Guggenheim Alpha Opportunity Fund Class C (SAOCX) 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
Sarepta Therapeutics, Inc.*		865		108,030
HCA Healthcare, Inc.		247		100,388
DaVita, Inc.*		544		89,178
RB Global, Inc.		654		52,641
Total Consumer, Non-cyclical				2,670,482
Financial - 2.2%
Equitable Holdings, Inc.		5,837		245,329
RenaissanceRe Holdings Ltd.		878		239,167
MGIC Investment Corp.		8,477		217,011
Ameriprise Financial, Inc.		415		194,971
International Bancshares Corp.		3,258		194,796
Cullen/Frost Bankers, Inc.		1,386		155,038
Kinsale Capital Group, Inc.		255		118,721
Evercore, Inc. — Class A		456		115,523
Arch Capital Group Ltd.*		1,027		114,901
East West Bancorp, Inc.		973		80,506
American Homes 4 Rent — Class A REIT		1,367		52,479
Total Financial				1,728,442

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
STYLEPLUS—MID GROWTH FUND

	Shares		Value
Energy - 1.2%
Permian Resources Corp.		14,541	$	197,903
Civitas Resources, Inc.		3,601		182,462
Matador Resources Co.		3,469		171,438
DT Midstream, Inc.		1,708		134,352
Texas Pacific Land Corp.		147		130,057
Chord Energy Corp.		834		108,612
Total Energy				924,824
Communications - 0.5%
GoDaddy, Inc. — Class A*		1,169		183,276
Motorola Solutions, Inc.		283		127,245
Ciena Corp.*		1,724		106,181
Total Communications				416,702
Basic Materials - 0.5%
NewMarket Corp.		365		201,440
Cabot Corp.		1,378		154,019
Reliance, Inc.		201		58,131
Total Basic Materials				413,590
Total Common Stocks
(Cost $17,067,121)				19,269,081
MUTUAL FUNDS† - 67.2%
Guggenheim Strategy Fund II1		1,084,974		26,907,363
Guggenheim Strategy Fund III1		923,061		22,974,985
Guggenheim Ultra Short Duration Fund — Institutional Class1		230,095		2,305,552
Total Mutual Funds
(Cost $51,311,216)				52,187,900
MONEY MARKET FUND***,† - 6.3%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.88%2		4,904,107		4,904,107
Total Money Market Fund
(Cost $4,904,107)				4,904,107
Total Investments - 98.3%
(Cost $73,282,444)			$	76,361,088
Other Assets & Liabilities, net - 1.7%				1,351,886
Total Net Assets - 100.0%			$	77,712,974

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements††

Wells Fargo Bank, N.A.

Russell MidCap Growth Index

Pay

5.38% (Federal Funds Rate + 0.55%)

At Maturity

03/03/25

10,144

$

59,028,037

$

7,028,514

*	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	Affiliated issuer.
2	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.

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

SCHEDULE OF INVESTMENTS (concluded)	September 30, 2024
STYLEPLUS—MID GROWTH 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	$	19,269,081	$	—	$	—	$	19,269,081
Mutual Funds		52,187,900		—		—		52,187,900
Money Market Fund		4,904,107		—		—		4,904,107
Equity Index Swap Agreements**		—		7,028,514		—		7,028,514
Total Assets	$	76,361,088	$	7,028,514	$	—	$	83,389,602

** 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	$	22,166,962	$	8,378,066	$	(4,158,478	)	$	(19,446	)	$	540,259	$	26,907,363		1,084,974	$	1,403,481
Guggenheim Strategy Fund III		23,628,764		4,554,480		(5,790,840	)		(123,802	)		706,383		22,974,985		923,061		1,322,180
Guggenheim Ultra Short Duration Fund — Institutional Class		2,126,306		118,896		—			—			60,350		2,305,552		230,095		119,245
	$	47,922,032	$	13,051,442	$	(9,949,318	)	$	(143,248	)	$	1,306,992	$	52,187,900			$	2,844,906

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

STYLEPLUS—MID GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES

September 30, 2024

Assets:
Investments in unaffiliated issuers, at value (cost $21,971,228)	$	24,173,188
Investments in affiliated issuers, at value (cost $51,311,216)		52,187,900
Cash		4
Unrealized appreciation on OTC swap agreements		7,028,514
Prepaid expenses		45,348
Receivables:
Securities sold		1,400,277
Dividends		233,473
Fund shares sold		125,880
Interest		12,776
Total assets		85,207,360
Liabilities:
Segregated cash due to broker		5,080,000
Payable for:
Swap settlement		2,049,590
Securities purchased		224,285
Management fees		42,812
Distribution and service fees		14,549
Transfer agent/maintenance fees		8,316
Fund accounting/administration fees		5,799
Fund shares redeemed		4,094
Trustees’ fees*		389
Miscellaneous		64,552
Total liabilities		7,494,386
Net assets	$	77,712,974
Net assets consist of:
Paid in capital	$	80,142,302
Total distributable earnings (loss)		(2,429,328	)
Net assets	$	77,712,974
Class A:
Net assets	$	75,898,570
Capital shares outstanding		2,027,147
Net asset value per share	$	37.44
Maximum offering price per share (Net asset value divided by 95.25%)	$	39.31
Class C:
Net assets	$	612,259
Capital shares outstanding		45,827
Net asset value per share	$	13.36
Class P:
Net assets	$	71,703
Capital shares outstanding		1,959
Net asset value per share	$	36.60
Institutional Class:
Net assets	$	1,130,442
Capital shares outstanding		30,169
Net asset value per share	$	37.47

STATEMENT OF OPERATIONS

Year Ended September 30, 2024

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $453)	$	205,675
Dividends from securities of affiliated issuers		2,844,906
Interest		146,345
Total investment income		3,196,926
Expenses:
Management fees		544,249
Distribution and service fees:
Class A		177,199
Class C		6,017
Class P		150
Transfer agent/maintenance fees:
Class A		77,037
Class C		1,870
Class P		191
Institutional Class		1,331
Interest expense		219,649
Registration fees		62,630
Professional fees		46,742
Fund accounting/administration fees		36,906
Custodian fees		15,807
Trustees’ fees*		14,750
Line of credit fees		1,756
Miscellaneous		24,010
Total expenses		1,230,294
Less:
Expenses waived by Adviser		(5,531	)
Net expenses		1,224,763
Net investment income		1,972,163
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		3,569,621
Investments in affiliated issuers		(143,248	)
Swap agreements		8,984,678
Futures contracts		401,522
Net realized gain		12,812,573
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		1,506,584
Investments in affiliated issuers		1,306,992
Swap agreements		1,879,162
Futures contracts		109,411
Net change in unrealized appreciation (depreciation)		4,802,149
Net realized and unrealized gain		17,614,722
Net increase in net assets resulting from operations	$	19,586,885

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

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

STYLEPLUS—MID GROWTH 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	$	1,972,163		$	1,660,859
Net realized gain (loss) on investments		12,812,573			(22,978,263	)
Net change in unrealized appreciation (depreciation) on investments		4,802,149			33,116,667
Net increase in net assets resulting from operations		19,586,885			11,799,263
Distributions to shareholders:
Class A		(1,599,572	)		(18,424,696	)
Class C		(35,883	)		(356,411	)
Class P		(1,001	)		(34,001	)
Institutional Class		(25,329	)		(258,969	)
Total distributions to shareholders		(1,661,785	)		(19,074,077	)
Capital share transactions:
Proceeds from sale of shares
Class A		1,127,898			1,044,582
Class C		54,595			26,052
Class P		8,666			5,957
Institutional Class		242,286			374,605
Distributions reinvested
Class A		1,520,104			17,671,252
Class C		35,883			298,799
Class P		1,001			34,001
Institutional Class		25,262			250,941
Cost of shares redeemed
Class A		(7,500,936	)		(15,576,440	)
Class C		(155,959	)		(213,354	)
Class P		(2,851	)		(80,078	)
Institutional Class		(316,333	)		(508,296	)
Net increase (decrease) from capital share transactions		(4,960,384	)		3,328,021
Net increase (decrease) in net assets		12,964,716			(3,946,793	)
Net assets:
Beginning of year		64,748,258			68,695,051
End of year	$	77,712,974		$	64,748,258
Capital share activity:
Shares sold
Class A		33,254			34,720
Class C		4,488			2,227
Class P		258			203
Institutional Class		7,128			13,235
Shares issued from reinvestment of distributions
Class A		47,135			659,621
Class C		3,096			29,643
Class P		32			1,299
Institutional Class		784			9,384
Shares redeemed
Class A		(223,835	)		(481,994	)
Class C		(12,835	)		(17,169	)
Class P		(87	)		(2,987	)
Institutional Class		(9,222	)		(16,939	)
Net increase (decrease) in shares		(149,804	)		231,243

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

STYLEPLUS—MID GROWTH FUND

FINANCIAL HIGHLIGHTS

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

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	$	29.13		$	34.22		$	52.73		$	45.98		$	39.64
Income (loss) from investment operations:
Net investment income (loss)a		.91			.76			.16			(.02	)		.19
Net gain (loss) on investments (realized and unrealized)		8.15			5.07			(15.32	)		13.67			7.06
Total from investment operations		9.06			5.83			(15.16	)		13.65			7.25
Less distributions from:
Net investment income		(.75	)		(.19	)		—			(.20	)		(.45	)
Net realized gains		—			(10.73	)		(3.35	)		(6.70	)		(.46	)
Total distributions		(.75	)		(10.92	)		(3.35	)		(6.90	)		(.91	)
Net asset value, end of period	$	37.44		$	29.13		$	34.22		$	52.73		$	45.98
Total Returnb		31.52	%		19.84	%		(30.68	%)		31.07	%		18.57	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	75,899		$	63,225		$	67,014		$	107,983		$	89,469
Ratios to average net assets:
Net investment income (loss)		2.72	%		2.52	%		0.36	%		(0.04	%)		0.46	%
Total expensesc		1.69	%		1.66	%		1.32	%		1.34	%		1.45	%
Net expensesd		1.68	%		1.65	%		1.30	%		1.28	%		1.40	%
Portfolio turnover rate		80	%		82	%		72	%		44	%		82	%

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	$	10.89		$	18.92		$	30.92		$	29.40		$	25.66
Income (loss) from investment operations:
Net investment income (loss)a		.21			.20			(.15	)		(.29	)		(.10	)
Net gain (loss) on investments (realized and unrealized)		2.98			2.50			(8.50	)		8.51			4.53
Total from investment operations		3.19			2.70			(8.65	)		8.22			4.43
Less distributions from:
Net investment income		(.72	)		—			—			—			(.23	)
Net realized gains		—			(10.73	)		(3.35	)		(6.70	)		(.46	)
Total distributions		(.72	)		(10.73	)		(3.35	)		(6.70	)		(.69	)
Net asset value, end of period	$	13.36		$	10.89		$	18.92		$	30.92		$	29.40
Total Returnb		30.26	%		18.85	%		(31.33	%)		29.88	%		17.53	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	612		$	556		$	688		$	1,327		$	1,510
Ratios to average net assets:
Net investment income (loss)		1.77	%		1.66	%		(0.59	%)		(0.94	%)		(0.39	%)
Total expensesc		2.64	%		2.49	%		2.25	%		2.26	%		2.32	%
Net expensesd		2.63	%		2.48	%		2.23	%		2.20	%		2.28	%
Portfolio turnover rate		80	%		82	%		72	%		44	%		82	%

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

STYLEPLUS—MID GROWTH FUND

FINANCIAL HIGHLIGHTS (concluded)

