Guggenheim Macro Opportunities Fund (GIOAX) N-CSR Certified annual shareholder report (management investment company)

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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, 2023 - September 30, 2024

Item 1. Reports to Stockholders.

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

Guggenheim Alpha Opportunity Fund

Class A | SAOAX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$186	1.73%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class A shares) returned 14.64%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and outperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 5.49% for the same period.

The fund's broad-based securities market index was changed from the ICE BofA 3-Month U.S. Treasury Bill Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The global growth outlook remained modestly bullish and steady during the reporting period, while inflation seemed to be finally tamed, resulting in a 50 basis point rate cut by the U.S. Federal Reserve in September and potentially up to two more by the end of 2024. This optimism helped the S&P 500 Index gain more than 36% during the reporting period. The fund significantly outperformed the ICE BofA 3-Month U.S. Treasury Bill Index. Among the fundamental factors, the fund's exposure in higher profitability, lower volatility, and higher momentum names paid off well. The overall contribution of the industry tilts (overweights/underweights) was moderate, whereas security selection was quite strong.

How did the fund perform over the last 10 years?

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

Date	Alpha Opportunity Fund (Class A)†	S&P 500 Index	ICE BofA 3-Month U.S. Treasury Bill Index
09/30/2014	9523	10000	10000
12/31/2014	10114	10493	10000
03/31/2015	9907	10593	10001
06/30/2015	9764	10622	10001
09/30/2015	9753	9939	10002
12/31/2015	9647	10638	10006
03/31/2016	10321	10782	10013
06/30/2016	10002	11047	10020
09/30/2016	10114	11472	10030
12/31/2016	10886	11911	10038
03/31/2017	11183	12633	10049
06/30/2017	10939	13023	10069
09/30/2017	11196	13607	10096
12/31/2017	11701	14511	10124
03/31/2018	11162	14401	10160
06/30/2018	10656	14896	10206
09/30/2018	10872	16044	10256
12/31/2018	10385	13875	10314
03/31/2019	10391	15769	10376
06/30/2019	10017	16447	10442
09/30/2019	10006	16727	10501
12/31/2019	10151	18244	10549
03/31/2020	9293	14668	10610
06/30/2020	9698	17682	10612
09/30/2020	9791	19260	10616
12/31/2020	10168	21600	10620
03/31/2021	11019	22934	10622
06/30/2021	10837	24895	10622
09/30/2021	10591	25040	10624
12/31/2021	11631	27801	10625
03/31/2022	10738	26522	10629
06/30/2022	10738	22252	10640
09/30/2022	9897	21165	10690
12/31/2022	10625	22766	10781
03/31/2023	10959	24473	10898
06/30/2023	11149	26612	11026
09/30/2023	11543	25741	11171
12/31/2023	11560	28750	11325
03/31/2024	12945	31785	11472
06/30/2024	12621	33147	11625
09/30/2024	13233	35098	11784

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class A (without sales charge)	14.64%	5.75%	3.34%
Class A (with sales charge)†	9.18%	4.72%	2.84%
S&P 500 Index	36.35%	15.98%	13.38%
ICE BofA 3-Month U.S. Treasury Bill Index	5.49%	2.33%	1.66%

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

Fund Statistics as of 9.30.24

Net Assets	$37,989,207
Total Number of Portfolio Holdings	156
Portfolio Turnover Rate	306%
Total Advisory Fees Paid	$288,033

*

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 deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the ICE BofA 3-Month U.S. Treasury Bill Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Guggenheim Alpha Opportunity Fund   |   Class A   |   SAOAX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Custom Basket Swap Agreements	50.3%
Consumer, Non-cyclical	18.1%
Industrial	17.7%
Financial	16.9%
Consumer, Cyclical	12.9%
Communications	9.3%
Utilities	8.0%
Technology	6.9%
Basic Materials	2.3%
Government	0.8%
Energy	0.5%
Custom Basket Swap Agreements Short Sales	-78.4%

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

UFP Industries, Inc.	1.1%
Acuity Brands, Inc.	1.1%
Allison Transmission Holdings, Inc.	1.1%
Boise Cascade Co.	1.1%
Mueller Industries, Inc.	1.1%
Apogee Enterprises, Inc.	1.0%
Teekay Tankers Ltd. — Class A	1.0%
Entergy Corp.	1.0%
Incyte Corp.	1.0%
Gilead Sciences, Inc.	1.0%
Top 10 Total	10.5%

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

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

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

UFP Industries, Inc.	1.1%
Acuity Brands, Inc.	1.1%
Allison Transmission Holdings, Inc.	1.1%
Boise Cascade Co.	1.1%
Mueller Industries, Inc.	1.1%
Apogee Enterprises, Inc.	1.0%
Teekay Tankers Ltd. — Class A	1.0%
Entergy Corp.	1.0%
Incyte Corp.	1.0%
Gilead Sciences, Inc.	1.0%
Top 10 Total	10.5%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

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

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

AR-SAOAX-093024

Guggenheim Investments 2

Guggenheim Alpha Opportunity Fund

Class C | SAOCX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$265	2.48%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class C shares) returned 13.86%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and outperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 5.49% for the same period.

The fund's broad-based securities market index was changed from the ICE BofA 3-Month U.S. Treasury Bill Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The global growth outlook remained modestly bullish and steady during the reporting period, while inflation seemed to be finally tamed, resulting in a 50 basis point rate cut by the U.S. Federal Reserve in September and potentially up to two more by the end of 2024. This optimism helped the S&P 500 Index gain more than 36% during the reporting period. The fund significantly outperformed the ICE BofA 3-Month U.S. Treasury Bill Index. Among the fundamental factors, the fund's exposure in higher profitability, lower volatility, and higher momentum names paid off well. The overall contribution of the industry tilts (overweights/underweights) was moderate, whereas security selection was quite strong.

How did the fund perform over the last 10 years?

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

Date	Alpha Opportunity Fund (Class C)	S&P 500 Index	ICE BofA 3-Month U.S. Treasury Bill Index
09/30/2014	10000	10000	10000
12/31/2014	10602	10493	10000
03/31/2015	10367	10593	10001
06/30/2015	10200	10622	10001
09/30/2015	10169	9939	10002
12/31/2015	10040	10638	10006
03/31/2016	10719	10782	10013
06/30/2016	10373	11047	10020
09/30/2016	10466	11472	10030
12/31/2016	11242	11911	10038
03/31/2017	11532	12633	10049
06/30/2017	11254	13023	10069
09/30/2017	11504	13607	10096
12/31/2017	11992	14511	10124
03/31/2018	11425	14401	10160
06/30/2018	10884	14896	10206
09/30/2018	11084	16044	10256
12/31/2018	10564	13875	10314
03/31/2019	10544	15769	10376
06/30/2019	10150	16447	10442
09/30/2019	10117	16727	10501
12/31/2019	10243	18244	10549
03/31/2020	9349	14668	10610
06/30/2020	9743	17682	10612
09/30/2020	9816	19260	10616
12/31/2020	10178	21600	10620
03/31/2021	11008	22934	10622
06/30/2021	10800	24895	10622
09/30/2021	10540	25040	10624
12/31/2021	11551	27801	10625
03/31/2022	10647	26522	10629
06/30/2022	10627	22252	10640
09/30/2022	9776	21165	10690
12/31/2022	10473	22766	10781
03/31/2023	10781	24473	10898
06/30/2023	10948	26612	11026
09/30/2023	11310	25741	11171
12/31/2023	11310	28750	11325
03/31/2024	12637	31785	11472
06/30/2024	12302	33147	11625
09/30/2024	12878	35098	11784

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class C (without CDSC)	13.86%	4.95%	2.56%
Class C (with CDSC)‡	12.86%	4.95%	2.56%
S&P 500 Index	36.35%	15.98%	13.38%
ICE BofA 3-Month U.S. Treasury Bill Index	5.49%	2.33%	1.66%

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

Fund Statistics as of 9.30.24

Net Assets	$37,989,207
Total Number of Portfolio Holdings	156
Portfolio Turnover Rate	306%
Total Advisory Fees Paid	$288,033

*

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 deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the ICE BofA 3-Month U.S. Treasury Bill Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

‡

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

Guggenheim Investments 1

Guggenheim Alpha Opportunity Fund   |   Class C   |   SAOCX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Custom Basket Swap Agreements	50.3%
Consumer, Non-cyclical	18.1%
Industrial	17.7%
Financial	16.9%
Consumer, Cyclical	12.9%
Communications	9.3%
Utilities	8.0%
Technology	6.9%
Basic Materials	2.3%
Government	0.8%
Energy	0.5%
Custom Basket Swap Agreements Short Sales	-78.4%

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

UFP Industries, Inc.	1.1%
Acuity Brands, Inc.	1.1%
Allison Transmission Holdings, Inc.	1.1%
Boise Cascade Co.	1.1%
Mueller Industries, Inc.	1.1%
Apogee Enterprises, Inc.	1.0%
Teekay Tankers Ltd. — Class A	1.0%
Entergy Corp.	1.0%
Incyte Corp.	1.0%
Gilead Sciences, Inc.	1.0%
Top 10 Total	10.5%

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

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

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

UFP Industries, Inc.	1.1%
Acuity Brands, Inc.	1.1%
Allison Transmission Holdings, Inc.	1.1%
Boise Cascade Co.	1.1%
Mueller Industries, Inc.	1.1%
Apogee Enterprises, Inc.	1.0%
Teekay Tankers Ltd. — Class A	1.0%
Entergy Corp.	1.0%
Incyte Corp.	1.0%
Gilead Sciences, Inc.	1.0%
Top 10 Total	10.5%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

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

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

AR-SAOCX-093024

Guggenheim Investments 2

Guggenheim Alpha Opportunity Fund

Class P | SAOSX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class P	$186	1.73%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class P shares) returned 14.65%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and outperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 5.49% for the same period.

The fund's broad-based securities market index was changed from the ICE BofA 3-Month U.S. Treasury Bill Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The global growth outlook remained modestly bullish and steady during the reporting period, while inflation seemed to be finally tamed, resulting in a 50 basis point rate cut by the U.S. Federal Reserve in September and potentially up to two more by the end of 2024. This optimism helped the S&P 500 Index gain more than 36% during the reporting period. The fund significantly outperformed the ICE BofA 3-Month U.S. Treasury Bill Index. Among the fundamental factors, the fund's exposure in higher profitability, lower volatility, and higher momentum names paid off well. The overall contribution of the industry tilts (overweights/underweights) was moderate, whereas security selection was quite strong.

How did the fund perform since inception?

Cumulative performance* for the fund since inception (as of 9.30.24), assuming a $10,000 initial investment.

Date	Alpha Opportunity Fund (Class P)	S&P 500 Index	ICE BofA 3-Month U.S. Treasury Bill Index
05/01/2015	10000	10000	10000
06/30/2015	9634	9825	10000
09/30/2015	9623	9193	10002
12/31/2015	9524	9840	10005
03/31/2016	10183	9973	10012
06/30/2016	9869	10217	10019
09/30/2016	9995	10611	10029
12/31/2016	10757	11017	10037
03/31/2017	11066	11685	10048
06/30/2017	10830	12046	10068
09/30/2017	11094	12586	10095
12/31/2017	11587	13422	10123
03/31/2018	11060	13320	10159
06/30/2018	10551	13777	10205
09/30/2018	10769	14840	10255
12/31/2018	10282	12834	10313
03/31/2019	10287	14585	10375
06/30/2019	9921	15213	10441
09/30/2019	9909	15471	10500
12/31/2019	10052	16874	10548
03/31/2020	9199	13567	10609
06/30/2020	9609	16354	10611
09/30/2020	9700	17815	10615
12/31/2020	10072	19979	10619
03/31/2021	10919	21213	10621
06/30/2021	10734	23026	10621
09/30/2021	10492	23160	10623
12/31/2021	11520	25714	10624
03/31/2022	10637	24532	10628
06/30/2022	10637	20582	10639
09/30/2022	9806	19577	10689
12/31/2022	10526	21057	10780
03/31/2023	10854	22636	10897
06/30/2023	11047	24615	11025
09/30/2023	11434	23809	11170
12/31/2023	11453	26592	11324
03/31/2024	12820	29400	11471
06/30/2024	12502	30659	11624
09/30/2024	13108	32464	11783

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Since Inception (5.01.15)
Class P	14.65%	5.76%	2.92%
S&P 500 Index	36.35%	15.98%	13.32%
ICE BofA 3-Month U.S. Treasury Bill Index	5.49%	2.33%	1.76%

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

Fund Statistics as of 9.30.24

Net Assets	$37,989,207
Total Number of Portfolio Holdings	156
Portfolio Turnover Rate	306%
Total Advisory Fees Paid	$288,033

^* 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 deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the ICE BofA 3-Month U.S. Treasury Bill Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

Guggenheim Investments 1

Guggenheim Alpha Opportunity Fund   |   Class P   |   SAOSX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Custom Basket Swap Agreements	50.3%
Consumer, Non-cyclical	18.1%
Industrial	17.7%
Financial	16.9%
Consumer, Cyclical	12.9%
Communications	9.3%
Utilities	8.0%
Technology	6.9%
Basic Materials	2.3%
Government	0.8%
Energy	0.5%
Custom Basket Swap Agreements Short Sales	-78.4%

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

UFP Industries, Inc.	1.1%
Acuity Brands, Inc.	1.1%
Allison Transmission Holdings, Inc.	1.1%
Boise Cascade Co.	1.1%
Mueller Industries, Inc.	1.1%
Apogee Enterprises, Inc.	1.0%
Teekay Tankers Ltd. — Class A	1.0%
Entergy Corp.	1.0%
Incyte Corp.	1.0%
Gilead Sciences, Inc.	1.0%
Top 10 Total	10.5%

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

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

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

UFP Industries, Inc.	1.1%
Acuity Brands, Inc.	1.1%
Allison Transmission Holdings, Inc.	1.1%
Boise Cascade Co.	1.1%
Mueller Industries, Inc.	1.1%
Apogee Enterprises, Inc.	1.0%
Teekay Tankers Ltd. — Class A	1.0%
Entergy Corp.	1.0%
Incyte Corp.	1.0%
Gilead Sciences, Inc.	1.0%
Top 10 Total	10.5%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

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

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

AR-SAOSX-093024

Guggenheim Investments 2

Guggenheim Alpha Opportunity Fund

Institutional Class | SAOIX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Institutional Class	$153	1.42%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Institutional Class shares) returned 15.04%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and outperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 5.49% for the same period.

The fund's broad-based securities market index was changed from the ICE BofA 3-Month U.S. Treasury Bill Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The global growth outlook remained modestly bullish and steady during the reporting period, while inflation seemed to be finally tamed, resulting in a 50 basis point rate cut by the U.S. Federal Reserve in September and potentially up to two more by the end of 2024. This optimism helped the S&P 500 Index gain more than 36% during the reporting period. The fund significantly outperformed the ICE BofA 3-Month U.S. Treasury Bill Index. Among the fundamental factors, the fund's exposure in higher profitability, lower volatility, and higher momentum names paid off well. The overall contribution of the industry tilts (overweights/underweights) was moderate, whereas security selection was quite strong.

How did the fund perform over the last 10 years?

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

Date	Alpha Opportunity Fund (Institutional Class)	S&P 500 Index	ICE BofA 3-Month U.S. Treasury Bill Index
09/30/2014	2000000	2000000	2000000
12/31/2014	2125665	2098653	2000070
03/31/2015	2083359	2118603	2000136
06/30/2015	2054623	2124494	2000244
09/30/2015	2053825	1987710	2000499
12/31/2015	2033071	2127695	2001131
03/31/2016	2175953	2156373	2002596
06/30/2016	2110499	2209317	2004046
09/30/2016	2140033	2294422	2005971
12/31/2016	2307378	2382166	2007676
03/31/2017	2373645	2526671	2009744
06/30/2017	2325741	2604699	2013801
09/30/2017	2384381	2721399	2019132
12/31/2017	2495489	2902230	2024862
03/31/2018	2382476	2880198	2032043
06/30/2018	2276161	2979101	2041233
09/30/2018	2324714	3208812	2051264
12/31/2018	2223373	2774986	2062818
03/31/2019	2226761	3153716	2075187
06/30/2019	2148837	3289447	2088446
09/30/2019	2148837	3345311	2100188
12/31/2019	2182123	3648730	2109860
03/31/2020	1997357	2933652	2121982
06/30/2020	2088029	3536320	2122455
09/30/2020	2108559	3852094	2123290
12/31/2020	2191748	4320052	2123934
03/31/2021	2375979	4586814	2124468
06/30/2021	2337922	4978933	2124465
09/30/2021	2286891	5007913	2124772
12/31/2021	2511989	5560141	2124978
03/31/2022	2321172	5304457	2125810
06/30/2022	2322914	4450380	2128038
09/30/2022	2142553	4233086	2138028
12/31/2022	2300974	4553151	2156220
03/31/2023	2375510	4894505	2179522
06/30/2023	2418478	5322389	2205147
09/30/2023	2504413	5148165	2234281
12/31/2023	2510759	5750067	2265013
03/31/2024	2813249	6357039	2294431
06/30/2024	2745343	6629362	2324946
09/30/2024	2881155	7019604	2356881

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Institutional Class	15.04%	6.04%	3.72%
S&P 500 Index	36.35%	15.98%	13.38%
ICE BofA 3-Month U.S. Treasury Bill Index	5.49%	2.33%	1.66%

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

Fund Statistics as of 9.30.24

Net Assets	$37,989,207
Total Number of Portfolio Holdings	156
Portfolio Turnover Rate	306%
Total Advisory Fees Paid	$288,033

^* 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 deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the ICE BofA 3-Month U.S. Treasury Bill Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

Guggenheim Investments 1

Guggenheim Alpha Opportunity Fund   |   Institutional Class   |   SAOIX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Custom Basket Swap Agreements	50.3%
Consumer, Non-cyclical	18.1%
Industrial	17.7%
Financial	16.9%
Consumer, Cyclical	12.9%
Communications	9.3%
Utilities	8.0%
Technology	6.9%
Basic Materials	2.3%
Government	0.8%
Energy	0.5%
Custom Basket Swap Agreements Short Sales	-78.4%

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

UFP Industries, Inc.	1.1%
Acuity Brands, Inc.	1.1%
Allison Transmission Holdings, Inc.	1.1%
Boise Cascade Co.	1.1%
Mueller Industries, Inc.	1.1%
Apogee Enterprises, Inc.	1.0%
Teekay Tankers Ltd. — Class A	1.0%
Entergy Corp.	1.0%
Incyte Corp.	1.0%
Gilead Sciences, Inc.	1.0%
Top 10 Total	10.5%

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

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

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

UFP Industries, Inc.	1.1%
Acuity Brands, Inc.	1.1%
Allison Transmission Holdings, Inc.	1.1%
Boise Cascade Co.	1.1%
Mueller Industries, Inc.	1.1%
Apogee Enterprises, Inc.	1.0%
Teekay Tankers Ltd. — Class A	1.0%
Entergy Corp.	1.0%
Incyte Corp.	1.0%
Gilead Sciences, Inc.	1.0%
Top 10 Total	10.5%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

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

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

AR-SAOIX-093024

Guggenheim Investments 2

Guggenheim Large Cap Value Fund

Class A | SECIX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$125	1.12%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class A shares) returned 23.55%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the Russell 1000 Value Index, which returned 27.76% for the same period.

The fund's broad-based securities market index was changed from the Russell 1000 Value Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund lagged the Russell 1000 Value Index (the fund's ancillary index) due to sector allocation, as an overweight to the Energy sector, the worst performing sector, and an underweight to the Industrials sector, hurt results. An overweight to the Utilities sector, which was one of the best performing sectors during the reporting period, benefited performance. The largest individual detractor for the fund was Humana, Inc., a health insurance provider whose profitability suffered as industry competition increased along with patients' claims. Positive selection within the Technology sector, which benefited from AI-driven investment, contributed to performance.

How did the fund perform over the last 10 years?

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

Date	Large Cap Value Fund (Class A)†	S&P 500 Index	Russell 1000 Value Index
09/30/2014	9526	10000	10000
12/31/2014	9713	10493	10498
03/31/2015	9734	10593	10422
06/30/2015	9670	10622	10434
09/30/2015	8841	9939	9558
12/31/2015	9202	10638	10096
03/31/2016	9366	10782	10262
06/30/2016	9805	11047	10732
09/30/2016	10228	11472	11105
12/31/2016	11145	11911	11847
03/31/2017	11532	12633	12234
06/30/2017	11591	13023	12399
09/30/2017	12037	13607	12785
12/31/2017	12848	14511	13466
03/31/2018	12460	14401	13084
06/30/2018	12679	14896	13238
09/30/2018	13339	16044	13993
12/31/2018	11567	13875	12353
03/31/2019	12837	15769	13827
06/30/2019	12949	16447	14358
09/30/2019	12860	16727	14553
12/31/2019	14045	18244	15631
03/31/2020	10119	14668	11453
06/30/2020	11580	17682	13090
09/30/2020	12143	19260	13822
12/31/2020	14406	21600	16068
03/31/2021	16458	22934	17877
06/30/2021	17082	24895	18808
09/30/2021	17072	25040	18661
12/31/2021	18311	27801	20111
03/31/2022	19023	26522	19962
06/30/2022	16931	22252	17525
09/30/2022	15975	21165	16540
12/31/2022	18054	22766	18595
03/31/2023	18050	24473	18782
06/30/2023	18805	26612	19547
09/30/2023	18242	25741	18929
12/31/2023	19648	28750	20726
03/31/2024	21431	31785	22589
06/30/2024	21315	33147	22099
09/30/2024	22538	35098	24183

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class A (without sales charge)	23.55%	11.87%	8.99%
Class A (with sales charge)†	17.67%	10.79%	8.47%
S&P 500 Index	36.35%	15.98%	13.38%
Russell 1000 Value Index	27.76%	10.69%	9.23%

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

Fund Statistics as of 9.30.24

Net Assets	$40,156,538
Total Number of Portfolio Holdings	83
Portfolio Turnover Rate	13%
Total Advisory Fees Paid	$92,634

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 1000 Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

Fund returns are calculated using the maximum charge of 4.75%.

Guggenheim Investments 1

Guggenheim Large Cap Value Fund   |   Class A   |   SECIX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Financial	19.0%
Consumer, Non-cyclical	15.9%
Technology	10.2%
Energy	10.1%
Consumer, Cyclical	9.7%
Industrial	8.1%
Utilities	7.1%
Other	16.1%

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

iShares Russell 1000 Value ETF	3.8%
Berkshire Hathaway, Inc. — Class B	2.8%
Verizon Communications, Inc.	2.7%
Bank of America Corp.	2.6%
Walmart, Inc.	2.6%
Chevron Corp.	2.3%
OGE Energy Corp.	1.9%
Curtiss-Wright Corp.	1.9%
JPMorgan Chase & Co.	1.9%
Jefferies Financial Group, Inc.	1.9%
Top 10 Total	24.4%

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

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

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

iShares Russell 1000 Value ETF	3.8%
Berkshire Hathaway, Inc. — Class B	2.8%
Verizon Communications, Inc.	2.7%
Bank of America Corp.	2.6%
Walmart, Inc.	2.6%
Chevron Corp.	2.3%
OGE Energy Corp.	1.9%
Curtiss-Wright Corp.	1.9%
JPMorgan Chase & Co.	1.9%
Jefferies Financial Group, Inc.	1.9%
Top 10 Total	24.4%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

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

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

AR-SECIX-093024

Guggenheim Investments 2

Guggenheim Large Cap Value Fund

Class C | SEGIX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$208	1.87%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class C shares) returned 22.63%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the Russell 1000 Value Index, which returned 27.76% for the same period.

The fund's broad-based securities market index was changed from the Russell 1000 Value Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund lagged the Russell 1000 Value Index (the fund's ancillary index) due to sector allocation, as an overweight to the Energy sector, the worst performing sector, and an underweight to the Industrials sector, hurt results. An overweight to the Utilities sector, which was one of the best performing sectors during the reporting period, benefited performance. The largest individual detractor for the fund was Humana, Inc., a health insurance provider whose profitability suffered as industry competition increased along with patients' claims. Positive selection within the Technology sector, which benefited from AI-driven investment, contributed to performance.

How did the fund perform over the last 10 years?

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

Date	Large Cap Value Fund (Class C)	S&P 500 Index	Russell 1000 Value Index
09/30/2014	10000	10000	10000
12/31/2014	10179	10493	10498
03/31/2015	10184	10593	10422
06/30/2015	10098	10622	10434
09/30/2015	9212	9939	9558
12/31/2015	9572	10638	10096
03/31/2016	9725	10782	10262
06/30/2016	10163	11047	10732
09/30/2016	10581	11472	11105
12/31/2016	11505	11911	11847
03/31/2017	11879	12633	12234
06/30/2017	11916	13023	12399
09/30/2017	12353	13607	12785
12/31/2017	13159	14511	13466
03/31/2018	12740	14401	13084
06/30/2018	12937	14896	13238
09/30/2018	13585	16044	13993
12/31/2018	11761	13875	12353
03/31/2019	13026	15769	13827
06/30/2019	13117	16447	14358
09/30/2019	13003	16727	14553
12/31/2019	14170	18244	15631
03/31/2020	10192	14668	11453
06/30/2020	11641	17682	13090
09/30/2020	12184	19260	13822
12/31/2020	14428	21600	16068
03/31/2021	16453	22934	17877
06/30/2021	17044	24895	18808
09/30/2021	17003	25040	18661
12/31/2021	18202	27801	20111
03/31/2022	18874	26522	19962
06/30/2022	16768	22252	17525
09/30/2022	15791	21165	16540
12/31/2022	17813	22766	18595
03/31/2023	17778	24473	18782
06/30/2023	18482	26612	19547
09/30/2023	17897	25741	18929
12/31/2023	19239	28750	20726
03/31/2024	20947	31785	22589
06/30/2024	20798	33147	22099
09/30/2024	21947	35098	24183

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class C (without CDSC)	22.63%	11.04%	8.18%
Class C (with CDSC)‡	21.63%	11.04%	8.18%
S&P 500 Index	36.35%	15.98%	13.38%
Russell 1000 Value Index	27.76%	10.69%	9.23%

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

Fund Statistics as of 9.30.24

Net Assets	$40,156,538
Total Number of Portfolio Holdings	83
Portfolio Turnover Rate	13%
Total Advisory Fees Paid	$92,634

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 1000 Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

‡

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

Guggenheim Investments 1

Guggenheim Large Cap Value Fund   |   Class C   |   SEGIX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Financial	19.0%
Consumer, Non-cyclical	15.9%
Technology	10.2%
Energy	10.1%
Consumer, Cyclical	9.7%
Industrial	8.1%
Utilities	7.1%
Other	16.1%

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

iShares Russell 1000 Value ETF	3.8%
Berkshire Hathaway, Inc. — Class B	2.8%
Verizon Communications, Inc.	2.7%
Bank of America Corp.	2.6%
Walmart, Inc.	2.6%
Chevron Corp.	2.3%
OGE Energy Corp.	1.9%
Curtiss-Wright Corp.	1.9%
JPMorgan Chase & Co.	1.9%
Jefferies Financial Group, Inc.	1.9%
Top 10 Total	24.4%

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

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

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

iShares Russell 1000 Value ETF	3.8%
Berkshire Hathaway, Inc. — Class B	2.8%
Verizon Communications, Inc.	2.7%
Bank of America Corp.	2.6%
Walmart, Inc.	2.6%
Chevron Corp.	2.3%
OGE Energy Corp.	1.9%
Curtiss-Wright Corp.	1.9%
JPMorgan Chase & Co.	1.9%
Jefferies Financial Group, Inc.	1.9%
Top 10 Total	24.4%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

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

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

AR-SEGIX-093024

Guggenheim Investments 2

Guggenheim Large Cap Value Fund

Class P | SEGPX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class P	$125	1.12%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class P shares) returned 23.56%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the Russell 1000 Value Index, which returned 27.76% for the same period.

The fund's broad-based securities market index was changed from the Russell 1000 Value Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund lagged the Russell 1000 Value Index (the fund's ancillary index) due to sector allocation, as an overweight to the Energy sector, the worst performing sector, and an underweight to the Industrials sector, hurt results. An overweight to the Utilities sector, which was one of the best performing sectors during the reporting period, benefited performance. The largest individual detractor for the fund was Humana, Inc., a health insurance provider whose profitability suffered as industry competition increased along with patients' claims. Positive selection within the Technology sector, which benefited from AI-driven investment, contributed to performance.

How did the fund perform since inception?

Cumulative performance* for the fund since inception (as of 9.30.24), assuming a $10,000 initial investment.

Date	Large Cap Value Fund (Class P)	S&P 500 Index	Russell 1000 Value Index
05/01/2015	10000	10000	10000
06/30/2015	9805	9825	9831
09/30/2015	8962	9193	9006
12/31/2015	9339	9840	9514
03/31/2016	9503	9973	9669
06/30/2016	9950	10217	10113
09/30/2016	10381	10611	10465
12/31/2016	11310	11017	11163
03/31/2017	11698	11685	11528
06/30/2017	11758	12046	11683
09/30/2017	12211	12586	12047
12/31/2017	13034	13422	12689
03/31/2018	12639	13320	12329
06/30/2018	12859	13777	12474
09/30/2018	13530	14840	13186
12/31/2018	11734	12834	11640
03/31/2019	13021	14585	13029
06/30/2019	13136	15213	13530
09/30/2019	13045	15471	13713
12/31/2019	14247	16874	14729
03/31/2020	10266	13567	10792
06/30/2020	11748	16354	12334
09/30/2020	12318	17815	13024
12/31/2020	14613	19979	15141
03/31/2021	16694	21213	16845
06/30/2021	17329	23026	17722
09/30/2021	17319	23160	17584
12/31/2021	18576	25714	18950
03/31/2022	19297	24532	18810
06/30/2022	17174	20582	16514
09/30/2022	16204	19577	15586
12/31/2022	18312	21057	17522
03/31/2023	18312	22636	17698
06/30/2023	19073	24615	18419
09/30/2023	18503	23809	17836
12/31/2023	19932	26592	19530
03/31/2024	21737	29400	21285
06/30/2024	21623	30659	20824
09/30/2024	22863	32464	22788

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Since Inception (5.01.15)
Class P	23.56%	11.88%	9.18%
S&P 500 Index	36.35%	15.98%	13.32%
Russell 1000 Value Index	27.76%	10.69%	9.14%

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

Fund Statistics as of 9.30.24

Net Assets	$40,156,538
Total Number of Portfolio Holdings	83
Portfolio Turnover Rate	13%
Total Advisory Fees Paid	$92,634

^* The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 1000 Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

Guggenheim Investments 1

Guggenheim Large Cap Value Fund   |   Class P   |   SEGPX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Financial	19.0%
Consumer, Non-cyclical	15.9%
Technology	10.2%
Energy	10.1%
Consumer, Cyclical	9.7%
Industrial	8.1%
Utilities	7.1%
Other	16.1%

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

iShares Russell 1000 Value ETF	3.8%
Berkshire Hathaway, Inc. — Class B	2.8%
Verizon Communications, Inc.	2.7%
Bank of America Corp.	2.6%
Walmart, Inc.	2.6%
Chevron Corp.	2.3%
OGE Energy Corp.	1.9%
Curtiss-Wright Corp.	1.9%
JPMorgan Chase & Co.	1.9%
Jefferies Financial Group, Inc.	1.9%
Top 10 Total	24.4%

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

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

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

iShares Russell 1000 Value ETF	3.8%
Berkshire Hathaway, Inc. — Class B	2.8%
Verizon Communications, Inc.	2.7%
Bank of America Corp.	2.6%
Walmart, Inc.	2.6%
Chevron Corp.	2.3%
OGE Energy Corp.	1.9%
Curtiss-Wright Corp.	1.9%
JPMorgan Chase & Co.	1.9%
Jefferies Financial Group, Inc.	1.9%
Top 10 Total	24.4%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

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

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

AR-SEGPX-093024

Guggenheim Investments 2

Guggenheim Large Cap Value Fund

Institutional Class | GILCX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Institutional Class	$97	0.87%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Institutional Class shares) returned 23.89%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the Russell 1000 Value Index, which returned 27.76% for the same period.

The fund's broad-based securities market index was changed from the Russell 1000 Value Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund lagged the Russell 1000 Value Index (the fund's ancillary index) due to sector allocation, as an overweight to the Energy sector, the worst performing sector, and an underweight to the Industrials sector, hurt results. An overweight to the Utilities sector, which was one of the best performing sectors during the reporting period, benefited performance. The largest individual detractor for the fund was Humana, Inc., a health insurance provider whose profitability suffered as industry competition increased along with patients' claims. Positive selection within the Technology sector, which benefited from AI-driven investment, contributed to performance.

How did the fund perform over the last 10 years?

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

Date	Large Cap Value Fund (Institutional Class)	S&P 500 Index	Russell 1000 Value Index
09/30/2014	2000000	2000000	2000000
12/31/2014	2041156	2098653	2099603
03/31/2015	2046856	2118603	2084445
06/30/2015	2034506	2124494	2086704
09/30/2015	1860649	1987710	1911526
12/31/2015	1938166	2127695	2019244
03/31/2016	1973761	2156373	2052327
06/30/2016	2067652	2209317	2146387
09/30/2016	2157931	2294422	2221100
12/31/2016	2353040	2382166	2369391
03/31/2017	2435047	2526671	2446836
06/30/2017	2449261	2604699	2479736
09/30/2017	2545482	2721399	2556977
12/31/2017	2718469	2902230	2693157
03/31/2018	2637117	2880198	2616848
06/30/2018	2685216	2979101	2647613
09/30/2018	2826543	3208812	2798625
12/31/2018	2453327	2774986	2470505
03/31/2019	2724157	3153716	2765346
06/30/2019	2749528	3289447	2871660
09/30/2019	2732403	3345311	2910587
12/31/2019	2985458	3648730	3126210
03/31/2020	2152163	2933652	2290576
06/30/2020	2464906	3536320	2617912
09/30/2020	2586299	3852094	2764327
12/31/2020	3070014	4320052	3213608
03/31/2021	3509853	4586814	3575300
06/30/2021	3644904	4978933	3761508
09/30/2021	3644904	5007913	3732169
12/31/2021	3912220	5560141	4022165
03/31/2022	4066107	5304457	3992496
06/30/2022	3621897	4450380	3504984
09/30/2022	3418829	4233086	3308093
12/31/2022	3866725	4553151	3718980
03/31/2023	3868468	4894505	3756397
06/30/2023	4032342	5322389	3909453
09/30/2023	3913795	5148165	3785723
12/31/2023	4218213	5750067	4145276
03/31/2024	4604187	6357039	4517754
06/30/2024	4582580	6629362	4419900
09/30/2024	4848735	7019604	4836692

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Institutional Class	23.89%	12.15%	9.26%
S&P 500 Index	36.35%	15.98%	13.38%
Russell 1000 Value Index	27.76%	10.69%	9.23%

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

Fund Statistics as of 9.30.24

Net Assets	$40,156,538
Total Number of Portfolio Holdings	83
Portfolio Turnover Rate	13%
Total Advisory Fees Paid	$92,634

^* The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 1000 Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

Guggenheim Investments 1

Guggenheim Large Cap Value Fund   |   Institutional Class   |   GILCX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Financial	19.0%
Consumer, Non-cyclical	15.9%
Technology	10.2%
Energy	10.1%
Consumer, Cyclical	9.7%
Industrial	8.1%
Utilities	7.1%
Other	16.1%

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

iShares Russell 1000 Value ETF	3.8%
Berkshire Hathaway, Inc. — Class B	2.8%
Verizon Communications, Inc.	2.7%
Bank of America Corp.	2.6%
Walmart, Inc.	2.6%
Chevron Corp.	2.3%
OGE Energy Corp.	1.9%
Curtiss-Wright Corp.	1.9%
JPMorgan Chase & Co.	1.9%
Jefferies Financial Group, Inc.	1.9%
Top 10 Total	24.4%

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

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

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

iShares Russell 1000 Value ETF	3.8%
Berkshire Hathaway, Inc. — Class B	2.8%
Verizon Communications, Inc.	2.7%
Bank of America Corp.	2.6%
Walmart, Inc.	2.6%
Chevron Corp.	2.3%
OGE Energy Corp.	1.9%
Curtiss-Wright Corp.	1.9%
JPMorgan Chase & Co.	1.9%
Jefferies Financial Group, Inc.	1.9%
Top 10 Total	24.4%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

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

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

AR-GILCX-093024

Guggenheim Investments 2

Guggenheim Market Neutral Real Estate Fund

Class A | GUMAX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$164	1.63%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class A shares) returned 1.47%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 5.49% for the same period.

The fund's broad-based securities market index was changed from the ICE BofA 3-Month U.S. Treasury Bill Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The global growth outlook remained modestly bullish and steady during the reporting period, while inflation seemed to be finally tamed, resulting in a 50 basis point rate cut by the U.S. Federal Reserve in September and potentially up to two more by the end of 2024. The fund underperformed the ICE BofA 3-Month U.S. Treasury Bill Index. Among REITs Sectors, the fund had negative contribution from Residential, Net Lease, and Industrial. This was slightly offset by positive contribution in Lodging, Data Center, and Strip Retail.

How did the fund perform since inception?

Cumulative performance* for the fund since inception (as of 9.30.24), assuming a $10,000 initial investment.

Date	Market Neutral Real Estate Fund (Class A)†	S&P 500 Index	ICE BofA 3-Month U.S. Treasury Bill Index
02/26/2016	9524	10000	10000
02/29/2016	9524	9920	10000
03/31/2016	9371	10593	10004
04/30/2016	9288	10634	10007
05/31/2016	9463	10825	10008
06/30/2016	9284	10853	10012
07/31/2016	9280	11253	10015
08/31/2016	9269	11269	10016
09/30/2016	9314	11271	10021
10/31/2016	9455	11065	10024
11/30/2016	9676	11475	10025
12/31/2016	9695	11702	10030
01/31/2017	9672	11924	10034
02/28/2017	9684	12397	10038
03/31/2017	9752	12412	10040
04/30/2017	9840	12539	10047
05/31/2017	10042	12716	10052
06/30/2017	10080	12795	10060
07/31/2017	10080	13058	10069
08/31/2017	10278	13098	10078
09/30/2017	10095	13368	10087
10/31/2017	10278	13680	10096
11/30/2017	10248	14100	10104
12/31/2017	10329	14256	10116
01/31/2018	10606	15073	10128
02/28/2018	10731	14517	10137
03/31/2018	10506	14148	10151
04/30/2018	10562	14203	10165
05/31/2018	10269	14545	10180
06/30/2018	10156	14634	10197
07/31/2018	10052	15179	10213
08/31/2018	9907	15673	10232
09/30/2018	10108	15762	10247
10/31/2018	10188	14685	10265
11/30/2018	10225	14984	10286
12/31/2018	10304	13631	10305
01/31/2019	10300	14724	10326
02/28/2019	10337	15197	10344
03/31/2019	10519	15492	10367
04/30/2019	10694	16119	10387
05/31/2019	10848	15095	10410
06/30/2019	10937	16159	10433
07/31/2019	10864	16391	10452
08/31/2019	11322	16131	10474
09/30/2019	10929	16433	10492
10/31/2019	10974	16789	10512
11/30/2019	10965	17398	10525
12/31/2019	10921	17923	10540
01/31/2020	11216	17916	10554
02/29/2020	11432	16442	10570
03/31/2020	12191	14411	10601
04/30/2020	11968	16258	10602
05/31/2020	12044	17033	10602
06/30/2020	11605	17371	10603
07/31/2020	12014	18351	10605
08/31/2020	11883	19670	10606
09/30/2020	11892	18922	10607
10/31/2020	12052	18419	10608
11/30/2020	11541	20435	10609
12/31/2020	11625	21221	10611
01/31/2021	11532	21007	10612
02/28/2021	11692	21586	10612
03/31/2021	11726	22532	10613
04/30/2021	11654	23734	10613
05/31/2021	11747	23900	10614
06/30/2021	11735	24458	10613
07/31/2021	11620	25039	10614
08/31/2021	11730	25800	10614
09/30/2021	11756	24600	10615
10/31/2021	11701	26324	10614
11/30/2021	11654	26141	10615
12/31/2021	11887	27313	10616
01/31/2022	11765	25899	10615
02/28/2022	11798	25124	10617
03/31/2022	11722	26057	10620
04/30/2022	11866	23785	10621
05/31/2022	11595	23828	10629
06/30/2022	11430	21861	10631
07/31/2022	11536	23877	10637
08/31/2022	11477	22903	10654
09/30/2022	11426	20794	10681
10/31/2022	11295	22477	10698
11/30/2022	11354	23734	10733
12/31/2022	11396	22366	10772
01/31/2023	11367	23772	10806
02/28/2023	11396	23192	10841
03/31/2023	11532	24043	10888
04/30/2023	11616	24418	10923
05/31/2023	11570	24524	10966
06/30/2023	11532	26145	11016
07/31/2023	11464	26985	11060
08/31/2023	11456	26555	11111
09/30/2023	11536	25289	11162
10/31/2023	11633	24757	11212
11/30/2023	11811	27018	11263
12/31/2023	11736	28246	11315
01/31/2024	11766	28720	11364
02/29/2024	11792	30254	11411
03/31/2024	11801	31227	11462
04/30/2024	11684	29952	11512
05/31/2024	11801	31437	11567
06/30/2024	11740	32565	11615
07/31/2024	11671	32961	11667
08/31/2024	11697	33761	11723
09/30/2024	11705	34482	11774

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Since Inception (2.26.16)
Class A (without sales charge)	1.47%	1.38%	2.43%
Class A (with sales charge)†	-3.35%	0.40%	1.85%
S&P 500 Index	36.35%	15.98%	15.49%
ICE BofA 3-Month U.S. Treasury Bill Index	5.49%	2.33%	1.92%

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

Fund Statistics as of 9.30.24

Net Assets	$40,826,908
Total Number of Portfolio Holdings	36
Portfolio Turnover Rate	136%
Total Advisory Fees Paid	$322,604

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the ICE BofA 3-Month U.S. Treasury Bill Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Guggenheim Market Neutral Real Estate Fund   |   Class A   |   GUMAX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
REITs-Diversified	11.5%
REITs-Apartments	9.7%
REITs-Office Property	7.8%
REITs-Hotels	5.9%
REITs-Shopping Centers	5.6%
REITs-Health Care	4.5%
REITs-Warehouse/Industries	4.0%
Other	5.5%
Custom Basket Swap Agreements	-54.7%

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

Kilroy Realty Corp.	3.6%
Invitation Homes, Inc.	3.4%
Essex Property Trust, Inc.	3.0%
VICI Properties, Inc.	3.0%
Park Hotels & Resorts, Inc.	2.4%
Kite Realty Group Trust	2.4%
Alexandria Real Estate Equities, Inc.	2.3%
Kimco Realty Corp.	2.2%
Prologis, Inc.	2.0%
Healthcare Realty Trust, Inc.	2.0%
Top 10 Total	26.3%

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

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

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

Kilroy Realty Corp.	3.6%
Invitation Homes, Inc.	3.4%
Essex Property Trust, Inc.	3.0%
VICI Properties, Inc.	3.0%
Park Hotels & Resorts, Inc.	2.4%
Kite Realty Group Trust	2.4%
Alexandria Real Estate Equities, Inc.	2.3%
Kimco Realty Corp.	2.2%
Prologis, Inc.	2.0%
Healthcare Realty Trust, Inc.	2.0%
Top 10 Total	26.3%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

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

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

AR-GUMAX-093024

Guggenheim Investments 2

Guggenheim Market Neutral Real Estate Fund

Class C | GUMCX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$239	2.38%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class C shares) returned 0.70%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 5.49% for the same period.

The fund's broad-based securities market index was changed from the ICE BofA 3-Month U.S. Treasury Bill Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The global growth outlook remained modestly bullish and steady during the reporting period, while inflation seemed to be finally tamed, resulting in a 50 basis point rate cut by the U.S. Federal Reserve in September and potentially up to two more by the end of 2024. The fund underperformed the ICE BofA 3-Month U.S. Treasury Bill Index. Among REITs Sectors, the fund had negative contribution from Residential, Net Lease, and Industrial. This was slightly offset by positive contribution in Lodging, Data Center, and Strip Retail.

How did the fund perform since inception?

Cumulative performance* for the fund since inception (as of 9.30.24), assuming a $10,000 initial investment.

Date	Market Neutral Real Estate Fund (Class C)	S&P 500 Index	ICE BofA 3-Month U.S. Treasury Bill Index
02/26/2016	10000	10000	10000
02/29/2016	10000	9920	10000
03/31/2016	9832	10593	10004
04/30/2016	9740	10634	10007
05/31/2016	9916	10825	10008
06/30/2016	9724	10853	10012
07/31/2016	9712	11253	10015
08/31/2016	9696	11269	10016
09/30/2016	9740	11271	10021
10/31/2016	9880	11065	10024
11/30/2016	10100	11475	10025
12/31/2016	10116	11702	10030
01/31/2017	10088	11924	10034
02/28/2017	10092	12397	10038
03/31/2017	10160	12412	10040
04/30/2017	10248	12539	10047
05/31/2017	10448	12716	10052
06/30/2017	10480	12795	10060
07/31/2017	10476	13058	10069
08/31/2017	10676	13098	10078
09/30/2017	10476	13368	10087
10/31/2017	10664	13680	10096
11/30/2017	10624	14100	10104
12/31/2017	10705	14256	10116
01/31/2018	10984	15073	10128
02/28/2018	11107	14517	10137
03/31/2018	10866	14148	10151
04/30/2018	10921	14203	10165
05/31/2018	10608	14545	10180
06/30/2018	10486	14634	10197
07/31/2018	10368	15179	10213
08/31/2018	10216	15673	10232
09/30/2018	10414	15762	10247
10/31/2018	10494	14685	10265
11/30/2018	10507	14984	10286
12/31/2018	10585	13631	10305
01/31/2019	10568	14724	10326
02/28/2019	10602	15197	10344
03/31/2019	10782	15492	10367
04/30/2019	10953	16119	10387
05/31/2019	11103	15095	10410
06/30/2019	11189	16159	10433
07/31/2019	11108	16391	10452
08/31/2019	11570	16131	10474
09/30/2019	11159	16433	10492
10/31/2019	11197	16789	10512
11/30/2019	11185	17398	10525
12/31/2019	11129	17923	10540
01/31/2020	11426	17916	10554
02/29/2020	11638	16442	10570
03/31/2020	12405	14411	10601
04/30/2020	12170	16258	10602
05/31/2020	12241	17033	10602
06/30/2020	11780	17371	10603
07/31/2020	12192	18351	10605
08/31/2020	12055	19670	10606
09/30/2020	12050	18922	10607
10/31/2020	12205	18419	10608
11/30/2020	11683	20435	10609
12/31/2020	11757	21221	10611
01/31/2021	11659	21007	10612
02/28/2021	11810	21586	10612
03/31/2021	11841	22532	10613
04/30/2021	11757	23734	10613
05/31/2021	11850	23900	10614
06/30/2021	11828	24458	10613
07/31/2021	11703	25039	10614
08/31/2021	11810	25800	10614
09/30/2021	11824	24600	10615
10/31/2021	11762	26324	10614
11/30/2021	11713	26141	10615
12/31/2021	11935	27313	10616
01/31/2022	11806	25899	10615
02/28/2022	11828	25124	10617
03/31/2022	11744	26057	10620
04/30/2022	11877	23785	10621
05/31/2022	11602	23828	10629
06/30/2022	11433	21861	10631
07/31/2022	11530	23877	10637
08/31/2022	11464	22903	10654
09/30/2022	11406	20794	10681
10/31/2022	11268	22477	10698
11/30/2022	11317	23734	10733
12/31/2022	11353	22366	10772
01/31/2023	11317	23772	10806
02/28/2023	11339	23192	10841
03/31/2023	11468	24043	10888
04/30/2023	11544	24418	10923
05/31/2023	11495	24524	10966
06/30/2023	11442	26145	11016
07/31/2023	11371	26985	11060
08/31/2023	11357	26555	11111
09/30/2023	11428	25289	11162
10/31/2023	11517	24757	11212
11/30/2023	11686	27018	11263
12/31/2023	11602	28246	11315
01/31/2024	11625	28720	11364
02/29/2024	11643	30254	11411
03/31/2024	11647	31227	11462
04/30/2024	11522	29952	11512
05/31/2024	11629	31437	11567
06/30/2024	11567	32565	11615
07/31/2024	11491	32961	11667
08/31/2024	11508	33761	11723
09/30/2024	11508	34482	11774

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Since Inception (2.26.16)
Class C (without CDSC)	0.70%	0.62%	1.65%
Class C (with CDSC)‡	-0.30%	0.62%	1.65%
S&P 500 Index	36.35%	15.98%	15.49%
ICE BofA 3-Month U.S. Treasury Bill Index	5.49%	2.33%	1.92%

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

Fund Statistics as of 9.30.24

Net Assets	$40,826,908
Total Number of Portfolio Holdings	36
Portfolio Turnover Rate	136%
Total Advisory Fees Paid	$322,604

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the ICE BofA 3-Month U.S. Treasury Bill Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

‡

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

Guggenheim Investments 1

Guggenheim Market Neutral Real Estate Fund   |   Class C   |   GUMCX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
REITs-Diversified	11.5%
REITs-Apartments	9.7%
REITs-Office Property	7.8%
REITs-Hotels	5.9%
REITs-Shopping Centers	5.6%
REITs-Health Care	4.5%
REITs-Warehouse/Industries	4.0%
Other	5.5%
Custom Basket Swap Agreements	-54.7%

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

Kilroy Realty Corp.	3.6%
Invitation Homes, Inc.	3.4%
Essex Property Trust, Inc.	3.0%
VICI Properties, Inc.	3.0%
Park Hotels & Resorts, Inc.	2.4%
Kite Realty Group Trust	2.4%
Alexandria Real Estate Equities, Inc.	2.3%
Kimco Realty Corp.	2.2%
Prologis, Inc.	2.0%
Healthcare Realty Trust, Inc.	2.0%
Top 10 Total	26.3%

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

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

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

Kilroy Realty Corp.	3.6%
Invitation Homes, Inc.	3.4%
Essex Property Trust, Inc.	3.0%
VICI Properties, Inc.	3.0%
Park Hotels & Resorts, Inc.	2.4%
Kite Realty Group Trust	2.4%
Alexandria Real Estate Equities, Inc.	2.3%
Kimco Realty Corp.	2.2%
Prologis, Inc.	2.0%
Healthcare Realty Trust, Inc.	2.0%
Top 10 Total	26.3%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

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

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

AR-GUMCX-093024

Guggenheim Investments 2

Guggenheim Market Neutral Real Estate Fund

Class P | GUMPX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class P	$164	1.63%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class P shares) returned 1.42%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 5.49% for the same period.

The fund's broad-based securities market index was changed from the ICE BofA 3-Month U.S. Treasury Bill Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The global growth outlook remained modestly bullish and steady during the reporting period, while inflation seemed to be finally tamed, resulting in a 50 basis point rate cut by the U.S. Federal Reserve in September and potentially up to two more by the end of 2024. The fund underperformed the ICE BofA 3-Month U.S. Treasury Bill Index. Among REITs Sectors, the fund had negative contribution from Residential, Net Lease, and Industrial. This was slightly offset by positive contribution in Lodging, Data Center, and Strip Retail.

How did the fund perform since inception?

Cumulative performance* for the fund since inception (as of 9.30.24), assuming a $10,000 initial investment.

Date	Market Neutral Real Estate Fund (Class P)	S&P 500 Index	ICE BofA 3-Month U.S. Treasury Bill Index
02/26/2016	10000	10000	10000
02/29/2016	10000	9920	10000
03/31/2016	9840	10593	10004
04/30/2016	9752	10634	10007
05/31/2016	9936	10825	10008
06/30/2016	9748	10853	10012
07/31/2016	9744	11253	10015
08/31/2016	9732	11269	10016
09/30/2016	9780	11271	10021
10/31/2016	9928	11065	10024
11/30/2016	10156	11475	10025
12/31/2016	10176	11702	10030
01/31/2017	10152	11924	10034
02/28/2017	10168	12397	10038
03/31/2017	10240	12412	10040
04/30/2017	10332	12539	10047
05/31/2017	10540	12716	10052
06/30/2017	10580	12795	10060
07/31/2017	10580	13058	10069
08/31/2017	10792	13098	10078
09/30/2017	10596	13368	10087
10/31/2017	10792	13680	10096
11/30/2017	10756	14100	10104
12/31/2017	10841	14256	10116
01/31/2018	11128	15073	10128
02/28/2018	11259	14517	10137
03/31/2018	11023	14148	10151
04/30/2018	11086	14203	10165
05/31/2018	10774	14545	10180
06/30/2018	10656	14634	10197
07/31/2018	10546	15179	10213
08/31/2018	10399	15673	10232
09/30/2018	10605	15762	10247
10/31/2018	10690	14685	10265
11/30/2018	10698	14984	10286
12/31/2018	10780	13631	10305
01/31/2019	10771	14724	10326
02/28/2019	10810	15197	10344
03/31/2019	11003	15492	10367
04/30/2019	11183	16119	10387
05/31/2019	11345	15095	10410
06/30/2019	11441	16159	10433
07/31/2019	11362	16391	10452
08/31/2019	11844	16131	10474
09/30/2019	11432	16433	10492
10/31/2019	11480	16789	10512
11/30/2019	11467	17398	10525
12/31/2019	11424	17923	10540
01/31/2020	11734	17916	10554
02/29/2020	11958	16442	10570
03/31/2020	12753	14411	10601
04/30/2020	12520	16258	10602
05/31/2020	12598	17033	10602
06/30/2020	12136	17371	10603
07/31/2020	12566	18351	10605
08/31/2020	12429	19670	10606
09/30/2020	12438	18922	10607
10/31/2020	12607	18419	10608
11/30/2020	12072	20435	10609
12/31/2020	12155	21221	10611
01/31/2021	12059	21007	10612
02/28/2021	12228	21586	10612
03/31/2021	12260	22532	10613
04/30/2021	12187	23734	10613
05/31/2021	12288	23900	10614
06/30/2021	12269	24458	10613
07/31/2021	12150	25039	10614
08/31/2021	12269	25800	10614
09/30/2021	12293	24600	10615
10/31/2021	12238	26324	10614
11/30/2021	12192	26141	10615
12/31/2021	12435	27313	10616
01/31/2022	12302	25899	10615
02/28/2022	12334	25124	10617
03/31/2022	12256	26057	10620
04/30/2022	12403	23785	10621
05/31/2022	12123	23828	10629
06/30/2022	11949	21861	10631
07/31/2022	12059	23877	10637
08/31/2022	11999	22903	10654
09/30/2022	11944	20794	10681
10/31/2022	11807	22477	10698
11/30/2022	11871	23734	10733
12/31/2022	11912	22366	10772
01/31/2023	11885	23772	10806
02/28/2023	11912	23192	10841
03/31/2023	12059	24043	10888
04/30/2023	12141	24418	10923
05/31/2023	12096	24524	10966
06/30/2023	12054	26145	11016
07/31/2023	11986	26985	11060
08/31/2023	11976	26555	11111
09/30/2023	12059	25289	11162
10/31/2023	12160	24757	11212
11/30/2023	12348	27018	11263
12/31/2023	12268	28246	11315
01/31/2024	12301	28720	11364
02/29/2024	12324	30254	11411
03/31/2024	12338	31227	11462
04/30/2024	12216	29952	11512
05/31/2024	12334	31437	11567
06/30/2024	12273	32565	11615
07/31/2024	12198	32961	11667
08/31/2024	12226	33761	11723
09/30/2024	12230	34482	11774

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Since Inception (2.26.16)
Class P	1.42%	1.36%	2.37%
S&P 500 Index	36.35%	15.98%	15.49%
ICE BofA 3-Month U.S. Treasury Bill Index	5.49%	2.33%	1.92%

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

Fund Statistics as of 9.30.24

Net Assets	$40,826,908
Total Number of Portfolio Holdings	36
Portfolio Turnover Rate	136%
Total Advisory Fees Paid	$322,604

^* The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the ICE BofA 3-Month U.S. Treasury Bill Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

Guggenheim Investments 1

Guggenheim Market Neutral Real Estate Fund   |   Class P   |   GUMPX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
REITs-Diversified	11.5%
REITs-Apartments	9.7%
REITs-Office Property	7.8%
REITs-Hotels	5.9%
REITs-Shopping Centers	5.6%
REITs-Health Care	4.5%
REITs-Warehouse/Industries	4.0%
Other	5.5%
Custom Basket Swap Agreements	-54.7%

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

Kilroy Realty Corp.	3.6%
Invitation Homes, Inc.	3.4%
Essex Property Trust, Inc.	3.0%
VICI Properties, Inc.	3.0%
Park Hotels & Resorts, Inc.	2.4%
Kite Realty Group Trust	2.4%
Alexandria Real Estate Equities, Inc.	2.3%
Kimco Realty Corp.	2.2%
Prologis, Inc.	2.0%
Healthcare Realty Trust, Inc.	2.0%
Top 10 Total	26.3%

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

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

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

Kilroy Realty Corp.	3.6%
Invitation Homes, Inc.	3.4%
Essex Property Trust, Inc.	3.0%
VICI Properties, Inc.	3.0%
Park Hotels & Resorts, Inc.	2.4%
Kite Realty Group Trust	2.4%
Alexandria Real Estate Equities, Inc.	2.3%
Kimco Realty Corp.	2.2%
Prologis, Inc.	2.0%
Healthcare Realty Trust, Inc.	2.0%
Top 10 Total	26.3%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

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

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

AR-GUMPX-093024

Guggenheim Investments 2

Guggenheim Market Neutral Real Estate Fund

Institutional Class | GUMNX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Institutional Class	$139	1.38%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Institutional Class shares) returned 1.69%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 5.49% for the same period.

The fund's broad-based securities market index was changed from the ICE BofA 3-Month U.S. Treasury Bill Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The global growth outlook remained modestly bullish and steady during the reporting period, while inflation seemed to be finally tamed, resulting in a 50 basis point rate cut by the U.S. Federal Reserve in September and potentially up to two more by the end of 2024. The fund underperformed the ICE BofA 3-Month U.S. Treasury Bill Index. Among REITs Sectors, the fund had negative contribution from Residential, Net Lease, and Industrial. This was slightly offset by positive contribution in Lodging, Data Center, and Strip Retail.

How did the fund perform since inception?

Cumulative performance* for the fund since inception (as of 9.30.24), assuming a $2,000,000 initial investment.

Date	Market Neutral Real Estate Fund (Institutional Class)	S&P 500 Index	ICE BofA 3-Month U.S. Treasury Bill Index
02/26/2016	2000000	2000000	2000000
03/31/2016	1968000	2118529	2000872
06/30/2016	1951200	2170544	2002321
09/30/2016	1959200	2254155	2004245
12/31/2016	2040000	2340359	2005949
03/31/2017	2053600	2482328	2008015
06/30/2017	2124000	2558987	2012068
09/30/2017	2128000	2673638	2017394
12/31/2017	2178698	2851296	2023120
03/31/2018	2216655	2829651	2030294
06/30/2018	2144116	2926818	2039476
09/30/2018	2135681	3152498	2049499
12/31/2018	2174975	2726285	2061043
03/31/2019	2221638	3098369	2073401
06/30/2019	2311505	3231717	2086649
09/30/2019	2310641	3286601	2098381
12/31/2019	2310610	3584695	2108044
03/31/2020	2580482	2882167	2120156
06/30/2020	2457731	3474258	2120628
09/30/2020	2520009	3784490	2121463
12/31/2020	2465332	4244235	2122106
03/31/2021	2487967	4506316	2122639
06/30/2021	2491588	4891553	2122636
09/30/2021	2498005	4920024	2122944
12/31/2021	2528287	5462561	2123149
03/31/2022	2492844	5211364	2123981
06/30/2022	2432863	4372276	2126206
09/30/2022	2433772	4158796	2136188
12/31/2022	2428948	4473244	2154365
03/31/2023	2459002	4808607	2177647
06/30/2023	2460550	5228981	2203250
09/30/2023	2463283	5057815	2232359
12/31/2023	2506833	5649153	2263064
03/31/2024	2522740	6245474	2292457
06/30/2024	2511511	6513017	2322945
09/30/2024	2504961	6896411	2354853

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Since Inception (2.26.16)
Institutional Class	1.69%	1.63%	2.65%
S&P 500 Index	36.35%	15.98%	15.49%
ICE BofA 3-Month U.S. Treasury Bill Index	5.49%	2.33%	1.92%

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

Fund Statistics as of 9.30.24

Net Assets	$40,826,908
Total Number of Portfolio Holdings	36
Portfolio Turnover Rate	136%
Total Advisory Fees Paid	$322,604

^* The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the ICE BofA 3-Month U.S. Treasury Bill Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

Guggenheim Investments 1

Guggenheim Market Neutral Real Estate Fund   |   Institutional Class   |   GUMNX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
REITs-Diversified	11.5%
REITs-Apartments	9.7%
REITs-Office Property	7.8%
REITs-Hotels	5.9%
REITs-Shopping Centers	5.6%
REITs-Health Care	4.5%
REITs-Warehouse/Industries	4.0%
Other	5.5%
Custom Basket Swap Agreements	-54.7%

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

Kilroy Realty Corp.	3.6%
Invitation Homes, Inc.	3.4%
Essex Property Trust, Inc.	3.0%
VICI Properties, Inc.	3.0%
Park Hotels & Resorts, Inc.	2.4%
Kite Realty Group Trust	2.4%
Alexandria Real Estate Equities, Inc.	2.3%
Kimco Realty Corp.	2.2%
Prologis, Inc.	2.0%
Healthcare Realty Trust, Inc.	2.0%
Top 10 Total	26.3%

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

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

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

Kilroy Realty Corp.	3.6%
Invitation Homes, Inc.	3.4%
Essex Property Trust, Inc.	3.0%
VICI Properties, Inc.	3.0%
Park Hotels & Resorts, Inc.	2.4%
Kite Realty Group Trust	2.4%
Alexandria Real Estate Equities, Inc.	2.3%
Kimco Realty Corp.	2.2%
Prologis, Inc.	2.0%
Healthcare Realty Trust, Inc.	2.0%
Top 10 Total	26.3%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

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

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

AR-GUMNX-093024

Guggenheim Investments 2

Guggenheim Risk Managed Real Estate Fund

Class A | GURAX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$194	1.70%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class A shares) returned 28.31%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the FTSE NAREIT Equity REITs Total Return Index, which returned 34.74% for the same period.

The fund's broad-based securities market index was changed from the FTSE NAREIT Equity REITs Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The global growth outlook remained modestly bullish and steady during the reporting period, while inflation seemed to be finally tamed, resulting in a 50 basis point rate cut by the U.S. Federal Reserve in September and potentially up to two more by the end of 2024. This optimism helped the FTSE Nareit Equity REITS Index (the Fund's ancillary index) to gain more than 34%. The fund underperformed the FTSE Nareit Equity REITS Index. Of the fund's three potential alpha sources (long-only portfolio, long/short portfolio, REIT risk allocation model), two of the three contributed negatively to performance. The long sleeve underperformed the index, while the long/short sleeve contributed to the fund's return. The risk allocation model detracted from return as the index performed strongly during the last quarter of the year versus the roughly 91% beta exposure of the fund (which is typical neutral positioning for the fund).

How did the fund perform over the last 10 years?

