)
REITs-Diversified - (0.4)%
Broadstone Net Lease, Inc.		43,112		(733,335	)
Necessity Retail REIT, Inc.		148,399		(931,946	)
Total REITs-Diversified				(1,665,281	)
REITs-Warehouse/Industries - (0.6)%
STAG Industrial, Inc.		71,279		(2,410,656	)
REITs-Single Tenant - (0.6)%
Realty Income Corp.		42,556		(2,694,646	)
REITs-Office Property - (0.9)%
JBG SMITH Properties		70,246		(1,057,905	)
Office Properties Income Trust		88,012		(1,082,548	)
Douglas Emmett, Inc.		108,217		(1,334,316	)
Total REITs-Office Property				(3,474,769	)
REITs-Shopping Centers - (0.9)%
Federal Realty Investment Trust		13,817		(1,365,534	)
Phillips Edison & Company, Inc.		79,151		(2,581,906	)
Total REITs-Shopping Centers				(3,947,440	)
REITs-Apartments - (1.1)%
Camden Property Trust		7,146		(749,187	)
Apartment Income REIT Corp.		22,508		(806,011	)
Mid-America Apartment Communities, Inc.		9,202		(1,389,870	)
Essex Property Trust, Inc.		7,765		(1,623,972	)
Total REITs-Apartments				(4,569,040	)
Total REITs				(21,756,843	)
Total Common Stocks Sold Short
(Proceeds $26,729,127)				(21,756,843	)
EXCHANGE-TRADED FUNDS SOLD SHORT† - (0.4)%
Vanguard Real Estate ETF		20,247		(1,681,311	)
Total Exchange-Traded Funds Sold Short
(Proceeds $1,838,587)				(1,681,311	)
Total Securities Sold Short - (5.6)%
(Proceeds $28,567,714)			$	(23,438,154	)
Other Assets & Liabilities, net - 7.6%				31,887,946
Total Net Assets - 100.0%			$	417,354,842

Custom Basket Swap Agreements

Counterparty

Reference Obligation

Type

Financing Rate

Payment Frequency

Maturity Date

Notional Amount

Value and Unrealized Appreciation (Depreciation)

OTC Custom Basket Swap Agreements††

Morgan Stanley Capital Services LLC

MS Equity Custom Basket

Pay

5.23% (Federal Funds Rate + 0.40%)

At Maturity

06/12/24

$

23,658,393

$

(309,506

)

Goldman Sachs International

GS Equity Custom Basket

Pay

5.28% (Federal Funds Rate + 0.45%)

At Maturity

05/06/24

23,711,706

(317,810

)

$

47,370,099

$

(627,316

)

OTC Custom Basket Swap Agreements Sold Short††

Morgan Stanley Capital Services LLC

MS Equity Custom Basket

Receive

4.53% (Federal Funds Rate - 0.30%)

At Maturity

06/12/24

$

23,043,125

$

5,994,236

Goldman Sachs International

GS Equity Custom Basket

Receive

4.61% (Federal Funds Rate - 0.22%)

At Maturity

05/06/24

23,063,139

5,976,053

$

46,106,264

$

11,970,289

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
RISK MANAGED REAL ESTATE FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
MS EQUITY LONG CUSTOM BASKET
Financial
Gaming and Leisure Properties, Inc.		36,320		7.98	%	$	411,944
Ryman Hospitality Properties, Inc.		24,228		9.19	%		264,798
CareTrust REIT, Inc.		80,274		6.64	%		117,262
Rexford Industrial Realty, Inc.		41,600		10.49	%		62,824
Sun Communities, Inc.		9,641		5.74	%		38,286
Brixmor Property Group, Inc.		55,906		5.09	%		16,601
Agree Realty Corp.		22,190		6.44	%		8,447
Kite Realty Group Trust		38,726		3.42	%		276
InvenTrust Properties Corp.		46,135		4.56	%		(10,175	)
AvalonBay Communities, Inc.		8,671		6.16	%		(20,148	)
Ventas, Inc.		28,943		5.30	%		(28,097	)
Four Corners Property Trust, Inc.		51,490		5.85	%		(29,526	)
Equity Residential		22,937		5.82	%		(38,249	)
NETSTREIT Corp.		40,061		3.10	%		(52,949	)
American Tower Corp. — Class A		2,686		2.32	%		(109,978	)
SBA Communications Corp.		2,126		2.35	%		(116,094	)
Boston Properties, Inc.		8,464		1.94	%		(232,918	)
Piedmont Office Realty Trust, Inc. — Class A		64,151		1.98	%		(284,988	)
Alexandria Real Estate Equities, Inc.		10,615		5.63	%		(306,822	)
Total Financial							(309,506	)
Total MS Equity Long Custom Basket						$	(309,506	)
MS EQUITY SHORT CUSTOM BASKET
Financial
Douglas Emmett, Inc.		106,599		(5.69	)%		1,520,975
Office Properties Income Trust		86,696		(4.63	)%		1,118,095
Essex Property Trust, Inc.		7,649		(6.94	)%		439,552
Broadstone Net Lease, Inc.		41,040		(3.03	)%		407,693
Necessity Retail REIT, Inc.		146,181		(3.98	)%		329,152
Apartment Income REIT Corp.		22,172		(3.45	)%		289,359
Camden Property Trust		7,039		(3.20	)%		285,357
Realty Income Corp.		41,920		(11.52	)%		247,471
Mid-America Apartment Communities, Inc.		9,064		(5.94	)%		234,503
JBG SMITH Properties		68,980		(4.51	)%		222,928
STAG Industrial, Inc.		70,214		(10.31	)%		150,754
Apple Hospitality REIT, Inc.		89,672		(6.04	)%		119,724
Federal Realty Investment Trust		13,610		(5.84	)%		52,889
Host Hotels & Resorts, Inc.		13,833		(0.99	)%		49,255
Phillips Edison & Company, Inc.		77,968		(11.04	)%		41,057
Welltower, Inc.		18,551		(5.77	)%		(150,407	)
Total Financial							5,358,357
Exchange Traded Funds
Vanguard Real Estate ETF		19,745		(7.12	)%		635,879
Total MS Equity Short Custom Basket						$	5,994,236

GS EQUITY LONG CUSTOM BASKET
Financial
Gaming and Leisure Properties, Inc.	36,320	7.99	%	$	412,470
Ryman Hospitality Properties, Inc.	24,228	9.17	%		265,462
CareTrust REIT, Inc.	80,274	6.63	%		116,651
Rexford Industrial Realty, Inc.	41,600	10.47	%		64,626
Sun Communities, Inc.	9,641	5.73	%		39,548
Brixmor Property Group, Inc.	55,906	5.07	%		16,846
Kite Realty Group Trust	38,726	3.42	%		5,106
Agree Realty Corp.	22,190	6.42	%		1,286
InvenTrust Properties Corp.	46,135	4.55	%		(4,841	)
AvalonBay Communities, Inc.	8,671	6.15	%		(20,670	)
Ventas, Inc.	28,943	5.29	%		(28,073	)
Four Corners Property Trust, Inc.	51,490	5.83	%		(32,333	)
Equity Residential	22,937	5.80	%		(41,794	)
NETSTREIT Corp.	42,977	3.31	%		(61,738	)
American Tower Corp. — Class A	2,686	2.31	%		(110,067	)
SBA Communications Corp.	2,126	2.34	%		(115,598	)
Boston Properties, Inc.	8,464	1.93	%		(234,263	)
Piedmont Office Realty Trust, Inc. — Class A	64,151	1.97	%		(283,838	)
Alexandria Real Estate Equities, Inc.	10,615	5.62	%		(306,590	)
Total Financial					(317,810	)
Total GS Equity Long Custom Basket				$	(317,810	)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
RISK MANAGED REAL ESTATE FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
GS EQUITY SHORT CUSTOM BASKET
Financial
Douglas Emmett, Inc.		106,599		(5.69	)%	$	1,524,698
Office Properties Income Trust		86,696		(4.62	)%		1,122,662
Broadstone Net Lease, Inc.		43,892		(3.24	)%		433,964
Essex Property Trust, Inc.		7,649		(6.94	)%		430,506
Necessity Retail REIT, Inc.		146,181		(3.98	)%		330,886
Apartment Income REIT Corp.		22,172		(3.44	)%		289,160
Camden Property Trust		7,039		(3.20	)%		285,563
Realty Income Corp.		41,920		(11.51	)%		248,069
Mid-America Apartment Communities, Inc.		9,064		(5.94	)%		235,611
JBG SMITH Properties		67,087		(4.38	)%		219,871
STAG Industrial, Inc.		70,214		(10.30	)%		149,031
Apple Hospitality REIT, Inc.		89,672		(6.03	)%		91,773
Federal Realty Investment Trust		13,610		(5.83	)%		50,696
Host Hotels & Resorts, Inc.		13,833		(0.99	)%		49,713
Phillips Edison & Company, Inc.		77,968		(11.03	)%		29,912
Welltower, Inc.		18,551		(5.77	)%		(152,661	)
Total Financial							5,339,454
Exchange Traded Funds
Vanguard Real Estate ETF		19,745		(7.11	)%		636,599
Total GS Equity Short Custom Basket						$	5,976,053

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2023
RISK MANAGED REAL ESTATE FUND

†	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 equity custom basket swap collateral at March 31, 2023.
2	Rate indicated is the 7-day yield as of March 31, 2023.
	GS — Goldman Sachs International
	MS — Morgan Stanley Capital Services LLC
	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, 2023 (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	$	388,101,167	$	—	$	—	$	388,101,167
Money Market Fund		20,803,883		—		—		20,803,883
Equity Custom Basket Swap Agreements**		—		11,970,289		—		11,970,289
Total Assets	$	408,905,050	$	11,970,289	$	—	$	420,875,339

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks Sold Short	$	21,756,843	$	—	$	—	$	21,756,843
Exchange-Traded Funds Sold Short		1,681,311		—		—		1,681,311
Equity Custom Basket Swap Agreements**		—		627,316		—		627,316
Total Liabilities	$	23,438,154	$	627,316	$	—	$	24,065,470

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

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

RISK MANAGED REAL ESTATE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2023

Assets:
Investments, at value (cost $427,509,593)	$	408,905,050
Cash		27,313,346
Unrealized appreciation on OTC swap agreements		11,970,289
Prepaid expenses		69,978
Receivables:
Dividends		1,604,765
Fund shares sold		217,373
Interest		66,289
Total assets		450,147,090
Liabilities:
Securities sold short, at value (proceeds $28,567,714)		23,438,154
Segregated cash due to broker		6,603,030
Unrealized depreciation on OTC swap agreements		627,316
Payable for:
Fund shares redeemed		767,667
Swap settlement		635,683
Distributions to shareholders		403,750
Management fees		194,424
Transfer agent/maintenance fees		11,528
Distribution and service fees		7,882
Fund accounting/administration fees		7,731
Trustees’ fees*		1,968
Due to Investment Adviser		83
Miscellaneous		93,032
Total liabilities		32,792,248
Net assets	$	417,354,842
Net assets consist of:
Paid in capital	$	438,664,108
Total distributable earnings (loss)		(21,309,266	)
Net assets	$	417,354,842
A-Class:
Net assets	$	5,438,187
Capital shares outstanding		183,632
Net asset value per share	$	29.61
Maximum offering price per share (Net asset value divided by 95.25%)	$	31.09
C-Class:
Net assets	$	5,145,235
Capital shares outstanding		175,212
Net asset value per share	$	29.37
P-Class:
Net assets	$	10,713,386
Capital shares outstanding		359,599
Net asset value per share	$	29.79
Institutional Class:
Net assets	$	396,058,034
Capital shares outstanding		13,178,454
Net asset value per share	$	30.05

* 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.

RISK MANAGED REAL ESTATE FUND

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended March 31, 2023

Investment Income:
Dividends	$	7,740,220
Interest		569,537
Total investment income		8,309,757
Expenses:
Management fees		1,634,298
Distribution and service fees:
A-Class		8,511
C-Class		27,649
P-Class		14,708
Transfer agent/maintenance fees:
A-Class		6,601
C-Class		3,023
P-Class		14,321
Institutional Class		157,990
Interest expense		1,117,815
Fund accounting/administration fees		95,012
Professional fees		48,326
Custodian fees		11,262
Trustees’ fees*		9,054
Line of credit fees		8,282
Miscellaneous		66,395
Recoupment of previously waived fees:
A-Class		1,065
C-Class		724
P-Class		522
Institutional Class		66,878
Total expenses		3,292,436
Less:
Expenses reimbursed by Adviser:
A-Class		(992	)
C-Class		(419	)
P-Class		(3,346	)
Expenses waived by Adviser		(133,354	)
Earnings credits applied		(1,877	)
Total waived/reimbursed expenses		(139,988	)
Net expenses		3,152,448
Net investment income		5,157,309
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(1,299,821	)
Investments sold short		1,461,143
Swap agreements		(2,584,207	)
Net realized loss		(2,422,885	)
Net change in unrealized appreciation (depreciation) on:
Investments		23,883,736
Investments sold short		(1,736,643	)
Swap agreements		2,750,481
Net change in unrealized appreciation (depreciation)		24,897,574
Net realized and unrealized gain		22,474,689
Net increase in net assets resulting from operations	$	27,631,998

* 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 | 55

RISK MANAGED REAL ESTATE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	5,157,309		$	4,716,299
Net realized gain (loss) on investments		(2,422,885	)		20,235,456
Net change in unrealized appreciation (depreciation) on investments		24,897,574			(108,444,583	)
Net increase (decrease) in net assets resulting from operations		27,631,998			(83,492,828	)
Distributions to shareholders:
A-Class		(311,495	)		(666,926	)
C-Class		(281,313	)		(281,353	)
P-Class		(613,207	)		(925,053	)
Institutional Class		(23,076,081	)		(31,535,699	)
Total distributions to shareholders		(24,282,096	)		(33,409,031	)
Capital share transactions:
Proceeds from sale of shares
A-Class		688,085			4,919,886
C-Class		541,231			2,965,796
P-Class		864,615			15,465,403
Institutional Class		59,917,546			187,411,653
Distributions reinvested
A-Class		288,764			503,570
C-Class		269,606			266,910
P-Class		613,207			925,053
Institutional Class		20,460,499			28,721,651
Cost of shares redeemed
A-Class		(4,764,003	)		(4,115,443	)
C-Class		(1,074,940	)		(1,492,977	)
P-Class		(3,597,595	)		(14,526,672	)
Institutional Class		(97,061,641	)		(162,507,077	)
Net increase (decrease) from capital share transactions		(22,854,626	)		58,537,753
Net decrease in net assets		(19,504,724	)		(58,364,106	)
Net assets:
Beginning of period		436,859,566			495,223,672
End of period	$	417,354,842		$	436,859,566
Capital share activity:
Shares sold
A-Class		22,996			132,091
C-Class		18,462			79,841
P-Class		28,015			395,522
Institutional Class		1,944,590			4,970,480
Shares issued from reinvestment of distributions
A-Class		9,908			13,022
C-Class		9,332			6,928
P-Class		20,912			23,778
Institutional Class		691,698			734,856
Shares redeemed
A-Class		(155,963	)		(112,310	)
C-Class		(36,739	)		(40,193	)
P-Class		(118,430	)		(390,592	)
Institutional Class		(3,169,635	)		(4,452,685	)
Net increase (decrease) in shares		(734,854	)		1,360,738

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

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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	29.48		$	36.87		$	29.97		$	34.11		$	28.93		$	29.70
Income (loss) from investment operations:
Net investment income (loss)b		.26			.23			.32			.31			.34			.41
Net gain (loss) on investments (realized and unrealized)		1.57			(5.35	)		8.86			(2.53	)		5.65			.38
Total from investment operations		1.83			(5.12	)		9.18			(2.22	)		5.99			.79
Less distributions from:
Net investment income		(.41	)		(.55	)		(.54	)		(.63	)		(.55	)		(.52	)
Net realized gains		(1.29	)		(1.72	)		(1.74	)		(1.29	)		(.26	)		(1.04	)
Total distributions		(1.70	)		(2.27	)		(2.28	)		(1.92	)		(.81	)		(1.56	)
Net asset value, end of period	$	29.61		$	29.48		$	36.87		$	29.97		$	34.11		$	28.93
Total Returnc		6.31	%		(15.31	%)		32.13	%		(6.73	%)		21.12	%		2.70	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,438		$	9,043		$	10,098		$	15,857		$	16,682		$	13,772
Ratios to average net assets:
Net investment income (loss)		1.73	%		0.62	%		0.95	%		0.99	%		1.09	%		1.42	%
Total expensesd		1.88	%		1.62	%		1.39	%		1.71	%		1.89	%		1.78	%
Net expensese,f,g		1.82	%		1.58	%		1.38	%		1.70	%		1.88	%		1.76	%
Portfolio turnover rate		10	%		47	%		80	%		180	%		122	%		107	%

C-Class	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	29.23		$	36.55		$	29.76		$	33.88		$	28.75		$	29.54
Income (loss) from investment operations:
Net investment income (loss)b		.20			(.01	)		.05			.08			.11			.15
Net gain (loss) on investments (realized and unrealized)		1.51			(5.30	)		8.76			(2.53	)		5.60			.42
Total from investment operations		1.71			(5.31	)		8.81			(2.45	)		5.71			.57
Less distributions from:
Net investment income		(.28	)		(.29	)		(.28	)		(.38	)		(.32	)		(.32	)
Net realized gains		(1.29	)		(1.72	)		(1.74	)		(1.29	)		(.26	)		(1.04	)
Total distributions		(1.57	)		(2.01	)		(2.02	)		(1.67	)		(.58	)		(1.36	)
Net asset value, end of period	$	29.37		$	29.23		$	36.55		$	29.76		$	33.88		$	28.75
Total Returnc		5.95	%		(15.93	%)		31.05	%		(7.48	%)		20.23	%		1.93	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,145		$	5,382		$	5,029		$	2,446		$	1,721		$	867
Ratios to average net assets:
Net investment income (loss)		1.32	%		(0.03	%)		0.16	%		0.26	%		0.35	%		0.53	%
Total expensesd		2.50	%		2.34	%		2.21	%		2.54	%		2.73	%		2.71	%
Net expensese,f,g		2.45	%		2.31	%		2.20	%		2.51	%		2.65	%		2.53	%
Portfolio turnover rate		10	%		47	%		80	%		180	%		122	%		107	%

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

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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	29.63		$	37.04		$	30.12		$	34.30		$	29.09		$	29.85
Income (loss) from investment operations:
Net investment income (loss)b		.29			.18			.29			.22			.60			.37
Net gain (loss) on investments (realized and unrealized)		1.55			(5.35	)		8.91			(2.48	)		5.42			.43
Total from investment operations		1.84			(5.17	)		9.20			(2.26	)		6.02			.80
Less distributions from:
Net investment income		(.39	)		(.52	)		(.54	)		(.63	)		(.55	)		(.52	)
Net realized gains		(1.29	)		(1.72	)		(1.74	)		(1.29	)		(.26	)		(1.04	)
Total distributions		(1.68	)		(2.24	)		(2.28	)		(1.92	)		(.81	)		(1.56	)
Net asset value, end of period	$	29.79		$	29.63		$	37.04		$	30.12		$	34.30		$	29.09
Total Return		6.28	%		(15.35	%)		32.03	%		(6.81	%)		21.12	%		2.68	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	10,713		$	12,716		$	14,830		$	12,152		$	33,894		$	4,217
Ratios to average net assets:
Net investment income (loss)		1.92	%		0.48	%		0.86	%		0.70	%		1.87	%		1.29	%
Total expensesd		1.87	%		1.69	%		1.47	%		1.84	%		1.93	%		1.88	%
Net expensese,f,g		1.78	%		1.64	%		1.45	%		1.78	%		1.89	%		1.78	%
Portfolio turnover rate		10	%		47	%		80	%		180	%		122	%		107	%

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

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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	29.88		$	37.34		$	30.34		$	34.51		$	29.27		$	30.04
Income (loss) from investment operations:
Net investment income (loss)b		.37			.34			.41			.41			.43			.46
Net gain (loss) on investments (realized and unrealized)		1.53			(5.42	)		8.98			(2.58	)		5.71			.43
Total from investment operations		1.90			(5.08	)		9.39			(2.17	)		6.14			.89
Less distributions from:
Net investment income		(.44	)		(.66	)		(.65	)		(.71	)		(.64	)		(.62	)
Net realized gains		(1.29	)		(1.72	)		(1.74	)		(1.29	)		(.26	)		(1.04	)
Total distributions		(1.73	)		(2.38	)		(2.39	)		(2.00	)		(.90	)		(1.66	)
Net asset value, end of period	$	30.05		$	29.88		$	37.34		$	30.34		$	34.51		$	29.27
Total Return		6.46	%		(15.05	%)		32.52	%		(6.48	%)		21.46	%		2.98	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	395,058		$	409,719		$	465,267		$	290,551		$	200,301		$	154,245
Ratios to average net assets:
Net investment income (loss)		2.41	%		0.92	%		1.18	%		1.31	%		1.38	%		1.56	%
Total expensesd		1.48	%		1.30	%		1.10	%		1.43	%		1.61	%		1.51	%
Net expensese,f,g		1.42	%		1.28	%		1.10	%		1.43	%		1.60	%		1.50	%
Portfolio turnover rate		10	%		47	%		80	%		180	%		122	%		107	%

a	Unaudited figures for the period ended March 31, 2023. 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:

	03/31/23a	09/30/22	09/30/21	09/30/20	09/30/19	09/30/18
A-Class	0.03%	0.02%	0.01%	0.02%	0.03%	0.03%
C-Class	0.03%	0.03%	0.06%	0.04%	0.01%	0.01%
P-Class	0.01%	0.05%	0.06%	0.02%	0.02%	0.01%
Institutional Class	0.03%	0.01%	0.00%*	0.01%	0.01%	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 years presented would be:

	03/31/23a	09/30/22	09/30/21	09/30/20	09/30/19	09/30/18
A-Class	1.27%	1.22%	1.21%	1.23%	1.27%	1.29%
C-Class	1.94%	1.95%	2.04%	2.05%	2.05%	2.05%
P-Class	1.27%	1.28%	1.29%	1.30%	1.30%	1.30%
Institutional Class	0.90%	0.92%	0.94%	0.96%	1.00%	1.03%

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

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)
Pioneer Natural Resources Co.	3.3%
SPDR S&P Biotech ETF	2.4%
Euronet Worldwide, Inc.	2.1%
OGE Energy Corp.	1.9%
Rush Enterprises, Inc. — Class A	1.8%
H&E Equipment Services, Inc.	1.8%
MSC Industrial Direct Company, Inc. — Class A	1.6%
Mercury Systems, Inc.	1.6%
Black Hills Corp.	1.5%
Hancock Whitney Corp.	1.5%
Top Ten Total	19.5%
“Ten Largest Holdings” excludes any temporary cash investments.

60 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Average Annual Returns*

Periods Ended March 31, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	12.90%	(5.51%)	5.30%	6.20%
A-Class Shares with sales charge‡	7.55%	(10.01%)	4.28%	5.69%
C-Class Shares	12.47%	(6.26%)	4.52%	5.40%
C-Class Shares with CDSC§	11.47%	(7.16%)	4.52%	5.40%
Institutional Class Shares	13.05%	(5.25%)	5.57%	6.46%
Russell 2000 Value Index	7.70%	(12.96%)	4.55%	7.22%

	6 Month†	1 Year	5 Year	Since Inception (05/01/15)
P-Class Shares	12.91%	(5.49%)	5.33%	5.59%
Russell 2000 Value Index	7.70%	(12.96%)	4.55%	6.09%

*	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.
‡	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 | 61

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2023
SMALL CAP VALUE FUND

		Shares		Value
COMMON STOCKS† - 95.2%
Financial - 26.5%
Hancock Whitney Corp.			2,662	$	96,897
Physicians Realty Trust REIT			5,976		89,222
Old National Bancorp			6,104		88,020
Banc of California, Inc.			6,718		84,177
Cathay General Bancorp			2,298		79,327
First Merchants Corp.			2,369		78,059
Hanmi Financial Corp.			3,986		74,020
Texas Capital Bancshares, Inc.*			1,491		72,999
Stifel Financial Corp.			1,202		71,026
Axis Capital Holdings Ltd.			1,292		70,440
LXP Industrial Trust REIT			6,568		67,716
STAG Industrial, Inc. REIT			1,989		67,268
MGIC Investment Corp.			4,727		63,436
First American Financial Corp.			1,138		63,341
CNO Financial Group, Inc.			2,804		62,221
Prosperity Bancshares, Inc.			1,000		61,520
Unum Group			1,420		56,175
Apple Hospitality REIT, Inc.			3,604		55,934
Stewart Information Services Corp.			1,318		53,181
Simmons First National Corp. — Class A			2,770		48,447
Wintrust Financial Corp.			647		47,199
Independent Bank Group, Inc.			941		43,615
Sunstone Hotel Investors, Inc. REIT			4,196		41,456
United Bankshares, Inc.			1,016		35,763
Old Republic International Corp.			1,431		35,732
First Hawaiian, Inc.			1,649		34,019
Trustmark Corp.			1,275		31,492
United Community Banks, Inc.			1,088		30,595
RMR Group, Inc. — Class A			851		22,330
Piedmont Office Realty Trust, Inc. — Class A REIT			2,456		17,929
Heritage Insurance Holdings, Inc.			3,199		9,853
Total Financial					1,753,409
Industrial - 22.0%
Mercury Systems, Inc.*			2,055		105,051
GATX Corp.			846		93,077
Kirby Corp.*			1,324		92,283
MDU Resources Group, Inc.			2,991		91,166
Knight-Swift Transportation Holdings, Inc.			1,556		88,038
Daseke, Inc.*			10,726		82,912
Arcosa, Inc.			1,238		78,130
Sonoco Products Co.			1,269		77,409
Moog, Inc. — Class A			705		71,029
PGT Innovations, Inc.*			2,422		60,816
Belden, Inc.			691		59,958
Curtiss-Wright Corp.			334		58,871
Graphic Packaging Holding Co.			2,290		58,372
Summit Materials, Inc. — Class A*			2,005		57,123
Littelfuse, Inc.			196		52,546
Coherent Corp.*			1,361		51,827
Terex Corp.			1,071		51,815
Esab Corp.			761		44,953
EnerSys			504		43,787
Park Aerospace Corp.	��		3,229		43,430
Advanced Energy Industries, Inc.			410		40,180
Stoneridge, Inc.*			1,620		30,294
AZEK Company, Inc.*			956		22,504
Total Industrial					1,455,571
Consumer, Cyclical - 12.4%
Rush Enterprises, Inc. — Class A			2,208		120,557
H&E Equipment Services, Inc.			2,683		118,669
MSC Industrial Direct Company, Inc. — Class A			1,266		106,344
Methode Electronics, Inc.			2,007		88,067
Alaska Air Group, Inc.*			1,937		81,277
Meritage Homes Corp.			333		38,881
UniFirst Corp.			216		38,066
Marriott Vacations Worldwide Corp.			274		36,951
Leggett & Platt, Inc.			1,073		34,207
Hawaiian Holdings, Inc.*			3,721		34,084
Lakeland Industries, Inc.			2,316		33,813
Newell Brands, Inc.			2,656		33,041
Whirlpool Corp.			228		30,101
Macy’s, Inc.			1,645		28,771
Total Consumer, Cyclical					822,829
Consumer, Non-cyclical - 11.1%
Euronet Worldwide, Inc.*			1,219		136,406
Encompass Health Corp.			1,725		93,323
Certara, Inc.*			3,533		85,181
Central Garden & Pet Co. — Class A*			1,707		66,692
Ingredion, Inc.			566		57,579
Enovis Corp.*			1,028		54,988
LivaNova plc*			1,168		50,902
ICF International, Inc.			355		38,943
Perdoceo Education Corp.*			2,369		31,816
Integer Holdings Corp.*			370		28,675
Azenta, Inc.*			620		27,664
Pacira BioSciences, Inc.*			553		22,568
Jazz Pharmaceuticals plc*			146		21,364
Ironwood Pharmaceuticals, Inc. — Class A*			1,968		20,703
Total Consumer, Non-cyclical					736,804
Energy - 5.7%
Pioneer Natural Resources Co.			1,067		217,924
CNX Resources Corp.*			4,477		71,722
Ranger Oil Corp. — Class A			1,598		65,262
Patterson-UTI Energy, Inc.			2,184		25,553
Total Energy					380,461
Utilities - 5.7%
OGE Energy Corp.			3,323		125,144
Black Hills Corp.			1,557		98,247
Spire, Inc.			853		59,829
Avista Corp.			1,124		47,714
ALLETE, Inc.			681		43,836
Total Utilities					374,770

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2023
SMALL CAP VALUE FUND

	Shares		Value
Technology - 5.4%
Science Applications International Corp.		821	$	88,224
Amkor Technology, Inc.		2,925		76,109
MACOM Technology Solutions Holdings, Inc.*		987		69,919
Silicon Laboratories, Inc.*		271		47,449
Power Integrations, Inc.		484		40,966
Conduent, Inc.*		10,867		37,274
Total Technology				359,941
Basic Materials - 4.5%
Huntsman Corp.		3,257		89,112
Avient Corp.		2,031		83,596
Ashland, Inc.		703		72,205
Commercial Metals Co.		1,061		51,883
Total Basic Materials				296,796
Communications - 1.9%
Ciena Corp.*		1,082		56,827
TEGNA, Inc.		2,358		39,874
Gray Television, Inc.		3,089		26,936
Total Communications				123,637
Total Common Stocks
(Cost $6,314,971)				6,304,218
CONVERTIBLE PREFERRED STOCKS††† - 0.0%
Industrial - 0.0%
Thermoenergy Corp.*,1		6,250		—
Total Convertible Preferred Stocks
(Cost $5,968)				—
RIGHTS† - 0.1%
Basic Materials - 0.1%
Pan American Silver Corp.*		17,705		9,738
Total Rights
(Cost $—)				9,738
EXCHANGE-TRADED FUNDS† - 2.4%
SPDR S&P Biotech ETF		2,111		160,879
Total Exchange-Traded Funds
(Cost $174,440)				160,879
MONEY MARKET FUND† - 2.2%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.43%2		142,553		142,553
Total Money Market Fund
(Cost $142,553)				142,553
Total Investments - 99.9%
(Cost $6,637,932)			$	6,617,388
Other Assets & Liabilities, net - 0.1%				6,466
Total Net Assets - 100.0%			$	6,623,854

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
1	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.
2	Rate indicated is the 7-day yield as of March 31, 2023.
	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, 2023 (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	$	6,304,218	$	—	$	—		$	6,304,218
Convertible Preferred Stocks		—		—		—	*		—
Rights		9,738		—		—			9,738
Exchange-Traded Funds		160,879		—		—			160,879
Money Market Fund		142,553		—		—			142,553
Total Assets	$	6,617,388	$	—	$	—		$	6,617,388

* Security has a market value of $0.

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

SMALL CAP VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2023

Assets:
Investments, at value (cost $6,637,932)	$	6,617,388
Prepaid expenses		34,741
Receivables:
Dividends		15,471
Investment Adviser		10,588
Fund shares sold		2,741
Interest		945
Total assets		6,681,874
Liabilities:
Payable for:
Fund shares redeemed		34,787
Professional fees		12,751
Fund accounting/administration fees		4,194
Transfer agent/maintenance fees		2,002
Distribution and service fees		1,334
Trustees’ fees*		1,141
Miscellaneous		1,811
Total liabilities		58,020
Net assets	$	6,623,854
Net assets consist of:
Paid in capital	$	6,106,359
Total distributable earnings (loss)		517,495
Net assets	$	6,623,854
A-Class:
Net assets	$	4,384,295
Capital shares outstanding		289,848
Net asset value per share	$	15.13
Maximum offering price per share (Net asset value divided by 95.25%)	$	15.88
C-Class:
Net assets	$	430,621
Capital shares outstanding		31,362
Net asset value per share	$	13.73
P-Class:
Net assets	$	187,232
Capital shares outstanding		12,224
Net asset value per share	$	15.32
Institutional Class:
Net assets	$	1,621,706
Capital shares outstanding		119,774
Net asset value per share	$	13.54

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended March 31, 2023

Investment Income:
Dividends	$	94,487
Interest		5,197
Total investment income		99,684
Expenses:
Management fees		29,438
Distribution and service fees:
A-Class		5,509
C-Class		2,443
P-Class		218
Transfer agent/maintenance fees:
A-Class		9,699
C-Class		1,203
P-Class		445
Institutional Class		5,341
Registration fees		37,470
Professional fees		19,189
Trustees’ fees*		7,193
Fund accounting/administration fees		6,096
Custodian fees		1,897
Line of credit fees		112
Miscellaneous		2,536
Total expenses		128,789
Less:
Expenses reimbursed by Adviser:
A-Class		(28,606	)
C-Class		(3,315	)
P-Class		(1,190	)
Institutional Class		(16,745	)
Expenses waived by Adviser		(30,654	)
Total waived/reimbursed expenses		(80,510	)
Net expenses		48,279
Net investment income		51,405
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		522,558
Net realized gain		522,558
Net change in unrealized appreciation (depreciation) on:
Investments		133,050
Net change in unrealized appreciation (depreciation)		133,050
Net realized and unrealized gain		655,608
Net increase in net assets resulting from operations	$	707,013

* 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.

SMALL CAP VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	51,405		$	59,972
Net realized gain on investments		522,558			418,401
Net change in unrealized appreciation (depreciation) on investments		133,050			(1,359,821	)
Net increase (decrease) in net assets resulting from operations		707,013			(881,448	)
Distributions to shareholders:
A-Class		(204,624	)		(18,984	)
C-Class		(21,650	)		(3,436	)
P-Class		(7,239	)		(229	)
Institutional Class		(95,567	)		(8,467	)
Total distributions to shareholders		(329,080	)		(31,116	)
Capital share transactions:
Proceeds from sale of shares
A-Class		226,589			407,538
C-Class		8,159			41,313
P-Class		44,502			110,889
Institutional Class		3,183,036			1,337,253
Distributions reinvested
A-Class		199,088			18,496
C-Class		21,650			3,410
P-Class		7,117			217
Institutional Class		95,567			8,466
Cost of shares redeemed
A-Class		(210,302	)		(555,575	)
C-Class		(112,389	)		(273,299	)
P-Class		(10,477	)		(4,885	)
Institutional Class		(3,735,635	)		(505,781	)
Net increase (decrease) from capital share transactions		(283,095	)		588,042
Net increase (decrease) in net assets		94,838			(324,522	)
Net assets:
Beginning of period		6,529,016			6,853,538
End of period	$	6,623,854		$	6,529,016
Capital share activity:
Shares sold
A-Class		14,279			25,122
C-Class		573			2,809
P-Class		2,790			6,839
Institutional Class		225,296			90,568
Shares issued from reinvestment of distributions
A-Class		13,229			1,152
C-Class		1,581			233
P-Class		467			13
Institutional Class		7,100			586
Shares redeemed
A-Class		(13,345	)		(34,430	)
C-Class		(7,696	)		(18,423	)
P-Class		(661	)		(297	)
Institutional Class		(273,960	)		(35,975	)
Net increase (decrease) in shares		(30,347	)		38,197

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

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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	14.06		$	15.93		$	10.61		$	12.86		$	15.56		$	15.74
Income (loss) from investment operations:
Net investment income (loss)b		.10			.13			.07			.06			.10			.04
Net gain (loss) on investments (realized and unrealized)		1.71			(1.93	)		5.37			(1.87	)		(1.28	)		.91
Total from investment operations		1.81			(1.80	)		5.44			(1.81	)		(1.18	)		.95
Less distributions from:
Net investment income		(.17	)		—			(.12	)		(.18	)		(.19	)		(.15	)
Net realized gains		(.57	)		(.07	)		—			(.26	)		(1.33	)		(.98	)
Total distributions		(.74	)		(.07	)		(.12	)		(.44	)		(1.52	)		(1.13	)
Net asset value, end of period	$	15.13		$	14.06		$	15.93		$	10.61		$	12.86		$	15.56
Total Returnc		12.90	%		(11.36	%)		51.48	%		(14.79	%)		(6.14	%)		6.32	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,384		$	3,876		$	4,521		$	3,390		$	9,751		$	11,931
Ratios to average net assets:
Net investment income (loss)		1.25	%		0.80	%		0.47	%		0.54	%		0.75	%		0.29	%
Total expensesd		3.35	%		3.50	%		4.07	%		3.23	%		2.27	%		2.09	%
Net expensese,f,g		1.27	%		1.30	%		1.30	%		1.30	%		1.30	%		1.03	%
Portfolio turnover rate		51	%		37	%		28	%		40	%		78	%		18	%

C-Class	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	12.76		$	14.57		$	9.69		$	11.75		$	14.30		$	14.51
Income (loss) from investment operations:
Net investment income (loss)b		.03			—			(.03	)		(.02	)		—	h		(.07	)
Net gain (loss) on investments (realized and unrealized)		1.56			(1.74	)		4.91			(1.73	)		(1.18	)		.84
Total from investment operations		1.59			(1.74	)		4.88			(1.75	)		(1.18	)		.77
Less distributions from:
Net investment income		(.05	)		—			—			(.05	)		(.04	)		—
Net realized gains		(.57	)		(.07	)		—			(.26	)		(1.33	)		(.98	)
Total distributions		(.62	)		(.07	)		—			(.31	)		(1.37	)		(.98	)
Net asset value, end of period	$	13.73		$	12.76		$	14.57		$	9.69		$	11.75		$	14.30
Total Returnc		12.47	%		(12.02	%)		50.36	%		(15.43	%)		(6.89	%)		5.57	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	431		$	471		$	762		$	765		$	1,593		$	2,884
Ratios to average net assets:
Net investment income (loss)		0.47	%		(0.02	%)		(0.25	%)		(0.14	%)		0.01	%		(0.50	%)
Total expensesd		4.16	%		4.41	%		5.04	%		4.33	%		3.09	%		2.94	%
Net expensese,f,g		2.02	%		2.05	%		2.05	%		2.06	%		2.05	%		2.05	%
Portfolio turnover rate		51	%		37	%		28	%		40	%		78	%		18	%

66 | 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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	14.17		$	16.05		$	10.75		$	13.01		$	15.73		$	15.76
Income (loss) from investment operations:
Net investment income (loss)b		.10			.16			.07			.05			.09			.05
Net gain (loss) on investments (realized and unrealized)		1.73			(1.97	)		5.42			(1.86	)		(1.29	)		.90
Total from investment operations		1.83			(1.81	)		5.49			(1.81	)		(1.20	)		.95
Less distributions from:
Net investment income		(.11	)		—			(.19	)		(.19	)		(.19	)		—
Net realized gains		(.57	)		(.07	)		—			(.26	)		(1.33	)		(.98	)
Total distributions		(.68	)		(.07	)		(.19	)		(.45	)		(1.52	)		(.98	)
Net asset value, end of period	$	15.32		$	14.17		$	16.05		$	10.75		$	13.01		$	15.73
Total Return		12.91	%		(11.34	%)		51.46	%		(14.66	%)		(6.18	%)		6.30	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	187		$	136		$	49		$	26		$	47		$	15
Ratios to average net assets:
Net investment income (loss)		1.29	%		1.00	%		0.48	%		0.46	%		0.72	%		0.30	%
Total expensesd		3.42	%		3.82	%		4.39	%		4.07	%		2.73	%		2.79	%
Net expensese,f,g		1.27	%		1.29	%		1.30	%		1.30	%		1.28	%		1.30	%
Portfolio turnover rate		51	%		37	%		28	%		40	%		78	%		18	%

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

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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	12.68		$	14.33		$	9.54		$	11.60		$	14.24		$	14.50
Income (loss) from investment operations:
Net investment income (loss)b		.11			.16			.10			.09			.12			.07
Net gain (loss) on investments (realized and unrealized)		1.54			(1.74	)		4.81			(1.68	)		(1.20	)		.84
Total from investment operations		1.65			(1.58	)		4.91			(1.59	)		(1.08	)		.91
Less distributions from:
Net investment income		(.22	)		—			(.12	)		(.21	)		(.23	)		(.19	)
Net realized gains		(.57	)		(.07	)		—			(.26	)		(1.33	)		(.98	)
Total distributions		(.79	)		(.07	)		(.12	)		(.47	)		(1.56	)		(1.17	)
Net asset value, end of period	$	13.54		$	12.68		$	14.33		$	9.54		$	11.60		$	14.24
Total Return		13.05	%		(11.10	%)		51.78	%		(14.54	%)		(5.96	%)		6.64	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,622		$	2,046		$	1,522		$	892		$	3,143		$	3,798
Ratios to average net assets:
Net investment income (loss)		1.55	%		1.13	%		0.75	%		0.82	%		0.99	%		0.50	%
Total expensesd		3.01	%		3.24	%		3.80	%		2.86	%		2.09	%		1.91	%
Net expensese,f,g		1.02	%		1.04	%		1.05	%		1.05	%		1.05	%		1.05	%
Portfolio turnover rate		51	%		37	%		28	%		40	%		78	%		18	%

a	Unaudited figures for the period ended March 31, 2023. 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

	03/31/23a	09/30/22	09/30/21	09/30/20	09/30/19	09/30/18
A-Class	—	0.01%	—	—	—	—
C-Class	—	0.01%	—	—	—	—
P-Class	—	0.02%	—	—	—	—
Institutional Class	—	0.02%	—	—	—	—

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

	03/31/23a	09/30/22	09/30/21	09/30/20	09/30/19	09/30/18
A-Class	1.27%	1.29%	1.30%	1.30%	1.30%	1.30%
C-Class	2.02%	2.04%	2.05%	2.05%	2.05%	2.05%
P-Class	1.27%	1.29%	1.30%	1.30%	1.28%	1.30%
Institutional Class	1.02%	1.04%	1.05%	1.05%	1.05%	1.05%

^h Less than $0.01 per share.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

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	34.0%
Guggenheim Strategy Fund II	23.4%
Guggenheim Ultra Short Duration Fund — Institutional Class	16.9%
Apple, Inc.	1.6%
Microsoft Corp.	1.2%
Alphabet, Inc. — Class C	0.7%
Exxon Mobil Corp.	0.5%
Visa, Inc. — Class A	0.4%
JPMorgan Chase & Co.	0.4%
Amazon.com, Inc.	0.4%
Top Ten Total	79.5%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 69

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Average Annual Returns*

Periods Ended March 31, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	16.26%	(9.61%)	9.38%	11.29%
A-Class Shares with sales charge‡	10.72%	(13.90%)	8.32%	10.75%
C-Class Shares	15.80%	(10.37%)	8.39%	10.27%
C-Class Shares with CDSC§	15.16%	(10.87%)	8.39%	10.27%
Institutional Class Shares	16.35%	(9.45%)	9.61%	11.55%
S&P 500 Index	15.62%	(7.73%)	11.19%	12.24%

	6 Month†	1 Year	5 Year	Since Inception (05/01/15)
P-Class Shares	16.15%	(9.79%)	9.21%	9.54%
S&P 500 Index	15.62%	(7.73%)	11.19%	10.87%

*	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.
‡	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.

70 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2023
STYLEPLUS—LARGE CORE FUND

	Shares		Value
COMMON STOCKS† - 20.0%
Technology - 6.4%
Apple, Inc.		19,705	$	3,249,236
Microsoft Corp.		8,324		2,399,809
QUALCOMM, Inc.		4,690		598,350
Texas Instruments, Inc.		2,965		551,520
Microchip Technology, Inc.		5,689		476,624
NXP Semiconductor N.V.		2,538		473,274
NVIDIA Corp.		1,622		450,543
Akamai Technologies, Inc.*		5,629		440,751
Qorvo, Inc.*		4,150		421,516
NetApp, Inc.		6,430		410,556
Skyworks Solutions, Inc.		3,215		379,306
KLA Corp.		929		370,829
Adobe, Inc.*		908		349,916
ON Semiconductor Corp.*		4,062		334,384
Applied Materials, Inc.		2,549		313,094
Cognizant Technology Solutions Corp. — Class A		5,022		305,990
Broadcom, Inc.		467		299,599
Seagate Technology Holdings plc		4,367		288,746
Analog Devices, Inc.		1,456		287,152
Micron Technology, Inc.		4,500		271,530
Lam Research Corp.		370		196,144
HP, Inc.		5,477		160,750
Salesforce, Inc.*		658		131,455
Total Technology				13,161,074
Consumer, Non-cyclical - 3.6%
Merck & Company, Inc.		6,115		650,575
Pfizer, Inc.		14,733		601,106
Bristol-Myers Squibb Co.		7,282		504,715
Gilead Sciences, Inc.		5,973		495,580
Amgen, Inc.		2,023		489,061
Philip Morris International, Inc.		5,028		488,973
Vertex Pharmaceuticals, Inc.*		1,517		477,961
Hologic, Inc.*		5,258		424,320
Quest Diagnostics, Inc.		2,986		422,459
Altria Group, Inc.		9,129		407,336
Incyte Corp.*		5,475		395,678
United Rentals, Inc.		938		371,223
Organon & Co.		13,630		320,578
Johnson & Johnson		1,932		299,460
Laboratory Corporation of America Holdings		1,096		251,444
UnitedHealth Group, Inc.		460		217,392
Molina Healthcare, Inc.*		780		208,642
HCA Healthcare, Inc.		495		130,522
PayPal Holdings, Inc.*		1,625		123,402
Abbott Laboratories		1,176		119,082
Total Consumer, Non-cyclical				7,399,509
Consumer, Cyclical - 3.1%
Home Depot, Inc.		1,993		588,174
Lowe’s Companies, Inc.		2,831		566,115
Yum! Brands, Inc.		3,480		459,639
PACCAR, Inc.		6,007		439,713
Lennar Corp. — Class A		3,646		383,231
DR Horton, Inc.		3,915		382,457
Tesla, Inc.*		1,822		377,992
NVR, Inc.*		65		362,192
PulteGroup, Inc.		6,178		360,054
BorgWarner, Inc.		7,138		350,547
McDonald’s Corp.		1,207		337,489
WW Grainger, Inc.		429		295,499
Cummins, Inc.		1,225		292,628
O’Reilly Automotive, Inc.*		341		289,502
Darden Restaurants, Inc.		1,392		215,983
Domino’s Pizza, Inc.		636		209,797
Bath & Body Works, Inc.		5,669		207,372
AutoZone, Inc.*		84		206,485
Starbucks Corp.		1,169		121,728
Total Consumer, Cyclical				6,446,597
Communications - 2.2%
Alphabet, Inc. — Class C*		13,256		1,378,624
Amazon.com, Inc.*		7,831		808,864
Cisco Systems, Inc.		13,223		691,233
VeriSign, Inc.*		2,147		453,725
Juniper Networks, Inc.		10,134		348,812
F5, Inc.*		2,258		328,968
Meta Platforms, Inc. — Class A*		1,511		320,241
Booking Holdings, Inc.*		55		145,883
Total Communications				4,476,350
Industrial - 2.1%
Illinois Tool Works, Inc.		2,043		497,368
3M Co.		4,336		455,757
Carrier Global Corp.		9,597		439,063
Otis Worldwide Corp.		5,200		438,880
Lockheed Martin Corp.		917		433,493
Snap-on, Inc.		1,698		419,219
Packaging Corporation of America		2,979		413,575
Masco Corp.		8,004		397,959
Sealed Air Corp.		7,284		334,408
Caterpillar, Inc.		978		223,806
Textron, Inc.		2,817		198,965
Allegion plc		1,684		179,733
Total Industrial				4,432,226
Financial - 1.4%
Visa, Inc. — Class A		3,808		858,552
JPMorgan Chase & Co.		6,460		841,803
Bank of New York Mellon Corp.		8,860		402,598
Mastercard, Inc. — Class A		860		312,532
Berkshire Hathaway, Inc. — Class B*		858		264,925
State Street Corp.		2,510		189,982
Prologis, Inc. REIT		1,103		137,621
Total Financial				3,008,013
Energy - 1.1%
Exxon Mobil Corp.		8,544		936,935
Marathon Petroleum Corp.		3,614		487,276

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
STYLEPLUS—LARGE CORE FUND

	Shares		Value
Valero Energy Corp.		3,329	$	464,728
Phillips 66		2,753		279,099
Occidental Petroleum Corp.		3,709		231,553
Total Energy				2,399,591
Basic Materials - 0.1%
LyondellBasell Industries N.V. — Class A		1,502		141,023
Total Common Stocks
(Cost $39,663,568)				41,464,383
MUTUAL FUNDS† - 74.3%
Guggenheim Strategy Fund III1		2,902,852		70,394,157
Guggenheim Strategy Fund II1		1,994,011		48,275,009
Guggenheim Ultra Short Duration Fund — Institutional Class1		3,602,432		34,979,619
Total Mutual Funds
(Cost $156,863,318)				153,648,785
MONEY MARKET FUND† - 4.5%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.43%2		9,218,981		9,218,981
Total Money Market Fund
(Cost $9,218,981)				9,218,981
Total Investments - 98.8%
(Cost $205,745,867)			$	204,332,149
Other Assets & Liabilities, net - 1.2%				2,402,866
Total Net Assets - 100.0%			$	206,735,015

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 2023	$	5,999,738	$	357,495

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements††

Wells Fargo Bank, N.A.

S&P 500 Total Return Index

Pay

5.14% (Federal Funds Rate + 0.31%)

At Maturity

01/29/24

18,323

$

161,067,965

$

13,446,553

*	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	Rate indicated is the 7-day yield as of March 31, 2023.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2023
STYLEPLUS—LARGE CORE FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	41,464,383	$	—	$	—	$	41,464,383
Mutual Funds		153,648,785		—		—		153,648,785
Money Market Fund		9,218,981		—		—		9,218,981
Equity Futures Contracts**		357,495		—		—		357,495
Equity Index Swap Agreements**		—		13,446,553		—		13,446,553
Total Assets	$	204,689,644	$	13,446,553	$	—	$	218,136,197

** 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 “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2022, 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/1601445/000182126822000340/gug84768.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended March 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 09/30/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 03/31/23		Shares 03/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	57,201,913	$	11,132,464	$	(20,648,234	)	$	(652,333	)	$	1,241,199	$	48,275,009		1,994,011	$	1,359,005
Guggenheim Strategy Fund III		67,311,123		4,115,306		(1,659,994	)		(63,265	)		690,987		70,394,157		2,902,852		1,683,415
Guggenheim Ultra Short Duration Fund — Institutional Class		33,794,274		759,789		—			—			425,556		34,979,619		3,602,432		756,113
	$	158,307,310	$	16,007,559	$	(22,308,228	)	$	(715,598	)	$	2,357,742	$	153,648,785			$	3,798,533

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

STYLEPLUS—LARGE CORE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2023

Assets:
Investments in unaffiliated issuers, at value (cost $48,882,549)	$	50,683,364
Investments in affiliated issuers, at value (cost $156,863,318)		153,648,785
Segregated cash with broker		530,000
Unrealized appreciation on OTC swap agreements		13,446,553
Prepaid expenses		59,489
Receivables:
Securities sold		910,000
Dividends		695,222
Variation margin on futures contracts		83,738
Interest		15,409
Total assets		220,072,560
Liabilities:
Overdraft due to custodian bank		385
Segregated cash due to broker		9,380,000
Payable for:
Swap settlement		1,810,453
Securities purchased		1,607,670
Fund shares redeemed		283,407
Management fees		120,114
Distribution and service fees		41,792
Fund accounting and administration fees		10,768
Trustees’ fees*		5,636
Transfer agent fees		234
Miscellaneous		77,086
Total liabilities		13,337,545
Net assets	$	206,735,015
Net assets consist of:
Paid in capital	$	231,279,875
Total distributable earnings (loss)		(24,544,860	)
Net assets	$	206,735,015
A-Class:
Net assets	$	199,972,519
Capital shares outstanding		11,361,510
Net asset value per share	$	17.60
Maximum offering price per share (Net asset value divided by 95.25%)	$	18.48
C-Class:
Net assets	$	749,285
Capital shares outstanding		85,321
Net asset value per share	$	8.78
P-Class:
Net assets	$	203,591
Capital shares outstanding		11,821
Net asset value per share	$	17.22
Institutional Class:
Net assets	$	5,809,620
Capital shares outstanding		335,136
Net asset value per share	$	17.34

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended March 31, 2023

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $674)	$	404,127
Dividends from securities of affiliated issuers		3,798,533
Interest		111,892
Total investment income		4,314,552
Expenses:
Management fees		762,429
Distribution and service fees:
A-Class		246,395
C-Class		4,924
P-Class		299
Transfer agent/maintenance fees:
A-Class		119,832
C-Class		762
P-Class		299
Institutional Class		2,898
Interest expense		83,644
Fund accounting and administration fees		46,673
Professional fees		28,242
Custodian fees		9,950
Trustees’ fees*		7,386
Line of credit fees		5,938
Miscellaneous		46,244
Total expenses		1,365,915
Less:
Expenses waived by Adviser		(42,781	)
Earnings credits applied		(3,186	)
Total waived expenses		(45,967	)
Net expenses		1,319,948
Net investment income		2,994,604
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		220,995
Investments in affiliated issuers		(715,598	)
Swap agreements		(34,572,573	)
Futures contracts		(195,281	)
Net realized loss		(35,262,457	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		5,614,231
Investments in affiliated issuers		2,357,742
Swap agreements		54,236,739
Futures contracts		597,244
Net change in unrealized appreciation (depreciation)		62,805,956
Net realized and unrealized gain		27,543,499
Net increase in net assets resulting from operations	$	30,538,103

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

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

STYLEPLUS—LARGE CORE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	2,994,604		$	1,667,535
Net realized gain (loss) on investments		(35,262,457	)		60,035,690
Net change in unrealized appreciation (depreciation) on investments		62,805,956			(107,444,090	)
Net increase (decrease) in net assets resulting from operations		30,538,103			(45,740,865	)
Distributions to shareholders:
A-Class		(57,362,413	)		(11,885,985	)
C-Class		(480,274	)		(54,594	)
P-Class		(80,505	)		(14,927	)
Institutional Class		(1,403,582	)		(322,926	)
Total distributions to shareholders		(59,326,774	)		(12,278,432	)
Capital share transactions:
Proceeds from sale of shares
A-Class		997,814			4,911,344
C-Class		48,277			523,465
P-Class		2,220			123,406
Institutional Class		1,314,971			6,528,320
Distributions reinvested
A-Class		54,015,082			11,200,028
C-Class		480,152			54,594
P-Class		80,505			14,927
Institutional Class		1,391,827			301,038
Cost of shares redeemed
A-Class		(14,183,016	)		(20,545,489	)
C-Class		(457,752	)		(181,556	)
P-Class		(88,886	)		(154,507	)
Institutional Class		(1,166,984	)		(6,385,546	)
Net increase (decrease) from capital share transactions		42,434,210			(3,609,976	)
Net increase (decrease) in net assets		13,645,539			(61,629,273	)
Net assets:
Beginning of period		193,089,476			254,718,749
End of period	$	206,735,015		$	193,089,476
Capital share activity:
Shares sold
A-Class		55,760			184,289
C-Class		5,413			32,562
P-Class		132			4,730
Institutional Class		77,052			245,318
Shares issued from reinvestment of distributions
A-Class		3,255,882			394,367
C-Class		57,850			2,980
P-Class		4,957			534
Institutional Class		85,231			10,717
Shares redeemed
A-Class		(778,914	)		(788,816	)
C-Class		(51,580	)		(10,107	)
P-Class		(5,535	)		(5,888	)
Institutional Class		(59,700	)		(254,438	)
Net increase (decrease) in shares		2,646,548			(183,752	)

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 75

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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	21.18		$	27.35		$	23.01		$	20.48		$	24.78		$	25.23
Income (loss) from investment operations:
Net investment income (loss)b		.28			.18			.06			.17			.30			.30
Net gain (loss) on investments (realized and unrealized)		2.76			(5.02	)		6.46			2.70			(.72	)		3.52
Total from investment operations		3.04			(4.84	)		6.52			2.87			(.42	)		3.82
Less distributions from:
Net investment income		(.22	)		(.08	)		(.19	)		(.31	)		(.30	)		(.24	)
Net realized gains		(6.40	)		(1.25	)		(1.99	)		(.03	)		(3.58	)		(4.03	)
Total distributions		(6.62	)		(1.33	)		(2.18	)		(.34	)		(3.88	)		(4.27	)
Net asset value, end of period	$	17.60		$	21.18		$	27.35		$	23.01		$	20.48		$	24.78
Total Returnc		16.26	%		(18.94	%)		29.91	%		14.18	%		1.50	%		16.60	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	199,973		$	186,957		$	247,243		$	204,428		$	196,563		$	217,697
Ratios to average net assets:
Net investment income (loss)		2.95	%		0.68	%		0.23	%		0.79	%		1.48	%		1.27	%
Total expensesd		1.34	%		1.20	%		1.23	%		1.32	%		1.31	%		1.34	%
Net expensese		1.30	%		1.15	%		1.17	%		1.28	%		1.28	%		1.31	%
Portfolio turnover rate		31	%		62	%		25	%		69	%		51	%		46	%

C-Class	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	13.56		$	18.03		$	15.87		$	14.22		$	18.41		$	19.74
Income (loss) from investment operations:
Net investment income (loss)b		.11			(.02	)		(.11	)		(.02	)		.08			.06
Net gain (loss) on investments (realized and unrealized)		1.65			(3.20	)		4.34			1.87			(.69	)		2.69
Total from investment operations		1.76			(3.22	)		4.23			1.85			(.61	)		2.75
Less distributions from:
Net investment income		(.14	)		—			(.08	)		(.17	)		—			(.05	)
Net realized gains		(6.40	)		(1.24	)		(1.99	)		(.03	)		(3.58	)		(4.03	)
Total distributions		(6.54	)		(1.24	)		(2.07	)		(.20	)		(3.58	)		(4.08	)
Net asset value, end of period	$	8.78		$	13.57		$	18.03		$	15.87		$	14.22		$	18.41
Total Returnc		15.80	%		(19.69	%)		28.69	%		13.11	%		0.60	%		15.56	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	749		$	999		$	869		$	1,019		$	973		$	1,239
Ratios to average net assets:
Net investment income (loss)		2.10	%		(0.10	%)		(0.67	%)		(0.15	%)		0.58	%		0.33	%
Total expensesd		2.17	%		2.10	%		2.15	%		2.24	%		2.23	%		2.24	%
Net expensese		2.13	%		2.04	%		2.09	%		2.20	%		2.19	%		2.21	%
Portfolio turnover rate		31	%		62	%		25	%		69	%		51	%		46	%

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

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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	20.83		$	26.93		$	22.69		$	20.21		$	24.49		$	25.03
Income (loss) from investment operations:
Net investment income (loss)b		.26			.13			.02			.14			.29			.26
Net gain (loss) on investments (realized and unrealized)		2.71			(4.94	)		6.38			2.67			(.73	)		3.45
Total from investment operations		2.97			(4.81	)		6.40			2.81			(.44	)		3.71
Less distributions from:
Net investment income		(.18	)		(.05	)		(.17	)		(.30	)		(.26	)		(.22	)
Net realized gains		(6.40	)		(1.24	)		(1.99	)		(.03	)		(3.58	)		(4.03	)
Total distributions		(6.58	)		(1.29	)		(2.16	)		(.33	)		(3.84	)		(4.25	)
Net asset value, end of period	$	17.22		$	20.83		$	26.93		$	22.69		$	20.21		$	24.49
Total Return		16.15	%		(19.09	%)		29.79	%		13.98	%		1.47	%		16.23	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	204		$	255		$	347		$	224		$	236		$	319
Ratios to average net assets:
Net investment income (loss)		2.76	%		0.53	%		0.09	%		0.67	%		1.45	%		1.06	%
Total expensesd		1.52	%		1.36	%		1.36	%		1.46	%		1.36	%		1.56	%
Net expensese		1.48	%		1.31	%		1.30	%		1.42	%		1.33	%		1.53	%
Portfolio turnover rate		31	%		62	%		25	%		69	%		51	%		46	%

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

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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	20.98		$	27.10		$	22.83		$	20.31		$	24.65		$	25.13
Income (loss) from investment operations:
Net investment income (loss)b		.29			.23			.10			.21			.35			.37
Net gain (loss) on investments (realized and unrealized)		2.74			(4.97	)		6.40			2.70			(.75	)		3.51
Total from investment operations		3.03			(4.74	)		6.50			2.91			(.40	)		3.88
Less distributions from:
Net investment income		(.27	)		(.14	)		(.24	)		(.36	)		(.36	)		(.33	)
Net realized gains		(6.40	)		(1.24	)		(1.99	)		(.03	)		(3.58	)		(4.03	)
Total distributions		(6.67	)		(1.38	)		(2.23	)		(.39	)		(3.94	)		(4.36	)
Net asset value, end of period	$	17.34		$	20.98		$	27.10		$	22.83		$	20.31		$	24.65
Total Return		16.35	%		(18.78	%)		30.12	%		14.44	%		1.74	%		16.96	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,810		$	4,878		$	6,260		$	3,344		$	3,747		$	6,826
Ratios to average net assets:
Net investment income (loss)		3.14	%		0.88	%		0.38	%		1.01	%		1.73	%		1.57	%
Total expensesd		1.14	%		1.00	%		1.06	%		1.08	%		1.09	%		1.06	%
Net expensese		1.09	%		0.95	%		0.99	%		1.04	%		1.06	%		1.03	%
Portfolio turnover rate		31	%		62	%		25	%		69	%		51	%		46	%

a	Unaudited figures for the period ended March 31, 2023. 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.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

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 III	36.5%
Guggenheim Strategy Fund II	33.8%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.1%
Lincoln Electric Holdings, Inc.	0.4%
Builders FirstSource, Inc.	0.4%
Murphy USA, Inc.	0.3%
United Therapeutics Corp.	0.3%
Lattice Semiconductor Corp.	0.3%
Simpson Manufacturing Company, Inc.	0.3%
Olin Corp.	0.3%
Top Ten Total	75.7%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 79

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Average Annual Returns*

Periods Ended March 31, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	18.15%	(9.16%)	7.36%	10.03%
A-Class Shares with sales charge‡	12.53%	(13.48%)	6.32%	9.50%
C-Class Shares	17.65%	(9.95%)	6.40%	9.06%
C-Class Shares with CDSC§	17.08%	(10.39%)	6.40%	9.06%
Institutional Class Shares	18.20%	(9.11%)	7.50%	10.15%
Russell Midcap Growth Index	16.67%	(8.52%)	9.07%	11.17%

	6 Month†	1 Year	5 Year	Since Inception (05/01/15)
P-Class Shares	17.92%	(9.57%)	7.16%	7.71%
Russell Midcap Growth Index	16.67%	(8.52%)	9.07%	9.16%

*	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.
‡	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.

80 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2023
STYLEPLUS—MID GROWTH FUND

	Shares		Value
COMMON STOCKS† - 22.0%
Industrial - 6.1%
Lincoln Electric Holdings, Inc.		1,606	$	271,575
Builders FirstSource, Inc.*		2,935		260,569
Simpson Manufacturing Company, Inc.		1,924		210,947
Eagle Materials, Inc.		1,395		204,716
Donaldson Company, Inc.		3,025		197,654
Belden, Inc.		2,235		193,931
Carlisle Companies, Inc.		832		188,090
Owens Corning		1,863		178,475
Timken Co.		2,119		173,165
UFP Industries, Inc.		2,050		162,914
Acuity Brands, Inc.		885		161,716
Lennox International, Inc.		599		150,517
Toro Co.		1,313		145,953
Littelfuse, Inc.		543		145,573
Mueller Industries, Inc.		1,980		145,490
Axon Enterprise, Inc.*		604		135,809
Louisiana-Pacific Corp.		2,304		124,900
Curtiss-Wright Corp.		679		119,680
Snap-on, Inc.		481		118,754
Hubbell, Inc.		458		111,436
Valmont Industries, Inc.		344		109,832
Masco Corp.		2,155		107,147
AGCO Corp.		747		100,995
EMCOR Group, Inc.		503		81,783
Keysight Technologies, Inc.*		477		77,026
Applied Industrial Technologies, Inc.		394		55,999
Novanta, Inc.*		184		29,272
Advanced Drainage Systems, Inc.		341		28,716
Total Industrial				3,992,634
Technology - 3.8%
Lattice Semiconductor Corp.*		2,263		216,044
Cirrus Logic, Inc.*		1,884		206,072
Power Integrations, Inc.		2,174		184,007
Microchip Technology, Inc.		1,661		139,159
Teradata Corp.*		3,415		137,556
Diodes, Inc.*		1,460		135,430
MACOM Technology Solutions Holdings, Inc.*		1,853		131,267
CommVault Systems, Inc.*		2,246		127,438
Rambus, Inc.*		2,438		124,972
Qualys, Inc.*		934		121,439
NXP Semiconductor N.V.		635		118,412
Silicon Laboratories, Inc.*		649		113,633
KLA Corp.		278		110,969
ON Semiconductor Corp.*		1,326		109,156
Amkor Technology, Inc.		4,124		107,306
ExlService Holdings, Inc.*		604		97,745
Manhattan Associates, Inc.*		555		85,942
Genpact Ltd.		1,513		69,931
Super Micro Computer, Inc.*		616		65,635
Dynatrace, Inc.*		1,073		45,388
Jack Henry & Associates, Inc.		287		43,256
Total Technology				2,490,757
Consumer, Cyclical - 3.7%
Murphy USA, Inc.		858		221,407
Boyd Gaming Corp.		2,914		186,846
MSC Industrial Direct Company, Inc. — Class A		2,071		173,964
Brunswick Corp.		2,091		171,462
Gentex Corp.		5,721		160,360
Deckers Outdoor Corp.*		355		159,590
Yum! Brands, Inc.		1,156		152,684
DR Horton, Inc.		1,323		129,244
Watsco, Inc.		392		124,719
Crocs, Inc.*		986		124,670
AutoNation, Inc.*		891		119,715
Churchill Downs, Inc.		444		114,130
Polaris, Inc.		988		109,302
Williams-Sonoma, Inc.		697		84,797
Wingstop, Inc.		433		79,490
Choice Hotels International, Inc.		615		72,072
WW Grainger, Inc.		86		59,237
O’Reilly Automotive, Inc.*		68		57,731
Harley-Davidson, Inc.		1,448		54,981
Cummins, Inc.		175		41,804
Asbury Automotive Group, Inc.*		188		39,480
Aramark		825		29,535
Total Consumer, Cyclical				2,467,220
Consumer, Non-cyclical - 3.6%
United Therapeutics Corp.*		972		217,689
Jazz Pharmaceuticals plc*		1,411		206,471
Exelixis, Inc.*		9,653		187,365
Neurocrine Biosciences, Inc.*		1,817		183,917
H&R Block, Inc.		4,590		161,797
Hologic, Inc.*		1,853		149,537
Quest Diagnostics, Inc.		1,032		146,007
Incyte Corp.*		1,932		139,625
Grand Canyon Education, Inc.*		1,182		134,630
Shockwave Medical, Inc.*		483		104,729
Halozyme Therapeutics, Inc.*		2,673		102,082
Darling Ingredients, Inc.*		1,651		96,419
Lantheus Holdings, Inc.*		1,158		95,604
Encompass Health Corp.		1,584		85,695
Medpace Holdings, Inc.*		373		70,143
QuidelOrtho Corp.*		731		65,125
WEX, Inc.*		347		63,810
AMN Healthcare Services, Inc.*		584		48,449
Service Corporation International		666		45,807
Molina Healthcare, Inc.*		162		43,333
Paylocity Holding Corp.*		155		30,811
Total Consumer, Non-cyclical				2,379,045
Energy - 1.6%
Antero Midstream Corp.		17,013		178,466
PDC Energy, Inc.		2,217		142,287
Marathon Petroleum Corp.		964		129,976
PBF Energy, Inc. — Class A		2,278		98,774
Matador Resources Co.		2,042		97,301

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
STYLEPLUS—MID GROWTH FUND

	Shares		Value
APA Corp.		2,314	$	83,443
SM Energy Co.		2,745		77,299
Southwestern Energy Co.*		14,949		74,745
HF Sinclair Corp.		1,535		74,264
Occidental Petroleum Corp.		737		46,011
Valaris Ltd.*		447		29,082
Total Energy				1,031,648
Financial - 1.6%
International Bancshares Corp.		3,514		150,469
Evercore, Inc. — Class A		1,220		140,763
Cathay General Bancorp		3,997		137,976
Interactive Brokers Group, Inc. — Class A		1,666		137,545
Annaly Capital Management, Inc. REIT		6,474		123,718
Fulton Financial Corp.		7,891		109,054
Affiliated Managers Group, Inc.		509		72,492
Kinsale Capital Group, Inc.		241		72,336
Rexford Industrial Realty, Inc. REIT		732		43,664
First Bancorp		744		26,427
SouthState Corp.		183		13,041
Total Financial				1,027,485
Basic Materials - 1.0%
Olin Corp.		3,731		207,070
Reliance Steel & Aluminum Co.		422		108,344
Ingevity Corp.*		1,417		101,344
NewMarket Corp.		270		98,545
Westlake Corp.		553		64,137
Chemours Co.		2,137		63,982
RPM International, Inc.		496		43,271
Total Basic Materials				686,693
Communications - 0.3%
VeriSign, Inc.*		712		150,467
Nexstar Media Group, Inc. — Class A		366		63,194
Total Communications				213,661
Utilities - 0.3%
ONE Gas, Inc.		1,207		95,631
OGE Energy Corp.		2,370		89,254
Total Utilities				184,885
Total Common Stocks
(Cost $13,720,798)				14,474,028
MUTUAL FUNDS† - 73.4%
Guggenheim Strategy Fund III1		993,295		24,087,398
Guggenheim Strategy Fund II1		923,056		22,347,196
Guggenheim Ultra Short Duration Fund — Institutional Class1		212,437		2,062,768
Total Mutual Funds
(Cost $49,154,277)				48,497,362
MONEY MARKET FUND† - 2.7%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.43%2		1,813,449		1,813,449
Total Money Market Fund
(Cost $1,813,449)				1,813,449
Total Investments - 98.1%
(Cost $64,688,524)			$	64,784,839
Other Assets & Liabilities, net - 1.9%				1,283,441
Total Net Assets - 100.0%			$	66,068,280

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Purchased†
S&P MidCap 400 Index Mini Futures Contracts		3		Jun 2023	$	759,000	$	31,042
NASDAQ-100 Index Mini Futures Contracts		1		Jun 2023		266,015		24,709
S&P 500 Index Mini Futures Contracts		2		Jun 2023		413,775		24,655
					$	1,438,790	$	80,406

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

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

Pay

5.11% (Federal Funds Rate + 0.28%)

At Maturity

01/29/24

11,574

$

51,723,627

$

5,212,455

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
STYLEPLUS—MID GROWTH 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.
††	Value determined based on Level 2 inputs — See Note 4.
1	Affiliated issuer.
2	Rate indicated is the 7-day yield as of March 31, 2023.
	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, 2023 (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	$	14,474,028	$	—	$	—	$	14,474,028
Mutual Funds		48,497,362		—		—		48,497,362
Money Market Fund		1,813,449		—		—		1,813,449
Equity Futures Contracts**		80,406		—		—		80,406
Equity Index Swap Agreements**		—		5,212,455		—		5,212,455
Total Assets	$	64,865,245	$	5,212,455	$	—	$	70,077,700

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

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2023
STYLEPLUS—MID GROWTH 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 “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2022, 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/1601445/000182126822000340/gug84768.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended March 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 09/30/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 03/31/23		Shares 03/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	22,990,350	$	10,144,943	$	(11,005,518	)	$	(381,176	)	$	598,597	$	22,347,196		923,056	$	515,142
Guggenheim Strategy Fund III		24,117,173		4,238,964		(4,464,971	)		(164,667	)		360,899		24,087,398		993,295		552,006
Guggenheim Ultra Short Duration Fund — Institutional Class		1,992,867		44,805		—			—			25,096		2,062,768		212,437		44,609
	$	49,100,390	$	14,428,712	$	(15,470,489	)	$	(545,843	)	$	984,592	$	48,497,362			$	1,111,757

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

STYLEPLUS—MID GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2023

Assets:
Investments in unaffiliated issuers, at value (cost $15,534,247)	$	16,287,477
Investments in affiliated issuers, at value (cost $49,154,277)		48,497,362
Cash		6,587
Segregated cash with broker		131,898
Unrealized appreciation on OTC swap agreements		5,212,455
Prepaid expenses		51,661
Receivables:
Dividends		221,669
Variation margin on futures contracts		23,590
Interest		4,429
Fund shares sold		188
Total assets		70,437,316
Liabilities:
Segregated cash due to broker		3,420,000
Payable for:
Swap settlement		566,971
Securities purchased		221,355
Fund shares redeemed		65,747
Management fees		40,751
Distribution and service fees		13,897
Fund accounting/administration fees		6,441
Transfer agent/maintenance fees		2,286
Trustees’ fees*		437
Miscellaneous		31,151
Total liabilities		4,369,036
Net assets	$	66,068,280
Net assets consist of:
Paid in capital	$	87,348,293
Total distributable earnings (loss)		(21,280,013	)
Net assets	$	66,068,280
A-Class:
Net assets	$	64,472,163
Capital shares outstanding		2,244,680
Net asset value per share	$	28.72
Maximum offering price per share (Net asset value divided by 95.25%)	$	30.15
C-Class:
Net assets	$	571,338
Capital shares outstanding		52,986
Net asset value per share	$	10.78
P-Class:
Net assets	$	58,643
Capital shares outstanding		2,092
Net asset value per share	$	28.03
Institutional Class:
Net assets	$	966,136
Capital shares outstanding		33,678
Net asset value per share	$	28.69

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended March 31, 2023

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $153)	$	115,037
Dividends from securities of affiliated issuers		1,111,757
Interest		45,930
Total investment income		1,272,724
Expenses:
Management fees		244,269
Distribution and service fees:
A-Class		79,417
C-Class		3,185
P-Class		109
Transfer agent/maintenance fees:
A-Class		42,577
C-Class		665
P-Class		228
Institutional Class		1,401
Interest expense		41,041
Registration fees		31,486
Professional fees		22,070
Fund accounting/administration fees		18,087
Custodian fees		8,101
Trustees’ fees*		6,569
Line of credit fees		1,108
Miscellaneous		5,468
Total expenses		505,781
Less:
Expenses waived by Adviser		(2,523	)
Earnings credits applied		(1,061	)
Total waived expenses		(3,584	)
Net expenses		502,197
Net investment income		770,527
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(1,006,393	)
Investments in affiliated issuers		(545,843	)
Swap agreements		(21,516,254	)
Futures contracts		(29,194	)
Net realized loss		(23,097,684	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		3,971,465
Investments in affiliated issuers		984,592
Swap agreements		28,037,140
Futures contracts		207,637
Net change in unrealized appreciation (depreciation)		33,200,834
Net realized and unrealized gain		10,103,150
Net increase in net assets resulting from operations	$	10,873,677

* 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 | 85

STYLEPLUS—MID GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	770,527		$	324,608
Net realized gain (loss) on investments		(23,097,684	)		17,885,118
Net change in unrealized appreciation (depreciation) on investments		33,200,834			(50,489,951	)
Net increase (decrease) in net assets resulting from operations		10,873,677			(32,280,225	)
Distributions to shareholders:
A-Class		(18,424,696	)		(6,756,571	)
C-Class		(356,411	)		(132,465	)
P-Class		(34,001	)		(15,261	)
Institutional Class		(258,968	)		(94,156	)
Total distributions to shareholders		(19,074,076	)		(6,998,453	)
Capital share transactions:
Proceeds from sale of shares
A-Class		626,489			1,567,712
C-Class		14,372			27,151
P-Class		1,814			30,227
Institutional Class		139,129			430,972
Distributions reinvested
A-Class		17,671,252			6,449,689
C-Class		298,799			107,727
P-Class		34,001			15,261
Institutional Class		250,941			89,198
Cost of shares redeemed
A-Class		(13,022,204	)		(10,782,195	)
C-Class		(180,009	)		(289,331	)
P-Class		(66,024	)		(102,638	)
Institutional Class		(194,932	)		(507,524	)
Net increase (decrease) from capital share transactions		5,573,628			(2,963,751	)
Net decrease in net assets		(2,626,771	)		(42,242,429	)
Net assets:
Beginning of period		68,695,051			110,937,480
End of period	$	66,068,280		$	68,695,051
Capital share activity:
Shares sold
A-Class		20,914			35,090
C-Class		1,197			1,116
P-Class		61			800
Institutional Class		4,874			10,243
Shares issued from reinvestment of distributions
A-Class		659,621			131,225
C-Class		29,643			3,936
P-Class		1,299			315
Institutional Class		9,384			1,814
Shares redeemed
A-Class		(394,101	)		(256,009	)
C-Class		(14,231	)		(11,608	)
P-Class		(2,509	)		(2,436	)
Institutional Class		(6,379	)		(12,632	)
Net increase (decrease) in shares		309,773			(98,146	)

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

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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	34.22		$	52.73		$	45.98		$	39.64		$	49.70		$	47.34
Income (loss) from investment operations:
Net investment income (loss)b		.37			.16			(.02	)		.19			.45			.41
Net gain (loss) on investments (realized and unrealized)		5.05			(15.32	)		13.67			7.06			(1.58	)		7.70
Total from investment operations		5.42			(15.16	)		13.65			7.25			(1.13	)		8.11
Less distributions from:
Net investment income		(.19	)		—			(.20	)		(.45	)		(.41	)		(.24	)
Net realized gains		(10.73	)		(3.35	)		(6.70	)		(.46	)		(8.52	)		(5.51	)
Total distributions		(10.92	)		(3.35	)		(6.90	)		(.91	)		(8.93	)		(5.75	)
Net asset value, end of period	$	28.72		$	34.22		$	52.73		$	45.98		$	39.64		$	49.70
Total Returnc		18.15	%		(30.68	%)		31.07	%		18.57	%		2.34	%		18.51	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	64,472		$	67,014		$	107,983		$	89,469		$	83,027		$	87,509
Ratios to average net assets:
Net investment income (loss)		2.37	%		0.36	%		(0.04	%)		0.46	%		1.13	%		0.87	%
Total expensesd		1.55	%		1.32	%		1.34	%		1.45	%		1.44	%		1.55	%
Net expensese		1.54	%		1.30	%		1.28	%		1.40	%		1.41	%		1.52	%
Portfolio turnover rate		56	%		72	%		44	%		82	%		73	%		52	%

C-Class	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	18.92		$	30.92		$	29.40		$	25.66		$	35.78		$	35.64
Income (loss) from investment operations:
Net investment income (loss)b		.10			(.15	)		(.29	)		(.10	)		.08			.02
Net gain (loss) on investments (realized and unrealized)		2.49			(8.50	)		8.51			4.53			(1.68	)		5.63
Total from investment operations		2.59			(8.65	)		8.22			4.43			(1.60	)		5.65
Less distributions from:
Net investment income		—			—			—			(.23	)		—			—
Net realized gains		(10.73	)		(3.35	)		(6.70	)		(.46	)		(8.52	)		(5.51	)
Total distributions		(10.73	)		(3.35	)		(6.70	)		(.69	)		(8.52	)		(5.51	)
Net asset value, end of period	$	10.78		$	18.92		$	30.92		$	29.40		$	25.66		$	35.78
Total Returnc		17.65	%		(31.33	%)		29.88	%		17.53	%		1.46	%		17.51	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	571		$	688		$	1,327		$	1,510		$	1,683		$	1,849
Ratios to average net assets:
Net investment income (loss)		1.54	%		(0.59	%)		(0.94	%)		(0.39	%)		0.30	%		0.05	%
Total expensesd		2.36	%		2.25	%		2.26	%		2.32	%		2.27	%		2.33	%
Net expensese		2.35	%		2.23	%		2.20	%		2.28	%		2.24	%		2.30	%
Portfolio turnover rate		56	%		72	%		44	%		82	%		73	%		52	%

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

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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	33.58		$	51.96		$	45.45		$	39.17		$	49.12		$	46.83
Income (loss) from investment operations:
Net investment income (loss)b		.31			—			(.07	)		.15			.41			.32
Net gain (loss) on investments (realized and unrealized)		4.94			(15.03	)		13.51			6.99			(1.58	)		7.61
Total from investment operations		5.25			(15.03	)		13.44			7.14			(1.17	)		7.93
Less distributions from:
Net investment income		(.07	)		—			(.23	)		(.40	)		(.26	)		(.13	)
Net realized gains		(10.73	)		(3.35	)		(6.70	)		(.46	)		(8.52	)		(5.51	)
Total distributions		(10.80	)		(3.35	)		(6.93	)		(.86	)		(8.78	)		(5.64	)
Net asset value, end of period	$	28.03		$	33.58		$	51.96		$	45.45		$	39.17		$	49.12
Total Return		17.92	%		(30.90	%)		30.92	%		18.48	%		2.22	%		18.26	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	59		$	109		$	237		$	116		$	93		$	125
Ratios to average net assets:
Net investment income (loss)		1.95	%		0.01	%		(0.14	%)		0.36	%		1.04	%		0.67	%
Total expensesd		1.89	%		1.56	%		1.43	%		1.54	%		1.55	%		1.68	%
Net expensese		1.88	%		1.54	%		1.37	%		1.50	%		1.51	%		1.64	%
Portfolio turnover rate		56	%		72	%		44	%		82	%		73	%		52	%

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

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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	34.25		$	52.71		$	45.98		$	39.64		$	49.80		$	47.48
Income (loss) from investment operations:
Net investment income (loss)b		.38			.22			.07			.24			.51			.53
Net gain (loss) on investments (realized and unrealized)		5.05			(15.33	)		13.65			7.09			(1.63	)		7.71
Total from investment operations		5.43			(15.11	)		13.72			7.33			(1.12	)		8.24
Less distributions from:
Net investment income		(.26	)		—			(.29	)		(.53	)		(.52	)		(.41	)
Net realized gains		(10.73	)		(3.35	)		(6.70	)		(.46	)		(8.52	)		(5.51	)
Total distributions		(10.99	)		(3.35	)		(6.99	)		(.99	)		(9.04	)		(5.92	)
Net asset value, end of period	$	28.69		$	34.25		$	52.71		$	45.98		$	39.64		$	49.80
Total Return		18.20	%		(30.60	%)		31.26	%		18.79	%		2.42	%		18.77	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	966		$	884		$	1,390		$	1,311		$	972		$	875
Ratios to average net assets:
Net investment income (loss)		2.44	%		0.50	%		0.14	%		0.58	%		1.28	%		1.11	%
Total expensesd		1.48	%		1.20	%		1.17	%		1.26	%		1.31	%		1.26	%
Net expensese		1.47	%		1.18	%		1.11	%		1.22	%		1.28	%		1.23	%
Portfolio turnover rate		56	%		72	%		44	%		82	%		73	%		52	%

a	Unaudited figures for the period ended March 31, 2023. 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.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

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		62.7	%
Japan		5.7	%
Australia		5.0	%
Canada		4.9	%
France		3.8	%
Spain		2.5	%
United Kingdom		2.4	%
Other		13.0	%
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)
Microsoft Corp.	3.6%
Apple, Inc.	3.6%
Johnson & Johnson	1.6%
Alphabet, Inc. — Class C	1.6%
UnitedHealth Group, Inc.	1.5%
Intel Corp.	1.2%
Home Depot, Inc.	1.2%
McDonald’s Corp.	1.2%
Texas Instruments, Inc.	1.2%
Amazon.com, Inc.	1.1%
Top Ten Total	17.8%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

90 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Average Annual Returns*

Periods Ended March 31, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	13.54%	(5.98%)	5.69%	6.87%
A-Class Shares with sales charge‡	8.17%	(10.43%)	4.66%	6.35%
C-Class Shares	13.09%	(6.69%)	4.89%	6.06%
C-Class Shares with CDSC§	12.09%	(7.61%)	4.89%	6.06%
Institutional Class Shares	13.59%	(5.78%)	5.97%	7.16%
MSCI World Index (Net)	18.25%	(7.02%)	8.02%	8.85%

	6 Month†	1 Year	5 Year	Since Inception (05/01/15)
P-Class Shares	13.49%	(5.98%)	5.68%	5.99%
MSCI World Index (Net)	18.25%	(7.02%)	8.02%	7.70%

*	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 (Net) 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 | 91

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2023
WORLD EQUITY INCOME FUND

	Shares		Value
COMMON STOCKS† - 97.8%
Financial - 18.7%
Banco Santander S.A.††		107,820	$	401,957
AXA S.A.††		13,100		399,947
DBS Group Holdings Ltd.††		15,846		394,072
ANZ Group Holdings Ltd.††		25,300		389,980
Westpac Banking Corp.††		25,180		366,708
Banco Bilbao Vizcaya Argentaria S.A.††		50,060		358,046
BNP Paribas S.A.††		5,710		341,129
United Overseas Bank Ltd.††		15,087		338,484
National Australia Bank Ltd.††		17,900		333,626
Credit Agricole S.A.††		28,060		316,682
Prudential Financial, Inc.		3,773		312,178
Willis Towers Watson plc		1,300		302,094
Chubb Ltd.		1,451		281,755
Aon plc — Class A		861		271,465
AvalonBay Communities, Inc. REIT		1,571		264,022
Societe Generale S.A.††		10,990		247,723
Principal Financial Group, Inc.		3,257		242,060
Annaly Capital Management, Inc. REIT		12,219		233,505
Mediobanca Banca di Credito Finanziario SpA††		23,070		231,925
Gaming and Leisure Properties, Inc. REIT		4,360		226,982
Amundi S.A.††,1		3,490		219,993
Public Storage REIT		690		208,477
Citigroup, Inc.		4,380		205,378
Goldman Sachs Group, Inc.		600		196,266
Partners Group Holding AG††		190		178,992
EXOR N.V.*,††		2,040		168,287
Sampo Oyj — Class A††		3,300		155,776
Travelers Companies, Inc.		860		147,413
Erste Group Bank AG††		4,000		132,573
Equitable Holdings, Inc.		4,990		126,696
SEI Investments Co.		2,190		126,035
MetLife, Inc.		2,095		121,384
Marsh & McLennan Companies, Inc.		700		116,585
Medical Properties Trust, Inc. REIT		7,860		64,609
PNC Financial Services Group, Inc.		500		63,550
Deutsche Bank AG††		6,000		61,041
Total Financial				8,547,395
Technology - 16.9%
Microsoft Corp.		5,746		1,656,572
Apple, Inc.		10,014		1,651,309
Intel Corp.		16,988		554,998
Texas Instruments, Inc.		2,889		537,383
Micron Technology, Inc.		6,610		398,847
Check Point Software Technologies Ltd.*		2,710		352,300
Broadcom, Inc.		462		296,392
Analog Devices, Inc.		1,456		287,152
Broadridge Financial Solutions, Inc.		1,958		286,984
Dell Technologies, Inc. — Class C		6,650		267,396
Tower Semiconductor Ltd.*		6,110		260,174
NetApp, Inc.		3,770		240,714
Seiko Epson Corp.††		14,190		202,763
NVIDIA Corp.		590		163,884
Skyworks Solutions, Inc.		1,210		142,756
Cognizant Technology Solutions Corp. — Class A		2,100		127,953
Accenture plc — Class A		390		111,466
Electronic Arts, Inc.		800		96,360
SCSK Corp.††		5,070		74,240
Total Technology				7,709,643
Consumer, Non-cyclical - 16.6%
Johnson & Johnson		4,757		737,335
UnitedHealth Group, Inc.		1,407		664,934
Amgen, Inc.		1,798		434,667
Colgate-Palmolive Co.		5,373		403,781
Becton Dickinson and Co.		1,494		369,825
CSL Ltd.††		1,700		329,327
Laboratory Corporation of America Holdings		1,410		323,482
Sysco Corp.		3,760		290,385
Kellogg Co.		4,324		289,535
J M Smucker Co.		1,830		287,987
Hormel Foods Corp.		6,978		278,283
CVS Health Corp.		3,690		274,204
Tyson Foods, Inc. — Class A		4,610		273,465
AmerisourceBergen Corp. — Class A		1,685		269,785
McKesson Corp.		700		249,235
Merck & Company, Inc.		2,194		233,420
WH Group Ltd.††,1		370,890		221,114
Abbott Laboratories		2,116		214,266
Imperial Brands plc††		8,970		206,233
AbbVie, Inc.		1,055		168,135
HCA Healthcare, Inc.		600		158,208
Automatic Data Processing, Inc.		659		146,713
Archer-Daniels-Midland Co.		1,700		135,422
Gilead Sciences, Inc.		1,623		134,660
Brambles Ltd.††		14,800		133,476
Thermo Fisher Scientific, Inc.		200		115,274
PepsiCo, Inc.		500		91,150
Medtronic plc		1,090		87,876
Jazz Pharmaceuticals plc*		600		87,798
Total Consumer, Non-cyclical				7,609,975
Industrial - 11.2%
Packaging Corporation of America		2,754		382,338
3M Co.		3,400		357,374
TE Connectivity Ltd.		2,640		346,236
Nippon Yusen K.K.††		13,800		322,369
Canadian National Railway Company		2,720		321,036
Nordson Corp.		1,408		312,942
AP Moller - Maersk A/S — Class B††		150		272,683
Aurizon Holdings Ltd.††		108,600		244,672
Snap-on, Inc.		990		244,421
Amphenol Corp. — Class A		2,980		243,525
Mitsui OSK Lines Ltd.††		9,700		243,272
General Dynamics Corp.		970		221,364
Waste Connections, Inc.		1,581		219,870
Arrow Electronics, Inc.*		1,680		209,782
Illinois Tool Works, Inc.		748		182,101

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
WORLD EQUITY INCOME FUND

	Shares		Value
Venture Corporation Ltd.††		12,000	$	159,759
West Fraser Timber Company Ltd.		2,200		156,966
CCL Industries, Inc. — Class B		3,090		153,548
FedEx Corp.		670		153,088
Poste Italiane SpA††,1		9,000		91,816
Westrock Co.		2,940		89,582
Lockheed Martin Corp.		189		89,346
J.B. Hunt Transport Services, Inc.		500		87,730
Total Industrial				5,105,820
Consumer, Cyclical - 11.0%
Home Depot, Inc.		1,849		545,677
McDonald’s Corp.		1,949		544,960
Lowe’s Companies, Inc.		1,860		371,944
Sumitomo Corp.††		19,900		352,562
PACCAR, Inc.		4,297		314,540
General Motors Co.		7,810		286,471
Canadian Tire Corporation Ltd. — Class A		2,119		276,606
Lear Corp.		1,840		256,662
Aisin Corp.††		9,000		248,081
Toromont Industries Ltd.		2,900		238,096
Iida Group Holdings Company Ltd.††		13,200		215,528
Genuine Parts Co.		1,212		202,780
Ferguson plc		1,270		169,863
TJX Companies, Inc.		2,020		158,287
Tesla, Inc.*		700		145,222
Sharp Corp.††		20,100		142,127
Marubeni Corp.††		10,200		138,728
WW Grainger, Inc.		180		123,986
Yum! Brands, Inc.		841		111,079
Ulta Beauty, Inc.*		200		109,134
Cummins, Inc.		354		84,564
Total Consumer, Cyclical				5,036,897
Energy - 7.9%
Repsol S.A.††		24,580		378,146
Valero Energy Corp.		2,640		368,544
Marathon Petroleum Corp.		2,720		366,738
Eni SpA††		22,970		320,482
Phillips 66		3,040		308,195
SolarEdge Technologies, Inc.*		1,000		303,950
Imperial Oil Ltd.		4,964		252,513
Shell plc††		8,290		236,221
HF Sinclair Corp.		4,470		216,259
Ampol Ltd.††		9,800		199,855
ENEOS Holdings, Inc.††		50,740		178,035
TotalEnergies SE††		2,990		176,375
Exxon Mobil Corp.		1,000		109,660
Idemitsu Kosan Company Ltd.††		4,990		109,253
Pembina Pipeline Corp.		3,000		97,208
Total Energy				3,621,434
Basic Materials - 6.6%
LyondellBasell Industries N.V. — Class A		4,298		403,539
Rio Tinto plc††		5,840		396,367
Ecolab, Inc.		2,390		395,617
Nutrien Ltd.		4,890		361,234
International Paper Co.		8,193		295,439
South32 Ltd.††		96,890		284,034
JFE Holdings, Inc.††		21,700		275,447
Eastman Chemical Co.		2,190		184,705
Covestro AG*,††,1		4,000		165,722
Agnico Eagle Mines Ltd.		2,900		147,885
Sumitomo Chemical Company Ltd.††		30,100		101,354
Total Basic Materials				3,011,343
Communications - 6.5%
Alphabet, Inc. — Class C*		6,995		727,480
Amazon.com, Inc.*		4,888		504,882
Verizon Communications, Inc.		12,181		473,719
Nice Ltd.*		1,640		367,518
Liberty Global plc — Class C*		12,480		254,342
Motorola Solutions, Inc.		634		181,406
Zillow Group, Inc. — Class C*		3,960		176,101
Bezeq The Israeli Telecommunication Corporation Ltd.		79,890		108,637
Cisco Systems, Inc.		1,963		102,616
CDW Corp.		400		77,956
Total Communications				2,974,657
Utilities - 2.4%
Duke Energy Corp.		4,175		402,762
Southern Co.		2,975		207,001
UGI Corp.		5,870		204,041
NRG Energy, Inc.		4,960		170,078
DTE Energy Co.		1,100		120,494
Total Utilities				1,104,376
Total Common Stocks
(Cost $44,512,042)				44,721,540
EXCHANGE-TRADED FUNDS† - 1.4%
SPDR S&P 500 ETF Trust		782		320,143
iShares MSCI EAFE ETF		4,474		319,981
Total Exchange-Traded Funds
(Cost $628,975)				640,124
MONEY MARKET FUND† - 0.1%
Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.56%2		39,893		39,893
Total Money Market Fund
(Cost $39,893)				39,893
Total Investments - 99.3%
(Cost $45,180,910)			$	45,401,557
Other Assets & Liabilities, net - 0.7%				323,211
Total Net Assets - 100.0%			$	45,724,768

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2023
WORLD EQUITY INCOME FUND

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Currency Futures Contracts Sold Short†
Australian Dollar Futures Contracts		17		Jun 2023	$	1,139,680	$	(4,938	)

*	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	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 $698,645 (cost $706,855), or 1.5% of total net assets.
2	Rate indicated is the 7-day yield as of March 31, 2023.
	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, 2023 (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	$	33,264,558	$	11,456,982	$	—	$	44,721,540
Exchange-Traded Funds		640,124		—		—		640,124
Money Market Fund		39,893		—		—		39,893
Total Assets	$	33,944,575	$	11,456,982	$	—	$	45,401,557

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Currency Futures Contracts**	$	4,938	$	—	$	—	$	4,938

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

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

WORLD EQUITY INCOME FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2023

Assets:
Investments, at value (cost $45,180,910)	$	45,401,557
Foreign currency, at value (cost 86,568)		86,537
Segregated cash with broker		37,000
Prepaid expenses		43,500
Receivables:
Dividends		125,326
Foreign tax reclaims		101,084
Fund shares sold		34,377
Variation margin on futures contracts		4,080
Interest		363
Total assets		45,833,824
Liabilities:
Overdraft due to custodian bank		229
Payable for:
Securities purchased		35,298
Professional fees		18,277
Fund shares redeemed		16,088
Distribution and service fees		10,609
Management fees		8,723
Distributions to shareholders		7,976
Fund accounting/administration fees		5,240
Trustees’ fees*		1,889
Transfer agent/maintenance fees		874
Miscellaneous		3,853
Total liabilities		109,056
Net assets	$	45,724,768
Net assets consist of:
Paid in capital	$	45,802,660
Total distributable earnings (loss)		(77,892	)
Net assets	$	45,724,768
A-Class:
Net assets	$	39,900,521
Capital shares outstanding		2,839,814
Net asset value per share	$	14.05
Maximum offering price per share (Net asset value divided by 95.25%)	$	14.75
C-Class:
Net assets	$	2,727,991
Capital shares outstanding		237,805
Net asset value per share	$	11.47
P-Class:
Net assets	$	72,567
Capital shares outstanding		5,121
Net asset value per share	$	14.17
Institutional Class:
Net assets	$	3,023,689
Capital shares outstanding		217,007
Net asset value per share	$	13.93

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended March 31, 2023

Investment Income:
Dividends (net of foreign withholding tax of $61,742)	$	705,911
Interest		4,050
Total investment income		709,961
Expenses:
Management fees		159,733
Distribution and service fees:		—
A-Class		49,112
C-Class		13,619
P-Class		88
Transfer agent/maintenance fees:		—
A-Class		30,792
C-Class		1,582
P-Class		181
Institutional Class		1,609
Registration fees		36,429
Professional fees		22,280
Fund accounting/administration fees		14,150
Custodian fees		7,963
Trustees’ fees*		6,349
Line of credit fees		762
Miscellaneous		5,759
Total expenses		350,408
Less: Expenses reimbursed by Adviser:
A-Class		(30,346	)
C-Class		(1,551	)
P-Class		(180	)
Institutional Class		(1,566	)
Expenses waived by Adviser		(39,967	)
Total waived/reimbursed expenses		(73,610	)
Net expenses		276,798
Net investment income		433,163
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		8,342
Futures contracts		254,191
Foreign currency transactions		(29,217	)
Net realized gain		233,316
Net change in unrealized appreciation (depreciation) on:
Investments		5,326,747
Futures contracts		(289,604	)
Foreign currency translations		9,845
Net change in unrealized appreciation (depreciation)		5,046,988
Net realized and unrealized gain		5,280,304
Net increase in net assets resulting from operations	$	5,713,467

* 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 | 95

WORLD EQUITY INCOME FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	433,163		$	949,839
Net realized gain (loss) on investments		233,316			(159,738	)
Net change in unrealized appreciation (depreciation) on investments		5,046,988			(7,578,951	)
Net increase (decrease) in net assets resulting from operations		5,713,467			(6,788,850	)
Distributions to shareholders:
A-Class		(366,078	)		(10,744,755	)
C-Class		(15,528	)		(873,734	)
P-Class		(657	)		(28,439	)
Institutional Class		(34,127	)		(968,069	)
Total distributions to shareholders		(416,390	)		(12,614,997	)
Capital share transactions:
Proceeds from sale of shares
A-Class		1,301,317			1,877,448
C-Class		268,556			269,648
P-Class		2,548			3,577
Institutional Class		182,869			5,857,937
Distributions reinvested
A-Class		352,269			10,254,795
C-Class		15,528			870,099
P-Class		657			28,438
Institutional Class		33,952			962,451
Cost of shares redeemed
A-Class		(2,121,181	)		(4,367,556	)
C-Class		(377,226	)		(560,409	)
P-Class		(250	)		(48,299	)
Institutional Class		(3,452,363	)		(2,193,005	)
Net increase (decrease) from capital share transactions		(3,793,324	)		12,955,124
Net increase (decrease) in net assets		1,503,753			(6,448,723	)
Net assets:
Beginning of period		44,221,015			50,669,738
End of period	$	45,724,768		$	44,221,015
Capital share activity:
Shares sold
A-Class		92,868			126,711
C-Class		23,157			21,381
P-Class		182			242
Institutional Class		13,060			390,214
Shares issued from reinvestment of distributions
A-Class		25,148			659,255
C-Class		1,357			68,252
P-Class		46			1,802
Institutional Class		2,445			62,780
Shares redeemed
A-Class		(152,205	)		(278,966	)
C-Class		(33,534	)		(44,338	)
P-Class		(17	)		(3,361	)
Institutional Class		(261,248	)		(150,633	)
Net increase (decrease) in shares		(288,741	)		853,339

96 | 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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	12.49		$	18.73		$	15.03		$	15.26		$	15.77		$	14.84
Income (loss) from investment operations:
Net investment income (loss)b		.13			.29			.28			.20			.35			.23
Net gain (loss) on investments (realized and unrealized)		1.56			(1.97	)		3.79			(.12	)h		(.36	)		.95
Total from investment operations		1.69			(1.68	)		4.07			.08			(.01	)		1.18
Less distributions from:
Net investment income		(.12	)		(.34	)		(.34	)		(.27	)		(.37	)		(.25	)
Net realized gains		(.01	)		(4.22	)		(.03	)		(.04	)		(.13	)		—
Total distributions		(.13	)		(4.56	)		(.37	)		(.31	)		(.50	)		(.25	)
Net asset value, end of period	$	14.05		$	12.49		$	18.73		$	15.03		$	15.26		$	15.77
Total Returnc		13.54	%		(13.44	%)		27.13	%		0.60	%		0.14	%		8.01	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	39,901		$	35,905		$	44,337		$	37,911		$	60,639		$	67,679
Ratios to average net assets:
Net investment income (loss)		1.94	%		1.87	%		1.55	%		1.36	%		2.39	%		1.48	%
Total expensesd		1.52	%		1.39	%		1.45	%		1.48	%		1.37	%		1.37	%
Net expensese,f,g		1.19	%		1.20	%		1.21	%		1.22	%		1.22	%		1.22	%
Portfolio turnover rate		72	%		162	%		191	%		192	%		127	%		125	%

C-Class	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	10.20		$	16.03		$	12.87		$	13.06		$	13.53		$	12.72
Income (loss) from investment operations:
Net investment income (loss)b		.07			.14			.13			.08			.21			.09
Net gain (loss) on investments (realized and unrealized)		1.27			(1.56	)		3.24			(.10	)h		(.33	)		.83
Total from investment operations		1.34			(1.42	)		3.37			(.02	)		(.12	)		.92
Less distributions from:
Net investment income		(.06	)		(.19	)		(.18	)		(.13	)		(.22	)		(.11	)
Net realized gains		(.01	)		(4.22	)		(.03	)		(.04	)		(.13	)		—
Total distributions		(.07	)		(4.41	)		(.21	)		(.17	)		(.35	)		(.11	)
Net asset value, end of period	$	11.47		$	10.20		$	16.03		$	12.87		$	13.06		$	13.53
Total Returnc		13.09	%		(14.11	%)		26.22	%		(0.13	%)		(0.69	%)		7.27	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,728		$	2,518		$	3,230		$	2,893		$	3,366		$	4,215
Ratios to average net assets:
Net investment income (loss)		1.20	%		1.12	%		0.81	%		0.67	%		1.64	%		0.71	%
Total expensesd		2.23	%		2.20	%		2.28	%		2.40	%		2.28	%		2.18	%
Net expensese,f,g		1.94	%		1.95	%		1.96	%		1.97	%		1.97	%		1.97	%
Portfolio turnover rate		72	%		162	%		191	%		192	%		127	%		125	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 97

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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	12.60		$	18.91		$	15.17		$	15.38		$	15.92		$	15.08
Income (loss) from investment operations:
Net investment income (loss)b		.14			.29			.30			.20			.36			.24
Net gain (loss) on investments (realized and unrealized)		1.56			(1.99	)		3.80			(.11	)h		(.39	)		.95
Total from investment operations		1.70			(1.70	)		4.10			.09			(.03	)		1.19
Less distributions from:
Net investment income		(.12	)		(.39	)		(.33	)		(.26	)		(.38	)		(.35	)
Net realized gains		(.01	)		(4.22	)		(.03	)		(.04	)		(.13	)		—
Total distributions		(.13	)		(4.61	)		(.36	)		(.30	)		(.51	)		(.35	)
Net asset value, end of period	$	14.17		$	12.60		$	18.91		$	15.17		$	15.38		$	15.92
Total Return		13.49	%		(13.44	%)		27.10	%		0.66	%		0.06	%		7.99	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	73		$	62		$	118		$	94		$	129		$	195
Ratios to average net assets:
Net investment income (loss)		1.95	%		1.82	%		1.61	%		1.36	%		2.38	%		1.50	%
Total expensesd		1.88	%		1.61	%		1.53	%		1.56	%		1.44	%		1.40	%
Net expensese,f,g		1.19	%		1.20	%		1.21	%		1.22	%		1.22	%		1.22	%
Portfolio turnover rate		72	%		162	%		191	%		192	%		127	%		125	%

98 | 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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	12.40		$	18.61		$	14.94		$	15.16		$	15.71		$	14.74
Income (loss) from investment operations:
Net investment income (loss)b		.14			.36			.33			.25			.39			.29
Net gain (loss) on investments (realized and unrealized)		1.54			(1.98	)		3.75			(.13	)h		(.37	)		.93
Total from investment operations		1.68			(1.62	)		4.08			.12			.02			1.22
Less distributions from:
Net investment income		(.15	)		(.37	)		(.38	)		(.30	)		(.44	)		(.25	)
Net realized gains		(.01	)		(4.22	)		(.03	)		(.04	)		(.13	)		—
Total distributions		(.16	)		(4.59	)		(.41	)		(.34	)		(.57	)		(.25	)
Net asset value, end of period	$	13.92		$	12.40		$	18.61		$	14.94		$	15.16		$	15.71
Total Return		13.59	%		(13.18	%)		27.38	%		0.92	%		0.40	%		8.34	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,024		$	5,736		$	2,985		$	2,513		$	3,458		$	19,589
Ratios to average net assets:
Net investment income (loss)		1.99	%		2.36	%		1.82	%		1.66	%		2.67	%		1.85	%
Total expensesd		1.18	%		1.13	%		1.21	%		1.50	%		1.17	%		1.02	%
Net expensese,f,g		0.94	%		0.95	%		0.96	%		0.97	%		0.97	%		0.97	%
Portfolio turnover rate		72	%		162	%		191	%		192	%		127	%		125	%

a	Unaudited figures for the period ended March 31, 2023. 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:

	03/31/23a	09/30/22	09/30/21	09/30/20	09/30/19	09/30/18
A-Class	—	0.01%	—	—	0.00%*	0.00%*
C-Class	—	0.00%*	—	—	—	0.00%*
P-Class	—	0.00%*	—	—	—	—
Institutional Class	—	0.01%	0.02%	—	—	0.00%*

* Less than 0.01%.

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

	03/31/23a	09/30/22	09/30/21	09/30/20	09/30/19	09/30/18
A-Class	1.19%	1.20%	1.21%	1.22%	1.22%	1.22%
C-Class	1.94%	1.95%	1.96%	1.97%	1.97%	1.97%
P-Class	1.19%	1.20%	1.21%	1.22%	1.22%	1.22%
Institutional Class	0.94%	0.95%	0.96%	0.97%	0.97%	0.96%

^h The amount shown for a share outstanding throughout the year does not agree with the aggregate net gain 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.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 99

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

The Trust offers a combination of 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. 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 8-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. 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, 2023, the Trust consisted of nineteen funds.

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

Fund	Investment Company Type
Alpha Opportunity Fund	Diversified
Large Cap Value Fund	Diversified
Market Neutral Real Estate Fund	Diversified
Risk Managed Real Estate Fund	Diversified
Small Cap Value Fund	Diversified
StylePlus—Large Core Fund	Diversified
StylePlus—Mid Growth Fund	Diversified
World Equity Income Fund	Diversified

At March 31, 2023, 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” or the “Adviser”), which operate under the name Guggenheim Investments (“GI”), provide 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”) adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). The SEC adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith and became effective September 8, 2022. Rule 2a-5 also defines “readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and other assets. As the Funds’ valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from

100 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Funds’ securities and other assets.

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

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

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 Adviser 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 Designee Procedures, the Adviser is 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 generally valued at the last quoted sale price.

The value of futures contracts are valued on the basis of the last sale price 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 swap agreements entered into by a fund are generally valued using an evaluated price provided by a third party pricing vendor.

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 101

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

(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 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) 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 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 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.

(f) Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments are included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of March 31, 2023, if any, are disclosed in the Funds’ Statements 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 a reduction to cost if the securities are still held and as realized gains if no longer held in the respective Fund. 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.

(h) Distributions

Dividends from net investment income are declared quarterly in the World Equity Income Fund and Risk Managed Real Estate Fund. Dividends are reinvested in additional shares, unless shareholders request payment in cash. 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 U.S. federal income tax regulations which may differ from U.S. GAAP.

(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

102 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 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 Statements of Operations are before the reduction in expense from the related earnings credits, if any. Earnings credits for the period ended March 31, 2023, are disclosed in the Funds’ Statements of Operations.

(k) Cash

The Funds may leave cash overnight in their cash account with the custodian. Periodically, a Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate, which was 4.83% at March 31, 2023.

(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 may 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 on 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 Contracts

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

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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 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 monthly basis:

		Average Notional Amount
Fund	Use	Long		Short
StylePlus—Large Core Fund	Index exposure	$	5,229,308	$	—
StylePlus—Mid Growth Fund	Index exposure		1,727,307		—
World Equity Income Fund	Hedge		—		1,124,379

Swap Agreements

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. When utilizing over-the-counter (“OTC”) 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 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. For a fund utilizing centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. 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 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 an index or 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. When utilizing total return or custom basket 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 if the underlying reference asset declines in value.

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

		Average Notional Amount
Fund	Use	Long		Short
StylePlus—Large Core Fund	Index exposure	$	162,975,748	$	—
StylePlus—Mid Growth Fund	Index exposure		48,775,120		—

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

		Average Notional Amount
Fund	Use	Long		Short
Alpha Opportunity Fund	Hedge, Leverage	$	17,291,189	$	33,267,530
Market Neutral Real Estate Fund	Hedge		—		23,948,933
Risk Managed Real Estate Fund	Hedge, Leverage		58,285,662		50,430,379

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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, 2023:

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

The following tables set forth the fair value of the Funds’ derivative investments categorized by primary risk exposure at March 31, 2023:

Asset Derivative Investments Value
Fund	Futures Equity Risk*		Swaps Equity Risk		Futures Foreign Currency Exchange Risk*		Total Value at March 31, 2023
Alpha Opportunity Fund	$	—	$	1,953,640	$	—	$	1,953,640
Market Neutral Real Estate Fund		—		4,017,366		—		4,017,366
Risk Managed Real Estate Fund		—		11,970,289		—		11,970,289
StylePlus—Large Core Fund		357,495		13,446,553		—		13,804,048
StylePlus—Mid Growth Fund		80,406		5,212,455		—		5,292,861

Liability Derivative Investments Value
Fund	Futures Equity Risk*		Swaps Equity Risk		Futures Foreign Currency Exchange Risk*		Total Value at March 31, 2023
Risk Managed Real Estate Fund	$	—	$	627,316	$	—	$	627,316
World Equity Income Fund		—		—		4,938		4,938

* Includes cumulative appreciation (depreciation) of exchange-traded, OTC and centrally-cleared derivatives contracts as reported on the Schedules of Investments. For exchange-traded and centrally-cleared derivatives, 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, 2023:

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The following is a summary of the Funds’ realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Funds’ Statements of Operations categorized by primary risk exposure for the period ended March 31, 2023:

Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk			Swaps Equity Risk			Futures Foreign Currency Exchange Risk		Total
Alpha Opportunity Fund	$	5		$	335,451		$	—	$	335,456
Market Neutral Real Estate Fund		—			358,802			—		358,802
Risk Managed Real Estate Fund		—			(2,584,207	)		—		(2,584,207	)
StylePlus—Large Core Fund		(195,281	)		(34,572,573	)		—		(34,767,854	)
StylePlus—Mid Growth Fund		(29,194	)		(21,516,254	)		—		(21,545,448	)
World Equity Income Fund		—			—			254,191		254,191

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk		Swaps Equity Risk			Futures Foreign Currency Exchange Risk			Total
Alpha Opportunity Fund	$	—	$	(1,305,410	)	$	—		$	(1,305,410	)
Market Neutral Real Estate Fund		—		(695,459	)		—			(695,459	)
Risk Managed Real Estate Fund		—		2,750,481			—			2,750,481
StylePlus—Large Core Fund		597,244		54,236,739			—			54,833,983
StylePlus—Mid Growth Fund		207,637		28,037,140			—			28,244,777
World Equity Income Fund		—		—			(289,604	)		(289,604	)

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 as collateral.

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 Funds may incur transaction costs in connection with conversions between various currencies. The Funds 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 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

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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 Funds.

The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions rated/identified as investment grade or better. The Trust monitors the counterparty credit risk associated with each such financial institution.

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 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 Funds’ Statements 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 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	$	1,953,640	$	—	$	1,953,640	$	—		$	—		$	1,953,640
Market Neutral Real Estate Fund	Custom basket swap agreements		4,017,366		—		4,017,366		—			(2,960,000	)		1,057,366
Risk Managed Real Estate Fund	Custom basket swap agreements		11,970,289		—		11,970,289		(627,316	)		(6,603,030	)		4,739,943
StylePlus—Large Core Fund	Swap equity contracts		13,446,553		—		13,446,553		—			(9,380,000	)		4,066,553
StylePlus—Mid Growth Fund	Swap equity contracts		5,212,455		—		5,212,455		—			(3,420,000	)		1,792,455

								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
Risk Managed Real Estate Fund	Custom basket swap agreements	$	627,316	$	—	$	627,316	$	(627,316	)	$	—	$	—

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

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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, 2023.

Fund	Counterparty	Asset Type	Cash Pledged		Cash Received
Market Neutral Real Estate Fund	Goldman Sachs International	Custom basket swap agreements	$	—	$	1,040,000
	Morgan Stanley Capital Services LLC	Custom basket swap agreements		—		1,920,000
Market Neutral Real Estate Fund Total						2,960,000
Risk Managed Real Estate Fund	Goldman Sachs International	Custom basket swap agreements		—		1,320,000
	Morgan Stanley Capital Services LLC	Custom basket swap agreements		—		5,283,030
Risk Managed Real Estate Fund Total						6,603,030
StylePlus—Large Core Fund	Morgan Stanley Capital Services LLC	Futures contracts		530,000		—
	Wells Fargo Bank, N.A.	Total return swap agreements		—		9,380,000
StylePlus—Large Core Fund Total				530,000		9,380,000
StylePlus—Mid Growth Fund	Morgan Stanley Capital Services LLC	Futures contracts		131,898		—
	Wells Fargo Bank, N.A.	Total return swap agreements		—		3,420,000
StylePlus—Mid Growth Fund Total				131,898		3,420,000
World Equity Income Fund	BofA Securities, Inc.	Futures contracts		37,000		—

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 between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

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

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

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

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

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

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

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

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

	Limit			Effective Date		Contract End Date
Alpha Opportunity Fund – A-Class		1.76	%		05/31/17		02/01/24
Alpha Opportunity Fund – C-Class		2.51	%		05/31/17		02/01/24
Alpha Opportunity Fund - P-Class		1.76	%		05/31/17		02/01/24
Alpha Opportunity Fund – Institutional Class		1.51	%		05/31/17		02/01/24
Large Cap Value Fund – A-Class		1.15	%		11/30/12		02/01/24
Large Cap Value Fund – C-Class		1.90	%		11/30/12		02/01/24
Large Cap Value Fund – P-Class		1.15	%		05/01/15		02/01/24
Large Cap Value Fund – Institutional Class		0.90	%		06/05/13		02/01/24
Market Neutral Real Estate Fund – A-Class		1.65	%		02/26/16		02/01/24
Market Neutral Real Estate Fund – C-Class		2.40	%		02/26/16		02/01/24
Market Neutral Real Estate Fund – P-Class		1.65	%		02/26/16		02/01/24
Market Neutral Real Estate Fund – Institutional Class		1.40	%		02/26/16		02/01/24
Risk Managed Real Estate Fund – A-Class		1.30	%		03/26/14		02/01/24
Risk Managed Real Estate Fund – C-Class		2.05	%		03/26/14		02/01/24
Risk Managed Real Estate Fund – P-Class		1.30	%		05/01/15		02/01/24
Risk Managed Real Estate Fund – Institutional Class		1.10	%		03/26/14		02/01/24
Small Cap Value Fund – A-Class		1.30	%		11/30/12		02/01/24
Small Cap Value Fund – C-Class		2.05	%		11/30/12		02/01/24
Small Cap Value Fund – P-Class		1.30	%		05/01/15		02/01/24
Small Cap Value Fund – Institutional Class		1.05	%		11/30/12		02/01/24
World Equity Income Fund – A-Class		1.22	%		08/15/13		02/01/24
World Equity Income Fund – C-Class		1.97	%		08/15/13		02/01/24
World Equity Income Fund – P-Class		1.22	%		05/01/15		02/01/24
World Equity Income Fund – Institutional Class		0.97	%		08/15/13		02/01/24

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

GI and GPIM are 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 and GPIM are entitled to recoupment of previously waived fees or reimbursed expenses for 36 months from the date of the waiver or reimbursement by GI or GPIM. At March 31, 2023, 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	2023		2024		2025		2026		Total
Alpha Opportunity Fund
A-Class	$	607	$	5,716	$	4,189	$	2,775	$	13,287
C-Class		933		739		584		222		2,478
P-Class		—		3,056		971		803		4,830
Institutional Class		—		—		3,662		6,573		10,235
Large Cap Value Fund
A-Class		78,653		115,360		99,071		39,512		332,596
C-Class		5,059		5,446		5,729		2,517		18,751
P-Class		847		961		796		309		2,913
Institutional Class		2,269		3,072		6,589		5,847		17,777
Market Neutral Real Estate Fund
A-Class		37,032		20,606		7,180		1,609		66,427
C-Class		1,126		888		689		290		2,993
P-Class		6,844		15,753		6,928		2,155		31,680
Institutional Class		48,691		103,050		121,875		53,426		327,042

Risk Managed Real Estate Fund
A-Class	—	—	418	992	1,410
C-Class	—	—	334	419	753
P-Class	—	1,045	6,841	3,346	11,232
Institutional Class	—	—	—	—	—
Small Cap Value Fund
A-Class	85,897	126,091	98,289	45,133	355,410
C-Class	19,901	24,783	14,817	5,147	64,648
P-Class	1,112	1,282	2,097	1,843	6,334
Institutional Class	23,437	38,236	44,992	27,170	133,835
World Equity Income Fund
A-Class	71,037	103,050	78,363	58,922	311,372
C-Class	10,179	10,532	7,540	3,539	31,790
P-Class	250	336	408	232	1,226
Institutional Class	12,854	7,366	7,859	3,843	31,922

During the period ended March 31, 2023, GI recouped amounts from the Funds as follows:

Alpha Opportunity Fund	$	7,098
Market Neutral Real Estate Fund		405
Risk Managed Real Estate Fund		69,189

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 in effect for the investing Fund. Fees waived under this arrangement are not subject to reimbursement to GI. For the period ended March 31, 2023, the investing Fund’s adviser waived fees related to investments in affiliated funds for the following Funds:

Fund	Amount Waived
StylePlus—Large Core Fund	$	42,781
StylePlus—Mid Growth Fund		2,523

For the period ended March 31, 2023, GFD retained sales charges of $72,447 relating to sales of A-Class shares of the Trust.

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

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

At March 31, 2023, 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		77%

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 U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements. The Funds’ U.S. federal income tax returns are subject to examination by the Internal Revenue Service (“IRS”) for a period of three years after they are filed.

At March 31, 2023, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
Alpha Opportunity Fund	$	31,141,548	$	3,143,049	$	(1,307,948	)	$	1,835,101
Large Cap Value Fund		32,727,838		6,538,621		(1,171,729	)		5,366,892
Market Neutral Real Estate Fund		46,728,969		4,747,296		(1,519,734	)		3,227,562
Risk Managed Real Estate Fund		405,913,260		36,107,222		(45,210,613	)		(9,103,391	)
Small Cap Value Fund		6,689,694		548,130		(620,436	)		(72,306	)
StylePlus—Large Core Fund		206,512,367		16,662,856		(5,039,026	)		11,623,830
StylePlus—Mid Growth Fund		65,407,742		6,106,402		(1,436,444	)		4,669,958
World Equity Income Fund		45,290,174		3,073,379		(2,966,934	)		106,445

112 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 7 – Securities Transactions

For the period ended March 31, 2023, 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	$	42,796,950	$	44,036,055
Large Cap Value Fund		3,686,128		7,546,918
Market Neutral Real Estate Fund		10,721,307		8,766,754
Risk Managed Real Estate Fund		42,461,653		56,473,127
Small Cap Value Fund		3,753,018		4,302,454
StylePlus—Large Core Fund		61,628,244		67,640,016
StylePlus—Mid Growth Fund		35,187,500		43,130,163
World Equity Income Fund		32,721,402		36,019,004

Note 8– Line of Credit

The Trust, along with other affiliated trusts, secured a 364-day committed, $1,230,000,000 line of credit from Citibank, N.A., which was in place through September 30, 2022, at which time the line of credit was renewed as a 364-day committed, $1,150,000,000 line of credit. A Fund may draw (borrow) from the line of credit as a temporary measure for emergency purposes, to facilitate redemption requests, or for other short-term liquidity purposes consistent with the Fund’s investment objective and program. For example, it may be advantageous for the Fund to borrow money rather than sell existing portfolio positions to meet redemption requests. Fees related to borrowings, if any, vary under this arrangement between the greater of Citibank’s “base rate”, SOFR plus 1%, or the federal funds rate plus 1/2 of 1%.

The commitment fee that may be paid by the Funds is at an annualized rate of 0.15% of the average daily amount of their allocated unused commitment amount. The commitment fee amount is allocated to the individual Funds based on the respective net assets of each participating Fund and is referenced in the Funds’ 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, 2023.

Note 9 – Large Shareholder Risk

As of March 31, 2023, 77.4% of the Alpha Opportunity Fund (the “Fund”) was held by Guggenheim 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.

Note 10– Market Risks

The value of, or income generated by, the investments held by the Funds are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (which have since risen and may continue to rise), changes in inflation rates or expectations about inflation rates (which are currently elevated relative to normal conditions), adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the current Russia-Ukraine conflict and its risk of expansion or collateral economic and other effects) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country, geographic region or industry could adversely affect the value, yield and return of the investments held by the Funds in a different country, geographic region, economy or industry and market because of the increasingly interconnected global economies and financial markets. The duration and

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Funds’ investments and performance of the Funds.

Note 11 – Subsequent Events

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

114 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

OTHER INFORMATION (Unaudited)

Delivery of Shareholder Reports

Paper copies of the Funds’ annual and semi-annual shareholder reports are not sent by mail, unless you specifically request paper copies of the reports from a Fund or from your financial intermediary. Instead, the reports are made available on a website, and you are notified by mail each time a report is posted and provided with a website link to access the report.

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 may apply to all Guggenheim Funds in which you are invested and may apply to all Guggenheim funds held with your financial intermediary.

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 as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Funds’ Forms N-PORT and N-Q are available on the SEC’s website at https://www.sec.gov. 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 | 115

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

A Board of Trustees oversees the Trust, as well as other trusts of GI, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by visiting guggenheiminvestments.com or by calling 800.820.0888.

Name, Address* and Year of Birth	Position(s) Held with 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 and Chair of the Valuation Oversight Committee	Since 2014 (Trustee) Since 2020 (Chair of the Valuation Oversight Committee)	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).	155	Current: Advent Convertible and Income Fund (2005-present); Purpose Investments Funds (2013-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021).
Angela Brock-Kyle (1959)	Trustee	Since 2019	Current: Founder and Chief Executive Officer, B.O.A.R.D.S. (2013-present); Director, Mutual Fund Directors Forum (2022-present). Former: Senior Leader, TIAA (1987-2012).	154	Current: Bowhead Insurance GP, LLC (2020-present); Hunt Companies, Inc. (2019-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Infinity Property & Casualty Corp. (2014-2018).

116 | 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 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
Thomas F. Lydon, Jr. (1960)	Trustee and Chair of the Contracts Review Committee	Since 2019 (Trustee) Since 2020 (Chair of the Contracts Review Committee)	Current: President, Global Trends Investments (1996-present); Chief Executive Officer, ETF Flows, LLC (2019-present); Chief Executive Officer, Lydon Media (2016-present); Director, GDX Index Partners, LLC (2021-present); Vice Chairman, VettaFi (2022-present).	154	Current: US Global Investors, Inc. (GROW) (1995-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Harvest Volatility Edge Trust (3) (2017-2019).
Ronald A. Nyberg (1953)	Trustee and Chair of the Nominating and Governance Committee	Since 2014	Current: Of Counsel, Momkus LLP (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	155	Current: Advent Convertible and Income Fund (2003-present); PPM Funds (2) (2018-present); NorthShore-Edward-Elmhurst Health (2012-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

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

Name, Address* and Year of Birth	Position(s) Held with 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
Sandra G. Sponem (1958)	Trustee and Chair of the Audit Committee	Since 2019 (Trustee) Since 2020 (Chair of the Audit Committee)	Current: Retired. Former: Senior Vice President and Chief Financial Officer, M.A. Mortenson-Companies, Inc. (2007-2017).	154	Current: SPDR Series Trust (81) (2018-present); SPDR Index Shares Funds (30) (2018-present); SSGA Active Trust (14) (2018-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); SSGA Master Trust (1) (2018-2020).
Ronald E. Toupin, Jr. (1958)	Trustee, Chair of the Board and Chair of the Executive Committee	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).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

118 | 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 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); 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, certain other funds in the Fund Complex (2017-2019); Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2018-2022); Guggenheim Enhanced Equity Income Fund (2018-2021); Guggenheim Credit Allocation Fund (2018-2021).

*	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.
***	Each Trustee also serves on the Boards of Trustees of Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust, Guggenheim Strategic Opportunities Fund, Guggenheim Energy & Income Fund, Guggenheim Active Allocation Fund, Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust and Transparent Value Trust. Messrs. Barnes and Nyberg also serve on the Board of Trustees of Advent Convertible & Income Fund.
****	This Trustee is deemed to be an “interested person” of the Funds under the 1940 Act by reason of her position with the Funds’ Adviser and/or the parent of the Adviser.

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS
Brian E. Binder (1972)	President and Chief Executive Officer	Since 2018	Current: President, Mutual Funds Boards, Guggenheim Investments (2022-present); President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President, Mutual Funds Boards, Guggenheim Funds Investment Advisors, LLC and Security Investors, LLC (2018-present);Board Member, Guggenheim Partners Investment Funds plc (2022-present); Board Member, Guggenheim Global Investments plc (2022-present); Board Member of Guggenheim Partners Fund Management (Europe) Limited (2018-present). Former: Senior Managing Director and Chief Administrative Officer, Guggenheim Investments (2018-2022); Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Chairman of North American Executive Committee and Head of Business Management and Consulting, Invesco Ltd. (2010-2012).
James M. Howley (1972)	Chief Financial Officer, Chief Accounting Officer and Treasurer	Since 2022	Current: Managing Director, Guggenheim Investments (2004-present); Chief Financial Officer, Chief Accounting Officer, and Treasurer, certain other funds in the Fund Complex (2022-present). Former: Assistant Treasurer, certain other funds in the Fund Complex (2006-2022); 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); Managing 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); Senior Managing Director, Guggenheim Funds Distributors, LLC (2014-present). Former: Chief Compliance Officer, Security Investors, LLC and 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 Trust	Term of Office and Length of Time Served**	Principal Occupation(s) 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).
Jon Szafran (1989)	Assistant Treasurer	Since 2017	Current: Director, 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 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 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

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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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3.31.2023

Guggenheim Funds Semi-Annual Report

Guggenheim Diversified Income Fund

Guggenheim High Yield Fund

Guggenheim Core Bond Fund

Guggenheim Municipal Income Fund

GuggenheimInvestments.com SBINC-SEMI-0323x0923

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	4
ABOUT SHAREHOLDERS’ FUND EXPENSES	6
DIVERSIFIED INCOME FUND	9
HIGH YIELD FUND	18
CORE BOND FUND	36
MUNICIPAL INCOME FUND	62
NOTES TO FINANCIAL STATEMENTS	75
OTHER INFORMATION	94
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	95
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	101

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 1

March 31, 2023

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 period ended March 31, 2023 (the “Reporting Period”).

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, 2023

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

2 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

March 31, 2023

(“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. ● 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.

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.

Core 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 risk). ● 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. ● To the extent the Fund invests a substantial portion of its assets in municipal securities issued by issuers in a particular state, municipality or project, the Fund will be particularly sensitive to developments and events adversely affecting such state or municipality or with respect to a particular project. 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, 2023

Developments in March 2023 highlighted the increasingly difficult place in which the U.S. Federal Reserve (the “Fed”) and other central banks find themselves as they work toward restoring price stability and maintaining financial stability. The collapse of Silicon Valley Bank and Signature Bank prompted banks to rush for liquidity support from the Fed, totaling $165 billion in the immediate aftermath. Overseas, the Swiss National Bank provided the equivalent of $54 billion in emergency liquidity to Credit Suisse before a deal was struck with rival UBS to buy it for $3.25 billion.

Heightened concerns about further bank stress and central banks’ ability to continue aggressively tightening monetary policy weighed heavily on market-implied expectations for the path of policy rates. Nevertheless, in March 2023 the Fed raised rates by 25 basis points and the European Central Bank raised rates by 50 basis points. One basis point equals 0.01%. We expect central banks will continue to raise rates over the next few months in their continuing effort to bring inflation to heel, despite the cracks in financial stability that are beginning to show.

While markets were volatile, data releases indicated that the U.S. economy is still on a relatively firm footing. March job growth came in at 236,000, well above the level needed to keep the unemployment rate from rising. Housing data has surprised to the upside, likely in response to the recent softening of mortgage rates. Meanwhile, the S&P Global U.S. composite Purchasing Managers’ Index (“PMI”) rose to a 10-month high, with strength especially evident in sub-indices for the service sector. Forward-looking data looks more concerning, however, with the Leading Economic Index turning down further, initial signs of job loss in the most cyclical and interest rate sensitive sectors, and business surveys souring on the economic outlook and plans for spending and hiring.

The Fed acknowledged in its March 2023 Federal Open Market Committee meeting statement that a contraction of credit emanating from volatility in the banking sector was likely to create new headwinds for the economy. In recognition of this new risk, the Fed’s updated Summary of Economic Projections showed a small downward revision of real gross domestic product growth this year, from 0.5% to 0.4%, followed by a larger downward revision for next year, from 1.6% to 1.2%. We continue to expect a recession could begin midway through the year.

For the Reporting Period, the S&P 500^® Index* returned 15.62%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* (gross) returned 27.52%. The return of the MSCI Emerging Markets Index* (gross) was 14.20%.

In the bond market, the Bloomberg U.S. Aggregate Bond Index* posted a 4.89% return for the Reporting Period, while the Bloomberg U.S. Corporate High Yield Index* returned 7.89%. The return of the ICE Bank of America (“BofA”) 3-Month U.S. Treasury Bill Index* was 1.94% 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.

4 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) March 31, 2023

*Index Definitions

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

Bloomberg 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 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 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 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^® 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, 2022 and ending March 31, 2023.

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, 2022	Ending Account Value March 31, 2023	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Diversified Income Fund
A-Class	0.73%	8.36%	$ 1,000.00	$ 1,083.60	$ 3.79
C-Class	1.47%	7.95%	1,000.00	1,079.50	7.62
P-Class	0.74%	8.33%	1,000.00	1,083.30	3.84
Institutional Class	0.48%	8.53%	1,000.00	1,085.30	2.50
High Yield Fund
A-Class	1.16%	6.97%	1,000.00	1,069.70	5.99
C-Class	1.91%	6.54%	1,000.00	1,065.40	9.84
P-Class	1.16%	6.97%	1,000.00	1,069.70	5.99
Institutional Class	0.91%	7.03%	1,000.00	1,070.30	4.70
R6-Class	0.80%	7.17%	1,000.00	1,071.70	4.13
Core Bond Fund
A-Class	0.74%	5.21%	1,000.00	1,052.10	3.79
C-Class	1.54%	4.81%	1,000.00	1,048.10	7.86
P-Class	0.80%	5.25%	1,000.00	1,052.50	4.09
Institutional Class	0.50%	5.41%	1,000.00	1,054.10	2.56
Municipal Income Fund
A-Class	0.78%	7.34%	1,000.00	1,073.40	4.03
C-Class	1.53%	6.85%	1,000.00	1,068.50	7.89
P-Class	0.78%	7.25%	1,000.00	1,072.50	4.03
Institutional Class	0.53%	7.48%	1,000.00	1,074.80	2.74

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 7

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2022	Ending Account Value March 31, 2023	Expenses Paid During Period2
Table 2. Based on hypothetical 5% return (before expenses)
Diversified Income Fund
A-Class	0.73%	5.00%	$ 1,000.00	$ 1,021.29	$ 3.68
C-Class	1.47%	5.00%	1,000.00	1,017.60	7.39
P-Class	0.74%	5.00%	1,000.00	1,021.24	3.73
Institutional Class	0.48%	5.00%	1,000.00	1,022.54	2.42
High Yield Fund
A-Class	1.16%	5.00%	1,000.00	1,019.15	5.84
C-Class	1.91%	5.00%	1,000.00	1,015.41	9.60
P-Class	1.16%	5.00%	1,000.00	1,019.15	5.84
Institutional Class	0.91%	5.00%	1,000.00	1,020.39	4.58
R6-Class	0.80%	5.00%	1,000.00	1,020.94	4.03
Core Bond Fund
A-Class	0.74%	5.00%	1,000.00	1,021.24	3.73
C-Class	1.54%	5.00%	1,000.00	1,017.25	7.75
P-Class	0.80%	5.00%	1,000.00	1,020.94	4.03
Institutional Class	0.50%	5.00%	1,000.00	1,022.44	2.52
Municipal Income Fund
A-Class	0.78%	5.00%	1,000.00	1,021.04	3.93
C-Class	1.53%	5.00%	1,000.00	1,017.30	7.70
P-Class	0.78%	5.00%	1,000.00	1,021.04	3.93
Institutional Class	0.53%	5.00%	1,000.00	1,022.29	2.67

¹ Annualized and excludes expenses of the underlying funds in which the Funds invest, if any. This ratio represents net expenses, which may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the period would be:

	A-Class	C-Class	P-Class	Institutional Class	R6-Class
Diversified Income Fund	0.73%	1.46%	0.74%	0.48%	N/A
High Yield Fund	1.13%	1.88%	1.13%	0.88%	0.77%
Core Bond Fund	0.71%	1.51%	0.76%	0.47%	N/A
Municipal Income Fund	0.77%	1.52%	0.77%	0.52%	N/A

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, 2022 to March 31, 2023.