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

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	$	28.38		$	33.58		$	51.96		$	45.45		$	39.17
Income (loss) from investment operations:
Net investment income (loss)a		.83			.64			—			(.07	)		.15
Net gain (loss) on investments (realized and unrealized)		7.96			4.96			(15.03	)		13.51			6.99
Total from investment operations		8.79			5.60			(15.03	)		13.44			7.14
Less distributions from:
Net investment income		(.57	)		(.07	)		—			(.23	)		(.40	)
Net realized gains		—			(10.73	)		(3.35	)		(6.70	)		(.46	)
Total distributions		(.57	)		(10.80	)		(3.35	)		(6.93	)		(.86	)
Net asset value, end of period	$	36.60		$	28.38		$	33.58		$	51.96		$	45.45
Total Return		31.28	%		19.40	%		(30.90	%)		30.92	%		18.48	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	72		$	50		$	109		$	237		$	116
Ratios to average net assets:
Net investment income (loss)		2.51	%		2.09	%		0.01	%		(0.14	%)		0.36	%
Total expensesc		1.90	%		1.97	%		1.56	%		1.43	%		1.54	%
Net expensesd		1.89	%		1.96	%		1.54	%		1.37	%		1.50	%
Portfolio turnover rate		80	%		82	%		72	%		44	%		82	%

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	$	29.13		$	34.25		$	52.71		$	45.98		$	39.64
Income (loss) from investment operations:
Net investment income (loss)a		.99			.82			.22			.07			.24
Net gain (loss) on investments (realized and unrealized)		8.15			5.05			(15.33	)		13.65			7.09
Total from investment operations		9.14			5.87			(15.11	)		13.72			7.33
Less distributions from:
Net investment income		(.80	)		(.26	)		—			(.29	)		(.53	)
Net realized gains		—			(10.73	)		(3.35	)		(6.70	)		(.46	)
Total distributions		(.80	)		(10.99	)		(3.35	)		(6.99	)		(.99	)
Net asset value, end of period	$	37.47		$	29.13		$	34.25		$	52.71		$	45.98
Total Return		31.84	%		20.02	%		(30.60	%)		31.26	%		18.79	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,130		$	917		$	884		$	1,390		$	1,311
Ratios to average net assets:
Net investment income (loss)		2.95	%		2.72	%		0.50	%		0.14	%		0.58	%
Total expensesc		1.46	%		1.49	%		1.20	%		1.17	%		1.26	%
Net expensesd		1.46	%		1.49	%		1.18	%		1.11	%		1.22	%
Portfolio turnover rate		80	%		82	%		72	%		44	%		82	%

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.

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

SCHEDULE OF INVESTMENTS	September 30, 2024
WORLD EQUITY INCOME FUND

	Shares		Value
COMMON STOCKS† - 96.5%
Financial - 24.0%
Goldman Sachs Group, Inc.		1,100	$	544,621
AXA S.A.		12,000		461,477
Simon Property Group, Inc. REIT		2,690		454,664
AvalonBay Communities, Inc. REIT		1,971		443,967
Intesa Sanpaolo SpA		101,700		434,652
Generali		15,000		433,512
Westpac Banking Corp.		19,660		431,239
Bank of New York Mellon Corp.		6,000		431,160
United Overseas Bank Ltd.		17,000		425,665
National Australia Bank Ltd.		16,450		424,872
Berkshire Hathaway, Inc. — Class B*		890		409,631
VICI Properties, Inc. REIT		12,000		399,720
UniCredit SpA		9,000		394,571
Essex Property Trust, Inc. REIT		1,200		354,504
Skandinaviska Enskilda Banken AB — Class A		23,000		351,703
Public Storage REIT		963		350,407
Svenska Handelsbanken AB — Class A		34,000		349,117
Swedbank AB — Class A		16,000		339,297
Nordea Bank Abp		27,000		318,443
WP Carey, Inc. REIT		5,000		311,500
Gaming and Leisure Properties, Inc. REIT		6,000		308,700
Danske Bank A/S		10,000		300,955
Allianz AG		900		295,690
Tryg A/S		12,000		284,615
Northern Trust Corp.		3,100		279,093
Banco Santander S.A.		54,000		276,676
ING Groep N.V.		15,000		271,868
Mitsubishi HC Capital, Inc.		36,000		253,112
BNP Paribas S.A.		3,600		246,776
Banco Bilbao Vizcaya Argentaria S.A.		22,570		244,024
Zurich Insurance Group AG		400		241,000
Swiss Life Holding AG		250		208,594
Mediobanca Banca di Credito Finanziario SpA		12,070		206,006
NN Group N.V.		4,000		199,488
FirstService Corp.		800		146,229
Synchrony Financial		2,800		139,664
Equity Residential REIT		1,800		134,028
Citigroup, Inc.		1,700		106,420
JPMorgan Chase & Co.		500		105,430
Sampo Oyj — Class A		2,000		93,329
American International Group, Inc.		1,200		87,876
Total Financial				12,494,295
Technology - 18.5%
NVIDIA Corp.		13,700		1,663,728
Apple, Inc.		7,074		1,648,242
Microsoft Corp.		3,659		1,574,467
International Business Machines Corp.		2,700		596,916
Texas Instruments, Inc.		2,262		467,261
TE Connectivity plc		2,700		407,673
Cognizant Technology Solutions Corp. — Class A		5,100		393,618
CGI, Inc.*		3,100		356,845
Constellation Software, Inc.		110		356,825
Skyworks Solutions, Inc.		3,600		355,572
Dell Technologies, Inc. — Class C		2,900		343,766
Pro Medicus Ltd.		2,700		332,809
Descartes Systems Group, Inc.*		2,700		277,947
QUALCOMM, Inc.		1,300		221,065
Broadcom, Inc.		1,020		175,950
SCSK Corp.		8,000		164,734
Paychex, Inc.		800		107,352
Otsuka Corp.		4,000		98,634
Ricoh Company Ltd.		9,000		96,592
Total Technology				9,639,996
Consumer, Non-cyclical - 13.6%
Johnson & Johnson		3,992		646,944
Novo Nordisk A/S — Class B		5,100		599,323
PepsiCo, Inc.		3,124		531,236
Colgate-Palmolive Co.		4,465		463,512
Altria Group, Inc.		9,000		459,360
Elevance Health, Inc.		800		416,000
CVS Health Corp.		6,300		396,144
UnitedHealth Group, Inc.		677		395,829
Kraft Heinz Co.		11,000		386,210
McKesson Corp.		730		360,927
CK Hutchison Holdings Ltd.		62,468		359,223
Kimberly-Clark Corp.		2,400		341,472
Shionogi & Company Ltd.		18,000		257,182
Essity AB — Class B		7,000		218,492
Medtronic plc		2,400		216,072
Royalty Pharma plc — Class A		7,000		198,030
Eli Lilly & Co.		200		177,188
Philip Morris International, Inc.		1,100		133,540
Coca-Cola Co.		1,800		129,348
Regeneron Pharmaceuticals, Inc.*		100		105,124
Constellation Brands, Inc. — Class A		400		103,076
Merck & Company, Inc.		900		102,204
Sysco Corp.		1,160		90,550
Total Consumer, Non-cyclical				7,086,986
Communications - 11.8%
Alphabet, Inc. — Class C		6,435		1,075,868
Amazon.com, Inc.*		4,838		901,464
Verizon Communications, Inc.		12,381		556,031
Cisco Systems, Inc.		9,700		516,234
Meta Platforms, Inc. — Class A		900		515,196
Arista Networks, Inc.*		1,100		422,202
Motorola Solutions, Inc.		800		359,704
Thomson Reuters Corp.		2,100		358,344
SoftBank Corp.		220,000		286,551
HKT Trust & HKT Ltd.		210,000		268,808
T-Mobile US, Inc.		1,200		247,632
Tele2 AB — Class B		20,000		226,343
KDDI Corp.		7,000		223,750

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
WORLD EQUITY INCOME FUND

	Shares		Value
Comcast Corp. — Class A		4,000	$	167,080
Total Communications				6,125,207
Industrial - 7.4%
Lockheed Martin Corp.		789		461,218
Smurfit WestRock plc		8,900		439,838
Waste Connections, Inc.		2,200		393,404
Garmin Ltd.		2,200		387,266
Martin Marietta Materials, Inc.		700		376,775
General Dynamics Corp.		1,200		362,640
Snap-on, Inc.		1,090		315,784
Amphenol Corp. — Class A		2,760		179,841
CRH plc*		1,900		176,206
Aena SME S.A.1		800		176,055
Illinois Tool Works, Inc.		600		157,242
United Parcel Service, Inc. — Class B		1,000		136,340
Poste Italiane SpA1		8,000		112,173
Packaging Corporation of America		500		107,700
Hexagon AB — Class B		10,000		107,557
Total Industrial				3,890,039
Utilities - 6.8%
Southern Co.		5,875		529,807
Duke Energy Corp.		4,175		481,377
Entergy Corp.		3,500		460,635
Consolidated Edison, Inc.		4,112		428,183
DTE Energy Co.		2,980		382,662
Exelon Corp.		9,010		365,356
American Electric Power Company, Inc.		3,200		328,320
Iberdrola S.A.		21,000		324,858
FirstEnergy Corp.		3,000		133,050
Atmos Energy Corp.		800		110,968
Total Utilities				3,545,216
Consumer, Cyclical - 6.2%
Home Depot, Inc.		1,609		651,967
Walmart, Inc.		7,000		565,250
McDonald’s Corp.		1,400		426,314
PACCAR, Inc.		3,700		365,116
Sekisui House Ltd.		12,930		357,520
General Motors Co.		6,000		269,040
Singapore Airlines Ltd.		50,000		264,634
Tesla, Inc.*		600		156,978
Lennar Corp. — Class A		800		149,984
Total Consumer, Cyclical				3,206,803
Basic Materials - 4.1%
Dow, Inc.		6,500		355,095
Reliance, Inc.		1,200		347,052
LyondellBasell Industries N.V. — Class A		3,362		322,416
Rio Tinto plc		4,300		304,593
Eastman Chemical Co.		2,500		279,875
Celanese Corp. — Class A		1,100		149,556
Nucor Corp.		900		135,306
Wheaton Precious Metals Corp.		2,200		134,417
Air Products and Chemicals, Inc.		400		119,096
Total Basic Materials				2,147,406
Energy - 3.7%
Phillips 66		3,040		399,608
Marathon Petroleum Corp.		2,451		399,293
Valero Energy Corp.		2,640		356,479
Chord Energy Corp.		1,600		208,368
Kinder Morgan, Inc.		9,000		198,810
DCC plc		2,400		163,491
Chevron Corp.		600		88,362
Aker BP ASA		4,000		85,751
Total Energy				1,900,162
Diversified - 0.4%
Jardine Matheson Holdings Ltd.		5,000		195,300
Total Common Stocks
(Cost $42,066,699)				50,231,410
EXCHANGE-TRADED FUNDS***,† - 2.9%
iShares MSCI EAFE ETF		8,927		746,565
SPDR S&P 500 ETF Trust		1,296		743,593
Total Exchange-Traded Funds
(Cost $1,422,921)				1,490,158
MONEY MARKET FUND***,† - 0.5%
Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.90%2		234,530		234,530
Total Money Market Fund
(Cost $234,530)				234,530
Total Investments - 99.9%
(Cost $43,724,150)			$	51,956,098
Other Assets & Liabilities, net - 0.1%				69,171
Total Net Assets - 100.0%			$	52,025,269

*	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	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $288,228 (cost $262,001), or 0.6% of total net assets.
2	Rate indicated is the 7-day yield as of September 30, 2024.