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

Date	Risk Managed Real Estate Fund (Class A)‡	S&P 500 Index	FTSE NAREIT Equity REITs Index
09/30/2014	9524	10000	10000
10/31/2014	10335	10244	10994
11/30/2014	10614	10520	11210
12/31/2014	10799	10493	11420
01/31/2015	11335	10178	12186
02/28/2015	11218	10763	11762
03/31/2015	11367	10593	11963
04/30/2015	10870	10695	11306
05/31/2015	10920	10832	11292
06/30/2015	10384	10622	10772
07/31/2015	10955	10845	11380
08/31/2015	10440	10191	10675
09/30/2015	10568	9939	10988
10/31/2015	11058	10777	11633
11/30/2015	10980	10809	11572
12/31/2015	11186	10638	11785
01/31/2016	10716	10111	11390
02/29/2016	10707	10097	11342
03/31/2016	11631	10782	12493
04/30/2016	11338	10824	12195
05/31/2016	11694	11018	12491
06/30/2016	12292	11047	13362
07/31/2016	12657	11454	13917
08/31/2016	12263	11470	13406
09/30/2016	12140	11472	13170
10/31/2016	11720	11263	12425
11/30/2016	11758	11680	12216
12/31/2016	12223	11911	12789
01/31/2017	12180	12137	12804
02/28/2017	12580	12619	13240
03/31/2017	12386	12633	12938
04/30/2017	12495	12763	12954
05/31/2017	12665	12943	12854
06/30/2017	12904	13023	13135
07/31/2017	13062	13291	13295
08/31/2017	13263	13332	13261
09/30/2017	13056	13607	13258
10/31/2017	13139	13925	13130
11/30/2017	13398	14352	13486
12/31/2017	13432	14511	13457
01/31/2018	13249	15342	12895
02/28/2018	12509	14777	11901
03/31/2018	12731	14401	12354
04/30/2018	12841	14456	12531
05/31/2018	12979	14804	13026
06/30/2018	13346	14896	13594
07/31/2018	13355	15450	13703
08/31/2018	13622	15953	14120
09/30/2018	13408	16044	13761
10/31/2018	13167	14947	13353
11/30/2018	13718	15252	13986
12/31/2018	12861	13875	12835
01/31/2019	14022	14987	14343
02/28/2019	14154	15468	14448
03/31/2019	14724	15769	14932
04/30/2019	14833	16407	14897
05/31/2019	15055	15364	14929
06/30/2019	15260	16447	15117
07/31/2019	15341	16684	15311
08/31/2019	16305	16419	15831
09/30/2019	16240	16727	16296
10/31/2019	16501	17089	16518
11/30/2019	16316	17709	16270
12/31/2019	16098	18244	16172
01/31/2020	16622	18236	16368
02/29/2020	15829	16735	15057
03/31/2020	14023	14668	11757
04/30/2020	14479	16549	12733
05/31/2020	14699	17337	12757
06/30/2020	14510	17682	13147
07/31/2020	15450	18679	13679
08/31/2020	15500	20021	13786
09/30/2020	15147	19260	13336
10/31/2020	14970	18748	12987
11/30/2020	15748	20801	14405
12/31/2020	16324	21600	14878
01/31/2021	16276	21382	14894
02/28/2021	17098	21972	15491
03/31/2021	17819	22934	16199
04/30/2021	19146	24158	17504
05/31/2021	19378	24327	17683
06/30/2021	19876	24895	18145
07/31/2021	20634	25486	19018
08/31/2021	21046	26261	19368
09/30/2021	20013	25040	18322
10/31/2021	21354	26794	19715
11/30/2021	21158	26608	19582
12/31/2021	23130	27801	21311
01/31/2022	21519	26362	19852
02/28/2022	20861	25573	19231
03/31/2022	21962	26522	20490
04/30/2022	21330	24209	19590
05/31/2022	19925	24254	18368
06/30/2022	18522	22252	17007
07/31/2022	20052	24304	18547
08/31/2022	19013	23312	17439
09/30/2022	16950	21165	15316
10/31/2022	17438	22879	16066
11/30/2022	18358	24158	16992
12/31/2022	17574	22766	16119
01/31/2023	19140	24196	17839
02/28/2023	18342	23606	16983
03/31/2023	18019	24473	16551
04/30/2023	18196	24855	16689
05/31/2023	17575	24963	16152
06/30/2023	18279	26612	16984
07/31/2023	18647	27467	17468
08/31/2023	18095	27030	16925
09/30/2023	17048	25741	15773
10/31/2023	16406	25200	15085
11/30/2023	18147	27501	16678
12/31/2023	19786	28750	18332
01/31/2024	19002	29233	17571
02/29/2024	19344	30794	17927
03/31/2024	19612	31785	18296
04/30/2024	18186	30487	17013
05/31/2024	18987	31999	17794
06/30/2024	19385	33147	18308
07/31/2024	20332	33550	19448
08/31/2024	21424	34364	20694
09/30/2024	21874	35098	21253

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class A (without sales charge)	28.31%	6.14%	8.67%
Class A (with sales charge)†	22.20%	5.11%	8.14%
S&P 500 Index	36.35%	15.98%	13.38%
FTSE NAREIT Equity REITs Total Return Index	34.74%	5.46%	7.83%

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

Fund Statistics as of 9.30.24

Net Assets	$338,231,464
Total Number of Portfolio Holdings	111
Portfolio Turnover Rate	72%
Total Advisory Fees Paid	$2,430,467

*

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

†

Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Guggenheim Risk Managed Real Estate Fund   |   Class A   |   GURAX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
REITs-Diversified	19.8%
REITs-Apartments	14.5%
REITs-Health Care	14.4%
Custom Basket Swap Agreements	13.6%
REITs-Warehouse/Industries	13.5%
REITs-Storage	10.4%
REITs-Shopping Centers	5.9%
REITs-Regional Malls	4.8%
REITs-Single Tenant	4.7%
REITs-Office Property	4.4%
REITs-Hotels	3.8%
REITs-Manufactured Homes	1.6%
Exchange Traded Funds Short Sales	-0.3%
REITs-Manufactured Homes Short Sales	-0.2%
REITs-Storage Short Sales	-0.2%
REITs-Regional Malls Short Sales	-0.3%
REITs-Health Care Short Sales	-0.6%
REITs-Warehouse/Industries Short Sales	-0.7%
REITs-Diversified Short Sales	-0.7%
REITs-Shopping Centers Short Sales	-0.8%
REITs-Hotels Short Sales	-0.9%
REITs-Single Tenant Short Sales	-0.9%
REITs-Apartments Short Sales	-1.0%
REITs-Office Property Short Sales	-1.2%
Custom Basket Swap Agreements Short Sales	-13.6%

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

Prologis, Inc.	9.2%
Equinix, Inc.	5.7%
Welltower, Inc.	5.3%
Digital Realty Trust, Inc.	4.3%
Simon Property Group, Inc.	4.2%
VICI Properties, Inc.	3.9%
Public Storage	3.7%
Realty Income Corp.	3.4%
Extra Space Storage, Inc.	3.3%
Invitation Homes, Inc.	3.0%
Top 10 Total	46.0%

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

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

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

Prologis, Inc.	9.2%
Equinix, Inc.	5.7%
Welltower, Inc.	5.3%
Digital Realty Trust, Inc.	4.3%
Simon Property Group, Inc.	4.2%
VICI Properties, Inc.	3.9%
Public Storage	3.7%
Realty Income Corp.	3.4%
Extra Space Storage, Inc.	3.3%
Invitation Homes, Inc.	3.0%
Top 10 Total	46.0%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

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

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

AR-GURAX-093024

Guggenheim Investments 2

Guggenheim Risk Managed Real Estate Fund

Class C | GURCX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$276	2.43%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class C shares) returned 27.44%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the FTSE NAREIT Equity REITs Total Return Index, which returned 34.74% for the same period.

The fund's broad-based securities market index was changed from the FTSE NAREIT Equity REITs Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The global growth outlook remained modestly bullish and steady during the reporting period, while inflation seemed to be finally tamed, resulting in a 50 basis point rate cut by the U.S. Federal Reserve in September and potentially up to two more by the end of 2024. This optimism helped the FTSE Nareit Equity REITS Index (the Fund's ancillary index) to gain more than 34%. The fund underperformed the FTSE Nareit Equity REITS Index. Of the fund's three potential alpha sources (long-only portfolio, long/short portfolio, REIT risk allocation model), two of the three contributed negatively to performance. The long sleeve underperformed the index, while the long/short sleeve contributed to the fund's return. The risk allocation model detracted from return as the index performed strongly during the last quarter of the year versus the roughly 91% beta exposure of the fund (which is typical neutral positioning for the fund).

How did the fund perform over the last 10 years?

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

Date	Risk Managed Real Estate Fund (Class C)	S&P 500 Index	FTSE NAREIT Equity REITs Index
09/30/2014	10000	10000	10000
10/31/2014	10850	10244	10994
11/30/2014	11135	10520	11210
12/31/2014	11322	10493	11420
01/31/2015	11877	10178	12186
02/28/2015	11747	10763	11762
03/31/2015	11896	10593	11963
04/30/2015	11370	10695	11306
05/31/2015	11411	10832	11292
06/30/2015	10848	10622	10772
07/31/2015	11437	10845	11380
08/31/2015	10893	10191	10675
09/30/2015	11020	9939	10988
10/31/2015	11523	10777	11633
11/30/2015	11434	10809	11572
12/31/2015	11643	10638	11785
01/31/2016	11143	10111	11390
02/29/2016	11130	10097	11342
03/31/2016	12081	10782	12493
04/30/2016	11771	10824	12195
05/31/2016	12137	11018	12491
06/30/2016	12743	11047	13362
07/31/2016	13122	11454	13917
08/31/2016	12699	11470	13406
09/30/2016	12563	11472	13170
10/31/2016	12121	11263	12425
11/30/2016	12148	11680	12216
12/31/2016	12622	11911	12789
01/31/2017	12572	12137	12804
02/28/2017	12979	12619	13240
03/31/2017	12769	12633	12938
04/30/2017	12878	12763	12954
05/31/2017	13045	12943	12854
06/30/2017	13285	13023	13135
07/31/2017	13430	13291	13295
08/31/2017	13629	13332	13261
09/30/2017	13406	13607	13258
10/31/2017	13488	13925	13130
11/30/2017	13747	14352	13486
12/31/2017	13774	14511	13457
01/31/2018	13575	15342	12895
02/28/2018	12811	14777	11901
03/31/2018	13030	14401	12354
04/30/2018	13138	14456	12531
05/31/2018	13266	14804	13026
06/30/2018	13632	14896	13594
07/31/2018	13632	15450	13703
08/31/2018	13897	15953	14120
09/30/2018	13665	16044	13761
10/31/2018	13413	14947	13353
11/30/2018	13965	15252	13986
12/31/2018	13085	13875	12835
01/31/2019	14259	14987	14343
02/28/2019	14384	15468	14448
03/31/2019	14956	15769	14932
04/30/2019	15053	16407	14897
05/31/2019	15266	15364	14929
06/30/2019	15472	16447	15117
07/31/2019	15540	16684	15311
08/31/2019	16504	16419	15831
09/30/2019	16430	16727	16296
10/31/2019	16682	17089	16518
11/30/2019	16484	17709	16270
12/31/2019	16255	18244	16172
01/31/2020	16772	18236	16368
02/29/2020	15961	16735	15057
03/31/2020	14131	14668	11757
04/30/2020	14584	16549	12733
05/31/2020	14793	17337	12757
06/30/2020	14587	17682	13147
07/31/2020	15524	18679	13679
08/31/2020	15559	20021	13786
09/30/2020	15201	19260	13336
10/31/2020	15007	18748	12987
11/30/2020	15783	20801	14405
12/31/2020	16346	21600	14878
01/31/2021	16287	21382	14894
02/28/2021	17100	21972	15491
03/31/2021	17811	22934	16199
04/30/2021	19121	24158	17504
05/31/2021	19338	24327	17683
06/30/2021	19826	24895	18145
07/31/2021	20561	25486	19018
08/31/2021	20958	26261	19368
09/30/2021	19920	25040	18322
10/31/2021	21239	26794	19715
11/30/2021	21032	26608	19582
12/31/2021	22978	27801	21311
01/31/2022	21368	26362	19852
02/28/2022	20697	25573	19231
03/31/2022	21776	26522	20490
04/30/2022	21138	24209	19590
05/31/2022	19738	24254	18368
06/30/2022	18331	22252	17007
07/31/2022	19836	24304	18547
08/31/2022	18792	23312	17439
09/30/2022	16747	21165	15316
10/31/2022	17217	22879	16066
11/30/2022	18117	24158	16992
12/31/2022	17336	22766	16119
01/31/2023	18869	24196	17839
02/28/2023	18075	23606	16983
03/31/2023	17744	24473	16551
04/30/2023	17907	24855	16689
05/31/2023	17284	24963	16152
06/30/2023	17973	26612	16984
07/31/2023	18325	27467	17468
08/31/2023	17772	27030	16925
09/30/2023	16731	25741	15773
10/31/2023	16095	25200	15085
11/30/2023	17789	27501	16678
12/31/2023	19387	28750	18332
01/31/2024	18613	29233	17571
02/29/2024	18939	30794	17927
03/31/2024	19184	31785	18296
04/30/2024	17784	30487	17013
05/31/2024	18548	31999	17794
06/30/2024	18925	33147	18308
07/31/2024	19838	33550	19448
08/31/2024	20888	34364	20694
09/30/2024	21322	35098	21253

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class C (without CDSC)	27.44%	5.35%	7.87%
Class C (with CDSC)‡	26.44%	5.35%	7.87%
S&P 500 Index	36.35%	15.98%	13.38%
FTSE NAREIT Equity REITs Total Return Index	34.74%	5.46%	7.83%

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

Fund Statistics as of 9.30.24

Net Assets	$338,231,464
Total Number of Portfolio Holdings	111
Portfolio Turnover Rate	72%
Total Advisory Fees Paid	$2,430,467

*

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

‡

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

Guggenheim Investments 1

Guggenheim Risk Managed Real Estate Fund   |   Class C   |   GURCX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
REITs-Diversified	19.8%
REITs-Apartments	14.5%
REITs-Health Care	14.4%
Custom Basket Swap Agreements	13.6%
REITs-Warehouse/Industries	13.5%
REITs-Storage	10.4%
REITs-Shopping Centers	5.9%
REITs-Regional Malls	4.8%
REITs-Single Tenant	4.7%
REITs-Office Property	4.4%
REITs-Hotels	3.8%
REITs-Manufactured Homes	1.6%
Exchange Traded Funds Short Sales	-0.3%
REITs-Manufactured Homes Short Sales	-0.2%
REITs-Storage Short Sales	-0.2%
REITs-Regional Malls Short Sales	-0.3%
REITs-Health Care Short Sales	-0.6%
REITs-Warehouse/Industries Short Sales	-0.7%
REITs-Diversified Short Sales	-0.7%
REITs-Shopping Centers Short Sales	-0.8%
REITs-Hotels Short Sales	-0.9%
REITs-Single Tenant Short Sales	-0.9%
REITs-Apartments Short Sales	-1.0%
REITs-Office Property Short Sales	-1.2%
Custom Basket Swap Agreements Short Sales	-13.6%

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

Prologis, Inc.	9.2%
Equinix, Inc.	5.7%
Welltower, Inc.	5.3%
Digital Realty Trust, Inc.	4.3%
Simon Property Group, Inc.	4.2%
VICI Properties, Inc.	3.9%
Public Storage	3.7%
Realty Income Corp.	3.4%
Extra Space Storage, Inc.	3.3%
Invitation Homes, Inc.	3.0%
Top 10 Total	46.0%

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

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

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

Prologis, Inc.	9.2%
Equinix, Inc.	5.7%
Welltower, Inc.	5.3%
Digital Realty Trust, Inc.	4.3%
Simon Property Group, Inc.	4.2%
VICI Properties, Inc.	3.9%
Public Storage	3.7%
Realty Income Corp.	3.4%
Extra Space Storage, Inc.	3.3%
Invitation Homes, Inc.	3.0%
Top 10 Total	46.0%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

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

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

AR-GURCX-093024

Guggenheim Investments 2

Guggenheim Risk Managed Real Estate Fund

Class P | GURPX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class P	$200	1.75%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class P shares) returned 28.30%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the FTSE NAREIT Equity REITs Total Return Index, which returned 34.74% for the same period.

The fund's broad-based securities market index was changed from the FTSE NAREIT Equity REITs Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The global growth outlook remained modestly bullish and steady during the reporting period, while inflation seemed to be finally tamed, resulting in a 50 basis point rate cut by the U.S. Federal Reserve in September and potentially up to two more by the end of 2024. This optimism helped the FTSE Nareit Equity REITS Index (the Fund's ancillary index) to gain more than 34%. The fund underperformed the FTSE Nareit Equity REITS Index. Of the fund's three potential alpha sources (long-only portfolio, long/short portfolio, REIT risk allocation model), two of the three contributed negatively to performance. The long sleeve underperformed the index, while the long/short sleeve contributed to the fund's return. The risk allocation model detracted from return as the index performed strongly during the last quarter of the year versus the roughly 91% beta exposure of the fund (which is typical neutral positioning for the fund).

How did the fund perform since inception?

Cumulative performance* for the fund since inception (as of 9.30.24), assuming a $10,000 initial investment.

Date	Risk Managed Real Estate Fund (Class P)	S&P 500 Index	FTSE NAREIT Equity REITs Index
05/01/2015	10000	10000	10000
06/30/2015	9469	9825	9452
09/30/2015	9637	9193	9641
12/31/2015	10202	9840	10341
03/31/2016	10606	9973	10962
06/30/2016	11208	10217	11724
09/30/2016	11070	10611	11556
12/31/2016	11147	11017	11222
03/31/2017	11297	11685	11352
06/30/2017	11774	12046	11525
09/30/2017	11904	12586	11633
12/31/2017	12248	13422	11808
03/31/2018	11608	13320	10840
06/30/2018	12169	13777	11928
09/30/2018	12223	14840	12075
12/31/2018	11725	12834	11262
03/31/2019	13422	14585	13102
06/30/2019	13915	15213	13265
09/30/2019	14805	15471	14299
12/31/2019	14670	16874	14190
03/31/2020	12778	13567	10316
06/30/2020	13220	16354	11536
09/30/2020	13797	17815	11701
12/31/2020	14865	19979	13055
03/31/2021	16224	21213	14213
06/30/2021	18095	23026	15921
09/30/2021	18216	23160	16077
12/31/2021	21051	25714	18700
03/31/2022	19981	24532	17978
06/30/2022	16849	20582	14922
09/30/2022	15420	19577	13439
12/31/2022	15989	21057	14143
03/31/2023	16388	22636	14523
06/30/2023	16630	24615	14903
09/30/2023	15505	23809	13840
12/31/2023	17995	26592	16085
03/31/2024	17842	29400	16054
06/30/2024	17629	30659	16064
09/30/2024	19894	32464	18648

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Since Inception (5.01.15)
Class P	28.30%	6.09%	7.58%
S&P 500 Index	36.35%	15.98%	13.32%
FTSE NAREIT Equity REITs Total Return Index	34.74%	5.46%	6.84%

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

Fund Statistics as of 9.30.24

Net Assets	$338,231,464
Total Number of Portfolio Holdings	111
Portfolio Turnover Rate	72%
Total Advisory Fees Paid	$2,430,467

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

Guggenheim Investments 1

Guggenheim Risk Managed Real Estate Fund   |   Class P   |   GURPX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
REITs-Diversified	19.8%
REITs-Apartments	14.5%
REITs-Health Care	14.4%
Custom Basket Swap Agreements	13.6%
REITs-Warehouse/Industries	13.5%
REITs-Storage	10.4%
REITs-Shopping Centers	5.9%
REITs-Regional Malls	4.8%
REITs-Single Tenant	4.7%
REITs-Office Property	4.4%
REITs-Hotels	3.8%
REITs-Manufactured Homes	1.6%
Exchange Traded Funds Short Sales	-0.3%
REITs-Manufactured Homes Short Sales	-0.2%
REITs-Storage Short Sales	-0.2%
REITs-Regional Malls Short Sales	-0.3%
REITs-Health Care Short Sales	-0.6%
REITs-Warehouse/Industries Short Sales	-0.7%
REITs-Diversified Short Sales	-0.7%
REITs-Shopping Centers Short Sales	-0.8%
REITs-Hotels Short Sales	-0.9%
REITs-Single Tenant Short Sales	-0.9%
REITs-Apartments Short Sales	-1.0%
REITs-Office Property Short Sales	-1.2%
Custom Basket Swap Agreements Short Sales	-13.6%

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

Prologis, Inc.	9.2%
Equinix, Inc.	5.7%
Welltower, Inc.	5.3%
Digital Realty Trust, Inc.	4.3%
Simon Property Group, Inc.	4.2%
VICI Properties, Inc.	3.9%
Public Storage	3.7%
Realty Income Corp.	3.4%
Extra Space Storage, Inc.	3.3%
Invitation Homes, Inc.	3.0%
Top 10 Total	46.0%

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

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

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

Prologis, Inc.	9.2%
Equinix, Inc.	5.7%
Welltower, Inc.	5.3%
Digital Realty Trust, Inc.	4.3%
Simon Property Group, Inc.	4.2%
VICI Properties, Inc.	3.9%
Public Storage	3.7%
Realty Income Corp.	3.4%
Extra Space Storage, Inc.	3.3%
Invitation Homes, Inc.	3.0%
Top 10 Total	46.0%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

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

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

AR-GURPX-093024

Guggenheim Investments 2

Guggenheim Risk Managed Real Estate Fund

Institutional Class | GURIX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Institutional Class	$160	1.40%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Institutional Class shares) returned 28.74%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the FTSE NAREIT Equity REITs Total Return Index, which returned 34.74% for the same period.

The fund's broad-based securities market index was changed from the FTSE NAREIT Equity REITs Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The global growth outlook remained modestly bullish and steady during the reporting period, while inflation seemed to be finally tamed, resulting in a 50 basis point rate cut by the U.S. Federal Reserve in September and potentially up to two more by the end of 2024. This optimism helped the FTSE Nareit Equity REITS Index (the Fund's ancillary index) to gain more than 34%. The fund underperformed the FTSE Nareit Equity REITS Index. Of the fund's three potential alpha sources (long-only portfolio, long/short portfolio, REIT risk allocation model), two of the three contributed negatively to performance. The long sleeve underperformed the index, while the long/short sleeve contributed to the fund's return. The risk allocation model detracted from return as the index performed strongly during the last quarter of the year versus the roughly 91% beta exposure of the fund (which is typical neutral positioning for the fund).

How did the fund perform over the last 10 years?

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

Date	Risk Managed Real Estate Fund (Institutional Class)	S&P 500 Index	FTSE NAREIT Equity REITs Index
09/30/2014	2000000	2000000	2000000
12/31/2014	2270473	2098653	2284027
03/31/2015	2391148	2118603	2392564
06/30/2015	2187044	2124494	2154448
09/30/2015	2227269	1987710	2197570
12/31/2015	2359834	2127695	2357031
03/31/2016	2454561	2156373	2498506
06/30/2016	2595620	2209317	2672363
09/30/2016	2565795	2294422	2634025
12/31/2016	2585414	2382166	2557818
03/31/2017	2623000	2526671	2587546
06/30/2017	2735465	2604699	2626972
09/30/2017	2767629	2721399	2651574
12/31/2017	2849499	2902230	2691490
03/31/2018	2702962	2880198	2470854
06/30/2018	2835932	2979101	2718839
09/30/2018	2850029	3208812	2752267
12/31/2018	2735833	2774986	2567071
03/31/2019	3133902	3153716	2986338
06/30/2019	3251094	3289447	3023499
09/30/2019	3461649	3345311	3259186
12/31/2019	3433388	3648730	3234479
03/31/2020	2993353	2933652	2351329
06/30/2020	3099284	3536320	2629365
09/30/2020	3237203	3852094	2667161
12/31/2020	3492316	4320052	2975699
03/31/2021	3813881	4586814	3239719
06/30/2021	4256856	4978933	3629019
09/30/2021	4290030	5007913	3664448
12/31/2021	4961461	5560141	4262276
03/31/2022	4713667	5304457	4097917
06/30/2022	3977877	4450380	3401335
09/30/2022	3644347	4233086	3063198
12/31/2022	3781057	4553151	3223763
03/31/2023	3879745	4894505	3310291
06/30/2023	3940342	5322389	3396866
09/30/2023	3677654	5148165	3154688
12/31/2023	4272436	5750067	3666424
03/31/2024	4239215	6357039	3659239
06/30/2024	4192476	6629362	3661552
09/30/2024	4734653	7019604	4250585

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Institutional Class	28.74%	6.46%	9.00%
S&P 500 Index	36.35%	15.98%	13.38%
FTSE NAREIT Equity REITs Total Return Index	34.74%	5.46%	7.83%

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

Fund Statistics as of 9.30.24

Net Assets	$338,231,464
Total Number of Portfolio Holdings	111
Portfolio Turnover Rate	72%
Total Advisory Fees Paid	$2,430,467

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

Guggenheim Investments 1

Guggenheim Risk Managed Real Estate Fund   |   Institutional Class   |   GURIX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
REITs-Diversified	19.8%
REITs-Apartments	14.5%
REITs-Health Care	14.4%
Custom Basket Swap Agreements	13.6%
REITs-Warehouse/Industries	13.5%
REITs-Storage	10.4%
REITs-Shopping Centers	5.9%
REITs-Regional Malls	4.8%
REITs-Single Tenant	4.7%
REITs-Office Property	4.4%
REITs-Hotels	3.8%
REITs-Manufactured Homes	1.6%
Exchange Traded Funds Short Sales	-0.3%
REITs-Manufactured Homes Short Sales	-0.2%
REITs-Storage Short Sales	-0.2%
REITs-Regional Malls Short Sales	-0.3%
REITs-Health Care Short Sales	-0.6%
REITs-Warehouse/Industries Short Sales	-0.7%
REITs-Diversified Short Sales	-0.7%
REITs-Shopping Centers Short Sales	-0.8%
REITs-Hotels Short Sales	-0.9%
REITs-Single Tenant Short Sales	-0.9%
REITs-Apartments Short Sales	-1.0%
REITs-Office Property Short Sales	-1.2%
Custom Basket Swap Agreements Short Sales	-13.6%

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

Prologis, Inc.	9.2%
Equinix, Inc.	5.7%
Welltower, Inc.	5.3%
Digital Realty Trust, Inc.	4.3%
Simon Property Group, Inc.	4.2%
VICI Properties, Inc.	3.9%
Public Storage	3.7%
Realty Income Corp.	3.4%
Extra Space Storage, Inc.	3.3%
Invitation Homes, Inc.	3.0%
Top 10 Total	46.0%

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

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

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

Prologis, Inc.	9.2%
Equinix, Inc.	5.7%
Welltower, Inc.	5.3%
Digital Realty Trust, Inc.	4.3%
Simon Property Group, Inc.	4.2%
VICI Properties, Inc.	3.9%
Public Storage	3.7%
Realty Income Corp.	3.4%
Extra Space Storage, Inc.	3.3%
Invitation Homes, Inc.	3.0%
Top 10 Total	46.0%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

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

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

AR-GURIX-093024

Guggenheim Investments 2

Guggenheim SMid Cap Value Fund

Class A | SEVAX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$133	1.20%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class A shares) returned 21.25%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the Russell 2500 Value Index, which returned 26.59% for the same period.

The fund's broad-based securities market index was changed from the Russell 2500 Value Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund lagged the Russell 2500 Value Index (the fund's ancillary index). While poor performance from smaller positions such as LivePerson, Inc., Luna Innovations, and Ginkgo Bioworks were the largest negative contributors, none detracted from performance by more than 45 basis points. Sector allocation was a larger detractor from performance, especially an overweighting in the Energy sector. Positive contributors included selection in Financials and Industrials as Jeffries Financial, Stifel Financial, PGTI, and Leidos all gained more than 50% during the period. Performance was subdued relative to equity indexes such as the S&P 500 Index which benefited from AI-driven large cap technology growth stocks.

How did the fund perform over the last 10 years?

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

Date	SMid Cap Value Fund (Class A)†	S&P 500 Index	Russell 2500 Value Index
09/30/2014	9525	10000	10000
12/31/2014	9726	10493	10609
03/31/2015	9890	10593	10929
06/30/2015	9665	10622	10790
09/30/2015	8874	9939	9756
12/31/2015	8994	10638	10027
03/31/2016	9455	10782	10361
06/30/2016	9749	11047	10813
09/30/2016	10251	11472	11481
12/31/2016	11407	11911	12554
03/31/2017	11673	12633	12757
06/30/2017	11732	13023	12799
09/30/2017	12365	13607	13289
12/31/2017	12927	14511	13854
03/31/2018	12683	14401	13487
06/30/2018	13461	14896	14269
09/30/2018	13607	16044	14651
12/31/2018	11236	13875	12142
03/31/2019	12570	15769	13735
06/30/2019	12896	16447	13995
09/30/2019	13266	16727	14013
12/31/2019	14249	18244	15003
03/31/2020	9771	14668	9806
06/30/2020	11602	17682	11826
09/30/2020	11906	19260	12244
12/31/2020	14756	21600	15735
03/31/2021	17340	22934	18383
06/30/2021	17720	24895	19303
09/30/2021	17222	25040	18904
12/31/2021	18249	27801	20106
03/31/2022	18657	26522	19804
06/30/2022	16461	22252	16756
09/30/2022	15829	21165	16002
12/31/2022	17894	22766	17475
03/31/2023	18027	24473	17719
06/30/2023	18530	26612	18494
09/30/2023	17832	25741	17817
12/31/2023	19560	28750	20268
03/31/2024	20862	31785	21499
06/30/2024	20117	33147	20573
09/30/2024	21622	35098	22554

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class A (without sales charge)	21.25%	10.26%	8.54%
Class A (with sales charge)†	15.51%	9.20%	8.02%
S&P 500 Index	36.35%	15.98%	13.38%
Russell 2500 Value Index	26.59%	9.99%	8.47%

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

Fund Statistics as of 9.30.24

Net Assets	$371,566,045
Total Number of Portfolio Holdings	87
Portfolio Turnover Rate	25%
Total Advisory Fees Paid	$2,631,997

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2500 Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Guggenheim SMid Cap Value Fund   |   Class A   |   SEVAX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Industrial	22.9%
Financial	18.7%
Consumer, Non-cyclical	16.0%
Technology	8.2%
Basic Materials	8.0%
Consumer, Cyclical	7.5%
Utilities	7.4%
Other	7.4%

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

OGE Energy Corp.	2.6%
Ingredion, Inc.	2.5%
Evergy, Inc.	2.3%
Unum Group	2.2%
Teledyne Technologies, Inc.	2.2%
Stifel Financial Corp.	2.1%
Curtiss-Wright Corp.	2.1%
Teradyne, Inc.	2.1%
Encompass Health Corp.	2.0%
Jefferies Financial Group, Inc.	2.0%
Top 10 Total	22.1%

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

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

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

OGE Energy Corp.	2.6%
Ingredion, Inc.	2.5%
Evergy, Inc.	2.3%
Unum Group	2.2%
Teledyne Technologies, Inc.	2.2%
Stifel Financial Corp.	2.1%
Curtiss-Wright Corp.	2.1%
Teradyne, Inc.	2.1%
Encompass Health Corp.	2.0%
Jefferies Financial Group, Inc.	2.0%
Top 10 Total	22.1%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

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

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

AR-SEVAX-093024

Guggenheim Investments 2

Guggenheim SMid Cap Value Fund

Class C | SEVSX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$222	2.02%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class C shares) returned 20.27%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the Russell 2500 Value Index, which returned 26.59% for the same period.

The fund's broad-based securities market index was changed from the Russell 2500 Value Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund lagged the Russell 2500 Value Index (the fund's ancillary index). While poor performance from smaller positions such as LivePerson, Inc., Luna Innovations, and Ginkgo Bioworks were the largest negative contributors, none detracted from performance by more than 45 basis points. Sector allocation was a larger detractor from performance, especially an overweighting in the Energy sector. Positive contributors included selection in Financials and Industrials as Jeffries Financial, Stifel Financial, PGTI, and Leidos all gained more than 50% during the period. Performance was subdued relative to equity indexes such as the S&P 500 Index which benefited from AI-driven large cap technology growth stocks.

How did the fund perform over the last 10 years?

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

Date	SMid Cap Value Fund (Class C)	S&P 500 Index	Russell 2500 Value Index
09/30/2014	10000	10000	10000
12/31/2014	10193	10493	10609
03/31/2015	10348	10593	10929
06/30/2015	10095	10622	10790
09/30/2015	9251	9939	9756
12/31/2015	9357	10638	10027
03/31/2016	9818	10782	10361
06/30/2016	10106	11047	10813
09/30/2016	10605	11472	11481
12/31/2016	11771	11911	12554
03/31/2017	12026	12633	12757
06/30/2017	12065	13023	12799
09/30/2017	12686	13607	13289
12/31/2017	13239	14511	13854
03/31/2018	12968	14401	13487
06/30/2018	13734	14896	14269
09/30/2018	13856	16044	14651
12/31/2018	11418	13875	12142
03/31/2019	12745	15769	13735
06/30/2019	13052	16447	13995
09/30/2019	13393	16727	14013
12/31/2019	14358	18244	15003
03/31/2020	9826	14668	9806
06/30/2020	11644	17682	11826
09/30/2020	11927	19260	12244
12/31/2020	14750	21600	15735
03/31/2021	17298	22934	18383
06/30/2021	17642	24895	19303
09/30/2021	17112	25040	18904
12/31/2021	18097	27801	20106
03/31/2022	18456	26522	19804
06/30/2022	16248	22252	16756
09/30/2022	15598	21165	16002
12/31/2022	17591	22766	17475
03/31/2023	17682	24473	17719
06/30/2023	18136	26612	18494
09/30/2023	17418	25741	17817
12/31/2023	19057	28750	20268
03/31/2024	20290	31785	21499
06/30/2024	19522	33147	20573
09/30/2024	20948	35098	22554

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class C (without CDSC)	20.27%	9.36%	7.67%
Class C (with CDSC)‡	19.27%	9.36%	7.67%
S&P 500 Index	36.35%	15.98%	13.38%
Russell 2500 Value Index	26.59%	9.99%	8.47%

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

Fund Statistics as of 9.30.24

Net Assets	$371,566,045
Total Number of Portfolio Holdings	87
Portfolio Turnover Rate	25%
Total Advisory Fees Paid	$2,631,997

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2500 Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

‡

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

Guggenheim Investments 1

Guggenheim SMid Cap Value Fund   |   Class C   |   SEVSX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Industrial	22.9%
Financial	18.7%
Consumer, Non-cyclical	16.0%
Technology	8.2%
Basic Materials	8.0%
Consumer, Cyclical	7.5%
Utilities	7.4%
Other	7.4%

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

OGE Energy Corp.	2.6%
Ingredion, Inc.	2.5%
Evergy, Inc.	2.3%
Unum Group	2.2%
Teledyne Technologies, Inc.	2.2%
Stifel Financial Corp.	2.1%
Curtiss-Wright Corp.	2.1%
Teradyne, Inc.	2.1%
Encompass Health Corp.	2.0%
Jefferies Financial Group, Inc.	2.0%
Top 10 Total	22.1%

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

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

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

OGE Energy Corp.	2.6%
Ingredion, Inc.	2.5%
Evergy, Inc.	2.3%
Unum Group	2.2%
Teledyne Technologies, Inc.	2.2%
Stifel Financial Corp.	2.1%
Curtiss-Wright Corp.	2.1%
Teradyne, Inc.	2.1%
Encompass Health Corp.	2.0%
Jefferies Financial Group, Inc.	2.0%
Top 10 Total	22.1%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

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

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

AR-SEVSX-093024

Guggenheim Investments 2

Guggenheim SMid Cap Value Fund

Class P | SEVPX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class P	$132	1.19%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class P shares) returned 21.24%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the Russell 2500 Value Index, which returned 26.59% for the same period.

The fund's broad-based securities market index was changed from the Russell 2500 Value Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund lagged the Russell 2500 Value Index (the fund's ancillary index). While poor performance from smaller positions such as LivePerson, Inc., Luna Innovations, and Ginkgo Bioworks were the largest negative contributors, none detracted from performance by more than 45 basis points. Sector allocation was a larger detractor from performance, especially an overweighting in the Energy sector. Positive contributors included selection in Financials and Industrials as Jeffries Financial, Stifel Financial, PGTI, and Leidos all gained more than 50% during the period. Performance was subdued relative to equity indexes such as the S&P 500 Index which benefited from AI-driven large cap technology growth stocks.

How did the fund perform since inception?

Cumulative performance* for the fund since inception (as of 9.30.24), assuming a $10,000 initial investment.

Date	SMid Cap Value Fund (Class P)	S&P 500 Index	Russell 2500 Value Index
05/01/2015	10000	10000	10000
06/30/2015	9912	9825	9960
09/30/2015	9074	9193	9005
12/31/2015	9194	9840	9255
03/31/2016	9667	9973	9563
06/30/2016	9973	10217	9981
09/30/2016	10491	10611	10597
12/31/2016	11669	11017	11587
03/31/2017	11943	11685	11776
06/30/2017	12004	12046	11814
09/30/2017	12649	12586	12266
12/31/2017	13227	13422	12788
03/31/2018	12980	13320	12449
06/30/2018	13770	13777	13171
09/30/2018	13917	14840	13523
12/31/2018	11493	12834	11207
03/31/2019	12850	14585	12678
06/30/2019	13182	15213	12917
09/30/2019	13554	15471	12934
12/31/2019	14561	16874	13848
03/31/2020	9984	13567	9051
06/30/2020	11855	16354	10915
09/30/2020	12158	17815	11302
12/31/2020	15069	19979	14524
03/31/2021	17705	21213	16968
06/30/2021	18087	23026	17817
09/30/2021	17574	23160	17449
12/31/2021	18620	25714	18559
03/31/2022	19030	24532	18280
06/30/2022	16786	20582	15467
09/30/2022	16141	19577	14770
12/31/2022	18244	21057	16130
03/31/2023	18376	22636	16355
06/30/2023	18882	24615	17071
09/30/2023	18170	23809	16446
12/31/2023	19927	26592	18708
03/31/2024	21254	29400	19844
06/30/2024	20494	30659	18990
09/30/2024	22030	32464	20818

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Since Inception (5.01.15)
Class P	21.24%	10.20%	8.75%
S&P 500 Index	36.35%	15.98%	13.32%
Russell 2500 Value Index	26.59%	9.99%	8.10%

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

Fund Statistics as of 9.30.24

Net Assets	$371,566,045
Total Number of Portfolio Holdings	87
Portfolio Turnover Rate	25%
Total Advisory Fees Paid	$2,631,997

^* The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2500 Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

Guggenheim Investments 1

Guggenheim SMid Cap Value Fund   |   Class P   |   SEVPX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Industrial	22.9%
Financial	18.7%
Consumer, Non-cyclical	16.0%
Technology	8.2%
Basic Materials	8.0%
Consumer, Cyclical	7.5%
Utilities	7.4%
Other	7.4%

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

OGE Energy Corp.	2.6%
Ingredion, Inc.	2.5%
Evergy, Inc.	2.3%
Unum Group	2.2%
Teledyne Technologies, Inc.	2.2%
Stifel Financial Corp.	2.1%
Curtiss-Wright Corp.	2.1%
Teradyne, Inc.	2.1%
Encompass Health Corp.	2.0%
Jefferies Financial Group, Inc.	2.0%
Top 10 Total	22.1%

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

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

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

OGE Energy Corp.	2.6%
Ingredion, Inc.	2.5%
Evergy, Inc.	2.3%
Unum Group	2.2%
Teledyne Technologies, Inc.	2.2%
Stifel Financial Corp.	2.1%
Curtiss-Wright Corp.	2.1%
Teradyne, Inc.	2.1%
Encompass Health Corp.	2.0%
Jefferies Financial Group, Inc.	2.0%
Top 10 Total	22.1%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

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

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

AR-SEVPX-093024

Guggenheim Investments 2

Guggenheim SMid Cap Value Fund

Institutional Class | SVUIX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Institutional Class	$104	0.94%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Institutional Class shares) returned 21.52%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and underperforming the fund's secondary index, the Russell 2500 Value Index, which returned 26.59% for the same period.

The fund's broad-based securities market index was changed from the Russell 2500 Value Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund lagged the Russell 2500 Value Index (the fund's ancillary index). While poor performance from smaller positions such as LivePerson, Inc., Luna Innovations, and Ginkgo Bioworks were the largest negative contributors, none detracted from performance by more than 45 basis points. Sector allocation was a larger detractor from performance, especially an overweighting in the Energy sector. Positive contributors included selection in Financials and Industrials as Jeffries Financial, Stifel Financial, PGTI, and Leidos all gained more than 50% during the period. Performance was subdued relative to equity indexes such as the S&P 500 Index which benefited from AI-driven large cap technology growth stocks.

How did the fund perform over the last 10 years?

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

Date	SMid Cap Value Fund (Institutional Class)	S&P 500 Index	Russell 2500 Value Index
09/30/2014	2000000	2000000	2000000
12/31/2014	2049490	2098653	2121725
03/31/2015	2085668	2118603	2185737
06/30/2015	2042254	2124494	2158013
09/30/2015	1883071	1987710	1951186
12/31/2015	1912171	2127695	2005342
03/31/2016	2014716	2156373	2072172
06/30/2016	2075037	2209317	2162653
09/30/2016	2189647	2294422	2296223
12/31/2016	2430861	2382166	2510712
03/31/2017	2489112	2526671	2551477
06/30/2017	2502555	2604699	2559730
09/30/2017	2632500	2721399	2657818
12/31/2017	2752530	2902230	2770800
03/31/2018	2702025	2880198	2697331
06/30/2018	2871217	2979101	2853815
09/30/2018	2904045	3208812	2930101
12/31/2018	2397388	2774986	2428396
03/31/2019	2684032	3153716	2746919
06/30/2019	2753522	3289447	2798905
09/30/2019	2857756	3345311	2802554
12/31/2019	3064073	3648730	3000645
03/31/2020	2103558	2933652	1961180
06/30/2020	2498536	3536320	2365114
09/30/2020	2564366	3852094	2448892
12/31/2020	3180771	4320052	3146993
03/31/2021	3737331	4586814	3676608
06/30/2021	3821114	4978933	3860593
09/30/2021	3716385	5007913	3780719
12/31/2021	3939747	5560141	4021256
03/31/2022	4031191	5304457	3960898
06/30/2022	3554916	4450380	3351250
09/30/2022	3421559	4233086	3200324
12/31/2022	3868044	4553151	3495088
03/31/2023	3901430	4894505	3543846
06/30/2023	4011128	5322389	3698791
09/30/2023	3863274	5148165	3563373
12/31/2023	4238248	5750067	4053645
03/31/2024	4523565	6357039	4299717
06/30/2024	4367937	6629362	4114599
09/30/2024	4694755	7019604	4510723

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Institutional Class1	21.52%	10.44%	8.91%
S&P 500 Index	36.35%	15.98%	13.38%
Russell 2500 Value Index	26.59%	9.99%	8.47%

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

Fund Statistics as of 9.30.24

Net Assets	$371,566,045
Total Number of Portfolio Holdings	87
Portfolio Turnover Rate	25%
Total Advisory Fees Paid	$2,631,997

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2500 Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

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.

Guggenheim Investments 1

Guggenheim SMid Cap Value Fund   |   Institutional Class   |   SVUIX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Industrial	22.9%
Financial	18.7%
Consumer, Non-cyclical	16.0%
Technology	8.2%
Basic Materials	8.0%
Consumer, Cyclical	7.5%
Utilities	7.4%
Other	7.4%

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

OGE Energy Corp.	2.6%
Ingredion, Inc.	2.5%
Evergy, Inc.	2.3%
Unum Group	2.2%
Teledyne Technologies, Inc.	2.2%
Stifel Financial Corp.	2.1%
Curtiss-Wright Corp.	2.1%
Teradyne, Inc.	2.1%
Encompass Health Corp.	2.0%
Jefferies Financial Group, Inc.	2.0%
Top 10 Total	22.1%

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

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

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

OGE Energy Corp.	2.6%
Ingredion, Inc.	2.5%
Evergy, Inc.	2.3%
Unum Group	2.2%
Teledyne Technologies, Inc.	2.2%
Stifel Financial Corp.	2.1%
Curtiss-Wright Corp.	2.1%
Teradyne, Inc.	2.1%
Encompass Health Corp.	2.0%
Jefferies Financial Group, Inc.	2.0%
Top 10 Total	22.1%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

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

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

AR-SVUIX-093024

Guggenheim Investments 2

Guggenheim StylePlus—Large Core Fund

Class A | SECEX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$189	1.59%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class A shares) returned 37.38%, outperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period.

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

The equity sleeve was allocated 15%-25% to actively managed equity and 75%-85% to passive equity. Relative to the fund's benchmark, the active equity sleeve contributed to performance. The passive equity component, which accounted for most of the fund's exposure to the broad equity market, consisted of equity index swaps and equity index futures, and generated performance roughly in line with fund's benchmark (before costs associated with derivatives); the active fixed income sleeve generated excess returns over the costs of equity index derivatives.

How did the fund perform over the last 10 years?

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

Date	StylePlus—Large Core Fund (Class A)†	S&P 500 Index
09/30/2014	9526	10000
12/31/2014	9987	10493
03/31/2015	10112	10593
06/30/2015	10139	10622
09/30/2015	9446	9939
12/31/2015	10086	10638
03/31/2016	10187	10782
06/30/2016	10488	11047
09/30/2016	10970	11472
12/31/2016	11394	11911
03/31/2017	12100	12633
06/30/2017	12456	13023
09/30/2017	13008	13607
12/31/2017	13894	14511
03/31/2018	13747	14401
06/30/2018	14096	14896
09/30/2018	15168	16044
12/31/2018	12943	13875
03/31/2019	14650	15769
06/30/2019	15192	16447
09/30/2019	15395	16727
12/31/2019	16776	18244
03/31/2020	13094	14668
06/30/2020	16050	17682
09/30/2020	17578	19260
12/31/2020	19746	21600
03/31/2021	21024	22934
06/30/2021	22777	24895
09/30/2021	22836	25040
12/31/2021	25327	27801
03/31/2022	23806	26522
06/30/2022	19716	22252
09/30/2022	18510	21165
12/31/2022	19955	22766
03/31/2023	21520	24473
06/30/2023	23305	26612
09/30/2023	22547	25741
12/31/2023	25285	28750
03/31/2024	28055	31785
06/30/2024	29121	33147
09/30/2024	30976	35098

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class A (without sales charge)	37.38%	15.01%	12.51%
Class A (with sales charge)†	30.86%	13.90%	11.97%
S&P 500 Index	36.35%	15.98%	13.38%

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

Fund Statistics as of 9.30.24

Net Assets	$264,090,628
Total Number of Portfolio Holdings	84
Portfolio Turnover Rate	56%
Total Advisory Fees Paid	$1,714,349

*

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

†

Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Guggenheim StylePlus—Large Core Fund    |   Class A   |   SECEX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

S&P 500 Index Equity Swap Agreements	76.8%
Technology	7.6%
Communications	3.8%
Consumer, Non-cyclical	3.7%
Industrial	3.0%
Financial	3.0%
Consumer, Cyclical	1.4%
S&P 500 Index Futures	1.1%
Other	0.2%

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

Guggenheim Strategy Fund III	31.6%
Guggenheim Strategy Fund II	27.5%
Guggenheim Ultra Short Duration Fund — Institutional Class	12.9%
Microsoft Corp.	1.6%
Apple, Inc.	1.4%
NVIDIA Corp.	1.3%
Amazon.com, Inc.	0.8%
Alphabet, Inc. — Class C	0.7%
Johnson & Johnson	0.4%
AbbVie, Inc.	0.4%
Top 10 Total	78.6%

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

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

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

Guggenheim Strategy Fund III	31.6%
Guggenheim Strategy Fund II	27.5%
Guggenheim Ultra Short Duration Fund — Institutional Class	12.9%
Microsoft Corp.	1.6%
Apple, Inc.	1.4%
NVIDIA Corp.	1.3%
Amazon.com, Inc.	0.8%
Alphabet, Inc. — Class C	0.7%
Johnson & Johnson	0.4%
AbbVie, Inc.	0.4%
Top 10 Total	78.6%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

The fund's (Class A shares) net expense ratio, which reflects expense waivers and reimbursements, was 1.59% for the year ended September 30, 2024, an increase of 0.15% compared to the prior year. The primary driver of the increase was an increase in interest expense on cash collateral received.

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

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

AR-SECEX-093024

Guggenheim Investments 2

Guggenheim StylePlus—Large Core Fund

Class C | SFECX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$293	2.48%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class C shares) returned 36.17%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period.

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

The equity sleeve was allocated 15%-25% to actively managed equity and 75%-85% to passive equity. Relative to the fund's benchmark, the active equity sleeve contributed to performance. The passive equity component, which accounted for most of the fund's exposure to the broad equity market, consisted of equity index swaps and equity index futures, and generated performance roughly in line with fund's benchmark (before costs associated with derivatives); the active fixed income sleeve generated excess returns over the costs of equity index derivatives.

How did the fund perform over the last 10 years?

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

Date	StylePlus—Large Core Fund (Class C)	S&P 500 Index
09/30/2014	10000	10000
12/31/2014	10457	10493
03/31/2015	10566	10593
06/30/2015	10572	10622
09/30/2015	9828	9939
12/31/2015	10461	10638
03/31/2016	10546	10782
06/30/2016	10829	11047
09/30/2016	11302	11472
12/31/2016	11714	11911
03/31/2017	12414	12633
06/30/2017	12751	13023
09/30/2017	13290	13607
12/31/2017	14165	14511
03/31/2018	13981	14401
06/30/2018	14307	14896
09/30/2018	15358	16044
12/31/2018	13071	13875
03/31/2019	14766	15769
06/30/2019	15277	16447
09/30/2019	15451	16727
12/31/2019	16794	18244
03/31/2020	13072	14668
06/30/2020	15979	17682
09/30/2020	17477	19260
12/31/2020	19584	21600
03/31/2021	20806	22934
06/30/2021	22490	24895
09/30/2021	22490	25040
12/31/2021	24881	27801
03/31/2022	23336	26522
06/30/2022	19287	22252
09/30/2022	18061	21165
12/31/2022	19439	22766
03/31/2023	20916	24473
06/30/2023	22607	26612
09/30/2023	21821	25741
12/31/2023	24409	28750
03/31/2024	27024	31785
06/30/2024	27995	33147
09/30/2024	29714	35098

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class C (without CDSC)	36.17%	13.97%	11.51%
Class C (with CDSC)‡	35.17%	13.97%	11.51%
S&P 500 Index	36.35%	15.98%	13.38%

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

Fund Statistics as of 9.30.24

Net Assets	$264,090,628
Total Number of Portfolio Holdings	84
Portfolio Turnover Rate	56%
Total Advisory Fees Paid	$1,714,349

*

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

‡

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

Guggenheim Investments 1

Guggenheim StylePlus—Large Core Fund    |   Class C   |   SFECX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
S&P 500 Index Equity Swap Agreements	76.8%
Technology	7.6%
Communications	3.8%
Consumer, Non-cyclical	3.7%
Industrial	3.0%
Financial	3.0%
Consumer, Cyclical	1.4%
S&P 500 Index Futures	1.1%
Other	0.2%

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

Guggenheim Strategy Fund III	31.6%
Guggenheim Strategy Fund II	27.5%
Guggenheim Ultra Short Duration Fund — Institutional Class	12.9%
Microsoft Corp.	1.6%
Apple, Inc.	1.4%
NVIDIA Corp.	1.3%
Amazon.com, Inc.	0.8%
Alphabet, Inc. — Class C	0.7%
Johnson & Johnson	0.4%
AbbVie, Inc.	0.4%
Top 10 Total	78.6%

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

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

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

Guggenheim Strategy Fund III	31.6%
Guggenheim Strategy Fund II	27.5%
Guggenheim Ultra Short Duration Fund — Institutional Class	12.9%
Microsoft Corp.	1.6%
Apple, Inc.	1.4%
NVIDIA Corp.	1.3%
Amazon.com, Inc.	0.8%
Alphabet, Inc. — Class C	0.7%
Johnson & Johnson	0.4%
AbbVie, Inc.	0.4%
Top 10 Total	78.6%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

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

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

AR-SFECX-093024

Guggenheim Investments 2

Guggenheim StylePlus—Large Core Fund

Class P | SFEPX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class P	$196	1.65%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class P shares) returned 37.29%, outperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period.

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

The equity sleeve was allocated 15%-25% to actively managed equity and 75%-85% to passive equity. Relative to the fund's benchmark, the active equity sleeve contributed to performance. The passive equity component, which accounted for most of the fund's exposure to the broad equity market, consisted of equity index swaps and equity index futures, and generated performance roughly in line with fund's benchmark (before costs associated with derivatives); the active fixed income sleeve generated excess returns over the costs of equity index derivatives.

How did the fund perform since inception?

Cumulative performance* for the fund since inception (as of 9.30.24), assuming a $10,000 initial investment.

Date	StylePlus—Large Core Fund (Class P)	S&P 500 Index
05/01/2015	10000	10000
06/30/2015	9814	9825
09/30/2015	9131	9193
12/31/2015	9736	9840
03/31/2016	9838	9973
06/30/2016	10131	10217
09/30/2016	10599	10611
12/31/2016	10992	11017
03/31/2017	11675	11685
06/30/2017	12021	12046
09/30/2017	12552	12586
12/31/2017	13403	13422
03/31/2018	13248	13320
06/30/2018	13564	13777
09/30/2018	14589	14840
12/31/2018	12444	12834
03/31/2019	14092	14585
06/30/2019	14605	15213
09/30/2019	14802	15471
12/31/2019	16121	16874
03/31/2020	12581	13567
06/30/2020	15407	16354
09/30/2020	16872	17815
12/31/2020	18955	19979
03/31/2021	20175	21213
06/30/2021	21842	23026
09/30/2021	21899	23160
12/31/2021	24277	25714
03/31/2022	22814	24532
06/30/2022	18884	20582
09/30/2022	17718	19577
12/31/2022	19086	21057
03/31/2023	20580	22636
06/30/2023	22277	24615
09/30/2023	21548	23809
12/31/2023	24162	26592
03/31/2024	26806	29400
06/30/2024	27822	30659
09/30/2024	29585	32464

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Since Inception (5.01.15)
Class P	37.29%	14.85%	12.21%
S&P 500 Index	36.35%	15.98%	13.32%

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

Fund Statistics as of 9.30.24

Net Assets	$264,090,628
Total Number of Portfolio Holdings	84
Portfolio Turnover Rate	56%
Total Advisory Fees Paid	$1,714,349

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

Guggenheim Investments 1

Guggenheim StylePlus—Large Core Fund    |   Class P   |   SFEPX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
S&P 500 Index Equity Swap Agreements	76.8%
Technology	7.6%
Communications	3.8%
Consumer, Non-cyclical	3.7%
Industrial	3.0%
Financial	3.0%
Consumer, Cyclical	1.4%
S&P 500 Index Futures	1.1%
Other	0.2%

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

Guggenheim Strategy Fund III	31.6%
Guggenheim Strategy Fund II	27.5%
Guggenheim Ultra Short Duration Fund — Institutional Class	12.9%
Microsoft Corp.	1.6%
Apple, Inc.	1.4%
NVIDIA Corp.	1.3%
Amazon.com, Inc.	0.8%
Alphabet, Inc. — Class C	0.7%
Johnson & Johnson	0.4%
AbbVie, Inc.	0.4%
Top 10 Total	78.6%

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

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

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

Guggenheim Strategy Fund III	31.6%
Guggenheim Strategy Fund II	27.5%
Guggenheim Ultra Short Duration Fund — Institutional Class	12.9%
Microsoft Corp.	1.6%
Apple, Inc.	1.4%
NVIDIA Corp.	1.3%
Amazon.com, Inc.	0.8%
Alphabet, Inc. — Class C	0.7%
Johnson & Johnson	0.4%
AbbVie, Inc.	0.4%
Top 10 Total	78.6%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

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

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

AR-SFEPX-093024

Guggenheim Investments 2

Guggenheim StylePlus—Large Core Fund

Institutional Class | GILIX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Institutional Class	$164	1.38%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Institutional Class shares) returned 37.71%, outperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period.

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

The equity sleeve was allocated 15%-25% to actively managed equity and 75%-85% to passive equity. Relative to the fund's benchmark, the active equity sleeve contributed to performance. The passive equity component, which accounted for most of the fund's exposure to the broad equity market, consisted of equity index swaps and equity index futures, and generated performance roughly in line with fund's benchmark (before costs associated with derivatives); the active fixed income sleeve generated excess returns over the costs of equity index derivatives.

How did the fund perform over the last 10 years?

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

Date	StylePlus—Large Core Fund (Institutional Class)	S&P 500 Index
09/30/2014	2000000	2000000
12/31/2014	2097596	2098653
03/31/2015	2125010	2118603
06/30/2015	2129736	2124494
09/30/2015	1985107	1987710
12/31/2015	2130713	2127695
03/31/2016	2153108	2156373
06/30/2016	2219226	2209317
09/30/2016	2322669	2294422
12/31/2016	2415487	2382166
03/31/2017	2567211	2526671
06/30/2017	2644172	2604699
09/30/2017	2762912	2721399
12/31/2017	2954834	2902230
03/31/2018	2924682	2880198
06/30/2018	3002027	2979101
09/30/2018	3231440	3208812
12/31/2018	2758379	2774986
03/31/2019	3125839	3153716
06/30/2019	3240772	3289447
09/30/2019	3287716	3345311
12/31/2019	3584518	3648730
03/31/2020	2800044	2933652
06/30/2020	3432897	3536320
09/30/2020	3762508	3852094
12/31/2020	4229244	4320052
03/31/2021	4503847	4586814
06/30/2021	4879619	4978933
09/30/2021	4895878	5007913
12/31/2021	5433847	5560141
03/31/2022	5109750	5304457
06/30/2022	4234118	4450380
09/30/2022	3976356	4233086
12/31/2022	4287626	4553151
03/31/2023	4626685	4894505
06/30/2023	5013799	5322389
09/30/2023	4853614	5148165
12/31/2023	5448616	5750067
03/31/2024	6047003	6357039
06/30/2024	6280319	6629362
09/30/2024	6683819	7019604

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Institutional Class	37.71%	15.25%	12.82%
S&P 500 Index	36.35%	15.98%	13.38%

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

Fund Statistics as of 9.30.24

Net Assets	$264,090,628
Total Number of Portfolio Holdings	84
Portfolio Turnover Rate	56%
Total Advisory Fees Paid	$1,714,349

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

Guggenheim Investments 1

Guggenheim StylePlus—Large Core Fund    |   Institutional Class   |   GILIX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
S&P 500 Index Equity Swap Agreements	76.8%
Technology	7.6%
Communications	3.8%
Consumer, Non-cyclical	3.7%
Industrial	3.0%
Financial	3.0%
Consumer, Cyclical	1.4%
S&P 500 Index Futures	1.1%
Other	0.2%

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

Guggenheim Strategy Fund III	31.6%
Guggenheim Strategy Fund II	27.5%
Guggenheim Ultra Short Duration Fund — Institutional Class	12.9%
Microsoft Corp.	1.6%
Apple, Inc.	1.4%
NVIDIA Corp.	1.3%
Amazon.com, Inc.	0.8%
Alphabet, Inc. — Class C	0.7%
Johnson & Johnson	0.4%
AbbVie, Inc.	0.4%
Top 10 Total	78.6%

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

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

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

Guggenheim Strategy Fund III	31.6%
Guggenheim Strategy Fund II	27.5%
Guggenheim Ultra Short Duration Fund — Institutional Class	12.9%
Microsoft Corp.	1.6%
Apple, Inc.	1.4%
NVIDIA Corp.	1.3%
Amazon.com, Inc.	0.8%
Alphabet, Inc. — Class C	0.7%
Johnson & Johnson	0.4%
AbbVie, Inc.	0.4%
Top 10 Total	78.6%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

The fund's (Institutional Class shares) net expense ratio, which reflects expense waivers and reimbursements, was 1.38% for the year ended September 30, 2024, an increase of 0.15% compared to the prior year. The primary driver of the increase was an increase in interest expense on cash collateral received.

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

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

AR-GILIX-093024

Guggenheim Investments 2

Guggenheim StylePlus—Mid Growth Fund

Class A | SECUX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$194	1.68%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class A shares) returned 31.52%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and outperforming the fund's secondary index, the Russell Midcap Growth Index, which returned 29.33% for the same period.

The fund's broad-based securities market index was changed from the Russell Midcap Growth Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund outperformed the Russell Midcap Growth Index (the "Index") for the reporting period. The equity sleeve was allocated 15%-25% to actively managed equity and 75%-85% to passive equity. Relative to the Index, the active equity sleeve contributed to performance. The passive equity component, which accounted for most of the fund's exposure to the broad equity market, consisted of equity index swaps and equity index futures, and generated performance roughly in line with the Index (before costs associated with derivatives); the active fixed income sleeve generated excess returns over the costs of equity index derivatives.

How did the fund perform over the last 10 years?

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

Date	StylePlus—Mid Growth Fund (Class A)‡	S&P 500 Index	Russell Midcap Growth Index
09/30/2014	9526	10000	10000
12/31/2014	10082	10493	10584
03/31/2015	10625	10593	11153
06/30/2015	10493	10622	11026
09/30/2015	9625	9939	10145
12/31/2015	10003	10638	10563
03/31/2016	10022	10782	10624
06/30/2016	10218	11047	10790
09/30/2016	10737	11472	11285
12/31/2016	10821	11911	11337
03/31/2017	11586	12633	12118
06/30/2017	12028	13023	12629
09/30/2017	12620	13607	13296
12/31/2017	13433	14511	14201
03/31/2018	13656	14401	14510
06/30/2018	13984	14896	14968
09/30/2018	14965	16044	16102
12/31/2018	12455	13875	13527
03/31/2019	14768	15769	16181
06/30/2019	15456	16447	17055
09/30/2019	15305	16727	16940
12/31/2019	16493	18244	18324
03/31/2020	12566	14668	14652
06/30/2020	16565	17682	19086
09/30/2020	18147	19260	20875
12/31/2020	21715	21600	24845
03/31/2021	21999	22934	24705
06/30/2021	24087	24895	27440
09/30/2021	23785	25040	27232
12/31/2021	24653	27801	28008
03/31/2022	21445	26522	24484
06/30/2022	16921	22252	19325
09/30/2022	16487	21165	19199
12/31/2022	17866	22766	20524
03/31/2023	19480	24473	22399
06/30/2023	20728	26612	23795
09/30/2023	19758	25741	22552
12/31/2023	22579	28750	25833
03/31/2024	25189	31785	28286
06/30/2024	24286	33147	27377
09/30/2024	25987	35098	29168

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class A (without sales charge)	31.52%	11.17%	10.56%
Class A (with sales charge)‡	25.29%	10.09%	10.02%
S&P 500 Index	36.35%	15.98%	13.38%
Russell Midcap Growth Index	29.33%	11.48%	11.30%

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

Fund Statistics as of 9.30.24

Net Assets	$77,712,974
Total Number of Portfolio Holdings	113
Portfolio Turnover Rate	80%
Total Advisory Fees Paid	$538,718

*

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

‡

Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Guggenheim StylePlus—Mid Growth Fund   |   Class A   |   SECUX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Russell Midcap Growth Index Swap Agreements	76.0%
Industrial	8.4%
Consumer, Cyclical	5.0%
Technology	3.5%
Consumer, Non-cyclical	3.5%
Financial	2.2%
Energy	1.2%
Other	1.0%

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

Guggenheim Strategy Fund II	34.6%
Guggenheim Strategy Fund III	29.6%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.0%
Carlisle Companies, Inc.	0.6%
EMCOR Group, Inc.	0.6%
Lennox International, Inc.	0.5%
Owens Corning	0.5%
Toll Brothers, Inc.	0.5%
Williams-Sonoma, Inc.	0.4%
Advanced Drainage Systems, Inc.	0.4%
Top 10 Total	70.7%

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

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

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

Guggenheim Strategy Fund II	34.6%
Guggenheim Strategy Fund III	29.6%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.0%
Carlisle Companies, Inc.	0.6%
EMCOR Group, Inc.	0.6%
Lennox International, Inc.	0.5%
Owens Corning	0.5%
Toll Brothers, Inc.	0.5%
Williams-Sonoma, Inc.	0.4%
Advanced Drainage Systems, Inc.	0.4%
Top 10 Total	70.7%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

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

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

AR-SECUX-093024

Guggenheim Investments 2

Guggenheim StylePlus—Mid Growth Fund

Class C | SUFCX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$303	2.63%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class C shares) returned 30.26%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and outperforming the fund's secondary index, the Russell Midcap Growth Index, which returned 29.33% for the same period.

The fund's broad-based securities market index was changed from the Russell Midcap Growth Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund outperformed the Russell Midcap Growth Index (the "Index") for the reporting period. The equity sleeve was allocated 15%-25% to actively managed equity and 75%-85% to passive equity. Relative to the Index, the active equity sleeve contributed to performance. The passive equity component, which accounted for most of the fund's exposure to the broad equity market, consisted of equity index swaps and equity index futures, and generated performance roughly in line with the Index (before costs associated with derivatives); the active fixed income sleeve generated excess returns over the costs of equity index derivatives.

How did the fund perform over the last 10 years?