8 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

DIVERSIFIED INCOME FUND

OBJECTIVE: 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 or investments in Guggenheim Ultra Short Duration Fund.

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	24.6%
Guggenheim RBP Large-Cap Market Fund — Institutional Class	19.8%
Guggenheim Floating Rate Strategies Fund — R6-Class	10.0%
Guggenheim RBP Dividend Fund — Institutional Class	9.9%
Guggenheim Core Bond Fund — Institutional Class	9.7%
Guggenheim World Equity Income Fund — Institutional Class	4.9%
Guggenheim Risk Managed Real Estate Fund — Institutional Class	4.8%
Guggenheim Ultra Short Duration Fund — Institutional Class	4.8%
ClearBridge MLP & Midstream Total Return Fund, Inc.	0.3%
PIMCO Corporate & Income Strategy Fund	0.3%
Top Ten Total	89.1%
“Ten Largest Holdings” excludes any temporary cash investments.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 9

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Average Annual Returns*

Periods Ended March 31, 2023

	6 Month†	1 Year	5 Year	Since Inception (01/29/16)
A-Class Shares	8.36%	(6.71%)	2.41%	4.02%
A-Class Shares with sales charge‡	4.03%	(10.45%)	1.57%	3.43%
C-Class Shares	7.95%	(7.42%)	1.65%	3.25%
C-Class Shares with CDSC§	6.95%	(8.27%)	1.65%	3.25%
P-Class Shares	8.33%	(6.74%)	2.39%	4.01%
Institutional Class Shares	8.53%	(6.48%)	2.66%	4.28%
Bloomberg U.S. Aggregate Bond Index	4.89%	(4.78%)	0.91%	1.09%

*	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 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.

10 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2023
DIVERSIFIED INCOME FUND

	Shares		Value
MUTUAL FUNDS† - 88.5%
Guggenheim High Yield Fund — R6-Class1		207,979	$	1,969,559
Guggenheim RBP Large-Cap Market Fund — Institutional Class1		153,543		1,581,490
Guggenheim Floating Rate Strategies Fund — R6-Class1		33,238		799,380
Guggenheim RBP Dividend Fund — Institutional Class1		66,878		787,820
Guggenheim Core Bond Fund — Institutional Class1		47,449		779,582
Guggenheim World Equity Income Fund — Institutional Class1		28,105		391,509
Guggenheim Risk Managed Real Estate Fund — Institutional Class1		12,733		382,638
Guggenheim Ultra Short Duration Fund — Institutional Class1		39,218		380,811
Total Mutual Funds
(Cost $7,724,035)				7,072,789
CLOSED-END FUNDS† - 8.5%
ClearBridge MLP & Midstream Total Return Fund, Inc.		800		23,120
PIMCO Corporate & Income Strategy Fund		1,700		21,318
Neuberger Berman High Yield Strategies Fund, Inc.		2,317		19,741
First Trust Energy Income and Growth Fund		1,500		19,470
BlackRock Floating Rate Income Strategies Fund, Inc.		1,600		18,720
Western Asset High Income Fund II, Inc.		3,798		18,458
BlackRock Limited Duration Income Trust		1,400		18,354
BlackRock Enhanced Equity Dividend Trust		2,100		18,039
Eaton Vance Tax-Advantaged Dividend Income Fund		797		18,020
John Hancock Premium Dividend Fund		1,450		17,966
BlackRock Floating Rate Income Trust		1,600		17,936
Voya Infrastructure Industrials and Materials Fund		1,850		17,853
Voya Global Equity Dividend and Premium Opportunity Fund		3,400		17,340
Eaton Vance Tax-Managed Buy-Write Opportunities Fund		1,370		17,303
Aberdeen Income Credit Strategies Fund		2,584		17,237
John Hancock Preferred Income Fund		1,050		16,800
Calamos Convertible Opportunities and Income Fund		1,594		16,769
PIMCO High Income Fund		3,500		16,695
Blackstone Strategic Credit Fund		1,550		16,507
Eaton Vance Tax-Managed Buy-Write Income Fund		1,250		16,312
Eaton Vance Limited Duration Income Fund		1,650		16,253
Invesco High Income Trust II		1,525		16,012
Royce Value Trust, Inc.		1,174		15,931
DoubleLine Income Solutions Fund		1,400		15,918
Cohen & Steers REIT and Preferred and Income Fund, Inc.		815		15,901
PGIM High Yield Bond Fund, Inc.		1,300		15,860
John Hancock Income Securities Trust		1,450		15,834
Western Asset Premier Bond Fund		1,550		15,810
Reaves Utility Income Fund		550		15,609
Pioneer High Income Fund, Inc.		2,350		15,581
BlackRock Credit Allocation Income Trust		1,500		15,435
Western Asset Global Corporate Defined Opportunity Fund, Inc.		1,200		15,240
PIMCO Dynamic Income Fund		845		15,227
Virtus Diversified Income & Co.		779		15,042
John Hancock Investors Trust		1,178		14,949
Eaton Vance Enhanced Equity Income Fund II		908		14,891
KKR Income Opportunities Fund		1,350		14,823
PIMCO Dynamic Income Opportunities Fund		1,150		14,260
Western Asset Emerging Markets Debt Fund, Inc.		1,650		14,173
Apollo Senior Floating Rate Fund, Inc.		1,100		13,893
Western Asset Mortgage Opportunity Fund, Inc.		1,250		13,063
Total Closed-End Funds
(Cost $779,025)				683,663
MONEY MARKET FUND† - 2.4%
Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares, 4.56%2		191,534		191,534
Total Money Market Fund
(Cost $191,534)				191,534
Total Investments - 99.4%
(Cost $8,694,594)			$	7,947,986
Other Assets & Liabilities, net - 0.6%				46,084
Total Net Assets - 100.0%			$	7,994,070

†	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, 2023.
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2023
DIVERSIFIED INCOME FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	7,072,789	$	—	$	—	$	7,072,789
Closed-End Funds		683,663		—		—		683,663
Money Market Fund		191,534		—		—		191,534
Total Assets	$	7,947,986	$	—	$	—	$	7,947,986

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, result in that company being considered an affiliated issuer, as defined in the 1940 Act.

Transactions during the period ended March 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 09/30/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 03/31/23		Shares 03/31/23		Investment Income		Capital Gain Distributions
Mutual Funds
Guggenheim Core Bond Fund — Institutional Class	$	704,685	$	51,000	$	—		$	—		$	23,897	$	779,582		47,449	$	15,986	$	—
Guggenheim Floating Rate Strategies Fund — R6-Class		747,554		30,248		—			—			21,578		799,380		33,238		30,107		—
Guggenheim High Yield Fund — R6-Class		1,837,726		61,015		—			—			70,818		1,969,559		207,979		60,945		—
Guggenheim RBP Dividend Fund — Institutional Class		685,303		17,674		(15,148	)		(3,823	)		103,814		787,820		66,878		5,684		—
Guggenheim RBP Large-Cap Market Fund — Institutional Class		1,383,590		82,845		—			—			115,055		1,581,490		153,543		5,578		40,807
Guggenheim Risk Managed Real Estate Fund — Institutional Class		337,666		42,932		—			—			2,040		382,638		12,733		5,479		15,483
Guggenheim Ultra Short Duration Fund — Institutional Class		367,906		8,272		—			—			4,633		380,811		39,218		8,235		—
Guggenheim World Equity Income Fund — Institutional Class		344,667		4,302		—			—			42,540		391,509		28,105		4,090		212
	$	6,409,097	$	298,288	$	(15,148	)	$	(3,823	)	$	384,375	$	7,072,789			$	136,104	$	56,502

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

DIVERSIFIED INCOME FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2023

Assets:
Investments in unaffiliated issuers, at value (cost $970,559)	$	875,197
Investments in affiliated issuers, at value (cost $7,724,035)		7,072,789
Prepaid expenses		50,712
Receivables:
Dividends		31,171
Investment Adviser		15,713
Interest		626
Fund shares sold		20
Total assets		8,046,228
Liabilities:
Payable for:
Securities purchased		30,860
Professional fees		9,522
Fund accounting/administration fees		4,247
Transfer agent/maintenance fees		2,338
Trustees’ fees*		1,535
Due to Investment Adviser		630
Distribution and service fees		396
Fund shares redeemed		124
Miscellaneous		2,506
Total liabilities		52,158
Net assets	$	7,994,070
Net assets consist of:
Paid in capital	$	8,757,028
Total distributable earnings (loss)		(762,958	)
Net assets	$	7,994,070
A-Class:
Net assets	$	307,016
Capital shares outstanding		12,880
Net asset value per share	$	23.84
Maximum offering price per share (Net asset value divided by 96.00%)	$	24.83
C-Class:
Net assets	$	242,432
Capital shares outstanding		10,221
Net asset value per share	$	23.72
P-Class:
Net assets	$	617,361
Capital shares outstanding		25,883
Net asset value per share	$	23.85
Institutional Class:
Net assets	$	6,827,261
Capital shares outstanding		286,342
Net asset value per share	$	23.84

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended March 31, 2023

Investment Income:
Dividends from securities of unaffiliated issuers	$	37,457
Dividends from securities of affiliated issuers		136,104
Interest		2,317
Total investment income		175,878
Expenses:
Management fees		28,955
Distribution and service fees:
A-Class		375
C-Class		1,185
P-Class		647
Transfer agent/maintenance fees:
A-Class		728
C-Class		691
P-Class		1,235
Institutional Class		10,804
Registration fees		32,320
Professional fees		17,575
Trustees’ fees*		6,388
Fund accounting/administration fees		6,177
Custodian fees		3,388
Line of credit fees		128
Miscellaneous		5,117
Recoupment of previously waived fees:
A-Class		25
C-Class		20
P-Class		88
Institutional Class		527
Total expenses		116,373
Less:
Expenses reimbursed by Adviser:
A-Class		(1,907	)
C-Class		(1,633	)
P-Class		(3,367	)
Institutional Class		(36,984	)
Expenses waived by Adviser		(51,684	)
Total waived/reimbursed expenses		(95,575	)
Net expenses		20,798
Net investment income		155,080
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		16,140
Investments in affiliated issuers		(3,823	)
Distributions received from affiliated investment companies		56,502
Net realized gain		68,819
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		4,210
Investments in affiliated issuers		384,375
Net change in unrealized appreciation (depreciation)		388,585
Net realized and unrealized gain		457,404
Net increase in net assets resulting from operations	$	612,484

* 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 | 13

DIVERSIFIED INCOME FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	155,080		$	206,098
Net realized gain on investments		68,819			506,371
Net change in unrealized appreciation (depreciation) on investments		388,585			(1,949,416	)
Net increase (decrease) in net assets resulting from operations		612,484			(1,236,947	)
Distributions to shareholders:
A-Class		(20,350	)		(13,926	)
C-Class		(15,269	)		(22,111	)
P-Class		(34,556	)		(9,123	)
Institutional Class		(460,889	)		(277,436	)
Total distributions to shareholders		(531,064	)		(322,596	)
Capital share transactions:
Proceeds from sale of shares
A-Class		855			120,099
C-Class		1,000			628,708
P-Class		191,895			389,539
Institutional Class		—			583,577
Distributions reinvested
A-Class		20,350			13,926
C-Class		15,269			22,111
P-Class		34,556			9,123
Institutional Class		460,889			277,436
Cost of shares redeemed
A-Class		(1,636	)		(126,698	)
C-Class		(673	)		(551,222	)
P-Class		(25,374	)		(72,266	)
Institutional Class		(7,886	)		(206,918	)
Net increase from capital share transactions		689,245			1,087,415
Net increase (decrease) in net assets		770,665			(472,128	)
Net assets:
Beginning of period		7,223,405			7,695,533
End of period		7,994,070			7,223,405
Capital share activity:
Shares sold
A-Class		35			4,278
C-Class		42			22,058
P-Class		7,861			14,554
Institutional Class		—			20,354
Shares issued from reinvestment of distributions
A-Class		867			503
C-Class		655			791
P-Class		1,471			339
Institutional Class		19,620			10,120
Shares redeemed
A-Class		(67	)		(4,685	)
C-Class		(28	)		(22,244	)
P-Class		(1,049	)		(2,623	)
Institutional Class		(326	)		(7,812	)
Net increase in shares		29,081			35,633

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

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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	23.59		$	28.45		$	25.27		$	26.99		$	26.70		$	27.58
Income (loss) from investment operations:
Net investment income (loss)b		.46			.71			.73			.81			.86			.91
Net gain (loss) on investments (realized and unrealized)		1.46			(4.55	)		3.30			(1.63	)		.50			(.70	)
Total from investment operations		1.92			(3.84	)		4.03			(.82	)		1.36			.21
Less distributions from:
Net investment income		(.43	)		(.93	)		(.85	)		(.81	)		(.77	)		(.90	)
Net realized gains		(1.24	)		(.09	)		—			(.09	)		(.30	)		(.19	)
Total distributions		(1.67	)		(1.02	)		(.85	)		(.90	)		(1.07	)		(1.09	)
Net asset value, end of period	$	23.84		$	23.59		$	28.45		$	25.27		$	26.99		$	26.70
Total Returnc		8.36	%		(13.94	%)		16.10	%		(3.06	%)		5.31	%		0.78	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	307		$	284		$	340		$	267		$	278		$	141
Ratios to average net assets:
Net investment income (loss)		3.82	%		2.59	%		2.64	%		3.14	%		3.26	%		3.37	%
Total expensesd		3.34	%		3.42	%		3.92	%		4.24	%		4.03	%		4.83	%
Net expensese,f,g		0.73	%		0.74	%		0.78	%		0.83	%		0.85	%		0.84	%
Portfolio turnover rate		—			12	%		50	%		66	%		58	%		37	%

C-Class	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	23.48		$	28.36		$	25.19		$	27.00		$	26.69		$	27.56
Income (loss) from investment operations:
Net investment income (loss)b		.37			.47			.52			.60			.69			.71
Net gain (loss) on investments (realized and unrealized)		1.45			(4.49	)		3.29			(1.62	)		.46			(.69	)
Total from investment operations		1.82			(4.02	)		3.81			(1.02	)		1.15			.02
Less distributions from:
Net investment income		(.34	)		(.77	)		(.64	)		(.70	)		(.54	)		(.70	)
Net realized gains		(1.24	)		(.09	)		—			(.09	)		(.30	)		(.19	)
Total distributions		(1.58	)		(.86	)		(.64	)		(.79	)		(.84	)		(.89	)
Net asset value, end of period	$	23.72		$	23.48		$	28.36		$	25.19		$	27.00		$	26.69
Total Returnc		7.95	%		(14.57	%)		15.24	%		(3.77	%)		4.50	%		0.08	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	242		$	224		$	254		$	197		$	816		$	145
Ratios to average net assets:
Net investment income (loss)		3.08	%		1.70	%		1.89	%		2.26	%		2.59	%		2.63	%
Total expensesd		4.19	%		4.04	%		4.68	%		4.86	%		4.74	%		5.65	%
Net expensese,f,g		1.47	%		1.49	%		1.52	%		1.58	%		1.59	%		1.59	%
Portfolio turnover rate		—			12	%		50	%		66	%		58	%		37	%

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

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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	23.59		$	28.43		$	25.25		$	26.97		$	26.70		$	27.58
Income (loss) from investment operations:
Net investment income (loss)b		.46			.58			.73			.81			.85			.91
Net gain (loss) on investments (realized and unrealized)		1.47			(4.43	)		3.30			(1.63	)		.51			(.70	)
Total from investment operations		1.93			(3.85	)		4.03			(.82	)		1.36			.21
Less distributions from:
Net investment income		(.43	)		(.90	)		(.85	)		(.81	)		(.79	)		(.90	)
Net realized gains		(1.24	)		(.09	)		—			(.09	)		(.30	)		(.19	)
Total distributions		(1.67	)		(.99	)		(.85	)		(.90	)		(1.09	)		(1.09	)
Net asset value, end of period	$	23.85		$	23.59		$	28.43		$	25.25		$	26.97		$	26.70
Total Return		8.33	%		(13.95	%)		16.12	%		(3.03	%)		5.23	%		0.82	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	617		$	415		$	152		$	128		$	131		$	125
Ratios to average net assets:
Net investment income (loss)		3.85	%		2.16	%		2.64	%		3.14	%		3.22	%		3.37	%
Total expensesd		3.38	%		3.49	%		3.92	%		4.19	%		3.97	%		4.82	%
Net expensese,f,g		0.74	%		0.74	%		0.78	%		0.83	%		0.85	%		0.84	%
Portfolio turnover rate		—			12	%		50	%		66	%		58	%		37	%

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

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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	23.59		$	28.44		$	25.26		$	26.98		$	26.72		$	27.59
Income (loss) from investment operations:
Net investment income (loss)b		.49			.69			.80			.87			.92			.98
Net gain (loss) on investments (realized and unrealized)		1.46			(4.46	)		3.30			(1.63	)		.49			(.70	)
Total from investment operations		1.95			(3.77	)		4.10			(.76	)		1.41			.28
Less distributions from:
Net investment income		(.46	)		(.99	)		(.92	)		(.87	)		(.85	)		(.96	)
Net realized gains		(1.24	)		(.09	)		—			(.09	)		(.30	)		(.19	)
Total distributions		(1.70	)		(1.08	)		(.92	)		(.96	)		(1.15	)		(1.15	)
Net asset value, end of period	$	23.84		$	23.59		$	28.44		$	25.26		$	26.98		$	26.72
Total Return		8.53	%		(13.74	%)		16.40	%		(2.82	%)		5.52	%		1.06	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,827		$	6,300		$	6,950		$	5,965		$	6,165		$	5,757
Ratios to average net assets:
Net investment income (loss)		4.07	%		2.54	%		2.89	%		3.39	%		3.47	%		3.62	%
Total expensesd		2.93	%		3.05	%		3.55	%		3.78	%		3.58	%		4.42	%
Net expensese,f,g		0.48	%		0.49	%		0.53	%		0.58	%		0.60	%		0.60	%
Portfolio turnover rate		—			12	%		50	%		66	%		58	%		37	%

a	Unaudited figures for the period ended March 31, 2023. 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:

	03/31/23a	09/30/22	09/30/21	09/30/20	09/30/19	09/30/18
A-Class	0.02%	—	—	—	—	—
C-Class	0.02%	—	—	0.00%*	—	—
P-Class	0.03%	—	—	0.00%*	—	—
Institutional Class	0.02%	—	—	0.00%*	—	—

* Less than 0.01%.

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

	03/31/23a	09/30/22	09/30/21	09/30/20	09/30/19	09/30/18
A-Class	0.73%	0.73%	0.77%	0.82%	0.85%	0.84%
C-Class	1.46%	1.48%	1.51%	1.57%	1.59%	1.58%
P-Class	0.74%	0.73%	0.77%	0.82%	0.85%	0.84%
Institutional Class	0.48%	0.48%	0.52%	0.57%	0.60%	0.59%

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

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.

Portfolio Composition by Quality Rating1
Rating	% of Total Investments
Fixed Income Instruments
BBB	4.4%
BB	43.2%
B	34.1%
CCC	8.6%
D	0.0%
NR2	4.4%
Other Instruments	5.3%
Total Investments	100.0%

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)
CPI CG, Inc., 8.63%	1.4%
Terraform Global Operating, LP, 6.13%	1.4%
Hunt Companies, Inc., 5.25%	1.3%
McGraw-Hill Education, Inc., 5.75%	1.2%
Jefferies Finance LLC / JFIN Company-Issuer Corp., 5.00%	1.2%
GrafTech Finance, Inc., 4.63%	1.1%
FAGE International S.A. / FAGE USA Dairy Industry, Inc., 5.63%	1.1%
Artera Services LLC, 9.03%	1.1%
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%	1.1%
Upbound Group, Inc., 6.38%	1.0%
Top Ten Total	11.9%
“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 (not rated) securities do not necessarily indicate low credit quality.

18 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Average Annual Returns*

Periods Ended March 31, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	6.97%	(2.60%)	2.48%	3.91%
A-Class Shares with sales charge‡	2.69%	(6.47%)	1.65%	3.41%
C-Class Shares	6.54%	(3.36%)	1.67%	3.11%
C-Class Shares with CDSC§	5.54%	(4.28%)	1.67%	3.11%
Institutional Class Shares	7.03%	(2.39%)	2.70%	4.17%
Bloomberg U.S. Corporate High Yield Index	7.89%	(3.34%)	3.21%	4.10%

	6 Month†	1 Year	5 Year	Since Inception (05/01/15)
P-Class Shares	6.97%	(2.59%)	2.42%	3.41%
Bloomberg U.S. Corporate High Yield Index	7.89%	(3.34%)	3.21%	3.82%

	6 Month†	1 Year	5 Year	Since Inception (05/15/17)
R6-Class Shares	7.17%	(2.31%)	2.81%	2.80%
Bloomberg U.S. Corporate High Yield Index	7.89%	(3.34%)	3.21%	3.11%

*	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 Bloomberg 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 2, 2015.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 19

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2023
HIGH YIELD FUND

	Shares		Value
COMMON STOCKS† - 0.9%
Financial - 0.5%
TPG Pace Beneficial II Corp.*,1		46,138	$	460,000
Acropolis Infrastructure Acquisition Corp. — Class A*,1		38,845		393,500
Total Financial				853,500
Utilities - 0.4%
TexGen Power LLC*,††		26,665		693,290
Energy - 0.0%
Legacy Reserves, Inc.*,†††		3,452		30,205
Permian Production Partners LLC*,†††		57,028		9,336
Bruin E&P Partnership Units*,†††		44,023		986
Total Energy				40,527
Industrial - 0.0%
BP Holdco LLC*,†††,2		23,711		30,457
Vector Phoenix Holdings, LP*,†††		23,711		5,668
Targus Inc*,†††		12,825		378
Targus Inc*,†††		12,825		378
Targus Inc*,†††		12,825		128
Targus Inc*,†††		12,825		—
Targus Inc*,†††		12,825		—
Total Industrial				37,009
Consumer, Non-cyclical - 0.0%
Cengage Learning Holdings II, Inc.*,††		2,107		22,650
Save-A-Lot*,††		17,185		5,723
Total Consumer, Non-cyclical				28,373
Total Common Stocks
(Cost $1,260,673)				1,652,699
PREFERRED STOCKS†† - 2.0%
Financial - 2.0%
American Equity Investment Life Holding Co.
5.95%3		54,000		1,267,382
Charles Schwab Corp.
4.00%*		1,325,000		1,043,438
Arch Capital Group Ltd.
4.55%		42,390		816,007
Assurant, Inc.
5.25% due 01/15/61		30,000		585,600
B Riley Financial, Inc.
6.75% due 05/31/24		403		9,571
Total Financial				3,721,996
Industrial - 0.0%
U.S. Shipping Corp.*,†††		14,718		—
Total Preferred Stocks
(Cost $4,869,825)				3,721,998
WARRANTS† - 0.0%
Acropolis Infrastructure Acquisition Corp.
Expiring 03/31/261		12,947		2,207
Ginkgo Bioworks Holdings, Inc.
Expiring 08/01/26		4		—
MSD Acquisition Corp.
Expiring 05/13/23†††,1		143		—
Total Warrants
(Cost $10,857)				2,207
MONEY MARKET FUND† - 2.3%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.43%4		4,333,052		4,333,052
Total Money Market Fund
(Cost $4,333,052)				4,333,052
	Face Amount~
CORPORATE BONDS†† - 81.8%
Communications - 14.3%
McGraw-Hill Education, Inc.
5.75% due 08/01/285		2,575,000		2,240,250
8.00% due 08/01/295		1,525,000		1,250,500
Altice France S.A.
5.13% due 07/15/295		1,450,000		1,091,125
5.50% due 10/15/295		1,250,000		955,820
8.13% due 02/01/275		900,000		833,130
CCO Holdings LLC / CCO Holdings Capital Corp.
4.50% due 05/01/32		1,850,000		1,512,967
4.25% due 01/15/345		975,000		762,567
4.25% due 02/01/315		400,000		327,064
6.38% due 09/01/295		275,000		262,625
CSC Holdings LLC
3.38% due 02/15/315		1,025,000		708,941
4.13% due 12/01/305		975,000		700,235
4.63% due 12/01/305		950,000		468,445
VZ Secured Financing BV
5.00% due 01/15/325		2,175,000		1,774,180
Vmed O2 UK Financing I plc
4.25% due 01/31/315		1,125,000		957,127
4.75% due 07/15/315		850,000		728,637
Cengage Learning, Inc.
9.50% due 06/15/245		1,739,000		1,681,352
Level 3 Financing, Inc.
3.63% due 01/15/295		1,825,000		1,009,079
4.25% due 07/01/285		1,150,000		648,830
LCPR Senior Secured Financing DAC
6.75% due 10/15/275		1,417,000		1,338,357
Telenet Finance Luxembourg Notes SARL
5.50% due 03/01/28		1,400,000		1,288,000
UPC Broadband Finco BV
4.88% due 07/15/315		1,200,000		1,037,676
Sirius XM Radio, Inc.
4.13% due 07/01/305		800,000		654,000
5.50% due 07/01/295		375,000		341,250
AMC Networks, Inc.
4.25% due 02/15/29		1,550,000		952,956

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
HIGH YIELD FUND

	Face Amount~		Value
Cogent Communications Group, Inc.
7.00% due 06/15/275		775,000	$	768,412
Virgin Media Secured Finance plc
4.50% due 08/15/305		675,000		580,372
Match Group Holdings II LLC
4.63% due 06/01/285		600,000		557,232
Outfront Media Capital LLC / Outfront Media Capital Corp.
4.25% due 01/15/295		550,000		456,500
Zayo Group Holdings, Inc.
4.00% due 03/01/275		300,000		228,000
Go Daddy Operating Company LLC / GD Finance Co., Inc.
3.50% due 03/01/295		200,000		172,926
Total Communications				26,288,555
Industrial - 13.2%
New Enterprise Stone & Lime Company, Inc.
9.75% due 07/15/285		1,725,000		1,647,375
5.25% due 07/15/285		675,000		596,629
GrafTech Finance, Inc.
4.63% due 12/15/285		2,500,000		2,084,650
Artera Services LLC
9.03% due 12/04/255		2,350,000		2,021,364
Brundage-Bone Concrete Pumping Holdings, Inc.
6.00% due 02/01/265		2,076,000		1,946,146
Mauser Packaging Solutions Holding Co.
7.88% due 08/15/265		1,025,000		1,025,000
9.25% due 04/15/275		500,000		461,995
TransDigm, Inc.
6.75% due 08/15/285		825,000		833,250
6.25% due 03/15/265		500,000		500,455
Standard Industries, Inc.
5.00% due 02/15/275		900,000		854,748
4.38% due 07/15/305		550,000		478,500
Clearwater Paper Corp.
4.75% due 08/15/285		1,375,000		1,235,300
Great Lakes Dredge & Dock Corp.
5.25% due 06/01/295		1,525,000		1,152,534
Harsco Corp.
5.75% due 07/31/275		1,375,000		1,079,430
Builders FirstSource, Inc.
6.38% due 06/15/325		750,000		752,676
4.25% due 02/01/325		100,000		87,139
Masonite International Corp.
5.38% due 02/01/285		850,000		811,750
Amsted Industries, Inc.
4.63% due 05/15/305		900,000		808,628
Ball Corp.
6.88% due 03/15/28		700,000		724,500
Pactiv Evergreen Group Issuer Incorporated/Pactiv Evergreen Group Issuer LLC
4.00% due 10/15/275		700,000		628,600
Arcosa, Inc.
4.38% due 04/15/295		700,000		622,552
Advanced Drainage Systems, Inc.
6.38% due 06/15/305		575,000		563,407
Trinity Industries, Inc.
4.55% due 10/01/24		550,000		531,991
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc
6.00% due 06/15/275		500,000		495,512
Sealed Air Corp.
6.13% due 02/01/285		475,000		480,299
Howmet Aerospace, Inc.
5.95% due 02/01/37		475,000		478,563
Penske Truck Leasing Company Lp / PTL Finance Corp.
5.70% due 02/01/285		450,000		454,036
Summit Materials LLC / Summit Materials Finance Corp.
6.50% due 03/15/275		425,000		420,987
Stericycle, Inc.
5.38% due 07/15/245		375,000		372,158
Clean Harbors, Inc.
6.38% due 02/01/315		225,000		229,558
Total Industrial				24,379,732
Consumer, Non-cyclical - 12.9%
CPI CG, Inc.
8.63% due 03/15/265		2,572,000		2,546,280
FAGE International S.A. / FAGE USA Dairy Industry, Inc.
5.63% due 08/15/265		2,200,000		2,053,929
Upbound Group, Inc.
6.38% due 02/15/295,6		2,281,000		1,915,246
Prime Security Services Borrower LLC / Prime Finance, Inc.
3.38% due 08/31/275		1,525,000		1,366,781
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.
7.00% due 12/31/275		961,000		838,473
5.00% due 12/31/265		350,000		320,082
Sotheby’s/Bidfair Holdings, Inc.
5.88% due 06/01/295		1,200,000		995,183
DaVita, Inc.
3.75% due 02/15/315		1,225,000		966,219
KeHE Distributors LLC / KeHE Finance Corp.
8.63% due 10/15/265		956,000		951,220
ADT Security Corp.
4.13% due 08/01/295		1,050,000		936,379
Par Pharmaceutical, Inc.
due 04/01/275,7		1,210,000		900,184
Sabre GLBL, Inc.
7.38% due 09/01/255		673,000		601,322
9.25% due 04/15/255		250,000		235,500
Tenet Healthcare Corp.
4.38% due 01/15/30		625,000		560,938
6.13% due 06/15/305		275,000		271,287
Legends Hospitality Holding Company LLC / Legends Hospitality Co-Issuer, Inc.
5.00% due 02/01/265		850,000		760,631

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
HIGH YIELD FUND

	Face Amount~		Value
Medline Borrower, LP
5.25% due 10/01/295		850,000	$	737,470
Bausch Health Companies, Inc.
4.88% due 06/01/285		1,200,000		708,000
Endo Luxembourg Finance Company I SARL / Endo US, Inc.
due 04/01/295,7		950,000		702,744
BCP V Modular Services Finance II plc
4.75% due 10/30/285	EUR	736,000		678,041
Albertsons Companies Incorporated / Safeway Inc / New Albertsons Limited Partnership / Albertsons LLC
5.88% due 02/15/285		475,000		472,081
6.50% due 02/15/285		175,000		175,437
Central Garden & Pet Co.
4.13% due 10/15/30		711,000		628,240
Post Holdings, Inc.
4.63% due 04/15/305		600,000		537,750
Grifols Escrow Issuer S.A.
4.75% due 10/15/285		600,000		492,000
WW International, Inc.
4.50% due 04/15/295		825,000		443,438
HealthEquity, Inc.
4.50% due 10/01/295		450,000		399,811
Lamb Weston Holdings, Inc.
4.13% due 01/31/305		425,000		388,875
GXO Logistics, Inc.
2.65% due 07/15/31		250,000		194,460
1.65% due 07/15/26		175,000		153,898
Garden Spinco Corp.
8.63% due 07/20/305		300,000		320,528
Service Corporation International
3.38% due 08/15/30		325,000		277,063
Nathan’s Famous, Inc.
6.63% due 11/01/255		189,000		188,055
Ingles Markets, Inc.
4.00% due 06/15/315		75,000		65,183
Endo Dac / Endo Finance LLC / Endo Finco, Inc.
due 07/31/275,7		171,000		13,039
Total Consumer, Non-cyclical				23,795,767
Financial - 11.5%
Hunt Companies, Inc.
5.25% due 04/15/295		3,150,000		2,461,700
United Wholesale Mortgage LLC
5.50% due 04/15/295		1,475,000		1,231,625
5.75% due 06/15/275		1,300,000		1,156,821
Jefferies Finance LLC / JFIN Company-Issuer Corp.
5.00% due 08/15/285		2,500,000		2,116,475
Iron Mountain, Inc.
5.63% due 07/15/325		1,275,000		1,164,763
4.88% due 09/15/295		530,000		476,319
5.25% due 07/15/305		475,000		428,299
OneMain Finance Corp.
3.88% due 09/15/28		1,225,000		970,812
4.00% due 09/15/30		750,000		562,500
NFP Corp.
6.88% due 08/15/285		1,425,000		1,222,849
Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc.
3.88% due 03/01/315		875,000		725,498
4.00% due 10/15/335		350,000		277,848
Jones Deslauriers Insurance Management, Inc.
10.50% due 12/15/305		725,000		730,226
8.50% due 03/15/305		200,000		207,294
HUB International Ltd.
7.00% due 05/01/265		575,000		565,114
5.63% due 12/01/295		375,000		326,728
Iron Mountain Information Management Services, Inc.
5.00% due 07/15/325		1,000,000		858,731
Kennedy-Wilson, Inc.
4.75% due 03/01/29		575,000		457,125
4.75% due 02/01/30		450,000		331,997
SLM Corp.
3.13% due 11/02/26		900,000		765,000
USI, Inc.
6.88% due 05/01/255		775,000		763,375
Starwood Property Trust, Inc.
4.38% due 01/15/275		825,000		681,830
Greystar Real Estate Partners LLC
5.75% due 12/01/255		625,000		608,787
GLP Capital Limited Partnership / GLP Financing II, Inc.
4.00% due 01/15/31		650,000		557,577
Alliant Holdings Intermediate LLC / Alliant Holdings Company-Issuer
4.25% due 10/15/275		475,000		425,453
6.75% due 04/15/285		50,000		49,437
Liberty Mutual Group, Inc.
4.30% due 02/01/615		750,000		444,733
Cushman & Wakefield US Borrower LLC
6.75% due 05/15/285		450,000		402,874
AmWINS Group, Inc.
4.88% due 06/30/295		275,000		243,375
Total Financial				21,215,165
Consumer, Cyclical - 10.1%
Crocs, Inc.
4.25% due 03/15/295		1,769,000		1,551,634
JB Poindexter & Company, Inc.
7.13% due 04/15/265		1,650,000		1,546,875
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.
5.75% due 01/20/265		1,200,000		1,139,226
Ritchie Bros Holdings, Inc.
7.75% due 03/15/315		650,000		681,213
6.75% due 03/15/285		350,000		360,440

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
HIGH YIELD FUND

	Face Amount~		Value
United Airlines, Inc.
4.63% due 04/15/295		1,025,000	$	927,114
Hanesbrands, Inc.
4.88% due 05/15/265		975,000		923,813
Wolverine World Wide, Inc.
4.00% due 08/15/295		1,100,000		893,827
Scotts Miracle-Gro Co.
4.38% due 02/01/32		1,050,000		843,911
CD&R Smokey Buyer, Inc.
6.75% due 07/15/255		925,000		793,187
Scientific Games Holdings Limited Partnership/Scientific Games US FinCo, Inc.
6.63% due 03/01/305		875,000		773,219
Tempur Sealy International, Inc.
3.88% due 10/15/315		875,000		730,625
Ferrellgas Limited Partnership / Ferrellgas Finance Corp.
5.38% due 04/01/265		775,000		725,594
Fertitta Entertainment LLC / Fertitta Entertainment Finance Company, Inc.
4.63% due 01/15/295		800,000		702,160
Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp.
5.00% due 06/01/315		800,000		699,000
Newell Brands, Inc.
6.63% due 09/15/29		500,000		504,293
4.45% due 04/01/26		200,000		192,500
Wabash National Corp.
4.50% due 10/15/285		675,000		585,204
Michaels Companies, Inc.
5.25% due 05/01/285		600,000		500,067
Asbury Automotive Group, Inc.
5.00% due 02/15/325		550,000		481,803
Clarios Global, LP / Clarios US Finance Co.
8.50% due 05/15/275		475,000		476,781
Evergreen Acqco 1 Limited Partnership / TVI, Inc.
9.75% due 04/26/285		475,000		451,250
Clarios Global, LP
6.75% due 05/15/255		430,000		434,580
Superior Plus, LP
4.25% due 05/18/285	CAD	550,000		360,004
Air Canada
3.88% due 08/15/265		350,000		317,800
Caesars Entertainment, Inc.
6.25% due 07/01/255		275,000		275,013
Six Flags Theme Parks, Inc.
7.00% due 07/01/255		215,000		217,222
Penn Entertainment, Inc.
4.13% due 07/01/295		250,000		208,468
Yum! Brands, Inc.
4.75% due 01/15/305		200,000		191,078
Allison Transmission, Inc.
4.75% due 10/01/275		200,000		188,935
Total Consumer, Cyclical				18,676,836
Energy - 8.6%
NuStar Logistics, LP
5.63% due 04/28/27		1,585,000		1,500,734
6.38% due 10/01/30		850,000		815,575
Parkland Corp.
4.50% due 10/01/295		1,275,000		1,132,888
4.63% due 05/01/305		1,100,000		977,900
Global Partners Limited Partnership / GLP Finance Corp.
7.00% due 08/01/27		1,200,000		1,151,419
6.88% due 01/15/29		900,000		836,775
CVR Energy, Inc.
5.75% due 02/15/285		1,725,000		1,582,929
5.25% due 02/15/255		250,000		239,981
ITT Holdings LLC
6.50% due 08/01/295		1,875,000		1,583,100
Crestwood Midstream Partners Limited Partnership / Crestwood Midstream Finance Corp.
5.63% due 05/01/275		1,250,000		1,204,262
Holly Energy Partners Limited Partnership / Holly Energy Finance Corp.
6.38% due 04/15/275		1,050,000		1,038,319
EnLink Midstream LLC
5.38% due 06/01/29		925,000		890,313
TransMontaigne Partners Limited Partnership / TLP Finance Corp.
6.13% due 02/15/26		1,000,000		860,000
PDC Energy, Inc.
6.13% due 09/15/24		776,000		772,120
Venture Global Calcasieu Pass LLC
6.25% due 01/15/305		500,000		503,750
Southwestern Energy Co.
5.38% due 02/01/29		425,000		400,563
Kinetik Holdings, LP
5.88% due 06/15/305		350,000		336,875
Total Energy				15,827,503
Basic Materials - 7.4%
Carpenter Technology Corp.
6.38% due 07/15/28		1,900,000		1,853,274
7.63% due 03/15/30		650,000		672,324
SCIL IV LLC / SCIL USA Holdings LLC
5.38% due 11/01/265		1,650,000		1,507,336
Minerals Technologies, Inc.
5.00% due 07/01/285		1,547,000		1,410,616
Kaiser Aluminum Corp.
4.63% due 03/01/285		790,000		703,117
4.50% due 06/01/315		725,000		595,377
SK Invictus Intermediate II SARL
5.00% due 10/30/295		1,350,000		1,120,824
Diamond BC BV
4.63% due 10/01/295		1,050,000		1,023,173
WR Grace Holdings LLC
4.88% due 06/15/275		1,000,000		963,910
Compass Minerals International, Inc.
6.75% due 12/01/275		875,000		833,040

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
HIGH YIELD FUND

	Face Amount~		Value
Illuminate Buyer LLC / Illuminate Holdings IV, Inc.
9.00% due 07/01/285		900,000	$	797,864
Valvoline, Inc.
3.63% due 06/15/315		600,000		509,136
4.25% due 02/15/305		250,000		245,156
Ingevity Corp.
3.88% due 11/01/285		675,000		578,326
INEOS Finance plc
6.75% due 05/15/285		575,000		555,163
Yamana Gold, Inc.
4.63% due 12/15/27		256,000		244,417
Mirabela Nickel Ltd.
due 06/24/19†††,7,8		278,115		13,210
Total Basic Materials				13,626,263
Utilities - 2.0%
Terraform Global Operating, LP
6.13% due 03/01/265		2,630,000		2,504,785
AmeriGas Partners Limited Partnership / AmeriGas Finance Corp.
5.50% due 05/20/25		625,000		599,508
Atlantica Sustainable Infrastructure plc
4.13% due 06/15/285		400,000		359,000
Clearway Energy Operating LLC
4.75% due 03/15/285		175,000		167,125
Total Utilities				3,630,418
Technology - 1.8%
Boxer Parent Company, Inc.
7.13% due 10/02/255		1,025,000		1,020,114
Qorvo, Inc.
3.38% due 04/01/315		1,150,000		951,349
Central Parent Incorporated / CDK Global Inc
7.25% due 06/15/295		875,000		860,019
CDW LLC / CDW Finance Corp.
3.57% due 12/01/31		300,000		258,039
Playtika Holding Corp.
4.25% due 03/15/295		300,000		249,750
Total Technology				3,339,271
Total Corporate Bonds
(Cost $168,860,572)				150,779,510
SENIOR FLOATING RATE INTERESTS††,◊ - 11.7%
Consumer, Cyclical - 2.7%
First Brands Group LLC
9.82% (3 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 03/30/27		1,024,322		982,386
Alexander Mann
8.43% (1 Month GBP SONIA + 5.00%, Rate Floor: 5.00%) due 06/16/25	GBP	749,100		872,568
American Tire Distributors, Inc.
11.07% (3 Month USD LIBOR + 6.25%, Rate Floor: 7.00%) due 10/20/28		866,250		754,183
Holding SOCOTEC
9.16% ((2 Month USD LIBOR + 4.00%) and (3 Month USD LIBOR + 4.00%), Rate Floor: 4.75%) due 06/30/28		603,900		577,981
Accuride Corp.
10.09% (1 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 11/17/23		577,959		451,288
ScribeAmerica Intermediate Holdco LLC (Healthchannels)
9.34% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 04/03/25		746,874		428,205
Sweetwater Sound
9.13% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 08/05/28		316,867		299,439
Flutter Financing B.V.
8.41% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 07/24/28		298,500		298,112
WW International, Inc.
8.35% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 04/13/28		401,625		228,424
Total Consumer, Cyclical				4,892,586
Consumer, Non-cyclical - 2.5%
Quirch Foods Holdings LLC
9.68% (1 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 10/27/27		955,500		877,865
Blue Ribbon LLC
10.66% (1 Month USD LIBOR + 6.00%, Rate Floor: 6.75%) due 05/08/28		1,068,434		785,299
Gibson Brands, Inc.
9.92% (3 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 08/11/28		859,125		678,709
Moran Foods LLC
12.21% (6 Month Term SOFR + 7.25%, Rate Floor: 7.25%) due 06/30/26†††		486,965		465,166
14.46% (6 Month Term SOFR + 9.50%, Rate Floor: 9.50%) due 12/31/26†††		257,058		174,687
Women’s Care Holdings, Inc.
9.33% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.25%) due 01/17/28		658,326		612,243
Confluent Health LLC
8.84% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.50%) due 11/30/28		407,317		328,908
8.84% (Commercial Prime Lending Rate + 3.00%, Rate Floor: 4.50%) due 11/30/28		88,496		71,460
Kronos Acquisition Holdings, Inc.
11.02% (3 Month Term SOFR + 6.00%, Rate Floor: 6.00%) due 12/22/26		297,000		286,605
Florida Food Products LLC
9.84% (1 Month USD LIBOR + 5.00%, Rate Floor: 5.75%) due 10/18/28†††		222,750		206,044
TGP Holdings LLC
8.08% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 06/29/28		235,527		185,666
Total Consumer, Non-cyclical				4,672,652

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
HIGH YIELD FUND

	Face Amount~		Value
Industrial - 1.9%
Dispatch Terra Acquisition LLC
9.30% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/27/28		1,179,616	$	1,058,705
Aegion Corp.
9.59% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 05/17/28		689,499		669,965
Pelican Products, Inc.
9.41% (3 Month USD LIBOR + 4.25%, Rate Floor: 4.75%) due 12/29/28		650,898		574,958
PECF USS Intermediate Holding III Corp.
9.09% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.75%) due 12/15/28		543,621		455,761
Osmose Utility Services, Inc.
8.09% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.75%) due 06/23/28		318,574		305,194
US Farathane LLC
9.41% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 12/23/24		264,000		243,707
Sundyne (Star US Bidco)
9.09% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 03/17/27		197,958		191,361
YAK MAT (YAK ACCESS LLC)
due 07/10/267		1,025,000		54,663
Total Industrial				3,554,314
Technology - 1.8%
Datix Bidco Ltd.
6.69% (6 Month GBP SONIA + 4.50%, Rate Floor: 4.50%) due 04/28/25†††	GBP	1,300,000		1,569,007
9.94% (6 Month GBP SONIA + 7.75%, Rate Floor: 7.75%) due 04/27/26†††	GBP	650,000		785,466
Atlas CC Acquisition Corp.
9.40% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 05/25/28		564,938		483,829
24-7 Intouch, Inc.
9.59% (1 Month USD LIBOR + 4.75%, Rate Floor: 4.75%) due 08/25/25		267,202		258,184
Park Place Technologies, LLC
9.91% (1 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 11/10/27		267,855		256,281
Total Technology				3,352,767
Financial - 1.5%
Franchise Group, Inc.
9.56% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 03/10/26		938,947		907,258
Claros Mortgage Trust, Inc.
9.34% (1 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 08/10/26†††		905,538		774,235
Eisner Advisory Group
10.17% (1 Month Term SOFR + 5.25%, Rate Floor: 5.25%) due 07/28/28†††		443,253		442,145
Avison Young (Canada), Inc.
10.67% (1 Month Term SOFR + 5.75%, Rate Floor: 5.75%) due 01/31/26		526,625		372,150
Teneo Holdings LLC
10.16% (1 Month Term SOFR + 5.25%, Rate Floor: 5.25%) due 07/11/25		320,409		316,102
Total Financial				2,811,890
Basic Materials - 0.8%
LTI Holdings, Inc.
9.59% (1 Month USD LIBOR + 4.75%, Rate Floor: 4.75%) due 07/24/26		743,336		719,795
NIC Acquisition Corp.
8.91% (3 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 12/29/27		653,766		495,554
DCG Acquisition Corp.
9.41% (1 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 09/30/26		247,475		239,432
Total Basic Materials				1,454,781
Communications - 0.3%
Cengage Learning Acquisitions, Inc.
9.88% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 07/14/26		615,625		569,071
Utilities - 0.1%
TerraForm Power Operating LLC
7.50% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 05/21/29		248,750		246,496
Energy - 0.1%
Permian Production Partners LLC
12.85% (1 Month USD LIBOR + 6.00%, Rate Floor: 4.85%) (in-kind rate was 2.00%) due 11/24/25†††,9		115,751		115,172
Total Senior Floating Rate Interests
(Cost $25,129,129)				21,669,729
ASSET-BACKED SECURITIES†† - 0.6%
Collateralized Loan Obligations - 0.4%
WhiteHorse X Ltd.
2015-10A E, 10.09% (3 Month USD LIBOR + 5.30%, Rate Floor: 5.30%) due 04/17/27◊,5		754,850		711,997
Infrastructure - 0.2%
Hotwire Funding LLC
2021-1, 4.46% due 11/20/515		400,000		338,777
Total Asset-Backed Securities
(Cost $1,078,104)				1,050,774
Total Investments - 99.3%
(Cost $205,542,212)			$	183,209,969
Other Assets & Liabilities, net - 0.7%				1,200,822
Total Net Assets - 100.0%			$	184,410,791

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
HIGH YIELD FUND

Forward Foreign Currency Exchange Contracts††

Counterparty

Currency

Type

Quantity

Contract Amount

Settlement Date

Unrealized Depreciation

Morgan Stanley Capital Services LLC

CAD

Sell

495,000

361,964 USD

04/17/23

$

(4,471

)

Barclays Bank plc

EUR

Sell

635,000

683,022 USD

04/17/23

(6,428

)

Barclays Bank plc

GBP

Sell

2,700,000

3,290,544 USD

04/17/23

(41,361

)

$

(52,260

)

~	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.
◊	Variable rate security. Rate indicated is the rate effective at March 31, 2023. 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.
1	Special Purpose Acquisition Company (SPAC).
2	Affiliated issuer.
3	Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.
4	Rate indicated is the 7-day yield as of March 31, 2023.
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 $128,472,722 (cost $144,132,998), or 69.7% of total net assets.
6	All or a portion of this security has been physically segregated or earmarked in connection with reverse repurchase agreements. At March 31, 2022, the total market value of segregated or earmarked securities was $1,915,246 — See Note 6.
7	Security is in default of interest and/or principal obligations.
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 $13,210 (cost $252,369), or less than 0.01% of total net assets — See Note 10.
9	Payment-in-kind security.
	CAD — Canadian Dollar
	EUR — Euro
	GBP — British Pound
	LIBOR — London Interbank Offered Rate
	plc — Public Limited Company
	SARL — Société à Responsabilité Limitée
	SOFR — Secured Overnight Financing Rate
	SONIA — Sterling Overnight Index Average
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
HIGH YIELD FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	853,500	$	721,663	$	77,536		$	1,652,699
Preferred Stocks		—		3,721,998		—	*		3,721,998
Warrants		2,207		—		—	*		2,207
Money Market Fund		4,333,052		—		—			4,333,052
Corporate Bonds		—		150,766,300		13,210			150,779,510
Senior Floating Rate Interests		—		17,137,807		4,531,922			21,669,729
Asset-Backed Securities		—		1,050,774		—			1,050,774
Total Assets	$	5,188,759	$	173,398,542	$	4,622,668		$	183,209,969

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Forward Foreign Currency Exchange Contracts**	$	—	$	52,260	$	—	$	52,260

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of the period end, reverse repurchase agreements of $1,457,714 are categorized as Level 2 within the disclosure hierarchy — See Note 6.

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, 2023			Valuation Technique		Unobservable Inputs	Input Range		Weighted Average*
Assets:
Common Stocks	$	75,664	Enterprise Value		Valuation Multiple			2.7x-9.5x		3.5x
Common Stocks		1,872	Model Price		Liquidation Value			—		—
Corporate Bonds		13,210	Third Party Pricing		Broker Quote			—		—
Senior Floating Rate Interests		2,994,326	Yield Analysis		Yield			10.6%-28.3%		13.0	%
Senior Floating Rate Interests		1,537,596	Third Party Pricing		Broker Quote			—		—
Total Assets	$	4,622,668

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

Significant changes in a quote, yield, liquidation value 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.

The Fund’s fair valuation leveling guidelines classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3, if such a quote or price cannot be supported with other available market information.

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, 2023, the Fund had securities with a total value of $1,112,411 transfer into Level 3 from Level 2 due to a lack of observable inputs and had securities with a total value of $4,399,718 transfer out of Level 3 into 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.

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

SCHEDULE OF INVESTMENTS (Unaudited) (concluded)	March 31, 2023
HIGH YIELD 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, 2023:

	Assets												Liabilities
	Corporate Bonds			Senior Floating Rate Interests			Common Stocks			Total Assets			Unfunded Loan Commitments
Beginning Balance	$	378,860		$	12,689,191		$	130,253		$	13,198,304		$	(12,748	)
Purchases/(Receipts)		—			315,953			1,673			317,626			—
(Sales, maturities and paydowns)/Fundings		(16,994	)		(5,700,231	)		(34,485	)		(5,751,710	)		1,803
Amortization of premiums/discounts		—			60,191			—			60,191			(321	)
Total realized gains (losses) included in earnings		(1,146,749	)		(163,598	)		30,129			(1,280,218	)		3,268
Total change in unrealized appreciation (depreciation) included in earnings		1,144,887			270,929			(50,034	)		1,365,782			7,998
Transfers into Level 3		13,210			1,099,201			—			1,112,411			—
Transfers out of Level 3		(360,004	)		(4,039,714	)		—			(4,399,718	)		—
Ending Balance	$	13,210		$	4,531,922		$	77,536		$	4,622,668		$	—
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at March 31, 2023	$	—		$	298,762		$	(22,135	)	$	276,627		$	—

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, result in that company being considered an affiliated issuer, as defined in the 1940 Act.

Transactions during the period ended March 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 09/30/22		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 03/31/23		Shares 03/31/23
Common Stocks
BP Holdco LLC *	$	14,378	$	—	$	—		$	—	$	16,079		$	30,457		23,711
Targus Group International Equity, Inc. *		32,255		—		(34,485	)		30,129		(27,899	)		—		—
	$	46,633	$	—	$	(34,485	)	$	30,129	$	(11,820	)	$	30,457

* Non-income producing security.

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

HIGH YIELD FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2023

Assets:
Investments in unaffiliated issuers, at value (cost $205,533,839)	$	183,179,512
Investments in affiliated issuers, at value (cost $8,373)		30,457
Foreign currency, at value (cost $922)		938
Cash		134,760
Prepaid expenses		58,859
Receivables:
Interest		2,772,018
Fund shares sold		612,294
Securities sold		28,291
Dividends		9,844
Foreign tax reclaims		2,365
Total assets		186,829,338
Liabilities:
Reverse repurchase agreements( Note 6)		1,457,714
Unrealized depreciation on forward foreign currency exchange contracts		52,260
Payable for:
Fund shares redeemed		484,726
Securities purchased		96,125
Distributions to shareholders		90,211
Management fees		82,973
Transfer agent/maintenance fees		47,681
Distribution and service fees		19,369
Fund accounting/administration fees		5,796
Trustees’ fees*		3,462
Due to Investment Adviser		1,864
Miscellaneous		76,366
Total liabilities		2,418,547
Net assets	$	184,410,791
Net assets consist of:
Paid in capital	$	238,505,141
Total distributable earnings (loss)		(54,094,350	)
Net assets	$	184,410,791
A-Class:
Net assets	$	44,538,601
Capital shares outstanding		4,693,818
Net asset value per share	$	9.49
Maximum offering price per share (Net asset value divided by 96.00%)	$	9.89
C-Class:
Net assets	$	10,500,333
Capital shares outstanding		1,097,322
Net asset value per share	$	9.57
P-Class:
Net assets	$	5,396,867
Capital shares outstanding		568,551
Net asset value per share	$	9.49
Institutional Class:
Net assets	$	121,934,171
Capital shares outstanding		15,774,158
Net asset value per share	$	7.73
R6-Class:
Net assets	$	2,040,819
Capital shares outstanding		215,491
Net asset value per share	$	9.47

* 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)

Six Months Ended March 31, 2023

Investment Income:
Dividends from securities of unaffiliated issuers	$	93,128
Interest from securities of unaffiliated issuers		6,226,132
Total investment income		6,319,260
Expenses:
Management fees		532,933
Distribution and service fees:
A-Class		55,467
C-Class		51,370
P-Class		5,729
Transfer agent/maintenance fees:
A-Class		30,403
C-Class		5,294
P-Class		4,348
Institutional Class		75,604
R6-Class		377
Professional fees		46,763
Fund accounting/administration fees		41,506
Interest expense		18,367
Custodian fees		7,822
Trustees’ fees*		7,482
Line of credit fees		5,461
Miscellaneous		53,055
Recoupment of previously waived fees:
A-Class		9,708
C-Class		2,261
P-Class		44
Institutional Class		13,571
Total expenses		967,565
Less:
Expenses reimbursed by Adviser:
A-Class		(8,863	)
C-Class		(464	)
P-Class		(1,261	)
Institutional-Class		(8,774	)
R6-Class		(132	)
Expenses waived by Adviser		(27,535	)
Earnings credit applied		(3,332	)
Total waived/reimbursed expenses		(50,361	)
Net expenses		917,204
Net investment income		5,402,056
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(3,865,538	)
Investments in affiliated issuers		30,129
Investments sold short		3,524
Forward foreign currency exchange contracts		(169,710	)
Foreign currency transactions		(3,451	)
Net realized loss		(4,005,046	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		10,805,474
Investments in affiliated issuers		(11,820	)
Forward foreign currency exchange contracts		(191,878	)
Foreign currency translations		7,525
Net change in unrealized appreciation (depreciation)		10,609,301
Net realized and unrealized gain		6,604,255
Net increase in net assets resulting from operations	$	12,006,311

* 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

	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	5,402,056		$	14,291,090
Net realized loss on investments		(4,005,046	)		(3,627,492	)
Net change in unrealized appreciation (depreciation) on investments		10,609,301			(41,448,065	)
Net increase (decrease) in net assets resulting from operations		12,006,311			(30,784,467	)
Distributions to shareholders:
A-Class		(1,331,347	)		(2,597,694	)
C-Class		(269,540	)		(553,044	)
P-Class		(137,596	)		(247,398	)
Institutional Class		(3,641,006	)		(7,588,631	)
R6-Class		(63,163	)		(2,498,200	)
Return of capital
A-Class		—			(89,963	)
C-Class		—			(19,153	)
P-Class		—			(8,568	)
Institutional Class		—			(262,809	)
R6 Class		—			(86,517	)
Total distributions to shareholders		(5,442,652	)		(13,951,977	)
Capital share transactions:
Proceeds from sale of shares
A-Class		1,735,731			5,952,402
C-Class		1,024,358			657,102
P-Class		1,263,196			1,402,958
Institutional Class		20,177,411			43,343,283
R6-Class		1,412			2,433,069
Redemption fees collected
A-Class		—			751
C-Class		—			195
P-Class		—			73
Institutional Class		—			2,141
R6-Class		—			796
Distributions reinvested
A-Class		1,214,142			2,442,802
C-Class		263,241			555,783
P-Class		137,596			255,966
Institutional Class		2,944,071			6,418,053
R6-Class		63,163			2,584,717
Cost of shares redeemed
A-Class		(3,898,849	)		(11,072,154	)
C-Class		(1,071,781	)		(5,286,119	)
P-Class		(600,197	)		(2,043,886	)
Institutional Class		(19,116,156	)		(78,495,447	)
R6-Class		(1,647	)		(122,325,066	)
Net increase (decrease) from capital share transactions		4,135,691			(153,172,581	)
Net increase (decrease) in net assets		10,699,350			(197,909,025	)
Net assets:
Beginning of period		173,711,441			371,620,466
End of period	$	184,410,791		$	173,711,441

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

HIGH YIELD FUND

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Capital share activity:
Shares sold
A-Class		184,591			579,055
C-Class		107,112			62,888
P-Class		133,890			143,033
Institutional Class		2,620,354			5,262,893
R6-Class		151			225,179
Shares issued from reinvestment of distributions
A-Class		128,560			242,943
C-Class		27,634			54,648
P-Class		14,605			25,590
Institutional Class		382,608			780,797
R6-Class		6,709			242,535
Shares redeemed
A-Class		(413,791	)		(1,087,791	)
C-Class		(113,081	)		(509,028	)
P-Class		(63,961	)		(199,930	)
Institutional Class		(2,491,004	)		(9,508,654	)
R6-Class		(175	)		(11,811,894	)
Net increase (decrease) in shares		524,202			(15,497,736	)

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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	9.14		$	10.98		$	10.37		$	10.90		$	11.04		$	11.50
Income (loss) from investment operations:
Net investment income (loss)b		.28			.56			.49			.57			.64			.68
Net gain (loss) on investments (realized and unrealized)		.35			(1.86	)		.63			(.50	)		(.12	)		(.46	)
Total from investment operations		.63			(1.30	)		1.12			.07			.52			.22
Less distributions from:
Net investment income		(.28	)		(.52	)		(.48	)		(.60	)		(.66	)		(.68	)
Return of capital		—			(.02	)		(.03	)		—			—			—
Total distributions		(.28	)		(.54	)		(.51	)		(.60	)		(.66	)		(.68	)
Redemption fees collected		—	c		—	c		—	c		—	c		—	c		—	c
Net asset value, end of period	$	9.49		$	9.14		$	10.98		$	10.37		$	10.90		$	11.04
Total Returnd		6.97	%		(12.10	%)		11.02	%		0.84	%		4.99	%		2.00	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	44,539		$	43,822		$	55,550		$	53,997		$	67,916		$	75,028
Ratios to average net assets:
Net investment income (loss)		5.96	%		5.46	%		4.51	%		5.44	%		5.94	%		6.05	%
Total expensese		1.23	%		1.14	%		1.07	%		1.21	%		1.27	%		1.35	%
Net expensesf,g,h		1.16	%		1.10	%		1.05	%		1.20	%		1.26	%		1.33	%
Portfolio turnover rate		15	%		42	%		86	%		81	%		61	%		61	%

C-Class	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	9.22		$	11.07		$	10.46		$	10.99		$	11.14		$	11.60
Income (loss) from investment operations:
Net investment income (loss)b		.25			.47			.40			.49			.56			.60
Net gain (loss) on investments (realized and unrealized)		.35			(1.85	)		.64			(.49	)		(.12	)		(.46	)
Total from investment operations		.60			(1.38	)		1.04			—			.44			.14
Less distributions from:
Net investment income		(.25	)		(.45	)		(.43	)		(.53	)		(.59	)		(.60	)
Return of capital		—			(.02	)		(.03	)		—			—			—
Total distributions		(.25	)		(.47	)		(.43	)		(.53	)		(.59	)		(.60	)
Redemption fees collected		—	c		—	c		—	c		—	c		—	c		—	c
Net asset value, end of period	$	9.57		$	9.22		$	11.07		$	10.46		$	10.99		$	11.14
Total Returnd		6.54	%		(12.76	%)		10.04	%		0.09	%		4.12	%		1.27	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	10,500		$	9,915		$	16,242		$	16,437		$	21,935		$	22,350
Ratios to average net assets:
Net investment income (loss)		5.21	%		4.55	%		3.67	%		4.68	%		5.17	%		5.31	%
Total expensese		1.95	%		1.94	%		1.91	%		2.00	%		2.03	%		2.11	%
Net expensesf,g,h		1.91	%		1.90	%		1.89	%		1.99	%		2.02	%		2.09	%
Portfolio turnover rate		15	%		42	%		86	%		81	%		61	%		61	%

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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	9.14		$	10.98		$	10.38		$	10.91		$	11.05		$	11.51
Income (loss) from investment operations:
Net investment income (loss)b		.28			.55			.48			.57			.64			.68
Net gain (loss) on investments (realized and unrealized)		.35			(1.85	)		.62			(.50	)		(.12	)		(.46	)
Total from investment operations		.63			(1.30	)		1.10			.07			.52			.22
Less distributions from:
Net investment income		(.28	)		(.52	)		(.47	)		(.60	)		(.66	)		(.68	)
Return of capital		—			(.02	)		(.03	)		—			—			—
Total distributions		(.28	)		(.54	)		(.50	)		(.60	)		(.66	)		(.68	)
Redemption fees collected		—	c		—	c		—	c		—	c		—	c		—	c
Net asset value, end of period	$	9.49		$	9.14		$	10.98		$	10.38		$	10.91		$	11.05
Total Return		6.97	%		(12.13	%)		10.80	%		0.80	%		4.98	%		1.95	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,397		$	4,426		$	5,660		$	5,837		$	8,170		$	12,124
Ratios to average net assets:
Net investment income (loss)		5.96	%		5.37	%		4.40	%		5.42	%		5.93	%		6.00	%
Total expensese		1.25	%		1.28	%		1.20	%		1.26	%		1.30	%		1.45	%
Net expensesf,g,h		1.16	%		1.15	%		1.16	%		1.25	%		1.28	%		1.39	%
Portfolio turnover rate		15	%		42	%		86	%		81	%		61	%		61	%

Institutional Class	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	7.45		$	8.94		$	8.45		$	8.88		$	9.01		$	9.38
Income (loss) from investment operations:
Net investment income (loss)b		.24			.47			.41			.48			.54			.58
Net gain (loss) on investments (realized and unrealized)		.28			(1.50	)		.51			(.39	)		(.10	)		(.38	)
Total from investment operations		.52			(1.03	)		.92			.09			.44			.20
Less distributions from:
Net investment income		(.24	)		(.44	)		(.40	)		(.52	)		(.57	)		(.57	)
Return of capital		—			(.02	)		(.03	)		—			—			—
Total distributions		(.24	)		(.46	)		(.43	)		(.52	)		(.57	)		(.57	)
Redemption fees collected		—	c		—	c		—	c		—	c		—	c		—	c
Net asset value, end of period	$	7.73		$	7.45		$	8.94		$	8.45		$	8.88		$	9.01
Total Return		7.03	%		(11.80	%)		11.14	%		1.14	%		5.15	%		2.27	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	121,934		$	113,644		$	167,486		$	171,641		$	180,442		$	125,945
Ratios to average net assets:
Net investment income (loss)		6.21	%		5.63	%		4.71	%		5.67	%		6.17	%		6.28	%
Total expensese		0.96	%		0.95	%		0.88	%		0.98	%		0.99	%		1.14	%
Net expensesf,g,h		0.91	%		0.88	%		0.85	%		0.96	%		0.97	%		1.11	%
Portfolio turnover rate		15	%		42	%		86	%		81	%		61	%		61	%

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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	9.12		$	10.97		$	10.36		$	10.89		$	11.03		$	11.49
Income (loss) from investment operations:
Net investment income (loss)b		.30			.50			.52			.60			.68			.72
Net gain (loss) on investments (realized and unrealized)		.35			(1.77	)		.63			(.49	)		(.12	)		(.46	)
Total from investment operations		.65			(1.27	)		1.15			.11			.56			.26
Less distributions from:
Net investment income		(.30	)		(.56	)		(.51	)		(.64	)		(.70	)		(.72	)
Return of capital		—			(.02	)		(.03	)		—			—			—
Total distributions		(.30	)		(.58	)		(.54	)		(.64	)		(.70	)		(.72	)
Redemption fees collected		—	c		—	c		—	c		—	c		—	c		—	c
Net asset value, end of period	$	9.47		$	9.12		$	10.97		$	10.36		$	10.89		$	11.03
Total Return		7.17	%		(11.91	%)		11.35	%		1.19	%		5.39	%		2.34	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,041		$	1,905		$	126,683		$	127,037		$	151,558		$	190,421
Ratios to average net assets:
Net investment income (loss)		6.32	%		4.70	%		4.80	%		5.79	%		6.31	%		6.41	%
Total expensese		0.84	%		0.75	%		0.77	%		0.85	%		0.89	%		1.00	%
Net expensesf,g,h		0.80	%		0.75	%		0.76	%		0.85	%		0.88	%		1.00	%
Portfolio turnover rate		15	%		42	%		86	%		81	%		61	%		61	%

a	Unaudited figures for the period ended March 31, 2023. 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	Redemption fees collected 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 years presented was as follows:

	03/31/23a	09/30/22	09/30/21	09/30/20	09/30/19	09/30/18
A-Class	0.04%	0.01%	0.00%*	0.05%	0.05%	—
C-Class	0.04%	0.00%*	0.01%	0.04%	0.05%	—
P-Class	0.00%*	0.04%	0.04%	0.02%	0.01%	0.03%
Institutional Class	0.02%	0.02%	0.01%	0.02%	0.02%	0.04%
R6-Class	—	—	—	0.00%*	0.00%*	—

* Less than 0.01%.

^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:

	03/31/23a	09/30/22	09/30/21	09/30/20	09/30/19	09/30/18
A-Class	1.13%	1.09%	1.03%	1.12%	1.15%	1.10%
C-Class	1.88%	1.89%	1.87%	1.90%	1.91%	1.86%
P-Class	1.13%	1.14%	1.14%	1.16%	1.16%	1.16%
Institutional Class	0.88%	0.87%	0.83%	0.87%	0.88%	0.88%
R6-Class	0.77%	0.75%	0.74%	0.77%	0.77%	0.77%

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

CORE 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.

Portfolio Composition by Quality Rating1
Rating	% of Total Investments
Fixed Income Instruments
AAA	39.5%
AA	8.3%
A	18.3%
BBB	23.1%
BB	1.9%
B	0.6%
CC	0.1%
C	0.1%
NR2	1.0%
Other Instruments	7.1%
Total Investments	100.0%

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, 3.50%	6.8%
Fannie Mae due 03/01/73	5.7%
U.S. Treasury Notes, 4.13%	3.6%
U.S. Treasury Notes, 4.00%	2.8%
U.S. Treasury Bonds, 3.00%	1.1%
Cerberus Loan Funding XXX, LP, 6.64%	1.0%
U.S. Treasury Bonds, 3.63%	1.0%
Woodmont Trust, 6.69%	0.9%
U.S. Treasury Bonds 3.00% due 08/15/52	0.8%
U.S. Treasury Bonds 3.63% due 02/15/53	0.7%
Top Ten Total	24.4%
“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 (not rated) securities do not necessarily indicate low credit quality.

36 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Average Annual Returns*

Periods Ended March 31, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	5.21%	(6.37%)	0.88%	2.57%
A-Class Shares with sales charge‡	1.00%	(10.12%)	0.06%	2.07%
C-Class Shares	4.81%	(7.07%)	0.14%	1.82%
C-Class Shares with CDSC§	3.81%	(7.97%)	0.14%	1.82%
Institutional Class Shares	5.41%	(6.12%)	1.17%	2.85%
Bloomberg U.S. Aggregate Bond Index	4.89%	(4.78%)	0.91%	1.36%

	6 Month†	1 Year	5 Year	Since Inception (05/01/15)
P-Class Shares	5.25%	(6.38%)	0.87%	1.89%
Bloomberg U.S. Aggregate Bond Index	4.89%	(4.78%)	0.91%	1.11%

*	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 Bloomberg 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 calculated performance for the 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 | 37

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2023
CORE BOND FUND

	Shares		Value
COMMON STOCKS† - 0.2%
Financial - 0.2%
TPG Pace Beneficial II Corp.*,1		64,278	$	640,858
AfterNext HealthTech Acquisition Corp. — Class A*,1		38,300		391,426
Conyers Park III Acquisition Corp. — Class A*,1		35,600		359,916
Waverley Capital Acquisition Corp. 1 — Class A*,1		28,200		287,640
Acropolis Infrastructure Acquisition Corp. — Class A*,1		24,900		252,237
Blue Whale Acquisition Corp. I — Class A*,1		20,700		205,758
Pershing Square Tontine Holdings, Ltd. — Class A*,†††		622,890		63
Total Financial				2,137,898
Communications - 0.0%
Vacasa, Inc. — Class A*		31,926		30,719
Industrial - 0.0%
Constar International Holdings LLC*,†††		68		—
Total Common Stocks
(Cost $2,373,845)				2,168,617
PREFERRED STOCKS†† - 2.6%
Financial - 2.6%
Charles Schwab Corp.
4.00%*		8,500,000		6,693,750
Markel Corp.
6.00%		5,210,000		4,997,926
Bank of New York Mellon Corp.
3.75%		3,900,000		3,215,940
MetLife, Inc.
3.85%		3,520,000		3,101,308
Wells Fargo & Co.
3.90%		3,250,000		2,868,808
JPMorgan Chase & Co.
3.65%		2,350,000		2,056,250
Bank of America Corp.
6.13%		1,650,000		1,623,187
American Financial Group, Inc.
4.50% due 09/15/60		68,048		1,259,568
Globe Life, Inc.
4.25% due 06/15/61		63,525		1,213,327
Kuvare US Holdings, Inc.
7.00% due 02/17/513		1,000,000		1,005,000
Lincoln National Corp.
9.25%		850,000		847,875
CNO Financial Group, Inc.
5.13% due 11/25/60		48,000		780,000
Depository Trust & Clearing Corp.
3.38%3		1,000,000		757,347
Assurant, Inc.
5.25% due 01/15/61		38,000		741,760
PartnerRe Ltd.
4.88%		30,557		624,280
W R Berkley Corp.
4.13% due 03/30/61		26,092		452,696
First Republic Bank
4.25%		77,975		415,607
Total Financial				32,654,629
Industrial - 0.0%
Constar International Holdings LLC*,†††		7		—
Total Preferred Stocks
(Cost $39,998,914)				32,654,629
WARRANTS† - 0.0%
Conyers Park III Acquisition Corp.
Expiring 08/12/281		11,866		2,373
AfterNext HealthTech Acquisition Corp.
Expiring 07/09/231		12,766		2,126
Acropolis Infrastructure Acquisition Corp.
Expiring 03/31/261		8,300		1,414
Ginkgo Bioworks Holdings, Inc.
Expiring 08/01/26		6,510		1,172
Waverley Capital Acquisition Corp.
Expiring 04/30/27*,1		9,400		846
Blue Whale Acquisition Corp.
Expiring 07/09/23*,1		5,174		433
Pershing Square Tontine Holdings, Ltd. — Class A
Expiring 07/24/25*,†††		69,210		7
MSD Acquisition Corp.
Expiring 05/13/23†††,1		9,339		—
Total Warrants
(Cost $83,106)				8,371
MONEY MARKET FUND† - 4.6%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.43%4		39,868,826		39,868,826
Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.69%4		18,834,457		18,834,457
Total Money Market Fund
(Cost $58,703,283)				58,703,283

	Face Amount~
CORPORATE BONDS†† - 30.0%
Financial - 14.5%
Pershing Square Holdings Ltd.
3.25% due 10/01/31		6,200,000	4,702,638
3.25% due 11/15/303		4,500,000	3,520,575
Nippon Life Insurance Co.
2.75% due 01/21/512,3		8,150,000	6,464,200

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
CORE BOND FUND

	Face Amount~		Value
BPCE S.A.
2.28% due 01/20/322,3		8,200,000	$	6,378,830
Liberty Mutual Group, Inc.
4.13% due 12/15/512,3		5,800,000		4,651,136
3.95% due 05/15/603		2,150,000		1,498,009
GLP Capital Limited Partnership / GLP Financing II, Inc.
4.00% due 01/15/31		4,650,000		3,988,818
5.30% due 01/15/29		1,900,000		1,812,885
Nationwide Mutual Insurance Co.
4.35% due 04/30/503		7,297,000		5,767,752
Reliance Standard Life Global Funding II
2.75% due 05/07/253		5,989,000		5,686,267
Wilton RE Ltd.
6.00% †††,2,3,5		6,237,000		5,546,502
American Equity Investment Life Holding Co.
5.00% due 06/15/27		5,036,000		5,034,748
GA Global Funding Trust
1.63% due 01/15/263		5,450,000		4,949,900
Bank of America Corp.
2.59% due 04/29/312		5,400,000		4,573,054
JPMorgan Chase & Co.
2.52% due 04/22/312		2,210,000		1,889,257
4.49% due 03/24/312		1,600,000		1,554,432
2.96% due 05/13/312		1,093,000		944,802
Iron Mountain, Inc.
4.50% due 02/15/313		1,917,000		1,647,335
5.25% due 07/15/303		1,283,000		1,156,858
5.63% due 07/15/323		1,000,000		913,540
Allianz SE
3.20% 2,3,5		5,000,000		3,507,436
Maple Grove Funding Trust I
4.16% due 08/15/513		4,750,000		3,410,028
Safehold Operating Partnership, LP
2.85% due 01/15/32		2,428,000		1,886,233
2.80% due 06/15/31		1,931,000		1,507,784
PartnerRe Finance B LLC
4.50% due 10/01/502		4,040,000		3,353,200
Macquarie Group Ltd.
2.87% due 01/14/332,3		2,150,000		1,741,368
2.69% due 06/23/322,3		2,000,000		1,600,192
FS KKR Capital Corp.
2.63% due 01/15/27		2,150,000		1,808,544
3.25% due 07/15/27		1,800,000		1,525,032
Fidelity National Financial, Inc.
3.40% due 06/15/30		3,085,000		2,699,186
2.45% due 03/15/31		756,000		605,817
Jefferies Financial Group, Inc.
2.75% due 10/15/32		2,720,000		2,097,919
2.63% due 10/15/31		1,400,000		1,069,725
Fairfax Financial Holdings Ltd.
3.38% due 03/03/31		2,500,000		2,102,616
5.63% due 08/16/323		1,000,000		982,849
Ares Finance Company II LLC
3.25% due 06/15/303		3,660,000		3,081,343
Macquarie Bank Ltd.
3.62% due 06/03/303		3,570,000		3,080,585
First American Financial Corp.
4.00% due 05/15/30		3,180,000		2,873,921
Host Hotels & Resorts, LP
3.50% due 09/15/30		3,385,000		2,859,075
Reinsurance Group of America, Inc.
3.15% due 06/15/30		3,202,000		2,832,997
Assurant, Inc.
2.65% due 01/15/32		2,300,000		1,734,955
4.90% due 03/27/28		1,100,000		1,081,100
OneAmerica Financial Partners, Inc.
4.25% due 10/15/503		3,620,000		2,644,093
Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc.
3.88% due 03/01/313		3,150,000		2,611,791
UBS Group AG
2.10% due 02/11/322,3		2,950,000		2,290,136
Corebridge Financial, Inc.
3.90% due 04/05/323		1,600,000		1,384,544
6.88% due 12/15/522,3		1,000,000		891,450
Equitable Holdings, Inc.
7.00% due 04/01/28		2,050,000		2,219,792
Belrose Funding Trust
2.33% due 08/15/303		2,780,000		2,160,938
Mizuho Financial Group, Inc.
5.67% due 05/27/292		2,100,000		2,129,589
Sumitomo Life Insurance Co.
3.38% due 04/15/812,3		2,500,000		2,093,750
Standard Chartered plc
4.64% due 04/01/312,3		2,250,000		2,090,164
Jefferies Finance LLC / JFIN Company-Issuer Corp.
5.00% due 08/15/283		2,450,000		2,074,146
Ceamer Finance LLC
6.92% due 11/15/37†††		2,000,000		1,966,908
Mid-Atlantic Military Family Communities LLC
5.30% due 08/01/503		2,181,195		1,923,106
Stewart Information Services Corp.
3.60% due 11/15/31		2,250,000		1,769,071
Westpac Banking Corp.
3.02% due 11/18/362		1,200,000		940,235
2.96% due 11/16/40		805,000		540,617
2.67% due 11/15/352		295,000		229,772
Manulife Financial Corp.
2.48% due 05/19/27		1,800,000		1,658,666
QBE Insurance Group Ltd.
5.88% 2,3,5		1,750,000		1,631,764
Americo Life, Inc.
3.45% due 04/15/313		2,060,000		1,610,142
KKR Group Finance Company VIII LLC
3.50% due 08/25/503		2,360,000		1,592,810
HS Wildcat LLC
3.83% due 12/31/50†††		1,996,455		1,578,700
Trustage Financial Group, Inc.
4.63% due 04/15/323		1,750,000		1,566,198

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
CORE BOND FUND

	Face Amount~		Value
Dyal Capital Partners III
4.40% due 06/15/40†††		1,750,000	$	1,493,285
Global Atlantic Finance Co.
3.13% due 06/15/313		1,800,000		1,417,904
Brookfield Finance, Inc.
3.50% due 03/30/51		1,250,000		832,063
4.70% due 09/20/47		650,000		561,444
Australia & New Zealand Banking Group Ltd.
2.57% due 11/25/352,3		1,800,000		1,389,321
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
5.88% due 05/23/422,3		1,350,000		1,335,066
AmFam Holdings, Inc.
2.81% due 03/11/313		1,750,000		1,332,226
Lincoln National Corp.
4.38% due 06/15/50		1,580,000		1,193,816
ABN AMRO Bank N.V.
2.47% due 12/13/292,3		1,400,000		1,176,980
National Australia Bank Ltd.
2.33% due 08/21/303		1,500,000		1,171,188
Mitsubishi UFJ Financial Group, Inc.
5.44% due 02/22/342		1,100,000		1,111,491
Societe Generale S.A.
2.89% due 06/09/322,3		1,300,000		1,024,147
Prudential Financial, Inc.
3.70% due 10/01/502		1,160,000		944,900
Fort Benning Family Communities LLC
6.09% due 01/15/513		880,789		869,789
Sumitomo Mitsui Financial Group, Inc.
2.22% due 09/17/31		1,050,000		839,423
Apollo Management Holdings, LP
2.65% due 06/05/303		930,000		777,715
Central Storage Safety Project Trust
4.82% due 02/01/386		882,240		758,918
CNO Financial Group, Inc.
5.25% due 05/30/29		700,000		676,542
Penn Mutual Life Insurance Co.
3.80% due 04/29/613		950,000		671,614
Protective Life Corp.
3.40% due 01/15/303		740,000		652,391
Brown & Brown, Inc.
2.38% due 03/15/31		800,000		639,436
Accident Fund Insurance Company of America
8.50% due 08/01/323		600,000		628,480
Western & Southern Life Insurance Co.
3.75% due 04/28/613		850,000		592,049
Assured Guaranty US Holdings, Inc.
3.60% due 09/15/51		800,000		554,545
Kemper Corp.
2.40% due 09/30/30		675,000		541,790
Fidelity & Guaranty Life Holdings, Inc.
5.50% due 05/01/253		400,000		398,812
Cooperatieve Rabobank UA
4.66% due 08/22/282,3		400,000		388,680
Hanover Insurance Group, Inc.
2.50% due 09/01/30		480,000		383,164
Brookfield Finance LLC
3.45% due 04/15/50		470,000		318,725
Cushman & Wakefield US Borrower LLC
6.75% due 05/15/283		296,000		265,002
KKR Group Finance Company III LLC
5.13% due 06/01/443		100,000		88,043
Total Financial				184,750,774
Consumer, Cyclical - 3.7%
Hyatt Hotels Corp.
5.63% due 04/23/25		3,950,000		3,929,230
6.00% due 04/23/30		3,010,000		3,057,019
Choice Hotels International, Inc.
3.70% due 01/15/31		7,340,000		6,507,939
Whirlpool Corp.
4.60% due 05/15/50		6,145,000		5,115,438
Delta Air Lines, Inc.
7.00% due 05/01/253		3,014,000		3,089,720
Alt-2 Structured Trust
2.95% due 05/14/31†††		3,382,084		3,030,224
Delta Air Lines Inc. / SkyMiles IP Ltd.
4.50% due 10/20/253		2,886,000		2,837,489
Smithsonian Institution
2.70% due 09/01/44		4,000,000		2,777,649
British Airways Class A Pass Through Trust
4.25% due 11/15/323		2,052,162		1,917,101
2.90% due 03/15/353		824,049		675,342
Marriott International, Inc.
2.85% due 04/15/31		1,800,000		1,533,248
2.75% due 10/15/33		650,000		526,037
4.90% due 04/15/29		470,000		465,882
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
6.50% due 06/20/273		2,167,500		2,160,521
BorgWarner, Inc.
2.65% due 07/01/27		2,310,000		2,117,947
Warnermedia Holdings, Inc.
5.14% due 03/15/523		1,650,000		1,336,885
6.41% due 03/15/26		600,000		603,030
Steelcase, Inc.
5.13% due 01/18/29		1,862,000		1,673,696
Ferguson Finance plc
3.25% due 06/02/303		1,204,000		1,044,646
4.65% due 04/20/323		600,000		570,074
Walgreens Boots Alliance, Inc.
4.10% due 04/15/50		1,541,000		1,152,844
American Airlines Class AA Pass Through Trust
3.20% due 06/15/28		719,500		645,463
JB Poindexter & Company, Inc.
7.13% due 04/15/263		200,000		187,500
Total Consumer, Cyclical				46,954,924
Consumer, Non-cyclical - 3.3%
CoStar Group, Inc.
2.80% due 07/15/303		5,810,000		4,868,169

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
CORE BOND FUND

	Face Amount~		Value
Altria Group, Inc.
3.40% due 05/06/30		2,510,000	$	2,231,942
3.70% due 02/04/51		2,350,000		1,584,219
4.45% due 05/06/50		390,000		290,737
Quanta Services, Inc.
2.90% due 10/01/30		4,175,000		3,600,168
BAT Capital Corp.
3.98% due 09/25/50		2,800,000		1,922,323
4.70% due 04/02/27		1,410,000		1,383,491
Global Payments, Inc.
2.90% due 05/15/30		1,620,000		1,371,780
2.90% due 11/15/31		1,650,000		1,351,247
Smithfield Foods, Inc.
2.63% due 09/13/313		2,400,000		1,813,920
3.00% due 10/15/303		970,000		773,953
Becle, SAB de CV
2.50% due 10/14/313		2,700,000		2,192,301
Royalty Pharma plc
3.55% due 09/02/50		2,690,000		1,854,300
JBS USA LUX S.A. / JBS USA Food Company / JBS USA Finance, Inc.
3.00% due 05/15/323		1,750,000		1,370,618
4.38% due 02/02/523		600,000		433,606
Triton Container International Ltd.
3.15% due 06/15/313		2,100,000		1,669,839
Emory University
2.97% due 09/01/50		2,000,000		1,443,661
Yale-New Haven Health Services Corp.
2.50% due 07/01/50		2,250,000		1,409,343
California Institute of Technology
3.65% due 09/01/19		2,000,000		1,404,388
Kimberly-Clark de Mexico SAB de CV
2.43% due 07/01/313		1,500,000		1,246,972
Transurban Finance Company Pty Ltd.
2.45% due 03/16/313		1,300,000		1,060,025
Universal Health Services, Inc.
2.65% due 10/15/30		1,320,000		1,058,362
Cheplapharm Arzneimittel GmbH
4.38% due 01/15/28	EUR	1,000,000		1,006,796
Kraft Heinz Foods Co.
7.13% due 08/01/393		650,000		743,053
Wisconsin Alumni Research Foundation
3.56% due 10/01/49		1,000,000		741,444
OhioHealth Corp.
3.04% due 11/15/50		1,000,000		731,711
Memorial Sloan-Kettering Cancer Center
2.96% due 01/01/50		1,000,000		706,538
Johns Hopkins University
2.81% due 01/01/60		1,000,000		660,496
Children’s Hospital Corp.
2.59% due 02/01/50		1,000,000		647,048
Children’s Health System of Texas
2.51% due 08/15/50		1,000,000		633,252
Catalent Pharma Solutions, Inc.
3.13% due 02/15/293		250,000		219,777
Triton Container International Limited / TAL International Container Corp.
3.25% due 03/15/32		200,000		157,795
Total Consumer, Non-cyclical				42,583,274
Industrial - 3.2%
Boeing Co.
5.81% due 05/01/50		6,878,000		6,923,856
5.04% due 05/01/27		2,150,000		2,165,593
2.20% due 02/04/26		1,000,000		927,838
FLNG Liquefaction 3 LLC
3.08% due 06/30/39†††		4,206,020		3,389,175
Howmet Aerospace, Inc.
3.00% due 01/15/29		3,800,000		3,369,080
Cellnex Finance Company S.A.
3.88% due 07/07/413		4,150,000		3,048,050
TD SYNNEX Corp.
2.65% due 08/09/31		2,142,000		1,696,825
2.38% due 08/09/28		1,600,000		1,327,054
Vontier Corp.
2.95% due 04/01/31		3,450,000		2,761,690
Flowserve Corp.
3.50% due 10/01/30		1,810,000		1,565,277
2.80% due 01/15/32		1,150,000		912,285
Acuity Brands Lighting, Inc.
2.15% due 12/15/30		3,000,000		2,445,518
IP Lending II Ltd.
3.65% due 07/15/253		2,450,000		2,367,312
Owens Corning
3.88% due 06/01/30		2,380,000		2,203,047
Fortune Brands Innovations, Inc.
4.00% due 03/25/32		2,050,000		1,835,347
Stadco LA, LLC
3.75% due 05/15/56†††		2,000,000		1,463,247
Amcor Flexibles North America, Inc.
2.63% due 06/19/30		1,230,000		1,031,837
IP Lending V Ltd.
5.13% due 04/02/263		1,050,000		945,000
Norfolk Southern Corp.
4.10% due 05/15/21		600,000		423,127
Total Industrial				40,801,158
Technology - 1.4%
Broadcom, Inc.
4.93% due 05/15/373		2,306,000		2,097,042
4.15% due 11/15/30		1,702,000		1,578,453
3.19% due 11/15/363		217,000		164,446
Entegris Escrow Corp.
4.75% due 04/15/293		3,700,000		3,497,990
Oracle Corp.
3.95% due 03/25/51		2,128,000		1,601,272
5.55% due 02/06/53		1,510,000		1,437,583
CDW LLC / CDW Finance Corp.
3.57% due 12/01/31		2,600,000		2,236,338

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
CORE BOND FUND

	Face Amount~		Value
Leidos, Inc.
2.30% due 02/15/31		1,750,000	$	1,420,004
5.75% due 03/15/33		500,000		511,020
4.38% due 05/15/30		200,000		188,421
MSCI, Inc.
3.63% due 11/01/313		1,300,000		1,113,125
CGI, Inc.
2.30% due 09/14/31		1,300,000		1,026,718
Fidelity National Information Services, Inc.
5.63% due 07/15/52		750,000		719,681
Total Technology				17,592,093
Energy - 1.3%
BP Capital Markets plc
4.88% 2,5		7,530,000		6,842,888
Galaxy Pipeline Assets Bidco Ltd.
3.25% due 09/30/403		2,986,000		2,348,367
Targa Resources Partners Limited Partnership / Targa Resources Partners Finance Corp.
6.88% due 01/15/29		2,158,000		2,199,474
Magellan Midstream Partners, LP
3.95% due 03/01/50		2,000,000		1,510,766
Midwest Connector Capital Company LLC
4.63% due 04/01/293		1,050,000		984,128
NuStar Logistics, LP
6.38% due 10/01/30		534,000		512,373
6.00% due 06/01/26		200,000		196,042
TransCanada PipeLines Ltd.
6.20% due 03/09/26		700,000		704,877
Greensaif Pipelines Bidco SARL
6.51% due 02/23/423		400,000		421,348
Greensaif Pipelines Bidco Sarl
6.13% due 02/23/383		350,000		360,080
Total Energy				16,080,343
Communications - 1.3%
British Telecommunications plc
4.88% due 11/23/812,3		2,900,000		2,284,344
4.25% due 11/23/812,3		500,000		433,225
9.63% due 12/15/30		150,000		187,017
Paramount Global
4.95% due 05/19/50		2,490,000		1,863,721
2.90% due 01/15/27		450,000		409,974
Charter Communications Operating LLC / Charter Communications Operating Capital
3.90% due 06/01/52		3,350,000		2,214,437
Level 3 Financing, Inc.
4.25% due 07/01/283		2,175,000		1,227,135
3.88% due 11/15/293		1,150,000		832,290
Virgin Media Secured Finance plc
4.50% due 08/15/303		2,350,000		2,020,553
Vodafone Group plc
4.13% due 06/04/812		2,550,000		2,012,384
Rogers Communications, Inc.
4.55% due 03/15/523		2,000,000		1,645,144
CSC Holdings LLC
4.13% due 12/01/303		600,000		430,914
Altice France S.A.
5.13% due 01/15/293		250,000		190,507
Telenet Finance Luxembourg Notes SARL
5.50% due 03/01/28		200,000		184,000
Total Communications				15,935,645
Basic Materials - 0.9%
Newcrest Finance Pty Ltd.
3.25% due 05/13/303		3,522,000		3,113,518
4.20% due 05/13/503		3,235,000		2,575,920
Anglo American Capital plc
5.63% due 04/01/303		1,800,000		1,810,920
3.95% due 09/10/503		970,000		742,682
2.63% due 09/10/303		250,000		208,008
Yamana Gold, Inc.
2.63% due 08/15/31		1,200,000		965,464
BHP Billiton Finance USA Ltd.
4.90% due 02/28/33		900,000		918,210
Reliance Steel & Aluminum Co.
2.15% due 08/15/30		810,000		680,018
Total Basic Materials				11,014,740
Utilities - 0.4%
AES Corp.
3.95% due 07/15/303		1,760,000		1,575,728
NRG Energy, Inc.
2.45% due 12/02/273		1,750,000		1,497,214
Alexander Funding Trust
1.84% due 11/15/233		950,000		921,483
Enel Finance International N.V.
5.00% due 06/15/323		850,000		799,372
Total Utilities				4,793,797
Total Corporate Bonds
(Cost $455,934,346)				380,506,748
ASSET-BACKED SECURITIES†† - 26.9%
Collateralized Loan Obligations - 17.5%
LoanCore Issuer Ltd.
2021-CRE5 C, 7.03% (1 Month USD LIBOR + 2.35%, Rate Floor: 2.35%) due 07/15/36◊,3		7,500,000		6,922,183
2021-CRE4 D, 7.17% (30 Day Average SOFR + 2.61%, Rate Floor: 2.50%) due 07/15/35◊		4,426,000		4,193,774
2021-CRE6 C, 6.98% (1 Month USD LIBOR + 2.30%, Rate Floor: 2.30%) due 11/15/38◊,3		4,000,000		3,705,388
2021-CRE4 C, 6.37% (30 Day Average SOFR + 1.81%, Rate Floor: 1.70%) due 07/15/35◊,3		1,000,000		936,837

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
CORE BOND FUND

	Face Amount~		Value
Woodmont Trust
2020-7A A1A, 6.69% (3 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 01/15/32◊,3		12,000,000	$	11,891,965
2020-7A B, 7.39% (3 Month USD LIBOR + 2.60%, Rate Floor: 2.60%) due 01/15/32◊,3		3,750,000		3,626,516
Octagon Investment Partners 49 Ltd.
2021-5A B, 6.34% (3 Month USD LIBOR + 1.55%, Rate Floor: 1.55%) due 01/15/33◊,3		8,500,000		8,260,020
2021-5A C, 6.84% (3 Month USD LIBOR + 2.05%, Rate Floor: 2.05%) due 01/15/33◊,3		7,450,000		7,137,098
Cerberus Loan Funding XXX, LP
2020-3A A, 6.64% (3 Month USD LIBOR + 1.85%, Rate Floor: 1.85%) due 01/15/33◊,3		13,500,000		13,368,352
2020-3A B, 7.29% (3 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 01/15/33◊,3		2,000,000		1,948,854
LCCM Trust
2021-FL3 A, 6.13% (1 Month USD LIBOR + 1.45%, Rate Floor: 1.45%) due 11/15/38◊,3		6,000,000		5,788,068
2021-FL3 AS, 6.48% (1 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 11/15/38◊,3		3,950,000		3,805,598
2021-FL2 C, 6.83% (1 Month USD LIBOR + 2.15%, Rate Floor: 2.15%) due 12/13/38◊,3		3,100,000		2,814,808
AMMC CLO XIV Ltd.
2021-14A A2R2, 6.22% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 07/25/29◊,3		8,000,000		7,848,982
Dryden 36 Senior Loan Fund
2020-36A CR3, 6.84% (3 Month USD LIBOR + 2.05%, Rate Floor: 2.05%) due 04/15/29◊,3		8,000,000		7,821,515
Madison Park Funding XLVIII Ltd.
2021-48A B, 6.25% (3 Month USD LIBOR + 1.45%, Rate Floor: 1.45%) due 04/19/33◊,3		4,000,000		3,901,351
2021-48A C, 6.80% (3 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 04/19/33◊,3		4,000,000		3,872,755
MF1 Multifamily Housing Mortgage Loan Trust
2021-FL6 D, 7.26% (1 Month USD LIBOR + 2.55%, Rate Floor: 2.55%) due 07/16/36◊		4,000,000		3,693,999
2021-FL6 C, 6.56% (1 Month USD LIBOR + 1.85%, Rate Floor: 1.85%) due 07/16/36◊,3		3,400,000		3,116,896
Palmer Square Loan Funding Ltd.
2021-1A A2, 6.06% (3 Month USD LIBOR + 1.25%, Rate Floor: 1.25%) due 04/20/29◊,3		2,000,000		1,961,665
2021-1A B, 6.61% (3 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 04/20/29◊,3		2,000,000		1,945,737
2021-3A C, 7.31% (3 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 07/20/29◊,3		2,000,000		1,897,542
2021-2A C, 7.32% (3 Month USD LIBOR + 2.40%, Rate Floor: 2.40%) due 05/20/29◊,3		1,000,000		959,616
Golub Capital Partners CLO 33M Ltd.
2021-33A AR2, 6.82% (3 Month USD LIBOR + 1.86%, Rate Floor: 1.86%) due 08/25/33◊,3		6,500,000		6,083,897
Golub Capital Partners CLO 16 Ltd.
2021-16A A1R2, 6.43% (3 Month USD LIBOR + 1.61%, Rate Floor: 1.61%) due 07/25/33◊,3		4,000,000		3,938,696
2021-16A A2R2, 6.62% (3 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 07/25/33◊,3		2,000,000		1,918,241
ABPCI Direct Lending Fund CLO II LLC
2021-1A A1R, 6.41% (3 Month USD LIBOR + 1.60%, Rate Floor: 1.60%) due 04/20/32◊,3		5,500,000		5,352,436
Cerberus Loan Funding XXXII, LP
2021-2A A, 6.41% (3 Month USD LIBOR + 1.62%, Rate Floor: 1.62%) due 04/22/33◊,3		4,250,000		4,152,456
2021-2A C, 7.64% (3 Month USD LIBOR + 2.85%, Rate Floor: 2.85%) due 04/22/33◊,3		1,250,000		1,164,884
FS Rialto Issuer LLC
2022-FL6 B, 8.32% (1 Month Term SOFR + 3.63%, Rate Floor: 3.63%) due 08/17/37◊,3		2,500,000		2,475,251
2022-FL6 AS, 7.82% (1 Month Term SOFR + 3.13%, Rate Floor: 3.13%) due 08/17/37◊,3		1,500,000		1,485,706
2022-FL7 B, 8.60% (1 Month Term SOFR + 3.91%, Rate Floor: 3.91%) due 10/19/39◊		250,000		247,439
KREF Funding V LLC
6.43% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 06/25/26◊,†††		4,204,302		4,180,124
0.15% due 06/25/26†††,7		21,818,182		10,691
THL Credit Lake Shore MM CLO I Ltd.
2021-1A A1R, 6.49% (3 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 04/15/33◊,3		4,250,000		4,145,998

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
CORE BOND FUND

	Face Amount~		Value
Fortress Credit Opportunities IX CLO Ltd.
2021-9A A2TR, 6.59% (3 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 10/15/33◊,3		3,250,000	$	3,108,038
2021-9A A1TR, 6.34% (3 Month USD LIBOR + 1.55%, Rate Floor: 1.55%) due 10/15/33◊,3		1,000,000		969,048
Golub Capital Partners CLO 36M Ltd.
2018-36A A, 6.11% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 02/05/31◊,3		4,100,000		4,042,729
Cerberus Loan Funding XXXI, LP
2021-1A A, 6.29% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 04/15/32◊,3		3,963,475		3,928,947
BSPDF Issuer Ltd.
2021-FL1 C, 6.93% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 10/15/36◊,3		4,000,000		3,644,080
ABPCI Direct Lending Fund CLO I LLC
2021-1A A1A2, 6.51% (3 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 07/20/33◊,3		3,750,000		3,609,219
Cerberus Loan Funding XL LLC
2023-1A A, 7.19% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 03/22/35◊,3		3,500,000		3,500,000
PFP Ltd.
2021-7 D, 7.13% (1 Month USD LIBOR + 2.40%, Rate Floor: 2.40%) due 04/14/38◊,3		3,749,813		3,495,783
ABPCI Direct Lending Fund CLO V Ltd.
2021-5A A1R, 6.31% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 04/20/31◊,3		3,250,000		3,192,435
BXMT Ltd.
2020-FL2 A, 5.76% (1 Month Term SOFR + 1.01%, Rate Floor: 0.90%) due 02/15/38◊,3		3,257,572		3,180,398
Owl Rock CLO IV Ltd.
2021-4A A1R, 6.52% (3 Month USD LIBOR + 1.60%, Rate Floor: 1.60%) due 08/20/33◊,3		3,250,000		3,144,375
GoldenTree Loan Management US CLO 1 Ltd.
2021-9A C, 6.61% (3 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 01/20/33◊,3		3,000,000		2,845,900
VOYA CLO
2021-2A A2AR, 6.44% (3 Month USD LIBOR + 1.65%, Rate Floor: 1.65%) due 06/07/30◊,3		2,550,000		2,482,965
Apres Static CLO Ltd.
2020-1A A2R, 6.49% (3 Month USD LIBOR + 1.70%, Rate Floor: 0.00%) due 10/15/28◊,3		2,000,000		1,980,911
Fortress Credit Opportunities XI CLO Ltd.
2018-11A A1T, 6.09% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 04/15/31◊,3		2,000,000		1,973,274
MidOcean Credit CLO VII
2020-7A BR, 6.39% (3 Month USD LIBOR + 1.60%, Rate Floor: 0.00%) due 07/15/29◊,3		2,000,000		1,954,031
Neuberger Berman Loan Advisers CLO 40 Ltd.
2021-40A C, 6.54% (3 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 04/16/33◊,3		2,000,000		1,927,465
ABPCI Direct Lending Fund IX LLC
2021-9A A2R, 6.62% (3 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 11/18/31◊,3		2,000,000		1,917,727
ACRES Commercial Realty Ltd.
2021-FL2 AS, 6.46% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 01/15/37◊		2,000,000		1,912,023
Magnetite XXIX Ltd.
2021-29A C, 6.44% (3 Month USD LIBOR + 1.65%, Rate Floor: 1.65%) due 01/15/34◊,3		2,000,000		1,906,928
Cerberus Loan Funding XXXIII, LP
2021-3A B, 6.64% (3 Month USD LIBOR + 1.85%, Rate Floor: 1.85%) due 07/23/33◊,3		2,000,000		1,898,427
FS Rialto
2021-FL3 C, 6.78% (1 Month USD LIBOR + 2.05%, Rate Floor: 2.05%) due 11/16/36◊		2,000,000		1,881,054
BRSP Ltd.
2021-FL1 C, 6.91% (1 Month USD LIBOR + 2.15%, Rate Floor: 2.15%) due 08/19/38◊,3		2,000,000		1,865,084
Canyon Capital CLO Ltd.
2018-1A A2R, 6.30% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 01/30/31◊,3		1,900,000		1,809,072
OCP CLO Ltd.
2020-4A A2RR, 6.27% (3 Month USD LIBOR + 1.45%, Rate Floor: 1.45%) due 04/24/29◊,3		1,500,000		1,475,725
Golub Capital Partners CLO 54M L.P
2021-54A B, 6.66% (3 Month USD LIBOR + 1.85%, Rate Floor: 1.85%) due 08/05/33◊,3		1,500,000		1,409,494
STWD Ltd.
2019-FL1 D, 7.12% (1 Month Term SOFR + 2.46%, Rate Floor: 2.35%) due 07/15/38◊,3		1,459,000		1,389,042
Owl Rock CLO I Ltd.
2019-1A A, 6.72% (3 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 05/20/31◊,3		1,000,000		991,189

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
CORE BOND FUND

	Face Amount~		Value
NewStar Fairfield Fund CLO Ltd.
2018-2A A1N, 6.08% (3 Month USD LIBOR + 1.27%, Rate Floor: 1.27%) due 04/20/30◊,3		989,329	$	976,376
Owl Rock CLO II Ltd.
2021-2A ALR, 6.36% (3 Month USD LIBOR + 1.55%, Rate Floor: 1.55%) due 04/20/33◊,3		1,000,000		970,297
Northwoods Capital XII-B Ltd.
2018-12BA B, 6.72% (3 Month USD LIBOR + 1.85%, Rate Floor: 1.85%) due 06/15/31◊,3		1,000,000		955,154
BSPRT Issuer Ltd.
2021-FL7 C, 6.98% (1 Month USD LIBOR + 2.30%, Rate Floor: 2.30%) due 12/15/38◊,3		1,000,000		944,048
KREF
2021-FL2 C, 6.71% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 02/15/39◊,3		1,000,000		934,202
Marathon CLO V Ltd.
2017-5A A2R, 6.37% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 11/21/27◊,3		826,951		823,531
Dryden 37 Senior Loan Fund
2015-37A Q, due 01/15/313,8		1,000,000		746,718
ACRE Commercial Mortgage Ltd.
2021-FL4 D, 7.36% (1 Month USD LIBOR + 2.60%, Rate Floor: 2.60%) due 12/18/37◊,3		773,000		709,641
Golub Capital Partners CLO 17 Ltd.
2017-17A A1R, 6.47% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 10/25/30◊,3		685,428		679,604
Cerberus Loan Funding XXXVI, LP
2021-6A A, 6.19% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 11/22/33◊,3		268,568		267,044
Newfleet CLO Ltd.
2018-1A A1R, 5.76% (3 Month USD LIBOR + 0.95%, Rate Floor: 0.00%) due 04/20/28◊,3		132,522		132,427
Babson CLO Ltd.
2014-IA SUB, due 07/20/253,8		650,000		40,385
Treman Park CLO Ltd.
2015-1A COM, due 10/20/283,8		162,950		4,318
Copper River CLO Ltd.
2007-1A INC, due 01/20/216,8		700,000		71
Total Collateralized Loan Obligations				222,194,517
Whole Business - 2.0%
Domino’s Pizza Master Issuer LLC
2017-1A, 4.12% due 07/25/473		5,130,000		4,840,222
2021-1A, 3.15% due 04/25/513		1,129,875		937,165
Arbys Funding LLC
2020-1A, 3.24% due 07/30/503		6,581,250		5,767,564
Taco Bell Funding LLC
2016-1A, 4.97% due 05/25/463		3,534,375		3,450,999
2021-1A, 2.29% due 08/25/513		1,412,125		1,179,168
ServiceMaster Funding LLC
2020-1, 2.84% due 01/30/513		3,920,000		3,288,562
SERVPRO Master Issuer LLC
2021-1A, 2.39% due 04/25/513		3,438,750		2,813,434
DB Master Finance LLC
2021-1A, 2.79% due 11/20/513		1,975,000		1,594,698
Wendy’s Funding LLC
2019-1A, 3.78% due 06/15/493		1,328,580		1,247,004
Wingstop Funding LLC
2022-1A, 3.73% due 03/05/523		497,500		446,570
Total Whole Business				25,565,386
Transport-Aircraft - 1.9%
AASET Trust
2021-1A, 2.95% due 11/16/413		3,763,579		3,391,060
2020-1A, 3.35% due 01/16/403		995,309		836,324
2017-1A, 3.97% due 05/16/423		189,433		152,705
Castlelake Aircraft Structured Trust
2021-1A, 3.47% due 01/15/463		3,519,802		3,240,727
Navigator Aircraft ABS Ltd.
2021-1, 2.77% due 11/15/463		2,723,214		2,354,512
AASET US Ltd.
2018-2A, 4.45% due 11/18/383		2,376,919		2,056,293
Lunar Structured Aircraft Portfolio Notes
2021-1, 2.64% due 10/15/463		2,145,994		1,867,466
MACH 1 Cayman Ltd.
2019-1, 3.47% due 10/15/393		2,060,474		1,729,583
Sprite Ltd.
2021-1, 3.75% due 11/15/463		1,905,139		1,706,229
Sapphire Aviation Finance II Ltd.
2020-1A, 3.23% due 03/15/403		1,699,258		1,423,701
Falcon Aerospace Ltd.
2019-1, 3.60% due 09/15/393		1,384,357		1,169,796
2017-1, 4.58% due 02/15/423		255,322		240,826
MAPS Ltd.
2018-1A, 4.21% due 05/15/433		1,280,395		1,151,071
Sapphire Aviation Finance I Ltd.
2018-1A, 4.25% due 03/15/403		1,204,142		979,581
Raspro Trust
2005-1A, 5.17% (3 Month USD LIBOR + 0.93%, Rate Floor: 0.93%) due 03/23/24◊,3		984,943		972,927
WAVE LLC
2019-1, 3.60% due 09/15/443		786,200		663,459
Castlelake Aircraft Securitization Trust
2018-1, 4.13% due 06/15/433		566,693		511,780
Total Transport-Aircraft				24,448,040
Financial - 1.9%
Strategic Partners Fund VIII LP
7.39% (1 Month Term SOFR + 2.60%, Rate Floor: 2.60%) due 03/10/26◊,†††		3,500,000		3,498,950
7.22% (1 Month Term SOFR + 2.60%, Rate Floor: 2.60%) due 03/10/26◊,†††		1,300,000		1,299,610

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
CORE BOND FUND

	Face Amount~		Value
KKR Core Holding Company LLC
4.00% due 08/12/31†††		5,122,847	$	4,609,810
HV Eight LLC
5.48% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 12/31/27◊,†††	EUR	3,500,000		3,799,172
Madison Avenue Secured Funding Trust Series
2023-1, 6.78% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/04/24◊,†††,3		3,050,000		3,050,000
HarbourVest Structured Solutions IV Holdings, LP
7.20% (3 Month USD LIBOR + 2.45%, Rate Floor: 2.45%) due 09/15/26◊,†††		1,831,749		1,830,532
2.58% (3 Month EURIBOR + 2.45%, Rate Floor: 2.45%) due 09/15/26◊,†††	EUR	1,000,000		1,085,600
Lightning A
5.50% due 03/01/37†††		1,531,778		1,424,553
Thunderbird A
5.50% due 03/01/37†††		1,524,667		1,417,940
Bib Merchant Voucher Receivables Ltd.
4.18% due 04/07/28†††		828,083		809,440
Nassau LLC
2019-1, 3.98% due 08/15/343		715,947		684,062
Aesf Vi Verdi, LP
2.15% (3 Month EURIBOR + 2.15%, Rate Floor: 2.15%) due 11/25/24◊,†††	EUR	103,023		111,805
Total Financial				23,621,474
Net Lease - 1.7%
CF Hippolyta Issuer LLC
2022-1A, 6.11% due 08/15/623		2,696,234		2,696,198
2020-1, 2.28% due 07/15/603		676,880		611,165
SVC ABS LLC
2023-1A, 5.15% due 02/20/533		3,248,646		3,202,181
CARS-DB4, LP
2020-1A, 3.81% due 02/15/503		2,229,844		1,901,271
2020-1A, 4.95% due 02/15/503		1,500,000		1,286,582
CMFT Net Lease Master Issuer LLC
2021-1, 3.44% due 07/20/513		3,570,000		2,883,676
STORE Master Funding I-VII
2016-1A, 3.96% due 10/20/463		2,533,896		2,398,244
Oak Street Investment Grade Net Lease Fund Series
2020-1A, 2.26% due 11/20/503		2,500,000		2,280,365
CF Hippolyta LLC
2020-1, 2.60% due 07/15/603		2,488,211		2,110,995
Capital Automotive REIT
2020-1A, 3.48% due 02/15/503		1,238,802		1,123,535
2021-1A, 2.76% due 08/15/513		997,917		773,134
Total Net Lease				21,267,346
Transport-Container - 0.5%
MC Ltd.
2021-1, 2.63% due 11/05/353		3,499,178		3,107,011
Textainer Marine Containers VII Ltd.
2020-1A, 2.73% due 08/21/453		3,322,862		3,061,090
TIF Funding II LLC
2021-1A, 1.65% due 02/20/463		789,688		665,662
Total Transport-Container				6,833,763
Single Family Residence - 0.5%
FirstKey Homes Trust
2020-SFR2, 2.67% due 10/19/373		2,250,000		2,041,823
2020-SFR2, 4.00% due 10/19/373		1,400,000		1,277,063
2020-SFR2, 4.50% due 10/19/373		1,350,000		1,238,270
2020-SFR2, 3.37% due 10/19/373		900,000		813,575
Home Partners of America Trust
2021-3, 2.80% due 01/17/413		930,178		802,035
Home Partners of America Trust
2021-2, 2.40% due 12/17/263		484,124		427,817
Total Single Family Residence				6,600,583
Collateralized Debt Obligations - 0.5%
Anchorage Credit Funding 4 Ltd.
2021-4A AR, 2.72% due 04/27/393		7,250,000		6,370,800
Infrastructure - 0.3%
VB-S1 Issuer LLC - VBTEL
2022-1A, 4.29% due 02/15/523		2,500,000		2,274,952
Stack Infrastructure Issuer LLC
2023-1A, 5.90% due 03/25/483		1,000,000		1,009,285
Total Infrastructure				3,284,237
Insurance - 0.1%
CHEST
7.13% due 03/15/43†††		1,000,000		1,007,448
Total Asset-Backed Securities
(Cost $360,514,474)				341,193,594
U.S. GOVERNMENT SECURITIES†† - 19.2%
U.S. Treasury Notes
3.50% due 01/31/2812		86,817,000		86,362,567
4.13% due 11/15/32		42,978,000		45,160,477
4.00% due 02/29/28		34,710,000		35,336,407
4.63% due 02/28/25		455,000		459,426
U.S. Treasury Bonds
3.00% due 08/15/52		16,000,000		14,055,000
3.63% due 02/15/53		12,800,000		12,708,000
due 02/15/529,10		29,980,000		10,616,320
due 02/15/469,10		22,605,000		9,395,649
2.88% due 05/15/52		10,000,000		8,554,688
due 05/15/449,10		19,265,000		8,531,868
4.00% due 11/15/52		5,300,000		5,624,625
1.88% due 11/15/51		8,000,000		5,447,500
due 11/15/449,10,12		4,520,000		1,957,473
Total U.S. Government Securities
(Cost $249,111,828)				244,210,000
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 16.7%
Government Agency - 9.8%
Fannie Mae
due 03/01/7314		76,466,000		72,801,520

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
CORE BOND FUND

	Face Amount~		Value
Fannie Mae
2.81% due 05/01/51		8,250,000	$	5,823,935
2.17% due 03/01/51		8,347,000		5,684,732
2.24% due 01/01/51		5,730,368		4,115,077
2.00% due 09/01/50		4,906,963		3,409,632
2.36% due 08/01/50		4,492,131		3,191,032
2.78% due 05/01/51		2,674,476		2,024,228
2.59% due 06/01/51		2,422,671		1,801,043
2.32% due 02/01/51		2,026,939		1,447,327
2.40% due 03/01/40		2,000,000		1,441,852
2.11% due 10/01/50		1,814,018		1,279,244
2.27% due 02/01/51		1,688,226		1,197,800
2.39% due 02/01/51		1,405,569		1,015,170
4.24% due 08/01/48		1,000,000		897,590
2.58% due 10/01/51		1,173,794		860,505
3.83% due 05/01/49		1,000,000		851,551
2.99% due 01/01/40		1,000,000		810,169
3.46% due 08/01/49		941,078		797,938
2.68% due 04/01/50		943,405		726,286
1.76% due 08/01/40		1,000,000		699,162
2.27% due 10/01/41		1,000,000		694,770
4.07% due 05/01/49		756,243		687,492
2.10% due 07/01/50		948,599		671,610
4.37% due 10/01/48		705,568		664,333
due 12/25/439,10		770,029		598,455
4.25% due 05/01/48		621,288		578,000
Freddie Mac Seasoned Credit Risk Transfer Trust
2.00% due 05/25/60		3,364,382		2,831,528
2.00% due 11/25/59		1,285,809		1,081,764
Freddie Mac
due 04/01/5214		2,056,788		1,983,658
1.98% due 05/01/50		1,348,711		919,839
4.00% due 01/15/46		89,223		87,902
Fannie Mae-Aces
1.49% (WAC) due 03/25/35◊,7		17,783,234		1,887,114
FARM Mortgage Trust
2.18% (WAC) due 01/25/51◊,3		873,439		733,743
Total Government Agency				124,296,001
Commercial Mortgage-Backed Securities - 3.2%
GS Mortgage Securities Trust
2020-GSA2, 2.34% due 12/12/53		8,000,000		5,618,710
2020-GC45, 0.67% (WAC) due 02/13/53◊,7		18,860,536		603,350
2019-GC42, 0.81% (WAC) due 09/10/52◊,7		14,857,481		564,358
JP Morgan Chase Commercial Mortgage Securities Trust
2021-NYAH, 6.52% (1 Month USD LIBOR + 1.84%, Rate Floor: 1.84%) due 06/15/38◊,3		4,000,000		3,601,678
2016-JP3, 3.40% (WAC) due 08/15/49◊		4,000,000		2,968,659
DBGS Mortgage Trust
2018-C1, 4.63% (WAC) due 10/15/51◊		7,000,000		6,313,376
CD Mortgage Trust
2017-CD4, 3.95% (WAC) due 05/10/50◊		4,750,000		4,069,756
2016-CD1, 1.37% (WAC) due 08/10/49◊,7		2,108,289		69,721
KKR Industrial Portfolio Trust
2021-KDIP, 6.19% (1 Month Term SOFR + 1.36%, Rate Floor: 1.36%) due 12/15/37◊,3		3,450,000		3,259,566
BX Commercial Mortgage Trust
2021-VOLT, 6.68% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 09/15/36◊,3		3,450,000		3,217,362
Life Mortgage Trust
2021-BMR, 6.34% (1 Month Term SOFR + 1.51%, Rate Floor: 1.51%) due 03/15/38◊,3		1,965,940		1,857,410
GS Mortgage Securities Corporation Trust
2020-DUNE, 6.03% (1 Month USD LIBOR + 1.35%, Rate Floor: 1.35%) due 12/15/36◊,3		1,000,000		968,238
2020-UPTN, 3.25% (WAC) due 02/10/37◊,3		1,000,000		857,447
SMRT
2022-MINI, 6.78% (1 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 01/15/39◊,3		2,000,000		1,824,480
Extended Stay America Trust
2021-ESH, 6.94% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 07/15/38◊,3		1,073,811		1,022,640
BENCHMARK Mortgage Trust
2019-B14, 0.78% (WAC) due 12/15/62◊,7		19,717,828		607,388
2018-B6, 0.41% (WAC) due 10/10/51◊,7		29,242,733		411,290
Citigroup Commercial Mortgage Trust
2019-GC43, 0.62% (WAC) due 11/10/52◊,7		19,858,255		619,492
2016-GC37, 1.65% (WAC) due 04/10/49◊,7		2,843,033		106,913
2016-C2, 1.66% (WAC) due 08/10/49◊,7		2,212,881		91,768
2016-P5, 1.38% (WAC) due 10/10/49◊,7		1,574,657		58,007
COMM Mortgage Trust
2015-CR24, 0.69% (WAC) due 08/10/48◊,7		37,478,534		483,567
2015-CR26, 0.90% (WAC) due 10/10/48◊,7		8,289,684		143,498
CSAIL Commercial Mortgage Trust
2019-C15, 1.03% (WAC) due 03/15/52◊,7		12,090,524		505,913
SG Commercial Mortgage Securities Trust
2016-C5, 1.88% (WAC) due 10/10/48◊,7		8,018,253		334,325
UBS Commercial Mortgage Trust
2017-C2, 1.07% (WAC) due 08/15/50◊,7		8,041,988		294,422
Morgan Stanley Capital I Trust
2016-UB11, 1.44% (WAC) due 08/15/49◊,7		5,856,760		223,885
JPMDB Commercial Mortgage Securities Trust
2016-C2, 1.49% (WAC) due 06/15/49◊,7		6,298,923		215,789
Wells Fargo Commercial Mortgage Trust
2016-NXS5, 1.42% (WAC) due 01/15/59◊,7		3,468,473		105,895
2016-C37, 0.81% (WAC) due 12/15/49◊,7		2,680,846		57,111
CFCRE Commercial Mortgage Trust
2016-C3, 0.98% (WAC) due 01/10/48◊,7		5,338,390		119,218
Total Commercial Mortgage-Backed Securities				41,195,232

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
CORE BOND FUND

	Face Amount~		Value
Residential Mortgage-Backed Securities - 2.6%
Mill City Mortgage Loan Trust
2021-NMR1, 2.50% (WAC) due 11/25/60◊,3		4,800,000	$	3,960,751
GCAT Trust
2022-NQM3, 4.35% (WAC) due 04/25/67◊,3		3,284,823		3,036,735
Nationstar Home Equity Loan Trust
2007-C, 5.02% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 06/25/37◊		2,949,548		2,855,563
CFMT LLC
2022-HB9, 3.25% (WAC) due 09/25/37◊		2,927,191		2,707,044
COLT Mortgage Loan Trust
2021-2, 2.38% (WAC) due 08/25/66◊,3		4,000,000		2,387,333
PRPM LLC
2021-RPL2, 2.93% (WAC) due 10/25/51◊,3		2,472,000		1,987,039
BRAVO Residential Funding Trust
2023-NQM2, 4.50% due 05/25/623,11		1,993,938		1,859,136
Imperial Fund Mortgage Trust
2022-NQM2, 4.02% (WAC) due 03/25/67◊,3		925,038		837,438
2022-NQM2, 4.20% (WAC) due 03/25/67◊,3		925,038		825,798
Starwood Mortgage Residential Trust
2020-1, 2.56% (WAC) due 02/25/50◊,3		830,167		788,907
2020-1, 2.41% (WAC) due 02/25/50◊,3		830,167		787,781
OBX Trust
2022-NQM8, 6.10% due 09/25/623,11		946,536		936,135
2022-NQM9, 6.45% due 09/25/623,11		629,826		630,937
Angel Oak Mortgage Trust
2023-1, 4.75% due 09/26/673,11		1,579,193		1,473,786
SPS Servicer Advance Receivables Trust
2020-T2, 1.83% due 11/15/553		1,250,000		1,153,693
CSMC Trust
2018-RPL9, 3.85% (WAC) due 09/25/57◊,3		850,111		817,992
2020-NQM1, 1.72% due 05/25/653,11		238,764		213,896
BRAVO Residential Funding Trust
2021-HE1, 6.06% (30 Day Average SOFR + 1.50%, Rate Floor: 0.00%) due 01/25/70◊,3		1,000,000		965,371
American Home Mortgage Investment Trust
2007-1, 2.08% due 05/25/477		6,257,866		840,073
Securitized Asset-Backed Receivables LLC Trust
2006-HE2, 5.15% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 07/25/36◊		1,430,082		577,946
Verus Securitization Trust
2019-4, 2.85% due 11/25/593,11		589,938		560,937
MFRA Trust
2021-INV1, 2.29% (WAC) due 01/25/56◊,3		700,000		502,339
New Residential Mortgage Loan Trust
2019-6A, 3.50% (WAC) due 09/25/59◊,3		484,077		444,642
Angel Oak Mortgage Trust
2020-1, 2.77% (WAC) due 12/25/59◊,3		360,154		334,529
RALI Series Trust
2006-QO2, 5.29% (1 Month USD LIBOR + 0.44%, Rate Floor: 0.44%) due 02/25/46◊		1,487,218		292,873
MASTR Adjustable Rate Mortgages Trust
2003-5, 2.56% (WAC) due 11/25/33◊		245,480		198,055
GS Mortgage-Backed Securities Trust
2020-NQM1, 1.79% (WAC) due 09/27/60◊,3		218,073		196,408
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-AR9, 3.98% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/46◊		244,598		195,203
Residential Mortgage Loan Trust
2020-1, 2.68% (WAC) due 01/26/60◊,3		166,305		158,040
UCFC Manufactured Housing Contract
1997-2, 7.38% due 10/15/28		33,957		33,526
Total Residential Mortgage-Backed Securities				32,559,906
Military Housing - 1.1%
Freddie Mac Military Housing Bonds Resecuritization Trust Certificates
2015-R1, 4.66% (WAC) due 11/25/55◊,†††,3		6,901,775		6,197,429
2015-R1, 4.44% (WAC) due 11/25/52◊,†††,3		2,801,934		2,506,934
Capmark Military Housing Trust
2006-RILY, 6.15% due 07/10/51†††,3		2,252,821		2,177,719
2007-ROBS, 6.06% due 10/10/52†††,3		453,924		437,946
2007-AETC, 5.75% due 02/10/52†††,3		267,240		259,031
GMAC Commercial Mortgage Asset Corp.
2007-HCKM, 6.11% due 08/10/52†††,3		1,427,250		1,447,903
Freddie Mac Military Housing Bonds Resecuritization Trust Certificates
2015-R1, 0.70% (WAC) due 11/25/55◊,3,7		10,101,273		652,368
Total Military Housing				13,679,330
Total Collateralized Mortgage Obligations
(Cost $247,864,990)				211,730,469
SENIOR FLOATING RATE INTERESTS††,◊ - 1.6%
Industrial - 0.8%
Mileage Plus Holdings LLC
10.21% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 06/21/27		7,182,500		7,443,800
SkyMiles IP Ltd.
8.56% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 10/20/27		1,615,000		1,671,331
Air Canada
8.37% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 08/11/28		447,013		445,198
Total Industrial				9,560,329
Technology - 0.4%
Datix Bidco Ltd.
6.69% (6 Month GBP SONIA + 4.50%, Rate Floor: 4.50%) due 04/28/25†††	GBP	2,900,000		3,500,092

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
CORE BOND FUND

	Face Amount~		Value
RLDatix
8.95% (6 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 04/28/25†††		1,252,544	$	1,225,364
Total Technology				4,725,456
Consumer, Cyclical - 0.3%
Amaya Holdings BV
5.52% (3 Month EURIBOR + 2.50%, Rate Floor: 2.50%) due 07/21/26	EUR	4,000,000		4,283,216
Consumer, Non-cyclical - 0.1%
Southern Veterinary Partners LLC
8.84% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 10/05/27		1,062,649		1,021,918
HAH Group Holding Co. LLC
9.91% (1 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 10/29/27		262,652		254,773
Total Consumer, Non-cyclical				1,276,691
Energy - 0.0%
Venture Global Calcasieu Pass LLC
7.47% (1 Month USD LIBOR + 2.63%, Rate Floor: 2.63%) due 08/19/26†††		471,806		467,678
Utilities - 0.0%
Hamilton Projects Acquiror LLC
9.66% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.25%) due 06/17/27		286,007		283,095
Communications - 0.0%
Radiate Holdco LLC
8.09% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 09/25/26		162,328		132,239
Total Senior Floating Rate Interests
(Cost $21,620,566)				20,728,704
FEDERAL AGENCY BONDS†† - 1.5%
Tennessee Valley Authority Principal Strips
due 06/15/389,10		9,400,000		4,678,277
due 01/15/489,10		9,700,000		3,049,680
due 01/15/389		4,000,000		2,029,204
due 06/15/359,10		1,583,000		932,984
due 12/15/429,10		1,600,000		639,013
Federal Farm Credit Bank
3.51% due 06/11/40		3,300,000		2,904,310
2.70% due 01/30/45		1,053,000		777,591
Tennessee Valley Authority
4.25% due 09/15/65		2,450,000		2,276,072
5.38% due 04/01/56		600,000		670,418
U.S. International Development Finance Corp.
due 01/17/269		800,000		807,381
Total Federal Agency Bonds
(Cost $25,627,242)				18,764,930
MUNICIPAL BONDS†† - 1.1%
Texas - 0.3%
Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds
3.29% due 09/01/40		2,100,000		1,656,868
2.78% due 09/01/34		700,000		566,485
2.69% due 09/01/33		500,000		408,345
2.57% due 09/01/32		475,000		391,792
2.41% due 09/01/31		450,000		374,203
Grand Parkway Transportation Corp. Revenue Bonds
3.31% due 10/01/49		1,500,000		1,097,095
Dallas/Fort Worth International Airport Revenue Bonds
2.92% due 11/01/50		1,000,000		727,090
Total Texas				5,221,878
New York - 0.3%
Westchester County Local Development Corp. Revenue Bonds
3.85% due 11/01/50		2,700,000		1,973,966
Port Authority of New York & New Jersey Revenue Bonds
3.14% due 02/15/51		1,370,000		1,057,214
Total New York				3,031,180
California - 0.2%
California Statewide Communities Development Authority Revenue Bonds
7.14% due 08/15/47		1,200,000		1,307,216
2.68% due 02/01/39		1,200,000		861,097
Total California				2,168,313
Idaho - 0.1%
Boise State University Revenue Bonds
3.06% due 04/01/40		1,150,000		889,573
Mississippi - 0.1%
Medical Center Educational Building Corp. Revenue Bonds
2.92% due 06/01/41		1,000,000		761,551
Alabama - 0.1%
Auburn University Revenue Bonds
2.68% due 06/01/50		1,000,000		670,936
Ohio - 0.0%
County of Franklin Ohio Revenue Bonds
2.88% due 11/01/50		1,000,000		637,811
Illinois - 0.0%
State of Illinois General Obligation Unlimited
5.65% due 12/01/38		444,444		456,999
Total Municipal Bonds
(Cost $17,875,702)				13,838,241
FOREIGN GOVERNMENT DEBT†† - 0.3%
Panama Government International Bond
4.50% due 01/19/63		2,600,000		1,870,973
4.50% due 04/16/50		1,450,000		1,101,840
Bermuda Government International Bond
3.38% due 08/20/503		500,000		355,520
Total Foreign Government Debt
(Cost $4,705,680)				3,328,333

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
CORE BOND FUND

	Face Amount~		Value
SENIOR FIXED RATE INTERESTS††† - 0.2%
Industrial - 0.2%
CTL Logistics
2.65% due 10/10/42		3,618,171	$	2,830,313
Total Senior Fixed Rate Interests
(Cost $3,618,171)				2,830,313
	Notional Value
OTC OPTIONS PURCHASED†† - 0.0%
Call Options on:
Interest Rate Options
Morgan Stanley Capital Services LLC 10Y-2Y SOFR CMS CAP Expiring June 2024 with strike price of $0.10	USD	34,200,000		116,856
Barclays Bank plc 10Y-2Y SOFR CMS CAP Expiring June 2024 with strike price of $0.10	USD	33,900,000		115,831
Barclays Bank plc 10Y-2Y SOFR CMS CAP Expiring December 2023 with strike price of $0.20	USD	34,250,000		101,090
Morgan Stanley Capital Services LLC 10Y-2Y SOFR CMS CAP Expiring December 2023 with strike price of $0.10	USD	34,200,000		100,942
Bank of America, N.A. 10Y-2Y SOFR CMS CAP Expiring June 2024 with strike price of $0.10	USD	17,150,000		58,599
Bank of America, N.A. 10Y-2Y SOFR CMS CAP Expiring December 2023 with strike price of $0.20	USD	16,800,000		49,586
Goldman Sachs International 10Y-2Y SOFR CMS CAP Expiring June 2024 with strike price of $0.10	USD	13,950,000		47,665
Goldman Sachs International 10Y-2Y SOFR CMS CAP Expiring December 2023 with strike price of $0.20	USD	13,950,000		41,174
Total OTC Options Purchased
(Cost $846,473)				631,743
Total Investments - 104.9%
(Cost $1,488,878,620)				1,331,297,975
	Contracts
OTC INTEREST RATE SWAPTIONS WRITTEN††,13 - 0.0%
Put Swaptions on:
Interest Rate Swaptions
Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap Expiring June 2023 with exercise rate of 3.60%		22,480,000		(167,476	)
Total OTC Interest Rate Swaptions Written
(Premiums received $167,476)				(167,476	)
Other Assets & Liabilities, net - (4.9)%				(61,669,874	)
Total Net Assets - 100.0%			$	1,269,460,625

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
CORE BOND FUND

Centrally Cleared Credit Default Swap Agreements Protection Purchased††
Counterparty	Exchange	Index	Protection Premium Rate	Payment Frequency		Maturity Date		Notional Amount~		Value			Upfront Premiums Paid (Received)			Unrealized Depreciation**
BofA Securities, Inc.	ICE	ITRAXX.EUR.38.V1	1.00%		Quarterly		12/20/27	EUR	14,500,000	$	(146,609	)	$	(126,664	)	$	(19,945	)
BofA Securities, Inc.	ICE	CDX.NA.HY.40.V1	5.00%		Quarterly		06/20/28		12,700,000		(193,040	)		58,741			(251,781	)
										$	(339,649	)	$	(67,923	)	$	(271,726	)

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		Unrealized Depreciation**
BofA Securities, Inc.	CME	Pay	U.S. Secured Overnight Financing Rate	3.40%		Annually		04/04/28		$	45,000,000	$	—		$	502	$	(502	)
BofA Securities, Inc.	CME	Pay	U.S. Secured Overnight Financing Rate	2.78%		Annually		07/18/27			77,800,000		(2,095,137	)		463		(2,095,600	)
												$	(2,095,137	)	$	965	$	(2,096,102	)

Forward Foreign Currency Exchange Contracts††

Counterparty

Currency

Type

Quantity

Contract Amount

Settlement Date

Unrealized Depreciation

Citibank, N.A.

EUR

Sell

105,000

114,400 USD

06/30/23

$

(94

)

Citibank, N.A.