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

SCHEDULE OF INVESTMENTS (concluded)	September 30, 2024
WORLD EQUITY INCOME 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	$	50,231,410	$	—	$	—	$	50,231,410
Exchange-Traded Funds		1,490,158		—		—		1,490,158
Money Market Fund		234,530		—		—		234,530
Total Assets	$	51,956,098	$	—	$	—	$	51,956,098

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

WORLD EQUITY INCOME FUND

STATEMENT OF ASSETS AND LIABILITIES

September 30, 2024

Assets:
Investments, at value (cost $43,724,150)	$	51,956,098
Foreign currency, at value (cost $9,424)		9,438
Cash		2,608
Prepaid expenses		32,560
Receivables:
Foreign tax reclaims		83,698
Dividends		68,882
Investment Adviser		1,615
Interest		992
Fund shares sold		347
Securities sold		17
Total assets		52,156,255
Liabilities:
Payable for:
Fund shares redeemed		51,737
Professional fees		38,757
Distribution and service fees		10,694
Transfer agent/maintenance fees		7,450
Distributions to shareholders		4,671
Fund accounting/administration fees		4,560
Trustees’ fees*		186
Due to Investment Adviser		134
Miscellaneous		12,797
Total liabilities		130,986
Net assets	$	52,025,269
Net assets consist of:
Paid in capital	$	41,498,950
Total distributable earnings (loss)		10,526,319
Net assets	$	52,025,269
Class A:
Net assets	$	45,968,922
Capital shares outstanding		2,616,097
Net asset value per share	$	17.57
Maximum offering price per share (Net asset value divided by 95.25%)	$	18.45
Class C:
Net assets	$	2,599,880
Capital shares outstanding		181,328
Net asset value per share	$	14.34
Class P:
Net assets	$	98,988
Capital shares outstanding		5,578
Net asset value per share	$	17.75
Institutional Class:
Net assets	$	3,357,479
Capital shares outstanding		192,377
Net asset value per share	$	17.45

STATEMENT OF OPERATIONS

Year Ended September 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $114,274)	$	1,413,359
Interest		15,873
Total investment income		1,429,232
Expenses:
Management fees		337,179
Distribution and service fees:
Class A		106,343
Class C		27,791
Class P		239
Transfer agent/maintenance fees:
Class A		68,890
Class C		3,319
Class P		250
Institutional Class		3,559
Registration fees		72,033
Professional fees		49,172
Fund accounting/administration fees		27,536
Custodian fees		16,814
Trustees’ fees*		13,515
Line of credit fees		1,197
Miscellaneous		39,084
Recoupment of previously waived fees:
Class A		411
Class C		43
Class P		1
Institutional Class		73
Total expenses		767,449
Less: Expenses reimbursed by Adviser:
Class A		(71,148	)
Class C		(3,389	)
Class P		(255	)
Institutional Class		(3,850	)
Expenses waived by Adviser		(99,974	)
Total waived/reimbursed expenses		(178,616	)
Net expenses		588,833
Net investment income		840,399
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		2,615,973
Futures contracts		99,668
Foreign currency transactions		28,132
Net realized gain		2,743,773
Net change in unrealized appreciation (depreciation) on:
Investments		7,685,717
Futures contracts		(183,425	)
Foreign currency translations		6,138
Net change in unrealized appreciation (depreciation)		7,508,430
Net realized and unrealized gain		10,252,203
Net increase in net assets resulting from operations	$	11,092,602

* 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 | 69

WORLD EQUITY INCOME 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	$	840,399		$	827,459
Net realized gain on investments		2,743,773			196,753
Net change in unrealized appreciation (depreciation) on investments		7,508,430			5,558,023
Net increase in net assets resulting from operations		11,092,602			6,582,235
Distributions to shareholders:
Class A		(768,591	)		(722,703	)
Class C		(29,760	)		(29,606	)
Class P		(1,703	)		(1,387	)
Institutional Class		(54,773	)		(62,449	)
Total distributions to shareholders		(854,827	)		(816,145	)
Capital share transactions:
Proceeds from sale of shares
Class A		1,607,596			1,839,546
Class C		203,517			303,253
Class P		1,064			23,194
Institutional Class		1,388,085			359,897
Distributions reinvested
Class A		739,598			695,071
Class C		29,760			29,606
Class P		1,299			1,233
Institutional Class		54,443			62,113
Cost of shares redeemed
Class A		(4,592,926	)		(4,132,861	)
Class C		(875,233	)		(536,800	)
Class P		(18,515	)		(275	)
Institutional Class		(1,475,557	)		(3,906,719	)
Net decrease from capital share transactions		(2,936,869	)		(5,262,742	)
Net increase in net assets		7,300,906			503,348
Net assets:
Beginning of year		44,724,363			44,221,015
End of year	$	52,025,269		$	44,724,363
Capital share activity:
Shares sold
Class A		101,178			130,111
Class C		17,189			26,132
Class P		67			1,612
Institutional Class		85,631			25,667
Shares issued from reinvestment of distributions
Class A		45,106			48,930
Class C		2,243			2,549
Class P		78			86
Institutional Class		3,346			4,415
Shares redeemed
Class A		(291,196	)		(292,035	)
Class C		(66,359	)		(47,251	)
Class P		(1,157	)		(18	)
Institutional Class		(95,637	)		(293,795	)
Net decrease in shares		(199,511	)		(393,597	)

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

WORLD EQUITY INCOME FUND

FINANCIAL HIGHLIGHTS

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

Class A	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	14.19		$	12.49		$	18.73		$	15.03		$	15.26
Income (loss) from investment operations:
Net investment income (loss)a		.28			.26			.29			.28			.20
Net gain (loss) on investments (realized and unrealized)		3.39			1.70			(1.97	)		3.79			(.12	)g
Total from investment operations		3.67			1.96			(1.68	)		4.07			.08
Less distributions from:
Net investment income		(.29	)		(.25	)		(.34	)		(.34	)		(.27	)
Net realized gains		—			(.01	)		(4.22	)		(.03	)		(.04	)
Total distributions		(.29	)		(.26	)		(4.56	)		(.37	)		(.31	)
Net asset value, end of period	$	17.57		$	14.19		$	12.49		$	18.73		$	15.03
Total Returnb		26.03	%		15.69	%		(13.44	%)		27.13	%		0.60	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	45,969		$	39,183		$	35,905		$	44,337		$	37,911
Ratios to average net assets:
Net investment income (loss)		1.78	%		1.84	%		1.87	%		1.55	%		1.36	%
Total expensesc		1.57	%		1.50	%		1.39	%		1.45	%		1.48	%
Net expensesd,e,f		1.19	%		1.19	%		1.20	%		1.21	%		1.22	%
Portfolio turnover rate		122	%		156	%		162	%		191	%		192	%

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	$	11.59		$	10.20		$	16.03		$	12.87		$	13.06
Income (loss) from investment operations:
Net investment income (loss)a		.13			.13			.14			.13			.08
Net gain (loss) on investments (realized and unrealized)		2.76			1.39			(1.56	)		3.24			(.10	)g
Total from investment operations		2.89			1.52			(1.42	)		3.37			(.02	)
Less distributions from:
Net investment income		(.14	)		(.12	)		(.19	)		(.18	)		(.13	)
Net realized gains		—			(.01	)		(4.22	)		(.03	)		(.04	)
Total distributions		(.14	)		(.13	)		(4.41	)		(.21	)		(.17	)
Net asset value, end of period	$	14.34		$	11.59		$	10.20		$	16.03		$	12.87
Total Returnb		25.05	%		14.87	%		(14.11	%)		26.22	%		(0.13	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,600		$	2,645		$	2,518		$	3,230		$	2,893
Ratios to average net assets:
Net investment income (loss)		1.03	%		1.10	%		1.12	%		0.81	%		0.67	%
Total expensesc		2.28	%		2.25	%		2.20	%		2.28	%		2.40	%
Net expensesd,e,f		1.94	%		1.94	%		1.95	%		1.96	%		1.97	%
Portfolio turnover rate		122	%		156	%		162	%		191	%		192	%

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

WORLD EQUITY INCOME FUND

FINANCIAL HIGHLIGHTS (continued)

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

Class P	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	14.33		$	12.60		$	18.91		$	15.17		$	15.38
Income (loss) from investment operations:
Net investment income (loss)a		.28			.26			.29			.30			.20
Net gain (loss) on investments (realized and unrealized)		3.43			1.71			(1.99	)		3.80			(.11	)g
Total from investment operations		3.71			1.97			(1.70	)		4.10			.09
Less distributions from:
Net investment income		(.29	)		(.23	)		(.39	)		(.33	)		(.26	)
Net realized gains		—			(.01	)		(4.22	)		(.03	)		(.04	)
Total distributions		(.29	)		(.24	)		(4.61	)		(.36	)		(.30	)
Net asset value, end of period	$	17.75		$	14.33		$	12.60		$	18.91		$	15.17
Total Return		26.06	%		15.65	%		(13.44	%)		27.10	%		0.66	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	99		$	94		$	62		$	118		$	94
Ratios to average net assets:
Net investment income (loss)		1.75	%		1.80	%		1.82	%		1.61	%		1.36	%
Total expensesc		1.67	%		1.74	%		1.62	%		1.53	%		1.56	%
Net expensesd,e,f		1.19	%		1.19	%		1.20	%		1.21	%		1.22	%
Portfolio turnover rate		122	%		156	%		162	%		191	%		192	%

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

WORLD EQUITY INCOME FUND

FINANCIAL HIGHLIGHTS (concluded)

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

Institutional Class	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	14.08		$	12.40		$	18.61		$	14.94		$	15.16
Income (loss) from investment operations:
Net investment income (loss)a		.31			.28			.36			.33			.25
Net gain (loss) on investments (realized and unrealized)		3.37			1.70			(1.98	)		3.75			(.13	)g
Total from investment operations		3.68			1.98			(1.62	)		4.08			.12
Less distributions from:
Net investment income		(.31	)		(.29	)		(.37	)		(.38	)		(.30	)
Net realized gains		—			(.01	)		(4.22	)		(.03	)		(.04	)
Total distributions		(.31	)		(.30	)		(4.59	)		(.41	)		(.34	)
Net asset value, end of period	$	17.45		$	14.08		$	12.40		$	18.61		$	14.94
Total Return		26.28	%		15.97	%		(13.18	%)		27.38	%		0.92	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,357		$	2,802		$	5,736		$	2,985		$	2,513
Ratios to average net assets:
Net investment income (loss)		1.95	%		1.99	%		2.36	%		1.82	%		1.66	%
Total expensesc		1.30	%		1.24	%		1.13	%		1.21	%		1.50	%
Net expensesd,e,f		0.94	%		0.94	%		0.95	%		0.96	%		0.97	%
Portfolio turnover rate		122	%		156	%		162	%		191	%		192	%

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%*	—	0.01%	—	—
Class C	0.00%*	—	0.00%*	—	—
Class P	0.00%*	—	0.00%*	—	—
Institutional Class	0.00%*	0.00%	0.01%	0.02%	—

* 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	1.19%	1.18%	1.20%	1.21%	1.22%
Class C	1.94%	1.93%	1.95%	1.96%	1.97%
Class P	1.19%	1.18%	1.20%	1.21%	1.22%
Institutional Class	0.94%	0.93%	0.95%	0.96%	0.97%

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

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

SCHEDULE OF INVESTMENTS	September 30, 2024
ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND

	Shares		Value
PREFERRED STOCKS†† - 0.8%
Energy - 0.8%
Venture Global LNG, Inc.
9.00%1		70,000	$	70,954
Total Preferred Stocks
(Cost $70,000)				70,954
MONEY MARKET FUNDS***,† - 58.8%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.88%2		5,012,263		5,012,263
Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.81%2		51		51
Total Money Market Funds
(Cost $5,012,314)				5,012,314
	Face Amount
ASSET-BACKED SECURITIES†† - 29.5%
Collateralized Loan Obligations - 13.5%
Cerberus Loan Funding XLVIII LLC
2024-4A AN, due 10/15/36◊,1		200,000		200,327
Golub Capital Partners CLO 36M Ltd.
2018-36A A, 6.80% (3 Month Term SOFR + 1.56%, Rate Floor: 0.00%) due 02/05/31◊,1		116,984		116,963
ABPCI Direct Lending Fund CLO V Ltd.
2024-5A A1RR, 7.48% (3 Month Term SOFR + 2.20%, Rate Floor: 2.20%) due 01/20/36◊,1		100,000		101,152
Owl Rock CLO XIII LLC
2023-13A A, 7.36% (3 Month Term SOFR + 2.55%, Rate Floor: 2.55%) due 09/20/35◊,1		100,000		100,593
Owl Rock CLO X LLC
2023-10A A, 7.73% (3 Month Term SOFR + 2.45%, Rate Floor: 2.45%) due 04/20/35◊,1		100,000		100,489
BCRED MML CLO 2022-1 LLC
2022-1A A1, 6.93% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 04/20/35◊,1		100,000		100,100
Barings CLO Limited 2022-III
2024-3A BR, due 10/20/37◊,1		100,000		100,000
Ares Direct Lending CLO 2 LLC
2024-2A B, due 10/20/36◊,1		100,000		100,000
BSPRT Issuer LLC
2024-FL11 B, 7.46% (1 Month Term SOFR + 2.29%, Rate Floor: 2.29%) due 07/15/39◊,1		100,000		99,813