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

Date	StylePlus—Mid Growth Fund (Class C)	S&P 500 Index	Russell Midcap Growth Index
09/30/2014	10000	10000	10000
12/31/2014	10558	10493	10584
03/31/2015	11105	10593	11153
06/30/2015	10946	10622	11026
09/30/2015	10020	9939	10145
12/31/2015	10388	10638	10563
03/31/2016	10388	10782	10624
06/30/2016	10566	11047	10790
09/30/2016	11077	11472	11285
12/31/2016	11142	11911	11337
03/31/2017	11903	12633	12118
06/30/2017	12330	13023	12629
09/30/2017	12910	13607	13296
12/31/2017	13716	14511	14201
03/31/2018	13919	14401	14510
06/30/2018	14225	14896	14968
09/30/2018	15187	16044	16102
12/31/2018	12609	13875	13527
03/31/2019	14918	15769	16181
06/30/2019	15578	16447	17055
09/30/2019	15392	16727	16940
12/31/2019	16552	18244	18324
03/31/2020	12583	14668	14652
06/30/2020	16552	17682	19086
09/30/2020	18090	19260	20875
12/31/2020	21597	21600	24845
03/31/2021	21832	22934	24705
06/30/2021	23846	24895	27440
09/30/2021	23497	25040	27232
12/31/2021	24289	27801	28008
03/31/2022	21083	26522	24484
06/30/2022	16597	22252	19325
09/30/2022	16136	21165	19199
12/31/2022	17453	22766	20524
03/31/2023	18985	24473	22399
06/30/2023	20165	26612	23795
09/30/2023	19178	25741	22552
12/31/2023	21860	28750	25833
03/31/2024	24328	31785	28286
06/30/2024	23412	33147	27377
09/30/2024	24982	35098	29168

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class C (without CDSC)	30.26%	10.17%	9.59%
Class C (with CDSC)‡	29.26%	10.17%	9.59%
S&P 500 Index	36.35%	15.98%	13.38%
Russell Midcap Growth Index	29.33%	11.48%	11.30%

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

Fund Statistics as of 9.30.24

Net Assets	$77,712,974
Total Number of Portfolio Holdings	113
Portfolio Turnover Rate	80%
Total Advisory Fees Paid	$538,718

*

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

‡

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

Guggenheim Investments 1

Guggenheim StylePlus—Mid Growth Fund   |   Class C   |   SUFCX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Russell Midcap Growth Index Swap Agreements	76.0%
Industrial	8.4%
Consumer, Cyclical	5.0%
Technology	3.5%
Consumer, Non-cyclical	3.5%
Financial	2.2%
Energy	1.2%
Other	1.0%

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

Guggenheim Strategy Fund II	34.6%
Guggenheim Strategy Fund III	29.6%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.0%
Carlisle Companies, Inc.	0.6%
EMCOR Group, Inc.	0.6%
Lennox International, Inc.	0.5%
Owens Corning	0.5%
Toll Brothers, Inc.	0.5%
Williams-Sonoma, Inc.	0.4%
Advanced Drainage Systems, Inc.	0.4%
Top 10 Total	70.7%

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

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

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

Guggenheim Strategy Fund II	34.6%
Guggenheim Strategy Fund III	29.6%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.0%
Carlisle Companies, Inc.	0.6%
EMCOR Group, Inc.	0.6%
Lennox International, Inc.	0.5%
Owens Corning	0.5%
Toll Brothers, Inc.	0.5%
Williams-Sonoma, Inc.	0.4%
Advanced Drainage Systems, Inc.	0.4%
Top 10 Total	70.7%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

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

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

AR-SUFCX-093024

Guggenheim Investments 2

Guggenheim StylePlus—Mid Growth Fund

Class P | SEUPX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class P	$219	1.89%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class P shares) returned 31.28%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and outperforming the fund's secondary index, the Russell Midcap Growth Index, which returned 29.33% for the same period.

The fund's broad-based securities market index was changed from the Russell Midcap Growth Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund outperformed the Russell Midcap Growth Index (the "Index") for the reporting period. The equity sleeve was allocated 15%-25% to actively managed equity and 75%-85% to passive equity. Relative to the Index, the active equity sleeve contributed to performance. The passive equity component, which accounted for most of the fund's exposure to the broad equity market, consisted of equity index swaps and equity index futures, and generated performance roughly in line with the Index (before costs associated with derivatives); the active fixed income sleeve generated excess returns over the costs of equity index derivatives.

How did the fund perform since inception?

Cumulative performance* for the fund since inception (as of 9.30.24), assuming a $10,000 initial investment.

Date	StylePlus—Mid Growth Fund (Class P)	S&P 500 Index	Russell Midcap Growth Index
05/01/2015	10000	10000	10000
06/30/2015	9843	9825	9852
09/30/2015	9025	9193	9065
12/31/2015	9361	9840	9439
03/31/2016	9379	9973	9493
06/30/2016	9564	10217	9642
09/30/2016	10050	10611	10084
12/31/2016	10112	11017	10130
03/31/2017	10824	11685	10829
06/30/2017	11237	12046	11285
09/30/2017	11786	12586	11881
12/31/2017	12542	13422	12690
03/31/2018	12743	13320	12966
06/30/2018	13038	13777	13375
09/30/2018	13946	14840	14388
12/31/2018	11606	12834	12087
03/31/2019	13756	14585	14459
06/30/2019	14392	15213	15240
09/30/2019	14247	15471	15137
12/31/2019	15346	16874	16374
03/31/2020	11692	13567	13093
06/30/2020	15413	16354	17055
09/30/2020	16879	17815	18654
12/31/2020	20193	19979	22201
03/31/2021	20453	21213	22076
06/30/2021	22388	23026	24520
09/30/2021	22098	23160	24334
12/31/2021	22900	25714	25027
03/31/2022	19912	24532	21879
06/30/2022	15693	20582	17269
09/30/2022	15270	19577	17156
12/31/2022	16536	21057	18340
03/31/2023	18007	22636	20015
06/30/2023	19137	24615	21263
09/30/2023	18231	23809	20152
12/31/2023	20834	26592	23084
03/31/2024	23227	29400	25276
06/30/2024	22371	30659	24464
09/30/2024	23933	32464	26064

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Since Inception (5.01.15)
Class P	31.28%	10.93%	9.71%
S&P 500 Index	36.35%	15.98%	13.32%
Russell Midcap Growth Index	29.33%	11.48%	10.71%

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

Fund Statistics as of 9.30.24

Net Assets	$77,712,974
Total Number of Portfolio Holdings	113
Portfolio Turnover Rate	80%
Total Advisory Fees Paid	$538,718

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

Guggenheim Investments 1

Guggenheim StylePlus—Mid Growth Fund   |   Class P   |   SEUPX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Russell Midcap Growth Index Swap Agreements	76.0%
Industrial	8.4%
Consumer, Cyclical	5.0%
Technology	3.5%
Consumer, Non-cyclical	3.5%
Financial	2.2%
Energy	1.2%
Other	1.0%

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

Guggenheim Strategy Fund II	34.6%
Guggenheim Strategy Fund III	29.6%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.0%
Carlisle Companies, Inc.	0.6%
EMCOR Group, Inc.	0.6%
Lennox International, Inc.	0.5%
Owens Corning	0.5%
Toll Brothers, Inc.	0.5%
Williams-Sonoma, Inc.	0.4%
Advanced Drainage Systems, Inc.	0.4%
Top 10 Total	70.7%

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

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

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

Guggenheim Strategy Fund II	34.6%
Guggenheim Strategy Fund III	29.6%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.0%
Carlisle Companies, Inc.	0.6%
EMCOR Group, Inc.	0.6%
Lennox International, Inc.	0.5%
Owens Corning	0.5%
Toll Brothers, Inc.	0.5%
Williams-Sonoma, Inc.	0.4%
Advanced Drainage Systems, Inc.	0.4%
Top 10 Total	70.7%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

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

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

AR-SEUPX-093024

Guggenheim Investments 2

Guggenheim StylePlus—Mid Growth Fund

Institutional Class | GIUIX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Institutional Class	$169	1.46%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Institutional Class shares) returned 31.84%, underperforming the fund's benchmark, the S&P 500 Index, which returned 36.35% for the same period and outperforming the fund's secondary index, the Russell Midcap Growth Index, which returned 29.33% for the same period.

The fund's broad-based securities market index was changed from the Russell Midcap Growth Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund outperformed the Russell Midcap Growth Index (the "Index") for the reporting period. The equity sleeve was allocated 15%-25% to actively managed equity and 75%-85% to passive equity. Relative to the Index, the active equity sleeve contributed to performance. The passive equity component, which accounted for most of the fund's exposure to the broad equity market, consisted of equity index swaps and equity index futures, and generated performance roughly in line with the Index (before costs associated with derivatives); the active fixed income sleeve generated excess returns over the costs of equity index derivatives.

How did the fund perform over the last 10 years?

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

Date	StylePlus—Mid Growth Fund (Institutional Class)	S&P 500 Index	Russell Midcap Growth Index
09/30/2014	2000000	2000000	2000000
12/31/2014	2117363	2098653	2116756
03/31/2015	2231946	2118603	2230597
06/30/2015	2203786	2124494	2205145
09/30/2015	2021715	1987710	2028966
12/31/2015	2101487	2127695	2112521
03/31/2016	2105374	2156373	2124755
06/30/2016	2144805	2209317	2157958
09/30/2016	2254211	2294422	2257050
12/31/2016	2274001	2382166	2267338
03/31/2017	2436310	2526671	2423659
06/30/2017	2530896	2604699	2525814
09/30/2017	2657385	2721399	2659254
12/31/2017	2831579	2902230	2840249
03/31/2018	2880377	2880198	2902006
06/30/2018	2950089	2979101	2993636
09/30/2018	3158592	3208812	3220390
12/31/2018	2631313	2774986	2705319
03/31/2019	3118261	3153716	3236130
06/30/2019	3263448	3289447	3410940
09/30/2019	3232453	3345311	3387967
12/31/2019	3484904	3648730	3664888
03/31/2020	2656477	2933652	2930445
06/30/2020	3503276	3536320	3817225
09/30/2020	3839824	3852094	4175035
12/31/2020	4597289	4320052	4969092
03/31/2021	4659440	4586814	4941004
06/30/2021	5103106	4978933	5488078
09/30/2021	5039998	5007913	5446372
12/31/2021	5226952	5560141	5601569
03/31/2022	4548817	5304457	4896873
06/30/2022	3589827	4450380	3865016
09/30/2022	3497911	4233086	3839778
12/31/2022	3788759	4553151	4104777
03/31/2023	4134633	4894505	4479785
06/30/2023	4401244	5322389	4759067
09/30/2023	4198043	5148165	4510456
12/31/2023	4800627	5750067	5166553
03/31/2024	5358976	6357039	5657197
06/30/2024	5169906	6629362	5475412
09/30/2024	5534753	7019604	5833576

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Institutional Class	31.84%	11.36%	10.72%
S&P 500 Index	36.35%	15.98%	13.38%
Russell Midcap Growth Index	29.33%	11.48%	11.30%

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

Fund Statistics as of 9.30.24

Net Assets	$77,712,974
Total Number of Portfolio Holdings	113
Portfolio Turnover Rate	80%
Total Advisory Fees Paid	$538,718

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

Guggenheim Investments 1

Guggenheim StylePlus—Mid Growth Fund   |   Institutional Class   |   GIUIX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Russell Midcap Growth Index Swap Agreements	76.0%
Industrial	8.4%
Consumer, Cyclical	5.0%
Technology	3.5%
Consumer, Non-cyclical	3.5%
Financial	2.2%
Energy	1.2%
Other	1.0%

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

Guggenheim Strategy Fund II	34.6%
Guggenheim Strategy Fund III	29.6%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.0%
Carlisle Companies, Inc.	0.6%
EMCOR Group, Inc.	0.6%
Lennox International, Inc.	0.5%
Owens Corning	0.5%
Toll Brothers, Inc.	0.5%
Williams-Sonoma, Inc.	0.4%
Advanced Drainage Systems, Inc.	0.4%
Top 10 Total	70.7%

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

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

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

Guggenheim Strategy Fund II	34.6%
Guggenheim Strategy Fund III	29.6%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.0%
Carlisle Companies, Inc.	0.6%
EMCOR Group, Inc.	0.6%
Lennox International, Inc.	0.5%
Owens Corning	0.5%
Toll Brothers, Inc.	0.5%
Williams-Sonoma, Inc.	0.4%
Advanced Drainage Systems, Inc.	0.4%
Top 10 Total	70.7%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

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

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

AR-GIUIX-093024

Guggenheim Investments 2

Guggenheim World Equity Income Fund

Class A | SEQAX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$134	1.19%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class A shares) returned 26.03%, underperforming the fund's benchmark, the MSCI World Index (Net), which returned 32.43% for the same period.

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

An underweight in the Health Care sector and good selection in Consumer Staples were the largest positive contributors to the fund's return. The leading overall detractor from return was security selection, with the Industrials and Health Care sectors responsible for most of the relative underperformance. The fund was also most underweight relative to the MSCI World Index (Net) (the fund's benchmark) in the Information Technology sector, which exacerbated the underperformance. From a country perspective, security selection in Italy, France and China were the largest relative contributors to return. The U.S. was the single largest relative detractor from return. Denmark and Germany were the other leading detractors from return on a relative basis. The top relative individual contributor to the fund was Dell Technologies, Inc. The biggest individual detractor was an underweight in Nvidia Corp.

How did the fund perform over the last 10 years?

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

Date	World Equity Income Fund (Class A)†	MSCI World Index (Net)
09/30/2014	9528	10000
12/31/2014	9401	10101
03/31/2015	9569	10335
06/30/2015	9415	10367
09/30/2015	8890	9491
12/31/2015	9309	10013
03/31/2016	9615	9978
06/30/2016	9922	10078
09/30/2016	10033	10569
12/31/2016	10217	10765
03/31/2017	10561	11451
06/30/2017	10787	11912
09/30/2017	11268	12489
12/31/2017	11719	13176
03/31/2018	11615	12999
06/30/2018	11673	13233
09/30/2018	12170	13892
12/31/2018	10701	12028
03/31/2019	11740	13529
06/30/2019	12019	14071
09/30/2019	12187	14146
12/31/2019	12949	15357
03/31/2020	9920	12124
06/30/2020	11573	14471
09/30/2020	12261	15618
12/31/2020	13744	17799
03/31/2021	15217	18675
06/30/2021	15944	20121
09/30/2021	15587	20119
12/31/2021	16675	21682
03/31/2022	16292	20565
06/30/2022	14560	17236
09/30/2022	13491	16169
12/31/2022	15128	17748
03/31/2023	15318	19121
06/30/2023	15934	20426
09/30/2023	15608	19719
12/31/2023	16957	21970
03/31/2024	18342	23915
06/30/2024	18580	24551
09/30/2024	19671	26114

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class A (without sales charge)	26.03%	10.05%	7.52%
Class A (with sales charge)†	20.02%	8.98%	7.00%
MSCI World Index (Net)	32.43%	13.04%	10.07%

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

Fund Statistics as of 9.30.24

Net Assets	$52,025,269
Total Number of Portfolio Holdings	152
Portfolio Turnover Rate	122%
Total Advisory Fees Paid	$158,563

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World Index (Net) is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return.

†

Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Guggenheim World Equity Income Fund   |   Class A   |   SEQAX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Financial	24.0%
Technology	18.5%
Consumer, Non-cyclical	13.6%
Communications	11.8%
Industrial	7.4%
Utilities	6.8%
Consumer, Cyclical	6.2%
Other	11.1%

Country Diversification (% of Total Investments) as of 9.30.24

United States	67.8%
Canada	3.9%
Japan	3.4%
Sweden	3.1%
Italy	3.0%
Ireland	2.4%
Australia	2.3%
Other	14.1%
Total Investments	100.0%

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

NVIDIA Corp.	3.2%
Apple, Inc.	3.2%
Microsoft Corp.	3.0%
Alphabet, Inc. — Class C	2.1%
Amazon.com, Inc.	1.7%
iShares MSCI EAFE ETF	1.5%
SPDR S&P 500 ETF Trust	1.4%
Home Depot, Inc.	1.3%
Johnson & Johnson	1.2%
Novo Nordisk A/S — Class B	1.1%
Top 10 Total	19.7%

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

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

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

NVIDIA Corp.	3.2%
Apple, Inc.	3.2%
Microsoft Corp.	3.0%
Alphabet, Inc. — Class C	2.1%
Amazon.com, Inc.	1.7%
iShares MSCI EAFE ETF	1.5%
SPDR S&P 500 ETF Trust	1.4%
Home Depot, Inc.	1.3%
Johnson & Johnson	1.2%
Novo Nordisk A/S — Class B	1.1%
Top 10 Total	19.7%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

Subsequent to the September 30, 2024 year-end, on November 8, 2024, the fund was reorganized into New Age Alpha World Equity Income Fund, a series of New Age Alpha Funds Trust, pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees and shareholders of the fund.

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

AR-SEQAX-093024

Guggenheim Investments 2

Guggenheim World Equity Income Fund

Class C | SFGCX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$218	1.94%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class C shares) returned 25.05%, underperforming the fund's benchmark, the MSCI World Index (Net), which returned 32.43% for the same period.

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

An underweight in the Health Care sector and good selection in Consumer Staples were the largest positive contributors to the fund's return. The leading overall detractor from return was security selection, with the Industrials and Health Care sectors responsible for most of the relative underperformance. The fund was also most underweight relative to the MSCI World Index (Net) (the fund's benchmark) in the Information Technology sector, which exacerbated the underperformance. From a country perspective, security selection in Italy, France and China were the largest relative contributors to return. The U.S. was the single largest relative detractor from return. Denmark and Germany were the other leading detractors from return on a relative basis. The top relative individual contributor to the fund was Dell Technologies, Inc. The biggest individual detractor was an underweight in Nvidia Corp.

How did the fund perform over the last 10 years?

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

Date	World Equity Income Fund (Class C)	MSCI World Index (Net)
09/30/2014	10000	10000
12/31/2014	9847	10101
03/31/2015	10004	10335
06/30/2015	9828	10367
09/30/2015	9260	9491
12/31/2015	9684	10013
03/31/2016	9984	9978
06/30/2016	10280	10078
09/30/2016	10376	10569
12/31/2016	10546	10765
03/31/2017	10883	11451
06/30/2017	11093	11912
09/30/2017	11565	12489
12/31/2017	12006	13176
03/31/2018	11878	12999
06/30/2018	11917	13233
09/30/2018	12405	13892
12/31/2018	10881	12028
03/31/2019	11915	13529
06/30/2019	12173	14071
09/30/2019	12319	14146
12/31/2019	13066	15357
03/31/2020	9991	12124
06/30/2020	11632	14471
09/30/2020	12303	15618
12/31/2020	13763	17799
03/31/2021	15204	18675
06/30/2021	15911	20121
09/30/2021	15528	20119
12/31/2021	16572	21682
03/31/2022	16165	20565
06/30/2022	14421	17236
09/30/2022	13337	16169
12/31/2022	14924	17748
03/31/2023	15083	19121
06/30/2023	15673	20426
09/30/2023	15320	19719
12/31/2023	16602	21970
03/31/2024	17929	23915
06/30/2024	18115	24551
09/30/2024	19158	26114

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class C (without CDSC)	25.05%	9.23%	6.72%
Class C (with CDSC)‡	24.05%	9.23%	6.72%
MSCI World Index (Net)	32.43%	13.04%	10.07%

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

Fund Statistics as of 9.30.24

Net Assets	$52,025,269
Total Number of Portfolio Holdings	152
Portfolio Turnover Rate	122%
Total Advisory Fees Paid	$158,563

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World Index (Net) is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return.

‡

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

Guggenheim Investments 1

Guggenheim World Equity Income Fund   |   Class C   |   SFGCX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Financial	24.0%
Technology	18.5%
Consumer, Non-cyclical	13.6%
Communications	11.8%
Industrial	7.4%
Utilities	6.8%
Consumer, Cyclical	6.2%
Other	11.1%

Country Diversification (% of Total Investments) as of 9.30.24

United States	67.8%
Canada	3.9%
Japan	3.4%
Sweden	3.1%
Italy	3.0%
Ireland	2.4%
Australia	2.3%
Other	14.1%
Total Investments	100.0%

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

NVIDIA Corp.	3.2%
Apple, Inc.	3.2%
Microsoft Corp.	3.0%
Alphabet, Inc. — Class C	2.1%
Amazon.com, Inc.	1.7%
iShares MSCI EAFE ETF	1.5%
SPDR S&P 500 ETF Trust	1.4%
Home Depot, Inc.	1.3%
Johnson & Johnson	1.2%
Novo Nordisk A/S — Class B	1.1%
Top 10 Total	19.7%

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

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

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

NVIDIA Corp.	3.2%
Apple, Inc.	3.2%
Microsoft Corp.	3.0%
Alphabet, Inc. — Class C	2.1%
Amazon.com, Inc.	1.7%
iShares MSCI EAFE ETF	1.5%
SPDR S&P 500 ETF Trust	1.4%
Home Depot, Inc.	1.3%
Johnson & Johnson	1.2%
Novo Nordisk A/S — Class B	1.1%
Top 10 Total	19.7%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

Subsequent to the September 30, 2024 year-end, on November 8, 2024, the fund was reorganized into New Age Alpha World Equity Income Fund, a series of New Age Alpha Funds Trust, pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees and shareholders of the fund.

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

AR-SFGCX-093024

Guggenheim Investments 2

Guggenheim World Equity Income Fund

Class P | SEQPX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class P	$135	1.19%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class P shares) returned 26.06%, underperforming the fund's benchmark, the MSCI World Index (Net), which returned 32.43% for the same period.

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

An underweight in the Health Care sector and good selection in Consumer Staples were the largest positive contributors to the fund's return. The leading overall detractor from return was security selection, with the Industrials and Health Care sectors responsible for most of the relative underperformance. The fund was also most underweight relative to the MSCI World Index (Net) (the fund's benchmark) in the Information Technology sector, which exacerbated the underperformance. From a country perspective, security selection in Italy, France and China were the largest relative contributors to return. The U.S. was the single largest relative detractor from return. Denmark and Germany were the other leading detractors from return on a relative basis. The top relative individual contributor to the fund was Dell Technologies, Inc. The biggest individual detractor was an underweight in Nvidia Corp.

How did the fund perform since inception?

Cumulative performance* for the fund since inception (as of 9.30.24), assuming a $10,000 initial investment.

Date	World Equity Income Fund (Class P)	MSCI World Index (Net)
05/01/2015	10000	10000
06/30/2015	9676	9752
09/30/2015	9137	8928
12/31/2015	9575	9419
03/31/2016	9887	9386
06/30/2016	10231	9481
09/30/2016	10391	9942
12/31/2016	10579	10126
03/31/2017	10933	10772
06/30/2017	11169	11206
09/30/2017	11672	11748
12/31/2017	12130	12395
03/31/2018	12028	12228
06/30/2018	12087	12448
09/30/2018	12605	13068
12/31/2018	11076	11315
03/31/2019	12156	12727
06/30/2019	12440	13236
09/30/2019	12612	13307
12/31/2019	13403	14446
03/31/2020	10270	11405
06/30/2020	11983	13613
09/30/2020	12696	14692
12/31/2020	14226	16743
03/31/2021	15751	17567
06/30/2021	16504	18928
09/30/2021	16137	18926
12/31/2021	17262	20396
03/31/2022	16860	19345
06/30/2022	15064	16214
09/30/2022	13968	15210
12/31/2022	15657	16696
03/31/2023	15852	17986
06/30/2023	16499	19215
09/30/2023	16154	18550
12/31/2023	17547	20667
03/31/2024	18990	22496
06/30/2024	19223	23095
09/30/2024	20364	24565

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Since Inception (5.01.15)
Class P	26.06%	10.06%	7.84%
MSCI World Index (Net)	32.43%	13.04%	10.01%

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

Fund Statistics as of 9.30.24

Net Assets	$52,025,269
Total Number of Portfolio Holdings	152
Portfolio Turnover Rate	122%
Total Advisory Fees Paid	$158,563

^* The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World Index (Net) is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return.

Guggenheim Investments 1

Guggenheim World Equity Income Fund   |   Class P   |   SEQPX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Financial	24.0%
Technology	18.5%
Consumer, Non-cyclical	13.6%
Communications	11.8%
Industrial	7.4%
Utilities	6.8%
Consumer, Cyclical	6.2%
Other	11.1%

Country Diversification (% of Total Investments) as of 9.30.24

United States	67.8%
Canada	3.9%
Japan	3.4%
Sweden	3.1%
Italy	3.0%
Ireland	2.4%
Australia	2.3%
Other	14.1%
Total Investments	100.0%

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

NVIDIA Corp.	3.2%
Apple, Inc.	3.2%
Microsoft Corp.	3.0%
Alphabet, Inc. — Class C	2.1%
Amazon.com, Inc.	1.7%
iShares MSCI EAFE ETF	1.5%
SPDR S&P 500 ETF Trust	1.4%
Home Depot, Inc.	1.3%
Johnson & Johnson	1.2%
Novo Nordisk A/S — Class B	1.1%
Top 10 Total	19.7%

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

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

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

NVIDIA Corp.	3.2%
Apple, Inc.	3.2%
Microsoft Corp.	3.0%
Alphabet, Inc. — Class C	2.1%
Amazon.com, Inc.	1.7%
iShares MSCI EAFE ETF	1.5%
SPDR S&P 500 ETF Trust	1.4%
Home Depot, Inc.	1.3%
Johnson & Johnson	1.2%
Novo Nordisk A/S — Class B	1.1%
Top 10 Total	19.7%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

Subsequent to the September 30, 2024 year-end, on November 8, 2024, the fund was reorganized into New Age Alpha World Equity Income Fund, a series of New Age Alpha Funds Trust, pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees and shareholders of the fund.

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

AR-SEQPX-093024

Guggenheim Investments 2

Guggenheim World Equity Income Fund

Institutional Class | SEWIX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Institutional Class	$106	0.94%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Institutional Class shares) returned 26.28%, underperforming the fund's benchmark, the MSCI World Index (Net), which returned 32.43% for the same period.

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

An underweight in the Health Care sector and good selection in Consumer Staples were the largest positive contributors to the fund's return. The leading overall detractor from return was security selection, with the Industrials and Health Care sectors responsible for most of the relative underperformance. The fund was also most underweight relative to the MSCI World Index (Net) (the fund's benchmark) in the Information Technology sector, which exacerbated the underperformance. From a country perspective, security selection in Italy, France and China were the largest relative contributors to return. The U.S. was the single largest relative detractor from return. Denmark and Germany were the other leading detractors from return on a relative basis. The top relative individual contributor to the fund was Dell Technologies, Inc. The biggest individual detractor was an underweight in Nvidia Corp.

How did the fund perform over the last 10 years?

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

Date	World Equity Income Fund (Institutional Class)	MSCI World Index (Net)
09/30/2014	2000000	2000000
12/31/2014	1975023	2020171
03/31/2015	2011089	2066910
06/30/2015	1981049	2073315
09/30/2015	1871482	1898174
12/31/2015	1961063	2002569
03/31/2016	2026714	1995568
06/30/2016	2092474	2015686
09/30/2016	2116933	2113760
12/31/2016	2157776	2152974
03/31/2017	2232533	2290248
06/30/2017	2281073	2382455
09/30/2017	2383938	2497735
12/31/2017	2481067	2635245
03/31/2018	2460425	2599828
06/30/2018	2475265	2646606
09/30/2018	2582812	2778422
12/31/2018	2271121	2405675
03/31/2019	2494453	2705898
06/30/2019	2554607	2814151
09/30/2019	2593221	2829197
12/31/2019	2757654	3071329
03/31/2020	2113225	2424762
06/30/2020	2467825	2894170
09/30/2020	2617005	3123637
12/31/2020	2935407	3559747
03/31/2021	3250147	3734946
06/30/2021	3406824	4024185
09/30/2021	3333636	4023896
12/31/2021	3569715	4336383
03/31/2022	3489537	4112929
06/30/2022	3118927	3447191
09/30/2022	2894364	3233890
12/31/2022	3246772	3549697
03/31/2023	3287722	3824112
06/30/2023	3424960	4085281
09/30/2023	3356535	3943855
12/31/2023	3647401	4394065
03/31/2024	3947687	4782925
06/30/2024	4000234	4910189
09/30/2024	4238752	5222711

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Institutional Class	26.28%	10.33%	7.80%
MSCI World Index (Net)	32.43%	13.04%	10.07%

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

Fund Statistics as of 9.30.24

Net Assets	$52,025,269
Total Number of Portfolio Holdings	152
Portfolio Turnover Rate	122%
Total Advisory Fees Paid	$158,563

^* The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World Index (Net) is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return.

Guggenheim Investments 1

Guggenheim World Equity Income Fund   |   Institutional Class   |   SEWIX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Financial	24.0%
Technology	18.5%
Consumer, Non-cyclical	13.6%
Communications	11.8%
Industrial	7.4%
Utilities	6.8%
Consumer, Cyclical	6.2%
Other	11.1%

Country Diversification (% of Total Investments) as of 9.30.24

United States	67.8%
Canada	3.9%
Japan	3.4%
Sweden	3.1%
Italy	3.0%
Ireland	2.4%
Australia	2.3%
Other	14.1%
Total Investments	100.0%

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

NVIDIA Corp.	3.2%
Apple, Inc.	3.2%
Microsoft Corp.	3.0%
Alphabet, Inc. — Class C	2.1%
Amazon.com, Inc.	1.7%
iShares MSCI EAFE ETF	1.5%
SPDR S&P 500 ETF Trust	1.4%
Home Depot, Inc.	1.3%
Johnson & Johnson	1.2%
Novo Nordisk A/S — Class B	1.1%
Top 10 Total	19.7%

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

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

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

NVIDIA Corp.	3.2%
Apple, Inc.	3.2%
Microsoft Corp.	3.0%
Alphabet, Inc. — Class C	2.1%
Amazon.com, Inc.	1.7%
iShares MSCI EAFE ETF	1.5%
SPDR S&P 500 ETF Trust	1.4%
Home Depot, Inc.	1.3%
Johnson & Johnson	1.2%
Novo Nordisk A/S — Class B	1.1%
Top 10 Total	19.7%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

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

Subsequent to the September 30, 2024 year-end, on November 8, 2024, the fund was reorganized into New Age Alpha World Equity Income Fund, a series of New Age Alpha Funds Trust, pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees and shareholders of the fund.

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

AR-SEWIX-093024

Guggenheim Investments 2

Guggenheim Active INvestment Series (GAINS)-Core Plus Fund

SMA Class | GUCPX

Annual Shareholder Report | 9.30.24

This annual shareholder report contains important information about the Guggenheim Active INvestment Series (GAINS)-Core Plus Fund for the period of August 14, 2024 (the commencement of operations) to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
SMA Class	$0	0.00%

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

How did the fund perform over the last year?*

For the period of August 14, 2024 (the commencement of operations) to September 30, 2024, the fund (SMA Class shares) returned 0.92%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 1.28% for the same period.

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

The fund's positive performance was driven by carry (or earned income), while duration and credit were minor contributors. The fund benefited from its allocation to high yield corporates as spreads in the Bloomberg U.S. Corporate High Yield Bond Index tightened by 50 basis points since the inception of the fund. The allocation is concentrated towards shorter maturity debt of higher credit quality issuers, which we believe offers attractive total return opportunities as issuers take advantage of an accommodating capital markets environment and refinance debt early.

How did the fund perform since inception?

Cumulative performance* for the fund since inception (as of 9.30.24), assuming a $10,000 initial investment.

Date	Active INvestment Series (GAINS) - Core Plus Fund	Bloomberg U.S. Aggregate Bond Index
08/14/2024	10000	10000
08/19/2024	10002	9993
08/26/2024	10023	10039
09/02/2024	10025	9994
09/09/2024	10061	10138
09/16/2024	10088	10206
09/23/2024	10089	10148
09/30/2024	10092	10128

Average Annual Total Returns* as of 9.30.24

	Since Inception† (8.14.24)
Active INvestment Series (GAINS) - Core Plus Fund	0.92%
Bloomberg U.S. Aggregate Bond Index	1.28%

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

Fund Statistics as of 9.30.24

Net Assets	$8,530,894
Total Number of Portfolio Holdings	75
Portfolio Turnover Rate	0%
Total Advisory Fees Paid	$0

The fund does not pay an advisory fee. The fund is a part of "wrap fee" programs, including those sponsored by investment advisers and broker/dealers unaffiliated with the fund or Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the "Investment Manager"). Participants in these programs pay a "wrap" fee to the sponsor of the program. The Investment Manager is compensated directly or indirectly by wrap fee program sponsors or participants for separately managed account advisory services.

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index is an unmanaged index and, has no management fees or operating expenses to reduce its reported return.

†

Since inception return is not annualized.

Guggenheim Investments 1

Guggenheim Active INvestment Series (GAINS)-Core Plus Fund   |   SMA Class   |   GUCPX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Asset-Backed Securities	29.5%
Collateralized Mortgage Obligations	14.0%
Corporate Bonds	5.7%
Senior Floating Rate Interests	3.4%
Preferred Stocks	0.8%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

AAA	12.5%
AA	7.3%
A	10.1%
BBB	8.6%
BB	4.0%
B	1.9%
NR3	2.5%
Other Instruments	53.1%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Navigator Aviation Ltd., 5.40%	2.9%
Cerberus Loan Funding XLVIII LLC	2.3%
PRPM LLC	1.8%
Golub Capital Partners CLO 36M Ltd., 6.80%	1.4%
Five Guys Holdings, Inc., 7.55%	1.2%
SERVPRO Master Issuer LLC, 6.17%	1.2%
Mill City Mortgage Loan Trust, 2.50%	1.2%
ABPCI Direct Lending Fund CLO V Ltd., 7.48%	1.2%
Owl Rock CLO XIII LLC, 7.36%	1.2%
Owl Rock CLO X LLC, 7.73%	1.2%
Top 10 Total	15.6%

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

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

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

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Navigator Aviation Ltd., 5.40%	2.9%
Cerberus Loan Funding XLVIII LLC	2.3%
PRPM LLC	1.8%
Golub Capital Partners CLO 36M Ltd., 6.80%	1.4%
Five Guys Holdings, Inc., 7.55%	1.2%
SERVPRO Master Issuer LLC, 6.17%	1.2%
Mill City Mortgage Loan Trust, 2.50%	1.2%
ABPCI Direct Lending Fund CLO V Ltd., 7.48%	1.2%
Owl Rock CLO XIII LLC, 7.36%	1.2%
Owl Rock CLO X LLC, 7.73%	1.2%
Top 10 Total	15.6%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-GUCPX-093024

Guggenheim Investments 2

Guggenheim Active INvestment Series (GAINS)-Limited Duration Fund

SMA Class | GULDX

Annual Shareholder Report | 9.30.24

This annual shareholder report contains important information about the Guggenheim Active INvestment Series (GAINS)-Limited Duration Fund for the period of August 14, 2024 (the commencement of operations) to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
SMA Class	$0	0.00%

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

How did the fund perform over the last year?*

For the period of August 14, 2024 (the commencement of operations) to September 30, 2024, the fund (SMA Class shares) returned 0.90%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 1.28% for the same period.

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

The fund's positive performance was driven by carry (or earned income), while duration was a minor contributor. The fund benefitted from its allocation to high yield corporates as spreads in the Bloomberg U.S. Corporate High Yield Bond Index tightened by 50 basis points since the inception of the fund. The allocation is concentrated towards shorter maturity debt of higher credit quality issuers, which we believe offers attractive total return opportunities as issuers take advantage of an accommodating capital markets environment and refinance debt early.

How did the fund perform since inception?

Cumulative performance* for the fund since inception (as of 9.30.24), assuming a $10,000 initial investment.

Date	Active INvestment Series (GAINS) - Limited Duration Fund	Bloomberg U.S. Aggregate Bond Index
08/14/2024	10000	10000
08/19/2024	10002	9993
08/26/2024	10023	10039
09/02/2024	10030	9994
09/09/2024	10056	10138
09/16/2024	10077	10206
09/23/2024	10084	10148
09/30/2024	10090	10128

Average Annual Total Returns* as of 9.30.24

	Since Inception† (8.14.24)
Active INvestment Series (GAINS) - Limited Duration Fund	0.90%
Bloomberg U.S. Aggregate Bond Index	1.28%

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

Fund Statistics as of 9.30.24

Net Assets	$3,526,974
Total Number of Portfolio Holdings	54
Portfolio Turnover Rate	0%
Total Advisory Fees Paid	$0

The fund does not pay an advisory fee. The fund is a part of "wrap fee" programs, including those sponsored by investment advisers and broker/dealers unaffiliated with the fund or Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the "Investment Manager"). Participants in these programs pay a "wrap" fee to the sponsor of the program. The Investment Manager is compensated directly or indirectly by wrap fee program sponsors or participants for separately managed account advisory services.

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index has no management fees or operating expenses to reduce its reported returns.

†

Since inception returns are not annualized.

Guggenheim Investments 1

Guggenheim Active INvestment Series (GAINS)-Limited Duration Fund   |   SMA Class   |   GULDX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Asset-Backed Securities	56.4%
Collateralized Mortgage Obligations	28.0%
Corporate Bonds	7.5%
Senior Floating Rate Interests	6.6%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

AAA	26.5%
AA	18.0%
A	16.0%
BBB	16.6%
BB	7.7%
B	2.5%
NR3	2.4%
Other Instruments	10.3%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Navigator Aviation Ltd., 5.40%	7.1%
Fortress Credit Opportunities XI CLO Ltd., 6.86%	4.1%
Five Guys Holdings, Inc., 7.55%	3.0%
SERVPRO Master Issuer LLC, 6.17%	2.9%
Mill City Mortgage Loan Trust, 2.50%	2.9%
ABPCI Direct Lending Fund CLO V Ltd., 7.48%	2.9%
Owl Rock CLO XIII LLC, 7.36%	2.9%
Owl Rock CLO X LLC, 7.73%	2.9%
FIGRE Trust, 5.06%	2.9%
BRAVO, 5.66%	2.9%
Top 10 Total	34.5%

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

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

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

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Navigator Aviation Ltd., 5.40%	7.1%
Fortress Credit Opportunities XI CLO Ltd., 6.86%	4.1%
Five Guys Holdings, Inc., 7.55%	3.0%
SERVPRO Master Issuer LLC, 6.17%	2.9%
Mill City Mortgage Loan Trust, 2.50%	2.9%
ABPCI Direct Lending Fund CLO V Ltd., 7.48%	2.9%
Owl Rock CLO XIII LLC, 7.36%	2.9%
Owl Rock CLO X LLC, 7.73%	2.9%
FIGRE Trust, 5.06%	2.9%
BRAVO, 5.66%	2.9%
Top 10 Total	34.5%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-GULDX-093024

Guggenheim Investments 2

Guggenheim Core Bond Fund

Class A | SIUSX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$88	0.83%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class A shares) returned 12.27%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period.

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

The fund's relative outperformance against the benchmark was primarily driven by sector allocation, security selection, and the fund's carry (or earned income) advantage. The fund benefited from an overweight allocation to credit, as spreads tightened materially across the broader category. Performance from credit spread tightening in agency residential mortgage-backed securities and investment grade corporates were large drivers of absolute performance, while out-of-benchmark allocations like structured credit drove most of the relative outperformance. Duration was a large driver of absolute performance given the bull steepening move in U.S. yields.

How did the fund perform over the last 10 years?

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

Date	Core Bond Fund (Class A)†	Bloomberg U.S. Aggregate Bond Index
09/30/2014	9526	10000
12/31/2014	9618	10179
03/31/2015	9755	10343
06/30/2015	9711	10169
09/30/2015	9728	10294
12/31/2015	9715	10235
03/31/2016	9850	10546
06/30/2016	10146	10779
09/30/2016	10360	10829
12/31/2016	10202	10506
03/31/2017	10383	10592
06/30/2017	10595	10745
09/30/2017	10711	10836
12/31/2017	10847	10879
03/31/2018	10811	10720
06/30/2018	10865	10703
09/30/2018	10867	10705
12/31/2018	10937	10880
03/31/2019	11077	11200
06/30/2019	11307	11545
09/30/2019	11489	11807
12/31/2019	11408	11828
03/31/2020	11761	12200
06/30/2020	12403	12554
09/30/2020	12716	12632
12/31/2020	13069	12716
03/31/2021	12591	12287
06/30/2021	12979	12512
09/30/2021	12983	12518
12/31/2021	12963	12520
03/31/2022	12064	11777
06/30/2022	11213	11224
09/30/2022	10736	10691
12/31/2022	10875	10891
03/31/2023	11295	11214
06/30/2023	11241	11119
09/30/2023	10893	10760
12/31/2023	11606	11493
03/31/2024	11573	11404
06/30/2024	11611	11411
09/30/2024	12229	12004

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class A (without sales charge)	12.27%	1.21%	2.50%
Class A (with sales charge)†	7.76%	0.38%	2.01%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.84%

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

Fund Statistics as of 9.30.24

Net Assets	$2,093,399,727
Total Number of Portfolio Holdings	771
Portfolio Turnover Rate	89%
Total Advisory Fees Paid	$6,266,296

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The 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 returns.

†

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.

Guggenheim Investments 1

Guggenheim Core Bond Fund   |   Class A   |   SIUSX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Collateralized Mortgage Obligations	30.4%
Interest Rate Swap Agreements	27.3%
U.S. Government Securities	24.8%
Corporate Bonds	24.0%
Asset-Backed Securities	22.0%
Interest Rate Futures Contracts	7.1%
Preferred Stocks	1.5%
Senior Floating Rate Interests	1.0%
Federal Agency Bonds	0.9%
Other	0.4%
Credit Default Swaps Agreements Protection Purchased	-2.6%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

AAA	51.4%
AA	6.8%
A	16.7%
BBB	16.8%
BB	1.0%
B	0.2%
CCC*	0.0%
CC*	0.0%
C*	0.0%
NR3	0.3%
Other Instruments	6.8%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

U.S. Treasury Notes, 4.13%	4.2%
U.S. Treasury Notes, 4.63%	3.0%
U.S. Treasury Notes, 3.75%	2.7%
U.S. Treasury Bonds due 05/15/51	2.6%
Uniform MBS 30 Year due 12/01/24	2.6%
U.S. Treasury Notes, 3.38%	2.4%
Uniform MBS 30 Year due 12/01/24	1.8%
Uniform MBS 30 Year due 01/01/25	1.4%
GNMA II 30Year TBA due 10/21/24	1.4%
Fannie Mae, 5.50% due 05/01/53	1.3%
Top 10 Total	23.4%

*	Less than 0.10% of Total Investments.
1	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

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

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

U.S. Treasury Notes, 4.13%	4.2%
U.S. Treasury Notes, 4.63%	3.0%
U.S. Treasury Notes, 3.75%	2.7%
U.S. Treasury Bonds due 05/15/51	2.6%
Uniform MBS 30 Year due 12/01/24	2.6%
U.S. Treasury Notes, 3.38%	2.4%
Uniform MBS 30 Year due 12/01/24	1.8%
Uniform MBS 30 Year due 01/01/25	1.4%
GNMA II 30Year TBA due 10/21/24	1.4%
Fannie Mae, 5.50% due 05/01/53	1.3%
Top 10 Total	23.4%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2025 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

Subsequent to the September 30, 2024 year-end, effective November 29, 2024, Guggenheim Partners Investment Management, LLC replaced Securities Investors, LLC as the fund's Investment Adviser in connection with an internal realignment of Guggenheim Investment's lines of business.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-SIUSX-093024

Guggenheim Investments 2

Guggenheim Core Bond Fund

Class C | SDICX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$168	1.59%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class C shares) returned 11.49%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period.

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

The fund's relative outperformance against the benchmark was primarily driven by sector allocation, security selection, and the fund's carry (or earned income) advantage. The fund benefited from an overweight allocation to credit, as spreads tightened materially across the broader category. Performance from credit spread tightening in agency residential mortgage-backed securities and investment grade corporates were large drivers of absolute performance, while out-of-benchmark allocations like structured credit drove most of the relative outperformance. Duration was a large driver of absolute performance given the bull steepening move in U.S. yields.

How did the fund perform over the last 10 years?

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

Date	Core Bond Fund (Class C)	Bloomberg U.S. Aggregate Bond Index
09/30/2014	10000	10000
12/31/2014	10077	10179
03/31/2015	10203	10343
06/30/2015	10137	10169
09/30/2015	10137	10294
12/31/2015	10103	10235
03/31/2016	10226	10546
06/30/2016	10515	10779
09/30/2016	10722	10829
12/31/2016	10538	10506
03/31/2017	10700	10592
06/30/2017	10899	10745
09/30/2017	11000	10836
12/31/2017	11119	10879
03/31/2018	11062	10720
06/30/2018	11103	10703
09/30/2018	11078	10705
12/31/2018	11134	10880
03/31/2019	11251	11200
06/30/2019	11465	11545
09/30/2019	11628	11807
12/31/2019	11523	11828
03/31/2020	11860	12200
06/30/2020	12481	12554
09/30/2020	12774	12632
12/31/2020	13104	12716
03/31/2021	12600	12287
06/30/2021	12973	12512
09/30/2021	12945	12518
12/31/2021	12907	12520
03/31/2022	11986	11777
06/30/2022	11123	11224
09/30/2022	10628	10691
12/31/2022	10742	10891
03/31/2023	11139	11214
06/30/2023	11064	11119
09/30/2023	10700	10760
12/31/2023	11383	11493
03/31/2024	11336	11404
06/30/2024	11346	11411
09/30/2024	11930	12004

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class C (without CDSC)	11.49%	0.48%	1.76%
Class C (with CDSC) ‡	10.49%	0.48%	1.76%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.84%

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

Fund Statistics as of 9.30.24

Net Assets	$2,093,399,727
Total Number of Portfolio Holdings	771
Portfolio Turnover Rate	89%
Total Advisory Fees Paid	$6,266,296

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The 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 returns.

‡

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

Guggenheim Investments 1

Guggenheim Core Bond Fund   |   Class C   |   SDICX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Collateralized Mortgage Obligations	30.4%
Interest Rate Swap Agreements	27.3%
U.S. Government Securities	24.8%
Corporate Bonds	24.0%
Asset-Backed Securities	22.0%
Interest Rate Futures Contracts	7.1%
Preferred Stocks	1.5%
Senior Floating Rate Interests	1.0%
Federal Agency Bonds	0.9%
Other	0.4%
Credit Default Swaps Agreements Protection Purchased	-2.6%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

AAA	51.4%
AA	6.8%
A	16.7%
BBB	16.8%
BB	1.0%
B	0.2%
CCC*	0.0%
CC*	0.0%
C*	0.0%
NR3	0.3%
Other Instruments	6.8%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

U.S. Treasury Notes, 4.13%	4.2%
U.S. Treasury Notes, 4.63%	3.0%
U.S. Treasury Notes, 3.75%	2.7%
U.S. Treasury Bonds due 05/15/51	2.6%
Uniform MBS 30 Year due 12/01/24	2.6%
U.S. Treasury Notes, 3.38%	2.4%
Uniform MBS 30 Year due 12/01/24	1.8%
Uniform MBS 30 Year due 01/01/25	1.4%
GNMA II 30Year TBA due 10/21/24	1.4%
Fannie Mae, 5.50% due 05/01/53	1.3%
Top 10 Total	23.4%

*	Less than 0.10% of Total Investments.
1	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

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

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

U.S. Treasury Notes, 4.13%	4.2%
U.S. Treasury Notes, 4.63%	3.0%
U.S. Treasury Notes, 3.75%	2.7%
U.S. Treasury Bonds due 05/15/51	2.6%
Uniform MBS 30 Year due 12/01/24	2.6%
U.S. Treasury Notes, 3.38%	2.4%
Uniform MBS 30 Year due 12/01/24	1.8%
Uniform MBS 30 Year due 01/01/25	1.4%
GNMA II 30Year TBA due 10/21/24	1.4%
Fannie Mae, 5.50% due 05/01/53	1.3%
Top 10 Total	23.4%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2025 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

Subsequent to the September 30, 2024 year-end, effective November 29, 2024, Guggenheim Partners Investment Management, LLC replaced Securities Investors, LLC as the fund's Investment Adviser in connection with an internal realignment of Guggenheim Investment's lines of business.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-SDICX-093024

Guggenheim Investments 2

Guggenheim Core Bond Fund

Class P | SIUPX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class P	$89	0.84%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class P shares) returned 12.25%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period.

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

The fund's relative outperformance against the benchmark was primarily driven by sector allocation, security selection, and the fund's carry (or earned income) advantage. The fund benefited from an overweight allocation to credit, as spreads tightened materially across the broader category. Performance from credit spread tightening in agency residential mortgage-backed securities and investment grade corporates were large drivers of absolute performance, while out-of-benchmark allocations like structured credit drove most of the relative outperformance. Duration was a large driver of absolute performance given the bull steepening move in U.S. yields.

How did the fund perform since inception?

Cumulative performance* for the fund since inception (as of 9.30.24), assuming a $10,000 initial investment.

Date	Core Bond Fund (Class P)	Bloomberg U.S. Aggregate Bond Index
05/01/2015	10000	10000
06/30/2015	9961	9899
09/30/2015	9989	10021
12/31/2015	9974	9964
03/31/2016	10111	10266
06/30/2016	10414	10493
09/30/2016	10640	10542
12/31/2016	10478	10228
03/31/2017	10659	10311
06/30/2017	10876	10460
09/30/2017	10994	10549
12/31/2017	11140	10590
03/31/2018	11103	10435
06/30/2018	11158	10419
09/30/2018	11154	10421
12/31/2018	11232	10591
03/31/2019	11375	10903
06/30/2019	11611	11239
09/30/2019	11797	11494
12/31/2019	11714	11515
03/31/2020	12076	11877
06/30/2020	12728	12221
09/30/2020	13056	12297
12/31/2020	13418	12379
03/31/2021	12921	11961
06/30/2021	13325	12180
09/30/2021	13322	12187
12/31/2021	13309	12188
03/31/2022	12386	11465
06/30/2022	11507	10927
09/30/2022	11018	10407
12/31/2022	11158	10602
03/31/2023	11596	10916
06/30/2023	11540	10824
09/30/2023	11183	10474
12/31/2023	11915	11189
03/31/2024	11880	11102
06/30/2024	11920	11109
09/30/2024	12554	11686

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Since Inception (5.01.15)
Class P	12.25%	1.20%	2.42%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.67%

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

Fund Statistics as of 9.30.24

Net Assets	$2,093,399,727
Total Number of Portfolio Holdings	771
Portfolio Turnover Rate	89%
Total Advisory Fees Paid	$6,266,296

^* The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The 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 returns.

Guggenheim Investments 1

Guggenheim Core Bond Fund   |   Class P   |   SIUPX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Collateralized Mortgage Obligations	30.4%
Interest Rate Swap Agreements	27.3%
U.S. Government Securities	24.8%
Corporate Bonds	24.0%
Asset-Backed Securities	22.0%
Interest Rate Futures Contracts	7.1%
Preferred Stocks	1.5%
Senior Floating Rate Interests	1.0%
Federal Agency Bonds	0.9%
Other	0.4%
Credit Default Swaps Agreements Protection Purchased	-2.6%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

AAA	51.4%
AA	6.8%
A	16.7%
BBB	16.8%
BB	1.0%
B	0.2%
CCC*	0.0%
CC*	0.0%
C*	0.0%
NR3	0.3%
Other Instruments	6.8%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

U.S. Treasury Notes, 4.13%	4.2%
U.S. Treasury Notes, 4.63%	3.0%
U.S. Treasury Notes, 3.75%	2.7%
U.S. Treasury Bonds due 05/15/51	2.6%
Uniform MBS 30 Year due 12/01/24	2.6%
U.S. Treasury Notes, 3.38%	2.4%
Uniform MBS 30 Year due 12/01/24	1.8%
Uniform MBS 30 Year due 01/01/25	1.4%
GNMA II 30Year TBA due 10/21/24	1.4%
Fannie Mae, 5.50% due 05/01/53	1.3%
Top 10 Total	23.4%

*	Less than 0.10% of Total Investments.
1	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

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

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

U.S. Treasury Notes, 4.13%	4.2%
U.S. Treasury Notes, 4.63%	3.0%
U.S. Treasury Notes, 3.75%	2.7%
U.S. Treasury Bonds due 05/15/51	2.6%
Uniform MBS 30 Year due 12/01/24	2.6%
U.S. Treasury Notes, 3.38%	2.4%
Uniform MBS 30 Year due 12/01/24	1.8%
Uniform MBS 30 Year due 01/01/25	1.4%
GNMA II 30Year TBA due 10/21/24	1.4%
Fannie Mae, 5.50% due 05/01/53	1.3%
Top 10 Total	23.4%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2025 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

Subsequent to the September 30, 2024 year-end, effective November 29, 2024, Guggenheim Partners Investment Management, LLC replaced Securities Investors, LLC as the fund's Investment Adviser in connection with an internal realignment of Guggenheim Investment's lines of business.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-SIUPX-093024

Guggenheim Investments 2

Guggenheim Core Bond Fund

Institutional Class | GIUSX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Institutional Class	$56	0.53%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Institutional Class shares) returned 12.61%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period.

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

The fund's relative outperformance against the benchmark was primarily driven by sector allocation, security selection, and the fund's carry (or earned income) advantage. The fund benefited from an overweight allocation to credit, as spreads tightened materially across the broader category. Performance from credit spread tightening in agency residential mortgage-backed securities and investment grade corporates were large drivers of absolute performance, while out-of-benchmark allocations like structured credit drove most of the relative outperformance. Duration was a large driver of absolute performance given the bull steepening move in U.S. yields.

How did the fund perform over the last 10 years?

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

Date	Core Bond Fund (Institutional Class)	Bloomberg U.S. Aggregate Bond Index
09/30/2014	2000000	2000000
12/31/2014	2020440	2035885
03/31/2015	2051664	2068593
06/30/2015	2043571	2033787
09/30/2015	2047403	2058816
12/31/2015	2045965	2047081
03/31/2016	2076760	2109149
06/30/2016	2139295	2155839
09/30/2016	2187185	2165719
12/31/2016	2155610	2101277
03/31/2017	2194743	2118439
06/30/2017	2241501	2149054
09/30/2017	2267386	2167289
12/31/2017	2297818	2175701
03/31/2018	2293127	2143918
06/30/2018	2306175	2140524
09/30/2018	2307009	2140934
12/31/2018	2324904	2175948
03/31/2019	2356165	2239983
06/30/2019	2407007	2308967
09/30/2019	2446194	2361362
12/31/2019	2430708	2365619
03/31/2020	2509158	2440097
06/30/2020	2646788	2510752
09/30/2020	2717046	2526300
12/31/2020	2793228	2543198
03/31/2021	2692756	2457428
06/30/2021	2779394	2502393
09/30/2021	2780731	2503689
12/31/2021	2780043	2503980
03/31/2022	2588744	2355394
06/30/2022	2407692	2244843
09/30/2022	2305498	2138160
12/31/2022	2337886	2178209
03/31/2023	2430233	2242728
06/30/2023	2420287	2223793
09/30/2023	2346954	2151938
12/31/2023	2502629	2298638
03/31/2024	2498705	2280808
06/30/2024	2507359	2282297
09/30/2024	2642869	2400886

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Institutional Class	12.61%	1.52%	2.81%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.84%

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

Fund Statistics as of 9.30.24

Net Assets	$2,093,399,727
Total Number of Portfolio Holdings	771
Portfolio Turnover Rate	89%
Total Advisory Fees Paid	$6,266,296

^* The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The 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 returns.

Guggenheim Investments 1

Guggenheim Core Bond Fund   |   Institutional Class   |   GIUSX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Collateralized Mortgage Obligations	30.4%
Interest Rate Swap Agreements	27.3%
U.S. Government Securities	24.8%
Corporate Bonds	24.0%
Asset-Backed Securities	22.0%
Interest Rate Futures Contracts	7.1%
Preferred Stocks	1.5%
Senior Floating Rate Interests	1.0%
Federal Agency Bonds	0.9%
Other	0.4%
Credit Default Swaps Agreements Protection Purchased	-2.6%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

AAA	51.4%
AA	6.8%
A	16.7%
BBB	16.8%
BB	1.0%
B	0.2%
CCC*	0.0%
CC*	0.0%
C*	0.0%
NR3	0.3%
Other Instruments	6.8%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

U.S. Treasury Notes, 4.13%	4.2%
U.S. Treasury Notes, 4.63%	3.0%
U.S. Treasury Notes, 3.75%	2.7%
U.S. Treasury Bonds due 05/15/51	2.6%
Uniform MBS 30 Year due 12/01/24	2.6%
U.S. Treasury Notes, 3.38%	2.4%
Uniform MBS 30 Year due 12/01/24	1.8%
Uniform MBS 30 Year due 01/01/25	1.4%
GNMA II 30Year TBA due 10/21/24	1.4%
Fannie Mae, 5.50% due 05/01/53	1.3%
Top 10 Total	23.4%

*	Less than 0.10% of Total Investments.
1	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

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

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

U.S. Treasury Notes, 4.13%	4.2%
U.S. Treasury Notes, 4.63%	3.0%
U.S. Treasury Notes, 3.75%	2.7%
U.S. Treasury Bonds due 05/15/51	2.6%
Uniform MBS 30 Year due 12/01/24	2.6%
U.S. Treasury Notes, 3.38%	2.4%
Uniform MBS 30 Year due 12/01/24	1.8%
Uniform MBS 30 Year due 01/01/25	1.4%
GNMA II 30Year TBA due 10/21/24	1.4%
Fannie Mae, 5.50% due 05/01/53	1.3%
Top 10 Total	23.4%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2025 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

Subsequent to the September 30, 2024 year-end, effective November 29, 2024, Guggenheim Partners Investment Management, LLC replaced Securities Investors, LLC as the fund's Investment Adviser in connection with an internal realignment of Guggenheim Investment's lines of business.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-GIUSX-093024

Guggenheim Investments 2

Guggenheim Floating Rate Strategies Fund

Class A | GIFAX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$106	1.02%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class A shares) returned 7.41%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period and underperforming the fund's secondary index, the Credit Suisse Leveraged Loan Index, which returned 9.65% for the same period.

The fund's broad-based securities market index was changed from the Credit Suisse Leveraged Loan Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

Above-average returns for both the fund and the Credit Suisse Leveraged Loan Index (the "Index") continued to be driven by high all-in coupon rates. Loan demand, driven by record collateralized loan obligation issuance, continued to outpace net new loan issuance. Loan issuance has increased during 2024, but remains predominantly opportunistic (refinancings/repricings); new money M&A volume remains lackluster. Loan issuer fundamentals have remained in-line with historical averages given strong starting levels and resilient earnings growth, although we have continued to see tail-risk in the market. Loans spreads have tightened this year but all-in yields have remained above historical averages. Comparing the fund to the Index, idiosyncratic credit issues in the Communications and Consumer sectors were the primary detractors to relative performance during the reporting period. Credit selection in the Technology sector and the fund's high-yield bond allocation were contributors to performance during the period.

How did the fund perform over the last 10 years?

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

Date	Floating Rate Strategies Fund (Class A)†	Bloomberg U.S. Aggregate Bond Index	Credit Suisse Leveraged Loan Index
09/30/2014	9526	10000	10000
12/31/2014	9522	10179	9963
03/31/2015	9704	10343	10169
06/30/2015	9796	10169	10249
09/30/2015	9750	10294	10123
12/31/2015	9625	10235	9925
03/31/2016	9738	10546	10057
06/30/2016	9930	10779	10344
09/30/2016	10187	10829	10665
12/31/2016	10341	10506	10905
03/31/2017	10424	10592	11036
06/30/2017	10497	10745	11119
09/30/2017	10597	10836	11237
12/31/2017	10689	10879	11368
03/31/2018	10789	10720	11548
06/30/2018	10811	10703	11638
09/30/2018	11000	10705	11863
12/31/2018	10655	10880	11498
03/31/2019	10974	11200	11932
06/30/2019	11118	11545	12121
09/30/2019	11221	11807	12233
12/31/2019	11388	11828	12438
03/31/2020	9831	12200	10797
06/30/2020	10632	12554	11846
09/30/2020	11165	12632	12335
12/31/2020	11548	12716	12783
03/31/2021	11734	12287	13040
06/30/2021	11915	12512	13228
09/30/2021	12039	12518	13378
12/31/2021	12108	12520	13474
03/31/2022	12045	11777	13460
06/30/2022	11471	11224	12874
09/30/2022	11621	10691	13027
12/31/2022	11984	10891	13331
03/31/2023	12393	11214	13746
06/30/2023	12766	11119	14175
09/30/2023	13187	10760	14652
12/31/2023	13507	11493	15070
03/31/2024	13780	11404	15451
06/30/2024	13910	11411	15740
09/30/2024	14164	12004	16067

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class A (without sales charge)	7.41%	4.77%	4.05%
Class A (with sales charge)†	4.18%	4.13%	3.54%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.84%
Credit Suisse Leveraged Loan Index	9.65%	5.60%	4.86%

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

Fund Statistics as of 9.30.24

Net Assets	$949,597,913
Total Number of Portfolio Holdings	327
Portfolio Turnover Rate	37%
Total Advisory Fees Paid	$5,600,859

*

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

†

Fund returns are calculated using the maximum sales charge of 3.00%.

Guggenheim Investments 1

Guggenheim Floating Rate Strategies Fund   |   Class A   |   GIFAX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Senior Floating Rate Interests	89.7%
Corporate Bonds	4.0%
Exchange-Traded Funds	2.7%
Collateralized Mortgage Obligations	0.9%
Common Stocks	0.4%
Asset-Backed Securities	0.0%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

A	0.3%
BBB	6.0%
BB	27.3%
B	53.7%
CCC	4.4%
CC	0.7%
NR3	1.1%
Other Instruments	6.5%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

SPDR Blackstone Senior Loan ETF	2.7%
Arcline FM Holdings, LLC, 9.65%	1.0%
American Bath Group LLC, 8.70%	0.9%
CoreLogic, Inc., 8.46%	0.9%
CTEC III GmbH, 7.01%	0.9%
Pelican Products, Inc., 9.12%	0.9%
Virgin Media Bristol LLC, 7.71%	0.8%
Hayward Industries, Inc., 7.46%	0.8%
VC GB Holdings I Corp., 8.37%	0.8%
Medical Solutions Parent Holdings, Inc., 8.85%	0.7%
Top 10 Total	10.4%

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

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

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

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

SPDR Blackstone Senior Loan ETF	2.7%
Arcline FM Holdings, LLC, 9.65%	1.0%
American Bath Group LLC, 8.70%	0.9%
CoreLogic, Inc., 8.46%	0.9%
CTEC III GmbH, 7.01%	0.9%
Pelican Products, Inc., 9.12%	0.9%
Virgin Media Bristol LLC, 7.71%	0.8%
Hayward Industries, Inc., 7.46%	0.8%
VC GB Holdings I Corp., 8.37%	0.8%
Medical Solutions Parent Holdings, Inc., 8.85%	0.7%
Top 10 Total	10.4%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-GIFAX-093024

Guggenheim Investments 2

Guggenheim Floating Rate Strategies Fund

Class C | GIFCX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$183	1.77%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class C shares) returned 6.62%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period and underperforming the fund's secondary index, the Credit Suisse Leveraged Loan Index, which returned 9.65% for the same period.

The fund's broad-based securities market index was changed from the Credit Suisse Leveraged Loan Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

Above-average returns for both the fund and the Credit Suisse Leveraged Loan Index (the "Index") continued to be driven by high all-in coupon rates. Loan demand, driven by record collateralized loan obligation issuance, continued to outpace net new loan issuance. Loan issuance has increased during 2024, but remains predominantly opportunistic (refinancings/repricings); new money M&A volume remains lackluster. Loan issuer fundamentals have remained in-line with historical averages given strong starting levels and resilient earnings growth, although we have continued to see tail-risk in the market. Loans spreads have tightened this year but all-in yields have remained above historical averages. Comparing the fund to the Index, idiosyncratic credit issues in the Communications and Consumer sectors were the primary detractors to relative performance during the reporting period. Credit selection in the Technology sector and the fund's high-yield bond allocation were contributors to performance during the period.

How did the fund perform over the last 10 years?