EUR

Sell

296,000

321,134 USD

04/17/23

(248

)

Barclays Bank plc

GBP

Sell

2,926,000

3,565,975 USD

04/17/23

(44,823

)

Barclays Bank plc

EUR

Sell

9,220,000

9,917,262 USD

04/17/23

(93,327

)

$

(138,492

)

OTC Interest Rate Swaptions Written

Counterparty/ Description

Floating Rate Type

Floating Rate Index

Payment Frequency

Fixed Rate

Expiration Date

Exercise Rate

Swaption Notional Amount

Swaption Value

Put

Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap

Pay

SOFR

Annual

3.60

%

06/30/23

3.60

%

$

22,480,000

$

(167,476

)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
CORE 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.
◊	Variable rate security. Rate indicated is the rate effective at March 31, 2023. 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.
1	Special Purpose Acquisition Company (SPAC).
2	Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.
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 $537,593,093 (cost $599,661,110), or 42.3% of total net assets.
4	Rate indicated is the 7-day yield as of March 31, 2023.
5	Perpetual maturity.
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 $758,989 (cost $901,731), or 0.1% of total net assets — See Note 10.
7	Security is an interest-only strip.
8	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
9	Zero coupon rate security.
10	Security is a principal-only strip.
11	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, 2023. See table below for additional step information for each security.
12	All or a portion of this security is pledged as interest rate swap collateral at March 31, 2023.
13	Swaptions — See additional disclosure in the swaptions table above for more information on swaptions.
14	Security is unsettled at period end and does not have a stated effective rate.
	BofA — Bank of America
	CDX.NA.HY.40.V1 — Credit Default Swap North American High Yield Series 40 Index Version V1
	CME — Chicago Mercantile Exchange
	CMS — Constant Maturity Swap
	CMT — Constant Maturity Treasury
	EUR — Euro
	EURIBOR — European Interbank Offered Rate
	GBP — British Pound
	ICE — Intercontinental Exchange
	ITRAXX.EUR.38.V1 — iTraxx Europe Series 38 Index Version V1
	LIBOR — London Interbank Offered Rate
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	SARL — Société à Responsabilité Limitée
	SOFR — Secured Overnight Financing Rate
	SONIA — Sterling Overnight Index Average
	WAC — Weighted Average Coupon
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
CORE BOND FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	2,168,554	$	—	$	63		$	2,168,617
Preferred Stocks		—		32,654,629		—	*		32,654,629
Warrants		8,364		—		7			8,371
Money Market Fund		58,703,283		—		—			58,703,283
Corporate Bonds		—		362,038,707		18,468,041			380,506,748
Asset-Backed Securities		—		313,057,919		28,135,675			341,193,594
U.S. Government Securities		—		244,210,000		—			244,210,000
Collateralized Mortgage Obligations		—		198,703,507		13,026,962			211,730,469
Senior Floating Rate Interests		—		15,535,570		5,193,134			20,728,704
Federal Agency Bonds		—		18,764,930		—			18,764,930
Municipal Bonds		—		13,838,241		—			13,838,241
Foreign Government Debt		—		3,328,333		—			3,328,333
Senior Fixed Rate Interests		—		—		2,830,313			2,830,313
Options Purchased		—		631,743		—			631,743
Total Assets	$	60,880,201	$	1,202,763,579	$	67,654,195		$	1,331,297,975

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Swaptions Written	$	—	$	167,476	$	—	$	167,476
Credit Default Swap Agreements**		—		271,726		—		271,726
Interest Rate Swap Agreements**		—		2,096,102		—		2,096,102
Forward Foreign Currency Exchange Contracts**		—		138,492		—		138,492
Total Liabilities	$	—	$	2,673,796	$	—	$	2,673,796

*	Security has 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 | 53

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
CORE 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, 2023			Valuation Technique		Unobservable Inputs	Input Range			Weighted Average*
Assets:
Asset-Backed Securities	$	15,805,793	Option adjusted spread off prior month end broker quote		Broker Quote			—			—
Asset-Backed Securities		8,261,743	Yield Analysis		Yield			6.1%-6.3%			6.3	%
Asset-Backed Securities		3,060,691	Third Party Pricing		Broker Quote			—			—
Asset-Backed Securities		1,007,448	Third Party Pricing		Vendor Price			—			—
Collateralized Mortgage Obligations		8,704,363	Yield Analysis		Yield			6.1%-6.5%			6.3	%
Collateralized Mortgage Obligations		4,322,599	Option adjusted spread off prior month end broker quote		Broker Quote			—			—
Common Stocks		63	Model Price		Liquidation Value			—			—
Corporate Bonds		9,891,315	Option adjusted spread off prior month end broker quote		Broker Quote			—			—
Corporate Bonds		5,546,502	Third Party Pricing		Vendor Price			—			—
Corporate Bonds		3,030,224	Yield Analysis		Yield			5.8	%		—
Senior Fixed Rate Interests		2,830,313	Option adjusted spread off prior month end broker quote		Broker Quote			—			—
Senior Floating Rate Interests		4,725,456	Yield Analysis		Yield			10.6	%		—
Senior Floating Rate Interests		467,678	Third Party Pricing		Broker Quote			—			—
Warrants		7	Model Price		Liquidation Value			—			—
Total Assets	$	67,654,195

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

Significant changes in a quote, yield, market comparable yields or liquidation value 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.

The Fund’s fair valuation leveling guidelines classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3, if such a quote or price cannot be supported with other available market information.

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, 2023, the Fund had securities with a total value of $14,250,865 transfer into Level 3 from Level 2 due to a lack of observable inputs and had securities with a total value of $3,312,383 transfer out of Level 3 into 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.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2023
CORE 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 period ended March 31, 2023:

	Assets																						Liabilities
	Asset- Backed Securities			Collateralized Mortgage Obligations			Corporate Bonds			Senior Floating Rate Interests			Warrants		Common Stocks		Senior Fixed Rate Interests			Total Assets			Unfunded Loan Commitments
Beginning Balance	$	24,147,212		$	4,110,384		$	24,819,063		$	5,218,034		$	7	$	62	$	2,788,277		$	61,083,039		$	(84,249	)
Purchases/(Receipts)		9,578,023			—			—			—			—		—		—			9,578,023			—
(Sales, maturities and paydowns)/Fundings		(5,825,816	)		(26,762	)		(9,454,061	)		(369,991	)		—		—		(21,299	)		(15,697,929	)		110
Amortization of premiums/discounts		29,571			(7,310	)		1,927			46,302			—		—		—			70,490			—
Total realized gains (losses) included in earnings		(36,737	)		—			(1,525,822	)		—			—		—		—			(1,562,559	)		—
Total change in unrealized appreciation (depreciation) included in earnings		243,493			246,287			2,392,744			298,789			—		1		63,335			3,244,649			84,139
Transfers into Level 3		—			8,704,363			5,546,502			—			—		—		—			14,250,865			—
Transfers out of Level 3		(71	)		—			(3,312,312	)		—			—		—		—			(3,312,383	)		—
Ending Balance	$	28,135,675		$	13,026,962		$	18,468,041		$	5,193,134		$	7	$	63	$	2,830,313		$	67,654,195		$	—
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at March 31, 2023	$	243,716		$	246,287		$	566,683		$	290,680		$	—	$	1	$	63,335		$	1,410,702		$	—

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
Angel Oak Mortgage Trust 2023-1, 4.75% due 09/26/67		5.75	%		01/01/27
BRAVO Residential Funding Trust 2023-NQM2, 4.50% due 05/25/62		5.50	%		02/01/27
CSMC Trust 2020-NQM1, 1.72% due 05/25/65		2.72	%		09/26/24
OBX Trust 2022-NQM8, 6.10% due 09/25/62		7.10	%		10/01/26
OBX Trust 2022-NQM9, 6.45% due 09/25/62		7.45	%		11/01/26
Verus Securitization Trust 2019-4, 2.85% due 11/25/59		3.85	%		10/26/23

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

CORE BOND FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2023

Assets:
Investments, at value (cost $1,488,878,620)	$	1,331,297,975
Foreign currency, at value (cost 93,303)		93,303
Cash		160,707
Segregated cash with broker		438,264
Unamortized upfront premiums paid on credit default swap agreements		58,741
Unamortized upfront premiums paid on interest rate swap agreements		965
Prepaid expenses		127,908
Receivables:
Securities sold		75,786,254
Interest		10,937,415
Fund shares sold		2,588,525
Dividends		12,469
Foreign tax reclaims		6,717
Total assets		1,421,509,243
Liabilities:
Options written, at value (premiums received $167,476)		167,476
Segregated cash due to broker		399,761
Unamortized upfront premiums received on credit default swap agreements		126,664
Unrealized depreciation on forward foreign currency exchange contracts		138,492
Payable for:
Securities purchased		146,528,621
Fund shares redeemed		3,267,237
Management fees		303,594
Transfer agent/maintenance fees		256,153
Variation margin on interest rate swap agreements		252,013
Variation margin on credit default swap agreements		95,611
Distribution and service fees		50,402
Protection fees on credit default swap agreements		26,411
Fund accounting/administration fees		14,974
Due to Investment Adviser		6,371
Trustees’ fees*		3,357
Distributions to shareholders		1,682
Miscellaneous		409,799
Total liabilities		152,048,618
Net assets	$	1,269,460,625
Net assets consist of:
Paid in capital	$	1,515,350,169
Total distributable earnings (loss)		(245,889,544	)
Net assets	$	1,269,460,625
A-Class:
Net assets	$	116,641,739
Capital shares outstanding		7,089,621
Net asset value per share	$	16.45
Maximum offering price per share (Net asset value divided by 96.00%)	$	17.14
C-Class:
Net assets	$	21,087,376
Capital shares outstanding		1,287,349
Net asset value per share	$	16.38
P-Class:
Net assets	$	40,436,625
Capital shares outstanding		2,455,705
Net asset value per share	$	16.47
Institutional Class:
Net assets	$	1,091,294,885
Capital shares outstanding		66,420,726
Net asset value per share	$	16.43

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

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

CORE BOND FUND

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended March 31, 2023

Investment Income:
Dividends	$	772,310
Interest (net of foreign withholding tax of $53,500)		28,523,009
Total investment income		29,295,319
Expenses:
Management fees		2,372,887
Distribution and service fees:
A-Class		142,317
C-Class		101,484
P-Class		55,153
Transfer agent/maintenance fees:
A-Class		82,322
C-Class		12,338
P-Class		55,700
Institutional Class		594,180
Fund accounting/administration fees		257,106
Interest expense		151,396
Professional fees		79,594
Line of credit fees		42,663
Custodian fees		36,715
Trustees’ fees*		14,833
Miscellaneous		81,926
Recoupment of previously waived fees:
A-Class		3,687
C-Class		42
P-Class		127
Institutional Class		3,329
Total expenses		4,087,799
Less:
Expenses reimbursed by Adviser:
A-Class		(70,993	)
C-Class		(4,685	)
P-Class		(38,523	)
Institutional Class		(403,707	)
Expenses waived by Adviser		(194,351	)
Earnings credits applied		(18,212	)
Total waived/reimbursed expenses		(730,471	)
Net expenses		3,357,328
Net investment income		25,937,991
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(47,616,809	)
Swap agreements		(1,687,465	)
Futures contracts		441,718
Options purchased		(2,415,428	)
Options written		1,075,035
Forward foreign currency exchange contracts		(630,928	)
Foreign currency transactions		(72,583	)
Net realized loss		(50,906,460	)
Net change in unrealized appreciation (depreciation) on:
Investments		85,668,045
Swap agreements		3,344,112
Options purchased		(3,552,421	)
Options written		1,084,502
Forward foreign currency exchange contracts		(347,758	)
Foreign currency translations		8,850
Net change in unrealized appreciation (depreciation)		86,205,330
Net realized and unrealized gain		35,298,870
Net increase in net assets resulting from operations	$	61,236,861

* 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 | 57

CORE BOND FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	25,937,991		$	41,195,372
Net realized loss on investments		(50,906,460	)		(32,706,882	)
Net change in unrealized appreciation (depreciation) on investments		86,205,330			(281,501,636	)
Net increase (decrease) in net assets resulting from operations		61,236,861			(273,013,146	)
Distributions to shareholders:
A-Class		(2,273,471	)		(5,310,242	)
C-Class		(325,716	)		(886,223	)
P-Class		(870,207	)		(3,202,815	)
Institutional Class		(22,033,917	)		(53,683,559	)
Total distributions to shareholders		(25,503,311	)		(63,082,839	)
Capital share transactions:
Proceeds from sale of shares
A-Class		14,225,357			25,104,560
C-Class		3,859,336			3,987,535
P-Class		2,133,794			23,865,120
Institutional Class		344,082,686			846,789,895
Distributions reinvested
A-Class		2,048,672			4,975,780
C-Class		284,634			789,061
P-Class		868,561			3,202,815
Institutional Class		20,870,443			50,481,098
Cost of shares redeemed
A-Class		(15,402,200	)		(39,064,313	)
C-Class		(4,649,794	)		(11,198,757	)
P-Class		(17,089,062	)		(45,775,520	)
Institutional Class		(386,567,773	)		(914,366,168	)
Net decrease from capital share transactions		(35,335,346	)		(51,208,894	)
Net increase (decrease) in net assets		398,204			(387,304,879	)
Net assets:
Beginning of period		1,269,062,421			1,656,367,300
End of period		1,269,460,625			1,269,062,421
Capital share activity:
Shares sold
A-Class		883,278			1,393,708
C-Class		238,923			219,121
P-Class		131,974			1,227,313
Institutional Class		21,269,541			47,258,448
Shares issued from reinvestment of distributions
A-Class		126,856			268,662
C-Class		17,705			42,495
P-Class		53,806			172,067
Institutional Class		1,294,116			2,738,168
Shares redeemed
A-Class		(949,351	)		(2,163,532	)
C-Class		(290,095	)		(613,680	)
P-Class		(1,063,530	)		(2,510,695	)
Institutional Class		(24,137,187	)		(51,037,587	)
Net decrease in shares		(2,423,964	)		(3,005,512	)

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

CORE 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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	15.95		$	20.06		$	20.53		$	18.94		$	18.33		$	18.55
Income (loss) from investment operations:
Net investment income (loss)b		.33			.46			.44			.37			.41			.49
Net gain (loss) on investments (realized and unrealized)		.49			(3.84	)		(.01	)		1.63			.63			(.22	)
Total from investment operations		.82			(3.38	)		.43			2.00			1.04			.27
Less distributions from:
Net investment income		(.32	)		(.47	)		(.47	)		(.41	)		(.43	)		(.49	)
Net realized gains		—			(.26	)		(.43	)		—			—			—
Total distributions		(.32	)		(.73	)		(.90	)		(.41	)		(.43	)		(.49	)
Net asset value, end of period	$	16.45		$	15.95		$	20.06		$	20.53		$	18.94		$	18.33
Total Returnc		5.21	%		(17.30	%)		2.09	%		10.68	%		5.72	%		1.46	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	116,642		$	112,084		$	151,026		$	218,856		$	149,442		$	119,066
Ratios to average net assets:
Net investment income (loss)		4.07	%		2.53	%		2.20	%		1.87	%		2.23	%		2.64	%
Total expensesd		0.90	%		0.82	%		0.85	%		0.85	%		0.89	%		0.93	%
Net expensese,f,g		0.74	%		0.78	%		0.79	%		0.79	%		0.80	%		0.83	%
Portfolio turnover rate		46	%		49	%		103	%		126	%		77	%		53	%

C-Class	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	15.88		$	19.97		$	20.45		$	18.86		$	18.25		$	18.47
Income (loss) from investment operations:
Net investment income (loss)b		.26			.33			.29			.22			.28			.35
Net gain (loss) on investments (realized and unrealized)		.50			(3.83	)		(.03	)		1.64			.62			(.22	)
Total from investment operations		.76			(3.50	)		.26			1.86			.90			.13
Less distributions from:
Net investment income		(.26	)		(.33	)		(.31	)		(.27	)		(.29	)		(.35	)
Net realized gains		—			(.26	)		(.43	)		—			—			—
Total distributions		(.26	)		(.59	)		(.74	)		(.27	)		(.29	)		(.35	)
Net asset value, end of period	$	16.38		$	15.88		$	19.97		$	20.45		$	18.86		$	18.25
Total Returnc		4.81	%		(17.90	%)		1.34	%		9.86	%		4.96	%		0.71	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	21,087		$	20,970		$	33,407		$	33,163		$	22,531		$	18,799
Ratios to average net assets:
Net investment income (loss)		3.29	%		1.78	%		1.46	%		1.13	%		1.50	%		1.92	%
Total expensesd		1.62	%		1.61	%		1.61	%		1.62	%		1.67	%		1.75	%
Net expensese,f,g		1.54	%		1.53	%		1.54	%		1.54	%		1.55	%		1.57	%
Portfolio turnover rate		46	%		49	%		103	%		126	%		77	%		53	%

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

CORE 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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	15.96		$	20.07		$	20.55		$	18.96		$	18.34		$	18.56
Income (loss) from investment operations:
Net investment income (loss)b		.32			.46			.44			.36			.41			.48
Net gain (loss) on investments (realized and unrealized)		.51			(3.84	)		(.02	)		1.64			.63			(.21	)
Total from investment operations		.83			(3.38	)		.42			2.00			1.04			.27
Less distributions from:
Net investment income		(.32	)		(.47	)		(.47	)		(.41	)		(.42	)		(.49	)
Net realized gains		—			(.26	)		(.43	)		—			—			—
Total distributions		(.32	)		(.73	)		(.90	)		(.41	)		(.42	)		(.49	)
Net asset value, end of period	$	16.47		$	15.96		$	20.07		$	20.55		$	18.96		$	18.34
Total Return		5.25	%		(17.30	%)		2.04	%		10.67	%		5.77	%		1.45	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	40,437		$	53,203		$	89,223		$	60,534		$	50,258		$	48,263
Ratios to average net assets:
Net investment income (loss)		4.01	%		2.49	%		2.17	%		1.86	%		2.24	%		2.61	%
Total expensesd		1.00	%		0.94	%		0.90	%		0.91	%		0.93	%		0.94	%
Net expensese,f,g		0.80	%		0.78	%		0.79	%		0.79	%		0.80	%		0.80	%
Portfolio turnover rate		46	%		49	%		103	%		126	%		77	%		53	%

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

CORE 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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	15.92		$	20.03		$	20.51		$	18.91		$	18.30		$	18.52
Income (loss) from investment operations:
Net investment income (loss)b		.35			.52			.50			.42			.47			.54
Net gain (loss) on investments (realized and unrealized)		.50			(3.85	)		(.03	)		1.65			.62			(.22	)
Total from investment operations		.85			(3.33	)		.47			2.07			1.09			.32
Less distributions from:
Net investment income		(.34	)		(.52	)		(.52	)		(.47	)		(.48	)		(.54	)
Net realized gains		—			(.26	)		(.43	)		—			—			—
Total distributions		(.34	)		(.78	)		(.95	)		(.47	)		(.48	)		(.54	)
Net asset value, end of period	$	16.43		$	15.92		$	20.03		$	20.51		$	18.91		$	18.30
Total Return		5.41	%		(17.09	%)		2.34	%		11.07	%		6.03	%		1.75	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,091,295		$	1,082,805		$	1,382,711		$	1,139,109		$	613,571		$	380,974
Ratios to average net assets:
Net investment income (loss)		4.31	%		2.84	%		2.49	%		2.17	%		2.52	%		2.92	%
Total expensesd		0.61	%		0.60	%		0.60	%		0.58	%		0.62	%		0.60	%
Net expensese,f,g		0.50	%		0.49	%		0.50	%		0.50	%		0.51	%		0.52	%
Portfolio turnover rate		46	%		49	%		103	%		126	%		77	%		53	%

a	Unaudited figures for the period ended March 31, 2023. 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:

	3/31/2023a	09/30/22	09/30/21	09/30/20	09/30/19	09/30/18
A-Class	0.01%	0.01%	0.01%	0.00%*	—	0.00%*
C-Class	0.00%*	0.00%*	—	0.00%*	—	0.00%*
P-Class	0.00%*	—	—	0.00%*	0.00%*	0.00%*
Institutional Class	0.00%*	—	—	0.00%*	—	0.00%*

* Less than 0.01%.

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

	3/31/2023a	09/30/22	09/30/21	09/30/20	09/30/19	09/30/18
A-Class	0.71%	0.77%	0.78%	0.78%	0.79%	0.82%
C-Class	1.51%	1.52%	1.53%	1.53%	1.54%	1.57%
P-Class	0.76%	0.77%	0.78%	0.78%	0.79%	0.80%
Institutional Class	0.47%	0.48%	0.49%	0.49%	0.50%	0.52%

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

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.

Portfolio Composition by Quality Rating1
Rating	% of Total Investments
Fixed Income Instruments
AAA	33.9%
AA	38.9%
A	11.5%
BBB	1.9%
BB	0.7%
NR2	1.5%
Other Instruments	11.6%
Total Investments	100.0%

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)
El Camino Healthcare District General Obligation Unlimited	3.8%
Freddie Mac Multifamily ML Certificates Revenue Bonds, 2.49%	3.5%
Denton County Housing Finance Corp. Revenue Bonds, 2.15%	2.9%
Freddie Mac Multifamily, 1.90%	2.9%
Stockton Unified School District General Obligation Unlimited	2.7%
Ysleta Independent School District General Obligation Unlimited, 4.00%	2.5%
Dayton-Montgomery County Port Authority Revenue Bonds, 1.83%	2.3%
Freddie Mac Multifamily Variable Rate Certificate Revenue Bonds, 3.15%	2.1%
Los Angeles Department of Water & Power Revenue Bonds, 5.00%	2.0%
New York City Municipal Water Finance Authority Revenue Bonds, 5.00%	2.0%
Top Ten Total	26.7%
“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 (not rated) securities do not necessarily indicate low credit quality.

62 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Average Annual Returns*

Periods Ended March 31, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares~	7.34%	(2.26%)	0.71%	1.59%
A-Class Shares with sales charge‡	3.05%	(6.19%)	(0.10%)	1.09%
C-Class Shares	6.85%	(2.99%)	(0.04%)	0.83%
C-Class Shares with CDSC§	5.85%	(3.93%)	(0.04%)	0.83%
Institutional Class Shares	7.48%	(2.01%)	0.97%	1.85%
Bloomberg Municipal Bond Index	7.00%	0.26%	2.03%	2.38%

	6 Month†	1 Year	5 Year	Since Inception (05/01/15)
P-Class Shares	7.25%	(2.26%)	0.70%	1.16%
Bloomberg Municipal Bond Index	7.00%	0.26%	2.03%	2.22%

*	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 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.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 63

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2023
MUNICIPAL INCOME FUND

	Shares		Value
CLOSED-END FUNDS† - 5.3%
Nuveen California Quality Municipal Income Fund		49,986	$	550,346
Invesco Trust for Investment Grade Municipals		40,355		401,129
BlackRock MuniVest Fund, Inc.		53,502		370,234
Invesco Municipal Trust		36,338		360,473
DWS Municipal Income Trust		36,925		328,632
Nuveen AMT-Free Quality Municipal Income Fund		29,451		327,495
BlackRock Municipal Income Fund, Inc.		11,571		135,149
BlackRock MuniHoldings California Quality Fund, Inc.		12,045		133,218
BlackRock Municipal Income Quality Trust		11,602		132,727
BlackRock MuniYield Quality Fund, Inc.		11,046		130,785
Total Closed-End Funds
(Cost $3,596,001)				2,870,188
MONEY MARKET FUND† - 6.2%
Dreyfus AMT-Free Tax Exempt Cash Management Fund — Institutional Shares, 3.99%1		3,361,629		3,361,629
Total Money Market Fund
(Cost $3,361,629)				3,361,629

	Face Amount
MUNICIPAL BONDS†† - 84.6%
California - 25.6%
El Camino Healthcare District General Obligation Unlimited
due 08/01/292	$	2,500,000	2,066,258
Stockton Unified School District General Obligation Unlimited
due 08/01/332		2,000,000	1,440,012
due 08/01/372		810,000	479,548
due 08/01/422		250,000	113,992
Freddie Mac Multifamily ML Certificates Revenue Bonds
2.49% due 07/25/35		2,146,472	1,871,514
Los Angeles Department of Water & Power Revenue Bonds
5.00% due 07/01/50		1,000,000	1,088,007
San Diego Unified School District General Obligation Unlimited
due 07/01/462		1,360,000	516,291
due 07/01/392		1,000,000	512,832
College of the Sequoias Tulare Area Improvement District No. 3 General Obligation Unlimited
due 08/01/423,6		1,000,000	755,051
Newport Mesa Unified School District General Obligation Unlimited
due 08/01/392		1,300,000	696,949
Sonoma Valley Unified School District General Obligation Unlimited
4.00% due 08/01/44		600,000	606,607
Sierra Joint Community College District School Facilities District No. 1 General Obligation Unlimited
due 08/01/312		705,000	555,811
California Statewide Communities Development Authority Revenue Bonds
5.25% due 08/15/52		500,000	537,556
Compton Unified School District General Obligation Unlimited
due 06/01/402		1,000,000	457,583
Delhi Unified School District General Obligation Unlimited
5.00% due 08/01/44		250,000	265,287
Alameda Corridor Transportation Authority Revenue Bonds
due 10/01/512		500,000	253,355
Upland Unified School District General Obligation Unlimited
due 08/01/382		400,000	221,206
El Monte Union High School District General Obligation Unlimited
due 06/01/432		500,000	212,444
M-S-R Energy Authority Revenue Bonds
6.13% due 11/01/29		175,000	191,307
Rio Hondo Community College District General Obligation Unlimited
due 08/01/292		200,000	166,853
Westside Elementary School District General Obligation Unlimited
5.00% due 08/01/48		155,000	165,873
Freddie Mac Multifamily VRD Certificates Revenue Bonds
2.40% due 10/15/29		150,000	141,008
Coast Community College District General Obligation Unlimited
due 08/01/402		250,000	128,012
City of Los Angeles Department of Airports Revenue Bonds
5.00% due 05/15/44		100,000	107,770
Department of Veterans Affairs Veteran’s Farm & Home Purchase Program Revenue Bonds
3.45% due 12/01/39		110,000	106,908
Buena Park School District General Obligation Unlimited
5.00% due 08/01/47		100,000	106,437
Roseville Joint Union High School District General Obligation Unlimited
due 08/01/302		100,000	81,275
Total California			13,845,746

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MUNICIPAL INCOME FUND

	Face Amount		Value
Texas - 16.5%
Denton County Housing Finance Corp. Revenue Bonds
2.15% due 11/01/38	$	2,000,000	$	1,573,542
Ysleta Independent School District General Obligation Unlimited
4.00% due 08/15/52		1,400,000		1,332,201
Central Texas Regional Mobility Authority Revenue Bonds
5.00% due 01/01/45		1,250,000		1,324,894
Bexar County Hospital District General Obligation Limited
5.00% due 02/15/47		1,000,000		1,051,600
Cleveland Independent School District General Obligation Unlimited
4.00% due 02/15/52		1,000,000		968,341
North Texas Tollway Authority Revenue Bonds
due 01/01/362		1,000,000		606,747
Southwest Independent School District General Obligation Unlimited
due 02/01/422		500,000		235,081
Harris County-Houston Sports Authority Revenue Bonds
due 11/15/532		1,000,000		221,016
Lindale Independent School District General Obligation Unlimited
5.00% due 02/15/49		200,000		214,852
United Independent School District General Obligation Unlimited
5.00% due 08/15/49		200,000		213,339
Clifton Higher Education Finance Corp. Revenue Bonds
4.00% due 08/15/33		200,000		210,449
Arlington Higher Education Finance Corp. Revenue Bonds
5.00% due 12/01/46		200,000		201,659
Grand Parkway Transportation Corp. Revenue Bonds
5.00% due 10/01/43		175,000		185,026
Texas Municipal Gas Acquisition and Supply Corporation I Revenue Bonds
6.25% due 12/15/26		115,000		121,008
Hutto Independent School District General Obligation Unlimited
5.00% due 08/01/49		100,000		108,134
Mansfield Independent School District General Obligation Unlimited
5.00% due 02/15/44		100,000		106,585
University of North Texas System Revenue Bonds
5.00% due 04/15/44		100,000		106,463
City of Arlington Texas Special Tax Revenue Special Tax
5.00% due 02/15/48		100,000		104,773
San Antonio Education Facilities Corp. Revenue Bonds
5.00% due 06/01/23		10,000		9,937
Tarrant County Health Facilities Development Corp. Revenue Bonds
6.00% due 09/01/24		5,000		5,098
Leander Independent School District General Obligation Unlimited
due 08/15/242		5,000		2,835
Total Texas				8,903,580
New York - 8.6%
New York City Municipal Water Finance Authority Revenue Bonds
5.00% due 06/15/49		1,000,000		1,070,321
3.55% (VRDN) due 06/15/414		480,000		480,000
New York City Housing Development Corp. Revenue Bonds
4.00% (VRDN) due 05/01/614		750,000		750,000
3.95% (VRDN) due 11/01/604		250,000		250,000
State of New York Mortgage Agency Revenue Bonds
3.95% (VRDN) due 04/01/474		750,000		750,000
New York City Industrial Development Agency Revenue Bonds
4.00% due 03/01/32		500,000		525,847
New York State Urban Development Corp. Revenue Bonds
3.81% (VRDN) due 03/15/334		300,000		300,000
New York State Dormitory Authority Revenue Bonds
4.00% due 08/01/43		250,000		248,909
New York Transportation Development Corp. Revenue Bonds
5.00% due 07/01/34		200,000		202,934
New York Power Authority Revenue Bonds
4.00% due 11/15/45		100,000		98,141
Total New York				4,676,152
Ohio - 3.1%
Dayton-Montgomery County Port Authority Revenue Bonds
1.83% due 09/01/38		1,600,000		1,229,061
County of Miami Ohio Revenue Bonds
5.00% due 08/01/33		200,000		217,355
American Municipal Power, Inc. Revenue Bonds
5.00% due 02/15/41		200,000		206,966
Total Ohio				1,653,382
Tennessee - 3.0%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue Bonds
2.25% due 07/01/45		1,500,000		1,051,316

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MUNICIPAL INCOME FUND

	Face Amount		Value
City of Shelbyville & Bedford County Health Educational & Housing Facility Board Revenue Bonds
2.21% due 06/01/38	$	500,000	$	407,185
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue Bonds
2.48% due 12/01/37		200,000		163,836
Total Tennessee				1,622,337
Oregon - 2.8%
Clackamas & Washington Counties School District No. 3 General Obligation Unlimited
due 06/15/482		2,000,000		612,514
due 06/15/502		400,000		110,474
due 06/15/492		350,000		101,802
Salem-Keizer School District No. 24J General Obligation Unlimited
due 06/15/402		1,250,000		605,809
University of Oregon Revenue Bonds
5.00% due 04/01/48		100,000		105,914
Total Oregon				1,536,513
Arizona - 2.8%
Arizona Industrial Development Authority Revenue Bonds
2.12% due 07/01/37		1,151,275		897,465
Maricopa County Industrial Development Authority Revenue Bonds
5.00% due 01/01/41		250,000		263,199
Salt Verde Financial Corp. Revenue Bonds
5.00% due 12/01/32		200,000		213,223
Pinal County Elementary School District No. 4 Casa Grande General Obligation Unlimited
5.00% due 07/01/37		100,000		109,376
Total Arizona				1,483,263
Colorado - 2.5%
E-470 Public Highway Authority Revenue Bonds
5.00% due 09/01/36		650,000		733,123
City & County of Denver Colorado Airport System Revenue Bonds
5.00% due 12/01/28		200,000		217,978
City & County of Denver Colorado Pledged Excise Tax Revenue Bonds
due 08/01/302		200,000		153,218
Colorado Educational & Cultural Facilities Authority Revenue Bonds
5.00% due 03/01/47		110,000		115,621
Colorado School of Mines Revenue Bonds
5.00% due 12/01/47		100,000		105,967
Total Colorado				1,325,907
Virginia - 2.4%
Freddie Mac Multifamily Variable Rate Certificate Revenue Bonds
3.15% due 10/15/36		1,285,000		1,132,419
Loudoun County Economic Development Authority Revenue Bonds
due 07/01/492		500,000		162,055
Total Virginia				1,294,474
North Carolina - 1.9%
Inlivian Revenue Bonds
2.02% due 04/01/42		1,000,000		715,559
North Carolina Central University Revenue Bonds
5.00% due 04/01/44		300,000		322,216
Total North Carolina				1,037,775
District of Columbia - 1.9%
District of Columbia Revenue Bonds
4.00% due 03/01/39		1,000,000		1,025,219
West Virginia - 1.8%
West Virginia University Revenue Bonds
5.00% due 10/01/41		600,000		665,983
West Virginia Hospital Finance Authority Revenue Bonds
5.00% due 06/01/42		300,000		305,735
Total West Virginia				971,718
Illinois - 1.7%
City of Chicago Illinois Wastewater Transmission Revenue Bonds
5.25% due 01/01/42		400,000		414,525
Illinois Finance Authority Revenue Bonds
5.00% due 10/01/38		250,000		303,037
University of Illinois Revenue Bonds
6.00% due 10/01/29		200,000		203,334
Total Illinois				920,896
Washington - 1.5%
Yakima & Kittitas Counties School District No. 119 Selah General Obligation Unlimited
5.00% due 12/01/42		200,000		216,102
County of King Washington Sewer Revenue Bonds
5.00% due 07/01/42		200,000		213,945
Central Puget Sound Regional Transit Authority Revenue Bonds
5.00% due 11/01/41		200,000		211,859
Washington State Convention Center Public Facilities District Revenue Bonds
4.00% due 07/01/48		210,000		178,674
Total Washington				820,580
New Jersey - 1.1%
New Jersey Turnpike Authority Revenue Bonds
5.00% due 01/01/31		300,000		334,855

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MUNICIPAL INCOME FUND

	Face Amount		Value
New Jersey Economic Development Authority Revenue Bonds
5.00% due 06/01/28	$	250,000	$	269,888
Total New Jersey				604,743
Oklahoma - 1.0%
Oklahoma Development Finance Authority Revenue Bonds
5.00% due 08/15/28		350,000		346,736
Oklahoma City Airport Trust Revenue Bonds
5.00% due 07/01/30		200,000		215,843
Total Oklahoma				562,579
Michigan - 0.9%
Michigan State Hospital Finance Authority Revenue Bonds
5.00% due 11/15/47		200,000		204,723
Michigan State Housing Development Authority Revenue Bonds
3.35% due 12/01/34		200,000		194,800
Flint Hospital Building Authority Revenue Bonds
5.00% due 07/01/25		100,000		102,904
Total Michigan				502,427
Missouri - 0.7%
Industrial Development Authority of the City of State Louis Missouri Revenue Bonds
2.22% due 12/01/38		490,397		386,127
Arkansas - 0.6%
County of Baxter Arkansas Revenue Bonds
5.00% due 09/01/26		330,000		347,095
Louisiana - 0.5%
City of Shreveport Louisiana Water & Sewer Revenue Bonds
5.00% due 12/01/35		250,000		274,217
Louisiana Public Facilities Authority Revenue Bonds
5.00% due 05/15/26		5,000		5,314
Total Louisiana				279,531
Alaska - 0.5%
University of Alaska Revenue Bonds
5.00% due 10/01/40		260,000		267,313
Nebraska - 0.4%
Central Plains Energy Project Revenue Bonds
5.00% due 09/01/29		200,000		213,485
South Carolina - 0.4%
Charleston County Airport District Revenue Bonds
5.00% due 07/01/43		200,000		213,312
Vermont - 0.4%
Vermont Educational & Health Buildings Financing Agency Revenue Bonds
5.00% due 12/01/46		200,000		203,855
Connecticut - 0.4%
New Haven Housing Authority Revenue Bonds
2.26% due 05/01/38		244,995		195,989
Massachusetts - 0.3%
Massachusetts Development Finance Agency Revenue Bonds
5.00% due 10/01/34		150,000		166,647
Pennsylvania - 0.3%
Allegheny County Hospital Development Authority Revenue Bonds
5.00% due 07/15/32		100,000		111,500
Owen J Roberts School District General Obligation Unlimited
5.00% due 05/15/23		25,000		25,068
Total Pennsylvania				136,568
Florida - 0.2%
Greater Orlando Aviation Authority Revenue Bonds
5.00% due 10/01/32		100,000		110,197
Rhode Island - 0.2%
Rhode Island Health and Educational Building Corp. Revenue Bonds
5.00% due 05/15/42		100,000		109,866
Montana - 0.2%
Montana State Board of Regents Revenue Bonds
5.00% due 11/15/43		100,000		107,521
Kansas - 0.2%
University of Kansas Hospital Authority Revenue Bonds
5.00% due 09/01/48		100,000		105,525
Iowa - 0.2%
PEFA, Inc. Revenue Bonds
5.00% due 09/01/264		100,000		102,003
New Mexico - 0.0%
City of Albuquerque New Mexico Gross Receipts Tax Revenue Bonds
5.00% due 07/01/25		20,000		20,415
Maryland - 0.0%
Maryland Health & Higher Educational Facilities Authority Revenue Bonds
5.00% due 07/01/27		5,000		5,219
Total Municipal Bonds
(Cost $51,745,681)				45,757,959

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MUNICIPAL INCOME FUND

	Face Amount		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 2.9%
Government Agency - 2.9%
Freddie Mac Multifamily
1.90% due 11/25/37		1,946,443	$	1,540,806
Total Collateralized Mortgage Obligations
(Cost $1,996,215)				1,540,806
Total Investments - 99.0%
(Cost $60,699,526)			$	53,530,582
Other Assets & Liabilities, net - 1.0%				561,065
Total Net Assets - 100.0%			$	54,091,647

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		Unrealized Appreciation (Depreciation)**
BofA Securities, Inc.	CME	Receive	3-Month USD LIBOR	1.67%		Quarterly	09/27/51		$	2,850,000	$	853,708		$	332	$	853,376
BofA Securities, Inc.	CME	Pay	U.S. Secured Overnight Financing Rate	4.11%		Annually	10/26/27			2,400,000		68,776			139		68,637
BofA Securities, Inc.	CME	Receive	U.S. Secured Overnight Financing Rate	3.22%		Annually	03/15/33			650,000		(47	)		304		(351	)
BofA Securities, Inc.	CME	Receive	U.S. Secured Overnight Financing Rate	3.48%		Annually	02/09/30			2,600,000		(35,310	)		227		(35,537	)
											$	887,127		$	1,002	$	886,125

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2023
MUNICIPAL INCOME FUND

**	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	Rate indicated is the 7-day yield as of March 31, 2023.
2	Zero coupon rate security.
3	Security is a step up/down bond with a 6.85% coupon rate until 08/31/2032.
4	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.
5	Rate indicated is the rate effective at March 31, 2023.
6	Security has no current coupon. However, a coupon rate will come into effect at a future rate reset date.
	BofA — Bank of America
	CME — Chicago Mercantile Exchange
	LIBOR — London Interbank Offered Rate
	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, 2023 (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	$	2,870,188	$	—	$	—	$	2,870,188
Money Market Fund		3,361,629		—		—		3,361,629
Municipal Bonds		—		45,757,959		—		45,757,959
Collateralized Mortgage Obligations		—		1,540,806		—		1,540,806
Interest Rate Swap Agreements**		—		922,013		—		922,013
Total Assets	$	6,231,817	$	48,220,778	$	—	$	54,452,595

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Swap Agreements**	$	—	$	35,888	$	—	$	35,888

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

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 69

MUNICIPAL INCOME FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2023

Assets:
Investments, at value (cost $60,699,526)	$	53,530,582
Segregated cash with broker		346,168
Unamortized upfront premiums paid on interest rate swap agreements		1,002
Prepaid expenses		50,758
Receivables:
Interest		283,794
Dividends		5,672
Fund shares sold		1,403
Total assets		54,219,379
Liabilities:
Overdraft due to custodian bank		22,555
Payable for:
Fund shares redeemed		30,136
Variation margin on interest rate swap agreements		16,508
Transfer agent/maintenance fees		12,226
Professional fees		11,479
Distribution and service fees		10,110
Pricing fees		8,159
Fund accounting/administration fees		4,687
Management fees		3,121
Trustees’ fees*		1,170
Distributions to shareholders		1,074
Due to Investment Adviser		631
Miscellaneous		5,876
Total liabilities		127,732
Net assets	$	54,091,647
Net assets consist of:
Paid in capital	$	60,187,090
Total distributable earnings (loss)		(6,095,443	)
Net assets	$	54,091,647
A-Class:
Net assets	$	43,573,959
Capital shares outstanding		3,790,143
Net asset value per share	$	11.50
Maximum offering price per share (Net asset value divided by 96.00%)	$	11.98
C-Class:
Net assets	$	1,134,562
Capital shares outstanding		98,758
Net asset value per share	$	11.49
P-Class:
Net assets	$	155,115
Capital shares outstanding		13,502
Net asset value per share	$	11.49
Institutional Class:
Net assets	$	9,228,011
Capital shares outstanding		802,546
Net asset value per share	$	11.50

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended March 31, 2023

Investment Income:
Dividends	$	69,300
Interest		665,903
Total investment income		735,203
Expenses:
Management fees		130,024
Distribution and service fees:
A-Class		53,532
C-Class		5,686
P-Class		171
Transfer agent/maintenance fees:
A-Class		19,603
C-Class		639
P-Class		310
Institutional Class		5,420
Registration fees		34,663
Professional fees		23,618
Fund accounting/administration fees		15,367
Trustees’ fees*		7,112
Custodian fees		2,807
Line of credit fees		1,498
Interest expense		215
Miscellaneous		12,378
Recoupment of previously waived fees:
A-Class		505
C-Class		14
Institutional Class		109
Total expenses		313,671
Less:
Expenses reimbursed by Adviser:
A-Class		(19,626	)
C-Class		(641	)
P-Class		(309	)
Institutional-Class		(5,420	)
Expenses waived by Adviser		(90,057	)
Earnings credit applied		(920	)
Total waived/reimbursed expenses		(116,973	)
Net expenses		196,698
Net investment income		538,505
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(677,481	)
Swap agreements		938,650
Net realized gain		261,169
Net change in unrealized appreciation (depreciation) on:
Investments		3,817,328
Swap agreements		(1,032,626	)
Net change in unrealized appreciation (depreciation)		2,784,702
Net realized and unrealized gain		3,045,871
Net increase in net assets resulting from operations	$	3,584,376

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

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

MUNICIPAL INCOME FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	538,505		$	1,185,769
Net realized gain on investments		261,169			798,322
Net change in unrealized appreciation (depreciation) on investments		2,784,702			(13,026,308	)
Net increase (decrease) in net assets resulting from operations		3,584,376			(11,042,217	)
Distributions to shareholders:
A-Class		(1,012,287	)		(1,171,658	)
C-Class		(23,851	)		(24,004	)
P-Class		(2,860	)		(3,881	)
Institutional Class		(228,303	)		(235,117	)
Total distributions to shareholders		(1,267,301	)		(1,434,660	)
Capital share transactions:
Proceeds from sale of shares
A-Class		1,511,187			4,529,943
C-Class		216,333			540,692
P-Class		53,900			8,594
Institutional Class		9,514,965			4,638,825
Distributions reinvested
A-Class		926,878			1,073,119
C-Class		23,132			22,692
P-Class		2,860			3,881
Institutional Class		225,555			231,198
Cost of shares redeemed
A-Class		(4,144,307	)		(15,257,098	)
C-Class		(217,643	)		(929,727	)
P-Class		(35,825	)		(70,519	)
Institutional Class		(5,478,289	)		(11,258,625	)
Net increase (decrease) from capital share transactions		2,598,746			(16,467,025	)
Net increase (decrease) in net assets		4,915,821			(28,943,902	)
Net assets:
Beginning of period		49,175,826			78,119,728
End of period		54,091,647			49,175,826
Capital share activity:
Shares sold
A-Class		133,664			341,411
C-Class		18,946			41,372
P-Class		4,751			690
Institutional Class		838,283			366,434
Shares issued from reinvestment of distributions
A-Class		81,483			86,038
C-Class		2,033			1,798
P-Class		252			310
Institutional Class		19,780			18,207
Shares redeemed
A-Class		(375,726	)		(1,183,904	)
C-Class		(19,201	)		(77,700	)
P-Class		(3,279	)		(5,573	)
Institutional Class		(477,326	)		(911,726	)
Net increase (decrease) in shares		223,660			(1,322,643	)

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

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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	10.97		$	13.46		$	13.23		$	13.12		$	12.46		$	12.70
Income (loss) from investment operations:
Net investment income (loss)b		.12			.23			.25			.26			.30			.30
Net gain (loss) on investments (realized and unrealized)		.68			(2.44	)		.23			.11			.70			(.24	)
Total from investment operations		.80			(2.21	)		.48			.37			1.00			.06
Less distributions from:
Net investment income		(.13	)		(.22	)		(.23	)		(.26	)		(.30	)		(.30	)
Net realized gains		(.14	)		(.06	)		(.02	)		—			(.04	)		—
Total distributions		(.27	)		(.28	)		(.25	)		(.26	)		(.34	)		(.30	)
Net asset value, end of period	$	11.50		$	10.97		$	13.46		$	13.23		$	13.12		$	12.46
Total Returnc		7.34	%		(16.67	%)		3.67	%		2.85	%		8.13	%		0.44	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	43,574		$	43,354		$	63,359		$	62,583		$	42,512		$	25,570
Ratios to average net assets:
Net investment income (loss)		2.05	%		1.84	%		1.82	%		1.95	%		2.31	%		2.35	%
Total expensesd		1.22	%		1.18	%		1.17	%		1.21	%		1.34	%		1.30	%
Net expensese,f,g		0.78	%		0.79	%		0.80	%		0.81	%		0.81	%		0.80	%
Portfolio turnover rate		1	%		14	%		22	%		58	%		30	%		13	%

C-Class	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	10.96		$	13.45		$	13.22		$	13.11		$	12.45		$	12.69
Income (loss) from investment operations:
Net investment income (loss)b		.07			.14			.15			.16			.21			.20
Net gain (loss) on investments (realized and unrealized)		.69			(2.45	)		.23			.11			.69			(.24	)
Total from investment operations		.76			(2.31	)		.38			.27			.90			(.04	)
Less distributions from:
Net investment income		(.09	)		(.12	)		(.13	)		(.16	)		(.20	)		(.20	)
Net realized gains		(.14	)		(.06	)		(.02	)		—			(.04	)		—
Total distributions		(.23	)		(.18	)		(.15	)		(.16	)		(.24	)		(.20	)
Net asset value, end of period	$	11.49		$	10.96		$	13.45		$	13.22		$	13.11		$	12.45
Total Returnc		6.85	%		(17.23	%)		2.91	%		2.09	%		7.33	%		(0.30	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,135		$	1,063		$	1,769		$	2,177		$	1,981		$	2,403
Ratios to average net assets:
Net investment income (loss)		1.30	%		1.08	%		1.08	%		1.23	%		1.63	%		1.60	%
Total expensesd		1.99	%		1.97	%		1.97	%		1.97	%		2.12	%		2.11	%
Net expensese,f,g		1.53	%		1.54	%		1.55	%		1.56	%		1.56	%		1.55	%
Portfolio turnover rate		1	%		14	%		22	%		58	%		30	%		13	%

72 | 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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	10.97		$	13.45		$	13.22		$	13.13		$	12.46		$	12.70
Income (loss) from investment operations:
Net investment income (loss)b		.11			.23			.25			.26			.29			.29
Net gain (loss) on investments (realized and unrealized)		.68			(2.43	)		.23			.09			.72			(.23	)
Total from investment operations		.79			(2.20	)		.48			.35			1.01			.06
Less distributions from:
Net investment income		(.13	)		(.22	)		(.23	)		(.26	)		(.30	)		(.30	)
Net realized gains		(.14	)		(.06	)		(.02	)		—			(.04	)		—
Total distributions		(.27	)		(.28	)		(.25	)		(.26	)		(.34	)		(.30	)
Net asset value, end of period	$	11.49		$	10.97		$	13.45		$	13.22		$	13.13		$	12.46
Total Return		7.25	%		(16.61	%)		3.67	%		2.69	%		8.20	%		0.44	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	155		$	129		$	220		$	202		$	207		$	37
Ratios to average net assets:
Net investment income (loss)		2.02	%		1.81	%		1.83	%		1.96	%		2.25	%		2.32	%
Total expensesd		1.58	%		1.47	%		1.38	%		1.40	%		1.55	%		1.72	%
Net expensese,f,g		0.78	%		0.79	%		0.80	%		0.81	%		0.81	%		0.80	%
Portfolio turnover rate		1	%		14	%		22	%		58	%		30	%		13	%

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

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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	10.97		$	13.46		$	13.23		$	13.13		$	12.46		$	12.71
Income (loss) from investment operations:
Net investment income (loss)b		.13			.26			.28			.29			.33			.33
Net gain (loss) on investments (realized and unrealized)		.69			(2.44	)		.24			.10			.71			(.25	)
Total from investment operations		.82			(2.18	)		.52			.39			1.04			.08
Less distributions from:
Net investment income		(.15	)		(.25	)		(.27	)		(.29	)		(.33	)		(.33	)
Net realized gains		(.14	)		(.06	)		(.02	)		—			(.04	)		—
Total distributions		(.29	)		(.31	)		(.29	)		(.29	)		(.37	)		(.33	)
Net asset value, end of period	$	11.50		$	10.97		$	13.46		$	13.23		$	13.13		$	12.46
Total Return		7.48	%		(16.46	%)		3.93	%		3.03	%		8.48	%		0.61	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	9,228		$	4,629		$	12,772		$	13,406		$	13,970		$	9,067
Ratios to average net assets:
Net investment income (loss)		2.27	%		2.04	%		2.08	%		2.23	%		2.59	%		2.59	%
Total expensesd		1.01	%		0.98	%		0.96	%		1.00	%		1.08	%		1.09	%
Net expensese,f,g		0.53	%		0.54	%		0.55	%		0.56	%		0.56	%		0.55	%
Portfolio turnover rate		1	%		14	%		22	%		58	%		30	%		13	%

a	Unaudited figures for the period ended March 31, 2023. 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:

	03/31/23a	09/30/22	09/30/21	09/30/20	09/30/19	09/30/18
A-Class	0.00%*	0.02%	—	0.00%*	0.00%*	—
C-Class	0.00%*	0.01%	—	0.00%*	—	—
P-Class	—	0.01%	—	0.00%*	—	—
Institutional Class	0.00%*	0.01%	—	0.00%*	—	—

* Less than 0.01%.

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

	03/31/23a	09/30/22	09/30/21	09/30/20	09/30/19	09/30/18
A-Class	0.77%	0.78%	0.79%	0.80%	0.80%	0.80%
C-Class	1.52%	1.53%	1.54%	1.55%	1.55%	1.55%
P-Class	0.77%	0.78%	0.79%	0.80%	0.80%	0.80%
Institutional Class	0.52%	0.53%	0.54%	0.55%	0.55%	0.55%

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

The Trust offers a combination of 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. 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 8-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. 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”or the “Adviser”) may also be eligible to purchase R6-Class shares subject to a $2 million minimum initial investment. At March 31, 2023, the Trust consisted of nineteen funds.

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 following funds (collectively, the “Funds”):

Fund Name	Investment Company Type
Diversified Income Fund	Diversified
High Yield Fund	Diversified
Core Bond Fund	Diversified
Municipal Income Fund	Diversified

Security Investors, LLC and Guggenheim Partners Investment Management, LLC (“GPIM”), which operate under the name Guggenheim Investments, provides advisory services. Security Investors, LLC (or the “Adviser”) provides advisory services to High Yield Fund, Core Bond Fund, and Municipal Income Fund and GPIM (or the “Adviser”) provides advisory services to Diversified Income Fund. 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-Adviser”) to the Municipal Income Fund and is responsible for the day-to-day management of the Fund’s portfolio.

Pursuant to an investment Sub-Advisory Agreement between Security Investors, LLC (“SI”) and Guggenheim Partners Advisors, LLC (“GPA”), that was in effect during a portion of the Reporting Period, GPA was engaged to provide investment subadvisory services to High Yield Fund, Core Bond Fund, and Municipal Income Fund. GPA operated as an investment sub-advisor to these Funds from April 29, 2022 to December 22, 2022.

GPA, under the oversight of the Board and SI, assisted SI in the supervision and direction of the investment strategies of High Yield Fund, Core Bond Fund, and Municipal Income Fund in accordance with their investment policies. As compensation for its services, SI paid GPA a fee, payable monthly, in an amount equal to 0.005% of the average daily net assets of High Yield Fund, Core Bond Fund, and Municipal Income Fund.

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 75

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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”) adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). The SEC adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith and became effective September 8, 2022. Rule 2a-5 also defines “readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and other assets. As the Funds’ valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Funds’ securities and other assets.

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

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

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 Adviser 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 Designee Procedures, the Adviser is 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 generally valued at the last quoted sale price.

U.S. Government securities are valued by independent pricing services, the last traded fill price, or at the reported bid price at the close of business.

Commercial paper and discount notes 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. Commercial paper and discount notes with a maturity of 60 days or less at acquisition are valued at amortized cost, unless the Adviser concludes that amortized cost does not represent the fair value of the applicable asset in which case it will be valued using an independent pricing service.

Typically, loans are valued using information provided by an independent third party pricing service that uses broker quotes, among other inputs. If the pricing service cannot or does not provide a valuation for a particular loan, or such valuation is deemed unreliable, such investment is valued based on a quote from a broker-dealer or is fair valued by the Adviser.

76 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Exchange-traded options are valued at the mean of the bid and ask prices on the principal exchange on which they are traded. Over-the-counter (“OTC”) options and options on swaps (“swaptions”) are valued using a price provided by a pricing service.

Futures contracts are valued on the basis of the last sale price 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 valued on the basis of the last sale price on the primary exchange on which the swap is traded.

The values of other swap agreements entered into by a fund will generally be valued using an evaluated price provided by a third party pricing vendor.

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 the Adviser. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value”. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as 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 Schedules of Investments reflect the effective rates paid at the time of purchase by the Funds. Other securities bear interest at the rates shown, payable at fixed dates through maturity.

(c) Senior Floating Rate Interests and Loan Investments

Senior floating rate interests in which the Trust 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’ Schedules of Investments.

The Funds invest in loans and other similar debt obligations (“obligations”). A portion of the Funds’ investments in these obligations is sometimes referred to as “covenant lite” loans or obligations (“covenant lite obligations”), which are obligations that lack covenants or possess fewer or less restrictive covenants or constraints on borrowers than certain other types of obligations. The Funds may also obtain exposure to covenant lite obligations through investment in securitization vehicles and other structured products. In recent market conditions, many new or reissued obligations have not featured traditional covenants, which are intended to protect lenders and investors by (i) imposing certain restrictions or other limitations on a borrower’s operations or assets or (ii) providing certain rights to lenders. The Funds may have fewer rights with respect to covenant lite obligations, including fewer protections against the possibility of default and fewer remedies in the event of default. As a result, investments in (or exposure to) covenant lite obligations are subject to more risk than investments in (or exposure to) certain other types of obligations. The Funds are subject to other risks associated with investments in (or exposure to) obligations, including that obligations may not be considered “securities” and, as a result, the Funds may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.

(d) Interest on 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 Funds 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.

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(e) 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.

(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).

The Fund may purchase and write options on swaps (“swaptions”) primarily to preserve a return or spread on a particular investment or portion of the Funds’ holdings, as a duration management technique or to protect against an increase in the price of securities it anticipates purchasing at a later date. The purchaser and writer of a swaption is buying or granting the right to enter into a previously agreed upon interest rate swap agreement at any time before the expiration of the options. The swaptions are forward premium swaptions which have extended settlement dates.

(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.

Upon entering into certain centrally-cleared swap transactions, a Fund is required to deposit with its clearing broker an amount of cash or securities as an initial margin. Subsequent variation margin receipts or payments are received or made by the Fund depending on fluctuations in the fair value of the reference entity 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.

Upfront payments received or made by a Fund on credit default swap agreements and 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.

(h) 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 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 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 a forward foreign currency exchange 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.

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(j) Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments are included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of March 31, 2023, if any, are disclosed in the Funds’ Statements 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 respective Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries, if any. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. 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.

Certain Funds may receive other income from investments in senior loan interests including amendment fees, consent fees and commitment fees. For funded loans, these fees are recorded as income when received by the Funds and included in interest income on the Statements of Operations. For unfunded loans, commitment fees are included in realized gain on investments on the Funds’ Statements of Operations at the end of the commitment period.

(l) Distributions

The Funds declare dividends from investment income daily, except for Diversified 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 U.S. federal income tax purposes.

(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 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 Statements of Operations are before the reduction in expense from the related earnings credits, if any. Earnings credits for the period ended March 31, 2023, are disclosed in the Statements of Operations.

(o) Cash

The Funds may leave cash overnight in their cash account with the custodian. Periodically, a Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate, which was 4.83% at March 31, 2023.

(p) 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

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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.

(q) Special Purpose Acquisition Companies

The Funds may acquire an interest in a special purpose acquisition company (“SPAC”) in an initial public offering or a secondary market transaction. SPAC investments carry many of the same risks as investments in initial public offering securities, such as erratic price movements, greater risk of loss, lack of information about the issuer, limited operating and little public or no trading history, and higher transaction costs. An investment in a SPAC is typically subject to a higher risk of dilution by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC and interests in SPACs may be illiquid and/or be subject to restrictions on resale. A SPAC is a publicly traded company that raises investment capital for the purpose of acquiring the equity securities of one or more existing companies (or interests therein) via merger, combination, acquisition or other similar transactions. Unless and until an acquisition is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. government securities, money market securities and cash and does not typically pay dividends in respect of its common stock. SPAC investments are also subject to the risk that a significant portion of the funds raised by the SPAC may be expended during the search for a target acquisition or merger and that the SPAC may have limited time in which to conduct due diligence on potential business combination targets. Because SPACs are in essence blank check companies without operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. Among other conflicts of interest, the economic interests of the management, directors, officers and related parties of a SPAC can differ from the economic interests of public shareholders, which may lead to conflicts as they evaluate, negotiate and recommend business combination transactions to shareholders. This risk may become more acute as the deadline for the completion of a business combination nears. There is no guarantee that the SPACs in which the Funds invest will complete an acquisition or that any acquisitions that are completed will be profitable.

Note 2 – Financial Instruments and Derivatives

As part of their investment strategy, the Funds may utilize a variety of short sales and derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized on 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:

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.

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

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 monthly basis:

		Average Notional Amount
Fund	Use	Call		Put
Core Bond Fund	Duration, Hedge	$	132,266,667	$	8,734,330

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.

The following table represents the Funds’ use and volume of call/put options written on a monthly basis:

		Average Notional Amount
Fund	Use	Call		Put
Core Bond Fund	Income, Hedge	$	4,563	$	11,330,000

Futures Contracts

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 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 Consolidated Statement of Assets and Liabilities; securities held as collateral are noted on the Consolidated Schedule of Investments.

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

		Average Notional Amount
Fund	Use	Long		Short
Core Bond Fund	Duration, Hedge	$	36,439,500	$	—

Swap Agreements

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. When utilizing OTC 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 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. For a fund utilizing centrally-cleared

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swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. 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 monthly basis:

		Average Notional Amount
Fund	Use	Pay Floating Rate		Receive Floating Rate
Core Bond Fund	Duration, Hedge, Income	$	110,366,667	$	—
Municipal Income Fund	Duration, Hedge	$	2,400,000	$	6,440,000

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 investment grade and/or 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. The notional amount 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 on a credit default swap referencing an index, a factor adjustment will take place and the buyer of protection will receive a payment reflecting the par less the default recovery rate of the defaulted index component based on its weighting in the 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. For a fund utilizing centrally cleared credit default swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. 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 monthly basis:

		Average Notional Amount
Fund	Use	Protection Sold		Protection Purchased
Core Bond Fund	Index exposure, Hedge	$	—	$	9,366,667

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.

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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 monthly basis:

		Average Value
Fund	Use	Purchased		Sold
High Yield Fund	Hedge	$	99,737	$	4,348,255
Core Bond Fund	Hedge	$	107,827	$	12,646,739

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, 2023:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Currency forward contracts	—	Unrealized depreciation on forward foreign currency exchange contracts
Credit /Interest rate on swap contracts	Unamortized upfront premiums paid on credit default swap agreements Unamortized upfront premiums paid on interest rate swap agreements	Unamortized upfront premiums received on credit default swap agreements Variation margin on credit default swap agreements Variation margin on interest rate swap agreements
Interest rate option contracts	Investments in unaffiliated issuers, at value	Options written, at value

The following tables set forth the fair value of the Funds’ derivative investments categorized by primary risk exposure at March 31, 2023:

Asset Derivative Investments Value
Fund	Swaps Interest Rate Risk*		Forward Foreign Currency Exchange Risk		Options Purchased Interest Rate Risk		Total Value at March 31, 2023
Core Bond Fund	$	—		—	$	631,743	$	631,743
Municipal Income Fund		922,013		—		—		922,013

Liability Derivative Investments Value
Fund	Swaps Interest Rate Risk*		Options Written Interest Rate Risk		Swaps Credit Risk*		Forward Foreign Currency Exchange Risk		Options Purchased Interest Rate Risk		Total Value at March 31, 2023
High Yield Fund	$	—	$	—	$	—	$	52,260	$	—	$	52,260
Core Bond Fund		2,096,102		167,476		271,726		138,492		—		2,673,796
Municipal Income Fund		35,888		—		—		—		—		35,888

* Includes cumulative appreciation (depreciation) of OTC and centrally-cleared derivatives contracts as reported on the Schedules of Investments. For centrally-cleared derivatives, variation margin is reported within the Statements of Assets and Liabilities.

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The following is a summary of the location of derivative investments on the Funds’ Statements of Operations for the period ended March 31, 2023:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Currency forward 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 option contracts	Net realized gain (loss) on options purchased
	Net change in unrealized appreciation (depreciation) on options purchased
	Net realized gain (loss) on options written
	Net change in unrealized appreciation (depreciation) on options written
Credit /Interest rate swap 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, 2023:

Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk		Swaps Interest Rate Risk			Swaps Credit Risk			Options Written Equity Risk		Options Purchased Equity Risk			Forward Foreign Currency Exchange Risk			Options Purchased Interest Rate Risk			Options Written Interest Rate Risk			Total
High Yield Fund	$	—	$	—		$	—		$	—	$	—		$	(169,710	)	$	—		$	—		$	(169,710	)
Core Bond Fund		441,718		(1,653,269	)		(34,196	)		1,330,927		(2,415,428	)		(630,928	)		—			(255,892	)		(3,217,068	)
Municipal Income Fund		—		938,650			—			—		—			—			—			—			938,650
Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk		Swaps Interest Rate Risk			Swaps Credit Risk			Options Written Equity Risk		Options Purchased Equity Risk			Forward Foreign Currency Exchange Risk			Options Purchased Interest Rate Risk			Options Written Interest Rate Risk			Total
High Yield Fund	$	—	$	—		$	—		$	—	$	—		$	(191,878	)	$	—		$	—		$	(191,878	)
Core Bond Fund		—		3,615,838			(271,726	)		625,047		(3,337,692	)		(347,758	)		(214,729	)		459,455			528,435
Municipal Income Fund		—		(1,032,626	)		—			—		—			—			—			—			(1,032,626	)

In conjunction with the use of short sales and 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 as collateral.

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.

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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 Funds.

The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions rated/identified as investment grade or better. The Trust monitors the counterparty credit risk associated with each such financial institution.

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 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.

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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 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
Core Bond Fund	Options purchased	$	631,743	$	—	$	631,743	$	(305,626	)	$	(139,161	)	$	186,956

								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	$	52,260	$	—	$	52,260	$	—		$	—	$	52,260
Core Bond Fund	Swaptions written		167,476		—		167,476		(167,476	)		—		—
	Forward foreign currency exchange contracts		138,492		—		138,492		(138,150	)		—		342

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, 2023.

Fund	Counterparty	Asset Type	Cash Pledged		Cash Received
Core Bond Fund	BofA Securities, Inc.	Credit default swap agreements	$	362,644	$	—
	BofA Securities, Inc.	Interest rate swap agreements		75,620		—
	Goldman Sachs International	Options		—		100,000
	Morgan Stanley Capital Services LLC	Options		—		299,761
				438,264		399,761
Municipal Income Fund	BofA Securities, Inc.	Interest rate swap agreements		346,168		—

Note 4 – Fair Value Measurement

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

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

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

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

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

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

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.

Quotes from broker-dealers, adjusted for fluctuations in criteria such as credit spreads and interest rates, may also be 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 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 a quote would generally result in significant changes in the fair value of the security.

Certain fixed income securities are valued by obtaining a monthly quote from a broker-dealer, adjusted for fluctuations in criteria such as credit spreads and interest rates.

Certain loans and other securities are valued using a single daily broker quote or a price from a third party vendor based on a single daily or monthly broker quote.

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

Note 5 – 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	%
Core Bond Fund		0.39	%
Municipal Income Fund		0.50	%

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Pursuant to Investment Sub-Advisory Agreements between the Investment Adviser and GPA, GPA, under the oversight supervision of the Board and the Investment Adviser, assists the Investment Adviser in the supervision and direction of the investment strategy of the High Yield Fund, Core Bond Fund and Municipal Income Fund in accordance with their investment policies. As compensation for its services, the Investment Adviser pays GPA a fee, payable monthly, in an amount equal to 0.005% of the average daily net assets of these Funds.

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

The Board has adopted Distribution Plans related to the offering of 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 or interest 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
Diversified Income Fund - A-Class		1.30	%		01/29/16		02/01/24
Diversified Income Fund - C-Class		2.05	%		01/29/16		02/01/24
Diversified Income Fund - P-Class		1.30	%		01/29/16		02/01/24
Diversified Income Fund - Institutional Class		1.05	%		01/29/16		02/01/24
High Yield Fund - A-Class		1.16	%		11/30/12		02/01/24
High Yield Fund - C-Class		1.91	%		11/30/12		02/01/24
High Yield Fund - P-Class		1.16	%		05/01/15		02/01/24
High Yield Fund - Institutional Class		0.91	%		11/30/12		02/01/24
High Yield Fund - R6-Class		0.91	%		05/15/17		02/01/24
Core Bond Fund - A-Class		0.79	%		11/30/12		02/01/24
Core Bond Fund - C-Class		1.54	%		11/30/12		02/01/24
Core Bond Fund - P-Class		0.79	%		05/01/15		02/01/24
Core Bond Fund - Institutional Class		0.50	%		11/30/12		02/01/24
Municipal Income Fund - A-Class		0.80	%		11/30/12		02/01/24
Municipal Income Fund - C-Class		1.55	%		11/30/12		02/01/24
Municipal Income Fund - P-Class		0.80	%		05/01/15		02/01/24
Municipal Income Fund - Institutional Class		0.55	%		11/30/12		02/01/24

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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, 2023, 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	2023		2024		2025		2026		Fund Total
Diversified Income Fund
A-Class	$	6,819	$	8,022	$	7,429	$	3,031	$	25,301
C-Class		10,378		5,885		13,460		2,526		32,249
P-Class		3,178		3,708		5,940		5,308		18,134
Institutional Class		138,986		164,958		140,525		61,980		506,449
High Yield Fund
A-Class		—		—		2,311		8,863		11,174
C-Class		—		—		2,354		464		2,818
P-Class		953		1,534		5,764		1,261		9,512
Institutional Class		—		—		61,071		8,774		69,845
R6-Class		—		—		151		132		283
Core Bond Fund
A-Class		65,353		98,028		35,811		71,522		270,714
C-Class		14,595		23,013		19,268		4,778		61,654
P-Class		49,518		82,001		114,700		38,707		284,926
Institutional Class		480,635		1,336,675		1,278,995		408,637		3,504,942
Municipal Income Fund
A-Class		118,290		233,041		204,036		87,440		642,807
C-Class		4,994		7,997		6,810		2,434		22,235
P-Class		954		1,251		1,160		523		3,888
Institutional Class		32,526		57,993		39,988		17,596		148,103

For the period ended March 31, 2023, GI recouped amounts from the Funds as follows:

Diversified Income Fund	$	660
High Yield Fund		25,584
Core Bond Fund		7,185
Municipal Income Fund		628

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 in effect for the investing Fund. Fees waived under this arrangement are not subject to reimbursement to GI. For the period ended March 31, 2023, the following Funds waived fees related to investments in affiliated funds:

Fund	Amount Waived
Diversified Income Fund	$	21,533

For the period ended March 31, 2023, GFD retained sales charges of $72,447 relating to sales of A-Class shares of the Trust.

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

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

At March 31, 2023, 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	84%

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, 2023, the Funds entered into reverse repurchase agreements:

Fund	Number of Days Outstanding		Balance at March 31, 2023			Average Balance Outstanding		Average Interest Rate
High Yield Fund		182	$	1,457,714		$	1,446,582		2.55	%
Core Bond Fund		82		—	*		21,563,971		3.13	%
Municipal Income Fund		2		—	*		1,087,500		3.60	%

* As of March 31, 2023, the Core Bond Fund and the Municipal Income Fund had no open reverse repurchase agreements.

The following table presents reverse repurchase agreements that are subject to netting arrangements and offset in the Statements of Assets and Liabilities in conformity with U.S. GAAP.

								Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Liabilities		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	Reverse Repurchase Agreements	$	1,457,714	$	—	$	1,457,714	$	(1,457,714	)	$	—	$	—

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

As of March 31, 2023, the High Yield Fund had $1,457,714 in reverse repurchase agreements outstanding with various counterparties. Details of the reverse repurchase agreement by counterparty is as follows:

Fund	Counterparty	Interest Rate(s)		Maturity Date	Face Value
High Yield Fund	Goldman Sachs & Co. LLC	2.75%*	Open Maturity		$	1,457,714

* 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.

The following is a summary of the remaining contractual maturities of the reverse repurchase agreement outstanding as of period-end, as aggregated by asset class of the related collateral pledged by the Funds:

Fund	Asset Type	Overnight and Continuous		Total
High Yield Fund	Corporate Bonds	$	1,457,714	$	1,457,714
Gross amount of recoginized liabilities for reverse repurchased agreements		$	1,457,714	$	1,457,714

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 U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements. The Funds’ U.S. federal income tax returns are subject to examination by the Internal Revenue Service (“IRS”) for a period of three years after they are filed.

At March 31, 2023, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
Diversified Income Fund	$	8,775,262	$	137,842	$	(965,118	)	$	(827,276	)
High Yield Fund		205,639,657		1,101,381		(23,583,329	)		(22,481,948	)
Core Bond Fund		1,490,443,858		3,890,730		(165,710,409	)		(161,819,679	)
Municipal Income Fund		60,702,101		1,188,348		(7,473,742	)		(6,285,394	)

Note 8 – Securities Transactions

For the period ended March 31, 2023, 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	$	320,268	$	15,371
High Yield Fund		25,401,810		27,764,373
Core Bond Fund		251,944,303		376,471,704
Municipal Income Fund		472,569		3,570,139

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

For the period ended March 31, 2023, the cost of purchases and proceeds from sales of government securities were as follows:

Fund	Purchases		Sales
Core Bond Fund	$	278,852,999	$	178,489,380

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, 2023, the Funds did not engaged in purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act.

Note 9– 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
	Mirabela Nickel Ltd.		12/31/13	$	252,369	$	13,210
	due 06/24/192			$	252,369	$	13,210
Core Bond Fund
	Central Storage Safety Project Trust
	4.82% due 02/01/38		03/20/18	$	901,731	$	758,918
	Copper River CLO Ltd.
	2007-1A INC, due 01/20/211		05/09/14		—		71
				$	901,731	$	758,989

1	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
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, $1,230,000,000 line of credit from Citibank, N.A., which was in place through September 30, 2022, at which time the line of credit was renewed as a 364-day committed, $1,150,000,000 line of credit. A Fund may draw (borrow) from the line of credit as a temporary measure for emergency purposes, to facilitate redemption requests, or for other short-term liquidity purposes consistent with the Fund’s investment objective and program. For example, it may be advantageous for the Fund to borrow money rather than sell existing portfolio positions to meet redemption requests. Fees related to borrowings, if any, vary under this arrangement between the greater of Citibank’s “base rate”, SOFR plus 1%, or the federal funds rate plus 1/2 of 1%.

The commitment fee that may be paid by the Funds is at an annualized rate of 0.15% of the average daily amount of their allocated unused commitment amount. The commitment fee amount is allocated to the individual Funds based on the respective net assets of each participating Fund and is referenced in the Funds’ 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, 2023.

Note 11 – Market Risks

The value of, or income generated by, the investments held by the Funds are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (which have since risen and may continue to rise), changes in inflation rates or expectations about inflation rates (which are currently elevated relative to normal conditions), adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the current Russia-Ukraine conflict and its risk of expansion or collateral economic and other effects) or ratings downgrades, and other similar events, each of which may be temporary or last

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

for extended periods. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country or geographic region could adversely affect the value, yield and return of the investments held by the Funds in a different country or geographic region, economy, and market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Funds’ investments and performance of the Funds.

Note 12 – Subsequent Events

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

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OTHER INFORMATION (Unaudited)

Delivery of Shareholder Reports

Paper copies of the Funds’ annual and semi-annual shareholder reports are not sent by mail, unless you specifically request paper copies of the reports from a fund or from your financial intermediary. Instead, the reports are made available on a website, and you are notified by mail each time a report is posted and provided with a website link to access the report.

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 may apply to all Guggenheim Funds in which you are invested and may apply to all Guggenheim funds held with your financial intermediary.

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 as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Funds’ Forms N-PORT and N-Q are available on the SEC’s website at https://www.sec.gov. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

94 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

A Board of Trustees oversees the Trust, as well as other trusts of GI, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by visiting guggenheiminvestments.com or by calling 800.820.0888.

Name, Address* and Year of Birth	Position(s) Held with 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 and Chair of the Valuation Oversight Committee	Since 2014 (Trustee) Since 2020 (Chair of the Valuation Oversight Committee)	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).	155	Current: Advent Convertible and Income Fund (2005-present); Purpose Investments Funds (2013-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021).
Angela Brock-Kyle (1959)	Trustee	Since 2019	Current: Founder and Chief Executive Officer, B.O.A.R.D.S. (2013-present); Director, Mutual Fund Directors Forum (2022-present). Former: Senior Leader, TIAA (1987-2012).	154	Current: Bowhead Insurance GP, LLC (2020-present); Hunt Companies, Inc. (2019-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Infinity Property & Casualty Corp. (2014-2018).

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

Name, Address* and Year of Birth	Position(s) Held with 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
Thomas F. Lydon, Jr. (1960)	Trustee and Chair of the Contracts Review Committee	Since 2019 (Trustee) Since 2020 (Chair of the Contracts Review Committee)	Current: President, Global Trends Investments (1996-present); Chief Executive Officer, ETF Flows, LLC (2019-present); Chief Executive Officer, Lydon Media (2016-present); Director, GDX Index Partners, LLC (2021-present); Vice Chairman, VettaFi (2022-present).	154	Current: US Global Investors, Inc. (GROW) (1995-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Harvest Volatility Edge Trust (3) (2017-2019).
Ronald A. Nyberg (1953)	Trustee and Chair of the Nominating and Governance Committee	Since 2014	Current: Of Counsel, Momkus LLP (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	155	Current: Advent Convertible and Income Fund (2003-present); PPM Funds (2) (2018-present); NorthShore-Edward-Elmhurst Health (2012-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

96 | 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 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
Sandra G. Sponem (1958)	Trustee and Chair of the Audit Committee	Since 2019 (Trustee) Since 2020 (Chair of the Audit Committee)	Current: Retired. Former: Senior Vice President and Chief Financial Officer, M.A. Mortenson-Companies, Inc. (2007-2017).	154	Current: SPDR Series Trust (81) (2018-present); SPDR Index Shares Funds (30) (2018-present); SSGA Active Trust (14) (2018-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); SSGA Master Trust (1) (2018-2020).
Ronald E. Toupin, Jr. (1958)	Trustee, Chair of the Board and Chair of the Executive Committee	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).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

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

Name, Address* and Year of Birth	Position(s) Held with 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); 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, certain other funds in the Fund Complex (2017-2019); Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2018-2022); Guggenheim Enhanced Equity Income Fund (2018-2021); Guggenheim Credit Allocation Fund (2018-2021).

*	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.
***	Each Trustee also serves on the Boards of Trustees of Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust, Guggenheim Strategic Opportunities Fund, Guggenheim Energy & Income Fund, Guggenheim Active Allocation Fund, Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust and Transparent Value Trust. Messrs. Barnes and Nyberg also serve on the Board of Trustees of Advent Convertible & Income Fund.
****	This Trustee is deemed to be an “interested person” of the Funds under the 1940 Act by reason of her position with the Funds’ Adviser and/or the parent of the Adviser.

98 | 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 Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS
Brian E. Binder (1972)	President and Chief Executive Officer	Since 2018	Current: President, Mutual Funds Boards, Guggenheim Investments (2022-present); President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President, Mutual Funds Boards, Guggenheim Funds Investment Advisors, LLC and Security Investors, LLC (2018-present); Board Member, Guggenheim Partners Investment Funds plc (2022-present); Board Member, Guggenheim Global Investments plc (2022-present); Board Member of Guggenheim Partners Fund Management (Europe) Limited (2018-present). Former: Senior Managing Director and Chief Administrative Officer, Guggenheim Investments (2018-2022); Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Chairman of North American Executive Committee and Head of Business Management and Consulting, Invesco Ltd. (2010-2012).
James M. Howley (1972)	Chief Financial Officer, Chief Accounting Officer and Treasurer	Since 2022	Current: Managing Director, Guggenheim Investments (2004-present); Chief Financial Officer, Chief Accounting Officer, and Treasurer, certain other funds in the Fund Complex (2022-present). Former: Assistant Treasurer, certain other funds in the Fund Complex (2006-2022); 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); Managing 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); Senior Managing Director, Guggenheim Funds Distributors, LLC (2014-present). Former: Chief Compliance Officer, Security Investors, LLC and 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 Trust	Term of Office and Length of Time Served**	Principal Occupation(s) 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).
Jon Szafran (1989)	Assistant Treasurer	Since 2017	Current: Director, 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.

100 | 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.

102 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

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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3.31.2023

Guggenheim Funds Semi-Annual Report

Guggenheim SMid Cap Value Fund

GuggenheimInvestments.com SBMCV-SEMI-0323x0923

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	3
ABOUT SHAREHOLDERS’ FUND EXPENSES	5
SMID CAP VALUE FUND	8
NOTES TO FINANCIAL STATEMENTS	23
OTHER INFORMATION	32
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	33
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	42

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 1

March 31, 2023

Dear Shareholder:

Security Investors, LLC (the “Investment Adviser”) is pleased to present the shareholder report for Guggenheim SMid Cap Value Fund (the “Fund”) for the semiannual period ended March 31, 2023 (the “Reporting Period”).

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,

Guggenheim Partners Investment Management, LLC,

April 30, 2023

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.

SMid 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. ● 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. ● 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, 2023

Developments in March 2023 highlighted the increasingly difficult place in which the U.S. Federal Reserve (the “Fed”) and other central banks find themselves as they work toward restoring price stability and maintaining financial stability. The collapse of Silicon Valley Bank and Signature Bank prompted banks to rush for liquidity support from the Fed, totaling $165 billion in the immediate aftermath. Overseas, the Swiss National Bank provided the equivalent of $54 billion in emergency liquidity to Credit Suisse before a deal was struck with rival UBS to buy it for $3.25 billion.

Heightened concerns about further bank stress and central banks’ ability to continue aggressively tightening monetary policy weighed heavily on market-implied expectations for the path of policy rates. Nevertheless, in March 2023 the Fed raised rates by 25 basis points and the European Central Bank raised rates by 50 basis points. One basis point equals 0.01%. We expect central banks will continue to raise rates over the next few months in their continuing effort to bring inflation to heel, despite the cracks in financial stability that are beginning to show.

While markets were volatile, data releases indicated that the U.S. economy is still on a relatively firm footing. March job growth came in at 236,000, well above the level needed to keep the unemployment rate from rising. Housing data has surprised to the upside, likely in response to the recent softening of mortgage rates. Meanwhile, the S&P Global U.S. composite Purchasing Managers’ Index (“PMI”) rose to a 10-month high, with strength especially evident in sub-indices for the service sector. Forward-looking data looks more concerning, however, with the Leading Economic Index turning down further, initial signs of job loss in the most cyclical and interest rate sensitive sectors, and business surveys souring on the economic outlook and plans for spending and hiring.

The Fed acknowledged in its March 2023 Federal Open Market Committee meeting statement that a contraction of credit emanating from volatility in the banking sector was likely to create new headwinds for the economy. In recognition of this new risk, the Fed’s updated Summary of Economic Projections showed a small downward revision of real gross domestic product growth this year, from 0.5 percent to 0.4 percent, followed by a larger downward revision for next year, from 1.6 percent to 1.2 percent. We continue to expect a recession could begin midway through the year.

For the Reporting Period, the S&P 500^® Index* returned 15.62%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* (gross) returned 27.52%. The return of the MSCI Emerging Markets Index* (gross) was 14.20%.

In the bond market, the Bloomberg U.S. Aggregate Bond Index* posted a 4.89% return for the Reporting Period, while the Bloomberg U.S. Corporate High Yield Index* returned 7.89%. The return of the ICE Bank of America (“BofA”) 3-Month U.S. Treasury Bill Index* was 1.94% for the six-month period.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) March 31, 2023

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 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 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 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.

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, 2022 and ending March 31, 2023.

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.

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 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.

6 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2022	Ending Account Value March 31, 2023	Expenses Paid During Period2
Table 1. Based on actual Fund return3
A-Class	1.14%	13.88%	$ 1,000.00	$ 1,138.80	$ 6.08
C-Class	2.02%	13.36%	1,000.00	1,133.60	10.75
P-Class	1.22%	13.85%	1,000.00	1,138.50	6.50
Institutional Class	0.98%	14.02%	1,000.00	1,140.20	5.23
Table 2. Based on hypothetical 5% return (before expenses)
A-Class	1.14%	5.00%	$ 1,000.00	$ 1,019.25	$ 5.74
C-Class	2.02%	5.00%	1,000.00	1,014.86	10.15
P-Class	1.22%	5.00%	1,000.00	1,018.85	6.14
Institutional Class	0.98%	5.00%	1,000.00	1,020.04	4.94

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, 2022 to March 31, 2023.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 7

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

SMID 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
Institutional Class	January 3, 2020

Ten Largest Holdings	(% of Total Net Assets)
Pioneer Natural Resources Co.	3.8%
Unum Group	2.3%
Ingredion, Inc.	2.3%
Evolent Health, Inc. — Class A	2.0%
Bunge Ltd.	2.0%
Euronet Worldwide, Inc.	1.9%
Graphic Packaging Holding Co.	1.8%
OGE Energy Corp.	1.8%
Pinnacle West Capital Corp.	1.7%
Prosperity Bancshares, Inc.	1.7%
Top Ten Total	21.3%
“Ten Largest Holdings” excludes any temporary cash investments.

8 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Average Annual Returns*

Periods Ended March 31, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	13.88%	(3.38%)	7.29%	7.97%
A-Class Shares with sales charge‡	8.49%	(7.96%)	6.25%	7.45%
C Class Shares	13.36%	(4.20%)	6.40%	7.12%
C-Class Shares with CDSC§	12.36%	(5.08%)	6.40%	7.12%
Institutional Class Shares1	14.02%	(3.22%)	7.62%	8.29%
Russell 2500 Value Index	10.73%	(10.53%)	5.61%	7.72%

	6 Month†	1 Year	5 Year	Since Inception (05/01/15)
P-Class Shares	13.85%	(3.44%)	7.20%	7.99%
Russell 2500 Value Index	10.73%	(10.53%)	5.61%	6.41%

*	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.
1	The Institutional Class shares commenced operations on January 3, 2020 in connection with the reorganization of the SMid Cap Value Institutional Fund. The performance of the Institutional Class shares of the Fund for periods prior to January 3, 2020 reflects the performance of the Guggenheim SMid Cap Value Institutional Fund. The returns for the SMid Cap Value Institutional Fund have not been restated to reflect the fees and expenses applicable to the Institutional Class shares of the Fund. The SMid Cap Value Institutional Fund commenced operations on July 11, 2008.
†	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 | 9

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2023
SMID CAP VALUE FUND

	Shares		Value
COMMON STOCKS† - 96.9%
Industrial - 23.4%
Graphic Packaging Holding Co.		279,720	$	7,130,063
Curtiss-Wright Corp.		37,616		6,630,196
Littelfuse, Inc.		23,620		6,332,286
Kirby Corp.*		90,242		6,289,867
Knight-Swift Transportation Holdings, Inc.		99,408		5,624,505
Teledyne Technologies, Inc.*		11,570		5,175,955
Arcosa, Inc.		81,506		5,143,844
MDU Resources Group, Inc.		160,895		4,904,079
Johnson Controls International plc		76,754		4,622,126
Daseke, Inc.*		576,933		4,459,692
PGT Innovations, Inc.*		161,297		4,050,168
Mercury Systems, Inc.*		62,061		3,172,558
Summit Materials, Inc. — Class A*		104,926		2,989,342
GATX Corp.		27,068		2,978,021
Coherent Corp.*		72,415		2,757,563
Terex Corp.		56,576		2,737,147
Esab Corp.		41,571		2,455,599
Advanced Energy Industries, Inc.		24,186		2,370,228
Park Aerospace Corp.		174,887		2,352,230
EnerSys		26,876		2,334,987
Plexus Corp.*		22,485		2,193,862
Sonoco Products Co.		34,129		2,081,869
Stoneridge, Inc.*		82,637		1,545,312
AZEK Company, Inc.*		52,347		1,232,248
Total Industrial				91,563,747
Financial - 19.8%
Unum Group		228,069		9,022,410
Prosperity Bancshares, Inc.		108,788		6,692,638
Physicians Realty Trust REIT		382,791		5,715,070
Old Republic International Corp.		178,191		4,449,429
First Merchants Corp.		132,480		4,365,216
Texas Capital Bancshares, Inc.*		83,797		4,102,701
Axis Capital Holdings Ltd.		70,346		3,835,264
Stifel Financial Corp.		61,030		3,606,263
Voya Financial, Inc.		50,320		3,595,867
Sun Communities, Inc. REIT		24,554		3,459,167
Alexandria Real Estate Equities, Inc. REIT		27,079		3,400,851
First American Financial Corp.		57,283		3,188,372
Apple Hospitality REIT, Inc. REIT		191,498		2,972,049
Hancock Whitney Corp.		77,597		2,824,531
Old National Bancorp		186,883		2,694,853
Gaming and Leisure Properties, Inc. REIT		46,248		2,407,671
STAG Industrial, Inc. REIT		62,191		2,103,300
Stewart Information Services Corp.		49,893		2,013,182
United Bankshares, Inc.		49,223		1,732,649
Wintrust Financial Corp.		23,588		1,720,745
First Hawaiian, Inc.		76,443		1,577,019
United Community Banks, Inc.		52,768		1,483,836
Heritage Insurance Holdings, Inc.		146,821		452,209
Total Financial				77,415,292

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
SMID CAP VALUE FUND

	Shares		Value
Consumer, Non-cyclical - 15.4%
Ingredion, Inc.		87,551	$	8,906,563
Bunge Ltd.		82,139		7,845,917
Euronet Worldwide, Inc.*		66,598		7,452,316
Encompass Health Corp.		96,089		5,198,415
Henry Schein, Inc.*		59,134		4,821,786
Integer Holdings Corp.*		53,596		4,153,690
Central Garden & Pet Co. — Class A*		100,456		3,924,816
Enovis Corp.*		63,654		3,404,853
LivaNova plc*		65,092		2,836,709
Certara, Inc.*		109,254		2,634,114
Quest Diagnostics, Inc.		15,093		2,135,358
ICF International, Inc.		19,374		2,125,328
Azenta, Inc.*		33,889		1,512,127
Jazz Pharmaceuticals plc*		7,906		1,156,885
Pacira BioSciences, Inc.*		26,794		1,093,463
Ironwood Pharmaceuticals, Inc. — Class A*		101,303		1,065,708
Total Consumer, Non-cyclical				60,268,048
Consumer, Cyclical - 9.2%
H&E Equipment Services, Inc.		143,776		6,359,213
MSC Industrial Direct Company, Inc. — Class A		75,691		6,358,044
Methode Electronics, Inc.		102,055		4,478,173
Whirlpool Corp.		28,650		3,782,373
Alaska Air Group, Inc.*		75,819		3,181,365
Lear Corp.		14,734		2,055,246
UniFirst Corp.		11,005		1,939,411
Marriott Vacations Worldwide Corp.		13,418		1,809,552
Newell Brands, Inc.		141,095		1,755,222
Leggett & Platt, Inc.		52,314		1,667,770
Meritage Homes Corp.		12,155		1,419,218
Lakeland Industries, Inc.		82,219		1,200,397
Total Consumer, Cyclical				36,005,984
Technology - 8.6%
Evolent Health, Inc. — Class A*		244,973		7,949,374
Teradyne, Inc.		59,776		6,426,518
Science Applications International Corp.		54,403		5,846,146
Leidos Holdings, Inc.		45,214		4,162,401
Silicon Laboratories, Inc.*		20,880		3,655,879
MACOM Technology Solutions Holdings, Inc.*		50,130		3,551,209
Power Integrations, Inc.		25,140		2,127,850
Total Technology				33,719,377
Basic Materials - 7.6%
Westlake Corp.		54,340		6,302,353
Reliance Steel & Aluminum Co.		22,854		5,867,536
Huntsman Corp.		189,411		5,182,285
Avient Corp.		109,330		4,500,023
Ashland, Inc.		41,548		4,267,395
Nucor Corp.		22,336		3,450,242
Total Basic Materials				29,569,834
Energy - 5.9%
Pioneer Natural Resources Co.		72,588		14,825,373
Diamondback Energy, Inc.		29,200		3,946,964
Kinder Morgan, Inc.		112,598		1,971,591
Patterson-UTI Energy, Inc.		116,563		1,363,787

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
SMID CAP VALUE FUND

	Shares		Value
Ranger Oil Corp. — Class A		22,069	$	901,298
HydroGen Corp.*,†††,1		1,265,700		2
Total Energy				23,009,015
Utilities - 4.8%
OGE Energy Corp.		186,889		7,038,240
Pinnacle West Capital Corp.		84,650		6,707,666
Black Hills Corp.		52,292		3,299,625
Spire, Inc.		22,032		1,545,324
Total Utilities				18,590,855
Communications - 2.2%
Ciena Corp.*		92,219		4,843,342
Fox Corp. — Class B		126,041		3,946,344
Total Communications				8,789,686
Total Common Stocks
(Cost $328,806,760)				378,931,838
CONVERTIBLE PREFERRED STOCKS††† - 0.0%
Industrial - 0.0%
Thermoenergy.
Corp*,2		1,652,084		5
Total Convertible Preferred Stocks
(Cost $1,577,635)				5
RIGHTS† - 0.1%
Basic Materials - 0.1%
Pan American Silver Corp.		516,551		284,103
Total Rights
(Cost $—)				284,103
MONEY MARKET FUND† - 2.9%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.43%3		11,493,795		11,493,795
Total Money Market Fund
(Cost $11,493,795)				11,493,795
Total Investments - 99.9%
(Cost $341,878,190)			$	390,709,741
Other Assets & Liabilities, net - 0.1%				546,670
Total Net Assets - 100.0%			$	391,256,411

*	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	Affiliated issuer.
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, 2023.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2023
SMID CAP VALUE FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	378,931,836	$	—	$	2	$	378,931,838
Convertible Preferred Stocks		—		—		5		5
Rights		284,103		—		—		284,103
Money Market Fund		11,493,795		—		—		11,493,795
Total Assets	$	390,709,734	$	—	$	7	$	390,709,741

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, result in that company being considered an affiliated issuer, as defined in the 1940 Act.

Transactions during the period ended March 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 09/30/22		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 03/31/23		Shares 03/31/23
Common Stocks
HydroGen Corp. *	$	2	$	—	$	—	$	—	$	—	$	2		1,265,700

* Non-income producing security.

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

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

SMID CAP VALUE FUND

March 31, 2023

Assets:
Investments in unaffiliated issuers, at value (cost $341,875,659)	$	390,709,739
Investments in unaffiliated issuers, at value (cost $2,531)		2
Prepaid expenses		61,779
Receivables:
Dividends		653,176
Fund shares sold		346,171
Interest		40,568
Foreign tax reclaims		303
Total assets		391,811,738
Liabilities:
Overdraft due to custodian bank		2
Payable for:
Management fees		223,994
Fund shares redeemed		151,885
Distribution and service fees		67,062
Printing fees		43,909
Transfer agent fees		36,615
Fund accounting and administration fees		7,542
Due to Investment Adviser		5,211
Trustees’ fees*		1,488
Miscellaneous		17,619
Total liabilities		555,327
Net assets	$	391,256,411
Net assets consist of:
Paid in capital	$	332,132,206
Total distributable earnings (loss)		59,124,205
Net assets	$	391,256,411
A-Class:
Net assets	$	290,249,674
Capital shares outstanding		8,254,650
Net asset value per share	$	35.16
Maximum offering price per share (Net asset value divided by 95.25%)	$	36.91
C-Class:
Net assets	$	4,877,060
Capital shares outstanding		227,682
Net asset value per share	$	21.42
P-Class:
Net assets	$	5,919,607
Capital shares outstanding		169,856
Net asset value per share	$	34.85
Institutional Class:
Net assets	$	90,210,070
Capital shares outstanding		11,032,350
Net asset value per share	$	8.18

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

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

STATEMENT OF OPERATIONS (Unaudited)

SMID CAP VALUE FUND

Six Months Ended March 31, 2023

Investment Income:
Dividends	$	4,593,679
Interest		171,213
Total investment income		4,764,892
Expenses:
Management fees		1,483,445
Distribution and service fees:
A-Class		367,553
C-Class		26,913
P-Class		7,663
Transfer agent fees:
A-Class		131,758
C-Class		5,979
P-Class		4,570
Institutional Class		45,227
Fund accounting and administration fees		86,619
Professional fees		36,505
Trustees’ fees*		8,414
Line of credit fees		6,088
Custodian fees		4,370
Miscellaneous		52,742
Recoupment of previously waived fees:
A-Class		10,131
C-Class		1,038
P-Class		302
Institutional Class		30,605
Total expenses		2,309,922
Less:
Expenses reimbursed by Adviser:
A-Class		(33,487	)
C-Class		(1,481	)
P-Class		(89	)
Institutional Class		(1,842	)
Expenses waived by Adviser		(61,316	)
Earnings credits applied		(503	)
Total waived/reimbursed expenses		(98,718	)
Net expenses		2,211,204
Net investment income		2,553,688
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	9,580,207
Net realized gain		9,580,207
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		37,148,939
Net change in unrealized appreciation (depreciation)		37,148,939
Net realized and unrealized gain		46,729,146
Net increase in net assets resulting from operations	$	49,282,834

* 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

SMID CAP VALUE FUND

	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	2,553,688		$	4,089,634
Net realized gain on investments		9,580,207			35,337,758
Net change in unrealized appreciation (depreciation) on investments		37,148,939			(69,238,366	)
Net increase (decrease) in net assets resulting from operations		49,282,834			(29,810,974	)
Distributions to shareholders:
A-Class		(15,287,730	)		(21,330,395	)
C-Class		(400,511	)		(847,652	)
P-Class		(319,756	)		(452,599	)
Institutional Class		(17,898,014	)		(20,988,300	)
Total distributions to shareholders		(33,906,011	)		(43,618,946	)
Capital share transactions:
Proceeds from sale of shares
A-Class		6,624,105			11,484,211
C-Class		427,030			480,284
P-Class		141,794			1,019,491
Institutional Class		16,167,975			19,826,586
Distributions reinvested
A-Class		14,853,499			20,707,053
C-Class		379,175			813,998
P-Class		319,756			452,599
Institutional Class		13,919,483			16,362,390
Cost of shares redeemed
A-Class		(15,262,299	)		(41,110,959	)
C-Class		(1,493,552	)		(4,830,625	)
P-Class		(576,616	)		(1,852,112	)
Institutional Class		(15,195,733	)		(23,566,323	)
Net increase (decrease) from capital share transactions		20,304,617			(213,407	)
Net increase (decrease) in net assets		35,681,440			(73,643,327	)
Net assets:
Beginning of period		355,574,971			429,218,298
End of period	$	391,256,411		$	355,574,971

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

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

SMID CAP VALUE FUND

	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Capital share activity:
Shares sold
A-Class		181,302			307,454
C-Class		19,520			19,865
P-Class		3,895			27,573
Institutional Class		1,858,989			1,899,357
Shares issued from reinvestment of distributions
A-Class		428,425			569,188
C-Class		17,903			35,484
P-Class		9,303			12,544
Institutional Class		1,726,983			1,634,604
Shares redeemed
A-Class		(424,987	)		(1,104,633	)
C-Class		(67,268	)		(200,888	)
P-Class		(16,249	)		(50,585	)
Institutional Class		(1,660,897	)		(2,235,401	)
Net increase in shares		2,076,919			914,562

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

FINANCIAL HIGHLIGHTS

SMID 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	Six Months Ended March 31, 2023a			Year Ended Sept. 30, 2022			Year Ended Sept. 30, 2021			Year Ended Sept. 30, 2020			Year Ended Sept. 30, 2019			Year Ended Sept. 30, 2018
Per Share Data
Net asset value, beginning of period	$	32.58		$	38.00		$	26.27		$	30.52		$	36.20		$	35.37
Income (loss) from investment operations:
Net investment income (loss)b		.23			.36			.19			.46			.22			.06
Net gain (loss) on investments (realized and unrealized)		4.27			(3.16	)		11.54			(3.37	)		(1.89	)		3.37
Total from investment operations		4.50			(2.80	)		11.73			(2.91	)		(1.67	)		3.43
Less distributions from:
Net investment income		(.22	)		(.10	)		—			(.26	)		(.03	)		—
Net realized gains		(1.70	)		(2.52	)		—			(1.04	)		(3.98	)		(2.60	)
Return of capital		—			—			—			(.04	)		—			—
Total distributions		(1.92	)		(2.62	)		—			(1.34	)		(4.01	)		(2.60	)
Net asset value, end of period	$	35.16		$	32.58		$	38.00		$	26.27		$	30.52		$	36.20
Total Returnc		13.88	%		(8.08	%)		44.65	%		(10.25	%)		(2.51	%)		10.05	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	290,250		$	262,943		$	315,323		$	243,072		$	335,806		$	392,495
Ratios to average net assets:
Net investment income (loss)		1.27	%		0.96	%		0.53	%		1.64	%		0.72	%		0.17	%
Total expensesd		1.19	%		1.19	%		1.20	%		1.25	%		1.23	%		1.26	%
Net expensese,f,g		1.14	%		1.18	%		1.19	%		1.24	%		1.23	%		1.26	%
Portfolio turnover rate		15	%		39	%		34	%		41	%		45	%		54	%

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

FINANCIAL HIGHLIGHTS (continued)

SMID 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	Six Months Ended March 31, 2023a			Year Ended Sept. 30, 2022			Year Ended Sept. 30, 2021			Year Ended Sept. 30, 2020			Year Ended Sept. 30, 2019			Year Ended Sept. 30, 2018
Per Share Data
Net asset value, beginning of period	$	20.41		$	24.85		$	17.32		$	20.48		$	26.05		$	26.33
Income (loss) from investment operations:
Net investment income (loss)b		.04			.01			(.06	)		.16			(.02	)		(.17	)
Net gain (loss) on investments (realized and unrealized)		2.67			(1.93	)		7.59			(2.22	)		(1.57	)		2.49
Total from investment operations		2.71			(1.92	)		7.53			(2.06	)		(1.59	)		2.32
Less distributions from:
Net investment income		—			—			—			(.03	)		—			—
Net realized gains		(1.70	)		(2.52	)		—			(1.04	)		(3.98	)		(2.60	)
Return of capital		—			—			—			(.03	)		—			—
Total distributions		(1.70	)		(2.52	)		—			(1.10	)		(3.98	)		(2.60	)
Net asset value, end of period	$	21.42		$	20.41		$	24.85		$	17.32		$	20.48		$	26.05
Total Returnc		13.36	%		(8.85	%)		43.48	%		(10.95	%)		(3.35	%)		9.22	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,877		$	5,256		$	10,015		$	14,276		$	31,221		$	52,996
Ratios to average net assets:
Net investment income (loss)		0.36	%		0.04	%		(0.27	%)		0.86	%		(0.11	%)		(0.65	%)
Total expensesd		2.11	%		2.09	%		2.05	%		2.14	%		2.07	%		2.03	%
Net expensese,f,g		2.02	%		2.02	%		2.02	%		2.07	%		2.06	%		2.03	%
Portfolio turnover rate		15	%		39	%		34	%		41	%		45	%		54	%

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

FINANCIAL HIGHLIGHTS (continued)

SMID 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	Six Months Ended March 31, 2023a			Year Ended Sept. 30, 2022			Year Ended Sept. 30, 2021			Year Ended Sept. 30, 2020			Year Ended Sept. 30, 2019			Year Ended Sept. 30, 2018
Per Share Data
Net asset value, beginning of period	$	32.30		$	37.67		$	26.06		$	30.25		$	35.94		$	35.15
Income (loss) from investment operations:
Net investment income (loss)b		.21			.33			.15			.46			.19			.05
Net gain (loss) on investments (realized and unrealized)		4.23			(3.12	)		11.46			(3.37	)		(1.88	)		3.34
Total from investment operations		4.44			(2.79	)		11.61			(2.91	)		(1.69	)		3.39
Less distributions from:
Net investment income		(.19	)		(.06	)		—			(.20	)		(.02	)		—
Net realized gains		(1.70	)		(2.52	)		—			(1.04	)		(3.98	)		(2.60	)
Return of capital		—			—			—			(.04	)		—			—
Total distributions		(1.89	)		(2.58	)		—			(1.28	)		(4.00	)		(2.60	)
Net asset value, end of period	$	34.85		$	32.30		$	37.67		$	26.06		$	30.25		$	35.94
Total Return		13.85	%		(8.16	%)		44.55	%		(10.30	%)		(2.61	%)		10.03	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,920		$	5,584		$	6,907		$	7,662		$	14,165		$	19,889
Ratios to average net assets:
Net investment income (loss)		1.18	%		0.90	%		0.43	%		1.64	%		0.63	%		0.13	%
Total expensesd		1.26	%		1.30	%		1.32	%		1.33	%		1.35	%		1.35	%
Net expensese,f,g		1.22	%		1.26	%		1.28	%		1.31	%		1.32	%		1.28	%
Portfolio turnover rate		15	%		39	%		34	%		41	%		45	%		54	%

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

FINANCIAL HIGHLIGHTS (continued)

SMID 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.

Institutional Class	Six Months Ended March 31, 2023a			Year Ended Sept. 30, 2022			Year Ended Sept. 30, 2021			Period Ended Sept. 30, 2020h
Per Share Data
Net asset value, beginning of period	$	8.98		$	12.42		$	8.57		$	10.20
Income (loss) from investment operations:
Net investment income (loss)b		.06			.12			.08			.11
Net gain (loss) on investments (realized and unrealized)		1.17			(.82	)		3.77			(1.74	)
Total from investment operations		1.23			(.70	)		3.85			(1.63	)
Less distributions from:
Net investment income		(.33	)		(.22	)		—			—
Net realized gains		(1.70	)		(2.52	)		—			—
Total distributions		(2.03	)		(2.74	)		—			—
Net asset value, end of period	$	8.18		$	8.98		$	12.42		$	8.57
Total Return		14.02	%		(7.93	%)		44.92	%		(15.98	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	90,210		$	81,792		$	96,973		$	60,783
Ratios to average net assets:
Net investment income (loss)		1.43	%		1.14	%		0.70	%		1.87	%
Total expensesd		1.02	%		1.03	%		1.06	%		1.09	%
Net expensese,f,g		0.98	%		1.01	%		1.02	%		1.03	%
Portfolio turnover rate		15	%		39	%		34	%		41	%

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

FINANCIAL HIGHLIGHTS (concluded)

SMID CAP VALUE FUND

a	Unaudited figures for the period ended March 31, 2023. 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:

	03/31/23a	09/30/22	09/30/21	09/30/20	09/30/19
A-Class	0.01%	0.01%	0.00%	0.00%*	0.00%*
C-Class	0.04%	0.00%*	0.00%*	0.00%*	0.01%
P-Class	0.01%	0.02%	0.07%	0.01%	0.04%
Institutional Class	0.07%	0.00%*	0.00%	0.00%*,h	N/A

* Less than 0.01%

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

	03/31/23a	09/30/22	09/30/21	09/30/20	09/30/19
A-Class	1.14%	1.18%	1.19%	1.24%	1.23%
C-Class	2.02%	2.02%	2.01%	2.07%	2.06%
P-Class	1.22%	1.25%	1.28%	1.30%	1.32%
Institutional Class	0.98%	1.01%	1.02%	1.03%h	N/A

^h Since commencement of operations: January 3, 2020. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

22 | 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 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 may issue an unlimited number of authorized 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. C-Class shares automatically convert to A-Class shares on or about the 10th day of the month following the 8-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. 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, 2023, the Trust consisted of nineteen funds (the “Funds”).

This report covers the Guggenheim SMid Cap Value Fund (the “Fund”), a diversified investment company. At March 31, 2023, A-Class, C-Class, P-Class and Institutional Class shares have been issued by the Fund.

Security Investors, LLC, which operates under the name Guggenheim Investments (“GI” or the “Adviser”), 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 | 23

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”). The U.S. Securities and Exchange Commission (the “SEC”) adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith and became effective September 8, 2022. Rule 2a-5 also defines “readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee to perform fair valuation determinations for the Fund with respect to all Fund investments and other assets. As the Fund’s valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Fund’s securities and other assets.

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

24 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

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

Investments for which market quotations are not readily available are fair valued as determined in good faith by the Adviser. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value”. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as 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 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, 2023, if any, are disclosed in the Fund’s Statement 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 Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries, if any. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Dividend income from Real Estate Investment Trusts (“REITs”) is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 25

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

or reclassified to realized gains. The actual amounts of income, return of capital, and realized gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

(d) Distributions

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

(e) Class Allocations

Interest and dividend income, most expenses, all realized gains and losses, and all unrealized appreciation and depreciation are allocated to the 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 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. Earnings credits for the period ended March 31, 2023, are disclosed in the Statement of Operations.

(g) 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 4.83% at March 31, 2023.

(h) 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.

26 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 0.75% of the average daily net assets of the Fund.

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

The Board has adopted Distribution Plans related to the offering of 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 or interest 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		1.30	%1		01/03/20		02/01/24
C-Class		2.05	%1		01/03/20		02/01/24
P-Class		1.30	%1		01/03/20		02/01/24
Institutional Class		1.05	%		01/03/20		02/01/24

¹ Prior to January 3, 2020, the expense limit for A-Class, C-Class and P-Class shares of the Fund was 1.42%, 2.12% and 1.32%, respectively.

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, 2023, the amount of fees waived or expenses reimbursed that are subject to recoupment are presented in the following table:

	2023		2024		2025		2026		Total
A-Class	$	—	$	—	$	1,354	$	33,487	$	34,841
C-Class		14,897		4,260		4,648		1,481		25,286
P-Class		2,321		2,971		2,276		89		7,657
Institutional Class		—		22,309		17,866		1,842		42,017

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 27

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

During the period ended March 31, 2023, GI recouped $42,076 from the Fund.

For the period ended March 31, 2023, GFD retained sales charges of $72,447 relating to sales of A-Class shares of the Trust.

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

MUFG Investor Services (US), LLC (“MUIS”) acts as the Fund’s administrator, transfer agent and accounting agent. As administrator, transfer agent and accounting agent, MUIS maintains 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 U.S. 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 U.S. federal income tax returns are subject to examination by the Internal Revenue Service (“IRS”) for a period of three years after they are filed.

28 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At March 31, 2023, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation/ (Depreciation)
$	342,001,724	$	69,067,844	$	(20,359,827	)	$	48,708,017

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 between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

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

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

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

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

Securities for which market quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other than Level 1 inputs will be subject to fair value requirements.

The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 29

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

Note 5 – Securities Transactions

For the period ended March 31, 2023, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

Purchases		Sales
$	57,150,492	$	68,328,942

Note 6 – Line of Credit

The Trust, along with other affiliated trusts, secured a 364-day committed, $1,230,000,000 line of credit from Citibank, N.A., which was in place through September 30, 2022, at which time the line of credit was renewed as a 364-day committed, $1,150,000,000 line of credit. A Fund may draw (borrow) from the line of credit as a temporary measure for emergency purposes, to facilitate redemption requests, or for other short-term liquidity purposes consistent with the Fund’s investment objective and program. For example, it may be advantageous for the Fund to borrow money rather than sell existing portfolio positions to meet redemption requests. Fees related to borrowings, if any, vary under this arrangement between the greater of Citibank’s “base rate”, SOFR plus 1%, or the federal funds rate plus 1/2 of 1%.

The commitment fee that may be paid by the Funds is at an annualized rate of 0.15% of the average daily amount of its allocated unused commitment amount. The commitment fee amount is allocated to the individual Funds based on the respective net assets of each participating Fund and is referenced in the 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, 2023.

Note 7 – Market Risks

The value of, or income generated by, the investments held by the Fund are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (which have since risen and may continue to rise), changes in inflation rates or expectations about inflation rates (which are currently elevated relative to normal conditions), adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the current

30 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

Russia-Ukraine conflict and its risk of expansion or collateral economic and other effects) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country or geographic region could adversely affect the value, yield and return of the investments held by the Fund in a different country or geographic region, economy, and market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Fund’s investments and performance of the Fund.

Note 8 – Subsequent Events

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 31

OTHER INFORMATION (Unaudited)

Delivery of Shareholder Reports

Paper copies of the Fund’s annual and semi-annual shareholder reports are not sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary. Instead, the reports are made available on a website, and you are notified by mail each time a report is posted and provided with a website link to access the report.

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 may apply to all Guggenheim Funds in which you are invested and may apply to all Guggenheim funds held with your financial intermediary.

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 portfolio 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 as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Fund’s Forms N-PORT and N-Q are available on the SEC’s website at https://www.sec.gov. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

32 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

A Board of Trustees oversees the Trust, as well as other trusts of GI, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by visiting guggenheiminvestments.com or by calling 800.820.0888.

Name, Address* and Year of Birth	Position(s) Held with 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 and Chair of the Valuation Oversight Committee	Since 2014 (Trustee) Since 2020 (Chair of the Valuation Oversight Committee)	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).	155	Current: Advent Convertible and Income Fund (2005-present); Purpose Investments Funds (2013-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 33

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

Name, Address* and Year of Birth	Position(s) Held with 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
Angela Brock-Kyle (1959)	Trustee	Since 2019	Current: Founder and Chief Executive Officer, B.O.A.R.D.S. (2013-present); Director, Mutual Fund Directors Forum (2022-present). Former: Senior Leader, TIAA (1987-2012).	154	Current: Bowhead Insurance GP, LLC (2020-present); Hunt Companies, Inc. (2019-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Infinity Property & Casualty Corp. (2014-2018).
Thomas F. Lydon, Jr. (1960)	Trustee and Chair of the Contracts Review Committee	Since 2019 (Trustee) Since 2020 (Chair of the Contracts Review Committee)	Current: President, Global Trends Investments (1996-present); Chief Executive Officer, ETF Flows, LLC (2019-present); Chief Executive Officer, Lydon Media (2016-present); Director, GDX Index Partners, LLC (2021-present); Vice Chairman, VettaFi (2022-present).	154	Current: US Global Investors, Inc. (GROW) (1995-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Harvest Volatility Edge Trust (3) (2017-2019).

34 | 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 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 Chair of the Nominating and Governance Committee	Since 2014	Current: Of Counsel, Momkus LLP (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	155	Current: Advent Convertible and Income Fund (2003-present); PPM Funds (2) (2018-present); NorthShore-Edward-Elmhurst Health (2012-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 35

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

Name, Address* and Year of Birth	Position(s) Held with 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
Sandra G. Sponem (1958)	Trustee and Chair of the Audit Committee	Since 2019 (Trustee) Since 2020 (Chair of the Audit Committee)	Current: Retired. Former: Senior Vice President and Chief Financial Officer, M.A. Mortenson-Companies, Inc. (2007-2017).	154	Current: SPDR Series Trust (81) (2018-present); SPDR Index Shares Funds (30) (2018-present); SSGA Active Trust (14) (2018-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); SSGA Master Trust (1) (2018-2020).

36 | 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 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, Chair of the Board and Chair of the Executive Committee	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).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 37

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

Name, Address* and Year of Birth	Position(s) Held with 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); 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, certain other funds in the Fund Complex (2017-2019); Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2018- 2022);Guggenheim Enhanced Equity Income Fund (2018-2021); Guggenheim Credit Allocation Fund (2018-2021).

*	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.
***	Each Trustee also serves on the Boards of Trustees of Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust, Guggenheim Strategic Opportunities Fund, Guggenheim Energy & Income Fund, Guggenheim Active Allocation Fund, Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust and Transparent Value Trust. Messrs. Barnes and Nyberg also serve on the Board of Trustees of Advent Convertible & Income Fund.
****	This Trustee is deemed to be an “interested person” of the Fund under the 1940 Act by reason of her position with the Fund’s Adviser and/or the parent of the Adviser.

38 | 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 Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS
Brian E. Binder (1972)	President and Chief Executive Officer	Since 2018	Current: President, Mutual Funds Boards, Guggenheim Investments (2022-present); President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President, Mutual Funds Boards, Guggenheim Funds Investment Advisors, LLC and Security Investors, LLC (2018-present); Board Member, Guggenheim Partners Investment Funds plc (2022-present); Board Member, Guggenheim Global Investments plc (2022-present); Board Member of Guggenheim Partners Fund Management (Europe) Limited (2018-present). Former: Senior Managing Director and Chief Administrative Officer, Guggenheim Investments (2018-2022); Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Chairman of North American Executive Committee and Head of Business Management and Consulting, Invesco Ltd. (2010-2012).
James M. Howley (1972)	Chief Financial Officer, Chief Accounting Officer and Treasurer	Since 2022	Current: Managing Director, Guggenheim Investments (2004-present); Chief Financial Officer, Chief Accounting Officer, and Treasurer, certain other funds in the Fund Complex (2022-present). Former: Assistant Treasurer, certain other funds in the Fund Complex (2006-2022); 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); Managing Director, Guggenheim Investments (2012-present).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 39

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) 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); Senior Managing Director, Guggenheim Funds Distributors, LLC (2014-present). Former: Chief Compliance Officer, Security Investors, LLC and 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).
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).

40 | 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 Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS - concluded
Jon Szafran (1989)	Assistant Treasurer	Since 2017	Current: Director, 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 | 41

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

42 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

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 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

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 43

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 based on the sensitivity of the

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(concluded)

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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3.31.2023

Guggenheim Funds Semi-Annual Report

Guggenheim Capital Stewardship Fund

GuggenheimInvestments.com CSF-SEMI-0323x0923

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	3
ABOUT SHAREHOLDERS’ FUND EXPENSES	5
CAPITAL STEWARDSHIP FUND	7
NOTES TO FINANCIAL STATEMENTS	14
OTHER INFORMATION	18
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	19
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	25

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 1

March 31, 2023

Dear Shareholder:

Guggenheim Partners Investment Management, LLC (“GPIM” or the “Investment Adviser”), is pleased to present the shareholder report for Guggenheim Capital Stewardship Fund (the “Fund”). The report covers the semi-annual period ended March 31, 2023 (the “Reporting Period”).

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 Fund. 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, 2023

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 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.

Capital Stewardship 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 stocks in which the Fund invests may underperform the equity markets as a whole ● 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, 2023

Developments in March 2023 highlighted the increasingly difficult place in which the U.S. Federal Reserve (the “Fed”) and other central banks find themselves as they work toward restoring price stability and maintaining financial stability. The collapse of Silicon Valley Bank and Signature Bank prompted banks to rush for liquidity support from the Fed, totaling $165 billion in the immediate aftermath. Overseas, the Swiss National Bank provided the equivalent of $54 billion in emergency liquidity to Credit Suisse before a deal was struck with rival UBS to buy it for $3.25 billion.

Heightened concerns about further bank stress and central banks’ ability to continue aggressively tightening monetary policy weighed heavily on market-implied expectations for the path of policy rates. Nevertheless, in March 2023 the Fed raised rates by 25 basis points and the European Central Bank raised rates by 50 basis points. One basis point equals 0.01%. We expect central banks will continue to raise rates over the next few months in their continuing effort to bring inflation to heel, despite the cracks in financial stability that are beginning to show.

While markets were volatile, data releases indicated that the U.S. economy is still on a relatively firm footing. March job growth came in at 236,000, well above the level needed to keep the unemployment rate from rising. Housing data has surprised to the upside, likely in response to the recent softening of mortgage rates. Meanwhile, the S&P Global U.S. composite Purchasing Managers’ Index (“PMI”) rose to a 10-month high, with strength especially evident in sub-indices for the service sector. Forward-looking data looks more concerning, however, with the Leading Economic Index turning down further, initial signs of job loss in the most cyclical and interest rate sensitive sectors, and business surveys souring on the economic outlook and plans for spending and hiring.

The Fed acknowledged in its March 2023 Federal Open Market Committee meeting statement that a contraction of credit emanating from volatility in the banking sector was likely to create new headwinds for the economy. In recognition of this new risk, the Fed’s updated Summary of Economic Projections showed a small downward revision of real gross domestic product growth this year, from 0.5% to 0.4%, followed by a larger downward revision for next year, from 1.6%to 1.2%. We continue to expect a recession could begin midway through the year.

For the Reporting Period, the S&P 500^® Index* returned 15.62%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* (gross) returned 27.52%. The return of the MSCI Emerging Markets Index* (gross) was 14.20%.

In the bond market, the Bloomberg U.S. Aggregate Bond Index* posted a 4.89% return for the Reporting Period, while the Bloomberg U.S. Corporate High Yield Index* returned 7.89%. The return of the ICE Bank of America (“BofA”) 3-Month U.S. Treasury Bill Index* was 1.94% 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 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 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.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) March 31, 2023

ICE BofA 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^® 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.

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, 2022 and ending March 31, 2023.

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, 2022	Ending Account Value March 31, 2023	Expenses Paid During Period2
Table 1. Based on actual Fund return3
	1.01%	12.78%	$ 1,000.00	$ 1,127.80	$ 5.36
Table 2. Based on hypothetical 5% return (before expenses)
	1.01%	5.00%	$ 1,000.00	$ 1,019.90	$ 5.09

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, 2022 to March 31, 2023.

6 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

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.	6.3%
Microsoft Corp.	5.7%
Texas Instruments, Inc.	2.3%
Home Depot, Inc.	2.2%
Alphabet, Inc. — Class A	2.2%
Valero Energy Corp.	1.9%
Phillips 66	1.8%
Exxon Mobil Corp.	1.7%
WW Grainger, Inc.	1.6%
Chevron Corp.	1.6%
Top Ten Total	27.3%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*
Periods Ended March 31, 2023

	6 Month†	1 Year	5 Year	Since Inception (09/26/14)
Capital Stewardship Fund	12.78%	(7.00%)	8.72%	8.79%
S&P 500 Index	15.62%	(7.73%)	11.19%	11.02%

*

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 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.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 7

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2023
CAPITAL STEWARDSHIP FUND

	Shares		Value
COMMON STOCKS† - 99.3%
Technology - 25.7%
Apple, Inc.		69,806	$	11,511,009
Microsoft Corp.		36,375		10,486,912
Texas Instruments, Inc.		22,488		4,182,993
Micron Technology, Inc.		42,380		2,557,209
NetApp, Inc.		32,927		2,102,389
QUALCOMM, Inc.		13,915		1,775,276
Dropbox, Inc. — Class A*		72,775		1,573,395
NVIDIA Corp.		4,567		1,268,576
KLA Corp.		2,968		1,184,737
Cognizant Technology Solutions Corp. — Class A		17,476		1,064,813
Playtika Holding Corp.*		92,154		1,037,654
Akamai Technologies, Inc.*		11,286		883,694
Dell Technologies, Inc. — Class C		21,869		879,352
Seagate Technology Holdings plc		12,899		852,882
Adobe, Inc.*		2,096		807,736
Applied Materials, Inc.		6,322		776,531
Lam Research Corp.		1,458		772,915
ON Semiconductor Corp.*		9,072		746,807
Broadcom, Inc.		1,087		697,354
VMware, Inc. — Class A*		4,608		575,309
Analog Devices, Inc.		2,270		447,689
Lumentum Holdings, Inc.*		7,937		428,677
HP, Inc.		10,362		304,125
Jack Henry & Associates, Inc.		1,810		272,803
Total Technology				47,190,837
Consumer, Non-cyclical - 17.4%
UnitedHealth Group, Inc.		5,986		2,828,924
Amgen, Inc.		10,268		2,482,289
Johnson & Johnson		14,858		2,302,990
Becton Dickinson and Co.		8,787		2,175,134
Merck & Company, Inc.		17,726		1,885,869
Bristol-Myers Squibb Co.		25,213		1,747,513
Colgate-Palmolive Co.		22,429		1,685,539
Pfizer, Inc.		39,107		1,595,566
McKesson Corp.		4,253		1,514,281
Hologic, Inc.*		17,503		1,412,492
Quest Diagnostics, Inc.		9,953		1,408,150
Gilead Sciences, Inc.		15,537		1,289,105
CVS Health Corp.		17,240		1,281,104
Humana, Inc.		2,439		1,184,037
Laboratory Corporation of America Holdings		5,130		1,176,925
Automatic Data Processing, Inc.		4,129		919,239
Vertex Pharmaceuticals, Inc.*		2,850		897,949
HCA Healthcare, Inc.		2,940		775,219
Kimberly-Clark Corp.		5,384		722,641
Organon & Co.		27,317		642,496
General Mills, Inc.		6,663		569,420
United Therapeutics Corp.*		2,236		500,775
Abbott Laboratories		4,274		432,785
Hormel Foods Corp.		6,533		260,536
Cigna Group		877		224,100
Total Consumer, Non-cyclical				31,915,078
Consumer, Cyclical - 16.9%
Home Depot, Inc.		13,942		4,114,563
WW Grainger, Inc.		4,377		3,014,921
Lowe’s Companies, Inc.		14,429		2,885,367
Cummins, Inc.		11,131		2,658,973
Ulta Beauty, Inc.*		3,887		2,121,019
PulteGroup, Inc.		34,109		1,987,872
Gentex Corp.		69,112		1,937,209
BorgWarner, Inc.		37,071		1,820,557
Dollar General Corp.		7,635		1,606,862
Yum! Brands, Inc.		11,228		1,482,994
Williams-Sonoma, Inc.		8,991		1,093,845
Tesla, Inc.*		5,119		1,061,988
AutoNation, Inc.*		7,848		1,054,457
Lear Corp.		6,532		911,149
Lithia Motors, Inc. — Class A		3,244		742,649
Best Buy Company, Inc.		8,258		646,354
NIKE, Inc. — Class B		3,895		477,683
Lululemon Athletica, Inc.*		1,108		403,523
VF Corp.		12,985		297,486
Starbucks Corp.		2,617		272,508
Dick’s Sporting Goods, Inc.		1,849		262,355
Penske Automotive Group, Inc.		1,176		166,769
Total Consumer, Cyclical				31,021,103
Industrial - 11.1%
3M Co.		23,198		2,438,342
General Dynamics Corp.		10,620		2,423,590
Illinois Tool Works, Inc.		9,844		2,396,522
Lockheed Martin Corp.		3,980		1,881,465
Amphenol Corp. — Class A		21,052		1,720,369
Waste Management, Inc.		9,342		1,524,334
Expeditors International of Washington, Inc.		9,205		1,013,655
Honeywell International, Inc.		5,118		978,152
Caterpillar, Inc.		4,207		962,730
CH Robinson Worldwide, Inc.		9,415		935,568
TD SYNNEX Corp.		9,268		897,050
Avnet, Inc.		19,373		875,660
Raytheon Technologies Corp.		8,148		797,934
Littelfuse, Inc.		2,047		548,780
Deere & Co.		1,113		459,536
United Parcel Service, Inc. — Class B		1,185		229,878
Jacobs Solutions, Inc.		1,771		208,110
Jabil, Inc.		1,998		176,144
Total Industrial				20,467,819
Financial - 8.9%
JPMorgan Chase & Co.		17,617		2,295,671
Visa, Inc. — Class A		9,358		2,109,855
Travelers Companies, Inc.		10,553		1,808,890
Principal Financial Group, Inc.		19,630		1,458,902
Bank of New York Mellon Corp.		28,873		1,311,989
Mastercard, Inc. — Class A		2,442		887,447
Toronto-Dominion Bank		14,283		855,552
Bank of Montreal		9,454		842,446
Popular, Inc.		13,984		802,821
Aflac, Inc.		12,047		777,272

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
CAPITAL STEWARDSHIP FUND

	Shares		Value
Citigroup, Inc.		15,464	$	725,107
Synchrony Financial		16,162		469,991
PNC Financial Services Group, Inc.		3,387		430,488
Regions Financial Corp.		21,636		401,564
Marsh & McLennan Companies, Inc.		1,839		306,285
Prologis, Inc. REIT		2,111		263,389
Prudential Financial, Inc.		2,952		244,249
MetLife, Inc.		4,101		237,612
Capital One Financial Corp.		2,405		231,265
Total Financial				16,460,795
Communications - 8.1%
Alphabet, Inc. — Class A*		39,403		4,087,273
Cisco Systems, Inc.		38,855		2,031,145
Amazon.com, Inc.*		19,249		1,988,229
Motorola Solutions, Inc.		6,556		1,875,868
GoDaddy, Inc. — Class A*		12,141		943,599
VeriSign, Inc.*		4,261		900,477
TELUS Corp.		43,645		866,790
F5, Inc.*		5,184		755,257
Meta Platforms, Inc. — Class A*		3,256		690,077
CDW Corp.		2,287		445,713
FactSet Research Systems, Inc.		906		376,072
Total Communications				14,960,500
Energy - 7.2%
Valero Energy Corp.		25,491		3,558,543
Phillips 66		31,686		3,212,327
Exxon Mobil Corp.		28,671		3,144,062
Chevron Corp.		18,106		2,954,175
Kinder Morgan, Inc.		20,141		352,669
Total Energy				13,221,776
Basic Materials - 3.7%
Ecolab, Inc.		11,736		1,942,660
Huntsman Corp.		59,405		1,625,321
Dow, Inc.		27,474		1,506,125
Reliance Steel & Aluminum Co.		3,828		982,801
Chemours Co.		15,841		474,279
Steel Dynamics, Inc.		1,940		219,336
Total Basic Materials				6,750,522
Utilities - 0.3%
Duke Energy Corp.		5,061		488,235
Total Common Stocks
(Cost $175,535,026)				182,476,665
EXCHANGE-TRADED FUNDS† - 0.8%
SPDR S&P 500 ETF Trust		3,500		1,432,865
Total Exchange-Traded Funds
(Cost $1,518,700)				1,432,865
MONEY MARKET FUND† - 0.3%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.43%1		505,382		505,382
Total Money Market Fund
(Cost $505,382)				505,382
Total Investments - 100.4%
(Cost $177,559,108)			$	184,414,912
Other Assets & Liabilities, net - (0.4)%				(781,865	)
Total Net Assets - 100.0%			$	183,633,047

*	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, 2023.
	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 | 9

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2023
CAPITAL STEWARDSHIP FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	182,476,665	$	—	$	—	$	182,476,665
Exchange-Traded Funds		1,432,865		—		—		1,432,865
Money Market Fund		505,382		—		—		505,382
Total Assets	$	184,414,912	$	—	$	—	$	184,414,912

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

CAPITAL STEWARDSHIP FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2023

Assets:
Investments, at value (cost $177,559,108)	$	184,414,912
Prepaid expenses		1,901
Receivables:
Dividends		119,068
Foreign tax reclaims		21,024
Interest		1,463
Total assets		184,558,368
Liabilities:
Overdraft due to custodian bank		13,128
Payable for:
Fund shares redeemed		747,072
Management fees		136,432
Fund accounting/administration fees		10,426
Trustees’ fees*		2,780
Transfer agent/maintenance fees		2,209
Miscellaneous		13,274
Total liabilities		925,321
Net assets	$	183,633,047
Net assets consist of:
Paid in capital	$	178,956,322
Total distributable earnings (loss)		4,676,725
Net assets	$	183,633,047
Capital shares outstanding		6,826,473
Net asset value per share	$	26.90

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended March 31, 2023

Investment Income:
Dividends (net of foreign withholding tax of $20,296)	$	1,949,202
Interest		11,699
Total investment income		1,960,901
Expenses:
Management fees		813,213
Transfer agent/maintenance fees		12,467
Fund accounting/administration fees		42,074
Professional fees		23,192
Trustees’ fees*		7,589
Custodian fees		5,308
Miscellaneous		9,060
Total expenses		912,903
Less:
Earnings credits applied		(868	)
Net expenses		912,035
Net investment income		1,048,866
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(657,051	)
Net realized loss		(657,051	)
Net change in unrealized appreciation (depreciation) on:
Investments		20,808,782
Net change in unrealized appreciation (depreciation)		20,808,782
Net realized and unrealized gain		20,151,731
Net increase in net assets resulting from operations	$	21,200,597

* 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 | 11

CAPITAL STEWARDSHIP FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,048,866		$	1,870,301
Net realized gain (loss) on investments		(657,051	)		3,056,329
Net change in unrealized appreciation (depreciation) on investments		20,808,782			(35,592,196	)
Net increase (decrease) in net assets resulting from operations		21,200,597			(30,665,566	)
Distributions to shareholders		(291,687	)		(54,426,863	)
Capital share transactions:
Proceeds from sale of shares		—			106,639,651
Distributions reinvested		289,248			54,379,479
Cost of shares redeemed		(4,033,870	)		(135,570,764	)
Net increase (decrease) from capital share transactions		(3,744,622	)		25,448,366
Net increase (decrease) in net assets		17,164,288			(59,644,063	)
Net assets:
Beginning of period		166,468,759			226,112,822
End of period	$	183,633,047		$	166,468,759
Capital share activity:
Shares sold		—			3,780,096
Shares issued from reinvestment of distributions		10,990			1,772,473
Shares redeemed		(152,029	)		(4,747,908	)
Net increase (decrease) in shares		(141,039	)		804,661

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

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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	23.89		$	36.69		$	31.08		$	28.23		$	31.23		$	29.11
Income (loss) from investment operations:
Net investment income (loss)b		.15			.27			.25			.28			.33			.28
Net gain (loss) on investments (realized and unrealized)		2.90			(4.05	)		7.28			3.43			.05			4.34
Total from investment operations		3.05			(3.78	)		7.53			3.71			.38			4.62
Less distributions from:
Net investment income		(.04	)		(.18	)		(.28	)		(.39	)		(.32	)		(.34	)
Net realized gains		—			(8.84	)		(1.64	)		(.47	)		(3.06	)		(2.16	)
Total distributions		(.04	)		(9.02	)		(1.92	)		(.86	)		(3.38	)		(2.50	)
Net asset value, end of period	$	26.90		$	23.89		$	36.69		$	31.08		$	28.23		$	31.23
Total Return		12.78	%		(15.74	%)		25.11	%		13.31	%		3.56	%		16.50	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	183,633		$	166,469		$	226,113		$	206,751		$	210,053		$	220,587
Ratios to average net assets:
Net investment income (loss)		1.16	%		0.90	%		0.70	%		0.96	%		1.23	%		0.93	%
Total expensesc		1.01	%		1.02	%		1.02	%		1.04	%		1.05	%		1.05	%
Portfolio turnover rate		88	%		162	%		154	%		147	%		131	%		164	%

a	Unaudited figures for the period ended March 31, 2023. 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 | 13

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

The Trust offers a combination of 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. C-Class shares automatically convert to A-Class shares on or about the 10th day of the month following the 8-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. 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, 2023, the Trust consisted of nineteen funds (the “Funds”).

This report covers the Capital Stewardship Fund (the “Fund”), a diversified investment company. At March 31, 2023, Institutional Class shares have been issued by the Fund.

Guggenheim Partners Investment Management, LLC (“GPIM” or “the Adviser”), 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.

Concinnity Advisors, LP (the “Sub-Adviser”) serves as the subadviser 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”) adopted policies and procedures for the valuation of the Fund’s investments (the “Valuation Procedures”). The SEC adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith and became effective September 8, 2022. Rule 2a-5 also defines “readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee to perform fair valuation determinations for the Fund with respect to all Fund investments and other assets. As the Fund’s valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Fund’s securities and other assets.

Valuations of the Fund’s securities and other assets are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Adviser, with the assistance of the Valuation Committee, convenes monthly, or

14 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Designee Procedures, regularly review the appropriateness of the inputs, methods, models and assumptions employed 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, the investment is fair valued by the Adviser.

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

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

Investments for which market quotations are not readily available are fair valued as determined in good faith by the Adviser. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value”. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as 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. 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. Dividends are reinvested in additional shares, unless shareholders request payment in cash. Distributions are recorded on the ex-dividend date and are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

(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 Fund’s Statement of Operations are before the reduction in expense from the related earnings credits, if any. Earnings credits for the period ended March 31, 2023, are disclosed in the Fund’s Statement of Operations.

(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 4.83% at March 31, 2023.

(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.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 15

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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.

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

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

MUFG Investor Services (US), LLC (“MUIS”) acts as the Fund’s administrator, transfer agent and accounting agent. As administrator, transfer agent and accounting agent, MUIS maintains 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 U.S. 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 U.S. federal income tax returns are subject to examination by the Internal Revenue Service for a period of three years after they are filed.

At March 31, 2023, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
$	179,868,235	$	12,416,483	$	(7,869,806	)	$	4,546,677

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 between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

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

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

16 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

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

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

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

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

Note 5 – Securities Transactions

For the period ended March 31, 2023 the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

Purchases		Sales
$	158,552,052	$	161,989,202

Note 6 – Market Risks

The value of, or income generated by, the investments held by the Fund are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (which have since risen and may continue to rise), changes in inflation rates or expectations about inflation rates (which are currently elevated relative to normal conditions), adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the current Russia-Ukraine conflict and its risk of expansion or collateral economic and other effects) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country or geographic region could adversely affect the value, yield and return of the investments held by the Fund in a different country or geographic region, economy, and market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Fund’s investments and performance of the Fund.