BDS LLC
2024-FL13 AS, 7.19% (1 Month Term SOFR + 1.99%, Rate Floor: 1.99%) due 09/19/39◊,1	100,000	99,748
Fortress Credit Opportunities XI CLO Ltd.
2018-11A A1T, 6.86% (3 Month Term SOFR + 1.56%, Rate Floor: 0.00%) due 04/15/31◊,1	36,156	36,163
Total Collateralized Loan Obligations		1,155,348
Whole Business - 5.2%
Five Guys Holdings, Inc.
2023-1A, 7.55% due 01/26/541	100,000	105,709
SERVPRO Master Issuer LLC
2024-1A, 6.17% due 01/25/541	99,500	102,273
Applebee’s Funding LLC / IHOP Funding LLC
2019-1A, 4.72% due 06/05/491	99,000	97,379
Arbys Funding LLC
2020-1A, 3.24% due 07/30/501	96,000	91,655
Subway Funding LLC
2024-3A, 5.91% due 07/30/541	50,000	50,039
Total Whole Business		447,055
Transport-Aircraft - 4.1%
Navigator Aviation Ltd.
2024-1, 5.40% due 08/15/491	250,000	249,644
Slam Ltd.
2024-1A, 5.34% due 09/15/491	100,000	99,731
Total Transport-Aircraft		349,375
Infrastructure - 1.8%
Vantage Data Centers Issuer LLC
2024-1A, due 09/15/541,5	100,000	100,000
SBA Tower Trust
4.83% due 10/15/291	50,000	49,710
Total Infrastructure		149,710
Financial - 1.5%
ST Group Food Industries Holdings Ltd.
due 11/10/255	75,000	75,000
due 11/10/255	50,000	50,000
Total Financial		125,000
Unsecured Consumer Loans - 1.2%
Foundation Finance Trust
2024-2A, 4.93% due 03/15/501	100,000	100,179
Net Lease - 1.1%
Capital Automotive REIT
2024-3A, due 10/15/541,5	100,000	96,516
Single Family Residence - 1.1%
Invitation Homes Trust
2024-SFR1, 4.00% due 09/17/411	100,000	95,590
Total Asset-Backed Securities
(Cost $2,517,485)		2,518,773

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND

	Face Amount		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 14.0%
Residential Mortgage-Backed Securities - 13.1%
OBX Trust
2024-NQM13, 5.37% due 06/25/641,3		99,466	$	99,786
2024-NQM12, 5.83% due 07/25/641,3		98,611		99,237
PRPM LLC
2024-5, due 09/25/291,3,5		150,000		150,039
Mill City Mortgage Loan Trust
2021-NMR1, 2.50% (WAC) due 11/25/60◊,1		120,000		101,227
FIGRE Trust
2024-HE4, 5.06% (WAC) due 09/25/54◊,1		100,000		100,405
BRAVO
2024-NQM6, 5.66% due 08/01/641,3		99,863		100,395
New Residential Mortgage Loan Trust
2024-NQM2, 5.42% due 09/25/641		100,000		99,915
ATLX Trust
2024-RPL1, 3.85% due 04/25/641,3		99,458		96,369
BRAVO Residential Funding Trust
2022-R1, 3.13% due 01/29/701,3		93,241		92,537
Mill City Securities Ltd.
2024-RS1, 3.00% due 11/01/691,3		100,000		92,322
Towd Point Mortgage Trust
2023-CES2, 7.29% (WAC) due 10/25/63◊,1		82,395		84,377
Total Residential Mortgage-Backed Securities				1,116,609
Military Housing - 0.6%
Freddie Mac Military Housing Bonds Resecuritization Trust Certificates
2015-R1, 0.70% (WAC) due 10/25/52◊,1,4		917,092		54,608
Commercial Mortgage-Backed Securities - 0.3%
BXHPP Trust
2021-FILM, 6.31% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 08/15/36◊,1		25,000		23,451
Total Collateralized Mortgage Obligations
(Cost $1,192,351)				1,194,668
CORPORATE BONDS†† - 5.7%
Consumer, Non-cyclical - 2.1%
Health Care Service Corporation A Mutual Legal Reserve Co.
5.88% due 06/15/541		50,000		52,850
Performance Food Group, Inc.
6.13% due 09/15/321		25,000		25,546
Prime Security Services Borrower LLC / Prime Finance, Inc.
5.75% due 04/15/261		25,000		25,114
Graham Holdings Co.
5.75% due 06/01/261		25,000		24,989
Williams Scotsman, Inc.
6.13% due 06/15/251		25,000		24,975
AMN Healthcare, Inc.
4.63% due 10/01/271		25,000		24,437
Total Consumer, Non-cyclical				177,911
Financial - 1.3%
American National Group, Inc.
5.75% due 10/01/29		60,000		60,347
Ryan Specialty LLC
5.88% due 08/01/321		25,000		25,416
Focus Financial Partners LLC
6.75% due 09/15/311		25,000		25,239
Total Financial				111,002
Consumer, Cyclical - 1.2%
Six Flags Entertainment Corporation / Six Flags Theme Parks, Inc.
6.63% due 05/01/321		25,000		25,890
Hilton Domestic Operating Company, Inc.
5.88% due 03/15/331		25,000		25,474
1011778 BC ULC / New Red Finance, Inc.
5.63% due 09/15/291		25,000		25,361
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
6.25% due 03/15/331		25,000		25,326
Total Consumer, Cyclical				102,051
Energy - 0.6%
Viper Energy, Inc.
5.38% due 11/01/271		25,000		24,898
Buckeye Partners, LP
4.13% due 03/01/251		25,000		24,792
Total Energy				49,690
Technology - 0.3%
ACI Worldwide, Inc.
5.75% due 08/15/261		25,000		24,993
Industrial - 0.2%
Atkore, Inc.
4.25% due 06/01/311		25,000		22,855
Total Corporate Bonds
(Cost $483,842)				488,502
SENIOR FLOATING RATE INTERESTS††,◊ - 3.4%
Industrial - 1.3%
Artera Services LLC
due 02/15/31		30,000		29,170
StandardAero
due 08/24/28		25,000		25,005
Service Logic Acquisition, Inc.
8.31% (3 Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 10/29/27		24,938		24,984
TransDigm, Inc.
7.32% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 01/09/32		25,000		24,896
Capstone Acquisition Holdings, Inc.
9.45% (1 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 11/12/29†††		9,195		9,143
Total Industrial				113,198

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND

	Face Amount		Value
Financial - 0.7%
Alliant Holdings Intermediate LLC
due 09/19/31		25,000	$	24,851
Duff & Phelps
8.35% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 04/09/27		24,935		24,400
Asurion LLC
9.10% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 09/19/30		10,000		9,813
Total Financial				59,064
Consumer, Cyclical - 0.6%
PCI Gaming Authority, Inc.
due 07/18/31		30,000		29,802
Truck Hero, Inc.
due 01/31/28		10,000		9,822
Crash Champions Inc.
9.85% (3 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 02/23/29		10,000		9,600
Total Consumer, Cyclical				49,224
Consumer, Non-cyclical - 0.4%
Froneri US, Inc.
due 09/16/31		25,000		24,892
HAH Group Holding Co. LLC
due 09/17/31		10,000		9,857
Total Consumer, Non-cyclical				34,749
Utilities — 0.3%
Calpine Construction Finance Company, LP
6.85% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/31/30		25,000		24,827
Technology - 0.1%
DS Admiral Bidco LLC
due 06/26/31		10,000		9,600
Total Senior Floating Rate Interests
(Cost $292,273)				290,662
Total Investments - 112.2%
(Cost $9,568,265)			$	9,575,873
Other Assets & Liabilities, net - (12.2)%				(1,044,979	)
Total Net Assets - 100.0%			$	8,530,894

***	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, unless otherwise noted — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
◊	Variable rate security. Rate indicated is the rate effective at September 30, 2024. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
1	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $4,087,550 (cost $4,078,707), or 47.9% of total net assets.
2	Rate indicated is the 7-day yield as of September 30, 2024.
3	Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at September 30, 2024. See table below for additional step information for each security.
4	Security is an interest-only strip.
5	Security is unsettled at period end and does not have a stated effective rate.
	REIT — Real Estate Investment Trust
	SOFR — Secured Overnight Financing Rate
	WAC — Weighted Average Coupon
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (concluded)	September 30, 2024
ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS 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
Preferred Stocks	$	—	$	70,954	$	—	$	70,954
Money Market Funds		5,012,314		—		—		5,012,314
Asset-Backed Securities		—		2,518,773		—		2,518,773
Collateralized Mortgage Obligations		—		1,194,668		—		1,194,668
Corporate Bonds		—		488,502		—		488,502
Senior Floating Rate Interests		—		281,519		9,143		290,662
Total Assets	$	5,012,314	$	4,554,416	$	9,143	$	9,575,873

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Unfunded Loan Commitments (Note 9)	$	—	$	—	$	5	$	5

Step Coupon Bonds

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

Name	Coupon Rate at Next Reset Date			Next Rate Reset Date		Future Reset Rate(s)			Future Reset Date(s)
ATLX Trust 2024-RPL1, 3.85% due 04/25/64		4.85	%		08/01/28		—			—
BRAVO 2024-NQM6, 5.66% due 08/01/64		6.66	%		08/01/28		—			—
BRAVO Residential Funding Trust 2022-R1, 3.13% due 01/29/70		6.13	%		01/30/25		—			—
Mill City Securities Ltd. 2024-RS1, 3.00% due 11/01/69		6.00	%		10/01/27		—			—
OBX Trust 2024-NQM13, 5.37% due 06/25/64		6.37	%		08/01/28		—			—
OBX Trust 2024-NQM12, 5.83% due 07/25/64		6.83	%		08/01/28		—			—
PRPM LLC 2024-5, 5.69% due 09/25/29		8.69	%		09/25/27		9.69	%		09/25/28

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

ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND

STATEMENT OF ASSETS AND LIABILITIES

September 30, 2024

Assets:
Investments, at value (cost $9,568,265)	$	9,575,873
Cash		69,989
Receivables:
Investment Adviser		29,693
Interest		20,688
Total assets		9,696,243
Liabilities:
Unfunded loan commitments, at value (Note 9) (commitment fees received $-)		5
Payable for:
Securities purchased		1,135,713
Fund accounting/administration fees		3,219
Transfer agent fees		1,545
Trustees’ fees*		564
Miscellaneous		24,303
Total liabilities		1,165,349
Net assets	$	8,530,894
Net assets consist of:
Paid in capital	$	8,523,432
Total distributable earnings (loss)		7,462
Net assets	$	8,530,894
Capital shares outstanding		425,621
Net asset value per share	$	20.04

STATEMENT OF OPERATIONS

Period Ended September 30, 2024**

Investment Income:
Interest	$	23,277
Total investment income		23,277
Expenses:
Transfer agent fees		1,545
Professional fees		23,070
Fund accounting/administration fees		3,219
Trustees’ fees*		564
Custodian fees		481
Line of credit fees		15
Interest expense		8
Miscellaneous		814
Total expenses		29,716
Less:
Expenses reimbursed by Adviser		(29,693	)
Net expenses		23
Net investment income		23,254
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		37
Net realized gain		37
Net change in unrealized appreciation (depreciation) on:
Investments		7,603
Net change in unrealized appreciation (depreciation)		7,603
Net realized and unrealized gain		7,640
Net increase in net assets resulting from operations	$	30,894

*	Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.
**	Since commencement of operations: August 14, 2024.