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

Date	Floating Rate Strategies Fund (Class C)	Bloomberg U.S. Aggregate Bond Index	Credit Suisse Leveraged Loan Index
09/30/2014	10000	10000	10000
12/31/2014	9981	10179	9963
03/31/2015	10153	10343	10169
06/30/2015	10230	10169	10249
09/30/2015	10163	10294	10123
12/31/2015	10013	10235	9925
03/31/2016	10108	10546	10057
06/30/2016	10292	10779	10344
09/30/2016	10537	10829	10665
12/31/2016	10677	10506	10905
03/31/2017	10742	10592	11036
06/30/2017	10798	10745	11119
09/30/2017	10881	10836	11237
12/31/2017	10954	10879	11368
03/31/2018	11037	10720	11548
06/30/2018	11039	10703	11638
09/30/2018	11210	10705	11863
12/31/2018	10839	10880	11498
03/31/2019	11143	11200	11932
06/30/2019	11268	11545	12121
09/30/2019	11351	11807	12233
12/31/2019	11498	11828	12438
03/31/2020	9906	12200	10797
06/30/2020	10695	12554	11846
09/30/2020	11210	12632	12335
12/31/2020	11573	12716	12783
03/31/2021	11738	12287	13040
06/30/2021	11898	12512	13228
09/30/2021	11999	12518	13378
12/31/2021	12044	12520	13474
03/31/2022	11960	11777	13460
06/30/2022	11368	11224	12874
09/30/2022	11500	10691	13027
12/31/2022	11832	10891	13331
03/31/2023	12214	11214	13746
06/30/2023	12563	11119	14175
09/30/2023	12948	10760	14652
12/31/2023	13237	11493	15070
03/31/2024	13480	11404	15451
06/30/2024	13582	11411	15740
09/30/2024	13804	12004	16067

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class C (without CDSC)	6.62%	3.99%	3.28%
Class C (with CDSC)‡	5.63%	3.99%	3.28%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.84%
Credit Suisse Leveraged Loan Index	9.65%	5.60%	4.86%

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

Fund Statistics as of 9.30.24

Net Assets	$949,597,913
Total Number of Portfolio Holdings	327
Portfolio Turnover Rate	37%
Total Advisory Fees Paid	$5,600,859

*

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

‡

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

Guggenheim Investments 1

Guggenheim Floating Rate Strategies Fund   |   Class C   |   GIFCX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Senior Floating Rate Interests	89.7%
Corporate Bonds	4.0%
Exchange-Traded Funds	2.7%
Collateralized Mortgage Obligations	0.9%
Common Stocks	0.4%
Asset-Backed Securities	0.0%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

A	0.3%
BBB	6.0%
BB	27.3%
B	53.7%
CCC	4.4%
CC	0.7%
NR3	1.1%
Other Instruments	6.5%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

SPDR Blackstone Senior Loan ETF	2.7%
Arcline FM Holdings, LLC, 9.65%	1.0%
American Bath Group LLC, 8.70%	0.9%
CoreLogic, Inc., 8.46%	0.9%
CTEC III GmbH, 7.01%	0.9%
Pelican Products, Inc., 9.12%	0.9%
Virgin Media Bristol LLC, 7.71%	0.8%
Hayward Industries, Inc., 7.46%	0.8%
VC GB Holdings I Corp., 8.37%	0.8%
Medical Solutions Parent Holdings, Inc., 8.85%	0.7%
Top 10 Total	10.4%

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

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

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

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

SPDR Blackstone Senior Loan ETF	2.7%
Arcline FM Holdings, LLC, 9.65%	1.0%
American Bath Group LLC, 8.70%	0.9%
CoreLogic, Inc., 8.46%	0.9%
CTEC III GmbH, 7.01%	0.9%
Pelican Products, Inc., 9.12%	0.9%
Virgin Media Bristol LLC, 7.71%	0.8%
Hayward Industries, Inc., 7.46%	0.8%
VC GB Holdings I Corp., 8.37%	0.8%
Medical Solutions Parent Holdings, Inc., 8.85%	0.7%
Top 10 Total	10.4%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-GIFCX-093024

Guggenheim Investments 2

Guggenheim Floating Rate Strategies Fund

Class P | GIFPX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class P	$106	1.02%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class P shares) returned 7.41%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period and underperforming the fund's secondary index, the Credit Suisse Leveraged Loan Index, which returned 9.65% for the same period.

The fund's broad-based securities market index was changed from the Credit Suisse Leveraged Loan Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

Above-average returns for both the fund and the Credit Suisse Leveraged Loan Index (the "Index") continued to be driven by high all-in coupon rates. Loan demand, driven by record collateralized loan obligation issuance, continued to outpace net new loan issuance. Loan issuance has increased during 2024, but remains predominantly opportunistic (refinancings/repricings); new money M&A volume remains lackluster. Loan issuer fundamentals have remained in-line with historical averages given strong starting levels and resilient earnings growth, although we have continued to see tail-risk in the market. Loans spreads have tightened this year but all-in yields have remained above historical averages. Comparing the fund to the Index, idiosyncratic credit issues in the Communications and Consumer sectors were the primary detractors to relative performance during the reporting period. Credit selection in the Technology sector and the fund's high-yield bond allocation were contributors to performance during the period.

How did the fund perform since inception?

Cumulative performance* for the fund since inception (as of 9.30.24), assuming a $10,000 initial investment.

Date	Floating Rate Strategies Fund (Class P)	Bloomberg U.S. Aggregate Bond Index	Credit Suisse Leveraged Loan Index
05/01/2015	10000	10000	10000
06/30/2015	10023	9899	9988
09/30/2015	9976	10021	9866
12/31/2015	9847	9964	9672
03/31/2016	9963	10266	9801
06/30/2016	10158	10493	10081
09/30/2016	10420	10542	10394
12/31/2016	10579	10228	10628
03/31/2017	10663	10311	10755
06/30/2017	10738	10460	10836
09/30/2017	10841	10549	10951
12/31/2017	10935	10590	11079
03/31/2018	11037	10435	11254
06/30/2018	11059	10419	11342
09/30/2018	11252	10421	11562
12/31/2018	10900	10591	11206
03/31/2019	11226	10903	11629
06/30/2019	11373	11239	11813
09/30/2019	11478	11494	11922
12/31/2019	11649	11515	12122
03/31/2020	10057	11877	10523
06/30/2020	10876	12221	11545
09/30/2020	11421	12297	12021
12/31/2020	11814	12379	12458
03/31/2021	12003	11961	12709
06/30/2021	12189	12180	12892
09/30/2021	12315	12187	13038
12/31/2021	12385	12188	13131
03/31/2022	12321	11465	13118
06/30/2022	11734	10927	12547
09/30/2022	11888	10407	12696
12/31/2022	12259	10602	12992
03/31/2023	12677	10916	13396
06/30/2023	13063	10824	13814
09/30/2023	13488	10474	14280
12/31/2023	13815	11189	14687
03/31/2024	14095	11102	15058
06/30/2024	14228	11109	15339
09/30/2024	14487	11686	15658

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Since Inception (5.01.15)
Class P	7.41%	4.77%	4.02%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.67%
Credit Suisse Leveraged Loan Index	9.65%	5.60%	4.88%

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

Fund Statistics as of 9.30.24

Net Assets	$949,597,913
Total Number of Portfolio Holdings	327
Portfolio Turnover Rate	37%
Total Advisory Fees Paid	$5,600,859

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

Guggenheim Investments 1

Guggenheim Floating Rate Strategies Fund   |   Class P   |   GIFPX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Senior Floating Rate Interests	89.7%
Corporate Bonds	4.0%
Exchange-Traded Funds	2.7%
Collateralized Mortgage Obligations	0.9%
Common Stocks	0.4%
Asset-Backed Securities	0.0%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

A	0.3%
BBB	6.0%
BB	27.3%
B	53.7%
CCC	4.4%
CC	0.7%
NR3	1.1%
Other Instruments	6.5%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

SPDR Blackstone Senior Loan ETF	2.7%
Arcline FM Holdings, LLC, 9.65%	1.0%
American Bath Group LLC, 8.70%	0.9%
CoreLogic, Inc., 8.46%	0.9%
CTEC III GmbH, 7.01%	0.9%
Pelican Products, Inc., 9.12%	0.9%
Virgin Media Bristol LLC, 7.71%	0.8%
Hayward Industries, Inc., 7.46%	0.8%
VC GB Holdings I Corp., 8.37%	0.8%
Medical Solutions Parent Holdings, Inc., 8.85%	0.7%
Top 10 Total	10.4%

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

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

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

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

SPDR Blackstone Senior Loan ETF	2.7%
Arcline FM Holdings, LLC, 9.65%	1.0%
American Bath Group LLC, 8.70%	0.9%
CoreLogic, Inc., 8.46%	0.9%
CTEC III GmbH, 7.01%	0.9%
Pelican Products, Inc., 9.12%	0.9%
Virgin Media Bristol LLC, 7.71%	0.8%
Hayward Industries, Inc., 7.46%	0.8%
VC GB Holdings I Corp., 8.37%	0.8%
Medical Solutions Parent Holdings, Inc., 8.85%	0.7%
Top 10 Total	10.4%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-GIFPX-093024

Guggenheim Investments 2

Guggenheim Floating Rate Strategies Fund

Institutional Class | GIFIX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Institutional Class	$81	0.78%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Institutional Class shares) returned 7.66%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period and underperforming the fund's secondary index, the Credit Suisse Leveraged Loan Index, which returned 9.65% for the same period.

The fund's broad-based securities market index was changed from the Credit Suisse Leveraged Loan Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

Above-average returns for both the fund and the Credit Suisse Leveraged Loan Index (the "Index") continued to be driven by high all-in coupon rates. Loan demand, driven by record collateralized loan obligation issuance, continued to outpace net new loan issuance. Loan issuance has increased during 2024, but remains predominantly opportunistic (refinancings/repricings); new money M&A volume remains lackluster. Loan issuer fundamentals have remained in-line with historical averages given strong starting levels and resilient earnings growth, although we have continued to see tail-risk in the market. Loans spreads have tightened this year but all-in yields have remained above historical averages. Comparing the fund to the Index, idiosyncratic credit issues in the Communications and Consumer sectors were the primary detractors to relative performance during the reporting period. Credit selection in the Technology sector and the fund's high-yield bond allocation were contributors to performance during the period.

How did the fund perform over the last 10 years?

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

Date	Floating Rate Strategies Fund (Institutional Class)	Bloomberg U.S. Aggregate Bond Index	Credit Suisse Leveraged Loan Index
09/30/2014	2000000	2000000	2000000
12/31/2014	2000413	2035885	1992594
03/31/2015	2039663	2068593	2033797
06/30/2015	2060286	2033787	2049775
09/30/2015	2051877	2058816	2024668
12/31/2015	2026833	2047081	1984927
03/31/2016	2051799	2109149	2011305
06/30/2016	2093277	2155839	2068849
09/30/2016	2148572	2165719	2132944
12/31/2016	2182490	2101277	2180990
03/31/2017	2201278	2118439	2207195
06/30/2017	2218092	2149054	2223820
09/30/2017	2240630	2167289	2247307
12/31/2017	2261376	2175701	2273622
03/31/2018	2283789	2143918	2309590
06/30/2018	2289873	2140524	2327686
09/30/2018	2332120	2140934	2372676
12/31/2018	2259632	2175948	2299576
03/31/2019	2328479	2239983	2386472
06/30/2019	2360423	2308967	2424185
09/30/2019	2383711	2361362	2446544
12/31/2019	2420551	2365619	2487563
03/31/2020	2091052	2440097	2159499
06/30/2020	2262732	2510752	2369233
09/30/2020	2377488	2526300	2466973
12/31/2020	2460625	2543198	2556682
03/31/2021	2501513	2457428	2608029
06/30/2021	2541570	2502393	2645669
09/30/2021	2569521	2503689	2675657
12/31/2021	2586688	2503980	2694727
03/31/2022	2574828	2355394	2692032
06/30/2022	2452644	2244843	2574865
09/30/2022	2487364	2138160	2605480
12/31/2022	2565493	2178209	2666252
03/31/2023	2654457	2242728	2749199
06/30/2023	2737021	2223793	2834929
09/30/2023	2827698	2151938	2930473
12/31/2023	2897893	2298638	3014019
03/31/2024	2958304	2280808	3090123
06/30/2024	2987953	2282297	3147906
09/30/2024	3044283	2400886	3213317

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Institutional Class	7.66%	5.01%	4.29%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.84%
Credit Suisse Leveraged Loan Index	9.65%	5.60%	4.86%

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

Fund Statistics as of 9.30.24

Net Assets	$949,597,913
Total Number of Portfolio Holdings	327
Portfolio Turnover Rate	37%
Total Advisory Fees Paid	$5,600,859

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

Guggenheim Investments 1

Guggenheim Floating Rate Strategies Fund   |   Institutional Class   |   GIFIX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Senior Floating Rate Interests	89.7%
Corporate Bonds	4.0%
Exchange-Traded Funds	2.7%
Collateralized Mortgage Obligations	0.9%
Common Stocks	0.4%
Asset-Backed Securities	0.0%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

A	0.3%
BBB	6.0%
BB	27.3%
B	53.7%
CCC	4.4%
CC	0.7%
NR3	1.1%
Other Instruments	6.5%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

SPDR Blackstone Senior Loan ETF	2.7%
Arcline FM Holdings, LLC, 9.65%	1.0%
American Bath Group LLC, 8.70%	0.9%
CoreLogic, Inc., 8.46%	0.9%
CTEC III GmbH, 7.01%	0.9%
Pelican Products, Inc., 9.12%	0.9%
Virgin Media Bristol LLC, 7.71%	0.8%
Hayward Industries, Inc., 7.46%	0.8%
VC GB Holdings I Corp., 8.37%	0.8%
Medical Solutions Parent Holdings, Inc., 8.85%	0.7%
Top 10 Total	10.4%

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

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

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

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

SPDR Blackstone Senior Loan ETF	2.7%
Arcline FM Holdings, LLC, 9.65%	1.0%
American Bath Group LLC, 8.70%	0.9%
CoreLogic, Inc., 8.46%	0.9%
CTEC III GmbH, 7.01%	0.9%
Pelican Products, Inc., 9.12%	0.9%
Virgin Media Bristol LLC, 7.71%	0.8%
Hayward Industries, Inc., 7.46%	0.8%
VC GB Holdings I Corp., 8.37%	0.8%
Medical Solutions Parent Holdings, Inc., 8.85%	0.7%
Top 10 Total	10.4%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-GIFIX-093024

Guggenheim Investments 2

Guggenheim Floating Rate Strategies Fund

Class R6 | GIFSX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class R6	$82	0.79%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class R6 shares) returned 7.67%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period and underperforming the fund's secondary index, the Credit Suisse Leveraged Loan Index, which returned 9.65% for the same period.

The fund's broad-based securities market index was changed from the Credit Suisse Leveraged Loan Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

Above-average returns for both the fund and the Credit Suisse Leveraged Loan Index (the "Index") continued to be driven by high all-in coupon rates. Loan demand, driven by record collateralized loan obligation issuance, continued to outpace net new loan issuance. Loan issuance has increased during 2024, but remains predominantly opportunistic (refinancings/repricings); new money M&A volume remains lackluster. Loan issuer fundamentals have remained in-line with historical averages given strong starting levels and resilient earnings growth, although we have continued to see tail-risk in the market. Loans spreads have tightened this year but all-in yields have remained above historical averages. Comparing the fund to the Index, idiosyncratic credit issues in the Communications and Consumer sectors were the primary detractors to relative performance during the reporting period. Credit selection in the Technology sector and the fund's high-yield bond allocation were contributors to performance during the period.

How did the fund perform since inception?

Cumulative performance* for the fund since inception (as of 9.30.24), assuming a $10,000 initial investment.

Date	Floating Rate Strategies Fund (Class R6)	Bloomberg U.S. Aggregate Bond Index	Credit Suisse Leveraged Loan Index
03/13/2019	10000	10000	10000
03/31/2019	9983	10126	9987
06/30/2019	10120	10438	10145
09/30/2019	10220	10675	10239
12/31/2019	10378	10694	10410
03/31/2020	8966	11031	9037
06/30/2020	9702	11350	9915
09/30/2020	10198	11420	10324
12/31/2020	10554	11497	10700
03/31/2021	10725	11109	10915
06/30/2021	10900	11312	11072
09/30/2021	11020	11318	11198
12/31/2021	11094	11319	11277
03/31/2022	11038	10648	11266
06/30/2022	10518	10148	10776
09/30/2022	10662	9666	10904
12/31/2022	11006	9847	11158
03/31/2023	11397	10138	11505
06/30/2023	11752	10053	11864
09/30/2023	12141	9728	12264
12/31/2023	12443	10391	12614
03/31/2024	12704	10311	12932
06/30/2024	12831	10317	13174
09/30/2024	13072	10853	13448

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Since Inception (3.13.19)
Class R6	7.67%	5.05%	4.94%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.49%
Credit Suisse Leveraged Loan Index	9.65%	5.60%	5.48%

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

Fund Statistics as of 9.30.24

Net Assets	$949,597,913
Total Number of Portfolio Holdings	327
Portfolio Turnover Rate	37%
Total Advisory Fees Paid	$5,600,859

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

Guggenheim Investments 1

Guggenheim Floating Rate Strategies Fund   |   Class R6   |   GIFSX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Senior Floating Rate Interests	89.7%
Corporate Bonds	4.0%
Exchange-Traded Funds	2.7%
Collateralized Mortgage Obligations	0.9%
Common Stocks	0.4%
Asset-Backed Securities	0.0%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

A	0.3%
BBB	6.0%
BB	27.3%
B	53.7%
CCC	4.4%
CC	0.7%
NR3	1.1%
Other Instruments	6.5%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

SPDR Blackstone Senior Loan ETF	2.7%
Arcline FM Holdings, LLC, 9.65%	1.0%
American Bath Group LLC, 8.70%	0.9%
CoreLogic, Inc., 8.46%	0.9%
CTEC III GmbH, 7.01%	0.9%
Pelican Products, Inc., 9.12%	0.9%
Virgin Media Bristol LLC, 7.71%	0.8%
Hayward Industries, Inc., 7.46%	0.8%
VC GB Holdings I Corp., 8.37%	0.8%
Medical Solutions Parent Holdings, Inc., 8.85%	0.7%
Top 10 Total	10.4%

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

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

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

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

SPDR Blackstone Senior Loan ETF	2.7%
Arcline FM Holdings, LLC, 9.65%	1.0%
American Bath Group LLC, 8.70%	0.9%
CoreLogic, Inc., 8.46%	0.9%
CTEC III GmbH, 7.01%	0.9%
Pelican Products, Inc., 9.12%	0.9%
Virgin Media Bristol LLC, 7.71%	0.8%
Hayward Industries, Inc., 7.46%	0.8%
VC GB Holdings I Corp., 8.37%	0.8%
Medical Solutions Parent Holdings, Inc., 8.85%	0.7%
Top 10 Total	10.4%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-GIFSX-093024

Guggenheim Investments 2

Guggenheim High Yield Fund

Class A | SIHAX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$109	1.02%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class A shares) returned 14.08%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 15.74% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

Overall, lower financing costs spurred heavy new issuance volume while strong market conditions resulted in tightening credit spreads. The primary contributors to the fund's performance were exposure to higher quality BB-credit and solid credit selection in the Communications sector. The primary detractor was the fund's exposure to bank loans, which significantly underperformed high yield for the period.

How did the fund perform over the last 10 years?

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

Date	High Yield Fund (Class A)†	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Corporate High Yield Index
09/30/2014	9525	10000	10000
12/31/2014	9324	10179	9900
03/31/2015	9550	10343	10149
06/30/2015	9663	10169	10150
09/30/2015	9296	10294	9657
12/31/2015	9107	10235	9457
03/31/2016	9247	10546	9775
06/30/2016	9752	10779	10314
09/30/2016	10291	10829	10887
12/31/2016	10606	10506	11077
03/31/2017	10828	10592	11377
06/30/2017	11039	10745	11624
09/30/2017	11229	10836	11853
12/31/2017	11336	10879	11909
03/31/2018	11198	10720	11807
06/30/2018	11246	10703	11928
09/30/2018	11454	10705	12215
12/31/2018	10971	10880	11661
03/31/2019	11523	11200	12507
06/30/2019	11877	11545	12820
09/30/2019	12025	11807	12991
12/31/2019	12263	11828	13331
03/31/2020	10550	12200	11640
06/30/2020	11567	12554	12824
09/30/2020	12126	12632	13414
12/31/2020	12875	12716	14279
03/31/2021	12918	12287	14400
06/30/2021	13286	12512	14795
09/30/2021	13462	12518	14926
12/31/2021	13529	12520	15032
03/31/2022	12995	11777	14305
06/30/2022	11896	11224	12899
09/30/2022	11833	10691	12816
12/31/2022	12277	10891	13351
03/31/2023	12658	11214	13827
06/30/2023	12822	11119	14068
09/30/2023	12969	10760	14133
12/31/2023	13742	11493	15146
03/31/2024	13984	11404	15369
06/30/2024	14139	11411	15537
09/30/2024	14796	12004	16358

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class A (without sales charge)	14.08%	4.23%	4.50%
Class A (with sales charge)†	9.55%	3.39%	4.00%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.84%
Bloomberg U.S. Corporate High Yield Index	15.74%	4.72%	5.04%

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

Fund Statistics as of 9.30.24

Net Assets	$204,093,994
Total Number of Portfolio Holdings	340
Portfolio Turnover Rate	45%
Total Advisory Fees Paid	$905,708

*

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

†

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.

Guggenheim Investments 1

Guggenheim High Yield Fund   |   Class A   |   SIHAX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Corporate Bonds	82.3%
Senior Floating Rate Interests	11.5%
Preferred Stocks	1.8%
Common Stocks	0.3%
Asset-Backed Securities	0.3%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

A	0.1%
BBB	4.4%
BB	46.2%
B	36.7%
CCC	7.1%
NR3	0.1%
Other Instruments	5.4%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Terraform Global Operating, LP, 6.13%	1.0%
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%	1.0%
Trinity Industries, Inc., 7.75%	0.9%
ITT Holdings LLC, 6.50%	0.9%
CPI CG, Inc., 10.00%	0.8%
GrafTech Finance, Inc., 4.63%	0.8%
Enviri Corp., 5.75%	0.8%
CD&R Smokey Buyer, Inc., 6.75%	0.7%
Focus Financial Partners LLC, 6.75%	0.7%
TransMontaigne Partners Limited Partnership / TLP Finance Corp., 6.13%	0.7%
Top 10 Total	8.3%

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

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

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

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Terraform Global Operating, LP, 6.13%	1.0%
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%	1.0%
Trinity Industries, Inc., 7.75%	0.9%
ITT Holdings LLC, 6.50%	0.9%
CPI CG, Inc., 10.00%	0.8%
GrafTech Finance, Inc., 4.63%	0.8%
Enviri Corp., 5.75%	0.8%
CD&R Smokey Buyer, Inc., 6.75%	0.7%
Focus Financial Partners LLC, 6.75%	0.7%
TransMontaigne Partners Limited Partnership / TLP Finance Corp., 6.13%	0.7%
Top 10 Total	8.3%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2025 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

Effective February 21, 2024, the fund's (Class A shares) annual expense limit was contractually reduced to 0.94% from 1.16%.

The fund's (Class A shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 1.02% for the year ended September 30, 2024, a reduction of 0.14% compared to the prior year. The primary driver of the reduction was the reduction of the fund's annual expense limit.

Subsequent to the September 30, 2024 year-end, effective November 29, 2024, Guggenheim Partners Investment Management, LLC replaced Security Investors, LLC as the fund's investment adviser in connection with an internal realignment of Guggenheim Investment's lines of business.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-SIHAX-093024

Guggenheim Investments 2

Guggenheim High Yield Fund

Class C | SIHSX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$190	1.78%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class C shares) returned 13.19%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 15.74% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

Overall, lower financing costs spurred heavy new issuance volume while strong market conditions resulted in tightening credit spreads. The primary contributors to the fund's performance were exposure to higher quality BB-credit and solid credit selection in the Communications sector. The primary detractor was the fund's exposure to bank loans, which significantly underperformed high yield for the period.

How did the fund perform over the last 10 years?

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

Date	High Yield Fund (Class C)	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Corporate High Yield Index
09/30/2014	10000	10000	10000
12/31/2014	9766	10179	9900
03/31/2015	9983	10343	10149
06/30/2015	10083	10169	10150
09/30/2015	9686	10294	9657
12/31/2015	9464	10235	9457
03/31/2016	9592	10546	9775
06/30/2016	10095	10779	10314
09/30/2016	10636	10829	10887
12/31/2016	10940	10506	11077
03/31/2017	11147	10592	11377
06/30/2017	11353	10745	11624
09/30/2017	11527	10836	11853
12/31/2017	11615	10879	11909
03/31/2018	11455	10720	11807
06/30/2018	11473	10703	11928
09/30/2018	11673	10705	12215
12/31/2018	11156	10880	11661
03/31/2019	11692	11200	12507
06/30/2019	12027	11545	12820
09/30/2019	12155	11807	12991
12/31/2019	12371	11828	13331
03/31/2020	10628	12200	11640
06/30/2020	11621	12554	12824
09/30/2020	12165	12632	13414
12/31/2020	12884	12716	14279
03/31/2021	12905	12287	14400
06/30/2021	13251	12512	14795
09/30/2021	13387	12518	14926
12/31/2021	13440	12520	15032
03/31/2022	12876	11777	14305
06/30/2022	11762	11224	12899
09/30/2022	11679	10691	12816
12/31/2022	12092	10891	13351
03/31/2023	12442	11214	13827
06/30/2023	12593	11119	14068
09/30/2023	12700	10760	14133
12/31/2023	13441	11493	15146
03/31/2024	13641	11404	15369
06/30/2024	13767	11411	15537
09/30/2024	14376	12004	16358

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class C (without CDSC)	13.19%	3.41%	3.70%
Class C (with CDSC)‡	12.19%	3.41%	3.70%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.84%
Bloomberg U.S. Corporate High Yield Index	15.74%	4.72%	5.04%

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

Fund Statistics as of 9.30.24

Net Assets	$204,093,994
Total Number of Portfolio Holdings	340
Portfolio Turnover Rate	45%
Total Advisory Fees Paid	$905,708

*

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

‡

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

Guggenheim Investments 1

Guggenheim High Yield Fund   |   Class C   |   SIHSX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Corporate Bonds	82.3%
Senior Floating Rate Interests	11.5%
Preferred Stocks	1.8%
Common Stocks	0.3%
Asset-Backed Securities	0.3%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

A	0.1%
BBB	4.4%
BB	46.2%
B	36.7%
CCC	7.1%
NR3	0.1%
Other Instruments	5.4%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Terraform Global Operating, LP, 6.13%	1.0%
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%	1.0%
Trinity Industries, Inc., 7.75%	0.9%
ITT Holdings LLC, 6.50%	0.9%
CPI CG, Inc., 10.00%	0.8%
GrafTech Finance, Inc., 4.63%	0.8%
Enviri Corp., 5.75%	0.8%
CD&R Smokey Buyer, Inc., 6.75%	0.7%
Focus Financial Partners LLC, 6.75%	0.7%
TransMontaigne Partners Limited Partnership / TLP Finance Corp., 6.13%	0.7%
Top 10 Total	8.3%

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

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

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

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Terraform Global Operating, LP, 6.13%	1.0%
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%	1.0%
Trinity Industries, Inc., 7.75%	0.9%
ITT Holdings LLC, 6.50%	0.9%
CPI CG, Inc., 10.00%	0.8%
GrafTech Finance, Inc., 4.63%	0.8%
Enviri Corp., 5.75%	0.8%
CD&R Smokey Buyer, Inc., 6.75%	0.7%
Focus Financial Partners LLC, 6.75%	0.7%
TransMontaigne Partners Limited Partnership / TLP Finance Corp., 6.13%	0.7%
Top 10 Total	8.3%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2025 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

Effective February 21, 2024, the fund's (Class C shares) annual expense limit was contractually reduced to 1.69% from 1.91%.

The fund's (Class C shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 1.78% for the year ended September 30, 2024, a reduction of 0.14% compared to the prior year. The primary driver of the reduction was the contractual reduction of the fund's annual expense limit.

Subsequent to the September 30, 2024 year-end, effective November 29, 2024, Guggenheim Partners Investment Management, LLC replaced Securities Investors, LLC as the fund's Investment Adviser in connection with an internal realignment of Guggenheim Investment's lines of business.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-SIHSX-093024

Guggenheim Investments 2

Guggenheim High Yield Fund

Class P | SIHPX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class P	$110	1.03%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class P shares) returned 14.00%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 15.74% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

Overall, lower financing costs spurred heavy new issuance volume while strong market conditions resulted in tightening credit spreads. The primary contributors to the fund's performance were exposure to higher quality BB-credit and solid credit selection in the Communications sector. The primary detractor was the fund's exposure to bank loans, which significantly underperformed high yield for the period.

How did the fund perform since inception?

Cumulative performance* for the fund since inception, assuming a $10,000 initial investment.

Date	High Yield Fund (Class P)	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Corporate High Yield Index
05/01/2015	10000	10000	10000
06/30/2015	9964	9899	9879
09/30/2015	9594	10021	9399
12/31/2015	9393	9964	9205
03/31/2016	9538	10266	9514
06/30/2016	10058	10493	10039
09/30/2016	10624	10542	10596
12/31/2016	10943	10228	10782
03/31/2017	11188	10311	11073
06/30/2017	11410	10460	11314
09/30/2017	11606	10549	11537
12/31/2017	11714	10590	11591
03/31/2018	11571	10435	11492
06/30/2018	11618	10419	11610
09/30/2018	11832	10421	11889
12/31/2018	11332	10591	11350
03/31/2019	11891	10903	12174
06/30/2019	12256	11239	12478
09/30/2019	12421	11494	12645
12/31/2019	12666	11515	12975
03/31/2020	10899	11877	11329
06/30/2020	11935	12221	12482
09/30/2020	12520	12297	13056
12/31/2020	13277	12379	13898
03/31/2021	13322	11961	14016
06/30/2021	13705	12180	14401
09/30/2021	13871	12187	14528
12/31/2021	13952	12188	14632
03/31/2022	13384	11465	13924
06/30/2022	12266	10927	12555
09/30/2022	12188	10407	12474
12/31/2022	12646	10602	12995
03/31/2023	13038	10916	13458
06/30/2023	13220	10824	13693
09/30/2023	13372	10474	13756
12/31/2023	14168	11189	14742
03/31/2024	14407	11102	14959
06/30/2024	14567	11109	15123
09/30/2024	15244	11686	15922

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Since Inception (5.01.15)
Class P	14.00%	4.18%	4.58%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.67%
Bloomberg U.S. Corporate High Yield Index	15.74%	4.72%	5.06%

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

Fund Statistics as of 9.30.24

Net Assets	$204,093,994
Total Number of Portfolio Holdings	340
Portfolio Turnover Rate	45%
Total Advisory Fees Paid	$905,708

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

Guggenheim Investments 1

Guggenheim High Yield Fund   |   Class P   |   SIHPX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Corporate Bonds	82.3%
Senior Floating Rate Interests	11.5%
Preferred Stocks	1.8%
Common Stocks	0.3%
Asset-Backed Securities	0.3%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

A	0.1%
BBB	4.4%
BB	46.2%
B	36.7%
CCC	7.1%
NR3	0.1%
Other Instruments	5.4%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Terraform Global Operating, LP, 6.13%	1.0%
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%	1.0%
Trinity Industries, Inc., 7.75%	0.9%
ITT Holdings LLC, 6.50%	0.9%
CPI CG, Inc., 10.00%	0.8%
GrafTech Finance, Inc., 4.63%	0.8%
Enviri Corp., 5.75%	0.8%
CD&R Smokey Buyer, Inc., 6.75%	0.7%
Focus Financial Partners LLC, 6.75%	0.7%
TransMontaigne Partners Limited Partnership / TLP Finance Corp., 6.13%	0.7%
Top 10 Total	8.3%

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

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

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

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Terraform Global Operating, LP, 6.13%	1.0%
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%	1.0%
Trinity Industries, Inc., 7.75%	0.9%
ITT Holdings LLC, 6.50%	0.9%
CPI CG, Inc., 10.00%	0.8%
GrafTech Finance, Inc., 4.63%	0.8%
Enviri Corp., 5.75%	0.8%
CD&R Smokey Buyer, Inc., 6.75%	0.7%
Focus Financial Partners LLC, 6.75%	0.7%
TransMontaigne Partners Limited Partnership / TLP Finance Corp., 6.13%	0.7%
Top 10 Total	8.3%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2025 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

Effective February 21, 2024, the fund's (Class P shares) annual expense limit was contractually reduced to 0.94% from 1.16%.

The fund's (Class P shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 1.03% for the year ended September 30, 2024, a reduction of 0.13% compared to the prior year. The primary driver of the reduction was the reduction of the fund's annual expense limit.

Subsequent to the September 30, 2024 year-end, effective November 29, 2024, Guggenheim Partners Investment Management, LLC replaced Securities Investors, LLC as the fund's Investment Adviser in connection with an internal realignment of Guggenheim Investment's lines of business.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-SIHPX-093024

Guggenheim Investments 2

Guggenheim High Yield Fund

Institutional Class | SHYIX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Institutional Class	$83	0.77%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Institutional Class shares) returned 14.40%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 15.74% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

Overall, lower financing costs spurred heavy new issuance volume while strong market conditions resulted in tightening credit spreads. The primary contributors to the fund's performance were exposure to higher quality BB-credit and solid credit selection in the Communications sector. The primary detractor was the fund's exposure to bank loans, which significantly underperformed high yield for the period.

How did the fund perform over the last 10 years?

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

Date	High Yield Fund (Institutional Class)	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Corporate High Yield Index
09/30/2014	2000000	2000000	2000000
12/31/2014	1957711	2035885	1979955
03/31/2015	2005956	2068593	2029898
06/30/2015	2031551	2033787	2029953
09/30/2015	1955792	2058816	1931378
12/31/2015	1916699	2047081	1891491
03/31/2016	1946572	2109149	1954916
06/30/2016	2054556	2155839	2062809
09/30/2016	2170047	2165719	2177320
12/31/2016	2238669	2101277	2215499
03/31/2017	2288919	2118439	2275301
06/30/2017	2335875	2149054	2324729
09/30/2017	2377591	2167289	2370651
12/31/2017	2401440	2175701	2381762
03/31/2018	2374991	2143918	2361334
06/30/2018	2384961	2140524	2385576
09/30/2018	2431524	2140934	2442925
12/31/2018	2328890	2175948	2332165
03/31/2019	2447192	2239983	2501429
06/30/2019	2524450	2308967	2563977
09/30/2019	2556811	2361362	2598176
12/31/2019	2608812	2365619	2666115
03/31/2020	2249405	2440097	2327921
06/30/2020	2464805	2510752	2564840
09/30/2020	2585981	2526300	2682729
12/31/2020	2744192	2543198	2855776
03/31/2021	2756678	2457428	2880049
06/30/2021	2836428	2502393	2959058
09/30/2021	2873982	2503689	2985262
12/31/2021	2892979	2503980	3006484
03/31/2022	2779250	2355394	2861072
06/30/2022	2544338	2244843	2579860
09/30/2022	2534712	2138160	2563180
12/31/2022	2630560	2178209	2670102
03/31/2023	2712965	2242728	2765374
06/30/2023	2751979	2223793	2813700
09/30/2023	2782602	2151938	2826582
12/31/2023	2951806	2298638	3029103
03/31/2024	3007213	2280808	3073771
06/30/2024	3038787	2282297	3107397
09/30/2024	3183386	2400886	3271570

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Institutional Class	14.40%	4.48%	4.76%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.84%
Bloomberg U.S. Corporate High Yield Index	15.74%	4.72%	5.04%

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

Fund Statistics as of 9.30.24

Net Assets	$204,093,994
Total Number of Portfolio Holdings	340
Portfolio Turnover Rate	45%
Total Advisory Fees Paid	$905,708

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

Guggenheim Investments 1

Guggenheim High Yield Fund   |   Institutional Class   |   SHYIX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Corporate Bonds	82.3%
Senior Floating Rate Interests	11.5%
Preferred Stocks	1.8%
Common Stocks	0.3%
Asset-Backed Securities	0.3%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

A	0.1%
BBB	4.4%
BB	46.2%
B	36.7%
CCC	7.1%
NR3	0.1%
Other Instruments	5.4%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Terraform Global Operating, LP, 6.13%	1.0%
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%	1.0%
Trinity Industries, Inc., 7.75%	0.9%
ITT Holdings LLC, 6.50%	0.9%
CPI CG, Inc., 10.00%	0.8%
GrafTech Finance, Inc., 4.63%	0.8%
Enviri Corp., 5.75%	0.8%
CD&R Smokey Buyer, Inc., 6.75%	0.7%
Focus Financial Partners LLC, 6.75%	0.7%
TransMontaigne Partners Limited Partnership / TLP Finance Corp., 6.13%	0.7%
Top 10 Total	8.3%

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

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

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

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Terraform Global Operating, LP, 6.13%	1.0%
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%	1.0%
Trinity Industries, Inc., 7.75%	0.9%
ITT Holdings LLC, 6.50%	0.9%
CPI CG, Inc., 10.00%	0.8%
GrafTech Finance, Inc., 4.63%	0.8%
Enviri Corp., 5.75%	0.8%
CD&R Smokey Buyer, Inc., 6.75%	0.7%
Focus Financial Partners LLC, 6.75%	0.7%
TransMontaigne Partners Limited Partnership / TLP Finance Corp., 6.13%	0.7%
Top 10 Total	8.3%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2025 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

Effective February 21, 2024, the fund's (Institutional Class shares) annual expense limit was contractually reduced to 0.69% from 0.91%.

The fund's (Institutional Class shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 0.77% for the year ended September 30, 2024, a reduction of 0.14% compared to the prior year. The primary driver of the reduction was the reduction of the fund's annual expense limit.

Subsequent to the September 30, 2024 year-end, effective November 29, 2024, Guggenheim Partners Investment Management, LLC replaced Securities Investors, LLC as the fund's Investment Adviser in connection with an internal realignment of Guggenheim Investment's lines of business.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-SHYIX-093024

Guggenheim Investments 2

Guggenheim High Yield Fund

Class R6 | SHYSX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class R6	$81	0.76%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class R6 shares) returned 14.42%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 15.74% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

Overall, lower financing costs spurred heavy new issuance volume while strong market conditions resulted in tightening credit spreads. The primary contributors to the fund's performance were exposure to higher quality BB-credit and solid credit selection in the Communications sector. The primary detractor was the fund's exposure to bank loans, which significantly underperformed high yield for the period.

How did the fund perform since inception?

Cumulative performance* for the fund since inception, assuming a $10,000 initial investment.

Date	High Yield Fund (Class R6)	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Corporate High Yield Index
05/15/2017	10000	10000	10000
06/30/2017	10067	10069	10066
09/30/2017	10249	10154	10265
12/31/2017	10355	10194	10313
03/31/2018	10238	10045	10224
06/30/2018	10290	10029	10329
09/30/2018	10489	10031	10578
12/31/2018	10056	10195	10098
03/31/2019	10562	10495	10831
06/30/2019	10898	10818	11102
09/30/2019	11055	11064	11250
12/31/2019	11284	11084	11544
03/31/2020	9717	11433	10080
06/30/2020	10663	11764	11106
09/30/2020	11186	11836	11616
12/31/2020	11875	11916	12365
03/31/2021	11926	11514	12470
06/30/2021	12283	11724	12812
09/30/2021	12456	11731	12926
12/31/2021	12529	11732	13018
03/31/2022	12038	11036	12388
06/30/2022	11024	10518	11171
09/30/2022	10972	10018	11098
12/31/2022	11396	10206	11561
03/31/2023	11759	10508	11974
06/30/2023	11935	10419	12183
09/30/2023	12069	10082	12239
12/31/2023	12815	10770	13116
03/31/2024	13034	10686	13309
06/30/2024	13189	10693	13455
09/30/2024	13810	11249	14166

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Since Inception (5.15.17)
Class R6	14.42%	4.55%	4.47%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.61%
Bloomberg U.S. Corporate High Yield Index	15.74%	4.72%	4.83%

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

Fund Statistics as of 9.30.24

Net Assets	$204,093,994
Total Number of Portfolio Holdings	340
Portfolio Turnover Rate	45%
Total Advisory Fees Paid	$905,708

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

Guggenheim Investments 1

Guggenheim High Yield Fund   |   Class R6   |   SHYSX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Corporate Bonds	82.3%
Senior Floating Rate Interests	11.5%
Preferred Stocks	1.8%
Common Stocks	0.3%
Asset-Backed Securities	0.3%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

A	0.1%
BBB	4.4%
BB	46.2%
B	36.7%
CCC	7.1%
NR3	0.1%
Other Instruments	5.4%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Terraform Global Operating, LP, 6.13%	1.0%
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%	1.0%
Trinity Industries, Inc., 7.75%	0.9%
ITT Holdings LLC, 6.50%	0.9%
CPI CG, Inc., 10.00%	0.8%
GrafTech Finance, Inc., 4.63%	0.8%
Enviri Corp., 5.75%	0.8%
CD&R Smokey Buyer, Inc., 6.75%	0.7%
Focus Financial Partners LLC, 6.75%	0.7%
TransMontaigne Partners Limited Partnership / TLP Finance Corp., 6.13%	0.7%
Top 10 Total	8.3%

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

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

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

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Terraform Global Operating, LP, 6.13%	1.0%
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%	1.0%
Trinity Industries, Inc., 7.75%	0.9%
ITT Holdings LLC, 6.50%	0.9%
CPI CG, Inc., 10.00%	0.8%
GrafTech Finance, Inc., 4.63%	0.8%
Enviri Corp., 5.75%	0.8%
CD&R Smokey Buyer, Inc., 6.75%	0.7%
Focus Financial Partners LLC, 6.75%	0.7%
TransMontaigne Partners Limited Partnership / TLP Finance Corp., 6.13%	0.7%
Top 10 Total	8.3%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2025 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

Effective February 21, 2024, the fund's (Class R6 shares) annual expense limit was contractually reduced to 0.69% from 0.91%.

The fund's (Class R6 shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 0.76% for the year ended September 30, 2024, a reduction of 0.04% compared to the prior year. The primary driver of the reduction was the reduction of the fund's annual expense limit.

Subsequent to the September 30, 2024 year-end, effective November 29, 2024, Guggenheim Partners Investment Management, LLC replaced Securities Investors, LLC as the fund's Investment Adviser in connection with an internal realignment of Guggenheim Investment's lines of business.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-SHYSX-093024

Guggenheim Investments 2

Guggenheim Limited Duration Fund

Class A | GILDX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$78	0.75%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class A shares) returned 8.96%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period and outperforming the fund's secondary index, the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index, which returned 7.23% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund's relative outperformance against the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index (the fund's ancillary index) was primarily driven by sector allocation, security selection, and the fund's carry (or earned income) advantage. The fund benefited from its structured credit allocation, which includes various subsectors of asset-backed securities, collateralized loan obligations, non-agency commercial mortgage-backed securities and non-agency residential mortgage-backed securities, as prices moved higher on both lower interest rates and tighter credit spreads. This followed increased market optimism on the potential for a soft landing given disinflationary trends and resilient economic data. Security selection within investment grade corporates was a key contributor to performance as the fund's investment grade corporate holdings outperformed the Index by 1.2%.

How did the fund perform over the last 10 years?

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

Date	Limited Duration Fund (Class A)†	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index
09/30/2014	9777	10000	10000
12/31/2014	9801	10179	10018
03/31/2015	9924	10343	10077
06/30/2015	9985	10169	10091
09/30/2015	9987	10294	10121
12/31/2015	9972	10235	10085
03/31/2016	9968	10546	10183
06/30/2016	10125	10779	10252
09/30/2016	10303	10829	10255
12/31/2016	10352	10506	10217
03/31/2017	10455	10592	10258
06/30/2017	10542	10745	10291
09/30/2017	10606	10836	10326
12/31/2017	10649	10879	10305
03/31/2018	10682	10720	10284
06/30/2018	10719	10703	10313
09/30/2018	10786	10705	10348
12/31/2018	10811	10880	10470
03/31/2019	10869	11200	10597
06/30/2019	10963	11545	10755
09/30/2019	11030	11807	10831
12/31/2019	11039	11828	10893
03/31/2020	10989	12200	11088
06/30/2020	11453	12554	11185
09/30/2020	11638	12632	11203
12/31/2020	11749	12716	11228
03/31/2021	11690	12287	11220
06/30/2021	11780	12512	11226
09/30/2021	11799	12518	11236
12/31/2021	11751	12520	11173
03/31/2022	11470	11777	10893
06/30/2022	11197	11224	10824
09/30/2022	11041	10691	10661
12/31/2022	11220	10891	10757
03/31/2023	11474	11214	10920
06/30/2023	11523	11119	10880
09/30/2023	11627	10760	10960
12/31/2023	12005	11493	11257
03/31/2024	12141	11404	11308
06/30/2024	12299	11411	11416
09/30/2024	12669	12004	11753

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class A (without sales charge)	8.96%	2.79%	2.62%
Class A (with sales charge)†	6.52%	2.32%	2.39%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.84%
Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index	7.23%	1.65%	1.63%

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

Fund Statistics as of 9.30.24

Net Assets	$4,472,650,204
Total Number of Portfolio Holdings	593
Portfolio Turnover Rate	42%
Total Advisory Fees Paid	$14,155,779

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

Fund returns are calculated using the maximum sales charge of 2.25%.

Guggenheim Investments 1

Guggenheim Limited Duration Fund   |   Class A   |   GILDX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Corporate Bonds	33.1%
Collateralized Mortgage Obligations	28.3%
Asset-Backed Securities	26.3%
U.S. Government Securities	18.0%
Interest Rate Futures Contracts	7.3%
Senior Floating Rate Interests	1.9%
Preferred Stocks	0.5%
Municipal Bonds	0.2%
Interest Rate Swap Agreements	24.6%
Common Stocks	0.0%
Warrants	0.0%
Credit Default Swap Agreements Protection Purchased	-2.6%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

AAA	43.2%
AA	7.1%
A	18.1%
BBB	17.3%
BB	3.7%
B	0.7%
CCC	0.4%
CC	0.2%
NR3	5.4%
Other Instruments	3.9%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Uniform MBS 15 Year	6.2%
U.S. Treasury Notes, 4.75%	4.5%
U.S. Treasury Notes, 4.38%	3.6%
Uniform MBS 15 Year	3.4%
Uniform MBS 15 Year	2.6%
U.S. Treasury Notes, 4.63%	2.2%
U.S. Treasury Notes, 3.75%	1.5%
U.S. Treasury Inflation Indexed Bonds, 2.13%	1.3%
THL Credit Lake Shore MM CLO I Ltd., 7.26%	1.1%
U.S. Treasury Notes, 3.38%	1.1%
Top 10 Total	27.5%

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

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

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

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Uniform MBS 15 Year	6.2%
U.S. Treasury Notes, 4.75%	4.5%
U.S. Treasury Notes, 4.38%	3.6%
Uniform MBS 15 Year	3.4%
Uniform MBS 15 Year	2.6%
U.S. Treasury Notes, 4.63%	2.2%
U.S. Treasury Notes, 3.75%	1.5%
U.S. Treasury Inflation Indexed Bonds, 2.13%	1.3%
THL Credit Lake Shore MM CLO I Ltd., 7.26%	1.1%
U.S. Treasury Notes, 3.38%	1.1%
Top 10 Total	27.5%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-GILDX-093024

Guggenheim Investments 2

Guggenheim Limited Duration Fund

Class C | GILFX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$156	1.50%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class C shares) returned 8.20%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period and outperforming the fund's secondary index, the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index, which returned 7.23% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund's relative outperformance against the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index (the fund's ancillary index) was primarily driven by sector allocation, security selection, and the fund's carry (or earned income) advantage. The fund benefited from its structured credit allocation, which includes various subsectors of asset-backed securities, collateralized loan obligations, non-agency commercial mortgage-backed securities and non-agency residential mortgage-backed securities, as prices moved higher on both lower interest rates and tighter credit spreads. This followed increased market optimism on the potential for a soft landing given disinflationary trends and resilient economic data. Security selection within investment grade corporates was a key contributor to performance as the fund's investment grade corporate holdings outperformed the Index by 1.2%.

How did the fund perform over the last 10 years?

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

Date	Limited Duration Fund (Class C)	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index
09/30/2014	10000	10000	10000
12/31/2014	10010	10179	10018
03/31/2015	10112	10343	10077
06/30/2015	10154	10169	10091
09/30/2015	10137	10294	10121
12/31/2015	10102	10235	10085
03/31/2016	10080	10546	10183
06/30/2016	10219	10779	10252
09/30/2016	10379	10829	10255
12/31/2016	10413	10506	10217
03/31/2017	10494	10592	10258
06/30/2017	10561	10745	10291
09/30/2017	10606	10836	10326
12/31/2017	10631	10879	10305
03/31/2018	10646	10720	10284
06/30/2018	10659	10703	10313
09/30/2018	10705	10705	10348
12/31/2018	10710	10880	10470
03/31/2019	10749	11200	10597
06/30/2019	10820	11545	10755
09/30/2019	10867	11807	10831
12/31/2019	10855	11828	10893
03/31/2020	10790	12200	11088
06/30/2020	11220	12554	11185
09/30/2020	11380	12632	11203
12/31/2020	11471	12716	11228
03/31/2021	11389	12287	11220
06/30/2021	11455	12512	11226
09/30/2021	11456	12518	11236
12/31/2021	11384	12520	11173
03/31/2022	11096	11777	10893
06/30/2022	10811	11224	10824
09/30/2022	10640	10691	10661
12/31/2022	10787	10891	10757
03/31/2023	11012	11214	10920
06/30/2023	11038	11119	10880
09/30/2023	11116	10760	10960
12/31/2023	11457	11493	11257
03/31/2024	11565	11404	11308
06/30/2024	11699	11411	11416
09/30/2024	12028	12004	11753

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class C (without CDSC)	8.20%	2.03%	1.85%
Class C (with CDSC)‡	7.20%	2.03%	1.85%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.84%
Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index	7.23%	1.65%	1.63%

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

Fund Statistics as of 9.30.24

Net Assets	$4,472,650,204
Total Number of Portfolio Holdings	593
Portfolio Turnover Rate	42%
Total Advisory Fees Paid	$14,155,779

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

‡

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

Guggenheim Investments 1

Guggenheim Limited Duration Fund   |   Class C   |   GILFX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Corporate Bonds	33.1%
Collateralized Mortgage Obligations	28.3%
Asset-Backed Securities	26.3%
U.S. Government Securities	18.0%
Interest Rate Futures Contracts	7.3%
Senior Floating Rate Interests	1.9%
Preferred Stocks	0.5%
Municipal Bonds	0.2%
Interest Rate Swap Agreements	24.6%
Common Stocks	0.0%
Warrants	0.0%
Credit Default Swap Agreements Protection Purchased	-2.6%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

AAA	43.2%
AA	7.1%
A	18.1%
BBB	17.3%
BB	3.7%
B	0.7%
CCC	0.4%
CC	0.2%
NR3	5.4%
Other Instruments	3.9%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Uniform MBS 15 Year	6.2%
U.S. Treasury Notes, 4.75%	4.5%
U.S. Treasury Notes, 4.38%	3.6%
Uniform MBS 15 Year	3.4%
Uniform MBS 15 Year	2.6%
U.S. Treasury Notes, 4.63%	2.2%
U.S. Treasury Notes, 3.75%	1.5%
U.S. Treasury Inflation Indexed Bonds, 2.13%	1.3%
THL Credit Lake Shore MM CLO I Ltd., 7.26%	1.1%
U.S. Treasury Notes, 3.38%	1.1%
Top 10 Total	27.5%

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

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

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

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Uniform MBS 15 Year	6.2%
U.S. Treasury Notes, 4.75%	4.5%
U.S. Treasury Notes, 4.38%	3.6%
Uniform MBS 15 Year	3.4%
Uniform MBS 15 Year	2.6%
U.S. Treasury Notes, 4.63%	2.2%
U.S. Treasury Notes, 3.75%	1.5%
U.S. Treasury Inflation Indexed Bonds, 2.13%	1.3%
THL Credit Lake Shore MM CLO I Ltd., 7.26%	1.1%
U.S. Treasury Notes, 3.38%	1.1%
Top 10 Total	27.5%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-GILFX-093024

Guggenheim Investments 2

Guggenheim Limited Duration Fund

Class P | GILPX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class P	$78	0.75%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class P shares) returned 8.96%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period and outperforming the fund's secondary index, the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index, which returned 7.23% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund's relative outperformance against the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index (the fund's ancillary index) was primarily driven by sector allocation, security selection, and the fund's carry (or earned income) advantage. The fund benefited from its structured credit allocation, which includes various subsectors of asset-backed securities, collateralized loan obligations, non-agency commercial mortgage-backed securities and non-agency residential mortgage-backed securities, as prices moved higher on both lower interest rates and tighter credit spreads. This followed increased market optimism on the potential for a soft landing given disinflationary trends and resilient economic data. Security selection within investment grade corporates was a key contributor to performance as the fund's investment grade corporate holdings outperformed the Index by 1.2%.

How did the fund perform since inception?

Cumulative performance* for the fund since inception (as of 9.30.24), assuming a $10,000 initial investment.

Date	Limited Duration Fund (Class P)	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index
05/01/2015	10000	10000	10000
06/30/2015	10031	9899	10011
09/30/2015	10032	10021	10040
12/31/2015	10018	9964	10004
03/31/2016	10013	10266	10102
06/30/2016	10171	10493	10170
09/30/2016	10350	10542	10174
12/31/2016	10399	10228	10135
03/31/2017	10502	10311	10177
06/30/2017	10589	10460	10209
09/30/2017	10653	10549	10244
12/31/2017	10697	10590	10223
03/31/2018	10730	10435	10202
06/30/2018	10762	10419	10231
09/30/2018	10834	10421	10266
12/31/2018	10859	10591	10387
03/31/2019	10918	10903	10513
06/30/2019	11011	11239	10669
09/30/2019	11079	11494	10745
12/31/2019	11088	11515	10806
03/31/2020	11038	11877	11000
06/30/2020	11504	12221	11096
09/30/2020	11689	12297	11114
12/31/2020	11801	12379	11139
03/31/2021	11742	11961	11131
06/30/2021	11832	12180	11136
09/30/2021	11851	12187	11146
12/31/2021	11804	12188	11084
03/31/2022	11521	11465	10806
06/30/2022	11247	10927	10738
09/30/2022	11090	10407	10576
12/31/2022	11270	10602	10671
03/31/2023	11525	10916	10833
06/30/2023	11575	10824	10794
09/30/2023	11679	10474	10873
12/31/2023	12059	11189	11167
03/31/2024	12195	11102	11218
06/30/2024	12354	11109	11325
09/30/2024	12725	11686	11659

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Since Inception (5.01.15)
Class P	8.96%	2.79%	2.58%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.67%
Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index	7.23%	1.65%	1.64%

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

Fund Statistics as of 9.30.24

Net Assets	$4,472,650,204
Total Number of Portfolio Holdings	593
Portfolio Turnover Rate	42%
Total Advisory Fees Paid	$14,155,779

^* The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

Guggenheim Investments 1

Guggenheim Limited Duration Fund   |   Class P   |   GILPX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Corporate Bonds	33.1%
Collateralized Mortgage Obligations	28.3%
Asset-Backed Securities	26.3%
U.S. Government Securities	18.0%
Interest Rate Futures Contracts	7.3%
Senior Floating Rate Interests	1.9%
Preferred Stocks	0.5%
Municipal Bonds	0.2%
Interest Rate Swap Agreements	24.6%
Common Stocks	0.0%
Warrants	0.0%
Credit Default Swap Agreements Protection Purchased	-2.6%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

AAA	43.2%
AA	7.1%
A	18.1%
BBB	17.3%
BB	3.7%
B	0.7%
CCC	0.4%
CC	0.2%
NR3	5.4%
Other Instruments	3.9%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Uniform MBS 15 Year	6.2%
U.S. Treasury Notes, 4.75%	4.5%
U.S. Treasury Notes, 4.38%	3.6%
Uniform MBS 15 Year	3.4%
Uniform MBS 15 Year	2.6%
U.S. Treasury Notes, 4.63%	2.2%
U.S. Treasury Notes, 3.75%	1.5%
U.S. Treasury Inflation Indexed Bonds, 2.13%	1.3%
THL Credit Lake Shore MM CLO I Ltd., 7.26%	1.1%
U.S. Treasury Notes, 3.38%	1.1%
Top 10 Total	27.5%

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

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

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

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Uniform MBS 15 Year	6.2%
U.S. Treasury Notes, 4.75%	4.5%
U.S. Treasury Notes, 4.38%	3.6%
Uniform MBS 15 Year	3.4%
Uniform MBS 15 Year	2.6%
U.S. Treasury Notes, 4.63%	2.2%
U.S. Treasury Notes, 3.75%	1.5%
U.S. Treasury Inflation Indexed Bonds, 2.13%	1.3%
THL Credit Lake Shore MM CLO I Ltd., 7.26%	1.1%
U.S. Treasury Notes, 3.38%	1.1%
Top 10 Total	27.5%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-GILPX-093024

Guggenheim Investments 2

Guggenheim Limited Duration Fund

Institutional Class | GILHX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Institutional Class	$52	0.50%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Institutional Class shares) returned 9.28%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period and outperforming the fund's secondary index, the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index, which returned 7.23% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund's relative outperformance against the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index (the fund's ancillary index) was primarily driven by sector allocation, security selection, and the fund's carry (or earned income) advantage. The fund benefited from its structured credit allocation, which includes various subsectors of asset-backed securities, collateralized loan obligations, non-agency commercial mortgage-backed securities and non-agency residential mortgage-backed securities, as prices moved higher on both lower interest rates and tighter credit spreads. This followed increased market optimism on the potential for a soft landing given disinflationary trends and resilient economic data. Security selection within investment grade corporates was a key contributor to performance as the fund's investment grade corporate holdings outperformed the Index by 1.2%.

How did the fund perform over the last 10 years?

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

Date	Limited Duration Fund (Institutional Class)	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index
09/30/2014	2000000	2000000	2000000
12/31/2014	2007056	2035885	2003624
03/31/2015	2032619	2068593	2015435
06/30/2015	2046498	2033787	2018190
09/30/2015	2048235	2058816	2024189
12/31/2015	2046625	2047081	2016942
03/31/2016	2046964	2109149	2036589
06/30/2016	2080432	2155839	2050395
09/30/2016	2118426	2165719	2051029
12/31/2016	2130697	2101277	2043312
03/31/2017	2152593	2118439	2051675
06/30/2017	2171850	2149054	2058137
09/30/2017	2186476	2167289	2065150
12/31/2017	2197673	2175701	2060984
03/31/2018	2205781	2143918	2056770
06/30/2018	2213825	2140524	2062630
09/30/2018	2229071	2140934	2069606
12/31/2018	2235663	2175948	2094031
03/31/2019	2249089	2239983	2119500
06/30/2019	2269725	2308967	2151001
09/30/2019	2285177	2361362	2166177
12/31/2019	2289387	2365619	2178577
03/31/2020	2280317	2440097	2217567
06/30/2020	2377123	2510752	2237064
09/30/2020	2417070	2526300	2240622
12/31/2020	2442632	2543198	2245663
03/31/2021	2430920	2457428	2243983
06/30/2021	2452167	2502393	2245120
09/30/2021	2457541	2503689	2247158
12/31/2021	2449286	2503980	2234584
03/31/2022	2392147	2355394	2178632
06/30/2022	2336563	2244843	2164747
09/30/2022	2305458	2138160	2132260
12/31/2022	2343364	2178209	2151377
03/31/2023	2397942	2242728	2183903
06/30/2023	2409779	2223793	2176031
09/30/2023	2432913	2151938	2192051
12/31/2023	2513655	2298638	2251390
03/31/2024	2544656	2280808	2261626
06/30/2024	2579452	2282297	2283101
09/30/2024	2658649	2400886	2350583

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Institutional Class	9.28%	3.06%	2.88%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.84%
Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index	7.23%	1.65%	1.63%

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

Fund Statistics as of 9.30.24

Net Assets	$4,472,650,204
Total Number of Portfolio Holdings	593
Portfolio Turnover Rate	42%
Total Advisory Fees Paid	$14,155,779

^* The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

Guggenheim Investments 1

Guggenheim Limited Duration Fund   |   Institutional Class   |   GILHX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Corporate Bonds	33.1%
Collateralized Mortgage Obligations	28.3%
Asset-Backed Securities	26.3%
U.S. Government Securities	18.0%
Interest Rate Futures Contracts	7.3%
Senior Floating Rate Interests	1.9%
Preferred Stocks	0.5%
Municipal Bonds	0.2%
Interest Rate Swap Agreements	24.6%
Common Stocks	0.0%
Warrants	0.0%
Credit Default Swap Agreements Protection Purchased	-2.6%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

AAA	43.2%
AA	7.1%
A	18.1%
BBB	17.3%
BB	3.7%
B	0.7%
CCC	0.4%
CC	0.2%
NR3	5.4%
Other Instruments	3.9%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Uniform MBS 15 Year	6.2%
U.S. Treasury Notes, 4.75%	4.5%
U.S. Treasury Notes, 4.38%	3.6%
Uniform MBS 15 Year	3.4%
Uniform MBS 15 Year	2.6%
U.S. Treasury Notes, 4.63%	2.2%
U.S. Treasury Notes, 3.75%	1.5%
U.S. Treasury Inflation Indexed Bonds, 2.13%	1.3%
THL Credit Lake Shore MM CLO I Ltd., 7.26%	1.1%
U.S. Treasury Notes, 3.38%	1.1%
Top 10 Total	27.5%

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

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

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

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Uniform MBS 15 Year	6.2%
U.S. Treasury Notes, 4.75%	4.5%
U.S. Treasury Notes, 4.38%	3.6%
Uniform MBS 15 Year	3.4%
Uniform MBS 15 Year	2.6%
U.S. Treasury Notes, 4.63%	2.2%
U.S. Treasury Notes, 3.75%	1.5%
U.S. Treasury Inflation Indexed Bonds, 2.13%	1.3%
THL Credit Lake Shore MM CLO I Ltd., 7.26%	1.1%
U.S. Treasury Notes, 3.38%	1.1%
Top 10 Total	27.5%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-GILHX-093024

Guggenheim Investments 2

Guggenheim Limited Duration Fund

Class R6 | GIKRX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class R6	$48	0.46%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class R6 shares) returned 9.33%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period and outperforming the fund's secondary index, the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index, which returned 7.23% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund's relative outperformance against the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index (the fund's ancillary index) was primarily driven by sector allocation, security selection, and the fund's carry (or earned income) advantage. The fund benefited from its structured credit allocation, which includes various subsectors of asset-backed securities, collateralized loan obligations, non-agency commercial mortgage-backed securities and non-agency residential mortgage-backed securities, as prices moved higher on both lower interest rates and tighter credit spreads. This followed increased market optimism on the potential for a soft landing given disinflationary trends and resilient economic data. Security selection within investment grade corporates was a key contributor to performance as the fund's investment grade corporate holdings outperformed the Index by 1.2%.

How did the fund perform since inception?

Cumulative performance* for the fund since inception, assuming a $10,000 initial investment.