Note 7 – Subsequent Events

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 17

OTHER INFORMATION (Unaudited)

Delivery of Shareholder Reports

Paper copies of the Fund’s annual and semi-annual shareholder reports are not sent by mail, unless you specifically request paper copies of the reports from a fund or from your financial intermediary. Instead, the reports are made available on a website, and you are notified by mail each time a report is posted and provided with a website link to access the report.

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 may apply to all Guggenheim Funds in which you are invested and may apply to all Guggenheim funds held with your financial intermediary.

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 portfolio 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 as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Fund’s Forms N-PORT and N-Q are available on the SEC’s website at https://www.sec.gov. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

18 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

A Board of Trustees oversees the Trust, as well as other trusts of GI, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by visiting guggenheiminvestments.com or by calling 800.820.0888.

Name, Address* and Year of Birth	Position(s) Held with 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 and Chair of the Valuation Oversight Committee	Since 2014 (Trustee) Since 2020 (Chair of the Valuation Oversight Committee)	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).	155	Current: Advent Convertible and Income Fund (2005-present); Purpose Investments Funds (2013-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021).
Angela Brock-Kyle (1959)	Trustee	Since 2019	Current: Founder and Chief Executive Officer, B.O.A.R.D.S. (2013-present); Director, Mutual Fund Directors Forum (2022-present). Former: Senior Leader, TIAA (1987-2012).	154	Current: Bowhead Insurance GP, LLC (2020-present); Hunt Companies, Inc. (2019-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Infinity Property & Casualty Corp. (2014-2018).

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 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
Thomas F. Lydon, Jr. (1960)	Trustee and Chair of the Contracts Review Committee	Since 2019 (Trustee) Since 2020 (Chair of the Contracts Review Committee)	Current: President, Global Trends Investments (1996-present); Chief Executive Officer, ETF Flows, LLC (2019-present); Chief Executive Officer, Lydon Media (2016-present); Director, GDX Index Partners, LLC (2021-present); Vice Chairman, VettaFi (2022-present).	154	Current: US Global Investors, Inc. (GROW) (1995-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Harvest Volatility Edge Trust (3) (2017-2019).
Ronald A. Nyberg (1953)	Trustee and Chair of the Nominating and Governance Committee	Since 2014	Current: Of Counsel, Momkus LLP (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	155	Current: Advent Convertible and Income Fund (2003-present); PPM Funds (2) (2018-present); NorthShore-Edward-Elmhurst Health (2012-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

20 | 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 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
Sandra G. Sponem (1958)	Trustee and Chair of the Audit Committee	Since 2019 (Trustee) Since 2020 (Chair of the Audit Committee)	Current: Retired. Former: Senior Vice President and Chief Financial Officer, M.A. Mortenson-Companies, Inc. (2007-2017).	154	Current: SPDR Series Trust (81) (2018-present); SPDR Index Shares Funds (30) (2018-present); SSGA Active Trust (14) (2018-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); SSGA Master Trust (1) (2018-2020).
Ronald E. Toupin, Jr. (1958)	Trustee, Chair of the Board and Chair of the Executive Committee	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).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 21

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

Name, Address* and Year of Birth	Position(s) Held with 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); 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, certain other funds in the Fund Complex (2017-2019); Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2018-2022); Guggenheim Enhanced Equity Income Fund (2018-2021); Guggenheim Credit Allocation Fund (2018-2021).

*	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.
***	Each Trustee also serves on the Boards of Trustees of Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust, Guggenheim Strategic Opportunities Fund, Guggenheim Energy & Income Fund, Guggenheim Active Allocation Fund, Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust and Transparent Value Trust. Messrs. Barnes and Nyberg also serve on the Board of Trustees of Advent Convertible & Income Fund.
****	This Trustee is deemed to be an “interested person” of the Fund under the 1940 Act by reason of her position with the Fund’s Adviser and/or the parent of the Adviser.

22 | 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 Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS
Brian E. Binder (1972)	President and Chief Executive Officer	Since 2018	Current: President, Mutual Funds Boards, Guggenheim Investments (2022-present); President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President, Mutual Funds Boards, Guggenheim Funds Investment Advisors, LLC and, Security Investors, LLC (2018-present); Board Member, Guggenheim Partners Investment Funds plc (2022-present); Board Member, Guggenheim Global Investments plc (2022-present); Board Member of Guggenheim Partners Fund Management (Europe) Limited (2018-present). Former: Senior Managing Director and Chief Administrative Officer, Guggenheim Investments (2018-2022); Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Chairman of North American Executive Committee and Head of Business Management and Consulting, Invesco Ltd. (2010-2012).
James M. Howley (1972)	Chief Financial Officer, Chief Accounting Officer and Treasurer	Since 2022	Current: Managing Director, Guggenheim Investments (2004-present); Chief Financial Officer, Chief Accounting Officer, and Treasurer, certain other funds in the Fund Complex (2022-present). Former: Assistant Treasurer, certain other funds in the Fund Complex (2006-2022); 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); Managing 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); Senior Managing Director, Guggenheim Funds Distributors, LLC (2014-present). Former: Chief Compliance Officer, Security Investors, LLC and 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).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 23

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) 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).
Jon Szafran (1989)	Assistant Treasurer	Since 2017	Current: Director, 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.

24 | 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.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 25

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

26 | 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 | 27

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3.31.2023

Guggenheim Funds Semi-Annual Report

Guggenheim Macro Opportunities Fund

GuggenheimInvestments.com MO-SEMI-0323x0923

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	85
OTHER INFORMATION	114
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	115
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	124

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 1

March 31, 2023

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, 2023 (the “Reporting Period”).

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 Fund. 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, 2023

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.

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

2 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

March 31, 2023

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. ● 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, 2023

Developments in March 2023 highlighted the increasingly difficult place in which the U.S. Federal Reserve (the “Fed”) and other central banks find themselves as they work toward restoring price stability and maintaining financial stability. The collapse of Silicon Valley Bank and Signature Bank prompted banks to rush for liquidity support from the Fed, totaling $165 billion in the immediate aftermath. Overseas, the Swiss National Bank provided the equivalent of $54 billion in emergency liquidity to Credit Suisse before a deal was struck with rival UBS to buy it for $3.25 billion.

Heightened concerns about further bank stress and central banks’ ability to continue aggressively tightening monetary policy weighed heavily on market-implied expectations for the path of policy rates. Nevertheless, in March 2023 the Fed raised rates by 25 basis points and the European Central Bank raised rates by 50 basis points. One basis point equals 0.01%. We expect central banks will continue to raise rates over the next few months in their continuing effort to bring inflation to heel, despite the cracks in financial stability that are beginning to show.

While markets were volatile, data releases indicated that the U.S. economy is still on a relatively firm footing. March job growth came in at 236,000, well above the level needed to keep the unemployment rate from rising. Housing data has surprised to the upside, likely in response to the recent softening of mortgage rates. Meanwhile, the S&P Global U.S. composite Purchasing Managers’ Index (“PMI”) rose to a 10-month high, with strength especially evident in sub-indices for the service sector. Forward-looking data looks more concerning, however, with the Leading Economic Index turning down further, initial signs of job loss in the most cyclical and interest rate sensitive sectors, and business surveys souring on the economic outlook and plans for spending and hiring.

The Fed acknowledged in its March 2023 Federal Open Market Committee meeting statement that a contraction of credit emanating from volatility in the banking sector was likely to create new headwinds for the economy. In recognition of this new risk, the Fed’s updated Summary of Economic Projections showed a small downward revision of real gross domestic product growth this year, from 0.5% to 0.4%, followed by a larger downward revision for next year, from 1.6% to 1.2%. We continue to expect a recession could begin midway through the year.

For the Reporting Period, the S&P 500^® Index* returned 15.62%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* (gross) returned 27.52%. The return of the MSCI Emerging Markets Index* (gross) was 14.20%.

In the bond market, the Bloomberg U.S. Aggregate Bond Index* posted a 4.89% return for the Reporting Period, while the Bloomberg U.S. Corporate High Yield Index* returned 7.89%. The return of the ICE Bank of America (“BofA”) 3-Month U.S. Treasury Bill Index* was 1.94% 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.

4 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) March 31, 2023

*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 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 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 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^® 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, 2022 and ending March 31, 2023.

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, 2022	Ending Account Value March 31, 2023	Expenses Paid During Period2
Table 1. Based on actual Fund return3
A-Class	1.56%	5.58%	$ 1,000.00	$ 1,055.80	$ 8.00
C-Class	2.31%	5.15%	1,000.00	1,051.50	11.81
P-Class	1.60%	5.59%	1,000.00	1,055.90	8.20
Institutional Class	1.15%	5.75%	1,000.00	1,057.50	5.90
R6-Class	1.14%	5.79%	1,000.00	1,057.90	5.85
Table 2. Based on hypothetical 5% return (before expenses)
A-Class	1.56%	5.00%	$ 1,000.00	$ 1,017.15	$ 7.85
C-Class	2.31%	5.00%	1,000.00	1,013.41	11.60
P-Class	1.60%	5.00%	1,000.00	1,016.95	8.05
Institutional Class	1.15%	5.00%	1,000.00	1,019.20	5.79
R6-Class	1.14%	5.00%	1,000.00	1,019.25	5.74

1	This ratio represents annualized net expenses, which may include short interest expense. Excluding these expenses, the operating expense ratios for the Fund would be 1.32%, 2.07%, 1.32%, 0.91% and 0.91% for the A-Class, C-Class, P-Class, Institutional Class and R6-Class, respectively. 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, 2022 to March 31, 2023.

8 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

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	2.1%
Guggenheim Ultra Short Duration Fund — Institutional Class	0.8%
VanEck Gold Miners ETF	0.8%
TSGE, 6.25%	0.7%
BP Capital Markets plc, 4.88%	0.6%
VB-S1 Issuer LLC - VBTEL, 5.27%	0.6%
FKRT, 2.21%	0.6%
ITT Holdings LLC, 6.50%	0.6%
FS Rialto, 7.23%	0.6%
Guggenheim Strategy Fund III	0.6%
Top Ten Total	8.0%
“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, 2023

Portfolio Composition by Quality Rating1
Rating	% of Total Investments
Fixed Income Instruments
AAA	8.0%
AA	1.3%
A	10.8%
BBB	19.2%
BB	14.9%
B	15.4%
CCC	2.7%
CC	3.3%
C	0.1%
D	0.0%**
NR2	6.9%
Other Instruments	17.4%
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 has converted ratings to the equivalent S&P rating. Security ratings are determined at the time of purchase and may change thereafter.
2	NR (not rated) securities do not necessarily indicate low credit quality.
**	Less than 0.1%

10 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Average Annual Returns*

Periods Ended March 31, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	5.58%	(2.93%)	1.61%	2.74%
A-Class Shares with sales charge‡	1.38%	(6.80%)	0.78%	2.24%
C-Class Shares	5.15%	(3.66%)	0.85%	1.98%
C-Class Shares with CDSC§	4.15%	(4.58%)	0.85%	1.98%
Institutional Class Shares	5.75%	(2.56%)	2.01%	3.12%
ICE BofA 3-Month U.S. Treasury Bill Index	1.94%	2.53%	1.41%	0.87%

	6 Month†	1 Year	5 Year	Since Inception (05/01/15)
P-Class Shares	5.59%	(2.93%)	1.61%	2.56%
ICE BofA 3-Month U.S. Treasury Bill Index	1.94%	2.53%	1.41%	1.09%

	6 Month†	1 Year	Since Inception (03/13/19)
R6-Class Shares	5.79%	(2.53%)	2.30%
ICE BofA 3-Month U.S. Treasury Bill Index	1.94%	2.53%	1.25%

*	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 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.
‡	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.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 11

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Shares		Value
COMMON STOCKS† - 1.1%
Financial - 1.0%
Aequi Acquisition Corp. — Class A*,1,2		999,157	$	9,901,646
AfterNext HealthTech Acquisition Corp. — Class A*,1		895,600		9,153,032
Conyers Park III Acquisition Corp. — Class A*,1		832,100		8,412,531
TPG Pace Beneficial II Corp.*,1		807,638		8,052,232
Waverley Capital Acquisition Corp. 1 — Class A*,1		786,700		8,024,340
Acropolis Infrastructure Acquisition Corp. — Class A*,1		578,278		5,857,956
Blue Whale Acquisition Corp. I — Class A*,1		477,700		4,748,338
Pershing Square Tontine Holdings, Ltd. — Class A*,†††		6,864,930		686
Total Financial				54,150,761
Utilities - 0.1%
Texgen Power LLC*,††		180,169		4,684,394
Consumer, Cyclical - 0.0%
ATD New Holdings, Inc.*,††		42,478		2,325,670
Industrial - 0.0%
Schur Flexibles GesmbH*,††		1,661		630,137
BP Holdco LLC*,†††,2		37,539		48,218
Vector Phoenix Holdings, LP*,†††		37,539		8,970
Targus Inc*,†††		12,773		377
Targus Inc*,†††		12,773		377
API Heat Transfer Parent LLC*,†††		1,763,707		176
Targus Inc*,†††		12,773		127
Targus Inc*,†††		12,773		1
Targus Inc*,†††		12,773		1
Total Industrial				688,384
Communications - 0.0%
Vacasa, Inc. — Class A*		503,817		484,773
Technology - 0.0%
Qlik Technologies, Inc. - Class A*,†††		177		283,867
Qlik Technologies, Inc. - Class B*,†††		43,738		4
Total Technology				283,871
Consumer, Non-cyclical - 0.0%
Cengage Learning Holdings II, Inc.*,††		21,660		232,845
Save-A-Lot*,††		22,703		7,560
Total Consumer, Non-cyclical				240,405
Energy - 0.0%
Permian Production Partners LLC*,†††		573,522		93,890
Total Common Stocks
(Cost $61,072,758)				62,952,148
PREFERRED STOCKS†† - 5.6%
Financial - 5.2%
Citigroup, Inc.
3.88%		30,600,000		25,841,700
4.00%		13,100,000		11,577,125
7.38%*		1,400,000		1,377,824
Wells Fargo & Co.
3.90%		25,750,000		22,729,782
4.70%		836,225		15,796,290
Equitable Holdings, Inc.
4.95%		24,550,000		22,375,688
4.30%		600,325		11,166,045
Markel Corp.
6.00%		32,370,000		31,052,373

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Shares		Value
Kuvare US Holdings, Inc.
7.00% due 02/17/513		19,150,000	$	19,245,750
Bank of America Corp.
4.38%		13,850,000		11,774,409
6.13%		5,800,000		5,705,750
Goldman Sachs Group, Inc.
4.13%		20,500,000		16,989,504
Bank of New York Mellon Corp.
3.75%		20,550,000		16,945,530
Charles Schwab Corp.
4.00%*		18,700,000		14,726,250
W R Berkley Corp.
4.13% due 03/30/61		820,613		14,237,636
MetLife, Inc.
3.85%		12,200,000		10,748,851
Reinsurance Group of America, Inc.
7.13% due 10/15/524		300,400		7,900,520
Jackson Financial, Inc.
8.00%*		284,000		7,043,200
First Republic Bank
4.25%		803,675		4,283,588
4.50%		238,300		1,327,331
CNO Financial Group, Inc.
5.13% due 11/25/60		324,000		5,265,000
Assurant, Inc.
5.25% due 01/15/61		258,000		5,036,160
American Financial Group, Inc.
4.50% due 09/15/60		243,449		4,506,241
PartnerRe Ltd.
4.88%		208,352		4,256,631
Selective Insurance Group, Inc.
4.60%		246,000		4,231,200
B Riley Financial, Inc.
6.75% due 05/31/24		401		9,524
Total Financial				296,149,902
Government - 0.4%
CoBank ACB
4.25%		20,000,000		16,266,335
Farmer Mac
5.75%		378,000		8,973,720
Total Government				25,240,055
Industrial - 0.0%
API Heat Transfer Intermediate *,†††		218		—
Total Preferred Stocks
(Cost $397,044,217)				321,389,957
WARRANTS† - 0.0%
Conyers Park III Acquisition Corp. — Class A
Expiring 08/12/28*,1		277,366		55,473
AfterNext HealthTech Acquisition Corp. — Class A
Expiring 07/09/23*,1		298,533		49,721
Aequi Acquisition Corp. — Class A
Expiring 11/30/27*,1		333,052		33,305
Acropolis Infrastructure Acquisition Corp. — Class A
Expiring 03/31/26*,1		192,759		32,846
Waverley Capital Acquisition Corp. 1— Class A
Expiring 04/30/27*,1		262,232		23,601
Ginkgo Bioworks Holdings, Inc.
Expiring 08/01/26		128,004		23,041
Blue Whale Acquisition Corp. I — Class A
Expiring 07/09/23*,1		119,424		9,996
Pershing Square Tontine Holdings, Ltd. — Class A
Expiring 07/24/25*,†††		762,770		76
MSD Acquisition Corp. — Class A
Expiring 05/13/23*,†††,1		166,604		—
Total Warrants
(Cost $3,400,900)				228,059

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Shares		Value
EXCHANGE-TRADED FUNDS† - 0.8%
VanEck Gold Miners ETF		1,430,590	$	46,279,586
Total Exchange-Traded Funds
(Cost $54,624,676)				46,279,586
MUTUAL FUNDS† - 4.8%
Guggenheim Limited Duration Fund — R6-Class2		5,098,957		121,049,242
Guggenheim Ultra Short Duration Fund — Institutional Class2		4,880,513		47,389,782
Guggenheim Strategy Fund III2		1,335,130		32,376,912
Guggenheim Risk Managed Real Estate Fund — Institutional Class2		1,043,420		31,354,764
Guggenheim Alpha Opportunity Fund — Institutional Class2		1,017,008		27,550,743
Guggenheim Strategy Fund II2		770,025		18,642,295
Total Mutual Funds
(Cost $286,323,251)				278,363,738
MONEY MARKET FUNDS† - 4.1%
Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.69%5		122,357,120		122,357,120
Federated Hermes U.S. Treasury Cash Reserves Fund — Institutional Shares, 4.37%5		95,983,570		95,983,570
Western Asset Institutional U.S. Treasury Reserves — Institutional Shares, 4.56%5		20,049,128		20,049,128
Total Money Market Funds
(Cost $238,389,818)				238,389,818

	Face Amount~
CORPORATE BONDS†† - 30.7%
Financial - 10.2%
Pershing Square Holdings Ltd.
3.25% due 10/01/31		33,500,000	25,409,415
3.25% due 11/15/303		15,100,000	11,813,485
NFP Corp.
6.88% due 08/15/283		28,700,000	24,628,618
7.50% due 10/01/303		4,150,000	4,009,854
4.88% due 08/15/283		3,950,000	3,562,900
Wilton RE Ltd.
6.00%†††,3,4,6		31,350,000	27,879,241
GLP Capital Limited Partnership / GLP Financing II, Inc.
4.00% due 01/15/31		22,640,000	19,420,826
5.30% due 01/15/29		6,950,000	6,631,343
Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc.
3.88% due 03/01/313		21,650,000	17,950,881
2.88% due 10/15/263		8,750,000	7,831,250
Iron Mountain, Inc.
5.63% due 07/15/323		25,025,000	22,861,339
4.50% due 02/15/313		925,000	794,880
CBS Studio Center
7.56% (30 Day Average SOFR + 3.00%, Rate Floor: 3.00%) due 01/09/24◊,†††		22,000,000	22,220,000

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Liberty Mutual Group, Inc.
4.30% due 02/01/613		36,940,000	$	21,904,578
United Wholesale Mortgage LLC
5.50% due 11/15/253		11,956,000		11,315,278
5.50% due 04/15/293		7,150,000		5,970,250
5.75% due 06/15/273		4,550,000		4,048,873
Host Hotels & Resorts, LP
3.50% due 09/15/30		24,000,000		20,271,139
Jefferies Finance LLC / JFIN Company-Issuer Corp.
5.00% due 08/15/283		23,000,000		19,471,570
Mitsubishi UFJ Financial Group, Inc.
5.42% due 02/22/294		18,050,000		18,219,379
LPL Holdings, Inc.
4.00% due 03/15/293		14,788,000		13,309,200
4.38% due 05/15/313		5,500,000		4,862,605
Global Atlantic Finance Co.
4.70% due 10/15/513,4		22,350,000		17,912,597
FS KKR Capital Corp.
3.25% due 07/15/27		21,000,000		17,792,043
JPMorgan Chase & Co.
5.72% due 09/14/334		16,800,000		17,209,228
Nationwide Mutual Insurance Co.
4.35% due 04/30/503		21,150,000		16,717,549
Starwood Property Trust, Inc.
4.38% due 01/15/273		19,000,000		15,702,740
Hampton Roads PPV LLC
6.62% due 06/15/533		16,735,000		14,827,888
Sherwood Financing plc
4.50% due 11/15/263	EUR	13,600,000		12,615,819
Lloyds Banking Group plc
5.87% due 03/06/294		12,100,000		12,199,657
Kennedy-Wilson, Inc.
5.00% due 03/01/31		14,669,000		10,764,032
4.75% due 02/01/30		250,000		184,442
4.75% due 03/01/29		25,000		19,875
Ceamer Finance LLC
6.92% due 11/15/37†††		11,050,000		10,867,163
Hunt Companies, Inc.
5.25% due 04/15/293		13,700,000		10,706,442
First American Financial Corp.
4.00% due 05/15/30		11,760,000		10,628,086
Mizuho Financial Group, Inc.
5.67% due 05/27/294		9,850,000		9,988,788
Corebridge Financial, Inc.
6.88% due 12/15/523,4		10,750,000		9,583,093
Jane Street Group / JSG Finance, Inc.
4.50% due 11/15/293		9,650,000		8,636,750
OneAmerica Financial Partners, Inc.
4.25% due 10/15/503		11,550,000		8,436,264
Home Point Capital, Inc.
5.00% due 02/01/263		9,810,000		7,360,492
QBE Insurance Group Ltd.
5.88%3,4,6		7,550,000		7,039,898
SLM Corp.
3.13% due 11/02/26		7,714,000		6,556,900
Toronto-Dominion Bank
8.13% due 10/31/824		6,300,000		6,394,500
OneMain Finance Corp.
4.00% due 09/15/30		7,250,000		5,437,500
PartnerRe Finance B LLC
4.50% due 10/01/504		6,460,000		5,361,800
American Equity Investment Life Holding Co.
5.00% due 06/15/27		4,813,000		4,811,804

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Cushman & Wakefield US Borrower LLC
6.75% due 05/15/283		5,303,000	$	4,747,645
Bank of Nova Scotia
8.63% due 10/27/824		4,650,000		4,736,728
Accident Fund Insurance Company of America
8.50% due 08/01/323		3,000,000		3,142,402
SBA Communications Corp.
3.13% due 02/01/29		3,100,000		2,696,814
Prudential Financial, Inc.
5.13% due 03/01/524		2,750,000		2,423,000
Jones Deslauriers Insurance Management, Inc.
10.50% due 12/15/303		1,700,000		1,712,253
Platinum for Belize Blue Investment Company LLC
2.10% due 10/20/403,7		1,900,000		1,637,420
Atlas Mara Ltd.
due 12/31/21†††,8,9		4,642,499		1,559,880
Iron Mountain Information Management Services, Inc.
5.00% due 07/15/323		1,726,000		1,482,170
Total Financial				586,280,566
Communications - 4.5%
British Telecommunications plc
4.88% due 11/23/813,4		28,200,000		22,213,276
4.25% due 11/23/813,4		5,250,000		4,548,863
McGraw-Hill Education, Inc.
8.00% due 08/01/293		22,634,000		18,559,880
5.75% due 08/01/283		4,600,000		4,002,000
Altice France S.A.
5.13% due 07/15/293		13,250,000		9,970,625
5.50% due 10/15/293		11,760,000		8,992,354
Virgin Media Finance plc
5.00% due 07/15/303		21,400,000		17,687,742
UPC Broadband Finco BV
4.88% due 07/15/313		20,200,000		17,467,546
Level 3 Financing, Inc.
4.25% due 07/01/283		19,794,000		11,167,775
3.75% due 07/15/293		7,600,000		4,052,016
3.88% due 11/15/293		2,600,000		1,881,698
CSC Holdings LLC
4.13% due 12/01/303		20,672,000		14,846,424
4.63% due 12/01/303		2,715,000		1,338,766
LCPR Senior Secured Financing DAC
5.13% due 07/15/293		16,250,000		13,695,096
Vodafone Group plc
5.13% due 06/04/814		16,875,000		11,812,500
CCO Holdings LLC / CCO Holdings Capital Corp.
4.50% due 06/01/333		14,265,000		11,484,038
Cable One, Inc.
4.00% due 11/15/303		12,575,000		10,235,681
Rogers Communications, Inc.
4.55% due 03/15/523		9,800,000		8,061,205
Paramount Global
4.95% due 05/19/50		10,340,000		7,739,306
Sirius XM Radio, Inc.
4.13% due 07/01/303		8,900,000		7,275,750
Match Group Holdings II LLC
4.63% due 06/01/283		7,700,000		7,151,144
Virgin Media Secured Finance plc
4.50% due 08/15/303		7,950,000		6,835,489

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Telenet Finance Luxembourg Notes SARL
5.50% due 03/01/28		7,000,000	$	6,440,000
AMC Networks, Inc.
4.25% due 02/15/29		10,200,000		6,271,062
VZ Secured Financing BV
5.00% due 01/15/323		6,830,000		5,571,333
Cengage Learning, Inc.
9.50% due 06/15/243		4,139,000		4,001,792
Cogent Communications Group, Inc.
7.00% due 06/15/273		3,750,000		3,718,125
Virgin Media Vendor Financing Notes IV DAC
5.00% due 07/15/283		3,650,000		3,243,938
Radiate Holdco LLC / Radiate Finance, Inc.
4.50% due 09/15/263		3,518,000		2,752,835
Charter Communications Operating LLC / Charter Communications Operating Capital
3.90% due 06/01/52		3,500,000		2,313,591
TripAdvisor, Inc.
7.00% due 07/15/253		1,800,000		1,803,940
Ziggo BV
4.88% due 01/15/303		1,685,000		1,436,463
Zayo Group Holdings, Inc.
4.00% due 03/01/273		700,000		532,000
Total Communications				259,104,253
Energy - 3.1%
BP Capital Markets plc
4.88%4,6		39,360,000		35,768,400
ITT Holdings LLC
6.50% due 08/01/293		38,952,000		32,887,953
Parkland Corp.
4.63% due 05/01/303		20,000,000		17,780,000
Midwest Connector Capital Company LLC
4.63% due 04/01/293		18,763,000		17,585,896
Targa Resources Partners Limited Partnership / Targa Resources Partners Finance Corp.
6.88% due 01/15/29		12,632,000		12,874,769
4.88% due 02/01/31		5,000,000		4,678,423
Occidental Petroleum Corp.
7.95% due 06/15/39		12,735,000		14,167,688
4.50% due 07/15/44		2,850,000		2,280,000
NuStar Logistics, LP
6.38% due 10/01/30		14,506,000		13,918,507
5.63% due 04/28/27		450,000		426,076
Global Partners Limited Partnership / GLP Finance Corp.
6.88% due 01/15/29		7,750,000		7,205,562
7.00% due 08/01/27		2,200,000		2,110,934
Kinetik Holdings, LP
5.88% due 06/15/303		6,100,000		5,871,250
DT Midstream, Inc.
4.13% due 06/15/293		5,250,000		4,602,688
TransCanada PipeLines Ltd.
6.20% due 03/09/26		3,300,000		3,322,991
Holly Energy Partners Limited Partnership / Holly Energy Finance Corp.
6.38% due 04/15/273		2,689,000		2,659,085
TransMontaigne Partners Limited Partnership / TLP Finance Corp.
6.13% due 02/15/26		700,000		602,000
Basic Energy Services, Inc.
due 10/15/238		1,438,000		14,380
Total Energy				178,756,602

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Consumer, Cyclical - 3.1%
Hilton Domestic Operating Company, Inc.
4.00% due 05/01/313		15,900,000	$	13,923,630
3.63% due 02/15/323		4,150,000		3,501,562
5.75% due 05/01/283		525,000		525,000
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
6.50% due 06/20/273		16,745,000		16,691,081
JB Poindexter & Company, Inc.
7.13% due 04/15/263		11,875,000		11,132,812
Delta Air Lines, Inc.
7.00% due 05/01/253		10,536,000		10,800,695
Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp.
5.00% due 06/01/313		11,350,000		9,917,063
5.88% due 03/01/27		660,000		640,263
Evergreen Acqco 1 Limited Partnership / TVI, Inc.
9.75% due 04/26/283		8,750,000		8,312,500
1011778 BC ULC / New Red Finance, Inc.
4.00% due 10/15/303		9,333,000		8,003,047
Warnermedia Holdings, Inc.
6.41% due 03/15/26		7,200,000		7,236,351
British Airways Class A Pass Through Trust
4.25% due 11/15/323		7,704,449		7,197,391
Hyatt Hotels Corp.
6.00% due 04/23/30		6,530,000		6,632,005
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.
5.75% due 01/20/263		6,645,000		6,308,464
Hanesbrands, Inc.
9.00% due 02/15/313		6,100,000		6,244,875
Papa John’s International, Inc.
3.88% due 09/15/293		7,025,000		6,096,857
Penn Entertainment, Inc.
4.13% due 07/01/293		6,975,000		5,816,243
American Airlines Class AA Pass Through Trust
3.58% due 01/15/28		2,249,398		2,068,692
3.35% due 10/15/29		1,210,320		1,080,763
3.65% due 02/15/29		1,052,220		957,966
3.15% due 02/15/32		1,004,743		878,757
Boyne USA, Inc.
4.75% due 05/15/293		5,484,000		4,895,975	��
Superior Plus Limited Partnership / Superior General Partner, Inc.
4.50% due 03/15/293		4,800,000		4,285,764
Asbury Automotive Group, Inc.
4.63% due 11/15/293		4,472,000		4,002,440
Beacon Roofing Supply, Inc.
4.13% due 05/15/293		4,117,000		3,632,717
Station Casinos LLC
4.63% due 12/01/313		3,800,000		3,209,100
Scientific Games Holdings Limited Partnership/Scientific Games US FinCo, Inc.
6.63% due 03/01/303		3,500,000		3,092,877
Ritchie Bros Holdings, Inc.
6.75% due 03/15/283		2,950,000		3,037,999
Six Flags Theme Parks, Inc.
7.00% due 07/01/253		2,757,000		2,785,494
Air Canada Class A Pass Through Trust
5.25% due 04/01/293		2,795,997		2,723,287

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
PetSmart, Inc. / PetSmart Finance Corp.
4.75% due 02/15/283		2,800,000	$	2,628,500
Michaels Companies, Inc.
5.25% due 05/01/283		3,114,000		2,595,348
Air Canada
4.63% due 08/15/293	CAD	3,550,000		2,331,862
United Airlines, Inc.
4.63% due 04/15/293		1,700,000		1,537,652
Aramark Services, Inc.
6.38% due 05/01/253		1,200,000		1,208,832
United Airlines Class AA Pass Through Trust
4.15% due 08/25/31		975,108		875,272
CD&R Smokey Buyer, Inc.
6.75% due 07/15/253		950,000		814,625
Wyndham Hotels & Resorts, Inc.
4.38% due 08/15/283		700,000		644,863
Tempur Sealy International, Inc.
3.88% due 10/15/313		375,000		313,125
Total Consumer, Cyclical				178,581,749
Industrial - 3.0%
Boeing Co.
5.81% due 05/01/50		16,010,000		16,116,739
IP Lending I LLC
4.00% due 09/08/253		15,347,531		13,659,303
New Enterprise Stone & Lime Company, Inc.
5.25% due 07/15/283		9,081,000		8,026,642
9.75% due 07/15/283		5,350,000		5,109,250
Artera Services LLC
9.03% due 12/04/253		14,385,000		12,373,330
TopBuild Corp.
4.13% due 02/15/323		8,850,000		7,395,505
3.63% due 03/15/293		5,550,000		4,746,920
Great Lakes Dredge & Dock Corp.
5.25% due 06/01/293		15,785,000		11,929,672
Standard Industries, Inc.
4.38% due 07/15/303		6,200,000		5,394,000
3.38% due 01/15/313		6,552,000		5,265,741
Flowserve Corp.
3.50% due 10/01/30		10,270,000		8,881,432
Dyal Capital Partners IV
3.65% due 02/22/41†††		10,950,000		8,772,544
Arcosa, Inc.
4.38% due 04/15/293		9,400,000		8,359,984
GrafTech Finance, Inc.
4.63% due 12/15/283		10,000,000		8,338,600
TransDigm, Inc.
6.75% due 08/15/283		7,000,000		7,070,000
8.00% due 12/15/253		225,000		229,219
IP Lending II Ltd.
3.65% due 07/15/253		7,450,000		7,198,562
Pactiv Evergreen Group Issuer Incorporated/Pactiv Evergreen Group Issuer LLC
4.00% due 10/15/273		7,943,000		7,132,814
Atkore, Inc.
4.25% due 06/01/313		6,875,000		6,018,059
Deuce FinCo plc
5.50% due 06/15/273	GBP	5,350,000		5,490,454
Clearwater Paper Corp.
4.75% due 08/15/283		5,539,000		4,976,238
Adevinta ASA
3.00% due 11/15/27	EUR	3,433,000		3,352,920
Harsco Corp.
5.75% due 07/31/273		4,075,000		3,199,038
Howmet Aerospace, Inc.
5.95% due 02/01/37		2,925,000		2,946,937
TK Elevator US Newco, Inc.
5.25% due 07/15/273		3,000,000		2,832,300

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Builders FirstSource, Inc.
6.38% due 06/15/323		800,000	$	802,855
Waste Pro USA, Inc.
5.50% due 02/15/263		600,000		551,798
Brundage-Bone Concrete Pumping Holdings, Inc.
6.00% due 02/01/263		525,000		492,161
JELD-WEN, Inc.
6.25% due 05/15/253		100,000		99,750
Total Industrial				176,762,767
Consumer, Non-cyclical - 3.0%
Medline Borrower, LP
5.25% due 10/01/293		7,200,000		6,246,810
3.88% due 04/01/293		6,596,000		5,722,030
DaVita, Inc.
4.63% due 06/01/303		8,678,000		7,407,454
3.75% due 02/15/313		4,892,000		3,858,565
US Foods, Inc.
4.75% due 02/15/293		6,550,000		6,050,563
6.25% due 04/15/253		3,542,000		3,573,931
Bausch Health Companies, Inc.
4.88% due 06/01/283		15,600,000		9,204,000
Block, Inc.
2.75% due 06/01/26		9,711,000		8,854,150
Sotheby’s/Bidfair Holdings, Inc.
5.88% due 06/01/293		9,400,000		7,795,601
JBS USA LUX S.A. / JBS USA Food Company / JBS USA Finance, Inc.
4.38% due 02/02/523		6,500,000		4,697,396
3.75% due 12/01/313		3,400,000		2,807,761
Cheplapharm Arzneimittel GmbH
5.50% due 01/15/283		8,085,000		7,197,510
Option Care Health, Inc.
4.38% due 10/31/293		7,736,000		6,831,582
TreeHouse Foods, Inc.
4.00% due 09/01/28		7,575,000		6,695,555
BCP V Modular Services Finance II plc
4.75% due 10/30/283	EUR	7,000,000		6,448,764
Prime Security Services Borrower LLC / Prime Finance, Inc.
3.38% due 08/31/273		6,861,000		6,149,171
HealthEquity, Inc.
4.50% due 10/01/293		6,555,000		5,823,911
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.
5.00% due 12/31/263		3,312,000		3,028,894
7.00% due 12/31/273		2,991,000		2,609,648
Smithfield Foods, Inc.
3.00% due 10/15/303		7,000,000		5,585,231
Sabre GLBL, Inc.
7.38% due 09/01/253		6,216,000		5,553,965
FAGE International S.A. / FAGE USA Dairy Industry, Inc.
5.63% due 08/15/263		5,232,000		4,884,615
Central Garden & Pet Co.
4.13% due 04/30/313		5,300,000		4,576,338
ADT Security Corp.
4.88% due 07/15/323		5,150,000		4,543,794
Chrome Bidco
3.50% due 05/31/283	EUR	4,800,000		4,318,073
CPI CG, Inc.
8.63% due 03/15/263		4,269,000		4,226,310
WW International, Inc.
4.50% due 04/15/293		7,050,000		3,789,375
Carriage Services, Inc.
4.25% due 05/15/293		4,575,000		3,768,176
CAB SELAS
3.38% due 02/01/283	EUR	4,100,000		3,637,777
Endo Luxembourg Finance Company I SARL / Endo US, Inc.
due 04/01/293,8		4,400,000		3,254,815
Catalent Pharma Solutions, Inc.
3.13% due 02/15/293		2,825,000		2,483,480

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Legends Hospitality Holding Company LLC / Legends Hospitality Co-Issuer, Inc.
5.00% due 02/01/263		2,775,000	$	2,483,236
Molina Healthcare, Inc.
4.38% due 06/15/283		1,770,000		1,646,613
Tenet Healthcare Corp.
4.63% due 06/15/28		975,000		899,301
5.13% due 11/01/27		550,000		528,028
Par Pharmaceutical, Inc.
due 04/01/273,8		1,825,000		1,357,716
Altria Group, Inc.
4.45% due 05/06/50		1,670,000		1,244,951
Upbound Group, Inc.
6.38% due 02/15/293		1,450,000		1,217,495
Syneos Health, Inc.
3.63% due 01/15/293		1,236,000		1,015,865
Performance Food Group, Inc.
6.88% due 05/01/253		304,000		304,760
Total Consumer, Non-cyclical				172,323,210
Technology - 1.7%
AthenaHealth Group, Inc.
6.50% due 02/15/303		26,650,000		21,609,406
Qorvo, Inc.
3.38% due 04/01/313		9,225,000		7,631,473
4.38% due 10/15/29		7,833,000		7,217,718
TeamSystem SpA
6.04% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 02/15/28◊	EUR	11,750,000		12,397,608
CDW LLC / CDW Finance Corp.
3.57% due 12/01/31		14,000,000		12,041,820
NCR Corp.
5.25% due 10/01/303		10,325,000		8,429,120
5.13% due 04/15/293		3,850,000		3,331,227
6.13% due 09/01/293		25,000		24,658
Booz Allen Hamilton, Inc.
3.88% due 09/01/283		11,800,000		10,767,972
Boxer Parent Company, Inc.
6.50% due 10/02/25	EUR	5,500,000		5,896,940
Playtika Holding Corp.
4.25% due 03/15/293		5,850,000		4,870,125
Twilio, Inc.
3.88% due 03/15/31		4,000,000		3,394,080
MSCI, Inc.
3.88% due 02/15/313		883,000		785,958
ACI Worldwide, Inc.
5.75% due 08/15/263		400,000		396,000
Total Technology				98,794,105
Basic Materials - 1.5%
Alcoa Nederland Holding BV
5.50% due 12/15/273		15,125,000		14,936,240
6.13% due 05/15/283		7,450,000		7,459,089
4.13% due 03/31/293		4,900,000		4,362,322
Kaiser Aluminum Corp.
4.50% due 06/01/313		13,250,000		10,881,033
4.63% due 03/01/283		650,000		578,514
Minerals Technologies, Inc.
5.00% due 07/01/283		11,280,000		10,285,555
SK Invictus Intermediate II SARL
5.00% due 10/30/293		11,525,000		9,568,516
SCIL IV LLC / SCIL USA Holdings LLC
5.38% due 11/01/263		10,375,000		9,477,945
Carpenter Technology Corp.
6.38% due 07/15/28		8,315,000		8,110,510
HB Fuller Co.
4.25% due 10/15/28		5,250,000		4,657,225
Novelis Sheet Ingot GmbH
3.38% due 04/15/29	EUR	4,500,000		4,244,823
Ingevity Corp.
3.88% due 11/01/283		1,000,000		856,779

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Mirabela Nickel Ltd.
due 06/24/19†††,8,9		1,885,418	$	89,557
Total Basic Materials				85,508,108
Utilities - 0.6%
AES Corp.
3.95% due 07/15/303		9,760,000		8,738,128
Clearway Energy Operating LLC
3.75% due 02/15/313		9,409,000		8,115,263
Terraform Global Operating, LP
6.13% due 03/01/263		8,285,000		7,890,551
NRG Energy, Inc.
7.00% due 03/15/333		6,950,000		7,199,644
Atlantica Sustainable Infrastructure plc
4.13% due 06/15/283		1,550,000		1,391,125
Total Utilities				33,334,711
Total Corporate Bonds
(Cost $2,067,826,417)				1,769,446,071
ASSET-BACKED SECURITIES†† - 20.7%
Collateralized Loan Obligations - 11.9%
LoanCore Issuer Ltd.
2021-CRE4 D, 7.17% (30 Day Average SOFR + 2.61%, Rate Floor: 2.50%) due 07/15/35◊		20,500,000		19,424,394
2021-CRE6 D, 7.53% (1 Month USD LIBOR + 2.85%, Rate Floor: 2.85%) due 11/15/38◊,3		11,300,000		10,071,259
2019-CRE2 AS, 6.18% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 05/15/36◊,3		9,719,208		9,678,684
2021-CRE5 D, 7.68% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 07/15/36◊,3		8,250,000		7,397,641
2022-CRE7 D, 7.66% (30 Day Average SOFR + 3.10%, Rate Floor: 3.10%) due 01/17/37◊,3		6,400,000		6,108,543
Fortress Credit Opportunities IX CLO Ltd.
2021-9A CR, 7.59% (3 Month USD LIBOR + 2.80%, Rate Floor: 2.80%) due 10/15/33◊,3		35,000,000		32,375,088
2021-9A DR, 8.74% (3 Month USD LIBOR + 3.95%, Rate Floor: 3.95%) due 10/15/33◊,3		7,750,000		6,962,576
2021-9A A2TR, 6.59% (3 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 10/15/33◊,3		2,950,000		2,821,142
FS Rialto
2021-FL3 D, 7.23% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 11/16/36◊,3		36,500,000		32,712,585
2021-FL2 D, 7.53% (1 Month USD LIBOR + 2.80%, Rate Floor: 2.80%) due 05/16/38◊,3		8,850,000		8,088,771

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Palmer Square Loan Funding Ltd.
2022-1A B, 6.63% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/15/30◊,3		26,200,000	$	25,440,449
2021-3A C, 7.31% (3 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 07/20/29◊,3		8,300,000		7,874,799
2022-1A C, 7.23% (3 Month Term SOFR + 2.60%, Rate Floor: 2.60%) due 04/15/30◊,3		3,400,000		3,184,580
LCCM Trust
2021-FL3 C, 7.28% (1 Month USD LIBOR + 2.60%, Rate Floor: 2.60%) due 11/15/38◊,3		28,865,000		27,249,235
2021-FL2 D, 7.58% (1 Month USD LIBOR + 2.90%, Rate Floor: 2.90%) due 12/13/38◊,3		5,750,000		5,320,378
BXMT Ltd.
2020-FL2 C, 6.51% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 02/15/38◊		15,640,000		13,925,072
2020-FL3 D, 7.47% (30 Day Average SOFR + 2.91%, Rate Floor: 2.80%) due 11/15/37◊,3		7,350,000		6,974,212
2020-FL2 D, 6.81% (1 Month Term SOFR + 2.06%, Rate Floor: 1.95%) due 02/15/38◊,3		8,000,000		6,601,952
ACRES Commercial Realty Ltd.
2021-FL2 D, 7.81% (1 Month USD LIBOR + 3.10%, Rate Floor: 3.10%) due 01/15/37◊,3		8,350,000		7,839,125
2021-FL1 D, 7.36% (1 Month USD LIBOR + 2.65%, Rate Floor: 2.65%) due 06/15/36◊,3		7,250,000		6,787,726
2021-FL2 C, 7.36% (1 Month USD LIBOR + 2.65%, Rate Floor: 2.65%) due 01/15/37◊,3		6,500,000		6,156,190
2021-FL2 B, 6.96% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 01/15/37◊,3		3,500,000		3,331,012
MidOcean Credit CLO VII
2020-7A CR, 6.99% (3 Month USD LIBOR + 2.20%, Rate Floor: 0.00%) due 07/15/29◊,3		21,000,000		20,372,415
Voya CLO Ltd.
2021-2A CR, 8.39% (3 Month USD LIBOR + 3.60%, Rate Floor: 3.60%) due 06/07/30◊,3		16,500,000		14,940,677
2013-1A INC, due 10/15/303,10		28,970,307		4,220,974
Golub Capital Partners CLO Ltd.
2018-36A C, 6.91% (3 Month USD LIBOR + 2.10%, Rate Floor: 0.00%) due 02/05/31◊,3		20,000,000		18,906,000

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
BSPRT Issuer Ltd.
2021-FL6 D, 7.68% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/15/36◊,3		18,425,000	$	17,202,534
2021-FL7 D, 7.43% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 12/15/38◊,3		1,600,000		1,443,282
BSPDF Issuer Ltd.
2021-FL1 D, 7.43% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 10/15/36◊		19,975,000		18,076,384
Anchorage Capital CLO 6 Ltd.
2021-6A DRR, 8.24% (3 Month USD LIBOR + 3.45%, Rate Floor: 3.45%) due 07/15/30◊,3		17,350,000		15,884,220
Golub Capital Partners CLO 49M Ltd.
2021-49A D, 8.66% (3 Month USD LIBOR + 3.85%, Rate Floor: 3.85%) due 08/26/33◊,3		18,100,000		15,781,462
STWD Ltd.
2022-FL3 D, 7.31% (30 Day Average SOFR + 2.75%, Rate Floor: 2.75%) due 11/15/38◊,3		11,900,000		11,167,743
2021-FL2 D, 7.51% (1 Month USD LIBOR + 2.80%, Rate Floor: 2.80%) due 04/18/38◊,3		3,750,000		3,360,558
KREF Funding V LLC
6.43% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 06/25/26◊,†††		14,189,520		14,107,920
0.15% due 06/25/26†††,11		73,636,363		36,082
Cerberus Loan Funding XXX, LP
2020-3A C, 8.44% (3 Month USD LIBOR + 3.65%, Rate Cap/Floor: 14.50%/3.65%) due 01/15/33◊,3		14,500,000		13,915,356
FS Rialto Issuer LLC
2022-FL5 C, 8.61% (1 Month Term SOFR + 3.92%, Rate Floor: 3.92%) due 06/19/37◊,3		6,950,000		6,825,450
2022-FL6 C, 8.92% (1 Month Term SOFR + 4.23%, Rate Floor: 4.23%) due 08/17/37◊,3		6,150,000		6,065,572
Cerberus Loan Funding XL LLC
2023-1A C, 9.19% (3 Month Term SOFR + 4.40%, Rate Floor: 4.40%) due 03/22/35◊,3		12,750,000		12,750,000
ABPCI Direct Lending Fund IX LLC
2021-9A BR, 7.32% (3 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 11/18/31◊,3		11,550,000		10,862,325

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Neuberger Berman Loan Advisers CLO 32 Ltd.
2021-32A DR, 7.50% (3 Month USD LIBOR + 2.70%, Rate Floor: 2.70%) due 01/20/32◊,3		11,500,000	$	10,675,620
Diamond CLO Ltd.
2021-1A DR, 8.22% (3 Month USD LIBOR + 3.40%, Rate Floor: 3.40%) due 04/25/29◊,3		5,500,000		5,288,787
2018-1A D, 8.52% (3 Month USD LIBOR + 3.70%, Rate Floor: 3.70%) due 07/22/30◊,3		4,603,974		4,544,481
2021-1A CR, 7.22% (3 Month USD LIBOR + 2.40%, Rate Floor: 2.40%) due 04/25/29◊,3		731,591		725,056
Fontainbleau Vegas
10.43% (1 Month Term SOFR + 5.65%, Rate Floor: 5.65%) due 01/31/26◊,†††		10,350,522		10,454,027
Atlas Senior Loan Fund IX Ltd.
2018-9A C, 6.61% (3 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 04/20/28◊,3		10,250,000		9,952,277
2018-9A SUB, due 04/20/283,10		9,600,000		394,589
THL Credit Lake Shore MM CLO I Ltd.
2021-1A CR, 7.79% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 04/15/33◊,3		9,900,000		9,203,150
GoldenTree Loan Management US CLO 1 Ltd.
2021-9A D, 7.71% (3 Month USD LIBOR + 2.90%, Rate Floor: 2.90%) due 01/20/33◊,3		9,950,000		9,038,882
Cerberus Loan Funding XXXVI, LP
2021-6A B, 6.54% (3 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 11/22/33◊,3		9,000,000		8,913,537
BCC Middle Market CLO LLC
2021-1A A1R, 6.29% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 10/15/33◊,3		9,000,000		8,760,600
ABPCI Direct Lending Fund CLO V Ltd.
2021-5A BR, 7.71% (3 Month USD LIBOR + 2.90%, Rate Floor: 2.90%) due 04/20/31◊,3		9,200,000		8,666,052
Golub Capital Partners CLO 16 Ltd.
2021-16A CR2, 7.72% (3 Month USD LIBOR + 2.90%, Rate Floor: 2.90%) due 07/25/33◊,3		9,300,000		8,575,938
Magnetite XXIX Ltd.
2021-29A D, 7.39% (3 Month USD LIBOR + 2.60%, Rate Floor: 2.60%) due 01/15/34◊,3		8,800,000		8,376,479

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Venture XIV CLO Ltd.
2020-14A CRR, 7.20% (3 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 08/28/29◊,3		8,000,000	$	7,743,046
ABPCI Direct Lending Fund CLO VII, LP
2021-7A BR, 7.37% (3 Month USD LIBOR + 2.55%, Rate Floor: 2.55%) due 10/20/31◊,3		7,950,000		7,486,590
CIFC Funding 2017-II Ltd.
2021-2A DR, 7.91% (3 Month USD LIBOR + 3.10%, Rate Floor: 3.10%) due 04/20/30◊,3		8,100,000		7,461,672
Madison Park Funding XLVIII Ltd.
2021-48A D, 7.80% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 04/19/33◊,3		7,500,000		7,135,446
Dryden 37 Senior Loan Fund
2015-37A Q, due 01/15/313,10		9,500,000		7,093,823
ACRE Commercial Mortgage Ltd.
2021-FL4 D, 7.36% (1 Month USD LIBOR + 2.60%, Rate Floor: 2.60%) due 12/18/37◊,3		7,350,000		6,747,562
Marathon CLO V Ltd.
2017-5A A2R, 6.37% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 11/21/27◊,3		6,549,641		6,522,557
2013-5A SUB, due 11/21/273,10		5,500,000		215,567
Cerberus Loan Funding XXXIII, LP
2021-3A C, 7.59% (3 Month USD LIBOR + 2.80%, Rate Floor: 2.80%) due 07/23/33◊,3		5,900,000		5,425,812
Octagon Loan Funding Ltd.
2014-1A SUB, due 11/18/313,10		19,435,737		5,246,658
CHCP Ltd.
2021-FL1 D, 7.77% (1 Month Term SOFR + 3.11%, Rate Floor: 3.00%) due 02/15/38◊,3		5,500,000		5,176,036
ABPCI Direct Lending Fund CLO I LLC
2021-1A C2, 7.81% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 07/20/33◊,3		5,550,000		5,152,935
WhiteHorse X Ltd.
2015-10A E, 10.09% (3 Month USD LIBOR + 5.30%, Rate Floor: 5.30%) due 04/17/27◊,3		5,012,204		4,727,661
Cerberus Loan Funding XXXV, LP
2021-5A C, 7.39% (3 Month USD LIBOR + 2.60%, Rate Floor: 2.60%) due 09/22/33◊,3		5,150,000		4,718,869
Wind River CLO Ltd.
2018-1A ARR, 5.85% (3 Month USD LIBOR + 1.05%, Rate Floor: 1.05%) due 07/18/31◊,3		3,983,606		3,903,348

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Neuberger Berman Loan Advisers CLO 40 Ltd.
2021-40A D, 7.54% (3 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 04/16/33◊,3		4,050,000	$	3,771,645
Hull Street CLO Ltd.
2014-1A D, 8.39% (3 Month USD LIBOR + 3.60%, Rate Floor: 0.00%) due 10/18/26◊,3		3,758,888		3,719,506
Dryden 50 Senior Loan Fund
2017-50A SUB, due 07/15/303,10		7,895,000		3,211,054
BNPP IP CLO Ltd.
2014-2A E, 10.05% (3 Month USD LIBOR + 5.25%, Rate Floor: 0.00%) due 10/30/25◊,3		6,022,134		2,991,194
HGI CRE CLO Ltd.
2021-FL2 D, 6.88% (1 Month USD LIBOR + 2.15%, Rate Floor: 2.15%) due 09/17/36◊,3		1,600,000		1,461,885
2021-FL2 E, 7.18% (1 Month USD LIBOR + 2.45%, Rate Floor: 2.45%) due 09/17/36◊,3		1,200,000		1,094,208
Dryden 41 Senior Loan Fund
2015-41A SUB, due 04/15/313,10		11,700,000		2,532,641
Denali Capital CLO XI Ltd.
2018-1A BRR, 6.96% (3 Month USD LIBOR + 2.15%, Rate Floor: 0.00%) due 10/20/28◊,3		2,500,000		2,458,054
BDS Ltd.
2021-FL9 E, 7.36% (1 Month USD LIBOR + 2.60%, Rate Floor: 2.60%) due 11/16/38◊,3		2,700,000		2,407,356
Carlyle Global Market Strategies CLO Ltd.
2012-3A SUB, due 01/14/323,10		6,400,000		1,769,600
2013-3X SUB, due 10/15/3010		4,938,326		534,327
KVK CLO Ltd.
2013-1A SUB, due 01/14/283,10		11,900,000		2,081,441
Goldentree Loan Management US CLO 4 Ltd.
2021-4A DR, 7.97% (3 Month USD LIBOR + 3.15%, Rate Floor: 3.15%) due 04/24/31◊,3		2,000,000		1,867,070
AMMC CLO XI Ltd.
2012-11A SUB, due 04/30/313,10		5,650,000		1,706,712
PFP Ltd.
2021-7 E, 7.73% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 04/14/38◊,3		1,789,911		1,662,462
Telos CLO Ltd.
2017-6A CR, 7.39% (3 Month USD LIBOR + 2.60%, Rate Floor: 0.00%) due 01/17/27◊,3		800,811		800,034
Venture XIII CLO Ltd.
2013-13A SUB, due 09/10/293,10		13,790,000		759,181
Babson CLO Ltd.
2014-IA SUB, due 07/20/253,10		11,900,000		739,359

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Great Lakes CLO Ltd.
2014-1A SUB, due 10/15/293,10		1,500,000	$	596,422
Treman Park CLO Ltd.
2015-1A SUB, due 10/20/283,10		18,918,010		501,327
Dryden Senior Loan Fund
due 01/15/3110		1,897,598		467,458
Avery Point II CLO Ltd.
2013-3X COM, due 01/18/2510		6,270,000		43,075
OHA Credit Partners IX Ltd.
2013-9A ACOM, due 10/20/253,10		4,219,178		4,852
Copper River CLO Ltd.
2007-1A INC, due 01/20/219,10		8,150,000		823
West CLO Ltd.
2013-1A SUB, due 11/07/253,10		5,300,000		530
Total Collateralized Loan Obligations				687,753,640
Transport-Aircraft - 3.5%
AASET Trust
2021-1A, 2.95% due 11/16/413		18,421,729		16,598,346
2017-1A, 3.97% due 05/16/423		13,923,299		11,223,789
2021-2A, 3.54% due 01/15/473		3,431,210		2,582,089
2020-1A, 4.34% due 01/16/403		3,751,347		1,672,720
KDAC Aviation Finance Ltd.
2017-1A, 4.21% due 12/15/423		34,236,229		27,902,869
Falcon Aerospace Ltd.
2017-1, 4.58% due 02/15/423		12,139,410		11,450,176
2019-1, 3.60% due 09/15/393		5,666,634		4,788,365
2017-1, 6.30% due 02/15/423		3,838,675		3,363,672
Sprite Ltd.
2021-1, 3.75% due 11/15/463		16,934,572		15,166,479
Raspro Trust
2005-1A, 5.17% (3 Month USD LIBOR + 0.93%, Rate Floor: 0.93%) due 03/23/24◊,3		15,020,380		14,837,146
Castlelake Aircraft Securitization Trust
2018-1, 4.13% due 06/15/433		9,791,187		8,842,421
2019-1A, 3.97% due 04/15/393		5,671,185		5,039,869
Sapphire Aviation Finance I Ltd.
2018-1A, 4.25% due 03/15/403		14,975,143		12,182,428
AASET US Ltd.
2018-2A, 4.45% due 11/18/383		12,437,368		10,759,671
JOL Air Ltd.
2019-1, 3.97% due 04/15/443		10,190,416		8,644,020
Labrador Aviation Finance Ltd.
2016-1A, 4.30% due 01/15/423		9,221,143		7,512,268
Sapphire Aviation Finance II Ltd.
2020-1A, 4.34% due 03/15/403		9,117,555		6,405,401
2020-1A, 3.23% due 03/15/403		542,316		454,373
GAIA Aviation Ltd.
2019-1, 3.97% due 12/15/443,7		6,731,398		6,159,330
WAVE LLC
2019-1, 3.60% due 09/15/443		7,028,630		5,931,320
Navigator Aircraft ABS Ltd.
2021-1, 3.57% due 11/15/463,7		5,797,210		4,774,776

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Lunar Structured Aircraft Portfolio Notes
2021-1, 3.43% due 10/15/463		5,269,930	$	4,471,724
MAPS Ltd.
2018-1A, 4.21% due 05/15/433		4,072,170		3,660,866
Slam Ltd.
2021-1A, 3.42% due 06/15/463		3,206,160		2,673,841
Castlelake Aircraft Structured Trust
2021-1A, 6.66% due 01/15/463		2,538,516		2,068,946
Total Transport-Aircraft				199,166,905
Financial - 2.1%
HarbourVest Structured Solutions IV Holdings, LP
7.20% (3 Month USD LIBOR + 2.45%, Rate Floor: 2.45%) due 09/15/26◊,†††		23,234,292		23,218,858
2.58% (3 Month EURIBOR + 2.45%, Rate Floor: 2.45%) due 09/15/26◊,†††	EUR	12,900,000		14,004,241
KKR Core Holding Company LLC
4.00% due 08/12/31†††		23,809,039		21,424,642
Lightning A
5.50% due 03/01/37†††		15,678,196		14,580,722
Thunderbird A
5.50% due 03/01/37†††		15,605,412		14,513,033
Bib Merchant Voucher Receivables Ltd.
4.18% due 04/07/28†††		12,669,671		12,384,430
Nassau LLC
2019-1, 3.98% due 08/15/343		11,884,728		11,355,422
Ceamer Finance LLC
3.69% due 03/22/31†††		5,817,840		5,430,041
Lightning B
7.50% due 03/01/37†††		3,153,660		2,869,831
Thunderbird B
7.50% due 03/01/37†††		3,139,020		2,856,508
Aesf Vi Verdi, LP
2.15% (3 Month EURIBOR + 2.15%, Rate Floor: 2.15%) due 11/25/24◊,†††	EUR	432,695		469,580
Total Financial				123,107,308
Infrastructure - 1.0%
VB-S1 Issuer LLC - VBTEL
2022-1A, 5.27% due 02/15/523		39,650,000		35,761,509
Hotwire Funding LLC
2021-1, 4.46% due 11/20/513		11,750,000		9,951,563
Secured Tenant Site Contract Revenue Notes Series
2018-1A, 4.70% due 06/15/489		6,454,121		6,419,589
Vault DI Issuer LLC
2021-1A, 2.80% due 07/15/463		7,150,000		6,135,572
Total Infrastructure				58,268,233
Whole Business - 1.0%
TSGE
2017-1, 6.25% due 09/25/31†††		42,342,819		39,829,632
Applebee’s Funding LLC / IHOP Funding LLC
2019-1A, 4.19% due 06/05/493		14,349,060		14,021,772

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Taco Bell Funding LLC
2016-1A, 4.97% due 05/25/463		2,662,563	$	2,599,753
Wendy’s Funding LLC
2018-1A, 3.88% due 03/15/483		379,000		349,879
Total Whole Business				56,801,036
Single Family Residence - 0.6%
FirstKey Homes Trust
2020-SFR2, 4.00% due 10/19/373		13,550,000		12,360,141
2020-SFR2, 4.50% due 10/19/373		13,250,000		12,153,393
2020-SFR2, 3.37% due 10/19/373		8,550,000		7,728,963
Total Single Family Residence				32,242,497
Net Lease - 0.4%
CARS-DB4, LP
2020-1A, 4.95% due 02/15/503		21,105,000		18,102,204
SVC ABS LLC
2023-1A, 5.55% due 02/20/533		5,948,760		5,645,454
Total Net Lease				23,747,658
Insurance - 0.1%
CHEST
7.13% due 03/15/43†††		6,000,000		6,044,690
Collateralized Debt Obligations - 0.1%
Anchorage Credit Funding 4 Ltd.
2021-4A CR, 3.52% due 04/27/393		4,250,000		3,376,361
Total Asset-Backed Securities
(Cost $1,271,735,598)				1,190,508,328
SENIOR FLOATING RATE INTERESTS††,◊ - 13.5%
Consumer, Cyclical - 3.7%
MB2 Dental Solutions LLC
10.91% (1 Month Term SOFR + 6.00%, Rate Floor: 7.00%) due 01/29/27†††		35,382,419		34,786,528
Zephyr Bidco Ltd.
8.71% (1 Month GBP SONIA + 4.75%, Rate Floor: 4.75%) due 07/23/25	GBP	20,850,000		23,932,858
11.46% (1 Month GBP SONIA + 7.50%, Rate Floor: 7.50%) due 07/23/26	GBP	1,540,417		1,474,719
FR Refuel LLC
9.42% (1 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 11/08/28†††		21,055,580		20,108,079
Packers Holdings LLC
8.09% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 03/09/28		18,485,646		16,671,834
First Brands Group LLC
9.82% (3 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 03/30/27		7,374,253		7,072,351
10.25% (6 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 03/30/27		6,950,000		6,654,625

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Pacific Bells LLC
9.66% (3 Month Term SOFR + 4.50%, Rate Floor: 5.00%) due 11/10/28		12,097,871	$	11,613,956
Rent-A-Center, Inc.
8.13% (3 Month USD LIBOR + 3.25%, Rate Floor: 3.75%) due 02/17/28		9,889,483		9,765,864
SP PF Buyer LLC
9.34% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 12/22/25		15,189,373		9,235,139
NFM & J LLC
10.70% (3 Month USD LIBOR + 5.75%, Rate Floor: 6.75%) due 11/30/27†††		8,320,964		8,139,277
The Facilities Group
10.61% ((1 Month USD LIBOR + 5.75%) and (3 Month USD LIBOR + 5.75%), Rate Floor: 6.75%) due 11/30/27†††		7,408,770		7,247,000
Holding SOCOTEC
9.16% ((2 Month USD LIBOR + 4.00%) and (3 Month USD LIBOR + 4.00%), Rate Floor: 4.75%) due 06/30/28		7,078,500		6,774,691
BCP V Modular Services Holdings IV Ltd.
7.52% (3 Month EURIBOR + 4.50%, Rate Floor: 4.50%) due 12/15/28	EUR	6,400,000		6,546,581
Camin Cargo Control, Inc.
11.34% (1 Month USD LIBOR + 6.50%, Rate Floor: 7.50%) due 06/04/26†††		6,545,352		6,283,538
Accuride Corp.
10.09% (1 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 11/17/23		6,943,028		5,421,325
Galls LLC
11.59% (3 Month USD LIBOR + 6.75%, Rate Floor: 6.75%) due 01/31/25†††		3,458,362		3,371,903
11.58% (3 Month USD LIBOR + 6.75%, Rate Floor: 8.25%) due 01/31/25†††		464,437		452,826
11.55% ((1 Month Term SOFR + 6.75%) and (3 Month USD LIBOR + 6.75%), Rate Floor: 6.75%) due 01/31/24†††		422,934		412,361
Flamingo
6.53% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 03/27/28	EUR	4,045,312		3,990,933
CD&R Firefly Bidco Ltd.
7.68% (3 Month GBP SONIA + 4.25%, Rate Floor: 4.25%) due 06/23/25	GBP	3,350,000		3,974,480

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Alexander Mann
8.43% (1 Month GBP SONIA + 5.00%, Rate Floor: 5.00%) due 06/16/25	GBP	3,000,000	$	3,494,467
Congruex Group LLC
10.58% (3 Month Term SOFR + 5.75%, Rate Floor: 5.75%) due 05/03/29†††		2,780,667		2,690,295
ScribeAmerica Intermediate Holdco LLC (Healthchannels)
9.34% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 04/03/25		4,690,534		2,689,224
SHO Holding I Corp.
10.08% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 04/26/24		3,575,670		2,476,152
10.06% (3 Month USD LIBOR + 5.23%, Rate Floor: 6.23%) due 04/29/24		60,373		41,808
Checkers Drive-In Restaurants, Inc.
11.25% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 04/25/24		3,261,671		2,495,178
Adevinta ASA
6.02% (3 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 06/26/28	EUR	2,123,333		2,275,217
ImageFIRST Holdings LLC
9.66% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.25%) due 04/27/28		2,095,610		2,011,785
EG Finco Ltd.
8.45% (3 Month GBP SONIA + 4.75%, Rate Floor: 4.75%) due 02/07/25	GBP	950,000		1,093,642
Verisure Holding AB
6.26% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 03/27/28	EUR	370,000		384,078
Total Consumer, Cyclical				213,582,714
Consumer, Non-cyclical - 3.6%
Women’s Care Holdings, Inc.
9.33% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.25%) due 01/17/28		30,833,256		28,674,928
Mission Veterinary Partners
8.84% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 04/27/28		21,128,250		19,437,990
Dhanani Group, Inc.
10.84% (1 Month Term SOFR + 6.00%, Rate Floor: 6.00%) due 06/10/27†††		14,499,545		14,354,550

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Quirch Foods Holdings LLC
9.68% (1 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 10/27/27		15,294,761	$	14,052,062
PetIQ LLC
8.96% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.75%) due 04/13/28†††		14,246,505		12,964,320
Sigma Holding BV (Flora Food)
6.24% (6 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 07/02/25	EUR	12,019,549		12,175,255
LaserAway Intermediate Holdings II LLC
10.58% (3 Month USD LIBOR + 5.75%, Rate Floor: 6.50%) due 10/14/27		12,377,852		12,114,823
Blue Ribbon LLC
10.66% (1 Month USD LIBOR + 6.00%, Rate Floor: 6.75%) due 05/08/28		16,469,744		12,105,262
Southern Veterinary Partners LLC
8.84% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 10/05/27		11,311,229		10,877,670
HAH Group Holding Co. LLC
9.91% (1 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 10/29/27		10,740,644		10,431,651
EyeCare Partners LLC
8.59% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.25%) due 11/15/28		8,043,750		6,497,580
8.59% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 02/18/27		2,139,594		1,735,446
Florida Food Products LLC
9.84% (1 Month USD LIBOR + 5.00%, Rate Floor: 5.75%) due 10/18/28†††		8,800,896		8,140,829
Nidda Healthcare Holding GmbH
6.18% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 08/21/26	EUR	7,897,239		8,088,565
Hearthside Group Holdings LLC
8.84% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 05/23/25		4,962,306		4,245,253
8.53% (1 Month USD LIBOR + 3.69%, Rate Floor: 3.69%) due 05/23/25		3,544,540		3,025,584

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Gibson Brands, Inc.
9.92% (3 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 08/11/28		8,196,250	$	6,475,037
Endo Luxembourg Finance Company I SARL
14.00% (Commercial Prime Lending Rate + 6.00%, Rate Floor: 7.75%) due 03/27/28		7,653,125		5,867,421
Confluent Health LLC
8.84% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.50%) due 11/30/28		4,521,213		3,650,880
8.84% (Commercial Prime Lending Rate + 3.00%, Rate Floor: 4.50%) due 11/30/28		982,301		793,208
Fender Musical Instruments Corp.
8.84% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 12/01/28		3,500,078		3,176,321
Zep, Inc.
9.16% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 08/12/24		3,672,376		3,111,016
Medical Solutions Parent Holdings, Inc.
8.24% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 11/01/28		2,251,677		2,185,073
Resonetics LLC
9.10% (6 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 04/28/28		1,779,985		1,704,335
Moran Foods LLC
12.21% (6 Month Term SOFR + 7.25%, Rate Floor: 7.25%) due 06/30/26†††		643,315		614,516
14.46% (6 Month Term SOFR + 9.50%, Rate Floor: 9.50%) due 12/31/26†††		339,592		230,773
Weber-Stephen Products LLC
9.16% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 10/29/27		420,750		361,142
TGP Holdings LLC
8.08% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 06/29/28		211,796		166,959
Total Consumer, Non-cyclical				207,258,449
Industrial - 2.0%
United Airlines, Inc.
8.57% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 04/21/28		24,990,000		24,771,338
Mileage Plus Holdings LLC
10.21% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 06/21/27		12,962,500		13,434,076

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Minerva Bidco Ltd.
7.93% (3 Month GBP SONIA + 4.50%, Rate Floor: 4.50%) due 07/30/25	GBP	11,000,000	$	12,722,529
CapStone Acquisition Holdings, Inc.
9.66% (1 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 11/12/27		12,459,493		12,334,897
Dispatch Terra Acquisition LLC
9.30% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/27/28		10,215,228		9,168,167
Merlin Buyer, Inc.
8.81% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 12/14/28		7,962,660		7,624,247
Valcour Packaging LLC
7.98% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.25%) due 10/04/28		6,237,000		5,051,970
American Bath Group LLC
8.41% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 11/23/27		5,294,320		4,679,808
Pelican Products, Inc.
9.41% (3 Month USD LIBOR + 4.25%, Rate Floor: 4.75%) due 12/29/28		5,045,273		4,456,641
Saverglass
7.20% (3 Month EURIBOR + 4.25%, Rate Floor: 4.25%) due 02/19/29	EUR	3,700,000		3,880,524
ILPEA Parent, Inc.
9.35% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.25%) due 06/22/28		3,570,046		3,485,258
Integrated Power Services Holdings, Inc.
9.34% ((1 Month USD LIBOR + 4.50%) and (Commercial Prime Lending Rate + 3.50%), Rate Floor: 5.25%) due 11/22/28†††		3,467,983		3,363,944
Air Canada
8.37% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 08/11/28		3,244,981		3,231,806
TK Elevator Midco GmbH
5.91% (1 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 01/29/27†††	EUR	3,067,766		3,042,548
MI Windows And Doors LLC
8.41% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 12/20/27		2,441,100		2,431,946

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Filtration Group Corp.
6.41% (1 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 03/31/25	EUR	1,244,261	$	1,336,463
API Heat Transfer
14.67% (3 Month USD LIBOR, Rate Floor: 0.00%) (in-kind rate was 14.67%) due 01/01/24†††,12		1,431,727		744,498
14.67% (3 Month USD LIBOR, Rate Floor: 0.00%) (in-kind rate was 14.67%) due 10/02/23†††,12		255,439		217,123
YAK MAT (YAK ACCESS LLC)
due 07/10/268		12,220,199		651,703
Total Industrial				116,629,486
Technology - 1.8%
Sitecore Holding III A/S
9.19% (3 Month EURIBOR + 6.25%, Rate Floor: 6.25%) due 03/12/26†††	EUR	9,030,493		9,711,157
11.37% (3 Month USD LIBOR + 6.25%, Rate Floor: 6.75%) due 03/12/26†††		4,142,483		4,105,914
11.56% (3 Month USD LIBOR + 6.25%, Rate Floor: 6.75%) due 03/12/26†††		3,300,306		3,271,172
Avalara, Inc.
12.15% (3 Month Term SOFR + 7.25%, Rate Floor: 7.25%) due 10/19/28†††		16,000,000		15,785,292
Datix Bidco Ltd.
8.95% (6 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 04/28/25†††		9,112,505		8,914,764
9.94% (6 Month GBP SONIA + 7.75%, Rate Floor: 7.75%) due 04/27/26†††	GBP	4,225,000		5,105,528
6.69% (6 Month GBP SONIA + 4.50%, Rate Floor: 4.50%) due 04/28/25†††	GBP	1,000,000		1,206,928
12.20% (6 Month Term SOFR + 7.75%, Rate Floor: 7.75%) due 04/27/26†††		461,709		452,244
Aston FinCo SARL
8.95% (1 Month GBP SONIA + 4.75%, Rate Floor: 4.75%) due 10/09/26	GBP	12,773,313		14,537,154
Polaris Newco LLC
8.11% ((1 Month USD LIBOR + 3.50%) and (3 Month USD LIBOR + 3.50%), Rate Floor: 3.50%) due 06/04/26†††		15,202,548		13,994,295
RLDatix
6.69% (6 Month GBP SONIA + 4.50%, Rate Floor: 4.50%) due 10/28/24†††	GBP	3,554,643		4,290,200

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
8.95% (6 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 04/28/25†††		3,400,533	$	3,326,742
12.20% (6 Month Term SOFR + 7.75%, Rate Floor: 7.75%) due 04/27/26†††		912,001		893,305
Team.Blue Finco SARL
6.72% (3 Month EURIBOR + 3.70%, Rate Floor: 3.70%) due 03/30/28	EUR	5,124,183		5,253,719
Sitecore USA, Inc.
11.37% (3 Month USD LIBOR + 6.25%, Rate Floor: 6.75%) due 03/12/26†††		4,219,206		4,181,959
Atlas CC Acquisition Corp.
9.40% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 05/25/28		3,069,222		2,628,573
Greenway Health LLC
8.96% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 02/16/24		3,418,640		2,530,648
24-7 Intouch, Inc.
9.59% (1 Month USD LIBOR + 4.75%, Rate Floor: 4.75%) due 08/25/25		2,209,697		2,135,120
Total Technology				102,324,714
Financial - 1.2%
Higginbotham Insurance Agency, Inc.
10.09% (1 Month USD LIBOR + 5.25%, Rate Floor: 6.00%) due 11/25/26†††		16,620,124		16,420,683
Camelia Bidco Banc Civica
8.95% (3 Month GBP SONIA + 4.75%, Rate Floor: 4.75%) due 10/14/24	GBP	12,975,000		14,966,783
Eisner Advisory Group
10.17% (1 Month Term SOFR + 5.25%, Rate Floor: 5.25%) due 07/28/28†††		12,101,065		12,070,812
Jones Deslauriers Insurance Management, Inc.
9.27% (3 Month Canada Banker Acceptance + 4.25%, Rate Floor: 5.00%) due 03/27/28	CAD	15,944,332		11,579,560
HighTower Holding LLC
8.82% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 04/21/28		6,987,522		6,585,740
Duff & Phelps
8.65% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 04/09/27		4,312,954		4,169,203

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Teneo Holdings LLC
10.16% (1 Month Term SOFR + 5.25%, Rate Floor: 5.25%) due 07/11/25		984,376	$	971,146
Total Financial				66,763,927
Communications - 1.0%
Syndigo LLC
9.28% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.25%) due 12/15/27		22,383,954		20,593,238
Xplornet Communications, Inc.
8.84% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.50%) due 10/02/28		15,250,600		12,257,669
FirstDigital Communications LLC
9.13% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 12/17/26†††		10,550,000		10,324,890
Radiate Holdco LLC
8.09% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 09/25/26		7,626,551		6,212,894
Zayo Group Holdings, Inc.
7.84% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/09/27		6,146,447		4,976,533
Cincinnati Bell, Inc.
8.16% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 11/22/28		987,500		964,669
Flight Bidco, Inc.
12.34% (1 Month USD LIBOR + 7.50%, Rate Floor: 7.50%) due 07/23/26		1,000,000		901,670
Total Communications				56,231,563
Basic Materials - 0.1%
LTI Holdings, Inc.
9.59% (1 Month USD LIBOR + 4.75%, Rate Floor: 4.75%) due 07/24/26		3,865,347		3,742,932
Ascend Performance Materials Operations LLC
9.71% (6 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 08/27/26		1,474,164		1,446,980
GrafTech Finance, Inc.
7.84% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.50%) due 02/12/25†††		1,413,412		1,406,345
Schur Flexibles GmbH
8.78% ((3 Month EURIBOR + 5.50%) and (6 Month EURIBOR + 5.50%), Rate Floor: 5.50%) due 09/28/27	EUR	787,500		640,800
Total Basic Materials				7,237,057

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Energy - 0.1%
Venture Global Calcasieu Pass LLC
7.47% (1 Month USD LIBOR + 2.63%, Rate Floor: 2.63%) due 08/19/26†††		3,066,741	$	3,039,907
Permian Production Partners LLC
12.85% (1 Month USD LIBOR + 6.00%, Rate Floor: 10.85%) (in-kind rate was 2.00%) due 11/24/25†††,12		1,143,622		1,137,904
Total Energy				4,177,811
Utilities - 0.0%
Hamilton Projects Acquiror LLC
9.66% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.25%) due 06/17/27		2,273,291		2,250,149
Total Senior Floating Rate Interests
(Cost $856,001,031)				776,455,870
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 8.9%
Residential Mortgage-Backed Securities - 7.4%
FKRT
2.21% due 11/30/58†††,9		33,850,000		32,978,795
LSTAR Securities Investment Ltd.
2023-1, 8.05% (SOFR + 3.50%, Rate Floor: 0.00%) due 01/01/28◊,†††,3		28,297,882		28,290,829
JP Morgan Mortgage Acquisition Trust
2006-WMC4, 5.00% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 12/25/36◊		21,531,067		11,319,657
2006-WMC3, 5.15% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 08/25/36◊		8,482,800		6,093,367
2006-HE3, 5.17% (1 Month USD LIBOR + 0.32%, Rate Floor: 0.32%) due 11/25/36◊		5,298,888		4,509,447
2006-WMC4, 4.97% (1 Month USD LIBOR + 0.12%, Rate Floor: 0.12%) due 12/25/36◊		7,411,183		3,882,966
2006-WMC4, 4.93% (1 Month USD LIBOR + 0.08%, Rate Floor: 0.08%) due 12/25/36◊		3,133,708		1,634,210
Ameriquest Mortgage Securities Trust
2006-M3, 5.02% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 10/25/36◊		19,556,855		10,586,180
2006-M3, 5.09% (1 Month USD LIBOR + 0.24%, Rate Floor: 0.24%) due 10/25/36◊		31,858,579		9,529,009
2006-M3, 4.95% (1 Month USD LIBOR + 0.10%, Rate Floor: 0.10%) due 10/25/36◊		13,244,199		3,959,376
BRAVO Residential Funding Trust
2022-R1, 3.13% due 01/29/703,7		25,177,160		22,493,549

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
WaMu Asset-Backed Certificates WaMu Series
2007-HE2, 5.21% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 04/25/37◊		23,880,227	$	9,064,628
2007-HE2, 5.04% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 04/25/37◊		18,196,522		6,817,250
2007-HE4, 5.02% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 07/25/47◊		6,745,626		4,760,554
2007-HE4, 5.10% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 07/25/47◊		2,014,710		1,203,547
Long Beach Mortgage Loan Trust
2006-6, 5.35% (1 Month USD LIBOR + 0.50%, Rate Floor: 0.50%) due 07/25/36◊		13,830,241		5,574,142
2006-8, 5.17% (1 Month USD LIBOR + 0.32%, Rate Floor: 0.32%) due 09/25/36◊		16,493,267		4,485,908
2006-4, 5.17% (1 Month USD LIBOR + 0.32%, Rate Floor: 0.32%) due 05/25/36◊		10,007,421		3,024,937
2006-1, 5.23% (1 Month USD LIBOR + 0.38%, Rate Floor: 0.38%) due 02/25/36◊		3,734,614		3,009,482
2006-6, 5.15% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 07/25/36◊		4,306,570		1,723,920
2006-8, 5.03% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 09/25/36◊		4,469,365		1,209,287
2006-6, 5.05% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 07/25/36◊		2,492,982		994,106
RALI Series Trust
2006-QO6, 5.21% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 06/25/46◊		30,674,404		6,850,300
2007-QO2, 5.00% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 02/25/47◊		12,922,406		4,695,501
2006-QO8, 5.25% (1 Month USD LIBOR + 0.40%, Rate Floor: 0.40%) due 10/25/46◊		3,772,929		3,431,455
2006-QO6, 5.31% (1 Month USD LIBOR + 0.46%, Rate Floor: 0.46%) due 06/25/46◊		7,981,062		1,837,937

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
2006-QO2, 5.39% (1 Month USD LIBOR + 0.54%, Rate Floor: 0.54%) due 02/25/46◊		5,947,913	$	1,202,132
2006-QO6, 5.37% (1 Month USD LIBOR + 0.52%, Rate Floor: 0.52%) due 06/25/46◊		5,035,370		1,178,318
2006-QO2, 5.53% (1 Month USD LIBOR + 0.68%, Rate Floor: 0.68%) due 02/25/46◊		3,182,638		665,244
2006-QO2, 5.29% (1 Month USD LIBOR + 0.44%, Rate Floor: 0.44%) due 02/25/46◊		213,333		42,011
OBX Trust
2022-NQM9, 6.45% due 09/25/623,7		8,139,295		8,001,204
2023-NQM2, 6.80% due 01/25/623,7		6,933,055		6,910,595
2022-NQM8, 6.10% due 09/25/623,7		4,662,322		4,547,588
American Home Mortgage Assets Trust
2006-6, 5.06% (1 Month USD LIBOR + 0.21%, Rate Floor: 0.21%) due 12/25/46◊		7,613,234		6,013,038
2006-1, 5.04% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 05/25/46◊		6,531,016		5,442,454
2006-3, 4.08% (1 Year CMT Rate + 0.94%, Rate Floor: 0.94%) due 10/25/46◊		5,118,784		3,491,899
NYMT Loan Trust
2022-SP1, 5.25% due 07/25/623,7		13,786,199		13,574,782
GCAT Trust
2022-NQM5, 5.71% due 08/25/673,7		9,570,855		9,275,415
2023-NQM2, 6.60% due 11/25/673		3,352,976		3,324,793
Morgan Stanley IXIS Real Estate Capital Trust
2006-2, 5.07% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 11/25/36◊		21,767,686		7,065,177
2006-2, 5.00% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 11/25/36◊		16,606,020		5,384,318
Morgan Stanley ABS Capital I Incorporated Trust
2006-HE8, 5.07% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 10/25/36◊		19,333,072		8,465,243
2006-HE6, 5.05% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 09/25/36◊		4,338,359		1,615,922
2007-HE4, 5.08% (1 Month USD LIBOR + 0.23%, Rate Floor: 0.23%) due 02/25/37◊		3,782,702		1,241,735
IXIS Real Estate Capital Trust

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
2007-HE1, 5.01% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 05/25/37◊		24,051,953	$	6,007,105
2007-HE1, 5.08% (1 Month USD LIBOR + 0.23%, Rate Floor: 0.23%) due 05/25/37◊		17,040,471		4,258,151
GSAMP Trust
2007-NC1, 4.98% (1 Month USD LIBOR + 0.13%, Rate Floor: 0.13%) due 12/25/46◊		18,317,900		9,980,492
Master Asset-Backed Securities Trust
2006-WMC3, 5.17% (1 Month USD LIBOR + 0.32%, Rate Floor: 0.32%) due 08/25/36◊		10,117,955		3,408,324
2006-HE3, 5.05% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 08/25/36◊		9,517,124		2,965,765
2006-HE3, 5.15% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 08/25/36◊		8,001,628		2,493,948
GSAA Home Equity Trust
2006-3, 5.45% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 03/25/36◊		10,371,219		5,476,016
2006-9, 5.33% (1 Month USD LIBOR + 0.48%, Rate Floor: 0.48%) due 06/25/36◊		7,485,224		2,285,033
2007-7, 5.39% (1 Month USD LIBOR + 0.54%, Rate Floor: 0.54%) due 07/25/37◊		464,743		436,616
Citigroup Mortgage Loan Trust, Inc.
2007-AMC3, 5.10% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 03/25/37◊		10,011,677		8,103,769
CFMT LLC
2022-HB9, 3.25% (WAC) due 09/25/37◊,9		8,650,000		7,340,788
OSAT Trust
2021-RPL1, 2.12% due 05/25/653,7		7,664,483		7,216,650
Home Equity Loan Trust
2007-FRE1, 5.04% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 04/25/37◊		6,894,399		6,406,392
PRPM LLC
2023-1, 6.88% (WAC) due 02/25/28◊,3		6,358,597		6,333,959
Argent Securities Trust
2006-W5, 5.15% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 06/25/36◊		9,094,091		5,936,721
First NLC Trust
2007-1, 5.13% (1 Month USD LIBOR + 0.28%, Rate Floor: 0.28%) due 08/25/37◊,3		6,553,178		3,343,295

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
2007-1, 4.92% (1 Month USD LIBOR + 0.07%, Rate Floor: 0.07%) due 08/25/37◊,3		4,969,485	$	2,527,086
Lehman XS Trust Series
2006-18N, 5.21% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 12/25/36◊		3,859,215		3,589,906
2006-10N, 5.27% (1 Month USD LIBOR + 0.42%, Rate Floor: 0.42%) due 07/25/46◊		2,488,374		2,221,008
Alternative Loan Trust
2007-OA7, 5.21% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 05/25/47◊		6,415,534		5,291,882
Merrill Lynch Mortgage Investors Trust Series
2007-HE2, 5.27% (1 Month USD LIBOR + 0.42%, Rate Floor: 0.42%) due 02/25/37◊		7,003,166		2,033,759
2007-HE2, 5.37% (1 Month USD LIBOR + 0.52%, Rate Floor: 0.52%) due 02/25/37◊		5,069,289		1,472,176
2007-HE2, 5.09% (1 Month USD LIBOR + 0.24%, Rate Floor: 0.24%) due 02/25/37◊		4,030,605		1,170,347
2007-HE2, 5.69% (1 Month USD LIBOR + 0.84%, Rate Floor: 0.84%) due 02/25/37◊		1,640,197		476,316
WaMu Asset-Backed Certificates WaMu Series Trust
2007-HE1, 5.08% (1 Month USD LIBOR + 0.23%, Rate Floor: 0.23%) due 01/25/37◊		7,322,870		3,289,979
2007-HE4, 5.02% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 07/25/47◊		2,821,722		1,681,161
Citigroup Mortgage Loan Trust
2022-A, 6.17% due 09/25/623,7		4,879,974		4,851,791
Verus Securitization Trust
2022-8, 6.13% due 09/25/673,7		4,845,388		4,734,119
ACE Securities Corporation Home Equity Loan Trust Series
2007-ASP1, 5.61% (1 Month USD LIBOR + 0.76%, Rate Floor: 0.76%) due 03/25/37◊		10,576,425		4,613,392
HSI Asset Securitization Corporation Trust
2007-HE1, 5.04% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 01/25/37◊		5,815,477		4,075,902
Finance of America HECM Buyout
2022-HB2, 6.00% (WAC) due 08/01/32◊,3		3,850,000		3,554,309

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
CSMC Trust
2020-RPL5, 3.02% (WAC) due 08/25/60◊,3		3,659,152	$	3,548,262
First Franklin Mortgage Loan Trust
2006-FF16, 5.27% (1 Month USD LIBOR + 0.42%, Rate Floor: 0.42%) due 12/25/36◊		7,578,181		3,184,605
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-AR9, 3.98% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/46◊		3,840,193		3,064,679
Morgan Stanley Mortgage Loan Trust
2006-9AR, 5.15% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 08/25/36◊		8,284,260		2,394,262
Alliance Bancorp Trust
2007-OA1, 5.33% (1 Month USD LIBOR + 0.48%, Rate Floor: 0.48%) due 07/25/37◊		1,973,178		1,637,729
Nomura Resecuritization Trust
2015-4R, 2.60% (1 Month USD LIBOR + 0.43%, Rate Floor: 0.43%) due 03/26/36◊,3		1,637,603		1,474,856
Morgan Stanley Re-REMIC Trust
2010-R5, 3.22% due 06/26/363		529,577		456,246
Asset-Backed Securities Corporation Home Equity Loan Trust
2006-HE5, 5.13% (1 Month USD LIBOR + 0.28%, Rate Floor: 0.28%) due 07/25/36◊		114,717		112,850
Total Residential Mortgage-Backed Securities				424,851,853
Commercial Mortgage-Backed Securities - 1.2%
BX Commercial Mortgage Trust
2021-VOLT, 6.68% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 09/15/36◊,3		19,750,000		18,418,230
2019-XL, 7.24% (1 Month Term SOFR + 2.41%, Rate Floor: 2.41%) due 10/15/36◊,3		1,989,000		1,913,794
GS Mortgage Securities Corporation Trust
2020-UPTN, 3.25% (WAC) due 02/10/37◊,3		8,256,000		7,043,076
2020-DUNE, 7.18% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 12/15/36◊,3		7,340,000		6,928,961
2020-DUNE, 6.58% (1 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 12/15/36◊,3		2,750,000		2,619,848

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
JP Morgan Chase Commercial Mortgage Securities Trust
2021-NYAH, 7.32% (1 Month USD LIBOR + 2.64%, Rate Floor: 2.64%) due 06/15/38◊,3		15,000,000	$	13,503,432
SMRT
2022-MINI, 6.78% (1 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 01/15/39◊,3		10,000,000		9,122,401
MHP
2022-MHIL, 7.44% (1 Month Term SOFR + 2.61%, Rate Floor: 2.61%) due 01/15/27◊,3		8,744,927		8,087,117
Wells Fargo Commercial Mortgage Trust
2015-NXS1, 2.63% due 05/15/48		96,395		96,148
Total Commercial Mortgage-Backed Securities				67,733,007
Military Housing - 0.3%
Freddie Mac Military Housing Bonds Resecuritization Trust Certificates
2015-R1, 0.70% (WAC) due 11/25/52◊,3,11		219,493,954		13,224,241
Capmark Military Housing Trust
2007-AET2, 6.06% due 10/10/52†††,3		5,505,199		5,489,640
Total Military Housing				18,713,881
Total Collateralized Mortgage Obligations
(Cost $644,409,458)				511,298,741
FEDERAL AGENCY DISCOUNT NOTES†† - 6.5%
Federal Home Loan Bank
4.36% due 04/03/2313		222,900,000		222,846,133
4.60% due 04/17/2313		150,000,000		149,693,333
Total Federal Agency Discount Notes
(Cost $372,539,466)				372,539,466
U.S. GOVERNMENT SECURITIES†† - 0.7%
U.S. Treasury Notes
4.63% due 02/28/2514		21,000,000		21,204,258
3.88% due 01/15/2616		20,400,000		20,406,375
Total U.S. Government Securities
(Cost $41,518,863)				41,610,633
FOREIGN GOVERNMENT DEBT†† - 0.6%
National Bank of Hungary
15.70% due 04/06/2313	HUF	6,771,000,000		19,269,428
15.64% due 04/06/2313	HUF	5,331,000,000		15,118,643
Nova Scotia T-Bill
4.41% due 04/04/2313	CAD	1,420,000		1,050,486
Province of New Brunswick Canada T-Bill
4.43% due 04/06/2313	CAD	740,000		547,573
Newfoundland T-Bill
4.52% due 04/20/2313	CAD	400,000		295,326
Quebec T-Bill
4.49% due 04/14/2313	CAD	200,000		147,769
Ontario T-Bill
4.49% due 04/12/2313	CAD	145,000		107,168
Total Foreign Government Debt
(Cost $36,145,770)				36,536,393
CONVERTIBLE BONDS†† - 0.3%
Consumer, Non-cyclical - 0.2%
Block, Inc.
due 05/01/2615		12,240,000		9,975,600

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Communications - 0.1%
Cable One, Inc.
due 03/15/2615		5,750,000	$	4,536,750
Total Convertible Bonds
(Cost $15,432,637)				14,512,350
U.S. TREASURY BILLS†† - 0.1%
U.S. Treasury Bills
4.28% due 04/20/2313		5,000,000		4,989,027
Total U.S. Treasury Bills
(Cost $4,988,700)				4,989,027
FEDERAL AGENCY BONDS†† - 0.1%
Federal Farm Credit Bank
4.99% (SOFR + 0.17%, Rate Floor: 0.00%) due 06/27/24◊,16		2,000,000		2,002,056
5.01% (SOFR + 0.19%, Rate Floor: 0.00%) due 11/25/24◊		100,000		100,122
Federal Home Loan Bank
4.89% (SOFR + 0.06%, Rate Floor: 0.00%) due 07/01/24◊		880,000		879,728
5.01% (SOFR + 0.19%, Rate Floor: 0.00%) due 11/22/24◊		600,000		600,738
Total Federal Agency Bonds
(Cost $3,580,302)				3,582,644
SENIOR FIXED RATE INTERESTS†† - 0.0%
Industrial - 0.0%
Schur Flexibles GmbH
12.20% due 09/30/26	EUR	404,966		419,597
5.50% due 09/30/26	EUR	280,416		290,548
11.94% due 09/30/26	EUR	71,585		74,171
Total Industrial				784,316
Total Senior Fixed Rate Interests
(Cost $771,013)				784,316

	Contracts/ Notional Value		Value
OTC OPTIONS PURCHASED†† - 0.1%
Call Options on:
Interest Rate Options
Morgan Stanley Capital Services LLC 10Y-2Y SOFR CMS CAP Expiring December 2023 with strike price of $0.10	USD	164,200,000	$	484,643
Barclays Bank plc 10Y-2Y SOFR CMS CAP Expiring December 2023 with strike price of $0.20	USD	164,200,000		484,643
Morgan Stanley Capital Services LLC 10Y-2Y SOFR CMS CAP Expiring June 2024 with strike price of $0.10	USD	164,200,000		561,045
Barclays Bank plc 10Y-2Y SOFR CMS CAP Expiring June 2024 with strike price of $0.10	USD	162,650,000		555,749
Bank of America, N.A. 10Y-2Y SOFR CMS CAP Expiring June 2024 with strike price of $0.10	USD	82,100,000		280,523
Bank of America, N.A. 10Y-2Y SOFR CMS CAP Expiring December 2023 with strike price of $0.20	USD	80,550,000		237,746

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Contracts/ Notional Value		Value
Goldman Sachs International 10Y-2Y SOFR CMS CAP Expiring June 2024 with strike price of $0.10	USD	66,950,000	$	228,757
Goldman Sachs International 10Y-2Y SOFR CMS CAP Expiring December 2023 with strike price of $0.20	USD	66,950,000		197,606
Total Interest Rate Options				3,030,712
Foreign Exchange Options
J.P. Morgan Securities plc Foreign Exchange GBP/USD Expiring April 2023 with strike price of GBP 1.22 (Notional Value $12,364,500)	GBP	10,000,000		178,177
Barclays Bank plc Foreign Exchange GBP/USD Expiring April 2023 with strike price of GBP 1.24 (Notional Value $12,055,387)	GBP	9,750,000		79,294
UBS AG Foreign Exchange GBP/USD Expiring April 2023 with strike price of GBP 1.23 (Notional Value $4,945,800)	GBP	4,000,000		67,698
Bank of America, N.A. Foreign Exchange EUR/AUD Expiring April 2023 with strike price of EUR 1.63 (Notional Value $12,168,240)	EUR	11,200,000		45,071
Barclays Bank plc Foreign Exchange EUR/USD Expiring May 2023 with strike price of EUR 1.11 (Notional Value $12,222,563)	EUR	11,250,000		44,646
UBS AG Foreign Exchange EUR/USD Expiring May 2023 with strike price of EUR 1.09 (Notional Value $4,345,800)	EUR	4,000,000		39,753
J.P. Morgan Securities plc Foreign Exchange EUR/CHF Expiring April 2023 with strike price of EUR 0.98 (Notional Value $3,693,930)	EUR	3,400,000		37,463
Bank of America, N.A. Foreign Exchange EUR/CAD Expiring April 2023 with strike price of EUR 1.47 (Notional Value $4,345,800)	EUR	4,000,000		35,209

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Contracts/ Notional Value		Value
UBS AG Foreign Exchange EUR/CHF Expiring April 2023 with strike price of EUR 1.00 (Notional Value $11,950,950)	EUR	11,000,000	$	32,226
UBS AG Foreign Exchange GBP/CAD Expiring April 2023 with strike price of GBP 1.68 (Notional Value $4,327,575)	GBP	3,500,000		25,495
Bank of America, N.A. Foreign Exchange EUR/CAD Expiring April 2023 with strike price of EUR 1.49 (Notional Value $11,950,950)	EUR	11,000,000		25,009
BNP Paribas Foreign Exchange EUR/GBP Expiring April 2023 with strike price of EUR 0.89 (Notional Value $12,059,595)	EUR	11,100,000		22,512
Goldman Sachs International Foreign Exchange EUR/GBP Expiring April 2023 with strike price of EUR 0.88 (Notional Value $4,345,800)	EUR	4,000,000		12,893
UBS AG Foreign Exchange USD/SEK Expiring April 2023 with strike price of $10.76	USD	11,000,000		1,157
BNP Paribas Foreign Exchange USD/CAD Expiring April 2023 with strike price of $1.38	USD	13,250,000		984
UBS AG Foreign Exchange EUR/GBP Expiring April 2023 with strike price of EUR 0.89 (Notional Value $5,432,250)	EUR	5,000,000		180
Total Foreign Exchange Options				647,767
Put Options on:
Foreign Exchange Options
UBS AG Foreign Exchange EUR/GBP Expiring April 2023 with strike price of EUR 0.89 (Notional Value $5,432,250)	EUR	5,000,000		61,827
Barclays Bank plc Foreign Exchange EUR/USD Expiring May 2023 with strike price of EUR 1.07 (Notional Value $12,222,563)	EUR	11,250,000		43,425
UBS AG Foreign Exchange EUR/USD Expiring May 2023 with strike price of EUR 1.09 (Notional Value $4,345,800)	EUR	4,000,000		39,015
UBS AG Foreign Exchange GBP/CAD Expiring April 2023 with strike price of GBP 1.68 (Notional Value $4,327,575)	GBP	3,500,000		33,581

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Contracts/ Notional Value		Value
Goldman Sachs International Foreign Exchange EUR/GBP Expiring April 2023 with strike price of EUR 0.88 (Notional Value $4,345,800)	EUR	4,000,000	$	24,798
UBS AG Foreign Exchange GBP/USD Expiring April 2023 with strike price of GBP 1.23 (Notional Value $4,945,800)	GBP	4,000,000		22,470
Bank of America, N.A. Foreign Exchange EUR/CAD Expiring April 2023 with strike price of EUR 1.47 (Notional Value $4,345,800)	EUR	4,000,000		21,743
Bank of America, N.A. Foreign Exchange EUR/CAD Expiring April 2023 with strike price of EUR 1.45 (Notional Value $11,950,950)	EUR	11,000,000		17,696
UBS AG Foreign Exchange USD/SEK Expiring April 2023 with strike price of $10.23	USD	11,000,000		16,354
UBS AG Foreign Exchange EUR/CHF Expiring April 2023 with strike price of EUR 0.97 (Notional Value $11,950,950)	EUR	11,000,000		11,022
J.P. Morgan Securities plc Foreign Exchange EUR/CHF Expiring April 2023 with strike price of EUR 0.98 (Notional Value $3,693,930)	EUR	3,400,000		10,657
BNP Paribas Foreign Exchange USD/CAD Expiring April 2023 with strike price of $1.34	USD	13,250,000		9,183
BNP Paribas Foreign Exchange EUR/GBP Expiring April 2023 with strike price of EUR 0.86 (Notional Value $12,059,595)	EUR	11,100,000		7,380
Barclays Bank plc Foreign Exchange GBP/USD Expiring April 2023 with strike price of GBP 1.19 (Notional Value $12,055,387)	GBP	9,750,000		6,374
Bank of America, N.A. Foreign Exchange EUR/AUD Expiring April 2023 with strike price of EUR 1.58 (Notional Value $12,168,240)	EUR	11,200,000		4,475

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Contracts/ Notional Value		Value
J.P. Morgan Securities plc Foreign Exchange GBP/USD Expiring April 2023 with strike price of GBP 1.17 (Notional Value $12,364,500)	GBP	10,000,000	$	—
Total Foreign Exchange Options				330,000
Total OTC Options Purchased
(Cost $5,474,071)				4,008,479
OTC INTEREST RATE SWAPTIONS PURCHASED††,17 - 0.6%
Call Swaptions on:
Interest Rate Swaptions
Citibank, N.A. 5-Year Interest Rate Swap Expiring October 2027 with exercise rate of 3.10% (Notional Value $116,793,375)	EUR	107,500,000		5,492,710
Deutsche Bank AG 5-Year Interest Rate Swap Expiring April 2027 with exercise rate of 2.69%	USD	92,814,000		3,013,398
Deutsche Bank AG 5-Year Interest Rate Swap Expiring April 2032 with exercise rate of 2.39%	USD	72,235,000		2,086,459
Citibank, N.A. 20-Year Interest Rate Swap Expiring April 2029 with exercise rate of 2.38%	USD	24,141,000		1,777,143
Barclays Bank plc 20-Year Interest Rate Swap Expiring April 2027 with exercise rate of 1.58% (Notional Value $23,183,437)	GBP	18,750,000		863,710
Total Interest Rate Swaptions				13,233,420
Put Swaptions on:
Interest Rate Swaptions
Barclays Bank plc 20-Year Interest Rate Swap Expiring April 2027 with exercise rate of 1.58% (Notional Value $23,183,438)	GBP	18,750,000		6,025,788
Deutsche Bank AG 5-Year Interest Rate Swap Expiring April 2032 with exercise rate of 2.39%	USD	72,235,000		4,689,553
Deutsche Bank AG 5-Year Interest Rate Swap Expiring April 2027 with exercise rate of 2.69%	USD	92,814,000		4,090,097
Citibank, N.A. 5-Year Interest Rate Swap Expiring October 2027 with exercise rate of 3.10% (Notional Value $116,793,375)	EUR	107,500,000		3,814,611

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Contracts/ Notional Value		Value
Citibank, N.A. 20-Year Interest Rate Swap Expiring April 2029 with exercise rate of 2.38%	USD	24,141,000	$	3,707,774
Total Interest Rate Swaptions				22,327,823
Total OTC Interest Rate Swaptions Purchased
(Cost $36,571,675)				35,561,243
Total Investments - 99.2%
(Cost $6,397,850,621)				5,709,436,867
LISTED OPTIONS WRITTEN† - 0.0%
Call Options on:
Commodity Options
Gold 100 oz. Futures Contracts Expiring May 2023 with strike price of $2,145.00 (Notional Value $794,480)		4		(4,400	)
Gold 100 oz. Futures Contracts Expiring May 2023 with strike price of $2,140.00 (Notional Value $794,480)		4		(4,600	)
Gold 100 oz. Futures Contracts Expiring May 2023 with strike price of $2,135.00 (Notional Value $794,480)		4		(4,840	)
Silver Futures Contracts Expiring April 2023 with strike price of $24.75 (Notional Value $1,207,800)		10		(22,950	)
Silver Futures Contracts Expiring April 2023 with strike price of $24.50 (Notional Value $1,087,020)		9		(24,435	)
Silver Futures Contracts Expiring April 2023 with strike price of $24.25 (Notional Value $1,087,020)		9		(28,890	)
Gold 100 oz. Futures Contracts Expiring May 2023 with strike price of $2,010.00 (Notional Value $4,766,880)		24		(94,560	)
Gold 100 oz. Futures Contracts Expiring May 2023 with strike price of $2,005.00 (Notional Value $4,766,880)		24		(98,880	)
Gold 100 oz. Futures Contracts Expiring May 2023 with strike price of $2,000.00 (Notional Value $4,568,260)		23		(99,360	)
Total Commodity Options				(382,915	)
Put Options on:
Commodity Options
Silver Futures Contracts Expiring April 2023 with strike price of $21.00 (Notional Value $1,207,800)		10		(1,050	)

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Contracts/ Notional Value		Value
Silver Futures Contracts Expiring April 2023 with strike price of $21.25 (Notional Value $1,087,020)		9	$	(1,215	)
Silver Futures Contracts Expiring April 2023 with strike price of $21.50 (Notional Value $1,087,020)		9		(1,665	)
Gold 100 oz. Futures Contracts Expiring May 2023 with strike price of $1,890.00 (Notional Value $595,860)		3		(3,540	)
Gold 100 oz. Futures Contracts Expiring May 2023 with strike price of $1,895.00 (Notional Value $595,860)		3		(3,870	)
Gold 100 oz. Futures Contracts Expiring May 2023 with strike price of $1,900.00 (Notional Value $595,860)		3		(4,230	)
Gold 100 oz. Futures Contracts Expiring May 2023 with strike price of $1,905.00 (Notional Value $595,860)		3		(4,590	)
Gold 100 oz. Futures Contracts Expiring May 2023 with strike price of $1,990.00 (Notional Value $4,766,880)		24		(122,400	)
Gold 100 oz. Futures Contracts Expiring May 2023 with strike price of $1,995.00 (Notional Value $4,766,880)		24		(129,360	)
Gold 100 oz. Futures Contracts Expiring May 2023 with strike price of $2,000.00 (Notional Value $4,568,260)		23		(130,870	)
Total Commodity Options				(402,790	)
Total Listed Options Written
(Premiums received $982,890)				(785,705	)
OTC OPTIONS WRITTEN†† - (0.1)%
Call Options on:
Foreign Exchange Options
J.P. Morgan Securities plc Foreign Exchange USD/JPY Expiring April 2023 with strike price of $139.35	USD	2,600,000		(1	)

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Contracts/ Notional Value		Value
J.P. Morgan Securities plc Foreign Exchange NOK/SEK Expiring April 2023 with strike price of NOK 1.02 (Notional Value $3,055,447)	NOK	32,000,000	$	(10	)
J.P. Morgan Securities plc Foreign Exchange CAD/JPY Expiring April 2023 with strike price of CAD 101.65 (Notional Value $2,660,066)	CAD	3,600,000		(137	)
Barclays Bank plc Foreign Exchange USD/JPY Expiring April 2023 with strike price of $136.97	USD	3,000,000		(2,285	)
J.P. Morgan Securities plc Foreign Exchange USD/NOK Expiring April 2023 with strike price of $11.15	USD	3,000,000		(2,568	)
Barclays Bank plc Foreign Exchange USD/JPY Expiring April 2023 with strike price of $135.77	USD	9,300,000		(3,171	)
J.P. Morgan Securities plc Foreign Exchange AUD/NZD Expiring April 2023 with strike price of AUD 1.08 (Notional Value $19,422,750)	AUD	29,000,000		(6,898	)
UBS AG Foreign Exchange AUD/USD Expiring April 2023 with strike price of AUD 0.68 (Notional Value $3,013,875)	AUD	4,500,000		(11,177	)
UBS AG Foreign Exchange EUR/NOK Expiring April 2023 with strike price of EUR 11.36 (Notional Value $2,824,770)	EUR	2,600,000		(14,999	)
Barclays Bank plc Foreign Exchange USD/JPY Expiring May 2023 with strike price of $135.33	USD	3,000,000		(18,550	)
Morgan Stanley Capital Services LLC Foreign Exchange CAD/JPY Expiring April 2023 with strike price of CAD 99.50 (Notional Value $18,472,679)	CAD	25,000,000		(21,021	)
UBS AG Foreign Exchange USD/NOK Expiring April 2023 with strike price of $10.66	USD	10,000,000		(64,475	)

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Contracts/ Notional Value		Value
Goldman Sachs International Foreign Exchange AUD/USD Expiring April 2023 with strike price of AUD 0.67 (Notional Value $9,878,812)	AUD	14,750,000	$	(89,497	)
J.P. Morgan Securities plc Foreign Exchange USD/JPY Expiring April 2023 with strike price of $132.80	USD	10,500,000		(94,596	)
UBS AG Foreign Exchange USD/JPY Expiring April 2023 with strike price of $132.50	USD	10,000,000		(102,507	)
Bank of America, N.A. Foreign Exchange AUD/NZD Expiring May 2023 with strike price of AUD 1.07 (Notional Value $20,092,500)	AUD	30,000,000		(155,476	)
UBS AG Foreign Exchange EUR/NOK Expiring April 2023 with strike price of EUR 11.30 (Notional Value $20,968,485)	EUR	19,300,000		(242,739	)
UBS AG Foreign Exchange USD/JPY Expiring May 2023 with strike price of $131.61	USD	18,500,000		(300,255	)
Goldman Sachs International Foreign Exchange EUR/JPY Expiring April 2023 with strike price of EUR 141.05 (Notional Value $21,729,000)	EUR	20,000,000		(552,042	)
Total Foreign Exchange Options				(1,682,404	)
Put Options on:
Foreign Exchange Options
UBS AG Foreign Exchange EUR/NOK Expiring April 2023 with strike price of EUR 10.94 (Notional Value $2,824,770)	EUR	2,600,000		(3	)
J.P. Morgan Securities plc Foreign Exchange CAD/JPY Expiring April 2023 with strike price of CAD 97.00 (Notional Value $2,660,066)	CAD	3,600,000		(5,105	)
UBS AG Foreign Exchange AUD/USD Expiring April 2023 with strike price of AUD 0.65 (Notional Value $3,013,875)	AUD	4,500,000		(5,960	)
J.P. Morgan Securities plc Foreign Exchange NOK/SEK Expiring April 2023 with strike price of NOK 0.99 (Notional Value $3,055,447)	NOK	32,000,000		(7,082	)

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Contracts/ Notional Value		Value
Barclays Bank plc Foreign Exchange USD/JPY Expiring April 2023 with strike price of $130.18	USD	3,000,000	$	(7,941	)
J.P. Morgan Securities plc Foreign Exchange USD/JPY Expiring April 2023 with strike price of $132.70	USD	2,600,000		(9,386	)
Barclays Bank plc Foreign Exchange USD/JPY Expiring May 2023 with strike price of $128.53	USD	3,000,000		(15,272	)
J.P. Morgan Securities plc Foreign Exchange USD/NOK Expiring April 2023 with strike price of $10.43	USD	3,000,000		(33,290	)
Goldman Sachs International Foreign Exchange EUR/JPY Expiring April 2023 with strike price of EUR 141.05 (Notional Value $21,729,000)	EUR	20,000,000		(44,259	)
UBS AG Foreign Exchange USD/JPY Expiring April 2023 with strike price of $132.50	USD	10,000,000		(76,643	)
J.P. Morgan Securities plc Foreign Exchange USD/JPY Expiring April 2023 with strike price of $132.80	USD	10,500,000		(91,109	)
UBS AG Foreign Exchange EUR/NOK Expiring April 2023 with strike price of EUR 11.30 (Notional Value $20,968,485)	EUR	19,300,000		(93,511	)
Goldman Sachs International Foreign Exchange AUD/USD Expiring April 2023 with strike price of AUD 0.67 (Notional Value $9,878,812)	AUD	14,750,000		(116,547	)
Bank of America, N.A. Foreign Exchange AUD/NZD Expiring May 2023 with strike price of AUD 1.07 (Notional Value $20,092,500)	AUD	30,000,000		(153,992	)
Barclays Bank plc Foreign Exchange USD/JPY Expiring April 2023 with strike price of $135.77	USD	9,300,000		(194,407	)

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

	Contracts/ Notional Value		Value
J.P. Morgan Securities plc Foreign Exchange AUD/NZD Expiring April 2023 with strike price of AUD 1.08 (Notional Value $19,422,750)	AUD	29,000,000	$	(232,349	)
UBS AG Foreign Exchange USD/NOK Expiring April 2023 with strike price of $10.66	USD	10,000,000		(246,452	)
Morgan Stanley Capital Services LLC Foreign Exchange CAD/JPY Expiring April 2023 with strike price of CAD 99.50 (Notional Value $18,472,679)	CAD	25,000,000		(253,362	)
UBS AG Foreign Exchange USD/JPY Expiring May 2023 with strike price of $131.61	USD	18,500,000		(284,715	)
Total Foreign Exchange Options				(1,871,385	)
Total OTC Options Written
(Premiums received $4,663,149)				(3,553,789	)
OTC INTEREST RATE SWAPTIONS WRITTEN††,17 - 0.0%
Call Swaptions on:
Interest Rate Swaptions
Deutsche Bank AG 5-Year Interest Rate Swap Expiring March 2027 with exercise rate of 2.82% (Notional Value $11,733,660)	EUR	10,800,000		(432,765	)
J.P. Morgan Securities plc 5-Year Interest Rate Swap Expiring April 2025 with exercise rate of 2.70%	USD	22,032,000		(587,573	)
Total Interest Rate Swaptions				(1,020,338	)
Put Swaptions on:
Interest Rate Swaptions
Deutsche Bank AG 5-Year Interest Rate Swap Expiring March 2027 with exercise rate of 2.82% (Notional Value $11,733,660)	EUR	10,800,000		(424,719	)
J.P. Morgan Securities plc 5-Year Interest Rate Swap Expiring April 2025 with exercise rate of 2.70%	USD	22,032,000		(761,522	)
Total Interest Rate Swaptions				(1,186,241	)
Total OTC Interest Rate Swaptions Written
(Premiums received $2,443,737)				(2,206,579	)
Other Assets & Liabilities, net - 0.9%				54,178,708
Total Net Assets - 100.0%			$	5,757,069,502

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation (Depreciation)**
Commodity Futures Contracts Purchased†
Silver Futures Contracts		501		May 2023	$	60,646,050	$	5,379,428
Gold 100 oz. Futures Contracts		339		Jun 2023		67,406,760		(743,727	)
					$	128,052,810	$	4,635,701
Commodity Futures Contracts Sold Short†
Gold 100 oz. Futures Contracts		44		Jun 2023	$	8,748,960	$	10,381
Interest Rate Futures Contracts Sold Short†
3-Month SOFR Futures Contracts		1		Sep 2023	$	237,813	$	1,002
30-Day Federal Funds Futures Contracts		95		May 2023		37,630,927		(2,131	)
3-Month SOFR Futures Contracts		19		Jun 2023		4,518,437		(3,784	)
					$	42,387,177	$	(4,913	)

Centrally Cleared Credit Default Swap Agreements Protection Purchased††
Counterparty	Exchange	Index	Protection Premium Rate		Payment Frequency		Maturity Date
J.P. Morgan Securities LLC	ICE	CDX.NA.HY.40.V1		5.00%		Quarterly		06/20/28
J.P. Morgan Securities LLC	ICE	ITRAXX.EUR.38.V1		1.00%		Quarterly		12/20/27

Notional Amount~	Value			Upfront Premiums Paid(Received)			Unrealized Depreciation**
57,400,000	$	(872,480	)	$	262,938		$	(1,135,418	)
EUR 253,900,000		(2,567,178	)		(1,522,434	)		(1,044,744	)
	$	(3,439,658	)	$	(1,259,496	)	$	(2,180,162	)

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

Centrally Cleared Interest Rate Swap Agreements††
Counterparty	Exchange	Floating Rate Type	Floating Rate Index	Fixed Rate			Payment Frequency		Maturity Date
JPM	LCH	Pay	Sterling Overnight Interbank Average Rate		1.58%	Annually		04/12/47
JPM	LCH	Receive	6-Month EURIBOR		3.10%	Semi-Annually		11/02/32
JPM	LCH	Receive	3-Month Prague Interbank Offering Rate		4.71%	Quarterly		01/26/25
JPM	LCH	Receive	3-Month Canadian Bankers Acceptances Rate		2.49%	Semi-Annually		01/23/27
JPM	LCH	Receive	3-Month New Zealand Bank Bill Rate		3.81%	Quarterly		01/26/26
JPM	LCH	Receive	U.S. Secured Overnight Financing Rate		2.38%	Annually		04/16/49
JPM	LCH	Pay	6-Month EURIBOR		2.82%	Semi-Annually		03/24/32
JPM	LCH	Receive	U.S. Secured Overnight Financing Rate		2.70%	Annually		04/22/30
JPM	LCH	Receive	1-Day Euro Short Term Rate		2.82%	Annually		03/22/27
JPM	LCH	Receive	U.S. Secured Overnight Financing Rate		2.39%	Annually		04/12/37
JPM	LCH	Receive	U.S. Secured Overnight Financing Rate		2.69%	Annually		04/21/32
JPM	LCH	Pay	6-Month Australian Bank Bill Rate		3.86%	Semi-Annually		01/27/28
JPM	LCH	Pay	6-Month Compounded Singapore Overnight Rate Average		2.55%	Semi-Annually		01/31/30
JPM	LCH	Pay	U.S. Secured Overnight Financing Rate		2.67%	Annually		04/19/27
JPM	LCH	Pay	1-Day Euro Short Term Rate		0.92%	Annually		04/12/27
JPM	LCH	Pay	Sterling Overnight Interbank Average Rate		0.85%	Annually		12/03/26
JPM	LCH	Pay	U.S. Secured Overnight Financing Rate		1.08%	Annually		12/06/28
JPM	LCH	Pay	U.S. Secured Overnight Financing Rate		1.23%	Annually		12/03/31
JPM	CME	Pay	U.S. Secured Overnight Financing Rate		2.78%	Annually		07/18/27

	Notional Amount~		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)**
GBP		7,715,000	$	(1,821,830	)	$	(2,053,841	)	$	232,011
EUR		19,740,000		(152,667	)		(403,386	)		250,719
CZK		810,000,000		183,323			—			183,323
CAD		26,000,000		156,088			75			156,013
NZD		60,500,000		110,354			83			110,271
		424,000		30,309			7,284			23,025
EUR		1,790,000		6,243			1,093			5,150
		1,497,000		15,243			11,037			4,206
EUR		832,000		3,300			4			3,296
		71,000		—			25,458			(25,458	)
		2,576,000		(5,918	)		24,827			(30,745	)
AUD		28,500,000		(63,104	)		3,127			(66,231	)
SGD		25,900,000		(83,127	)		104			(83,231	)
		7,583,000		(235,694	)		227			(235,921	)
EUR		6,017,000		(483,224	)		931			(484,155	)
GBP		4,491,000		(578,581	)		(44,684	)		(533,897	)
		6,071,000		(695,719	)		(95,932	)		(599,787	)
		6,975,000		(1,039,022	)		(169,256	)		(869,766	)
		332,150,000		(8,944,727	)		1,389			(8,946,116	)
			$	(13,598,753	)	$	(2,691,460	)	$	(10,907,293	)

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

Forward Foreign Currency Exchange Contracts††

Counterparty

Currency

Type

Quantity

Contract Amount

Settlement Date

Unrealized Appreciation (Depreciation)

Barclays Bank plc

JPY

Sell

37,847,000,000

298,482,626 USD

05/08/23

$

11,853,254

UBS AG

JPY

Buy

41,217,000,000

306,935,368 USD

05/30/23

6,159,763

BNP Paribas

JPY

Buy

41,934,000,000

312,824,185 USD

06/05/23

5,987,437

Bank of America, N.A.

JPY

Sell

58,254,000,000

447,003,599 USD

05/15/23

5,400,123

UBS AG

JPY

Sell

39,983,000,000

308,833,696 USD

06/27/23

3,854,007

Bank of America, N.A.

JPY

Sell

39,369,000,000

302,062,394 USD

06/20/23

2,079,747

BNP Paribas

JPY

Sell

37,847,000,000

289,049,502 USD

05/18/23

2,026,331

Barclays Bank plc

JPY

Buy

19,418,000,000

145,410,704 USD

05/15/23

1,790,455

UBS AG

JPY

Buy

20,873,000,000

156,628,868 USD

05/22/23

1,754,163

Bank of America, N.A.

JPY

Buy

19,418,000,000

145,724,985 USD

05/22/23

1,617,595

UBS AG

JPY

Buy

39,742,000,000

298,769,349 USD

04/04/23

571,592

JPMorgan Chase Bank, N.A.

JPY

Sell

5,746,656,998

43,734,069 USD

04/10/23

406,993

UBS AG

CAD

Buy

23,500,000

17,113,935 USD

04/17/23

282,452

JPMorgan Chase Bank, N.A.

USD

Sell

23,079,763

242,219,462 SEK

04/03/23

260,820

Goldman Sachs International

GBP

Buy

15,920,000

19,446,959 USD

04/06/23

194,372

UBS AG

SEK

Buy

56,563,522

5,295,741 USD

04/03/23

154,793

JPMorgan Chase Bank, N.A.

USD

Buy

15,160,000

1,991,093,862 JPY

04/10/23

148,095

Deutsche Bank AG

GBP

Buy

5,690,042

6,879,533 USD

04/06/23

140,567

Bank of America, N.A.

USD

Buy

25,110,000

3,315,556,175 JPY

04/10/23

112,275

JPMorgan Chase Bank, N.A.

GBP

Buy

6,210,000

7,569,961 USD

04/06/23

91,639

Barclays Bank plc

GBP

Buy

5,830,000

7,112,443 USD

04/06/23

80,331

UBS AG

USD

Sell

10,660,000

9,786,037 CHF

04/20/23

58,175

Deutsche Bank AG

NOK

Buy

215,018,500

20,494,406 USD

04/03/23

51,955

Goldman Sachs International

USD

Sell

5,370,000

7,324,092 CAD

04/10/23

51,246

Goldman Sachs International

EUR

Buy

46,130,000

50,039,512 USD

04/17/23

46,010

Goldman Sachs International

EUR

Buy

2,000,000

282,100,000 JPY

04/17/23

42,152

Deutsche Bank AG

CAD

Sell

2,170,000

1,633,488 USD

04/05/23

27,388

JPMorgan Chase Bank, N.A.

AUD

Buy

20,480,000

13,669,758 USD

04/06/23

24,736

Goldman Sachs International

USD

Sell

4,160,000

3,818,888 CHF

04/20/23

22,645

JPMorgan Chase Bank, N.A.

NOK

Sell

34,113,325

3,281,674 USD

04/11/23

20,805

BNP Paribas

USD

Buy

1,240,000

161,767,498 JPY

04/10/23

20,350

JPMorgan Chase Bank, N.A.

CAD

Buy

3,270,000

2,402,109 USD

04/05/23

18,142

BNP Paribas

USD

Sell

1,410,000

1,928,700 CAD

04/10/23

17,612

Bank of America, N.A.

USD

Sell

3,330,000

4,522,470 CAD

04/10/23

17,504

JPMorgan Chase Bank, N.A.

NZD

Buy

3,000,000

1,861,605 USD

04/03/23

15,037

Deutsche Bank AG

CAD

Buy

2,201,549

1,621,289 USD

12/28/23

14,770

UBS AG

USD

Buy

1,380,000

181,243,528 JPY

04/10/23

13,510

UBS AG

USD

Sell

600,000

6,399,840 NOK

04/21/23

12,058

Morgan Stanley Capital Services LLC

USD

Sell

1,070,000

1,461,714 CAD

04/10/23

11,951

UBS AG

EUR

Buy

1,640,000

1,768,965 USD

04/17/23

11,661

Goldman Sachs International

GBP

Buy

1,750,000

2,147,696 USD

04/06/23

11,370

Deutsche Bank AG

USD

Sell

930,000

1,269,776 CAD

04/10/23

9,880

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

Forward Foreign Currency Exchange Contracts†† (continued)

Counterparty

Currency

Type

Quantity

Contract Amount

Settlement Date

Unrealized Appreciation (Depreciation)

Morgan Stanley Capital Services LLC

GBP

Buy

1,460,000

1,792,106 USD

04/06/23

$

9,172

JPMorgan Chase Bank, N.A.

AUD

Sell

9,740,000

6,521,985 USD

04/06/23

9,078

Deutsche Bank AG

CAD

Buy

5,581,740

4,123,773 USD

04/10/23

7,795

Barclays Bank plc

GBP

Buy

1,550,000

1,905,079 USD

04/17/23

7,682

Deutsche Bank AG

JPY

Buy

238,735,600

1,857,032 USD

12/07/23

7,447

Barclays Bank plc

USD

Sell

2,070,000

1,894,470 CHF

04/20/23

4,921

JPMorgan Chase Bank, N.A.

GBP

Buy

1,700,000

2,092,612 USD

04/06/23

4,767

JPMorgan Chase Bank, N.A.

USD

Sell

1,650,000

1,510,039 CHF

04/20/23

3,873

Citibank, N.A.

SEK

Sell

14,286,320

1,381,069 USD

04/11/23

3,842

JPMorgan Chase Bank, N.A.

USD

Sell

350,000

477,881 CAD

04/10/23

3,725

UBS AG

USD

Buy

1,600,000

210,752,000 JPY

05/09/23

3,678

JPMorgan Chase Bank, N.A.

USD

Buy

7,610,000

79,585,369 NOK

04/11/23

2,492

Barclays Bank plc

GBP

Buy

700,000

861,274 USD

04/06/23

2,352

Citibank, N.A.

USD

Buy

910,000

829,673 CHF

04/20/23

1,300

UBS AG

GBP

Buy

1,020,000

1,257,221 USD

04/06/23

1,206

JPMorgan Chase Bank, N.A.

USD

Buy

450,000

4,656,029 SEK

04/11/23

1,150

Deutsche Bank AG

USD

Sell

290,000

265,674 CHF

04/20/23

980

UBS AG

AUD

Buy

500,000

334,192 USD

04/06/23

147

Barclays Bank plc

USD

Buy

9,000,000

1,194,867,000 JPY

04/03/23

136

Goldman Sachs International

USD

Buy

110,000

100,448 CHF

04/20/23

(16

)

Deutsche Bank AG

USD

Buy

490,000

447,532 CHF

04/20/23

(161

)

Citibank, N.A.

CAD

Sell

145,000

107,147 USD

04/12/23

(184

)

JPMorgan Chase Bank, N.A.

CAD

Sell

200,000

147,801 USD

04/14/23

(246

)

Deutsche Bank AG

NZD

Sell

540,000

337,483 USD

04/06/23

(314

)

Citibank, N.A.

EUR

Sell

441,000

480,481 USD

06/30/23

(396

)

JPMorgan Chase Bank, N.A.

CAD

Sell

400,000

295,548 USD

04/20/23

(574

)

JPMorgan Chase Bank, N.A.

CAD

Sell

740,000

546,985 USD

04/06/23

(725

)

UBS AG

USD

Buy

800,000

106,096,000 JPY

04/17/23

(832

)

Deutsche Bank AG

AUD

Sell

1,230,000

821,363 USD

04/06/23

(1,109

)

Goldman Sachs International

NZD

Buy

3,960,000

2,478,398 USD

04/06/23

(1,218

)

JPMorgan Chase Bank, N.A.

CAD

Sell

1,420,000

1,049,599 USD

04/04/23

(1,381

)

UBS AG

USD

Buy

200,000

2,090,320 SEK

04/03/23

(1,426

)

Goldman Sachs International

AUD

Buy

500,000

336,000 USD

04/21/23

(1,480

)

Deutsche Bank AG

EUR

Buy

360,000

392,870 USD

04/17/23

(2,001

)

Barclays Bank plc

EUR

Buy

1,170,000

1,272,421 USD

04/17/23

(2,097

)

JPMorgan Chase Bank, N.A.

USD

Sell

1,720,000

17,816,118 SEK

04/11/23

(2,494

)

JPMorgan Chase Bank, N.A.

USD

Buy

890,000

118,298,800 JPY

04/17/23

(2,941

)

UBS AG

EUR

Sell

500,000

492,900 CHF

04/21/23

(3,088

)

UBS AG

USD

Buy

300,000

3,145,140 SEK

04/11/23

(3,197

)

UBS AG

EUR

Sell

800,000

9,043,360 NOK

04/17/23

(3,893

)

UBS AG

USD

Buy

5,130,000

4,687,480 CHF

04/20/23

(3,972

)

Barclays Bank plc

USD

Buy

620,000

6,485,529 SEK

04/03/23

(4,954

)

Barclays Bank plc

USD

Buy

2,420,000

2,214,450 CHF

04/20/23

(5,380

)

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

Forward Foreign Currency Exchange Contracts†† (continued)

Counterparty

Currency

Type

Quantity

Contract Amount

Settlement Date

Unrealized Appreciation (Depreciation)

Barclays Bank plc

GBP

Sell

370,000

450,684 USD

04/06/23

$

(5,804

)

Goldman Sachs International

USD

Buy

3,120,000

4,225,682 CAD

04/10/23

(7,824

)

Deutsche Bank AG

CHF

Buy

4,703,093

5,159,333 USD

04/20/23

(8,261

)

Goldman Sachs International

EUR

Sell

19,470,000

21,130,374 USD

04/17/23

(9,127

)

Barclays Bank plc

NZD

Sell

1,920,000

1,191,782 USD

04/06/23

(9,275

)

Bank of America, N.A.

AUD

Sell

7,000,000

4,671,380 USD

04/06/23

(9,355

)

Citibank, N.A.

GBP

Sell

200,000

237,070 USD

04/06/23

(9,681

)

UBS AG

CAD

Sell

1,100,000

804,251 USD

04/05/23

(9,900

)

Goldman Sachs International

AUD

Sell

7,580,000

5,057,834 USD

04/06/23

(10,734

)

Barclays Bank plc

USD

Buy

5,750,000

764,192,250 JPY

04/10/23

(11,648

)

Barclays Bank plc

AUD

Sell

3,160,000

2,100,435 USD

04/06/23

(12,583

)

Morgan Stanley Capital Services LLC

USD

Buy

870,000

1,195,622 CAD

04/10/23

(14,992

)

JPMorgan Chase Bank, N.A.

USD

Sell

6,730,000

70,223,793 NOK

04/11/23

(17,358

)

JPMorgan Chase Bank, N.A.

NZD

Sell

5,270,000

3,277,773 USD

04/06/23

(18,878

)

UBS AG

GBP

Sell

1,950,000

2,386,558 USD

04/06/23

(19,258

)

JPMorgan Chase Bank, N.A.

USD

Buy

5,290,000

4,850,814 CHF

04/20/23

(22,863

)

Barclays Bank plc

HUF

Sell

6,771,000,000

19,301,871 USD

04/06/23

(23,009

)

JPMorgan Chase Bank, N.A.

EUR

Buy

8,760,465

9,535,415 USD

04/17/23

(23,763

)

Deutsche Bank AG

USD

Buy

4,080,000

5,547,753 CAD

04/10/23

(26,412

)

UBS AG

EUR

Sell

800,000

8,795,760 NOK

04/03/23

(27,472

)

Morgan Stanley Capital Services LLC

CAD

Buy

3,200,000

318,596,800 JPY

04/10/23

(33,449

)

Morgan Stanley Capital Services LLC

GBP

Sell

1,150,000

1,382,510 USD

04/06/23

(36,305

)

Bank of America, N.A.

USD

Buy

5,750,000

5,284,020 CHF

04/20/23

(37,333

)

JPMorgan Chase Bank, N.A.

NZD

Buy

27,881,997

17,478,948 USD

04/06/23

(37,352

)

Goldman Sachs International

USD

Sell

3,900,000

512,063,970 JPY

04/10/23

(39,280

)

Citibank, N.A.

EUR

Sell

29,000,000

31,447,025 USD

04/17/23

(39,645

)

Barclays Bank plc

GBP

Sell

5,420,000

6,640,635 USD

04/06/23

(46,300

)

Barclays Bank plc

USD

Buy

6,890,000

9,383,251 CAD

04/10/23

(55,422

)

Bank of America, N.A.

USD

Buy

8,610,000

11,707,010 CAD

04/10/23

(55,455

)

JPMorgan Chase Bank, N.A.

GBP

Sell

6,390,000

7,821,720 USD

04/06/23

(61,955

)

JPMorgan Chase Bank, N.A.

USD

Buy

6,050,000

8,258,759 CAD

04/10/23

(63,082

)

UBS AG

AUD

Sell

16,409,940

10,904,717 USD

04/06/23

(68,223

)

JPMorgan Chase Bank, N.A.

CAD

Sell

12,753,465

9,357,341 USD

04/10/23

(82,693

)

Barclays Bank plc

USD

Sell

10,680,000

1,404,902,800 JPY

04/10/23

(87,697

)

JPMorgan Chase Bank, N.A.

JPY

Sell

680,000,000

5,055,537 USD

06/05/23

(114,299

)

Deutsche Bank AG

GBP

Sell

7,040,000

8,561,387 USD

04/06/23

(124,227

)

JPMorgan Chase Bank, N.A.

USD

Sell

11,980,000

1,567,264,710 JPY

04/10/23

(163,566

)

JPMorgan Chase Bank, N.A.

USD

Buy

33,188,879

346,273,452 SEK

04/03/23

(178,484

)

JPMorgan Chase Bank, N.A.

USD

Sell

33,149,043

344,733,324 NOK

04/03/23

(207,619

)

Bank of America, N.A.

USD

Sell

13,270,000

1,730,220,635 JPY

04/10/23

(224,955

)

Goldman Sachs International

GBP

Sell

34,030,000

41,649,251 USD

04/06/23

(335,329

)

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

Forward Foreign Currency Exchange Contracts†† (concluded)

Counterparty

Currency

Type

Quantity

Contract Amount

Settlement Date

Unrealized Appreciation (Depreciation)

Morgan Stanley Capital Services LLC

CAD

Sell

42,788,000

31,288,299 USD

04/17/23

$

(386,452

)

JPMorgan Chase Bank, N.A.

USD

Buy

45,076,083

476,238,898 NOK

04/03/23

(431,521

)

JPMorgan Chase Bank, N.A.