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

ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended September 30, 2024a
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	23,254
Net realized gain on investments		37
Net change in unrealized appreciation (depreciation) on investments		7,603
Net increase in net assets resulting from operations		30,894
Distributions to shareholders		(23,432	)
Capital share transactions:
Proceeds from sale of shares		8,500,000
Distributions reinvested		23,432
Cost of shares redeemed		—
Net increase from capital share transactions		8,523,432
Net increase in net assets		8,530,894
Net assets:
Beginning of period		—
End of period	$	8,530,894
Capital share activity:
Shares sold		424,451
Shares issued from reinvestment of distributions		1,170
Shares redeemed		—
Net increase in shares		425,621

^a Since commencement of operations: August 14, 2024.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 79

ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS 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 period presented.

SMA Class	Period Ended September 30, 2024a
Per Share Data
Net asset value, beginning of period	$	20.00
Income (loss) from investment operations:
Net investment income (loss)b		.14
Net gain (loss) on investments (realized and unrealized)		.04
Total from investment operations		.18
Less distributions from:
Net investment income		(.14	)
Total distributions		(.14	)
Net asset value, end of period	$	20.04
Total Return		0.92	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	8,531
Ratios to average net assets:
Net investment income (loss)		0.67	%
Total expenses		0.85	%
Net expensesc		—	d
Portfolio turnover rate		—	e

a	Since commencement of operations: August 14, 2024.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Less than 0.01%
e	Less than 1.0%.

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

SCHEDULE OF INVESTMENTS	September 30, 2024
ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND

	Shares		Value
MONEY MARKET FUNDS***,† - 11.4%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.88%1		400,903	$	400,903
Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.81%1		50		50
Total Money Market Funds
(Cost $400,953)				400,953
	Face Amount
ASSET-BACKED SECURITIES†† - 56.4%
Collateralized Loan Obligations - 26.8%
Fortress Credit Opportunities XI CLO Ltd.
2018-11A A1T, 6.86% (3 Month Term SOFR + 1.56%, Rate Floor: 0.00%) due 04/15/31◊,2	$	144,625		144,653
ABPCI Direct Lending Fund CLO V Ltd.
2024-5A A1RR, 7.48% (3 Month Term SOFR + 2.20%, Rate Floor: 2.20%) due 01/20/36◊,2		100,000		101,152
Owl Rock CLO XIII LLC
2023-13A A, 7.36% (3 Month Term SOFR + 2.55%, Rate Floor: 2.55%) due 09/20/35◊,2		100,000		100,593
Owl Rock CLO X LLC
2023-10A A, 7.73% (3 Month Term SOFR + 2.45%, Rate Floor: 2.45%) due 04/20/35◊,2		100,000		100,489
BCRED MML CLO 2022-1 LLC
2022-1A A1, 6.93% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 04/20/35◊,2		100,000		100,100
Ares Direct Lending CLO 2 LLC
2024-2A B, due 10/20/36◊,2		100,000		100,000
Barings CLO Limited 2022-III
2024-3A BR, due 10/20/37◊,2		100,000		100,000
BSPRT Issuer LLC
2024-FL11 B, 7.46% (1 Month Term SOFR + 2.29%, Rate Floor: 2.29%) due 07/15/39◊,2		100,000		99,813
BDS LLC
2024-FL13 AS, 7.19% (1 Month Term SOFR + 1.99%, Rate Floor: 1.99%) due 09/19/39◊,2		100,000		99,748
Total Collateralized Loan Obligations				946,548
Whole Business - 12.7%
Five Guys Holdings, Inc.
2023-1A, 7.55% due 01/26/542		100,000		105,709
SERVPRO Master Issuer LLC
2024-1A, 6.17% due 01/25/542		99,500		102,273

Applebee’s Funding LLC / IHOP Funding LLC
2019-1A, 4.72% due 06/05/492	99,000	97,379
Arbys Funding LLC
2020-1A, 3.24% due 07/30/502	96,000	91,655
Subway Funding LLC
2024-3A, 5.25% due 07/30/542	50,000	49,990
Total Whole Business		447,006
Transport-Aircraft - 9.9%
Navigator Aviation Ltd.
2024-1, 5.40% due 08/15/492	250,000	249,644
Slam Ltd.
2024-1A, 5.34% due 09/15/492	100,000	99,731
Total Transport-Aircraft		349,375
Unsecured Consumer Loans - 2.9%
Foundation Finance Trust
2024-2A, 4.93% due 03/15/502	100,000	100,179
Single Family Residence - 2.7%
Invitation Homes Trust
2024-SFR1, 4.00% due 09/17/412	100,000	95,590
Infrastructure - 1.4%
SBA Tower Trust
4.83% due 10/15/292	50,000	49,710
Total Asset-Backed Securities
(Cost $1,987,453)		1,988,408
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 28.0%
Residential Mortgage-Backed Securities - 27.4%
OBX Trust
2024-NQM13, 5.37% due 06/25/642,3	99,466	99,786
2024-NQM12, 5.83% due 07/25/643	98,611	99,237
Mill City Mortgage Loan Trust
2021-NMR1, 2.50% (WAC) due 11/25/60◊,2	120,000	101,227
FIGRE Trust
2024-HE4, 5.06% (WAC) due 09/25/54◊,2	100,000	100,405
BRAVO
2024-NQM6, 5.66% due 08/01/642,3	99,863	100,395
New Residential Mortgage Loan Trust
2024-NQM2, 5.42% due 09/25/642	100,000	99,915
ATLX Trust
2024-RPL1, 3.85% due 04/25/642,3	99,458	96,369
BRAVO Residential Funding Trust
2022-R1, 3.13% due 01/29/702,3	93,241	92,537
Mill City Securities Ltd.
2024-RS1, 3.00% due 11/01/692,3	100,000	92,322
Towd Point Mortgage Trust
2023-CES2, 7.29% (WAC) due 10/25/63◊,2	82,395	84,377
Total Residential Mortgage-Backed Securities		966,570

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND

	Face Amount		Value
Commercial Mortgage-Backed Securities - 0.6%
BXHPP Trust
2021-FILM, 6.31% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 08/15/36◊,2		25,000	$	23,451
Total Collateralized Mortgage Obligations
(Cost $987,469)				990,021
CORPORATE BONDS†† - 7.5%
Consumer, Non-cyclical - 2.8%
Prime Security Services Borrower LLC / Prime Finance, Inc.
5.75% due 04/15/262		25,000		25,114
Graham Holdings Co.
5.75% due 06/01/262		25,000		24,989
Williams Scotsman, Inc.
6.13% due 06/15/252		25,000		24,975
AMN Healthcare, Inc.
4.63% due 10/01/272		25,000		24,437
Total Consumer, Non-cyclical				99,515
Consumer, Cyclical - 1.5%
Six Flags Entertainment Corporation / Six Flags Theme Parks, Inc.
6.63% due 05/01/322		25,000		25,890
1011778 BC ULC / New Red Finance, Inc.
5.63% due 09/15/292		25,000		25,361
Total Consumer, Cyclical				51,251
Energy - 1.4%
Viper Energy, Inc.
5.38% due 11/01/272		25,000		24,898
Buckeye Partners, LP
4.13% due 03/01/252		25,000		24,792
Total Energy				49,690
Financial - 1.1%
American National Group, Inc.
5.75% due 10/01/29		30,000		30,173
Focus Financial Partners LLC
6.75% due 09/15/312		10,000		10,096
Total Financial				40,269
Technology - 0.7%
ACI Worldwide, Inc.
5.75% due 08/15/262		25,000		24,993
Total Corporate Bonds
(Cost $264,306)				265,718
SENIOR FLOATING RATE INTERESTS††,◊ - 6.6%
Industrial - 2.4%
StandardAero
due 08/24/28		25,000		25,005
Service Logic Acquisition, Inc.
8.31% (3 Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 10/29/27		24,938		24,984
TransDigm, Inc.
7.32% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 01/19/32		25,000		24,896
Capstone Acquisition Holdings, Inc.
9.45% (1 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 11/12/29†††		9,195		9,143
Total Industrial				84,028
Financial - 1.4%
Ryan Specialty LLC
7.35% (1 Month Term SOFR + 2.25%, Rate Floor: 3.00%) due 09/15/31		25,000		24,945
Duff & Phelps
8.35% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 04/09/27		24,935		24,401
Total Financial				49,346
Consumer, Cyclical - 1.1%
PCI Gaming Authority, Inc.
due 07/18/31		30,000		29,802
Truck Hero, Inc.
due 01/31/28		10,000		9,822
Total Consumer, Cyclical				39,624
Consumer, Non-cyclical - 1.0%
Froneri US, Inc.
due 09/16/31		25,000		24,892
HAH Group Holding Co. LLC
due 09/17/31		10,000		9,857
Total Consumer, Non-cyclical				34,749
Utilities - 0.7%
Calpine Construction Finance Company, LP
6.85% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/31/30		25,000		24,826
Total Senior Floating Rate Interests
(Cost $233,183)				232,573
Total Investments - 109.9%
(Cost $3,873,364)			$	3,877,673
Other Assets & Liabilities, net - (9.9)%				(350,699	)
Total Net Assets - 100.0%			$	3,526,974

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION 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, unless otherwise noted — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
◊	Variable rate security. Rate indicated is the rate effective at September 30, 2024. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
1	Rate indicated is the 7-day yield as of September 30, 2024.
2	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $3,213,974 (cost $3,209,243), or 91.1% of total net assets.
3	Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at September 30, 2024. See table below for additional step information for each security.
	SOFR — Secured Overnight Financing Rate
	WAC — Weighted Average Coupon
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at 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
Money Market Funds	$	400,953	$	—	$	—	$	400,953
Asset-Backed Securities		—		1,988,408		—		1,988,408
Collateralized Mortgage Obligations		—		990,021		—		990,021
Corporate Bonds		—		265,718		—		265,718
Senior Floating Rate Interests		—		223,430		9,143		232,573
Total Assets	$	400,953	$	3,467,577	$	9,143	$	3,877,673

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Unfunded Loan Commitments (Note 9)	$	—	$	—	$	5	$	5

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

SCHEDULE OF INVESTMENTS (concluded)	September 30, 2024
ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND

Step Coupon Bonds

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

Name	Coupon Rate at Next Reset Date			Next Rate Reset Date
ATLX Trust 2024-RPL1, 3.85% due 04/25/64		4.85	%		08/01/28
BRAVO 2024-NQM6, 5.66% due 08/01/64		6.66	%		08/01/28
BRAVO Residential Funding Trust 2022-R1, 3.13% due 01/29/70		6.13	%		01/30/25
Mill City Securities Ltd. 2024-RS1, 3.00% due 11/01/69		6.00	%		10/01/27
OBX Trust 2024-NQM12, 5.83% due 07/25/64		6.83	%		08/01/28
OBX Trust 2024-NQM13, 5.37% due 06/25/64		6.37	%		08/01/28

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

ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND

STATEMENT OF ASSETS AND LIABILITIES

September 30, 2024

Assets:
Investments, at value (cost $3,873,364)	$	3,877,673
Receivables:
Investment Adviser		29,697
Interest		19,415
Total assets		3,926,785
Liabilities:
Unfunded loan commitments, at value (Note 9) (commitment fees received $–)		5
Overdraft due to custodian bank		517
Payable for:
Securities purchased		369,661
Professional fees		23,070
Fund accounting /administration fees		3,219
Transfer agent fees		1,545
Trustees’ fees*		564
Miscellaneous		1,230
Total liabilities		399,811
Net assets	$	3,526,974
Net assets consist of:
Paid in capital	$	3,522,813
Total distributable earnings (loss)		4,161
Net assets	$	3,526,974
Capital shares outstanding		176,102
Net asset value per share	$	20.03

STATEMENT OF OPERATIONS

Period Ended September 30, 2024**

Investment Income:
Interest	$	22,650
Total investment income		22,650
Expenses:
Transfer agent fees		1,545
Professional fees		23,070
Fund accounting / administration fees		3,219
Trustees’ fees*		564
Custodian fees		480
Line of credit fees		12
Miscellaneous		819
Total expenses		29,709
Less:
Expenses reimbursed by Adviser		(29,697	)
Net expenses		12
Net investment income		22,638
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		30
Net realized gain		30
Net change in unrealized appreciation (depreciation) on:
Investments		4,304
Net change in unrealized appreciation (depreciation)		4,304
Net realized and unrealized gain		4,334
Net increase in net assets resulting from operations	$	26,972

*	Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.
**	Since commencement of operations: August 14, 2024.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 85

ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND

STATEMENT OF CHANGES IN NET ASSETS

	Period Ended September 30, 2024a
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	22,638
Net realized gain on investments		30
Net change in unrealized appreciation (depreciation) on investments		4,304
Net increase in net assets resulting from operations		26,972
Distributions to shareholders		(22,811	)
Capital share transactions:
Proceeds from sale of shares		3,500,002
Distributions reinvested		22,811
Cost of shares redeemed		—
Net increase from capital share transactions		3,522,813
Net increase in net assets		3,526,974
Net assets:
Beginning of period		—
End of period	$	3,526,974
Capital share activity:
Shares sold		174,962
Shares issued from reinvestment of distributions		1,140
Shares redeemed		—
Net increase in shares		176,102

^a Since commencement of operations: August 14, 2024.