Date	Limited Duration Fund (Class R6)	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index
03/13/2019	10000	10000	10000
03/31/2019	10019	10126	10044
06/30/2019	10113	10438	10193
09/30/2019	10183	10675	10265
12/31/2019	10197	10694	10323
03/31/2020	10157	11031	10508
06/30/2020	10593	11350	10601
09/30/2020	10771	11420	10617
12/31/2020	10885	11497	10641
03/31/2021	10833	11109	10633
06/30/2021	10923	11312	10639
09/30/2021	10947	11318	10648
12/31/2021	10911	11319	10589
03/31/2022	10656	10648	10324
06/30/2022	10412	10148	10258
09/30/2022	10269	9666	10104
12/31/2022	10443	9847	10195
03/31/2023	10686	10138	10349
06/30/2023	10740	10053	10311
09/30/2023	10844	9728	10387
12/31/2023	11206	10391	10669
03/31/2024	11345	10311	10717
06/30/2024	11502	10317	10819
09/30/2024	11856	10853	11139

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Since Inception (3.13.19)
Class R6	9.33%	3.07%	3.10%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.49%
Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index	7.23%	1.65%	1.96%

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

Fund Statistics as of 9.30.24

Net Assets	$4,472,650,204
Total Number of Portfolio Holdings	593
Portfolio Turnover Rate	42%
Total Advisory Fees Paid	$14,155,779

^* The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

Guggenheim Investments 1

Guggenheim Limited Duration Fund   |   Class R6   |   GIKRX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Corporate Bonds	33.1%
Collateralized Mortgage Obligations	28.3%
Asset-Backed Securities	26.3%
U.S. Government Securities	18.0%
Interest Rate Futures Contracts	7.3%
Senior Floating Rate Interests	1.9%
Preferred Stocks	0.5%
Municipal Bonds	0.2%
Interest Rate Swap Agreements	24.6%
Common Stocks	0.0%
Warrants	0.0%
Credit Default Swap Agreements Protection Purchased	-2.6%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

AAA	43.2%
AA	7.1%
A	18.1%
BBB	17.3%
BB	3.7%
B	0.7%
CCC	0.4%
CC	0.2%
NR3	5.4%
Other Instruments	3.9%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Uniform MBS 15 Year	6.2%
U.S. Treasury Notes, 4.75%	4.5%
U.S. Treasury Notes, 4.38%	3.6%
Uniform MBS 15 Year	3.4%
Uniform MBS 15 Year	2.6%
U.S. Treasury Notes, 4.63%	2.2%
U.S. Treasury Notes, 3.75%	1.5%
U.S. Treasury Inflation Indexed Bonds, 2.13%	1.3%
THL Credit Lake Shore MM CLO I Ltd., 7.26%	1.1%
U.S. Treasury Notes, 3.38%	1.1%
Top 10 Total	27.5%

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

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

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

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Uniform MBS 15 Year	6.2%
U.S. Treasury Notes, 4.75%	4.5%
U.S. Treasury Notes, 4.38%	3.6%
Uniform MBS 15 Year	3.4%
Uniform MBS 15 Year	2.6%
U.S. Treasury Notes, 4.63%	2.2%
U.S. Treasury Notes, 3.75%	1.5%
U.S. Treasury Inflation Indexed Bonds, 2.13%	1.3%
THL Credit Lake Shore MM CLO I Ltd., 7.26%	1.1%
U.S. Treasury Notes, 3.38%	1.1%
Top 10 Total	27.5%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-GIKRX-093024

Guggenheim Investments 2

Guggenheim Macro Opportunities Fund

Class A | GIOAX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$132	1.25%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class A shares) returned 11.92%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period and outperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 5.49% for the same period.

The fund's broad-based securities market index was changed from the ICE BofA 3-Month U.S. Treasury Bill Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund's positive performance was driven by credit positioning, duration, and carry (or earned income). The fund benefited from its allocation to high yield corporates as spreads in the Bloomberg U.S. Corporate High Yield Bond Index tightened by 99 basis points amid increased market optimism on the potential for a soft landing given disinflationary trends and resilient economic data. Security selection within high yield corporates, collateralized loan obligations, and asset-backed securities was a key contributor to performance as the fund's holdings outperformed representative indices for each of these sectors by 2.0%, 2.6%, and 3.9%, respectively.

How did the fund perform over the last 10 years?

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

Date	Macro Opportunities Fund (Class A)†	Bloomberg U.S. Aggregate Bond Index	ICE BofA 3-Month U.S. Treasury Bill Index
09/30/2014	9524	10000	10000
12/31/2014	9635	10179	10000
03/31/2015	9807	10343	10001
06/30/2015	9766	10169	10001
09/30/2015	9675	10294	10002
12/31/2015	9490	10235	10006
03/31/2016	9511	10546	10013
06/30/2016	9828	10779	10020
09/30/2016	10215	10829	10030
12/31/2016	10458	10506	10038
03/31/2017	10659	10592	10049
06/30/2017	10753	10745	10069
09/30/2017	10862	10836	10096
12/31/2017	10975	10879	10124
03/31/2018	11006	10720	10160
06/30/2018	11021	10703	10206
09/30/2018	11124	10705	10256
12/31/2018	10993	10880	10314
03/31/2019	11052	11200	10376
06/30/2019	11126	11545	10442
09/30/2019	11169	11807	10501
12/31/2019	11195	11828	10549
03/31/2020	10515	12200	10610
06/30/2020	11102	12554	10612
09/30/2020	11771	12632	10616
12/31/2020	12436	12716	10620
03/31/2021	12459	12287	10622
06/30/2021	12632	12512	10622
09/30/2021	12652	12518	10624
12/31/2021	12695	12520	10625
03/31/2022	12280	11777	10629
06/30/2022	11469	11224	10640
09/30/2022	11289	10691	10690
12/31/2022	11587	10891	10781
03/31/2023	11920	11214	10898
06/30/2023	11990	11119	11026
09/30/2023	12090	10760	11171
12/31/2023	12649	11493	11325
03/31/2024	12863	11404	11472
06/30/2024	13049	11411	11625
09/30/2024	13530	12004	11784

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class A (without sales charge)	11.92%	3.91%	3.57%
Class A (with sales charge)†	7.42%	3.06%	3.07%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.84%
ICE BofA 3-Month U.S. Treasury Bill Index	5.49%	2.33%	1.66%

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

Fund Statistics as of 9.30.24

Net Assets	$7,464,947,935
Total Number of Portfolio Holdings	858
Portfolio Turnover Rate	24%
Total Advisory Fees Paid	$49,999,504

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the ICE BofA 3-Month U.S. Treasury Bill Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

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.

Guggenheim Investments 1

Guggenheim Macro Opportunities Fund   |   Class A   |   GIOAX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Corporate Bonds	29.9%
Asset-Backed Securities	18.5%
Senior Floating Rate Interests	15.9%
Collateralized Mortgage Obligations	12.2%
Interest Rate Futures Contracts	6.6%
U.S. Government Securities	5.2%
Preferred Stocks	4.3%
Mutual Funds	2.8%
Interest Rate Swap Agreements	2.1%
Commodity Futures Contracts	1.0%
Exchange-Traded Funds	1.0%
Total Return Interest Rate Swap Agreements	0.8%
Equity Index Swap Agreements	0.6%
Convertible Bonds	0.4%
Common Stocks	0.1%
Options Purchased*	0.0%
Senior Fixed Rate Interests*	0.0%
Warrants*	0.0%
Forward Foreign Currency Exchange Contracts*	0.0%
Credit Default Swap Agreements Protection Purchased	-3.4%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

AAA	10.5%
AA	0.7%
A	12.6%
BBB	15.5%
BB	16.6%
B	17.2%
CCC	2.5%
CC	2.4%
C*	0.0%
NR3	3.8%
Other Instruments	18.2%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

U.S. Treasury Notes, 4.25%	4.9%
Guggenheim Limited Duration Fund — Class R6	1.8%
Fannie Mae, 5.50%	1.4%
SPDR S&P 500 ETF Trust	1.0%
Freddie Mac, 5.50%	0.7%
Guggenheim Ultra Short Duration Fund — Institutional Class	0.7%
AP Grange Holdings, 6.50%	0.6%
BP Capital Markets plc, 4.88%	0.5%
Guggenheim Risk Managed Real Estate Fund — Institutional Class	0.5%
VB-S1 Issuer LLC - VBTEL, 5.27%	0.5%
Top 10 Total	12.6%

*	Less than 0.1%.
1	"Consolidated Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

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

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

U.S. Treasury Notes, 4.25%	4.9%
Guggenheim Limited Duration Fund — Class R6	1.8%
Fannie Mae, 5.50%	1.4%
SPDR S&P 500 ETF Trust	1.0%
Freddie Mac, 5.50%	0.7%
Guggenheim Ultra Short Duration Fund — Institutional Class	0.7%
AP Grange Holdings, 6.50%	0.6%
BP Capital Markets plc, 4.88%	0.5%
Guggenheim Risk Managed Real Estate Fund — Institutional Class	0.5%
VB-S1 Issuer LLC - VBTEL, 5.27%	0.5%
Top 10 Total	12.6%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2025 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

The fund's (Class A shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 1.25% for the year ended September 30, 2024, a decrease of 0.19% compared to the prior year. The primary driver of the decrease was a decrease in interest expense as the fund did not utilize reverse repurchase agreements during the reporting period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-GIOAX-093024

Guggenheim Investments 2

Guggenheim Macro Opportunities Fund

Class C | GIOCX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$208	1.97%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class C shares) returned 11.13%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period and outperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 5.49% for the same period.

The fund's broad-based securities market index was changed from the ICE BofA 3-Month U.S. Treasury Bill Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund's positive performance was driven by credit positioning, duration, and carry (or earned income). The fund benefited from its allocation to high yield corporates as spreads in the Bloomberg U.S. Corporate High Yield Bond Index tightened by 99 basis points amid increased market optimism on the potential for a soft landing given disinflationary trends and resilient economic data. Security selection within high yield corporates, collateralized loan obligations, and asset-backed securities was a key contributor to performance as the fund's holdings outperformed representative indices for each of these sectors by 2.0%, 2.6%, and 3.9%, respectively.

How did the fund perform over the last 10 years?

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

Date	Macro Opportunities Fund (Class C)	Bloomberg U.S. Aggregate Bond Index	ICE BofA 3-Month U.S. Treasury Bill Index
09/30/2014	10000	10000	10000
12/31/2014	10099	10179	10000
03/31/2015	10260	10343	10001
06/30/2015	10198	10169	10001
09/30/2015	10084	10294	10002
12/31/2015	9871	10235	10006
03/31/2016	9876	10546	10013
06/30/2016	10187	10779	10020
09/30/2016	10567	10829	10030
12/31/2016	10802	10506	10038
03/31/2017	10989	10592	10049
06/30/2017	11061	10745	10069
09/30/2017	11153	10836	10096
12/31/2017	11252	10879	10124
03/31/2018	11259	10720	10160
06/30/2018	11258	10703	10206
09/30/2018	11341	10705	10256
12/31/2018	11183	10880	10314
03/31/2019	11227	11200	10376
06/30/2019	11277	11545	10442
09/30/2019	11299	11807	10501
12/31/2019	11303	11828	10549
03/31/2020	10601	12200	10610
06/30/2020	11172	12554	10612
09/30/2020	11819	12632	10616
12/31/2020	12468	12716	10620
03/31/2021	12465	12287	10622
06/30/2021	12615	12512	10622
09/30/2021	12611	12518	10624
12/31/2021	12630	12520	10625
03/31/2022	12194	11777	10629
06/30/2022	11372	11224	10640
09/30/2022	11172	10691	10690
12/31/2022	11440	10891	10781
03/31/2023	11748	11214	10898
06/30/2023	11795	11119	11026
09/30/2023	11871	10760	11171
12/31/2023	12403	11493	11325
03/31/2024	12585	11404	11472
06/30/2024	12744	11411	11625
09/30/2024	13192	12004	11784

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class C (without CDSC)	11.13%	3.15%	2.81%
Class C (with CDSC)‡	10.13%	3.15%	2.81%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.84%
ICE BofA 3-Month U.S. Treasury Bill Index	5.49%	2.33%	1.66%

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

Fund Statistics as of 9.30.24

Net Assets	$7,464,947,935
Total Number of Portfolio Holdings	858
Portfolio Turnover Rate	24%
Total Advisory Fees Paid	$49,999,504

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the ICE BofA 3-Month U.S. Treasury Bill Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

‡

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

Guggenheim Investments 1

Guggenheim Macro Opportunities Fund   |   Class C   |   GIOCX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Corporate Bonds	29.9%
Asset-Backed Securities	18.5%
Senior Floating Rate Interests	15.9%
Collateralized Mortgage Obligations	12.2%
Interest Rate Futures Contracts	6.6%
U.S. Government Securities	5.2%
Preferred Stocks	4.3%
Mutual Funds	2.8%
Interest Rate Swap Agreements	2.1%
Commodity Futures Contracts	1.0%
Exchange-Traded Funds	1.0%
Total Return Interest Rate Swap Agreements	0.8%
Equity Index Swap Agreements	0.6%
Convertible Bonds	0.4%
Common Stocks	0.1%
Options Purchased*	0.0%
Senior Fixed Rate Interests*	0.0%
Warrants*	0.0%
Forward Foreign Currency Exchange Contracts*	0.0%
Credit Default Swap Agreements Protection Purchased	-3.4%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

AAA	10.5%
AA	0.7%
A	12.6%
BBB	15.5%
BB	16.6%
B	17.2%
CCC	2.5%
CC	2.4%
C*	0.0%
NR3	3.8%
Other Instruments	18.2%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

U.S. Treasury Notes, 4.25%	4.9%
Guggenheim Limited Duration Fund — Class R6	1.8%
Fannie Mae, 5.50%	1.4%
SPDR S&P 500 ETF Trust	1.0%
Freddie Mac, 5.50%	0.7%
Guggenheim Ultra Short Duration Fund — Institutional Class	0.7%
AP Grange Holdings, 6.50%	0.6%
BP Capital Markets plc, 4.88%	0.5%
Guggenheim Risk Managed Real Estate Fund — Institutional Class	0.5%
VB-S1 Issuer LLC - VBTEL, 5.27%	0.5%
Top 10 Total	12.6%

*	Less than 0.1%.
1	"Consolidated Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

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

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

U.S. Treasury Notes, 4.25%	4.9%
Guggenheim Limited Duration Fund — Class R6	1.8%
Fannie Mae, 5.50%	1.4%
SPDR S&P 500 ETF Trust	1.0%
Freddie Mac, 5.50%	0.7%
Guggenheim Ultra Short Duration Fund — Institutional Class	0.7%
AP Grange Holdings, 6.50%	0.6%
BP Capital Markets plc, 4.88%	0.5%
Guggenheim Risk Managed Real Estate Fund — Institutional Class	0.5%
VB-S1 Issuer LLC - VBTEL, 5.27%	0.5%
Top 10 Total	12.6%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2025 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

The fund's (Class C shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 1.97% for the year ended September 30, 2024, a decrease of 0.24% compared to the prior year. The primary driver of the decrease was a decrease in interest expense as the fund did not utilize reverse repurchase agreements during the reporting period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-GIOCX-093024

Guggenheim Investments 2

Guggenheim Macro Opportunities Fund

Class P | GIOPX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class P	$140	1.32%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class P shares) returned 11.84%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period and outperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 5.49% for the same period.

The fund's broad-based securities market index was changed from the ICE BofA 3-Month U.S. Treasury Bill Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund's positive performance was driven by credit positioning, duration, and carry (or earned income). The fund benefited from its allocation to high yield corporates as spreads in the Bloomberg U.S. Corporate High Yield Bond Index tightened by 99 basis points amid increased market optimism on the potential for a soft landing given disinflationary trends and resilient economic data. Security selection within high yield corporates, collateralized loan obligations, and asset-backed securities was a key contributor to performance as the fund's holdings outperformed representative indices for each of these sectors by 2.0%, 2.6%, and 3.9%, respectively.

How did the fund perform since inception?

Cumulative performance* for the fund since inception (as of 9.30.24), assuming a $10,000 initial investment.

Date	Macro Opportunities Fund (Class P)	Bloomberg U.S. Aggregate Bond Index	ICE BofA 3-Month U.S. Treasury Bill Index
05/01/2015	10000	10000	10000
06/30/2015	9997	9899	10000
09/30/2015	9905	10021	10002
12/31/2015	9717	9964	10005
03/31/2016	9741	10266	10012
06/30/2016	10070	10493	10019
09/30/2016	10473	10542	10029
12/31/2016	10724	10228	10037
03/31/2017	10929	10311	10048
06/30/2017	11026	10460	10068
09/30/2017	11137	10549	10095
12/31/2017	11253	10590	10123
03/31/2018	11285	10435	10159
06/30/2018	11300	10419	10205
09/30/2018	11406	10421	10255
12/31/2018	11271	10591	10313
03/31/2019	11331	10903	10375
06/30/2019	11408	11239	10441
09/30/2019	11448	11494	10500
12/31/2019	11478	11515	10548
03/31/2020	10782	11877	10609
06/30/2020	11383	12221	10611
09/30/2020	12068	12297	10615
12/31/2020	12750	12379	10619
03/31/2021	12772	11961	10621
06/30/2021	12950	12180	10621
09/30/2021	12970	12187	10623
12/31/2021	13014	12188	10624
03/31/2022	12588	11465	10628
06/30/2022	11758	10927	10639
09/30/2022	11573	10407	10689
12/31/2022	11873	10602	10780
03/31/2023	12220	10916	10897
06/30/2023	12292	10824	11025
09/30/2023	12394	10474	11170
12/31/2023	12967	11189	11324
03/31/2024	13184	11102	11471
06/30/2024	13371	11109	11624
09/30/2024	13861	11686	11783

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Since Inception (5.01.15)
Class P	11.84%	3.90%	3.53%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.67%
ICE BofA 3-Month U.S. Treasury Bill Index	5.49%	2.33%	1.76%

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

Fund Statistics as of 9.30.24

Net Assets	$7,464,947,935
Total Number of Portfolio Holdings	858
Portfolio Turnover Rate	24%
Total Advisory Fees Paid	$49,999,504

^* The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the ICE BofA 3-Month U.S. Treasury Bill Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

Guggenheim Investments 1

Guggenheim Macro Opportunities Fund   |   Class P   |   GIOPX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Corporate Bonds	29.9%
Asset-Backed Securities	18.5%
Senior Floating Rate Interests	15.9%
Collateralized Mortgage Obligations	12.2%
Interest Rate Futures Contracts	6.6%
U.S. Government Securities	5.2%
Preferred Stocks	4.3%
Mutual Funds	2.8%
Interest Rate Swap Agreements	2.1%
Commodity Futures Contracts	1.0%
Exchange-Traded Funds	1.0%
Total Return Interest Rate Swap Agreements	0.8%
Equity Index Swap Agreements	0.6%
Convertible Bonds	0.4%
Common Stocks	0.1%
Options Purchased*	0.0%
Senior Fixed Rate Interests*	0.0%
Warrants*	0.0%
Forward Foreign Currency Exchange Contracts*	0.0%
Credit Default Swap Agreements Protection Purchased	-3.4%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

AAA	10.5%
AA	0.7%
A	12.6%
BBB	15.5%
BB	16.6%
B	17.2%
CCC	2.5%
CC	2.4%
C*	0.0%
NR3	3.8%
Other Instruments	18.2%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

U.S. Treasury Notes, 4.25%	4.9%
Guggenheim Limited Duration Fund — Class R6	1.8%
Fannie Mae, 5.50%	1.4%
SPDR S&P 500 ETF Trust	1.0%
Freddie Mac, 5.50%	0.7%
Guggenheim Ultra Short Duration Fund — Institutional Class	0.7%
AP Grange Holdings, 6.50%	0.6%
BP Capital Markets plc, 4.88%	0.5%
Guggenheim Risk Managed Real Estate Fund — Institutional Class	0.5%
VB-S1 Issuer LLC - VBTEL, 5.27%	0.5%
Top 10 Total	12.6%

*	Less than 0.1%.
1	"Consolidated Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

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

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

U.S. Treasury Notes, 4.25%	4.9%
Guggenheim Limited Duration Fund — Class R6	1.8%
Fannie Mae, 5.50%	1.4%
SPDR S&P 500 ETF Trust	1.0%
Freddie Mac, 5.50%	0.7%
Guggenheim Ultra Short Duration Fund — Institutional Class	0.7%
AP Grange Holdings, 6.50%	0.6%
BP Capital Markets plc, 4.88%	0.5%
Guggenheim Risk Managed Real Estate Fund — Institutional Class	0.5%
VB-S1 Issuer LLC - VBTEL, 5.27%	0.5%
Top 10 Total	12.6%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2025 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

The fund's (Class P shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 1.32% for the year ended September 30, 2024, a decrease of 0.17% compared to the prior year. The primary driver of the decrease was a decrease in interest expense as the fund did not utilize reverse repurchase agreements during the reporting period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-GIOPX-093024

Guggenheim Investments 2

Guggenheim Macro Opportunities Fund

Institutional Class | GIOIX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Institutional Class	$97	0.91%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Institutional Class shares) returned 12.28%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period and outperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 5.49% for the same period.

The fund's broad-based securities market index was changed from the ICE BofA 3-Month U.S. Treasury Bill Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund's positive performance was driven by credit positioning, duration, and carry (or earned income). The fund benefited from its allocation to high yield corporates as spreads in the Bloomberg U.S. Corporate High Yield Bond Index tightened by 99 basis points amid increased market optimism on the potential for a soft landing given disinflationary trends and resilient economic data. Security selection within high yield corporates, collateralized loan obligations, and asset-backed securities was a key contributor to performance as the fund's holdings outperformed representative indices for each of these sectors by 2.0%, 2.6%, and 3.9%, respectively.

How did the fund perform over the last 10 years?

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

Date	Macro Opportunities Fund (Institutional Class)	Bloomberg U.S. Aggregate Bond Index	ICE BofA 3-Month U.S. Treasury Bill Index
09/30/2014	2000000	2000000	2000000
12/31/2014	2025009	2035885	2000070
03/31/2015	2062714	2068593	2000136
06/30/2015	2055820	2033787	2000244
09/30/2015	2038384	2058816	2000499
12/31/2015	2001125	2047081	2001131
03/31/2016	2007278	2109149	2002596
06/30/2016	2076320	2155839	2004046
09/30/2016	2160014	2165719	2005971
12/31/2016	2214450	2101277	2007676
03/31/2017	2258464	2118439	2009744
06/30/2017	2280375	2149054	2013801
09/30/2017	2305478	2167289	2019132
12/31/2017	2331855	2175701	2024862
03/31/2018	2340791	2143918	2032043
06/30/2018	2346356	2140524	2041233
09/30/2018	2370681	2140934	2051264
12/31/2018	2344292	2175948	2062818
03/31/2019	2360020	2239983	2075187
06/30/2019	2377417	2308967	2088446
09/30/2019	2389020	2361362	2100188
12/31/2019	2396896	2365619	2109860
03/31/2020	2254796	2440097	2121982
06/30/2020	2382684	2510752	2122455
09/30/2020	2528491	2526300	2123290
12/31/2020	2673881	2543198	2123934
03/31/2021	2681344	2457428	2124468
06/30/2021	2721347	2502393	2124465
09/30/2021	2728408	2503689	2124772
12/31/2021	2740602	2503980	2124978
03/31/2022	2653617	2355394	2125810
06/30/2022	2481380	2244843	2128038
09/30/2022	2445035	2138160	2138028
12/31/2022	2510888	2178209	2156220
03/31/2023	2585553	2242728	2179522
06/30/2023	2603519	2223793	2205147
09/30/2023	2627675	2151938	2234281
12/31/2023	2753075	2298638	2265013
03/31/2024	2800738	2280808	2294431
06/30/2024	2843249	2282297	2324946
09/30/2024	2951417	2400886	2356881

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Institutional Class	12.28%	4.32%	3.97%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.84%
ICE BofA 3-Month U.S. Treasury Bill Index	5.49%	2.33%	1.66%

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

Fund Statistics as of 9.30.24

Net Assets	$7,464,947,935
Total Number of Portfolio Holdings	858
Portfolio Turnover Rate	24%
Total Advisory Fees Paid	$49,999,504

^* The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the ICE BofA 3-Month U.S. Treasury Bill Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

Guggenheim Investments 1

Guggenheim Macro Opportunities Fund   |   Institutional Class   |   GIOIX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Corporate Bonds	29.9%
Asset-Backed Securities	18.5%
Senior Floating Rate Interests	15.9%
Collateralized Mortgage Obligations	12.2%
Interest Rate Futures Contracts	6.6%
U.S. Government Securities	5.2%
Preferred Stocks	4.3%
Mutual Funds	2.8%
Interest Rate Swap Agreements	2.1%
Commodity Futures Contracts	1.0%
Exchange-Traded Funds	1.0%
Total Return Interest Rate Swap Agreements	0.8%
Equity Index Swap Agreements	0.6%
Convertible Bonds	0.4%
Common Stocks	0.1%
Options Purchased*	0.0%
Senior Fixed Rate Interests*	0.0%
Warrants*	0.0%
Forward Foreign Currency Exchange Contracts*	0.0%
Credit Default Swap Agreements Protection Purchased	-3.4%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

AAA	10.5%
AA	0.7%
A	12.6%
BBB	15.5%
BB	16.6%
B	17.2%
CCC	2.5%
CC	2.4%
C*	0.0%
NR3	3.8%
Other Instruments	18.2%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

U.S. Treasury Notes, 4.25%	4.9%
Guggenheim Limited Duration Fund — Class R6	1.8%
Fannie Mae, 5.50%	1.4%
SPDR S&P 500 ETF Trust	1.0%
Freddie Mac, 5.50%	0.7%
Guggenheim Ultra Short Duration Fund — Institutional Class	0.7%
AP Grange Holdings, 6.50%	0.6%
BP Capital Markets plc, 4.88%	0.5%
Guggenheim Risk Managed Real Estate Fund — Institutional Class	0.5%
VB-S1 Issuer LLC - VBTEL, 5.27%	0.5%
Top 10 Total	12.6%

*	Less than 0.1%.
1	"Consolidated Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

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

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

U.S. Treasury Notes, 4.25%	4.9%
Guggenheim Limited Duration Fund — Class R6	1.8%
Fannie Mae, 5.50%	1.4%
SPDR S&P 500 ETF Trust	1.0%
Freddie Mac, 5.50%	0.7%
Guggenheim Ultra Short Duration Fund — Institutional Class	0.7%
AP Grange Holdings, 6.50%	0.6%
BP Capital Markets plc, 4.88%	0.5%
Guggenheim Risk Managed Real Estate Fund — Institutional Class	0.5%
VB-S1 Issuer LLC - VBTEL, 5.27%	0.5%
Top 10 Total	12.6%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2025 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

The fund's (Institutional Class shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 0.91% for the year ended September 30, 2024, a decrease of 0.12% compared to the prior year. The primary driver of the decrease was a decrease in interest expense as the fund did not utilize reverse repurchase agreements during the reporting period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-GIOIX-093024

Guggenheim Investments 2

Guggenheim Macro Opportunities Fund

Class R6 | GIOSX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class R6	$97	0.91%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class R6 shares) returned 12.28%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period and outperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 5.49% for the same period.

The fund's broad-based securities market index was changed from the ICE BofA 3-Month U.S. Treasury Bill Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund's positive performance was driven by credit positioning, duration, and carry (or earned income). The fund benefited from its allocation to high yield corporates as spreads in the Bloomberg U.S. Corporate High Yield Bond Index tightened by 99 basis points amid increased market optimism on the potential for a soft landing given disinflationary trends and resilient economic data. Security selection within high yield corporates, collateralized loan obligations, and asset-backed securities was a key contributor to performance as the fund's holdings outperformed representative indices for each of these sectors by 2.0%, 2.6%, and 3.9%, respectively.

How did the fund perform since inception?

Cumulative performance* for the fund since inception (as of 9.30.24), assuming a $10,000 initial investment.

Date	Macro Opportunities Fund (Class R6)	Bloomberg U.S. Aggregate Bond Index	ICE BofA 3-Month U.S. Treasury Bill Index
03/13/2019	10000	10000	10000
03/31/2019	10005	10126	10013
06/30/2019	10080	10438	10077
09/30/2019	10130	10675	10134
12/31/2019	10163	10694	10181
03/31/2020	9556	11031	10239
06/30/2020	10099	11350	10241
09/30/2020	10719	11420	10245
12/31/2020	11335	11497	10249
03/31/2021	11368	11109	10251
06/30/2021	11537	11312	10251
09/30/2021	11567	11318	10253
12/31/2021	11618	11319	10254
03/31/2022	11249	10648	10258
06/30/2022	10519	10148	10268
09/30/2022	10365	9666	10317
12/31/2022	10644	9847	10404
03/31/2023	10965	10138	10517
06/30/2023	11037	10053	10640
09/30/2023	11144	9728	10781
12/31/2023	11676	10391	10929
03/31/2024	11878	10311	11071
06/30/2024	12058	10317	11219
09/30/2024	12512	10853	11373

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Since Inception (3.13.19)
Class R6	12.28%	4.31%	4.12%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.49%
ICE BofA 3-Month U.S. Treasury Bill Index	5.49%	2.33%	2.34%

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

Fund Statistics as of 9.30.24

Net Assets	$7,464,947,935
Total Number of Portfolio Holdings	858
Portfolio Turnover Rate	24%
Total Advisory Fees Paid	$49,999,504

^* The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the ICE BofA 3-Month U.S. Treasury Bill Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

Guggenheim Investments 1

Guggenheim Macro Opportunities Fund   |   Class R6   |   GIOSX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Corporate Bonds	29.9%
Asset-Backed Securities	18.5%
Senior Floating Rate Interests	15.9%
Collateralized Mortgage Obligations	12.2%
Interest Rate Futures Contracts	6.6%
U.S. Government Securities	5.2%
Preferred Stocks	4.3%
Mutual Funds	2.8%
Interest Rate Swap Agreements	2.1%
Commodity Futures Contracts	1.0%
Exchange-Traded Funds	1.0%
Total Return Interest Rate Swap Agreements	0.8%
Equity Index Swap Agreements	0.6%
Convertible Bonds	0.4%
Common Stocks	0.1%
Options Purchased*	0.0%
Senior Fixed Rate Interests*	0.0%
Warrants*	0.0%
Forward Foreign Currency Exchange Contracts*	0.0%
Credit Default Swap Agreements Protection Purchased	-3.4%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

AAA	10.5%
AA	0.7%
A	12.6%
BBB	15.5%
BB	16.6%
B	17.2%
CCC	2.5%
CC	2.4%
C*	0.0%
NR3	3.8%
Other Instruments	18.2%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

U.S. Treasury Notes, 4.25%	4.9%
Guggenheim Limited Duration Fund — Class R6	1.8%
Fannie Mae, 5.50%	1.4%
SPDR S&P 500 ETF Trust	1.0%
Freddie Mac, 5.50%	0.7%
Guggenheim Ultra Short Duration Fund — Institutional Class	0.7%
AP Grange Holdings, 6.50%	0.6%
BP Capital Markets plc, 4.88%	0.5%
Guggenheim Risk Managed Real Estate Fund — Institutional Class	0.5%
VB-S1 Issuer LLC - VBTEL, 5.27%	0.5%
Top 10 Total	12.6%

*	Less than 0.1%.
1	"Consolidated Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

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

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

U.S. Treasury Notes, 4.25%	4.9%
Guggenheim Limited Duration Fund — Class R6	1.8%
Fannie Mae, 5.50%	1.4%
SPDR S&P 500 ETF Trust	1.0%
Freddie Mac, 5.50%	0.7%
Guggenheim Ultra Short Duration Fund — Institutional Class	0.7%
AP Grange Holdings, 6.50%	0.6%
BP Capital Markets plc, 4.88%	0.5%
Guggenheim Risk Managed Real Estate Fund — Institutional Class	0.5%
VB-S1 Issuer LLC - VBTEL, 5.27%	0.5%
Top 10 Total	12.6%

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

What changes in or disagreements with accountants occurred?

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

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2025 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

The fund's (Class R6 shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 0.91% for the year ended September 30, 2024, a decrease of 0.10% compared to the prior year. The primary driver of the decrease was a decrease in interest expense as the fund did not utilize reverse repurchase agreements during the reporting period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-GIOSX-093024

Guggenheim Investments 2

Guggenheim Municipal Income Fund

Class A | GIJAX

Annual Shareholder Report | 9.30.24

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

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

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$83	0.79%

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

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class A shares) returned 11.10%, outperforming the fund's benchmark, the Bloomberg Municipal Bond Index, which returned 10.37% for the same period.

What factors materially affected the fund's performance over the last year?

The fund's relative outperformance was driven by duration positioning and tighter spreads.  School districts and healthcare were the two largest sector allocations and the top two contributors to total return during the year.  Security selection in most sectors helped relative returns.  Tax exempt agency mortgage-backed securities modestly contributed to performance, a welcome reversal from prior periods.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Municipal Income Fund (Class A)‡	Bloomberg Municipal Bond Index
09/30/2014	9528	10000
12/31/2014	9684	10137
03/31/2015	9801	10240
06/30/2015	9625	10148
09/30/2015	9756	10316
12/31/2015	9932	10472
03/31/2016	10042	10647
06/30/2016	10260	10925
09/30/2016	10229	10892
12/31/2016	9875	10497
03/31/2017	9986	10663
06/30/2017	10195	10872
09/30/2017	10326	10987
12/31/2017	10443	11069
03/31/2018	10321	10947
06/30/2018	10400	11042
09/30/2018	10371	11025
12/31/2018	10529	11211
03/31/2019	10813	11536
06/30/2019	11046	11782
09/30/2019	11214	11968
12/31/2019	11248	12056
03/31/2020	11174	11980
06/30/2020	11385	12307
09/30/2020	11533	12458
12/31/2020	11831	12685
03/31/2021	11839	12640
06/30/2021	12031	12819
09/30/2021	11957	12785
12/31/2021	12045	12877
03/31/2022	10942	12075
06/30/2022	10485	11720
09/30/2022	9964	11315
12/31/2022	10436	11779
03/31/2023	10695	12106
06/30/2023	10630	12094
09/30/2023	10130	11616
12/31/2023	10857	12533
03/31/2024	10894	12485
06/30/2024	10927	12482
09/30/2024	11255	12821

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class A (without sales charge)	11.10%	0.07%	1.68%
Class A (with sales charge)†	6.65%	-0.75%	1.19%
Bloomberg Municipal Bond Index	10.37%	1.39%	2.52%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$20,893,995
Total Number of Portfolio Holdings	65
Portfolio Turnover Rate	59%
Total Advisory Fees Paid	$0

The fund incurred $135,565 of advisory fees which were fully waived/reimbursed by the Adviser to ensure each Share Class of the fund operated at its applicable operating expense cap.

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg Municipal Bond Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported returns.

†

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.

Guggenheim Investments 1

Guggenheim Municipal Income Fund   |   Class A   |   GIJAX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Interest Rate Swap Agreements	49.5%
California	14.8%
Pennsylvania	8.3%
Oregon	7.1%
Michigan	6.7%
Virginia	6.3%
Nebraska	6.2%
Tennessee	5.6%
Other	41.8%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

AAA	29.7%
AA	49.1%
A	15.1%
BBB	4.2%
BB	1.8%
NR3	0.1%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Freddie Mac Multifamily Variable Rate Certificate Revenue Bonds, 3.15%	5.5%
Michigan Technological University Revenue Bonds, 5.25%	5.3%
Maine Health & Higher Educational Facilities Authority Revenue Bonds, 5.25%	5.3%
Pennsylvania Housing Finance Agency Revenue Bonds, 4.95%	5.2%
Nebraska Investment Finance Authority Revenue Bonds, 4.95%	5.2%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue Bonds, 2.25%	4.8%
Westchester County Local Development Corp. Revenue Bonds, 5.75%	4.1%
Newport Mesa Unified School District General Obligation Unlimited	3.5%
Inlivian Revenue Bonds, 2.02%	3.3%
Clackamas & Washington Counties School District No. 3 General Obligation Unlimited	3.1%
Top 10 Total	45.3%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

⁴ "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Freddie Mac Multifamily Variable Rate Certificate Revenue Bonds, 3.15%	5.5%
Michigan Technological University Revenue Bonds, 5.25%	5.3%
Maine Health & Higher Educational Facilities Authority Revenue Bonds, 5.25%	5.3%
Pennsylvania Housing Finance Agency Revenue Bonds, 4.95%	5.2%
Nebraska Investment Finance Authority Revenue Bonds, 4.95%	5.2%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue Bonds, 2.25%	4.8%
Westchester County Local Development Corp. Revenue Bonds, 5.75%	4.1%
Newport Mesa Unified School District General Obligation Unlimited	3.5%
Inlivian Revenue Bonds, 2.02%	3.3%
Clackamas & Washington Counties School District No. 3 General Obligation Unlimited	3.1%
Top 10 Total	45.3%

⁴ "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2025 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

Subsequent to the September 30, 2024 year-end, effective November 29, 2024, Guggenheim Partners Investment Management, LLC replaced Securities Investors, LLC as the fund's Investment Adviser in connection with an internal realignment of Guggenheim Investment's lines of business.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-GIJAX-093024

Guggenheim Investments 2

Guggenheim Municipal Income Fund

Class C | GIJCX

Annual Shareholder Report | 9.30.24

This annual shareholder report contains important information about the Guggenheim Municipal Income Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$162	1.54%

¹ Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class C shares) returned 10.38%, outperforming the fund's benchmark, the Bloomberg Municipal Bond Index, which returned 10.37% for the same period.

What factors materially affected the fund's performance over the last year?

The fund's relative outperformance was driven by duration positioning and tighter spreads.  School districts and healthcare were the two largest sector allocations and the top two contributors to total return during the year.  Security selection in most sectors helped relative returns.  Tax exempt agency mortgage-backed securities modestly contributed to performance, a welcome reversal from prior periods.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Municipal Income Fund (Class C)	Bloomberg Municipal Bond Index
09/30/2014	10000	10000
12/31/2014	10153	10137
03/31/2015	10257	10240
06/30/2015	10054	10148
09/30/2015	10171	10316
12/31/2015	10334	10472
03/31/2016	10421	10647
06/30/2016	10628	10925
09/30/2016	10584	10892
12/31/2016	10190	10497
03/31/2017	10285	10663
06/30/2017	10481	10872
09/30/2017	10596	10987
12/31/2017	10696	11069
03/31/2018	10552	10947
06/30/2018	10613	11042
09/30/2018	10564	11025
12/31/2018	10705	11211
03/31/2019	10973	11536
06/30/2019	11189	11782
09/30/2019	11339	11968
12/31/2019	11351	12056
03/31/2020	11256	11980
06/30/2020	11448	12307
09/30/2020	11575	12458
12/31/2020	11851	12685
03/31/2021	11839	12640
06/30/2021	12000	12819
09/30/2021	11911	12785
12/31/2021	11976	12877
03/31/2022	10859	12075
06/30/2022	10386	11720
09/30/2022	9859	11315
12/31/2022	10298	11779
03/31/2023	10534	12106
06/30/2023	10450	12094
09/30/2023	9939	11616
12/31/2023	10633	12533
03/31/2024	10649	12485
06/30/2024	10661	12482
09/30/2024	10971	12821

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class C (without CDSC)	10.38%	-0.66%	0.93%
Class C (with CDSC)‡	9.38%	-0.66%	0.93%
Bloomberg Municipal Bond Index	10.37%	1.39%	2.52%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$20,893,995
Total Number of Portfolio Holdings	65
Portfolio Turnover Rate	59%
Total Advisory Fees Paid	$0

The fund incurred $135,565 of advisory fees which were fully waived/reimbursed by the Adviser to ensure each Share Class of the fund operated at its applicable operating expense cap.

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg Municipal Bond Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported returns.

‡

Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Guggenheim Municipal Income Fund   |   Class C   |   GIJCX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Interest Rate Swap Agreements	49.5%
California	14.8%
Pennsylvania	8.3%
Oregon	7.1%
Michigan	6.7%
Virginia	6.3%
Nebraska	6.2%
Tennessee	5.6%
Other	41.8%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

AAA	29.7%
AA	49.1%
A	15.1%
BBB	4.2%
BB	1.8%
NR3	0.1%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Freddie Mac Multifamily Variable Rate Certificate Revenue Bonds, 3.15%	5.5%
Michigan Technological University Revenue Bonds, 5.25%	5.3%
Maine Health & Higher Educational Facilities Authority Revenue Bonds, 5.25%	5.3%
Pennsylvania Housing Finance Agency Revenue Bonds, 4.95%	5.2%
Nebraska Investment Finance Authority Revenue Bonds, 4.95%	5.2%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue Bonds, 2.25%	4.8%
Westchester County Local Development Corp. Revenue Bonds, 5.75%	4.1%
Newport Mesa Unified School District General Obligation Unlimited	3.5%
Inlivian Revenue Bonds, 2.02%	3.3%
Clackamas & Washington Counties School District No. 3 General Obligation Unlimited	3.1%
Top 10 Total	45.3%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

⁴ "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Freddie Mac Multifamily Variable Rate Certificate Revenue Bonds, 3.15%	5.5%
Michigan Technological University Revenue Bonds, 5.25%	5.3%
Maine Health & Higher Educational Facilities Authority Revenue Bonds, 5.25%	5.3%
Pennsylvania Housing Finance Agency Revenue Bonds, 4.95%	5.2%
Nebraska Investment Finance Authority Revenue Bonds, 4.95%	5.2%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue Bonds, 2.25%	4.8%
Westchester County Local Development Corp. Revenue Bonds, 5.75%	4.1%
Newport Mesa Unified School District General Obligation Unlimited	3.5%
Inlivian Revenue Bonds, 2.02%	3.3%
Clackamas & Washington Counties School District No. 3 General Obligation Unlimited	3.1%
Top 10 Total	45.3%

⁴ "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2025 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

Subsequent to the September 30, 2024 year-end, effective November 29, 2024, Guggenheim Partners Investment Management, LLC replaced Securities Investors, LLC as the fund's Investment Adviser in connection with an internal realignment of Guggenheim Investment's lines of business.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-GIJCX-093024

Guggenheim Investments 2

Guggenheim Municipal Income Fund

Class P | GIJPX

Annual Shareholder Report | 9.30.24

This annual shareholder report contains important information about the Guggenheim Municipal Income Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class P	$82	0.78%

¹ Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class P shares) returned 11.20%, outperforming the fund's benchmark, the Bloomberg Municipal Bond Index, which returned 10.37% for the same period.

What factors materially affected the fund's performance over the last year?

The fund's relative outperformance was driven by duration positioning and tighter spreads.  School districts and healthcare were the two largest sector allocations and the top two contributors to total return during the year.  Security selection in most sectors helped relative returns.  Tax exempt agency mortgage-backed securities modestly contributed to performance, a welcome reversal from prior periods.

How did the fund perform since inception?

Cumulative performance* for the fund since inception (as of 9.30.24), assuming a $10,000 initial investment.

Date	Municipal Income Fund (Class P)	Bloomberg Municipal Bond Index
05/01/2015	10000	10000
06/30/2015	9872	9974
09/30/2015	10006	10139
12/31/2015	10186	10292
03/31/2016	10290	10464
06/30/2016	10522	10737
09/30/2016	10492	10705
12/31/2016	10129	10317
03/31/2017	10232	10480
06/30/2017	10452	10685
09/30/2017	10586	10798
12/31/2017	10706	10879
03/31/2018	10582	10759
06/30/2018	10662	10852
09/30/2018	10633	10836
12/31/2018	10794	11019
03/31/2019	11085	11338
06/30/2019	11324	11580
09/30/2019	11505	11762
12/31/2019	11531	11849
03/31/2020	11446	11774
06/30/2020	11663	12095
09/30/2020	11815	12244
12/31/2020	12120	12467
03/31/2021	12137	12423
06/30/2021	12325	12599
09/30/2021	12249	12566
12/31/2021	12339	12656
03/31/2022	11208	11868
06/30/2022	10740	11519
09/30/2022	10214	11120
12/31/2022	10690	11577
03/31/2023	10955	11898
06/30/2023	10888	11886
09/30/2023	10376	11417
12/31/2023	11131	12318
03/31/2024	11168	12270
06/30/2024	11192	12268
09/30/2024	11538	12601

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Since Inception (5.01.15)
Class P	11.20%	0.06%	1.53%
Bloomberg Municipal Bond Index	10.37%	1.39%	2.49%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$20,893,995
Total Number of Portfolio Holdings	65
Portfolio Turnover Rate	59%
Total Advisory Fees Paid	$0

The fund incurred $135,565 of advisory fees which were fully waived/reimbursed by the Adviser to ensure each Share Class of the fund operated at its applicable operating expense cap.

^* The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg Municipal Bond Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported returns.

Guggenheim Investments 1

Guggenheim Municipal Income Fund   |   Class P   |   GIJPX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Interest Rate Swap Agreements	49.5%
California	14.8%
Pennsylvania	8.3%
Oregon	7.1%
Michigan	6.7%
Virginia	6.3%
Nebraska	6.2%
Tennessee	5.6%
Other	41.8%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

AAA	29.7%
AA	49.1%
A	15.1%
BBB	4.2%
BB	1.8%
NR3	0.1%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Freddie Mac Multifamily Variable Rate Certificate Revenue Bonds, 3.15%	5.5%
Michigan Technological University Revenue Bonds, 5.25%	5.3%
Maine Health & Higher Educational Facilities Authority Revenue Bonds, 5.25%	5.3%
Pennsylvania Housing Finance Agency Revenue Bonds, 4.95%	5.2%
Nebraska Investment Finance Authority Revenue Bonds, 4.95%	5.2%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue Bonds, 2.25%	4.8%
Westchester County Local Development Corp. Revenue Bonds, 5.75%	4.1%
Newport Mesa Unified School District General Obligation Unlimited	3.5%
Inlivian Revenue Bonds, 2.02%	3.3%
Clackamas & Washington Counties School District No. 3 General Obligation Unlimited	3.1%
Top 10 Total	45.3%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

⁴ "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Freddie Mac Multifamily Variable Rate Certificate Revenue Bonds, 3.15%	5.5%
Michigan Technological University Revenue Bonds, 5.25%	5.3%
Maine Health & Higher Educational Facilities Authority Revenue Bonds, 5.25%	5.3%
Pennsylvania Housing Finance Agency Revenue Bonds, 4.95%	5.2%
Nebraska Investment Finance Authority Revenue Bonds, 4.95%	5.2%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue Bonds, 2.25%	4.8%
Westchester County Local Development Corp. Revenue Bonds, 5.75%	4.1%
Newport Mesa Unified School District General Obligation Unlimited	3.5%
Inlivian Revenue Bonds, 2.02%	3.3%
Clackamas & Washington Counties School District No. 3 General Obligation Unlimited	3.1%
Top 10 Total	45.3%

⁴ "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2025 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

Subsequent to the September 30, 2024 year-end, effective November 29, 2024, Guggenheim Partners Investment Management, LLC replaced Securities Investors, LLC as the fund's Investment Adviser in connection with an internal realignment of Guggenheim Investment's lines of business.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-GIJPX-093024

Guggenheim Investments 2

Guggenheim Municipal Income Fund

Institutional Class | GIJIX

Annual Shareholder Report | 9.30.24

This annual shareholder report contains important information about the Guggenheim Municipal Income Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Institutional Class	$57	0.54%

¹ Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Institutional Class shares) returned 11.48%, outperforming the fund's benchmark, the Bloomberg Municipal Bond Index, which returned 10.37% for the same period.

What factors materially affected the fund's performance over the last year?

The fund's relative outperformance was driven by duration positioning and tighter spreads.  School districts and healthcare were the two largest sector allocations and the top two contributors to total return during the year.  Security selection in most sectors helped relative returns.  Tax exempt agency mortgage-backed securities modestly contributed to performance, a welcome reversal from prior periods.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $2,000,000 initial investment.

Date	Municipal Income Fund (Institutional Class)	Bloomberg Municipal Bond Index
09/30/2014	2000000	2000000
12/31/2014	2035789	2027375
03/31/2015	2061558	2047921
06/30/2015	2025881	2029697
09/30/2015	2054588	2063252
12/31/2015	2092919	2094302
03/31/2016	2115695	2129347
06/30/2016	2164711	2185023
09/30/2016	2159598	2178380
12/31/2016	2084469	2099497
03/31/2017	2109167	2132633
06/30/2017	2156403	2174373
09/30/2017	2185402	2197417
12/31/2017	2209865	2213886
03/31/2018	2185536	2189336
06/30/2018	2203552	2208387
09/30/2018	2198807	2205062
12/31/2018	2233720	2242269
03/31/2019	2295194	2307220
06/30/2019	2346217	2356488
09/30/2019	2385249	2393606
12/31/2019	2392181	2411232
03/31/2020	2377819	2396025
06/30/2020	2424373	2461310
09/30/2020	2457467	2491550
12/31/2020	2522498	2536913
03/31/2021	2525806	2528009
06/30/2021	2568407	2563840
09/30/2021	2554122	2557029
12/31/2021	2574552	2575405
03/31/2022	2340269	2415023
06/30/2022	2243933	2344076
09/30/2022	2133777	2262959
12/31/2022	2236498	2355831
03/31/2023	2293321	2421258
06/30/2023	2280831	2418782
09/30/2023	2174912	2323245
12/31/2023	2332471	2506637
03/31/2024	2341852	2496960
06/30/2024	2350297	2496490
09/30/2024	2424504	2564208

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Institutional Class	11.48%	0.33%	1.94%
Bloomberg Municipal Bond Index	10.37%	1.39%	2.52%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$20,893,995
Total Number of Portfolio Holdings	65
Portfolio Turnover Rate	59%
Total Advisory Fees Paid	$0

The fund incurred $135,565 of advisory fees which were fully waived/reimbursed by the Adviser to ensure each Share Class of the fund operated at its applicable operating expense cap.

^* The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg Municipal Bond Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported returns.

Guggenheim Investments 1

Guggenheim Municipal Income Fund   |   Institutional Class   |   GIJIX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Interest Rate Swap Agreements	49.5%
California	14.8%
Pennsylvania	8.3%
Oregon	7.1%
Michigan	6.7%
Virginia	6.3%
Nebraska	6.2%
Tennessee	5.6%
Other	41.8%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

AAA	29.7%
AA	49.1%
A	15.1%
BBB	4.2%
BB	1.8%
NR3	0.1%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Freddie Mac Multifamily Variable Rate Certificate Revenue Bonds, 3.15%	5.5%
Michigan Technological University Revenue Bonds, 5.25%	5.3%
Maine Health & Higher Educational Facilities Authority Revenue Bonds, 5.25%	5.3%
Pennsylvania Housing Finance Agency Revenue Bonds, 4.95%	5.2%
Nebraska Investment Finance Authority Revenue Bonds, 4.95%	5.2%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue Bonds, 2.25%	4.8%
Westchester County Local Development Corp. Revenue Bonds, 5.75%	4.1%
Newport Mesa Unified School District General Obligation Unlimited	3.5%
Inlivian Revenue Bonds, 2.02%	3.3%
Clackamas & Washington Counties School District No. 3 General Obligation Unlimited	3.1%
Top 10 Total	45.3%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

⁴ "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

Freddie Mac Multifamily Variable Rate Certificate Revenue Bonds, 3.15%	5.5%
Michigan Technological University Revenue Bonds, 5.25%	5.3%
Maine Health & Higher Educational Facilities Authority Revenue Bonds, 5.25%	5.3%
Pennsylvania Housing Finance Agency Revenue Bonds, 4.95%	5.2%
Nebraska Investment Finance Authority Revenue Bonds, 4.95%	5.2%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue Bonds, 2.25%	4.8%
Westchester County Local Development Corp. Revenue Bonds, 5.75%	4.1%
Newport Mesa Unified School District General Obligation Unlimited	3.5%
Inlivian Revenue Bonds, 2.02%	3.3%
Clackamas & Washington Counties School District No. 3 General Obligation Unlimited	3.1%
Top 10 Total	45.3%

⁴ "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2025 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

Subsequent to the September 30, 2024 year-end, effective November 29, 2024, Guggenheim Partners Investment Management, LLC replaced Securities Investors, LLC as the fund's Investment Adviser in connection with an internal realignment of Guggenheim Investment's lines of business.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-GIJIX-093024

Guggenheim Investments 2

Guggenheim Total Return Bond Fund

Class A | GIBAX

Annual Shareholder Report | 9.30.24

This annual shareholder report contains important information about the Guggenheim Total Return Bond Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$89	0.84%

¹ Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class A shares) returned 13.04%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period.

What factors materially affected the fund's performance over the last year?

The fund's relative outperformance was primarily driven by sector allocation, security selection, and the fund's carry (or earned income) advantage over the benchmark. The fund benefited from an overweight allocation to credit, as spreads tightened materially across the broader category. Performance from credit spread tightening in agency residential mortgage-backed securities and investment grade corporates were large drivers of absolute performance, while out-of-benchmark allocations like high yield corporates and structured credit drove most of the relative outperformance. Duration was a large driver of absolute performance given the bull steepening move in U.S. yields.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Total Return Bond Fund (Class A)†	Bloomberg U.S. Aggregate Bond Index
09/30/2014	9526	10000
12/31/2014	9637	10179
03/31/2015	9808	10343
06/30/2015	9724	10169
09/30/2015	9770	10294
12/31/2015	9723	10235
03/31/2016	9864	10546
06/30/2016	10198	10779
09/30/2016	10442	10829
12/31/2016	10284	10506
03/31/2017	10464	10592
06/30/2017	10680	10745
09/30/2017	10789	10836
12/31/2017	10919	10879
03/31/2018	10882	10720
06/30/2018	10930	10703
09/30/2018	10928	10705
12/31/2018	10989	10880
03/31/2019	11132	11200
06/30/2019	11375	11545
09/30/2019	11550	11807
12/31/2019	11472	11828
03/31/2020	11813	12200
06/30/2020	12479	12554
09/30/2020	12816	12632
12/31/2020	13184	12716
03/31/2021	12689	12287
06/30/2021	13076	12512
09/30/2021	13107	12518
12/31/2021	13128	12520
03/31/2022	12265	11777
06/30/2022	11368	11224
09/30/2022	10902	10691
12/31/2022	11054	10891
03/31/2023	11477	11214
06/30/2023	11397	11119
09/30/2023	11071	10760
12/31/2023	11842	11493
03/31/2024	11824	11404
06/30/2024	11867	11411
09/30/2024	12515	12004

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class A (without sales charge)	13.04%	1.57%	2.75%
Class A (with sales charge)†	8.51%	0.75%	2.25%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.84%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$26,777,806,246
Total Number of Portfolio Holdings	1,620
Portfolio Turnover Rate	70%
Total Advisory Fees Paid	$77,121,880

*

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 deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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.

†

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.

Guggenheim Investments 1

Guggenheim Total Return Bond Fund   |   Class A   |   GIBAX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Collateralized Mortgage Obligations	32.6%
Interest Rate Swap Agreements	32.5%
Corporate Bonds	26.2%
Asset-Backed Securities	21.9%
U.S. Government Securities	19.3%
Interest Rate Futures Contracts	6.6%
Senior Floating Rate Interests	3.2%
Preferred Stocks	2.6%
Other	2.3%
Credit Default Swaps Agreements Protection Purchased	-2.6%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

AAA	46.2%
AA	6.1%
A	14.3%
BBB	15.2%
BB	5.3%
B	2.1%
CCC	0.5%
CC	0.9%
C	0.1%
NR3	2.8%
Other Instruments	6.5%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

U.S. Treasury Bonds due 05/15/51	2.7%
U.S. Treasury Notes, 4.00% due 02/15/34	2.3%
Uniform MBS 30 Year due 12/01/24	2.3%
U.S. Treasury Bonds, 4.38% due 11/15/39	1.9%
U.S. Treasury Notes, 4.13% due 06/15/26	1.7%
Uniform MBS 30 Year due 12/01/24	1.6%
Uniform MBS 30 Year due 01/01/25	1.6%
GNMA II 30Year TBA due 10/21/24	1.4%
United States Treasury Inflation Indexed Bonds, 2.13% due 04/15/29	1.2%
Uniform MBS 30 Year due 12/01/24	0.9%
Top 10 Total	17.6%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

⁴ "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

U.S. Treasury Bonds due 05/15/51	2.7%
U.S. Treasury Notes, 4.00% due 02/15/34	2.3%
Uniform MBS 30 Year due 12/01/24	2.3%
U.S. Treasury Bonds, 4.38% due 11/15/39	1.9%
U.S. Treasury Notes, 4.13% due 06/15/26	1.7%
Uniform MBS 30 Year due 12/01/24	1.6%
Uniform MBS 30 Year due 01/01/25	1.6%
GNMA II 30Year TBA due 10/21/24	1.4%
United States Treasury Inflation Indexed Bonds, 2.13% due 04/15/29	1.2%
Uniform MBS 30 Year due 12/01/24	0.9%
Top 10 Total	17.6%

⁴ "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2025 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

The fund's (Class A shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 0.84% for the year ended September 30, 2024, a decrease of 0.07% compared to the prior year. The primary driver of the decrease was a decrease in interest expense as the fund utilized fewer reverse repurchase agreements during the reporting period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-GIBAX-093024

Guggenheim Investments 2

Guggenheim Total Return Bond Fund

Class C | GIBCX

Annual Shareholder Report | 9.30.24

This annual shareholder report contains important information about the Guggenheim Total Return Bond Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$170	1.60%

¹ Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class C shares) returned 12.25%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period.

What factors materially affected the fund's performance over the last year?

The fund's relative outperformance was primarily driven by sector allocation, security selection, and the fund's carry (or earned income) advantage over the benchmark. The fund benefited from an overweight allocation to credit, as spreads tightened materially across the broader category. Performance from credit spread tightening in agency residential mortgage-backed securities and investment grade corporates were large drivers of absolute performance, while out-of-benchmark allocations like high yield corporates and structured credit drove most of the relative outperformance. Duration was a large driver of absolute performance given the bull steepening move in U.S. yields.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Total Return Bond Fund (Class C)	Bloomberg U.S. Aggregate Bond Index
09/30/2014	10000	10000
12/31/2014	10099	10179
03/31/2015	10259	10343
06/30/2015	10153	10169
09/30/2015	10182	10294
12/31/2015	10114	10235
03/31/2016	10242	10546
06/30/2016	10570	10779
09/30/2016	10801	10829
12/31/2016	10624	10506
03/31/2017	10786	10592
06/30/2017	10987	10745
09/30/2017	11080	10836
12/31/2017	11193	10879
03/31/2018	11133	10720
06/30/2018	11162	10703
09/30/2018	11139	10705
12/31/2018	11180	10880
03/31/2019	11305	11200
06/30/2019	11530	11545
09/30/2019	11690	11807
12/31/2019	11584	11828
03/31/2020	11907	12200
06/30/2020	12559	12554
09/30/2020	12870	12632
12/31/2020	13214	12716
03/31/2021	12694	12287
06/30/2021	13057	12512
09/30/2021	13063	12518
12/31/2021	13059	12520
03/31/2022	12179	11777
06/30/2022	11267	11224
09/30/2022	10789	10691
12/31/2022	10914	10891
03/31/2023	11311	11214
06/30/2023	11211	11119
09/30/2023	10869	10760
12/31/2023	11604	11493
03/31/2024	11565	11404
06/30/2024	11586	11411
09/30/2024	12200	12004

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Class C (without CDSC)	12.25%	0.81%	1.98%
Class C (with CDSC)‡	11.25%	0.81%	1.98%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.84%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$26,777,806,246
Total Number of Portfolio Holdings	1,620
Portfolio Turnover Rate	70%
Total Advisory Fees Paid	$77,121,880

*

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 deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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.

‡

Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Guggenheim Total Return Bond Fund   |   Class C   |   GIBCX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Collateralized Mortgage Obligations	32.6%
Interest Rate Swap Agreements	32.5%
Corporate Bonds	26.2%
Asset-Backed Securities	21.9%
U.S. Government Securities	19.3%
Interest Rate Futures Contracts	6.6%
Senior Floating Rate Interests	3.2%
Preferred Stocks	2.6%
Other	2.3%
Credit Default Swaps Agreements Protection Purchased	-2.6%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

AAA	46.2%
AA	6.1%
A	14.3%
BBB	15.2%
BB	5.3%
B	2.1%
CCC	0.5%
CC	0.9%
C	0.1%
NR3	2.8%
Other Instruments	6.5%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

U.S. Treasury Bonds due 05/15/51	2.7%
U.S. Treasury Notes, 4.00% due 02/15/34	2.3%
Uniform MBS 30 Year due 12/01/24	2.3%
U.S. Treasury Bonds, 4.38% due 11/15/39	1.9%
U.S. Treasury Notes, 4.13% due 06/15/26	1.7%
Uniform MBS 30 Year due 12/01/24	1.6%
Uniform MBS 30 Year due 01/01/25	1.6%
GNMA II 30Year TBA due 10/21/24	1.4%
United States Treasury Inflation Indexed Bonds, 2.13% due 04/15/29	1.2%
Uniform MBS 30 Year due 12/01/24	0.9%
Top 10 Total	17.6%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

⁴ "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

U.S. Treasury Bonds due 05/15/51	2.7%
U.S. Treasury Notes, 4.00% due 02/15/34	2.3%
Uniform MBS 30 Year due 12/01/24	2.3%
U.S. Treasury Bonds, 4.38% due 11/15/39	1.9%
U.S. Treasury Notes, 4.13% due 06/15/26	1.7%
Uniform MBS 30 Year due 12/01/24	1.6%
Uniform MBS 30 Year due 01/01/25	1.6%
GNMA II 30Year TBA due 10/21/24	1.4%
United States Treasury Inflation Indexed Bonds, 2.13% due 04/15/29	1.2%
Uniform MBS 30 Year due 12/01/24	0.9%
Top 10 Total	17.6%

⁴ "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2025 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

The fund's (Class C shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 1.60% for the year ended September 30, 2024, a decrease of 0.06% compared to the prior year. The primary driver of the decrease was a decrease in interest expense as the fund utilized fewer reverse repurchase agreements during the reporting period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-GIBCX-093024

Guggenheim Investments 2

Guggenheim Total Return Bond Fund

Class P | GIBLX

Annual Shareholder Report | 9.30.24

This annual shareholder report contains important information about the Guggenheim Total Return Bond Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class P	$90	0.85%

¹ Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class P shares) returned 13.09%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period.

What factors materially affected the fund's performance over the last year?

The fund's relative outperformance was primarily driven by sector allocation, security selection, and the fund's carry (or earned income) advantage over the benchmark. The fund benefited from an overweight allocation to credit, as spreads tightened materially across the broader category. Performance from credit spread tightening in agency residential mortgage-backed securities and investment grade corporates were large drivers of absolute performance, while out-of-benchmark allocations like high yield corporates and structured credit drove most of the relative outperformance. Duration was a large driver of absolute performance given the bull steepening move in U.S. yields.

How did the fund perform since inception?

Cumulative performance* for the fund since inception (as of 9.30.24), assuming a $10,000 initial investment.

Date	Total Return Bond Fund (Class P)	Bloomberg U.S. Aggregate Bond Index
05/01/2015	10000	10000
06/30/2015	9931	9899
09/30/2015	9979	10021
12/31/2015	9933	9964
03/31/2016	10079	10266
06/30/2016	10424	10493
09/30/2016	10675	10542
12/31/2016	10519	10228
03/31/2017	10700	10311
06/30/2017	10919	10460
09/30/2017	11031	10549
12/31/2017	11165	10590
03/31/2018	11126	10435
06/30/2018	11175	10419
09/30/2018	11177	10421
12/31/2018	11236	10591
03/31/2019	11382	10903
06/30/2019	11630	11239
09/30/2019	11814	11494
12/31/2019	11730	11515
03/31/2020	12079	11877
06/30/2020	12759	12221
09/30/2020	13104	12297
12/31/2020	13481	12379
03/31/2021	12974	11961
06/30/2021	13370	12180
09/30/2021	13402	12187
12/31/2021	13423	12188
03/31/2022	12541	11465
06/30/2022	11628	10927
09/30/2022	11151	10407
12/31/2022	11302	10602
03/31/2023	11735	10916
06/30/2023	11653	10824
09/30/2023	11319	10474
12/31/2023	12108	11189
03/31/2024	12089	11102
06/30/2024	12134	11109
09/30/2024	12801	11686

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Since Inception (5.01.15)
Class P	13.09%	1.57%	2.63%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.67%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$26,777,806,246
Total Number of Portfolio Holdings	1,620
Portfolio Turnover Rate	70%
Total Advisory Fees Paid	$77,121,880

^* 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 deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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.