NOK

Sell

330,843,448

31,107,963 USD

04/03/23

(506,197

)

Bank of America, N.A.

JPY

Buy

58,254,000,000

442,128,386 USD

05/15/23

(524,909

)

UBS AG

HUF

Sell

5,331,000,000

14,607,280 USD

04/06/23

(607,746

)

UBS AG

JPY

Sell

39,702,000,000

302,524,850 USD

07/05/23

(671,820

)

UBS AG

JPY

Buy

8,489,820,783

64,837,984 USD

04/10/23

(828,751

)

Barclays Bank plc

GBP

Sell

78,295,000

95,419,682 USD

04/17/23

(1,199,398

)

Barclays Bank plc

EUR

Sell

125,420,000

134,914,951 USD

04/17/23

(1,259,471

)

UBS AG

JPY

Sell

19,418,000,000

145,564,401 USD

05/15/23

(1,636,758

)

BNP Paribas

JPY

Buy

37,847,000,000

288,998,847 USD

05/18/23

(1,975,677

)

BNP Paribas

JPY

Buy

37,847,000,000

288,628,912 USD

05/08/23

(1,999,539

)

BNP Paribas

JPY

Sell

40,291,000,000

303,552,661 USD

05/22/23

(2,172,949

)

UBS AG

JPY

Buy

39,983,000,000

308,084,097 USD

06/27/23

(3,104,408

)

Barclays Bank plc

JPY

Buy

39,369,000,000

303,143,937 USD

06/20/23

(3,161,291

)

BNP Paribas

JPY

Sell

41,217,000,000

309,800,930 USD

05/30/23

(3,294,201

)

Barclays Bank plc

JPY

Sell

41,254,000,000

305,802,645 USD

06/05/23

(7,839,141

)

$

11,526,329

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

OTC Interest Rate Swaptions Purchased
Counterparty/ Description	Floating Rate Type	Floating Rate Index	Payment Frequency		Fixed Rate		Expiration Date		Exercise Rate	Swaption Notional Amount		Swaption Value
Call
Citibank, N.A. 5-Year Interest Rate Swap	Pay	6-Month EURIBOR	Semi-annual	3.10%		10/29/27		3.10%		$	116,793,375	$	5,492,710
Deutsche Bank AG 5-Year Interest Rate Swap	Pay	SOFR	Annual	2.69%		04/19/27		2.69%			92,814,000		3,013,398
Deutsche Bank AG 5-Year Interest Rate Swap	Pay	SOFR	Annual	2.39%		04/08/32		2.39%			72,235,000		2,086,459
Citibank, N.A. 20-Year Interest Rate Swap	Pay	SOFR	Annual	2.38%		04/12/29		2.38%			24,141,000		1,777,143
Barclays Bank plc 20-Year Interest Rate Swap	Pay	SONIA	Annual	1.58%		04/12/27		1.58%			23,183,437		863,710
												$	13,233,420
Put
Barclays Bank plc 20-Year Interest Rate Swap	Receive	SONIA	Annual	1.58%		04/12/27		1.58%			23,183,438		6,025,788
Deutsche Bank AG 5-Year Interest Rate Swap	Receive	SOFR	Annual	2.39%		04/08/32		2.39%			72,235,000		4,689,553
Deutsche Bank AG 5-Year Interest Rate Swap	Receive	SOFR	Annual	2.69%		04/19/27		2.69%			92,814,000		4,090,097
Citibank, N.A. 5-Year Interest Rate Swap	Receive	6-Month EURIBOR	Semi-annual	3.10%		10/29/27		3.10%			116,793,375		3,814,611
Citibank, N.A. 20-Year Interest Rate Swap	Receive	SOFR	Annual	2.38%		04/12/29		2.38%			24,141,000		3,707,774
												$	22,327,823

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

OTC Interest Rate Swaptions Written
Counterparty/ Description	Floating Rate Type	Floating Rate Index	Payment Frequency		Fixed Rate		Expiration Date		Exercise Rate	Swaption Notional Amount		Swaption Value
Call
Deutsche Bank AG 5-Year Interest Rate Swap	Receive	6-Month EURIBOR	Semi-annual	2.82%		03/22/27		2.82%		$	11,733,660	$	(432,765	)
J.P. Morgan Securities plc 5-Year Interest Rate Swap	Receive	SOFR	Annual	2.70%		04/17/25		2.70%			22,032,000		(587,573	)
												$	(1,020,338	)
Put
Deutsche Bank AG 5-Year Interest Rate Swap	Pay	6-Month EURIBOR	Semi-annual	2.82%		03/22/27		2.82%			11,733,660		(424,719	)
J.P. Morgan Securities plc 5-Year Interest Rate Swap	Pay	SOFR	Annual	2.70%		04/17/25		2.70%			22,032,000		(761,522	)
												$	(1,186,241	)

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES 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 Consolidated 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.
◊	Variable rate security. Rate indicated is the rate effective at March 31, 2023. 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.
1	Special Purpose Acquisition Company (SPAC).
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 $2,447,179,660 (cost $2,756,590,872), or 42.5% of total net assets.
4	Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.
5	Rate indicated is the 7-day yield as of March 31, 2023.
6	Perpetual maturity.
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, 2023. See table below for additional step information for each security.
8	Security is in default of interest and/or principal obligations.
9	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 $48,389,432 (cost $55,731,759), or 0.8% of total net assets — See Note 10.
10	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
11	Security is an interest-only strip.
12	Payment-in-kind security.
13	Rate indicated is the effective yield at the time of purchase.
14	All or a portion of this security has been physically segregated or earmarked in connection with reverse repurchase agreements. At March 31, 2023, the total market value of segregated or earmarked securities was $21,204,258 — See Note 6.
15	Zero coupon rate security.
16	All or a portion of this security is pledged as interest rate swap collateral at March 31, 2023.
17	Swaptions — See additional disclosure in the swaptions table above for more information on swaptions.
	AUD — Australian Dollar
	CAD — Canadian Dollar
	CDX.NA.HY.40.V1 — Credit Default Swap North American High Yield Series 40 Index Version 1
	CHF — Swiss Franc
	CME — Chicago Mercantile Exchange
	CMS — Constant Maturity Swap
	CMT — Constant Maturity Treasury
	CZK — Czech Koruna
	EUR — Euro
	EURIBOR — European Interbank Offered Rate
	GBP — British Pound

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

HUF — Hungarian Forint

ICE — Intercontinental Exchange

ITRAXX.EUR.38.V1 — iTraxx Europe Series 38 Index Version 1

JPM — J.P. Morgan Securities LLC

JPY — Japanese Yen

LCH — London Clearing House

LIBOR — London Interbank Offered Rate

NOK — Norwegian Krone

plc — Public Limited Company

PPV — Public-Private Venture

REMIC — Real Estate Mortgage Investment Conduit

SARL — Société à Responsabilité Limitée

SEK — Swedish Krona

SGD — Singapore Dollar

SOFR — Secured Overnight Financing Rate

SONIA — Sterling Overnight Index Average

WAC — Weighted Average Coupon

See Sector Classification in Other Information section.

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (See Note 4 in the Notes to Consolidated Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	54,634,848	$	7,880,606	$	436,694		$	62,952,148
Preferred Stocks		—		321,389,957		—	*		321,389,957
Warrants		227,983		—		76			228,059
Exchange-Traded Funds		46,279,586		—		—			46,279,586
Mutual Funds		278,363,738		—		—			278,363,738
Money Market Funds		238,389,818		—		—			238,389,818
Corporate Bonds		—		1,698,057,686		71,388,385			1,769,446,071
Asset-Backed Securities		—		1,008,284,091		182,224,237			1,190,508,328
Senior Floating Rate Interests		—		529,650,921		246,804,949			776,455,870
Collateralized Mortgage Obligations		—		444,539,477		66,759,264			511,298,741
Federal Agency Discount Notes		—		372,539,466		—			372,539,466
U.S. Government Securities		—		41,610,633		—			41,610,633
Foreign Government Debt		—		36,536,393		—			36,536,393
Convertible Bonds		—		14,512,350		—			14,512,350
U.S. Treasury Bills		—		4,989,027		—			4,989,027
Federal Agency Bonds		—		3,582,644		—			3,582,644
Senior Fixed Rate Interests		—		784,316		—			784,316
Options Purchased		—		4,008,479		—			4,008,479
Interest Rate Swaptions Purchased		—		35,561,243		—			35,561,243
Commodity Futures Contracts**		5,389,809		—		—			5,389,809
Interest Rate Futures Contracts**		1,002		—		—			1,002
Interest Rate Swap Agreements**		—		968,014		—			968,014
Forward Foreign Currency Exchange Contracts**		—		45,561,504		—			45,561,504
Total Assets	$	623,286,784	$	4,570,456,807	$	567,613,605		$	5,761,357,196

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Options Written	$	785,705	$	3,553,789	$	—	$	4,339,494
Interest Rate Swaptions Written		—		2,206,579		—		2,206,579
Commodity Futures Contracts**		743,727		—		—		743,727
Interest Rate Futures Contracts**		5,915		—		—		5,915
Credit Default Swap Agreements**		—		2,180,162		—		2,180,162
Interest Rate Swap Agreements**		—		11,875,307		—		11,875,307
Forward Foreign Currency Exchange Contracts**		—		34,035,175		—		34,035,175
Unfunded Loan Commitments (Note 9)		—		—		1,143,482		1,143,482
Total Liabilities	$	1,535,347	$	53,851,012	$	1,143,482	$	56,529,841

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of the period end, reverse repurchase agreements of $16,487,855 are categorized as Level 2 within the disclosure hierarchy — See Note 6.

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, 2023		Valuation Technique	Unobservable Inputs		Input Range		Weighted Average*
Assets:
Asset-Backed Securities	$	118,912,825	Yield Analysis	Yield	6.1%-8.7%		7.0%
Asset-Backed Securities		57,230,640	Option adjusted spread off prior month end broker quote	Broker Quote	—		—
Asset-Backed Securities		6,044,690	Third Party Pricing	Vendor Price	—		—
Asset-Backed Securities		36,082	Third Party Pricing	Broker Quote	—		—
Collateralized Mortgage Obligations		32,978,795	Model Price	Market Comparable Yields	7.6%		—
Collateralized Mortgage Obligations		28,290,829	Third Party Pricing	Vendor Price	—		—
Collateralized Mortgage Obligations		5,489,640	Option adjusted spread off prior month end broker quote	Broker Quote	—		—

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES FUND

Category	Ending Balance at March 31, 2023		Valuation Technique	Unobservable Inputs		Input Range		Weighted Average*
Common Stocks	$	434,945	Enterprise Value	Valuation Multiple	2.7x-16.1x		11.7x
Common Stocks		1,749	Model Price	Liquidation Value	—		—
Corporate Bonds		27,879,241	Third Party Pricing	Vendor Price	—		—
Corporate Bonds		22,220,000	Yield Analysis	Yield	6.7%		—
Corporate Bonds		19,639,707	Option adjusted spread off prior month end broker quote	Broker Quote	—		—
Corporate Bonds		1,559,880	Model Price	Purchase Price	—		—
Corporate Bonds		89,557	Third Party Pricing	Broker Quote	—		—
Senior Floating Rate Interests		137,578,130	Yield Analysis	Yield	10.2%-28.3%		11.3%
Senior Floating Rate Interests		67,842,029	Third Party Pricing	Broker Quote	—		—
Senior Floating Rate Interests		34,196,117	Model Price	Purchase Price	—		—
Senior Floating Rate Interests		3,824,729	Model Price	Market Comparable Yields	13.5%		—
Senior Floating Rate Interests		3,363,944	Third Party Pricing	Vendor Price	—		—
Warrants		76	Model Price	Liquidation Value	—		—
Total Assets	$	567,613,605
Liabilities:
Unfunded Loan Commitments	$	1,143,482	Model Price	Purchase Price	—		—

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

Significant changes in a quote, yield, market comparable yields, liquidation value 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.

The Fund’s fair valuation leveling guidelines classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3, if such a quote or price cannot be supported with other available market information.

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, 2023, the Fund had securities with a total value of $40,783,567 transfer into Level 3 from Level 2 due to a lack of observable inputs and had securities with a total value of $130,220,282 transfer out of Level 3 into 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.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 69

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES 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, 2023:

	Assets
	Asset- Backed Securities			Collateralized Mortgage Obligations			Corporate Bonds			Senior Floating Rate Interests			Warrants
Beginning Balance	$	207,143,109		$	46,238,951		$	127,361,189		$	475,030,632		$	76
Purchases/(Receipts)		31,721,502			29,000,000			—			31,166,456			—
(Sales, maturities and paydowns)/Fundings		(58,152,518	)		(9,564,070	)		(61,000,014	)		(174,309,183	)		—
Amortization of premiums/discounts		111,182			(6,471	)		23,488			1,561,227			—
Total realized gains (losses) included in earnings		(3,598,868	)		(1,133,151	)		(4,199,988	)		(6,851,990	)		—
Total change in unrealized appreciation (depreciation) included in earnings		5,000,653			2,224,005			6,076,439			12,770,970			—
Transfers into Level 3		—			—			27,968,798			12,814,769			—
Transfers out of Level 3		(823	)		—			(24,841,527	)		(105,377,932	)		—
Ending Balance	$	182,224,237		$	66,759,264		$	71,388,385		$	246,804,949		$	76
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at March 31, 2023	$	(554,206	)	$	1,098,229		$	752,494		$	3,394,699		$	—

	Assets									Liabilities
	Common Stocks			Senior Fixed Rate Interests			Total Assets			Unfunded Loan Commitments
Beginning Balance	$	801,687		$	2,750,527		$	859,326,171		$	(2,356,646	)
Purchases/(Receipts)		1,664			—			91,889,622			(946,814	)
(Sales, maturities and paydowns)/Fundings		(34,345	)		(2,801,412	)		(305,861,542	)		1,572,051
Amortization of premiums/discounts		—			4,225			1,693,651			137,625
Total realized gains (losses) included in earnings		29,321			(132,088	)		(15,886,764	)		514,684
Total change in unrealized appreciation (depreciation) included in earnings		(361,633	)		178,748			25,889,182			(64,382	)
Transfers into Level 3		—			—			40,783,567			—
Transfers out of Level 3		—			—			(130,220,282	)		—
Ending Balance	$	436,694		$	—		$	567,613,605		$	(1,143,482	)
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at March 31, 2023	$	(334,533	)	$	—		$	4,356,683		$	202,056

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
MACRO OPPORTUNITIES 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, except GAIA Aviation Ltd. which is scheduled to decrease.

Name	Coupon Rate at Next Reset Date			Next Rate Reset Date		Future Reset Rate			Future Reset Date
BRAVO Residential Funding Trust 2022-R1, 3.13% due 01/29/70		6.13	%		01/30/25		—			—
Citigroup Mortgage Loan Trust 2022-A, 6.17% due 09/25/62		9.17	%		09/25/25		10.17	%		09/25/26
GAIA Aviation Ltd. 2019-1, 3.97% due 12/15/44		2.00	%		11/15/26		—			—
GCAT Trust 2022-NQM5, 5.71% due 08/25/67		6.71	%		10/01/26		—			—
NYMT Loan Trust 2022-SP1, 5.25% due 07/25/62		8.25	%		07/01/25		9.25	%		07/01/26
OBX Trust 2023-NQM2, 6.80% due 01/25/62		7.80	%		02/01/27		—			—
OBX Trust 2022-NQM8, 6.10% due 09/25/62		7.10	%		10/01/26		—			—
OBX Trust 2022-NQM9, 6.45% due 09/25/62		7.45	%		11/01/26		—			—
OSAT Trust 2021-RPL1, 2.12% due 05/25/65		5.12	%		06/25/24		6.12	%		06/25/25
Platinum for Belize Blue Investment Company LLC, 2.10% due 10/20/40		3.60	%		10/21/23		4.47	%		10/21/25
Verus Securitization Trust 2022-8, 6.13% due 09/25/67		7.13	%		10/01/26		—			—

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 “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2022, 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/1601445/000182126822000340/gug84768.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2023
MACRO OPPORTUNITIES FUND

Transactions during the period ended March 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 09/30/22		Additions		Reductions			Transfers		Realized Gain (Loss)
Common Stocks
Aequi Acquisition Corp.*	$	—	$	—	$	—		$	8,470,586	$	—
BP Holdco LLC*		22,763		—		—			—		—
Targus Group International Equity, Inc.*		32,125		—		(34,345	)		—		29,321
Mutual Funds
Guggenheim Alpha Opportunity Fund — Institutional Class		24,848,949		168,795		—			—		—
Guggenheim Limited Duration Fund — R6-Class		—		120,540,740		—			—		—
Guggenheim Risk Managed Real Estate Fund — Institutional Class		67,397,011		3,128,345		(40,000,000	)		—		2,012,260
Guggenheim Strategy Fund II		18,015,885		444,069		—			—		—
Guggenheim Strategy Fund III		17,512,927		14,685,638		—			—		—
Guggenheim Ultra Short Duration Fund — Institutional Class		45,783,897		1,029,349		—			—		—
	$	173,613,557	$	139,996,936	$	(40,034,345	)	$	8,470,586	$	2,041,581

Security Name	Change in Unrealized Appreciation (Depreciation)			Value 03/31/23		Shares 03/31/23		Investment Income		Capital Gain Distributions
Common Stocks
Aequi Acquisition Corp.*	$	1,431,060		$	9,901,646		999,157	$	—	$	—
BP Holdco LLC*		25,455			48,218		37,539		—		—
Targus Group International Equity, Inc.*		(27,101	)		—		—		—		—
Mutual Funds
Guggenheim Alpha Opportunity Fund — Institutional Class		2,532,999			27,550,743		1,017,008		168,795		—
Guggenheim Limited Duration Fund — R6-Class		508,502			121,049,242		5,098,957		514,276		—
Guggenheim Risk Managed Real Estate Fund — Institutional Class		(1,182,852	)		31,354,764		1,043,420		641,292		2,486,971
Guggenheim Strategy Fund II		182,341			18,642,295		770,025		442,720		—
Guggenheim Strategy Fund III		178,347			32,376,912		1,335,130		572,218		—
Guggenheim Ultra Short Duration Fund — Institutional Class		576,536			47,389,782		4,880,513		1,024,835		—
	$	4,225,287		$	288,313,602			$	3,364,136	$	2,486,971

* Non-income producing security.

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

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

MACRO OPPORTUNITIES FUND

March 31, 2023

Assets:
Investments in unaffiliated issuers, at value (cost $6,103,043,529)	$	5,421,123,265
Investments in affiliated issuers, at value (cost $294,807,092)		288,313,602
Foreign currency, at value (cost $9,987,480)		10,067,193
Cash		7,716,731
Segregated cash with broker		30,845,741
Unamortized upfront premiums paid on credit default swap agreements		262,938
Unamortized upfront premiums paid on interest rate swap agreements		75,639
Unrealized appreciation on forward foreign currency exchange contracts		45,561,504
Prepaid expenses		204,943
Receivables:
Interest		47,404,885
Securities sold		46,353,364
Fund shares sold		8,825,660
Dividends		1,412,460
Variation margin on futures contracts		54,177
Total assets		5,908,222,102
Liabilities:
Unfunded loan commitments, at value (Note 9) (commitment fees received $1,660,905)		1,143,482
Reverse repurchase agreements		16,487,855
Options written, at value (premiums received $8,089,776)		6,546,073
Segregated cash due to broker		4,406,000
Unamortized upfront premiums received on credit default swap agreements		1,522,434
Unamortized upfront premiums received on interest rate swap agreements		2,767,099
Unrealized depreciation on forward foreign currency exchange contracts		34,035,175
Payable for:
Securities purchased		61,946,804
Fund shares redeemed		12,842,569
Management fees		3,735,988
Distributions to shareholders		2,010,012
Variation margin on interest rate swap agreements		1,360,780
Variation margin on credit default swap agreements		733,130
Transfer agent/maintenance fees		604,386
Protection fees on credit default swap agreements		187,490
Distribution and service fees		185,212
Fund accounting/administration fees		53,861
Due to Investment Adviser		28,230
Trustees’ fees*		1,757
Miscellaneous		554,263
Total liabilities		151,152,600
Net assets	$	5,757,069,502

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

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

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (Unaudited)(concluded)

MACRO OPPORTUNITIES FUND

March 31, 2023

Net assets consist of:
Paid in capital	$	6,736,793,791
Total distributable earnings (loss)		(979,724,289	)
Net assets	$	5,757,069,502
A-Class:
Net assets	$	302,713,810
Capital shares outstanding		12,623,127
Net asset value per share	$	23.98
Maximum offering price per share (Net asset value divided by 96.00%)	$	24.98
C-Class:
Net assets	$	121,809,748
Capital shares outstanding		5,083,032
Net asset value per share	$	23.96
P-Class:
Net assets	$	77,939,076
Capital shares outstanding		3,248,776
Net asset value per share	$	23.99
Institutional Class:
Net assets	$	5,121,728,910
Capital shares outstanding		213,272,905
Net asset value per share	$	24.01
R6-Class:
Net assets	$	132,877,958
Capital shares outstanding		5,534,738
Net asset value per share	$	24.01

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

CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)

MACRO OPPORTUNITIES FUND

Six Months Ended March 31, 2023

Investment Income:
Dividends from securities of unaffiliated issuers	$	6,198,107
Dividends from securities of affiliated issuers		3,364,136
Interest from securities of unaffiliated issuers (net of foreign withholding tax of $32)		195,328,502
Total investment income		204,890,745
Expenses:
Management fees		25,851,201
Distribution and service fees:
A-Class		390,507
C-Class		665,709
P-Class		135,340
Transfer agent/maintenance fees:
A-Class		187,787
C-Class		78,267
P-Class		148,067
Institutional Class		2,660,929
R6-Class		3,715
Interest expense		6,782,393
Fund accounting/administration fees		1,214,360
Professional fees		343,536
Line of credit fees		217,960
Custodian fees		213,019
Trustees’ fees*		52,308
Miscellaneous		438,327
Recoupment of previously waived fees:
A-Class		63,223
C-Class		27,897
P-Class		351
Institutional Class		12,241
R6-Class		167
Total expenses		39,487,304
Less:
Expenses reimbursed by Adviser:
A-Class		(3,455	)
C-Class		(1,080	)
P-Class		(61,938	)
Institutional Class		(2,653,998	)
R6-Class		(3,641	)
Expenses waived by Adviser		(1,690,923	)
Earnings credits applied		(120,836	)
Total waived/reimbursed expenses		(4,535,871	)
Net expenses		34,951,433
Net investment income		169,939,312

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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 75

CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)(concluded)

MACRO OPPORTUNITIES FUND

Six Months Ended March 31, 2023

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers	$	(194,486,137	)
Investments in affiliated issuers		2,041,581
Distributions received from affiliated investment companies		2,486,971
Swap agreements		13,744,468
Futures contracts		18,615,596
Options purchased		(26,984,752	)
Options written		42,925,797
Forward foreign currency exchange contracts		(36,112,777	)
Foreign currency transactions		(12,585,743	)
Net realized loss		(190,354,996	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		371,347,879
Investments in affiliated issuers		4,225,287
Swap agreements		(12,107,435	)
Futures contracts		7,242,133
Options purchased		(26,371,583	)
Options written		4,573,389
Forward foreign currency exchange contracts		1,853,307
Foreign currency translations		(2,554,826	)
Net change in unrealized appreciation (depreciation)		348,208,151
Net realized and unrealized gain		157,853,155
Net increase in net assets resulting from operations	$	327,792,467

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

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

MACRO OPPORTUNITIES FUND

	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	169,939,312		$	288,548,755
Net realized gain (loss) on investments		(190,354,996	)		28,394,110
Net change in unrealized appreciation (depreciation) on investments		348,208,151			(1,144,746,402	)
Net increase (decrease) in net assets resulting from operations		327,792,467			(827,803,537	)
Distributions to shareholders:
A-Class		(8,843,689	)		(14,450,678	)
C-Class		(3,273,367	)		(5,329,080	)
P-Class		(3,098,477	)		(6,862,970	)
Institutional Class		(156,003,709	)		(271,453,423	)
R6-Class		(3,818,501	)		(6,954,612	)
Total distributions to shareholders		(175,037,743	)		(305,050,763	)
Capital share transactions:
Proceeds from sale of shares
A-Class		51,128,673			126,958,094
C-Class		6,538,068			17,647,591
P-Class		11,522,264			141,236,656
Institutional Class		1,212,673,774			2,865,859,194
R6-Class		18,227,932			39,129,088
Distributions reinvested
A-Class		7,486,599			12,395,501
C-Class		2,910,589			4,714,100
P-Class		3,076,128			6,862,970
Institutional Class		134,717,006			236,975,014
R6-Class		3,818,501			6,954,612
Cost of shares redeemed
A-Class		(91,475,258	)		(190,135,392	)
C-Class		(36,673,668	)		(58,112,906	)
P-Class		(101,177,320	)		(120,265,759	)
Institutional Class		(1,757,341,062	)		(3,617,935,972	)
R6-Class		(17,229,937	)		(92,877,977	)
Net decrease from capital share transactions		(551,797,711	)		(620,595,186	)
Net decrease in net assets		(399,042,987	)		(1,753,449,486	)
Net assets:
Beginning of period		6,156,112,489			7,909,561,975
End of period	$	5,757,069,502		$	6,156,112,489

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

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (concluded)

MACRO OPPORTUNITIES FUND

	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Capital share activity:
Shares sold
A-Class		2,152,290			4,889,782
C-Class		276,249			674,828
P-Class		486,101			5,424,419
Institutional Class		50,968,653			110,104,278
R6-Class		762,028			1,482,039
Shares issued from reinvestment of distributions
A-Class		315,094			488,657
C-Class		122,638			186,340
P-Class		129,780			273,119
Institutional Class		5,661,613			9,317,790
R6-Class		160,759			273,699
Shares redeemed
A-Class		(3,856,579	)		(7,374,841	)
C-Class		(1,546,303	)		(2,275,909	)
P-Class		(4,264,715	)		(4,789,373	)
Institutional Class		(74,023,864	)		(142,390,344	)
R6-Class		(727,263	)		(3,655,968	)
Net decrease in shares		(23,383,519	)		(27,371,484	)

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

CONSOLIDATED 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	Six Months Ended March 31, 2023a			Year Ended Sept. 30, 2022			Year Ended Sept. 30, 2021			Year Ended Sept. 30, 2020			Year Ended Sept. 30, 2019			Year Ended Sept. 30, 2018
Per Share Data
Net asset value, beginning of period	$	23.36		$	27.19		$	26.31		$	25.82		$	26.53		$	26.67
Income (loss) from investment operations:
Net investment income (loss)b		.65			.89			.91			.74			.72			.72
Net gain (loss) on investments (realized and unrealized)		.64			(3.77	)		1.04			.61			(.62	)		(.08	)
Total from investment operations		1.29			(2.88	)		1.95			1.35			.10			.64
Less distributions from:
Net investment income		(.67	)		(.95	)		(1.07	)		(.86	)		(.79	)		(.78	)
Net realized gains		—	c		—			—			—			(.02	)		—
Total distributions		(.67	)		(.95	)		(1.07	)		(.86	)		(.81	)		(.78	)
Net asset value, end of period	$	23.98		$	23.36		$	27.19		$	26.31		$	25.82		$	26.53
Total Returnd		5.58	%		(10.77	%)		7.49	%		5.39	%		0.41	%		2.42	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	302,714		$	327,393		$	435,293		$	312,986		$	461,781		$	714,630
Ratios to average net assets:
Net investment income (loss)		5.49	%		3.46	%		3.35	%		2.90	%		2.76	%		2.72	%
Total expensese		1.62	%		1.42	%		1.43	%		1.51	%		1.47	%		1.43	%
Net expensesf,g,h		1.56	%		1.37	%		1.37	%		1.39	%		1.39	%		1.33	%
Portfolio turnover rate		11	%		25	%		84	%		130	%		46	%		66	%

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 79

CONSOLIDATED 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	Six Months Ended March 31, 2023a			Year Ended Sept. 30, 2022			Year Ended Sept. 30, 2021			Year Ended Sept. 30, 2020			Year Ended Sept. 30, 2019			Year Ended Sept. 30, 2018
Per Share Data
Net asset value, beginning of period	$	23.35		$	27.17		$	26.29		$	25.80		$	26.52		$	26.65
Income (loss) from investment operations:
Net investment income (loss)b		.56			.70			.72			.55			.52			.53
Net gain (loss) on investments (realized and unrealized)		.63			(3.76	)		1.03			.61			(.62	)		(.08	)
Total from investment operations		1.19			(3.06	)		1.75			1.16			(.10	)		.45
Less distributions from:
Net investment income		(.58	)		(.76	)		(.87	)		(.67	)		(.60	)		(.58	)
Net realized gains		—	c		—			—			—			(.02	)		—
Total distributions		(.58	)		(.76	)		(.87	)		(.67	)		(.62	)		(.58	)
Net asset value, end of period	$	23.96		$	23.35		$	27.17		$	26.29		$	25.80		$	26.52
Total Returnd		5.15	%		(11.41	%)		6.70	%		4.60	%		(0.37	%)		1.69	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	121,810		$	145,469		$	207,739		$	219,866		$	321,576		$	433,121
Ratios to average net assets:
Net investment income (loss)		4.75	%		2.70	%		2.64	%		2.15	%		2.00	%		1.98	%
Total expensese		2.37	%		2.17	%		2.18	%		2.25	%		2.20	%		2.18	%
Net expensesf,g,h		2.31	%		2.12	%		2.12	%		2.15	%		2.13	%		2.09	%
Portfolio turnover rate		11	%		25	%		84	%		130	%		46	%		66	%

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

CONSOLIDATED 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	Six Months Ended March 31, 2023a			Year Ended Sept. 30, 2022			Year Ended Sept. 30, 2021			Year Ended Sept. 30, 2020			Year Ended Sept. 30, 2019			Year Ended Sept. 30, 2018
Per Share Data
Net asset value, beginning of period	$	23.38		$	27.20		$	26.32		$	25.82		$	26.54		$	26.68
Income (loss) from investment operations:
Net investment income (loss)b		.65			.90			.91			.74			.71			.73
Net gain (loss) on investments (realized and unrealized)		.63			(3.77	)		1.04			.62			(.62	)		(.09	)
Total from investment operations		1.28			(2.87	)		1.95			1.36			.09			.64
Less distributions from:
Net investment income		(.67	)		(.95	)		(1.07	)		(.86	)		(.79	)		(.78	)
Net realized gains		—	c		—			—			—			(.02	)		—
Total distributions		(.67	)		(.95	)		(1.07	)		(.86	)		(.81	)		(.78	)
Net asset value, end of period	$	23.99		$	23.38		$	27.20		$	26.32		$	25.82		$	26.54
Total Return		5.59	%		(10.77	%)		7.48	%		5.42	%		0.37	%		2.42	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	77,939		$	161,232		$	162,928		$	99,575		$	126,334		$	160,578
Ratios to average net assets:
Net investment income (loss)		5.52	%		3.51	%		3.33	%		2.91	%		2.73	%		2.73	%
Total expensese		1.77	%		1.45	%		1.45	%		1.50	%		1.46	%		1.46	%
Net expensesf,g,h		1.60	%		1.37	%		1.37	%		1.40	%		1.39	%		1.33	%
Portfolio turnover rate		11	%		25	%		84	%		130	%		46	%		66	%

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

CONSOLIDATED 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	Six Months Ended March 31, 2023a			Year Ended Sept. 30, 2022			Year Ended Sept. 30, 2021			Year Ended Sept. 30, 2020			Year Ended Sept. 30, 2019			Year Ended Sept. 30, 2018
Per Share Data
Net asset value, beginning of period	$	23.40		$	27.23		$	26.34		$	25.85		$	26.57		$	26.71
Income (loss) from investment operations:
Net investment income (loss)b		.70			.99			1.02			.85			.81			.84
Net gain (loss) on investments (realized and unrealized)		.63			(3.76	)		1.05			.60			(.61	)		(.09	)
Total from investment operations		1.33			(2.77	)		2.07			1.45			.20			.75
Less distributions from:
Net investment income		(.72	)		(1.06	)		(1.18	)		(.96	)		(.90	)		(.89	)
Net realized gains		—	c		—			—			—			(.02	)		—
Total distributions		(.72	)		(1.06	)		(1.18	)		(.96	)		(.92	)		(.89	)
Net asset value, end of period	$	24.01		$	23.40		$	27.23		$	26.34		$	25.85		$	26.57
Total Return		5.75	%		(10.39	%)		7.91	%		5.84	%		0.77	%		2.83	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,121,729		$	5,397,131		$	6,906,534		$	4,097,303		$	5,396,868		$	6,065,678
Ratios to average net assets:
Net investment income (loss)		5.88	%		3.85	%		3.74	%		3.32	%		3.12	%		3.15	%
Total expensese		1.31	%		1.09	%		1.08	%		1.17	%		1.13	%		1.08	%
Net expensesf,g,h		1.15	%		0.96	%		0.96	%		0.99	%		0.98	%		0.93	%
Portfolio turnover rate		11	%		25	%		84	%		130	%		46	%		66	%

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

CONSOLIDATED 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	Six Months Ended March 31, 2023a			Year Ended Sept. 30, 2022			Year Ended Sept. 30, 2021			Year Ended Sept. 30, 2020			Period Ended Sept. 30, 2019i
Per Share Data
Net asset value, beginning of period	$	23.39		$	27.22		$	26.34		$	25.84		$	25.98
Income (loss) from investment operations:
Net investment income (loss)b		.70			.98			1.02			.87			.36
Net gain (loss) on investments (realized and unrealized)		.64			(3.75	)		1.04			.58			(.03	)
Total from investment operations		1.34			(2.77	)		2.06			1.45			.33
Less distributions from:
Net investment income		(.72	)		(1.06	)		(1.18	)		(.95	)		(.47	)
Net realized gains		—	c		—			—			—			—
Total distributions		(.72	)		(1.06	)		(1.18	)		(.95	)		(.47	)
Net asset value, end of period	$	24.01		$	23.39		$	27.22		$	26.34		$	25.84
Total Return		5.79	%		(10.39	%)		7.91	%		5.81	%		1.30	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	132,878		$	124,888		$	197,067		$	136,669		$	676
Ratios to average net assets:
Net investment income (loss)		5.88	%		3.79	%		3.74	%		3.41	%		2.79	%
Total expensese		1.20	%		1.00	%		1.01	%		1.09	%		1.11	%
Net expensesf,g,h		1.14	%		0.96	%		0.96	%		0.99	%		1.03	%
Portfolio turnover rate		11	%		25	%		84	%		130	%		46	%

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CONSOLIDATED FINANCIAL HIGHLIGHTS (concluded)

MACRO OPPORTUNITIES FUND

a	Unaudited figures for the period ended March 31, 2023. 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	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:

	03/31/23a	09/30/22	09/30/21	09/30/20	09/30/19	09/30/18
A-Class	0.04%	0.06%	0.10%	0.03%	0.02%	0.04%
C-Class	0.04%	0.06%	0.08%	0.05%	0.05%	0.11%
P-Class	0.00%*	0.05%	0.09%	0.03%	0.04%	0.04%
Institutional Class	0.00%*	—	—	0.00%*	0.00%*	—
R6-Class	0.00%*	0.00%*	0.00%*	0.00%*	0.00%*,i	N/A

* Less than 0.01%

^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:

	03/31/23a	09/30/22	09/30/21	09/30/20	09/30/19	09/30/18
A-Class	1.32%	1.33%	1.33%	1.33%	1.33%	1.31%
C-Class	2.07%	2.08%	2.08%	2.08%	2.07%	2.06%
P-Class	1.32%	1.33%	1.33%	1.33%	1.33%	1.31%
Institutional Class	0.91%	0.92%	0.92%	0.92%	0.92%	0.90%
R6-Class	0.91%	0.92%	0.92%	0.92%	0.92%i	N/A

ⁱ Since commencement of operations: March 13, 2019. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

84 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT SEE NOTES TO CONSOLIDATED 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 U.S. Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940 (“1940 Act”), as an open-ended investment company of the series type. Each series, in effect, is representing a separate fund. The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each fund separately.

The Trust offers a combination of 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. C-Class shares automatically convert to A-Class shares on or about the 10th day of the month following the 8-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. 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, 2023, the Trust consisted of nineteen funds (the “Funds”).

This report covers the Macro Opportunities Fund (the “Fund”), a diversified investment company. At March 31, 2023, A-Class, C-Class, P-Class, Institutional Class and R6-Class shares have been issued by the Fund.

Guggenheim Partners Investment Mangagement, LLC (“GPIM” or “the Adviser”), 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.

Pursuant to an investment Sub-Advisory Agreement between GPIM and Guggenheim Partners Advisors, LLC (“GPA”), that was in effect during a portion of the Reporting Period, GPA was engaged to provide investment subadvisory services to the Fund. GPA operated as an investment sub-advisor to the Fund from April 29, 2022 to December 22, 2022.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

GPA, under the oversight of the Board and GPIM, assisted GPIM in the supervision and direction of the investment strategies of the Fund in accordance with its investment policies. As compensation for its services, GPIM paid GPA a fee, payable monthly, in an amount equal to 0.005% of the average daily net assets of the Fund.

Consolidation of Subsidiary

The consolidated financial statements of the Fund include 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 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 objectives and policies.

A summary of the Fund’s investment in its Subsidiary is as follows:

Inception Date of Subsidiary		Subsidiary Net Assets at March 31, 2023		% of Net Assets of the Fund at March 31, 2023
	01/08/15	$	32,411,366		0.6	%

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 consolidated 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”). The SEC adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith and became effective September 8, 2022. Rule 2a-5 also defines “readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee to perform fair valuation determinations for the Fund with respect to all Fund investments and other assets. As the Fund’s valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Fund’s securities and other assets.

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

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

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 Adviser 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 Designee Procedures, the Adviser is 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 generally valued at the last quoted sale price.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

U.S. Government securities are valued by independent pricing services, the last traded fill price, or at the reported bid price at the close of business.

Repurchase agreements are generally valued at amortized cost, provided such amounts approximate market value.

Commercial paper and discount notes 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. Commercial paper and discount notes with a maturity of 60 days or less at acquisition are valued at amortized cost, unless the Adviser concludes that amortized cost does not represent the fair value of the applicable asset in which case it will be valued using an independent pricing service.

Typically, loans are valued using information provided by an independent third party pricing service that uses broker quotes, among other inputs. If the pricing service cannot or does not provide a valuation for a particular loan, or such valuation is deemed unreliable, such investment is valued based on a quote from a broker-dealer or is fair valued by the Adviser.

Exchange-traded options are valued at the mean of the bid and ask prices on the principal exchange on which they are traded. Over-the-counter (“OTC”) options and options on swaps (“swaptions”) are valued using a price provided by a pricing service.

The value of futures contracts are valued on the basis of the last sale price 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 the Fund is valued on the basis of the last sale price on the primary exchange on which the swap is traded.

The value of other swap agreements entered into by the Fund is generally valued using an evaluated price provided by a third party pricing vendor.

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 the Adviser. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value”. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices;

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

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) Special Purpose Acquisition Companies

The Fund may acquire an interest in a special purpose acquisition company (“SPAC”) in an initial public offering or a secondary market transaction. SPAC investments carry many of the same risks as investments in initial public offering securities, such as erratic price movements, greater risk of loss, lack of information about the issuer, limited operating and little public or no trading history, and higher transaction costs. An investment in a SPAC is typically subject to a higher risk of dilution by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC and interests in SPACs may be illiquid and/or be subject to restrictions on resale. A SPAC is a publicly traded company that raises investment capital for the purpose of acquiring the equity securities of one or more existing companies (or interests therein) via merger, combination, acquisition or other similar transactions. Unless and until an acquisition is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. government securities, money market securities and cash and does not typically pay dividends in respect of its common stock. SPAC investments are also subject to the risk that a significant portion of the funds raised by the SPAC may be expended during the search for a target acquisition or merger and that the SPAC may have limited time in which to conduct due diligence on potential business combination targets. Because SPACs are in essence blank check companies without operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. Among other conflicts of interest, the economic interests of the management, directors, officers and related parties of a SPAC can differ from the economic interests of public shareholders, which may lead to conflicts as they evaluate, negotiate and recommend business combination transactions to shareholders. This risk may become more acute as the deadline for the completion of a business combination nears. There is no guarantee that the SPACs in which the Fund invests will complete an acquisition or that any acquisitions that are completed will be profitable.

(c) 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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

(d) Senior Floating Rate Interests and Loan Investments

Senior floating rate interests 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 Consolidated Schedule of Investments.

The Fund invests in loans and other similar debt obligations (“obligations”). A portion of the Fund’s investments in these obligations is sometimes referred to as “covenant lite” loans or obligations (“covenant lite obligations”), which are obligations that lack covenants or possess fewer or less restrictive covenants or constraints on borrowers than certain other types of obligations. The Fund may also obtain exposure to covenant lite obligations through investment in securitization vehicles and other structured products. In recent market conditions, many new or reissued obligations have not featured traditional covenants, which are intended to protect lenders and investors by (i) imposing certain restrictions or other limitations on a borrower’s operations or assets or (ii) providing certain rights to lenders. The Fund may have fewer rights with respect to covenant lite obligations, including fewer protections against the possibility of default and fewer remedies in the event of default. As a result, investments in (or exposure to) covenant lite obligations are subject to more risk than investments in (or exposure to) certain other types of obligations. The Fund is subject to other risks associated with investments in (or exposure to) obligations, including that obligations may not be considered “securities” and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.

(e) Interest on 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 takes 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, it may sell such securities before the settlement date.

(f) 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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

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.

(g) 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).

The Fund may purchase and write swaptions primarily to preserve a return or spread on a particular investment or portion of the Funds’ holdings, as a duration management technique or to protect against an increase in the price of securities it anticipates purchasing at a later date. The purchaser and writer of a swaption is buying or granting the right to enter into a previously agreed upon interest rate swap agreement at any time before the expiration of the options. The swaptions are forward premium swaptions which have extended settlement dates.

(h) Futures Contracts

Upon entering into a futures contract, the 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 CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

(i) 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.

Upon entering into certain centrally-cleared swap transactions, a Fund is required to deposit with its clearing broker an amount of cash or securities as an initial margin. Subsequent variation margin receipts or payments are received or made by the Fund depending on fluctuations in the fair value of the reference entity 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.

Upfront payments received or made by a Fund on credit default swap agreements and 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.

(j) 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 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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

(k) Forward Foreign Currency Exchange Contracts

The change in value of a forward foreign currency exchange 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.

(l) 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, 2023, if any, are disclosed in the Fund’s Consolidated Statement of Assets and Liabilities.

(m) 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, if any. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. 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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

The Fund may receive other income from investments in senior loan interests including amendment fees, consent fees and commitment fees. For funded loans, these fees are recorded as income when received by the Fund and included in interest income on the Consolidated Statement of Operations. For unfunded loans, commitment fees are included in realized gain on investments on the Consolidated Statement of Operations at the end of the commitment period.

(n) 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 U.S. federal income tax purposes.

(o) 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.

(p) 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. Earnings credits for the period ended March 31, 2023, are disclosed in the Consolidated Statement of Operations.

(q) 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 4.83% at March 31, 2023.

(r) 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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

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 a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized on 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.

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 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.

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

Speculation: the use of an instrument to express macro-economic and other investment views.

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.

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The following table represents the Fund’s use and volume of call/put options purchased on a monthly basis:

	Average Notional Amount
Use	Call		Put
Duration, Hedge, Speculation, Income	$	1,091,307,466	$	539,690,275

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.

The following table represents the Fund’s use and volume of call/put options written on a monthly basis:

	Average Notional Amount
Use	Call		Put
Hedge, Income	$	234,194,717	$	234,174,184

Futures Contracts

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 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 Consolidated Statement of Assets and Liabilities; securities held as collateral are noted on the Consolidated Schedule of Investments.

The following table represents the Fund’s use and volume of futures on a monthly basis:

	Average Notional Amount
Use	Long		Short
Duration, Hedge, Index exposure, Speculation	$	300,464,802	$	9,480,192

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Swap Agreements

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. When utilizing OTC swaps, the 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 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. For a Fund utilizing centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. 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 monthly basis:

	Average Notional Amount
Use	Pay Floating Rate		Receive Floating Rate
Duration, Hedge, Speculation	$	3,562,345,500	$	10,120,259,500

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 investment grade and/or 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. The notional amount 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

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also receive or pay an upfront premium adjustment to the stated periodic payments. In the event a credit default occurs on a credit default swap referencing an index, a factor adjustment will take place and the buyer of protection will receive a payment reflecting the par less the default recovery rate of the defaulted index component based on its weighting in the 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. For a fund utilizing centrally cleared credit default swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. 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 Fund’s use and volume of credit default swaps on a monthly basis:

	Average Notional Amount
Use	Protection Sold		Protection Purchased
Hedge, Index exposure	$	58,333,333	$	175,183,333

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.

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The following table represents the Fund’s use and volume of forward foreign currency exchange contracts on a monthly basis:

	Average Value
Use	Purchased		Sold
Hedge, Income	$	1,172,954,307	$	1,501,779,577

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, 2023:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Commodity/Interest rate futures contracts	Variation margin on futures contracts	—
Credit/Interest rate swap contracts	Unamortized upfront premiums paid on interest rate swap agreements	Unamortized upfront premiums received on interest rate swap agreements
	Unamortized upfront premiums paid on credit default swap agreements	Unamortized upfront premiums received on credit default swap agreements
		Variation margin on interest rate swap agreements
		Variation margin on credit default swap agreements
Commodity/Currency/Interest rate option contracts	Investments in unaffiliated issuers, at value	Options written, at value
Currency forward contracts	Unrealized appreciation on forward foreign currency exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts

The following tables set forth the fair value of the Fund’s derivative investments categorized by primary risk exposure at March 31, 2023:

Asset Derivative Investments Value
Futures Interest Rate Risk*		Swaps Interest Rate Risk*		Futures Commodity Risk*		Swaps Credit Risk*		Forward Foreign Currency Exchange Risk		Options Purchased Foreign Currency Exchange Risk		Options Purchased Interest Rate Risk		Options Purchased Commodity Risk		Total Value at March 31, 2023
$	1,002	$	968,014	$	5,389,809	$	—	$	45,561,504	$	977,767	$	38,591,955	$	—	$	91,490,051

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Liability Derivative Investments Value
Futures Interest Rate Risk*		Swaps Interest Rate Risk*		Futures Commodity Risk*		Swaps Credit Risk*		Forward Foreign Currency Exchange Risk		Options Written Foreign Currency Exchange Risk		Options Written Interest Rate Risk		Options Written Commodity Risk		Total Value at March 31, 2023
$	5,915	$	11,875,307	$	743,727	$	2,180,162	$	34,035,175	$	3,553,789	$	2,206,579	$	785,705	$	55,386,359

* Includes cumulative appreciation (depreciation) of exchange-traded, OTC and centrally-cleared derivatives contracts as reported on the Consolidated Schedule of Investments. For exchange-traded and centrally-cleared derivatives, variation margin is reported within the Consolidated Statement of Assets and Liabilities

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, 2023:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Commodity/Interest rate futures contracts	Net realized gain (loss) on futures contracts
	Net change in unrealized appreciation (depreciation) on futures contracts
Credit/Interest rate swap contracts	Net realized gain (loss) on swap agreements
	Net change in unrealized appreciation (depreciation) on swap agreements
Commodity/Currency/Equity/Interest rate option contracts	Net realized gain (loss) on options purchased
	Net change in unrealized appreciation (depreciation) on options purchased
	Net realized gain (loss) on options written
	Net change in unrealized appreciation (depreciation) on options written
Currency forward contracts	Net realized gain (loss) on forward foreign currency exchange contracts
	Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts

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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, 2023:

Realized Gain (Loss) on Derivative Investments Recognized on the Consolidated Statement of Operations
Futures Interest Rate Risk		Swaps Interest Rate Risk		Futures Commodity Risk		Swaps Credit Risk			Options Written Equity Risk		Options Purchased Equity Risk			Forward Foreign Currency Exchange Risk
$	2,135,108	$	14,678,600	$	16,480,488	$	(934,132	)	$	7,459,222	$	(13,620,954	)	$	(36,112,777	)

Options Purchased Foreign Currency Exchange Risk			Options Purchased Commodity Risk			Options Purchased Interest Rate Risk		Options Written Foreign Currency Exchange Risk		Options Written Commodity Risk		Options Written Interest Rate Risk		Total
$	(10,970,895	)	$	(3,453,674	)	$	1,060,771	$	31,269,939	$	4,196,636	$	—	$	12,188,332

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Consolidated Statement of Operations
Futures Interest Rate Risk			Swaps Interest Rate Risk			Futures Commodity Risk		Swaps Credit Risk			Options Written Equity Risk		Options Purchased Equity Risk			Forward Foreign Currency Exchange Risk
$	(4,913	)	$	(10,851,532	)	$	7,247,046	$	(1,255,903	)	$	3,173,704	$	(17,460,200	)	$	1,853,307

Options Purchased Foreign Currency Exchange Risk			Options Purchased Commodity Risk		Options Purchased Interest Rate Risk			Options Written Foreign Currency Exchange Risk		Options Written Commodity Risk		Options Written Interest Rate Risk		Total
$	(1,882,272	)	$	—	$	(7,029,111	)	$	805,465	$	190,990	$	403,230	$	(24,810,189	)

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 as collateral.

The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions rated/identified as investment grade or better. The Trust monitors the counterparty credit risk associated with each such financial institution.

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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.

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.

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In order to better define its 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 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 it believes 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	$	45,561,504	$	—	$	45,561,504	$	(24,156,796	)	$	(3,450,000	)	$	17,954,708
Options purchased		39,569,722		—		39,569,722		(11,380,698	)		(321,230	)		27,867,794

							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
Forward foreign currency exchange contracts	$	34,035,175	$	—	$	34,035,175	$	(31,757,959	)	$	—	$	2,277,216
Options written		5,760,368		—		5,760,368		(3,779,535	)		—		1,980,833

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, 2023.

Counterparty	Asset Type	Cash Pledged		Cash Received
Barclays Bank plc	Forward foreign currency exchange contracts, Options	$	—	$	3,450,000
Goldman Sachs International	Forward foreign currency exchange contracts, Options		—		290,000
J.P. Morgan Securities LLC	Credit default swap agreements		16,162,521		—
J.P. Morgan Securities LLC	Interest rate swap agreements		13,533,220		—
JP Morgan Chase and Co.	Futures contracts		1,150,000		—
Morgan Stanley Capital Services LLC	Forward foreign currency exchange contracts, Options		—		666,000
		$	30,845,741	$	4,406,000

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 between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

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

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

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

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

Securities for which market quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other than Level 1 inputs will be subject to fair value requirements. The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades,

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

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.

Quotes from broker-dealers, adjusted for fluctuations in criteria such as credit spreads and interest rates, may also be 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 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 a quote would generally result in significant changes in the fair value of the security.

Certain fixed income securities are valued by obtaining a monthly quote from a broker-dealer, adjusted for fluctuations in criteria such as credit spreads and interest rates.

Certain loans and other securities are valued using a single daily broker quote or a price from a third party vendor based on a single daily or monthly broker quote.

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

Note 5 – Investment Advisory Agreement and Other Agreements

Under the terms of an investment advisory contract, the Fund pays GI investment advisory fees at an annualized rate based on the average daily net assets as follows:

Average Daily Net Assets	Annualized Rate
$5 billion or less		0.89	%
> $5 billion		0.84	%

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

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, 2023, the Fund waived $116,900 related to advisory fees in the Subsidiary.

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

The Board has adopted Distribution Plans related to the offering of 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 or interest 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		1.36	%		11/30/12		02/01/24
C-Class		2.11	%		11/30/12		02/01/24
P-Class		1.36	%		05/01/15		02/01/24
Institutional Class		0.95	%		11/30/12		02/01/24
R6-Class		0.95	%		03/13/19		02/01/24

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, 2023, 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:

	2023		2024		2025		2026		Total
A-Class	$	143,051	$	196,169	$	80,282	$	12,348	$	431,850
C-Class		73,289		102,752		37,685		4,772		218,498
P-Class		—		72,512		101,516		64,590		238,618
Institutional Class		4,652,036		6,245,889		7,075,307		2,801,966		20,775,198
R6-Class		41,465		59,463		38,182		7,367		146,477

For the period ended March 31, 2023, GI recouped $103,879 from the Fund.

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NOTES TO CONSOLIDATED 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, 2023, the Fund waived $503,379 related to investments in affiliated funds.

For the period ended March 31, 2023, GFD retained sales charges of $72,447 relating to sales of A-Class shares of the Trust.

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

MUFG Investor Services (US), LLC (“MUIS”) acts as the Fund’s administrator, transfer agent and accounting agent. As administrator, transfer agent and accounting agent, MUIS maintains 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 – Reverse Repurchase Agreements

The Fund may enter into reverse repurchase agreements. Under a reverse repurchase agreement, the 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 Macrh 31, 2023, the Fund entered into reverse repurchase agreements:

Number of Days Outstanding		Balance at March 31, 2023		Average Balance Outstanding		Average Interest Rate
	179	$	16,487,855	$	356,402,646		3.82	%

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

The following table presents reverse repurchase agreements that are subject to netting arrangements and offset in the Consolidated Statement of Assets and Liabilities in conformity with U.S. GAAP:

							Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Instrument	Gross Amounts of Recognized Liabilities		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
Reverse repurchase agreements	$	16,487,855	$	—	$	16,487,855	$	(16,487,855	)	$	—	$	—

As of March 31, 2023, there was $16,487,855 in reverse repurchase agreements outstanding. Details of the reverse repurchase agreement by counterparty are as follows:

Counterparty	Interest Rate(s)			Maturity Date		Face Value
J.P. Morgan Securities LLC		4.66	%		04/03/23	$	16,487,855

The following is a summary of the remaining contractual maturities of the reverse repurchase agreement outstanding as of period-end, aggregated by asset class of the related collateral pledged by the Fund:

	Overnight and Continuous		Up to 30 days		Total
U.S. Government Securities	$	—	$	16,487,855	$	16,487,855
Gross amount of recognized liabilities for reverse repurchase agreements	$	—	$	16,487,855	$	16,487,855

Note 7 – Federal Income Tax Information

The Fund intends to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the 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.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 109

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

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 U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Fund’s consolidated financial statements. The Fund’s U.S. federal income tax returns are subject to examination by the Internal Revenue Service (“IRS”) for a period of three years after they are filed.

The Fund intends to invest up to 25% of its assets in the Subsidiary which is expected to provide the Fund with exposure to the commodities markets within the limitations of the U.S. federal income tax requirements under Subchapter M of the Internal Revenue Code. The Fund has received a private letter ruling from the IRS that concludes that the income the Fund receives from the Subsidiary will constitute qualifying income for purposes of Subchapter M of the Internal Revenue Code. The Subsidiary will be classified as a corporation for U.S. federal income tax purposes. A foreign corporation, such as the Subsidiary, will generally not be subject to U.S. federal income taxation unless it is deemed to be engaged in a U.S. trade or business. If, during a taxable year, the Subsidiary’s taxable losses (and other deductible items) exceed its income and gains, the net loss will not pass through to the Fund as a deductible amount for U.S. federal income tax purposes and cannot be carried forward to reduce future income from the Subsidiary in subsequent years.

At March 31, 2023, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
$	6,390,672,671	$	73,375,710	$	(758,077,544	)	$	(684,701,834	)

Note 8 – Securities Transactions

For the period ended March 31, 2023, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

Purchases		Sales
$	389,923,735	$	2,209,853,479

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

For the period ended March 31, 2023, the cost of purchases and proceeds from sales of government securities were as follows:

Purchases		Sales
$	176,597,313	$	264,825,811

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, 2023, the Fund did not engage in purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act.

Note 9 – Unfunded Loan Commitments

Pursuant to the terms of certain loan agreements, the Fund held unfunded loan commitments as of March 31, 2023. The Fund is obligated to fund these loan commitments at the borrower’s discretion.

The unfunded loan commitments as of March 31, 2023, were as follows:

Borrower	Maturity Date			Face Amount*		Value
Avalara, Inc.		10/19/28			1,600,000	$	—
Care BidCo		05/04/28	EUR		9,200,000		676,804
Fontainbleau Vegas		01/31/26			16,149,478		—
Galls LLC		01/31/24			100,874		2,522
Higginbotham Insurance Agency, Inc.		11/25/26			2,172,445		26,069
Lightning A		03/01/37			19,121,804		—
Lightning B		03/01/37			3,846,340		—
Polaris Newco LLC		06/04/26			3,428,026		272,449
RLDatix		10/28/24	GBP		4,945,357		132,394
Schur Flexibles GmbH		09/30/26	EUR		214,755		10,485
The Facilities Group		11/30/27			1,042,328		22,759
Thunderbird A		03/01/37			19,194,588		—
Thunderbird B		03/01/37			3,860,980		—
						$	1,143,482

*	The face amount is denominated in U.S. dollars unless otherwise indicated.
	EUR – Euro
	GBP – British Pound

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

Note 10 – Restricted Securities

The securities below are considered illiquid and restricted under guidelines established by the Board:

Restricted Securities	Acquisition Date		Cost		Value
Atlas Mara Ltd.
due 12/31/211		10/01/15	$	6,243,950	$	1,559,880
CFMT LLC
2022-HB9 3.25% (WAC) due 09/25/372		09/23/22		7,473,309		7,340,788
Copper River CLO Ltd.
2007-1A INC, due 01/20/213		05/09/14		—		823
FKRT
2.21% due 11/30/58		09/24/21		33,849,918		32,978,795
Mirabela Nickel Ltd.
due 06/24/191		12/31/13		1,710,483		89,557
Secured Tenant Site Contract Revenue Notes Series
2018-1A 4.70% due 06/15/48		05/25/18		6,454,099		6,419,589
			$	55,731,759	$	48,389,432

1	Security is in default of interest and/or principal obligations.
2	Variable rate security. Rate indicated is the rate effective at March 31, 2023. 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 has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.

Note 11 – Line of Credit

The Trust, along with other affiliated trusts, secured a 364-day committed, $1,230,000,000 line of credit from Citibank, N.A., which was in place through September 30, 2022, at which time the line of credit was renewed as a 364-day committed, $1,150,000,000 line of credit. A Fund may draw (borrow) from the line of credit as a temporary measure for emergency purposes, to facilitate redemption requests, or for other short-term liquidity purposes consistent with the Fund’s investment objective and program. For example, it may be advantageous for the Fund to borrow money rather than sell existing portfolio positions to meet redemption requests. Fees related to borrowings, if any, vary under this arrangement between the greater of Citibank’s “base rate”, SOFR plus 1%, or the federal funds rate plus 1/2 of 1%.

The commitment fee that may be paid by the Funds is at an annualized rate of 0.15% of the average daily amount of their allocated unused commitment amount. The commitment fee amount is allocated to the individual Funds based on the respective net assets of each participating Fund and is referenced in the 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, 2023.

112 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(concluded)

Note 12 – Market Risks

The value of, or income generated by, the investments held by the Fund are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (which have since risen and may continue to rise), changes in inflation rates or expectations about inflation rates (which are currently elevated relative to normal conditions), adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the current Russia-Ukraine conflict and its risk of expansion or collateral economic and other effects) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country or geographic region could adversely affect the value, yield and return of the investments held by the Fund in a different country or geographic region, economy, and market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Fund’s investments and performance of the Fund.

Note 13 – Subsequent Events

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 113

OTHER INFORMATION (Unaudited)

Delivery of Shareholder Reports

Paper copies of the Fund’s annual and semi-annual shareholder reports are not sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary. Instead, the reports are made available on a website, and you are notified by mail each time a report is posted and provided with a website link to access the report.

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 may apply to all Guggenheim Funds in which you are invested and may apply to all Guggenheim funds held with your financial intermediary.

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 portfolio 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 as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Fund’s Forms N-PORT and N-Q are available on the SEC’s website at https://www.sec.gov. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

114 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

A Board of Trustees oversees the Trust, as well as other trusts of GI, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by visiting guggenheiminvestments.com or by calling 800.820.0888.

Name, Address* and Year of Birth	Position(s) Held with 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 and Chair of the Valuation Oversight Committee	Since 2014 (Trustee) Since 2020 (Chair of the Valuation Oversight Committee)	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).	155	Current: Advent Convertible and Income Fund (2005-present); Purpose Investments Funds (2013-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021).
Angela Brock-Kyle (1959)	Trustee	Since 2019	Current: Founder and Chief Executive Officer, B.O.A.R.D.S. (2013-present); Director, Mutual Fund Directors Forum (2022-present). Former: Senior Leader, TIAA (1987-2012).	154	Current: Bowhead Insurance GP, LLC (2020-present); Hunt Companies, Inc. (2019-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Infinity Property & Casualty Corp. (2014-2018).

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

Name, Address* and Year of Birth	Position(s) Held with 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
Thomas F. Lydon, Jr. (1960)	Trustee and Chair of the Contracts Review Committee	Since 2019 (Trustee) Since 2020 (Chair of the Contracts Review Committee)	Current: President, Global Trends Investments (1996-present); Chief Executive Officer, ETF Flows, LLC (2019-present); Chief Executive Officer, Lydon Media (2016-present); Director, GDX Index Partners, LLC (2021-present); Vice Chairman, VettaFi (2022-present).	154	Current: US Global Investors, Inc. (GROW) (1995-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Harvest Volatility Edge Trust (3) (2017-2019).

116 | 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 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 Chair of the Nominating and Governance Committee	Since 2014	Current: Of Counsel, Momkus LLP (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	155	Current: Advent Convertible and Income Fund (2003-present); PPM Funds (2) (2018-present); NorthShore-Edward-Elmhurst Health (2012-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

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

Name, Address* and Year of Birth	Position(s) Held with 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
Sandra G. Sponem (1958)	Trustee and Chair of the Audit Committee	Since 2019 (Trustee) Since 2020 (Chair of the Audit Committee)	Current: Retired. Former: Senior Vice President and Chief Financial Officer, M.A. Mortenson-Companies, Inc. (2007-2017).	154	Current: SPDR Series Trust (81) (2018-present); SPDR Index Shares Funds (30) (2018-present); SSGA Active Trust (14) (2018-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); SSGA Master Trust (1) (2018-2020).

118 | 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 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, Chair of the Board and Chair of the Executive Committee	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).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

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

Name, Address* and Year of Birth	Position(s) Held with 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); 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, certain other funds in the Fund Complex (2017-2019); Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2018-2022); Guggenheim Enhanced Equity Income Fund (2018-2021); Guggenheim Credit Allocation Fund (2018-2021).

*	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.
***	Each Trustee also serves on the Boards of Trustees of Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust, Guggenheim Strategic Opportunities Fund, Guggenheim Energy & Income Fund, Guggenheim Active Allocation Fund, Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust and Transparent Value Trust. Messrs. Barnes and Nyberg also serve on the Board of Trustees of Advent Convertible & Income Fund.
****	This Trustee is deemed to be an “interested person” of the Fund under the 1940 Act by reason of her position with the Fund’s Adviser and/or the parent of the Adviser.

120 | 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 Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS
Brian E. Binder (1972)	President and Chief Executive Officer	Since 2018	Current: President, Mutual Funds Boards, Guggenheim Investments (2022-present); President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President, Mutual Funds Boards, Guggenheim Funds Investment Advisors, LLC and Security Investors, LLC (2018-present);Board Member, Guggenheim Partners Investment Funds plc (2022-present); Board Member, Guggenheim Global Investments plc (2022-present); Board Member of Guggenheim Partners Fund Management (Europe) Limited (2018-present). Former: Senior Managing Director and Chief Administrative Officer, Guggenheim Investments (2018-2022); Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Chairman of North American Executive Committee and Head of Business Management and Consulting, Invesco Ltd. (2010-2012).
James M. Howley (1972)	Chief Financial Officer, Chief Accounting Officer and Treasurer	Since 2022	Current: Managing Director, Guggenheim Investments (2004-present); Chief Financial Officer, Chief Accounting Officer, and Treasurer, certain other funds in the Fund Complex (2022-present). Former: Assistant Treasurer, certain other funds in the Fund Complex (2006-2022); 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); Managing Director, Guggenheim Investments (2012-present).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 121

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) 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); Senior Managing Director, Guggenheim Funds Distributors, LLC (2014-present). Former: Chief Compliance Officer, Security Investors, LLC and 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).
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).

122 | 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 Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS - concluded
Jon Szafran (1989)	Assistant Treasurer	Since 2017	Current: Director, 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 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

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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.

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

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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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3.31.2023

Guggenheim Funds Semi-Annual Report

Guggenheim Floating Rate Strategies Fund

GuggenheimInvestments.com FR-SEMI-0323x0923

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	45
OTHER INFORMATION	62
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	63
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	71

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 1

March 31, 2023

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 semiannual fiscal period ended March 31, 2023 (the “Reporting Period”).

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 Fund. 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, 2023

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, 2023

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, 2023

Developments in March 2023 highlighted the increasingly difficult place in which the U.S. Federal Reserve (the “Fed”) and other central banks find themselves as they work toward restoring price stability and maintaining financial stability. The collapse of Silicon Valley Bank and Signature Bank prompted banks to rush for liquidity support from the Fed, totaling $165 billion in the immediate aftermath. Overseas, the Swiss National Bank provided the equivalent of $54 billion in emergency liquidity to Credit Suisse before a deal was struck with rival UBS to buy it for $3.25 billion.

Heightened concerns about further bank stress and central banks’ ability to continue aggressively tightening monetary policy weighed heavily on market-implied expectations for the path of policy rates. Nevertheless, in March 2023 the Fed raised rates by 25 basis points and the European Central Bank raised rates by 50 basis points. One basis point equals 0.01%. We expect central banks will continue to raise rates over the next few months in their continuing effort to bring inflation to heel, despite the cracks in financial stability that are beginning to show.

While markets were volatile, data releases indicated that the U.S. economy is still on a relatively firm footing. March job growth came in at 236,000, well above the level needed to keep the unemployment rate from rising. Housing data has surprised to the upside, likely in response to the recent softening of mortgage rates. Meanwhile, the S&P Global U.S. composite Purchasing Managers’ Index (“PMI”) rose to a 10-month high, with strength especially evident in sub-indices for the service sector. Forward-looking data looks more concerning, however, with the Leading Economic Index turning down further, initial signs of job loss in the most cyclical and interest rate sensitive sectors, and business surveys souring on the economic outlook and plans for spending and hiring.

The Fed acknowledged in its March 2023 Federal Open Market Committee meeting statement that a contraction of credit emanating from volatility in the banking sector was likely to create new headwinds for the economy. In recognition of this new risk, the Fed’s updated Summary of Economic Projections showed a small downward revision of real gross domestic product growth this year, from 0.5% to 0.4%, followed by a larger downward revision for next year, from 1.6% to 1.2%. We continue to expect a recession could begin midway through the year.

For the Reporting Period, the S&P 500^® Index* returned 15.62%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* (gross) returned 27.52%. The return of the MSCI Emerging Markets Index* (gross) was 14.20%.

In the bond market, the Bloomberg U.S. Aggregate Bond Index* posted a 4.89% return for the Reporting Period, while the Bloomberg U.S. Corporate High Yield Index* returned 7.89%. The return of the ICE Bank of America (“BofA”) 3-Month U.S. Treasury Bill Index* was 1.94% for the six-month period.

4 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) March 31, 2023

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 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 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 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, 2022 and ending March 31, 2023.

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, 2022	Ending Account Value March 31, 2023	Expenses Paid During Period2
Table 1. Based on actual Fund return3
A-Class	1.02%	6.64%	$ 1,000.00	$ 1,066.40	$ 5.25
C-Class	1.77%	6.20%	1,000.00	1,062.00	9.10
P-Class	1.02%	6.63%	1,000.00	1,066.30	5.25
Institutional Class	0.78%	6.72%	1,000.00	1,067.20	4.02
R6-Class	0.74%	6.89%	1,000.00	1,068.90	3.82
Table 2. Based on hypothetical 5% return (before expenses)
A-Class	1.02%	5.00%	$ 1,000.00	$ 1,019.85	$ 5.14
C-Class	1.77%	5.00%	1,000.00	1,016.11	8.90
P-Class	1.02%	5.00%	1,000.00	1,019.85	5.14
Institutional Class	0.78%	5.00%	1,000.00	1,021.04	3.93
R6-Class	0.74%	5.00%	1,000.00	1,021.24	3.73

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, 2022 to March 31, 2023.

8 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

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.

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)
SPDR Blackstone Senior Loan ETF	2.1%
Conair Holdings LLC, 8.91%	1.1%
Hunter Douglas, Inc., 8.37%	1.0%
Osmosis Holdings Australia II Pty Ltd., 8.48%	1.0%
Del Monte Foods, Inc., 9.11%	1.0%
Bombardier Recreational Products, Inc., 6.91%	0.9%
American Bath Group LLC, 8.41%	0.9%
First Brands Group LLC, 9.82%	0.9%
Polaris Newco LLC, 9.16%	0.9%
VC GB Holdings I Corp., 7.84%	0.9%
Top Ten Total	10.7%
“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, 2023

Average Annual Returns*

Periods Ended March 31, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	6.64%	2.89%	2.81%	3.30%
A-Class Shares with sales charge‡	3.45%	(0.22%)	2.19%	2.80%
C-Class Shares	6.20%	2.12%	2.05%	2.53%
C-Class Shares with CDSC§	5.20%	1.15%	2.05%	2.53%
Institutional Class Shares	6.72%	3.09%	3.05%	3.55%
Credit Suisse Leveraged Loan Index	5.52%	2.12%	3.55%	3.86%

	6 Month†	1 Year	5 Year	Since Inception (05/01/15)
P-Class Shares	6.63%	2.88%	2.81%	3.04%
Credit Suisse Leveraged Loan Index	5.52%	2.12%	3.55%	3.76%

	6 Month†	1 Year	Since Inception (03/13/19)
R6-Class Shares	6.89%	3.25%	3.28%
Credit Suisse Leveraged Loan Index	5.52%	2.12%	3.52%

*	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.
‡	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, 2023

Portfolio Composition by Quality Rating1
Rating	% of Total Investments
Fixed Income Instruments
AAA	0.0%**
BBB	3.0%
BB	26.6%
B	63.2%
CCC	2.0%
CC	0.5%
NR2	1.1%
Other Instruments	3.6%
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 (not rated) securities do not necessarily indicate low credit quality.
**	Less than 0.1%.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 11

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2023
FLOATING RATE STRATEGIES FUND

	Shares		Value
COMMON STOCKS††† - 0.0%
Industrial - 0.0%
BP Holdco LLC*,1		244,278	$	313,770
Vector Phoenix Holdings, LP*		244,278		58,370
API Heat Transfer Parent LLC*		4,994,727		500
Targus Inc*		12,773		377
Targus Inc*		12,773		377
Targus Inc*		12,773		127
Targus Inc*		12,773		1
Targus Inc*		12,773		1
Total Industrial				373,523
Energy - 0.0%
Permian Production Partners LLC*		401,481		65,726
Total Common Stocks
(Cost $1,532,979)				439,249
PREFERRED STOCKS†† - 0.0%
Financial - 0.0%
B Riley Financial, Inc.
6.75% due 05/31/24		401		9,524
Industrial - 0.0%
API Heat Transfer
Intermediate *,†††		618		—
Total Preferred Stocks
(Cost $503,945)				9,524
EXCHANGE-TRADED FUNDS† - 2.0%
SPDR Blackstone Senior Loan ETF		506,140		20,984,564
Total Exchange-Traded Funds
(Cost $21,171,482)				20,984,564
MONEY MARKET FUND† - 1.4%
Federated Hermes U.S. Treasury Cash Reserves Fund — Institutional Shares, 4.37%2		14,660,089	$	14,660,089
Total Money Market Fund
(Cost $14,660,089)				14,660,089

	Face Amount~
SENIOR FLOATING RATE INTERESTS††,◊ - 90.0%
Industrial - 18.9%
Hunter Douglas, Inc.
8.37% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 02/26/29		11,711,500	10,483,901
American Bath Group LLC
8.41% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 11/23/27		10,825,332	9,568,836
Arcline FM Holdings LLC
9.91% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 06/23/28		9,470,775	9,015,041
Park River Holdings, Inc.
8.00% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 12/28/27		9,785,923	8,978,584

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Pelican Products, Inc.
9.41% (3 Month USD LIBOR + 4.25%, Rate Floor: 4.75%) due 12/29/28		9,050,955	$	7,994,980
CPG International LLC
7.41% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 04/28/29		6,965,000		6,866,306
Icebox Holdco III, Inc.
8.66% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 12/22/28		7,183,714		6,763,898
Aegion Corp.
9.59% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 05/17/28		6,929,636		6,733,319
LTI Holdings, Inc.
8.34% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 09/08/25		6,883,987		6,634,443
PECF USS Intermediate Holding III Corp.
9.09% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.75%) due 12/15/28		7,846,423		6,578,284
Alliance Laundry Systems LLC
8.31% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 10/08/27		6,586,465		6,517,504
Titan Acquisition Ltd. (Husky)
8.15% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/28/25		6,763,546		6,394,392
TricorBraun Holdings, Inc.
8.09% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.75%) due 03/03/28		6,205,312		6,049,062
Cushman & Wakefield US Borrower LLC
8.16% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 01/31/30		3,269,857		3,147,238
7.59% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 08/21/25		2,592,335		2,522,990
USIC Holding, Inc.
8.34% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 05/12/28		5,277,156		5,096,836
Mirion Technologies, Inc.
7.48% (3 Month USD LIBOR + 2.75%, Rate Floor: 3.25%) due 10/20/28		5,074,444		5,031,616
White Cap Supply Holdings LLC
8.56% (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 10/19/27		4,987,406		4,923,517

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Duran Group Holding GMBH
5.65% (6 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 03/29/24†††		EUR 3,791,039	$	4,113,094
6.34% (6 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 12/20/24†††		EUR 736,721		799,307
Transdigm, Inc.
8.15% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 08/24/28		4,911,727		4,893,309
Pro Mach Group, Inc.
8.84% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 08/31/28		4,346,229		4,319,674
STS Operating, Inc. (SunSource)
9.09% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 12/11/24		4,021,008		3,967,408
Engineered Machinery Holdings, Inc.
8.66% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 05/19/28		3,920,076		3,860,059
US Farathane LLC
9.41% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 12/23/24		4,099,063		3,783,968
DG Investment Intermediate Holdings 2, Inc.
8.56% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 03/31/28		3,831,877		3,714,277
Hillman Group, Inc.
7.59% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.25%) due 07/14/28		3,644,500		3,607,290
Osmose Utility Services, Inc.
8.09% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.75%) due 06/23/28		3,487,563		3,341,085
Berlin Packaging LLC
8.44% ((1 Month USD LIBOR + 3.75%) and (3 Month USD LIBOR + 3.75%), Rate Floor: 4.25%) due 03/13/28		3,398,250		3,340,616
Quikrete Holdings, Inc.
7.84% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 06/12/28		2,945,126		2,905,690
DXP Enterprises, Inc.
9.95% (6 Month Term SOFR + 5.25%, Rate Floor: 5.25%) due 12/23/27		2,885,242		2,811,668
Ravago Holdings America, Inc.
7.66% (3 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 03/06/28		2,793,000		2,730,158

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
API Heat Transfer
14.67% (3 Month USD LIBOR, Rate Floor: 0.00%) (in-kind rate was 14.67%) due 01/01/24†††,3		4,054,580	$	2,108,382
14.67% (3 Month USD LIBOR, Rate Floor: 0.00%) (in-kind rate was 14.67%) due 10/02/23†††,3		723,391		614,882
Brown Group Holding LLC
7.41% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 06/07/28		2,705,828		2,678,770
Standard Industries, Inc.
7.12% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 09/22/28		2,522,000		2,505,607
Mileage Plus Holdings LLC
10.21% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 06/21/27		2,380,000		2,466,584
United Airlines, Inc.
8.57% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 04/21/28		2,320,307		2,300,004
Anchor Packaging LLC
8.84% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 07/18/26		2,315,078		2,248,519
Air Canada
8.37% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 08/11/28		2,183,500		2,174,635
Charter Next Generation, Inc.
8.67% (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 12/01/27		2,159,033		2,128,677
Beacon Roofing Supply, Inc.
7.09% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 05/19/28		2,124,594		2,109,552
TK Elevator Midco GmbH
8.60% (6 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 07/30/27		1,857,675		1,807,165
Protective Industrial Products, Inc.
8.84% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 12/29/27		1,827,586		1,685,948
Sundyne (Star US Bidco)
9.09% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 03/17/27		1,468,940		1,419,980
YAK MAT (YAK ACCESS LLC)
due 07/10/265		2,550,000		135,991
Total Industrial				193,873,046

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Consumer, Non-cyclical - 18.6%
Osmosis Holdings Australia II Pty Ltd.
8.48% (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 07/30/28		10,205,532	$	9,816,497
Del Monte Foods, Inc.
9.11% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 05/16/29		9,975,000		9,692,408
Bombardier Recreational Products, Inc.
6.91% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 05/24/27		9,902,212		9,611,384
VC GB Holdings I Corp.
7.84% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.50%) due 07/21/28		9,825,625		9,293,371
Medical Solutions Parent Holdings, Inc.
8.24% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 11/01/28		9,214,175		8,941,620
Hayward Industries, Inc.
7.34% (1 Month USD LIBOR + 2.50%, Rate Floor: 3.00%) due 05/30/28		7,663,500		7,433,595
Triton Water Holdings, Inc.
8.66% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 03/31/28		7,860,013		7,024,886
Kronos Acquisition Holdings, Inc.
8.70% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.25%) due 12/22/26		7,301,000		7,000,856
Medline Borrower LP
8.09% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.75%) due 10/23/28		7,128,000		6,942,030
Electron BidCo, Inc.
7.84% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.76%) due 11/01/28		7,049,289		6,936,007
National Mentor Holdings, Inc.
8.68% ((1 Month Term SOFR + 3.75%) and (3 Month Term SOFR + 3.75%), Rate Floor: 3.75%) due 03/02/28		8,776,920		6,660,716
8.75% (3 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 03/02/28		276,228		209,627
Quirch Foods Holdings LLC
9.68% (1 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 10/27/27		6,668,962		6,127,109

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
HAH Group Holding Co. LLC
9.91% (1 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 10/29/27		6,237,000	$	6,060,306
Grifols Worldwide Operations USA, Inc.
6.84% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 11/15/27		6,030,304		5,904,693
Mission Veterinary Partners
8.84% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 04/27/28		6,409,925		5,897,131
Weber-Stephen Products LLC
8.09% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 10/29/27		6,419,920		5,499,239
Froneri US, Inc.
7.41% (3 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 01/29/27		5,464,877		5,379,734
Dermatology Intermediate Holdings III, Inc.
8.93% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 04/02/29		4,381,692		4,283,104
8.93% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 03/30/29		795,540		777,641
Phoenix Newco, Inc.
8.09% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.75%) due 11/15/28		4,950,000		4,886,887
Chefs’ Warehouse, Inc.
9.66% (1 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 08/23/29		4,825,750		4,797,616
DaVita, Inc.
6.59% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 08/12/26		4,814,371		4,738,160
Southern Veterinary Partners LLC
8.84% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 10/05/27		4,711,261		4,530,679
Perrigo Investments LLC
7.16% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 04/20/29		4,456,275		4,417,283
KDC US Holdings, Inc.
8.59% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 12/22/25		4,463,451		4,310,935
Resonetics LLC
9.10% (6 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 04/28/28		3,563,819		3,412,357

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Sigma Holding BV (Flora Food)
6.24% (6 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 07/02/25		EUR 3,000,000	$	3,038,863
CHG PPC Parent LLC
7.88% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.50%) due 12/08/28†††		3,019,500		2,981,756
Elanco Animal Health, Inc.
6.41% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 08/02/27		2,945,674		2,877,305
Topgolf Callaway Brands Corp.
due 03/09/30		2,880,000		2,858,861
Recess Holdings, Inc.
8.58% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 09/30/24		2,492,196		2,482,850
Energizer Holdings, Inc.
7.12% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 12/22/27		2,496,125		2,471,164
Pearl Intermediate Parent LLC
8.34% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 02/14/25		2,510,969		2,419,319
TGP Holdings LLC
8.08% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 06/29/28		3,050,703		2,404,869
Arctic Glacier Group Holdings, Inc.
8.66% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 03/20/24		2,272,564		2,038,218
Blue Ribbon LLC
10.66% (1 Month USD LIBOR + 6.00%, Rate Floor: 6.75%) due 05/08/28		2,656,410		1,952,461
Cambrex Corp.
8.41% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 12/04/26		1,830,975		1,806,257
Endo Luxembourg Finance Company I SARL
14.00% (Commercial Prime Lending Rate + 6.00%, Rate Floor: 7.75%) due 03/27/28		1,896,000		1,453,606
Upstream Newco, Inc.
9.41% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 11/20/26		736,875		577,835
Mamba Purchaser, Inc.
8.34% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 10/16/28		314,571		309,592
Total Consumer, Non-cyclical				190,258,827

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Consumer, Cyclical - 14.9%
First Brands Group LLC
9.82% (3 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 03/30/27		11,922,897	$	11,431,632
Fertitta Entertainment LLC
8.81% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 01/29/29		9,405,000		9,243,610
Packers Holdings LLC
8.09% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 03/09/28		8,947,081		8,069,194
Truck Hero, Inc.
8.59% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 01/31/28		8,890,229		7,871,854
WIRB - Copernicus Group, Inc.
8.95% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 01/08/27		7,313,654		6,897,727
Congruex Group LLC
10.58% (3 Month Term SOFR + 5.75%, Rate Floor: 5.75%) due 05/03/29†††		6,947,500		6,721,706
Mavis Tire Express Services TopCo Corp.
8.92% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 05/04/28		6,808,205		6,662,442
Eagle Parent Corp.
9.15% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 04/02/29		6,311,250		6,228,951
PetSmart LLC
8.66% (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 02/11/28		6,254,750		6,202,648
Thevelia US LLC
9.05% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 06/18/29		6,239,069		6,051,897
Zephyr Bidco Ltd.
8.71% (1 Month GBP SONIA + 4.75%, Rate Floor: 4.75%) due 07/23/25		GBP 5,265,000		6,043,477
American Tire Distributors, Inc.
11.07% (3 Month USD LIBOR + 6.25%, Rate Floor: 7.00%) due 10/20/28		6,930,000		6,033,466
Scientific Games Holdings, LP
8.10% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 04/04/29		5,920,250		5,826,828
1011778 BC Unlimited Liability Co.
6.59% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 11/19/26		5,718,484		5,656,553

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
EG Finco Ltd.
6.75% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 02/07/25		EUR 3,281,205	$	3,320,863
8.84% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 02/07/25		759,607		724,475
Power Solutions (Panther)
8.09% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 04/30/26		3,867,314		3,838,309
Alterra Mountain Co.
8.34% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 08/17/28		3,597,851		3,579,862
Galaxy US Opco, Inc.
9.56% (1 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 04/30/29		3,980,000		3,512,350
Rent-A-Center, Inc.
8.13% (3 Month USD LIBOR + 3.25%, Rate Floor: 3.75%) due 02/17/28		3,077,842		3,039,369
Michaels Stores, Inc.
9.41% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 04/15/28		3,219,887		2,948,032
Stars Group (Amaya)
7.41% (3 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 07/21/26		2,950,926		2,945,408
Penn National Gaming, Inc.
7.66% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 05/03/29		2,769,025		2,759,334
Guardian US HoldCo LLC
8.68% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 01/31/30		2,750,000		2,709,905
Entain Holdings (Gibraltar) Ltd.
7.44% (6 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 03/29/27		2,681,010		2,671,626
TTF Holdings Intermediate LLC
8.88% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 03/31/28†††		2,661,120		2,651,141
AlixPartners, LLP
7.61% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.25%) due 02/04/28		2,500,147		2,488,421
Peloton Interactive, Inc.
11.76% (6 Month Term SOFR + 7.00%, Rate Floor: 7.00%) due 05/25/27		2,481,250		2,466,784
Hanesbrands, Inc.
due 03/08/30†††		2,450,000		2,437,750

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Seren BidCo AB
8.45% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 11/16/28		2,172,500	$	2,141,281
BCPE Empire Holdings, Inc.
9.53% (1 Month Term SOFR + 4.63%, Rate Floor: 4.63%) due 06/11/26		2,029,500		2,001,229
Alexander Mann
8.43% (1 Month GBP SONIA + 5.00%, Rate Floor: 5.00%) due 06/16/25		GBP 1,540,000		1,793,826
Caesars Entertainment, Inc.
8.16% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 02/06/30		1,700,000		1,689,137
Sweetwater Sound
9.13% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 08/05/28		1,203,097		1,136,926
American Trailer World Corp.
8.66% (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 03/03/28		1,085,951		942,964
WW International, Inc.
8.35% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 04/13/28		1,653,750		940,570
Petco Health And Wellness Company, Inc.
8.41% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 03/03/28		407,714		400,069
SHO Holding I Corp.
10.08% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 04/26/24		554,199		383,783
10.06% (3 Month USD LIBOR + 5.23%, Rate Floor: 6.23%) due 04/29/24		9,357		6,480
New Trojan Parent, Inc.
7.97% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.75%) due 01/06/28		206,653		139,621
Total Consumer, Cyclical				152,611,500
Technology - 12.5%
Conair Holdings LLC
8.91% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.25%) due 05/17/28		11,946,941		10,871,716
Polaris Newco LLC
9.16% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.50%) due 06/02/28		10,236,924		9,312,734
Misys Ltd.
8.33% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/13/24		9,193,254		8,571,882

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Ascend Learning LLC
8.41% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 12/11/28		8,986,250	$	8,278,583
Athenahealth Group, Inc.
8.26% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 02/15/29		8,644,499		8,082,606
Emerald TopCo, Inc. (Press Ganey)
8.34% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 07/24/26		8,484,921		7,906,928
Peraton Corp.
8.59% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 02/01/28		7,455,769		7,347,064
CoreLogic, Inc.
8.38% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 06/02/28		8,587,521		7,302,485
RealPage, Inc.
7.84% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.50%) due 04/24/28		6,993,500		6,771,666
Boxer Parent Company, Inc.
8.59% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 10/02/25		6,012,835		5,928,294
Atlas CC Acquisition Corp.
9.40% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 05/25/28		6,787,262		5,812,815
Wrench Group LLC
9.16% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 04/30/26		5,426,005		5,270,008
Sabre GLBL, Inc.
9.91% (1 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 06/30/28		3,379,891		2,892,612
8.34% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 12/17/27		1,375,500		1,160,001
CCC Intelligent Solutions, Inc.
7.09% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.75%) due 09/21/28		3,940,075		3,901,502
Epicor Software
8.09% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 07/30/27		3,683,879		3,611,859
Taxware Holdings (Sovos Compliance LLC)
9.34% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.00%) due 08/11/28		3,755,298		3,548,757

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Park Place Technologies, LLC
9.91% (1 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 11/10/27		3,619,580	$	3,463,178
Project Ruby Ultimate Parent Corp.
8.09% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 03/10/28		3,430,000		3,294,035
Entegris, Inc.
7.62% ((1 Month Term SOFR + 2.75%) and (3 Month Term SOFR + 2.75%), Rate Floor: 2.75%) due 07/06/29		3,250,000		3,248,635
CDK Global, Inc.
9.15% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 07/06/29		2,992,500		2,979,273
Verscend Holding Corp.
8.84% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 08/27/25		2,984,810		2,977,975
Indicor LLC
9.40% (1 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 11/22/29		2,915,000		2,888,969
World Wide Technology Holding Co. LLC
8.02% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 03/01/30†††		1,570,000		1,562,150
Imprivata, Inc.
9.06% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 12/01/27		645,125		632,222
Total Technology				127,617,949
Financial - 10.6%
AqGen Island Holdings, Inc.
8.38% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 08/02/28		9,140,546		8,854,904
NFP Corp.
8.09% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 02/15/27		7,647,945		7,445,580
Jane Street Group LLC
7.59% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 01/26/28		7,233,500		7,103,297
AmWINS Group, Inc.
7.09% (1 Month USD LIBOR + 2.25%, Rate Floor: 3.00%) due 02/21/28		6,872,295		6,780,893
Teneo Holdings LLC
10.16% (1 Month Term SOFR + 5.25%, Rate Floor: 5.25%) due 07/11/25		6,676,337		6,586,607

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Aretec Group, Inc.
9.16% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 10/01/25		3,401,427	$	3,372,719
4.50% (1 Month Term SOFR + 4.60%, Rate Floor: 4.60%) due 03/07/30		2,629,588		2,581,940
FleetCor Technologies Operating Company LLC
6.59% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 04/28/28		5,983,450		5,940,070
USI, Inc.
8.65% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 11/22/29		5,535,755		5,509,073
Duff & Phelps
8.65% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 04/09/27		4,910,410		4,746,746
Citadel Securities, LP
7.42% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 02/02/28		4,410,000		4,363,166
Focus Financial Partners, LLC
8.06% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 06/30/28		4,228,750		4,180,585
Nexus Buyer LLC
8.59% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 11/09/26		4,613,074		4,161,638
Franchise Group, Inc.
9.56% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 03/10/26		3,955,564		3,822,064
Alliant Holdings Intermediate LLC
8.35% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 11/05/27		3,570,343		3,523,679
Ryan Specialty Group LLC
7.91% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 09/01/27		3,510,000		3,496,838
Virtu Financial
7.86% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 01/12/29		3,564,000		3,427,000
Apex Group Treasury LLC
8.56% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.25%) due 07/27/28		3,447,500		3,352,694
Cobham Ultra SeniorCo SARL
8.56% (6 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 08/06/29		3,283,500		3,206,206

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Asurion LLC
9.16% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 08/20/28		3,190,000	$	2,949,761
Blackstone Mortgage Trust, Inc.
8.31% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 05/09/29		3,205,228		2,924,770
HighTower Holding LLC
8.82% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 04/21/28		2,659,500		2,506,579
HarbourVest Partners, LP
7.08% (3 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 03/03/25		2,089,821		2,084,596
Apex Group Treasury LLC
9.66% (3 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 07/27/28†††		2,094,750		2,068,566
Zodiac Pool Solutions LLC
6.91% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/29/29		1,678,750		1,650,564
HUB International Ltd.
8.06% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 04/25/25		1,458,486		1,453,542
Total Financial				108,094,077
Communications - 8.8%
Xplornet Communications, Inc.
8.84% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.50%) due 10/02/28		10,777,727		8,662,598
Zayo Group Holdings, Inc.
7.84% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/09/27		6,648,468		5,382,998
9.06% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 03/09/27		3,960,000		3,110,580
McGraw Hill LLC
9.82% ((3 Month USD LIBOR + 4.75%) and (6 Month USD LIBOR + 4.75%), Rate Floor: 5.25%) due 07/28/28		8,573,450		7,992,599
Virgin Media Bristol LLC
7.18% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 01/31/28		7,916,233		7,773,741

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Ziggo Financing Partnership
7.18% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 04/28/28		6,685,000	$	6,592,145
Playtika Holding Corp.
7.59% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 03/13/28		6,449,936		6,398,079
CSC Holdings LLC
9.33% (1 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 01/17/28		6,762,075		6,244,776
Titan AcquisitionCo New Zealand Ltd. (Trade Me)
9.16% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.50%) due 10/18/28		6,412,557		6,228,196
Cengage Learning Acquisitions, Inc.
9.88% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 07/14/26		5,106,278		4,720,141
Altice France SA
10.17% (3 Month Term SOFR + 5.50%, Rate Floor: 5.50%) due 08/15/28†††		4,942,340		4,695,223
Authentic Brands
9.16% (6 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 12/21/28		4,292,593		4,236,789
Telenet Financing USD LLC
6.68% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 04/28/28		4,000,000		3,915,840
Radiate Holdco LLC
8.09% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 09/25/26		4,627,919		3,770,088
WMG Acquisition Corp.
6.97% (1 Month USD LIBOR + 2.13%, Rate Floor: 2.13%) due 01/20/28		3,500,000		3,455,865
Recorded Books, Inc.
8.79% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 08/29/25		2,200,000		2,185,700
Level 3 Financing, Inc.
6.67% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 03/01/27		2,588,000		2,176,068
UPC Broadband Holding BV
7.61% (1 Month USD LIBOR + 2.93%, Rate Floor: 2.93%) due 01/31/29		1,464,906		1,432,253
Cincinnati Bell, Inc.
8.16% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 11/22/28		987,500		964,669
Total Communications				89,938,348

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Basic Materials - 4.0%
CTEC III GmbH
6.45% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 03/16/29		EUR 7,500,000	$	7,711,810
Illuminate Buyer LLC
8.34% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 06/30/27		7,600,173		7,464,814
Diamond BC BV
7.58% (3 Month USD LIBOR + 2.75%, Rate Floor: 3.25%) due 09/29/28		5,233,750		5,210,041
Ascend Performance Materials Operations LLC
9.71% (6 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 08/27/26		3,360,070		3,298,111
NIC Acquisition Corp.
8.91% (3 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 12/29/27		3,528,762		2,674,801
INEOS Ltd.
7.59% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.25%) due 01/29/26		2,554,500		2,523,846
Vantage Specialty Chemicals, Inc.
9.60% (1 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 10/26/26		2,269,313		2,175,703
GrafTech Finance, Inc.
7.84% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.50%) due 02/12/25†††		1,921,721		1,912,112
W.R. Grace Holdings LLC
8.94% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.25%) due 09/22/28		1,728,125		1,710,844
DCG Acquisition Corp.
9.41% (1 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 09/30/26		1,687,158		1,632,326
Trinseo Materials Operating S.C.A.
7.34% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 05/03/28		1,572,000		1,408,622
Ineos US Finance LLC
3.75% (1 Month Term SOFR + 3.85%, Rate Floor: 3.85%) due 02/09/30		1,370,000		1,360,944
Nouryon USA LLC
4.00% (1 Month Term SOFR + 4.10%, Rate Floor: 4.10%) due 03/02/28		1,355,000		1,349,919
Total Basic Materials				40,433,893
Energy - 1.4%
AL GCX Holdings LLC
8.53% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 05/17/29		3,614,166		3,564,471

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
TransMontaigne Operating Company LP
8.31% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 11/17/28		3,621,887	$	3,563,683
Par Petroleum LLC
9.24% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 02/28/30		3,220,000		3,155,600
Traverse Midstream Partners LLC
8.73% (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 02/06/28		2,139,844		2,100,621
UGI Energy Services LLC
8.16% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 02/22/30		1,596,258		1,574,980
Permian Production Partners LLC
12.85% (1 Month USD LIBOR + 6.00%, Rate Floor: 10.85%) (in-kind rate was 2.00%) due 11/24/25†††,3		814,889		810,814
Total Energy				14,770,169
Utilities - 0.3%
Granite Generation LLC
8.59% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 11/09/26		3,308,417		3,104,751
Total Senior Floating Rate Interests
(Cost $968,543,924)				920,702,560
CORPORATE BONDS†† - 4.1%
Consumer, Non-cyclical - 2.1%
Sotheby’s
7.38% due 10/15/274		2,875,000		2,719,549
CPI CG, Inc.
8.63% due 03/15/264		2,689,000		2,662,110
Cheplapharm Arzneimittel GmbH
5.50% due 01/15/284		2,975,000		2,648,434
Legends Hospitality Holding Company LLC / Legends Hospitality Co-Issuer, Inc.
5.00% due 02/01/264		2,875,000		2,572,722
ADT Security Corp.
4.13% due 08/01/294		2,875,000		2,563,896
Tenet Healthcare Corp.
4.38% due 01/15/30		2,800,000		2,513,000
Nathan’s Famous, Inc.
6.63% due 11/01/254		2,279,000		2,267,605
WW International, Inc.
4.50% due 04/15/294		2,875,000		1,545,313
HCA, Inc.
4.50% due 02/15/27		1,500,000		1,464,666
Total Consumer, Non-cyclical				20,957,295
Communications - 0.9%
VZ Secured Financing BV
5.00% due 01/15/324		3,500,000		2,855,003
LCPR Senior Secured Financing DAC
6.75% due 10/15/274		2,875,000		2,715,437
Altice France S.A.
5.50% due 10/15/294		2,850,000		2,179,269
McGraw-Hill Education, Inc.
5.75% due 08/01/284		1,575,000		1,370,250
Total Communications				9,119,959

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Consumer, Cyclical - 0.4%
Fertitta Entertainment LLC / Fertitta Entertainment Finance Company, Inc.
4.63% due 01/15/294		5,000,000	$	4,388,500
Industrial - 0.4%
New Enterprise Stone & Lime Company, Inc.
5.25% due 07/15/284		2,875,000		2,541,196
Brundage-Bone Concrete Pumping Holdings, Inc.
6.00% due 02/01/264		1,412,000		1,323,679
Total Industrial				3,864,875
Basic Materials - 0.2%
WR Grace Holdings LLC
4.88% due 06/15/274		1,975,000		1,903,722
Mirabela Nickel Ltd.
due 06/24/19†††,5,6		1,279,819		60,792
Total Basic Materials				1,964,514
Financial - 0.1%
Hunt Companies, Inc.
5.25% due 04/15/294		1,850,000		1,445,760
Total Corporate Bonds
(Cost $48,267,072)				41,740,903
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 0.9%
Residential Mortgage-Backed Securities - 0.9%
RALI Series Trust
2006-QO6, 5.21% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 06/25/46◊		10,472,375		2,338,722
2006-QO2, 5.29% (1 Month USD LIBOR + 0.44%, Rate Floor: 0.44%) due 02/25/46◊		416,751		82,070
Washington Mutual Mortgage Pass-Through Certificates Trust
2007-OA6, 3.95% (1 Year CMT Rate + 0.81%, Rate Floor: 0.81%) due 07/25/47◊		2,332,118		1,822,363
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-AR9, 3.98% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/46◊		1,577,659		1,259,056
American Home Mortgage Assets Trust
2006-4, 5.06% (1 Month USD LIBOR + 0.21%, Rate Floor: 0.21%) due 10/25/46◊		2,263,336		1,204,804
Lehman XS Trust Series
2006-16N, 5.23% (1 Month USD LIBOR + 0.38%, Rate Floor: 0.38%) due 11/25/46◊		1,271,325		1,051,772
Nomura Resecuritization Trust
2015-4R, 2.60% (1 Month USD LIBOR + 0.43%, Rate Floor: 0.43%) due 03/26/36◊,4		636,075		572,861

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Alliance Bancorp Trust
2007-OA1, 5.33% (1 Month USD LIBOR + 0.48%, Rate Floor: 0.48%) due 07/25/37◊		358,760	$	297,769
Morgan Stanley Re-REMIC Trust
2010-R5, 3.22% due 06/26/364		273,919		235,989
New Century Home Equity Loan Trust
2004-4, 5.64% (1 Month USD LIBOR + 0.80%, Rate Cap/Floor: 12.50%/0.80%) due 02/25/35◊		147,503		139,397
GSAA Home Equity Trust
2007-7, 5.39% (1 Month USD LIBOR + 0.54%, Rate Floor: 0.54%) due 07/25/37◊		123,111		115,660
Total Residential Mortgage-Backed Securities				9,120,463
Total Collateralized Mortgage Obligations
(Cost $12,501,129)				9,120,463
ASSET-BACKED SECURITIES†† - 0.1%
Collateralized Loan Obligations - 0.1%
Octagon Loan Funding Ltd.
2014-1A SUB, due 11/18/314,7		2,071,948		559,320
Treman Park CLO Ltd.
2015-1A COM, due 10/20/284,7		977,702		25,909
Avery Point II CLO Ltd.
2013-3X COM , due 01/18/257		1,361,673		9,355
OHA Credit Partners IX Ltd.
2013-9A ACOM, due 10/20/254,7		1,808,219		2,080
Total Collateralized Loan Obligations				596,664
Total Asset-Backed Securities
(Cost $173,720)				596,664
Total Investments - 98.5%
(Cost $1,067,354,340)			$	1,008,254,016
Other Assets & Liabilities, net - 1.5%				15,013,672
Total Net Assets - 100.0%			$	1,023,267,688

Forward Foreign Currency Exchange Contracts††

Counterparty

Currency

Type

Quantity

Contract Amount

Settlement Date

Unrealized Appreciation (Depreciation)

Barclays Bank plc

GBP

Buy

97,000

119,658 USD

04/17/23

$

45

Barclays Bank plc

GBP

Sell

6,529,000

7,957,023 USD

04/17/23

(100,018

)

Barclays Bank plc

EUR

Sell

17,812,000

19,159,033 USD

04/17/23

(180,298

)

$

(280,271

)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
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 — 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.
◊	Variable rate security. Rate indicated is the rate effective at March 31, 2023. 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.
1	Affiliated issuer.
2	Rate indicated is the 7-day yield as of March 31, 2023.
3	Payment-in-kind security.
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 $39,098,604 (cost $48,099,917), or 3.8% of total net assets.
5	Security is in default of interest and/or principal obligations.
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 $60,792 (cost $1,160,811), or less than 0.01% of total net assets — See Note 9.
7	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
	CMT — Constant Maturity Treasury
	EUR — Euro
	EURIBOR — European Interbank Offered Rate
	GBP — British Pound
	LIBOR — London Interbank Offered Rate
	plc — Public Limited Company
	REMIC — Real Estate Mortgage Investment Conduit
	SARL — Société à Responsabilité Limitée
	SOFR — Secured Overnight Financing Rate
	SONIA — Sterling Overnight Index Average
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
FLOATING RATE STRATEGIES FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	—	$	—	$	439,249		$	439,249
Preferred Stocks		—		9,524		—	*		9,524
Exchange-Traded Funds		20,984,564		—		—			20,984,564
Money Market Fund		14,660,089		—		—			14,660,089
Senior Floating Rate Interests		—		887,225,677		33,476,883			920,702,560
Corporate Bonds		—		41,680,111		60,792			41,740,903
Collateralized Mortgage Obligations		—		9,120,463		—			9,120,463
Asset-Backed Securities		—		596,664		—			596,664
Forward Foreign Currency Exchange Contracts**		—		45		—			45
Total Assets	$	35,644,653	$	938,632,484	$	33,976,924		$	1,008,254,061

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Forward Foreign Currency Exchange Contracts**	$	—	$	280,316	$	—	$	280,316
Unfunded Loan Commitments (Note 8)		—		—		96,159		96,159
Total Liabilities	$	—	$	280,316	$	96,159	$	376,475

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

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
FLOATING RATE STRATEGIES 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, 2023		Valuation Technique	Unobservable Inputs		Input Range		Weighted Average*
Assets:
Common Stocks	$	437,866	Enterprise Value	Valuation Multiple	2.7x-9.5x		3.7x
Common Stocks		1,383	Model Price	Liquidation Value	—		—
Corporate Bonds		60,792	Third Party Pricing	Broker Quote	—		—
Senior Floating Rate Interests		25,841,218	Third Party Pricing	Broker Quote	—		—
Senior Floating Rate Interests		4,912,401	Yield Analysis	Yield	10.7%		—
Senior Floating Rate Interests		2,723,264	Model Price	Purchase Price	—		—
Total Assets	$	33,976,924
Liabilities:
Unfunded Loan Commitments	$	96,159	Model Price	Purchase Price	—		—

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

Significant changes in a quote, yield, liquidation value 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.

The Fund’s fair valuation leveling guidelines classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3, if such a quote or price cannot be supported with other available market information.

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, 2023, the Fund had securities with a total value of $9,502,227 transfer into Level 3 from Level 2 due to a lack of observable inputs and had securities with a total value of $52,545,553 transfer out of Level 3 into 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.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2023
FLOATING RATE STRATEGIES 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, 2023:

	Assets											Liabilities
	Corporate Bonds		Senior Floating Rate Interests			Common Stocks			Total Assets			Unfunded Loan Commitments
Beginning Balance	$	—	$	71,470,738		$	568,337		$	72,039,075		$	(542,584	)
Purchases/(Receipts)		—		6,443,232			1,665			6,444,897			(37,840	)
(Sales, maturities and paydowns)/Fundings		—		(2,211,078	)		(34,345	)		(2,245,423	)		(22,433	)
Amortization of premiums/discounts		—		170,562			—			170,562			28,297
Total realized gains (losses) included in earnings		—		(90,211	)		29,321			(60,890	)		93,775
Total change in unrealized appreciation (depreciation) included in earnings		—		797,758			(125,729	)		672,029			384,626
Transfers into Level 3		60,792		9,441,435			—			9,502,227			—
Transfers out of Level 3		—		(52,545,553	)		—			(52,545,553	)		—
Ending Balance	$	60,792	$	33,476,883		$	439,249		$	33,976,924		$	(96,159	)
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at March 31, 2023	$	—	$	685,530		$	(98,629	)	$	586,901		$	115,128

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, result in that company being considered an affiliated issuer, as defined in the 1940 Act.

Transactions during the period ended March 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 09/30/22		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 03/31/23		Shares 03/31/23
Common Stocks
BP Holdco LLC *	$	148,128	$	—	$	—		$	—	$	165,642		$	313,770		244,278
Targus Group International Equity, Inc. *		32,125		—		(34,346	)		29,321		(27,100	)		—		—
	$	180,253	$	—	$	(34,346	)	$	29,321	$	138,542		$	313,770

* Non-income producing security.

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

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

FLOATING RATE STRATEGIES FUND

March 31, 2023

Assets:
Investments in unaffiliated issuers, at value (cost $1,067,268,084)	$	1,007,940,246
Investments in affiliated issuers, at value (cost $86,256)		313,770
Foreign currency, at value (cost $2,206)		2,206
Cash		3,823,546
Segregated cash with broker		260,000
Unrealized appreciation on forward foreign currency exchange contracts		45
Prepaid expenses		123,411
Receivables:
Securities sold		22,439,912
Interest		5,896,657
Fund shares sold		1,002,633
Total assets		1,041,802,426
Liabilities:
Unfunded loan commitments, at value (Note 8) (commitment fees received $2,000)		96,159
Unrealized depreciation on forward foreign currency exchange contracts		280,316
Payable for:
Securities purchased		10,569,270
Fund shares redeemed		6,083,515
Distributions to shareholders		865,043
Due to Investment Adviser		222,386
Management fees		213,077
Distribution and service fees		75,712
Fund accounting/administration fees		13,528
Trustees’ fees*		6,644
Transfer agent/maintenance fees		2,925
Miscellaneous		106,163
Total liabilities		18,534,738
Net assets	$	1,023,267,688
Net assets consist of:
Paid in capital	$	1,247,951,169
Total distributable earnings (loss)		(224,683,481	)
Net assets	$	1,023,267,688
A-Class:
Net assets	$	146,444,696
Capital shares outstanding		6,097,794
Net asset value per share	$	24.02
Maximum offering price per share (Net asset value divided by 97.00%)	$	24.76
C-Class:
Net assets	$	39,529,801
Capital shares outstanding		1,646,585
Net asset value per share	$	24.01
P-Class:
Net assets	$	46,574,994
Capital shares outstanding		1,938,472
Net asset value per share	$	24.03
Institutional Class:
Net assets	$	789,026,324
Capital shares outstanding		32,825,873
Net asset value per share	$	24.04
R6-Class:
Net assets	$	1,691,873
Capital shares outstanding		70,357
Net asset value per share	$	24.05

* 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

STATEMENT OF OPERATIONS (Unaudited)

FLOATING RATE STRATEGIES FUND

Six Months Ended March 31, 2023

Investment Income:
Dividends from securities of unaffiliated issuers	$	1,067,362
Interest from securities of unaffiliated issuers		46,222,472
Total investment income		47,289,834
Expenses:
Management fees		3,685,478
Distribution and service fees:
A-Class		188,158
C-Class		219,304
P-Class		58,392
Transfer agent/maintenance fees:
A-Class		84,629
C-Class		8,573
P-Class		38,333
Institutional Class		478,516
R6-Class		393
Fund accounting/administration fees		239,903
Line of credit fees		138,323
Professional fees		89,344
Custodian fees		45,706
Trustees’ fees*		14,112
Interest expense		2,325
Miscellaneous		132,036
Recoupment of previously waived fees:
A-Class		31,166
C-Class		14,520
P-Class		9,492
Institutional Class		172,664
R6-Class		1,746
Total expenses		5,653,113
Less:
Expenses reimbursed by Adviser:
A-Class		(80,157	)
C-Class		(12,810	)
P-Class		(36,443	)
Institutional Class		(397,492	)
R6-Class		(89	)
Expenses waived by Adviser		(249,657	)
Earnings credits applied		(25,072	)
Total waived/reimbursed expenses		(801,720	)
Net expenses		4,851,393
Net investment income		42,438,441
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(7,820,906	)
Investments in affiliated issuers		29,321
Forward foreign currency exchange contracts		(1,607,732	)
Foreign currency transactions		9,261
Net realized loss		(9,390,056	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		41,552,886
Investments in affiliated issuers		138,542
Forward foreign currency exchange contracts		(940,864	)
Foreign currency translations		7,926
Net change in unrealized appreciation (depreciation)		40,758,490
Net realized and unrealized gain		31,368,434
Net increase in net assets resulting from operations	$	73,806,875

* 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.

STATEMENTS OF CHANGES IN NET ASSETS

FLOATING RATE STRATEGIES FUND

	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	42,438,441		$	45,428,717
Net realized loss on investments		(9,390,056	)		(713,467	)
Net change in unrealized appreciation (depreciation) on investments		40,758,490			(93,645,585	)
Net increase (decrease) in net assets resulting from operations		73,806,875			(48,930,335	)
Distributions to shareholders:
A-Class		(5,563,380	)		(5,383,798	)
C-Class		(1,451,795	)		(1,451,264	)
P-Class		(1,722,718	)		(1,548,137	)
Institutional Class		(33,140,849	)		(37,281,786	)
R6-Class		(838,507	)		(115,580	)
Total distributions to shareholders		(42,717,249	)		(45,780,565	)
Capital share transactions:
Proceeds from sale of shares
A-Class		21,491,999			86,259,585
C-Class		2,718,251			18,060,964
P-Class		17,384,852			22,630,959
Institutional Class		207,563,082			926,922,817
R6-Class		30,647,664			21,224,287
Distributions reinvested
A-Class		4,704,386			4,723,427
C-Class		1,239,999			1,239,205
P-Class		1,722,718			1,548,137
Institutional Class		27,857,549			31,534,585
R6-Class		834,683			113,860
Cost of shares redeemed
A-Class		(38,008,234	)		(49,092,897	)
C-Class		(12,879,913	)		(20,703,994	)
P-Class		(17,404,952	)		(12,692,806	)
Institutional Class		(449,568,083	)		(614,692,477	)
R6-Class		(31,879,545	)		(20,581,634	)
Net increase (decrease) from capital share transactions		(233,575,544	)		396,494,018
Net increase (decrease) in net assets		(202,485,918	)		301,783,118
Net assets:
Beginning of period		1,225,753,606			923,970,488
End of period	$	1,023,267,688		$	1,225,753,606

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

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

FLOATING RATE STRATEGIES FUND

	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Capital share activity:
Shares sold
A-Class		898,117			3,504,723
C-Class		114,297			730,311
P-Class		731,202			908,598
Institutional Class		8,686,372			37,486,066
R6-Class		1,286,532			844,995
Shares issued from reinvestment of distributions
A-Class		196,910			194,916
C-Class		51,939			51,183
P-Class		72,342			64,407
Institutional Class		1,165,569			1,301,654
R6-Class		34,792			4,639
Shares redeemed
A-Class		(1,595,029	)		(2,019,443	)
C-Class		(539,786	)		(846,761	)
P-Class		(730,416	)		(519,050	)
Institutional Class		(18,892,152	)		(25,255,077	)
R6-Class		(1,324,605	)		(826,042	)
Net increase (decrease) in shares		(9,843,916	)		15,625,119

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

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	Six Months Ended March 31, 2023a			Year Ended Sept. 30, 2022			Year Ended Sept. 30, 2021			Year Ended Sept .30, 2020			Year Ended Sept. 30, 2019			Year Ended Sept. 30, 2018
Per Share Data
Net asset value, beginning of period	$	23.37		$	25.09		$	24.08		$	25.23		$	25.92		$	26.01
Income (loss) from investment operations:
Net investment income (loss)b		.87			.87			.83			1.02			1.17			1.04
Net gain (loss) on investments (realized and unrealized)		.66			(1.72	)		1.02			(1.16	)		(.67	)		(.07	)
Total from investment operations		1.53			(.85	)		1.85			(.14	)		.50			.97
Less distributions from:
Net investment income		(.88	)		(.87	)		(.83	)		(.83	)		(1.19	)		(1.06	)
Return of capital		—			—			(.01	)		(.18	)		—			—
Total distributions		(.88	)		(.87	)		(.84	)		(1.01	)		(1.19	)		(1.06	)
Net asset value, end of period	$	24.02		$	23.37		$	25.09		$	24.08		$	25.23		$	25.92
Total Returnc		6.64	%		(3.47	%)		7.83	%		(0.50	%)		2.01	%		3.80	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	146,445		$	154,160		$	123,392		$	139,857		$	235,752		$	431,562
Ratios to average net assets:
Net investment income (loss)		7.35	%		3.57	%		3.36	%		4.23	%		4.60	%		4.02	%
Total expensesd		1.17	%		1.11	%		1.09	%		1.25	%		1.23	%		1.15	%
Net expensese,f,g		1.02	%		1.02	%		1.05	%		1.10	%		1.07	%		1.03	%
Portfolio turnover rate		9	%		30	%		57	%		20	%		10	%		33	%

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.

C-Class	Six Months Ended March 31, 2023a			Year Ended Sept. 30, 2022			Year Ended Sept. 30, 2021			Year Ended Sept. 30, 2020			Year Ended Sept. 30, 2019			Year Ended Sept. 30, 2018
Per Share Data
Net asset value, beginning of period	$	23.36		$	25.08		$	24.07		$	25.22		$	25.91		$	26.00
Income (loss) from investment operations:
Net investment income (loss)b		.78			.68			.65			.84			.98			.85
Net gain (loss) on investments (realized and unrealized)		.66			(1.71	)		1.02			(1.16	)		(.67	)		(.07	)
Total from investment operations		1.44			(1.03	)		1.67			(.32	)		.31			.78
Less distributions from:
Net investment income		(.79	)		(.69	)		(.65	)		(.68	)		(1.00	)		(.87	)
Return of capital		—			—			(.01	)		(.15	)		—			—
Total distributions		(.79	)		(.69	)		(.66	)		(.83	)		(1.00	)		(.87	)
Net asset value, end of period	$	24.01		$	23.36		$	25.08		$	24.07		$	25.22		$	25.91
Total Returnc		6.20	%		(4.15	%)		7.03	%		(1.24	%)		1.26	%		3.03	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	39,530		$	47,183		$	52,308		$	63,891		$	112,481		$	172,906
Ratios to average net assets:
Net investment income (loss)		6.58	%		2.78	%		2.61	%		3.47	%		3.86	%		3.29	%
Total expensesd		1.87	%		1.91	%		1.86	%		1.96	%		1.93	%		1.87	%
Net expensese,f,g		1.77	%		1.77	%		1.80	%		1.85	%		1.82	%		1.78	%
Portfolio turnover rate		9	%		30	%		57	%		20	%		10	%		33	%

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.

P-Class	Six Months Ended March 31, 2023a			Year Ended Sept. 30, 2022			Year Ended Sept. 30, 2021			Year Ended Sept. 30, 2020			Year Ended Sept. 30, 2019			Year Ended Sept. 30, 2018
Per Share Data
Net asset value, beginning of period	$	23.38		$	25.10		$	24.09		$	25.24		$	25.93		$	26.02
Income (loss) from investment operations:
Net investment income (loss)b		.87			.88			.83			1.04			1.17			1.05
Net gain (loss) on investments (realized and unrealized)		.66			(1.73	)		1.02			(1.18	)		(.67	)		(.08	)
Total from investment operations		1.53			(.85	)		1.85			(.14	)		.50			.97
Less distributions from:
Net investment income		(.88	)		(.87	)		(.83	)		(.83	)		(1.19	)		(1.06	)
Return of capital		—			—			(.01	)		(.18	)		—			—
Total distributions		(.88	)		(.87	)		(.84	)		(1.01	)		(1.19	)		(1.06	)
Net asset value, end of period	$	24.03		$	23.38		$	25.10		$	24.09		$	25.24		$	25.93
Total Return		6.63	%		(3.47	%)		7.83	%		(0.50	%)		2.01	%		3.80	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	46,575		$	43,603		$	35,430		$	33,251		$	135,036		$	385,306
Ratios to average net assets:
Net investment income (loss)		7.34	%		3.58	%		3.36	%		4.26	%		4.59	%		4.05	%
Total expensesd		1.22	%		1.14	%		1.06	%		1.37	%		1.22	%		1.15	%
Net expensese,f,g		1.02	%		1.02	%		1.05	%		1.10	%		1.07	%		1.03	%
Portfolio turnover rate		9	%		30	%		57	%		20	%		10	%		33	%

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.

Institutional Class	Six Months Ended March 31, 2023a			Year Ended Sept. 30, 2022			Year Ended Sept. 30, 2021			Year Ended Sept. 30, 2020			Year Ended Sept. 30, 2019			Year Ended Sept. 30, 2018
Per Share Data
Net asset value, beginning of period	$	23.39		$	25.11		$	24.10		$	25.25		$	25.95		$	26.03
Income (loss) from investment operations:
Net investment income (loss)b		.90			.94			.89			1.09			1.23			1.11
Net gain (loss) on investments (realized and unrealized)		.66			(1.73	)		1.02			(1.17	)		(.68	)		(.07	)
Total from investment operations		1.56			(.79	)		1.91			(.08	)		.55			1.04
Less distributions from:
Net investment income		(.91	)		(.93	)		(.89	)		(.88	)		(1.25	)		(1.12	)
Return of capital		—			—			(.01	)		(.19	)		—			—
Total distributions		(.91	)		(.93	)		(.90	)		(1.07	)		(1.25	)		(1.12	)
Net asset value, end of period	$	24.04		$	23.39		$	25.11		$	24.10		$	25.25		$	25.95
Total Return		6.72	%		(3.20	%)		8.08	%		(0.26	%)		2.21	%		4.08	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	789,026		$	979,086		$	711,583		$	504,449		$	1,065,820		$	2,227,970
Ratios to average net assets:
Net investment income (loss)		7.56	%		3.84	%		3.59	%		4.48	%		4.83	%		4.28	%
Total expensesd		0.92	%		0.87	%		0.85	%		0.97	%		0.92	%		0.84	%
Net expensese,f,g		0.78	%		0.78	%		0.81	%		0.85	%		0.83	%		0.79	%
Portfolio turnover rate		9	%		30	%		57	%		20	%		10	%		33	%

42 | 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.

R6-Class	Six Months Ended March 31, 2023a			Year Ended Sept. 30, 2022			Year Ended Sept. 30, 2021			Year Ended Sept. 30, 2020			Year Ended Sept. 30, 2019h
Per Share Data
Net asset value, beginning of period	$	23.38		$	25.11		$	24.10		$	25.25		$	25.38
Net investment income (loss)b		.93			.82			.91			1.13			.69
Net gain (loss) on investments (realized and unrealized)		.67			(1.62	)		1.01			(1.21	)		(.14	)
Total from investment operations		1.60			(.80	)		1.92			(.08	)		.55
Less distributions from:
Net investment income		(.93	)		(.93	)		(.90	)		(.88	)		(.68	)
Return of capital		—			—			(.01	)		(.19	)		—
Total distributions		(.93	)		(.93	)		(.91	)		(1.07	)		(.68	)
Net asset value, end of period	$	24.05		$	23.38		$	25.11		$	24.10		$	25.25
Total Return		6.89	%		(3.25	%)		8.06	%		(0.22	%)		2.20	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,692		$	1,722		$	1,257		$	1,625		$	71,680
Ratios to average net assets:
Net investment income (loss)		7.74	%		3.31	%		3.66	%		4.56	%		4.89	%
Total expensesd		0.78	%		0.82	%		0.83	%		0.86	%		0.85	%
Net expensese,f,g		0.74	%		0.79	%		0.82	%		0.84	%		0.84	%
Portfolio turnover rate		9	%		30	%		57	%		20	%		10	%

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

FINANCIAL HIGHLIGHTS (concluded)

FLOATING RATE STRATEGIES FUND

a	Unaudited figures for the period ended March 31, 2023. 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:

	3/31/23a	09/30/22	09/30/21	09/30/20	09/30/19	09/30/18
A-Class	0.04%	0.03%	—	0.00%*	—	—
C-Class	0.07%	0.04%	—	0.00%*	—	0.01%
P-Class	0.04%	0.04%	0.00%*	0.00%*	—	—
Institutional Class	0.04%	0.04%	0.00%*	0.00%*	—	—
R6-Class	0.02%	0.03%	0.01%	0.00%*	0.00%*	N/A

* Less than 0.01%.

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

	3/31/23a	09/30/22	09/30/21	09/30/20	09/30/19	09/30/18
A-Class	1.00%	1.00%	1.01%	1.02%	1.02%	1.02%
C-Class	1.75%	1.75%	1.76%	1.77%	1.77%	1.77%
P-Class	1.00%	1.00%	1.01%	1.02%	1.02%	1.02%
Institutional Class	0.76%	0.76%	0.77%	0.78%	0.78%	0.78%
R6-Classg	0.72%	0.76%	0.77%	0.78%	0.78%	N/A

^h Since commencement of operations: March 13, 2019. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

The Trust offers a combination of 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. C-Class shares automatically convert to A-Class shares on or about the 10th day of the month following the 8-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. 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, 2023, the Trust consisted of nineteen funds (the “Funds”).

This report covers the Floating Rate Strategies Fund (the “Fund”), a diversified investment company. At March 31, 2023, A-Class, C-Class, P-Class, Institutional Class, and R6-Class shares have been issued by the Fund.

Guggenheim Partners Investment Management, LLC (“GPIM” or the “Adviser”), 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.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 45

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Pursuant to an investment Sub-Advisory Agreement between Guggenheim Partners Investment Management, LLC (“GPIM”) and Guggenheim Partners Advisors, LLC (“GPA”), that was in effect during a portion of the Reporting Period, GPA was engaged to provide investment sub-advisory services. GPA operated as an investment sub-advisor to the Fund from April 29, 2022 to December 22, 2022.

GPA, under the oversight of the Board and GPIM, assisted GPIM in the supervision and direction of the investment strategies of the Fund in accordance with its investment policies. As compensation for its services, GPIM paid GPA a fee, payable monthly, in an amount equal to 0.005% of the Fund’s average daily net assets.

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”). The SEC adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith and became effective September 8, 2022. Rule 2a-5 also defines “readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee to perform fair valuation determinations for the Fund with respect to all Fund investments and other assets. As the Fund’s valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Fund’s securities and other assets.

46 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

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

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 Adviser 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 Designee Procedures, the Adviser is 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 generally valued at the last quoted sale price.

Commercial paper and discount notes 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. Commercial paper and discount notes with a maturity of 60 days or less at acquisition are valued at amortized cost, unless the Adviser concludes that amortized cost does not represent the fair value of the applicable asset in which case it will be valued using an independent pricing service.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 47

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Typically, loans are valued using information provided by an independent third party pricing service that uses broker quotes, among other inputs. If the pricing service cannot or does not provide a valuation for a particular loan, or such valuation is deemed unreliable, such investment is valued based on a quote from a broker-dealer or is fair valued by the Adviser.

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 the Adviser. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value”. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as 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) Senior Floating Rate Interests and Loan Investments

Senior floating rate interests 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 Fund invests in loans and other similar debt obligations (“obligations”). A portion of the Fund’s investments in these obligations is sometimes referred to as “covenant lite” loans or obligations (“covenant lite obligations”), which are obligations that lack covenants or possess fewer or less restrictive covenants or constraints on borrowers than certain other types of obligations. The Fund may also obtain exposure to covenant lite obligations through investment in securitization vehicles and other structured products. In recent market conditions, many new or reissued obligations have not featured traditional covenants, which are intended to protect lenders and investors by (i) imposing certain restrictions or other limitations on a borrower’s operations or assets or (ii) providing certain rights to lenders. The Fund may have fewer rights with respect to covenant lite obligations, including fewer protections against the possibility of

48 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

default and fewer remedies in the event of default. As a result, investments in (or exposure to) covenant lite obligations are subject to more risk than investments in (or exposure to) certain other types of obligations. The Fund is subject to other risks associated with investments in (or exposure to) obligations, including that obligations may not be considered “securities” and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.

(c) Interest on 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 takes 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, it may sell such securities before the settlement date.

(d) Forward Foreign Currency Exchange Contracts

The change in value of a forward foreign currency exchange 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.

(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.

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.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 49

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 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.

(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, 2023, 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 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, if any. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. 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.

50 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The Fund may receive other income from investments in senior loan interests including amendment fees, consent fees and commitment fees. For funded loans, these fees are recorded as income when received by the Fund and included in interest income on the Statement of Operations. For unfunded loans, commitment fees are included in realized gain on investments on the Statement of Operations at the end of the commitment period.

(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 U.S. 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. Earnings credits for the period ended March 31, 2023, are disclosed in the Statement of Operations.

(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 4.83% at March 31, 2023.

(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

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 51

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 forward foreign currency exchange contracts. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized on 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.

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.

52 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The following table represents the Fund’s use and volume of forward foreign currency exchange contracts on a monthly basis:

	Average Value
Use	Purchased		Sold
Hedge	$	91,121	$	27,863,875

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, 2023:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Currency forward contracts	Unrealized appreciation on forward foreign currency exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts

The following tables set forth the fair value of the Fund’s derivative investments categorized by primary risk exposure at March 31, 2023:

	Forward Foreign Currency Exchange Risk
Asset Derivative Investments Value	$	45
Liability Derivative Investments Value	$	280,316

The following is a summary of the location of derivative investments on the Fund’s Statement of Operations for the period ended March 31, 2023:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Currency forward 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, 2023:

Realized Gain (Loss) on Derivative Investments Recognized on the Statement of Operations

Forward Foreign Currency Exchange Risk

$(1,607,732)

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 53

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statement of Operations

Forward Foreign Currency Exchange Risk

$(940,864)

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 as collateral.

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 its 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 Fund’s 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

54 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 it believes 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 Fund’s 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 Assets		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	$	45	$	—	$	45	$	(45	)	$	—	$	—

							Gross Amounts Not Offset in the Statement of Assets and Liabilities
Instrument	Gross Amounts of Recognized Liabilities		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	$	280,316	$	—	$	280,316	$	(45	)	$	(260,000	)	$	20,271

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 55

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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, 2023.

Counterparty		Asset Type	Cash Pledged		Cash Received
Barclays Bank plc	Forward foreign currency exchange contracts		$	260,000	$	—

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 between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

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

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

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

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

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

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

56 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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.

Quotes from broker-dealers, adjusted for fluctuations in criteria such as credit spreads and interest rates, may also be 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 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 a quote would generally result in significant changes in the fair value of the security.

Certain fixed income securities are valued by obtaining a monthly quote from a broker-dealer, adjusted for fluctuations in criteria such as credit spreads and interest rates.

Certain loans and other securities are valued using a single daily broker quote or a price from a third party vendor based on a single daily or monthly broker quote.

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

Note 5 – 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 pays operating expenses on behalf of the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, among others, on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

The Board has adopted Distribution Plans related to the offering of 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 GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 57

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 or interest 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		1.02	%		11/30/12		02/01/24
C-Class		1.77	%		11/30/12		02/01/24
P-Class		1.02	%		05/01/15		02/01/24
Institutional Class		0.78	%		11/30/12		02/01/24
R6-Class		0.78	%		03/13/19		02/01/24

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, 2023, 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:

	2023		2024		2025		2026		Fund Total
A-Class	$	241,093	$	62,574	$	114,896	$	90,470	$	509,033
C-Class		85,341		35,328		63,710		15,595		199,974
P-Class		195,908		3,944		45,054		39,671		284,577
Institutional Class		632,090		224,572		717,446		454,413		2,028,521
R6-Class		—		—		586		729		1,315

For the period ended March 31, 2023, GI recouped $229,588 from the Fund.

For the period ended March 31, 2023, GFD retained sales charges of $72,447 relating to sales of A-Class shares of the Trust.

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

MUFG Investor Services (US), LLC (“MUIS”) acts as the Fund’s administrator, transfer agent and accounting agent. As administrator, transfer agent and accounting agent, MUIS maintains 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,

58 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 of 1986, as amended (the Internal Revenue Code), applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the 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 U.S. 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 U.S. federal income tax returns are subject to examination by the Internal Revenue Service (“IRS”) for a period of three years after they are filed.

At March 31, 2023, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
$	1,068,741,834	$	804,800	$	(61,572,889	)	$	(60,768,089	)

Note 7 – Securities Transactions

For the period ended March 31, 2023, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

Purchases		Sales
$	99,106,406	$	347,252,093

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 59

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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, 2023, the Fund did not engage in purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act.

Note 8 – Unfunded Loan Commitments

Pursuant to the terms of certain loan agreements, the Fund held unfunded loan commitments as of March 31, 2023. The Fund is obligated to fund these loan commitments at the borrower’s discretion.

The unfunded loan commitments as of March 31, 2023, were as follows:

Borrower	Maturity Date		Face Amount		Value
Athenahealth Group, Inc.		02/15/29	$	1,061,956	$	69,027
Authentic Brands		12/21/28		1,407,407		18,297
Dermatology Intermediate Holdings III, Inc.		04/02/29		29,657		667
Hillman Group, Inc.		07/14/28		800,000		8,168
			$	3,299,020	$	96,159

Note 9 – Restricted Securities

The security below is considered illiquid and restricted under guidelines established by the Board:

Restricted Securities	Acquisition Date		Cost		Value
Mirabela Nickel Ltd. due 06/24/191		12/31/13	$	1,160,811	$	60,792

¹ 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, $1,230,000,000 line of credit from Citibank, N.A., which was in place through September 30, 2022, at which time the line of credit was renewed as a 364-day committed, $1,150,000,000 line of credit. A Fund may draw (borrow) from the line of credit as a temporary measure for emergency purposes, to facilitate redemption requests, or for other short-term liquidity purposes consistent with the Fund’s investment objective and program. For example, it may be advantageous for the Fund to borrow money rather than sell existing portfolio positions to meet redemption requests. Fees related to borrowings, if any, vary under this arrangement between the greater of Citibank’s “base rate”, SOFR plus 1%, or the federal funds rate plus 1/2 of 1%.

60 | 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 allocated unused commitment amount. The commitment fee amount is allocated to the individual Funds based on the respective net assets of each participating Fund and is referenced in the Fund’s 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, 2023.

Note 11 – Market Risks

The value of, or income generated by, the investments held by the Fund are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (which have since risen and may continue to rise), changes in inflation rates or expectations about inflation rates (which are currently elevated relative to normal conditions), adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the current Russia-Ukraine conflict and its risk of expansion or collateral economic and other effects) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country or geographic region could adversely affect the value, yield and return of the investments held by the Fund in a different country or geographic region, economy, and market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Fund’s investments and performance of the Fund.

Note 12 – Subsequent Events

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 61

OTHER INFORMATION (Unaudited)

Delivery of Shareholder Reports

Paper copies of the Fund’s annual and semi-annual shareholder reports are not sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary. Instead, the reports are made available on a website, and you are notified by mail each time a report is posted and provided with a website link to access the report.

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 may apply to all Guggenheim Funds in which you are invested and may apply to all Guggenheim funds held with your financial intermediary.

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 portfolio 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 as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Fund’s Forms N-PORT and N-Q are available on the SEC’s website at https://www.sec.gov. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

62 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

A Board of Trustees oversees the Trust, as well as other trusts of GI, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by visiting guggenheiminvestments.com or by calling 800.820.0888.

Name, Address* and Year of Birth	Position(s) Held with 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 and Chair of the Valuation Oversight Committee	Since 2014 (Trustee) Since 2020 (Chair of the Valuation Oversight Committee)	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).	155	Current: Advent Convertible and Income Fund (2005-present); Purpose Investments Funds (2013-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021).
Angela Brock-Kyle (1959)	Trustee	Since 2019	Current: Founder and Chief Executive Officer, B.O.A.R.D.S. (2013-present); Director, Mutual Fund Directors Forum (2022-present). Former: Senior Leader, TIAA (1987-2012).	154	Current: Bowhead Insurance GP, LLC (2020-present); Hunt Companies, Inc. (2019-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Infinity Property & Casualty Corp. (2014-2018).

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 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
Thomas F. Lydon, Jr. (1960)	Trustee and Chair of the Contracts Review Committee	Since 2019 (Trustee) Since 2020 (Chair of the Contracts Review Committee)	Current: President, Global Trends Investments (1996-present); Chief Executive Officer, ETF Flows, LLC (2019-present); Chief Executive Officer, Lydon Media (2016-present); Director, GDX Index Partners, LLC (2021-present); Vice Chairman, VettaFi (2022-present).	154	Current: US Global Investors, Inc. (GROW) (1995-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Harvest Volatility Edge Trust (3) (2017-2019).
Ronald A. Nyberg (1953)	Trustee and Chair of the Nominating and Governance Committee	Since 2014	Current: Of Counsel, Momkus LLP (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	155	Current: Advent Convertible and Income Fund (2003-present); PPM Funds (2) (2018-present); NorthShore-Edward-Elmhurst Health (2012-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

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 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
Sandra G. Sponem (1958)	Trustee and Chair of the Audit Committee	Since 2019 (Trustee) Since 2020 (Chair of the Audit Committee)	Current: Retired. Former: Senior Vice President and Chief Financial Officer, M.A. Mortenson-Companies, Inc. (2007-2017).	154	Current: SPDR Series Trust (81) (2018-present); SPDR Index Shares Funds (30) (2018-present); SSGA Active Trust (14) (2018-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); SSGA Master Trust (1) (2018-2020).