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

ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND

FINANCIAL HIGHLIGHTS

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

SMA Class	Period Ended September 30, 2024a
Per Share Data
Net asset value, beginning of period	$	20.00
Income (loss) from investment operations:
Net investment income (loss)b		.15
Net gain (loss) on investments (realized and unrealized)		.03
Total from investment operations		.18
Less distributions from:
Net investment income		(.15	)
Total distributions		(.15	)
Net asset value, end of period	$	20.03
Total Return		0.90	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,527
Ratios to average net assets:
Net investment income (loss)		0.74	%
Total expenses		0.97	%
Net expensesc		—	d
Portfolio turnover rate		—	e

a	Since commencement of operations: August 14, 2024.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Less than 0.01%.
e	Less than 1.0%.

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

SCHEDULE OF INVESTMENTS	September 30, 2024
CORE BOND FUND

	Shares		Value
COMMON STOCKS† - 0.0%
Communications - 0.0%
Vacasa, Inc. — Class A*		1,596	$	4,485
Financial - 0.0%
Pershing Square Tontine Holdings, Ltd. — Class A*,†††,1		622,890		62
Industrial - 0.0%
Constar International Holdings LLC*,†††		68		—
Total Common Stocks
(Cost $318,203)				4,547
PREFERRED STOCKS†† - 1.5%
Financial - 1.5%
Charles Schwab Corp.
4.00%		8,500,000		7,601,482
Wells Fargo & Co.
3.90%		5,550,000		5,394,077
State Street Corp.
6.70%		4,870,000		5,045,257
Bank of New York Mellon Corp.
3.75%		3,900,000		3,680,942
MetLife, Inc.
3.85%		3,520,000		3,463,174
JPMorgan Chase & Co.
3.65%		2,350,000		2,273,488
Markel Group, Inc.
6.00%		1,360,000		1,358,531
CNO Financial Group, Inc.
5.13% due 11/25/60		47,950		1,032,843
Kuvare US Holdings, Inc.
7.00% due 02/17/513		1,000,000		1,005,000
Depository Trust & Clearing Corp.
3.38%3		1,000,000		955,617
First Republic Bank
4.25%*		77,975		31
Total Financial				31,810,442
Industrial - 0.0%
Constar International Holdings LLC*,†††		7		—
Total Preferred Stocks
(Cost $34,906,865)				31,810,442
WARRANTS† - 0.0%
Ginkgo Bioworks Holdings, Inc.
Expiring 09/16/26		6,510		29
Pershing Square SPARC Holdings, Ltd.
Expiring 12/31/49*,†††,1		190,327		19
Pershing Square Tontine Holdings, Ltd.
Expiring 07/24/25*,†††,1		69,210		7
Total Warrants
(Cost $15,075)				55
MONEY MARKET FUNDS***,† - 6.1%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.88%4		127,494,124		127,494,124
Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.81%4		123,739		123,739
Total Money Market Funds
(Cost $127,617,863)				127,617,863
	Face Amount~
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 30.4%
Government Agency - 21.2%
Uniform MBS 30 Year TBA
due 12/01/2412	$	53,462,754		53,439,979
due 12/01/2412		42,250,000		37,947,260
due 01/01/2512		29,737,500		29,232,706
due 11/01/2412		16,091,246		16,081,446
due 12/01/2412		18,405,000		15,895,497
due 12/01/2412		16,012,500		15,744,211
due 12/01/2412		15,965,000		13,235,359
due 11/01/2412		10,095,792		10,214,720
Fannie Mae
5.50% due 05/01/53		27,410,507		27,761,236
3.00% due 05/01/52		18,046,227		16,198,681
5.00% due 05/01/53		12,796,114		12,802,509
5.50% due 06/01/54		10,626,192		10,750,501
6.00% due 07/01/54		9,487,909		9,796,561
5.50% due 07/01/54		9,589,543		9,763,345
5.00% due 04/01/53		7,633,461		7,637,829
5.00% due 06/01/53		7,095,505		7,140,514
5.00% due 08/01/53		5,557,874		5,560,769
6.00% due 09/01/54		3,323,617		3,426,633
5.50% due 09/01/54		3,322,678		3,378,345
6.50% due 04/25/49		3,169,080		3,223,614
2.78% due 05/01/51		2,608,428		2,085,680
2.32% due 02/01/51		1,971,158		1,508,412
2.00% due 09/01/50		1,988,804		1,471,275
2.11% due 10/01/50		1,757,244		1,320,966
2.27% due 02/01/51		1,641,102		1,248,247
2.39% due 02/01/51		1,366,335		1,056,620
4.24% due 08/01/48		984,630		939,327
2.58% due 10/01/51		1,144,647		898,217
3.46% due 08/01/49		913,696		816,637
4.37% due 10/01/48		687,987		678,981
4.25% due 05/01/48		603,053		582,487
due 12/25/435		627,216		481,449
Freddie Mac
6.00% due 08/01/54		19,149,466		19,763,820
5.50% due 09/01/53		14,922,356		15,303,684
5.50% due 06/01/53		12,141,094		12,318,558
5.50% due 06/01/54		11,886,875		12,025,320
5.00% due 04/01/53		7,613,478		7,617,443
5.00% due 03/01/53		4,183,090		4,186,252

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
CORE BOND FUND

	Face Amount~		Value
6.00% due 09/01/54	$	2,085,000	$	2,148,233
5.50% due 09/01/54		2,060,000		2,100,516
1.98% due 05/01/50		1,312,625		958,195
GNMA II 30Year TBA
due 10/21/2412		28,336,548		28,607,162
Ginnie Mae
due 12/01/2412		9,470,000		9,477,765
6.00% due 06/20/47		896,700		906,078
Freddie Mac Seasoned Credit Risk Transfer Trust
2.00% due 05/25/60		3,013,644		2,474,862
2.00% due 11/25/59		1,140,484		934,586
Fannie Mae-Aces
1.59% (WAC) due 03/25/35◊,6		17,352,474		1,549,609
FARM Mortgage Trust
2.18% (WAC) due 01/25/51◊,3		816,356		669,266
Total Government Agency				443,361,362
Residential Mortgage-Backed Securities - 6.6%
OBX Trust
2023-NQM9, 7.66% due 10/25/633,7		3,296,031		3,382,965
2024-NQM4, 6.22% due 01/25/643,7		2,749,539		2,780,575
2024-NQM5, 6.29% due 01/25/643,7		1,573,948		1,593,710
2024-NQM6, 6.85% due 02/25/643,7		1,439,238		1,468,314
2024-NQM5, 5.99% due 01/25/643,7		1,349,098		1,366,673
2024-NQM6, 6.45% due 02/25/643,7		1,114,249		1,138,661
2024-NQM7, 6.24% due 03/25/643,7		939,580		955,804
2024-NQM7, 6.60% due 03/25/643,7		939,580		954,964
2024-NQM6, 6.70% due 02/25/643,7		928,541		946,557
2024-NQM8, 6.59% due 05/25/643,7		896,854		911,973
2024-NQM5, 6.39% due 01/25/643,7		899,399		910,008
2024-NQM3, 6.13% due 12/25/633,7		857,983		871,603
2024-NQM3, 6.33% due 12/25/633,7		857,983		868,768
2024-NQM3, 6.43% due 12/25/637		857,983		867,892
2022-NQM8, 6.10% due 09/25/627		796,440		797,475
2024-NQM8, 6.23% due 05/25/643,7		755,245		768,254
2024-NQM7, 6.45% due 03/25/643,7		563,748		572,528
2022-NQM9, 6.45% due 09/25/623,7		536,107		540,711
2024-NQM2, 6.18% due 12/25/637		447,850		451,806
COLT Mortgage Loan Trust
2023-4, 7.62% due 10/25/683,7		3,398,864		3,489,675
2021-2, 2.38% (WAC) due 08/25/66◊,3		4,000,000		2,894,323
2023-3, 7.18% due 09/25/683,7		2,611,602		2,672,013
2024-1, 6.14% due 02/25/693,7		1,288,530		1,301,878
2024-2, 6.13% due 04/25/693,7		985,340		997,686
2023-3, 7.58% due 09/25/683,7		842,452		863,529
2024-2, 6.33% due 04/25/693,7		447,882		453,482
2024-2, 6.43% due 04/25/693,7		447,882		453,481
Angel Oak Mortgage Trust
2024-2, 6.25% due 01/25/693,7		4,527,644		4,585,435
2024-4, 6.20% due 01/25/693,7		2,518,694		2,565,154
2024-3, 4.80% due 11/26/683,7		1,856,943		1,851,091
2023-1, 4.75% due 09/26/673,7		1,392,571		1,380,303
2024-4, 6.50% due 01/25/693,7		764,604		774,560
2024-4, 6.40% due 01/25/693,7		359,813		365,169
2020-1, 2.77% (WAC) due 12/25/59◊,3		235,019		224,910
JP Morgan Mortgage Trust
2021-12, 2.50% (WAC) due 02/25/52◊,3		7,741,134		7,193,880
2021-13, 2.50% (WAC) due 04/25/52◊,3		3,462,862		3,218,450
FIGRE Trust
2024-HE2, 6.38% (WAC) due 05/25/54◊,3		3,034,982		3,107,282
2024-HE1, 6.17% (WAC) due 03/25/54◊,3		2,669,038		2,717,346
2024-HE4, 5.06% (WAC) due 09/25/54◊,3		1,650,000		1,656,683
2024-HE3, 6.13% (WAC) due 07/25/54◊,3		1,238,166		1,258,953
GCAT Trust
2022-NQM3, 4.35% (WAC) due 04/25/67◊,3		2,973,968		2,840,322
2023-NQM3, 7.34% due 08/25/683,7		1,674,524		1,710,624
2023-NQM3, 6.89% due 08/25/683,7		1,674,520		1,706,282
2024-NQM2, 6.54% due 06/25/597		890,559		903,918
2024-NQM2, 6.09% due 06/25/597		445,280		451,684
Verus Securitization Trust
2024-1, 6.12% due 01/25/697		4,195,046		4,225,035
2023-2, 6.85% due 03/25/687		1,470,604		1,487,157
2023-7, 7.42% due 10/25/683,7		1,231,308		1,260,291
2019-4, 3.85% due 11/25/593		360,626		354,855
BRAVO Residential Funding Trust
2023-NQM2, 4.50% due 05/25/627		1,728,769		1,710,944
2024-NQM3, 6.39% due 03/25/647		1,529,216		1,550,800
2023-NQM8, 7.10% due 10/25/633,7		1,324,996		1,352,173
2021-HE1, 6.78% (30 Day Average SOFR + 1.50%, Rate Floor: 0.00%) due 01/25/70◊,3		1,000,000		998,608
2024-CES1, 6.38% due 04/25/543,7		926,557		940,289
RCKT Mortgage Trust
2023-CES2, 6.81% (WAC) due 09/25/43◊,3		3,208,858		3,260,411
2024-CES4, 6.15% due 06/25/443,7		2,652,643		2,695,121
Mill City Mortgage Loan Trust
2021-NMR1, 2.50% (WAC) due 11/25/60◊,3		5,810,000		5,004,237
PRPM LLC
2021-RPL2, 2.93% (WAC) due 10/25/51◊,3		2,472,000		2,175,896
2024-RPL2, 3.50% due 05/25/543		2,025,714		1,958,711
2023-RCF1, 4.00% due 06/25/533,7		821,395		807,908
GS Mortgage-Backed Securities Trust
2021-PJ10, 2.50% (WAC) due 03/25/52◊,3		4,835,709		4,454,318
2020-NQM1, 1.79% (WAC) due 09/27/60◊,3		147,044		138,211
New Residential Mortgage Loan Trust
2024-NQM2, 5.37% due 09/25/643		1,800,000		1,798,650
2024-NQM2, 5.42% due 09/25/643		1,800,000		1,798,470
2019-6A, 3.50% (WAC) due 09/25/59◊,3		375,465		358,568
Mill City Securities Ltd.
2024-RS1, 3.00% due 11/01/693,7		4,050,000		3,739,025
Vista Point Securitization Trust
2024-CES2, 5.25% due 10/25/543,7		3,300,000		3,302,297
Towd Point Mortgage Trust
2023-CES2, 7.29% (WAC) due 10/25/63◊,3		1,730,287		1,771,920
2023-CES1, 6.75% (WAC) due 07/25/63◊,3		729,580		739,223
CFMT LLC
2022-HB9, 3.25% (WAC) due 09/25/37◊,3		2,446,594		2,345,224
Morgan Stanley Residential Mortgage Loan Trust
2024-NQM3, 5.04% (WAC) due 07/25/69◊,3		1,000,000		997,620
2024-NQM3, 5.35% due 07/25/693,7		1,000,000		997,560