Guggenheim Investments 1

Guggenheim Total Return Bond Fund   |   Class P   |   GIBLX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Collateralized Mortgage Obligations	32.6%
Interest Rate Swap Agreements	32.5%
Corporate Bonds	26.2%
Asset-Backed Securities	21.9%
U.S. Government Securities	19.3%
Interest Rate Futures Contracts	6.6%
Senior Floating Rate Interests	3.2%
Preferred Stocks	2.6%
Other	2.3%
Credit Default Swaps Agreements Protection Purchased	-2.6%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

AAA	46.2%
AA	6.1%
A	14.3%
BBB	15.2%
BB	5.3%
B	2.1%
CCC	0.5%
CC	0.9%
C	0.1%
NR3	2.8%
Other Instruments	6.5%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

U.S. Treasury Bonds due 05/15/51	2.7%
U.S. Treasury Notes, 4.00% due 02/15/34	2.3%
Uniform MBS 30 Year due 12/01/24	2.3%
U.S. Treasury Bonds, 4.38% due 11/15/39	1.9%
U.S. Treasury Notes, 4.13% due 06/15/26	1.7%
Uniform MBS 30 Year due 12/01/24	1.6%
Uniform MBS 30 Year due 01/01/25	1.6%
GNMA II 30Year TBA due 10/21/24	1.4%
United States Treasury Inflation Indexed Bonds, 2.13% due 04/15/29	1.2%
Uniform MBS 30 Year due 12/01/24	0.9%
Top 10 Total	17.6%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

⁴ "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

U.S. Treasury Bonds due 05/15/51	2.7%
U.S. Treasury Notes, 4.00% due 02/15/34	2.3%
Uniform MBS 30 Year due 12/01/24	2.3%
U.S. Treasury Bonds, 4.38% due 11/15/39	1.9%
U.S. Treasury Notes, 4.13% due 06/15/26	1.7%
Uniform MBS 30 Year due 12/01/24	1.6%
Uniform MBS 30 Year due 01/01/25	1.6%
GNMA II 30Year TBA due 10/21/24	1.4%
United States Treasury Inflation Indexed Bonds, 2.13% due 04/15/29	1.2%
Uniform MBS 30 Year due 12/01/24	0.9%
Top 10 Total	17.6%

⁴ "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2025 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

The fund's (Class P shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 0.85% for the year ended September 30, 2024, a decrease of 0.06% compared to the prior year. The primary driver of the decrease was a decrease in interest expense as the fund utilized fewer reverse repurchase agreements during the reporting period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-GIBLX-093024

Guggenheim Investments 2

Guggenheim Total Return Bond Fund

Institutional Class | GIBIX

Annual Shareholder Report | 9.30.24

This annual shareholder report contains important information about the Guggenheim Total Return Bond Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Institutional Class	$58	0.54%

¹ Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Institutional Class shares) returned 13.40%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period.

What factors materially affected the fund's performance over the last year?

The fund's relative outperformance was primarily driven by sector allocation, security selection, and the fund's carry (or earned income) advantage over the benchmark. The fund benefited from an overweight allocation to credit, as spreads tightened materially across the broader category. Performance from credit spread tightening in agency residential mortgage-backed securities and investment grade corporates were large drivers of absolute performance, while out-of-benchmark allocations like high yield corporates and structured credit drove most of the relative outperformance. Duration was a large driver of absolute performance given the bull steepening move in U.S. yields.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $2,000,000 initial investment.

Date	Total Return Bond Fund (Institutional Class)	Bloomberg U.S. Aggregate Bond Index
09/30/2014	2000000	2000000
12/31/2014	2025248	2035885
03/31/2015	2062727	2068593
06/30/2015	2046812	2033787
09/30/2015	2058243	2058816
12/31/2015	2050206	2047081
03/31/2016	2081610	2109149
06/30/2016	2154241	2155839
09/30/2016	2207694	2165719
12/31/2016	2177370	2101277
03/31/2017	2216235	2118439
06/30/2017	2263502	2149054
09/30/2017	2288967	2167289
12/31/2017	2318576	2175701
03/31/2018	2312237	2143918
06/30/2018	2324134	2140524
09/30/2018	2325329	2140934
12/31/2018	2340162	2175948
03/31/2019	2372112	2239983
06/30/2019	2425595	2308967
09/30/2019	2465645	2361362
12/31/2019	2449917	2365619
03/31/2020	2525385	2440097
06/30/2020	2669350	2510752
09/30/2020	2742521	2526300
12/31/2020	2823296	2543198
03/31/2021	2719151	2457428
06/30/2021	2804988	2502393
09/30/2021	2813655	2503689
12/31/2021	2819218	2503980
03/31/2022	2636015	2355394
06/30/2022	2445112	2244843
09/30/2022	2346736	2138160
12/31/2022	2381181	2178209
03/31/2023	2474035	2242728
06/30/2023	2458606	2223793
09/30/2023	2389956	2151938
12/31/2023	2558133	2298638
03/31/2024	2555958	2280808
06/30/2024	2567072	2282297
09/30/2024	2710149	2400886

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Institutional Class	13.40%	1.86%	3.06%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.84%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$26,777,806,246
Total Number of Portfolio Holdings	1,620
Portfolio Turnover Rate	70%
Total Advisory Fees Paid	$77,121,880

^* 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 deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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.

Guggenheim Investments 1

Guggenheim Total Return Bond Fund   |   Institutional Class   |   GIBIX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Collateralized Mortgage Obligations	32.6%
Interest Rate Swap Agreements	32.5%
Corporate Bonds	26.2%
Asset-Backed Securities	21.9%
U.S. Government Securities	19.3%
Interest Rate Futures Contracts	6.6%
Senior Floating Rate Interests	3.2%
Preferred Stocks	2.6%
Other	2.3%
Credit Default Swaps Agreements Protection Purchased	-2.6%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

AAA	46.2%
AA	6.1%
A	14.3%
BBB	15.2%
BB	5.3%
B	2.1%
CCC	0.5%
CC	0.9%
C	0.1%
NR3	2.8%
Other Instruments	6.5%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

U.S. Treasury Bonds due 05/15/51	2.7%
U.S. Treasury Notes, 4.00% due 02/15/34	2.3%
Uniform MBS 30 Year due 12/01/24	2.3%
U.S. Treasury Bonds, 4.38% due 11/15/39	1.9%
U.S. Treasury Notes, 4.13% due 06/15/26	1.7%
Uniform MBS 30 Year due 12/01/24	1.6%
Uniform MBS 30 Year due 01/01/25	1.6%
GNMA II 30Year TBA due 10/21/24	1.4%
United States Treasury Inflation Indexed Bonds, 2.13% due 04/15/29	1.2%
Uniform MBS 30 Year due 12/01/24	0.9%
Top 10 Total	17.6%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

⁴ "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

U.S. Treasury Bonds due 05/15/51	2.7%
U.S. Treasury Notes, 4.00% due 02/15/34	2.3%
Uniform MBS 30 Year due 12/01/24	2.3%
U.S. Treasury Bonds, 4.38% due 11/15/39	1.9%
U.S. Treasury Notes, 4.13% due 06/15/26	1.7%
Uniform MBS 30 Year due 12/01/24	1.6%
Uniform MBS 30 Year due 01/01/25	1.6%
GNMA II 30Year TBA due 10/21/24	1.4%
United States Treasury Inflation Indexed Bonds, 2.13% due 04/15/29	1.2%
Uniform MBS 30 Year due 12/01/24	0.9%
Top 10 Total	17.6%

⁴ "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2025 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

The fund's (Institutional Class shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 0.54% for the year ended September 30, 2024, a decrease of 0.08% compared to the prior year. The primary driver of the decrease was a decrease in interest expense as the fund utilized fewer reverse repurchase agreements during the reporting period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-GIBIX-093024

Guggenheim Investments 2

Guggenheim Total Return Bond Fund

Class R6 | GIBRX

Annual Shareholder Report | 9.30.24

This annual shareholder report contains important information about the Guggenheim Total Return Bond Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class R6	$52	0.49%

¹ Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class R6 shares) returned 13.44%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period.

What factors materially affected the fund's performance over the last year?

The fund's relative outperformance was primarily driven by sector allocation, security selection, and the fund's carry (or earned income) advantage over the benchmark. The fund benefited from an overweight allocation to credit, as spreads tightened materially across the broader category. Performance from credit spread tightening in agency residential mortgage-backed securities and investment grade corporates were large drivers of absolute performance, while out-of-benchmark allocations like high yield corporates and structured credit drove most of the relative outperformance. Duration was a large driver of absolute performance given the bull steepening move in U.S. yields.

How did the fund perform since inception?

Cumulative performance* for the fund since inception (as of 9.30.24), assuming a $10,000 initial investment.

Date	Total Return Bond Fund (Class R6)	Bloomberg U.S. Aggregate Bond Index
10/19/2016	10000	10000
12/31/2016	9882	9741
03/31/2017	10063	9820
06/30/2017	10278	9962
09/30/2017	10397	10047
12/31/2017	10527	10086
03/31/2018	10502	9938
06/30/2018	10552	9923
09/30/2018	10561	9924
12/31/2018	10629	10087
03/31/2019	10774	10384
06/30/2019	11013	10703
09/30/2019	11194	10946
12/31/2019	11127	10966
03/31/2020	11465	11311
06/30/2020	12119	11639
09/30/2020	12455	11711
12/31/2020	12822	11789
03/31/2021	12349	11392
06/30/2021	12734	11600
09/30/2021	12774	11606
12/31/2021	12803	11607
03/31/2022	11972	10919
06/30/2022	11106	10406
09/30/2022	10660	9912
12/31/2022	10812	10097
03/31/2023	11234	10396
06/30/2023	11166	10309
09/30/2023	10856	9975
12/31/2023	11620	10656
03/31/2024	11612	10573
06/30/2024	11663	10580
09/30/2024	12314	11130

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Since Inception (10.19.16)
Class R6	13.44%	1.88%	2.63%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.36%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$26,777,806,246
Total Number of Portfolio Holdings	1,620
Portfolio Turnover Rate	70%
Total Advisory Fees Paid	$77,121,880

^* 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 deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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.

Guggenheim Investments 1

Guggenheim Total Return Bond Fund   |   Class R6   |   GIBRX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Collateralized Mortgage Obligations	32.6%
Interest Rate Swap Agreements	32.5%
Corporate Bonds	26.2%
Asset-Backed Securities	21.9%
U.S. Government Securities	19.3%
Interest Rate Futures Contracts	6.6%
Senior Floating Rate Interests	3.2%
Preferred Stocks	2.6%
Other	2.3%
Credit Default Swaps Agreements Protection Purchased	-2.6%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

AAA	46.2%
AA	6.1%
A	14.3%
BBB	15.2%
BB	5.3%
B	2.1%
CCC	0.5%
CC	0.9%
C	0.1%
NR3	2.8%
Other Instruments	6.5%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

U.S. Treasury Bonds due 05/15/51	2.7%
U.S. Treasury Notes, 4.00% due 02/15/34	2.3%
Uniform MBS 30 Year due 12/01/24	2.3%
U.S. Treasury Bonds, 4.38% due 11/15/39	1.9%
U.S. Treasury Notes, 4.13% due 06/15/26	1.7%
Uniform MBS 30 Year due 12/01/24	1.6%
Uniform MBS 30 Year due 01/01/25	1.6%
GNMA II 30Year TBA due 10/21/24	1.4%
United States Treasury Inflation Indexed Bonds, 2.13% due 04/15/29	1.2%
Uniform MBS 30 Year due 12/01/24	0.9%
Top 10 Total	17.6%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

⁴ "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

U.S. Treasury Bonds due 05/15/51	2.7%
U.S. Treasury Notes, 4.00% due 02/15/34	2.3%
Uniform MBS 30 Year due 12/01/24	2.3%
U.S. Treasury Bonds, 4.38% due 11/15/39	1.9%
U.S. Treasury Notes, 4.13% due 06/15/26	1.7%
Uniform MBS 30 Year due 12/01/24	1.6%
Uniform MBS 30 Year due 01/01/25	1.6%
GNMA II 30Year TBA due 10/21/24	1.4%
United States Treasury Inflation Indexed Bonds, 2.13% due 04/15/29	1.2%
Uniform MBS 30 Year due 12/01/24	0.9%
Top 10 Total	17.6%

⁴ "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since September 30, 2023. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2025 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

The fund's (Class R6 shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 0.49% for the year ended September 30, 2024, a decrease of 0.09% compared to the prior year. The primary driver of the decrease was a decrease in interest expense as the fund utilized fewer reverse repurchase agreements during the reporting period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-GIBRX-093024

Guggenheim Investments 2

Guggenheim Ultra Short Duration Fund

Class A | GIYAX

Annual Shareholder Report | 9.30.24

This annual shareholder report contains important information about the Guggenheim Ultra Short Duration Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$61	0.59%

¹ Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Class A shares) returned 8.16%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period and outperforming the fund's secondary index, the Bloomberg 1-3 Month U.S. Treasury Bill Index, which returned 5.52% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg 1-3 Month U.S. Treasury Bill Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last year?

The fund's positive performance was driven by credit positioning, duration, and carry (or earned income). The fund benefited from its diverse structured credit allocation, which includes asset-backed securities, collateralized loan obligations, non-agency commercial mortgage-backed securities and non-agency residential mortgage-backed securities, as prices moved higher following increased market optimism on the potential for a soft landing given disinflationary trends and resilient economic data. Duration was a considerable contributor to performance as 2-year and 3-year Treasury yields fell 140 basis points and 125 basis points, respectively, following softer Consumer Price Index ("CPI") reports.

How did the fund perform since inception?

Cumulative performance* for the fund since inception (as of 9.30.24), assuming a $10,000 initial investment.

Date	Ultra Short Duration Fund (Class A)	Bloomberg U.S. Aggregate Bond Index	Bloomberg 1-3 Month U.S. Treasury Bill Index
11/30/2018	10000	10000	10000
12/31/2018	9998	10184	10019
03/31/2019	10062	10483	10079
06/30/2019	10126	10806	10141
09/30/2019	10189	11051	10196
12/31/2019	10226	11071	10240
03/31/2020	10086	11420	10288
06/30/2020	10269	11751	10291
09/30/2020	10344	11823	10294
12/31/2020	10368	11902	10296
03/31/2021	10375	11501	10298
06/30/2021	10393	11712	10298
09/30/2021	10408	11718	10299
12/31/2021	10384	11719	10300
03/31/2022	10256	11024	10304
06/30/2022	10138	10506	10316
09/30/2022	10149	10007	10365
12/31/2022	10287	10194	10457
03/31/2023	10481	10496	10571
06/30/2023	10637	10408	10701
09/30/2023	10791	10071	10844
12/31/2023	11059	10758	10994
03/31/2024	11263	10674	11140
06/30/2024	11436	10681	11289
09/30/2024	11671	11236	11443

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Since Inception (11.30.18)
Class A Shares	8.16%	2.75%	2.68%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	2.02%
Bloomberg 1-3 Month U.S. Treasury Bill Index	5.52%	2.33%	2.31%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$516,502,806
Total Number of Portfolio Holdings	169
Portfolio Turnover Rate	10%
Total Advisory Fees Paid	$1,144,830

^* The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg 1-3 Month U.S. Treasury Bill Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

Guggenheim Investments 1

Guggenheim Ultra Short Duration Fund   |   Class A   |   GIYAX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Corporate Bonds	24.0%
Asset-Backed Securities	23.4%
Collateralized Mortgage Obligations	16.9%
Interest Rate Swap Agreements	11.8%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

AAA	16.9%
AA	10.1%
A	12.6%
BBB	15.7%
BB	1.4%
NR3	7.7%
Other Instruments	35.6%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

BX Commercial Mortgage Trust, 6.86%	2.0%
NYMT Loan Trust, 4.67%	1.3%
Golub Capital Partners CLO 49M Ltd., 7.07%	1.2%
Oak Street Investment Grade Net Lease Fund Series, 1.85%	1.2%
OSAT Trust, 5.12%	1.1%
Global Payments, Inc., 1.50%	1.1%
Warnermedia Holdings, Inc., 3.64%	1.1%
FS Rialto, 7.01%	1.1%
Macquarie Group Ltd., 1.20%	1.0%
Corebridge Financial, Inc., 3.50%	1.0%
Top 10 Total	12.1%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments.

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

⁴ "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

BX Commercial Mortgage Trust, 6.86%	2.0%
NYMT Loan Trust, 4.67%	1.3%
Golub Capital Partners CLO 49M Ltd., 7.07%	1.2%
Oak Street Investment Grade Net Lease Fund Series, 1.85%	1.2%
OSAT Trust, 5.12%	1.1%
Global Payments, Inc., 1.50%	1.1%
Warnermedia Holdings, Inc., 3.64%	1.1%
FS Rialto, 7.01%	1.1%
Macquarie Group Ltd., 1.20%	1.0%
Corebridge Financial, Inc., 3.50%	1.0%
Top 10 Total	12.1%

⁴ "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-GIYAX-093024

Guggenheim Investments 2

Guggenheim Ultra Short Duration Fund

Institutional Class | GIYIX

Annual Shareholder Report | 9.30.24

This annual shareholder report contains important information about the Guggenheim Ultra Short Duration Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Institutional Class	$34	0.33%

¹ Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of October 1, 2023 to September 30, 2024, the fund (Institutional Class shares) returned 8.43%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 11.57% for the same period and outperforming the fund's secondary index, the Bloomberg 1-3 Month U.S. Treasury Bill Index, which returned 5.52% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg 1-3 Month U.S. Treasury Bill Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last year?

The fund's positive performance was driven by credit positioning, duration, and carry (or earned income). The fund benefited from its diverse structured credit allocation, which includes asset-backed securities, collateralized loan obligations, non-agency commercial mortgage-backed securities and non-agency residential mortgage-backed securities, as prices moved higher following increased market optimism on the potential for a soft landing given disinflationary trends and resilient economic data. Duration was a considerable contributor to performance as 2-year and 3-year Treasury yields fell 140 basis points and 125 basis points, respectively, following softer Consumer Price Index ("CPI") reports.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $2,000,000 initial investment.

Date	Ultra Short Duration Fund (Institutional Class)	Bloomberg U.S. Aggregate Bond Index	Bloomberg 1-3 Month U.S. Treasury Bill Index
09/30/2014	2000000	2000000	2000000
12/31/2014	2001336	2035885	2000049
03/31/2015	2013594	2068593	2000113
06/30/2015	2020257	2033787	2000179
09/30/2015	2021275	2058816	2000318
12/31/2015	2025559	2047081	2000603
03/31/2016	2028267	2109149	2001898
06/30/2016	2044718	2155839	2002929
09/30/2016	2060755	2165719	2004429
12/31/2016	2070013	2101277	2005808
03/31/2017	2083345	2118439	2007906
06/30/2017	2094142	2149054	2011842
09/30/2017	2107002	2167289	2016960
12/31/2017	2118279	2175701	2022192
03/31/2018	2129598	2143918	2028908
06/30/2018	2142783	2140524	2037837
09/30/2018	2159208	2140934	2047685
12/31/2018	2166760	2175948	2059067
03/31/2019	2182028	2239983	2071300
06/30/2019	2195123	2308967	2084105
09/30/2019	2210303	2361362	2095357
12/31/2019	2219759	2365619	2104532
03/31/2020	2190751	2440097	2114405
06/30/2020	2231822	2510752	2114826
09/30/2020	2251950	2526300	2115467
12/31/2020	2258564	2543198	2115972
03/31/2021	2259233	2457428	2116341
06/30/2021	2266757	2502393	2116344
09/30/2021	2271582	2503689	2116592
12/31/2021	2265388	2503980	2116843
03/31/2022	2241226	2355394	2117518
06/30/2022	2216825	2244843	2120127
09/30/2022	2218449	2138160	2130131
12/31/2022	2252307	2178209	2149030
03/31/2023	2296261	2242728	2172496
06/30/2023	2331954	2223793	2199100
09/30/2023	2366992	2151938	2228657
12/31/2023	2427339	2298638	2259441
03/31/2024	2473594	2280808	2289310
06/30/2024	2513342	2282297	2320011
09/30/2024	2566528	2400886	2351650

Average Annual Total Returns* as of 9.30.24

	One Year	Five Years	Ten Years
Institutional Class Shares	8.43%	3.03%	2.37%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.84%
Bloomberg 1-3 Month U.S. Treasury Bill Index	5.52%	2.33%	1.63%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$516,502,806
Total Number of Portfolio Holdings	169
Portfolio Turnover Rate	10%
Total Advisory Fees Paid	$1,144,830

^* The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg 1-3 Month U.S. Treasury Bill Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. 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.

Guggenheim Investments 1

Guggenheim Ultra Short Duration Fund   |   Institutional Class   |   GIYIX Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Corporate Bonds	24.0%
Asset-Backed Securities	23.4%
Collateralized Mortgage Obligations	16.9%
Interest Rate Swap Agreements	11.8%

Portfolio Composition by Quality Rating² (% of Total Investments) as of 9.30.24

AAA	16.9%
AA	10.1%
A	12.6%
BBB	15.7%
BB	1.4%
NR3	7.7%
Other Instruments	35.6%

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

BX Commercial Mortgage Trust, 6.86%	2.0%
NYMT Loan Trust, 4.67%	1.3%
Golub Capital Partners CLO 49M Ltd., 7.07%	1.2%
Oak Street Investment Grade Net Lease Fund Series, 1.85%	1.2%
OSAT Trust, 5.12%	1.1%
Global Payments, Inc., 1.50%	1.1%
Warnermedia Holdings, Inc., 3.64%	1.1%
FS Rialto, 7.01%	1.1%
Macquarie Group Ltd., 1.20%	1.0%
Corebridge Financial, Inc., 3.50%	1.0%
Top 10 Total	12.1%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments.

2

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.

3

NR (not rated) securities do not necessarily indicate low credit quality.

⁴ "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings⁴ (as a % of Net Assets) as of 9.30.24

BX Commercial Mortgage Trust, 6.86%	2.0%
NYMT Loan Trust, 4.67%	1.3%
Golub Capital Partners CLO 49M Ltd., 7.07%	1.2%
Oak Street Investment Grade Net Lease Fund Series, 1.85%	1.2%
OSAT Trust, 5.12%	1.1%
Global Payments, Inc., 1.50%	1.1%
Warnermedia Holdings, Inc., 3.64%	1.1%
FS Rialto, 7.01%	1.1%
Macquarie Group Ltd., 1.20%	1.0%
Corebridge Financial, Inc., 3.50%	1.0%
Top 10 Total	12.1%

⁴ "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

AR-GIYIX-093024

Guggenheim Investments 2

(b) Not applicable

Item 2. Code of Ethics.

The registrant’s Board of Trustees has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. No substantive amendments were approved or waivers were granted to the code of ethics during the period covered by this report. The code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

The registrant's Board of Trustees has determined that it has at least one audit committee financial expert serving on its audit committee (the “Audit Committee”), Sandra G. Sponem. Ms. Sponem is “independent,” meaning that she is not an “interested person” of the registrant (as that term is defined in Section 2(a)(19) of the Investment Company Act) and she does not accept any consulting, advisory, or other compensatory fee from the registrant (except in her capacity as a Board or committee member).

(Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the Audit Committee and Board of Trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations or liability of any other member of the audit committee or Board of Trustees.)

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees: the aggregate Audit Fees billed by the registrant’s principal accountant for professional services rendered for the audit of the annual financial statements, or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $706,919 and $705,059 for the fiscal years ended September 30, 2024 and September 30, 2023, respectively.

(b) Audit-Related Fees: the aggregate Audit-Related Fees billed by the registrant’s principal accountant for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item 4 were $14,906 and $0 for fiscal years ended September 30, 2024 and September 30, 2023, respectively.

(c) Tax Fees: the aggregate Tax Fees billed by the registrant’s principal accountant for professional services rendered for tax compliance, tax advice and tax planning including preparation of tax returns and distribution assistance were 226,776 and $260,077 for the fiscal years ended September 30, 2024 and September 30, 2023, respectively. These services consisted of (i) preparation of U.S. federal, state and excise tax returns; (ii) U.S. federal and state tax planning, advice and assistance regarding statutory, regulatory or administrative developments, (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired and (iv) review of U.S. federal excise distribution calculations.

(d) All Other Fees: the aggregate All Other Fees billed by the registrant’s principal accountant for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item 4, were $0 and $0 for the fiscal years ended September 30, 2024 and September 30, 2023, respectively.

(e) Audit Committee Pre-Approval Policies and Procedures.

(1) The registrant’s pre-approval policy requires the Audit Committee to pre-approve any engagement of the registrant’s independent auditors to provide any services, other than “prohibited non-audit services,” to the registrant, including the fees and other compensation to be paid to the independent auditors (unless an exception is available under Rule 2-01 of Regulation S-X). The independent auditors or the Chief Accounting Officer of the registrant (or an officer of the registrant who reports to the Chief Accounting Officer) report to the Audit Committee at each of its regular scheduled meetings all audit, audit-related and permissible non-audit services initiated since the last such report (unless the services were contained in the initial audit plan, as previously presented to, and approved by, the Audit Committee). The report includes a general description of the services and projected fees, and the means by which such services were approved by the Audit Committee. The Audit Committee is also required to pre-approve any engagement of the registrant’s independent auditors, including the fees and other compensation to be paid to the independent auditors, to provide any non-audit services to the registrant’s investment adviser (or any “control affiliate” of the investment adviser providing ongoing services to the registrant), if the engagement relates directly to the operations or financial reporting of the registrant (unless an exception is available under Rule 2-01 of Regulation S-X).

(2) None of the services described in each of Items 4(b) through (d) were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) Non-Audit Fees. The aggregate non-audit fees billed by the registrant's accountant for the most recent fiscal year and the preceding years for services rendered to the registrant, the investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant were $241,682 and $260,077, respectively. These aggregate fees were less than the aggregate fees billed for the same periods by the registrant’s principal accountant for audit services rendered to the registrant, the investment advisor, and any entity controlling, controlled by, or under common control with the advisor that provides ongoing services to the registrant.

(h) Auditor Independence. The registrant’s Audit Committee was provided with information relating to the provision of non-audit services by Ernst & Young, LLP to the registrant’s investment adviser (not including any sub adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved by the Audit Committee so that a determination could be made whether the provision of such services is compatible with maintaining Ernst & Young, LLP’s independence.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

(a) Not applicable to this registrant.

(b) Not applicable to this registrant

Item 6. Investments.

(a) The Schedule of Investments is included under Item 7 of this Form.

(b) Not applicable

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

9.30.2024

Guggenheim Funds Annual Financial Report

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 SMid Cap Value Fund

Guggenheim StylePlus—Large Core Fund

Guggenheim StylePlus—Mid Growth Fund

Guggenheim World Equity Income Fund

Guggenheim Funds Trust-Fixed Income

Guggenheim Active INvestment Series (GAINS) – Core Plus Fund

Guggenheim Active INvestment Series (GAINS) – Limited Duration Fund

Guggenheim Core Bond Fund

Guggenheim Floating Rate Strategies Fund

Guggenheim High Yield Fund

Guggenheim Limited Duration Fund

Guggenheim Macro Opportunities Fund

Guggenheim Municipal Income Fund

Guggenheim Total Return Bond Fund

Guggenheim Ultra Short Duration Fund

GuggenheimInvestments.com

This report and the financial statements contained herein are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

Distributed by Guggenheim Funds Distributors, LLC.

TABLE OF CONTENTS

ITEM 7: FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES (ANNUAL FINANCIAL REPORT)
ALPHA OPPORTUNITY FUND	2
LARGE CAP VALUE FUND	17
MARKET NEUTRAL REAL ESTATE FUND	24
RISK MANAGED REAL ESTATE FUND	32
SMID CAP VALUE FUND	44
STYLEPLUS—LARGE CORE FUND	51
STYLEPLUS—MID GROWTH FUND	59
WORLD EQUITY INCOME FUND	66
ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND	74
ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND	81
CORE BOND FUND	88
FLOATING RATE STRATEGIES FUND	114
HIGH YIELD FUND	133
LIMITED DURATION FUND	150
MACRO OPPORTUNITIES FUND	176
MUNICIPAL INCOME FUND	210
TOTAL RETURN BOND FUND	219
ULTRA SHORT DURATION FUND	267
NOTES TO FINANCIAL STATEMENTS	279
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	315
OTHER INFORMATION	317
ITEM 8: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES	319
ITEM 9: PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES	320
ITEM 10: RENUMERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES	321
ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT	322

THE GUGGENHEIM FUNDS ANNUAL REPORT | 1

SCHEDULE OF INVESTMENTS	September 30, 2024
ALPHA OPPORTUNITY FUND

	Shares		Value
COMMON STOCKS† - 93.4%
Consumer, Non-cyclical - 18.1%
Incyte Corp.*,1		5,885	$	388,998
Gilead Sciences, Inc.1		4,636		388,682
Cal-Maine Foods, Inc.		4,994		373,751
Ingredion, Inc.		2,679		368,175
Hologic, Inc.*		4,512		367,547
Innoviva, Inc.*		18,392		355,149
Johnson & Johnson		2,185		354,101
Royalty Pharma plc — Class A		12,440		351,928
Merck & Company, Inc.		3,057		347,153
United Therapeutics Corp.*		968		346,883
Regeneron Pharmaceuticals, Inc.*		312		327,987
Alarm.com Holdings, Inc.*		5,878		321,350
Bristol-Myers Squibb Co.1		5,742		297,091
Medtronic plc		2,559		230,387
Catalyst Pharmaceuticals, Inc.*		10,015		199,098
Perdoceo Education Corp.1		8,784		195,356
Premier, Inc. — Class A		8,578		171,560
Zimmer Biomet Holdings, Inc.		1,549		167,214
Protagonist Therapeutics, Inc.*		3,700		166,500
Alkermes plc*		5,406		151,314
Inmode Ltd.*		8,869		150,330
Neurocrine Biosciences, Inc.*		1,252		144,256
Laureate Education, Inc. — Class A		8,464		140,587
Stride, Inc.*		1,496		127,624
Jazz Pharmaceuticals plc*		1,101		122,662
Biogen, Inc.*		434		84,127
ADT, Inc.		11,606		83,912
Centene Corp.*		1,018		76,635
USANA Health Sciences, Inc.*		1,843		69,887
Total Consumer, Non-cyclical				6,870,244
Industrial - 17.7%
UFP Industries, Inc.		3,147		412,918
Acuity Brands, Inc.		1,481		407,853
Boise Cascade Co.1		2,886		406,868
Mueller Industries, Inc.1		5,399		400,066
Apogee Enterprises, Inc.		5,701		399,155
Teekay Tankers Ltd. — Class A		6,744		392,838
Snap-on, Inc.		1,323		383,286
Avnet, Inc.		6,944		377,129
Teekay Corp.*		38,935		358,202
Scorpio Tankers, Inc.		4,613		328,907
International Seaways, Inc.		6,325		326,117
Owens Corning		1,804		318,442
Tennant Co.		2,888		277,364
Donaldson Company, Inc.		3,730		274,901
Ardmore Shipping Corp.		13,336		241,381
Caterpillar, Inc.		581		227,241
Dorian LPG Ltd.		5,492		189,035
Gates Industrial Corporation plc*		9,402		165,005
Mueller Water Products, Inc. — Class A		6,866		148,992
Masterbrand, Inc.*		7,919		146,818
Textron, Inc.		1,627		144,120
Griffon Corp.		1,734		121,380
Gibraltar Industries, Inc.*		1,592		111,329
Benchmark Electronics, Inc.		1,881		83,366
Vishay Intertechnology, Inc.		4,004		75,715
Total Industrial				6,718,428
Financial - 16.9%
Fidelity National Financial, Inc.		6,155		381,978
Hartford Financial Services Group, Inc.1		3,167		372,471
Enact Holdings, Inc.1		10,232		371,729
MGIC Investment Corp.		14,311		366,362
OFG Bancorp		8,153		366,233
Essent Group Ltd.		5,681		365,231
Reinsurance Group of America, Inc. — Class A		1,672		364,279
Axis Capital Holdings Ltd.		4,250		338,342
NMI Holdings, Inc. — Class A*,1		8,180		336,934
Preferred Bank/Los Angeles CA		3,968		318,432
Affiliated Managers Group, Inc.		1,679		298,526
Synchrony Financial1		5,873		292,945
American International Group, Inc.		3,926		287,501
Janus Henderson Group plc		6,583		250,615
Enova International, Inc.*		2,645		221,625
American Express Co.		706		191,467
Everest Group Ltd.		485		190,038
Travelers Companies, Inc.		717		167,864
RenaissanceRe Holdings Ltd.		581		158,264
International Bancshares Corp.		2,386		142,659
Arch Capital Group Ltd.*		1,210		135,375
Highwoods Properties, Inc. REIT		3,763		126,098
OneMain Holdings, Inc.		2,634		123,982
Park Hotels & Resorts, Inc. REIT		8,391		118,313
Kilroy Realty Corp. REIT		2,025		78,368
WP Carey, Inc. REIT		1,180		73,514
Total Financial				6,439,145
Consumer, Cyclical - 12.9%
Allison Transmission Holdings, Inc.1		4,238		407,145
PACCAR, Inc.		3,920		386,826
Monarch Casino & Resort, Inc.		4,781		378,990
Lear Corp.		3,196		348,843
Columbia Sportswear Co.		3,579		297,737
PC Connection, Inc.		3,165		238,736
Visteon Corp.*		2,400		228,576
Phinia, Inc.		4,805		221,174
Toll Brothers, Inc.		1,370		211,651
Buckle, Inc.1		4,350		191,269
ScanSource, Inc.*		3,948		189,622
Autoliv, Inc.		2,011		187,767
Cummins, Inc.		536		173,551
Movado Group, Inc.		8,732		162,415
M/I Homes, Inc.*		946		162,107
Lennar Corp. — Class A1		786		147,359
Gentex Corp.		4,743		140,820
MasterCraft Boat Holdings, Inc.*		6,686		121,752
Patrick Industries, Inc.		775		110,337
BorgWarner, Inc.		3,030		109,959
Carter’s, Inc.		1,492		96,950

2 | THE GUGGENHEIM FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
ALPHA OPPORTUNITY FUND

	Shares		Value
Sonos, Inc.*		7,788	$	95,714
Core & Main, Inc. — Class A*		2,134		94,750
KB Home		1,076		92,203
MRC Global, Inc.*		6,866		87,473
Total Consumer, Cyclical				4,883,726
Communications - 9.3%
InterDigital, Inc.		2,700		382,401
AT&T, Inc.1		16,430		361,460
F5, Inc.*		1,541		339,328
IDT Corp. — Class B1		8,738		333,529
Verizon Communications, Inc.1		7,037		316,032
T-Mobile US, Inc.		1,465		302,317
ePlus, Inc.*		2,712		266,698
Yelp, Inc. — Class A*		6,810		238,895
Gen Digital, Inc.		6,712		184,110
eBay, Inc.1		2,742		178,532
Spok Holdings, Inc.		11,628		175,118
Anterix, Inc.*		3,857		145,255
Gogo, Inc.*		17,245		123,819
HealthStream, Inc.		3,730		107,573
Expedia Group, Inc.*		531		78,599
Total Communications				3,533,666
Utilities - 8.0%
Entergy Corp.		2,971		391,013
OGE Energy Corp.1		9,058		371,559
Spire, Inc.		5,488		369,288
Black Hills Corp.		6,036		368,920
National Fuel Gas Co.		6,065		367,600
Duke Energy Corp.1		3,109		358,468
Otter Tail Corp.		3,581		279,891
Avista Corp.		5,930		229,788
Southwest Gas Holdings, Inc.		2,594		191,333
PPL Corp.		3,892		128,747
Total Utilities				3,056,607
Technology - 6.9%
Zoom Video Communications, Inc. — Class A*		4,566		318,433
QUALCOMM, Inc.		1,841		313,062
Cirrus Logic, Inc.*		2,331		289,534
Amdocs Ltd.		3,226		282,211
Skyworks Solutions, Inc.		2,375		234,579
TE Connectivity plc		1,544		233,129
IPG Photonics Corp.*		3,028		225,041
NetApp, Inc.1		1,326		163,774
Photronics, Inc.*		6,195		153,388
International Business Machines Corp.		677		149,671
HP, Inc.		2,828		101,440
Qorvo, Inc.*		725		74,892
Adeia, Inc.		6,060		72,174
Total Technology				2,611,328
Basic Materials - 2.3%
CF Industries Holdings, Inc.		2,863		245,645
Cabot Corp.		1,717		191,909
NewMarket Corp.		291		160,600
Sylvamo Corp.		1,586		136,158
Minerals Technologies, Inc.		1,734		133,917
Total Basic Materials				868,229
Government - 0.8%
Banco Latinoamericano de Comercio Exterior S.A. — Class E		9,213		299,330
Energy - 0.5%
HF Sinclair Corp.		2,397		106,835
DNOW, Inc.*		7,169		92,695
Total Energy				199,530
Total Common Stocks
(Cost $32,129,076)				35,480,233
MONEY MARKET FUND***,† - 5.3%
Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares, 4.90%2		2,011,791		2,011,791
Total Money Market Fund
(Cost $2,011,791)				2,011,791
Total Investments - 98.7%
(Cost $34,140,867)			$	37,492,024
Other Assets & Liabilities, net - 1.3%				497,183
Total Net Assets - 100.0%			$	37,989,207

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 3

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
ALPHA OPPORTUNITY FUND

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

02/03/25

$

9,552,167

$

1,165,201

Goldman Sachs International

GS Equity Custom Basket

Pay

5.28% (Federal Funds Rate + 0.45%)

At Maturity

05/16/28

9,552,167

1,029,989

$

19,104,334

$

2,195,190

OTC Custom Basket Swap Agreements Sold Short††

Morgan Stanley Capital Services LLC

MS Equity Custom Basket

Receive

4.48% (Federal Funds Rate - 0.35%)

At Maturity

02/03/25

$

14,888,931

$

(682,049

)

Goldman Sachs International

GS Equity Custom Basket

Receive

4.55% (Federal Funds Rate - 0.28%)

At Maturity

05/16/28

14,905,323

(784,416

)

$

29,794,254

$

(1,466,465

)

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
MS EQUITY LONG CUSTOM BASKET
Communications
InterDigital, Inc.		727		1.06	%	$	35,484
AT&T, Inc.		4,423		1.02	%		31,304
IDT Corp. — Class B		2,353		0.94	%		25,218
T-Mobile US, Inc.		395		0.85	%		23,746
Verizon Communications, Inc.		1,895		0.89	%		19,617
eBay, Inc.		738		0.50	%		19,258
F5, Inc.		415		0.96	%		16,565
ePlus, Inc.		730		0.75	%		10,545
Gen Digital, Inc.		1,807		0.52	%		4,633
Expedia Group, Inc.		143		0.22	%		1,782
HealthStream, Inc.		1,004		0.30	%		510
Spok Holdings, Inc.		3,131		0.49	%		(115	)
Anterix, Inc.		1,038		0.41	%		(1,270	)
Yelp, Inc. — Class A		1,833		0.67	%		(2,021	)
Gogo, Inc.		4,643		0.35	%		(6,695	)
Total Communications							178,561
Utilities
OGE Energy Corp.		2,439		1.05	%		17,463
National Fuel Gas Co.		1,633		1.04	%		17,075
Black Hills Corp.		1,625		1.04	%		14,039
Duke Energy Corp.		837		1.01	%		8,703
Entergy Corp.		800		1.10	%		7,522
Spire, Inc.		1,477		1.04	%		2,601
Southwest Gas Holdings, Inc.		698		0.54	%		2,278
PPL Corp.		1,048		0.36	%		903
Avista Corp.		1,596		0.65	%		(677	)
Otter Tail Corp.		964		0.79	%		(7,294	)
Total Utilities							62,613
Consumer, Cyclical
Allison Transmission Holdings, Inc.		1,141		1.15	%		63,918
M/I Homes, Inc.		255		0.46	%		22,840
Monarch Casino & Resort, Inc.		1,287		1.07	%		17,110
Lennar Corp. — Class A		212		0.42	%		15,068
Toll Brothers, Inc.		369		0.60	%		14,038
PC Connection, Inc.		852		0.67	%		8,734
Buckle, Inc.		1,171		0.54	%		7,237
Cummins, Inc.		144		0.49	%		6,461
Patrick Industries, Inc.		209		0.31	%		4,167
Columbia Sportswear Co.		964		0.84	%		3,839
BorgWarner, Inc.		816		0.31	%		3,298
KB Home		290		0.26	%		1,980
Phinia, Inc.		1,294		0.62	%		1,915
MRC Global, Inc.		1,848		0.25	%		743
ScanSource, Inc.		1,063		0.53	%		202
Sonos, Inc.		2,097		0.27	%		155
Carter’s, Inc.		402		0.27	%		(799	)
Core & Main, Inc. — Class A		574		0.27	%		(1,780	)
Gentex Corp.		1,277		0.40	%		(4,796	)
MasterCraft Boat Holdings, Inc.		1,800		0.34	%		(4,826	)
PACCAR, Inc.		1,055		1.09	%		(5,156	)
Visteon Corp.		646		0.64	%		(5,391	)
Autoliv, Inc.		541		0.53	%		(7,216	)

4 | THE GUGGENHEIM FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
ALPHA OPPORTUNITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Lear Corp.		860		0.98	%	$	(14,342	)
Movado Group, Inc.		2,351		0.46	%		(16,655	)
Total Consumer, Cyclical							110,744
Consumer, Non-cyclical
United Therapeutics Corp.		261		0.98	%		36,073
Innoviva, Inc.		4,952		1.00	%		31,509
Perdoceo Education Corp.		2,365		0.55	%		21,695
Gilead Sciences, Inc.		1,248		1.10	%		20,136
Cal-Maine Foods, Inc.		1,344		1.05	%		16,352
Ingredion, Inc.		721		1.04	%		15,106
Catalyst Pharmaceuticals, Inc.		2,696		0.56	%		12,054
Incyte Corp.		1,585		1.10	%		11,796
Medtronic plc		689		0.65	%		6,319
Merck & Company, Inc.		823		0.98	%		5,704
Johnson & Johnson		588		1.00	%		5,698
Bristol-Myers Squibb Co.		1,546		0.84	%		5,552
Laureate Education, Inc. — Class A		2,279		0.40	%		4,220
Protagonist Therapeutics, Inc.		996		0.47	%		3,193
Alkermes plc		1,455		0.43	%		2,765
Stride, Inc.		403		0.36	%		1,749
Zimmer Biomet Holdings, Inc.		417		0.47	%		1,021
Centene Corp.		274		0.22	%		953
Royalty Pharma plc — Class A		3,349		0.99	%		757
Jazz Pharmaceuticals plc		296		0.35	%		708
ADT, Inc.		3,125		0.24	%		318
Premier, Inc. — Class A		2,310		0.48	%		179
Hologic, Inc.		1,215		1.04	%		(519	)
Biogen, Inc.		117		0.24	%		(826	)
Regeneron Pharmaceuticals, Inc.		84		0.92	%		(1,116	)
Inmode Ltd.		2,388		0.42	%		(5,029	)
USANA Health Sciences, Inc.		496		0.20	%		(5,351	)
Alarm.com Holdings, Inc.		1,582		0.91	%		(5,642	)
Neurocrine Biosciences, Inc.		337		0.41	%		(6,142	)
Total Consumer, Non-cyclical							179,232
Industrial
Mueller Industries, Inc.		1,454		1.13	%		58,863
Boise Cascade Co.		777		1.15	%		36,963
Apogee Enterprises, Inc.		1,535		1.13	%		34,403
Teekay Corp.		10,482		1.01	%		25,856
UFP Industries, Inc.		847		1.16	%		20,968
Owens Corning		486		0.90	%		20,421
Snap-on, Inc.		356		1.08	%		15,587
International Seaways, Inc.		1,703		0.92	%		15,357
Scorpio Tankers, Inc.		1,242		0.93	%		13,035
Teekay Tankers Ltd. — Class A		1,816		1.11	%		11,354
Acuity Brands, Inc.		399		1.15	%		10,108
Caterpillar, Inc.		156		0.64	%		9,750
Ardmore Shipping Corp.		3,591		0.68	%		5,245
Masterbrand, Inc.		2,132		0.41	%		3,913
Mueller Water Products, Inc. — Class A		1,848		0.42	%		3,172
Donaldson Company, Inc.		1,004		0.77	%		2,994
Gates Industrial Corporation plc		2,531		0.47	%		2,019
Benchmark Electronics, Inc.		506		0.23	%		1,677
Gibraltar Industries, Inc.		429		0.31	%		1,126
Avnet, Inc.		1,870		1.06	%		900
Textron, Inc.		438		0.41	%		641
Griffon Corp.		467		0.34	%		541
Tennant Co.		777		0.78	%		(137	)
Vishay Intertechnology, Inc.		1,078		0.21	%		(3,156	)
Dorian LPG Ltd.		1,479		0.53	%		(14,754	)
Total Industrial							276,846
Financial
MGIC Investment Corp.		3,854		1.03	%		44,702
Essent Group Ltd.		1,530		1.03	%		32,389
Enact Holdings, Inc.		2,755		1.05	%		23,365
NMI Holdings, Inc. — Class A		2,202		0.95	%		23,226
Fidelity National Financial, Inc.		1,657		1.08	%		22,852
Synchrony Financial		1,581		0.83	%		18,454
Hartford Financial Services Group, Inc.		853		1.05	%		15,493
Preferred Bank/Los Angeles CA		1,068		0.90	%		15,067
OFG Bancorp		2,195		1.03	%		13,425
Enova International, Inc.		712		0.62	%		9,771
International Bancshares Corp.		642		0.40	%		9,604
Axis Capital Holdings Ltd.		1,144		0.95	%		8,056
Janus Henderson Group plc		1,772		0.71	%		7,729
American Express Co.		190		0.54	%		6,920
RenaissanceRe Holdings Ltd.		156		0.44	%		6,744
Reinsurance Group of America, Inc. — Class A		450		1.03	%		4,975
Arch Capital Group Ltd.		326		0.38	%		4,455
Affiliated Managers Group, Inc.		452		0.84	%		4,401
Travelers Companies, Inc.		193		0.47	%		3,384
Everest Group Ltd.		131		0.54	%		3,033
Kilroy Realty Corp.		545		0.22	%		1,850

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 5

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
ALPHA OPPORTUNITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Highwoods Properties, Inc.		1,013		0.36	%	$	1,675
WP Carey, Inc.		318		0.21	%		361
OneMain Holdings, Inc.		709		0.35	%		(441	)
Park Hotels & Resorts, Inc.		2,259		0.33	%		(500	)
American International Group, Inc.		1,057		0.81	%		(519	)
Total Financial							280,471
Energy
DNOW, Inc.		1,930		0.26	%		1,424
HF Sinclair Corp.		645		0.30	%		(5,888	)
Total Energy							(4,464	)
Technology
Cirrus Logic, Inc.		628		0.82	%		14,063
Zoom Video Communications, Inc. — Class A		1,229		0.90	%		8,026
NetApp, Inc.		357		0.46	%		6,038
Amdocs Ltd.		869		0.80	%		5,901
International Business Machines Corp.		182		0.42	%		3,571
Adeia, Inc.		1,632		0.20	%		2,251
TE Connectivity plc		416		0.66	%		1,957
HP, Inc.		762		0.29	%		1,018
IPG Photonics Corp.		815		0.63	%		361
Qorvo, Inc.		195		0.21	%		(918	)
Photronics, Inc.		1,668		0.43	%		(2,247	)
Skyworks Solutions, Inc.		639		0.66	%		(3,296	)
QUALCOMM, Inc.		496		0.88	%		(6,808	)
Total Technology							29,917
Basic Materials
Cabot Corp.		462		0.54	%		10,250
CF Industries Holdings, Inc.		771		0.69	%		7,260
Sylvamo Corp.		427		0.38	%		4,185
NewMarket Corp.		78		0.45	%		3,030
Minerals Technologies, Inc.		467		0.38	%		2,276
Total Basic Materials							27,001
Government
Banco Latinoamericano de Comercio Exterior S.A. — Class E		2,480		0.84	%		24,280
Total MS Equity Long Custom Basket							1,165,201
MS EQUITY SHORT CUSTOM BASKET
Consumer, Non-cyclical
Avis Budget Group, Inc.		806		(0.51	)%		18,674
Patterson Companies, Inc.		7,859		(1.15	)%		8,932
NeoGenomics, Inc.		6,557		(0.65	)%		2,869
Verisk Analytics, Inc. — Class A		558		(1.00	)%		(3,057	)
Amicus Therapeutics, Inc.		7,145		(0.51	)%		(3,767	)
Spectrum Brands Holdings, Inc.		885		(0.57	)%		(10,235	)
Booz Allen Hamilton Holding Corp.		1,276		(1.39	)%		(11,795	)
Equifax, Inc.		289		(0.57	)%		(15,554	)
GXO Logistics, Inc.		5,822		(2.04	)%		(20,177	)
TransUnion		1,137		(0.80	)%		(35,128	)
Total Consumer, Non-cyclical							(69,238	)
Financial
Sun Communities, Inc.		1,757		(1.59	)%		57,151
New York Mortgage Trust, Inc.		40,459		(1.72	)%		52,751
Americold Realty Trust, Inc.		9,592		(1.82	)%		40,050
Cannae Holdings, Inc.		8,504		(1.09	)%		17,309
PotlatchDeltic Corp.		5,161		(1.56	)%		6,635
TFS Financial Corp.		15,455		(1.33	)%		5,462
Triumph Financial, Inc.		1,700		(0.91	)%		3,309
UDR, Inc.		2,051		(0.62	)%		(2,116	)
St. Joe Co.		4,831		(1.89	)%		(4,722	)
CoStar Group, Inc.		2,309		(1.17	)%		(4,892	)
Brighthouse Financial, Inc.		6,174		(1.87	)%		(8,465	)
Safehold, Inc.		7,053		(1.24	)%		(9,560	)
Digital Realty Trust, Inc.		831		(0.90	)%		(10,922	)
Burford Capital Ltd.		16,870		(1.50	)%		(11,182	)
Equity LifeStyle Properties, Inc.		3,303		(1.58	)%		(11,464	)
Capitol Federal Financial, Inc.		39,000		(1.53	)%		(15,855	)
Marcus & Millichap, Inc.		6,388		(1.70	)%		(18,501	)
Apartment Investment and Management Co. — Class A		22,579		(1.37	)%		(25,433	)
Banc of California, Inc.		16,057		(1.59	)%		(26,504	)
Equinix, Inc.		337		(2.01	)%		(28,579	)
Crown Castle, Inc.		2,074		(1.65	)%		(31,778	)
SBA Communications Corp.		944		(1.53	)%		(38,506	)
Veris Residential, Inc.		12,737		(1.53	)%		(38,725	)
State Street Corp.		3,242		(1.93	)%		(45,021	)
Redwood Trust, Inc.		37,328		(1.94	)%		(55,450	)
FTAI Infrastructure, Inc.		23,761		(1.49	)%		(60,142	)
Iron Mountain, Inc.		2,411		(1.92	)%		(80,511	)
CBRE Group, Inc. — Class A		2,428		(2.03	)%		(89,564	)
Total Financial							(435,225	)
Energy
Valaris Ltd.		3,702		(1.39	)%		47,753
Transocean Ltd.		62,912		(1.80	)%		37,704
Core Laboratories, Inc.		13,685		(1.70	)%		25,598
Expro Group Holdings N.V.		4,360		(0.50	)%		4,782
Antero Resources Corp.		6,911		(1.33	)%		(5,620	)
Bristow Group, Inc.		5,156		(1.20	)%		(9,904	)

6 | THE GUGGENHEIM FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
ALPHA OPPORTUNITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Oceaneering International, Inc.		5,698		(0.95	)%	$	(10,834	)
Total Energy							89,479
Industrial
Boeing Co.		889		(0.91	)%		35,053
Montrose Environmental Group, Inc.		2,209		(0.39	)%		34,691
XPO, Inc.		1,794		(1.30	)%		15,356
Saia, Inc.		233		(0.68	)%		14,952
Old Dominion Freight Line, Inc.		1,047		(1.40	)%		11,180
Knight-Swift Transportation Holdings, Inc.		2,296		(0.83	)%		5,334
Norfolk Southern Corp.		631		(1.05	)%		1,722
Union Pacific Corp.		325		(0.54	)%		(1,960	)
Covenant Logistics Group, Inc. — Class A		2,008		(0.71	)%		(2,403	)
Materion Corp.		731		(0.55	)%		(3,956	)
Forward Air Corp.		2,286		(0.54	)%		(6,175	)
Perma-Fix Environmental Services, Inc.		5,675		(0.47	)%		(9,645	)
United Parcel Service, Inc. — Class B		1,181		(1.08	)%		(11,045	)
Casella Waste Systems, Inc. — Class A		1,249		(0.83	)%		(15,344	)
J.B. Hunt Transport Services, Inc.		1,266		(1.47	)%		(16,258	)
CH Robinson Worldwide, Inc.		2,715		(2.01	)%		(61,874	)
Total Industrial							(10,372	)
Technology
Dayforce, Inc.		4,887		(2.01	)%		9,495
Take-Two Interactive Software, Inc.		1,195		(1.23	)%		4,208
Appian Corp. — Class A		2,663		(0.61	)%		(7,889	)
KBR, Inc.		3,357		(1.47	)%		(9,790	)
Total Technology							(3,976	)
Basic Materials
Compass Minerals International, Inc.		17,094		(1.38	)%		30,657
Novagold Resources, Inc.		41,564		(1.14	)%		987
Ivanhoe Electric Incorporated / US		18,742		(1.06	)%		(8,001	)
Coeur Mining, Inc.		10,055		(0.46	)%		(13,073	)
Radius Recycling, Inc. — Class A		5,114		(0.64	)%		(20,251	)
Hecla Mining Co.		25,217		(1.13	)%		(26,226	)
MP Materials Corp.		14,326		(1.70	)%		(49,390	)
Total Basic Materials							(85,297	)
Utilities
Middlesex Water Co.		2,166		(0.95	)%		(8,964	)
TXNM Energy, Inc.		4,105		(1.21	)%		(21,515	)
Eversource Energy		3,933		(1.80	)%		(42,355	)
Total Utilities							(72,834	)
Consumer, Cyclical
VSE Corp.		2,473		(1.37	)%		6,551
Walgreens Boots Alliance, Inc.		6,570		(0.40	)%		(3,042	)
Madison Square Garden Sports Corp. — Class A		641		(0.90	)%		(11,441	)
JetBlue Airways Corp.		23,120		(1.02	)%		(20,654	)
American Airlines Group, Inc.		25,297		(1.91	)%		(23,322	)
LGI Homes, Inc.		1,131		(0.90	)%		(33,518	)
Total Consumer, Cyclical							(85,426	)
Communications
Sphere Entertainment Co.		1,414		(0.42	)%		(806	)
Uber Technologies, Inc.		918		(0.46	)%		(8,352	)
Total Communications							(9,158	)
Total MS Equity Short Custom Basket							(682,049	)
GS EQUITY LONG CUSTOM BASKET
Consumer, Non-cyclical
United Therapeutics Corp.		261		0.96	%		36,150
Innoviva, Inc.		4,952		1.00	%		31,107
Gilead Sciences, Inc.		1,248		1.10	%		20,167
Cal-Maine Foods, Inc.		1,344		1.05	%		15,757
Ingredion, Inc.		721		1.04	%		14,981
Bristol-Myers Squibb Co.		1,546		0.84	%		12,899
Catalyst Pharmaceuticals, Inc.		2,696		0.56	%		11,984
Incyte Corp.		1,585		1.10	%		11,610
Medtronic plc		689		0.65	%		6,397
Merck & Company, Inc.		823		0.98	%		5,737
Johnson & Johnson		588		1.00	%		5,619
Laureate Education, Inc. — Class A		2,279		0.40	%		4,154
Protagonist Therapeutics, Inc.		996		0.47	%		3,248
Alkermes plc		1,455		0.43	%		2,745
Perdoceo Education Corp.		2,365		0.55	%		2,364
Stride, Inc.		403		0.36	%		1,854
Zimmer Biomet Holdings, Inc.		417		0.47	%		998
Centene Corp.		274		0.22	%		930
Royalty Pharma plc — Class A		3,349		0.99	%		803
Jazz Pharmaceuticals plc		296		0.35	%		712
ADT, Inc.		3,125		0.24	%		324
Premier, Inc. — Class A		2,310		0.48	%		100
Hologic, Inc.		1,215		1.04	%		(373	)

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 7

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
ALPHA OPPORTUNITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Biogen, Inc.		117		0.24	%	$	(853	)
Regeneron Pharmaceuticals, Inc.		84		0.92	%		(1,064	)
Inmode Ltd.		2,388		0.42	%		(5,053	)
USANA Health Sciences, Inc.		496		0.20	%		(5,405	)
Alarm.com Holdings, Inc.		1,582		0.91	%		(5,826	)
Neurocrine Biosciences, Inc.		337		0.41	%		(6,321	)
Total Consumer, Non-cyclical							165,745
Financial
Essent Group Ltd.		1,531		1.03	%		28,744
Enact Holdings, Inc.		2,755		1.05	%		23,402
Fidelity National Financial, Inc.		1,657		1.08	%		23,051
NMI Holdings, Inc. — Class A		2,202		0.95	%		23,010
MGIC Investment Corp.		3,853		1.03	%		22,983
Synchrony Financial		1,581		0.83	%		18,558
Hartford Financial Services Group, Inc.		853		1.05	%		15,468
Preferred Bank/Los Angeles CA		1,068		0.90	%		14,499
OFG Bancorp		2,195		1.03	%		13,543
Enova International, Inc.		712		0.62	%		9,748
Axis Capital Holdings Ltd.		1,144		0.95	%		7,975
Janus Henderson Group plc		1,772		0.71	%		7,736
International Bancshares Corp.		642		0.40	%		7,000
American Express Co.		190		0.54	%		6,865
RenaissanceRe Holdings Ltd.		156		0.44	%		6,738
Reinsurance Group of America, Inc. — Class A		450		1.03	%		5,073
Affiliated Managers Group, Inc.		452		0.84	%		4,579
Arch Capital Group Ltd.		326		0.38	%		4,398
Travelers Companies, Inc.		193		0.47	%		3,382
Everest Group Ltd.		131		0.54	%		3,015
Kilroy Realty Corp.		545		0.22	%		1,896
Highwoods Properties, Inc.		1,013		0.36	%		1,654
WP Carey, Inc.		318		0.21	%		372
Park Hotels & Resorts, Inc.		2,259		0.33	%		(478	)
OneMain Holdings, Inc.		709		0.35	%		(485	)
American International Group, Inc.		1,057		0.81	%		(544	)
Total Financial							252,182
Industrial
Mueller Industries, Inc.		1,454		1.13	%		41,859
Apogee Enterprises, Inc.		1,535		1.13	%		34,388
Teekay Corp.		10,482		1.01	%		25,776
UFP Industries, Inc.		847		1.16	%		20,713
Owens Corning		486		0.90	%		20,490
Teekay Tankers Ltd. — Class A		1,816		1.11	%		11,267
International Seaways, Inc.		1,703		0.92	%		10,697
Acuity Brands, Inc.		399		1.15	%		10,130
Caterpillar, Inc.		156		0.64	%		9,754
Snap-on, Inc.		356		1.08	%		8,195
Boise Cascade Co.		777		1.15	%		8,056
Ardmore Shipping Corp.		3,591		0.68	%		5,218
Masterbrand, Inc.		2,132		0.41	%		3,900
Mueller Water Products, Inc. — Class A		1,848		0.42	%		3,199
Donaldson Company, Inc.		1,004		0.77	%		2,910
Gates Industrial Corporation plc		2,531		0.47	%		2,209
Benchmark Electronics, Inc.		506		0.23	%		1,730
Scorpio Tankers, Inc.		1,242		0.93	%		1,470
Gibraltar Industries, Inc.		429		0.31	%		1,135
Avnet, Inc.		1,870		1.06	%		1,083
Griffon Corp.		467		0.34	%		714
Textron, Inc.		438		0.41	%		698
Tennant Co.		777		0.78	%		(96	)
Vishay Intertechnology, Inc.		1,078		0.21	%		(3,183	)
Dorian LPG Ltd.		1,479		0.53	%		(14,622	)
Total Industrial							207,690
Utilities
OGE Energy Corp.		2,439		1.05	%		17,228
National Fuel Gas Co.		1,633		1.04	%		17,027
Black Hills Corp.		1,625		1.04	%		13,718
Duke Energy Corp.		837		1.01	%		8,638
Entergy Corp.		800		1.10	%		7,644
Spire, Inc.		1,477		1.04	%		2,602
Southwest Gas Holdings, Inc.		698		0.54	%		2,210
PPL Corp.		1,048		0.36	%		905
Avista Corp.		1,596		0.65	%		(885	)
Otter Tail Corp.		964		0.79	%		(7,354	)
Total Utilities							61,733
Basic Materials
Cabot Corp.		462		0.54	%		10,310
CF Industries Holdings, Inc.		771		0.69	%		7,274
Sylvamo Corp.		427		0.38	%		4,404
NewMarket Corp.		78		0.45	%		2,937
Minerals Technologies, Inc.		467		0.38	%		2,202
Total Basic Materials							27,127
Consumer, Cyclical
Allison Transmission Holdings, Inc.		1,141		1.15	%		40,398
M/I Homes, Inc.		255		0.46	%		22,861

8 | THE GUGGENHEIM FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
ALPHA OPPORTUNITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Monarch Casino & Resort, Inc.		1,287		1.07	%	$	16,980
Lennar Corp. — Class A		212		0.42	%		15,162
Toll Brothers, Inc.		369		0.60	%		14,031
PC Connection, Inc.		852		0.67	%		8,712
Buckle, Inc.		1,171		0.54	%		7,306
Cummins, Inc.		144		0.49	%		6,485
Patrick Industries, Inc.		209		0.31	%		4,240
Columbia Sportswear Co.		964		0.84	%		3,837
BorgWarner, Inc.		816		0.31	%		3,225
Phinia, Inc.		1,294		0.62	%		2,155
KB Home		290		0.26	%		1,982
MRC Global, Inc.		1,848		0.25	%		707
ScanSource, Inc.		1,063		0.53	%		320
Sonos, Inc.		2,097		0.27	%		194
Carter’s, Inc.		402		0.27	%		(821	)
Core & Main, Inc. — Class A		574		0.27	%		(1,774	)
Gentex Corp.		1,277		0.40	%		(4,760	)
MasterCraft Boat Holdings, Inc.		1,800		0.34	%		(4,888	)
PACCAR, Inc.		1,055		1.09	%		(5,135	)
Visteon Corp.		646		0.64	%		(5,311	)
Autoliv, Inc.		541		0.53	%		(7,260	)
Lear Corp.		860		0.98	%		(14,265	)
Movado Group, Inc.		2,351		0.46	%		(16,348	)
Total Consumer, Cyclical							88,033
Technology
Cirrus Logic, Inc.		628		0.82	%		14,041
Zoom Video Communications, Inc. — Class A		1,229		0.90	%		7,932
NetApp, Inc.		357		0.46	%		6,075
Amdocs Ltd.		869		0.80	%		5,806
International Business Machines Corp.		182		0.42	%		3,553
Adeia, Inc.		1,632		0.20	%		2,262
TE Connectivity plc		416		0.66	%		2,075
HP, Inc.		762		0.29	%		1,014
IPG Photonics Corp.		815		0.63	%		296
Qorvo, Inc.		195		0.21	%		(911	)
Photronics, Inc.		1,668		0.43	%		(2,117	)
Skyworks Solutions, Inc.		639		0.66	%		(3,337	)
QUALCOMM, Inc.		496		0.88	%		(6,774	)
Total Technology							29,915
Communications
InterDigital, Inc.		727		1.08	%		35,486
AT&T, Inc.		4,423		1.02	%		31,266
IDT Corp. — Class B		2,353		0.94	%		25,207
T-Mobile US, Inc.		395		0.85	%		23,719
Verizon Communications, Inc.		1,895		0.89	%		19,491
eBay, Inc.		738		0.50	%		19,208
F5, Inc.		415		0.96	%		16,585
ePlus, Inc.		730		0.75	%		10,486
Gen Digital, Inc.		1,807		0.52	%		4,765
Expedia Group, Inc.		143		0.22	%		1,770
HealthStream, Inc.		1,004		0.30	%		478
Spok Holdings, Inc.		3,131		0.49	%		(58	)
Anterix, Inc.		1,038		0.41	%		(1,257	)
Yelp, Inc. — Class A		1,833		0.67	%		(2,014	)
Gogo, Inc.		4,643		0.35	%		(7,185	)
Total Communications							177,947
Energy
DNOW, Inc.		1,930		0.26	%		1,345
HF Sinclair Corp.		645		0.30	%		(5,825	)
Total Energy							(4,480	)
Government
Banco Latinoamericano de Comercio Exterior S.A. — Class E		2,480		0.84	%		24,097
Total GS Equity Long Custom Basket							1,029,989
GS EQUITY SHORT CUSTOM BASKET
Consumer, Cyclical
VSE Corp.		2,473		(1.39	)%		6,477
Walgreens Boots Alliance, Inc.		6,570		(0.39	)%		(3,050	)
Madison Square Garden Sports Corp. — Class A		641		(0.90	)%		(11,187	)
JetBlue Airways Corp.		23,120		(1.02	)%		(20,847	)
American Airlines Group, Inc.		25,297		(1.91	)%		(22,845	)
LGI Homes, Inc.		1,131		(0.90	)%		(33,611	)
Total Consumer, Cyclical							(85,063	)
Consumer, Non-cyclical
Avis Budget Group, Inc.		806		(0.47	)%		18,577
Patterson Companies, Inc.		7,859		(1.15	)%		8,530
NeoGenomics, Inc.		6,557		(0.65	)%		2,545
Verisk Analytics, Inc. — Class A		558		(1.00	)%		(3,268	)
Amicus Therapeutics, Inc.		7,145		(0.51	)%		(3,676	)
Spectrum Brands Holdings, Inc.		885		(0.56	)%		(10,204	)
Booz Allen Hamilton Holding Corp.		1,276		(1.39	)%		(11,740	)
Equifax, Inc.		289		(0.57	)%		(15,706	)
GXO Logistics, Inc.		5,822		(2.03	)%		(18,808	)
TransUnion		1,137		(0.80	)%		(35,214	)
Total Consumer, Non-cyclical							(68,964	)
Financial
New York Mortgage Trust, Inc.		40,459		(1.72	)%		52,504
Americold Realty Trust, Inc.		9,592		(1.82	)%		25,102