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 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, Chair of the Board and Chair of the Executive Committee	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).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

66 | 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 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); 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, certain other funds in the Fund Complex (2017-2019); Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2018-2022); Guggenheim Enhanced Equity Income Fund (2018-2021); Guggenheim Credit Allocation Fund (2018-2021).

*	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.
***	Each Trustee also serves on the Boards of Trustees of Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust, Guggenheim Strategic Opportunities Fund, Guggenheim Energy & Income Fund, Guggenheim Active Allocation Fund, Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust and Transparent Value Trust. Messrs. Barnes and Nyberg also serve on the Board of Trustees of Advent Convertible & Income Fund.
****	This Trustee is deemed to be an “interested person” of the Fund under the 1940 Act by reason of her position with the Fund’s Adviser and/or the parent of the Adviser.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 67

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS
Brian E. Binder (1972)	President and Chief Executive Officer	Since 2018	Current: President, Mutual Funds Boards, Guggenheim Investments (2022-present); President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President, Mutual Funds Boards, Guggenheim Funds Investment Advisors, LLC and Security Investors, LLC (2018-present);Board Member, Guggenheim Partners Investment Funds plc (2022-present); Board Member, Guggenheim Global Investments plc (2022-present); Board Member of Guggenheim Partners Fund Management (Europe) Limited (2018-present). Former: Senior Managing Director and Chief Administrative Officer, Guggenheim Investments (2018-2022); Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Chairman of North American Executive Committee and Head of Business Management and Consulting, Invesco Ltd. (2010-2012).
James M. Howley (1972)	Chief Financial Officer, Chief Accounting Officer and Treasurer	Since 2022	Current: Managing Director, Guggenheim Investments (2004-present); Chief Financial Officer, Chief Accounting Officer, and Treasurer, certain other funds in the Fund Complex (2022-present). Former: Assistant Treasurer, certain other funds in the Fund Complex (2006-2022); 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); Managing Director, Guggenheim Investments (2012-present).

68 | 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 Trust	Term of Office and Length of Time Served**	Principal Occupation(s) 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); Senior Managing Director, Guggenheim Funds Distributors, LLC (2014-present). Former: Chief Compliance Officer, Security Investors, LLC and 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).
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).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 69

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS - concluded
Jon Szafran (1989)	Assistant Treasurer	Since 2017	Current: Director, 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.

70 | 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

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 71

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 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.

72 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(continued)

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

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(concluded)

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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3.31.2023

Guggenheim Funds Semi-Annual Report

Guggenheim Total Return Bond Fund

GuggenheimInvestments.com TRB-SEMI-0323x0923

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	85
OTHER INFORMATION	114
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	115
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	124

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 1

March 31, 2023

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 period ended March 31, 2023 (the “Reporting Period”).

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, 2023

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, 2023

Total Return 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 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 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 risk). ● 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.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited) March 31, 2023

Developments in March 2023 highlighted the increasingly difficult place in which the U.S. Federal Reserve (the “Fed”) and other central banks find themselves as they work toward restoring price stability and maintaining financial stability. The collapse of Silicon Valley Bank and Signature Bank prompted banks to rush for liquidity support from the Fed, totaling $165 billion in the immediate aftermath. Overseas, the Swiss National Bank provided the equivalent of $54 billion in emergency liquidity to Credit Suisse before a deal was struck with rival UBS to buy it for $3.25 billion.

Heightened concerns about further bank stress and central banks’ ability to continue aggressively tightening monetary policy weighed heavily on market-implied expectations for the path of policy rates. Nevertheless, in March 2023 the Fed raised rates by 25 basis points and the European Central Bank raised rates by 50 basis points. One basis point equals 0.01%. We expect central banks will continue to raise rates over the next few months in their continuing effort to bring inflation to heel, despite the cracks in financial stability that are beginning to show.

While markets were volatile, data releases indicated that the U.S. economy is still on a relatively firm footing. March job growth came in at 236,000, well above the level needed to keep the unemployment rate from rising. Housing data has surprised to the upside, likely in response to the recent softening of mortgage rates. Meanwhile, the S&P Global U.S. composite Purchasing Managers’ Index (“PMI”) rose to a 10-month high, with strength especially evident in sub-indices for the service sector. Forward-looking data looks more concerning, however, with the Leading Economic Index turning down further, initial signs of job loss in the most cyclical and interest rate sensitive sectors, and business surveys souring on the economic outlook and plans for spending and hiring.

The Fed acknowledged in its March 2023 Federal Open Market Committee meeting statement that a contraction of credit emanating from volatility in the banking sector was likely to create new headwinds for the economy. In recognition of this new risk, the Fed’s updated Summary of Economic Projections showed a small downward revision of real gross domestic product growth this year, from 0.5% to 0.4%, followed by a larger downward revision for next year, from 1.6% to 1.2%. We continue to expect a recession could begin midway through the year.

For the Reporting Period, the S&P 500^® Index* returned 15.62%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* (gross) returned 27.52%. The return of the MSCI Emerging Markets Index* (gross) was 14.20%.

In the bond market, the Bloomberg U.S. Aggregate Bond Index* posted a 4.89% return for the Reporting Period, while the Bloomberg U.S. Corporate High Yield Index* returned 7.89%. The return of the ICE Bank of America (“BofA”) 3-Month U.S. Treasury Bill Index* was 1.94% 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.

4 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) March 31, 2023

*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 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 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 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^® 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, 2022 and ending March 31, 2023.

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, 2022	Ending Account Value March 31, 2023	Expenses Paid During Period2
Table 1. Based on actual Fund return3
A-Class	0.87%	5.28%	$ 1,000.00	$ 1,052.80	$ 4.45
C-Class	1.62%	4.84%	1,000.00	1,048.40	8.27
P-Class	0.88%	5.24%	1,000.00	1,052.40	4.50
Institutional Class	0.58%	5.42%	1,000.00	1,054.20	2.97
R6-Class	0.54%	5.39%	1,000.00	1,053.90	2.77
Table 2. Based on hypothetical 5% return (before expenses)
A-Class	0.87%	5.00%	$ 1,000.00	$ 1,020.59	$ 4.38
C-Class	1.62%	5.00%	1,000.00	1,016.85	8.15
P-Class	0.88%	5.00%	1,000.00	1,020.54	4.43
Institutional Class	0.58%	5.00%	1,000.00	1,022.04	2.92
R6-Class	0.54%	5.00%	1,000.00	1,022.24	2.72

1	Annualized and excludes expenses of the underlying funds in which the Fund invests, if any. This ratio represents net expenses, which may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratio for the Fund would be 0.76%, 1.51%, 0.76%, 0.47% and 0.44% for the A-Class, C-Class, P-Class, Institutional Class and R6-Class, respectively.
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, 2022 to March 31, 2023.

8 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

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, 2023

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	40.9%
AA	7.3%
A	12.8%
BBB	17.9%
BB	4.1%
B	3.1%
CCC	0.6%
CC	1.4%
C	0.1%
D	0.0%
NR2	6.0%
Other Instruments	5.8%
Total Investments	100.0%

Ten Largest Holdings	(% of Total Net Assets)
Uniform MBS 30 Year due 03/01/53	5.5%
U.S. Treasury Notes, 4.13%	5.2%
U.S. Treasury Notes, 4.63%	4.3%
U.S. Treasury Notes, 3.50%	4.1%
U.S. Treasury Notes, 4.00%	3.8%
U.S. Treasury Bonds, 2.00%	2.7%
U.S. Treasury Bonds, 4.00%	0.9%
U.S. Treasury Bonds due 02/15/46	0.7%
U.S. Treasury Bonds due 05/15/44	0.7%
FKRT, 2.21%	0.6%
Top Ten Total	28.5%
“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 (not rated) securities do not necessarily indicate low credit quality.

10 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Average Annual Returns*

Periods Ended March 31, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	5.28%	(6.42%)	1.07%	2.50%
A-Class Shares with sales charge‡	1.07%	(10.15%)	0.25%	2.00%
C-Class Shares	4.84%	(7.13%)	0.32%	1.74%
C-Class Shares with CDSC§	3.84%	(8.03%)	0.32%	1.74%
Institutional Class Shares	5.42%	(6.14%)	1.36%	2.83%
Bloomberg U.S. Aggregate Bond Index	4.89%	(4.78%)	0.91%	1.36%

	6 Month†	1 Year	5 Year	Since Inception (05/01/15)
P-Class Shares	5.24%	(6.42%)	1.07%	2.04%
Bloomberg U.S. Aggregate Bond Index	4.89%	(4.78%)	0.91%	1.11%

	6 Month†	1 Year	5 Year	Since Inception (10/19/16)
R6-Class Shares	5.39%	(6.16%)	1.36%	1.82%
Bloomberg U.S. Aggregate Bond Index	4.89%	(4.78%)	0.91%	0.60%

*	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 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.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 11

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2023
TOTAL RETURN BOND FUND

	Shares		Value
COMMON STOCKS† - 0.2%
Financial - 0.2%
AfterNext HealthTech Acquisition Corp. — Class A*,1		611,700	$	6,251,574
TPG Pace Beneficial II Corp.*,1		610,227		6,084,024
Conyers Park III Acquisition Corp. — Class A*,1		570,000		5,762,700
Waverley Capital Acquisition Corp. 1 — Class A*,1		451,200		4,602,240
Acropolis Infrastructure Acquisition Corp. — Class A*,1		399,100		4,042,883
Blue Whale Acquisition Corp. I — Class A*,1		330,700		3,287,158
Pershing Square Tontine Holdings, Ltd. — Class A*,†††		9,315,080		931
Total Financial				30,031,510
Communications - 0.0%
Vacasa, Inc. — Class A*		364,396		350,622
Industrial - 0.0%
BP Holdco LLC*,†††,2		532		684
Vector Phoenix Holdings, LP*,†††		532		127
API Heat Transfer Parent LLC*,†††		73,183		7
Total Industrial				818
Total Common Stocks
(Cost $32,421,700)				30,382,950
PREFERRED STOCKS†† - 4.0%
Financial - 4.0%
Wells Fargo & Co.
3.90%*		49,842,000		43,996,032
4.70%		1,767,925		33,396,103
4.38%		1,268,275		22,308,957
Equitable Holdings, Inc.
4.95%*		71,314,000		64,997,957
4.30%		1,798,746		33,456,676
Citigroup, Inc.
3.88%*		78,871,000		66,606,560
4.00%*		26,571,000		23,482,121
Markel Corp.
6.00%*		83,111,000		79,727,951
Charles Schwab Corp.
4.00%*		73,673,000		58,017,488
Bank of New York Mellon Corp.
3.75%*		65,200,000		53,763,920
MetLife, Inc.
3.85%*		53,467,000		47,107,278
Bank of America Corp.
4.38%*		27,700,000		23,548,818
6.13%*		11,550,000		11,362,312
JPMorgan Chase & Co.
3.65%*		37,412,000		32,735,500
W R Berkley Corp.
4.13%		1,359,473		23,586,857
Goldman Sachs Group, Inc.
3.80%*		25,830,000		21,394,989
American Financial Group, Inc.
4.50%		1,046,256		19,366,199
Kuvare US Holdings, Inc.
7.00%*,4		15,731,000		15,809,655
Arch Capital Group Ltd.
4.55%		781,120		15,036,560
First Republic Bank
4.25%		2,368,525		12,624,238
4.50%		276,775		1,541,637
Lincoln National Corp.
9.25%*		13,350,000		13,316,625
Reinsurance Group of America, Inc.
7.13%		471,025		12,387,958
Jackson Financial, Inc.
8.00%*		472,000		11,705,600
CNO Financial Group, Inc.
5.13%		715,225		11,622,406
Assurant, Inc.
5.25%		560,975		10,950,232

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Shares		Value
Selective Insurance Group, Inc.
4.60%		541,225	$	9,309,070
RenaissanceRe Holdings Ltd.
4.20%		300,700		5,193,089
Globe Life, Inc.
4.25%		254,125		4,853,787
Depository Trust & Clearing Corp.
3.38%*,4		4,750,000		3,597,396
Total Financial				786,803,971
Government - 0.0%
CoBank ACB
4.25%* due 12/31/70		3,300,000		2,683,945
Industrial - 0.0%
API Heat Transfer Intermediate*,†††		9		—
Total Preferred Stocks
(Cost $990,577,489)				789,487,916
WARRANTS† - 0.0%
Conyers Park III Acquisition Corp. — Class A
Expiring 08/12/28*,1		190,000		38,000
AfterNext HealthTech Acquisition Corp. — Class A
Expiring 07/09/23*,1		203,900		33,960
Acropolis Infrastructure Acquisition Corp. — Class A
Expiring 03/31/26*,1		133,032		22,669
Ginkgo Bioworks Holdings, Inc.
Expiring 08/01/26*		101,490		18,268
Waverley Capital Acquisition Corp. — Class A
Expiring 04/30/27*,1		150,400		13,536
Blue Whale Acquisition Corp. — Class A
Expiring 07/09/23*,1		82,674		6,920
Pershing Square Tontine Holdings, Ltd. — Class A
Expiring 07/24/25*,†††		1,035,008		103
MSD Acquisition Corp. — Class A
Expiring 05/13/23*, †††,1		125,260		—
Total Warrants
(Cost $1,316,040)				133,456
EXCHANGE-TRADED FUNDS† - 0.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF		22,700		2,488,147
Total Exchange-Traded Funds
(Cost $2,451,457)				2,488,147
MUTUAL FUNDS† - 0.3%
Guggenheim Strategy Fund II2		1,138,904		27,572,862
Guggenheim Ultra Short Duration Fund — Institutional Class2		2,788,283		27,074,223
Guggenheim Strategy Fund III2		613,924		14,887,654
Total Mutual Funds
(Cost $71,415,189)				69,534,739
MONEY MARKET FUNDS† - 1.5%
Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.69%5		202,136,926		202,136,926
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.43%5		89,069,118		89,069,118

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Shares		Value
Federated Hermes U.S. Treasury Cash Reserves Fund — Institutional Shares, 4.37%5		3,262,183	$	3,262,183
Total Money Market Funds
(Cost $294,468,227)				294,468,227

	Face Amount~
CORPORATE BONDS†† - 26.4%
Financial - 12.4%
Pershing Square Holdings Ltd.
3.25% due 10/01/31		104,800,000	79,489,752
3.25% due 11/15/304		65,250,000	51,048,338
Reliance Standard Life Global Funding II
2.75% due 05/07/254		93,191,000	88,480,367
Nationwide Mutual Insurance Co.
4.35% due 04/30/504		110,871,000	87,635,528
Wilton RE Ltd.
6.00% †††,3,4,6		92,239,000	82,027,220
GLP Capital Limited Partnership / GLP Financing II, Inc.
4.00% due 01/15/31		54,748,000	46,963,401
5.30% due 01/15/29		28,367,000	27,066,373
3.25% due 01/15/32		4,150,000	3,367,144
4.00% due 01/15/30		475,000	421,197
Liberty Mutual Group, Inc.
4.30% due 02/01/614		74,981,000	44,462,024
3.95% due 05/15/604		34,064,000	23,734,039
4.13% due 12/15/513,4		3,600,000	2,886,912
Maple Grove Funding Trust I
4.16% due 08/15/514		77,700,000	55,780,872
Safehold Operating Partnership, LP
2.85% due 01/15/32		40,038,000	31,104,194
2.80% due 06/15/31		30,247,000	23,617,784
FS KKR Capital Corp.
2.63% due 01/15/27		33,971,000	28,575,830
3.25% due 07/15/27		30,100,000	25,501,929
Global Atlantic Finance Co.
4.70% due 10/15/513,4		38,462,000	30,825,697
3.13% due 06/15/314		28,871,000	22,742,389
Host Hotels & Resorts, LP
3.50% due 09/15/30		44,753,000	37,799,761
2.90% due 12/15/31		20,200,000	15,763,390
Jefferies Financial Group, Inc.
2.75% due 10/15/32		40,642,000	31,346,926
2.63% due 10/15/31		27,400,000	20,936,051
Bank of America Corp.
2.59% due 04/29/313		56,740,000	48,050,942
5.28% (SOFR + 0.73%, Rate Floor: 0.00%) due 10/24/24◊		1,660,000	1,644,829
1.73% due 07/22/273		1,650,000	1,479,572
Macquarie Bank Ltd.
3.62% due 06/03/304		59,035,000	50,941,823
Fairfax Financial Holdings Ltd.
3.38% due 03/03/31		41,708,000	35,078,365
5.63% due 08/16/324		13,100,000	12,875,317
Fidelity National Financial, Inc.
3.40% due 06/15/30		43,590,000	38,138,573
2.45% due 03/15/31		11,565,000	9,267,557
First American Financial Corp.
4.00% due 05/15/30		40,891,000	36,955,194
2.40% due 08/15/31		11,875,000	9,179,755
United Wholesale Mortgage LLC
5.50% due 04/15/294		32,712,000	27,314,520
5.50% due 11/15/254		19,152,000	18,125,644
Ares Finance Company II LLC
3.25% due 06/15/304		53,085,000	44,692,108

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
Nippon Life Insurance Co.
2.75% due 01/21/513,4		45,350,000	$	35,969,504
2.90% due 09/16/513,4		10,380,000		8,274,684
JPMorgan Chase & Co.
2.52% due 04/22/313		19,520,000		16,687,015
2.96% due 05/13/313		17,276,000		14,933,573
4.49% due 03/24/313		10,750,000		10,443,840
0.82% due 06/01/253		900,000		852,850
2.07% due 06/01/293		900,000		780,920
Macquarie Group Ltd.
2.69% due 06/23/323,4		31,550,000		25,243,036
2.87% due 01/14/333,4		17,431,000		14,118,040
5.03% due 01/15/303,4		800,000		789,063
1.63% due 09/23/273,4		720,000		632,698
1.34% due 01/12/273,4		570,000		508,614
OneAmerica Financial Partners, Inc.
4.25% due 10/15/504		54,705,000		39,957,216
Bain Capital, LP
3.41% due 04/15/41†††		36,000,000		25,283,925
3.72% due 04/15/42†††		20,300,000		14,651,627
Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc.
3.88% due 03/01/314		46,892,000		38,880,033
Reinsurance Group of America, Inc.
3.15% due 06/15/30		40,667,000		35,980,474
CBS Studio Center
7.56% (30 Day Average SOFR + 3.00%, Rate Floor: 3.00%) due 01/09/24◊,†††		34,100,000		34,441,000
Jefferies Finance LLC / JFIN Company-Issuer Corp.
5.00% due 08/15/284		39,650,000		33,567,293
Sumitomo Life Insurance Co.
3.38% due 04/15/813,4		39,900,000		33,416,250
Mizuho Financial Group, Inc.
5.67% due 05/27/293		31,200,000		31,639,613
5.41% due 09/13/283		1,400,000		1,406,058
Belrose Funding Trust
2.33% due 08/15/304		38,420,000		29,864,471
Assurant, Inc.
2.65% due 01/15/32		36,922,000		27,851,310
6.75% due 02/15/34		1,450,000		1,516,379
Stewart Information Services Corp.
3.60% due 11/15/31		37,221,000		29,265,149
National Australia Bank Ltd.
2.33% due 08/21/304		22,400,000		17,489,745
3.35% due 01/12/373,4		14,550,000		11,752,694
UBS Group AG
2.10% due 02/11/323,4		33,400,000		25,928,997
5.71% due 01/12/273,4		1,000,000		990,882
Standard Chartered plc
4.64% due 04/01/313,4		28,908,000		26,854,432
Iron Mountain, Inc.
4.50% due 02/15/314		18,937,000		16,273,132
5.63% due 07/15/324		8,431,000		7,702,056
4.88% due 09/15/274		1,938,000		1,831,798
5.25% due 07/15/304		74,000		66,724
Americo Life, Inc.
3.45% due 04/15/314		32,364,000		25,296,430
Westpac Banking Corp.
3.02% due 11/18/363		15,650,000		12,262,226
2.96% due 11/16/40		12,214,000		8,202,602
2.67% due 11/15/353		4,467,000		3,479,286

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
Trustage Financial Group, Inc.
4.63% due 04/15/324		26,450,000	$	23,671,967
Dyal Capital Partners III
4.40% due 06/15/40†††		26,750,000		22,825,932
LPL Holdings, Inc.
4.00% due 03/15/294		17,588,000		15,829,200
4.38% due 05/15/314		6,241,000		5,517,731
Brookfield Finance, Inc.
3.50% due 03/30/51		18,906,000		12,584,779
4.70% due 09/20/47		9,790,000		8,456,207
Manulife Financial Corp.
2.48% due 05/19/27		17,800,000		16,402,363
4.06% due 02/24/323		4,815,000		4,577,716
Hunt Companies, Inc.
5.25% due 04/15/294		25,121,000		19,631,863
Corebridge Financial, Inc.
6.88% due 12/15/523,4		16,030,000		14,289,951
4.35% due 04/05/424		4,950,000		4,070,178
Mitsubishi UFJ Financial Group, Inc.
5.44% due 02/22/343		16,150,000		16,318,704
4.08% due 04/19/283		1,580,000		1,512,653
5.72% due 02/20/263		500,000		501,286
Societe Generale S.A.
2.89% due 06/09/323,4		21,150,000		16,662,088
1.79% due 06/09/273,4		1,630,000		1,413,225
NFP Corp.
7.50% due 10/01/304		11,950,000		11,546,449
6.88% due 08/15/284		5,617,000		4,820,172
Central Storage Safety Project Trust
4.82% due 02/01/387		18,085,920		15,557,826
GA Global Funding Trust
2.90% due 01/06/324		17,480,000		13,942,325
1.25% due 12/08/234		1,650,000		1,599,935
ABN AMRO Bank N.V.
2.47% due 12/13/293,4		18,000,000		15,132,604
KKR Group Finance Company VIII LLC
3.50% due 08/25/504		22,210,000		14,989,958
QBE Insurance Group Ltd.
5.88% 3,4,6		15,700,000		14,639,257
AmFam Holdings, Inc.
2.81% due 03/11/314		19,050,000		14,502,233
Lincoln National Corp.
4.38% due 06/15/50		18,801,000		14,205,658
Prudential Financial, Inc.
3.70% due 10/01/503		17,139,000		13,960,899
Everest Reinsurance Holdings, Inc.
3.50% due 10/15/50		19,176,000		13,916,909
Kennedy-Wilson, Inc.
4.75% due 03/01/29		15,662,000		12,451,290
4.75% due 02/01/30		81,000		59,759
PartnerRe Finance B LLC
4.50% due 10/01/503		14,043,000		11,655,690
NatWest Group plc
6.02% due 03/02/343		10,130,000		10,492,746
4.45% due 05/08/303		1,100,000		1,032,926
Sumitomo Mitsui Financial Group, Inc.
2.22% due 09/17/31		11,900,000		9,513,464
5.71% due 01/13/30		1,000,000		1,032,518
5.52% due 01/13/28		640,000		650,748
CNO Financial Group, Inc.
5.25% due 05/30/29		11,125,000		10,752,178
HSBC Holdings plc
6.16% due 03/09/293		10,340,000		10,630,550
Penn Mutual Life Insurance Co.
3.80% due 04/29/614		14,970,000		10,583,221
Assured Guaranty US Holdings, Inc.
3.60% due 09/15/51		13,861,000		9,608,187

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
KKR Group Finance Company X LLC
3.25% due 12/15/514		15,150,000	$	9,556,183
Accident Fund Insurance Company of America
8.50% due 08/01/324		9,000,000		9,427,205
Western & Southern Life Insurance Co.
3.75% due 04/28/614		13,360,000		9,305,615
American Equity Investment Life Holding Co.
5.00% due 06/15/27		8,142,000		8,139,976
Kemper Corp.
2.40% due 09/30/30		10,006,000		8,031,341
Fidelity & Guaranty Life Holdings, Inc.
5.50% due 05/01/254		8,050,000		8,026,090
Five Corners Funding Trust III
5.79% due 02/15/334		7,550,000		7,746,498
Ceamer Finance LLC
6.92% due 11/15/37†††		7,500,000		7,375,903
CNO Global Funding
1.75% due 10/07/264		7,400,000		6,632,630
Citigroup, Inc.
2.52% due 11/03/323		6,900,000		5,617,009
2.90% due 11/03/423		1,400,000		1,001,378
Mid-Atlantic Military Family Communities LLC
5.30% due 08/01/504		5,932,851		5,230,849
5.24% due 08/01/504		1,080,285		1,008,967
Cooperatieve Rabobank UA
4.66% due 08/22/283,4		6,200,000		6,024,542
Deloitte LLP
7.33% due 11/20/26†††		4,800,000		5,103,991
Brookfield Finance LLC
3.45% due 04/15/50		6,852,000		4,646,610
Horace Mann Educators Corp.
4.50% due 12/01/25		4,560,000		4,441,186
Cushman & Wakefield US Borrower LLC
6.75% due 05/15/284		4,710,000		4,216,747
HS Wildcat LLC
3.83% due 12/31/50†††		4,991,137		3,946,750
Goldman Sachs Group, Inc.
3.65% 3,6		2,450,000		1,999,812
1.22% due 12/06/23		1,650,000		1,602,574
Commonwealth Bank of Australia
3.61% due 09/12/343,4		3,550,000		3,084,613
Enstar Group Ltd.
3.10% due 09/01/31		1,670,000		1,286,299
4.95% due 06/01/29		1,250,000		1,174,319
KKR Group Finance Company III LLC
5.13% due 06/01/444		2,710,000		2,385,975
Home Point Capital, Inc.
5.00% due 02/01/264		2,780,000		2,085,848
American National Group, Inc.
6.14% due 06/13/324		2,000,000		1,939,826
Lloyds Banking Group plc
3.51% due 03/18/263		1,580,000		1,503,323
5.87% due 03/06/293		300,000		302,471
Ares Finance Company IV LLC
3.65% due 02/01/524		2,450,000		1,614,050
Transatlantic Holdings, Inc.
8.00% due 11/30/39		1,265,000		1,612,170
Bank of Nova Scotia
2.44% due 03/11/24		1,600,000		1,554,498
Athene Global Funding
2.67% due 06/07/314		1,550,000		1,233,908
2.65% due 10/04/314		400,000		317,625

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
Brighthouse Financial Global Funding
1.00% due 04/12/244		1,620,000	$	1,547,327
Jackson National Life Global Funding
1.75% due 01/12/254		1,650,000		1,544,748
Danske Bank A/S
0.98% due 09/10/253,4		1,660,000		1,541,729
ING Groep N.V.
1.73% due 04/01/273		1,360,000		1,208,156
2.73% due 04/01/323		400,000		329,552
Fort Benning Family Communities LLC
6.09% due 01/15/514		1,576,149		1,457,822
BNP Paribas S.A.
1.32% due 01/13/273,4		1,640,000		1,449,776
Selective Insurance Group, Inc.
5.38% due 03/01/49		1,510,000		1,405,294
Iron Mountain Information Management Services, Inc.
5.00% due 07/15/324		1,617,000		1,388,569
Blackstone Holdings Finance Company LLC
3.20% due 01/30/524		2,150,000		1,359,383
Midwest Family Housing LLC
5.58% due 01/01/514		1,288,809		1,191,727
Fort Knox Military Housing Privatization Project
5.02% (1 Month USD LIBOR + 0.34%) due 02/15/52◊,4		1,657,734		1,177,372
AvalonBay Communities, Inc.
2.30% due 03/01/30		1,200,000		1,018,128
Credit Agricole S.A.
5.30% due 07/12/284		1,000,000		1,013,792
LXP Industrial Trust
2.38% due 10/01/31		1,300,000		1,001,158
Banco Santander S.A.
2.96% due 03/25/31		1,200,000		986,516
Morgan Stanley
2.51% due 10/20/323		1,200,000		983,002
Capital One Financial Corp.
5.47% due 02/01/293		1,000,000		974,572
Realty Income Corp.
3.25% due 01/15/31		1,100,000		968,972
KKR Group Finance Company II LLC
5.50% due 02/01/434		1,000,000		947,256
Atlas Mara Ltd.
due 12/31/21†††,7,8		2,127,812		714,945
F&G Global Funding
2.30% due 04/11/274		790,000		701,221
Atlantic Marine Corporations Communities LLC
5.37% due 12/01/504		749,139		698,904
Wells Fargo & Co.
2.41% due 10/30/253		600,000		570,158
Pacific Beacon LLC
5.51% due 07/15/364		500,000		505,358
Markel Corp.
4.30% due 11/01/47		350,000		287,450
Swiss Re Finance Luxembourg S.A.
5.00% due 04/02/493,4		300,000		281,250
Pine Street Trust I
4.57% due 02/15/294		250,000		235,045
Peachtree Corners Funding Trust
3.98% due 02/15/254		215,000		208,866
Brown & Brown, Inc.
2.38% due 03/15/31		57,000		45,560
Total Financial				2,448,870,690
Consumer, Non-cyclical - 3.5%
CoStar Group, Inc.
2.80% due 07/15/304		89,110,000		74,664,815
Altria Group, Inc.
3.70% due 02/04/51		45,968,000		30,988,670
3.40% due 05/06/30		33,130,000		29,459,852
4.45% due 05/06/50		6,160,000		4,592,153

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
BAT Capital Corp.
3.98% due 09/25/50		41,652,000	$	28,595,935
4.70% due 04/02/27		17,552,000		17,222,008
Global Payments, Inc.
2.90% due 11/15/31		30,265,000		24,785,141
2.90% due 05/15/30		19,810,000		16,774,664
5.30% due 08/15/29		4,300,000		4,246,287
Smithfield Foods, Inc.
2.63% due 09/13/314		39,050,000		29,513,995
3.00% due 10/15/304		15,473,000		12,345,753
5.20% due 04/01/294		850,000		794,009
Becle, SAB de CV
2.50% due 10/14/314		44,100,000		35,807,590
JBS USA LUX S.A. / JBS USA Food Company / JBS USA Finance, Inc.
3.00% due 05/15/324		29,206,000		22,874,431
4.38% due 02/02/524		10,200,000		7,371,298
5.13% due 02/01/284		2,250,000		2,172,893
Triton Container International Ltd.
3.15% due 06/15/314		34,821,000		27,688,319
Royalty Pharma plc
3.55% due 09/02/50		39,920,000		27,518,083
Amgen, Inc.
5.25% due 03/02/33		19,170,000		19,695,240
5.25% due 03/02/30		6,920,000		7,077,652
California Institute of Technology
3.65% due 09/01/19		32,078,000		22,524,978
Emory University
2.97% due 09/01/50		30,000,000		21,654,917
Yale-New Haven Health Services Corp.
2.50% due 07/01/50		32,350,000		20,263,220
Kimberly-Clark de Mexico SAB de CV
2.43% due 07/01/314		22,650,000		18,829,272
Universal Health Services, Inc.
2.65% due 10/15/30		18,757,000		15,039,156
DaVita, Inc.
3.75% due 02/15/314		16,679,000		13,155,561
4.63% due 06/01/304		1,835,000		1,566,338
Catalent Pharma Solutions, Inc.
3.50% due 04/01/304		9,500,000		8,348,885
3.13% due 02/15/294		6,654,000		5,849,585
Transurban Finance Company Pty Ltd.
2.45% due 03/16/314		14,400,000		11,741,819
Prime Security Services Borrower LLC / Prime Finance, Inc.
3.38% due 08/31/274		12,642,000		11,330,392
Spectrum Brands, Inc.
3.88% due 03/15/314		13,475,000		11,020,084
Verisk Analytics, Inc.
5.75% due 04/01/33		8,300,000		8,712,978
Sabre GLBL, Inc.
7.38% due 09/01/254		9,697,000		8,664,221
Medline Borrower, LP
3.88% due 04/01/294		9,371,000		8,129,342
US Foods, Inc.
6.25% due 04/15/254		7,137,000		7,201,340
WW International, Inc.
4.50% due 04/15/294		12,981,000		6,977,288
HCA, Inc.
3.50% due 07/15/51		6,175,000		4,263,408
3.50% due 09/01/30		1,600,000		1,425,104
5.50% due 06/15/47		1,100,000		1,032,558
OhioHealth Corp.
3.04% due 11/15/50		9,100,000		6,658,574
Johns Hopkins University
2.81% due 01/01/60		8,952,000		5,912,762
Children’s Hospital Corp.
2.59% due 02/01/50		7,100,000		4,594,039
Syneos Health, Inc.
3.63% due 01/15/294		5,409,000		4,445,641
Children’s Health System of Texas
2.51% due 08/15/50		6,500,000		4,116,140
APi Group DE, Inc.
4.13% due 07/15/294		4,150,000		3,561,034
Central Garden & Pet Co.
4.13% due 04/30/314		3,854,000		3,327,775

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
CPI CG, Inc.
8.63% due 03/15/264		3,332,000	$	3,298,680
Sotheby’s/Bidfair Holdings, Inc.
5.88% due 06/01/294		3,900,000		3,234,345
Wisconsin Alumni Research Foundation
3.56% due 10/01/49		3,775,000		2,798,951
Providence St. Joseph Health Obligated Group
2.70% due 10/01/51		4,250,000		2,582,151
Memorial Sloan-Kettering Cancer Center
2.96% due 01/01/50		3,500,000		2,472,883
Tenet Healthcare Corp.
4.63% due 06/15/28		2,096,000		1,933,267
Beth Israel Lahey Health, Inc.
3.08% due 07/01/51		2,700,000		1,803,166
Quanta Services, Inc.
0.95% due 10/01/24		1,660,000		1,548,262
Reynolds American, Inc.
6.15% due 09/15/43		1,340,000		1,268,634
Molina Healthcare, Inc.
4.38% due 06/15/284		1,290,000		1,200,074
Philip Morris International, Inc.
5.13% due 02/15/30		1,000,000		1,012,831
Anheuser-Busch InBev Worldwide, Inc.
4.44% due 10/06/48		1,100,000		1,003,661
Wyeth LLC
6.45% due 02/01/24		978,000		988,402
UnitedHealth Group, Inc.
3.50% due 02/15/24		1,000,000		988,175
Humana, Inc.
0.65% due 08/03/23		1,000,000		985,849
Nestle Holdings, Inc.
0.38% due 01/15/244		1,000,000		965,892
Triton Container International Limited / TAL International Container Corp.
3.25% due 03/15/32		1,050,000		828,425
Unilever Capital Corp.
0.38% due 09/14/23		600,000		588,012
Total Consumer, Non-cyclical				694,036,859
Industrial - 2.6%
Boeing Co.
5.81% due 05/01/50		110,417,000		111,153,151
5.04% due 05/01/27		7,150,000		7,201,856
5.15% due 05/01/30		250,000		251,563
FLNG Liquefaction 3 LLC
3.08% due 06/30/39†††		65,123,980		52,476,348
Cellnex Finance Company S.A.
3.88% due 07/07/414		68,935,000		50,630,689
TD SYNNEX Corp.
2.65% due 08/09/31		34,240,000		27,123,858
2.38% due 08/09/28		21,781,000		18,065,346
Vontier Corp.
2.95% due 04/01/31		34,492,000		27,610,501
2.40% due 04/01/28		19,150,000		16,093,468
Flowserve Corp.
3.50% due 10/01/30		22,421,000		19,389,541
2.80% due 01/15/32		19,800,000		15,707,168
Dyal Capital Partners IV
3.65% due 02/22/41†††		41,800,000		33,487,883
Acuity Brands Lighting, Inc.
2.15% due 12/15/30		34,050,000		27,756,630
Stadco LA, LLC
3.75% due 05/15/56†††		31,000,000		22,680,322
Owens Corning
3.88% due 06/01/30		21,890,000		20,262,478
Weir Group plc
2.20% due 05/13/264		13,015,000		11,724,979

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
TFI International, Inc.
3.35% due 01/05/33†††		14,000,000	$	11,292,583
Artera Services LLC
9.03% due 12/04/254		8,490,000		7,302,716
Norfolk Southern Corp.
4.10% due 05/15/21		9,100,000		6,417,426
Hillenbrand, Inc.
3.75% due 03/01/31		7,650,000		6,387,750
Virgin Media Vendor Financing Notes III DAC
4.88% due 07/15/28	GBP	5,000,000		5,234,650
Mueller Water Products, Inc.
4.00% due 06/15/294		5,750,000		5,136,317
Huntington Ingalls Industries, Inc.
2.04% due 08/16/28		5,150,000		4,414,379
GATX Corp.
3.50% due 06/01/32		1,650,000		1,448,258
4.70% due 04/01/29		400,000		389,742
Stanley Black & Decker, Inc.
6.00% due 03/06/28		1,640,000		1,690,260
Penske Truck Leasing Company, LP / PTL Finance Corp.
1.70% due 06/15/264		1,620,000		1,447,234
Trimble, Inc.
4.15% due 06/15/23		1,155,000		1,150,247
Fortune Brands Innovations, Inc.
4.50% due 03/25/52		1,500,000		1,145,305
Ryder System, Inc.
5.65% due 03/01/28		1,000,000		1,013,181
Masco Corp.
4.50% due 05/15/47		1,200,000		1,003,655
Mohawk Industries, Inc.
3.63% due 05/15/30		1,100,000		997,079
Adevinta ASA
3.00% due 11/15/27	EUR	417,000		407,273
Martin Marietta Materials, Inc.
0.65% due 07/15/23		360,000		354,776
JELD-WEN, Inc.
6.25% due 05/15/254		300,000		299,250
Carlisle Companies, Inc.
0.55% due 09/01/23		220,000		215,195
Standard Industries, Inc.
4.38% due 07/15/304		101,000		87,870
3.38% due 01/15/314		81,000		65,098
Virgin Media Inc.
4.00% due 11/15/52	GBP	150,000		152,670
Total Industrial				519,668,695
Consumer, Cyclical - 2.3%
Marriott International, Inc.
2.85% due 04/15/31		30,297,000		25,807,124
2.75% due 10/15/33		16,500,000		13,353,246
4.90% due 04/15/29		10,050,000		9,961,934
Delta Air Lines, Inc.
7.00% due 05/01/254		46,883,000		48,060,837
Alt-2 Structured Trust
2.95% due 05/14/31◊,†††		51,999,540		46,589,692
Hyatt Hotels Corp.
6.00% due 04/23/30		24,039,000		24,414,512
5.63% due 04/23/25		18,928,000		18,828,472
1.30% due 10/01/23		1,660,000		1,625,018
Delta Air Lines Inc. / SkyMiles IP Ltd.
4.50% due 10/20/254		41,432,000		40,735,573
Choice Hotels International, Inc.
3.70% due 01/15/31		39,961,000		35,431,030
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
6.50% due 06/20/274		33,313,602		33,206,333
Warnermedia Holdings, Inc.
5.14% due 03/15/524		27,431,000		22,225,513

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
6.41% due 03/15/26		9,250,000	$	9,296,701
Ferguson Finance plc
3.25% due 06/02/304		17,904,000		15,534,329
4.65% due 04/20/324		5,200,000		4,940,646
British Airways Class A Pass Through Trust
2.90% due 03/15/354		14,929,835		12,235,600
4.25% due 11/15/324		5,120,637		4,783,629
American Airlines Class AA Pass Through Trust
3.35% due 10/15/29		8,498,715		7,588,984
3.20% due 06/15/28		5,324,300		4,776,425
3.00% due 10/15/28		3,852,680		3,406,411
3.15% due 02/15/32		154,898		135,475
Whirlpool Corp.
4.60% due 05/15/50		16,920,000		14,085,143
Steelcase, Inc.
5.13% due 01/18/29		14,591,000		13,115,412
Walgreens Boots Alliance, Inc.
4.10% due 04/15/50		15,203,000		11,373,583
Hilton Domestic Operating Company, Inc.
3.75% due 05/01/294		7,652,000		6,848,540
4.00% due 05/01/314		2,711,000		2,374,023
3.63% due 02/15/324		1,900,000		1,603,125
Air Canada
3.88% due 08/15/264		8,650,000		7,854,213
Delta Air Lines, Inc. / SkyMiles IP Ltd.
4.75% due 10/20/284		3,800,000		3,665,146
JB Poindexter & Company, Inc.
7.13% due 04/15/264		2,850,000		2,671,875
United Airlines, Inc.
4.38% due 04/15/264		1,750,000		1,674,248
Brunswick Corp.
5.10% due 04/01/52		2,030,000		1,494,207
PulteGroup, Inc.
6.38% due 05/15/33		1,400,000		1,461,494
Lear Corp.
5.25% due 05/15/49		1,360,000		1,200,526
NVR, Inc.
3.00% due 05/15/30		1,200,000		1,055,446
Aptiv plc / Aptiv Corp.
4.15% due 05/01/52		1,300,000		1,019,958
JetBlue Class A Pass Through Trust
4.00% due 11/15/32		130,369		119,489
Total Consumer, Cyclical				454,553,912
Communications - 1.5%
Level 3 Financing, Inc.
3.63% due 01/15/294		34,939,000		19,318,472
4.25% due 07/01/284		26,815,000		15,129,023
3.88% due 11/15/294		20,300,000		14,691,719
3.75% due 07/15/294		13,950,000		7,437,582
British Telecommunications plc
4.88% due 11/23/813,4		47,450,000		37,376,595
4.25% due 11/23/813,4		8,250,000		7,148,213
9.63% due 12/15/30		2,391,000		2,981,057
Vodafone Group plc
4.13% due 06/04/813		40,537,000		31,990,584
Paramount Global
4.95% due 05/19/50		39,826,000		29,809,052
Rogers Communications, Inc.
4.55% due 03/15/524		29,725,000		24,450,950
Virgin Media Secured Finance plc
4.50% due 08/15/304		17,850,000		15,347,609
Altice France S.A.
5.13% due 07/15/294		17,800,000		13,394,500
5.13% due 01/15/294		2,290,000		1,745,049
Charter Communications Operating LLC / Charter Communications Operating Capital
3.90% due 06/01/52		21,690,000		14,337,654

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
T-Mobile USA, Inc.
2.63% due 04/15/26		13,850,000	$	12,927,510
Sirius XM Radio, Inc.
4.13% due 07/01/304		12,010,000		9,818,175
Go Daddy Operating Company LLC / GD Finance Co., Inc.
3.50% due 03/01/294		8,203,000		7,092,560
Virgin Media Vendor Financing Notes IV DAC
5.00% due 07/15/284		5,100,000		4,532,625
Radiate Holdco LLC / Radiate Finance, Inc.
4.50% due 09/15/264		5,775,000		4,518,937
CSC Holdings LLC
4.13% due 12/01/304		5,772,000		4,145,393
Interpublic Group of Companies, Inc.
3.38% due 03/01/41		1,950,000		1,466,745
2.40% due 03/01/31		350,000		290,475
Koninklijke KPN N.V.
8.38% due 10/01/30		1,140,000		1,361,640
McGraw-Hill Education, Inc.
5.75% due 08/01/284		1,549,000		1,347,630
Match Group Holdings II LLC
4.13% due 08/01/304		1,250,000		1,076,250
Booking Holdings, Inc.
4.63% due 04/13/30		1,000,000		999,364
Virgin Media Finance plc
5.00% due 07/15/304		1,050,000		867,856
Motorola Solutions, Inc.
5.50% due 09/01/44		360,000		341,705
UPC Broadband Finco BV
4.88% due 07/15/314		200,000		172,946
CCO Holdings LLC / CCO Holdings Capital Corp.
4.25% due 02/01/314		20,000		16,353
Total Communications				286,134,223
Energy - 1.2%
BP Capital Markets plc
4.88% 3,6		115,544,000		105,000,610
Galaxy Pipeline Assets Bidco Ltd.
3.25% due 09/30/404		43,921,000		34,542,073
ITT Holdings LLC
6.50% due 08/01/294		38,518,000		32,521,518
Midwest Connector Capital Company LLC
4.63% due 04/01/294		16,048,000		15,041,222
NuStar Logistics, LP
6.38% due 10/01/30		10,560,000		10,132,320
5.63% due 04/28/27		1,880,000		1,780,050
TransCanada PipeLines Ltd.
6.20% due 03/09/26		10,900,000		10,975,939
Parkland Corp.
4.63% due 05/01/304		8,000,000		7,112,000
Greensaif Pipelines Bidco SARL
6.51% due 02/23/424		6,500,000		6,846,915
Greensaif Pipelines Bidco SARL
6.13% due 02/23/384		5,550,000		5,709,836
Kinder Morgan, Inc.
5.20% due 06/01/33		4,700,000		4,669,431
DT Midstream, Inc.
4.30% due 04/15/324		3,250,000		2,911,507
4.13% due 06/15/294		550,000		482,186
Valero Energy Corp.
7.50% due 04/15/32		1,350,000		1,552,611
Enterprise Products Operating LLC
5.10% due 02/15/45		1,340,000		1,278,973
Enbridge Energy Partners, LP
7.38% due 10/15/45		1,040,000		1,219,273
Magellan Midstream Partners, LP
3.95% due 03/01/50		1,600,000		1,208,613
Targa Resources Corp.
6.50% due 02/15/53		1,000,000		1,023,476

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
ONEOK Partners, LP
6.20% due 09/15/43		680,000	$	664,091
ONEOK, Inc.
4.50% due 03/15/50		850,000		658,386
Eastern Gas Transmission & Storage, Inc.
4.60% due 12/15/44		500,000		438,462
Total Energy				245,769,492
Technology - 1.2%
Broadcom, Inc.
4.93% due 05/15/374		33,182,000		30,175,208
4.15% due 11/15/30		19,705,000		18,274,633
3.19% due 11/15/364		3,135,000		2,375,758
2.60% due 02/15/334		1,660,000		1,301,739
Oracle Corp.
3.95% due 03/25/51		33,794,000		25,429,223
5.55% due 02/06/53		20,220,000		19,250,275
6.13% due 07/08/39		1,190,000		1,238,153
6.90% due 11/09/52		300,000		336,260
CDW LLC / CDW Finance Corp.
3.57% due 12/01/31		42,361,000		36,435,967
3.25% due 02/15/29		1,100,000		967,439
Leidos, Inc.
2.30% due 02/15/31		20,050,000		16,269,185
5.75% due 03/15/33		9,550,000		9,760,492
4.38% due 05/15/30		2,650,000		2,496,575
Qorvo, Inc.
4.38% due 10/15/29		14,751,000		13,592,309
3.38% due 04/01/314		8,675,000		7,176,481
MSCI, Inc.
3.63% due 09/01/304		17,718,000		15,402,435
3.88% due 02/15/314		1,769,000		1,574,587
3.63% due 11/01/314		1,780,000		1,524,125
CGI, Inc.
2.30% due 09/14/31		16,050,000		12,676,022
Fiserv, Inc.
5.60% due 03/02/33		10,250,000		10,630,541
Booz Allen Hamilton, Inc.
3.88% due 09/01/284		4,550,000		4,152,057
Microchip Technology, Inc.
0.97% due 02/15/24		1,650,000		1,583,996
ServiceNow, Inc.
1.40% due 09/01/30		1,300,000		1,047,270
NXP BV / NXP Funding LLC / NXP USA, Inc.
3.13% due 02/15/42		1,400,000		992,841
Skyworks Solutions, Inc.
0.90% due 06/01/23		500,000		495,799
Total Technology				235,159,370
Basic Materials - 1.1%
Newcrest Finance Pty Ltd.
3.25% due 05/13/304		47,843,000		42,294,162
4.20% due 05/13/504		27,690,000		22,048,603
Anglo American Capital plc
5.63% due 04/01/304		21,300,000		21,429,226
2.63% due 09/10/304		18,000,000		14,976,552
3.95% due 09/10/504		14,140,000		10,826,309
Minerals Technologies, Inc.
5.00% due 07/01/284		18,723,000		17,072,380
Alcoa Nederland Holding BV
4.13% due 03/31/294		8,600,000		7,656,320
5.50% due 12/15/274		6,525,000		6,443,568
6.13% due 05/15/284		2,800,000		2,803,416
Valvoline, Inc.
3.63% due 06/15/314		18,300,000		15,528,648
Yamana Gold, Inc.
2.63% due 08/15/31		14,431,000		11,610,508
4.63% due 12/15/27		3,000,000		2,864,265
BHP Billiton Finance USA Ltd.
4.90% due 02/28/33		13,750,000		14,028,217
Reliance Steel & Aluminum Co.
2.15% due 08/15/30		12,040,000		10,107,921
INEOS Quattro Finance 2 plc
2.50% due 01/15/26	EUR	8,500,000		8,258,381
3.38% due 01/15/264		200,000		181,249

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
Steel Dynamics, Inc.
2.40% due 06/15/25		5,950,000	$	5,612,308
Southern Copper Corp.
7.50% due 07/27/35		1,250,000		1,456,375
Albemarle Corp.
5.45% due 12/01/44		1,500,000		1,418,300
ArcelorMittal S.A.
6.75% due 03/01/41		1,000,000		1,013,613
LYB International Finance BV
4.88% due 03/15/44		1,100,000		970,898
Dow Chemical Co.
6.90% due 05/15/53		800,000		922,815
International Paper Co.
4.80% due 06/15/44		715,000		653,821
Carpenter Technology Corp.
6.38% due 07/15/28		178,000		173,623
Total Basic Materials				220,351,478
Utilities - 0.6%
AES Corp.
3.95% due 07/15/304		28,124,000		25,179,417
3.30% due 07/15/254		3,750,000		3,554,285
NRG Energy, Inc.
2.45% due 12/02/274		26,000,000		22,244,323
Alexander Funding Trust
1.84% due 11/15/234		14,400,000		13,967,739
Enel Finance International N.V.
5.00% due 06/15/324		13,690,000		12,874,598
Black Hills Corp.
5.95% due 03/15/28		9,200,000		9,529,688
4.20% due 09/15/46		1,200,000		955,491
Clearway Energy Operating LLC
3.75% due 02/15/314		6,076,000		5,240,550
Entergy Texas, Inc.
1.50% due 09/01/26		1,650,000		1,459,436
Indiana Michigan Power Co.
6.05% due 03/15/37		1,310,000		1,419,365
Nevada Power Co.
6.65% due 04/01/36		1,180,000		1,341,636
Southern Power Co.
5.25% due 07/15/43		1,350,000		1,267,458
Consolidated Edison Company of New York, Inc.
5.10% due 06/15/33		1,080,000		1,066,343
Washington Gas Light Co.
3.80% due 09/15/46		1,300,000		1,034,661
Oklahoma Gas and Electric Co.
5.40% due 01/15/33		1,000,000		1,030,970
Brooklyn Union Gas Co.
4.27% due 03/15/484		1,300,000		1,030,536
Dominion Energy, Inc.
5.40% (3 Month USD LIBOR + 0.53%) due 09/15/23◊		1,030,000		1,026,183
Duke Energy Ohio, Inc.
4.30% due 02/01/49		1,200,000		1,024,535
Arizona Public Service Co.
3.75% due 05/15/46		1,300,000		994,088
Louisville Gas and Electric Co.
4.25% due 04/01/49		1,100,000		947,559
OGE Energy Corp.
0.70% due 05/26/23		360,000		357,473
IPALCO Enterprises, Inc.
4.25% due 05/01/30		212,000		195,178
Total Utilities				107,741,512
Total Corporate Bonds
(Cost $6,259,590,366)				5,212,286,231
U.S. GOVERNMENT SECURITIES†† - 24.6%
U.S. Treasury Notes
4.13% due 11/15/32		980,083,000		1,029,852,840
4.63% due 02/28/25		839,695,000		847,862,344
3.50% due 01/31/28		817,300,000		813,021,941
4.00% due 02/29/28		729,570,000		742,736,462
4.63% due 03/15/26		5,000,000		5,114,062
4.00% due 02/15/26		4,500,000		4,518,633
3.50% due 02/15/33		3,750,000		3,755,859

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
4.00% due 02/28/30		3,450,000	$	3,541,102
2.38% due 03/31/29		3,200,000		2,987,375
3.63% due 03/31/28		2,500,000		2,504,102
2.63% due 05/31/27		2,160,000		2,071,069
1.50% due 01/31/27		1,200,000		1,104,750
1.38% due 11/15/31		347,000		292,890
U.S. Treasury Bonds
2.00% due 08/15/51		770,000,000		541,616,799
4.00% due 11/15/52		165,000,000		175,106,250
due 02/15/469,10		355,975,000		147,959,133
due 05/15/449,10		303,295,000		134,319,908
due 11/15/519,10		275,000,000		97,947,303
3.63% due 02/15/53		90,100,000		89,452,406
due 02/15/529,10		144,771,800		51,265,637
due 11/15/449,10		70,890,000		30,700,280
due 08/15/519,10		43,990,000		15,761,347
2.88% due 08/15/45		1,830,000		1,559,360
due 08/15/529,10		3,700,000		1,296,894
due 05/15/529,10		1,720,000		606,168
U.S. Treasury Strip Principal
due 02/15/519,10		310,000,000		112,676,298
Total U.S. Government Securities
(Cost $5,195,859,149)				4,859,631,212
ASSET-BACKED SECURITIES†† - 22.7%
Collateralized Loan Obligations - 14.5%
LCCM Trust
2021-FL3 A, 6.13% (1 Month USD LIBOR + 1.45%, Rate Floor: 1.45%) due 11/15/38◊,4		98,500,000		95,020,783
2021-FL3 AS, 6.48% (1 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 11/15/38◊,4		37,152,000		35,793,819
2021-FL3 B, 6.88% (1 Month USD LIBOR + 2.20%, Rate Floor: 2.20%) due 11/15/38◊,4		21,450,000		20,551,820
2021-FL2 B, 6.58% (1 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 12/13/38◊,7		400,000		375,792
LoanCore Issuer Ltd.
2021-CRE6 B, 6.58% (1 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 11/15/38◊,4		44,000,000		41,385,106
2021-CRE4 C, 6.37% (30 Day Average SOFR + 1.81%, Rate Floor: 1.70%) due 07/15/35◊,4		25,982,000		24,340,912
2021-CRE6 C, 6.98% (1 Month USD LIBOR + 2.30%, Rate Floor: 2.30%) due 11/15/38◊,4		22,825,000		21,143,870
2019-CRE2 AS, 6.18% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 05/15/36◊,4		15,329,120		15,265,205
2021-CRE5 D, 7.68% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 07/15/36◊,4		14,350,000		12,867,413
2019-CRE2 B, 6.38% (1 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 05/15/36◊,4		11,575,000		11,466,182
2021-CRE4 D, 7.17% (30 Day Average SOFR + 2.61%, Rate Floor: 2.50%) due 07/15/35◊,7		5,600,000		5,306,176

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
2019-CRE3 B, 6.28% (1 Month USD LIBOR + 1.60%, Rate Floor: 1.60%) due 04/15/34◊,7		4,410,000	$	4,338,827
BXMT Ltd.
2020-FL2 A, 5.76% (1 Month Term SOFR + 1.01%, Rate Floor: 0.90%) due 02/15/38◊,4		58,425,519		57,041,383
2020-FL3 AS, 6.42% (30 Day Average SOFR + 1.86%, Rate Floor: 1.75%) due 11/15/37◊,4		23,550,000		22,763,958
2020-FL3 C, 7.22% (30 Day Average SOFR + 2.66%, Rate Floor: 2.55%) due 11/15/37◊,4		16,327,000		15,440,664
2020-FL2 B, 6.26% (1 Month Term SOFR + 1.51%, Rate Floor: 1.40%) due 02/15/38◊,4		16,000,000		14,407,384
2020-FL3 B, 6.82% (30 Day Average SOFR + 2.26%, Rate Floor: 2.15%) due 11/15/37◊,4		10,600,000		10,289,566
2020-FL2 AS, 6.01% (1 Month Term SOFR + 1.26%, Rate Floor: 1.15%) due 02/15/38◊,7		6,008,500		5,752,173
2020-FL2 C, 6.51% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 02/15/38◊,7		5,360,000		4,772,275
Cerberus Loan Funding XXX, LP
2020-3A A, 6.64% (3 Month USD LIBOR + 1.85%, Rate Floor: 1.85%) due 01/15/33◊,4		100,000,000		99,024,830
2020-3A B, 7.29% (3 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 01/15/33◊,4		10,200,000		9,939,155
Woodmont Trust
2020-7A A1A, 6.69% (3 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 01/15/32◊,4		83,000,000		82,252,759
2020-7A B, 7.39% (3 Month USD LIBOR + 2.60%, Rate Floor: 2.60%) due 01/15/32◊,4		13,500,000		13,055,457
2020-7A A2, 7.04% (3 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 01/15/32◊,4		7,000,000		6,862,652
Cerberus Loan Funding XXXII, LP
2021-2A A, 6.41% (3 Month USD LIBOR + 1.62%, Rate Floor: 1.62%) due 04/22/33◊,4		65,000,000		63,508,152
2021-2A C, 7.64% (3 Month USD LIBOR + 2.85%, Rate Floor: 2.85%) due 04/22/33◊,4		20,925,000		19,500,156
2021-2A B, 6.69% (3 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 04/22/33◊,4		19,200,000		18,320,241

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
HERA Commercial Mortgage Ltd.
2021-FL1 B, 6.36% (1 Month USD LIBOR + 1.60%, Rate Floor: 1.60%) due 02/18/38◊,4		49,562,000	$	46,750,943
2021-FL1 AS, 6.06% (1 Month USD LIBOR + 1.30%, Rate Floor: 1.30%) due 02/18/38◊,4		28,000,000		26,454,336
2021-FL1 C, 6.71% (1 Month USD LIBOR + 1.95%, Rate Floor: 1.95%) due 02/18/38◊,4		19,200,000		17,985,573
2021-FL1 A, 5.81% (1 Month USD LIBOR + 1.05%, Rate Floor: 1.05%) due 02/18/38◊,4		8,651,379		8,349,507
Golub Capital Partners CLO 33M Ltd.
2021-33A AR2, 6.82% (3 Month USD LIBOR + 1.86%, Rate Floor: 1.86%) due 08/25/33◊,4		105,004,127		98,282,204
ABPCI Direct Lending Fund CLO II LLC
2021-1A A1R, 6.41% (3 Month USD LIBOR + 1.60%, Rate Floor: 1.60%) due 04/20/32◊,4		84,258,254		81,997,622
Golub Capital Partners CLO 36M Ltd.
2018-36A A, 6.11% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 02/05/31◊,4		76,300,000		75,234,196
Cerberus Loan Funding XXXI, LP
2021-1A A, 6.29% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 04/15/32◊,4		61,874,244		61,335,226
2021-1A C, 7.39% (3 Month USD LIBOR + 2.60%, Rate Floor: 2.60%) due 04/15/32◊,4		12,000,000		11,522,933
Palmer Square Loan Funding Ltd.
2022-1A A2, 6.23% (3 Month Term SOFR + 1.60%, Rate Floor: 1.60%) due 04/15/30◊,4		23,000,000		22,350,158
2021-3A B, 6.56% (3 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 07/20/29◊,4		22,500,000		21,608,208
2021-2A B, 6.32% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 05/20/29◊,4		10,500,000		10,157,229
2021-1A B, 6.61% (3 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 04/20/29◊,4		7,100,000		6,907,366
2021-2A C, 7.32% (3 Month USD LIBOR + 2.40%, Rate Floor: 2.40%) due 05/20/29◊,4		7,000,000		6,717,309

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
ABPCI Direct Lending Fund CLO V Ltd.
2021-5A A1R, 6.31% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 04/20/31◊,4		50,650,000	$	49,752,877
2021-5A A2R, 6.71% (3 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 04/20/31◊,4		15,975,000		15,352,622
THL Credit Lake Shore MM CLO I Ltd.
2021-1A A1R, 6.49% (3 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 04/15/33◊,4		33,500,000		32,680,222
2021-1A BR, 6.79% (3 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 04/15/33◊,4		30,400,000		29,637,501
KREF Funding V LLC
6.43% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 06/25/26◊,†††		60,436,845		60,089,287
0.15% due 06/25/26†††,11		313,636,364		153,682
Cerberus Loan Funding XL LLC
2023-1A A, 7.19% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 03/22/35◊,4		55,500,000		55,500,000
2023-1A B, 8.39% (3 Month Term SOFR + 3.60%, Rate Floor: 3.60%) due 03/22/35◊,4		4,600,000		4,600,000
ABPCI Direct Lending Fund CLO I LLC
2021-1A A1A2, 6.51% (3 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 07/20/33◊,4		59,500,000		57,266,275
2021-1A B12, 6.81% (3 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 07/20/33◊,4		2,500,000		2,358,773
ABPCI Direct Lending Fund IX LLC
2021-9A A1R, 6.22% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 11/18/31◊,4		34,150,000		33,484,782
2021-9A A2R, 6.62% (3 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 11/18/31◊,4		26,000,000		24,930,456
Fortress Credit Opportunities IX CLO Ltd.
2021-9A A2TR, 6.59% (3 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 10/15/33◊,4		46,200,000		44,181,952
2021-9A BR, 6.74% (3 Month USD LIBOR + 1.95%, Rate Floor: 1.95%) due 10/15/33◊,4		6,700,000		6,232,639
2021-9A A1TR, 6.34% (3 Month USD LIBOR + 1.55%, Rate Floor: 1.55%) due 10/15/33◊,4		3,450,000		3,343,214

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
CHCP Ltd.
2021-FL1 A, 5.82% (1 Month Term SOFR + 1.16%, Rate Floor: 1.05%) due 02/15/38◊,4		22,574,547	$	22,196,349
2021-FL1 AS, 6.07% (1 Month Term SOFR + 1.41%, Rate Floor: 1.30%) due 02/15/38◊,4		22,250,000		21,195,490
2021-FL1 B, 6.42% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 02/15/38◊,7		6,600,000		6,234,462
2021-FL1 C, 6.87% (1 Month Term SOFR + 2.21%, Rate Floor: 2.10%) due 02/15/38◊,7		2,950,000		2,778,158
FS Rialto
2021-FL3 C, 6.78% (1 Month USD LIBOR + 2.05%, Rate Floor: 2.05%) due 11/16/36◊,7		31,150,000		29,297,413
2021-FL2 C, 6.78% (1 Month USD LIBOR + 2.05%, Rate Floor: 2.05%) due 05/16/38◊,4		15,665,000		14,474,306
2021-FL3 B, 6.53% (1 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 11/16/36◊,4		8,000,000		7,572,713
Owl Rock CLO IV Ltd.
2021-4A A1R, 6.52% (3 Month USD LIBOR + 1.60%, Rate Floor: 1.60%) due 08/20/33◊,4		36,500,000		35,313,750
2021-4A A2R, 6.82% (3 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 08/20/33◊,4		16,750,000		15,788,527
ABPCI Direct Lending Fund CLO VII, LP
2021-7A A1R, 6.25% (3 Month USD LIBOR + 1.43%, Rate Floor: 1.43%) due 10/20/31◊,4		39,500,000		38,634,049
2021-7A A2R, 6.67% (3 Month USD LIBOR + 1.85%, Rate Floor: 1.85%) due 10/20/31◊,4		8,250,000		7,920,236
Fortress Credit Opportunities XI CLO Ltd.
2018-11A A1T, 6.09% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 04/15/31◊,4		44,906,190		44,306,104
2018-11A C, 7.29% (3 Month USD LIBOR + 2.50%, Rate Floor: 0.00%) due 04/15/31◊,4		2,300,000		2,171,250
Cerberus Loan Funding XXXIII, LP
2021-3A A, 6.35% (3 Month USD LIBOR + 1.56%, Rate Floor: 1.56%) due 07/23/33◊,4		34,500,000		33,571,860
2021-3A B, 6.64% (3 Month USD LIBOR + 1.85%, Rate Floor: 1.85%) due 07/23/33◊,4		9,500,000		9,017,527

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
GoldenTree Loan Management US CLO 1 Ltd.
2021-9A B, 6.31% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 01/20/33◊,4		35,900,000	$	34,816,226
2021-9A C, 6.61% (3 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 01/20/33◊,4		3,900,000		3,699,670
Cerberus Loan Funding XXXV, LP
2021-5A A, 6.29% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 09/22/33◊,4		30,750,000		30,116,166
2021-5A B, 6.64% (3 Month USD LIBOR + 1.85%, Rate Floor: 1.85%) due 09/22/33◊,4		8,000,000		7,611,597
ACRES Commercial Realty Ltd.
2021-FL1 C, 6.71% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 06/15/36◊,4		13,092,000		12,423,372
2021-FL1 D, 7.36% (1 Month USD LIBOR + 2.65%, Rate Floor: 2.65%) due 06/15/36◊,4		11,750,000		11,000,796
2021-FL2 B, 6.96% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 01/15/37◊,4		10,100,000		9,612,349
2021-FL2 AS, 6.46% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 01/15/37◊,7		3,500,000		3,346,041
Golub Capital Partners CLO 16 Ltd.
2021-16A A1R2, 6.43% (3 Month USD LIBOR + 1.61%, Rate Floor: 1.61%) due 07/25/33◊,4		26,750,000		26,340,027
2021-16A A2R2, 6.62% (3 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 07/25/33◊,4		9,750,000		9,351,427
LCM XXIV Ltd.
2021-24A BR, 6.21% (3 Month USD LIBOR + 1.40%, Rate Floor: 0.00%) due 03/20/30◊,4		24,200,000		23,308,794
2021-24A CR, 6.71% (3 Month USD LIBOR + 1.90%, Rate Floor: 0.00%) due 03/20/30◊,4		13,050,000		12,290,639
Madison Park Funding XLVIII Ltd.
2021-48A B, 6.25% (3 Month USD LIBOR + 1.45%, Rate Floor: 1.45%) due 04/19/33◊,4		27,500,000		26,821,790
2021-48A C, 6.80% (3 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 04/19/33◊,4		6,650,000		6,438,456

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
Golub Capital Partners CLO 49M Ltd.
2021-49A BR, 6.71% (3 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 08/26/33◊,4		21,695,000	$	20,413,327
2021-49A CR, 7.41% (3 Month USD LIBOR + 2.60%, Rate Floor: 2.60%) due 08/26/33◊,4		12,600,000		11,453,971
BDS Ltd.
2021-FL9 C, 6.66% (1 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 11/16/38◊,4		19,500,000		18,423,577
2020-FL5 B, 6.61% (1 Month Term SOFR + 1.91%, Rate Floor: 1.80%) due 02/16/37◊,7		4,400,000		4,293,922
2021-FL9 D, 7.01% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 11/16/38◊,7		4,400,000		4,082,623
2020-FL5 AS, 6.16% (1 Month Term SOFR + 1.46%, Rate Floor: 1.35%) due 02/16/37◊,7		3,200,000		3,114,982
BCC Middle Market CLO LLC
2021-1A A1R, 6.29% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 10/15/33◊,4		30,450,000		29,640,030
Neuberger Berman Loan Advisers CLO 40 Ltd.
2021-40A B, 6.19% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 04/16/33◊,4		26,700,000		25,897,486
2021-40A C, 6.54% (3 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 04/16/33◊,4		2,000,000		1,927,465
Golub Capital Partners CLO 17 Ltd.
2017-17A A1R, 6.47% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 10/25/30◊,4		27,554,209		27,320,078
MidOcean Credit CLO VII
2020-7A BR, 6.39% (3 Month USD LIBOR + 1.60%, Rate Floor: 0.00%) due 07/15/29◊,4		27,500,000		26,867,921
OCP CLO Ltd.
2020-4A A2RR, 6.27% (3 Month USD LIBOR + 1.45%, Rate Floor: 1.45%) due 04/24/29◊,4		25,500,000		25,087,318
STWD Ltd.
2019-FL1 B, 6.37% (1 Month Term SOFR + 1.71%, Rate Floor: 1.60%) due 07/15/38◊,4		11,210,000		10,974,091
2019-FL1 C, 6.72% (1 Month Term SOFR + 2.06%, Rate Floor: 1.95%) due 07/15/38◊,4		8,800,000		8,510,997

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
2021-FL2 C, 6.81% (1 Month USD LIBOR + 2.10%, Rate Floor: 2.10%) due 04/18/38◊,7		2,820,000	$	2,597,856
2019-FL1 AS, 6.17% (1 Month Term SOFR + 1.51%, Rate Floor: 1.40%) due 07/15/38◊,7		2,200,000		2,158,676
Madison Park Funding LIII Ltd.
2022-53A B, 6.40% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/21/35◊,4		24,000,000		23,194,080
BSPDF Issuer Ltd.
2021-FL1 C, 6.93% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 10/15/36◊,4		15,300,000		13,938,606
2021-FL1 B, 6.48% (1 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 10/15/36◊,7		6,500,000		6,080,711
2021-FL1 D, 7.43% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 10/15/36◊,7		3,500,000		3,167,326
Magnetite XXIX Ltd.
2021-29A B, 6.19% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 01/15/34◊,4		15,100,000		14,707,311
2021-29A C, 6.44% (3 Month USD LIBOR + 1.65%, Rate Floor: 1.65%) due 01/15/34◊,4		7,700,000		7,341,674
Venture XIV CLO Ltd.
2020-14A CRR, 7.20% (3 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 08/28/29◊,4		22,725,000		21,995,089
Apres Static CLO Ltd.
2020-1A A2R, 6.49% (3 Month USD LIBOR + 1.70%, Rate Floor: 0.00%) due 10/15/28◊,4		21,750,000		21,542,411
NewStar Fairfield Fund CLO Ltd.
2018-2A A1N, 6.08% (3 Month USD LIBOR + 1.27%, Rate Floor: 1.27%) due 04/20/30◊,4		21,171,638		20,894,440
Golub Capital Partners CLO 54M L.P
2021-54A B, 6.66% (3 Month USD LIBOR + 1.85%, Rate Floor: 1.85%) due 08/05/33◊,4		21,000,000		19,732,910
AMMC CLO XIV Ltd.
2021-14A A2R2, 6.22% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 07/25/29◊,4		18,290,000		17,944,736
Recette CLO Ltd.
2021-1A BRR, 6.21% (3 Month USD LIBOR + 1.40%, Rate Floor: 0.00%) due 04/20/34◊,4		9,800,000		9,321,593
2021-1A CRR, 6.56% (3 Month USD LIBOR + 1.75%, Rate Floor: 0.00%) due 04/20/34◊,4		9,200,000		8,530,677

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
Anchorage Capital CLO 6 Ltd.
2021-6A CRR, 6.99% (3 Month USD LIBOR + 2.20%, Rate Floor: 2.20%) due 07/15/30◊,4		18,585,000	$	17,766,357
Neuberger Berman Loan Advisers CLO 32 Ltd.
2021-32A BR, 6.20% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 01/20/32◊,4		14,100,000		13,694,442
2021-32A CR, 6.50% (3 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 01/20/32◊,4		4,200,000		4,017,006
BSPRT Issuer Ltd.
2021-FL7 C, 6.98% (1 Month USD LIBOR + 2.30%, Rate Floor: 2.30%) due 12/15/38◊,4		7,250,000		6,844,351
2021-FL6 C, 6.73% (1 Month USD LIBOR + 2.05%, Rate Floor: 2.05%) due 03/15/36◊,7		5,550,000		5,186,570
2021-FL7 B, 6.73% (1 Month USD LIBOR + 2.05%, Rate Floor: 2.05%) due 12/15/38◊,7		4,875,000		4,698,999
Owl Rock CLO VI Ltd.
2021-6A B1, 6.71% (3 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 06/21/32◊,4		17,450,000		16,687,599
KREF
2021-FL2 C, 6.71% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 02/15/39◊,4		16,600,000		15,507,745
Owl Rock CLO II Ltd.
2021-2A ALR, 6.36% (3 Month USD LIBOR + 1.55%, Rate Floor: 1.55%) due 04/20/33◊,4		15,600,000		15,136,625
Dryden 36 Senior Loan Fund
2020-36A CR3, 6.84% (3 Month USD LIBOR + 2.05%, Rate Floor: 2.05%) due 04/15/29◊,4		15,200,000		14,860,879
Marathon CLO V Ltd.
2017-5A A2R, 6.37% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 11/21/27◊,4		14,901,762		14,840,140
Octagon Investment Partners 49 Ltd.
2021-5A B, 6.34% (3 Month USD LIBOR + 1.55%, Rate Floor: 1.55%) due 01/15/33◊,4		12,800,000		12,438,618
Golub Capital Partners CLO 25M Ltd.
2018-25A AR, 6.19% (3 Month USD LIBOR + 1.38%, Rate Floor: 1.38%) due 05/05/30◊,4		11,357,187		11,245,630

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
Greystone Commercial Real Estate Notes
2021-FL3 C, 6.94% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 07/15/39◊,4		12,000,000	$	11,216,758
Golub Capital Partners CLO 54M, LP
2021-54A A, 6.34% (3 Month USD LIBOR + 1.53%, Rate Floor: 1.53%) due 08/05/33◊,4		10,750,000		10,443,839
Fontainbleau Vegas
10.43% (1 Month Term SOFR + 5.65%, Rate Floor: 5.65%) due 01/31/26◊,†††		10,252,876		10,355,405
Lake Shore MM CLO III LLC
2021-2A A1R, 6.27% (3 Month USD LIBOR + 1.48%, Rate Floor: 1.48%) due 10/17/31◊,4		10,000,000		9,811,576
Neuberger Berman CLO XVI-S Ltd.
2021-16SA BR, 6.19% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 04/15/34◊,4		10,200,000		9,748,317
Neuberger Berman Loan Advisers CLO 47 Ltd.
2022-47A B, 6.43% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 04/14/35◊,4		9,000,000		8,694,427
Boyce Park CLO Ltd.
2022-1A B1, 6.40% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/21/35◊,4		8,800,000		8,441,493
Dryden 37 Senior Loan Fund
2015-37A Q, due 01/15/314,12		10,000,000		7,467,182
ACRE Commercial Mortgage Ltd.
2021-FL4 B, 6.16% (1 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 12/18/37◊,7		3,100,000		2,997,566
2021-FL4 C, 6.51% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 12/18/37◊,7		3,100,000		2,908,060
HGI CRE CLO Ltd.
2021-FL2 B, 6.23% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 09/17/36◊,7		5,000,000		4,730,221
2021-FL2 C, 6.53% (1 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 09/17/36◊,7		1,000,000		935,953
Owl Rock CLO I Ltd.
2019-1A A, 6.72% (3 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 05/20/31◊,4		5,650,000		5,600,218
Shackleton CLO Ltd.
2017-8A BR, 6.11% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 10/20/27◊,4		5,510,000		5,444,741

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
VOYA CLO
2021-2A BR, 6.94% (3 Month USD LIBOR + 2.15%, Rate Floor: 2.15%) due 06/07/30◊,4		4,950,000	$	4,751,045
Cerberus Loan Funding XXXVI, LP
2021-6A A, 6.19% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 11/22/33◊,4		4,511,936		4,486,345
Stratus CLO Ltd.
2021-1A B, 6.21% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 12/29/29◊,4		4,500,000		4,410,999
Atlas Senior Loan Fund III Ltd.
2017-1A BR, 6.18% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 11/17/27◊,4		4,300,000		4,242,712
Elmwood CLO 19 Ltd.
2022-6A B1, 6.67% (3 Month Term SOFR + 3.05%, Rate Floor: 3.05%) due 10/17/34◊,4		4,000,000		3,999,508
BRSP Ltd.
2021-FL1 D, 7.46% (1 Month USD LIBOR + 2.70%, Rate Floor: 2.70%) due 08/19/38◊,7		4,200,000		3,929,411
Northwoods Capital XII-B Ltd.
2018-12BA B, 6.72% (3 Month USD LIBOR + 1.85%, Rate Floor: 1.85%) due 06/15/31◊,4		4,000,000		3,820,615
MF1 Multifamily Housing Mortgage Loan Trust
2021-FL6 D, 7.26% (1 Month USD LIBOR + 2.55%, Rate Floor: 2.55%) due 07/16/36◊,7		3,800,000		3,509,299
Carlyle Global Market Strategies CLO Ltd.
2012-3A SUB, due 01/14/324,12		8,920,000		2,466,380
Wellfleet CLO Ltd.
2018-2A A2R, 6.39% (3 Month USD LIBOR + 1.58%, Rate Floor: 1.58%) due 10/20/28◊,4		2,500,000		2,454,894
Allegro CLO VII Ltd.
2018-1A C, 6.69% (3 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 06/13/31◊,4		2,500,000		2,340,200
FS Rialto Issuer LLC
2022-FL7 B, 8.60% (1 Month Term SOFR + 3.91%, Rate Floor: 3.91%) due 10/19/39◊,7		2,000,000		1,979,510
Voya CLO Ltd.
2013-1A INC, due 10/15/304,12		10,575,071		1,540,788
TRTX Issuer Ltd.
2019-FL3 B, 6.61% (1 Month Term SOFR + 1.86%, Rate Floor: 1.75%) due 10/15/34◊,7		1,500,000		1,473,937
Diamond CLO Ltd.
2021-1A CR, 7.22% (3 Month USD LIBOR + 2.40%, Rate Floor: 2.40%) due 04/25/29◊,4		1,272,813		1,261,443

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
Newfleet CLO Ltd.
2018-1A A1R, 5.76% (3 Month USD LIBOR + 0.95%, Rate Floor: 0.00%) due 04/20/28◊,4		314,741	$	314,515
Venture XIII CLO Ltd.
2013-13A SUB, due 09/10/294,12		3,700,000		203,696
Great Lakes CLO Ltd.
2014-1A SUB, due 10/15/294,12		461,538		183,514
Treman Park CLO Ltd.
2015-1A SUB, due 10/20/284,12		6,859,005		181,764
Babson CLO Ltd.
2014-IA SUB, due 07/20/254,12		1,300,000		80,770
Atlas Senior Loan Fund IX Ltd.
2018-9A SUB, due 04/20/284,12		1,200,000		49,324
Avery Point II CLO Ltd.
2013-3X COM , due 01/18/2512		2,375,019		16,316
OHA Credit Partners IX Ltd.
2013-9A ACOM, due 10/20/254,12		1,808,219		2,079
Copper River CLO Ltd.
2007-1A INC, due 01/20/217,12		1,500,000		151
Total Collateralized Loan Obligations				2,864,229,162
Financial - 2.1%
Strategic Partners Fund VIII LP
7.39% (1 Month Term SOFR + 2.60%, Rate Floor: 2.60%) due 03/10/26◊,†††		51,900,000		51,884,430
7.22% (1 Month Term SOFR + 2.60%, Rate Floor: 2.60%) due 03/10/26◊,†††		21,900,000		21,893,430
KKR Core Holding Company LLC
4.00% due 08/12/31†††		81,770,389		73,581,354
HV Eight LLC
5.48% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 12/31/27◊,†††	EUR	51,600,000		56,010,642
HarbourVest Structured Solutions IV Holdings, LP
7.20% (3 Month USD LIBOR + 2.45%, Rate Floor: 2.45%) due 09/15/26◊,†††		19,956,425		19,943,168
2.58% (3 Month EURIBOR + 2.45%, Rate Floor: 2.45%) due 09/15/26◊,†††	EUR	11,100,000		12,050,161
Project Onyx
7.00% (3 Month Term SOFR + 2.40%, Rate Floor: 2.30%) due 01/26/27◊,†††		31,000,000		30,949,483
Madison Avenue Secured Funding Trust Series
2023-1, 6.78% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/04/24◊,†††,4		26,600,000		26,600,000
Lightning A
5.50% due 03/01/37†††		25,995,170		24,175,508

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
Thunderbird A
5.50% due 03/01/37†††		25,874,490	$	24,063,276
Ceamer Finance LLC
3.69% due 03/22/31†††		22,568,371		21,064,031
Bib Merchant Voucher Receivables Ltd.
4.18% due 04/07/28†††		17,720,978		17,322,014
Nassau LLC
2019-1, 3.98% due 08/15/344		12,457,486		11,902,672
Aesf Vi Verdi, LP
6.88% (3 Month USD LIBOR + 2.15%, Rate Floor: 2.15%) due 11/25/24◊,†††		6,764,200		6,770,587
2.15% (3 Month EURIBOR + 2.15%, Rate Floor: 2.15%) due 11/25/24◊,†††	EUR	3,871,856		4,201,908
Oxford Finance Funding
2020-1A, 3.10% due 02/15/284		9,337,349		9,281,160
Industrial DPR Funding Ltd.
2016-1A, 5.24% due 04/15/264		2,038,536		1,997,588
Total Financial				413,691,412
Transport-Aircraft - 2.0%
AASET Trust
2021-1A, 2.95% due 11/16/414		62,594,262		56,398,682
2021-2A, 2.80% due 01/15/474		21,054,136		18,065,081
2020-1A, 3.35% due 01/16/404		16,335,511		13,726,165
2019-1, 3.84% due 05/15/394		6,791,458		4,853,708
2017-1A, 3.97% due 05/16/424		3,693,937		2,977,740
2019-2, 3.38% due 10/16/394		1,822,709		1,438,753
Castlelake Aircraft Structured Trust
2021-1A, 3.47% due 01/15/464		50,802,478		46,774,492
Navigator Aircraft ABS Ltd.
2021-1, 2.77% due 11/15/464		43,975,372		38,021,445
Lunar Structured Aircraft Portfolio Notes
2021-1, 2.64% due 10/15/464		35,623,499		30,999,940
Sprite Ltd.
2021-1, 3.75% due 11/15/464		32,006,342		28,664,646
AASET US Ltd.
2018-2A, 4.45% due 11/18/384		32,917,567		28,477,263
Sapphire Aviation Finance II Ltd.
2020-1A, 3.23% due 03/15/404		26,935,043		22,567,179
KDAC Aviation Finance Ltd.
2017-1A, 4.21% due 12/15/424		23,307,569		18,995,902
Sapphire Aviation Finance I Ltd.
2018-1A, 4.25% due 03/15/404		22,221,885		18,077,726
WAVE LLC
2019-1, 3.60% due 09/15/444		18,642,380		15,731,932
MAPS Ltd.
2018-1A, 4.21% due 05/15/434		15,902,512		14,296,299
Falcon Aerospace Ltd.
2019-1, 3.60% due 09/15/394		11,126,769		9,402,234
2017-1, 4.58% due 02/15/424		4,131,578		3,897,001

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
Raspro Trust
2005-1A, 5.17% (3 Month USD LIBOR + 0.93%, Rate Floor: 0.93%) due 03/23/24◊,4		10,637,384	$	10,507,618
Castlelake Aircraft Securitization Trust
2018-1, 4.13% due 06/15/434		11,412,558		10,306,681
Slam Ltd.
2021-1A, 3.42% due 06/15/464		1,335,900		1,114,100
Total Transport-Aircraft				395,294,587
Whole Business - 1.4%
Arbys Funding LLC
2020-1A, 3.24% due 07/30/504		95,387,175		83,593,791
SERVPRO Master Issuer LLC
2021-1A, 2.39% due 04/25/514		29,769,750		24,356,300
2022-1A, 3.13% due 01/25/524		23,265,000		19,250,322
2019-1A, 3.88% due 10/25/494		586,305		535,223
Taco Bell Funding LLC
2021-1A, 2.29% due 08/25/514		23,275,375		19,435,660
2016-1A, 4.97% due 05/25/464		17,485,319		17,072,841
ServiceMaster Funding LLC
2020-1, 3.34% due 01/30/514		28,872,418		22,796,246
2020-1, 2.84% due 01/30/514		9,604,000		8,056,978
Wingstop Funding LLC
2020-1A, 2.84% due 12/05/504		25,181,250		22,072,499
2022-1A, 3.73% due 03/05/524		5,124,250		4,599,670
Domino’s Pizza Master Issuer LLC
2021-1A, 3.15% due 04/25/514		9,167,708		7,604,072
2017-1A, 4.12% due 07/25/474		7,885,000		7,439,600
Wendy’s Funding LLC
2019-1A, 3.78% due 06/15/494		12,278,475		11,524,564
2019-1A, 4.08% due 06/15/494		1,520,063		1,385,956
Sonic Capital LLC
2021-1A, 2.64% due 08/20/514		11,414,180		8,718,345
DB Master Finance LLC
2021-1A, 2.79% due 11/20/514		6,665,625		5,382,105
Applebee’s Funding LLC / IHOP Funding LLC
2019-1A, 4.19% due 06/05/494		3,356,100		3,279,551
Total Whole Business				267,103,723
Net Lease - 0.9%
STORE Master Funding I-VII
2016-1A, 3.96% due 10/20/464		27,967,441		26,470,209
2016-1A, 4.32% due 10/20/464		11,059,972		10,375,987
CF Hippolyta Issuer LLC
2022-1A, 6.11% due 08/15/624		20,344,312		20,344,044
2020-1, 2.28% due 07/15/604		10,109,935		9,128,407
Capital Automotive REIT
2020-1A, 3.48% due 02/15/504		22,046,713		19,995,330
2021-1A, 2.76% due 08/15/514		6,586,250		5,102,686

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
CARS-DB4, LP
2020-1A, 3.81% due 02/15/504		20,090,459	$	17,130,084
2020-1A, 3.25% due 02/15/504		3,407,282		2,973,445
SVC ABS LLC
2023-1A, 5.15% due 02/20/534		15,343,604		15,124,148
2023-1A, 5.55% due 02/20/534		3,499,271		3,320,855
CMFT Net Lease Master Issuer LLC
2021-1, 2.91% due 07/20/514		10,050,000		8,496,201
2021-1, 3.04% due 07/20/514		5,050,000		4,047,113
2021-1, 3.44% due 07/20/514		3,215,000		2,596,923
2021-1, 2.51% due 07/20/514		3,000,000		2,530,228
Oak Street Investment Grade Net Lease Fund Series
2020-1A, 2.26% due 11/20/504		15,000,000		13,682,191
STORE Master Funding I LLC
2015-1A, 4.17% due 04/20/454		9,982,129		9,489,687
New Economy Assets Phase 1 Sponsor LLC
2021-1, 2.41% due 10/20/614		10,000,000		8,519,763
CF Hippolyta LLC
2020-1, 2.60% due 07/15/604		4,327,519		3,671,462
STORE Master Funding LLC
2021-1A, 3.70% due 06/20/514		3,551,649		2,828,483
Capital Automotive LLC
2017-1A, 4.18% due 04/15/474		267,786		260,123
Total Net Lease				186,087,369
Single Family Residence - 0.6%
FirstKey Homes Trust
2020-SFR2, 4.50% due 10/19/374		21,640,000		19,849,013
2020-SFR2, 4.00% due 10/19/374		20,340,000		18,553,894
2020-SFR2, 3.37% due 10/19/374		13,010,000		11,760,680
2021-SFR1, 2.19% due 08/17/384		8,174,000		7,027,448
Home Partners of America Trust
2021-2, 2.65% due 12/17/264		46,717,924		41,243,284
2021-3, 2.80% due 01/17/414		15,497,698		13,362,708
Tricon Residential Trust
2021-SFR1, 2.59% due 07/17/384		7,000,000		6,271,637
Total Single Family Residence				118,068,664
Collateralized Debt Obligations - 0.5%
Anchorage Credit Funding 4 Ltd.
2021-4A AR, 2.72% due 04/27/394		108,854,127		95,653,496
Anchorage Credit Funding Ltd.
2021-13A C2, 3.65% due 07/27/397		1,950,000		1,544,646
Total Collateralized Debt Obligations				97,198,142
Infrastructure - 0.3%
VB-S1 Issuer LLC - VBTEL
2022-1A, 4.29% due 02/15/524		40,900,000		37,218,215
Secured Tenant Site Contract Revenue Notes Series
2018-1A, 3.97% due 06/15/484		20,716,385		20,615,157

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
Stack Infrastructure Issuer LLC
2023-1A, 5.90% due 03/25/484		5,050,000	$	5,096,891
Hotwire Funding LLC
2021-1, 2.66% due 11/20/514		4,025,000		3,376,341
Total Infrastructure				66,306,604
Transport-Container - 0.3%
Textainer Marine Containers VII Ltd.
2020-1A, 2.73% due 08/21/454		49,735,032		45,816,941
MC Ltd.
2021-1, 2.63% due 11/05/354		10,585,014		9,398,709
CLI Funding VIII LLC
2021-1A, 1.64% due 02/18/464		3,183,975		2,764,600
Total Transport-Container				57,980,250
Insurance - 0.1%
CHEST
7.13% due 03/15/43†††		19,100,000		19,242,263
JGWPT XXIII LLC
2011-1A, 4.70% due 10/15/564		2,313,076		2,238,002
JGWPT XXIV LLC
2011-2A, 4.94% due 09/15/564		1,687,102		1,638,439
VICOF 2
4.00% due 02/22/30†††		783,705		736,600
321 Henderson Receivables VI LLC
2010-1A, 5.56% due 07/15/594		737,384		734,629
SPSS
5.14% due 11/15/52†††,7		148,984		134,773
Total Insurance				24,724,706
Total Asset-Backed Securities
(Cost $4,751,715,827)				4,490,684,619
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 18.9%
Residential Mortgage-Backed Securities - 9.1%
CSMC Trust
2020-RPL5, 3.02% (WAC) due 08/25/60◊,4		68,382,907		66,310,570
2021-RPL7, 1.93% (WAC) due 07/27/61◊,4		60,084,694		55,108,035
2021-RPL4, 1.80% (WAC) due 12/27/60◊,4		40,404,501		37,375,788
2021-RPL1, 1.67% (WAC) due 09/27/60◊,4		27,187,131		25,922,639
BRAVO Residential Funding Trust
2022-R1, 3.13% due 01/29/704,13		80,698,954		72,097,325
2021-C, 1.62% due 03/01/614,13		66,052,519		59,305,056
2021-HE1, 6.06% (30 Day Average SOFR + 1.50%, Rate Floor: 0.00%) due 01/25/70◊,4		7,500,000		7,240,285
PRPM LLC
2021-5, 1.79% due 06/25/264,13		62,544,041		58,782,992
2021-8, 1.74% (WAC) due 09/25/26◊,4		33,738,790		31,518,734
2023-1, 6.88% (WAC) due 02/25/28◊,4		21,047,449		20,965,896
2022-1, 3.72% due 02/25/274,13		11,453,497		10,895,701
FKRT
2.21% due 11/30/58†††,7		117,200,000		114,183,598
Legacy Mortgage Asset Trust
2021-GS2, 1.75% due 04/25/614,13		40,236,697		37,552,016
2021-GS3, 1.75% due 07/25/614,13		36,290,353		33,401,278

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
2021-GS5, 2.25% due 07/25/674,13		22,747,376	$	20,673,852
Towd Point Revolving Trust,
4.83% due 09/25/647		81,500,000		78,953,125
Morgan Stanley ABS Capital I Incorporated Trust
2006-NC5, 5.00% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 10/25/36◊		25,817,894		12,378,841
2007-HE5, 5.19% (1 Month USD LIBOR + 0.34%, Rate Floor: 0.34%) due 03/25/37◊		27,153,751		11,953,320
2006-HE6, 5.33% (1 Month USD LIBOR + 0.48%, Rate Floor: 0.48%) due 09/25/36◊		23,386,932		8,806,164
2006-HE5, 5.13% (1 Month USD LIBOR + 0.28%, Rate Floor: 0.28%) due 08/25/36◊		13,319,699		6,855,528
2007-HE3, 4.96% (1 Month USD LIBOR + 0.11%, Rate Floor: 0.11%) due 12/25/36◊		11,310,969		5,729,199
2006-HE4, 5.33% (1 Month USD LIBOR + 0.48%, Rate Floor: 0.48%) due 06/25/36◊		8,363,113		4,280,807
2006-HE5, 5.35% (1 Month USD LIBOR + 0.50%, Rate Floor: 0.50%) due 08/25/36◊		7,981,064		4,126,081
2007-HE2, 4.98% (1 Month USD LIBOR + 0.13%, Rate Floor: 0.13%) due 01/25/37◊		8,207,232		3,960,881
2007-NC3, 5.04% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 05/25/37◊		3,504,443		2,410,214
2007-HE6, 4.91% (1 Month USD LIBOR + 0.06%, Rate Floor: 0.06%) due 05/25/37◊		2,485,334		2,161,922
2007-HE3, 4.98% (1 Month USD LIBOR + 0.13%, Rate Floor: 0.13%) due 12/25/36◊,4		2,057,985		1,254,944
2006-HE6, 5.15% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 09/25/36◊		2,964,541		1,109,159
OSAT Trust
2021-RPL1, 2.12% due 05/25/654,13		62,943,267		59,265,510
LSTAR Securities Investment Ltd.
2023-1, 8.05% (SOFR + 3.50%, Rate Floor: 0.00%) due 01/01/28◊,†††,4		52,155,925		52,142,925
Home Equity Loan Trust
2007-FRE1, 5.04% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 04/25/37◊		52,053,757		48,369,231

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
JP Morgan Mortgage Acquisition Trust
2006-WMC4, 4.98% (1 Month USD LIBOR + 0.13%, Rate Floor: 0.13%) due 12/25/36◊		63,247,803	$	36,684,637
2006-WMC4, 4.97% (1 Month USD LIBOR + 0.12%, Rate Floor: 0.12%) due 12/25/36◊		12,995,913		6,808,992
2006-WMC3, 5.33% (1 Month USD LIBOR + 0.48%, Rate Floor: 0.48%) due 08/25/36◊		1,851,189		1,339,236
NYMT Loan Trust
2022-SP1, 5.25% due 07/25/624,13		41,786,443		41,145,631
LSTAR Securities Investment Ltd.
2021-1, 7.46% (1 Month USD LIBOR + 2.80%, Rate Floor: 1.80%) due 02/01/26◊,7		39,114,233		38,327,294
GCAT Trust
2022-NQM5, 5.71% due 08/25/674,13		23,984,465		23,488,767
2022-NQM3, 4.35% (WAC) due 04/25/67◊,4		11,647,981		10,768,262
GSAMP Trust
2007-NC1, 4.98% (1 Month USD LIBOR + 0.13%, Rate Floor: 0.13%) due 12/25/46◊		25,548,924		13,920,308
2006-HE8, 5.08% (1 Month USD LIBOR + 0.23%, Rate Floor: 0.23%) due 01/25/37◊		10,107,000		8,037,848
2006-NC2, 5.15% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 06/25/36◊		12,226,014		6,673,780
2007-NC1, 5.00% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 12/25/46◊		5,700,338		2,813,405
BRAVO Residential Funding Trust 2023-NQM2
2023-NQM2, 4.50% due 05/25/624,13		32,736,474		31,210,104
Soundview Home Loan Trust
2006-OPT5, 5.13% (1 Month USD LIBOR + 0.28%, Rate Floor: 0.28%) due 07/25/36◊		32,223,682		30,324,585
Citigroup Mortgage Loan Trust, Inc.
2007-AMC1, 5.01% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 12/25/36◊,4		21,231,255		11,700,893
2006-WF1, 5.03% due 03/25/36		14,501,183		7,705,188
2007-AMC3, 5.03% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 03/25/37◊		6,111,964		4,947,266
Alternative Loan Trust
2007-OA4, 5.19% (1 Month USD LIBOR + 0.34%, Rate Floor: 0.34%) due 05/25/47◊		15,523,394		12,857,428

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
2007-OH3, 5.43% (1 Month USD LIBOR + 0.58%, Rate Cap/Floor: 10.00%/0.58%) due 09/25/47◊		6,446,292	$	5,422,660
2006-43CB, 6.00% (1 Month USD LIBOR + 0.50%, Rate Cap/Floor: 6.00%/6.00%) due 02/25/37◊		6,137,855		3,537,960
2007-OA7, 5.21% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 05/25/47◊		2,380,222		1,963,337
2007-OH3, 5.29% (1 Month USD LIBOR + 0.44%, Rate Cap/Floor: 10.00%/0.44%) due 09/25/47◊		640,785		530,026
Imperial Fund Mortgage Trust
2022-NQM2, 4.02% (WAC) due 03/25/67◊,4		13,391,769		12,123,586
2022-NQM2, 4.20% (WAC) due 03/25/67◊,4		13,164,210		11,751,937
NovaStar Mortgage Funding Trust Series
2007-2, 5.05% (1 Month USD LIBOR + 0.20%, Rate Cap/Floor: 11.00%/0.20%) due 09/25/37◊		22,711,652		21,823,808
2007-1, 4.98% (1 Month USD LIBOR + 0.13%, Rate Cap/Floor: 11.00%/0.13%) due 03/25/37◊		2,866,645		1,883,152
Angel Oak Mortgage Trust 2023-2
2023-2, 4.65% (WAC) due 10/25/67◊,4		24,339,736		23,112,110
Structured Asset Securities Corporation Mortgage Loan Trust
2008-BC4, 5.48% (1 Month USD LIBOR + 0.63%, Rate Floor: 0.63%) due 11/25/37◊		20,495,890		19,590,896
2006-BC4, 5.19% (1 Month USD LIBOR + 0.34%, Rate Floor: 0.34%) due 12/25/36◊		2,024,785		1,944,116
2006-BC6, 5.02% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 01/25/37◊		131,646		127,958
2006-OPT1, 5.11% (1 Month USD LIBOR + 0.26%, Rate Floor: 0.26%) due 04/25/36◊		4,104		4,090
ACE Securities Corporation Home Equity Loan Trust Series
2006-NC1, 5.46% (1 Month USD LIBOR + 0.62%, Rate Floor: 0.62%) due 12/25/35◊		16,761,000		14,748,790
2007-ASP1, 5.25% (1 Month USD LIBOR + 0.40%, Rate Floor: 0.40%) due 03/25/37◊		8,202,261		3,578,120

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
2007-WM2, 5.06% (1 Month USD LIBOR + 0.21%, Rate Floor: 0.21%) due 02/25/37◊		6,359,981	$	2,734,139
OBX Trust
2022-NQM9, 6.45% due 09/25/624,13		9,544,292		9,561,122
2023-NQM2, 6.32% due 01/25/624,13		6,437,837		6,467,853
2022-NQM8, 6.10% due 09/25/624,13		4,022,777		3,978,573
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-AR9, 3.97% (1 Year CMT Rate + 0.83%, Rate Floor: 0.83%) due 11/25/46◊		8,860,586		7,192,182
2006-AR10, 5.19% (1 Month USD LIBOR + 0.34%, Rate Floor: 0.34%) due 12/25/36◊		8,117,247		6,859,349
2006-AR9, 3.98% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/46◊		3,933,140		3,138,856
2006-7, 4.01% due 09/25/36		5,326,540		1,518,147
2006-8, 4.17% due 10/25/36		343,238		126,212
Securitized Asset-Backed Receivables LLC Trust
2007-BR2, 5.03% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 02/25/37◊,4		10,333,088		8,631,496
2006-WM4, 5.01% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 11/25/36◊		30,261,234		8,547,497
2006-HE2, 5.15% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 07/25/36◊		3,336,859		1,348,540
SPS Servicer Advance Receivables Trust
2020-T2, 1.83% due 11/15/554		20,000,000		18,459,094
IXIS Real Estate Capital Trust
2007-HE1, 4.96% (1 Month USD LIBOR + 0.11%, Rate Floor: 0.11%) due 05/25/37◊		32,786,268		8,184,177
2006-HE1, 5.45% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 03/25/36◊		11,650,016		5,770,936
2007-HE1, 5.08% (1 Month USD LIBOR + 0.23%, Rate Floor: 0.23%) due 05/25/37◊		6,222,365		1,554,873
2007-HE1, 5.01% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 05/25/37◊		5,843,936		1,459,555
2007-HE1, 4.91% (1 Month USD LIBOR + 0.06%, Rate Floor: 0.06%) due 05/25/37◊		4,861,885		1,212,623

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
Starwood Mortgage Residential Trust
2020-1, 2.56% (WAC) due 02/25/50◊,4		10,792,167	$	10,255,788
2020-1, 2.41% (WAC) due 02/25/50◊,4		8,301,667		7,877,813
American Home Mortgage Investment Trust
2007-1, 2.08% due 05/25/4711		130,067,707		17,460,640
Credit Suisse Mortgage Capital Certificates
2021-RPL9, 2.44% (WAC) due 02/25/61◊,4		18,653,089		17,378,276
Verus Securitization Trust
2022-8, 6.13% due 09/25/674,13		15,577,921		15,231,316
Citigroup Mortgage Loan Trust
2022-A, 6.17% due 09/25/624,13		14,639,921		14,555,374
Merrill Lynch Mortgage Investors Trust Series
2007-HE2, 5.37% (1 Month USD LIBOR + 0.52%, Rate Floor: 0.52%) due 02/25/37◊		32,168,580		9,342,100
2006-HE6, 5.13% (1 Month USD LIBOR + 0.28%, Rate Floor: 0.28%) due 11/25/37◊		8,073,566		3,930,794
RALI Series Trust
2007-QO4, 5.23% (1 Month USD LIBOR + 0.38%, Rate Floor: 0.38%) due 05/25/47◊		4,143,328		3,622,162
2006-QO2, 5.29% (1 Month USD LIBOR + 0.44%, Rate Floor: 0.44%) due 02/25/46◊		16,536,210		3,256,426
2007-QO2, 5.00% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 02/25/47◊		7,449,930		2,707,015
2006-QO2, 5.39% (1 Month USD LIBOR + 0.54%, Rate Floor: 0.54%) due 02/25/46◊		5,362,610		1,083,836
2006-QO6, 5.21% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 06/25/46◊		4,715,292		1,053,033
2007-QO3, 5.17% (1 Month USD LIBOR + 0.32%, Rate Floor: 0.32%) due 03/25/47◊		821,955		689,031
2006-QO2, 5.53% (1 Month USD LIBOR + 0.68%, Rate Floor: 0.68%) due 02/25/46◊		1,105,132		230,998
Angel Oak Mortgage Trust 2023-1
2023-1, 4.75% due 09/26/674,13		13,230,677		12,347,564
Cascade Funding Mortgage Trust
2018-RM2, 4.00% (WAC) due 10/25/68◊,7		8,085,085		7,820,091
2019-RM3, 2.80% (WAC) due 06/25/69◊,7		4,223,348		4,076,530

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
Ameriquest Mortgage Securities Trust
2006-M3, 5.01% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 10/25/36◊		27,009,222	$	8,077,127
2006-M3, 4.95% (1 Month USD LIBOR + 0.10%, Rate Floor: 0.10%) due 10/25/36◊		11,345,687		3,391,813
ABFC Trust
2007-WMC1, 6.10% (1 Month USD LIBOR + 1.25%, Rate Floor: 1.25%) due 06/25/37◊		15,434,422		10,609,864
Bear Stearns Asset-Backed Securities I Trust
2006-HE9, 5.13% (1 Month USD LIBOR + 0.28%, Rate Floor: 0.28%) due 11/25/36◊		10,962,049		10,542,813
First NLC Trust
2005-4, 5.63% (1 Month USD LIBOR + 0.78%, Rate Cap/Floor: 14.00%/0.78%) due 02/25/36◊		8,770,772		8,422,214
2005-1, 5.31% (1 Month USD LIBOR + 0.46%, Rate Cap/Floor: 14.00%/0.46%) due 05/25/35◊		2,219,634		1,843,977
Master Asset-Backed Securities Trust
2006-WMC4, 5.00% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 10/25/36◊		10,804,340		3,439,961
2006-NC2, 5.33% (1 Month USD LIBOR + 0.48%, Rate Floor: 0.48%) due 08/25/36◊		7,703,279		2,947,672
2006-WMC3, 5.17% (1 Month USD LIBOR + 0.32%, Rate Floor: 0.32%) due 08/25/36◊		5,755,262		1,938,712
2007-WMC1, 5.01% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 01/25/37◊		5,931,373		1,637,168
HarborView Mortgage Loan Trust
2006-14, 5.06% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 01/25/47◊		6,676,043		5,622,592
2006-12, 5.14% (1 Month USD LIBOR + 0.38%, Rate Floor: 0.38%) due 01/19/38◊		4,978,039		4,292,241
Angel Oak Mortgage Trust
2023-1, 4.75% due 09/26/674,13		10,413,791		9,890,531
Fremont Home Loan Trust
2006-E, 4.97% (1 Month USD LIBOR + 0.12%, Rate Floor: 0.12%) due 01/25/37◊		11,821,823		5,370,148

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
2006-D, 5.00% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 11/25/36◊		10,556,744	$	3,765,549
First Franklin Mortgage Loan Trust
2006-FF16, 5.13% (1 Month USD LIBOR + 0.28%, Rate Floor: 0.28%) due 12/25/36◊		20,778,393		8,662,955
CFMT LLC
2022-HB9, 3.25% (WAC) due 09/25/37◊,7		9,025,507		8,346,720
Merrill Lynch Alternative Note Asset Trust Series
2007-A1, 5.31% (1 Month USD LIBOR + 0.46%, Rate Floor: 0.46%) due 01/25/37◊		19,378,345		5,862,397
2007-A1, 5.15% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 01/25/37◊		7,348,592		2,202,408
Asset-Backed Securities Corporation Home Equity Loan Trust Series AEG
2006-HE1, 5.45% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 01/25/36◊		8,327,476		8,017,453
Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series
2005-W4, 5.61% (1 Month USD LIBOR + 0.76%, Rate Floor: 0.76%) due 02/25/36◊		9,822,080		7,345,834
Long Beach Mortgage Loan Trust
2006-8, 5.17% (1 Month USD LIBOR + 0.32%, Rate Floor: 0.32%) due 09/25/36◊		14,690,034		3,995,457
2006-6, 5.35% (1 Month USD LIBOR + 0.50%, Rate Floor: 0.50%) due 07/25/36◊		4,577,269		1,844,823
2006-8, 5.03% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 09/25/36◊		3,920,496		1,060,778
Option One Mortgage Loan Trust
2007-5, 5.07% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 05/25/37◊		7,265,280		4,243,600
2007-2, 5.10% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 03/25/37◊		5,033,947		2,412,827

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
Credit-Based Asset Servicing and Securitization LLC
2006-CB2, 5.23% (1 Month USD LIBOR + 0.38%, Rate Floor: 0.38%) due 12/25/36◊		6,807,369	$	6,340,649
Lehman XS Trust Series
2007-2N, 5.03% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 02/25/37◊		4,829,327		4,274,429
2007-15N, 5.35% (1 Month USD LIBOR + 0.50%, Rate Floor: 0.00%) due 08/25/37◊		1,470,839		1,301,660
2006-10N, 5.27% (1 Month USD LIBOR + 0.42%, Rate Floor: 0.42%) due 07/25/46◊		314,321		280,548
WaMu Asset-Backed Certificates WaMu Series
2007-HE4, 5.02% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 07/25/47◊		5,059,219		3,570,415
2007-HE4, 5.10% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 07/25/47◊		3,409,581		2,036,815
American Home Mortgage Assets Trust
2006-4, 5.04% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 10/25/46◊		6,968,936		3,695,377
2006-6, 5.04% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 12/25/46◊		2,160,522		1,732,234
WaMu Mortgage Pass-Through Certificates Series Trust
2007-OA6, 3.95% (1 Year CMT Rate + 0.81%, Rate Floor: 0.81%) due 07/25/47◊		4,657,062		3,639,120
2006-AR13, 4.02% (1 Year CMT Rate + 0.88%, Rate Floor: 0.88%) due 10/25/46◊		1,423,663		1,160,285
2006-AR11, 4.06% (1 Year CMT Rate + 0.92%, Rate Floor: 0.92%) due 09/25/46◊		649,949		538,856
Deutsche Alt-A Securities Mortgage Loan Trust Series
2006-AR4, 5.11% (1 Month USD LIBOR + 0.26%, Rate Floor: 0.26%) due 12/25/36◊		9,786,776		3,379,850
2007-OA2, 3.91% (1 Year CMT Rate + 0.77%, Rate Floor: 0.77%) due 04/25/47◊		2,119,878		1,768,268
Morgan Stanley IXIS Real Estate Capital Trust
2006-2, 5.00% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 11/25/36◊		15,227,130		4,937,228

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
GSAA Home Equity Trust
2006-5, 5.21% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 03/25/36◊		12,823,230	$	4,626,653
2007-7, 5.39% (1 Month USD LIBOR + 0.54%, Rate Floor: 0.54%) due 07/25/37◊		172,355		161,924
Impac Secured Assets CMN Owner Trust
2005-2, 5.35% (1 Month USD LIBOR + 0.50%, Rate Floor: 0.50%) due 03/25/36◊		5,171,885		4,520,627
COLT Mortgage Loan Trust
2021-2, 2.38% (WAC) due 08/25/66◊,4		7,108,000		4,242,291
OBX 2023-NQM2 Trust
2023-NQM2, 6.72% due 01/25/624,13		3,744,840		3,751,687
GSAA Trust
2007-3, 5.19% (1 Month USD LIBOR + 0.34%, Rate Floor: 0.34%) due 03/25/47◊		11,075,465		3,339,465
GCAT 2023-NQM2 Trust
2023-NQM2, 6.24% due 11/25/674,13		3,205,050		3,175,096
ASG Resecuritization Trust
2010-3, 4.32% (1 Month USD LIBOR + 0.29%, Rate Cap/Floor: 10.50%/0.29%) due 12/28/45◊,4		2,679,502		2,413,566
Morgan Stanley Capital I Incorporated Trust
2006-HE1, 5.43% (1 Month USD LIBOR + 0.58%, Rate Floor: 0.58%) due 01/25/36◊		1,808,569		1,721,557
Securitized Asset Backed Receivables LLC Trust 2006-WM4
2006-WM4, 5.17% (1 Month USD LIBOR + 0.32%, Rate Floor: 0.32%) due 11/25/36◊		5,310,807		1,499,980
Countrywide Asset-Backed Certificates
2005-15, 5.52% (1 Month USD LIBOR + 0.68%, Rate Floor: 0.68%) due 03/25/36◊		1,116,751		1,086,929
Residential Mortgage Loan Trust
2020-1, 2.68% (WAC) due 01/26/60◊,4		889,732		845,513
Structured Asset Investment Loan Trust
2004-BNC2, 6.05% (1 Month USD LIBOR + 1.20%, Rate Floor: 1.20%) due 12/25/34◊		426,846		417,764
2006-3, 5.00% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 06/25/36◊		322,257		307,877

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
Nomura Resecuritization Trust
2015-4R, 2.60% (1 Month USD LIBOR + 0.43%, Rate Floor: 0.43%) due 03/26/36◊,4		636,075	$	572,861
Impac Secured Assets Trust
2006-2, 5.19% (1 Month USD LIBOR + 0.34%, Rate Cap/Floor: 11.50%/0.34%) due 08/25/36◊		559,330		503,609
Alliance Bancorp Trust
2007-OA1, 5.33% (1 Month USD LIBOR + 0.48%, Rate Floor: 0.48%) due 07/25/37◊		538,139		446,653
UCFC Manufactured Housing Contract
1997-2, 7.38% due 10/15/28		146,695		144,834
Morgan Stanley Re-REMIC Trust
2010-R5, 3.22% due 06/26/364		121,742		104,884
GreenPoint Mortgage Funding Trust
2006-AR1, 5.20% (1 Month USD LIBOR + 0.58%, Rate Cap/Floor: 10.50%/0.58%) due 02/25/36◊		97,559		80,721
Irwin Home Equity Loan Trust
2007-1, 6.35% due 08/25/374		478		463
Total Residential Mortgage-Backed Securities				1,804,060,119
Government Agency - 7.1%
Uniform MBS 30 Year
due 03/01/5316		1,141,356,933		1,086,659,685
Fannie Mae
2.40% due 03/01/40		27,004,000		19,467,885
3.83% due 05/01/49		19,000,000		16,179,472
2.27% due 10/01/41		16,935,000		11,768,907
3.42% due 09/01/47		12,283,001		10,498,727
2.07% due 10/01/50		12,917,637		9,158,480
2.57% due 08/01/51		12,270,390		8,960,705
due 12/25/4310		11,327,402		8,803,488
2.00% due 09/01/50		11,587,515		8,067,292
2.31% due 10/01/41		9,435,000		6,560,334
1.76% due 08/01/40		9,360,000		6,544,152
2.17% due 03/01/51		8,638,000		5,882,917
2.44% due 10/01/51		8,500,000		5,436,636
2.10% due 07/01/50		7,351,643		5,204,976
2.49% due 12/01/39		6,660,511		5,104,386
2.43% due 12/01/51		7,401,000		5,044,682
2.41% due 12/01/41		7,100,000		4,983,414
3.05% due 03/01/50		5,936,042		4,649,890
2.94% due 03/01/52		5,745,178		4,426,413
due 10/25/4310		5,616,557		4,388,669
2.51% due 10/01/46		5,596,699		4,388,235
4.07% due 05/01/49		4,631,987		4,210,889
2.52% due 12/01/41		5,235,200		4,104,443
2.17% due 10/01/50		5,091,225		3,608,647
2.99% due 01/01/40		4,429,000		3,588,237
3.50% due 02/01/48		3,773,647		3,274,606
4.24% due 08/01/48		3,400,000		3,051,805
2.54% due 12/01/39		3,651,325		2,938,685
2.42% due 10/01/51		3,410,343		2,468,917
2.36% due 01/01/42		3,500,000		2,432,380
2.96% due 10/01/49		2,804,336		2,224,007
3.26% due 11/01/46		2,335,035		1,976,262
2.92% due 03/01/50		2,323,430		1,826,546
2.69% due 02/01/52		2,457,570		1,815,169
2.51% due 07/01/50		2,339,658		1,762,591
2.62% due 12/01/51		2,303,792		1,694,346
2.93% due 03/01/52		2,063,534		1,597,174
2.34% due 09/01/39		2,121,797		1,582,833
2.68% due 04/01/50		1,886,809		1,452,573
3.46% due 08/01/49		1,646,886		1,396,392
3.74% due 02/01/48		1,224,660		1,085,215

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
4.05% due 09/01/48		1,132,702	$	1,030,348
2.32% due 07/01/50		1,350,136		974,572
2.25% due 10/01/50		1,244,215		877,177
3.96% due 06/01/49		942,802		840,387
3.01% due 04/01/42		1,050,000		804,824
3.60% due 10/01/47		907,883		790,094
4.00% due 12/01/38		742,488		725,683
2.65% due 12/01/51		982,416		717,547
3.18% due 09/01/42		831,495		713,836
3.50% due 12/01/46		715,731		675,735
3.63% due 01/01/37		699,563		648,741
3.36% due 12/01/39		678,495		581,637
3.91% due 07/01/49		661,262		581,221
4.50% due 03/01/48		565,216		562,650
3.50% due 12/01/45		584,273		551,898
2.75% due 11/01/31		606,426		548,318
4.00% due 01/01/46		561,504		547,486
3.50% due 11/01/47		551,433		520,274
2.56% due 05/01/39		591,759		467,924
3.00% due 07/01/46		486,956		446,693
3.51% due 11/01/47		366,187		318,114
4.33% due 09/01/48		326,281		308,115
4.50% due 02/01/45		305,557		305,406
4.22% due 04/01/49		315,000		279,144
2.50% due 11/25/50		449,210		279,140
3.77% due 08/01/45		282,889		239,582
5.00% due 12/01/44		230,065		234,546
3.50% due 08/01/43		212,630		202,744
5.00% due 05/01/44		199,276		202,436
2.00% due 10/25/51		329,737		188,349
4.50% due 05/01/47		169,753		169,670
3.95% due 06/01/49		191,091		168,628
2.06% due 09/01/36		140,000		104,006
2.28% due 01/01/51		69,029		49,823
Freddie Mac
due 04/01/5210		32,243,513		31,097,079
3.26% due 09/01/45		2,143,350		1,828,851
4.50% due 08/01/52		1,165,337		1,151,793
5.00% due 09/01/52		1,117,523		1,136,513
1.96% due 05/01/50		1,541,794		1,048,301
3.50% due 01/01/44		833,698		794,211
4.00% due 02/01/46		602,430		584,688
4.00% due 11/01/45		488,002		476,464
3.00% due 08/01/46		517,668		475,360
2.00% due 10/25/51		824,343		454,613
4.00% due 01/15/46		417,019		410,844
4.50% due 06/01/48		227,507		227,089
2.50% due 02/25/52		133,843		83,982
Fannie Mae-Aces
1.49% (WAC) due 03/25/35◊,11		204,380,031		21,688,319
Freddie Mac Seasoned Credit Risk Transfer Trust
2.00% due 11/25/59		11,572,284		9,735,875
2.00% due 05/25/60		9,420,271		7,928,280
FARM Mortgage Trust
2.18% (WAC) due 01/25/51◊,4		10,642,856		8,940,656
Freddie Mac Multifamily Structured Pass Through Certificates
0.51% (WAC) due 12/25/24◊,11		41,485,726		324,829
Total Government Agency				1,395,315,557
Commercial Mortgage-Backed Securities - 1.7%
BX Commercial Mortgage Trust
2021-VOLT, 6.68% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 09/15/36◊,4		60,050,000		56,000,745
2021-VOLT, 6.33% (1 Month USD LIBOR + 1.65%, Rate Floor: 1.65%) due 09/15/36◊,4		52,000,000		48,870,510
2019-XL, 6.94% (1 Month Term SOFR + 2.11%, Rate Floor: 2.11%) due 10/15/36◊,4		6,849,516		6,616,417

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
2022-LP2, 6.79% (1 Month Term SOFR + 1.96%, Rate Floor: 1.96%) due 02/15/39◊,4		5,848,857	$	5,472,713
JP Morgan Chase Commercial Mortgage Securities Trust
2021-NYAH, 6.52% (1 Month USD LIBOR + 1.84%, Rate Floor: 1.84%) due 06/15/38◊,4		14,350,000		12,921,020
2016-JP3, 3.40% (WAC) due 08/15/49◊		10,290,000		7,636,876
2021-NYAH, 6.87% (1 Month USD LIBOR + 2.19%, Rate Floor: 2.19%) due 06/15/38◊,4		8,000,000		7,120,955
2016-JP3, 1.33% (WAC) due 08/15/49◊,11		59,570,993		2,173,317
SMRT
2022-MINI, 6.78% (1 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 01/15/39◊,4		32,500,000		29,647,803
Life Mortgage Trust
2021-BMR, 7.29% (1 Month Term SOFR + 2.46%, Rate Floor: 2.46%) due 03/15/38◊,4		19,167,918		17,835,539
2021-BMR, 6.69% (1 Month Term SOFR + 1.86%, Rate Floor: 1.86%) due 03/15/38◊,4		5,160,593		4,821,073
Extended Stay America Trust
2021-ESH, 6.94% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 07/15/38◊,4		12,202,403		11,620,913
2021-ESH, 6.39% (1 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 07/15/38◊,4		6,296,440		6,097,753
Citigroup Commercial Mortgage Trust
2019-GC43, 0.62% (WAC) due 11/10/52◊,11		218,440,803		6,814,414
2019-GC41, 1.04% (WAC) due 08/10/56◊,11		103,293,690		4,536,132
2016-P4, 1.89% (WAC) due 07/10/49◊,11		28,137,566		1,284,078
2016-C2, 1.66% (WAC) due 08/10/49◊,11		30,626,278		1,270,075
2016-P5, 1.38% (WAC) due 10/10/49◊,11		25,194,508		928,110
2016-GC37, 1.65% (WAC) due 04/10/49◊,11		19,456,520		731,666
2015-GC35, 0.72% (WAC) due 11/10/48◊,11		28,385,241		419,128
2015-GC29, 1.02% (WAC) due 04/10/48◊,11		18,317,138		296,241
2016-C3, 1.00% (WAC) due 11/15/49◊,11		10,020,188		286,030

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
Wells Fargo Commercial Mortgage Trust
2017-C38, 0.97% (WAC) due 07/15/50◊,11		65,391,146	$	2,029,388
2016-BNK1, 1.72% (WAC) due 08/15/49◊,11		34,731,400		1,522,274
2016-C32, 4.73% (WAC) due 01/15/59◊		1,400,000		1,311,472
2017-RB1, 1.20% (WAC) due 03/15/50◊,11		33,022,668		1,157,953
2017-C42, 0.86% (WAC) due 12/15/50◊,11		34,073,697		1,119,709
2016-C35, 1.88% (WAC) due 07/15/48◊,11		21,979,031		1,014,732
2015-NXS4, 1.02% (WAC) due 12/15/48◊,11		37,500,341		804,371
2017-RC1, 1.38% (WAC) due 01/15/60◊,11		17,065,516		743,469
2016-NXS5, 1.42% (WAC) due 01/15/59◊,11		21,504,534		656,546
2015-C30, 0.88% (WAC) due 09/15/58◊,11		28,768,137		486,725
2015-P2, 0.93% (WAC) due 12/15/48◊,11		22,277,610		455,076
2016-C37, 0.81% (WAC) due 12/15/49◊,11		11,548,261		246,015
2015-NXS1, 1.07% (WAC) due 05/15/48◊,11		8,033,906		123,107
GS Mortgage Securities Trust
2020-GC45, 0.67% (WAC) due 02/13/53◊,11		153,000,642		4,894,506
2019-GC42, 0.81% (WAC) due 09/10/52◊,11		69,334,913		2,633,673
2017-GS6, 1.01% (WAC) due 05/10/50◊,11		41,099,580		1,403,814
2017-GS6, 3.87% due 05/10/50		521,000		459,288
2015-GC28, 0.97% (WAC) due 02/10/48◊,11		14,747,811		191,284
BENCHMARK Mortgage Trust
2019-B14, 0.78% (WAC) due 12/15/62◊,11		108,448,052		3,340,634
2020-IG3, 3.13% (WAC) due 09/15/48◊,4		5,232,000		2,846,559
2018-B2, 0.45% (WAC) due 02/15/51◊,11		101,219,088		1,597,571
2018-B6, 0.41% (WAC) due 10/10/51◊,11		60,342,147		848,694
2018-B6, 4.61% (WAC) due 10/10/51◊		750,000		667,959
GS Mortgage Securities Corporation Trust
2020-UPTN, 3.25% (WAC) due 02/10/37◊,4		5,350,000		4,587,341
2020-DUNE, 6.03% (1 Month USD LIBOR + 1.35%, Rate Floor: 1.35%) due 12/15/36◊,4		3,750,000		3,630,891

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
2020-DUNE, 6.58% (1 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 12/15/36◊,4		1,000,000	$	952,672
JPMDB Commercial Mortgage Securities Trust
2017-C7, 0.83% (WAC) due 10/15/50◊,11		125,529,503		3,504,206
2016-C4, 3.64% (WAC) due 12/15/49◊		2,650,000		2,279,007
2016-C4, 0.75% (WAC) due 12/15/49◊,11		81,278,791		1,784,980
2016-C2, 1.49% (WAC) due 06/15/49◊,11		23,330,649		799,261
2017-C5, 0.89% (WAC) due 03/15/50◊,11		7,540,232		191,578
DBGS Mortgage Trust
2018-C1, 4.63% (WAC) due 10/15/51◊		7,588,000		6,843,700
COMM Mortgage Trust
2018-COR3, 0.43% (WAC) due 05/10/51◊,11		195,915,434		3,611,623
2015-CR26, 0.90% (WAC) due 10/10/48◊,11		76,232,581		1,319,616
2015-CR24, 0.69% (WAC) due 08/10/48◊,11		39,263,226		506,594
2015-CR23, 0.86% (WAC) due 05/10/48◊,11		35,611,940		486,787
2015-CR27, 0.91% (WAC) due 10/10/48◊,11		25,326,356		461,730
2013-CR13, 0.72% (WAC) due 11/10/46◊,11		34,308,920		111,881
2014-LC15, 1.05% (WAC) due 04/10/47◊,11		8,900,914		53,021
KKR Industrial Portfolio Trust
2021-KDIP, 6.49% (1 Month Term SOFR + 1.66%, Rate Floor: 1.66%) due 12/15/37◊,4		6,562,500		6,101,087
BANK
2020-BN25, 0.44% (WAC) due 01/15/63◊,11		140,000,000		3,517,108
2017-BNK6, 0.77% (WAC) due 07/15/60◊,11		39,259,524		985,045
2017-BNK4, 1.34% (WAC) due 05/15/50◊,11		10,745,805		449,949
CSAIL Commercial Mortgage Trust
2019-C15, 1.03% (WAC) due 03/15/52◊,11		94,306,088		3,946,125
2015-C1, 0.81% (WAC) due 04/15/50◊,11		49,508,985		510,596
2016-C6, 1.86% (WAC) due 01/15/49◊,11		4,849,118		210,103
UBS Commercial Mortgage Trust
2017-C2, 1.07% (WAC) due 08/15/50◊,11		39,070,659		1,430,400
2017-C5, 1.07% (WAC) due 11/15/50◊,11		42,251,826		1,328,300
CD Mortgage Trust
2017-CD6, 0.88% (WAC) due 11/13/50◊,11		40,811,115		1,087,677
2016-CD1, 1.37% (WAC) due 08/10/49◊,11		29,272,785		968,051

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
2016-CD2, 0.56% (WAC) due 11/10/49◊,11		29,714,171	$	452,152
BBCMS Mortgage Trust
2018-C2, 0.76% (WAC) due 12/15/51◊,11		57,357,670		1,917,742
CD Commercial Mortgage Trust
2017-CD4, 1.23% (WAC) due 05/10/50◊,11		25,690,003		984,598
2017-CD3, 0.97% (WAC) due 02/10/50◊,11		31,945,175		909,390
CGMS Commercial Mortgage Trust
2017-B1, 0.74% (WAC) due 08/15/50◊,11		59,270,020		1,561,089
JPMCC Commercial Mortgage Securities Trust
2017-JP6, 1.02% (WAC) due 07/15/50◊,11		47,777,696		1,452,791
JPMBB Commercial Mortgage Securities Trust
2015-C27, 1.13% (WAC) due 02/15/48◊,11		65,471,455		1,048,257
2013-C12, 0.34% (WAC) due 07/15/45◊,11		16,949,656		170
Morgan Stanley Bank of America Merrill Lynch Trust
2015-C27, 0.87% (WAC) due 12/15/47◊,11		63,825,082		970,684
CFCRE Commercial Mortgage Trust
2016-C3, 0.98% (WAC) due 01/10/48◊,11		43,310,725		967,224
Citigroup Commercial Mortgage Trust 2015-GC35
2015-GC35, 4.35% (WAC) due 11/10/48◊		810,679		730,933
Bank of America Merrill Lynch Commercial Mortgage Trust
2017-BNK3, 1.01% (WAC) due 02/15/50◊,11		21,201,423		662,939
2016-UB10, 1.74% (WAC) due 07/15/49◊,11		1,579,038		62,371
DBJPM Mortgage Trust
2017-C6, 0.91% (WAC) due 06/10/50◊,11		20,387,674		567,660
Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18
2014-C18, 4.00% due 08/15/31		525,365		476,260
Morgan Stanley Capital I Trust
2016-UBS9, 4.60% (WAC) due 03/15/49◊		275,000		244,629
SG Commercial Mortgage Securities Trust
2016-C5, 1.88% (WAC) due 10/10/48◊,11		5,107,627		212,965
Total Commercial Mortgage-Backed Securities				328,837,510

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
Military Housing - 1.0%
Freddie Mac Military Housing Bonds Resecuritization Trust Certificates
2015-R1, 4.66% (WAC) due 11/25/55◊,†††,4		112,147,021	$	100,702,104
2015-R1, 4.44% (WAC) due 11/25/52◊,†††,4		21,260,213		19,021,845
2015-R1, 4.32% (WAC) due 10/25/52◊,†††,4		13,315,755		11,399,651
Capmark Military Housing Trust
2006-RILY, 6.15% due 07/10/51†††,4		12,615,797		12,195,225
2007-AETC, 5.75% due 02/10/52†††,4		7,177,306		6,956,824
2006-RILY, 5.13% (1 Month USD LIBOR + 0.37%, Rate Floor: 0.37%) due 07/10/51◊,†††,4		6,788,823		4,414,746
2007-ROBS, 6.06% due 10/10/52†††,4		4,539,240		4,379,458
2007-AET2, 6.06% due 10/10/52†††,4		2,981,983		2,973,555
GMAC Commercial Mortgage Asset Corp.
2007-HCKM, 6.11% due 08/10/52†††,4		21,546,868		21,858,672
2005-DRUM, 5.47% due 05/10/50†††,4		4,375,242		3,980,269
2005-BLIS, 5.25% due 07/10/50†††,4		2,500,000		2,252,035
Freddie Mac Military Housing Bonds Resecuritization Trust Certificates
2015-R1, 0.70% (WAC) due 11/25/55◊,4,11		168,522,141		10,883,632
Total Military Housing				201,018,016
Total Collateralized Mortgage Obligations
(Cost $4,126,252,707)				3,729,231,202
SENIOR FLOATING RATE INTERESTS††,◊ - 3.7%
Consumer, Cyclical - 1.0%
MB2 Dental Solutions LLC
10.91% (1 Month Term SOFR + 6.00%, Rate Floor: 7.00%) due 01/29/27†††		76,328,505		75,043,020
Zephyr Bidco Ltd.
8.71% (1 Month GBP SONIA + 4.75%, Rate Floor: 4.75%) due 07/23/25	GBP	23,950,000		27,491,221
Packers Holdings LLC
8.09% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 03/09/28		29,235,500		26,366,913
Pacific Bells LLC
9.66% (3 Month Term SOFR + 4.50%, Rate Floor: 5.00%) due 11/10/28		14,003,289		13,443,157
BCP V Modular Services Holdings IV Ltd.
7.52% (3 Month EURIBOR + 4.50%, Rate Floor: 4.50%) due 12/15/28	EUR	11,600,000		11,865,679

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
Adevinta ASA
6.02% (3 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 06/26/28	EUR	8,983,333	$	9,625,919
New Trojan Parent, Inc.
7.97% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.75%) due 01/06/28		13,804,125		9,326,481
Flamingo
6.53% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 03/27/28	EUR	7,554,688		7,453,134
Verisure Holding AB
6.26% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 03/27/28	EUR	5,553,721		5,765,036
SP PF Buyer LLC
9.34% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 12/22/25		3,440,599		2,091,884
Rent-A-Center, Inc.
8.13% (3 Month USD LIBOR + 3.25%, Rate Floor: 3.75%) due 02/17/28		466,164		460,337
Total Consumer, Cyclical				188,932,781
Consumer, Non-cyclical - 0.9%
Bombardier Recreational Products, Inc.
6.91% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 05/24/27		30,313,131		29,422,835
Quirch Foods Holdings LLC
9.68% (1 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 10/27/27		28,891,671		26,544,223
PetIQ LLC
8.96% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.75%) due 04/13/28†††		27,838,189		25,332,752
Mission Veterinary Partners
8.84% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 04/27/28		19,010,500		17,489,660
Sigma Holding BV (Flora Food)
6.24% (6 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 07/02/25	EUR	17,000,000		17,220,223
Southern Veterinary Partners LLC
8.84% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 10/05/27		15,762,630		15,158,449
Women’s Care Holdings, Inc.
9.33% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.25%) due 01/17/28		15,796,102		14,690,375
Nidda Healthcare Holding GmbH
6.18% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 08/21/26	EUR	12,766,306		13,075,595

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
Blue Ribbon LLC
10.66% (1 Month USD LIBOR + 6.00%, Rate Floor: 6.75%) due 05/08/28		13,736,250	$	10,096,144
Confluent Health LLC
8.84% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.50%) due 11/30/28		7,616,819		6,150,581
8.84% (Commercial Prime Lending Rate + 3.00%, Rate Floor: 4.50%) due 11/30/28		1,654,867		1,336,305
HAH Group Holding Co. LLC
9.91% (1 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 10/29/27		4,510,485		4,375,170
IQVIA, Inc.
5.02% (3 Month EURIBOR + 2.00%, Rate Floor: 2.00%) due 03/07/24	EUR	1,835,451		1,979,866
Elanco Animal Health, Inc.
6.41% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 08/02/27		1,715,594		1,675,775
Spectrum Brands, Inc.
6.96% (3 Month USD LIBOR + 2.00%, Rate Floor: 2.50%) due 03/03/28		1,323,333		1,309,543
Total Consumer, Non-cyclical				185,857,496
Industrial - 0.6%
United Airlines, Inc.
8.57% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 04/21/28		40,278,000		39,925,567
Mileage Plus Holdings LLC
10.21% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 06/21/27		26,371,560		27,330,958
Merlin Buyer, Inc.
8.81% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 12/14/28		13,370,633		12,802,381
CapStone Acquisition Holdings, Inc.
9.66% (1 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 11/12/27		8,617,286		8,531,114
American Bath Group LLC
8.41% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 11/23/27		8,765,044		7,747,685
Air Canada
8.37% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 08/11/28		4,375,048		4,357,286
Dispatch Terra Acquisition LLC
9.30% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/27/28		3,825,508		3,433,393

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
Filtration Group Corp.
6.41% (1 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 03/31/25	EUR	2,694,275	$	2,893,926
YAK MAT (YAK ACCESS LLC)
due 07/10/268		7,240,000		386,109
API Heat Transfer
14.67% (3 Month USD LIBOR — 0.00%) (in-kind rate was 14.67%) due 01/01/24†††,14		63,657		33,102
14.67% (3 Month USD LIBOR — 0.00%) (in-kind rate was 14.67%) due 10/02/23†††,14		10,599		9,009
Total Industrial				107,450,530
Technology - 0.5%
Datix Bidco Ltd.
6.69% (6 Month GBP SONIA + 4.50%, Rate Floor: 4.50%) due 04/28/25†††	GBP	45,800,000		55,277,323
RLDatix
8.95% (6 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 04/28/25†††		19,781,561		19,352,301
Team.Blue Finco SARL
6.72% (3 Month EURIBOR + 3.70%, Rate Floor: 3.70%) due 03/30/28	EUR	8,326,798		8,537,294
Aston FinCo SARL
8.95% (1 Month GBP SONIA + 4.75%, Rate Floor: 4.75%) due 10/09/26	GBP	5,698,863		6,485,807
Aston FinCo SARL
9.09% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 10/09/26†††		747,423		624,099
Emerald TopCo, Inc. (Press Ganey)
8.34% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 07/24/26		460,445		429,079
Dun & Bradstreet
8.10% (1 Month USD LIBOR + 5.00%, Rate Floor: 5.00%) due 02/06/26		152,930		152,484
Total Technology				90,858,387
Financial - 0.3%
Higginbotham Insurance Agency, Inc.
10.09% (1 Month USD LIBOR + 5.25%, Rate Floor: 6.00%) due 11/25/26†††		30,990,569		30,618,682
Jane Street Group LLC
7.59% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 01/26/28		15,698,186		15,415,619
HighTower Holding LLC
8.82% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 04/21/28		8,481,258		7,993,586

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
Jones Deslauriers Insurance Management, Inc.
9.27% (3 Month Canada Banker Acceptance + 4.25%, Rate Floor: 5.00%) due 03/27/28	CAD	4,761,917	$	3,458,339
Total Financial				57,486,226
Basic Materials - 0.2%
INEOS Ltd.
5.66% (1 Month EURIBOR + 2.75%, Rate Floor: 2.75%) due 01/29/26	EUR	31,100,000		32,404,466
Trinseo Materials Operating S.C.A.
7.34% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 05/03/28		10,905,750		9,772,315
GrafTech Finance, Inc.
7.84% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.50%) due 02/12/25†††		3,640,280		3,622,079
Total Basic Materials				45,798,860
Communications - 0.1%
Syndigo LLC
9.28% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.25%) due 12/15/27		20,282,478		13,953,582
Xplornet Communications, Inc.
8.84% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.50%) due 10/02/28		5,997,380		4,820,394
Radiate Holdco LLC
8.09% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 09/25/26		2,434,920		1,983,584
Zayo Group Holdings, Inc.
7.84% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/09/27		1,652,094		1,337,635
Total Communications				22,095,195
Energy - 0.1%
ITT Holdings LLC
7.67% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 07/10/28		13,241,355		12,844,115
Venture Global Calcasieu Pass LLC
7.47% (1 Month USD LIBOR + 2.63%, Rate Floor: 2.63%) due 08/19/26†††		6,763,635		6,704,453
Total Energy				19,548,568
Utilities - 0.0%
Hamilton Projects Acquiror LLC
9.66% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.25%) due 06/17/27		4,638,985		4,591,760
Total Senior Floating Rate Interests
(Cost $786,834,686)				722,619,803
FEDERAL AGENCY BONDS†† - 1.1%
Tennessee Valley Authority
4.25% due 09/15/65		138,205,000		128,393,689
4.63% due 09/15/60		42,436,000		42,070,838
5.38% due 04/01/56		9,283,000		10,372,490
due 09/15/539,11		1,612,000		391,319
due 09/15/559,11		1,612,000		353,197

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
due 09/15/569,11		1,612,000	$	335,954
due 03/15/579,11		1,612,000		328,171
due 09/15/579,11		1,612,000		320,567
due 09/15/589,11		1,612,000		305,885
due 03/15/599,11		1,612,000		298,797
due 09/15/599,11		1,612,000		291,875
due 09/15/609,11		1,612,000		278,507
due 09/15/549,11		1,020,000		236,361
due 03/15/619,11		1,020,000		172,782
due 09/15/619,11		1,020,000		168,788
due 09/15/629,11		1,020,000		160,453
due 03/15/639,11		1,020,000		156,735
due 09/15/639,11		1,020,000		153,104
due 09/15/649,11		1,020,000		146,092
due 03/15/659,11		1,020,000		145,661
due 09/15/659,11		1,020,000		141,732
Tennessee Valley Authority Principal Strips
due 01/15/489,10		38,804,000		12,199,978
due 12/15/429,10		23,785,000		9,499,325
due 01/15/389,10		15,800,000		8,015,356
due 09/15/659,10		3,500,000		486,336
due 09/15/399,10		570,000		267,003
due 04/01/569,10		540,000		115,341
Federal Farm Credit Bank
3.00% due 03/08/32		4,100,000		3,697,450
2.04% due 12/22/45		2,870,000		1,766,849
3.11% due 08/05/48		1,500,000		1,174,424
2.43% due 01/29/37		720,000		576,820
2.90% due 12/09/41		720,000		548,366
2.84% due 06/01/46		720,000		508,560
1.99% due 07/30/40		300,000		202,355
2.60% due 09/06/39		250,000		187,478
2.59% due 12/30/41		180,000		131,445
2.74% due 11/01/39		144,000		110,228
2.59% due 08/24/46		140,000		94,711
3.67% due 02/26/44		70,000		61,484
Freddie Mac
2.05% due 08/19/50		2,010,000		1,160,807
2.02% due 10/05/45		720,000		444,634
2.25% due 09/15/50		360,000		218,525
Federal Home Loan Bank
2.45% due 08/16/41		540,000		382,825
3.63% due 06/22/43		350,000		306,617
Total Federal Agency Bonds
(Cost $326,506,138)				227,379,914
MUNICIPAL BONDS†† - 0.8%
New York - 0.3%
Westchester County Local Development Corp. Revenue Bonds
3.85% due 11/01/50		40,185,000		29,379,201
Port Authority of New York & New Jersey Revenue Bonds
3.14% due 02/15/51		23,045,000		17,783,568
Total New York				47,162,769
California - 0.2%
California Statewide Communities Development Authority Revenue Bonds
7.14% due 08/15/47		10,500,000		11,438,143
California Public Finance Authority Revenue Bonds
3.07% due 10/15/40		8,000,000		5,982,260
2.55% due 01/01/40		3,600,000		2,706,551
Oakland Unified School District/Alameda County General Obligation Unlimited
2.87% due 08/01/35		7,405,000		6,020,793
3.12% due 08/01/40		600,000		468,021
San Mateo Foster City School District General Obligation Unlimited
3.06% due 08/01/44		6,125,000		4,627,956
California State University Revenue Bonds
2.98% due 11/01/51		5,000,000		3,559,057

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
Oakland Redevelopment Agency Successor Agency Tax Allocation
4.00% due 09/01/39		1,100,000	$	970,718
Hillsborough City School District General Obligation Unlimited
due 09/01/379		1,000,000		483,158
due 09/01/399		1,000,000		430,242
Total California				36,686,899
Texas - 0.2%
Dallas Fort Worth International Airport Revenue Bonds
3.09% due 11/01/40		13,800,000		10,986,172
City of San Antonio Texas Electric & Gas Systems Revenue Bonds
2.91% due 02/01/48		10,500,000		7,628,375
Central Texas Turnpike System Revenue Bonds
3.03% due 08/15/41		3,150,000		2,348,162
Central Texas Regional Mobility Authority Revenue Bonds
3.17% due 01/01/41		3,000,000		2,269,448
Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds
3.42% due 09/01/50		2,500,000		1,805,401
Harris County Cultural Education Facilities Finance Corp. Revenue Bonds
3.34% due 11/15/37		1,500,000		1,244,828
Dallas/Fort Worth International Airport Revenue Bonds
2.92% due 11/01/50		1,300,000		945,218
Grand Parkway Transportation Corp. Revenue Bonds
3.31% due 10/01/49		1,000,000		731,396
Total Texas				27,959,000
Illinois - 0.0%
State of Illinois General Obligation Unlimited
5.65% due 12/01/38		5,200,000		5,346,890
6.63% due 02/01/35		1,820,000		1,977,804
City of Chicago Illinois General Obligation Unlimited
6.31% due 01/01/44		4,500,000		4,801,477
Total Illinois				12,126,171
Mississippi - 0.1%
Medical Center Educational Building Corp. Revenue Bonds
2.92% due 06/01/41		11,800,000		8,986,300
Alabama - 0.0%
Auburn University Revenue Bonds
2.68% due 06/01/50		6,500,000		4,361,084
North Carolina - 0.0%
Inlivian Revenue Bonds
3.02% due 01/01/38		4,125,000		3,548,523
Ohio - 0.0%
County of Franklin Ohio Revenue Bonds
2.88% due 11/01/50		4,000,000		2,551,244
Washington - 0.0%
Central Washington University Revenue Bonds
6.95% due 05/01/40		1,750,000		2,033,987

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Face Amount~		Value
Arizona - 0.0%
Northern Arizona University Revenue Bonds
3.09% due 08/01/39		2,350,000	$	1,885,893
Oklahoma - 0.0%
Tulsa Airports Improvement Trust Revenue Bonds
3.10% due 06/01/45		1,000,000		739,933
Oklahoma Development Finance Authority Revenue Bonds
4.65% due 08/15/30		450,000		419,087
Total Oklahoma				1,159,020
Idaho - 0.0%
Boise State University Revenue Bonds
3.06% due 04/01/40		250,000		193,386
Total Municipal Bonds
(Cost $189,193,257)				148,654,276
FOREIGN GOVERNMENT DEBT†† - 0.1%
Panama Government International Bond
4.50% due 04/16/50		22,700,000		17,249,487
Bermuda Government International Bond
3.38% due 08/20/504		8,400,000		5,972,738
Total Foreign Government Debt
(Cost $33,787,413)				23,222,225
SENIOR FIXED RATE INTERESTS††† - 0.0%
Industrial - 0.0%
CTL Logistics
2.65% due 10/10/42		6,939,462		5,428,393
Total Senior Fixed Rate Interests
(Cost $6,939,462)				5,428,393

	Contracts/ Notional Value		Value
OTC OPTIONS PURCHASED†† - 0.0%
Call Options on:
Interest Rate Options
Morgan Stanley Capital Services LLC 10Y-2Y SOFR CMS CAP Expiring June 2024 with strike price of $0.10		USD 510,300,000	$	1,743,613
Barclays Bank plc 10Y-2Y SOFR CMS CAP Expiring June 2024 with strike price of $0.10		USD 506,250,000		1,729,775
Morgan Stanley Capital Services LLC 10Y-2Y SOFR CMS CAP Expiring December 2023 with strike price of $0.10		USD 510,300,000		1,506,171
Barclays Bank plc 10Y-2Y SOFR CMS CAP Expiring December 2023 with strike price of $0.20		USD 508,900,000		1,502,039
Bank of America, N.A. 10Y-2Y SOFR CMS CAP Expiring June 2024 with strike price of $0.10		USD 253,750,000		867,023
Bank of America, N.A. 10Y-2Y SOFR CMS CAP Expiring June 2023 with strike price of $0.20		USD 251,100,000		741,132
Goldman Sachs International 10Y-2Y SOFR CMS CAP Expiring June 2024 with strike price of $0.10		USD 207,200,000		707,969

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Contracts/ Notional Value		Value
Goldman Sachs International 10Y-2Y SOFR CMS CAP Expiring December 2023 with strike price of $0.20		USD 207,200,000	$	611,559
Total Interest Rate Options				9,409,281
Total OTC Options Purchased
(Cost $12,606,709)				9,409,281
Total Investments - 104.3%
(Cost $23,081,935,816)			$	20,615,042,591
OTC INTEREST RATE SWAPTIONS WRITTEN††,15 - (0.0)%
Put Swaptions on:
Interest Rate Swaptions
Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap Expiring June 2023 with exercise rate of 3.60%		USD 347,930,000	$	(2,592,079	)
Total Interest Rate Swaptions				(2,592,079	)
Total OTC Interest Rate Swaptions Written
(Premiums received $2,592,079)				(2,592,079	)
Other Assets & Liabilities, net - (4.3)%				(850,018,805	)
Total Net Assets - 100.0%			$	19,762,431,707

Centrally Cleared Credit Default Swap Agreements Protection Purchased††
Counterparty	Exchange	Index		Protection Premium Rate		Payment Frequency	Maturity Date
BofA Securities, Inc.	ICE	ITRAXX.EUR.38.V1	1.00%		Quarterly			12/20/27
BofA Securities, Inc.	ICE	CDX.NA.HY.40.V1	5.00%		Quarterly			06/20/28

Notional Amount~			Value			Upfront Premiums Paid (Received)			Unrealized Depreciation**
	EUR	216,100,000	$	(2,184,983	)	$	(1,895,695	)	$	(289,288	)
	196,300,000			(2,983,760	)		899,277			(3,883,037	)
			$	(5,168,743	)	$	(996,418	)	$	(4,172,325	)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

Centrally Cleared Interest Rate Swap Agreements††
Counterparty	Exchange	Floating Rate Type	Floating Rate Index	Fixed Rate				Payment Frequency	Maturity Date
BofA Securities, Inc.	CME	Pay	U.S. Secured Overnight Financing Rate		3.40	%	Annually			04/04/28
BofA Securities, Inc.	CME	Pay	U.S. Secured Overnight Financing Rate		2.78	%	Annually			07/18/27

Notional Amount		Value			Upfront Premiums Paid (Received)		Unrealized Depreciation**
$	900,000,000	$	—		$	4,348	$	(4,348	)
	1,803,000,000		(48,554,393	)		7,169		(48,561,562	)
		$	(48,554,393	)	$	11,517	$	(48,565,910	)

Forward Foreign Currency Exchange Contracts††

Counterparty

Currency

Type

Quantity

Contract Amount

Settlement Date

Unrealized Appreciation (Depreciation)

UBS AG

CAD

Buy

7,000,000

5,097,768 USD

04/17/23

$

84,135

JPMorgan Chase Bank, N.A.