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
CORE BOND FUND

	Face Amount~		Value
Sequoia Mortgage Trust
2024-5, 6.00% (WAC) due 06/25/54◊,3	$	1,764,332	$	1,782,764
Saluda Grade Alternative Mortgage Trust
2023-FIG4, 6.72% (WAC) due 11/25/53◊,3		1,594,520		1,640,613
Imperial Fund Mortgage Trust
2022-NQM2, 4.20% (WAC) due 03/25/67◊,3		807,355		761,856
2022-NQM2, 4.02% (WAC) due 03/25/67◊,3		807,355		756,556
Starwood Mortgage Residential Trust
2020-1, 2.41% (WAC) due 02/25/50◊,3		650,275		621,524
2020-1, 2.56% (WAC) due 02/25/50◊,3		650,275		621,029
SPS Servicer Advance Receivables Trust
2020-T2, 1.83% due 11/15/553		1,250,000		1,207,200
American Home Mortgage Investment Trust
2007-1, 2.08% due 05/25/476		5,830,924		841,661
CSMC Trust
2018-RPL9, 3.85% (WAC) due 09/25/57◊,3		629,411		620,285
2020-NQM1, 2.72% due 05/25/653,7		167,352		155,864
MFRA Trust
2021-INV1, 2.29% (WAC) due 01/25/56◊,3		700,000		640,919
Securitized Asset-Backed Receivables LLC Trust
2006-HE2, 5.27% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 07/25/36◊		1,343,484		532,978
RALI Series Trust
2006-QO2, 5.41% (1 Month Term SOFR + 0.55%, Rate Floor: 0.44%) due 02/25/46◊		1,487,218		263,486
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-AR9, 5.96% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/46◊		220,202		180,976
MASTR Adjustable Rate Mortgages Trust
2003-5, 3.30% (WAC) due 11/25/33◊		199,061		174,381
Residential Mortgage Loan Trust
2020-1, 2.68% (WAC) due 01/26/60◊		73,058		71,170
UCFC Manufactured Housing Contract
1997-2, 7.38% due 10/15/28		2,810		2,801
Total Residential Mortgage-Backed Securities				136,886,939
Commercial Mortgage-Backed Securities - 2.0%
BX Commercial Mortgage Trust
2021-VOLT, 6.31% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 09/15/36◊,3		3,490,000		3,452,919
2021-VOLT, 7.21% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 09/15/36◊,3		3,450,000		3,424,125
2024-AIRC, 6.79% (1 Month Term SOFR + 1.69%, Rate Floor: 1.69%) due 08/15/39◊,3		1,050,000		1,051,312
2024-AIRC, 7.24% (1 Month Term SOFR + 2.14%, Rate Floor: 2.14%) due 08/15/39◊,3		1,000,000		1,001,250
GS Mortgage Securities Trust
2020-GSA2, 2.34% due 12/12/53		8,000,000		6,301,818
2020-GC45, 0.77% (WAC) due 02/13/53◊,6		18,628,235		483,736
2019-GC42, 0.93% (WAC) due 09/10/52◊,6		13,886,531		436,715
JP Morgan Chase Commercial Mortgage Securities Trust
2021-NYAH, 7.30% (1 Month Term SOFR + 2.20%, Rate Floor: 1.84%) due 06/15/38◊,3		4,000,000		3,518,280
2016-JP3, 3.56% (WAC) due 08/15/49◊		4,000,000		3,305,145
DBGS Mortgage Trust
2018-C1, 4.80% (WAC) due 10/15/51◊		7,000,000		6,565,982
BX Trust
2024-VLT4, 7.24% (1 Month Term SOFR + 2.14%, Rate Floor: 2.14%) due 07/15/29◊,3		1,700,000		1,695,750
2024-VLT4, 7.04% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 07/15/29◊,3		1,450,000		1,450,000
SMRT
2022-MINI, 7.05% (1 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 01/15/39◊,3		2,000,000		1,963,916
GS Mortgage Securities Corporation Trust
2020-DUNE, 6.72% (1 Month Term SOFR + 1.61%, Rate Floor: 1.35%) due 12/15/36◊,3		1,000,000		993,977
2020-UPTN, 3.35% (WAC) due 02/10/37◊,3		1,000,000		955,032
Life Mortgage Trust
2021-BMR, 6.61% (1 Month Term SOFR + 1.51%, Rate Floor: 1.40%) due 03/15/38◊,3		1,586,268		1,554,754
BMP Trust
2024-MF23, 6.74% (1 Month Term SOFR + 1.64%, Rate Floor: 1.64%) due 06/15/41◊,3		1,000,000		996,875
Extended Stay America Trust
2021-ESH, 7.46% (1 Month Term SOFR + 2.36%, Rate Floor: 2.25%) due 07/15/38◊,3		980,139		982,033
BENCHMARK Mortgage Trust
2019-B14, 0.89% (WAC) due 12/15/62◊,6		19,550,246		442,557
2018-B6, 0.55% (WAC) due 10/10/51◊,6		28,307,505		294,625
Citigroup Commercial Mortgage Trust
2019-GC43, 0.74% (WAC) due 11/10/52◊,6		19,592,684		487,748
2016-C2, 1.80% (WAC) due 08/10/49◊,6		2,151,471		44,453
2016-GC37, 1.81% (WAC) due 04/10/49◊,6		2,745,030		42,693
2016-P5, 1.52% (WAC) due 10/10/49◊,6		1,529,288		28,987
CSAIL Commercial Mortgage Trust
2019-C15, 1.16% (WAC) due 03/15/52◊,6		10,958,592		378,980
UBS Commercial Mortgage Trust
2017-C2, 1.21% (WAC) due 08/15/50◊,6		7,740,263		181,808
SG Commercial Mortgage Securities Trust
2016-C5, 1.98% (WAC) due 10/10/48◊,6		6,992,223		155,897

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
CORE BOND FUND

	Face Amount~		Value
COMM Mortgage Trust
2015-CR24, 0.83% (WAC) due 08/10/48◊,6	$	35,130,568	$	103,010
2015-CR26, 1.04% (WAC) due 10/10/48◊,6		7,967,717		33,451
Morgan Stanley Capital I Trust
2016-UB11, 1.57% (WAC) due 08/15/49◊,6		5,578,450		111,534
JPMDB Commercial Mortgage Securities Trust
2016-C2, 1.63% (WAC) due 06/15/49◊,6		6,110,768		97,521
Wells Fargo Commercial Mortgage Trust
2016-NXS5, 1.56% (WAC) due 01/15/59◊,6		3,160,688		42,320
2016-C37, 0.92% (WAC) due 12/15/49◊,6		2,354,378		30,132
CFCRE Commercial Mortgage Trust
2016-C3, 1.11% (WAC) due 01/10/48◊,6		4,730,800		38,113
CD Mortgage Trust
2016-CD1, 1.48% (WAC) due 08/10/49◊,6		2,007,856		29,837
Total Commercial Mortgage-Backed Securities				42,677,285
Military Housing - 0.6%
Freddie Mac Military Housing Bonds Resecuritization Trust Certificates
2015-R1, 4.66% (WAC) due 11/25/55◊,3		6,730,869		6,229,239
2015-R1, 4.45% (WAC) due 11/25/52◊,3		2,691,878		2,531,751
2015-R1, 0.70% (WAC) due 11/25/55◊,3,6		9,851,139		616,807
Capmark Military Housing Trust
2006-RILY, 6.15% due 07/10/51†††,3		2,207,981		2,048,918
2007-ROBS, 6.06% due 10/10/52†††,3		445,548		398,761
2007-AETC, 5.75% due 02/10/52†††,3		261,746		237,921
GMAC Commercial Mortgage Asset Corp.
2007-HCKM, 6.11% due 08/10/52†††,3		1,400,530		1,278,642
Total Military Housing				13,342,039
Total Collateralized Mortgage Obligations
(Cost $648,876,065)				636,267,625
U.S. GOVERNMENT SECURITIES†† - 24.8%
U.S. Treasury Notes
4.13% due 03/31/31		85,832,400		88,165,968
4.63% due 04/30/31		60,000,000		63,386,719
3.75% due 08/31/31		56,220,000		56,518,669
3.38% due 09/15/27		50,000,000		49,746,094
4.63% due 04/30/29		22,800,000		23,808,188
4.13% due 06/15/26		260,000		261,757
U.S. Treasury Bonds
due 05/15/515,8		167,110,000		54,894,425
due 11/15/535,8		46,000,000		14,391,653
due 08/15/535,8		35,000,000		10,918,288
due 02/15/525,8		29,980,000		9,572,869
4.38% due 11/15/39		8,880,000		9,288,966
due 02/15/466,8		23,500,000		9,112,052
due 02/15/545,8		28,290,000		8,710,241
due 05/15/446,8		20,000,000		8,385,151
due 08/15/545,8		14,290,000		4,334,874
due 11/15/446,8		4,600,000		1,885,043
4.25% due 08/15/54		1,200,000		1,225,500
United States Treasury Inflation Indexed Bonds
2.13% due 04/15/2913		23,713,642		24,371,031
0.13% due 10/15/2513		16,970,660		16,640,943
0.38% due 01/15/2713		16,890,183		16,409,425
0.13% due 04/15/2513		16,475,210		16,181,649
1.25% due 04/15/2813		10,873,982		10,770,796
0.50% due 01/15/2813		9,920,356		9,605,004
0.13% due 04/15/2713		9,078,937		8,739,878
1.38% due 07/15/3313		1,998,766		1,970,107
Total U.S. Government Securities
(Cost $510,002,053)				519,295,290
CORPORATE BONDS†† - 24.0%
Financial - 12.7%
Pershing Square Holdings Ltd.
3.25% due 10/01/313		6,200,000		5,314,764
3.25% due 11/15/30		4,000,000		3,517,680
Nippon Life Insurance Co.
2.75% due 01/21/512,3		8,150,000		7,115,754
BPCE S.A.
2.28% due 01/20/322,3		8,200,000		6,987,278
Societe Generale S.A.
5.52% due 01/19/282,3		5,500,000		5,576,470
3.34% due 01/21/332,3		1,300,000		1,142,667
Morgan Stanley
6.63% due 11/01/342		4,000,000		4,524,182
5.94% due 02/07/392		1,950,000		2,047,408
American National Group, Inc.
5.00% due 06/15/27		5,036,000		5,067,772
5.75% due 10/01/29		1,000,000		1,005,779
Host Hotels & Resorts, LP
3.50% due 09/15/30		3,385,000		3,139,266
5.70% due 07/01/34		2,750,000		2,839,446
Wilton RE Ltd.
6.00%2,3,9		6,237,000		5,762,388
Liberty Mutual Group, Inc.
4.13% due 12/15/512,3		5,800,000		5,486,827
Blue Owl Capital GP LLC
7.21% due 08/22/43†††		5,000,000		5,486,400
Jefferies Financial Group, Inc.
2.75% due 10/15/32		2,720,000		2,320,373
6.20% due 04/14/34		1,650,000		1,766,311
2.63% due 10/15/31		1,400,000		1,214,343
GLP Capital Limited Partnership / GLP Financing II, Inc.
4.00% due 01/15/31		4,650,000		4,359,034
5.30% due 01/15/29		900,000		915,289
Safehold GL Holdings LLC
2.85% due 01/15/32		2,428,000		2,098,418
2.80% due 06/15/31		1,931,000		1,695,168
6.10% due 04/01/34		1,400,000		1,479,540
GA Global Funding Trust
1.63% due 01/15/263		5,450,000		5,246,437
Brighthouse Financial Global Funding
5.65% due 06/10/293		4,975,000		5,138,901
Citigroup, Inc.
5.83% due 02/13/352		4,900,000		5,117,298
Global Atlantic Finance Co.
7.95% due 06/15/333		3,841,000		4,384,281
6.75% due 03/15/543		639,000		679,905