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 9

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
ALPHA OPPORTUNITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Cannae Holdings, Inc.		8,504		(1.09	)%	$	17,174
TFS Financial Corp.		15,455		(1.33	)%		7,656
PotlatchDeltic Corp.		5,161		(1.56	)%		6,808
Triumph Financial, Inc.		1,700		(0.91	)%		3,283
Sun Communities, Inc.		1,757		(1.59	)%		362
UDR, Inc.		2,051		(0.62	)%		(2,305	)
St. Joe Co.		4,831		(1.89	)%		(4,928	)
CoStar Group, Inc.		2,309		(1.17	)%		(4,936	)
Brighthouse Financial, Inc.		6,174		(1.87	)%		(8,879	)
Safehold, Inc.		7,053		(1.24	)%		(9,765	)
Burford Capital Ltd.		16,870		(1.50	)%		(10,964	)
Digital Realty Trust, Inc.		831		(0.90	)%		(11,035	)
Equity LifeStyle Properties, Inc.		3,303		(1.58	)%		(11,414	)
Capitol Federal Financial, Inc.		39,000		(1.53	)%		(15,431	)
Marcus & Millichap, Inc.		6,388		(1.70	)%		(18,700	)
Apartment Investment and Management Co. — Class A		22,579		(1.37	)%		(25,514	)
Banc of California, Inc.		16,057		(1.59	)%		(26,986	)
Crown Castle, Inc.		2,074		(1.65	)%		(31,914	)
SBA Communications Corp.		944		(1.52	)%		(38,685	)
Veris Residential, Inc.		12,737		(1.53	)%		(38,762	)
State Street Corp.		3,242		(1.92	)%		(44,863	)
Equinix, Inc.		337		(2.01	)%		(48,415	)
Redwood Trust, Inc.		37,328		(1.94	)%		(55,478	)
FTAI Infrastructure, Inc.		23,761		(1.49	)%		(60,416	)
Iron Mountain, Inc.		2,411		(1.92	)%		(80,532	)
CBRE Group, Inc. — Class A		2,428		(2.03	)%		(89,966	)
Total Financial							(526,999	)
Basic Materials
Compass Minerals International, Inc.		17,094		(1.38	)%		29,311
Novagold Resources, Inc.		41,564		(1.14	)%		800
Ivanhoe Electric Incorporated / US		18,742		(1.06	)%		(7,126	)
Coeur Mining, Inc.		10,055		(0.46	)%		(13,260	)
Radius Recycling, Inc. — Class A		5,114		(0.64	)%		(20,907	)
Hecla Mining Co.		25,217		(1.13	)%		(38,460	)
MP Materials Corp.		14,326		(1.70	)%		(48,744	)
Total Basic Materials							(98,386	)
Industrial
Boeing Co.		889		(0.91	)%		35,111
Montrose Environmental Group, Inc.		2,209		(0.39	)%		34,222
XPO, Inc.		1,794		(1.29	)%		16,413
Saia, Inc.		233		(0.68	)%		14,894
Old Dominion Freight Line, Inc.		1,047		(1.40	)%		10,946
Knight-Swift Transportation Holdings, Inc.		2,296		(0.83	)%		5,319
Norfolk Southern Corp.		631		(1.05	)%		1,822
Union Pacific Corp.		325		(0.54	)%		(1,982	)
Covenant Logistics Group, Inc. — Class A		2,008		(0.71	)%		(2,233	)
Materion Corp.		731		(0.55	)%		(3,910	)
Forward Air Corp.		2,286		(0.54	)%		(6,987	)
Casella Waste Systems, Inc. — Class A		1,249		(0.83	)%		(7,198	)
United Parcel Service, Inc. — Class B		1,181		(1.08	)%		(11,116	)
Perma-Fix Environmental Services, Inc.		7,011		(0.58	)%		(11,945	)
J.B. Hunt Transport Services, Inc.		1,266		(1.46	)%		(16,811	)
CH Robinson Worldwide, Inc.		2,715		(2.01	)%		(62,849	)
Total Industrial							(6,304	)
Utilities
Middlesex Water Co.		2,166		(0.95	)%		(9,130	)
TXNM Energy, Inc.		4,105		(1.21	)%		(21,481	)
Eversource Energy		3,933		(1.80	)%		(42,142	)
Total Utilities							(72,753	)
Technology
Dayforce, Inc.		4,887		(2.01	)%		8,930
Take-Two Interactive Software, Inc.		1,195		(1.23	)%		4,633
Appian Corp. — Class A		2,663		(0.61	)%		(8,518	)
KBR, Inc.		3,357		(1.47	)%		(9,841	)
Total Technology							(4,796	)
Energy
Valaris Ltd.		3,702		(1.38	)%		48,755
Transocean Ltd.		62,912		(1.79	)%		37,086
Core Laboratories, Inc.		13,685		(1.70	)%		24,867
Expro Group Holdings N.V.		4,360		(0.50	)%		4,235
Antero Resources Corp.		6,911		(1.33	)%		(5,932	)
Bristow Group, Inc.		5,156		(1.20	)%		(9,993	)
Oceaneering International, Inc.		5,698		(0.95	)%		(10,909	)
Total Energy							88,109
Communications
Sphere Entertainment Co.		1,414		(0.42	)%		(959	)
Uber Technologies, Inc.		918		(0.46	)%		(8,301	)
Total Communications							(9,260	)
Total GS Equity Short Custom Basket						$	(784,416	)

10 | THE GUGGENHEIM FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (concluded)	September 30, 2024
ALPHA OPPORTUNITY FUND

*	Non-income producing security.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
††	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 September 30, 2024.
2	Rate indicated is the 7-day yield as of September 30, 2024.
	GS — Goldman Sachs International
	MS — Morgan Stanley Capital Services LLC
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	35,480,233	$	—	$	—	$	35,480,233
Money Market Fund		2,011,791		—		—		2,011,791
Equity Custom Basket Swap Agreements**		—		2,195,190		—		2,195,190
Total Assets	$	37,492,024	$	2,195,190	$	—	$	39,687,214

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Custom Basket Swap Agreements**	$	—	$	1,466,465	$	—	$	1,466,465

** This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 11

ALPHA OPPORTUNITY FUND

STATEMENT OF ASSETS AND LIABILITIES

September 30, 2024

Assets:
Investments, at value (cost $34,140,867)	$	37,492,024
Cash		3,398
Unrealized appreciation on OTC swap agreements		2,195,190
Prepaid expenses		23,557
Receivables:
Dividends		27,472
Interest		6,091
Fund shares sold		892
Total assets		39,748,624
Liabilities:
Unrealized depreciation on OTC swap agreements		1,466,465
Payable for:
Swap settlement		225,385
Management fees		11,105
Fund accounting/administration fees		3,946
Transfer agent/maintenance fees		3,164
Distribution and service fees		881
Trustees’ fees*		135
Fund shares redeemed		7
Miscellaneous		48,329
Total liabilities		1,759,417
Net assets	$	37,989,207
Net assets consist of:
Paid in capital	$	57,866,366
Total distributable earnings (loss)		(19,877,159	)
Net assets	$	37,989,207
Class A:
Net assets	$	3,054,333
Capital shares outstanding		138,373
Net asset value per share	$	22.07
Maximum offering price per share (Net asset value divided by 95.25%)	$	23.17
Class C:
Net assets	$	191,372
Capital shares outstanding		9,959
Net asset value per share	$	19.22
Class P:
Net assets	$	840,766
Capital shares outstanding		37,784
Net asset value per share	$	22.25
Institutional Class:
Net assets	$	33,902,736
Capital shares outstanding		1,037,850
Net asset value per share	$	32.67

STATEMENT OF OPERATIONS

Year Ended September 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $306)	$	759,581
Interest		66,117
Total investment income		825,698
Expenses:
Management fees		334,606
Distribution and service fees:
Class A		7,411
Class C		1,938
Class P		4,528
Transfer agent/maintenance fees:
Class A		7,468
Class C		632
Class P		1,825
Institutional Class		21,246
Registration fees		70,303
Professional fees		50,570
Fund accounting/administration fees		23,320
Custodian fees		18,571
Trustees’ fees*		13,810
Line of credit fees		957
Miscellaneous		20,328
Recoupment of previously waived fees:
Class A		577
Class C		29
Class P		1,642
Institutional Class		12,210
Total expenses		591,971
Less:
Expenses reimbursed by Adviser:
Class A		(4,253	)
Class C		(407	)
Class P		(822	)
Institutional Class		(12,693	)
Expenses waived by Adviser		(28,398	)
Total waived/reimbursed expenses		(46,573	)
Net expenses		545,398
Net investment income		280,300
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		4,074,460
Swap agreements		(1,340,707	)
Net realized gain		2,733,753
Net change in unrealized appreciation (depreciation) on:
Investments		3,587,535
Swap agreements		(1,452,064	)
Net change in unrealized appreciation (depreciation)		2,135,471
Net realized and unrealized gain		4,869,224
Net increase in net assets resulting from operations	$	5,149,524

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

12 | THE GUGGENHEIM FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

ALPHA OPPORTUNITY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended September 30, 2024			Year Ended September 30, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	280,300		$	199,681
Net realized gain on investments		2,733,753			2,370,224
Net change in unrealized appreciation (depreciation) on investments		2,135,471			2,491,104
Net increase in net assets resulting from operations		5,149,524			5,061,009
Distributions to shareholders:
Class A		(17,013	)		(19,964	)
Class P		(11,717	)		(12,413	)
Institutional Class		(170,951	)		(173,553	)
Total distributions to shareholders		(199,681	)		(205,930	)
Capital share transactions:
Proceeds from sale of shares
Class A		521,179			143,300
Class C		28,394			2,880
Class P		93,001			51,362
Institutional Class		162,832			779,910
Distributions reinvested
Class A		14,054			17,789
Class P		11,717			12,413
Institutional Class		170,951			173,553
Cost of shares redeemed
Class A		(706,294	)		(329,547	)
Class C		(55,553	)		(34,599	)
Class P		(1,355,753	)		(89,028	)
Institutional Class		(1,056,198	)		(459,238	)
Net increase (decrease) from capital share transactions		(2,171,670	)		268,795
Net increase in net assets		2,778,173			5,123,874
Net assets:
Beginning of year		35,211,034			30,087,160
End of year	$	37,989,207		$	35,211,034
Capital share activity:
Shares sold
Class A		24,797			7,772
Class C		1,567			179
Class P		4,366			2,642
Institutional Class		5,415			28,646
Shares issued from reinvestment of distributions
Class A		732			1,004
Class P		605			695
Institutional Class		6,030			6,660
Shares redeemed
Class A		(33,883	)		(18,034	)
Class C		(3,081	)		(2,086	)
Class P		(63,484	)		(4,858	)
Institutional Class		(34,432	)		(16,727	)
Net increase (decrease) in shares		(91,368	)		5,893

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 13

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.

Class A	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	19.37		$	16.73		$	18.05		$	16.89		$	17.42
Income (loss) from investment operations:
Net investment income (loss)a		.10			.07			.07			.10			.11
Net gain (loss) on investments (realized and unrealized)		2.72			2.70			(1.23	)		1.27			(.48	)
Total from investment operations		2.82			2.77			(1.16	)		1.37			(.37	)
Less distributions from:
Net investment income		(.12	)		(.13	)		(.16	)		(.21	)		(.16	)
Total distributions		(.12	)		(.13	)		(.16	)		(.21	)		(.16	)
Net asset value, end of period	$	22.07		$	19.37		$	16.73		$	18.05		$	16.89
Total Returnb		14.64	%		16.62	%		(6.55	%)		8.17	%		(2.15	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,054		$	2,842		$	2,610		$	3,042		$	3,429
Ratios to average net assets:
Net investment income (loss)		0.49	%		0.39	%		0.39	%		0.56	%		0.65	%
Total expensesc		1.95	%		1.94	%		1.91	%		1.94	%		1.73	%
Net expensesd,e,f		1.73	%		1.74	%		1.76	%		1.76	%		1.69	%
Portfolio turnover rate		306	%		309	%		283	%		169	%		209	%

Class C	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	16.88		$	14.59		$	15.76		$	14.71		$	15.16
Income (loss) from investment operations:
Net investment income (loss)a		(.05	)		(.06	)		(.06	)		(.03	)		(.02	)
Net gain (loss) on investments (realized and unrealized)		2.39			2.35			(1.08	)		1.11			(.43	)
Total from investment operations		2.34			2.29			(1.14	)		1.08			(.45	)
Less distributions from:
Net investment income		—			—			(.03	)		(.03	)		—
Total distributions		—			—			(.03	)		(.03	)		—
Net asset value, end of period	$	19.22		$	16.88		$	14.59		$	15.76		$	14.71
Total Returnb		13.86	%		15.70	%		(7.25	%)		7.37	%		(2.97	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	191		$	194		$	195		$	277		$	354
Ratios to average net assets:
Net investment income (loss)		(0.27	%)		(0.36	%)		(0.37	%)		(0.19	%)		(0.15	%)
Total expensesc		2.77	%		2.77	%		2.75	%		2.75	%		2.72	%
Net expensesd,e,f		2.48	%		2.50	%		2.51	%		2.51	%		2.51	%
Portfolio turnover rate		306	%		309	%		283	%		169	%		209	%

14 | THE GUGGENHEIM FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

ALPHA OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (continued)

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Class P	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	19.52		$	16.87		$	18.21		$	17.06		$	17.56
Income (loss) from investment operations:
Net investment income (loss)a		.09			.07			.07			.10			.12
Net gain (loss) on investments (realized and unrealized)		2.76			2.71			(1.24	)		1.28			(.49	)
Total from investment operations		2.85			2.78			(1.17	)		1.38			(.37	)
Less distributions from:
Net investment income		(.12	)		(.13	)		(.17	)		(.23	)		(.13	)
Total distributions		(.12	)		(.13	)		(.17	)		(.23	)		(.13	)
Net asset value, end of period	$	22.25		$	19.52		$	16.87		$	18.21		$	17.06
Total Return		14.65	%		16.60	%		(6.54	%)		8.17	%		(2.11	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	841		$	1,880		$	1,650		$	1,855		$	1,161
Ratios to average net assets:
Net investment income (loss)		0.45	%		0.39	%		0.39	%		0.54	%		0.70	%
Total expensesc		1.84	%		1.87	%		1.82	%		1.96	%		1.67	%
Net expensesd,e,f		1.73	%		1.74	%		1.76	%		1.76	%		1.64	%
Portfolio turnover rate		306	%		309	%		283	%		169	%		209	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 15

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	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	28.56		$	24.59		$	26.44		$	24.65		$	25.37
Income (loss) from investment operations:
Net investment income (loss)a		.24			.17			.17			.22			.25
Net gain (loss) on investments (realized and unrealized)		4.03			3.97			(1.81	)		1.85			(.72	)
Total from investment operations		4.27			4.14			(1.64	)		2.07			(.47	)
Less distributions from:
Net investment income		(.16	)		(.17	)		(.21	)		(.28	)		(.25	)
Total distributions		(.16	)		(.17	)		(.21	)		(.28	)		(.25	)
Net asset value, end of period	$	32.67		$	28.56		$	24.59		$	26.44		$	24.65
Total Return		15.04	%		16.89	%		(6.31	%)		8.46	%		(1.87	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	33,903		$	30,296		$	25,632		$	29,778		$	32,260
Ratios to average net assets:
Net investment income (loss)		0.80	%		0.64	%		0.64	%		0.82	%		1.00	%
Total expensesc		1.54	%		1.56	%		1.54	%		1.58	%		1.36	%
Net expensesd,e,f		1.42	%		1.49	%		1.51	%		1.50	%		1.36	%
Portfolio turnover rate		306	%		309	%		283	%		169	%		209	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
c	Does not include expenses of the underlying funds in which the Fund invests.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
e	The portion of the ratios of net expenses to average net assets attributable to recoupments of prior fee reductions or expense reimbursements for the years presented was as follows:

	09/30/24	09/30/23	09/30/22	09/30/21	09/30/20
Class A	0.02%	0.02%	0.02%	0.01%	0.02%
Class C	0.01%	0.02%	0.03%	0.01%	0.01%
Class P	0.09%	0.02%	0.03%	0.01%	0.01%
Institutional Class	0.04%	0.04%	0.06%	0.02%	0.00%*

* Less than 0.01%.

^f Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be:.

	09/30/24	09/30/23	09/30/22	09/30/21	09/30/20
Class A	1.73%	1.74%	1.76%	1.76%	1.69%
Class C	2.48%	2.49%	2.51%	2.51%	2.51%
Class P	1.73%	1.74%	1.76%	1.76%	1.64%
Institutional Class	1.42%	1.48%	1.50%	1.50%	1.36%*

16 | THE GUGGENHEIM FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS	September 30, 2024
LARGE CAP VALUE FUND

	Shares		Value
COMMON STOCKS† - 92.4%
Financial - 19.0%
Berkshire Hathaway, Inc. — Class B*		2,471	$	1,137,302
Bank of America Corp.		26,532		1,052,790
JPMorgan Chase & Co.		3,590		756,988
Jefferies Financial Group, Inc.		12,178		749,556
First Horizon Corp.		42,332		657,416
American Tower Corp. — Class A REIT		2,660		618,610
Unum Group		7,213		428,741
Charles Schwab Corp.		6,546		424,246
Synovus Financial Corp.		9,411		418,507
Wells Fargo & Co.		7,241		409,044
Mastercard, Inc. — Class A		789		389,608
Goldman Sachs Group, Inc.		640		316,870
STAG Industrial, Inc. REIT		6,837		267,258
Total Financial				7,626,936
Consumer, Non-cyclical - 15.9%
Johnson & Johnson		4,170		675,790
Tyson Foods, Inc. — Class A		11,064		658,972
Medtronic plc		6,416		577,633
PayPal Holdings, Inc.*		7,205		562,206
Encompass Health Corp.		5,404		522,243
HCA Healthcare, Inc.		1,156		469,833
Ingredion, Inc.		3,299		453,381
Coca-Cola Co.		6,081		436,981
Humana, Inc.		1,306		413,662
Merck & Company, Inc.		3,339		379,177
Archer-Daniels-Midland Co.		6,265		374,271
Bunge Global S.A.		3,038		293,592
Euronet Worldwide, Inc.*		2,372		235,374
MGP Ingredients, Inc.		2,368		197,136
Pfizer, Inc.		4,745		137,320
Total Consumer, Non-cyclical				6,387,571
Technology - 10.2%
Leidos Holdings, Inc.		4,014		654,282
Microsoft Corp.		1,371		589,941
Fortinet, Inc.*		7,101		550,683
Fiserv, Inc.*		2,949		529,788
Teradyne, Inc.		2,764		370,182
KLA Corp.		456		353,131
Applied Materials, Inc.		1,742		351,971
QUALCOMM, Inc.		1,984		337,379
NXP Semiconductor N.V.		1,295		310,813
Intel Corp.*		2,399		56,281
Total Technology				4,104,451
Energy - 10.1%
Chevron Corp.		6,300		927,801
ConocoPhillips		7,001		737,065
Diamondback Energy, Inc.		3,541		610,468
Coterra Energy, Inc. — Class A		15,804		378,506
Kinder Morgan, Inc.		16,847		372,150
Equities Corp.		9,397		344,306
Marathon Oil Corp.		12,079		321,664
Exxon Mobil Corp.		1,676		196,461
Range Resources Corp.		5,505		169,334
Total Energy				4,057,755
Consumer, Cyclical - 9.7%
Walmart, Inc.		12,996		1,049,427
Levi Strauss & Co. — Class A		21,539		469,550
Las Vegas Sands Corp.		8,325		419,080
Ferguson Enterprises, Inc.		1,981		393,367
Delta Air Lines, Inc.		6,868		348,826
Lear Corp.		2,877		314,025
Southwest Airlines Co.		9,056		268,329
H&E Equipment Services, Inc.		4,041		196,716
BorgWarner, Inc.		5,190		188,345
Crocs, Inc.*		1,076		155,816
Advance Auto Parts, Inc.		2,570		100,204
Total Consumer, Cyclical				3,903,685
Industrial - 8.1%
Curtiss-Wright Corp.		2,347		771,436
Knight-Swift Transportation Holdings, Inc.		9,555		515,492
L3Harris Technologies, Inc.		2,153		512,134
Advanced Energy Industries, Inc.		4,251		447,375
Eagle Materials, Inc.		1,440		414,216
Teledyne Technologies, Inc.*		840		367,635
Johnson Controls International plc		2,984		231,588
Total Industrial				3,259,876
Utilities - 7.1%
OGE Energy Corp.		18,873		774,170
Edison International		7,613		663,016
Pinnacle West Capital Corp.		6,179		547,398
Exelon Corp.		11,169		452,903
Duke Energy Corp.		3,475		400,668
Total Utilities				2,838,155
Communications - 7.0%
Verizon Communications, Inc.		24,434		1,097,331
Alphabet, Inc. — Class A		4,480		743,008
AT&T, Inc.		22,158		487,476
T-Mobile US, Inc.		1,466		302,524
Walt Disney Co.		1,666		160,252
Total Communications				2,790,591
Basic Materials - 5.3%
Freeport-McMoRan, Inc.		9,272		462,858
Westlake Corp.		2,839		426,674
Nucor Corp.		2,541		382,014
DuPont de Nemours, Inc.		4,043		360,272
Reliance, Inc.		1,014		293,259
Huntsman Corp.		8,911		215,646
Total Basic Materials				2,140,723
Total Common Stocks
(Cost $27,558,746)				37,109,743

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 17

SCHEDULE OF INVESTMENTS (concluded)	September 30, 2024
LARGE CAP VALUE FUND

	Shares		Value
EXCHANGE-TRADED FUNDS***,† - 3.8%
iShares Russell 1000 Value ETF		7,953	$	1,509,479
Total Exchange-Traded Funds
(Cost $1,121,233)				1,509,479
MONEY MARKET FUND***,† - 3.8%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.88%1		1,519,168		1,519,168
Total Money Market Fund
(Cost $1,519,168)				1,519,168
Total Investments - 100.0%
(Cost $30,199,147)			$	40,138,390
Other Assets & Liabilities, net - 0.0%				18,148
Total Net Assets - 100.0%			$	40,156,538

*	Non-income producing security.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
1	Rate indicated is the 7-day yield as of September 30, 2024.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	37,109,743	$	—	$	—	$	37,109,743
Exchange-Traded Funds		1,509,479		—		—		1,509,479
Money Market Fund		1,519,168		—		—		1,519,168
Total Assets	$	40,138,390	$	—	$	—	$	40,138,390

18 | THE GUGGENHEIM FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

LARGE CAP VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES

September 30, 2024

Assets:
Investments, at value (cost $30,199,147)	$	40,138,390
Prepaid expenses		31,921
Receivables:
Dividends		27,947
Investment Adviser		8,265
Interest		6,332
Fund shares sold		2,225
Total assets		40,215,080
Liabilities:
Payable for:
Professional fees		27,507
Distribution and service fees		7,620
Printing fees		7,309
Transfer agent/maintenance fees		6,297
Fund accounting /administration fees		3,867
Fund shares redeemed		1,914
Trustees’ fees*		1,634
Due to Investment Adviser		95
Miscellaneous		2,299
Total liabilities		58,542
Net assets	$	40,156,538
Net assets consist of:
Paid in capital	$	28,911,971
Total distributable earnings (loss)		11,244,567
Net assets	$	40,156,538
Class A:
Net assets	$	35,887,886
Capital shares outstanding		713,291
Net asset value per share	$	50.31
Maximum offering price per share (Net asset value divided by 95.25%)	$	52.82
Class C:
Net assets	$	1,168,171
Capital shares outstanding		26,349
Net asset value per share	$	44.33
Class P:
Net assets	$	79,098
Capital shares outstanding		1,577
Net asset value per share	$	50.16
Institutional Class:
Net assets	$	3,021,383
Capital shares outstanding		61,205
Net asset value per share	$	49.36

STATEMENT OF OPERATIONS

Year Ended September 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $949)	$	835,170
Interest		53,317
Total investment income		888,487
Expenses:
Management fees		243,424
Distribution and service fees:
Class A		84,429
Class C		11,577
Class P		206
Transfer agent/maintenance fees:
Class A		55,358
Class C		2,980
Class P		294
Institutional Class		4,219
Registration fees		61,547
Professional fees		40,053
Fund accounting/administration fees		23,416
Trustees’ fees*		15,214
Custodian fees		3,579
Line of credit fees		1,024
Miscellaneous		26,456
Recoupment of previously waived fees:
Class A		290
Class C		16
Class P		1
Institutional Class		18
Total expenses		574,101
Less:
Expenses reimbursed by Adviser:
Class A		(58,851	)
Class C		(3,086	)
Class P		(301	)
Institutional Class		(4,519	)
Expenses waived by Adviser		(84,033	)
Total waived/reimbursed expenses		(150,790	)
Net expenses		423,311
Net investment income		465,176
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,125,722
Net realized gain		1,125,722
Net change in unrealized appreciation (depreciation) on:
Investments		6,300,481
Net change in unrealized appreciation (depreciation)		6,300,481
Net realized and unrealized gain		7,426,203
Net increase in net assets resulting from operations	$	7,891,379

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 19

LARGE CAP VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended September 30, 2024			Year Ended September 30, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	465,176		$	513,399
Net realized gain on investments		1,125,722			4,048,731
Net change in unrealized appreciation (depreciation) on investments		6,300,481			863,434
Net increase in net assets resulting from operations		7,891,379			5,425,564
Distributions to shareholders:
Class A		(3,614,984	)		(2,952,899	)
Class C		(133,562	)		(151,235	)
Class P		(9,665	)		(8,525	)
Institutional Class		(215,928	)		(518,877	)
Total distributions to shareholders		(3,974,139	)		(3,631,536	)
Capital share transactions:
Proceeds from sale of shares
Class A		822,724			1,050,924
Class C		96,923			236,441
Class P		645			5,872
Institutional Class		1,637,823			1,317,443
Distributions reinvested
Class A		3,537,482			2,884,298
Class C		133,562			137,939
Class P		9,665			8,525
Institutional Class		215,928			518,877
Cost of shares redeemed
Class A		(3,861,275	)		(4,238,196	)
Class C		(388,459	)		(876,269	)
Class P		(23,068	)		(33,478	)
Institutional Class		(1,141,930	)		(5,335,058	)
Net increase (decrease) from capital share transactions		1,040,020			(4,322,682	)
Net increase (decrease) in net assets		4,957,260			(2,528,654	)
Net assets:
Beginning of year		35,199,278			37,727,932
End of year	$	40,156,538		$	35,199,278
Capital share activity:
Shares sold
Class A		17,707			22,456
Class C		2,411			5,650
Class P		13			129
Institutional Class		36,005			29,033
Shares issued from reinvestment of distributions
Class A		80,968			63,832
Class C		3,449			3,405
Class P		222			189
Institutional Class		5,048			11,697
Shares redeemed
Class A		(83,236	)		(90,872	)
Class C		(9,626	)		(20,843	)
Class P		(495	)		(706	)
Institutional Class		(25,018	)		(117,251	)
Net increase (decrease) in shares		27,448			(93,281	)

20 | THE GUGGENHEIM FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

LARGE CAP VALUE FUND

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Class A	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	45.66		$	43.75		$	50.08		$	38.17		$	43.56
Income (loss) from investment operations:
Net investment income (loss)a		.58			.61			.56			.41			.97
Net gain (loss) on investments (realized and unrealized)		9.37			5.55			(3.40	)		14.51			(2.97	)
Total from investment operations		9.95			6.16			(2.84	)		14.92			(2.00	)
Less distributions from:
Net investment income		(.70	)		(.52	)		(.43	)		(1.30	)		(.70	)
Net realized gains		(4.60	)		(3.73	)		(3.06	)		(1.71	)		(2.69	)
Total distributions		(5.30	)		(4.25	)		(3.49	)		(3.01	)		(3.39	)
Net asset value, end of period	$	50.31		$	45.66		$	43.75		$	50.08		$	38.17
Total Returnb		23.55	%		14.19	%		(6.43	%)		40.59	%		(5.58	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	35,888		$	31,862		$	30,733		$	36,678		$	28,548
Ratios to average net assets:
Net investment income (loss)		1.25	%		1.32	%		1.11	%		0.88	%		2.40	%
Total expensesc		1.52	%		1.47	%		1.41	%		1.47	%		1.46	%
Net expensesd,e,f		1.12	%		1.12	%		1.13	%		1.15	%		1.15	%
Portfolio turnover rate		13	%		19	%		33	%		19	%		25	%

Class C	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	40.68		$	39.44		$	45.43		$	34.79		$	39.77
Income (loss) from investment operations:
Net investment income (loss)a		.21			.24			.18			.05			.62
Net gain (loss) on investments (realized and unrealized)		8.30			5.00			(3.07	)		13.23			(2.74	)
Total from investment operations		8.51			5.24			(2.89	)		13.28			(2.12	)
Less distributions from:
Net investment income		(.26	)		(.27	)		(.04	)		(.93	)		(.17	)
Net realized gains		(4.60	)		(3.73	)		(3.06	)		(1.71	)		(2.69	)
Total distributions		(4.86	)		(4.00	)		(3.10	)		(2.64	)		(2.86	)
Net asset value, end of period	$	44.33		$	40.68		$	39.44		$	45.43		$	34.79
Total Returnb		22.63	%		13.33	%		(7.13	%)		39.55	%		(6.30	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,168		$	1,225		$	1,653		$	1,191		$	911
Ratios to average net assets:
Net investment income (loss)		0.50	%		0.57	%		0.39	%		0.12	%		1.69	%
Total expensesc		2.36	%		2.28	%		2.29	%		2.36	%		2.43	%
Net expensesd,e,f		1.87	%		1.87	%		1.88	%		1.89	%		1.90	%
Portfolio turnover rate		13	%		19	%		33	%		19	%		25	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 21

LARGE CAP VALUE FUND

FINANCIAL HIGHLIGHTS (continued)

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Class P	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	45.53		$	43.59		$	49.91		$	38.06		$	43.46
Income (loss) from investment operations:
Net investment income (loss)a		.58			.62			.53			.41			.83
Net gain (loss) on investments (realized and unrealized)		9.35			5.52			(3.34	)		14.46			(2.82	)
Total from investment operations		9.93			6.14			(2.81	)		14.87			(1.99	)
Less distributions from:
Net investment income		(.70	)		(.47	)		(.45	)		(1.31	)		(.72	)
Net realized gains		(4.60	)		(3.73	)		(3.06	)		(1.71	)		(2.69	)
Total distributions		(5.30	)		(4.20	)		(3.51	)		(3.02	)		(3.41	)
Net asset value, end of period	$	50.16		$	45.53		$	43.59		$	49.91		$	38.06
Total Return		23.56	%		14.19	%		(6.44	%)		40.60	%		(5.58	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	79		$	84		$	97		$	194		$	170
Ratios to average net assets:
Net investment income (loss)		1.26	%		1.33	%		1.05	%		0.87	%		2.12	%
Total expensesc		1.71	%		1.70	%		1.67	%		1.71	%		1.72	%
Net expensesd,e,f		1.12	%		1.12	%		1.14	%		1.15	%		1.15	%
Portfolio turnover rate		13	%		19	%		33	%		19	%		25	%

22 | THE GUGGENHEIM FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

LARGE CAP VALUE FUND

FINANCIAL HIGHLIGHTS (concluded)

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Institutional Class	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	44.90		$	43.11		$	49.39		$	37.71		$	43.08
Income (loss) from investment operations:
Net investment income (loss)a		.68			.74			.71			.52			.98
Net gain (loss) on investments (realized and unrealized)		9.21			5.43			(3.38	)		14.31			(2.84	)
Total from investment operations		9.89			6.17			(2.67	)		14.83			(1.86	)
Less distributions from:
Net investment income		(.83	)		(.65	)		(.55	)		(1.44	)		(.82	)
Net realized gains		(4.60	)		(3.73	)		(3.06	)		(1.71	)		(2.69	)
Total distributions		(5.43	)		(4.38	)		(3.61	)		(3.15	)		(3.51	)
Net asset value, end of period	$	49.36		$	44.90		$	43.11		$	49.39		$	37.71
Total Return		23.89	%		14.48	%		(6.20	%)		40.93	%		(5.35	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,021		$	2,028		$	5,246		$	1,364		$	477
Ratios to average net assets:
Net investment income (loss)		1.48	%		1.61	%		1.46	%		1.10	%		2.50	%
Total expensesc		1.29	%		1.21	%		1.15	%		1.24	%		1.35	%
Net expensesd,e,f		0.87	%		0.87	%		0.88	%		0.89	%		0.90	%
Portfolio turnover rate		13	%		19	%		33	%		19	%		25	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
c	Does not include expenses of the underlying funds in which the Fund invests.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
e	The portion of the ratios of net expenses to average net assets attributable to recoupments of prior fee reductions or expense reimbursements for the years presented was as follows:

	09/30/24	09/30/23	09/30/22	09/30/21	09/30/20
Class A	0.00%*	—	—	0.00%*	0.00%*
Class C	0.00%*	—	—	0.00%*	—
Class P	0.00%*	—	—	—	—
Institutional Class	0.00%*	—	—	—	—

* Less than 0.01%.

^f Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be:

	09/30/24	09/30/23	09/30/22	09/30/21	09/30/20
Class A	1.12%	1.12%	1.13%	1.14%	1.15%
Class C	1.87%	1.87%	1.88%	1.89%	1.90%
Class P	1.12%	1.12%	1.13%	1.14%	1.15%
Institutional Class	0.87%	0.87%	0.88%	0.89%	0.90%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 23

SCHEDULE OF INVESTMENTS	September 30, 2024
MARKET NEUTRAL REAL ESTATE FUND

	Shares		Value
COMMON STOCKS† - 54.5%
REITs - 54.5%
REITs-Diversified - 11.5%
VICI Properties, Inc.		37,177	$	1,238,366
Gaming and Leisure Properties, Inc.		12,043		619,612
InvenTrust Properties Corp.		16,761		475,510
EPR Properties		9,555		468,577
WP Carey, Inc.		7,242		451,177
Digital Realty Trust, Inc.		2,704		437,588
SBA Communications Corp.		1,719		413,763
American Tower Corp. — Class A		1,752		407,445
Alexander & Baldwin, Inc.		10,441		200,467
Total REITs-Diversified				4,712,505
REITs-Apartments - 9.7%
Invitation Homes, Inc.		39,351		1,387,516
Essex Property Trust, Inc.		4,192		1,238,401
American Homes 4 Rent — Class A		18,262		701,078
UDR, Inc.		13,999		634,715
Total REITs-Apartments				3,961,710
REITs-Office Property - 7.8%
Kilroy Realty Corp.		37,472		1,450,166
Alexandria Real Estate Equities, Inc.		7,854		932,663
Vornado Realty Trust		20,212		796,353
Total REITs-Office Property				3,179,182
REITs-Hotels - 5.9%
Park Hotels & Resorts, Inc.		69,857		984,984
Apple Hospitality REIT, Inc.		54,323		806,697
Ryman Hospitality Properties, Inc.		3,663		392,820
RLJ Lodging Trust		23,008		211,213
Total REITs-Hotels				2,395,714
REITs-Shopping Centers - 5.6%
Kite Realty Group Trust		36,170		960,675
Kimco Realty Corp.		38,713		898,916
NETSTREIT Corp.		25,103		414,953
Total REITs-Shopping Centers				2,274,544
REITs-Health Care - 4.5%
Healthcare Realty Trust, Inc.		44,844		813,919
Sabra Health Care REIT, Inc.		32,812		610,631
CareTrust REIT, Inc.		13,233		408,370
Total REITs-Health Care				1,832,920
REITs-Warehouse/Industries - 4.0%
Prologis, Inc.		6,511		822,209
STAG Industrial, Inc.		20,820		813,854
Total REITs-Warehouse/Industries				1,636,063
REITs-Regional Malls - 2.0%
Tanger, Inc.		12,536		415,944
Simon Property Group, Inc.		2,423		409,535
Total REITs-Regional Malls				825,479
REITs-Storage - 2.0%
National Storage Affiliates Trust		8,523		410,809
Extra Space Storage, Inc.		2,271		409,211
Total REITs-Storage				820,020
REITs-Single Tenant - 1.5%
NNN REIT, Inc.		12,795		620,430
Total REITs				22,258,567
Total Common Stocks
(Cost $20,158,172)				22,258,567
MONEY MARKET FUND***,† - 43.5%
Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares, 4.90%1		17,765,843		17,765,843
Total Money Market Fund
(Cost $17,765,843)				17,765,843
Total Investments - 98.0%
(Cost $37,924,015)			$	40,024,410
Other Assets & Liabilities, net - 2.0%				802,498
Total Net Assets - 100.0%			$	40,826,908

Custom Basket Swap Agreements

Counterparty

Reference Obligation

Type

Financing Rate

Payment Frequency

Maturity Date

Notional Amount

Value and Unrealized Depreciation

OTC Custom Basket Swap Agreements Sold Short††

Morgan Stanley Capital Services LLC

MS Equity Custom Basket

Receive

4.52% (Federal Funds Rate - 0.31%)

At Maturity

11/22/24

$

11,159,930

$

(389,630

)

Goldman Sachs International

GS Equity Custom Basket

Receive

4.63% (Federal Funds Rate - 0.20%)

At Maturity

05/16/28

11,162,012

(783,179

)

$

22,321,942

$

(1,172,809

)

24 | THE GUGGENHEIM FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
MARKET NEUTRAL REAL ESTATE FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
MS EQUITY SHORT CUSTOM BASKET
Financial
Douglas Emmett, Inc.		21,869		(3.45	)%	$	334,884
Service Properties Trust		19,903		(0.81	)%		90,954
Realty Income Corp.		6,642		(3.77	)%		37,910
Pebblebrook Hotel Trust		22,515		(2.67	)%		28,761
JBG SMITH Properties		4,602		(0.72	)%		10,127
Host Hotels & Resorts, Inc.		11,123		(1.75	)%		6,179
LXP Industrial Trust		15,028		(1.35	)%		3,758
Camden Property Trust		5,369		(5.95	)%		2,919
Americold Realty Trust, Inc.		4,650		(1.18	)%		1,122
Rexford Industrial Realty, Inc.		2,603		(1.17	)%		1,029
Equity LifeStyle Properties, Inc.		2,849		(1.82	)%		986
EastGroup Properties, Inc.		713		(1.19	)%		639
Cousins Properties, Inc.		6,852		(1.81	)%		(40	)
Independence Realty Trust, Inc.		2,942		(0.54	)%		(197	)
Getty Realty Corp.		4,576		(1.30	)%		(1,322	)
Global Net Lease, Inc.		13,223		(1.00	)%		(2,315	)
Sun Communities, Inc.		1,500		(1.82	)%		(2,555	)
Sunstone Hotel Investors, Inc.		38,199		(3.53	)%		(5,375	)
Regency Centers Corp.		2,900		(1.88	)%		(5,959	)
CubeSmart		3,822		(1.84	)%		(10,048	)
DiamondRock Hospitality Co.		25,495		(1.99	)%		(13,978	)
Veris Residential, Inc.		6,242		(1.00	)%		(14,147	)
Public Storage		572		(1.87	)%		(16,042	)
Safehold, Inc.		5,152		(1.21	)%		(19,588	)
Four Corners Property Trust, Inc.		10,376		(2.73	)%		(19,759	)
Equinix, Inc.		255		(2.03	)%		(27,367	)
Crown Castle, Inc.		3,509		(3.73	)%		(29,794	)
Phillips Edison & Company, Inc.		8,766		(2.96	)%		(36,530	)
Acadia Realty Trust		8,773		(1.85	)%		(38,001	)
Federal Realty Investment Trust		3,560		(3.67	)%		(42,561	)
SL Green Realty Corp.		3,887		(2.42	)%		(48,685	)
Terreno Realty Corp.		6,021		(3.61	)%		(50,735	)
Mid-America Apartment Communities, Inc.		4,729		(6.73	)%		(60,670	)
BXP, Inc.		7,965		(5.75	)%		(67,266	)
Agree Realty Corp.		6,357		(4.29	)%		(67,422	)
Omega Healthcare Investors, Inc.		7,503		(2.74	)%		(87,117	)
Macerich Co.		23,272		(3.80	)%		(97,200	)
National Health Investors, Inc.		6,285		(4.73	)%		(193,931	)
Total Financial							(439,333	)
Exchange-Traded Funds
Vanguard Real Estate ETF		3,828		(3.34	)%		49,703
Total MS Equity Short Custom Basket							(389,630	)
GS EQUITY SHORT CUSTOM BASKET
Financial
Douglas Emmett, Inc.		22,142		(3.50	)%		57,936
Service Properties Trust		19,903		(0.81	)%		43,712
Pebblebrook Hotel Trust		22,515		(2.67	)%		22,999
JBG SMITH Properties		4,602		(0.72	)%		10,181
Host Hotels & Resorts, Inc.		11,123		(1.75	)%		6,322
LXP Industrial Trust		15,028		(1.35	)%		4,049
Camden Property Trust		5,369		(5.95	)%		3,560
Rexford Industrial Realty, Inc.		2,603		(1.17	)%		1,740
Sunstone Hotel Investors, Inc.		38,199		(3.53	)%		1,157
Equity LifeStyle Properties, Inc.		2,849		(1.82	)%		1,014
Americold Realty Trust, Inc.		4,650		(1.18	)%		905
EastGroup Properties, Inc.		713		(1.19	)%		772
Cousins Properties, Inc.		6,852		(1.81	)%		(146	)
Independence Realty Trust, Inc.		2,942		(0.54	)%		(263	)
Getty Realty Corp.		4,576		(1.30	)%		(1,347	)
Sun Communities, Inc.		1,500		(1.82	)%		(2,512	)
Global Net Lease, Inc.		13,223		(1.00	)%		(2,571	)
Regency Centers Corp.		2,900		(1.88	)%		(7,782	)
CubeSmart		3,822		(1.84	)%		(10,882	)
DiamondRock Hospitality Co.		25,495		(1.99	)%		(11,931	)
Veris Residential, Inc.		6,242		(1.00	)%		(13,954	)
Public Storage		572		(1.86	)%		(17,350	)
Four Corners Property Trust, Inc.		10,376		(2.72	)%		(21,791	)
Safehold, Inc.		5,152		(1.21	)%		(22,210	)
Equinix, Inc.		255		(2.03	)%		(27,243	)
Crown Castle, Inc.		3,509		(3.73	)%		(28,158	)
Federal Realty Investment Trust		3,560		(3.67	)%		(32,914	)
Acadia Realty Trust		8,773		(1.85	)%		(38,358	)
Phillips Edison & Company, Inc.		8,766		(2.96	)%		(40,014	)
Terreno Realty Corp.		6,021		(3.60	)%		(51,379	)
Realty Income Corp.		6,642		(3.77	)%		(56,018	)
SL Green Realty Corp.		3,848		(2.40	)%		(57,588	)
Macerich Co.		23,272		(3.80	)%		(62,348	)
BXP, Inc.		7,965		(5.74	)%		(66,774	)
Agree Realty Corp.		6,357		(4.29	)%		(69,265	)
Omega Healthcare Investors, Inc.		7,503		(2.74	)%		(70,753	)
Mid-America Apartment Communities, Inc.		4,729		(6.74	)%		(78,935	)

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 25

SCHEDULE OF INVESTMENTS (concluded)	September 30, 2024
MARKET NEUTRAL REAL ESTATE FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
National Health Investors, Inc.		6,285		(4.73	)%	$	(195,015	)
Total Financial							(833,155	)
Exchange-Traded Funds
Vanguard Real Estate ETF		3,828		(3.34	)%		49,975
Total GS Equity Short Custom Basket						$	(783,179	)

***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Rate indicated is the 7-day yield as of September 30, 2024.
	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 September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	22,258,567	$	—	$	—	$	22,258,567
Money Market Fund		17,765,843		—		—		17,765,843
Total Assets	$	40,024,410	$	—	$	—	$	40,024,410

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Custom Basket Swap Agreements**	$	—	$	1,172,809	$	—	$	1,172,809

** This derivative is reported as unrealized appreciation/depreciation at period end.

26 | THE GUGGENHEIM FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

MARKET NEUTRAL REAL ESTATE FUND

STATEMENT OF ASSETS AND LIABILITIES

September 30, 2024

Assets:
Investments, at value (cost $37,924,015)	$	40,024,410
Cash		629,911
Segregated cash with broker		2,270,000
Prepaid expenses		28,024
Receivables:
Dividends		118,284
Interest		61,863
Fund shares sold		46,299
Total assets		43,178,791
Liabilities:
Unrealized depreciation on OTC swap agreements		1,172,809
Payable for:
Swap settlement		1,111,602
Fund shares redeemed		5,828
Management fees		5,297
Fund accounting/administration fees		3,858
Transfer agent/maintenance fees		3,533
Trustees’ fees*		481
Distribution and service fees		128
Miscellaneous		48,347
Total liabilities		2,351,883
Net assets	$	40,826,908
Net assets consist of:
Paid in capital	$	41,999,380
Total distributable earnings (loss)		(1,172,472	)
Net assets	$	40,826,908
Class A:
Net assets	$	313,398
Capital shares outstanding		11,596
Net asset value per share	$	27.03
Maximum offering price per share (Net asset value divided by 95.25%)	$	28.38
Class C:
Net assets	$	22,322
Capital shares outstanding		867
Net asset value per share	$	25.75
Class P
Net assets	$	255,555
Capital shares outstanding		9,801
Net asset value per share	$	26.07
Institutional Class:
Net assets	$	40,235,633
Capital shares outstanding		1,503,036
Net asset value per share	$	26.77

STATEMENT OF OPERATIONS

Year Ended September 30, 2024

Investment Income:
Dividends	$	1,079,244
Interest		682,787
Total investment income		1,762,031
Expenses:
Management fees		473,988
Distribution and service fees:
Class A		841
Class C		756
Class P		1,700
Transfer agent/maintenance fees:
Class A		914
Class C		335
Class P		1,052
Institutional Class		64,174
Registration fees		77,638
Professional fees		54,131
Fund accounting/administration fees		25,628
Trustees’ fees*		14,229
Custodian fees		7,796
Line of credit fees		1,333
Miscellaneous		22,795
Total expenses		747,310
Less:
Expenses reimbursed by Adviser:
Class A		(953	)
Class C		(334	)
Class P		(1,067	)
Institutional Class		(69,393	)
Expenses waived by Adviser		(79,637	)
Earnings credits applied		(575	)
Total waived/reimbursed expenses		(151,959	)
Net expenses		595,351
Net investment income		1,166,680
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		2,217,407
Swap agreements		(1,822,758	)
Net realized gain		394,649
Net change in unrealized appreciation (depreciation) on:
Investments		4,374,089
Swap agreements		(5,072,996	)
Net change in unrealized appreciation (depreciation)		(698,907	)
Net realized and unrealized loss		(304,258	)
Net increase in net assets resulting from operations	$	862,422

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 27

MARKET NEUTRAL REAL ESTATE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended September 30, 2024			Year Ended September 30, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,166,680		$	1,127,209
Net realized gain on investments		394,649			272,163
Net change in unrealized appreciation (depreciation) on investments		(698,907	)		(836,795	)
Net increase in net assets resulting from operations		862,422			562,577
Distributions to shareholders:
Class A		(7,322	)		—
Class C		(614	)		—
Class P		(22,159	)		—
Institutional Class		(1,109,073	)		(111,384	)
Total distributions to shareholders		(1,139,168	)		(111,384	)
Capital share transactions:
Proceeds from sale of shares
Class A		—			9,606
Class C		360			360
Class P		3,070			9,676
Institutional Class		7,987,936			14,559,299
Distributions reinvested
Class A		7,322			—
Class C		614			—
Class P		22,159			—
Institutional Class		1,108,788			111,379
Cost of shares redeemed
Class A		(133,099	)		(15,667	)
Class C		(193,809	)		(19,120	)
Class P		(847,256	)		(636,059	)
Institutional Class		(15,842,835	)		(11,897,103	)
Net increase (decrease) from capital share transactions		(7,886,750	)		2,122,371
Net increase (decrease) in net assets		(8,163,496	)		2,573,564
Net assets:
Beginning of year		48,990,404			46,416,840
End of year	$	40,826,908		$	48,990,404
Capital share activity:
Shares sold
Class A		—			359
Class C		14			14
Class P		117			368
Institutional Class		297,465			543,333
Shares issued from reinvestment of distributions
Class A		271			—
Class C		24			—
Class P		850			—
Institutional Class		41,543			4,185
Shares redeemed
Class A		(4,793	)		(579	)
Class C		(7,420	)		(753	)
Class P		(32,285	)		(24,402	)
Institutional Class		(584,115	)		(444,521	)
Net increase (decrease) in shares		(288,329	)		78,004

28 | THE GUGGENHEIM FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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.

Class A	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	27.26		$	27.00		$	27.78		$	28.18		$	26.95
Income (loss) from investment operations:
Net investment income (loss)a		.66			.57			(.07	)		(.08	)		(.02	)
Net gain (loss) on investments (realized and unrealized)		(.26	)		(.31	)		(.71	)		(.24	)		2.30
Total from investment operations		.40			.26			(.78	)		(.32	)		2.28
Less distributions from:
Net investment income		(.63	)		—			—			(.02	)		(.25	)
Net realized gains		—			—			—			(.06	)		(.80	)
Total distributions		(.63	)		—			—			(.08	)		(1.05	)
Net asset value, end of period	$	27.03		$	27.26		$	27.00		$	27.78		$	28.18
Total Returnb		1.47	%		0.96	%		(2.81	%)		(1.14	%)		8.81	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	313		$	439		$	441		$	1,867		$	11,723
Ratios to average net assets:
Net investment income (loss)		2.43	%		2.11	%		(0.25	%)		(0.29	%)		(0.06	%)
Total expensesc		2.09	%		2.20	%		2.42	%		2.08	%		2.38	%
Net expensesd,e,f		1.63	%		1.63	%		1.64	%		1.64	%		1.65	%
Portfolio turnover rate		136	%		55	%		49	%		264	%		355	%

Class C	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	25.72		$	25.67		$	26.61		$	27.20		$	26.07
Income (loss) from investment operations:
Net investment income (loss)a		.34			.34			(.19	)		(.22	)		(.15	)
Net gain (loss) on investments (realized and unrealized)		(.15	)		(.29	)		(.75	)		(.29	)		2.16
Total from investment operations		.19			.05			(.94	)		(.51	)		2.01
Less distributions from:
Net investment income		(.16	)		—			—			(.02	)		(.08	)
Net realized gains		—			—			—			(.06	)		(.80	)
Total distributions		(.16	)		—			—			(.08	)		(.88	)
Net asset value, end of period	$	25.75		$	25.72		$	25.67		$	26.61		$	27.20
Total Returnb		0.70	%		0.19	%		(3.53	%)		(1.88	%)		7.99	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	22		$	212		$	231		$	242		$	333
Ratios to average net assets:
Net investment income (loss)		1.31	%		1.33	%		(0.72	%)		(0.83	%)		(0.56	%)
Total expensesc		2.98	%		2.66	%		2.72	%		2.71	%		3.17	%
Net expensesd,e,f		2.38	%		2.38	%		2.39	%		2.39	%		2.40	%
Portfolio turnover rate		136	%		55	%		49	%		264	%		355	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 29

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.

Class P	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	26.32		$	26.07		$	26.83		$	27.23		$	26.10
Income (loss) from investment operations:
Net investment income (loss)a		.62			.52			(.03	)		(.04	)		—
Net gain (loss) on investments (realized and unrealized)		(.25	)		(.27	)		(.73	)		(.28	)		2.20
Total from investment operations		.37			.25			(.76	)		(.32	)		2.20
Less distributions from:
Net investment income		(.62	)		—			—			(.02	)		(.27	)
Net realized gains		—			—			—			(.06	)		(.80	)
Total distributions		(.62	)		—			—			(.08	)		(1.07	)
Net asset value, end of period	$	26.07		$	26.32		$	26.07		$	26.83		$	27.23
Total Return		1.42	%		0.96	%		(2.83	%)		(1.17	%)		8.79	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	256		$	1,082		$	1,699		$	2,727		$	8,360
Ratios to average net assets:
Net investment income (loss)		2.36	%		1.99	%		(0.11	%)		(0.16	%)		0.00	%
Total expensesc		1.93	%		1.94	%		1.95	%		1.91	%		2.00	%
Net expensesd,e,f		1.63	%		1.63	%		1.64	%		1.64	%		1.65	%
Portfolio turnover rate		136	%		55	%		49	%		264	%		355	%

30 | THE GUGGENHEIM FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	27.03		$	26.77		$	27.57		$	27.92		$	26.74
Income (loss) from investment operations:
Net investment income (loss)a		.73			.63			.06			.07			.09
Net gain (loss) on investments (realized and unrealized)		(.26	)		(.31	)		(.78	)		(.31	)		2.23
Total from investment operations		.47			.32			(.72	)		(.24	)		2.32
Less distributions from:
Net investment income		(.73	)		(.06	)		(.08	)		(.05	)		(.34	)
Net realized gains		—			—			—			(.06	)		(.80	)
Total distributions		(.73	)		(.06	)		(.08	)		(.11	)		(1.14	)
Net asset value, end of period	$	26.77		$	27.03		$	26.77		$	27.57		$	27.92
Total Return		1.69	%		1.21	%		(2.57	%)		(0.87	%)		9.06	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	40,236		$	47,257		$	44,047		$	53,609		$	37,399
Ratios to average net assets:
Net investment income (loss)		2.72	%		2.36	%		0.21	%		0.27	%		0.32	%
Total expensesc		1.73	%		1.62	%		1.64	%		1.58	%		1.85	%
Net expensesd,e,f		1.38	%		1.38	%		1.39	%		1.39	%		1.40	%
Portfolio turnover rate		136	%		55	%		49	%		264	%		355	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
c	Does not include expenses of the underlying funds in which the Fund invests.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
e	The portion of the ratios of net expenses to average net assets attributable to recoupments of prior fee reductions or expense reimbursements for the years presented was as follows:

	09/30/24	09/30/23	09/30/22	09/30/21	09/30/20
Class A	—	0.00%*	—	—	0.00%*
Class C	—	0.00%*	0.00%*	—	0.00%*
Class P	—	0.00%*	0.01%	—	0.00%*
Institutional Class	—	0.00%*	0.01%	—	0.00%*

* Less than 0.01%.