EUR

Buy

1,350,000

1,435,054 USD

04/17/23

30,705

Barclays Bank plc

GBP

Buy

200,000

246,897 USD

04/17/23

(89

)

Citibank, N.A.

EUR

Sell

1,032,000

1,124,392 USD

06/30/23

(928

)

Citibank, N.A.

EUR

Sell

2,700,000

2,929,260 USD

04/17/23

(2,257

)

Morgan Stanley Capital Services LLC

CAD

Sell

11,829,000

8,649,839 USD

04/17/23

(106,837

)

Barclays Bank plc

GBP

Sell

78,675,000

95,882,796 USD

04/17/23

(1,205,219

)

Barclays Bank plc

EUR

Sell

187,805,000

202,007,753 USD

04/17/23

(1,901,013

)

$

(3,101,503

)

OTC Interest Rate Swaptions Written

��

Counterparty/ Description

Floating Rate Type

Floating Rate Index

Payment Frequency

Fixed Rate

Expiration Date

Exercise Rate

Swaption Notional Amount

Swaption Value

Put

Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap

Pay

SOFR

Annual

3.60%

06/30/23

3.60%

$

347,930,000

$

(2,592,079

)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
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.
◊	Variable rate security. Rate indicated is the rate effective at March 31, 2023. 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.
1	Special Purpose Acquisition Company (SPAC).
2	Affiliated issuer.
3	Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.
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 $7,907,423,778 (cost $8,821,654,214), or 40.0% of total net assets.
5	Rate indicated is the 7-day yield as of March 31, 2023.
6	Perpetual maturity.
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 $389,706,638 (cost $408,714,805), or 2.0% of total net assets — See Note 10.
8	Security is in default of interest and/or principal obligations.
9	Zero coupon rate security.
10	Security is a principal-only strip.
11	Security is an interest-only strip.
12	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
13	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, 2023. See table below for additional step information for each security.
14 15	Payment-in-kind security. Swaptions — See additional disclosure in the swaptions table above for more information on swaptions.
16	Security is unsettled at period end and does not have a stated effective rate.
	BofA — Bank of America
	CAD — Canadian Dollar
	CDX.NA.HY.40.V1 — Credit Default Swap North American High Yield Series 40 Index Version 1
	CME — Chicago Mercantile Exchange
	CMS — Constant Maturity Swap
	CMT — Constant Maturity Treasury
	EUR — Euro
	EURIBOR — European Interbank Offered Rate
	GBP — British Pound
	ICE — Intercontinental Exchange
	ITRAXX.EUR.38.V1 — iTraxx Europe Series 38 Index Version 1
	LIBOR — London Interbank Offered Rate
	plc — Public Limited Company

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

REMIC — Real Estate Mortgage Investment Conduit

REIT — Real Estate Investment Trust

SARL — Société à Responsabilité Limitée

SOFR — Secured Overnight Financing Rate

SONIA — Sterling Overnight Index Average

WAC — Weighted Average Coupon

See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	30,381,201	$	—	$	1,749		$	30,382,950
Preferred Stocks		—		789,487,916		—	*		789,487,916
Warrants		133,353		—		103			133,456
Exchange-Traded Funds		2,488,147		—		—			2,488,147
Mutual Funds		69,534,739		—		—			69,534,739
Money Market Fund		294,468,227		—		—			294,468,227
Corporate Bonds		—		4,849,388,110		362,898,121			5,212,286,231
U.S. Government Securities		—		4,859,631,212		—			4,859,631,212
Asset-Backed Securities		—		4,009,462,617		481,222,002			4,490,684,619
Collateralized Mortgage Obligations		—		3,372,770,295		356,460,907			3,729,231,202
Senior Floating Rate Interests		—		506,002,983		216,616,820			722,619,803
Federal Agency Bonds		—		227,379,914		—			227,379,914
Municipal Bonds		—		148,654,276		—			148,654,276
Foreign Government Debt		—		23,222,225		—			23,222,225
Senior Fixed Rate Interests		—		—		5,428,393			5,428,393
Options Purchased		—		9,409,281		—			9,409,281
Forward Foreign Currency Exchange Contracts**		—		114,840		—			114,840
Total Assets	$	397,005,667	$	18,795,523,669	$	1,422,628,095		$	20,615,157,431

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Swaptions Written	$	—	$	2,592,079	$	—	$	2,592,079
Credit Default Swap Agreements**		—		4,172,325		—		4,172,325
Interest Rate Swap Agreements**		—		48,565,910		—		48,565,910
Forward Foreign Currency Exchange Contracts**		—		3,216,343		—		3,216,343
Unfunded Loan Commitments (Note 9)		—		—		199,312		199,312
Total Liabilities	$	—	$	58,546,657	$	199,312	$	58,745,969

*	Security has 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 | 69

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
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, 2023			Valuation Technique		Unobservable Inputs		Input Range		Weighted Average*
Assets:
Asset-Backed Securities	$	284,857,127	Option adjusted spread off prior month end broker quote		Broker Quote		—		—
Asset-Backed Securities		150,368,930	Yield Analysis		Yield		3.8%-8.3%		6.3%
Asset-Backed Securities		26,753,682	Third Party Pricing		Broker Quote		—		—
Asset-Backed Securities		19,242,263	Third Party Pricing		Vendor Price		—		—
Collateralized Mortgage Obligations		131,123,600	Yield Analysis		Yield		6.1%-6.5%		6.3%
Collateralized Mortgage Obligations		114,183,598	Model Price		Market Comparable Yields		7.6%		—
Collateralized Mortgage Obligations		59,010,784	Option adjusted spread off prior month end broker quote		Broker Quote		—		—
Collateralized Mortgage Obligations		52,142,925	Third Party Pricing		Vendor Price		—		—
Common Stocks		938	Model Price		Liquidation Value		—		—
Common Stocks		811	Enterprise Value		Valuation Multiple		2.7x-9.5x		3.8x
Corporate Bonds		199,125,264	Option adjusted spread off prior month end broker quote		Broker Quote		—		—
Corporate Bonds		82,027,220	Third Party Pricing		Vendor Price		—		—
Corporate Bonds		81,030,692	Yield Analysis		Yield		5.8%-6.7%		6.2%
Corporate Bonds		714,945	Model Price		Purchase Price		—		—
Senior Fixed Rate Interests		5,428,393	Option adjusted spread off prior month end broker quote		Broker Quote		—		—
Senior Floating Rate Interests		180,291,326	Yield Analysis		Yield		10.6%-11.4%		11.0%
Senior Floating Rate Interests		36,283,383	Third Party Pricing		Broker Quote		—		—
Senior Floating Rate Interests		42,111	Model Price		Purchase Price		—		—
Warrants		103	Model Price		Liquidation Value		—		—
Total Assets	$	1,422,628,095
Liabilities:
Unfunded Loan Commitments	$	199,312	Model Price		Purchase Price		—		—

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

Significant changes in a quote, yield, market comparable yields, liquidation value 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.

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

The Fund’s fair valuation leveling guidelines classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3, if such a quote or price cannot be supported with other available market information.

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, 2023, the Fund had securities with a total value of $217,396,998 transfer into Level 3 from Level 2 due to a lack of observable inputs and had securities with a total value of $84,312,382 transfer out of Level 3 into 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, 2023:

	Assets
	Asset-Backed Securities			Collateralized Mortgage Obligations			Corporate Bonds			Senior Floating Rate Interests
Beginning Balance	$	529,446,053		$	179,915,422		$	465,953,250		$	332,581,132
Purchases/(Receipts)		141,503,510			53,450,000			—			6,999,121
(Sales, maturities and paydowns)/Fundings		(200,836,567	)		(13,812,470	)		(198,531,724	)		(46,762,337	)
Amortization of premiums/discounts		467,824			(13,413	)		(10,103	)		1,147,501
Total realized gains (losses) included in earnings		(13,491,235	)		(2,125,152	)		(36,845,771	)		(2,355,074	)
Total change in unrealized appreciation (depreciation) included in earnings		24,132,568			7,922,920			50,305,249			5,072,530
Transfers into Level 3		—			131,123,600			82,027,220			4,246,178
Transfers out of Level 3		(151	)		—			—			(84,312,231	)
Ending Balance	$	481,222,002		$	356,460,907		$	362,898,121		$	216,616,820
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at March 31, 2023	$	3,014,231		$	5,946,681		$	10,106,997		$	4,852,523

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

	Assets										Liabilities
	Warrants		Common Stocks		Senior Fixed Rate Interests			Total Assets			Unfunded Loan Commitments
Beginning Balance	$	103	$	1,382	$	5,402,287		$	1,513,299,629		$	(1,043,263	)
Purchases/(Receipts)		—		6		—			201,952,637			(923	)
(Sales, maturities and paydowns)/Fundings		—		—		(112,009	)		(460,055,107	)		256,578
Amortization of premiums/discounts		—		—		—			1,591,809			—
Total realized gains (losses) included in earnings		—		—		—			(54,817,232	)		(157,707	)
Total change in unrealized appreciation (depreciation) included in earnings		—		361		138,115			87,571,743			746,003
Transfers into Level 3		—		—		—			217,396,998			—
Transfers out of Level 3		—		—		—			(84,312,382	)		—
Ending Balance	$	103	$	1,749	$	5,428,393		$	1,422,628,095		$	(199,312	)
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at March 31, 2023	$	—	$	361	$	138,115		$	24,058,908		$	119,668

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			Future Reset Date
Angel Oak Mortgage Trust 2023-1, 4.75% due 09/26/67		5.75	%		01/01/27		—			—
Angel Oak Mortgage Trust 2023-1 2023-1, 4.75% due 09/26/67		5.75	%		01/01/27		—			—
BRAVO Residential Funding Trust 2022-R1, 3.13% due 01/29/70		6.13	%		01/30/25		—			—
BRAVO Residential Funding Trust 2021-C, 1.62% due 03/01/61		4.62	%		09/25/24		5.62	%		09/26/25
BRAVO Residential Funding Trust 2023-NQM2 2023-NQM2, 4.50% due 05/25/62		5.50	%		02/01/27		—			—
BRAVO Residential Funding Trust 2023-NQM2 2023-NQM2, 4.50% due 05/25/62		5.50	%		02/01/27		—			—
BRAVO Residential Funding Trust 2023-NQM2 2023-NQM2, 4.50% due 05/25/62		5.50	%		02/01/27		—			—
Citigroup Mortgage Loan Trust 2022-A, 6.17% due 09/25/62		9.17	%		09/25/25		10.17	%		09/25/26

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
TOTAL RETURN BOND FUND

Name	Coupon Rate at Next Reset Date			Next Rate Reset Date		Future Reset Rate			Future Reset Date
GCAT 2023-NQM2 Trust 2023-NQM2, 6.24% due 11/25/67		7.24	%		01/01/27		—			—
GCAT Trust 2022-NQM5, 5.71% due 08/25/67		6.71	%		10/01/26		—			—
GCAT Trust 2022-NQM5, 5.71% due 08/25/67		6.71	%		10/01/26		—			—
Legacy Mortgage Asset Trust 2021-GS2, 1.75% due 04/25/61		4.75	%		04/25/24		5.75	%		04/25/25
Legacy Mortgage Asset Trust 2021-GS3, 1.75% due 07/25/61		4.75	%		05/25/24		5.75	%		05/25/25
Legacy Mortgage Asset Trust 2021-GS5, 2.25% due 07/25/67		5.25	%		11/25/24		6.25	%		11/25/25
NYMT Loan Trust 2022-SP1, 5.25% due 07/25/62		8.25	%		07/01/25		9.25	%		07/01/26
OBX 2023-NQM2 Trust 2023-NQM2, 6.72% due 01/25/62		7.72	%		02/01/27		—			—
OBX Trust 2023-NQM2, 6.32% due 01/25/62		7.32	%		02/01/27		—			—
OBX Trust 2022-NQM8, 6.10% due 09/25/62		7.10	%		10/01/26		—			—
OBX Trust 2022-NQM9, 6.45% due 09/25/62		7.45	%		11/01/26		—			—
OSAT Trust 2021-RPL1, 2.12% due 05/25/65		5.12	%		06/25/24		6.12	%		06/25/25
PRPM LLC 2022-1, 3.72% due 02/25/27		6.72	%		02/25/25		7.72	%		02/25/26
PRPM LLC 2021-5, 1.79% due 06/25/26		4.79	%		06/25/24		5.79	%		06/25/25
Verus Securitization Trust 2022-8, 6.13% due 09/25/67		7.13	%		10/01/26		—			—
Verus Securitization Trust 2022-8, 6.13% due 09/25/67		7.13	%		10/01/26		—			—

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2023
TOTAL RETURN BOND 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 “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2022, 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/1601445/000182126822000340/gug84768.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended March 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 09/30/22		Additions		Reductions		Realized Gain (Loss)
Common Stocks
BP Holdco LLC *	$	323	$	—	$	—	$	—
Mutual Funds
Guggenheim Strategy Fund II		26,646,371		656,799		—		—
Guggenheim Strategy Fund III		14,383,324		364,797		—		—
Guggenheim Ultra Short Duration Fund — Institutional Class		26,156,766		588,077		—		—
	$	67,186,784	$	1,609,673	$	—	$	—

Security Name	Change in Unrealized Appreciation (Depreciation)		Value 03/31/23		Shares 03/31/23		Investment Income
Common Stocks
BP Holdco LLC *	$	361	$	684		532	$	—
Mutual Funds
Guggenheim Strategy Fund II		269,692		27,572,862		1,138,904		654,828
Guggenheim Strategy Fund III		139,533		14,887,654		613,924		364,184
Guggenheim Ultra Short Duration Fund — Institutional Class		329,380		27,074,223		2,788,283		585,483
	$	738,966	$	69,535,423			$	1,604,495

* Non-income producing security.

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

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

TOTAL RETURN BOND FUND

March 31, 2023

Assets:
Investments in unaffiliated issuers, at value (cost $23,010,520,439)	$	20,545,507,168
Investments in affiliated issuers, at value (cost $71,415,377)		69,535,423
Foreign currency, at value (cost 3,835,810)		3,835,147
Cash		10,019,293
Segregated cash with broker		8,809,460
Unamortized upfront premiums paid on credit default swap agreements		899,277
Unamortized upfront premiums paid on interest rate swap agreements		11,517
Unrealized appreciation on forward foreign currency exchange contracts		114,840
Prepaid expenses		489,933
Receivables:
Securities sold		1,191,995,661
Interest		159,912,116
Fund shares sold		34,098,016
Dividends		826,426
Foreign tax reclaims		111,693
Investment Adviser		608
Total assets		22,026,166,578
Liabilities:
Unfunded loan commitments, at value (Note 9) (commitment fees received $61,709)		199,312
Options written, at value (premiums received $2,592,079)		2,592,079
Segregated cash due to broker		4,617,405
Unamortized upfront premiums received on credit default swap agreements		1,895,695
Unrealized depreciation on forward foreign currency exchange contracts		3,216,343
Payable for:
Securities purchased		2,181,860,349
Fund shares redeemed		42,166,027
Management fees		6,213,122
Variation margin on interest rate swap agreements		5,878,646
Distributions to shareholders		3,902,253
Transfer agent/maintenance fees		2,711,500
Variation margin on credit default swap agreements		1,464,517
Protection fees on credit default swap agreements		405,319
Distribution and service fees		341,473
Fund accounting/administration fees		171,809
Due to Investment Adviser		147,741
Trustees’ fees*		26,708
Miscellaneous		5,924,573
Total liabilities		2,263,734,871
Net assets	$	19,762,431,707
Net assets consist of:
Paid in capital	$	23,629,938,493
Total distributable earnings (loss)		(3,867,506,786	)
Net assets	$	19,762,431,707
A-Class:
Net assets	$	475,906,236
Capital shares outstanding		19,974,119
Net asset value per share	$	23.83
Maximum offering price per share (Net asset value divided by 96.00%)	$	24.82
C-Class:
Net assets	$	177,472,100
Capital shares outstanding		7,447,959
Net asset value per share	$	23.83
P-Class:
Net assets	$	429,962,334
Capital shares outstanding		18,051,307
Net asset value per share	$	23.82
Institutional Class:
Net assets	$	18,443,009,822
Capital shares outstanding		773,385,421
Net asset value per share	$	23.85
R6-Class:
Net assets	$	236,081,215
Capital shares outstanding		9,893,984
Net asset value per share	$	23.86

* 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 | 75

STATEMENT OF OPERATIONS (Unaudited)

TOTAL RETURN BOND FUND

Six Months Ended March 31, 2023

Investment Income:
Dividends from securities of unaffiliated issuers	$	11,857,923
Dividends from securities of affiliated issuers		1,604,495
Interest from securities in unaffiliated issuers (net of foreign withholding tax of $223,481)		469,225,551
Total investment income		482,687,969
Expenses:
Management fees		35,852,190
Distribution and service fees:
A-Class		555,388
C-Class		921,861
P-Class		574,465
Transfer agent/maintenance fees:
A-Class		192,546
C-Class		115,604
P-Class		518,917
Institutional Class		9,002,449
R6-Class		12,348
Interest expense		9,420,652
Fund accounting/administration fees		3,818,732
Professional fees		808,485
Line of credit fees		578,277
Custodian fees		372,997
Trustees’ fees*		148,860
Miscellaneous		1,008,942
Recoupment of previously waived fees:
A-Class		31,299
C-Class		3,133
P-Class		1,128
Institutional Class		141,464
R6-Class		7,252
Total expenses		64,086,989
Less:
Expenses reimbursed by Adviser
A-Class		(35,944	)
C-Class		(40,992	)
P-Class		(325,905	)
Institutional Class		(5,365,039	)
R6-Class		(766	)
Expenses waived by Adviser		(2,888,407	)
Earnings credits applied		(162,856	)
Total waived/reimbursed expenses		(8,819,909	)
Net expenses		55,267,080
Net investment income		427,420,889
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(676,948,982	)
Investments sold short		(157,707	)
Swap agreements		(31,733,848	)
Futures contracts		6,653,719
Options purchased		(36,569,467	)
Options written		16,539,907
Forward foreign currency exchange contracts		(23,840,263	)
Foreign currency transactions		808,760
Net realized loss		(745,247,881	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		1,211,997,292
Investments in affiliated issuers		738,966
Swap agreements		93,628,811
Options purchased		(55,277,918	)
Options written		16,383,616
Forward foreign currency exchange contracts		(15,432,867	)
Foreign currency translations		486,612
Net change in unrealized appreciation (depreciation)		1,252,524,512
Net realized and unrealized gain		507,276,631
Net increase in net assets resulting from operations	$	934,697,520

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

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

STATEMENTS OF CHANGES IN NET ASSETS

TOTAL RETURN BOND FUND

	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	427,420,889		$	759,469,621
Net realized loss on investments		(745,247,881	)		(513,869,862	)
Net change in unrealized appreciation (depreciation) on investments		1,252,524,512			(4,435,908,740	)
Net increase (decrease) in net assets resulting from operations		934,697,520			(4,190,308,981	)
Distributions to shareholders:
A-Class		(9,421,893	)		(22,845,332	)
C-Class		(3,223,457	)		(8,847,797	)
P-Class		(9,800,001	)		(35,091,237	)
Institutional Class		(387,453,108	)		(948,608,650	)
R6-Class		(4,655,830	)		(9,592,901	)
Total distributions to shareholders		(414,554,289	)		(1,024,985,917	)
Capital share transactions:
Proceeds from sale of shares
A-Class		118,902,188			162,652,775
C-Class		16,921,947			22,676,431
P-Class		60,846,007			277,767,413
Institutional Class		5,320,980,400			8,822,932,131
R6-Class		78,601,064			141,977,419
Distributions reinvested
A-Class		8,093,122			19,669,319
C-Class		2,767,199			7,577,710
P-Class		9,725,859			35,091,237
Institutional Class		341,631,069			839,074,338
R6-Class		4,513,838			9,497,105
Cost of shares redeemed
A-Class		(92,032,283	)		(310,183,050	)
C-Class		(45,469,180	)		(102,439,268	)
P-Class		(224,296,291	)		(599,756,830	)
Institutional Class		(5,205,992,338	)		(12,268,295,169	)
R6-Class		(62,181,889	)		(141,160,025	)
Net increase (decrease) from capital share transactions		333,010,712			(3,082,918,464	)
Net increase (decrease) in net assets		853,153,943			(8,298,213,362	)
Net assets:
Beginning of period		18,909,277,764			27,207,491,126
End of period	$	19,762,431,707		$	18,909,277,764

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

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

TOTAL RETURN BOND FUND

	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Capital share activity:
Shares sold
A-Class		5,054,774			6,128,429
C-Class		720,016			850,424
P-Class		2,583,059			10,325,436
Institutional Class		225,796,342			335,372,608
R6-Class		3,333,437			5,491,289
Shares issued from reinvestment of distributions
A-Class		345,809			736,999
C-Class		118,392			283,159
P-Class		416,597			1,309,242
Institutional Class		14,590,470			31,483,958
R6-Class		192,542			356,973
Shares redeemed
A-Class		(3,929,907	)		(11,761,205	)
C-Class		(1,949,458	)		(3,897,258	)
P-Class		(9,695,910	)		(22,953,593	)
Institutional Class		(223,187,568	)		(470,717,032	)
R6-Class		(2,685,828	)		(5,318,515	)
Net increase (decrease) in shares		11,702,767			(122,309,086	)

78 | 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.

A-Class	Six Months Ended March 31, 2023a			Year Ended Sept. 30, 2022			Year Ended Sept. 30, 2021			Year Ended Sept. 30, 2020			Year Ended Sept. 30, 2019			Year Ended Sept. 30, 2018
Per Share Data
Net asset value, beginning of period	$	23.12		$	28.94		$	29.76		$	27.42		$	26.69		$	27.05
Income (loss) from investment operations:
Net investment income (loss)b		.51			.78			.72			.56			.64			.72
Net gain (loss) on investments (realized and unrealized)		.70			(5.53	)		(.05	)		2.41			.85			(.37	)
Total from investment operations		1.21			(4.75	)		.67			2.97			1.49			.35
Less distributions from:
Net investment income		(.50	)		(.80	)		(.76	)		(.63	)		(.65	)		(.71	)
Net realized gains		—			(.27	)		(.73	)		—			(.11	)		—
Total distributions		(.50	)		(1.07	)		(1.49	)		(.63	)		(.76	)		(.71	)
Net asset value, end of period	$	23.83		$	23.12		$	28.94		$	29.76		$	27.42		$	26.69
Total Returnc		5.28	%		(16.82	%)		2.27	%		10.96	%		5.70	%		1.28	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	475,906		$	427,870		$	677,172		$	804,750		$	609,602		$	589,760
Ratios to average net assets:
Net investment income (loss)		4.39	%		2.94	%		2.47	%		1.99	%		2.37	%		2.66	%
Total expensesd		0.92	%		0.85	%		0.84	%		0.87	%		0.96	%		0.93	%
Net expensese,f,g		0.87	%		0.81	%		0.79	%		0.80	%		0.80	%		0.81	%
Portfolio turnover rate		47	%		55	%		92	%		116	%		68	%		48	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 79

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	Six Months Ended March 31, 2023a			Year Ended Sept. 30, 2022			Year Ended Sept. 30, 2021			Year Ended Sept. 30, 2020			Year Ended Sept. 30, 2019			Year Ended Sept. 30, 2018
Per Share Data
Net asset value, beginning of period	$	23.13		$	28.94		$	29.76		$	27.43		$	26.69		$	27.05
Income (loss) from investment operations:
Net investment income (loss)b		.43			.58			.50			.35			.43			.52
Net gain (loss) on investments (realized and unrealized)		.68			(5.52	)		(.05	)		2.40			.87			(.38	)
Total from investment operations		1.11			(4.94	)		.45			2.75			1.30			.14
Less distributions from:
Net investment income		(.41	)		(.60	)		(.54	)		(.42	)		(.45	)		(.50	)
Net realized gains		—			(.27	)		(.73	)		—			(.11	)		—
Total distributions		(.41	)		(.87	)		(1.27	)		(.42	)		(.56	)		(.50	)
Net asset value, end of period	$	23.83		$	23.13		$	28.94		$	29.76		$	27.43		$	26.69
Total Returnc		4.84	%		(17.41	%)		1.50	%		10.10	%		4.95	%		0.53	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	177,472		$	197,933		$	327,712		$	338,656		$	286,050		$	265,486
Ratios to average net assets:
Net investment income (loss)		3.64	%		2.18	%		1.72	%		1.24	%		1.62	%		1.93	%
Total expensesd		1.70	%		1.63	%		1.59	%		1.59	%		1.60	%		1.62	%
Net expensese,f,g		1.62	%		1.56	%		1.53	%		1.55	%		1.55	%		1.55	%
Portfolio turnover rate		47	%		55	%		92	%		116	%		68	%		48	%

80 | 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	Six Months Ended March 31, 2023a			Year Ended Sept. 30, 2022			Year Ended Sept. 30, 2021			Year Ended Sept. 30, 2020			Year Ended Sept. 30, 2019			Year Ended Sept. 30, 2018
Per Share Data
Net asset value, beginning of period	$	23.12		$	28.93		$	29.75		$	27.42		$	26.69		$	27.04
Income (loss) from investment operations:
Net investment income (loss)b		.51			.77			.72			.56			.63			.72
Net gain (loss) on investments (realized and unrealized)		.69			(5.51	)		(.05	)		2.40			.86			(.36	)
Total from investment operations		1.20			(4.74	)		.67			2.96			1.49			.36
Less distributions from:
Net investment income		(.50	)		(.80	)		(.76	)		(.63	)		(.65	)		(.71	)
Net realized gains		—			(.27	)		(.73	)		—			(.11	)		—
Total distributions		(.50	)		(1.07	)		(1.49	)		(.63	)		(.76	)		(.71	)
Net asset value, end of period	$	23.82		$	23.12		$	28.93		$	29.75		$	27.42		$	26.69
Total Return		5.24	%		(16.79	%)		2.27	%		10.92	%		5.70	%		1.32	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	429,962		$	572,113		$	1,043,507		$	926,745		$	819,770		$	738,694
Ratios to average net assets:
Net investment income (loss)		4.39	%		2.90	%		2.47	%		1.98	%		2.37	%		2.69	%
Total expensesd		1.05	%		0.93	%		0.87	%		0.88	%		0.87	%		0.91	%
Net expensese,f,g		0.88	%		0.81	%		0.79	%		0.80	%		0.80	%		0.80	%
Portfolio turnover rate		47	%		55	%		92	%		116	%		68	%		48	%

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

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	Six Months Ended March 31, 2023a			Year Ended Sept. 30, 2022			Year Ended Sept. 30, 2021			Year Ended Sept. 30, 2020			Year Ended Sept. 30, 2019			Year Ended Sept. 30, 2018
Per Share Data
Net asset value, beginning of period	$	23.14		$	28.97		$	29.78		$	27.45		$	26.71		$	27.07
Income (loss) from investment operations:
Net investment income (loss)b		.55			.86			.81			.65			.71			.80
Net gain (loss) on investments (realized and unrealized)		.69			(5.54	)		(.05	)		2.39			.87			(.37	)
Total from investment operations		1.24			(4.68	)		.76			3.04			1.58			.43
Less distributions from:
Net investment income		(.53	)		(.88	)		(.84	)		(.71	)		(.73	)		(.79	)
Net realized gains		—			(.27	)		(.73	)		—			(.11	)		—
Total distributions		(.53	)		(1.15	)		(1.57	)		(.71	)		(.84	)		(.79	)
Net asset value, end of period	$	23.85		$	23.14		$	28.97		$	29.78		$	27.45		$	26.71
Total Return		5.42	%		(16.59	%)		2.59	%		11.23	%		6.03	%		1.59	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	18,443,010		$	17,501,690		$	24,912,049		$	19,152,857		$	12,138,270		$	8,957,902
Ratios to average net assets:
Net investment income (loss)		4.67	%		3.23	%		2.76	%		2.29	%		2.64	%		2.99	%
Total expensesd		0.67	%		0.62	%		0.57	%		0.57	%		0.58	%		0.58	%
Net expensese,f,g		0.58	%		0.52	%		0.50	%		0.51	%		0.51	%		0.50	%
Portfolio turnover rate		47	%		55	%		92	%		116	%		68	%		48	%

82 | 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	Six Months Ended March 31, 2023a			Year Ended Sept. 30, 2022			Year Ended Sept. 30, 2021			Year Ended Sept. 30, 2020			Year Ended Sept. 30, 2019			Year Ended Sept. 30, 2018
Per Share Data
Net asset value, beginning of period	$	23.16		$	28.98		$	29.80		$	27.46		$	26.73		$	27.09
Income (loss) from investment operations:
Net investment income (loss)b		.55			.87			.81			.65			.71			.81
Net gain (loss) on investments (realized and unrealized)		.68			(5.54	)		(.06	)		2.40			.86			(.38	)
Total from investment operations		1.23			(4.67	)		.75			3.05			1.57			.43
Less distributions from:
Net investment income		(.53	)		(.88	)		(.84	)		(.71	)		(.73	)		(.79	)
Net realized gains		—			(.27	)		(.73	)		—			(.11	)		—
Total distributions		(.53	)		(1.15	)		(1.57	)		(.71	)		(.84	)		(.79	)
Net asset value, end of period	$	23.86		$	23.16		$	28.98		$	29.80		$	27.46		$	26.73
Total Return		5.39	%		(16.55	%)		2.56	%		11.26	%		5.99	%		1.59	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	236,081		$	209,671		$	247,051		$	167,409		$	55,441		$	37,735
Ratios to average net assets:
Net investment income (loss)		4.70	%		3.26	%		2.76	%		2.28	%		2.64	%		3.00	%
Total expensesd		0.58	%		0.53	%		0.50	%		0.52	%		0.52	%		0.53	%
Net expensese,f,g		0.54	%		0.52	%		0.50	%		0.51	%		0.51	%		0.50	%
Portfolio turnover rate		47	%		55	%		92	%		116	%		68	%		48	%

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

FINANCIAL HIGHLIGHTS (concluded)

TOTAL RETURN BOND FUND

a	Unaudited figures for the period ended March 31, 2023. 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:

	03/31/23a	09/30/22	09/30/21	09/30/20	09/30/19	09/30/18
A-Class	0.01%	0.01%	0.00%*	0.00%*	—	0.00%*
C-Class	0.00%*	—	0.00%*	0.00%*	—	0.00%*
P-Class	0.00%*	—	—	0.00%*	0.00%*	0.00%*
Institutional Class	0.00%*	—	—	0.00%*	—	0.00%*
R6-Class	0.01%	0.01%	0.01%	0.00%*	0.00%*	0.00%*

* Less than 0.01%

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

	03/31/23a	09/30/22	09/30/21	09/30/20	09/30/19	09/30/18
A-Class	0.76%	0.77%	0.78%	0.79%	0.79%	0.80%
C-Class	1.51%	1.52%	1.53%	1.54%	1.54%	1.55%
P-Class	0.76%	0.77%	0.78%	0.79%	0.79%	0.80%
Institutional Class	0.47%	0.48%	0.49%	0.50%	0.50%	0.49%
R6-Class	0.44%	0.48%	0.49%	0.50%	0.50%	0.49%

84 | 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 may issue an unlimited number of authorized 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. C-Class shares automatically convert to A-Class shares on or about the 10th day of the month following the 8-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. 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, 2023, the Trust consisted of nineteen funds (the “Funds”).

This report covers the Total Return Bond Fund (the “Fund”), a diversified investment company. At March 31, 2023, A-Class, C-Class, P-Class, Institutional Class and R6-Class shares have been issued by the Fund.

Guggenheim Partners Investment Mangagement, LLC (“GPIM” or “the Adviser”), 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.

Pursuant to an investment Sub-Advisory Agreement between GPIM and Guggenheim Partners Advisors, LLC (“GPA”) that was in effect during a portion of the Reporting Period, GPA was engaged to provide investment subadvisory services to the Fund. GPA operated as an investment sub-advisor to the Fund from April 29, 2022 to December 22, 2022.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 85

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

GPA, under the oversight of the Board and GPIM, assisted GPIM in the supervision and direction of the investment strategies of the Fund in accordance with its investment policies. As compensation for its services, GPIM paid GPA a fee, payable monthly, in an amount equal to 0.005% of the average daily net assets of 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 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”). The U.S. Securities and Exchange Commission (the “SEC”) adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith and became effective September 8, 2022. Rule 2a-5 also defines “readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee to perform fair valuation determinations for the Fund with respect to all Fund investments and other assets. As the Fund’s valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Fund’s securities and other assets.

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

86 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

with the monitoring and review responsibilities set forth in the Valuation Designee Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed 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, the investment is fair valued by the Adviser.

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

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 Adviser 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 Designee Procedures, the Adviser is 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 generally valued at the last quoted sale price.

U.S. Government securities are valued by independent pricing services, the last traded fill price, or at the reported bid price at the close of business.

Commercial paper and discount notes 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. Commercial paper and discount notes with a maturity of 60 days or less at acquisition are valued at amortized cost, unless the Adviser concludes that amortized cost does not represent the fair value of the applicable asset in which case it will be valued using an independent pricing service.

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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 that uses broker quotes, among other inputs. If the pricing service cannot or does not provide a valuation for a particular loan, or such valuation is deemed unreliable, such investment is valued based on a quote from a broker-dealer or is fair valued by the Adviser.

Exchange-traded options are valued at the mean of the bid and ask prices on the principal exchange on which they are traded.

The value of futures contracts are valued on the basis of the last sale price 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 the Fund is valued on the basis of the last sale price on the primary exchange on which the swap is traded.

The value of other swap agreements entered into by the Fund are generally valued using an evaluated price provided by a third party pricing vendor.

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 the Adviser. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value”. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as 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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

(c) Senior Floating Rate Interests and Loan Investments

Senior floating rate interests 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 Fund invests in loans and other similar debt obligations (“obligations”). A portion of the Fund’s investments in these obligations is sometimes referred to as “covenant lite” loans or obligations (“covenant lite obligations”), which are obligations that lack covenants or possess fewer or less restrictive covenants or constraints on borrowers than certain other types of obligations. The Fund may also obtain exposure to covenant lite obligations through investment in securitization vehicles and other structured products. In recent market conditions, many new or reissued obligations have not featured traditional covenants, which are intended to protect lenders and investors by (i) imposing certain restrictions or other limitations on a borrower’s operations or assets or (ii) providing certain rights to lenders. The Fund may have fewer rights with respect to covenant lite obligations, including fewer protections against the possibility of default and fewer remedies in the event of default. As a result, investments in (or exposure to) covenant lite obligations are subject to more risk than investments in (or exposure to) certain other types of obligations. The Fund is subject to other risks associated with investments in (or exposure to) obligations, including that obligations may not be considered “securities” and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.

(d) Interest on 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 takes 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, it 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.

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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).

The Fund may purchase and write options on swaps (“swaptions”) primarily to preserve a return or spread on a particular investment or portion of the Funds’ holdings, as a duration management technique or to protect against an increase in the price of securities in anticipates purchasing at a later date. The purchaser and writer of a swaption is buying or granting the right to enter into a previously agreed upon interest rate swap agreement at any time before the expiration of the options. The swaptions are forward premium swaptions which have extended settlement dates.

(g) 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)

(h) 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.

Upon entering into certain centrally-cleared swap transactions, a Fund is required to deposit with its clearing broker an amount of cash or securities as an initial margin. Subsequent variation margin receipts or payments are received or made by the Fund depending on fluctuations in the fair value of the reference entity 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.

Upfront payments received or made by a Fund on credit default swap agreements and 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.

(i) Forward Foreign Currency Exchange Contracts

The change in value of a forward foreign currency exchange 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) 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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 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.

(k) 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, 2023, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.

(l) 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, if any. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. 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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The Fund may receive other income from investments in senior loan interests including amendment fees, consent fees and commitment fees. For funded loans, these fees are recorded as income when received by the Fund and included in interest income on the Statement of Operations. For unfunded loans, commitment fees are included in realized gain on investments on the Fund’s Statement of Operations at the end of the commitment period.

(m) 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 U.S. federal income tax purposes.

(n) 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.

(o) 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 Fund’s Statement of Operations are before the reduction in expense from the related earnings credits, if any. Earnings credits for the period ended March 31, 2023, are disclosed in the Fund’s Statement of Operations.

(p) 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 4.83% at March 31, 2023.

(q) 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

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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.

(r) Special Purpose Acquisition Companies

The Fund may acquire an interest in a special purpose acquisition company (“SPAC”) in an initial public offering or a secondary market transaction. SPAC investments carry many of the same risks as investments in initial public offering securities, such as erratic price movements, greater risk of loss, lack of information about the issuer, limited operating and little public or no trading history, and higher transaction costs. An investment in a SPAC is typically subject to a higher risk of dilution by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC and interests in SPACs may be illiquid and/or be subject to restrictions on resale. A SPAC is a publicly traded company that raises investment capital for the purpose of acquiring the equity securities of one or more existing companies (or interests therein) via merger, combination, acquisition or other similar transactions. Unless and until an acquisition is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. government securities, money market securities and cash and does not typically pay dividends in respect of its common stock. SPAC investments are also subject to the risk that a significant portion of the funds raised by the SPAC may be expended during the search for a target acquisition or merger and that the SPAC may have limited time in which to conduct due diligence on potential business combination targets. Because SPACs are in essence blank check companies without operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. Among other conflicts of interest, the economic interests of the management, directors, officers and related parties of a SPAC can differ from the economic interests of public shareholders, which may lead to conflicts as they evaluate, negotiate and recommend business combination transactions to shareholders. This risk may become more acute as the deadline for the completion of a business combination nears. There is no guarantee that the SPACs in which the Fund invests will complete an acquisition or that any acquisitions that are completed will be profitable.

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 on the Fund’s 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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Short Sales

A short sale is a transaction in which the 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 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.

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

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.

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The following table represents the Fund’s use and volume of call/put options purchased on a monthly basis:

	Average Notional Amount
Use	Call		Put
Duration, Hedge	$	1,970,000,000	$	133,397,040

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 over-the-counter (“OTC”) options, a Fund may be at risk because of the counterparty’s inability to perform.

The following table represents the Fund’s use and volume of call/put options written on a monthly basis:

	Average Notional Amount
Use	Call		Put
Hedge, Income	$	73,008	$	171,021,667

Futures Contracts

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 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.

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The following table represents the Fund’s use and volume of futures on a monthly basis:

	Average Notional Amount
Use	Long		Short
Duration, Hedge	$	544,210,833	$	—

Swap Agreements

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. When utilizing OTC swaps, the 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 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. For a Fund utilizing centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. 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 monthly basis:

	Average Notional Amount
Use	Pay Floating Rate		Receive Floating Rate
Duration, Hedge, Income	$	2,802,683,333	$	—

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 investment grade and/or 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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 amount 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 on a credit default swap referencing an index, a factor adjustment will take place and the buyer of protection will receive a payment reflecting the par less the default recovery rate of the defaulted index component based on its weighting in the 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. For a fund utilizing centrally cleared credit default swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. 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 Fund’s use and volume of credit default swaps on a monthly basis:

	Average Notional Amount
Use	Protection Sold		Protection Purchased
Hedge Index exposure	$	—	$	140,766,667

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.

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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 monthly basis:

	Average Value
Use	Purchased		Sold
Hedge, Income	$	14,435,921	$	391,671,371

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, 2023:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Currency forward contracts	Unrealized appreciation on forward foreign currency exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts
Interest rate swap contracts	Unamortized upfront premiums paid on interest rate swap agreements	Variation margin on interest rate swap agreements
Credit swap contracts	Unamortized upfront premiums paid on credit default swap agreements	Unamortized upfront premiums received on credit default swap agreements Variation margin on credit default swap agreements
Equity/Interest rate option contracts	Investments in unaffiliated issuers, at value	Options written, at value

The following tables set forth the fair value of the Fund’s derivative investments categorized by primary risk exposure at March 31, 2023:

Asset Derivative Investments Value
	Swaps Interest Rate Risk*		Swaps Credit Risk*		Forward Foreign Currency Exchange Risk		Options Purchased Interest Rate Risk		Total Value at March 31, 2023
	$	—	$	—	$	114,840	$	9,409,281	$	9,524,121

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Liability Derivative Investments Value
	Swaps Interest Rate Risk*		Swaps Credit Risk*		Forward Foreign Currency Exchange Risk		Options Purchased Interest Rate Risk		Options Written Interest Rate Risk		Total Value at March 31, 2023
	$	48,565,910	$	4,172,325		3,216,343	$	—	$	2,592,079	$	58,546,657

* Includes cumulative appreciation (depreciation) of exchange-traded, OTC and centrally-cleared derivatives contracts as reported on the Schedule of Investments. For exchange-traded and centrally-cleared derivatives, variation margin is reported within the Fund’s 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, 2023:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Currency forward contracts	Net realized gain (loss) on forward foreign currency exchange contracts
	Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts
Equity/Interest rate option contracts	Net realized gain (loss) on futures 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
Interest rate/Credit swap 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 Fund’s Statement of Operations categorized by primary risk exposure for the period ended March 31, 2023:

Realized Gain (Loss) on Derivative Investments Recognized on the Statement of Operations
	Futures Equity Risk		Swaps Interest Rate Risk			Swaps Credit Risk			Options Written Equity Risk		Options Purchased Equity Risk			Forward Foreign Currency Exchange Risk			Options Written Interest Rate Risk			Total
	$	6,653,719	$	(31,221,608	)	$	(512,240	)	$	20,354,104	$	(36,569,467	)	$	(23,840,263	)	$	(3,814,197	)	$	(68,949,952	)

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Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statement of Operations
	Swaps Interest Rate Risk		Swaps Credit Risk			Options Written Equity Risk		Options Purchased Equity Risk			Forward Foreign Currency Exchange Risk			Options Purchased Interest Rate Risk			Total
	$	97,801,136	$	(4,172,325	)	$	16,383,616	$	(52,080,490	)	$	(15,432,867	)	$	(3,197,428	)	$	39,301,642

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 as collateral.

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

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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 its 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 Fund’s 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

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counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes 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 Fund’s 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	$	114,840	$	—	$	114,840	$	—		$	(10,000	)	$	104,840
Options Purchased		9,409,281		—		9,409,281		(5,805,237	)		(1,870,396	)		1,733,648

							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	$	3,216,343	$	—	$	3,216,343	$	(3,213,158	)	$	—	$	3,185
Options Written		2,592,079		—		2,592,079		(2,592,079	)		—		—

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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, 2023.

Counterparty	Asset Type	Cash Pledged		Cash Received
BofA Securities, Inc.	Credit default swap agreements	$	5,521,092	$	—
BofA Securities, Inc.	Interest rate swap agreements		3,288,368		—
Goldman Sachs International	Options		—		1,537,405
JPMorgan Chase Bank, N.A.	Forward foreign currency exchange contracts		—		10,000
Morgan Stanley Capital Services LLC	Forward foreign currency exchange contracts, Options		—		3,070,000
			8,809,460		4,617,405

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 between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

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

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

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

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

Securities for which market quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other than Level 1 inputs will be subject to fair value requirements. The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades,

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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.

Quotes from broker-dealers, adjusted for fluctuations in criteria such as credit spreads and interest rates, may also be 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 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 a quote would generally result in significant changes in the fair value of the security.

Certain fixed income securities are valued by obtaining a monthly quote from a broker-dealer, adjusted for fluctuations in criteria such as credit spreads and interest rates.

Certain loans and other securities are valued using a single daily broker quote or a price from a third party vendor based on a single daily or monthly broker quote.

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

Note 5 – 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 pays operating expenses on behalf of the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, among others, on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

The Board has adopted Distribution Plans related to the offering of 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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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 or interest 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		0.79	%		11/20/17		02/01/24
C-Class		1.54	%		11/20/17		02/01/24
P-Class		0.79	%		11/20/17		02/01/24
Institutional Class		0.50	%		11/30/12		02/01/24
R6-Class		0.50	%		10/19/16		02/01/24

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, 2023, 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:

	2023		2024		2025		2026		Total
A-Class	$	409,386	$	421,811	$	196,304	$	35,944	$	1,063,445
C-Class		127,984		174,119		167,978		40,992		511,073
P-Class		622,967		783,250		1,002,868		325,905		2,734,990
Institutional Class		8,435,146		16,070,214		19,248,693		5,365,039		49,119,092
R6-Class		—		—		—		102		102

For the period ended March 31, 2023, GI recouped $184,276 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, 2023, the Fund waived $33,112 related to investments in affiliated funds.

For the period ended March 31, 2023, GFD retained sales charges of $72,447 relating to sales of A-Class shares of the Trust.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

MUFG Investor Services (US), LLC (“MUIS”) acts as the Fund’s administrator, transfer agent and accounting agent. As administrator, transfer agent and accounting agent, MUIS maintains 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 – Reverse Repurchase Agreements

The Fund may enter into reverse repurchase agreements. Under a reverse repurchase agreement, the 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, 2023, the Fund entered into reverse repurchase agreements as follows:

Number of Days Outstanding	Balance at March 31, 2023			Average Balance Outstanding		Average Interest Rate
94	$	—	*	$	1,048,199,330		3.49	%

^* As of March 31, 2023, there were no open reverse repurchase agreements.

Note 7– Federal Income Tax Information

The Fund intends to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the Internal Revenue Code”), applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the 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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 U.S. 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 U.S. federal income tax returns are subject to examination by the Internal Revenue Service (“IRS”) for a period of three years after they are filed.

At March 31, 2023, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
$	23,079,976,134	$	17,154,811	$	(2,540,520,171	)	$	(2,523,365,360	)

Note 8 – Securities Transactions

For the period ended March 31, 2023, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

Purchases		Sales
$	3,965,554,287	$	6,527,794,191

For the period ended March 31, 2023, the cost of purchases and proceeds from sales of government securities were as follows:

Purchases		Sales
$	4,383,678,240	$	1,890,496,453

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, 2023, the Fund did not engage in purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act.

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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, 2023. The Fund is obligated to fund these loan commitments at the borrower’s discretion.

The unfunded loan commitments as of March 31, 2023, were as follows:

Borrower	Maturity Date	Face Amount		Value
CTL Logistics	08/10/42	$	692,113	$	150,707
Fontainbleau Vegas	01/31/26		15,997,124		—
HAH Group Holding Co. LLC	10/22/27		1,093		33
Higginbotham Insurance Agency, Inc.	11/25/26		4,047,642		48,572
Lightning A	03/01/37		31,704,830		—
Thunderbird A	03/01/37		31,825,510		—
		$	84,268,312	$	199,312

Note 10– Restricted Securities

The securities below are considered illiquid and restricted under guidelines established by the Board:

Restricted Securities	Acquisition Date		Cost		Value
ACRE Commercial Mortgage Ltd.
2021-FL4 B, 6.16% (1 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 12/18/371		01/21/21	$	3,100,000	$	2,997,566
ACRE Commercial Mortgage Ltd.
2021-FL4 C, 6.51% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 12/18/371		01/21/21		3,100,000		2,908,060
ACRES Commercial Realty Ltd.
2021-FL2 AS, 6.46% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 01/15/371		12/07/21		3,500,000		3,346,041
Anchorage Credit Funding Ltd.
2021-13A C2, 3.65% due 07/27/39		06/30/21		1,950,000		1,544,646
Atlas Mara Ltd.
due 12/31/212		10/01/15		2,828,684		714,945
BDS Ltd.
2020-FL5 B, 6.61% (1 Month Term SOFR + 1.91%, Rate Floor: 1.80%) due 02/16/371		07/27/20		4,350,488		4,293,922
BDS Ltd.
2021-FL9 D, 7.01% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 11/16/381		10/01/21		4,400,000		4,082,623
BDS Ltd.
2020-FL5 AS, 6.16% (1 Month Term SOFR + 1.46%, Rate Floor: 1.35%) due 02/16/371		06/08/20		3,159,140		3,114,982

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Restricted Securities	Acquisition Date		Cost		Value
BRSP Ltd.
2021-FL1 D, 7.46% (1 Month USD LIBOR + 2.70%, Rate Floor: 2.70%) due 08/19/381		07/12/21	$	4,174,225	$	3,929,411
BSPDF Issuer Ltd.
2021-FL1 B, 6.48% (1 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 10/15/361		10/06/21		6,500,000		6,080,711
BSPDF Issuer Ltd.
2021-FL1 D, 7.43% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 10/15/361		10/06/21		3,500,000		3,167,326
BSPRT Issuer Ltd.
2021-FL6 C, 6.73% (1 Month USD LIBOR + 2.05%, Rate Floor: 2.05%) due 03/15/361		03/15/21		5,550,000		5,186,570
BSPRT Issuer Ltd.
2021-FL7 B, 6.73% (1 Month USD LIBOR + 2.05%, Rate Floor: 2.05%) due 12/15/381		12/09/21		4,875,000		4,698,999
BXMT Ltd.
2020-FL2 AS, 6.01% (1 Month Term SOFR + 1.26%, Rate Floor: 1.15%) due 02/15/381		06/03/20		5,928,099		5,752,173
BXMT Ltd.
2020-FL2 C, 6.51% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 02/15/381		09/25/20		5,313,184		4,772,275
Cascade Funding Mortgage Trust
2018-RM2 4.00% (WAC) due 10/25/681		11/02/18		8,080,394		7,820,091
Cascade Funding Mortgage Trust
2019-RM3 2.80% (WAC) due 06/25/691		06/25/19		4,223,325		4,076,530
Central Storage Safety Project Trust
4.82% due 02/01/38		02/02/18		18,638,286		15,557,826
CFMT LLC
2022-HB9 3.25% (WAC) due 09/25/371		09/23/22		8,284,095		8,346,720
CHCP Ltd.
2021-FL1 B, 6.42% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 02/15/381		02/12/21		6,565,276		6,234,462
CHCP Ltd.
2021-FL1 C, 6.87% (1 Month Term SOFR + 2.21%, Rate Floor: 2.10%) due 02/15/381		02/12/21		2,950,000		2,778,158
Copper River CLO Ltd.
2007-1A INC, due 01/20/213		05/09/14		—		151
FKRT
2.21% due 11/30/58		09/24/21		117,199,714		114,183,598
FS Rialto
2021-FL3 C, 6.78% (1 Month USD LIBOR + 2.05%, Rate Floor: 2.05%) due 11/16/361		10/21/21		31,150,000		29,297,413
FS Rialto Issuer LLC
2022-FL7 B, 8.60% (1 Month Term SOFR + 3.91%, Rate Floor: 3.91%) due 10/19/391		11/18/22		1,986,012		1,979,510

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Restricted Securities	Acquisition Date		Cost		Value
HGI CRE CLO Ltd.
2021-FL2 B, 6.23% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 09/17/361		09/17/21	$	5,000,000	$	4,730,221
HGI CRE CLO Ltd.
2021-FL2 C, 6.53% (1 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 09/17/361		09/17/21		1,000,000		935,953
LCCM Trust
2021-FL2 B, 6.58% (1 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 12/13/381		03/30/23		380,389		375,792
LoanCore Issuer Ltd.
2021-CRE4 D, 7.17% (30 Day Average SOFR + 2.61%, Rate Floor: 2.50%) due 07/15/351		09/16/21		5,600,262		5,306,176
LoanCore Issuer Ltd.
2019-CRE3 B, 6.28% (1 Month USD LIBOR + 1.60%, Rate Floor: 1.60%) due 04/15/341		07/27/20		4,370,102		4,338,827
LSTAR Securities Investment Ltd.
2021-1 7.46% (1 Month USD LIBOR + 2.80%, Rate Floor: 1.80%) due 02/01/261		02/04/21		39,114,233		38,327,294
MF1 Multifamily Housing Mortgage Loan Trust
2021-FL6 D, 7.26% (1 Month USD LIBOR + 2.55%, Rate Floor: 2.55%) due 07/16/361		06/10/21		3,800,000		3,509,299
SPSS
5.14% due 11/15/52		03/30/23		134,357		134,773
STWD Ltd.
2021-FL2 C, 6.81% (1 Month USD LIBOR + 2.10%, Rate Floor: 2.10%) due 04/18/381		04/19/21		2,820,000		2,597,856
STWD Ltd.
2019-FL1 AS, 6.17% (1 Month Term SOFR + 1.51%, Rate Floor: 1.40%) due 07/15/381		08/14/20		2,194,474		2,158,676
Towd Point Revolving Trust
4.83% due 09/25/64		03/17/22		81,499,446		78,953,125
TRTX Issuer Ltd.
2019-FL3 B, 6.61% (1 Month Term SOFR + 1.86%, Rate Floor: 1.75%) due 10/15/341		01/05/21		1,495,620		1,473,937
			$	408,714,805	$	389,706,638

1	Variable rate security. Rate indicated is the rate effective at March 31, 2023. 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)(continued)

Note 11 – Line of Credit

The Trust, along with other affiliated trusts, secured a 364-day committed, $1,230,000,000 line of credit from Citibank, N.A., which was in place through September 30, 2022, at which time the line of credit was renewed as a 364-day committed, $1,150,000,000 line of credit. A Fund may draw (borrow) from the line of credit as a temporary measure for emergency purposes, to facilitate redemption requests, or for other short-term liquidity purposes consistent with the Fund’s investment objective and program. For example, it may be advantageous for the Fund to borrow money rather than sell existing portfolio positions to meet redemption requests. Fees related to borrowings, if any, vary under this arrangement between the greater of Citibank’s “base rate”, SOFR plus 1%, or the federal funds rate plus 1/2 of 1%.

The commitment fee that may be paid by the Funds is at an annualized rate of 0.15% of the average daily amount of their allocated unused commitment amount. The commitment fee amount is allocated to the individual Funds based on the respective net assets of each participating Fund and is referenced in the Funds’ 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, 2023.

Note 12 – Market Risks

The value of, or income generated by, the investments held by the Fund are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (which have since risen and may continue to rise), changes in inflation rates or expectations about inflation rates (which are currently elevated relative to normal conditions), adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the current Russia-Ukraine conflict and its risk of expansion or collateral economic and other effects) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country or geographic region could adversely affect the value, yield and return of the investments held by the Fund in a different country or geographic region, economy, and market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Fund’s investments and performance of the Fund.

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NOTES TO 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 material events that would require adjustment to or disclosure in the Fund’s financial statements.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 113

OTHER INFORMATION (Unaudited)

Delivery of Shareholder Reports

Paper copies of the Fund’s annual and semi-annual shareholder reports are not sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary. Instead, the reports are made available on a website, and you are notified by mail each time a report is posted and provided with a website link to access the report.

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 may apply to all Guggenheim Funds in which you are invested and may apply to all Guggenheim funds held with your financial intermediary.

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 portfolio 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 as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Fund’s Forms N-PORT and N-Q are available on the SEC’s website at https://www.sec.gov. 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)

A Board of Trustees oversees the Trust, as well as other trusts of GI, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by visiting guggenheiminvestments.com or by calling 800.820.0888.

Name, Address* and Year of Birth	Position(s) Held with 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 and Chair of the Valuation Oversight Committee	Since 2014 (Trustee) Since 2020 (Chair of the Valuation Oversight Committee)	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).	155	Current: Advent Convertible and Income Fund (2005-present); Purpose Investments Funds (2013-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021).

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

Name, Address* and Year of Birth	Position(s) Held with 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
Angela Brock-Kyle (1959)	Trustee	Since 2019	Current: Founder and Chief Executive Officer, B.O.A.R.D.S. (2013-present); Director, Mutual Fund Directors Forum (2022-present). Former: Senior Leader, TIAA (1987-2012).	154	Current: Bowhead Insurance GP, LLC (2020-present); Hunt Companies, Inc. (2019-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Infinity Property & Casualty Corp. (2014-2018).
Thomas F. Lydon, Jr. (1960)	Trustee and Chair of the Contracts Review Committee	Since 2019 (Trustee) Since 2020 (Chair of the Contracts Review Committee)	Current: President, Global Trends Investments (1996-present); Chief Executive Officer, ETF Flows, LLC (2019-present); Chief Executive Officer, Lydon Media (2016-present); Director, GDX Index Partners, LLC (2021-present); Vice Chairman, VettaFi (2022-present).	154	Current: US Global Investors, Inc. (GROW) (1995-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Harvest Volatility Edge Trust (3) (2017-2019).

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

Name, Address* and Year of Birth	Position(s) Held with 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 Chair of the Nominating and Governance Committee	Since 2014	Current: Of Counsel, Momkus LLP (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	155	Current: Advent Convertible and Income Fund (2003-present); PPM Funds (2) (2018-present); NorthShore-Edward-Elmhurst Health (2012-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

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

Name, Address* and Year of Birth	Position(s) Held with 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
Sandra G. Sponem (1958)	Trustee and Chair of the Audit Committee	Since 2019 (Trustee) Since 2020 (Chair of the Audit Committee)	Current: Retired. Former: Senior Vice President and Chief Financial Officer, M.A. Mortenson-Companies, Inc. (2007-2017).	154	Current: SPDR Series Trust (81) (2018-present); SPDR Index Shares Funds (30) (2018-present); SSGA Active Trust (14) (2018-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); SSGA Master Trust (1) (2018-2020).

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

Name, Address* and Year of Birth	Position(s) Held with 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, Chair of the Board and Chair of the Executive Committee	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).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

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

Name, Address* and Year of Birth	Position(s) Held with 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); 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, certain other funds in the Fund Complex (2017-2019); Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2018-2022); Guggenheim Enhanced Equity Income Fund (2018-2021); Guggenheim Credit Allocation Fund (2018-2021).

*	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.
***	Each Trustee also serves on the Boards of Trustees of Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust, Guggenheim Strategic Opportunities Fund, Guggenheim Energy & Income Fund, Guggenheim Active Allocation Fund, Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust and Transparent Value Trust. Messrs. Barnes and Nyberg also serve on the Board of Trustees of Advent Convertible & Income Fund.
****	This Trustee is deemed to be an “interested person” of the Fund under the 1940 Act by reason of her position with the Fund’s Adviser and/or the parent of the Adviser

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS
Brian E. Binder (1972)	President and Chief Executive Officer	Since 2018	Current: President, Mutual Funds Boards, Guggenheim Investments (2022-present); President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President, Mutual Funds Boards, Guggenheim Funds Investment Advisors, LLC and Security Investors, LLC (2018-present); Board Member, Guggenheim Partners Investment Funds plc (2022-present); Board Member, Guggenheim Global Investments plc (2022-present); Board Member of Guggenheim Partners Fund Management (Europe) Limited (2018-present). Former: Senior Managing Director and Chief Administrative Officer, Guggenheim Investments (2018-2022); Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Chairman of North American Executive Committee and Head of Business Management and Consulting, Invesco Ltd. (2010-2012).
James M. Howley (1972)	Chief Financial Officer, Chief Accounting Officer and Treasurer	Since 2022	Current: Managing Director, Guggenheim Investments (2004-present); Chief Financial Officer, Chief Accounting Officer, and Treasurer, certain other funds in the Fund Complex (2022-present). Former: Assistant Treasurer, certain other funds in the Fund Complex (2006-2022); 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); Managing 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 Trust	Term of Office and Length of Time Served**	Principal Occupation(s) 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); Senior Managing Director, Guggenheim Funds Distributors, LLC (2014-present). Former: Chief Compliance Officer, Security Investors, LLC and 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).
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 Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS - concluded
Jon Szafran (1989)	Assistant Treasurer	Since 2017	Current: Director, 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 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.

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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 based

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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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3.31.2023

Guggenheim Funds Semi-Annual Report

Guggenheim Ultra Short Duration Fund

GuggenheimInvestments.com USD-SEMI-0323x0923

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	55
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	56
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	64

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 1

March 31, 2023

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, 2023 (the “Reporting Period”).

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, 2023

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, 2023

Ultra Short Duration Fund may not be suitable for all investors. The investments in fixed-income instruments are subject to the possibility that interest rates could rise, causing the value of the 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 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. 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, 2023

Developments in March 2023 highlighted the increasingly difficult place in which the U.S. Federal Reserve (the “Fed”) and other central banks find themselves as they work toward restoring price stability and maintaining financial stability. The collapse of Silicon Valley Bank and Signature Bank prompted banks to rush for liquidity support from the Fed, totaling $165 billion in the immediate aftermath. Overseas, the Swiss National Bank provided the equivalent of $54 billion in emergency liquidity to Credit Suisse before a deal was struck with rival UBS to buy it for $3.25 billion.

Heightened concerns about further bank stress and central banks’ ability to continue aggressively tightening monetary policy weighed heavily on market-implied expectations for the path of policy rates. Nevertheless, in March 2023 the Fed raised rates by 25 basis points and the European Central Bank raised rates by 50 basis points. One basis point equals 0.01%. We expect central banks will continue to raise rates over the next few months in their continuing effort to bring inflation to heel, despite the cracks in financial stability that are beginning to show.

While markets were volatile, data releases indicated that the U.S. economy is still on a relatively firm footing. March job growth came in at 236,000, well above the level needed to keep the unemployment rate from rising. Housing data has surprised to the upside, likely in response to the recent softening of mortgage rates. Meanwhile, the S&P Global U.S. composite Purchasing Managers’ Index (“PMI”) rose to a 10-month high, with strength especially evident in sub-indices for the service sector. Forward-looking data looks more concerning, however, with the Leading Economic Index turning down further, initial signs of job loss in the most cyclical and interest rate sensitive sectors, and business surveys souring on the economic outlook and plans for spending and hiring.

The Fed acknowledged in its March 2023 Federal Open Market Committee meeting statement that a contraction of credit emanating from volatility in the banking sector was likely to create new headwinds for the economy. In recognition of this new risk, the Fed’s updated Summary of Economic Projections showed a small downward revision of real gross domestic product growth this year, from 0.5 percent to 0.4 percent, followed by a larger downward revision for next year, from 1.6 percent to 1.2 percent. We continue to expect a recession could begin midway through the year.

For the Reporting Period, the S&P 500^® Index* returned 15.62%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* (gross) returned 27.52%. The return of the MSCI Emerging Markets Index* (gross) was 14.20%.

In the bond market, the Bloomberg U.S. Aggregate Bond Index* posted a 4.89% return for the Reporting Period, while the Bloomberg U.S. Corporate High Yield Index* returned 7.89%. The return of the ICE Bank of America (“BofA”) 3-Month U.S. Treasury Bill Index* was 1.94% for the six-month period.

4 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) March 31, 2023

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 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 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 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.

ICE BofA 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, 2022 and ending March 31, 2023.

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, 2022	Ending Account Value March 31, 2023	Expenses Paid During Period2
Table 1. Based on actual Fund return3
A-Class	0.60%	3.27%	$ 1,000.00	$ 1,032.70	$ 3.04
Institutional Class	0.35%	3.51%	1,000.00	1,035.10	1.78
Table 2. Based on hypothetical 5% return (before expenses)
A-Class	0.60%	5.00%	$ 1,000.00	$ 1,021.94	$ 3.02
Institutional Class	0.35%	5.00%	1,000.00	1,023.19	1.77

1	This ratio represents annualized net expenses, which may include short interest expense. Excluding these expenses, the operating expense ratios for the Fund would be 0.58% and 0.33% for the A-Class and Institutional Class, respectively. 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, 2022 to March 31, 2023.

8 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

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)” excludes any temporary cash investments.

Inception Dates:
A-Class	November 30, 2018
Institutional Class	March 11, 2014

Ten Largest Holdings (% of Total Net Assets)
Lake Shore MM CLO III LLC, 6.27%	2.1%
Athene Global Funding, 5.31%	2.0%
BX Commercial Mortgage Trust, 6.33%	1.8%
F&G Global Funding, 0.90%	1.7%
ABPCI Direct Lending Fund CLO V Ltd., 6.31%	1.5%
Microchip Technology, Inc., 2.67%	1.5%
BRAVO Residential Funding Trust, 1.62%	1.3%
NYMT Loan Trust, 1.67%	1.3%
OSAT Trust, 2.12%	1.2%
Golub Capital Partners CLO 49M Ltd., 6.34%	1.1%
Top Ten Total	15.5%
“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, 2023

Portfolio Composition by Quality Rating1
Rating	% of Total Investments
Fixed Income Instruments
AAA	32.0%
AA	10.2%
A	15.8%
BBB	17.8%
BB	2.5%
B	0.1%
NR2	11.8%
Other Instruments	9.8%
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 (not rated) securities do not necessarily indicate low credit quality.

10 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Average Annual Returns*

Periods Ended March 31, 2023

	6 Month†	1 Year	5 Year	Since Inception (03/11/14)
Institutional Class Shares	3.51%	2.46%	1.47%	1.36%
Bloomberg 1-3 Month U.S. Treasury Bill Index	1.99%	2.60%	1.38%	0.92%

	6 Month†	1 Year	Since Inception (11/30/18)
A Class Shares	3.27%	2.19%	1.09%
Bloomberg 1-3 Month U.S. Treasury Bill Index	1.99%	2.60%	1.29%

*

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 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. Prior to November 30, 2018, performance for Institutional Class shares reflects the performance of the Guggenheim Strategy Fund I, which did not charge a management fee and was not publicly offered as a separate investment product.

†

6 month returns are not annualized.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 11

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2023
ULTRA SHORT DURATION FUND

	Shares		Value
MONEY MARKET FUND† - 9.8%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.43%1		39,805,467	$	39,805,467
Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.69%1		12,605,678		12,605,678
Total Money Market Fund
(Cost $52,411,145)				52,411,145
	Face Amount
ASSET-BACKED SECURITIES†† - 40.6%
Collateralized Loan Obligations - 32.0%
Lake Shore MM CLO III LLC
2021-2A A1R, 6.27% (3 Month USD LIBOR + 1.48%, Rate Floor: 1.48%) due 10/17/31◊,2	$	11,350,000		11,136,139
BXMT Ltd.
2020-FL2 A, 5.76% (1 Month Term SOFR + 1.01%, Rate Floor: 0.90%) due 02/15/38◊,2		3,832,438		3,741,645
2020-FL2 AS, 6.01% (1 Month Term SOFR + 1.26%, Rate Floor: 1.15%) due 02/15/38◊		2,550,000		2,441,215
2020-FL3 AS, 6.42% (30 Day Average SOFR + 1.86%, Rate Floor: 1.75%) due 11/15/37◊,2		2,500,000		2,416,556
HERA Commercial Mortgage Ltd.
2021-FL1 AS, 6.06% (1 Month USD LIBOR + 1.30%, Rate Floor: 1.30%) due 02/18/38◊,2		5,000,000		4,723,989
2021-FL1 A, 5.81% (1 Month USD LIBOR + 1.05%, Rate Floor: 1.05%) due 02/18/38◊,2		3,676,836		3,548,541
ABPCI Direct Lending Fund CLO V Ltd.
2021-5A A1R, 6.31% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 04/20/31◊,2		8,250,000		8,103,874
Palmer Square Loan Funding Ltd.
2021-2A B, 6.32% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 05/20/29◊,2		4,500,000		4,353,098
2021-1A A1, 5.71% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.90%) due 04/20/29◊,2		2,140,477		2,119,406
2022-1A A2, 6.23% (3 Month Term SOFR + 1.60%, Rate Floor: 1.60%) due 04/15/30◊,2		1,000,000		971,746
Golub Capital Partners CLO 49M Ltd.
2021-49A AR, 6.34% (3 Month USD LIBOR + 1.53%, Rate Floor: 1.53%) due 08/26/33◊,2		6,250,000		6,080,942

12 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
ULTRA SHORT DURATION FUND

	Face Amount		Value
CIFC Funding Ltd.
2018-3A AR, 5.67% (3 Month USD LIBOR + 0.87%, Rate Floor: 0.00%) due 04/19/29◊,2	$	5,649,855	$	5,591,505
ABPCI Direct Lending Fund IX LLC
2021-9A A1R, 6.22% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 11/18/31◊,2		5,700,000		5,588,968
LCM XXIV Ltd.
2021-24A AR, 5.79% (3 Month USD LIBOR + 0.98%, Rate Floor: 0.98%) due 03/20/30◊,2		5,459,118		5,387,475
ABPCI Direct Lending Fund CLO VII, LP
2021-7A A1R, 6.25% (3 Month USD LIBOR + 1.43%, Rate Floor: 1.43%) due 10/20/31◊,2		5,500,000		5,379,425
FS Rialto
2021-FL3 B, 6.53% (1 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 11/16/36◊,2		5,500,000		5,206,240
CHCP Ltd.
2021-FL1 A, 5.82% (1 Month Term SOFR + 1.16%, Rate Floor: 1.05%) due 02/15/38◊,2		5,240,520		5,152,724
Cerberus Loan Funding XXXV, LP
2021-5A A, 6.29% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 09/22/33◊,2		5,000,000		4,896,937
LCCM Trust
2021-FL3 A, 6.13% (1 Month USD LIBOR + 1.45%, Rate Floor: 1.45%) due 11/15/38◊,2		4,100,000		3,955,180
2021-FL2 B, 6.58% (1 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 12/13/38◊		1,000,000		939,479
Carlyle Global Market Strategies CLO Ltd.
2018-4A A1RR, 5.79% (3 Month USD LIBOR + 1.00%, Rate Floor: 1.00%) due 01/15/31◊,2		4,927,378		4,882,996
Golub Capital Partners CLO 54M, LP
2021-54A A, 6.34% (3 Month USD LIBOR + 1.53%, Rate Floor: 1.53%) due 08/05/33◊,2		4,750,000		4,614,720
Shackleton CLO Ltd.
2017-8A A1R, 5.73% (3 Month USD LIBOR + 0.92%, Rate Floor: 0.00%) due 10/20/27◊,2		4,462,625		4,442,917
Parliament CLO II Ltd.
2021-2A A, 6.27% (3 Month USD LIBOR + 1.35%, Rate Floor: 1.35%) due 08/20/32◊,2		4,477,698		4,403,735
Owl Rock CLO IV Ltd.
2021-4A A1R, 6.52% (3 Month USD LIBOR + 1.60%, Rate Floor: 1.60%) due 08/20/33◊,2		4,500,000		4,353,750

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
ULTRA SHORT DURATION FUND

	Face Amount		Value
Golub Capital Partners CLO 16 Ltd.
2021-16A A1R2, 6.43% (3 Month USD LIBOR + 1.61%, Rate Floor: 1.61%) due 07/25/33◊,2	$	4,250,000	$	4,184,864
BRSP Ltd.
2021-FL1 B, 6.66% (1 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 08/19/38◊,2		4,250,000		4,005,066
Madison Park Funding XLVIII Ltd.
2021-48A B, 6.25% (3 Month USD LIBOR + 1.45%, Rate Floor: 1.45%) due 04/19/33◊,2		4,000,000		3,901,351
Golub Capital Partners CLO 33M Ltd.
2021-33A AR2, 6.82% (3 Month USD LIBOR + 1.86%, Rate Floor: 1.86%) due 08/25/33◊,2		3,750,000		3,509,941
Cerberus Loan Funding XXX, LP
2020-3A A, 6.64% (3 Month USD LIBOR + 1.85%, Rate Floor: 1.85%) due 01/15/33◊,2		3,000,000		2,970,745
ABPCI Direct Lending Fund CLO II LLC
2021-1A A1R, 6.41% (3 Month USD LIBOR + 1.60%, Rate Floor: 1.60%) due 04/20/32◊,2		3,000,000		2,919,511
MidOcean Credit CLO VII
2020-7A A1R, 5.83% (3 Month USD LIBOR + 1.04%, Rate Floor: 0.00%) due 07/15/29◊,2		2,874,197		2,847,273
BDS Ltd.
2021-FL8 C, 6.31% (1 Month USD LIBOR + 1.55%, Rate Floor: 1.55%) due 01/18/36◊,2		2,000,000		1,864,672
2021-FL8 D, 6.66% (1 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 01/18/36◊,2		1,000,000		934,150
Woodmont Trust
2020-7A A1A, 6.69% (3 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 01/15/32◊,2		2,750,000		2,725,242
Cerberus Loan Funding XXXII, LP
2021-2A A, 6.41% (3 Month USD LIBOR + 1.62%, Rate Floor: 1.62%) due 04/22/33◊,2		2,500,000		2,442,621
THL Credit Lake Shore MM CLO I Ltd.
2021-1A A1R, 6.49% (3 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 04/15/33◊,2		2,250,000		2,194,940
Cerberus Loan Funding XXXIII, LP
2021-3A A, 6.35% (3 Month USD LIBOR + 1.56%, Rate Floor: 1.56%) due 07/23/33◊,2		2,250,000		2,189,469

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
ULTRA SHORT DURATION FUND

	Face Amount		Value
Cerberus Loan Funding XXXI, LP
2021-1A A, 6.29% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 04/15/32◊,2	$	2,201,930	$	2,182,748
ABPCI Direct Lending Fund CLO I LLC
2021-1A A1A2, 6.51% (3 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 07/20/33◊,2		2,250,000		2,165,531
Venture XIV CLO Ltd.
2020-14A ARR, 5.98% (3 Month USD LIBOR + 1.03%, Rate Floor: 1.03%) due 08/28/29◊,2		1,867,187		1,843,216
Fortress Credit Opportunities XI CLO Ltd.
2018-11A A1T, 6.09% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 04/15/31◊,2		1,800,000		1,775,946
Madison Park Funding LIII Ltd.
2022-53A B, 6.40% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/21/35◊,2		1,750,000		1,691,235
LoanCore Issuer Ltd.
2019-CRE2 AS, 6.18% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 05/15/36◊,2		983,266		979,167
2018-CRE1 AS, 6.18% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 05/15/28◊,2		521,561		519,399
Allegro CLO IX Ltd.
2018-3A A, 5.96% (3 Month USD LIBOR + 1.17%, Rate Floor: 1.17%) due 10/16/31◊,2		1,500,000		1,475,977
Wellfleet CLO Ltd.
2020-2A A1R, 5.87% (3 Month USD LIBOR + 1.06%, Rate Floor: 0.00%) due 10/20/29◊,2		1,322,142		1,311,201
BCC Middle Market CLO LLC
2021-1A A1R, 6.29% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 10/15/33◊,2		1,250,000		1,216,750
Cerberus Loan Funding XXXVI, LP
2021-6A A, 6.19% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 11/22/33◊,2		1,181,698		1,174,995
Greystone Commercial Real Estate Notes
2021-FL3 B, 6.59% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 07/15/39◊,2		1,000,000		965,674
STWD Ltd.
2021-FL2 B, 6.51% (1 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 04/18/38◊,2		1,000,000		914,975

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
ULTRA SHORT DURATION FUND

	Face Amount		Value
ACRE Commercial Mortgage Ltd.
2021-FL4 AS, 5.86% (1 Month USD LIBOR + 1.10%, Rate Floor: 1.10%) due 12/18/37◊,2	$	850,000	$	824,888
Fortress Credit Opportunities VI CLO Ltd.
2018-6A A2R, 6.41% (3 Month USD LIBOR + 1.60%, Rate Floor: 0.00%) due 07/10/30◊,2		250,000		245,400
2018-6A A1TR, 6.17% (3 Month USD LIBOR + 1.36%, Rate Floor: 0.00%) due 07/10/30◊,2		218,287		214,753
GoldenTree Loan Management US CLO 1 Ltd.
2021-9A X, 5.31% (3 Month USD LIBOR + 0.50%, Rate Floor: 0.50%) due 01/20/33◊,2		428,571		428,130
Golub Capital Partners CLO 17 Ltd.
2017-17A A1R, 6.47% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 10/25/30◊,2		319,866		317,149
Voya CLO Ltd.
2019-2A X, 5.46% (3 Month USD LIBOR + 0.65%, Rate Floor: 0.65%) due 07/20/32◊,2		281,250		280,785
Newfleet CLO Ltd.
2018-1A A1R, 5.76% (3 Month USD LIBOR + 0.95%, Rate Floor: 0.00%) due 04/20/28◊,2		132,522		132,427
Total Collateralized Loan Obligations				171,783,393
Whole Business - 2.6%
Applebee’s Funding LLC / IHOP Funding LLC
2019-1A, 4.19% due 06/05/492		5,346,000		5,224,063
Domino’s Pizza Master Issuer LLC
2018-1A, 4.33% due 07/25/482		4,299,175		4,075,953
Taco Bell Funding LLC
2021-1A, 1.95% due 08/25/512		3,209,375		2,790,773
Wingstop Funding LLC
2020-1A, 2.84% due 12/05/502		1,333,125		1,168,544
SERVPRO Master Issuer LLC
2019-1A, 3.88% due 10/25/492		967,500		883,206
Total Whole Business				14,142,539
Financial - 2.0%
Madison Avenue Secured Funding Trust Series
2022-1, 6.70% (1 Month Term SOFR + 1.85%, Rate Floor: 0.00%) due 10/12/23◊,†††,2		4,075,000		4,075,000
Station Place Securitization Trust
2022-SP1, 6.70% (1 Month Term SOFR + 1.85%, Rate Floor: 0.00%) due 10/12/23◊,†††,2		4,075,000		4,075,000

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
ULTRA SHORT DURATION FUND

	Face Amount		Value
Madison Avenue Secured Funding Trust Series 2023-1
2023-1, 6.78% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/04/24◊,†††,2	$	2,450,000	$	2,450,000
Total Financial				10,600,000
Transport-Container - 1.7%
Triton Container Finance VIII LLC
2021-1A, 1.86% due 03/20/462		6,017,500		5,167,849
CLI Funding VIII LLC
2021-1A, 1.64% due 02/18/462		2,555,042		2,218,506
Textainer Marine Containers VII Ltd.
2021-1A, 1.68% due 02/20/462		1,750,000		1,497,152
2020-1A, 2.73% due 08/21/452		643,135		592,469
Total Transport-Container				9,475,976
Net Lease - 1.4%
Oak Street Investment Grade Net Lease Fund Series
2020-1A, 1.85% due 11/20/502		6,475,335		5,841,661
CF Hippolyta Issuer LLC
2021-1A, 1.98% due 03/15/612		2,127,708		1,852,838
Total Net Lease				7,694,499
Transport-Aircraft - 0.9%
Raspro Trust
2005-1A, 5.17% (3 Month USD LIBOR + 0.93%, Rate Floor: 0.93%) due 03/23/24◊,2		4,727,726		4,670,052
Total Asset-Backed Securities
(Cost $226,417,160)				218,366,459
CORPORATE BONDS†† - 24.2%
Financial - 10.6%
Athene Global Funding
5.31% (SOFR Compounded Index + 0.56%) due 08/19/24◊,2		11,000,000		10,790,913
F&G Global Funding
0.90% due 09/20/242		9,700,000		9,069,786
Credit Suisse AG NY
5.08% (SOFR Compounded Index + 0.39%) due 02/02/24◊		5,250,000		5,094,556
Macquarie Group Ltd.
1.20% due 10/14/252,3		5,250,000		4,892,038
Goldman Sachs Group, Inc.
5.24% (SOFR + 0.70%) due 01/24/25◊		2,600,000		2,571,342
Citigroup, Inc.
5.24% (SOFR + 0.69%) due 01/25/26◊		2,550,000		2,499,477
Jackson National Life Global Funding
1.75% due 01/12/252		2,600,000		2,434,148
Bank of Nova Scotia
5.78% (SOFR Compounded Index + 0.96%) due 03/11/24◊		2,400,000		2,405,280

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
ULTRA SHORT DURATION FUND

	Face Amount		Value
Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc.
2.88% due 10/15/262	$	2,650,000	$	2,371,750
Morgan Stanley
5.50% (SOFR + 0.95%) due 02/18/26◊		2,400,000		2,363,472
Starwood Property Trust, Inc.
3.75% due 12/31/242		2,550,000		2,349,401
FS KKR Capital Corp.
4.25% due 02/14/252		2,450,000		2,300,280
American Equity Investment Life Holding Co.
5.00% due 06/15/27		2,150,000		2,149,466
GA Global Funding Trust
1.63% due 01/15/262		1,300,000		1,180,710
OneMain Finance Corp.
3.50% due 01/15/27		1,150,000		965,151
Brighthouse Financial Global Funding
5.32% (SOFR + 0.76%) due 04/12/24◊,2		900,000		888,681
Peachtree Corners Funding Trust
3.98% due 02/15/252		650,000		631,456
ING Groep N.V.
5.75% (3 Month USD LIBOR + 1.00%) due 10/02/23◊		500,000		499,680
First American Financial Corp.
4.60% due 11/15/24		500,000		492,543
Fidelity & Guaranty Life Holdings, Inc.
5.50% due 05/01/252		400,000		398,812
Apollo Management Holdings, LP
4.00% due 05/30/242		350,000		342,822
Reliance Standard Life Global Funding II
3.85% due 09/19/232		200,000		198,357
Total Financial				56,890,121
Industrial - 3.5%
Ryder System, Inc.
3.35% due 09/01/25		4,820,000		4,600,863
IP Lending V Ltd.
5.13% due 04/02/262		4,700,000		4,230,000
TD SYNNEX Corp.
1.25% due 08/09/24		2,400,000		2,245,762
Silgan Holdings, Inc.
1.40% due 04/01/262		2,350,000		2,107,027
Vontier Corp.
1.80% due 04/01/26		2,150,000		1,899,654
Jabil, Inc.
1.70% due 04/15/26		650,000		583,595
4.25% due 05/15/27		600,000		578,757
Berry Global, Inc.
1.65% due 01/15/27		1,100,000		963,010
Penske Truck Leasing Company LP / PTL Finance Corp.
2.70% due 11/01/242		900,000		861,130
Stericycle, Inc.
5.38% due 07/15/242		550,000		545,832
Weir Group plc
2.20% due 05/13/262		440,000		396,388
Total Industrial				19,012,018
Consumer, Non-cyclical - 3.3%
Triton Container International Ltd.
0.80% due 08/01/232		3,100,000		3,029,110
2.05% due 04/15/262		2,200,000		1,952,483
1.15% due 06/07/242		1,700,000		1,598,873
Global Payments, Inc.
1.50% due 11/15/24		5,700,000		5,369,483
Element Fleet Management Corp.
1.60% due 04/06/242		4,900,000		4,694,075
Spectrum Brands, Inc.
5.75% due 07/15/25		700,000		691,027

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
ULTRA SHORT DURATION FUND

	Face Amount		Value
General Mills, Inc.
5.84% (3 Month USD LIBOR + 1.01%) due 10/17/23◊	$	200,000	$	200,757
Total Consumer, Non-cyclical				17,535,808
Technology - 3.0%
Microchip Technology, Inc.
2.67% due 09/01/23		8,070,000		7,956,796
CDW LLC / CDW Finance Corp.
2.67% due 12/01/26		4,300,000		3,867,926
Infor, Inc.
1.45% due 07/15/232		2,600,000		2,564,075
Qorvo, Inc.
1.75% due 12/15/242		2,050,000		1,903,056
Total Technology				16,291,853
Consumer, Cyclical - 1.6%
Warnermedia Holdings, Inc.
3.64% due 03/15/252		5,700,000		5,505,836
Hyatt Hotels Corp.
1.80% due 10/01/24		3,500,000		3,313,605
Total Consumer, Cyclical				8,819,441
Communications - 1.2%
Rogers Communications, Inc.
2.95% due 03/15/252		2,400,000		2,311,165
T-Mobile USA, Inc.
2.63% due 04/15/26		1,600,000		1,493,431
2.25% due 02/15/26		600,000		558,036
Paramount Global
4.75% due 05/15/25		982,000		969,880
Sprint Spectrum Company LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC
4.74% due 03/20/252		450,000		446,575
Cogent Communications Group, Inc.
3.50% due 05/01/262		434,000		404,705
Total Communications				6,183,792
Utilities - 0.9%
Alexander Funding Trust
1.84% due 11/15/232		4,300,000		4,170,922
AES Corp.
3.30% due 07/15/252		300,000		284,343
NRG Energy, Inc.
3.75% due 06/15/242		275,000		266,731
Total Utilities				4,721,996
Basic Materials - 0.1%
Anglo American Capital plc
5.38% due 04/01/252		450,000		451,986
Total Corporate Bonds
(Cost $137,420,884)				129,907,015
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 23.4%
Residential Mortgage-Backed Securities - 18.6%
CSMC Trust
2021-RPL1, 1.67% (WAC) due 09/27/60◊,2		5,404,671		5,153,296
2021-RPL7, 1.93% (WAC) due 07/27/61◊,2		2,385,891		2,188,274
2020-RPL5, 3.02% (WAC) due 08/25/60◊,2		2,027,663		1,966,215
2021-RPL4, 1.80% (WAC) due 12/27/60◊,2		1,351,967		1,250,624
2020-NQM1, 1.21% due 05/25/652,4		1,217,662		1,096,149
BRAVO Residential Funding Trust
2021-C, 1.62% due 03/01/612,4		7,903,720		7,096,331

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
ULTRA SHORT DURATION FUND

	Face Amount		Value
2022-R1, 3.13% due 01/29/702,4	$	2,877,397	$	2,570,698
2021-HE1, 5.41% (30 Day Average SOFR + 0.85%, Rate Floor: 0.00%) due 01/25/70◊,2		1,006,000		991,417
2021-HE2, 5.41% (30 Day Average SOFR + 0.85%, Rate Floor: 0.00%) due 11/25/69◊,2		460,128		448,517
PRPM LLC
2021-5, 1.79% due 06/25/262,4		3,615,262		3,397,861
2022-1, 3.72% due 02/25/272,4		3,398,290		3,232,790
2021-8, 1.74% (WAC) due 09/25/26◊,2		1,826,699		1,706,500
2021-RPL2, 2.24% (WAC) due 10/25/51◊,2		2,000,000		1,680,921
NYMT Loan Trust
2021-SP1, 1.67% due 08/25/612,4		7,423,639		6,789,622
2022-SP1, 5.25% due 07/25/622,4		1,901,545		1,872,384
Legacy Mortgage Asset Trust
2021-GS4, 1.65% due 11/25/602,4		3,355,525		3,072,388
2021-GS3, 1.75% due 07/25/612,4		3,269,765		3,009,459
2021-GS2, 1.75% due 04/25/612,4		1,521,236		1,419,736
2021-GS5, 2.25% due 07/25/672,4		1,004,743		913,156
Verus Securitization Trust
2021-5, 1.37% (WAC) due 09/25/66◊,2		2,211,386		1,731,889
2021-6, 1.89% (WAC) due 10/25/66◊,2		1,978,261		1,624,258
2020-5, 1.22% due 05/25/652,4		1,769,042		1,609,327
2021-4, 1.35% (WAC) due 07/25/66◊,2		1,036,336		814,822
2021-3, 1.44% (WAC) due 06/25/66◊,2		640,822		530,878
2019-4, 2.85% due 11/25/592,4		455,095		432,723
2020-1, 2.42% due 01/25/602,4		343,936		324,913
2019-4, 2.64% due 11/25/592,4		225,546		214,454
OSAT Trust
2021-RPL1, 2.12% due 05/25/652,4		6,898,035		6,494,985
FKRT
2.21% due 11/30/58†††,5		4,550,000		4,432,896
NRZ Advance Receivables Trust
2020-T2, 1.48% due 09/15/532		4,150,000		4,049,144
Imperial Fund Mortgage Trust
2022-NQM2, 4.02% (WAC) due 03/25/67◊,2		4,393,929		3,977,829
CFMT LLC
2022-HB9, 3.25% (WAC) due 09/25/37◊		2,439,326		2,255,870
2021-HB5, 0.80% (WAC) due 02/25/31◊,2		1,468,255		1,423,281
Towd Point Revolving Trust
4.83% due 09/25/645		3,250,000		3,148,437

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
ULTRA SHORT DURATION FUND

	Face Amount		Value
Structured Asset Securities Corporation Mortgage Loan Trust
2008-BC4, 5.48% (1 Month USD LIBOR + 0.63%, Rate Floor: 0.63%) due 11/25/37◊	$	2,138,470	$	2,044,046
New Residential Advance Receivables Trust Advance Receivables Backed Notes
2020-T1, 1.43% due 08/15/532		2,000,000		1,956,871
New Residential Mortgage Loan Trust
2019-1A, 3.50% (WAC) due 10/25/59◊,2		1,147,648		1,055,765
2018-2A, 3.50% (WAC) due 02/25/58◊,2		693,159		646,015
CSMC
2021-NQM8, 2.41% (WAC) due 10/25/66◊,2		1,674,980		1,374,092
LSTAR Securities Investment Ltd.
2021-1, 7.46% (1 Month USD LIBOR + 2.80%, Rate Floor: 1.80%) due 02/01/26◊,5		1,365,658		1,338,182
Angel Oak Mortgage Trust
2022-1, 3.29% (WAC) due 12/25/66◊,2		1,502,305		1,260,205
Soundview Home Loan Trust
2006-OPT5, 5.13% (1 Month USD LIBOR + 0.28%, Rate Floor: 0.28%) due 07/25/36◊		1,319,997		1,242,203
Towd Point Mortgage Trust
2018-2, 3.25% (WAC) due 03/25/58◊,2		468,269		448,711
2017-6, 2.75% (WAC) due 10/25/57◊,2		384,618		366,012
2017-5, 4.21% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.00%) due 02/25/57◊,2		141,624		140,995
Credit Suisse Mortgage Capital Certificates
2021-RPL9, 2.44% (WAC) due 02/25/61◊,2		867,586		808,292
Morgan Stanley ABS Capital I Incorporated Trust
2006-NC1, 5.42% (1 Month USD LIBOR + 0.57%, Rate Floor: 0.57%) due 12/25/35◊		668,696		657,559
Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series
2005-W2, 5.58% (1 Month USD LIBOR + 0.74%, Rate Floor: 0.74%) due 10/25/35◊		619,499		600,270

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
ULTRA SHORT DURATION FUND

	Face Amount		Value
Ellington Financial Mortgage Trust
2020-2, 1.49% (WAC) due 10/25/65◊,2	$	405,490	$	360,862
2020-2, 1.64% (WAC) due 10/25/65◊,2		233,577		209,671
CSMC Series
2014-2R, 3.25% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 02/27/46◊,2		482,273		475,993
Banc of America Funding Trust
2015-R2, 5.11% (1 Month USD LIBOR + 0.26%, Rate Floor: 0.26%) due 04/29/37◊,2		485,235		473,492
Residential Mortgage Loan Trust
2020-1, 2.38% (WAC) due 01/26/60◊,2		457,339		434,350
SG Residential Mortgage Trust
2022-1, 3.68% (WAC) due 03/27/62◊,2		465,495		420,342
GS Mortgage-Backed Securities Trust
2020-NQM1, 1.38% (WAC) due 09/27/60◊,2		370,670		337,139
CIT Mortgage Loan Trust
2007-1, 6.20% (1 Month USD LIBOR + 1.35%, Rate Floor: 1.35%) due 10/25/37◊,2		310,271		308,825
Cascade Funding Mortgage Trust
2019-RM3, 2.80% (WAC) due 06/25/69◊,5		145,633		140,570
Starwood Mortgage Residential Trust
2020-1, 2.28% (WAC) due 02/25/50◊,2		56,413		52,844
Total Residential Mortgage-Backed Securities				100,075,350
Commercial Mortgage-Backed Securities - 4.8%
BX Commercial Mortgage Trust
2021-VOLT, 6.33% (1 Month USD LIBOR + 1.65%, Rate Floor: 1.65%) due 09/15/36◊,2		10,250,000		9,633,129
2022-LP2, 6.39% (1 Month Term SOFR + 1.56%, Rate Floor: 1.56%) due 02/15/39◊,2		2,460,233		2,338,545
JP Morgan Chase Commercial Mortgage Securities Trust
2021-NYAH, 6.22% (1 Month USD LIBOR + 1.54%, Rate Floor: 1.54%) due 06/15/38◊,2		2,700,000		2,483,232
Life Mortgage Trust
2021-BMR, 6.04% (1 Month Term SOFR + 1.21%, Rate Floor: 1.21%) due 03/15/38◊,2		2,408,277		2,287,410

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
ULTRA SHORT DURATION FUND

	Face Amount		Value
WMRK Commercial Mortgage Trust
2022-WMRK, 8.26% (1 Month Term SOFR + 3.44%, Rate Floor: 3.44%) due 11/15/27◊,2	$	2,100,000	$	2,073,672
MHP
2022-MHIL, 6.09% (1 Month Term SOFR + 1.26%, Rate Floor: 1.26%) due 01/15/27◊,2		1,457,488		1,369,770
BXHPP Trust
2021-FILM, 5.78% (1 Month USD LIBOR + 1.10%, Rate Floor: 1.10%) due 08/15/36◊,2		1,500,000		1,349,068
Morgan Stanley Capital I Trust
2018-H3, 0.82% (WAC) due 07/15/51◊,6		43,194,091		1,263,894
Citigroup Commercial Mortgage Trust
2019-GC41, 1.04% (WAC) due 08/10/56◊,6		24,593,736		1,080,031
BENCHMARK Mortgage Trust
2019-B14, 0.78% (WAC) due 12/15/62◊,6		34,506,198		1,062,929
JPMDB Commercial Mortgage Securities Trust
2018-C8, 0.67% (WAC) due 06/15/51◊,6		23,746,288		485,690
KKR Industrial Portfolio Trust
2021-KDIP, 5.94% (1 Month Term SOFR + 1.11%, Rate Floor: 1.11%) due 12/15/37◊,2		487,500		465,177
Wells Fargo Commercial Mortgage Trust
2015-NXS1, 2.63% due 05/15/48		37,005		36,911
Total Commercial Mortgage-Backed Securities				25,929,458
Total Collateralized Mortgage Obligations
(Cost $135,691,766)				126,004,808
SENIOR FLOATING RATE INTERESTS††,◊ - 1.0%
Technology - 0.5%
Dun & Bradstreet
8.10% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 02/06/26		2,240,026		2,233,485
MACOM Technology Solutions Holdings, Inc.
7.09% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 05/17/24		244,787		242,542
Total Technology				2,476,027
Industrial - 0.4%
Mileage Plus Holdings LLC
10.21% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 06/21/27		1,870,000		1,938,031

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
ULTRA SHORT DURATION FUND

	Face Amount		Value
Energy - 0.1%
ITT Holdings LLC
7.67% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 07/10/28	$	484,620	$	470,081
Consumer, Non-cyclical - 0.0%
Outcomes Group Holdings, Inc.
8.09% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 10/24/25		295,120		286,267
Total Senior Floating Rate Interests
(Cost $5,208,393)				5,170,406
Total Investments - 99.0%
(Cost $557,149,348)			$	531,859,833
Other Assets & Liabilities, net - 1.0%				5,256,613
Total Net Assets - 100.0%			$	537,116,446

Centrally Cleared Interest Rate Swap Agreements††
Counterparty	Exchange	Floating Rate Type	Floating Rate Index		Fixed Rate		Payment Frequency
BofA Securities, Inc.	CME	Receive	U.S. Secured Overnight Financing Rate	1.10%		Annually
BofA Securities, Inc.	CME	Receive	3-Month USD LIBOR	1.66%		Quarterly
BofA Securities, Inc.	CME	Pay	U.S. Secured Overnight Financing Rate	2.79%		Annually

Counterparty		Maturity Date	Notional Amount		Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)**
BofA Securities, Inc.	01/10/25		$	137,000,000	$	7,283,023		$	380	$	7,282,643
BofA Securities, Inc.	03/16/31			4,500,000		572,800			267		572,533
BofA Securities, Inc.	07/18/27			12,000,000		(321,261	)		304		(321,565	)
					$	7,534,562		$	951	$	7,533,611

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
ULTRA SHORT DURATION FUND

**	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.
◊	Variable rate security. Rate indicated is the rate effective at March 31, 2023. 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.
1	Rate indicated is the 7-day yield as of March 31, 2023.
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 $396,774,550 (cost $417,899,489), or 73.9% of total net assets.
3	Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.
4	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, 2023. See table below for additional step information for each security.
5	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 $9,060,085 (cost $9,311,244), or 1.7% of total net assets — See Note 8.
6	Security is an interest-only strip.
	BofA — Bank of America
	CME — Chicago Mercantile Exchange
	LIBOR — London Interbank Offered Rate
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate
	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, 2023
ULTRA SHORT DURATION FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	52,411,145	$	—	$	—	$	52,411,145
Asset-Backed Securities		—		207,766,459		10,600,000		218,366,459
Corporate Bonds		—		129,907,015		—		129,907,015
Collateralized Mortgage Obligations		—		121,571,911		4,432,896		126,004,807
Senior Floating Rate Interests		—		5,170,406		—		5,170,406
Interest Rate Swap Agreements**		—		7,855,176		—		7,855,176
Total Assets	$	52,411,145	$	472,270,967	$	15,032,896	$	539,715,008

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Swap Agreements**	$	—	$	321,565	$	—	$	321,565

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

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, 2023			Valuation Technique		Unobservable Inputs		Input Range		Weighted Average
Assets:
Asset-Backed Securities	$	10,600,000	Third Party Pricing		Broker Quote		—		—
Collateralized Mortgage Obligations		4,432,896	Model Price		Market Comparable Yields		7.6%		—
Total Assets	$	15,032,896

Significant changes in a quote, yield, market comparable yields, liquidation value or valuation multiple would generally result in significant changes in the fair value of the security.

The Fund’s fair valuation leveling guidelines classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3, if such a quote or price cannot be supported with other available market information.

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, 2023, the Fund had securities with a total value of $8,150,000 transfer into Level 3 from Level 2 due to a lack of observable inputs and had securities with a total value of $4,230,000 transfer out of Level 3 into 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.

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
ULTRA SHORT DURATION 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, 2023:

	Assets											Liabilities
	Asset-Backed Securities			Collateralized Mortgage Obligations		Corporate Bonds			Total Assets			Unfunded Loan Commitments
Beginning Balance	$	5,347,691		$	4,327,633	$	4,448,673		$	14,123,997		$	(2,326	)
Purchases/(Receipts)		2,450,000			—		—			2,450,000			—
(Sales, maturities and paydowns)/Fundings		(5,350,000	)		—		—			(5,350,000	)		875
Amortization of premiums/discounts		—			12		—			12			—
Total realized gains (losses) included in earnings		—			—		—			—			(642	)
Total change in unrealized appreciation (depreciation) included in earnings		2,309			105,251		(218,673	)		(111,113	)		2,093
Transfers into Level 3		8,150,000			—		—			8,150,000			—
Transfers out of Level 3		—			—		(4,230,000	)		(4,230,000	)		—
Ending Balance	$	10,600,000		$	4,432,896	$	—		$	15,032,896		$	—
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at March 31, 2023	$	—		$	105,251	$	—		$	105,251		$	—

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2023
ULTRA SHORT DURATION 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)
BRAVO Residential Funding Trust 2022-R1, 3.13% due 01/29/70		6.13	%		01/30/25		—			—
BRAVO Residential Funding Trust 2021-C, 1.62% due 03/01/61		4.62	%		09/25/24		5.62	%		09/25/25
CSMC Trust 2020-NQM1, 1.21% due 05/25/65		2.21	%		09/26/24		—			—
Legacy Mortgage Asset Trust 2021-GS3, 1.75% due 07/25/61		4.75	%		05/25/24		5.75	%		05/25/25
Legacy Mortgage Asset Trust 2021-GS4, 1.65% due 11/25/60		4.65	%		08/25/24		5.65	%		08/25/25
Legacy Mortgage Asset Trust 2021-GS5, 2.25% due 07/25/67		5.25	%		11/25/24		6.25	%		11/25/25
Legacy Mortgage Asset Trust 2021-GS2, 1.75% due 04/25/61		4.75	%		04/25/24		5.75	%		04/25/25
NYMT Loan Trust 2021-SP1, 1.67% due 08/25/61		4.67	%		08/01/24		5.67	%		08/01/25
NYMT Loan Trust 2022-SP1, 5.25% due 07/25/62		8.25	%		07/01/25		9.25	%		07/01/26
OSAT Trust 2021-RPL1, 2.12% due 05/25/65		5.12	%		06/25/24		6.12	%		06/25/25
PRPM LLC 2022-1, 3.72% due 02/25/27		6.72	%		02/25/25		7.72	%		02/25/26
PRPM LLC 2021-5, 1.79% due 06/25/26		4.79	%		06/25/24		5.79	%		06/25/25
Verus Securitization Trust 2020-1, 2.42% due 01/25/60		3.42	%		01/26/24		—			—
Verus Securitization Trust 2019-4, 2.64% due 11/25/59		3.64	%		10/26/23		—			—
Verus Securitization Trust 2019-4, 2.85% due 11/25/59		3.85	%		10/26/23		—			—
Verus Securitization Trust 2020-5, 1.22% due 05/25/65		2.22	%		10/26/24		—			—

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

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

ULTRA SHORT DURATION FUND

March 31, 2023

Assets:
Investments, at value (cost $557,149,348)	$	531,859,833
Segregated cash with broker		958,082
Unamortized upfront premiums paid on interest rate swap agreements		951
Prepaid expenses		67,947
Receivables:
Interest		2,870,499
Fund shares sold		1,146,893
Variation margin on interest rate swap agreements		870,445
Securities sold		630,232
Total assets		538,404,882
Liabilities:
Overdraft due to custodian bank		121,133
Foreign currency, at value (proceeds 1,300)		1,389
Payable for:
Fund shares redeemed		682,002
Distributions to shareholders		287,934
Management fees		65,644
Transfer agent/maintenance fees		34,927
Distribution and service fees		22,464
Fund accounting/administration fees		19,731
Due to Investment Adviser		8,419
Trustees’ fees*		2,271
Miscellaneous		42,522
Total liabilities		1,288,436
Net assets	$	537,116,446
Net assets consist of:
Paid in capital	$	563,974,153
Total distributable earnings (loss)		(26,857,707	)
Net assets	$	537,116,446
A-Class:
Net assets	$	104,036,515
Capital shares outstanding		10,709,950
Net asset value per share	$	9.71
Institutional Class:
Net assets	$	433,079,931
Capital shares outstanding		44,591,354
Net asset value per share	$	9.71

* 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

STATEMENT OF OPERATIONS (Unaudited)

ULTRA SHORT DURATION FUND

Six Months Ended March 31, 2023

Investment Income:
Interest	$	12,138,016
Total investment income		12,138,016
Expenses:
Management fees		756,898
Distribution and service fees:
A-Class		144,143
Transfer agent fees		5,984
Transfer agent/maintenance fees:
A-Class		49,538
Institutional Class		97,914
Fund accounting/administration fees		95,692
Registration fees		71,234
Professional fees		59,679
Custodian fees		20,372
Line of credit fees		20,103
Interest expense		15,932
Trustees’ fees*		12,467
Miscellaneous		18,467
Recoupment of previously waived fees:
A-Class		2,014
Institutional Class		6,405
Total expenses		1,376,842
Less:
Expenses reimbursed by Adviser:
A-Class		(46,816	)
Institutional Class		(85,173	)
Expenses waived by Adviser		(52,654	)
Earnings credits applied		(3,797	)
Total waived/reimbursed expenses		(188,440	)
Net expenses		1,188,402
Net investment income		10,949,614
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	(8,156,394	)
Investments sold short		(642	)
Swap agreements		1,937,962
Forward foreign currency exchange contracts		798,911
Foreign currency transactions		(106	)
Net realized loss		(5,420,269	)
Net change in unrealized appreciation (depreciation) on:
Investments		17,107,639
Swap agreements		(1,659,349	)
Forward foreign currency exchange contracts		(798,908	)
Foreign currency translations		(90	)
Net change in unrealized appreciation (depreciation)		14,649,292
Net realized and unrealized gain		9,229,023
Net increase in net assets resulting from operations	$	20,178,637

* 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.

STATEMENTS OF CHANGES IN NET ASSETS

ULTRA SHORT DURATION FUND

	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	10,949,614		$	13,162,218
Net realized loss on investments		(5,420,269	)		(1,760,878	)
Net change in unrealized appreciation (depreciation) on investments		14,649,292			(33,327,821	)
Net increase (decrease) in net assets resulting from operations		20,178,637			(21,926,481	)
Distributions to shareholders:
A-Class		(2,372,809	)		(2,015,323	)
Institutional Class		(10,585,417	)		(10,986,326	)
Total distributions to shareholders		(12,958,226	)		(13,001,649	)
Capital share transactions:
Proceeds from sale of shares
A-Class		4,923,778			104,918,065
Institutional Class		67,020,728			393,611,176
Distributions reinvested
A-Class		2,337,079			2,012,411
Institutional Class		8,285,369			9,182,432
Cost of shares redeemed
A-Class		(37,155,028	)		(156,307,680	)
Institutional Class		(265,635,229	)		(638,832,395	)
Net decrease from capital share transactions		(220,223,303	)		(285,415,991	)
Net decrease in net assets		(213,002,892	)		(320,344,121	)
Net assets:
Beginning of period		750,119,338			1,070,463,459
End of period		537,116,446			750,119,338
Capital share activity:
Shares sold
A-Class		510,072			10,591,356
Institutional Class		6,941,115			39,950,301
Shares issued from reinvestment of distributions
A-Class		241,630			206,643
Institutional Class		857,229			942,256
Shares redeemed
A-Class		(3,852,815	)		(15,890,287	)
Institutional Class		(27,585,907	)		(65,020,480	)
Net decrease in shares		(22,888,676	)		(29,220,211	)

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	Six Months Ended March 31, 2023a			Year Ended Sept. 30, 2022			Year Ended Sept. 30, 2021			Year Ended Sept. 30, 2020			Period Ended Sept. 30, 2019b
Per Share Data
Net asset value, beginning of period	$	9.60		$	9.97		$	9.98		$	9.97		$	10.00
Income (loss) from investment operations:
Net investment income (loss)c		.17			.12			.06			.12			.17
Net gain (loss) on investments (realized and unrealized)		.14			(.37	)		—			.03			.02	j
Total from investment operations		.31			(.25	)		.06			.15			.19
Less distributions from:
Net investment income		(.20	)		(.12	)		(.07	)		(.14	)		(.21	)
Net realized gains		—			—			—			—			(.01	)
Total distributions		(.20	)		(.12	)		(.07	)		(.14	)		(.22	)
Net asset value, end of period	$	9.71		$	9.60		$	9.97		$	9.98		$	9.97
Total Return		3.27	%		(2.49	%)		0.62	%		1.52	%		1.89	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	104,037		$	132,518		$	188,416		$	62,956		$	31,154
Ratios to average net assets:
Net investment income (loss)		3.44	%		1.18	%		0.63	%		1.20	%		2.05	%
Total expensesf		0.70	%		0.65	%		0.63	%		0.65	%		0.61	%
Net expensesg.h.i		0.60	%		0.59	%		0.59	%		0.61	%		0.58	%
Portfolio turnover rate		1	%		24	%		122	%		129	%		55	%

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	Six Months Ended March 31, 2023a			Year Ended Sept. 30, 2022			Year Ended Sept. 30, 2021			Year Ended Sept. 30, 2020			Year Ended Sept. 30, 2019e			Year Ended Sept. 30, 2018e
Per Share Data
Net asset value, beginning of period	$	9.59		$	9.97		$	9.98		$	9.96		$	10.01		$	10.04
Income (loss) from investment operations:
Net investment income (loss)c		.18			.14			.09			.15			.28			.24
Net gain (loss) on investments (realized and unrealized)		.15			(.37	)		—			.04			(.04	)		—
Total from investment operations		.33			(.23	)		.09			.19			.24			.24
Less distributions from:
Net investment income		(.21	)		(.15	)		(.10	)		(.17	)		(.28	)		(.27	)
Net realized gains		—			—			—			—			(.01	)		—	d
Total distributions		(.21	)		(.15	)		(.10	)		(.17	)		(.29	)		(.27	)
Net asset value, end of period	$	9.71		$	9.59		$	9.97		$	9.98		$	9.96		$	10.01
Total Return		3.51	%		(2.34	%)		0.87	%		1.88	%		2.37	%		2.48	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	433,080		$	617,601		$	882,047		$	440,356		$	423,414		$	356,128
Ratios to average net assets:
Net investment income (loss)		3.66	%		1.44	%		0.88	%		1.47	%		2.54	%		2.44	%
Total expensesf		0.40	%		0.36	%		0.34	%		0.38	%		0.30	%		0.07	%
Net expensesg,h,i		0.35	%		0.34	%		0.34	%		0.36	%		0.29	%		0.07	%
Portfolio turnover rate		1	%		24	%		122	%		129	%		55	%		74	%

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, 2023. 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	The per share data for the years ended September 30, 2017 through September 30, 2018 and the period October 1, 2018 to November 30, 2018 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, Guggenheim Ultra Short Duration Fund issued 2.501601322 Institutional Class shares for every 1 share of Guggenheim Strategy Fund I.
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 years presented was as follows:

	03/31/23a	09/30/22	09/30/21	09/30/20	09/30/19
A-Class	0.00%*	0.01%	0.00%*	0.00%*	—
Institutional Class	0.00%*	0.01%	0.01%	0.00%*	0.00%*

* Less than 0.01%

ⁱ 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:

	03/31/23a	09/30/22	09/30/21	09/30/20	09/30/19	09/30/18
A-Class	0.58%	0.58%	0.58%	0.58%	0.58%	N/A
Institutional Class	0.33%	0.33%	0.33%	0.33%	0.29%	0.07%

^j The amount shown for a share outstanding throughout the period does not agree 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 of the Fund.

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

The Trust offers a combination of 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. C-Class shares automatically convert to A-Class shares on or about the 10th day of the month following the 8-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. 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” or the “Adviser”) may also be eligible to purchase R6-Class shares subject to a $2 million minimum initial investment. At March 31, 2023, the Trust consisted of nineteen funds (the “Funds”).

This report covers the Ultra Short Duration Fund (the “Fund”), a diversified investment company.

At March 31, 2023, A-Class and Institutional Class shares have been issued by the Fund.

Guggenheim Partners Investment Mangagement, LLC (“GPIM” or “the Adviser”), 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.

Pursuant to an investment Sub-Advisory Agreement between GPIM and Guggenheim Partners Advisors, LLC (“GPA”), that was in effect during a portion of the Reporting Period, GPA was engaged to provide investment subadvisory services to the Fund. GPA operated as an investment sub-advisor to the Fund from April 29, 2022 to December 22, 2022.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 35

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

GPA, under the oversight of the Board and GPIM, assisted GPIM in the supervision and direction of the investment strategies of the Fund in accordance with its investment policies. As compensation for its services, GPIM paid GPA a fee, payable monthly, in an amount equal to 0.005% of the average daily net assets of 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 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”) adopted policies and procedures for the valuation of the Fund’s investments (the “Valuation Procedures”). The U.S. Securities and Exchange Commission (the “SEC”) adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith and became effective September 8, 2022. Rule 2a-5 also defines “readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee to perform fair valuation determinations for the Fund with respect to all Fund investments and other assets. As the Fund’s valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Fund’s securities and other assets.

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

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with the monitoring and review responsibilities set forth in the Valuation Designee Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed 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, the investment is fair valued by the Adviser.

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 Adviser 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 Designee Procedures, the Adviser is 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 generally valued at the last quoted sale price.

U.S. Government securities are valued by independent pricing services, the last traded fill price, or at the reported bid price at the close of business.

Commercial paper and discount notes 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. Commercial paper and discount notes with a maturity of 60 days or less at acquisition are valued at amortized cost, unless the Adviser concludes that amortized cost does not represent the fair value of the applicable asset in which case it will be valued using an independent pricing service.

Typically, loans are valued using information provided by an independent third party pricing service that uses broker quotes, among other inputs. If the pricing service cannot or does not provide a valuation for a particular loan, or such valuation is deemed unreliable, such investment is valued based on a quote from a broker-dealer or is fair valued by the Adviser.

The value of interest rate swap agreements entered into by the Fund is valued on the basis of the last sale price on the primary exchange on which the swap is traded.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The values of other swap agreements entered into by the Fund are generally valued using an evaluated price provided by a third party pricing vendor.

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 the Adviser. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value”. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as 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.

(c) Senior Floating Rate Interests and Loan Investments

Senior floating rate interests 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 Fund invests in loans and other similar debt obligations (“obligations”). A portion of the Fund’s investments in these obligations is sometimes referred to as “covenant lite” loans or obligations (“covenant lite obligations”), which are obligations that lack covenants or possess fewer or less restrictive covenants or constraints on borrowers than certain other types of obligations. The Fund may also obtain exposure to covenant lite obligations through investment in securitization vehicles and other structured products. In recent market conditions, many new

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or reissued obligations have not featured traditional covenants, which are intended to protect lenders and investors by (i) imposing certain restrictions or other limitations on a borrower’s operations or assets or (ii) providing certain rights to lenders. The Fund may have fewer rights with respect to covenant lite obligations, including fewer protections against the possibility of default and fewer remedies in the event of default. As a result, investments in (or exposure to) covenant lite obligations are subject to more risk than investments in (or exposure to) certain other types of obligations. The Fund is subject to other risks associated with investments in (or exposure to) obligations, including that obligations may not be considered “securities” and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.

(d) Interest on 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 takes 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, it 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.

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) 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.

Upon entering into certain centrally-cleared swap transactions, a Fund is required to deposit with its clearing broker an amount of cash or securities as an initial margin. Subsequent variation margin receipts or payments are received or made by the Fund depending on fluctuations in

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

the fair value of the reference entity 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.

Upfront payments received or made by a Fund on credit default swap agreements and 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 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 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 value of a forward foreign currency exchange 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.

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(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 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 the Fund’s 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, 2023, 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, if any. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. 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.

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.

The Fund may receive other income from investments in senior loan interests including amendment fees, consent fees and commitment fees. For funded loans, these fees are recorded as income when received by the Fund and included in interest income on the Statement of Operations. For unfunded loans, commitment fees are included in realized gain on investments on the Statement of Operations at the end of the commitment period.

(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 U.S. federal income tax purposes.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

(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. Earnings credits for the period ended March 31, 2023, are disclosed in the Statement of Operations.

(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 4.83% at March 31, 2023.

(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 – Financial Instruments and 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 on 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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Short Sales

A short sale is a transaction in which the 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 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.

Swap Agreements

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. When utilizing over-the-counter (“OTC”) swaps, the 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 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. For a Fund utilizing centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. 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 monthly basis:

	Average Notional Amount
Use	Pay Floating Rate		Receive Floating Rate
Duration, Hedge	$	12,000,000	$	141,500,000

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 monthly basis:

	Average Value
Use	Purchased		Sold
Hedge, Income	$	1,539,261	$	1,539,261

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, 2023:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Interest rate swap agreements	Unamortized upfront premiums paid on interest rate swap agreements Variation margin on interest rate swap agreements	— —

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The following tables set forth the fair value of the Fund’s derivative investments categorized by primary risk exposure at March 31, 2023:

Asset Derivative Investments Value
	Swaps Interest Rate Risk*		Total Value at March 31, 2023
	$	7,855,176	$	7,855,176

Liability Derivative Investments Value
	Swaps Interest Rate Risk*		Total Value at March 31, 2023
	$	321,565	$	321,565

* Includes cumulative appreciation (depreciation) of exchange-traded, OTC and centrally-cleared derivatives contracts as reported on the Schedule of Investments. For exchange-traded and centrally-cleared derivatives, 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, 2023:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Interest rate swap agreements	Net realized gain (loss) on swap agreements Net change in unrealized appreciation (depreciation) on swap agreements
Currency forward 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, 2023:

Realized Gain (Loss) on Derivative Investments Recognized on the Statement of Operations
	Swaps Interest Rate Risk		Forward Foreign Currency Exchange Risk		Total
	$	1,937,962	$	798,911	$	2,736,873

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statement of Operations
	Swaps Interest Rate Risk			Forward Foreign Currency Exchange Risk			Total
	$	(1,659,349	)	$	(798,908	)	$	(2,458,257	)

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 as collateral.

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 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 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 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

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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 its 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 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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes 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 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, 2023.

Counterparty	Asset Type	Cash Pledged		Cash Received
BofA Securities, Inc.	Interest rate swap agreements	$	958,082	$	—

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 between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

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

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

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

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

Securities for which market quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other than Level 1 inputs will be subject to fair value requirements. The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades,

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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.

Quotes from broker-dealers, adjusted for fluctuations in criteria such as credit spreads and interest rates, may also be 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 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 a quote would generally result in significant changes in the fair value of the security.

Certain fixed income securities are valued by obtaining a monthly quote from a broker-dealer, adjusted for fluctuations in criteria such as credit spreads and interest rates.

Certain loans and other securities are valued using a single daily broker quote or a price from a third party vendor based on a single daily or monthly broker quote.

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

Note 5 – 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.

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

The Board has adopted 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 or interest 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		0.58	%		11/30/18		02/01/24
Institutional Class		0.33	%		11/30/18		02/01/24

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, 2023, 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:

	2023		2024		2025		2026		Fund Total
A-Class	$	—	$	36,209	$	105,228	$	57,377	$	198,814
Institutional Class		—		—		178,138		127,265		305,403

For the period ended March 31, 2023, GI recouped $8,419 from the Fund.

For the period ended March 31, 2023, GFD retained sales charges of $72,447 relating to sales of A-Class shares of the Trust.

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

MUFG Investor Services (US), LLC (“MUIS”) acts as the Fund’s administrator, transfer agent and accounting agent. As administrator, transfer agent and accounting agent, MUIS maintains 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.

At March 31, 2023, GI and its affiliates owned 41% 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 U.S. 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 U.S. federal income tax returns are subject to examination by the Internal Revenue Service (“IRS”) for a period of three years after they are filed.

At March 31, 2023, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
$	557,149,348	$	8,028,763	$	(25,784,667	)	$	(17,755,904	)

Note 7 – Securities Transactions

For the period ended March 31, 2023, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

Purchases		Sales
$	5,013,188	$	169,113,248

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 51

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

effected at the current market price to save costs, where permissible. For the period ended March 31, 2023, the Fund did not engage in purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act.

Note 8 – Restricted Securities

The securities below are considered illiquid and restricted under guidelines established by the Board:

Restricted Securities	Acquisition Date		Cost		Value
Cascade Funding Mortgage Trust
2019-RM3 2.80% (WAC) due 06/25/691		06/25/19	$	145,619	$	140,570
FKRT
2.21% due 11/30/58		09/24/21		4,549,989		4,432,896
LSTAR Securities Investment Ltd.
2021-1 7.46% (1 Month USD LIBOR + 2.80%, Rate Floor: 1.80%) due 02/01/261		02/04/21		1,365,658		1,338,182
Towd Point Revolving Trust
4.83% due 09/25/64		03/17/22		3,249,978		3,148,437
			$	9,311,244	$	9,060,085

¹ Variable rate security. Rate indicated is the rate effective at March 31, 2023. 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 9 – Line of Credit

The Trust, along with other affiliated trusts, secured a 364-day committed, $1,230,000,000 line of credit from Citibank, N.A., which was in place through September 30, 2022, at which time the line of credit was renewed as a 364-day committed, $1,150,000,000 line of credit. A Fund may draw (borrow) from the line of credit as a temporary measure for emergency purposes, to facilitate redemption requests, or for other short-term liquidity purposes consistent with the Fund’s investment objective and program. For example, it may be advantageous for the Fund to borrow money rather than sell existing portfolio positions to meet redemption requests. Fees related to borrowings, if any, vary under this arrangement between the greater of Citibank’s “base rate”, SOFR plus 1%, or the federal funds rate plus 1/2 of 1%.

The commitment fee that may be paid by the Funds is at an annualized rate of 0.15% of the average daily amount of their allocated unused commitment amount. The commitment fee amount is allocated to the individual Funds based on the respective net assets of each participating Fund and is referenced in the 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, 2023.

52 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 10 – 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 effectiviely be restricted pending such decision.

For the period ended March 31, 2023, the Fund entered into reverse repurchase agreements as follows:

Number of Days Outstanding		Balance at March 31, 2023			Average Balance Outstanding		Average Interest Rate
	15	$	—	*	$	9,479,767		4.09	%

* As of March 31, 2023, there were no open reverse repurchase agreements.