^f Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be:

	09/30/24	09/30/23	09/30/22	09/30/21	09/30/20
Class A	1.62%	1.62%	1.63%	1.63%	1.65%
Class C	2.38%	2.37%	2.38%	2.38%	2.40%
Class P	1.62%	1.62%	1.63%	1.63%	1.64%
Institutional Class	1.37%	1.37%	1.38%	1.39%	1.40%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 31

SCHEDULE OF INVESTMENTS	September 30, 2024
RISK MANAGED REAL ESTATE FUND

	Shares		Value
COMMON STOCKS† - 97.8%
REITs - 97.8%
REITs-Diversified - 19.8%
Equinix, Inc.		21,886	$	19,426,670
Digital Realty Trust, Inc.		89,387		14,465,498
VICI Properties, Inc.		391,801		13,050,891
WP Carey, Inc.		78,542		4,893,167
Gaming and Leisure Properties, Inc.		86,823		4,467,043
EPR Properties		56,349		2,763,355
InvenTrust Properties Corp.		61,379		1,741,322
Lamar Advertising Co. — Class A		11,457		1,530,655
SBA Communications Corp.		6,211		1,494,988
American Tower Corp. — Class A		6,040		1,404,662
Alexander & Baldwin, Inc.		60,551		1,162,579
Outfront Media, Inc.		55,989		1,029,078
Total REITs-Diversified				67,429,908
REITs-Apartments - 14.5%
Invitation Homes, Inc.		284,741		10,039,968
Essex Property Trust, Inc.		29,833		8,813,265
AvalonBay Communities, Inc.		35,120		7,910,780
Equity Residential1		93,097		6,932,003
American Homes 4 Rent — Class A		168,351		6,462,995
UDR, Inc.		117,730		5,337,878
Mid-America Apartment Communities, Inc.		15,002		2,383,818
Camden Property Trust		10,422		1,287,430
Total REITs-Apartments				49,168,137
REITs-Health Care - 14.4%
Welltower, Inc.		139,037		17,800,907
Alexandria Real Estate Equities, Inc.		63,537		7,545,019
Ventas, Inc.		100,233		6,427,942
Healthpeak Properties, Inc.		172,426		3,943,383
CareTrust REIT, Inc.		118,762		3,664,995
Healthcare Realty Trust, Inc.		181,086		3,286,711
Omega Healthcare Investors, Inc.		60,858		2,476,921
LTC Properties, Inc.		39,577		1,452,080
Sabra Health Care REIT, Inc.		38,959		725,027
Global Medical REIT, Inc.		59,950		594,104
Community Healthcare Trust, Inc.		32,706		593,614
Total REITs-Health Care				48,510,703
REITs-Warehouse/Industries - 13.5%
Prologis, Inc.1		246,108		31,078,519
STAG Industrial, Inc.		143,464		5,608,008
Rexford Industrial Realty, Inc.		58,347		2,935,438
First Industrial Realty Trust, Inc.		27,303		1,528,422
EastGroup Properties, Inc.		8,118		1,516,605
LXP Industrial Trust		150,489		1,512,414
Americold Realty Trust, Inc.1		49,056		1,386,813
Total REITs-Warehouse/Industries				45,566,219
REITs-Storage - 10.4%
Public Storage		34,372		12,506,940
Extra Space Storage, Inc.		62,471		11,256,649
Iron Mountain, Inc.		66,510		7,903,383
National Storage Affiliates Trust		59,265		2,856,573
CubeSmart		17,222		927,060
Total REITs-Storage				35,450,605
REITs-Shopping Centers - 5.9%
Kimco Realty Corp.		271,515		6,304,578
Kite Realty Group Trust		154,457		4,102,378
Regency Centers Corp.		45,540		3,289,354
Brixmor Property Group, Inc.		107,981		3,008,351
NETSTREIT Corp.		109,895		1,816,564
Federal Realty Investment Trust		10,378		1,193,159
Total REITs-Shopping Centers				19,714,384
REITs-Regional Malls - 4.8%
Simon Property Group, Inc.		84,751		14,324,614
Tanger, Inc.		64,856		2,151,922
Total REITs-Regional Malls				16,476,536
REITs-Single Tenant - 4.7%
Realty Income Corp.		182,310		11,562,100
NNN REIT, Inc.		94,151		4,565,382
Total REITs-Single Tenant				16,127,482
REITs-Office Property - 4.4%
Kilroy Realty Corp.		136,410		5,279,067
Vornado Realty Trust		114,764		4,521,702
Douglas Emmett, Inc.		92,589		1,626,789
JBG SMITH Properties		85,369		1,492,250
Cousins Properties, Inc.		37,874		1,116,525
COPT Defense Properties		30,878		936,530
Total REITs-Office Property				14,972,863
REITs-Hotels - 3.8%
Park Hotels & Resorts, Inc.		240,338		3,388,766
Apple Hospitality REIT, Inc.		217,494		3,229,786
Host Hotels & Resorts, Inc.		125,230		2,204,048
Ryman Hospitality Properties, Inc.		18,848		2,021,260
RLJ Lodging Trust		186,897		1,715,714
Total REITs-Hotels				12,559,574
REITs-Manufactured Homes - 1.6%
Sun Communities, Inc.		22,081		2,984,247
Equity LifeStyle Properties, Inc.		31,817		2,269,825
Total REITs-Manufactured Homes				5,254,072
Total REITS				331,230,483
Total Common Stocks
(Cost $293,773,712)				331,230,483
MONEY MARKET FUND***,† - 3.5%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.88%2		11,710,414		11,710,414
Total Money Market Fund
(Cost $11,710,414)				11,710,414
Total Investments - 101.3%
(Cost $305,484,126)				342,940,897

32 | THE GUGGENHEIM FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
RISK MANAGED REAL ESTATE FUND

	Shares		Value
COMMON STOCKS SOLD SHORT† - (7.5)%
REITs - (7.5)%
REITs-Manufactured Homes - (0.2)%
Sun Communities, Inc.		3,562	$	(481,404	)
Equity LifeStyle Properties, Inc.		6,766		(482,687	)
Total REITs-Manufactured Homes				(964,091	)
REITs-Storage - (0.2)%
CubeSmart		9,076		(488,561	)
Public Storage		1,359		(494,499	)
Total REITs-Storage				(983,060	)
REITs-Regional Malls - (0.3)%
Macerich Co.		55,264		(1,008,015	)
REITs-Health Care - (0.6)%
Omega Healthcare Investors, Inc.		17,817		(725,152	)
National Health Investors, Inc.		14,924		(1,254,512	)
Total REITs-Health Care				(1,979,664	)
REITs-Warehouse/Industries - (0.7)%
Rexford Industrial Realty, Inc.		6,181		(310,966	)
Americold Realty Trust, Inc.		11,043		(312,186	)
EastGroup Properties, Inc.		1,693		(316,286	)
LXP Industrial Trust		35,687		(358,654	)
Terreno Realty Corp.		14,298		(955,535	)
Total REITs-Warehouse/Industries				(2,253,627	)
REITs-Diversified - (0.7)%
WP Carey, Inc.		2,288		(142,542	)
Global Net Lease, Inc.		31,401		(264,396	)
Veris Residential, Inc.		14,822		(264,721	)
Safehold, Inc.		12,233		(320,872	)
Equinix, Inc.		606		(537,904	)
Crown Castle, Inc.		8,332		(988,425	)
Total REITs-Diversified				(2,518,860	)
REITs-Shopping Centers - (0.8)%
Acadia Realty Trust		20,834		(489,182	)
Regency Centers Corp.		6,887		(497,448	)
Phillips Edison & Company, Inc.		20,817		(785,009	)
Federal Realty Investment Trust		8,454		(971,956	)
Total REITs-Shopping Centers				(2,743,595	)
REITs-Hotels - (0.9)%
Service Properties Trust		47,261		(215,510	)
Host Hotels & Resorts, Inc.		26,412		(464,851	)
DiamondRock Hospitality Co.		60,541		(528,523	)
Pebblebrook Hotel Trust		53,464		(707,329	)
Sunstone Hotel Investors, Inc.		90,709		(936,117	)
Total REITs-Hotels				(2,852,330	)
REITs-Single Tenant - (0.9)%
Getty Realty Corp.		10,866		(345,648	)
Four Corners Property Trust, Inc.		24,638		(722,140	)
Realty Income Corp.		15,772		(1,000,260	)
Agree Realty Corp.		15,095		(1,137,106	)
Total REITs-Single Tenant				(3,205,154	)
REITs-Apartments - (1.0)%
Independence Realty Trust, Inc.		6,986		(143,213	)
Camden Property Trust		12,750		(1,575,008	)
Mid-America Apartment Communities, Inc.		11,230		(1,784,447	)
Total REITs-Apartments				(3,502,668	)
REITs-Office Property - (1.2)%
JBG SMITH Properties		10,928		(191,021	)
Cousins Properties, Inc.		16,271		(479,669	)
SL Green Realty Corp.		9,280		(645,981	)
Douglas Emmett, Inc.		52,329		(919,421	)
BXP, Inc.		18,913		(1,521,740	)
Total REITs-Office Property				(3,757,832	)
Total REITS				(25,768,896	)
Total Common Stocks Sold Short
(Proceeds $23,202,305)				(25,768,896	)
EXCHANGE-TRADED FUNDS SOLD SHORT***,† - (0.3)%
Vanguard Real Estate ETF		9,090		(885,548	)
Total Exchange-Traded Funds Sold Short
(Proceeds $786,756)				(885,548	)
Total Securities Sold Short - (7.8)%
(Proceeds $23,989,061)			$	(26,654,444	)
Other Assets & Liabilities, net - 6.5%				21,945,011
Total Net Assets - 100.0%			$	338,231,464

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 33

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
RISK MANAGED REAL ESTATE FUND

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

11/12/24

$

22,941,655

$

2,285,364

Goldman Sachs International

GS Equity Custom Basket

Pay

5.28% (Federal Funds Rate + 0.45%)

At Maturity

05/16/28

22,941,655

2,099,407

$

45,883,310

$

4,384,771

OTC Custom Basket Swap Agreements Sold Short††

Morgan Stanley Capital Services LLC

MS Equity Custom Basket

Receive

4.52% (Federal Funds Rate - 0.31%)

At Maturity

11/12/24

$

23,016,539

$

(428,909

)

Goldman Sachs International

GS Equity Custom Basket

Receive

4.63% (Federal Funds Rate - 0.20%)

At Maturity

05/16/28

23,021,161

(1,507,147

)

$

46,037,700

$

(1,936,056

)

34 | THE GUGGENHEIM FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
RISK MANAGED REAL ESTATE FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
MS EQUITY LONG CUSTOM BASKET
Financial
Vornado Realty Trust		20,832		3.56	%	$	310,508
Kimco Realty Corp.		39,901		4.04	%		230,898
Kilroy Realty Corp.		38,622		6.52	%		206,616
Kite Realty Group Trust		37,280		4.32	%		203,372
VICI Properties, Inc.		38,319		5.56	%		189,893
CareTrust REIT, Inc.		13,639		1.83	%		186,063
Sabra Health Care REIT, Inc.		33,819		2.74	%		161,388
Invitation Homes, Inc.		40,559		6.23	%		138,020
Digital Realty Trust, Inc.		2,787		1.97	%		123,049
Ryman Hospitality Properties, Inc.		3,776		1.77	%		114,435
InvenTrust Properties Corp.		17,276		2.14	%		114,321
American Homes 4 Rent — Class A		18,822		3.15	%		82,619
Tanger, Inc.		12,920		1.87	%		74,025
EPR Properties		9,848		2.11	%		56,687
SBA Communications Corp.		1,772		1.86	%		50,332
National Storage Affiliates Trust		8,785		1.85	%		43,705
WP Carey, Inc.		7,464		2.03	%		41,552
NNN REIT, Inc.		13,188		2.79	%		19,679
UDR, Inc.		14,428		2.85	%		18,124
Apple Hospitality REIT, Inc.		55,990		3.62	%		15,976
STAG Industrial, Inc.		21,459		3.66	%		10,798
Extra Space Storage, Inc.		2,341		1.84	%		10,230
Simon Property Group, Inc.		2,497		1.84	%		6,129
Prologis, Inc.		6,711		3.69	%		5,820
RLJ Lodging Trust		23,714		0.95	%		2,883
American Tower Corp. — Class A		1,805		1.83	%		2,618
Gaming and Leisure Properties, Inc.		12,412		2.78	%		1,991
Healthcare Realty Trust, Inc.		46,220		3.66	%		(277	)
Alexander & Baldwin, Inc.		10,761		0.90	%		(5,119	)
NETSTREIT Corp.		25,873		1.86	%		(9,379	)
Essex Property Trust, Inc.		4,321		5.56	%		(11,340	)
Park Hotels & Resorts, Inc.		72,001		4.43	%		(27,923	)
Alexandria Real Estate Equities, Inc.		8,095		4.19	%		(82,329	)
Total Financial							2,285,364
Total MS Equity Long Custom Basket							2,285,364
MS EQUITY SHORT CUSTOM BASKET
Financial
Douglas Emmett, Inc.		45,513		(3.49	)%		719,833
Service Properties Trust		41,027		(0.81	)%		168,732
Realty Income Corp.		13,691		(3.77	)%		122,642
Mid-America Apartment Communities, Inc.		9,749		(6.73	)%		93,295
Pebblebrook Hotel Trust		46,411		(2.67	)%		58,430
Camden Property Trust		11,068		(5.94	)%		54,054
JBG SMITH Properties		9,486		(0.72	)%		20,875
Host Hotels & Resorts, Inc.		22,928		(1.75	)%		12,737
LXP Industrial Trust		30,979		(1.35	)%		7,694
Americold Realty Trust, Inc.		9,586		(1.18	)%		2,313
Rexford Industrial Realty, Inc.		5,366		(1.17	)%		2,121
Equity LifeStyle Properties, Inc.		5,873		(1.82	)%		2,081
EastGroup Properties, Inc.		1,469		(1.19	)%		1,316
Cousins Properties, Inc.		14,124		(1.81	)%		(82	)
Independence Realty Trust, Inc.		6,065		(0.54	)%		(405	)
Getty Realty Corp.		9,433		(1.30	)%		(2,723	)
Global Net Lease, Inc.		27,259		(1.00	)%		(4,449	)
Sun Communities, Inc.		3,092		(1.82	)%		(5,335	)
Regency Centers Corp.		5,979		(1.88	)%		(12,331	)
CubeSmart		7,879		(1.84	)%		(19,146	)
Sunstone Hotel Investors, Inc.		78,743		(3.53	)%		(21,578	)
Veris Residential, Inc.		12,867		(1.00	)%		(29,046	)
DiamondRock Hospitality Co.		52,555		(1.99	)%		(30,108	)
Public Storage		1,179		(1.86	)%		(30,703	)
Safehold, Inc.		10,620		(1.21	)%		(41,009	)
Four Corners Property Trust, Inc.		21,388		(2.72	)%		(41,488	)
Equinix, Inc.		526		(2.03	)%		(56,372	)
Phillips Edison & Company, Inc.		18,071		(2.96	)%		(56,471	)
Federal Realty Investment Trust		7,339		(3.67	)%		(60,696	)
Crown Castle, Inc.		7,233		(3.73	)%		(61,808	)
Acadia Realty Trust		18,085		(1.84	)%		(74,505	)
Terreno Realty Corp.		12,412		(3.60	)%		(99,855	)
SL Green Realty Corp.		8,067		(2.44	)%		(103,185	)
Agree Realty Corp.		13,104		(4.29	)%		(132,654	)
BXP, Inc.		16,418		(5.74	)%		(138,050	)
Omega Healthcare Investors, Inc.		15,467		(2.74	)%		(178,489	)
Macerich Co.		47,973		(3.80	)%		(202,605	)
National Health Investors, Inc.		12,955		(4.73	)%		(400,444	)
Total Financial							(537,414	)
Exchange Traded Funds
Vanguard Real Estate ETF		7,891		(3.34	)%		108,505
Total MS Equity Short Custom Basket							(428,909	)

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 35

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
RISK MANAGED REAL ESTATE FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
GS EQUITY LONG CUSTOM BASKET
Financial
Vornado Realty Trust		20,832		3.56	%	$	305,340
Kimco Realty Corp.		39,901		4.04	%		232,461
Kilroy Realty Corp.		38,622		6.52	%		203,792
Kite Realty Group Trust		37,280		4.32	%		191,103
VICI Properties, Inc.		38,319		5.56	%		188,973
Sabra Health Care REIT, Inc.		33,819		2.74	%		160,099
Invitation Homes, Inc.		40,559		6.23	%		135,673
Digital Realty Trust, Inc.		2,787		1.97	%		123,228
American Homes 4 Rent — Class A		18,822		3.15	%		82,655
CareTrust REIT, Inc.		13,639		1.83	%		75,696
Tanger, Inc.		12,920		1.87	%		75,051
EPR Properties		9,848		2.11	%		57,285
InvenTrust Properties Corp.		17,276		2.14	%		50,219
SBA Communications Corp.		1,772		1.86	%		46,613
National Storage Affiliates Trust		8,785		1.85	%		43,445
Alexandria Real Estate Equities, Inc.		8,095		4.19	%		40,237
WP Carey, Inc.		7,464		2.03	%		40,022
NNN REIT, Inc.		13,188		2.79	%		18,690
UDR, Inc.		14,428		2.85	%		16,871
Apple Hospitality REIT, Inc.		55,990		3.62	%		16,779
STAG Industrial, Inc.		21,459		3.66	%		12,224
Extra Space Storage, Inc.		2,341		1.84	%		10,843
Ryman Hospitality Properties, Inc.		3,776		1.77	%		9,520
Simon Property Group, Inc.		2,497		1.84	%		5,171
American Tower Corp. — Class A		1,805		1.83	%		2,975
RLJ Lodging Trust		23,714		0.95	%		2,642
Prologis, Inc.		6,711		3.69	%		2,575
Gaming and Leisure Properties, Inc.		12,412		2.78	%		2,498
Healthcare Realty Trust, Inc.		46,220		3.66	%		(1,756	)
NETSTREIT Corp.		25,873		1.86	%		(5,115	)
Alexander & Baldwin, Inc.		10,761		0.90	%		(5,161	)
Essex Property Trust, Inc.		4,321		5.56	%		(12,384	)
Park Hotels & Resorts, Inc.		72,001		4.43	%		(28,857	)
Total Financial							2,099,407
Total GS Equity Long Custom Basket							2,099,407
GS EQUITY SHORT CUSTOM BASKET
Financial
Service Properties Trust		41,027		(0.81	)%		80,875
Camden Property Trust		11,068		(5.94	)%		59,264
Pebblebrook Hotel Trust		46,411		(2.67	)%		47,956
JBG SMITH Properties		9,486		(0.72	)%		20,987
Host Hotels & Resorts, Inc.		22,928		(1.75	)%		13,032
LXP Industrial Trust		30,979		(1.35	)%		8,343
Rexford Industrial Realty, Inc.		5,366		(1.17	)%		3,588
Equity LifeStyle Properties, Inc.		5,873		(1.82	)%		2,134
Americold Realty Trust, Inc.		9,586		(1.18	)%		1,866
EastGroup Properties, Inc.		1,469		(1.19	)%		1,590
Cousins Properties, Inc.		14,124		(1.81	)%		(300	)
Independence Realty Trust, Inc.		6,065		(0.54	)%		(542	)
Getty Realty Corp.		9,433		(1.30	)%		(2,785	)
Sunstone Hotel Investors, Inc.		78,743		(3.53	)%		(4,286	)
Global Net Lease, Inc.		27,259		(1.00	)%		(4,948	)
Sun Communities, Inc.		3,092		(1.82	)%		(5,249	)
Douglas Emmett, Inc.		46,089		(3.52	)%		(6,630	)
Regency Centers Corp.		5,979		(1.88	)%		(16,182	)
CubeSmart		7,879		(1.84	)%		(19,698	)
DiamondRock Hospitality Co.		52,555		(1.99	)%		(26,330	)
Veris Residential, Inc.		12,867		(1.00	)%		(28,757	)
Public Storage		1,179		(1.86	)%		(31,536	)
Mid-America Apartment Communities, Inc.		9,749		(6.73	)%		(36,166	)
Four Corners Property Trust, Inc.		21,388		(2.72	)%		(45,165	)
Safehold, Inc.		10,620		(1.21	)%		(45,586	)
Federal Realty Investment Trust		7,339		(3.67	)%		(51,101	)
Equinix, Inc.		526		(2.03	)%		(56,119	)
Crown Castle, Inc.		7,233		(3.73	)%		(58,414	)
Phillips Edison & Company, Inc.		18,071		(2.96	)%		(73,088	)
Acadia Realty Trust		18,085		(1.84	)%		(75,066	)
Realty Income Corp.		13,691		(3.77	)%		(93,999	)
Terreno Realty Corp.		12,412		(3.60	)%		(100,783	)
SL Green Realty Corp.		7,988		(2.42	)%		(122,910	)
Macerich Co.		47,973		(3.80	)%		(129,674	)
Agree Realty Corp.		13,104		(4.29	)%		(135,852	)
BXP, Inc.		16,418		(5.74	)%		(137,105	)
Omega Healthcare Investors, Inc.		15,467		(2.73	)%		(145,049	)
National Health Investors, Inc.		12,955		(4.73	)%		(402,422	)
Total Financial							(1,616,107	)
Exchange Traded Funds
Vanguard Real Estate ETF		7,891		(3.34	)%		108,960
Total GS Equity Short Custom Basket						$	(1,507,147	)

36 | THE GUGGENHEIM FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (concluded)	September 30, 2024
RISK MANAGED REAL ESTATE FUND

***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is pledged as short security collateral at September 30, 2024
2	Rate indicated is the 7-day yield as of September 30, 2024.
	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 September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	331,230,483	$	—	$	—	$	331,230,483
Money Market Fund		11,710,414		—		—		11,710,414
Equity Custom Basket Swap Agreements**		—		4,384,771		—		4,384,771
Total Assets	$	342,940,897	$	4,384,771	$	—	$	347,325,668

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	25,768,896	$	—	$	—	$	25,768,896
Exchange-Traded Funds		885,548		—		—		885,548
Equity Custom Basket Swap Agreements**		—		1,936,056		—		1,936,056
Total Liabilities	$	26,654,444	$	1,936,056	$	—	$	28,590,500

** This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 37

RISK MANAGED REAL ESTATE FUND

STATEMENT OF ASSETS AND LIABILITIES

September 30, 2024

Assets:
Investments, at value (cost $305,484,126)	$	342,940,897
Cash		22,272,633
Segregated cash with broker		2,309,456
Unrealized appreciation on OTC swap agreements		4,384,771
Prepaid expenses		31,557
Receivables:
Dividends		1,037,413
Fund shares sold		278,990
Interest		42,665
Other assets		10,701
Total assets		373,309,083
Liabilities:
Securities sold short, at value (proceeds $23,989,061)		26,654,444
Segregated cash due to broker		4,043,030
Unrealized depreciation on OTC swap agreements		1,936,056
Payable for:
Fund shares redeemed		1,098,972
Swap settlement		862,590
Management fees		193,655
Distributions to shareholders		87,894
Transfer agent/maintenance fees		56,558
Distribution and service fees		6,728
Fund accounting/administration fees		4,308
Trustees’ fees*		3,043
Due to Investment Adviser		53
Miscellaneous		130,288
Total liabilities		35,077,619
Net assets	$	338,231,464
Net assets consist of:
Paid in capital	$	309,300,864
Total distributable earnings (loss)		28,930,600
Net assets	$	338,231,464
Class A:
Net assets	$	4,836,934
Capital shares outstanding		140,344
Net asset value per share	$	34.46
Maximum offering price per share (Net asset value divided by 95.25%)	$	36.18
Class C:
Net assets	$	5,007,103
Capital shares outstanding		146,509
Net asset value per share	$	34.18
Class P:
Net assets	$	10,074,496
Capital shares outstanding		290,529
Net asset value per share	$	34.68
Institutional Class:
Net assets	$	318,312,931
Capital shares outstanding		9,102,244
Net asset value per share	$	34.97

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

38 | THE GUGGENHEIM FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

RISK MANAGED REAL ESTATE FUND

STATEMENT OF OPERATIONS

Year Ended September 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $19,888)	$	11,456,510
Interest		1,952,014
Total investment income		13,408,524
Expenses:
Management fees		2,538,398
Distribution and service fees:
Class A		11,068
Class C		48,656
Class P		23,644
Transfer agent/maintenance fees:
Class A		5,150
Class C		5,003
Class P		14,311
Institutional Class		272,901
Short sales dividend expense		1,309,648
Interest expense		316,941
Fund accounting/administration fees		139,273
Professional fees		87,211
Trustees’ fees*		20,130
Custodian fees		19,801
Line of credit fees		9,181
Miscellaneous		126,576
Recoupment of previously waived fees:
Class A		854
Class C		645
Class P		3,370
Total expenses		4,952,761
Less:
Expense reimbursed by Adviser:
Class A		(180	)
Class C		(84	)
Class P		(96	)
Institutional Class		(868	)
Expenses waived by Adviser		(106,703	)
Total waived/reimbursed expenses		(107,931	)
Net expenses		4,844,830
Net investment income		8,563,694
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	(3,368,738	)
Investments sold short		2,776,429
Swap agreements		8,058,851
Net realized gain		7,466,542
Net change in unrealized appreciation (depreciation) on:
Investments		80,460,006
Investments sold short		(7,391,582	)
Swap agreements		(4,631,112	)
Net change in unrealized appreciation (depreciation)		68,437,312
Net realized and unrealized gain		75,903,854
Net increase in net assets resulting from operations	$	84,467,548

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 39

RISK MANAGED REAL ESTATE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended September 30, 2024			Year Ended September 30, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	8,563,694		$	9,991,453
Net realized gain on investments		7,466,542			1,677,521
Net change in unrealized appreciation (depreciation) on investments		68,437,312			(4,167,625	)
Net increase in net assets resulting from operations		84,467,548			7,501,349
Distributions to shareholders:
Class A		(124,087	)		(347,557	)
Class C		(100,127	)		(302,170	)
Class P		(258,942	)		(683,918	)
Institutional Class		(9,703,511	)		(26,554,622	)
Return of Capital
Class A		—			(34,317	)
Class C		—			(34,101	)
Class P		—			(67,335	)
Institutional Class		—			(2,503,050	)
Total distributions to shareholders		(10,186,667	)		(30,527,070	)
Capital share transactions:
Proceeds from sale of shares
Class A		975,223			1,251,126
Class C		449,159			693,027
Class P		1,668,346			1,230,119
Institutional Class		56,496,605			89,132,585
Distributions reinvested
Class A		113,706			353,469
Class C		96,964			322,373
Class P		258,942			751,253
Institutional Class		9,267,091			25,711,484
Cost of shares redeemed
Class A		(1,535,282	)		(6,232,246	)
Class C		(1,316,770	)		(1,422,158	)
Class P		(2,686,041	)		(5,440,837	)
Institutional Class		(152,743,720	)		(167,277,680	)
Net decrease from capital share transactions		(88,955,777	)		(60,927,485	)
Net decrease in net assets		(14,674,896	)		(83,953,206	)
Net assets:
Beginning of year		352,906,360			436,859,566
End of year	$	338,231,464		$	352,906,360
Capital share activity:
Shares sold
Class A		31,903			42,057
Class C		15,361			23,748
Class P		53,565			40,388
Institutional Class		1,826,925			2,917,549
Shares issued from reinvestment of distributions
Class A		3,567			12,164
Class C		3,077			11,190
Class P		8,075			25,698
Institutional Class		286,640			872,328
Shares redeemed
Class A		(50,152	)		(205,886	)
Class C		(42,364	)		(48,660	)
Class P		(85,912	)		(180,387	)
Institutional Class		(4,977,917	)		(5,535,082	)
Net decrease in shares		(2,927,232	)		(2,024,893	)

40 | THE GUGGENHEIM FUNDS 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.

Class A	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	27.61		$	29.48		$	36.87		$	29.97		$	34.11
Income (loss) from investment operations:
Net investment income (loss)a		.71			.56			.23			.32			.31
Net gain (loss) on investments (realized and unrealized)		7.01			(.31	)		(5.35	)		8.86			(2.53	)
Total from investment operations		7.72			.25			(5.12	)		9.18			(2.22	)
Less distributions from:
Net investment income		(.87	)		(.63	)		(.55	)		(.54	)		(.63	)
Return of capital		—			(.20	)		—			—			—
Net realized gains		—			(1.29	)		(1.72	)		(1.74	)		(1.29	)
Total distributions		(.87	)		(2.12	)		(2.27	)		(2.28	)		(1.92	)
Net asset value, end of period	$	34.46		$	27.61		$	29.48		$	36.87		$	29.97
Total Returnb		28.31	%		0.58	%		(15.31	%)		32.13	%		(6.73	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,837		$	4,280		$	9,043		$	10,098		$	15,857
Ratios to average net assets:
Net investment income (loss)		2.31	%		1.86	%		0.62	%		0.95	%		0.99	%
Total expensesc		1.73	%		1.72	%		1.62	%		1.39	%		1.71	%
Net expensesd,e,f		1.70	%		1.66	%		1.58	%		1.38	%		1.70	%
Portfolio turnover rate		72	%		21	%		47	%		80	%		180	%

Class C	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	27.38		$	29.23		$	36.55		$	29.76		$	33.88
Income (loss) from investment operations:
Net investment income (loss)a		.47			.42			(.01	)		.05			.08
Net gain (loss) on investments (realized and unrealized)		6.97			(.38	)		(5.30	)		8.76			(2.53	)
Total from investment operations		7.44			.04			(5.31	)		8.81			(2.45	)
Less distributions from:
Net investment income		(.64	)		(.40	)		(.29	)		(.28	)		(.38	)
Return of capital		—			(.20	)		—			—			—
Net realized gains		—			(1.29	)		(1.72	)		(1.74	)		(1.29	)
Total distributions		(.64	)		(1.89	)		(2.01	)		(2.02	)		(1.67	)
Net asset value, end of period	$	34.18		$	27.38		$	29.23		$	36.55		$	29.76
Total Returnb		27.44	%		(0.10	%)		(15.93	%)		31.05	%		(7.48	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,007		$	4,667		$	5,382		$	5,029		$	2,446
Ratios to average net assets:
Net investment income (loss)		1.56	%		1.40	%		(0.03	%)		0.16	%		0.26	%
Total expensesc		2.47	%		2.36	%		2.34	%		2.21	%		2.54	%
Net expensesd,e,f		2.43	%		2.32	%		2.31	%		2.20	%		2.51	%
Portfolio turnover rate		72	%		21	%		47	%		80	%		180	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 41

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.

Class P	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	27.77		$	29.63		$	37.04		$	30.12		$	34.30
Income (loss) from investment operations:
Net investment income (loss)a		.70			.60			.18			.29			.22
Net gain (loss) on investments (realized and unrealized)		7.07			(.36	)		(5.35	)		8.91			(2.48	)
Total from investment operations		7.77			.24			(5.17	)		9.20			(2.26	)
Less distributions from:
Net investment income		(.86	)		(.61	)		(.52	)		(.54	)		(.63	)
Return of capital		—			(.20	)		—			—			—
Net realized gains		—			(1.29	)		(1.72	)		(1.74	)		(1.29	)
Total distributions		(.86	)		(2.10	)		(2.24	)		(2.28	)		(1.92	)
Net asset value, end of period	$	34.68		$	27.77		$	29.63		$	37.04		$	30.12
Total Return		28.30	%		0.55	%		(15.35	%)		32.03	%		(6.81	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	10,074		$	8,743		$	12,716		$	14,830		$	12,152
Ratios to average net assets:
Net investment income (loss)		2.26	%		1.99	%		0.48	%		0.86	%		0.70	%
Total expensesc		1.79	%		1.73	%		1.69	%		1.47	%		1.84	%
Net expensesd,e,f		1.75	%		1.66	%		1.64	%		1.45	%		1.78	%
Portfolio turnover rate		72	%		21	%		47	%		80	%		180	%

42 | THE GUGGENHEIM FUNDS 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	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	28.01		$	29.88		$	37.34		$	30.34		$	34.51
Income (loss) from investment operations:
Net investment income (loss)a		.79			.74			.34			.41			.41
Net gain (loss) on investments (realized and unrealized)		7.16			(.39	)		(5.42	)		8.98			(2.58	)
Total from investment operations		7.95			.35			(5.08	)		9.39			(2.17	)
Less distributions from:
Net investment income		(.99	)		(.73	)		(.66	)		(.65	)		(.71	)
Return of capital		-—			(.20	)		—			—			—
Net realized gains		—			(1.29	)		(1.72	)		(1.74	)		(1.29	)
Total distributions		(.99	)		(2.22	)		(2.38	)		(2.39	)		(2.00	)
Net asset value, end of period	$	34.97		$	28.01		$	29.88		$	37.34		$	30.34
Total Return		28.74	%		0.91	%		(15.05	%)		32.52	%		(6.48	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	318,313		$	335,217		$	409,719		$	465,267		$	290,551
Ratios to average net assets:
Net investment income (loss)		2.56	%		2.43	%		0.92	%		1.18	%		1.31	%
Total expensesc		1.43	%		1.34	%		1.30	%		1.10	%		1.43	%
Net expensesd,e,f		1.40	%		1.29	%		1.28	%		1.10	%		1.43	%
Portfolio turnover rate		72	%		21	%		47	%		80	%		180	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
c	Does not include expenses of the underlying funds in which the Fund invests.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
e	The portion of the ratios of net expenses to average net assets attributable to recoupments of prior fee reductions or expense reimbursements for the years presented was as follows:

	09/30/24	09/30/23	09/30/22	09/30/21	09/30/20
Class A	0.02%	0.03%	0.02%	0.01%	0.02%
Class C	0.01%	0.01%	0.03%	0.06%	0.04%
Class P	0.04%	0.01%	0.05%	0.06%	0.02%
Institutional Class	—	0.02%	0.01%	0.00%*	0.01%

* Less than 0.01%.

^f Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be:

	09/30/24	09/30/23	09/30/22	09/30/21	09/30/20
Class A	1.22%	1.27%	1.22%	1.21%	1.23%
Class C	1.95%	1.93%	1.95%	2.04%	2.05%
Class P	1.27%	1.27%	1.28%	1.29%	1.30%
Institutional Class	0.92%	0.90%	0.92%	0.94%	0.96%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 43

SCHEDULE OF INVESTMENTS	September 30, 2024
SMID CAP VALUE FUND

	Shares		Value
COMMON STOCKS† - 96.1%
Industrial - 22.9%
Teledyne Technologies, Inc.*		18,440	$	8,070,450
Curtiss-Wright Corp.		23,413		7,695,619
Kirby Corp.*		59,036		7,227,777
Graphic Packaging Holding Co.		240,516		7,116,869
Coherent Corp.*		66,386		5,902,379
Summit Materials, Inc. — Class A*		141,380		5,518,061
Knight-Swift Transportation Holdings, Inc.		99,408		5,363,062
Arcosa, Inc.		55,422		5,251,789
Advanced Energy Industries, Inc.		42,919		4,516,796
Johnson Controls International plc		56,979		4,422,140
Esab Corp.		41,571		4,419,413
MDU Resources Group, Inc.		160,895		4,410,132
A O Smith Corp.		33,178		2,980,380
Littelfuse, Inc.		9,911		2,628,893
Park Aerospace Corp.		174,887		2,278,778
Timken Co.		24,565		2,070,584
Gates Industrial Corporation plc*		111,817		1,962,388
Sonoco Products Co.		34,129		1,864,467
Regal Rexnord Corp.		5,480		909,022
Stoneridge, Inc.*		41,338		462,572
Total Industrial				85,071,571
Financial - 18.7%
Unum Group		140,291		8,338,897
Stifel Financial Corp.		82,394		7,736,797
Jefferies Financial Group, Inc.		122,576		7,544,553
Old Republic International Corp.		206,205		7,303,781
First Horizon Corp.		369,776		5,742,621
Jones Lang LaSalle, Inc.*		21,074		5,685,976
Alexandria Real Estate Equities, Inc. REIT		45,826		5,441,838
Prosperity Bancshares, Inc.		74,846		5,394,151
First Merchants Corp.		114,112		4,244,967
Stewart Information Services Corp.		49,893		3,729,003
WisdomTree, Inc.		285,549		2,852,634
Apple Hospitality REIT, Inc. REIT		191,498		2,843,745
Axos Financial, Inc.*		42,006		2,641,337
Total Financial				69,500,300
Consumer, Non-cyclical - 16.0%
Ingredion, Inc.		66,822		9,183,347
Encompass Health Corp.		78,117		7,549,227
MGP Ingredients, Inc.		85,998		7,159,334
Integer Holdings Corp.*		53,596		6,967,480
Euronet Worldwide, Inc.*		66,598		6,608,520
Enovis Corp.*		108,056		4,651,811
RadNet, Inc.*		66,669		4,626,162
Central Garden & Pet Co. — Class A*		110,835		3,480,219
ICF International, Inc.		19,374		3,231,389
LivaNova plc*		39,390		2,069,551
Azenta, Inc.*		33,889		1,641,583
Certara, Inc.*		109,254		1,279,364
Conagra Brands, Inc.		29,950		973,974
Total Consumer, Non-cyclical				59,421,961
Technology - 8.2%
Teradyne, Inc.		57,150		7,654,099
Leidos Holdings, Inc.		45,214		7,369,882
Science Applications International Corp.		43,533		6,062,841
MACOM Technology Solutions Holdings, Inc.*		50,130		5,577,464
Amkor Technology, Inc.		118,412		3,623,407
Total Technology				30,287,693
Basic Materials - 8.0%
Reliance, Inc.		20,537		5,939,506
Avient Corp.		109,330		5,501,486
Westlake Corp.		30,968		4,654,181
Huntsman Corp.		152,929		3,700,882
Ashland, Inc.		41,548		3,613,429
Nucor Corp.		21,263		3,196,679
MP Materials Corp.*		169,089		2,984,421
Total Basic Materials				29,590,584
Consumer, Cyclical - 7.5%
H&E Equipment Services, Inc.		115,711		5,632,811
MSC Industrial Direct Company, Inc. — Class A		53,460		4,600,768
Sonic Automotive, Inc. — Class A		56,308		3,292,892
Ralph Lauren Corp. — Class A		13,201		2,559,278
AutoNation, Inc.*		13,370		2,392,160
Crocs, Inc.*		14,885		2,155,497
Lakeland Industries, Inc.		82,219		1,652,602
Lear Corp.		14,734		1,608,216
Century Communities, Inc.		11,018		1,134,634
Advance Auto Parts, Inc.		28,844		1,124,627
Newell Brands, Inc.		141,095		1,083,610
Methode Electronics, Inc.		68,189		815,540
Total Consumer, Cyclical				28,052,635
Utilities - 7.4%
OGE Energy Corp.		233,750		9,588,425
Evergy, Inc.		135,657		8,412,091
Pinnacle West Capital Corp.		81,991		7,263,583
Black Hills Corp.		35,919		2,195,369
Total Utilities				27,459,468
Energy - 5.8%
Diamondback Energy, Inc.		40,485		6,979,614
Murphy Oil Corp.		98,302		3,316,710
Liberty Energy, Inc. — Class A		165,250		3,154,622
Equities Corp.		73,308		2,686,005
Kinder Morgan, Inc.		112,598		2,487,290
Talos Energy, Inc.*		188,175		1,947,611
Patterson-UTI Energy, Inc.		116,563		891,707
HydroGen Corp.*,†††,1		1,265,700		2
Total Energy				21,463,561
Communications - 1.6%
Ciena Corp.*		47,396		2,919,120
Calix, Inc.*		65,690		2,548,115

44 | THE GUGGENHEIM FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (concluded)	September 30, 2024
SMID CAP VALUE FUND

	Shares		Value
Luna Innovations, Inc.*		278,235	$	653,852
Total Communications				6,121,087
Total Common Stocks
(Cost $271,713,867)				356,968,860
CONVERTIBLE PREFERRED STOCKS††† - 0.0%
Industrial - 0.0%
Thermoenergy Corp.*,2		1,652,084		482
Total Convertible Preferred Stocks
(Cost $1,577,634)				482
MONEY MARKET FUND***,† - 3.9%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.88%3		14,502,863		14,502,863
Total Money Market Fund
(Cost $14,502,863)				14,502,863
Total Investments - 100.0%
(Cost $287,794,364)			$	371,472,205
Other Assets & Liabilities, net - 0.0%				93,840
Total Net Assets - 100.0%			$	371,566,045

*	Non-income producing security.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs, unless otherwise noted — 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 September 30, 2024.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	356,968,858	$	—	$	2	$	356,968,860
Convertible Preferred Stocks		—		—		482		482
Money Market Fund		14,502,863		—		—		14,502,863
Total Assets	$	371,471,721	$	—	$	484	$	371,472,205

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 year ended September 30, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 09/30/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/24		Shares 09/30/24
Common Stocks
HydroGen Corp. *	$	2	$	—	$	—	$	—	$	—	$	2		1,265,700

* Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 45

SMID CAP VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES

September 30, 2024

Assets:
Investments in unaffiliated issuers, at value (cost $287,791,833)	$	371,472,203
Investments in affiliated issuers, at value (cost $2,531)		2
Prepaid expenses		29,882
Receivables:
Dividends		322,535
Fund shares sold		195,846
Interest		43,434
Foreign tax reclaims		302
Total assets		372,064,204
Liabilities:
Payable for:
Management fees		199,207
Fund shares redeemed		126,472
Transfer agent fees		59,085
Distribution and service fees		58,169
Professional fees		40,919
Fund accounting and administration fees		4,316
Trustees’ fees*		1,072
Miscellaneous		8,919
Total liabilities		498,159
Net assets	$	371,566,045
Net assets consist of:
Paid in capital	$	263,237,680
Total distributable earnings (loss)		108,328,365
Net assets	$	371,566,045
Class A:
Net assets	$	291,071,338
Capital shares outstanding		7,012,345
Net asset value per share	$	41.51
Maximum offering price per share (Net asset value divided by 95.25%)	$	43.58
Class C:
Net assets	$	3,570,042
Capital shares outstanding		143,862
Net asset value per share	$	24.82
Class P:
Net assets	$	4,880,998
Capital shares outstanding		118,574
Net asset value per share	$	41.16
Institutional Class:
Net assets	$	72,043,667
Capital shares outstanding		7,959,397
Net asset value per share	$	9.05

STATEMENT OF OPERATIONS

Year Ended September 30, 2024

Investment Income:
Dividends from securities of unaffiliated issuers	$	6,696,895
Interest from securities of unaffiliated issuers		293,453
Total investment income		6,990,348
Expenses:
Management fees		2,782,782
Distribution and service fees:
Class A		706,207
Class C		38,726
Class P		12,508
Transfer agent fees:
Class A		376,088
Class C		7,456
Class P		5,925
Institutional Class		101,516
Fund accounting and administration fees		151,741
Professional fees		69,829
Trustees’ fees*		18,893
Line of credit fees		10,226
Custodian fees		9,471
Miscellaneous		145,411
Recoupment of previously waived fees:
Class C		1,768
Total expenses		4,438,547
Less:
Expenses reimbursed by Adviser:
Class A		(16,428	)
Class C		(1,531	)
Class P		(144	)
Institutional Class		(5,164	)
Expenses waived by Adviser		(127,518	)
Total waived/reimbursed expenses		(150,785	)
Net expenses		4,287,762
Net investment income		2,702,586
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		26,188,659
Net realized gain		26,188,659
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		42,714,503
Net change in unrealized appreciation (depreciation)		42,714,503
Net realized and unrealized gain		68,903,162
Net increase in net assets resulting from operations	$	71,605,748

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

46 | THE GUGGENHEIM FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SMID CAP VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended September 30, 2024			Year Ended September 30, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	2,702,586		$	4,203,907
Net realized gain on investments		26,188,659			12,000,716
Net change in unrealized appreciation (depreciation) on investments		42,714,503			29,280,726
Net increase in net assets resulting from operations		71,605,748			45,485,349
Distributions to shareholders:
Class A		(4,519,035	)		(15,287,730	)
Class C		(90,028	)		(400,511	)
Class P		(83,545	)		(319,757	)
Institutional Class		(6,882,413	)		(17,898,014	)
Total distributions to shareholders		(11,575,021	)		(33,906,012	)
Capital share transactions:
Proceeds from sale of shares
Class A		5,756,207			9,197,883
Class C		209,657			485,848
Class P		79,097			151,281
Institutional Class		14,895,834			21,824,839
Distributions reinvested
Class A		4,392,317			14,853,499
Class C		83,920			379,175
Class P		83,545			319,757
Institutional Class		5,463,438			13,919,483
Cost of shares redeemed
Class A		(42,061,906	)		(32,127,530	)
Class C		(1,536,349	)		(2,161,822	)
Class P		(1,466,108	)		(1,145,194	)
Institutional Class		(37,727,972	)		(29,487,889	)
Net decrease from capital share transactions		(51,828,320	)		(3,790,670	)
Net increase in net assets		8,202,407			7,788,667
Net assets:
Beginning of year		363,363,638			355,574,971
End of year	$	371,566,045		$	363,363,638
Capital share activity:
Shares sold
Class A		152,442			253,740
Class C		9,107			22,243
Class P		2,074			4,170
Institutional Class		1,804,887			2,544,475
Shares issued from reinvestment of distributions
Class A		118,391			428,425
Class C		3,758			17,903
Class P		2,271			9,303
Institutional Class		677,006			1,726,983
Shares redeemed
Class A		(1,112,216	)		(898,347	)
Class C		(68,315	)		(98,361	)
Class P		(39,748	)		(32,403	)
Institutional Class		(4,483,828	)		(3,417,401	)
Net increase (decrease) in shares		(2,934,171	)		560,730

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 47

SMID CAP VALUE FUND

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Class A	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	34.78		$	32.58		$	38.00		$	26.27		$	30.52
Income (loss) from investment operations:
Net investment income (loss)a		.26			.37			.36			.19			.46
Net gain (loss) on investments (realized and unrealized)		7.06			3.75			(3.16	)		11.54			(3.37	)
Total from investment operations		7.32			4.12			(2.80	)		11.73			(2.91	)
Less distributions from:
Net investment income		(.09	)		(.22	)		(.10	)		—			(.26	)
Net realized gains		(.50	)		(1.70	)		(2.52	)		—			(1.04	)
Return of capital		—			—			—			—			(.04	)
Total distributions		(.59	)		(1.92	)		(2.62	)		—			(1.34	)
Net asset value, end of period	$	41.51		$	34.78		$	32.58		$	38.00		$	26.27
Total Returnb		21.25	%		12.65	%		(8.08	%)		44.65	%		(10.25	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	291,071		$	273,173		$	262,943		$	315,323		$	243,072
Ratios to average net assets:
Net investment income (loss)		0.68	%		1.05	%		0.96	%		0.53	%		1.64	%
Total expensesc		1.24	%		1.20	%		1.19	%		1.20	%		1.25	%
Net expensesd,e,f		1.20	%		1.15	%		1.18	%		1.19	%		1.24	%
Portfolio turnover rate		25	%		28	%		39	%		34	%		41	%

Class C	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	21.10		$	20.41		$	24.85		$	17.32		$	20.48
Income (loss) from investment operations:
Net investment income (loss)a		(.03	)		.04			.01			(.06	)		.16
Net gain (loss) on investments (realized and unrealized)		4.25			2.35			(1.93	)		7.59			(2.22	)
Total from investment operations		4.22			2.39			(1.92	)		7.53			(2.06	)
Less distributions from:
Net investment income		—			—			—			—			(.03	)
Net realized gains		(.50	)		(1.70	)		(2.52	)		—			(1.04	)
Return of capital		—			—			—			—			(.03	)
Total distributions		(.50	)		(1.70	)		(2.52	)		—			(1.10	)
Net asset value, end of period	$	24.82		$	21.10		$	20.41		$	24.85		$	17.32
Total Returnb		20.27	%		11.67	%		(8.85	%)		43.48	%		(10.95	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,570		$	4,205		$	5,256		$	10,015		$	14,276
Ratios to average net assets:
Net investment income (loss)		(0.15	%)		0.18	%		0.04	%		(0.27	%)		0.86	%
Total expensesc		2.10	%		2.10	%		2.09	%		2.05	%		2.14	%
Net expensesd,e,f		2.02	%		2.02	%		2.02	%		2.02	%		2.07	%
Portfolio turnover rate		25	%		28	%		39	%		34	%		41	%

48 | THE GUGGENHEIM FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SMID CAP VALUE FUND

FINANCIAL HIGHLIGHTS (continued)

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Class P	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	34.46		$	32.30		$	37.67		$	26.06		$	30.25
Income (loss) from investment operations:
Net investment income (loss)a		.26			.34			.33			.15			.46
Net gain (loss) on investments (realized and unrealized)		6.99			3.71			(3.12	)		11.46			(3.37	)
Total from investment operations		7.25			4.05			(2.79	)		11.61			(2.91	)
Less distributions from:
Net investment income		(.05	)		(.19	)		(.06	)		—			(.20	)
Net realized gains		(.50	)		(1.70	)		(2.52	)		—			(1.04	)
Return of capital		—			—			—			—			(.04	)
Total distributions		(.55	)		(1.89	)		(2.58	)		—			(1.28	)
Net asset value, end of period	$	41.16		$	34.46		$	32.30		$	37.67		$	26.06
Total Return		21.24	%		12.57	%		(8.16	%)		44.55	%		(10.30	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,881		$	5,306		$	5,584		$	6,907		$	7,662
Ratios to average net assets:
Net investment income (loss)		0.69	%		0.96	%		0.90	%		0.43	%		1.64	%
Total expensesc		1.23	%		1.27	%		1.30	%		1.32	%		1.33	%
Net expensesd,e,f		1.19	%		1.24	%		1.26	%		1.28	%		1.31	%
Portfolio turnover rate		25	%		28	%		39	%		34	%		41	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 49

SMID CAP VALUE FUND

FINANCIAL HIGHLIGHTS (concluded)

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Institutional Class	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Period Ended September 30, 2020g
Per Share Data
Net asset value, beginning of period	$	8.10		$	8.98		$	12.42		$	8.57		$	10.20
Income (loss) from investment operations:
Net investment income (loss)a		.08			.11			.12			.08			.11
Net gain (loss) on investments (realized and unrealized)		1.58			1.04			(.82	)		3.77			(1.74	)
Total from investment operations		1.66			1.15			(.70	)		3.85			(1.63	)
Less distributions from:
Net investment income		(.21	)		(.33	)		(.22	)		—			—
Net realized gains		(.50	)		(1.70	)		(2.52	)		—			—
Total distributions		(.71	)		(2.03	)		(2.74	)		—			—
Net asset value, end of period	$	9.05		$	8.10		$	8.98		$	12.42		$	8.57
Total Return		21.52	%		12.91	%		(7.93	%)		44.92	%		(15.98	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	72,044		$	80,679		$	81,792		$	96,973		$	60,783
Ratios to average net assets:
Net investment income (loss)		0.94	%		1.26	%		1.14	%		0.70	%		1.87	%
Total expensesc		0.99	%		0.98	%		1.03	%		1.06	%		1.09	%
Net expensesd,e,f		0.94	%		0.94	%		1.01	%		1.02	%		1.03	%
Portfolio turnover rate		25	%		28	%		39	%		34	%		41	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
c	Does not include expenses of the underlying funds in which the Fund invests, if any.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
e	The portion of the ratios of net expenses to average net assets attributable to recoupments of prior fee reductions or expense reimbursements for the years presented was as follows:

	09/30/24	09/30/23	09/30/22	09/30/21	09/30/20
Class A	—	0.00%*	0.01%	0.00%	0.00%*
Class C	0.05%	0.04%	0.00%*	0.00%*	0.00%*
Class P	—	0.01%	0.02%	0.07%	0.01%
Institutional Class	—	0.04%	0.00%*	0.00%*	0.00%*,g

* Less than 0.01%.

^f Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be:

	09/30/24	09/30/23	09/30/22	09/30/21	09/30/20
Class A	1.20%	1.15%	1.18%	1.19%	1.24%
Class C	2.02%	2.02%	2.02%	2.01%	2.07%
Class P	1.19%	1.23%	1.25%	1.28%	1.30%
Institutional Class	0.94%	0.94%	1.01%	1.02%	1.03%g

^g Since commencement of operations: January 3, 2020. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

50 | THE GUGGENHEIM FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS	September 30, 2024
STYLEPLUS—LARGE CORE FUND

	Shares		Value
COMMON STOCKS† - 22.7%
Technology - 7.6%
Microsoft Corp.		9,830	$	4,229,849
Apple, Inc.		15,825		3,687,225
NVIDIA Corp.		29,113		3,535,483
Broadcom, Inc.		5,850		1,009,125
International Business Machines Corp.		3,948		872,824
QUALCOMM, Inc.		4,927		837,836
Applied Materials, Inc.		3,704		748,393
NXP Semiconductor N.V.		2,741		657,867
TE Connectivity plc		4,293		648,200
HP, Inc.		17,647		632,998
Akamai Technologies, Inc.*		5,957		601,359
NetApp, Inc.		4,663		575,927
Fair Isaac Corp.*		267		518,920
Skyworks Solutions, Inc.		5,228		516,370
Qorvo, Inc.*		4,534		468,362
KLA Corp.		567		439,091
Total Technology				19,979,829
Communications - 3.8%
Amazon.com, Inc.*		11,251		2,096,399
Alphabet, Inc. — Class C		11,608		1,940,741
Meta Platforms, Inc. — Class A		1,560		893,006
Cisco Systems, Inc.		15,622		831,403
AT&T, Inc.		34,845		766,590
Motorola Solutions, Inc.		1,531		688,384
eBay, Inc.		10,353		674,084
F5, Inc.*		2,942		647,828
Gen Digital, Inc.		22,585		619,507
GoDaddy, Inc. — Class A*		3,874		607,366
Arista Networks, Inc.*		1,004		385,355
Total Communications				10,150,663
Consumer, Non-cyclical - 3.7%
Johnson & Johnson		6,390		1,035,563
AbbVie, Inc.		5,128		1,012,677
Merck & Company, Inc.		7,928		900,304
Gilead Sciences, Inc.		8,892		745,505
United Rentals, Inc.		920		744,952
Bristol-Myers Squibb Co.		14,101		729,586
HCA Healthcare, Inc.		1,705		692,963
Regeneron Pharmaceuticals, Inc.*		626		658,076
Incyte Corp.*		9,556		631,652
Hologic, Inc.*		7,453		607,121
Eli Lilly & Co.		680		602,439
Universal Health Services, Inc. — Class B		2,510		574,815
Amgen, Inc.		1,691		544,857
DaVita, Inc.*		1,571		257,534
UnitedHealth Group, Inc.		290		169,558
Total Consumer, Non-cyclical				9,907,602
Industrial - 3.0%
Caterpillar, Inc.		2,363		924,216
RTX Corp.		6,362		770,820
Lockheed Martin Corp.		1,277		746,483
Amphenol Corp. — Class A		10,888		709,462
Westinghouse Air Brake Technologies Corp.		3,757		682,910
Masco Corp.		7,704		646,674
Allegion plc		4,341		632,657
Dover Corp.		3,157		605,323
TransDigm Group, Inc.		414		590,832
Snap-on, Inc.		1,958		567,252
Garmin Ltd.		3,051		537,068
Honeywell International, Inc.		1,828		377,866
A O Smith Corp.		2,220		199,423
Total Industrial				7,990,986
Financial - 3.0%
Bank of America Corp.		22,515		893,417
American Express Co.		2,994		811,973
Wells Fargo & Co.		13,684		773,009
Chubb Ltd.		2,501		721,264
Ameriprise Financial, Inc.		1,433		673,237
Hartford Financial Services Group, Inc.		5,394		634,388
Arch Capital Group Ltd.*		5,607		627,311
Fifth Third Bancorp		14,520		622,037
Everest Group Ltd.		1,536		601,851
Berkshire Hathaway, Inc. — Class B*		1,218		560,597
Synchrony Financial		9,826		490,121
Citizens Financial Group, Inc.		6,698		275,087
JPMorgan Chase & Co.		947		199,684
Total Financial				7,883,976
Consumer, Cyclical - 1.4%
WW Grainger, Inc.		668		693,925
Cummins, Inc.		2,117		685,464
PACCAR, Inc.		6,888		679,708
PulteGroup, Inc.		3,786		543,405
Lennar Corp. — Class A		1,928		361,461
Ralph Lauren Corp. — Class A		1,268		245,827
General Motors Co.		5,144		230,657
Tesla, Inc.*		737		192,821
Total Consumer, Cyclical				3,633,268
Utilities - 0.1%
Duke Energy Corp.		3,502		403,780
Energy - 0.1%
Exxon Mobil Corp.		1,517		177,823
Total Common Stocks
(Cost $49,133,220)				60,127,927
MUTUAL FUNDS† - 72.0%
Guggenheim Strategy Fund III1		3,355,050		83,507,185
Guggenheim Strategy Fund II1		2,922,707		72,483,129
Guggenheim Ultra Short Duration Fund — Institutional Class1		3,400,126		34,069,259
Total Mutual Funds
(Cost $188,265,777)				190,059,573

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 51

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
STYLEPLUS—LARGE CORE FUND

	Shares		Value
MONEY MARKET FUND***,† - 5.0%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.88%2		13,177,443	$	13,177,443
Total Money Market Fund
(Cost $13,177,443)				13,177,443
Total Investments - 99.7%
(Cost $250,576,440)			$	263,364,943
Other Assets & Liabilities, net - 0.3%				725,685
Total Net Assets - 100.0%			$	264,090,628

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		10		Dec 2024	$	2,908,000	$	62,524

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 Index

Pay

5.39% (Federal Funds Rate + 0.56%)

At Maturity

03/03/25

16,086

$

202,788,320

$

33,863,475

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Affiliated issuer.
2	Rate indicated is the 7-day yield as of September 30, 2024.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

52 | THE GUGGENHEIM FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (concluded)	September 30, 2024
STYLEPLUS—LARGE CORE FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	60,127,927	$	—	$	—	$	60,127,927
Mutual Funds		190,059,573		—		—		190,059,573
Money Market Fund		13,177,443		—		—		13,177,443
Equity Futures Contracts**		62,524		—		—		62,524
Equity Index Swap Agreements**		—		33,863,475		—		33,863,475
Total Assets	$	263,427,467	$	33,863,475	$	—	$	297,290,942

** 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 “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, 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 Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2023 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/1601445/000182126823000217/gug86449-ncsr.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 year ended September 30, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 09/30/23		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/24		Shares 09/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	59,650,586	$	28,883,994	$	(17,498,700	)	$	(152,064	)	$	1,599,313	$	72,483,129		2,922,707	$	3,848,577
Guggenheim Strategy Fund III		72,469,308		20,145,422		(10,904,674	)		(212,232	)		2,009,361		83,507,185		3,355,050		4,172,004
Guggenheim Ultra Short Duration Fund — Institutional Class		31,420,533		1,756,937		—			—			891,789		34,069,259		3,400,126		1,762,097
	$	163,540,427	$	50,786,353	$	(28,403,374	)	$	(364,296	)	$	4,500,463	$	190,059,573			$	9,782,678

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 53

STYLEPLUS—LARGE CORE FUND

STATEMENT OF ASSETS AND LIABILITIES

September 30, 2024

Assets:
Investments in unaffiliated issuers, at value (cost $62,310,663)	$	73,305,370
Investments in affiliated issuers, at value (cost $188,265,777)		190,059,573
Segregated cash with broker		330,000
Unrealized appreciation on OTC swap agreements		33,863,475
Prepaid expenses		44,659
Receivables:
Dividends		834,947
Interest		40,284
Variation margin on futures contracts		12,375
Fund shares sold		1,306
Investment Adviser		467
Total assets		298,492,456
Liabilities:
Overdraft due to custodian bank		8,030
Segregated cash due to broker		26,450,000
Payable for:
Swap settlement		6,669,622
Securities purchased		806,214
Management fees		141,875
Fund shares redeemed		92,906
Distribution and service fees		48,402
Transfer agent/maintenance fees		13,833
Fund accounting/administration fees		10,269
Trustees’ fees*		1,007
Miscellaneous		159,670
Total liabilities		34,401,828
Net assets	$	264,090,628
Net assets consist of:
Paid in capital	$	209,732,853
Total distributable earnings (loss)		54,357,775
Net assets	$	264,090,628
Class A:
Net assets	$	254,992,346
Capital shares outstanding		10,319,894
Net asset value per share	$	24.71
Maximum offering price per share (Net asset value divided by 95.25%)	$	25.94
Class C:
Net assets	$	841,581
Capital shares outstanding		70,557
Net asset value per share	$	11.93
Class P:
Net assets	$	87,088
Capital shares outstanding		3,604
Net asset value per share	$	24.16
Institutional Class:
Net assets	$	8,169,613
Capital shares outstanding		335,539
Net asset value per share	$	24.35

STATEMENT OF OPERATIONS

Year Ended September 30, 2024

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $1,525)	$	801,861
Dividends from securities of affiliated issuers		9,782,678
Interest		506,639
Total investment income		11,091,178
Expenses:
Management fees		1,796,074
Distribution and service fees:
Class A		578,387
Class C		8,548
Class P		599
Transfer agent/maintenance fees:
Class A		192,478
Class C		1,916
Class P		343
Institutional Class		8,512
Interest expense		969,504
Fund accounting/administration fees		100,989
Professional fees		57,560
Trustees’ fees*		16,630
Custodian fees		13,524
Line of credit fees		4,623
Miscellaneous		128,536
Total expenses		3,878,223
Less:
Expenses waived by Adviser		(81,725	)
Net expenses		3,796,498
Net investment income		7,294,680
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		7,215,823
Investments in affiliated issuers		(364,296	)
Swap agreements		33,338,204
Futures contracts		1,596,960
Net realized gain		41,786,691
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		8,665,289
Investments in affiliated issuers		4,500,463
Swap agreements		12,774,700
Futures contracts		118,865
Net change in unrealized appreciation (depreciation)		26,059,317
Net realized and unrealized gain		67,846,008
Net increase in net assets resulting from operations	$	75,140,688

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

54 | THE GUGGENHEIM FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STYLEPLUS—LARGE CORE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended September 30, 2024			Year Ended September 30, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	7,294,680		$	6,276,519
Net realized gain (loss) on investments		41,786,691			(36,981,624	)
Net change in unrealized appreciation (depreciation) on investments		26,059,317			71,070,811
Net increase in net assets resulting from operations		75,140,688			40,365,706
Distributions to shareholders:
Class A		(5,405,491	)		(57,362,413	)
Class C		(36,849	)		(480,274	)
Class P		(5,396	)		(80,505	)
Institutional Class		(182,850	)		(1,403,582	)
Total distributions to shareholders		(5,630,586	)		(59,326,774	)
Capital share transactions:
Proceeds from sale of shares
Class A		6,210,855			2,166,582
Class C		69,462			125,050
Class P		1,460			7,830
Institutional Class		1,830,970			1,924,452
Distributions reinvested
Class A		5,134,767			54,015,082
Class C		36,186			480,152
Class P		5,396			80,505
Institutional Class		181,876			1,391,827
Cost of shares redeemed
Class A		(25,109,528	)		(23,234,130	)
Class C		(283,343	)		(520,369	)
Class P		(195,305	)		(102,107	)
Institutional Class		(2,050,837	)		(1,714,715	)
Net increase (decrease) from capital share transactions		(14,168,041	)		34,620,159
Net increase in net assets		55,342,061			15,659,091
Net assets:
Beginning of year		208,748,567			193,089,476
End of year	$	264,090,628		$	208,748,567
Capital share activity:
Shares sold
Class A		291,700			118,847
Class C		6,735			13,926
Class P		65			451
Institutional Class		87,396			110,833
Shares issued from reinvestment of distributions
Class A		257,382			3,255,882
Class C		3,730			57,850
Class P		276			4,957
Institutional Class		9,265			85,231
Shares redeemed
Class A		(1,161,333	)		(1,271,366	)
Class C		(26,945	)		(58,377	)
Class P		(8,169	)		(6,243	)
Institutional Class		(99,766	)		(89,973	)
Net increase (decrease) in shares		(639,664	)		2,222,018

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 55

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.

Class A	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	18.44		$	21.18		$	27.35		$	23.01		$	20.48
Income (loss) from investment operations:
Net investment income (loss)a		.66			.56			.18			.06			.17
Net gain (loss) on investments (realized and unrealized)		6.11			3.32			(5.02	)		6.46			2.70
Total from investment operations		6.77			3.88			(4.84	)		6.52			2.87
Less distributions from:
Net investment income		(.50	)		(.22	)		(.08	)		(.19	)		(.31	)
Net realized gains		—			(6.40	)		(1.25	)		(1.99	)		(.03	)
Total distributions		(.50	)		(6.62	)		(1.33	)		(2.18	)		(.34	)
Net asset value, end of period	$	24.71		$	18.44		$	21.18		$	27.35		$	23.01
Total Returnb		37.38	%		21.81	%		(18.94	%)		29.91	%		14.18	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	254,992		$	201,587		$	186,957		$	247,243		$	204,428
Ratios to average net assets:
Net investment income (loss)		3.04	%		3.01	%		0.68	%		0.23	%		0.79	%
Total expensesc		1.62	%		1.48	%		1.20	%		1.23	%		1.32	%
Net expensesd		1.59	%		1.44	%		1.15	%		1.17	%		1.28	%
Portfolio turnover rate		56	%		56	%		62	%		25	%		69	%

Class C	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	9.16		$	13.57		$	18.03		$	15.87		$	14.22
Income (loss) from investment operations:
Net investment income (loss)a		.23			.21			(.02	)		(.11	)		(.02	)
Net gain (loss) on investments (realized and unrealized)		2.98			1.93			(3.20	)		4.34			1.87
Total from investment operations		3.21			2.14			(3.22	)		4.23			1.85
Less distributions from:
Net investment income		(.44	)		(.15	)		—			(.08	)		(.17	)
Net realized gains		—			(6.40	)		(1.24	)		(1.99	)		(.03	)
Total distributions		(.44	)		(6.55	)		(1.24	)		(2.07	)		(.20	)
Net asset value, end of period	$	11.93		$	9.16		$	13.57		$	18.03		$	15.87
Total Returnb		36.17	%		20.81	%		(19.69	%)		28.69	%		13.11	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	842		$	797		$	999		$	869		$	1,019
Ratios to average net assets:
Net investment income (loss)		2.15	%		2.14	%		(0.10	%)		(0.67	%)		(0.15	%)
Total expensesc		2.51	%		2.32	%		2.10	%		2.15	%		2.24	%
Net expensesd		2.48	%		2.28	%		2.04	%		2.09	%		2.20	%
Portfolio turnover rate		56	%		56	%		62	%		25	%		69	%

56 | THE GUGGENHEIM FUNDS 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.

Class P	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	18.03		$	20.83		$	26.93		$	22.69		$	20.21
Income (loss) from investment operations:
Net investment income (loss)a		.63			.53			.13			.02			.14
Net gain (loss) on investments (realized and unrealized)		5.97			3.25			(4.94	)		6.38			2.67
Total from investment operations		6.60			3.78			(4.81	)		6.40			2.81
Less distributions from:
Net investment income		(.47	)		(.18	)		(.05	)		(.17	)		(.30	)
Net realized gains		—			(6.40	)		(1.24	)		(1.99	)		(.03	)
Total distributions		(.47	)		(6.58	)		(1.29	)		(2.16	)		(.33	)
Net asset value, end of period	$	24.16		$	18.03		$	20.83		$	26.93		$	22.69
Total Return		37.29	%		21.62	%		(19.09	%)		29.79	%		13.98	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	87		$	206		$	255		$	347		$	224
Ratios to average net assets:
Net investment income (loss)		2.99	%		2.83	%		0.53	%		0.09	%		0.67	%
Total expensesc		1.68	%		1.64	%		1.36	%		1.36	%		1.46	%
Net expensesd		1.65	%		1.59	%		1.31	%		1.30	%		1.42	%
Portfolio turnover rate		56	%		56	%		62	%		25	%		69	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 57

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	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	18.18		$	20.98		$	27.10		$	22.83		$	20.31
Income (loss) from investment operations:
Net investment income (loss)a		.69			.60			.23			.10			.21
Net gain (loss) on investments (realized and unrealized)		6.03			3.27			(4.97	)		6.40			2.70
Total from investment operations		6.72			3.87			(4.74	)		6.50			2.91
Less distributions from:
Net investment income		(.55	)		(.27	)		(.14	)		(.24	)		(.36	)
Net realized gains		—			(6.40	)		(1.24	)		(1.99	)		(.03	)
Total distributions		(.55	)		(6.67	)		(1.38	)		(2.23	)		(.39	)
Net asset value, end of period	$	24.35		$	18.18		$	20.98		$	27.10		$	22.83
Total Return		37.71	%		22.06	%		(18.78	%)		30.12	%		14.44	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	8,170		$	6,158		$	4,878		$	6,260		$	3,344
Ratios to average net assets:
Net investment income (loss)		3.25	%		3.23	%		0.88	%		0.38	%		1.01	%
Total expensesc		1.41	%		1.27	%		1.00	%		1.06	%		1.08	%
Net expensesd		1.38	%		1.23	%		0.95	%		0.99	%		1.04	%
Portfolio turnover rate		56	%		56	%		62	%		25	%		69	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
c	Does not include expenses of the underlying funds in which the Fund invests.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

58 | THE GUGGENHEIM FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS	September 30, 2024
STYLEPLUS—MID GROWTH FUND

	Shares		Value
COMMON STOCKS† - 24.8%
Industrial - 8.4%
Carlisle Companies, Inc.		1,083	$	487,079
EMCOR Group, Inc.		1,027		442,154
Lennox International, Inc.		690		416,960
Owens Corning		2,286		403,525
Advanced Drainage Systems, Inc.		2,064		324,378
Applied Industrial Technologies, Inc.		1,432		319,522
UFP Industries, Inc.		2,401		315,035
Acuity Brands, Inc.		948		261,070
Donaldson Company, Inc.		3,495		257,582
Vontier Corp.		7,470		252,038
Comfort Systems USA, Inc.		549		214,302
Boise Cascade Co.		1,452		204,703
Mueller Industries, Inc.		2,717		201,330
Masco Corp.		2,354		197,595
Allegion plc		1,341		195,437
Armstrong World Industries, Inc.		1,475		193,859
Watts Water Technologies, Inc. — Class A		932		193,101
Snap-on, Inc.		666		192,947
TopBuild Corp.*		456		185,506
Curtiss-Wright Corp.		559		183,738
Esab Corp.		1,724		183,278
Lincoln Electric Holdings, Inc.		954		183,187
Universal Display Corp.		837		175,686
Simpson Manufacturing Company, Inc.		762		145,748
Amphenol Corp. — Class A		1,975		128,691
Louisiana-Pacific Corp.		992		106,600
NEXTracker, Inc. — Class A*		2,167		81,219
Garmin Ltd.		439		77,277
Total Industrial				6,523,547
Consumer, Cyclical - 5.0%
Toll Brothers, Inc.		2,488		384,371
Williams-Sonoma, Inc.		2,120		328,431
Core & Main, Inc. — Class A*		6,081		269,996
Travel + Leisure Co.		4,501		207,406
PACCAR, Inc.		1,973		194,696
Wingstop, Inc.		464		193,061
Crocs, Inc.*		1,326		192,018
KB Home		2,094		179,435
Skechers USA, Inc. — Class A*		2,429		162,548
Columbia Sportswear Co.		1,778		147,912
Light & Wonder, Inc. — Class A*		1,620		146,983
Visteon Corp.*		1,515		144,289
Gentex Corp.		4,657		138,266
Autoliv, Inc.		1,441		134,546
Boyd Gaming Corp.		1,945		125,744
Tempur Sealy International, Inc.		2,257		123,232
Dick’s Sporting Goods, Inc.		574		119,794
Abercrombie & Fitch Co. — Class A*		819		114,578
PulteGroup, Inc.		719		103,198
Ralph Lauren Corp. — Class A		510		98,874
Scotts Miracle-Gro Co. — Class A		1,124		97,451
Mattel, Inc.*		3,501		66,694
Royal Caribbean Cruises Ltd.		342		60,657
Watsco, Inc.		121		59,518
Lennar Corp. — Class A		307		57,556
Total Consumer, Cyclical				3,851,254
Technology - 3.5%
Pure Storage, Inc. — Class A*		5,482		275,381
Manhattan Associates, Inc.*		803		225,948
Cirrus Logic, Inc.*		1,719		213,517
Dropbox, Inc. — Class A*		8,350		212,340
NetApp, Inc.		1,551		191,564
Insight Enterprises, Inc.*		878		189,112
TE Connectivity plc		1,237		186,775
NXP Semiconductor N.V.		744		178,567
ACI Worldwide, Inc.*		2,894		147,305
CommVault Systems, Inc.*		869		133,696
Akamai Technologies, Inc.*		1,269		128,106
Teradata Corp.*		4,102		124,455
Qualys, Inc.*		952		122,294
Fair Isaac Corp.*		62		120,498
KLA Corp.		153		118,485
Duolingo, Inc.*		408		115,064
Paycom Software, Inc.		343		57,133
Total Technology				2,740,240
Consumer, Non-cyclical - 3.5%
United Therapeutics Corp.*		782		280,230
Neurocrine Biosciences, Inc.*		2,396		276,067
Halozyme Therapeutics, Inc.*		4,610		263,876
H&R Block, Inc.		4,044		256,996
Encompass Health Corp.		2,514		242,953
United Rentals, Inc.		264		213,769
Jazz Pharmaceuticals plc*		1,830		203,881
Exelixis, Inc.*		6,721		174,410
Medpace Holdings, Inc.*		484		161,559
Grand Canyon Education, Inc.*		937		132,913
Lantheus Holdings, Inc.*		1,035		113,591