Note 11 – Market Risks

The value of, or income generated by, the investments held by the Fund are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (which have since risen and may continue to rise), changes in inflation rates or expectations about inflation rates (which are currently elevated relative to normal conditions), adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the current Russia-Ukraine conflict and its risk of expansion or collateral economic and other effects) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country or geographic region could adversely affect the value, yield and return of the investments held by the Fund in a different country or geographic region, economy, and market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Fund’s investments and performance of the Fund.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 53

NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

Note 12 – Subsequent Events

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

54 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

OTHER INFORMATION (Unaudited)

Delivery of Shareholder Reports

Paper copies of the Fund’s annual and semi-annual shareholder reports are not sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary. Instead, the reports are made available on a website, and you are notified by mail each time a report is posted and provided with a website link to access the report.

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 may apply to all Guggenheim Funds in which you are invested and may apply to all Guggenheim funds held with your financial intermediary.

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 portfolio 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 as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Fund’s Forms N-PORT and N-Q are available on the SEC’s website at https://www.sec.gov. 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 | 55

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

A Board of Trustees oversees the Trust, as well as other trusts of GI, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by visiting guggenheiminvestments.com or by calling 800.820.0888.

Name, Address* and Year of Birth	Position(s) Held with 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 and Chair of the Valuation Oversight Committee	Since 2014 (Trustee) Since 2020 (Chair of the Valuation Oversight Committee)	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).	155	Current: Advent Convertible and Income Fund (2005-present); Purpose Investments Funds (2013-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021).
Angela Brock-Kyle (1959)	Trustee	Since 2019	Current: Founder and Chief Executive Officer, B.O.A.R.D.S. (2013-present); Director, Mutual Fund Directors Forum (2022-present). Former: Senior Leader, TIAA (1987-2012).	154	Current: Bowhead Insurance GP, LLC (2020-present); Hunt Companies, Inc. (2019-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Infinity Property & Casualty Corp. (2014-2018).

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 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
Thomas F. Lydon, Jr. (1960)	Trustee and Chair of the Contracts Review Committee	Since 2019 (Trustee) Since 2020 (Chair of the Contracts Review Committee)	Current: President, Global Trends Investments (1996-present); Chief Executive Officer, ETF Flows, LLC (2019-present); Chief Executive Officer, Lydon Media (2016-present); Director, GDX Index Partners, LLC (2021-present); Vice Chairman, VettaFi (2022-present).	154	Current: US Global Investors, Inc. (GROW) (1995-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Harvest Volatility Edge Trust (3) (2017-2019).
Ronald A. Nyberg (1953)	Trustee and Chair of the Nominating and Governance Committee	Since 2014	Current: Of Counsel, Momkus LLP (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	155	Current: Advent Convertible and Income Fund (2003-present); PPM Funds (2) (2018-present); NorthShore-Edward-Elmhurst Health (2012-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

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 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
Sandra G. Sponem (1958)	Trustee and Chair of the Audit Committee	Since 2019 (Trustee) Since 2020 (Chair of the Audit Committee)	Current: Retired. Former: Senior Vice President and Chief Financial Officer, M.A. Mortenson-Companies, Inc. (2007-2017).	154	Current: SPDR Series Trust (81) (2018-present); SPDR Index Shares Funds (30) (2018-present); SSGA Active Trust (14) (2018-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); SSGA Master Trust (1) (2018-2020).

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 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, Chair of the Board and Chair of the Executive Committee	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).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 59

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

Name, Address* and Year of Birth	Position(s) Held with 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); 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, certain other funds in the Fund Complex (2017-2019); Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2018-2022); Guggenheim Enhanced Equity Income Fund (2018-2021); Guggenheim Credit Allocation Fund (2018-2021).

*	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.
***	Each Trustee also serves on the Boards of Trustees of Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust, Guggenheim Strategic Opportunities Fund, Guggenheim Energy & Income Fund, Guggenheim Active Allocation Fund, Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust and Transparent Value Trust. Messrs. Barnes and Nyberg also serve on the Board of Trustees of Advent Convertible & Income Fund.
****	This Trustee is deemed to be an “interested person” of the Fund under the 1940 Act by reason of her position with the Fund’s Adviser and/or the parent of the Adviser.

60 | 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 Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS
Brian E. Binder (1972)	President and Chief Executive Officer	Since 2018	Current: President, Mutual Funds Boards, Guggenheim Investments (2022-present); President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President, Mutual Funds Boards, Guggenheim Funds Investment Advisors, LLC and Security Investors, LLC (2018-present);Board Member, Guggenheim Partners Investment Funds plc (2022-present); Board Member, Guggenheim Global Investments plc (2022-present); Board Member of Guggenheim Partners Fund Management (Europe) Limited (2018-present). Former: Senior Managing Director and Chief Administrative Officer, Guggenheim Investments (2018-2022); Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Chairman of North American Executive Committee and Head of Business Management and Consulting, Invesco Ltd. (2010-2012).
James M. Howley (1972)	Chief Financial Officer, Chief Accounting Officer and Treasurer	Since 2022	Current: Managing Director, Guggenheim Investments (2004-present); Chief Financial Officer, Chief Accounting Officer, and Treasurer, certain other funds in the Fund Complex (2022-present). Former: Assistant Treasurer, certain other funds in the Fund Complex (2006-2022); 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); Managing Director, Guggenheim Investments (2012-present).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 61

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) 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); Senior Managing Director, Guggenheim Funds Distributors, LLC (2014-present). Former: Chief Compliance Officer, Security Investors, LLC and 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).
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).

62 | 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 Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS - concluded
Jon Szafran (1989)	Assistant Treasurer	Since 2017	Current: Director, 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 | 63

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

64 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

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 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

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 65

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 based

66 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(concluded)

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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3.31.2023

Guggenheim Funds Semi-Annual Report

Guggenheim Limited Duration Fund

GuggenheimInvestments.com LD-SEMI-0323x0923

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	3
ABOUT SHAREHOLDERS’ FUND EXPENSES	4
LIMITED DURATION FUND	6
NOTES TO FINANCIAL STATEMENTS	36
OTHER INFORMATION	53
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	54
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	60

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 1

March 31, 2023

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, 2023 (the “Reporting Period”).

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, 2023

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, 2023

Developments in March 2023 highlighted the increasingly difficult place in which the U.S. Federal Reserve (the “Fed”) and other central banks find themselves as they work toward restoring price stability and maintaining financial stability. The collapse of Silicon Valley Bank and Signature Bank prompted banks to rush for liquidity support from the Fed, totaling $165 billion in the immediate aftermath. Overseas, the Swiss National Bank provided the equivalent of $54 billion in emergency liquidity to Credit Suisse before a deal was struck with rival UBS to buy it for $3.25 billion.

Heightened concerns about further bank stress and central banks’ ability to continue aggressively tightening monetary policy weighed heavily on market-implied expectations for the path of policy rates. Nevertheless, in March 2023 the Fed raised rates by 25 basis points and the European Central Bank raised rates by 50 basis points. One basis point equals 0.01%. We expect central banks will continue to raise rates over the next few months in their continuing effort to bring inflation to heel, despite the cracks in financial stability that are beginning to show.

While markets were volatile, data releases indicated that the U.S. economy is still on a relatively firm footing. March job growth came in at 236,000, well above the level needed to keep the unemployment rate from rising. Housing data has surprised to the upside, likely in response to the recent softening of mortgage rates. Meanwhile, the S&P Global U.S. composite Purchasing Managers’ Index (“PMI”) rose to a 10-month high, with strength especially evident in sub-indices for the service sector. Forward-looking data looks more concerning, however, with the Leading Economic Index turning down further, initial signs of job loss in the most cyclical and interest rate sensitive sectors, and business surveys souring on the economic outlook and plans for spending and hiring.

The Fed acknowledged in its March 2023 Federal Open Market Committee meeting statement that a contraction of credit emanating from volatility in the banking sector was likely to create new headwinds for the economy. In recognition of this new risk, the Fed’s updated Summary of Economic Projections showed a small downward revision of real gross domestic product growth this year, from 0.5% to 0.4%, followed by a larger downward revision for next year, from 1.6 percent to 1.2 percent. We continue to expect a recession could begin midway through the year.

For the Reporting Period, the S&P 500^® Index* returned 15.62%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* (gross) returned 27.52%. The return of the MSCI Emerging Markets Index* (gross) was 14.20%.

In the bond market, the Bloomberg U.S. Aggregate Bond Index* posted a 4.89% return for the Reporting Period, while the Bloomberg U.S. Corporate High Yield Index* returned 7.89%. The return of the ICE Bank of America (“BofA”) 3-Month U.S. Treasury Bill Index* was 1.94% 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 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 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 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.

ICE BofA 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^® 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 | 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, 2022 and ending March 31, 2023.

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, 2022	Ending Account Value March 31, 2023	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Limited Duration Fund
A-Class	0.75%	3.93%	$ 1,000.00	$ 1,039.30	$ 3.81
C-Class	1.50%	3.50%	1,000.00	1,035.00	7.61
P-Class	0.75%	3.93%	1,000.00	1,039.30	3.81
Institutional Class	0.50%	4.01%	1,000.00	1,040.10	2.54
R6-Class	0.49%	4.06%	1,000.00	1,040.60	2.49
Table 2. Based on hypothetical 5% return (before expenses)
Limited Duration Fund
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 Funds invest, if any. This ratio represents net expenses, which may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratio for the Fund would be 0.72%, 1.47%, 0.72%, 0.47% and 0.47% for the A-Class, C-Class, P-Class, Institutional Class and R6-Class, respectively.
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, 2022 to March 31, 2023.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 5

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

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	27.0%
AA	8.7%
A	19.8%
BBB	23.3%
BB	6.0%
B	1.2%
CCC	0.5%
CC	0.3%
NR2	10.1%
Other Instruments	3.1%
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 Notes, 4.63%	5.9%
Boeing Co., 4.88%	1.3%
THL Credit Lake Shore MM CLO I Ltd., 6.49%	1.2%
OSAT Trust, 2.12%	1.0%
F&G Global Funding, 0.90%	1.0%
Golub Capital Partners CLO 49M Ltd., 6.34%	0.9%
Oak Street Investment Grade Net Lease Fund Series, 1.85%	0.9%
Warnermedia Holdings, Inc., 3.64%	0.8%
NYMT Loan Trust, 1.67%	0.8%
Guggenheim Strategy Fund III	0.8%
Top Ten Total	14.6%
“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 (not rated) securities do not necessarily indicate low credit quality.

6 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Average Annual Returns*

Periods Ended March 31, 2023

	6 Month†	1 Year	5 Year	Since Inception (12/16/13)
A-Class Shares	3.93%	0.03%	1.44%	1.93%
A-Class Shares with sales charge‡	1.59%	(2.21%)	0.98%	1.68%
C-Class Shares	3.50%	(0.76%)	0.68%	1.17%
C-Class Shares with CDSC§	2.50%	(1.73%)	0.68%	1.17%
Institutional Class Shares	4.01%	0.24%	1.68%	2.19%
Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index	2.42%	0.24%	1.21%	1.02%

	6 Month†	1 Year	5 Year	Since Inception (05/01/15)
P-Class Shares	3.93%	0.03%	1.44%	1.81%
Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index	2.42%	0.24%	1.21%	1.02%

	6 Month†	1 Year	Since Inception (03/13/19)
R6-Class Shares	4.06%	0.28%	1.65%
Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index	2.42%	0.24%	0.85%

*	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 U.S. Aggregate Bond 1-3 Year 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.
‡	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.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 7

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2023
LIMITED DURATION FUND

	Shares		Value
COMMON STOCKS† - 0.2%
Financial - 0.2%
TPG Pace Beneficial II Corp.*,1		148,829	$	1,483,840
AfterNext HealthTech Acquisition Corp. — Class A*,1		135,000		1,379,700
Conyers Park III Acquisition Corp. — Class A*,1		125,300		1,266,783
Waverley Capital Acquisition Corp. 1 — Class A*,1		99,000		1,009,800
Acropolis Infrastructure Acquisition Corp. — Class A*,1		86,600		877,258
Blue Whale Acquisition Corp. I — Class A*,1		72,300		718,662
Total Financial				6,736,043
Communications - 0.0%
Vacasa, Inc. — Class A*		81,407		78,330
Total Common Stocks
(Cost $7,270,608)				6,814,373
PREFERRED STOCKS†† - 0.6%
Financial - 0.6%
Wells Fargo & Co.
3.90%		12,100,000		10,680,791
Markel Corp.
6.00%		7,210,000		6,916,516
MetLife, Inc.
3.85%		4,620,000		4,070,466
American Financial Group, Inc.
4.50% due 09/15/60		91,963		1,702,235
American Equity Investment Life Holding Co.
5.95%		8,000		187,760
Total Financial				23,557,768
Total Preferred Stocks
(Cost $26,412,503)				23,557,768
WARRANTS† - 0.0%
Conyers Park III Acquisition Corp.
Expiring 08/12/281		41,766		8,353
AfterNext HealthTech Acquisition Corp.
Expiring 07/09/231		45,000		7,495
Acropolis Infrastructure Acquisition Corp.
Expiring 03/31/261		28,866		4,919
Ginkgo Bioworks Holdings, Inc.
Expiring 08/01/26		19,663		3,539
Waverley Capital Acquisition Corp.
Expiring 04/30/27*,1		33,000		2,970
Blue Whale Acquisition Corp.
Expiring 07/09/23*,1		18,074		1,513
MSD Acquisition Corp.
Expiring 05/13/23†††,1		27,374		—
Total Warrants
(Cost $280,832)				28,789
MUTUAL FUNDS† - 2.2%
Guggenheim Strategy Fund III3		1,252,571		30,374,850
Guggenheim Strategy Fund II3		1,250,244		30,268,397
Guggenheim Ultra Short Duration Fund — Institutional Class3		3,043,605		29,553,403
Total Mutual Funds
(Cost $91,400,893)				90,196,650
MONEY MARKET FUND† - 0.1%
Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.69%4		3,538,311		3,538,311
Total Money Market Fund
(Cost $3,538,311)				3,538,311
	Face Amount~
ASSET-BACKED SECURITIES†† - 35.1%
Collateralized Loan Obligations - 23.4%
THL Credit Lake Shore MM CLO I Ltd.
2021-1A A1R, 6.49% (3 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 04/15/33◊,5		48,500,001		47,313,157
2021-1A A2R, 6.64% (3 Month USD LIBOR + 1.85%, Rate Floor: 1.85%) due 04/15/33◊,5		6,250,000		5,819,095
BXMT Ltd.
2020-FL2 A, 5.76% (1 Month Term SOFR + 1.01%, Rate Floor: 0.90%) due 02/15/38◊,5		19,255,702		18,799,523
2020-FL2 AS, 6.01% (1 Month Term SOFR + 1.26%, Rate Floor: 1.15%) due 02/15/38◊		14,310,000		13,699,524
2020-FL3 AS, 6.42% (30 Day Average SOFR + 1.86%, Rate Floor: 1.75%) due 11/15/37◊,5		4,500,000		4,349,801
2020-FL3 B, 6.82% (30 Day Average SOFR + 2.26%, Rate Floor: 2.15%) due 11/15/37◊,5		2,000,000		1,941,428
2020-FL2 B, 6.26% (1 Month Term SOFR + 1.51%, Rate Floor: 1.40%) due 02/15/38◊,5		2,000,000		1,800,923
Golub Capital Partners CLO 49M Ltd.
2021-49A AR, 6.34% (3 Month USD LIBOR + 1.53%, Rate Floor: 1.53%) due 08/26/33◊,5		36,500,000		35,512,701
ABPCI Direct Lending Fund IX LLC
2021-9A A1R, 6.22% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 11/18/31◊,5		30,750,000		30,151,012
LCM XXIV Ltd.
2021-24A AR, 5.79% (3 Month USD LIBOR + 0.98%, Rate Floor: 0.98%) due 03/20/30◊,5		29,669,119		29,279,756

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
LIMITED DURATION FUND

	Face Amount~		Value
Golub Capital Partners CLO 54M, LP
2021-54A A, 6.34% (3 Month USD LIBOR + 1.53%, Rate Floor: 1.53%) due 08/05/33◊,5		29,000,000	$	28,174,077
CHCP Ltd.
2021-FL1 A, 5.82% (1 Month Term SOFR + 1.16%, Rate Floor: 1.05%) due 02/15/38◊,5		28,016,625		27,547,254
Golub Capital Partners CLO 16 Ltd.
2021-16A A1R2, 6.43% (3 Month USD LIBOR + 1.61%, Rate Floor: 1.61%) due 07/25/33◊,5		27,650,000		27,226,233
Golub Capital Partners CLO 36M Ltd.
2018-36A A, 6.11% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 02/05/31◊,5		27,500,000		27,115,864
LCCM Trust
2021-FL3 A, 6.13% (1 Month USD LIBOR + 1.45%, Rate Floor: 1.45%) due 11/15/38◊,5		22,250,000		21,464,086
2021-FL2 B, 6.58% (1 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 12/13/38◊		6,000,000		5,636,876
Shackleton CLO Ltd.
2017-8A A1R, 5.73% (3 Month USD LIBOR + 0.92%, Rate Floor: 0.00%) due 10/20/27◊,5		27,147,634		27,027,747
Parliament CLO II Ltd.
2021-2A B, 6.62% (3 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 08/20/32◊,5		22,250,000		21,365,104
2021-2A A, 6.27% (3 Month USD LIBOR + 1.35%, Rate Floor: 1.35%) due 08/20/32◊,5		5,223,981		5,137,690
2021-2A C, 7.47% (3 Month USD LIBOR + 2.55%, Rate Floor: 2.55%) due 08/20/32◊,5		500,000		473,784
Owl Rock CLO IV Ltd.
2021-4A A1R, 6.52% (3 Month USD LIBOR + 1.60%, Rate Floor: 1.60%) due 08/20/33◊,5		24,250,000		23,461,875
2021-4A A2R, 6.82% (3 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 08/20/33◊,5		3,650,000		3,440,485
ABPCI Direct Lending Fund CLO V Ltd.
2021-5A A2R, 6.71% (3 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 04/20/31◊,5		15,500,000		14,896,128
2021-5A A1R, 6.31% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 04/20/31◊,5		11,500,000		11,296,310
Palmer Square Loan Funding Ltd.
2021-1A A1, 5.71% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.90%) due 04/20/29◊,5		11,237,504		11,126,880
2022-1A A2, 6.23% (3 Month Term SOFR + 1.60%, Rate Floor: 1.60%) due 04/15/30◊,5		5,000,000		4,858,730
2021-3A B, 6.56% (3 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 07/20/29◊,5		5,000,000		4,801,824
2021-2A B, 6.32% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 05/20/29◊,5		4,000,000		3,869,420
LoanCore Issuer Ltd.
2021-CRE5 B, 6.68% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 07/15/36◊,5		7,900,000		7,363,788
2021-CRE4 B, 5.92% (30 Day Average SOFR + 1.36%, Rate Floor: 1.25%) due 07/15/35◊,5		7,500,000		6,997,846
2019-CRE2 AS, 6.18% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 05/15/36◊,5		6,466,866		6,439,902
2018-CRE1 AS, 6.18% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 05/15/28◊,5		1,825,463		1,817,897
HERA Commercial Mortgage Ltd.
2021-FL1 A, 5.81% (1 Month USD LIBOR + 1.05%, Rate Floor: 1.05%) due 02/18/38◊,5		19,681,886		18,995,128
2021-FL1 B, 6.36% (1 Month USD LIBOR + 1.60%, Rate Floor: 1.60%) due 02/18/38◊,5		3,750,000		3,537,307
Golub Capital Partners CLO 33M Ltd.
2021-33A AR2, 6.82% (3 Month USD LIBOR + 1.86%, Rate Floor: 1.86%) due 08/25/33◊,5		23,000,000		21,527,637
Madison Park Funding XLVIII Ltd.
2021-48A B, 6.25% (3 Month USD LIBOR + 1.45%, Rate Floor: 1.45%) due 04/19/33◊,5	��	22,000,000		21,457,432
Cerberus Loan Funding XXXI, LP
2021-1A A, 6.29% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 04/15/32◊,5		11,890,424		11,786,841
2021-1A B, 6.69% (3 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 04/15/32◊,5		9,600,000		9,389,111
Cerberus Loan Funding XL LLC
2023-1A A, 7.19% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 03/22/35◊,5		16,500,000		16,500,000
2023-1A B, 8.39% (3 Month Term SOFR + 3.60%, Rate Floor: 3.60%) due 03/22/35◊,5		3,250,000		3,250,000
Cerberus Loan Funding XXX, LP
2020-3A A, 6.64% (3 Month USD LIBOR + 1.85%, Rate Floor: 1.85%) due 01/15/33◊,5		18,000,000		17,824,469

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
LIMITED DURATION FUND

	Face Amount~		Value
Cerberus Loan Funding XXXII, LP
2021-2A A, 6.41% (3 Month USD LIBOR + 1.62%, Rate Floor: 1.62%) due 04/22/33◊,5		14,250,000	$	13,922,941
2021-2A B, 6.69% (3 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 04/22/33◊,5		4,000,000		3,816,717
ABPCI Direct Lending Fund CLO II LLC
2021-1A A1R, 6.41% (3 Month USD LIBOR + 1.60%, Rate Floor: 1.60%) due 04/20/32◊,5		15,250,000		14,840,846
2021-1A BR, 6.96% (3 Month USD LIBOR + 2.15%, Rate Floor: 2.15%) due 04/20/32◊,5		2,250,000		2,145,838
2021-1A A2R, 6.71% (3 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 04/20/32◊,5		300,000		294,121
Woodmont Trust
2020-7A A1A, 6.69% (3 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 01/15/32◊,5		16,250,000		16,103,703
BRSP Ltd.
2021-FL1 C, 6.91% (1 Month USD LIBOR + 2.15%, Rate Floor: 2.15%) due 08/19/38◊,5		10,000,000		9,325,419
2021-FL1 B, 6.66% (1 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 08/19/38◊,5		6,400,000		6,031,158
ACRES Commercial Realty Ltd.
2021-FL1 B, 6.51% (1 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 06/15/36◊,5		11,200,000		10,676,772
2021-FL1 C, 6.71% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 06/15/36◊,5		4,800,000		4,554,857
AMMC CLO XI Ltd.
2020-11A A2R3, 1.83% due 04/30/315		14,300,000		13,384,789
Cerberus Loan Funding XXXIII, LP
2021-3A A, 6.35% (3 Month USD LIBOR + 1.56%, Rate Floor: 1.56%) due 07/23/33◊,5		11,500,000		11,190,620
2021-3A B, 6.64% (3 Month USD LIBOR + 1.85%, Rate Floor: 1.85%) due 07/23/33◊,5		2,250,000		2,135,730
Fortress Credit Opportunities XI CLO Ltd.
2018-11A A1T, 6.09% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 04/15/31◊,5		13,450,000		13,270,266
BDS Ltd.
2021-FL8 D, 6.66% (1 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 01/18/36◊,5		7,000,000		6,539,051
2021-FL9 C, 6.66% (1 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 11/16/38◊,5		5,000,000		4,723,994
2020-FL5 B, 6.61% (1 Month Term SOFR + 1.91%, Rate Floor: 1.80%) due 02/16/37◊		1,400,000		1,366,248
ABPCI Direct Lending Fund CLO I LLC
2021-1A A1A2, 6.51% (3 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 07/20/33◊,5		12,250,000		11,790,115
Lake Shore MM CLO III LLC
2021-2A A1R, 6.27% (3 Month USD LIBOR + 1.48%, Rate Floor: 1.48%) due 10/17/31◊,5		11,250,000		11,038,023
Fortress Credit Opportunities IX CLO Ltd.
2021-9A A2TR, 6.59% (3 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 10/15/33◊,5		11,500,000		10,997,672
Madison Park Funding LIII Ltd.
2022-53A B, 6.40% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/21/35◊,5		10,750,000		10,389,015
KREF
2021-FL2 B, 6.36% (1 Month USD LIBOR + 1.65%, Rate Floor: 1.65%) due 02/15/39◊,5		10,700,000		10,180,893
FS Rialto
2021-FL3 B, 6.53% (1 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 11/16/36◊,5		7,500,000		7,099,418
2021-FL2 C, 6.78% (1 Month USD LIBOR + 2.05%, Rate Floor: 2.05%) due 05/16/38◊,5		3,250,000		3,002,968
Neuberger Berman CLO XVI-S Ltd.
2021-16SA BR, 6.19% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 04/15/34◊,5		10,200,000		9,748,317
Recette CLO Ltd.
2021-1A BRR, 6.21% (3 Month USD LIBOR + 1.40%, Rate Floor: 0.00%) due 04/20/34◊,5		10,000,000		9,511,830
ABPCI Direct Lending Fund CLO VII, LP
2021-7A A1R, 6.25% (3 Month USD LIBOR + 1.43%, Rate Floor: 1.43%) due 10/20/31◊,5		9,250,000		9,047,214
PFP Ltd.
2021-7 B, 6.13% (1 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 04/14/38◊,5		4,599,770		4,389,170
2021-7 D, 7.13% (1 Month USD LIBOR + 2.40%, Rate Floor: 2.40%) due 04/14/38◊,5		4,104,795		3,826,717
Cerberus Loan Funding XXXV, LP
2021-5A A, 6.29% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 09/22/33◊,5		8,000,000		7,835,100

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
LIMITED DURATION FUND

	Face Amount~		Value
GoldenTree Loan Management US CLO 1 Ltd.
2021-9A B, 6.31% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 01/20/33◊,5		7,000,000	$	6,788,679
2021-9A C, 6.61% (3 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 01/20/33◊,5		1,000,000		948,633
BCC Middle Market CLO LLC
2021-1A A1R, 6.29% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 10/15/33◊,5		6,750,000		6,570,450
NewStar Fairfield Fund CLO Ltd.
2018-2A A1N, 6.08% (3 Month USD LIBOR + 1.27%, Rate Floor: 1.27%) due 04/20/30◊,5		6,529,571		6,444,079
Neuberger Berman Loan Advisers CLO 40 Ltd.
2021-40A B, 6.19% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 04/16/33◊,5		6,000,000		5,819,660
MF1 Multifamily Housing Mortgage Loan Trust
2021-FL6 B, 6.36% (1 Month USD LIBOR + 1.65%, Rate Floor: 1.65%) due 07/16/36◊,5		6,000,000		5,687,204
KREF Funding V LLC
6.43% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 06/25/26◊,†††		5,370,860		5,339,974
0.15% due 06/25/26†††,6		27,272,727		13,364
STWD Ltd.
2019-FL1 C, 6.72% (1 Month Term SOFR + 2.06%, Rate Floor: 1.95%) due 07/15/38◊,5		3,200,000		3,094,908
2021-FL2 B, 6.51% (1 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 04/18/38◊,5		2,187,000		2,001,049
Owl Rock CLO II Ltd.
2021-2A ALR, 6.36% (3 Month USD LIBOR + 1.55%, Rate Floor: 1.55%) due 04/20/33◊,5		5,000,000		4,851,483
CIFC Funding Ltd.
2021-4A A1B2, 6.06% (3 Month USD LIBOR + 1.25%, Rate Floor: 1.25%) due 04/20/34◊,5		5,000,000		4,712,357
BSPRT Issuer Ltd.
2021-FL6 C, 6.73% (1 Month USD LIBOR + 2.05%, Rate Floor: 2.05%) due 03/15/36◊		5,000,000		4,672,586
Carlyle Global Market Strategies CLO Ltd.
2018-4A A1RR, 5.79% (3 Month USD LIBOR + 1.00%, Rate Floor: 1.00%) due 01/15/31◊,5		4,681,009		4,638,847
ACRE Commercial Mortgage Ltd.
2021-FL4 AS, 5.86% (1 Month USD LIBOR + 1.10%, Rate Floor: 1.10%) due 12/18/37◊,5		4,500,000		4,367,055
VOYA CLO
2021-2A BR, 6.94% (3 Month USD LIBOR + 2.15%, Rate Floor: 2.15%) due 06/07/30◊,5		4,500,000		4,319,132
Magnetite XXIX Ltd.
2021-29A B, 6.19% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 01/15/34◊,5		4,000,000		3,895,976
Neuberger Berman Loan Advisers CLO 32 Ltd.
2021-32A BR, 6.20% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 01/20/32◊,5		4,000,000		3,884,948
Owl Rock CLO VI Ltd.
2021-6A B1, 6.71% (3 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 06/21/32◊,5		3,500,000		3,347,083
Cerberus Loan Funding XXXVI, LP
2021-6A A, 6.19% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 11/22/33◊,5		3,222,811		3,204,532
AMMC CLO XIV Ltd.
2021-14A A2R2, 6.22% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 07/25/29◊,5		3,250,000		3,188,649
Boyce Park CLO Ltd.
2022-1A B1, 6.40% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/21/35◊,5		3,000,000		2,877,782
Fontainbleau Vegas
10.43% (1 Month Term SOFR + 5.65%, Rate Floor: 5.65%) due 01/31/26◊,†††		2,343,515		2,366,950
Golub Capital Partners CLO 17 Ltd.
2017-17A A1R, 6.47% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 10/25/30◊,5		2,284,760		2,265,346
Greystone Commercial Real Estate Notes
2021-FL3 B, 6.59% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 07/15/39◊,5		2,200,000		2,124,482
Neuberger Berman Loan Advisers CLO 47 Ltd.
2022-47A B, 6.43% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 04/14/35◊,5		2,000,000		1,932,095
HGI CRE CLO Ltd.
2021-FL2 B, 6.23% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 09/17/36◊		2,000,000		1,892,088
Dryden 37 Senior Loan Fund
2015-37A Q, due 01/15/315,7		1,500,000		1,120,077

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
LIMITED DURATION FUND

	Face Amount~			Value
Stratus CLO Ltd.
2021-1A B, 6.21% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 12/29/29◊,5		1,000,000		$	980,222
Carlyle GMS Finance MM CLO LLC
2018-1A A12R, 6.57% (3 Month USD LIBOR + 1.78%, Rate Floor: 0.00%) due 10/15/31◊,5		250,000			245,915
Newfleet CLO Ltd.
2018-1A A1R, 5.76% (3 Month USD LIBOR + 0.95%, Rate Floor: 0.00%) due 04/20/28◊,5		198,784			198,641
Treman Park CLO Ltd.
2015-1A COM, due 10/20/285,7		325,901			8,636
OHA Credit Partners IX Ltd.
2013-9A ACOM, due 10/20/255,7		301,370			347
Copper River CLO Ltd.
2007-1A INC, due 01/20/217,8		500,000			51
Total Collateralized Loan Obligations					951,457,447
Financial - 3.1%
Madison Avenue Secured Funding Trust Series
2023-1, 6.78% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/04/24◊,†††,5		18,250,000			18,250,000
2022-1, 6.70% (1 Month Term SOFR + 1.85%, Rate Floor: 0.00%) due 10/12/23◊,†††,5		16,550,000			16,550,000
Strategic Partners Fund VIII LP
7.22% (1 Month Term SOFR + 2.60%, Rate Floor: 2.60%) due 03/10/26◊,†††		23,500,000			23,492,950
7.39% (1 Month Term SOFR + 2.60%, Rate Floor: 2.60%) due 03/10/26◊,†††		4,000,000			3,998,800
Station Place Securitization Trust
2022-SP1, 6.70% (1 Month Term SOFR + 1.85%, Rate Floor: 0.00%) due 10/12/23◊,†††,5		16,550,000			16,550,000
KKR Core Holding Company LLC
4.00% due 08/12/31†††		17,807,991			16,024,579
HV Eight LLC
5.48% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 12/31/27◊,†††		EUR	12,400,000		13,459,922
Project Onyx
7.00% (3 Month Term SOFR + 2.40%, Rate Floor: 2.30%) due 01/26/27◊,†††		7,000,000			6,988,606
Ceamer Finance LLC
3.69% due 03/22/31†††		4,363,380			4,072,530
Lightning A
5.50% due 03/01/37†††		2,883,346			2,681,512
Thunderbird A
5.50% due 03/01/37†††		2,869,961			2,669,063
Aesf Vi Verdi, LP
2.15% (3 Month EURIBOR + 2.15%, Rate Floor: 2.15%) due 11/25/24◊,†††		EUR	103,023		111,805
Total Financial					124,849,767
Transport-Container - 2.1%
Triton Container Finance VIII LLC
2021-1A, 1.86% due 03/20/465		33,615,000			28,868,673
Textainer Marine Containers VII Ltd.
2021-1A, 1.68% due 02/20/465		9,416,667			8,056,103
2020-1A, 2.73% due 08/21/455		4,144,646			3,818,133
2020-2A, 2.10% due 09/20/455		3,796,128			3,374,869
CLI Funding VI LLC
2020-3A, 2.07% due 10/18/455		13,616,667			12,065,204
2020-1A, 2.08% due 09/18/455		1,483,000			1,306,611
TIF Funding II LLC
2021-1A, 1.65% due 02/20/465		15,211,875			12,822,756
CLI Funding VIII LLC
2021-1A, 1.64% due 02/18/465		14,740,625			12,799,074
CAL Funding IV Ltd.
2020-1A, 2.22% due 09/25/455		2,953,125			2,621,260
Total Transport-Container					85,732,683
Whole Business - 2.1%
Applebee’s Funding LLC / IHOP Funding LLC
2019-1A, 4.19% due 06/05/495		31,042,440			30,334,393
Taco Bell Funding LLC
2021-1A, 1.95% due 08/25/515		18,515,625			16,100,613
SERVPRO Master Issuer LLC
2021-1A, 2.39% due 04/25/515		11,888,250			9,726,443
2019-1A, 3.88% due 10/25/495		6,046,875			5,520,035
ServiceMaster Funding LLC
2020-1, 2.84% due 01/30/515		9,065,000			7,604,801
Wingstop Funding LLC
2020-1A, 2.84% due 12/05/505		7,761,750			6,803,523
Arbys Funding LLC
2020-1A, 3.24% due 07/30/505		7,068,750			6,194,791
Domino’s Pizza Master Issuer LLC
2019-1A, 3.67% due 10/25/495		1,697,500			1,510,127
Total Whole Business					83,794,726
Net Lease - 1.7%
Oak Street Investment Grade Net Lease Fund Series
2020-1A, 1.85% due 11/20/505		39,091,839			35,266,324
STORE Master Funding I LLC
2015-1A, 4.17% due 04/20/455		10,276,458			9,769,496
STORE Master Funding LLC
2021-1A, 2.86% due 06/20/515		6,889,188			5,894,679
CF Hippolyta Issuer LLC
2021-1A, 1.98% due 03/15/615		5,768,453			5,023,249
CMFT Net Lease Master Issuer LLC
2021-1, 2.91% due 07/20/515		3,000,000			2,536,179
2021-1, 2.51% due 07/20/515		2,500,000			2,108,524
CARS-DB4, LP
2020-1A, 3.19% due 02/15/505		3,964,167			3,742,752
2020-1A, 3.25% due 02/15/505		891,959			778,389
New Economy Assets Phase 1 Sponsor LLC
2021-1, 1.91% due 10/20/615		2,500,000			2,155,741

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
LIMITED DURATION FUND

	Face Amount~		Value
Capital Automotive REIT
2020-1A, 3.48% due 02/15/505		1,982,083	$	1,797,656
Total Net Lease				69,072,989
Transport-Aircraft - 1.4%
AASET Trust
2021-1A, 2.95% due 11/16/415		14,063,901		12,671,856
2017-1A, 3.97% due 05/16/425		1,852,230		1,493,112
AASET US Ltd.
2018-2A, 4.45% due 11/18/385		11,027,799		9,540,242
Sapphire Aviation Finance I Ltd.
2018-1A, 4.25% due 03/15/405		7,356,210		5,984,351
KDAC Aviation Finance Ltd.
2017-1A, 4.21% due 12/15/425		6,474,325		5,276,639
Sapphire Aviation Finance II Ltd.
2020-1A, 3.23% due 03/15/405		5,965,479		4,998,100
MAPS Ltd.
2018-1A, 4.21% due 05/15/435		5,377,661		4,834,497
Castlelake Aircraft Structured Trust
2021-1A, 3.47% due 01/15/465		4,693,070		4,320,969
Castlelake Aircraft Securitization Trust
2018-1, 4.13% due 06/15/435		3,730,726		3,369,219
Falcon Aerospace Ltd.
2019-1, 3.60% due 09/15/395		2,307,262		1,949,660
2017-1, 4.58% due 02/15/425		870,417		820,997
Raspro Trust
2005-1A, 5.17% (3 Month USD LIBOR + 0.93%, Rate Floor: 0.93%) due 03/23/24◊,5		1,969,886		1,945,855
Total Transport-Aircraft				57,205,497
Collateralized Debt Obligations - 0.5%
Anchorage Credit Funding 4 Ltd.
2021-4A AR, 2.72% due 04/27/395		24,650,000		21,660,719
Single Family Residence - 0.4%
FirstKey Homes Trust
2020-SFR2, 4.00% due 10/19/375		5,050,000		4,606,547
2020-SFR2, 4.50% due 10/19/375		4,900,000		4,494,462
2021-SFR1, 2.19% due 08/17/385		4,000,000		3,438,928
2020-SFR2, 3.37% due 10/19/375		3,200,000		2,892,711
Total Single Family Residence				15,432,648
Infrastructure - 0.4%
VB-S1 Issuer LLC - VBTEL
2022-1A, 4.29% due 02/15/525		9,250,000		8,417,323
Secured Tenant Site Contract Revenue Notes Series
2018-1A, 3.97% due 06/15/485		6,770,060		6,736,979
Total Infrastructure				15,154,302
Total Asset-Backed Securities
(Cost $1,498,540,124)				1,424,360,778
CORPORATE BONDS†† - 34.7%
Financial - 16.2%
Athene Global Funding
5.25% (SOFR Compounded Index + 0.72%) due 01/07/25◊,5		30,000,000		29,123,558
1.99% due 08/19/285		15,850,000		12,826,050
1.73% due 10/02/265		14,700,000		12,767,692
F&G Global Funding
0.90% due 09/20/245		42,100,000		39,364,742
1.75% due 06/30/265		14,250,000		12,812,592
GA Global Funding Trust
1.95% due 09/15/285		16,600,000		14,159,792
2.25% due 01/06/275		15,000,000		13,086,465
1.63% due 01/15/265		7,300,000		6,630,141
Societe Generale S.A.
1.79% due 06/09/272,5		28,000,000		24,276,264
1.49% due 12/14/262,5		10,500,000		9,156,110
3.88% due 03/28/245		350,000		341,479
Macquarie Group Ltd.
1.63% due 09/23/272,5		16,750,000		14,719,025
1.20% due 10/14/252,5		13,550,000		12,626,117
Equitable Financial Life Global Funding
1.40% due 07/07/255		15,000,000		13,873,059
1.80% due 03/08/285		12,000,000		10,107,810
Cooperatieve Rabobank UA
1.34% due 06/24/262,5		15,000,000		13,699,623
1.98% due 12/15/272,5		10,000,000		8,873,647
Reliance Standard Life Global Funding II
2.75% due 05/07/255		20,850,000		19,796,071
Pershing Square Holdings Ltd.
3.25% due 10/01/31		25,600,000		19,417,344
BNP Paribas S.A.
1.32% due 01/13/272,5		21,350,000		18,873,611
2.22% due 06/09/262,5		400,000		367,353
Citizens Bank North America/Providence RI
2.25% due 04/28/25		20,000,000		17,923,843
American International Group, Inc.
2.50% due 06/30/25		17,754,000		16,794,898
Credit Agricole S.A.
1.25% due 01/26/272,5		17,950,000		16,029,562
1.91% due 06/16/262,5		400,000		367,228
Bank of Nova Scotia
5.78% (SOFR Compounded Index + 0.96%) due 03/11/24◊		14,250,000		14,281,351
Ares Finance Company LLC
4.00% due 10/08/245		14,617,000		14,057,722
Jackson National Life Global Funding
1.75% due 01/12/255		15,000,000		14,043,160
FS KKR Capital Corp.
4.25% due 02/14/255		7,600,000		7,135,562
2.63% due 01/15/27		7,400,000		6,224,755
JPMorgan Chase & Co.
1.47% due 09/22/272		15,000,000		13,228,632

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
LIMITED DURATION FUND

	Face Amount~		Value
American Equity Investment Life Holding Co.
5.00% due 06/15/27		13,075,000	$	13,071,750
Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc.
2.88% due 10/15/265		10,800,000		9,666,000
3.88% due 03/01/315		4,100,000		3,399,474
CNO Global Funding
1.75% due 10/07/265		14,400,000		12,906,739
ABN AMRO Bank N.V.
1.54% due 06/16/272,5		14,000,000		12,338,080
Fidelity & Guaranty Life Holdings, Inc.
5.50% due 05/01/255		11,450,000		11,415,991
Deloitte LLP
4.35% due 11/17/23†††		7,300,000		7,214,157
3.46% due 05/07/27†††		4,500,000		4,187,473
American Tower Corp.
1.60% due 04/15/26		12,500,000		11,304,351
CBS Studio Center
7.56% (30 Day Average SOFR + 3.00%, Rate Floor: 3.00%) due 01/09/24◊,†††		10,000,000		10,100,000
Iron Mountain, Inc.
4.88% due 09/15/275		7,360,000		6,956,672
5.00% due 07/15/285		3,085,000		2,870,593
Mitsubishi UFJ Financial Group, Inc.
5.72% due 02/20/262		9,000,000		9,023,140
Essex Portfolio, LP
1.70% due 03/01/28		10,450,000		8,984,388
Apollo Management Holdings, LP
4.40% due 05/27/265		7,115,000		6,904,373
4.00% due 05/30/245		1,846,000		1,808,139
ING Groep N.V.
1.73% due 04/01/272		9,800,000		8,705,830
BPCE S.A.
1.65% due 10/06/262,5		9,500,000		8,535,340
OneMain Finance Corp.
3.50% due 01/15/27		7,050,000		5,916,795
6.13% due 03/15/24		1,500,000		1,461,218
7.13% due 03/15/26		50,000		48,065
First American Financial Corp.
4.00% due 05/15/30		7,860,000		7,103,466
Morgan Stanley
2.19% due 04/28/262		7,000,000		6,567,810
3.77% due 01/24/292		361,000		341,813
LPL Holdings, Inc.
4.00% due 03/15/295		4,450,000		4,005,000
4.63% due 11/15/275		2,000,000		1,890,000
SBA Communications Corp.
3.13% due 02/01/29		6,500,000		5,654,610
Belrose Funding Trust
2.33% due 08/15/305		7,100,000		5,518,942
Brighthouse Financial Global Funding
5.32% (SOFR + 0.76%) due 04/12/24◊,5		5,050,000		4,986,486
Starwood Property Trust, Inc.
3.75% due 12/31/245		5,375,000		4,952,169
SLM Corp.
3.13% due 11/02/26		5,786,000		4,918,100
Horace Mann Educators Corp.
4.50% due 12/01/25		4,420,000		4,304,834
United Wholesale Mortgage LLC
5.50% due 11/15/255		3,681,000		3,483,735
5.50% due 04/15/295		275,000		229,625
Jefferies Finance LLC / JFIN Company-Issuer Corp.
5.00% due 08/15/285		4,300,000		3,640,337
Peachtree Corners Funding Trust
3.98% due 02/15/255		3,450,000		3,351,576
Fairfax Financial Holdings Ltd.
4.85% due 04/17/28		3,100,000		3,020,592
Hunt Companies, Inc.
5.25% due 04/15/295		3,250,000		2,539,849
Equitable Holdings, Inc.
4.35% due 04/20/28		1,700,000		1,632,789
Brookfield Finance, Inc.
3.90% due 01/25/28		1,400,000		1,301,488
CNO Financial Group, Inc.
5.25% due 05/30/25		1,200,000		1,187,325
Trinity Acquisition plc
4.40% due 03/15/26		881,000		864,520
Newmark Group, Inc.
6.13% due 11/15/23		775,000		768,162
Old Republic International Corp.
3.88% due 08/26/26		700,000		669,952
Equinix, Inc.
1.55% due 03/15/28		700,000		592,917
Assurant, Inc.
4.90% due 03/27/28		350,000		343,986
Greystar Real Estate Partners LLC
5.75% due 12/01/255		350,000		340,921
Total Financial				658,014,830
Consumer, Non-cyclical - 5.1%
Triton Container International Ltd.
1.15% due 06/07/245		26,000,000		24,453,354
0.80% due 08/01/235		14,550,000		14,217,276
2.05% due 04/15/265		1,800,000		1,597,486
Global Payments, Inc.
2.90% due 05/15/30		31,000,000		26,250,105
Baxter International, Inc.
1.92% due 02/01/27		15,500,000		13,868,849
GXO Logistics, Inc.
1.65% due 07/15/26		15,000,000		13,191,216
CoStar Group, Inc.
2.80% due 07/15/305		15,280,000		12,803,034
Laboratory Corporation of America Holdings
1.55% due 06/01/26		13,700,000		12,265,524
BAT International Finance plc
1.67% due 03/25/26		13,000,000		11,829,914
Element Fleet Management Corp.
1.60% due 04/06/245		10,250,000		9,819,239

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
LIMITED DURATION FUND

	Face Amount~		Value
PRA Health Sciences, Inc.
2.88% due 07/15/265		10,280,000	$	9,482,375
Prime Security Services Borrower LLC / Prime Finance, Inc.
3.38% due 08/31/275		10,526,000		9,433,927
JBS USA LUX S.A. / JBS USA Food Company / JBS USA Finance, Inc.
5.13% due 02/01/285		8,000,000		7,725,840
Block, Inc.
2.75% due 06/01/26		7,600,000		6,929,414
Spectrum Brands, Inc.
5.75% due 07/15/25		6,780,000		6,693,095
BAT Capital Corp.
4.70% due 04/02/27		4,220,000		4,140,660
3.56% due 08/15/27		2,000,000		1,859,263
US Foods, Inc.
6.25% due 04/15/255		3,750,000		3,783,806
4.75% due 02/15/295		1,011,000		933,911
Royalty Pharma plc
1.75% due 09/02/27		5,150,000		4,463,004
Olympus Corp.
2.14% due 12/08/265		4,350,000		3,923,559
FAGE International S.A. / FAGE USA Dairy Industry, Inc.
5.63% due 08/15/265		2,828,000		2,640,232
Molina Healthcare, Inc.
4.38% due 06/15/285		1,115,000		1,037,273
Avantor Funding, Inc.
4.63% due 07/15/285		1,050,000		994,875
Catalent Pharma Solutions, Inc.
3.13% due 02/15/295		1,050,000		923,064
IQVIA, Inc.
5.00% due 05/15/275		850,000		835,202
DaVita, Inc.
4.63% due 06/01/305		383,000		326,925
3.75% due 02/15/315		346,000		272,907
Edwards Lifesciences Corp.
4.30% due 06/15/28		420,000		418,065
Smithfield Foods, Inc.
4.25% due 02/01/275		350,000		325,638
Sabre GLBL, Inc.
7.38% due 09/01/255		259,000		231,415
Performance Food Group, Inc.
5.50% due 10/15/275		100,000		97,762
Total Consumer, Non-cyclical				207,768,209
Industrial - 4.5%
Boeing Co.
4.88% due 05/01/25		50,500,000		50,403,398
2.20% due 02/04/26		10,450,000		9,695,906
Berry Global, Inc.
1.57% due 01/15/26		11,750,000		10,666,768
4.88% due 07/15/265		5,165,000		5,034,377
Sealed Air Corp.
1.57% due 10/15/265		16,450,000		14,381,672
TD SYNNEX Corp.
1.25% due 08/09/24		14,400,000		13,474,570
Silgan Holdings, Inc.
1.40% due 04/01/265		12,600,000		11,297,254
Teledyne Technologies, Inc.
2.25% due 04/01/28		12,000,000		10,724,517
Ryder System, Inc.
3.35% due 09/01/25		10,600,000		10,118,082
Vontier Corp.
1.80% due 04/01/26		7,050,000		6,229,098
2.40% due 04/01/28		3,900,000		3,277,521
Penske Truck Leasing Company LP / PTL Finance Corp.
4.45% due 01/29/265		5,475,000		5,331,211
4.20% due 04/01/275		500,000		478,387
Graphic Packaging International LLC
1.51% due 04/15/265		6,500,000		5,790,476
Stericycle, Inc.
5.38% due 07/15/245		3,925,000		3,895,256
IP Lending V Ltd.
5.13% due 04/02/265		3,900,000		3,510,000
Jabil, Inc.
1.70% due 04/15/26		3,800,000		3,411,785
GATX Corp.
3.85% due 03/30/27		2,900,000		2,764,205
3.50% due 03/15/28		200,000		184,549
Standard Industries, Inc.
4.75% due 01/15/285		2,671,000		2,495,195
Weir Group plc
2.20% due 05/13/265		2,610,000		2,351,302
Xylem, Inc.
1.95% due 01/30/28		2,050,000		1,814,308
Mueller Water Products, Inc.
4.00% due 06/15/295		1,300,000		1,161,254
Brundage-Bone Concrete Pumping Holdings, Inc.
6.00% due 02/01/265		800,000		749,960
JELD-WEN, Inc.
6.25% due 05/15/255		535,000		533,662
Amsted Industries, Inc.
4.63% due 05/15/305		350,000		314,466
5.63% due 07/01/275		100,000		97,250
Summit Materials LLC / Summit Materials Finance Corp.
5.25% due 01/15/295		275,000		259,875
6.50% due 03/15/275		75,000		74,292
Harsco Corp.
5.75% due 07/31/275		125,000		98,130
Total Industrial				180,618,726
Consumer, Cyclical - 2.8%
Warnermedia Holdings, Inc.
3.64% due 03/15/255		33,600,000		32,455,458
6.41% due 03/15/26		8,050,000		8,090,642
Hyatt Hotels Corp.
1.80% due 10/01/24		12,300,000		11,644,954
5.63% due 04/23/25		7,220,000		7,182,036
6.00% due 04/23/30		4,320,000		4,387,482

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
LIMITED DURATION FUND

	Face Amount~		Value
Alt-2 Structured Trust
2.95% due 05/14/31†††		10,569,012	$	9,469,450
Delta Air Lines Inc. / SkyMiles IP Ltd.
4.50% due 10/20/255		9,166,000		9,011,930
Choice Hotels International, Inc.
3.70% due 01/15/31		7,350,000		6,516,805
Hilton Domestic Operating Company, Inc.
3.63% due 02/15/325		5,400,000		4,556,250
4.00% due 05/01/315		138,000		120,847
Delta Air Lines, Inc.
7.00% due 05/01/255		4,300,000		4,408,028
American Airlines Class AA Pass Through Trust
3.35% due 10/15/29		2,647,575		2,364,170
3.00% due 10/15/28		1,624,842		1,436,630
Newell Brands, Inc.
6.38% due 09/15/27		1,548,000		1,562,335
4.45% due 04/01/26		1,552,000		1,493,800
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
6.50% due 06/20/275		2,847,500		2,838,331
Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp.
5.88% due 03/01/27		2,300,000		2,231,220
Air Canada
3.88% due 08/15/265		2,350,000		2,133,803
1011778 BC ULC / New Red Finance, Inc.
5.75% due 04/15/255		700,000		702,551
Tempur Sealy International, Inc.
4.00% due 04/15/295		375,000		329,918
Total Consumer, Cyclical				112,936,640
Technology - 2.5%
CDW LLC / CDW Finance Corp.
2.67% due 12/01/26		22,350,000		20,104,222
3.25% due 02/15/29		810,000		712,387
NetApp, Inc.
2.38% due 06/22/27		17,800,000		16,397,024
Fidelity National Information Services, Inc.
1.65% due 03/01/28		11,000,000		9,405,421
4.70% due 07/15/27		5,000,000		4,922,063
Infor, Inc.
1.75% due 07/15/255		13,800,000		12,610,253
1.45% due 07/15/235		1,100,000		1,084,801
Qorvo, Inc.
1.75% due 12/15/245		10,600,000		9,840,192
3.38% due 04/01/315		1,200,000		992,712
4.38% due 10/15/29		963,000		887,356
Oracle Corp.
2.30% due 03/25/28		12,400,000		11,097,050
Microchip Technology, Inc.
0.98% due 09/01/24		8,750,000		8,259,578
NCR Corp.
5.13% due 04/15/295		2,850,000		2,465,973
Leidos, Inc.
3.63% due 05/15/25		1,950,000		1,899,312
Twilio, Inc.
3.63% due 03/15/29		994,000		857,325
MSCI, Inc.
3.88% due 02/15/315		379,000		337,348
Total Technology				101,873,017
Communications - 1.1%
T-Mobile USA, Inc.
2.25% due 02/15/26		8,150,000		7,579,996
3.50% due 04/15/25		5,000,000		4,861,100
2.63% due 04/15/26		3,200,000		2,986,862
Rogers Communications, Inc.
2.95% due 03/15/255		14,400,000		13,866,991
Level 3 Financing, Inc.
3.63% due 01/15/295		5,070,000		2,803,304
4.25% due 07/01/285		2,277,000		1,284,683
3.75% due 07/15/295		2,150,000		1,146,294
Paramount Global
4.75% due 05/15/25		3,590,000		3,545,692
Charter Communications Operating LLC / Charter Communications Operating Capital
2.80% due 04/01/31		3,250,000		2,616,132
Cogent Communications Group, Inc.
3.50% due 05/01/265		2,680,000		2,499,100
Virgin Media Vendor Financing Notes IV DAC
5.00% due 07/15/285		1,850,000		1,644,188
AMC Networks, Inc.
4.75% due 08/01/25		500,000		443,420
4.25% due 02/15/29		225,000		138,332
TripAdvisor, Inc.
7.00% due 07/15/255		400,000		400,875
CSC Holdings LLC
4.13% due 12/01/305		250,000		179,547
Match Group Holdings II LLC
4.63% due 06/01/285		75,000		69,654
Sirius XM Radio, Inc.
5.50% due 07/01/295		75,000		68,250
Total Communications				46,134,420
Basic Materials - 1.1%
Anglo American Capital plc
2.25% due 03/17/285		14,000,000		12,114,386
4.00% due 09/11/275		750,000		712,269
5.38% due 04/01/255		600,000		602,647
Kaiser Aluminum Corp.
4.63% due 03/01/285		9,643,000		8,582,478
Valvoline, Inc.
3.63% due 06/15/315		9,911,000		8,410,078
4.25% due 02/15/305		125,000		122,578
Arconic Corp.
6.00% due 05/15/255		7,811,000		7,811,000
Alcoa Nederland Holding BV
5.50% due 12/15/275		3,675,000		3,629,136
Carpenter Technology Corp.
6.38% due 07/15/28		1,145,000		1,116,841

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
LIMITED DURATION FUND

	Face Amount~		Value
Steel Dynamics, Inc.
2.40% due 06/15/25		1,050,000	$	990,407
ArcelorMittal S.A.
4.55% due 03/11/26		400,000		392,198
Minerals Technologies, Inc.
5.00% due 07/01/285		140,000		127,658
Total Basic Materials				44,611,676
Utilities - 1.1%
Alexander Funding Trust
1.84% due 11/15/235		19,050,000		18,478,155
CenterPoint Energy, Inc.
5.38% (SOFR Compounded Index + 0.65%) due 05/13/24◊		10,400,000		10,304,724
Terraform Global Operating, LP
6.13% due 03/01/265		6,170,000		5,876,246
Southern Co.
1.75% due 03/15/28		5,000,000		4,318,372
AES Corp.
3.30% due 07/15/255		4,250,000		4,028,190
Total Utilities				43,005,687
Energy - 0.3%
BP Capital Markets plc
4.88% 2,9		7,500,000		6,815,625
Occidental Petroleum Corp.
5.50% due 12/01/25		5,000,000		4,994,355
Sabine Pass Liquefaction LLC
5.63% due 03/01/25		500,000		503,174
5.00% due 03/15/27		300,000		298,923
Gulfstream Natural Gas System LLC
4.60% due 09/15/255		400,000		390,706
Parkland Corp.
5.88% due 07/15/275		80,000		77,607
Total Energy				13,080,390
Total Corporate Bonds
(Cost $1,540,854,149)				1,408,043,595
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 17.4%
Residential Mortgage-Backed Securities - 15.0%
CSMC Trust
2021-RPL1, 1.67% (WAC) due 09/27/60◊,5		29,316,244		27,952,725
2021-RPL7, 1.93% (WAC) due 07/27/61◊,5		13,360,991		12,254,335
2020-RPL5, 3.02% (WAC) due 08/25/60◊,5		12,321,954		11,948,538
2021-RPL4, 1.80% (WAC) due 12/27/60◊,5		8,111,802		7,503,743
2018-RPL9, 3.85% (WAC) due 09/25/57◊,5		5,100,667		4,907,955
2020-NQM1, 1.41% due 05/25/655,10		2,283,344		2,052,959
PRPM LLC
2021-5, 1.79% due 06/25/265,10		22,494,967		21,142,245
2022-1, 3.72% due 02/25/275,10		20,221,925		19,237,099
2021-8, 1.74% (WAC) due 09/25/26◊,5		10,339,807		9,659,434
2023-1, 6.88% (WAC) due 02/25/28◊,5		4,386,939		4,369,941
2021-RPL2, 2.49% (WAC) due 10/25/51◊,5		2,500,000		2,070,907
Legacy Mortgage Asset Trust
2021-GS3, 1.75% due 07/25/615,10		22,242,474		20,471,751
2021-GS4, 1.65% due 11/25/605,10		18,948,850		17,349,953
2021-GS2, 1.75% due 04/25/615,10		8,176,644		7,631,081
2021-GS5, 2.25% due 07/25/675,10		5,224,662		4,748,411
BRAVO Residential Funding Trust
2021-C, 1.62% due 03/01/615,10		22,582,058		20,275,233
2022-R1, 3.13% due 01/29/705,10		17,743,951		15,852,639
2021-HE2, 5.41% (30 Day Average SOFR + 0.85%, Rate Floor: 0.00%) due 11/25/69◊,5		2,783,776		2,713,526
2021-HE2, 5.61% (30 Day Average SOFR + 1.05%, Rate Floor: 0.00%) due 11/25/69◊,5		2,556,268		2,497,541
2021-HE1, 5.51% (30 Day Average SOFR + 0.95%, Rate Floor: 0.00%) due 01/25/70◊,5		2,239,580		2,202,769
2021-HE1, 5.41% (30 Day Average SOFR + 0.85%, Rate Floor: 0.00%) due 01/25/70◊,5		1,681,586		1,657,208
NYMT Loan Trust
2021-SP1, 1.67% due 08/25/615,10		34,519,922		31,571,741
2022-SP1, 5.25% due 07/25/625,10		10,078,187		9,923,633
OSAT Trust
2021-RPL1, 2.12% due 05/25/655,10		42,921,106		40,413,239
NRZ Advance Receivables Trust
2020-T2, 1.48% due 09/15/535		28,950,000		28,246,440
FKRT
2.21% due 11/30/58†††,8		25,700,000		25,038,553
Verus Securitization Trust
2021-4, 1.35% (WAC) due 07/25/66◊,5		6,598,006		5,187,700
2021-5, 1.37% (WAC) due 09/25/66◊,5		6,413,020		5,022,479
2020-5, 1.58% due 05/25/655,10		5,351,366		4,885,631
2021-3, 1.44% (WAC) due 06/25/66◊,5		3,900,659		3,231,429
2021-6, 1.89% (WAC) due 10/25/66◊,5		3,110,999		2,554,297
2019-4, 2.64% due 11/25/595,10		1,556,266		1,479,734
2020-1, 2.42% due 01/25/605,10		835,273		789,074
Towd Point Revolving Trust
4.83% due 09/25/648		18,500,000		17,921,875
New Residential Advance Receivables Trust Advance Receivables Backed Notes
2020-T1, 1.43% due 08/15/535		15,750,000		15,410,362
Towd Point Mortgage Trust
2017-6, 2.75% (WAC) due 10/25/57◊,5		7,618,525		7,249,963
2018-2, 3.25% (WAC) due 03/25/58◊,5		4,167,592		3,993,524
2017-5, 4.21% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.00%) due 02/25/57◊,5		2,489,356		2,478,315
2018-1, 3.00% (WAC) due 01/25/58◊,5		524,971		504,224

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
LIMITED DURATION FUND

	Face Amount~		Value
Structured Asset Securities Corporation Mortgage Loan Trust
2008-BC4, 5.48% (1 Month USD LIBOR + 0.63%, Rate Floor: 0.63%) due 11/25/37◊		12,304,966	$	11,761,642
2006-BC4, 5.19% (1 Month USD LIBOR + 0.34%, Rate Floor: 0.34%) due 12/25/36◊		572,525		549,716
2007-BC1, 4.98% (1 Month USD LIBOR + 0.13%, Rate Floor: 0.13%) due 02/25/37◊		17,255		17,103
LSTAR Securities Investment Ltd.
2023-1, 8.05% (SOFR + 3.50%, Rate Floor: 0.00%) due 01/01/28◊,†††,5		11,563,100		11,560,218
Imperial Fund Mortgage Trust
2022-NQM2, 4.02% (WAC) due 03/25/67◊,5		12,488,008		11,305,410
Home Equity Loan Trust
2007-FRE1, 5.04% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 04/25/37◊		11,073,245		10,289,446
Soundview Home Loan Trust
2006-OPT5, 5.13% (1 Month USD LIBOR + 0.28%, Rate Floor: 0.28%) due 07/25/36◊		9,041,980		8,509,093
2005-OPT3, 5.55% (1 Month USD LIBOR + 0.71%, Rate Floor: 0.71%) due 11/25/35◊		1,486,715		1,443,784
New Residential Mortgage Loan Trust
2018-2A, 3.50% (WAC) due 02/25/58◊,5		5,998,494		5,590,513
2018-1A, 4.00% (WAC) due 12/25/57◊,5		1,863,166		1,763,743
2019-6A, 3.50% (WAC) due 09/25/59◊,5		1,452,230		1,333,927
2017-5A, 6.35% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 06/25/57◊,5		563,626		549,275
CFMT LLC
2021-HB5, 1.37% (WAC) due 02/25/31◊,5		6,950,000		6,543,496
2022-HB9, 3.25% (WAC) due 09/25/37◊,8		2,195,393		2,030,283
Citigroup Mortgage Loan Trust
2022-A, 6.17% due 09/25/625,10		8,596,408		8,546,763
LSTAR Securities Investment Ltd.
2021-1, 7.46% (1 Month USD LIBOR + 2.80%, Rate Floor: 1.80%) due 02/01/26◊,8		7,055,900		6,913,942
CSMC
2021-NQM8, 2.41% (WAC) due 10/25/66◊,5		8,376,573		6,871,832
Cascade Funding Mortgage Trust
2018-RM2, 4.00% (WAC) due 10/25/68◊,8		5,575,921		5,393,166
2019-RM3, 2.80% (WAC) due 06/25/69◊,8		1,165,061		1,124,560
NovaStar Mortgage Funding Trust Series
2007-2, 5.05% (1 Month USD LIBOR + 0.20%, Rate Cap/Floor: 11.00%/0.20%) due 09/25/37◊		6,487,698		6,234,081
Alternative Loan Trust
2007-OA7, 5.13% (1 Month USD LIBOR + 0.28%, Rate Floor: 0.28%) due 05/25/47◊		4,590,933		3,778,176
2007-OH3, 5.43% (1 Month USD LIBOR + 0.58%, Rate Cap/Floor: 10.00%/0.58%) due 09/25/47◊		2,178,667		1,832,708
Morgan Stanley ABS Capital I Incorporated Trust
2007-HE3, 5.10% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 12/25/36◊		4,682,468		2,375,340
2007-HE3, 5.00% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 12/25/36◊		3,354,520		1,700,041
2007-HE5, 5.03% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 03/25/37◊		1,615,307		709,050
2006-NC1, 5.42% (1 Month USD LIBOR + 0.57%, Rate Floor: 0.57%) due 12/25/35◊		393,351		386,800
American Home Mortgage Investment Trust
2006-3, 5.21% (1 Month USD LIBOR + 0.36%, Rate Cap/Floor: 10.50%/0.36%) due 12/25/46◊		5,583,609		4,473,619
Banc of America Funding Trust
2015-R2, 5.11% (1 Month USD LIBOR + 0.26%, Rate Floor: 0.26%) due 04/29/37◊,5		4,156,037		4,055,462
Credit Suisse Mortgage Capital Certificates
2021-RPL9, 2.44% (WAC) due 02/25/61◊,5		4,337,928		4,041,459
SPS Servicer Advance Receivables Trust
2020-T2, 1.83% due 11/15/555		3,750,000		3,461,080
Bear Stearns Asset-Backed Securities I Trust
2006-HE9, 5.13% (1 Month USD LIBOR + 0.28%, Rate Floor: 0.28%) due 11/25/36◊		3,501,955		3,368,018
HarborView Mortgage Loan Trust
2006-14, 5.06% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 01/25/47◊		2,017,335		1,699,008
2006-12, 5.14% (1 Month USD LIBOR + 0.38%, Rate Floor: 0.38%) due 01/19/38◊		1,664,025		1,434,782
Securitized Asset Backed Receivables LLC Trust
2007-HE1, 5.07% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 12/25/36◊		13,097,332		2,927,243

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
LIMITED DURATION FUND

	Face Amount~		Value
Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series
2005-W2, 5.58% (1 Month USD LIBOR + 0.74%, Rate Floor: 0.74%) due 10/25/35◊		2,897,655	$	2,807,715
Asset-Backed Securities Corporation Home Equity Loan Trust Series AEG
2006-HE1, 5.45% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 01/25/36◊		2,769,762		2,666,647
Ellington Financial Mortgage Trust
2021-2, 1.29% (WAC) due 06/25/66◊,5		2,153,484		1,712,879
2020-2, 1.64% (WAC) due 10/25/65◊,5		1,051,098		943,518
IXIS Real Estate Capital Trust
2006-HE1, 5.45% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 03/25/36◊		4,851,183		2,403,075
OBX Trust
2022-NQM9, 6.45% due 09/25/625,10		2,325,513		2,329,614
First NLC Trust
2005-4, 5.63% (1 Month USD LIBOR + 0.78%, Rate Cap/Floor: 14.00%/0.78%) due 02/25/36◊		2,400,120		2,304,737
GS Mortgage-Backed Securities Trust
2020-NQM1, 1.38% (WAC) due 09/27/60◊,5		2,394,529		2,177,919
Angel Oak Mortgage Trust
2021-6, 1.71% (WAC) due 09/25/66◊,5		2,743,299		2,113,846
Citigroup Mortgage Loan Trust, Inc.
2006-WF1, 5.03% due 03/25/36		3,667,997		1,948,986
SG Residential Mortgage Trust
2022-1, 3.68% (WAC) due 03/27/62◊,5		1,908,529		1,723,403
Morgan Stanley Home Equity Loan Trust
2006-2, 5.41% (1 Month USD LIBOR + 0.56%, Rate Floor: 0.56%) due 02/25/36◊		1,685,856		1,645,510
Structured Asset Investment Loan Trust
2006-3, 5.00% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 06/25/36◊		1,579,532		1,509,049
2005-2, 5.58% (1 Month USD LIBOR + 0.74%, Rate Floor: 0.74%) due 03/25/35◊		60,910		60,216
CIT Mortgage Loan Trust
2007-1, 6.20% (1 Month USD LIBOR + 1.35%, Rate Floor: 1.35%) due 10/25/37◊,5		1,461,064		1,454,254
Credit-Based Asset Servicing and Securitization LLC
2006-CB2, 5.23% (1 Month USD LIBOR + 0.38%, Rate Floor: 0.38%) due 12/25/36◊		1,524,851		1,420,305
Morgan Stanley IXIS Real Estate Capital Trust
2006-2, 5.00% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 11/25/36◊		3,829,602		1,241,706
GSAA Home Equity Trust
2006-3, 5.45% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.60%) due 03/25/36◊		2,322,251		1,226,151
Lehman XS Trust Series
2006-16N, 5.23% (1 Month USD LIBOR + 0.38%, Rate Floor: 0.38%) due 11/25/46◊		1,280,000		1,058,949
Nationstar Home Equity Loan Trust
2007-B, 5.07% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 04/25/37◊		1,048,467		1,039,569
Park Place Securities Incorporated Asset-Backed Pass-Through Certificates Series
2005-WHQ3, 5.79% (1 Month USD LIBOR + 0.95%, Rate Floor: 0.95%) due 06/25/35◊		1,000,540		986,221
Residential Mortgage Loan Trust
2020-1, 2.38% (WAC) due 01/26/60◊,5		997,830		947,673
ACE Securities Corporation Home Equity Loan Trust Series
2005-HE2, 5.87% (1 Month USD LIBOR + 1.02%, Rate Floor: 1.02%) due 04/25/35◊		974,972		915,627
MFRA Trust
2021-INV1, 1.26% (WAC) due 01/25/56◊,5		1,015,940		896,952
COLT Mortgage Loan Trust
2021-2, 2.38% (WAC) due 08/25/66◊,5		1,500,000		895,250
Morgan Stanley Capital I Incorporated Trust
2006-HE1, 5.43% (1 Month USD LIBOR + 0.58%, Rate Floor: 0.58%) due 01/25/36◊		718,108		683,559
Long Beach Mortgage Loan Trust
2006-8, 5.17% (1 Month USD LIBOR + 0.32%, Rate Floor: 0.32%) due 09/25/36◊		2,356,181		640,844
First Franklin Mortgage Loan Trust
2004-FF10, 6.12% (1 Month USD LIBOR + 1.28%, Rate Floor: 1.28%) due 07/25/34◊		451,929		429,587
FBR Securitization Trust
2005-2, 5.60% (1 Month USD LIBOR + 0.75%, Rate Cap/Floor: 14.00%/0.75%) due 09/25/35◊		409,130		406,317
Nomura Resecuritization Trust
2015-4R, 2.60% (1 Month USD LIBOR + 0.43%, Rate Floor: 0.43%) due 03/26/36◊,5		424,050		381,907
Starwood Mortgage Residential Trust
2020-1, 2.28% (WAC) due 02/25/50◊,5		338,480		317,063

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
LIMITED DURATION FUND

	Face Amount~		Value
UCFC Manufactured Housing Contract
1997-2, 7.38% due 10/15/28		86,931	$	85,827
CSMC Series
2014-2R, 3.25% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 02/27/46◊,5		37,658		37,168
2015-12R, 3.19% (WAC) due 11/30/37◊,5		28,961		28,960
Morgan Stanley Re-REMIC Trust
2010-R5, 3.22% due 06/26/365		48,697		41,954
Countrywide Asset-Backed Certificates
2006-5, 5.43% (1 Month USD LIBOR + 0.58%, Rate Floor: 0.58%) due 08/25/36◊		23,952		23,901
Total Residential Mortgage-Backed Securities				610,483,843
Commercial Mortgage-Backed Securities - 2.3%
BX Commercial Mortgage Trust
2021-VOLT, 6.33% (1 Month USD LIBOR + 1.65%, Rate Floor: 1.65%) due 09/15/36◊,5		25,000,000		23,495,437
2022-LP2, 6.39% (1 Month Term SOFR + 1.56%, Rate Floor: 1.56%) due 02/15/39◊,5		15,132,757		14,384,257
JP Morgan Chase Commercial Mortgage Securities Trust
2021-NYAH, 6.22% (1 Month USD LIBOR + 1.54%, Rate Floor: 1.54%) due 06/15/38◊,5		10,200,000		9,381,099
2016-JP2, 1.77% (WAC) due 08/15/49◊,6		33,710,903		1,500,884
BXHPP Trust
2021-FILM, 5.78% (1 Month USD LIBOR + 1.10%, Rate Floor: 1.10%) due 08/15/36◊,5		8,250,000		7,419,874
MHP
2022-MHIL, 6.09% (1 Month Term SOFR + 1.26%, Rate Floor: 1.26%) due 01/15/27◊,5		7,773,268		7,305,440
Life Mortgage Trust
2021-BMR, 6.34% (1 Month Term SOFR + 1.51%, Rate Floor: 1.51%) due 03/15/38◊,5		6,880,791		6,500,936
Extended Stay America Trust
2021-ESH, 6.39% (1 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 07/15/38◊,5		3,904,769		3,781,552
KKR Industrial Portfolio Trust
2021-KDIP, 5.94% (1 Month Term SOFR + 1.11%, Rate Floor: 1.11%) due 12/15/37◊,5		2,662,500		2,540,581
Wells Fargo Commercial Mortgage Trust
2017-C38, 0.97% (WAC) due 07/15/50◊,6		22,668,931		703,521
2016-C37, 0.81% (WAC) due 12/15/49◊,6		26,705,354		568,910
2017-C42, 0.86% (WAC) due 12/15/50◊,6		14,397,337		473,117
2017-RB1, 1.20% (WAC) due 03/15/50◊,6		7,990,867		280,203
2015-LC22, 0.76% (WAC) due 09/15/58◊,6		18,787,606		278,209
2016-NXS5, 1.42% (WAC) due 01/15/59◊,6		4,855,863		148,252
JPMDB Commercial Mortgage Securities Trust
2016-C4, 0.75% (WAC) due 12/15/49◊,6		36,944,905		811,354
2018-C8, 0.67% (WAC) due 06/15/51◊,6		34,099,670		697,451
2016-C2, 1.49% (WAC) due 06/15/49◊,6		6,298,923		215,789
2017-C5, 0.89% (WAC) due 03/15/50◊,6		3,097,042		78,688
BENCHMARK Mortgage Trust
2018-B2, 0.45% (WAC) due 02/15/51◊,6		94,455,951		1,490,827
DBJPM Mortgage Trust
2017-C6, 0.91% (WAC) due 06/10/50◊,6		51,253,476		1,427,066
COMM Mortgage Trust
2015-CR24, 0.69% (WAC) due 08/10/48◊,6		52,202,243		673,539
2018-COR3, 0.43% (WAC) due 05/10/51◊,6		35,176,689		648,468
Bank of America Merrill Lynch Commercial Mortgage Trust
2017-BNK3, 1.01% (WAC) due 02/15/50◊,6		29,216,596		913,562
2016-UB10, 1.74% (WAC) due 07/15/49◊,6		10,263,750		405,410
UBS Commercial Mortgage Trust
2017-C2, 1.07% (WAC) due 08/15/50◊,6		22,249,500		814,568
2017-C5, 1.07% (WAC) due 11/15/50◊,6		10,881,292		342,083
CSAIL Commercial Mortgage Trust
2019-C15, 1.03% (WAC) due 03/15/52◊,6		19,344,839		809,462
2016-C6, 1.86% (WAC) due 01/15/49◊,6		6,061,397		262,629
Morgan Stanley Bank of America Merrill Lynch Trust
2017-C34, 0.77% (WAC) due 11/15/52◊,6		23,388,419		603,814
2015-C27, 0.87% (WAC) due 12/15/47◊,6		29,226,719		444,495
BBCMS Mortgage Trust
2018-C2, 0.76% (WAC) due 12/15/51◊,6		29,414,190		983,458
CD Mortgage Trust
2017-CD6, 0.88% (WAC) due 11/13/50◊,6		12,753,473		339,899
2016-CD1, 1.37% (WAC) due 08/10/49◊,6		5,757,251		190,392
CGMS Commercial Mortgage Trust
2017-B1, 0.74% (WAC) due 08/15/50◊,6		19,933,863		525,030
CD Commercial Mortgage Trust
2017-CD4, 1.23% (WAC) due 05/10/50◊,6		13,591,347		520,903
GS Mortgage Securities Trust
2017-GS6, 1.01% (WAC) due 05/10/50◊,6		11,100,236		379,144
Citigroup Commercial Mortgage Trust
2016-C2, 1.66% (WAC) due 08/10/49◊,6		6,019,037		249,610
2016-GC37, 1.65% (WAC) due 04/10/49◊,6		2,843,033		106,913

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
LIMITED DURATION FUND

	Face Amount~		Value
BANK
2017-BNK6, 0.77% (WAC) due 07/15/60◊,6		13,793,887	$	346,097
JPMBB Commercial Mortgage Securities Trust
2013-C17, 0.69% (WAC) due 01/15/47◊,6		19,399,469		50,421
Total Commercial Mortgage-Backed Securities				93,093,344
Government Agency - 0.1%
Freddie Mac Seasoned Credit Risk Transfer Trust
2.00% due 05/25/60		3,364,382		2,831,528
2.00% due 11/25/59		1,928,714		1,622,646
Fannie Mae-Aces
1.49% (WAC) due 03/25/35◊,6		6,108,744		648,245
Freddie Mac Multifamily Structured Pass-Through Certificates
0.32% (WAC) due 08/25/23◊,6		88,525,180		75,822
Total Government Agency				5,178,241
Total Collateralized Mortgage Obligations
(Cost $763,934,057)				708,755,428
U.S. GOVERNMENT SECURITIES†† - 5.9%
U.S. Treasury Notes
4.63% due 02/28/25		237,680,000		239,991,809
Total U.S. Government Securities
(Cost $240,046,186)				239,991,809
SENIOR FLOATING RATE INTERESTS††,◊ - 2.9%
Technology - 0.6%
RLDatix
8.95% (6 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 04/28/25†††		13,798,857		13,499,422
Dun & Bradstreet
8.04% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 01/18/29		8,514,000		8,445,888
8.10% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 02/06/26		697,856		695,818
MACOM Technology Solutions Holdings, Inc.
7.09% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 05/17/24		1,549,149		1,534,943
Upland Software, Inc.
8.66% (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 08/06/26		539,237		500,816
Emerald TopCo, Inc. (Press Ganey)
8.34% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 07/24/26		192,700		179,573
Total Technology				24,856,460
Basic Materials - 0.5%
Trinseo Materials Operating S.C.A.
7.34% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 05/03/28		10,905,750		9,772,315
6.84% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 09/06/24		1,802,599		1,776,209
INEOS Ltd.
5.66% (1 Month EURIBOR + 2.75%, Rate Floor: 2.75%) due 01/29/26	EUR	8,100,000		8,439,748
GrafTech Finance, Inc.
7.84% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.50%) due 02/12/25†††		226,293		225,161
Total Basic Materials				20,213,433
Industrial - 0.5%
Mileage Plus Holdings LLC
10.21% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 06/21/27		8,037,175		8,329,567
Harsco Corporation
7.17% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 03/10/28		3,930,000		3,782,625
Ravago Holdings America, Inc.
7.66% (3 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 03/06/28		1,960,000		1,915,900
TAMKO Building Products, Inc.
7.87% ((3 Month Term SOFR + 3.00%) and (6 Month Term SOFR + 3.00%), Rate Floor: 3.00%) due 05/29/26		1,758,987		1,707,871
CPM Holdings, Inc.
8.16% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 11/17/25		1,494,503		1,487,405
Cushman & Wakefield US Borrower LLC
8.16% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 01/31/30		725,328		698,129
7.59% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 08/21/25		575,039		559,656
Filtration Group Corp.
6.41% (1 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 03/31/25	EUR	791,201		849,831
Total Industrial				19,330,984
Consumer, Non-cyclical - 0.4%
Women’s Care Holdings, Inc.
9.33% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.25%) due 01/17/28		4,571,828		4,251,800

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
LIMITED DURATION FUND

	Face Amount~		Value
Bombardier Recreational Products, Inc.
6.91% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 05/24/27		4,114,658	$	3,993,810
Sigma Holding BV (Flora Food)
6.24% (6 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 07/02/25	EUR	3,700,000		3,747,931
Hearthside Group Holdings LLC
8.84% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 05/23/25		2,051,786		1,755,303
Spectrum Brands, Inc.
6.96% (3 Month USD LIBOR + 2.00%, Rate Floor: 2.50%) due 03/03/28		1,654,167		1,636,930
DaVita, Inc.
6.59% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 08/12/26		689,646		678,729
Froneri US, Inc.
7.41% (3 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 01/29/27		437,625		430,807
EyeCare Partners LLC
8.59% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 02/18/27		488,750		396,430
Pearl Intermediate Parent LLC
7.59% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 02/14/25		390,747		373,945
Outcomes Group Holdings, Inc.
8.09% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 10/24/25		382,719		371,238
Total Consumer, Non-cyclical				17,636,923
Consumer, Cyclical - 0.4%
Amaya Holdings BV
5.52% (3 Month EURIBOR + 2.50%, Rate Floor: 2.50%) due 07/21/26	EUR	4,500,000		4,818,618
Packers Holdings LLC
8.09% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 03/09/28		3,396,954		3,063,645
Rent-A-Center, Inc.
8.13% (3 Month USD LIBOR + 3.25%, Rate Floor: 3.75%) due 02/17/28		2,121,048		2,094,534
New Trojan Parent, Inc.
7.97% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.75%) due 01/06/28		2,701,875		1,825,468
Verisure Holding AB
6.26% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 03/27/28	EUR	1,570,000		1,629,737
Pacific Bells LLC
9.66% (3 Month Term SOFR + 4.50%, Rate Floor: 5.00%) due 11/10/28		1,572,724		1,509,815
Entain Holdings (Gibraltar) Ltd.
7.44% (6 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 03/29/27		1,473,750		1,468,592
Samsonite IP Holdings SARL
6.59% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 04/25/25		291,812		290,499
Total Consumer, Cyclical				16,700,908
Communications - 0.3%
Playtika Holding Corp.
7.59% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 03/13/28		10,388,000		10,304,481
Zayo Group Holdings, Inc.
7.84% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/09/27		1,500,000		1,214,490
Altice US Finance I Corp.
6.93% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 01/15/26		456,045		430,392
Ziggo Financing Partnership
7.18% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 04/28/28		400,000		394,444
Virgin Media Bristol LLC
7.18% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 01/31/28		200,000		196,400
Total Communications				12,540,207
Energy - 0.1%
ITT Holdings LLC
7.67% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 07/10/28		2,905,750		2,818,578
Venture Global Calcasieu Pass LLC
7.47% (1 Month USD LIBOR + 2.63%, Rate Floor: 2.63%) due 08/19/26†††		471,806		467,678
Total Energy				3,286,256
Financial - 0.1%
Jane Street Group LLC
7.59% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 01/26/28		1,950,746		1,915,632
Total Senior Floating Rate Interests
(Cost $123,450,278)				116,480,803

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
LIMITED DURATION FUND

	Face Amount~		Value
MUNICIPAL BONDS†† - 0.1%
California - 0.1%
California Public Finance Authority Revenue Bonds
1.55% due 10/15/26		3,145,000	$	2,769,707
Total Municipal Bonds
(Cost $3,145,000)				2,769,707
	Notional Value
OTC OPTIONS PURCHASED†† - 0.0%
Call Options on:
Interest Rate Options
Morgan Stanley Capital Services LLC 10Y-2Y SOFR CMS CAP Expiring June 2024 with strike price of $0.10		120,100,000		410,363
Barclays Bank plc 10Y-2Y SOFR CMS CAP Expiring June 2024 with strike price of $0.10		119,000,000		406,604
Morgan Stanley Capital Services LLC 10Y-2Y SOFR CMS CAP Expiring December 2023 with strike price of $0.10		120,100,000		354,480
Barclays Bank plc 10Y-2Y SOFR CMS CAP Expiring December 2023 with strike price of $0.20		120,000,000		354,185
Bank of America, N.A. 10Y-2Y SOFR CMS CAP Expiring June 2024 with strike price of $0.10		59,950,000		204,840
Bank of America, N.A. 10Y-2Y SOFR CMS CAP Expiring December 2023 with strike price of $0.20		58,950,000		173,993
Goldman Sachs International 10Y-2Y SOFR CMS CAP Expiring June 2024 with strike price of $0.10		48,900,000		167,083
Goldman Sachs International 10Y-2Y SOFR CMS CAP Expiring December 2023 with strike price of $0.20		48,900,000		144,330
Total Interest Rate Options				2,215,878
Total OTC Options Purchased
(Cost $2,968,935)				2,215,878
Total Investments - 99.2%
(Cost $4,301,841,876)				4,026,753,889
OTC INTEREST RATE SWAPTIONS WRITTEN††,11 - 0.0%
Put Swaptions on:
Interest Rate Swaptions
Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap Expiring June 2023 with exercise rate of 3.60%		72,070,000		(536,922	)
Total OTC Interest Rate Swaptions Written
(Premiums received $536,922)				(536,922	)
Other Assets & Liabilities, net - 0.8%				33,745,446
Total Net Assets - 100.0%			$	4,059,962,413

Centrally Cleared Credit Default Swap Agreements Protection Purchased††
Counterparty	Exchange	Index	Protection Premium Rate			Payment Frequency		Maturity Date			Notional Amount~		Value			Upfront Premiums Paid (Received)			Unrealized Depreciation**
BofA Securities, Inc.	ICE	ITRAXX.EUR.38.V1		1.00	%		Quarterly		12/20/27	EUR		24,500,000	$	(247,719	)	$	(214,414	)	$	(33,305	)
BofA Securities, Inc.	ICE	CDX.NA.HY.40.V1		5.00	%		Quarterly		06/20/28			40,800,000		(620,160	)		187,385			(807,545	)
													$	(867,879	)	$	(27,029	)	$	(840,850	)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
LIMITED 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 Appreciation (Depreciation)**
BofA Securities, Inc.	CME	Pay	U.S. Secured Overnight Financing Rate	3.79%		Annually		10/03/27		$	106,500,000	$	1,543,462	$	(37,477	)	$	1,580,939
BofA Securities, Inc.	CME	Pay	U.S. Secured Overnight Financing Rate	3.40%		Annually		04/04/28			52,000,000		—		534			(534	)
												$	1,543,462	$	(36,943	)	$	1,580,405

Forward Foreign Currency Exchange Contracts††

Counterparty

Currency

Type

Quantity

Contract Amount

Settlement Date

Unrealized Appreciation (Depreciation)

JPMorgan Chase Bank, N.A.

EUR

Buy

390,000

414,571 USD

04/17/23

$

8,870

Citibank, N.A.

EUR

Sell

105,000

114,400 USD

06/30/23

(94

)

Barclays Bank plc

EUR

Sell

31,253,000

33,616,508 USD

04/17/23

(316,351

)

$

(307,575

)

OTC Interest Rate Swaptions Written11

Counterparty/Description

Floating Rate Type

Floating Rate Index

Payment Frequency

Fixed Rate

Expiration Date

Exercise Rate

Swaption Notional Amount

Swaption Value

Put

Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap

Pay

SOFR

Annual

3.60

%

06/30/23

3.60

%

$

72,070,000

$

(536,922

)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
LIMITED DURATION 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 3.
††	Value determined based on Level 2 inputs, unless otherwise noted — See Note 3.
†††	Value determined based on Level 3 inputs — See Note 3.
◊	Variable rate security. Rate indicated is the rate effective at March 31, 2023. 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.
1	Special Purpose Acquisition Company (SPAC).
2	Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.
3	Affiliated issuer.
4	Rate indicated is the 7-day yield as of March 31, 2023.
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 $2,647,131,852 (cost $2,840,404,676), or 65.2% of total net assets.
6	Security is an interest-only strip.
7	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
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 $58,422,430 (cost $60,593,400), or 1.4% of total net assets — See Note 9.
9	Perpetual maturity.
10	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, 2023. See table below for additional step information for each security.
11	Swaptions — See additional disclosure in the swaptions table above for more information on swaptions.
	BofA — Bank of America
	CDX.NA.HY.40.V1 — Credit Default Swap North American Investment Grade Series 40 Index Version 1
	CME — Chicago Mercantile Exchange
	CMS — Constant Maturity Swap
	EUR — Euro
	EURIBOR — European Interbank Offered Rate
	ICE — Intercontinental Exchange
	ITRAXX.EUR.38.V1 — iTraxx Europe Series 38 Index Version 1
	LIBOR — London Interbank Offered Rate
	plc — Public Limited Company
	REMIC — Real Estate Mortgage Investment Conduit
	REIT — Real Estate Investment Trust
	SARL — Société à Responsabilité Limitée
	SOFR — Secured Overnight Financing Rate
	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, 2023
LIMITED DURATION FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	6,814,373	$	—	$	—		$	6,814,373
Preferred Stocks		—		23,557,768		—			23,557,768
Warrants		28,789		—		—	*		28,789
Mutual Funds		90,196,650		—		—			90,196,650
Money Market Fund		3,538,311		—		—			3,538,311
Asset-Backed Securities		—		1,291,790,723		132,570,055			1,424,360,778
Corporate Bonds		—		1,377,072,515		30,971,080			1,408,043,595
Collateralized Mortgage Obligations		—		672,156,657		36,598,771			708,755,428
U.S. Government Securities		—		239,991,809		—			239,991,809
Senior Floating Rate Interests		—		102,288,542		14,192,261			116,480,803
Municipal Bonds		—		2,769,707		—			2,769,707
Options Purchased		—		2,215,878		—			2,215,878
Interest Rate Swap Agreements**		—		1,580,939		—			1,580,939
Forward Foreign Currency Exchange Contracts**		—		8,870		—			8,870
Total Assets	$	100,578,123	$	3,713,433,408	$	214,332,167		$	4,028,343,698

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Interest Rate Swaptions Written	$	—	$	536,922	$	—		$	536,922
Credit Default Swap Agreements**		—		840,850		—			840,850
Interest Rate Swap Agreements**		—		534		—			534
Forward Foreign Currency Exchange Contracts**		—		316,445		—			316,445
Unfunded Loan Commitments (Note 8)		—		—		—	*		—
Total Liabilities	$	—	$	1,694,751	$	—		$	1,694,751

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

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, 2023			Valuation Technique		Unobservable Inputs		Input Range		Weighted Average*
Assets:
Asset-Backed Securities	$	57,464,587	Option adjusted spread off prior month end broker quote		Broker Quote		—		—
Asset-Backed Securities		51,363,364	Third Party Pricing		Broker Quote		—		—
Asset-Backed Securities		23,742,104	Yield Analysis		Yield		6.2%-6.3%		6.2%
Collateralized Mortgage Obligations		25,038,553	Model Price		Market Comparable Yields		7.6%		—
Collateralized Mortgage Obligations		11,560,218	Third Party Pricing		Vendor Price		—		—
Corporate Bonds		19,569,450	Yield Analysis		Yield		5.8%-6.7%		6.3%
Corporate Bonds		11,401,630	Option adjusted spread off prior month end broker quote		Broker Quote		—		—
Senior Floating Rate Interests		13,499,422	Yield Analysis		Yield		10.6%		—
Senior Floating Rate Interests		692,839	Third Party Pricing		Broker Quote		—		—
Total Assets	$	214,332,167

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

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2023
LIMITED DURATION FUND

Significant changes in a quote, yield, market comparable yields, liquidation value 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.

The Fund’s fair valuation leveling guidelines classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3, if such a quote or price cannot be supported with other available market information.

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, 2023, the Fund had securities with a total value of $33,325,161 transfer into Level 3 from Level 2 due to a lack of observable inputs and had securities with a total value of $5,335,519 transfer out of Level 3 into 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, 2023:

	Assets
	Asset-Backed Securities			Collateralized Mortgage Obligations			Corporate Bonds			Senior Floating Rate Interests			Total Assets
Beginning Balance	$	138,990,860		$	24,443,994		$	39,180,570		$	16,423,965		$	219,039,389
Purchases/(Receipts)		43,691,545			11,850,000			—			—			55,541,545
(Sales, maturities and paydowns)/Fundings		(85,486,605	)		(286,900	)		(4,958,818	)		(383,741	)		(91,116,064	)
Amortization of premiums/discounts		42,392			62			(71,277	)		78,550			49,727
Total realized gains (losses) included in earnings		(2,621,353	)		—			(503,065	)		—			(3,124,418	)
Total change in unrealized appreciation (depreciation) included in earnings		4,853,267			591,615			833,670			(326,206	)		5,952,346
Transfers into Level 3		33,100,000			—			—			225,161			33,325,161
Transfers out of Level 3		(51	)		—			(3,510,000	)		(1,825,468	)		(5,335,519	)
Ending Balance	$	132,570,055		$	36,598,771		$	30,971,080		$	14,192,261		$	214,332,167
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at March 31, 2023	$	704,620		$	591,615		$	463,437		$	(122,803	)	$	1,636,869

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)
BRAVO Residential Funding Trust 2022-R1, 3.13% due 01/29/70		6.13	%		01/30/25		—			—
BRAVO Residential Funding Trust 2021-C, 1.62% due 03/01/61		4.62	%		09/25/24		5.62	%		09/25/25
Citigroup Mortgage Loan Trust 2022-A, 6.17% due 09/25/62		9.17	%		09/25/25		10.17	%		09/25/26
CSMC Trust 2020-NQM1, 1.41% due 05/25/65		2.41	%		09/26/24		—			—
Legacy Mortgage Asset Trust 2021-GS3, 1.75% due 07/25/61		4.75	%		05/25/24		5.75	%		05/25/25
Legacy Mortgage Asset Trust 2021-GS4, 1.65% due 11/25/60		4.65	%		08/25/24		5.65	%		08/25/25
Legacy Mortgage Asset Trust 2021-GS5, 2.25% due 07/25/67		5.25	%		11/25/24		6.25	%		11/25/25

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2023
LIMITED DURATION FUND

Name	Coupon Rate at Next Reset Date			Next Rate Reset Date		Future Reset Rate(s)			Future Reset Date(s)
Legacy Mortgage Asset Trust 2021-GS2, 1.75% due 04/25/61		4.75	%		04/25/24		5.75	%		04/25/25
NYMT Loan Trust 2022-SP1, 5.25% due 07/25/62		8.25	%		07/01/25		9.25	%		07/01/26
NYMT Loan Trust 2021-SP1, 1.67% due 08/25/61		4.67	%		08/01/24		5.67	%		08/01/25
OBX Trust 2022-NQM9, 6.45% due 09/25/62		7.45	%		11/01/26		—			—
OSAT Trust 2021-RPL1, 2.12% due 05/25/65		5.12	%		06/25/24		6.12	%		06/25/25
PRPM LLC 2022-1, 3.72% due 02/25/27		6.72	%		02/25/25		7.72	%		02/25/26
PRPM LLC 2021-5, 1.79% due 06/25/26		4.79	%		06/25/24		5.79	%		06/25/25
Verus Securitization Trust 2020-1, 2.42% due 01/25/60		3.42	%		01/26/24		—			—
Verus Securitization Trust 2019-4, 2.64% due 11/25/59		3.64	%		10/26/23		—			—
Verus Securitization Trust 2020-5, 1.58% due 05/25/65		2.58	%		10/26/24		—			—

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 “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2022, 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/1601445/000182126822000340/gug84768.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended March 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 09/30/22		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 03/31/23		Shares 03/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	29,251,332	$	721,008	$	—	$	—	$	296,057	$	30,268,397		1,250,244	$	718,819
Guggenheim Strategy Fund III		29,345,878		744,285		—		—		284,687		30,374,850		1,252,571		743,034
Guggenheim Ultra Short Duration Fund — Institutional Class		28,551,935		641,927		—		—		359,541		29,553,403		3,043,605		639,095
	$	87,149,145	$	2,107,220	$	—	$	—	$	940,285	$	90,196,650			$	2,100,948

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

LIMITED DURATION FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2023

Assets:
Investments in unaffiliated issuers, at value (cost $4,210,440,983)	$	3,936,557,239
Investments in affiliated issuers, at value (cost $91,400,893)		90,196,650
Foreign currency, at value (cost 147,965)		147,474
Cash		748,018
Segregated cash with broker		4,057,933
Unamortized upfront premiums paid on credit default swap agreements		187,385
Unamortized upfront premiums paid on interest rate swap agreements		534
Unrealized appreciation on forward foreign currency exchange contracts		8,870
Prepaid expenses		144,746
Receivables:
Interest		25,901,365
Securities sold		10,270,284
Fund shares sold		7,557,415
Dividends		380,565
Variation margin on interest rate swap agreements		79,664
Total assets		4,076,238,142
Liabilities:
Unfunded loan commitments, at value (Note 8) (commitment fees received $—)		—
Options written, at value (premiums received $536,922)		536,922
Segregated cash due to broker		1,430,000
Unamortized upfront premiums received on credit default swap agreements		214,414
Unamortized upfront premiums received on interest rate swap agreements		37,477
Unrealized depreciation on forward foreign currency exchange contracts		316,445
Payable for:
Fund shares redeemed		8,465,102
Securities purchased		1,543,082
Distributions to shareholders		1,456,040
Management fees		1,072,376
Variation margin on credit default swap agreements		270,387
Transfer agent/maintenance fees		199,531
Distribution and service fees		159,684
Protection fees on credit default swap agreements		76,860
Fund accounting/administration fees		39,369
Due to Investment Adviser		13,817
Trustees’ fees*		7,027
Miscellaneous		437,196
Total liabilities		16,275,729
Net assets	$	4,059,962,413
Net assets consist of:
Paid in capital		4,384,996,519
Total distributable earnings (loss)		(325,034,106	)
Net assets	$	4,059,962,413
A-Class:
Net assets	$	434,830,930
Capital shares outstanding		18,302,438
Net asset value per share	$	23.76
Maximum offering price per share (Net asset value divided by 97.75%)	$	24.31
C-Class:
Net assets	$	60,188,402
Capital shares outstanding		2,535,000
Net asset value per share	$	23.74
P-Class:
Net assets	$	69,914,804
Capital shares outstanding		2,942,862
Net asset value per share	$	23.76
Institutional Class:
Net assets	$	3,353,556,530
Capital shares outstanding		141,181,978
Net asset value per share	$	23.75
R6-Class:
Net assets	$	141,471,747
Capital shares outstanding		5,958,401
Net asset value per share	$	23.74

* 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

LIMITED DURATION FUND

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended March 31, 2023

Investment Income:
Dividends from securities of unaffiliated issuers	$	93,691
Dividends from securities of affiliated issuers		2,100,948
Interest		86,310,814
Total investment income		88,505,453
Expenses:
Management fees		8,206,617
Distribution and service fees:
A-Class		600,056
C-Class		305,294
P-Class		94,840
Transfer agent/maintenance fees:
A-Class		193,124
C-Class		33,001
P-Class		36,663
Institutional Class		1,713,104
R6-Class		402
Fund accounting/administration fees		877,873
Interest expense		408,791
Professional fees		224,798
Line of credit fees		119,690
Custodian fees		112,948
Trustees’ fees*		42,821
Miscellaneous		259,157
Recoupment of previously waived fees:
A-Class		318
C-Class		129
P-Class		82
Institutional Class		10,593
R6-Class		9,059
Total expenses		13,249,360
Less:
Expenses reimbursed by Adviser:
A-Class		(93,974	)
C-Class		(20,466	)
P-Class		(20,889	)
Institutional Class		(977,592	)
Expenses waived by Adviser		(688,467	)
Earnings credits applied		(73,202	)
Total waived/reimbursed expenses		(1,874,590	)
Net expenses		11,374,770
Net investment income		77,130,683
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(54,137,345	)
Swap agreements		7,747,796
Futures contracts		1,551,516
Options purchased		(4,149,803	)
Options written		1,790,156
Forward foreign currency exchange contracts		3,080,233
Foreign currency transactions		(129,017	)
Net realized loss		(44,246,464	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		153,541,998
Investments in affiliated issuers		940,285
Swap agreements		(6,220,812	)
Options purchased		(9,403,221	)
Options written		2,782,557
Forward foreign currency exchange contracts		(9,459,798	)
Foreign currency translations		60,583
Net change in unrealized appreciation (depreciation)		132,241,592
Net realized and unrealized gain		87,995,128
Net increase in net assets resulting from operations	$	165,125,811

* 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.

LIMITED DURATION FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	77,130,683		$	105,834,694
Net realized gain (loss) on investments		(44,246,464	)		2,942,839
Net change in unrealized appreciation (depreciation) on investments		132,241,592			(455,180,176	)
Net increase (decrease) in net assets resulting from operations		165,125,811			(346,402,643	)
Distributions to shareholders:
A-Class		(8,696,725	)		(15,229,714	)
C-Class		(878,502	)		(1,053,900	)
P-Class		(1,375,686	)		(2,173,183	)
Institutional Class		(68,660,846	)		(109,271,775	)
R6-Class		(964,316	)		(826,365	)
Total distributions to shareholders		(80,576,075	)		(128,554,937	)
Capital share transactions:
Proceeds from sale of shares
A-Class		57,675,938			160,235,607
C-Class		10,677,563			11,936,961
P-Class		7,415,716			53,405,339
Institutional Class		830,221,818			2,719,216,190
R6-Class		122,379,207			6,914,200
Distributions reinvested
A-Class		7,239,301			12,605,568
C-Class		732,727			856,214
P-Class		1,370,713			2,173,183
Institutional Class		56,944,730			90,897,272
R6-Class		964,316			826,365
Cost of shares redeemed
A-Class		(189,111,067	)		(417,792,556	)
C-Class		(15,296,189	)		(33,537,200	)
P-Class		(21,145,167	)		(121,847,857	)
Institutional Class		(1,512,187,028	)		(3,467,436,046	)
R6-Class		(10,359,338	)		(21,559,738	)
Net decrease from capital share transactions		(652,476,760	)		(1,003,106,498	)
Net decrease in net assets		(567,927,024	)		(1,478,064,078	)
			��
Net assets:
Beginning of period		4,627,889,437			6,105,953,515
End of period	$	4,059,962,413		$	4,627,889,437

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

LIMITED DURATION FUND

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Six Months Ended March 31, 2023 (Unaudited)			Year Ended September 30, 2022
Capital share activity:
Shares sold
A-Class		2,449,665			6,516,599
C-Class		454,794			487,090
P-Class		316,612			2,172,486
Institutional Class		35,313,342			111,021,579
R6-Class		5,176,998			280,583
Shares issued from reinvestment of distributions
A-Class		307,848			514,766
C-Class		31,158			35,053
P-Class		58,273			88,801
Institutional Class		2,421,802			3,720,350
R6-Class		41,951			33,955
Shares redeemed
A-Class		(8,064,830	)		(17,070,775	)
C-Class		(652,929	)		(1,370,571	)
P-Class		(899,910	)		(4,908,204	)
Institutional Class		(64,408,397	)		(142,043,580	)
R6-Class		(442,593	)		(873,618	)
Net decrease in shares		(27,896,216	)		(41,395,486	)

32 | 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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	23.28		$	25.42		$	25.57		$	24.68		$	24.70		$	24.86
Income (loss) from investment operations:
Net investment income (loss)b		.41			.42			.34			.40			.54			.51
Net gain (loss) on investments (realized and unrealized)		.50			(2.04	)		.01	j		.94			.01			(.09	)
Total from investment operations		.91			(1.62	)		.35			1.34			.55			.42
Less distributions from:
Net investment income		(.43	)		(.43	)		(.38	)		(.45	)		(.57	)		(.57	)
Net realized gains		—			(.09	)		(.12	)		—			—	c		(.01	)
Total distributions		(.43	)		(.52	)		(.50	)		(.45	)		(.57	)		(.58	)
Net asset value, end of period	$	23.76		$	23.28		$	25.42		$	25.57		$	24.68		$	24.70
Total Returnd		3.93	%		(6.42	%)		1.38	%		5.51	%		2.27	%		1.69	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	434,831		$	549,667		$	855,473		$	625,386		$	570,353		$	627,570
Ratios to average net assets:
Net investment income (loss)		3.46	%		1.69	%		1.32	%		1.60	%		2.18	%		2.07	%
Total expensese		0.82	%		0.80	%		0.79	%		0.84	%		0.83	%		0.81	%
Net expensesf,g,h		0.75	%		0.74	%		0.74	%		0.77	%		0.75	%		0.75	%
Portfolio turnover rate		8	%		23	%		80	%		123	%		72	%		45	%

C-Class	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	23.27		$	25.41		$	25.55		$	24.66		$	24.68		$	24.84
Income (loss) from investment operations:
Net investment income (loss)b		.32			.24			.15			.21			.35			.33
Net gain (loss) on investments (realized and unrealized)		.49			(2.04	)		.02	j		.95			.02			(.10	)
Total from investment operations		.81			(1.80	)		.17			1.16			.37			.23
Less distributions from:
Net investment income		(.34	)		(.25	)		(.19	)		(.27	)		(.39	)		(.38	)
Net realized gains		—			(.09	)		(.12	)		—			—	c		(.01	)
Total distributions		(.34	)		(.34	)		(.31	)		(.27	)		(.39	)		(.39	)
Net asset value, end of period	$	23.74		$	23.27		$	25.41		$	25.55		$	24.66		$	24.68
Total Returnd		3.50	%		(7.13	%)		0.67	%		4.72	%		1.51	%		0.94	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	60,188		$	62,864		$	90,205		$	86,143		$	85,100		$	70,981
Ratios to average net assets:
Net investment income (loss)		2.72	%		0.96	%		0.58	%		0.85	%		1.42	%		1.34	%
Total expensese		1.60	%		1.58	%		1.58	%		1.61	%		1.60	%		1.59	%
Net expensesf,g,h		1.50	%		1.49	%		1.49	%		1.52	%		1.50	%		1.51	%
Portfolio turnover rate		8	%		23	%		80	%		123	%		72	%		45	%

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

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	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	23.28		$	25.42		$	25.57		$	24.68		$	24.70		$	24.86
Income (loss) from investment operations:
Net investment income (loss)b		.41			.42			.34			.40			.54			.52
Net gain (loss) on investments (realized and unrealized)		.50			(2.04	)		.01	j		.94			.01			(.10	)
Total from investment operations		.91			(1.62	)		.35			1.34			.55			.42
Less distributions from:
Net investment income		(.43	)		(.43	)		(.38	)		(.45	)		(.57	)		(.57	)
Net realized gains		—			(.09	)		(.12	)		—			—	c		(.01	)
Total distributions		(.43	)		(.52	)		(.50	)		(.45	)		(.57	)		(.58	)
Net asset value, end of period	$	23.76		$	23.28		$	25.42		$	25.57		$	24.68		$	24.70
Total Return		3.93	%		(6.42	%)		1.38	%		5.50	%		2.27	%		1.69	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	69,915		$	80,735		$	155,465		$	150,623		$	108,691		$	189,965
Ratios to average net assets:
Net investment income (loss)		3.46	%		1.67	%		1.33	%		1.60	%		2.18	%		2.12	%
Total expensese		0.83	%		0.95	%		0.83	%		0.90	%		0.88	%		0.87	%
Net expensesf,g,h		0.75	%		0.74	%		0.74	%		0.77	%		0.75	%		0.75	%
Portfolio turnover rate		8	%		23	%		80	%		123	%		72	%		45	%

Institutional Class	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Per Share Data
Net asset value, beginning of period	$	23.28		$	25.42		$	25.56		$	24.67		$	24.69		$	24.85
Income (loss) from investment operations:
Net investment income (loss)b		.43			.49			.40			.46			.60			.58
Net gain (loss) on investments (realized and unrealized)		.49			(2.05	)		.03	j		.95			.01			(.11	)
Total from investment operations		.92			(1.56	)		.43			1.41			.61			.47
Less distributions from:
Net investment income		(.45	)		(.49	)		(.45	)		(.52	)		(.63	)		(.62	)
Net realized gains		—			(.09	)		(.12	)		—			—	c		(.01	)
Total distributions		(.45	)		(.58	)		(.57	)		(.52	)		(.63	)		(.63	)
Net asset value, end of period	$	23.75		$	23.28		$	25.42		$	25.56		$	24.67		$	24.69
Total Return		4.01	%		(6.19	%)		1.67	%		5.77	%		2.52	%		1.95	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,353,557		$	3,907,125		$	4,960,578		$	2,911,309		$	2,421,315		$	2,629,316
Ratios to average net assets:
Net investment income (loss)		3.71	%		1.97	%		1.58	%		1.85	%		2.43	%		2.35	%
Total expensese		0.58	%		0.56	%		0.56	%		0.59	%		0.57	%		0.56	%
Net expensesf,g,h		0.50	%		0.49	%		0.49	%		0.52	%		0.50	%		0.50	%
Portfolio turnover rate		8	%		23	%		80	%		123	%		72	%		45	%

34 | 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 periods presented.

R6-Class	Six Months Ended March 31, 2023a			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Period Ended September 30, 2019i
Per Share Data
Net asset value, beginning of period	$	23.26		$	25.40		$	25.55		$	24.66		$	24.58
Income (loss) from investment operations:
Net investment income (loss)b		.45			.48			.40			.48			.31
Net gain (loss) on investments (realized and unrealized)		.48			(2.04	)		.02	j		.93			.14
Total from investment operations		.93			(1.56	)		.42			1.41			.45
Less distributions from:
Net investment income		(.45	)		(.49	)		(.45	)		(.52	)		(.37	)
Net realized gains		—			(.09	)		(.12	)		—			—
Total distributions		(.45	)		(.58	)		(.57	)		(.52	)		(.37	)
Net asset value, end of period	$	23.74		$	23.26		$	25.40		$	25.55		$	24.66
Total Return		4.06	%		(6.19	%)		1.64	%		5.78	%		1.83	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	141,472		$	27,499		$	44,232		$	31,315		$	314,764
Ratios to average net assets:
Net investment income (loss)		3.82	%		1.94	%		1.58	%		1.96	%		2.24	%
Total expensese		0.52	%		0.49	%		0.49	%		0.53	%		0.51	%
Net expensesf,g,h		0.49	%		0.49	%		0.49	%		0.52	%		0.50	%
Portfolio turnover rate		8	%		23	%		80	%		123	%		72	%

a	Unaudited figures for the period ended March 31, 2023. 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	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 years presented was as follows:

	3/31/23a			09/30/22			09/30/21			09/30/20			09/30/19			09/30/18
A-Class		0.00	%*		0.00	%*		—			0.00	%*		0.00	%*		—
C-Class		0.00	%*		—			—			0.00	%*		—			—
P-Class		0.00	%*		—			—			0.00	%*		0.00	%*		—
Institutional Class		0.00	%*		—			—			0.00	%*		0.00	%*		—
R6-Class		0.04	%		0.02	%		0.01	%		0.00	%*		0.00	%*i		—

* Less than 0.01%.

^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:

	3/31/23a			09/30/22			09/30/21			09/30/20			09/30/19			09/30/18
A-Class		0.72	%		0.73	%		0.73	%		0.75	%		0.75	%		0.75	%
C-Class		1.47	%		1.48	%		1.48	%		1.50	%		1.50	%		1.50	%
P-Class		0.72	%		0.73	%		0.73	%		0.75	%		0.75	%		0.75	%
Institutional Class		0.47	%		0.48	%		0.48	%		0.50	%		0.50	%		0.50	%
R6-Class		0.47	%		0.48	%		0.48	%		0.50	%		0.50	%i		N/A

i	Since commencement of operations: March 13, 2019. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
j	The amount shown for a share outstanding throughout the period does not accord with the aggregate net losses 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.

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

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 may issue an unlimited number of authorized 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. C-Class shares automatically convert to A-Class shares on or about the 10th day of the month following the 8-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. 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, 2023, the Trust consisted of nineteen funds (the “Funds”).

This report covers the Limited Duration Fund (the “Fund”), a diversified investment company. At March 31, 2023, A-Class, C-Class, P-Class, Institutional Class and R6-Class shares have been issued by the Fund.

Guggenheim Partners Investment Management, LLC (“GPIM” or the “Adviser”), which operates under the name Guggenheim Investments (“GI”), provides advisory services. Guggenheim Funds Distributors, LLC (“GFD”) 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”). The U.S. Securities and Exchange Commission (the “SEC”) adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith and became effective September 8, 2022. Rule 2a-5 also defines “readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee to perform fair valuation determinations for the Fund with respect to all Fund investments and other assets. As the Fund’s valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Fund’s securities and other assets.

Valuations of the Fund’s securities and other assets are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Adviser, with the assistance of the Valuation Committee, convenes monthly, or more frequently as needed, to review the valuation of all assets

36 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

which have been fair valued for reasonableness. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Designee Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed 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, the investment is fair valued by the Adviser.

Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the NewYork 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 Adviser 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 Designee Procedures, the Adviser is 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 generally valued at the last quoted sale price.

U.S. Government securities are valued by independent pricing services, the last traded fill price, or at the reported bid price at the close of business.

Commercial paper and discount notes 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. Commercial paper and discount notes with a maturity of 60 days or less at acquisition are valued at amortized cost, unless the Adviser concludes that amortized cost does not represent the fair value of the applicable asset in which case it will be valued using an independent pricing service.

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 that uses broker quotes, among other inputs. If the pricing service cannot or does not provide a valuation for a particular loan, or such valuation is deemed unreliable, such investment is valued based on a quote from a broker-dealer or is fair valued by the Adviser.

Exchange-traded options are valued at the mean of the bid and ask prices on the principal exchange on which they are traded. Over-the-counter (“OTC”) options and options on swaps (“swaptions”) are valued using a price provided by a pricing service.

The value of futures contracts are valued on the basis of the last sale price 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 the Fund is valued on the basis of the last sale price on the primary exchange on which the swap is traded.

The value of other swap agreements entered into by the Fund are generally valued using an evaluated price provided by a third party pricing vendor.

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 the Adviser. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value”. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as 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.

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.

(c) Senior Floating Rate Interests and Loan Investments

Senior floating rate interests 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 Fund invests in loans and other similar debt obligations (“obligations”). A portion of the Fund’s investments in these obligations is sometimes referred to as “covenant lite” loans or obligations (“covenant lite obligations”), which are obligations that lack covenants or possess fewer or less restrictive covenants or constraints on borrowers than certain other types of obligations. The Fund may also obtain exposure to covenant lite obligations through investment in securitization vehicles and other structured products. In recent market conditions, many new or reissued obligations have not featured traditional covenants, which are intended to protect lenders and investors by (i) imposing certain restrictions or other limitations on a borrower’s operations or assets or (ii) providing certain rights to lenders. The Fund may have fewer rights with respect to covenant lite obligations, including fewer protections against the possibility of default and fewer remedies in the event of default. As a result, investments in (or exposure to) covenant lite obligations are subject to more risk than investments in (or exposure to) certain other types of obligations. The Fund is subject to other risks associated with investments in (or exposure to) obligations, including that obligations may not be considered “securities” and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.

(d) Interest on 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 takes 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, it 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.

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).

The Fund may purchase and write options on swaps (“swaptions”) primarily to preserve a return or spread on a particular investment or portion of the Fund’s holdings, as a duration management technique or to protect against an increase in the price of securities

38 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

in anticipates purchasing at a later date. The purchaser and writer of a swaption is buying or granting the right to enter into a previously agreed upon interest rate swap agreement at any time before the expiration of the options. The swaptions are forward premium swaptions which have extended settlement dates.

(g) Futures Contracts

Upon entering into a futures contract, the 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.

(h) 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.

Upon entering into certain centrally-cleared swap transactions, a Fund is required to deposit with its clearing broker an amount of cash or securities as an initial margin. Subsequent variation margin receipts or payments are received or made by the Fund depending on fluctuations in the fair value of the reference entity 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.

Upfront payments received or made by a Fund on credit default swap agreements and 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.

(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 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.

(j) Forward Foreign Currency Exchange Contracts

The change in value of a forward foreign currency exchange 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.

(k) 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, 2023, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.

(l) 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

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 39

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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, if any. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. 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.

The Fund may receive other income from investments in senior loan interests including amendment fees, consent fees and commitment fees. For funded loans, these fees are recorded as income when received by the Fund and included in interest income on the Statement of Operations. For unfunded loans, commitment fees are included in realized gain on investments on the Statement of Operations at the end of the commitment period.

(m) 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 U.S. federal income tax purposes.

(n) 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.

(o) 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. Earnings credits for the period ended March 31, 2023, are disclosed in the Statement of Operations.

(p) 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 4.83% at March 31, 2023.

(q) 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.

(r) Special Purpose Acquisition Companies

The Fund may acquire an interest in a special purpose acquisition company (“SPAC”) in an initial public offering or a secondary market transaction. SPAC investments carry many of the same risks as investments in initial public offering securities, such as erratic price movements, greater risk of loss, lack of information about the issuer, limited operating and little public or no trading history, and higher transaction costs. An investment in a SPAC is typically subject to a higher risk of dilution by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC and interests in SPACs may be illiquid and/or be subject to restrictions on resale. A SPAC is a publicly traded company that raises investment capital for the purpose of acquiring the equity securities of one or more existing companies (or interests therein) via merger, combination, acquisition or other similar transactions. Unless and until an acquisition is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. government securities,

40 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

money market securities and cash and does not typically pay dividends in respect of its common stock. SPAC investments are also subject to the risk that a significant portion of the funds raised by the SPAC may be expended during the search for a target acquisition or merger and that the SPAC may have limited time in which to conduct due diligence on potential business combination targets. Because SPACs are in essence blank check companies without operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. Among other conflicts of interest, the economic interests of the management, directors, officers and related parties of a SPAC can differ from the economic interests of public shareholders, which may lead to conflicts as they evaluate, negotiate and recommend business combination transactions to shareholders. This risk may become more acute as the deadline for the completion of a business combination nears. There is no guarantee that the SPACs in which the Fund invests will complete an acquisition or that any acquisitions that are completed will be profitable.

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 on 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.

Short Sales

A short sale is a transaction in which the 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 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.

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

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 GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 41

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The following table represents the Fund’s use and volume of call/put options purchased on a monthly basis:

	Average Notional Amount
Use	Call		Put
Duration, Hedge	$	463,933,333	$	28,915,926

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.

The following table represents the Fund’s use and volume of call/put options written on a monthly basis:

	Average Notional Amount
Use	Call		Put
Duration, Hedge	$	16,478	$	39,561,667

Futures Contracts

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 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 Consolidated Statement of Assets and Liabilities; securities held as collateral are noted on the Consolidated Schedule of Investments.

The following table represents the Fund’s use and volume of futures on a monthly basis:

	Average Notional Amount
Use	Long		Short
Index exposure, income	$	128,014,583	$	—

Swap Agreements

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. When utilizing over-the-counter (“OTC”) swaps, the 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 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. For a Fund utilizing centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. 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 involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as an index) for a fixed or variable interest rate. Total return 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,

42 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

financing charges and/or interest associated with the swap agreement. When utilizing total return swaps, the 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 if the underlying reference asset declines in value.

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 monthly basis:

	Average Notional Amount
Use	Pay Floating Rate		Receive Floating Rate
Duration, Hedge	$	181,916,667	$	20,745,167

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 investment grade and/or 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. The notional amount 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 on a credit default swap referencing an index, a factor adjustment will take place and the buyer of protection will receive a payment reflecting the par less the default recovery rate of the defaulted index component based on its weighting in the 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. For a fund utilizing centrally cleared credit default swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. 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 Fund’s use and volume of credit default swaps on a monthly basis:

	Average Notional Amount
Use	Protection Sold		Protection Purchased
Index exposure, Income	$	25,000,000	$	19,050,000

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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 monthly basis:

	Average Value
Use	Purchased		Sold
Hedge, Income	$	720,633	$	51,586,286

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, 2023:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Interest rate swap 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
Credit default swap contracts	Unamortized upfront premiums paid on credit default swap agreements	Unamortized upfront premiums received on credit default swap agreements Variation margin on credit default swap agreements
Equity/Interest rate option contracts	Investments in unaffiliated issuers, at value	Options written, at value
Currency forward contracts	Unrealized appreciation on forward foreign currency exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts

The following tables set forth the fair value of the Fund’s derivative investments categorized by primary risk exposure at March 31, 2023:

Asset Derivative Investments Value
	Swaps Interest Rate Risk*		Swaps Credit Risk*		Options Written Interest Rate Risk		Forward Foreign Currency Exchange Risk		Options Purchased Interest Rate Risk		Total Value at March 31, 2023
	$	1,580,939	$	—	$	—	$	8,870	$	2,215,878	$	3,805,687

Liability Derivative Investments Value
	Swaps Interest Rate Risk*		Swaps Credit Risk*		Options Written Interest Rate Risk		Forward Foreign Currency Exchange Risk		Options Purchased Interest Rate Risk		Total Value at March 31, 2023
	$	534	$	840,850	$	536,922	$	316,445	$	—	$	1,694,751

* Includes cumulative appreciation (depreciation) of exchange-traded, OTC and centrally-cleared derivatives contracts as reported on the Schedule of Investments. For exchange-traded and centrally-cleared derivatives, variation margin is reported within the Statement of Assets and Liabilities.

44 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

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, 2023:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Interest/Credit swap contracts	Net realized gain (loss) on swap agreements
	Net change in unrealized appreciation (depreciation) on swap agreements
Interest rate option 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 forward 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, 2023:

Realized Gain (Loss) on Derivative Investments Recognized on the Statement of Operations
	Futures Equity Risk		Swaps Interest Rate Risk		Swaps Credit Risk			Options Written Equity Risk		Options Purchased Equity Risk			Forward Foreign Currency Exchange Risk		Options Purchased Interest Rate Risk		Options Written Interest Rate Risk			Total
	$	1,551,516	$	7,904,109	$	(156,313	)	$	2,719,803	$	(4,149,803	)	$	3,080,233	$	—	$	(929,647	)	$	10,019,898

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statement of Operations
	Futures Equity Risk		Swaps Interest Rate Risk			Swaps Credit Risk			Options Written Equity Risk		Options Purchased Equity Risk			Forward Foreign Currency Exchange Risk			Options Purchased Interest Rate Risk			Options Written Interest Rate Risk		Total
	$	—	$	(5,776,210	)	$	(444,602	)	$	1,113,372	$	(8,650,164	)	$	(9,459,798	)	$	(753,057	)	$	1,669,185	$	(22,301,274	)

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 as collateral.

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 associated with each such financial institution.

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 its 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 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 it believes 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.

46 | 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	$	8,870	$	—	$	8,870	$	—		$	(8,870	)	$	—
Options Purchased		2,215,878		—		2,215,878		(853,273	)		(779,334	)		583,271

							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	$	316,445	$	—	$	316,445	$	(316,351	)	$	—	$	94
Options written		536,922		—		536,922		(536,922	)		—		—

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, 2023.

Counterparty	Asset Type	Cash Pledged		Cash Received
Barclays Bank plc	Forward foreign currency exchange contracts, Options	$	—	$	240,000
BofA Securities, Inc.	Credit default swap agreements		932,512		—
BofA Securities, Inc.	Interest rate swap agreements		3,125,421		—
Goldman Sachs International	Options		—		340,000
JPMorgan Chase Bank, N.A.	Forward foreign currency exchange contracts		—		10,000
Morgan Stanley Capital Services LLC	Options		—		840,000
			4,057,933		1,430,000

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 between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

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

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

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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.

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

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

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.

Quotes from broker-dealers, adjusted for fluctuations in criteria such as credit spreads and interest rates, may also be 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 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 a quote would generally result in significant changes in the fair value of the security.

Certain fixed income securities are valued by obtaining a monthly quote from a broker-dealer, adjusted for fluctuations in criteria such as credit spreads and interest rates.

Certain loans and other securities are valued using a single daily broker quote or a price from a third party vendor based on a single daily or monthly broker quote.

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

Note 5 – 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 pays operating expenses on behalf of the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, among others, on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

The Board has adopted Distribution Plans related to the offering of 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.

48 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

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 or interest 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		02/01/24
C-Class		1.50	%		12/01/13		02/01/24
P-Class		0.75	%		05/01/15		02/01/24
Institutional Class		0.50	%		12/01/13		02/01/24
R6-Class		0.50	%		03/13/19		02/01/24

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, 2023, 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:

	2023		2024		2025		2026		Fund Total
A-Class	$	329,121	$	332,853	$	400,848	$	93,974	$	1,156,796
C-Class		65,231		80,424		68,209		20,466		234,330
P-Class		118,983		146,751		202,943		20,889		489,566
Institutional Class		1,548,270		2,560,156		3,164,191		977,592		8,250,209
R6-Class		12,440		493		410		—		13,343

For the period ended March 31, 2023, GI recouped $20,181 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, 2023, the Fund waived $36,145 related to investments in affiliated funds.

For the period ended March 31, 2023, GFD retained sales charges of $72,447 relating to sales of A-Class shares of the Trust.

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

MUFG Investor Services (US), LLC (“MUIS”) acts as the Fund’s administrator, transfer agent and accounting agent. As administrator, transfer agent and accounting agent, MUIS maintains 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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 U.S. 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 U.S. federal income tax returns are subject to examination by the Internal Revenue Service (“IRS”) for a period of three years after they are filed.

At March 31, 2023, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
Limited Duration Fund	$	4,301,305,052	$	1,844,846	$	(276,500,951	)	$	(274,656,105	)

Note 7 – Securities Transactions

For the period ended March 31, 2023, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

Purchases		Sales
$	60,667,153	$	844,817,332

For the period ended March 31, 2023, the cost of purchases and proceeds from sales of government securities were as follows:

Purchases		Sales
$	254,985,761	$	15,130,078

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, 2023, 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)
$	2,374,029,110	$	2,547,979,759	$	5,653,966

Note 8 – Unfunded Loan Commitments

Pursuant to the terms of certain loan agreements, the Fund held unfunded loan commitments as of March 31, 2023. The Fund is obligated to fund these loan commitments at the borrower’s discretion.

Borrower	Maturity Date		Face Amount		Value
Fontainbleau Vegas		01/31/26	$	3,656,485	$	—
Lightning A		03/01/37		3,516,654		—
Thunderbird A		03/01/37		3,530,039		—
					$	—

50 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 9 – Restricted Securities

The securities below are considered illiquid and restricted under guidelines established by the Board:

Restricted Securities	Acquisition Date		Cost		Value
Cascade Funding Mortgage Trust
2018-RM2, 4.00% (WAC) due 10/25/681		11/02/18	$	5,572,686	$	5,393,166
Cascade Funding Mortgage Trust
2019-RM3, 2.80% (WAC) due 06/25/691		06/25/19		1,164,952		1,124,560
CFMT LLC
2022-HB9, 3.25% (WAC) due 09/25/371		09/23/22		2,015,050		2,030,283
Copper River CLO Ltd.
2007-1A INC, due 01/20/212		05/09/14		585,000		51
FKRT
2.21% due 11/30/58		09/24/21		25,699,938		25,038,553
LSTAR Securities Investment Ltd.
2021-1, 7.46% (1 Month USD LIBOR + 2.80%, Rate Floor: 1.80%) due 02/01/261		02/04/21		7,055,900		6,913,942
Towd Point Revolving Trust
4.83% due 09/25/64		03/17/22		18,499,874		17,921,875
			$	60,593,400	$	58,422,430

1

Variable rate security. Rate indicated is the rate effective at March 31, 2023. 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 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, $1,230,000,000 line of credit from Citibank, N.A., which was in place through September 30, 2022, at which time the line of credit was renewed as a 364-day committed, $1,150,000,000 line of credit. A Fund may draw (borrow) from the line of credit as a temporary measure for emergency purposes, to facilitate redemption requests, or for other short-term liquidity purposes consistent with the Fund’s investment objective and program. For example, it may be advantageous for the Fund to borrow money rather than sell existing portfolio positions to meet redemption requests. Fees related to borrowings, if any, vary under this arrangement between the greater of Citibank’s “base rate”, SOFR plus 1%, or the federal funds rate plus 1/2 of 1%.

The commitment fee that may be paid by the Funds is at an annualized rate of 0.15% of the average daily amount of its allocated unused commitment amount. The commitment fee amount is allocated to the individual Funds based on the respective net assets of each participating Fund and is referenced in the 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, 2023.

Note 11 – Market Risks

The value of, or income generated by, the investments held by the Fund are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (which have since risen and may continue to rise), changes in inflation rates or expectations about inflation rates (which are currently elevated relative to normal conditions), adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the current Russia-Ukraine conflict and its risk of expansion or collateral economic and other effects) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country or geographic region could adversely affect the value, yield and return of the investments held by the Fund in a different country or geographic region, economy, and market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Fund’s investments and performance of the Fund.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

Note 12 – Subsequent Events

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

52 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

OTHER INFORMATION (Unaudited)

Delivery of Shareholder Reports

Paper copies of the Fund’s annual and semi-annual shareholder reports are not sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary. Instead, the reports are made available on a website, and you are notified by mail each time a report is posted and provided with a website link to access the report.

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 may apply to all Guggenheim Funds in which you are invested and may apply to all Guggenheim funds held with your financial intermediary.

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 portfolio 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 as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Fund’s Forms N-PORT and N-Q are available on the SEC’s website at https://www.sec.gov. 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 | 53

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

A Board of Trustees oversees the Trust, as well as other trusts of GI, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by visiting guggenheiminvestments.com or by calling 800.820.0888.

Name, Address* and Year of Birth	Position(s) Held with 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 and Chair of the Valuation Oversight Committee	Since 2014 (Trustee) Since 2020 (Chair of the Valuation Oversight Committee)	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).	155	Current: Advent Convertible and Income Fund (2005-present); Purpose Investments Funds (2013-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021).
Angela Brock-Kyle (1959)	Trustee	Since 2019	Current: Founder and Chief Executive Officer, B.O.A.R.D.S. (2013-present); Director, Mutual Fund Directors Forum (2022-present). Former: Senior Leader, TIAA (1987-2012).	154	Current: Bowhead Insurance GP, LLC (2020-present); Hunt Companies, Inc. (2019-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Infinity Property & Casualty Corp. (2014-2018).

54 | 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 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
Thomas F. Lydon, Jr. (1960)	Trustee and Chair of the Contracts Review Committee	Since 2019 (Trustee) Since 2020 (Chair of the Contracts Review Committee)	Current: President, Global Trends Investments (1996-present); Chief Executive Officer, ETF Flows, LLC (2019-present); Chief Executive Officer, Lydon Media (2016-present); Director, GDX Index Partners, LLC (2021-present); Vice Chairman, VettaFi (2022-present).	154	Current: US Global Investors, Inc. (GROW) (1995-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Harvest Volatility Edge Trust (3) (2017-2019).
Ronald A. Nyberg (1953)	Trustee and Chair of the Nominating and Governance Committee	Since 2014	Current: Of Counsel, Momkus LLP (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	155	Current: Advent Convertible and Income Fund (2003-present); PPM Funds (2) (2018-present); NorthShore-Edward-Elmhurst Health (2012-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 55

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

Name, Address* and Year of Birth	Position(s) Held with 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
Sandra G. Sponem (1958)	Trustee and Chair of the Audit Committee	Since 2019 (Trustee) Since 2020 (Chair of the Audit Committee)	Current: Retired. Former: Senior Vice President and Chief Financial Officer, M.A. Mortenson-Companies, Inc. (2007-2017).	154	Current: SPDR Series Trust (81) (2018-present); SPDR Index Shares Funds (30) (2018-present); SSGA Active Trust (14) (2018-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); SSGA Master Trust (1) (2018-2020).
Ronald E. Toupin, Jr. (1958)	Trustee, Chair of the Board and Chair of the Executive Committee	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).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

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 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); 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, certain other funds in the Fund Complex (2017-2019); Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2018-2022); Guggenheim Enhanced Equity Income Fund (2018-2021); Guggenheim Credit Allocation Fund (2018-2021).

*	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.
***	Each Trustee also serves on the Boards of Trustees of Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust, Guggenheim Strategic Opportunities Fund, Guggenheim Energy & Income Fund, Guggenheim Active Allocation Fund, Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust and Transparent Value Trust. Messrs. Barnes and Nyberg also serve on the Board of Trustees of Advent Convertible & Income Fund.
****	This Trustee is deemed to be an “interested person” of the Fund under the 1940 Act by reason of her position with the Fund’s Adviser and/or the parent of the Adviser.

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 Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS
Brian E. Binder (1972)	President and Chief Executive Officer	Since 2018	Current: President, Mutual Funds Boards, Guggenheim Investments (2022-present); President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President, Mutual Funds Boards, Guggenheim Funds Investment Advisors, LLC and Security Investors, LLC (2018-present); Board Member, Guggenheim Partners Investment Funds plc (2022-present); Board Member, Guggenheim Global Investments plc (2022-present); Board Member of Guggenheim Partners Fund Management (Europe) Limited (2018-present). Former: Senior Managing Director and Chief Administrative Officer, Guggenheim Investments (2018-2022); Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Chairman of North American Executive Committee and Head of Business Management and Consulting, Invesco Ltd. (2010-2012).
James M. Howley (1972)	Chief Financial Officer, Chief Accounting Officer and Treasurer	Since 2022	Current: Managing Director, Guggenheim Investments (2004-present); Chief Financial Officer, Chief Accounting Officer, and Treasurer, certain other funds in the Fund Complex (2022-present). Former: Assistant Treasurer, certain other funds in the Fund Complex (2006-2022); 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); Managing 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); Senior Managing Director, Guggenheim Funds Distributors, LLC (2014-present). Former: Chief Compliance Officer, Security Investors, LLC and 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).

58 | 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 Trust	Term of Office and Length of Time Served**	Principal Occupation(s) 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).
Jon Szafran (1989)	Assistant Treasurer	Since 2017	Current: Director, 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 | 59

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.

60 | 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 | 61

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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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.

(a) The Schedule of Investments is included under Item 1 of this Form.

(b) Not applicable.

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) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that have materially affected, or are 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 Investment Company Act (17 CFR 270.30a-2(a)) are attached.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) A certification by the registrant’s President (principal executive officer) and Treasurer (principal financial officer) as required by Rule 30a-2(b) under the 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 2, 2023

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 2, 2023
By (Signature and Title)*	/s/ James M. Howley
	James M. Howley, Chief Financial Officer, Chief Accounting Officer and Treasurer
Date	June 2, 2023

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