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 91

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
CORE BOND FUND

	Face Amount~		Value
CNA Financial Corp.
5.13% due 02/15/34	$	4,950,000	$	5,061,840
LPL Holdings, Inc.
4.38% due 05/15/313		3,060,000		2,883,817
6.00% due 05/20/34		1,490,000		1,557,447
Demeter Investments BV
5.63% due 08/15/52		4,350,000		4,412,205
Allianz SE
3.20% 2,3,9		5,000,000		4,281,613
Iron Mountain, Inc.
4.50% due 02/15/313		1,917,000		1,818,460
5.25% due 07/15/303		1,283,000		1,266,801
5.63% due 07/15/323		1,000,000		997,434
Reliance Standard Life Global Funding II
5.24% due 02/02/263		4,016,000		4,035,139
First American Financial Corp.
4.00% due 05/15/30		3,180,000		3,020,502
5.45% due 09/30/34		1,000,000		995,399
PartnerRe Finance B LLC
4.50% due 10/01/502		4,040,000		3,736,515
FS KKR Capital Corp.
2.63% due 01/15/27		2,150,000		2,022,116
3.25% due 07/15/27		1,800,000		1,704,754
CoStar Group, Inc.
2.80% due 07/15/303		4,130,000		3,720,762
Macquarie Group Ltd.
2.87% due 01/14/332,3		2,150,000		1,867,474
2.69% due 06/23/322,3		2,000,000		1,740,865
Maple Grove Funding Trust I
4.16% due 08/15/513		4,750,000		3,425,609
Lazard Group LLC
6.00% due 03/15/31		3,230,000		3,406,025
Macquarie Bank Ltd.
3.62% due 06/03/303		3,570,000		3,335,209
Fairfax Financial Holdings Ltd.
3.38% due 03/03/31		2,500,000		2,284,454
5.63% due 08/16/32		1,000,000		1,036,079
Brookfield Finance, Inc.
5.97% due 03/04/54		1,300,000		1,411,919
4.70% due 09/20/47		650,000		600,892
3.50% due 03/30/51		630,000		475,047
3.63% due 02/15/52		620,000		467,858
5.68% due 01/15/35		300,000		314,877
CNO Financial Group, Inc.
6.45% due 06/15/34		2,410,000		2,547,652
5.25% due 05/30/29		700,000		708,467
Nuveen LLC
5.85% due 04/15/343		2,150,000		2,276,902
5.55% due 01/15/303		700,000		732,993
Old Republic International Corp.
5.75% due 03/28/34		2,850,000		2,989,454
Nationwide Mutual Insurance Co.
4.35% due 04/30/503		3,687,000		2,985,603
Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc.
3.88% due 03/01/313		3,150,000		2,900,332
Pacific Beacon LLC
5.51% due 07/15/363		2,900,000		2,858,112
OneAmerica Financial Partners, Inc.
4.25% due 10/15/503		3,620,000		2,687,330
UBS Group AG
3.09% due 05/14/322,3		2,950,000		2,660,172
Ares Finance Company II LLC
3.25% due 06/15/303		2,760,000		2,575,876
Accident Fund Insurance Company of America
8.50% due 08/01/323		2,450,000		2,492,004
TPG Operating Group II, LP
5.88% due 03/05/34		2,300,000		2,452,168
Jefferies Finance LLC / JFIN Company-Issuer Corp.
5.00% due 08/15/283		2,450,000		2,329,486
Voya Financial, Inc.
4.80% due 06/15/46		2,500,000		2,268,448
Sumitomo Life Insurance Co.
3.38% due 04/15/812,3		2,500,000		2,256,742
Fidelity National Financial, Inc.
3.40% due 06/15/30		2,350,000		2,188,528
2.45% due 03/15/31		70,000		60,672
Standard Chartered plc
4.64% due 04/01/312,3		2,250,000		2,241,963
Capital One Financial Corp.
6.05% due 02/01/352		2,000,000		2,117,684
Aon North America, Inc.
5.45% due 03/01/34		1,900,000		1,994,850
Stewart Information Services Corp.
3.60% due 11/15/31		2,250,000		1,975,455
AmFam Holdings, Inc.
2.81% due 03/11/313		1,800,000		1,430,161
3.83% due 03/11/513		850,000		539,759
Mid-Atlantic Military Family Communities LLC
5.30% due 08/01/503		2,127,979		1,921,413
Westpac Banking Corp.
3.02% due 11/18/362		1,200,000		1,041,474
2.96% due 11/16/40		805,000		609,087
2.67% due 11/15/352		295,000		257,386
Equinix Europe 2 Financing Corporation LLC
5.50% due 06/15/34		1,800,000		1,888,797
Reinsurance Group of America, Inc.
5.75% due 09/15/34		1,750,000		1,843,469
Americo Life, Inc.
3.45% due 04/15/313		2,060,000		1,753,962
QBE Insurance Group Ltd.
5.88% 2,3,9		1,750,000		1,740,240
KKR Group Finance Company VIII LLC
3.50% due 08/25/503		2,360,000		1,729,136
Corebridge Life Holdings, Inc.
8.13% due 03/15/463		1,400,000		1,686,146
Markel Group, Inc.
6.00% due 05/16/54		1,550,000		1,648,078
Bank of America Corp.
2.59% due 04/29/312		1,800,000		1,632,316

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
CORE BOND FUND

	Face Amount~		Value
Dyal Capital Partners III
4.40% due 06/15/40†††	$	1,750,000	$	1,632,102
Trustage Financial Group, Inc.
4.63% due 04/15/323		1,750,000		1,613,333
Australia & New Zealand Banking Group Ltd.
2.57% due 11/25/352,3		1,800,000		1,561,858
Lloyds Banking Group plc
5.46% due 01/05/282		1,500,000		1,533,610
HS Wildcat LLC
3.83% due 12/31/50†††		1,982,347		1,493,976
BNP Paribas S.A.
5.50% due 05/20/302,3		1,400,000		1,450,763
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
5.88% due 05/23/422,3		1,350,000		1,414,233
National Australia Bank Ltd.
2.99% due 05/21/313		975,000		867,215
2.33% due 08/21/303		502,000		437,354
ABN AMRO Bank N.V.
2.47% due 12/13/292,3		1,400,000		1,287,230
Globe Life, Inc.
5.85% due 09/15/34		1,160,000		1,198,657
Brookfield Capital Finance LLC
6.09% due 06/14/33		1,100,000		1,190,387
Assurant, Inc.
2.65% due 01/15/32		1,377,000		1,186,979
Prudential Financial, Inc.
3.70% due 10/01/502		1,160,000		1,071,110
RGA Global Funding
5.50% due 01/11/313		1,000,000		1,045,199
JPMorgan Chase & Co.
2.96% due 05/13/312		1,093,000		1,005,285
Belvoir Land LLC
5.60% due 12/15/353		1,000,000		988,414
VICI Properties Limited Partnership / VICI Note Company, Inc.
4.13% due 08/15/303		1,000,000		949,631
Mutual of Omaha Insurance Co.
6.14% due 01/16/642,3		850,000		907,218
Sumitomo Mitsui Financial Group, Inc.
2.22% due 09/17/31		1,050,000		904,371
Wells Fargo & Co.
6.85% 2,9		850,000		887,148
Apollo Management Holdings, LP
2.65% due 06/05/303		930,000		843,096
Fort Moore Family Communities LLC
6.09% due 01/15/513		861,787		819,780
Dyal Capital Partners III (B) LP
6.55% due 06/15/44†††		770,000		794,625
Central Storage Safety Project Trust
4.82% due 02/01/3810		793,920		749,577
Protective Life Corp.
3.40% due 01/15/303		740,000		700,559
Brown & Brown, Inc.
2.38% due 03/15/31		800,000		692,560
Penn Mutual Life Insurance Co.
3.80% due 04/29/613		950,000		656,524
Western & Southern Life Insurance Co.
3.75% due 04/28/613		850,000		618,657
Assured Guaranty US Holdings, Inc.
3.60% due 09/15/51		800,000		586,330
Kemper Corp.
2.40% due 09/30/30		675,000		585,129
Horace Mann Educators Corp.
7.25% due 09/15/28		517,000		561,556
Credit Agricole S.A.
5.34% due 01/10/302,3		500,000		514,510
Hanover Insurance Group, Inc.
2.50% due 09/01/30		480,000		420,785
Cooperatieve Rabobank UA
4.66% due 08/22/282,3		400,000		403,103
Brookfield Finance LLC / Brookfield Finance, Inc.
3.45% due 04/15/50		470,000		349,737
Cushman & Wakefield US Borrower LLC
6.75% due 05/15/283		296,000		298,685
Swiss Re Finance Luxembourg S.A.
5.00% due 04/02/492,3		200,000		203,027
Fidelity & Guaranty Life Holdings, Inc.
5.50% due 05/01/253		127,000		126,993
KKR Group Finance Company III LLC
5.13% due 06/01/443		100,000		96,792
Total Financial				265,980,906
Industrial - 2.8%
AP Grange Holdings
6.50% due 03/20/45†††		12,900,000		13,006,948
5.00% due 03/20/45†††		1,400,000		1,436,083
TD SYNNEX Corp.
6.10% due 04/12/34		1,750,000		1,851,878
2.65% due 08/09/31		2,142,000		1,835,291
2.38% due 08/09/28		1,600,000		1,475,124
Berry Global, Inc.
5.80% due 06/15/313		2,350,000		2,445,199
4.88% due 07/15/263		2,156,000		2,152,555
Howmet Aerospace, Inc.
3.00% due 01/15/29		3,800,000		3,602,854
FLNG Liquefaction 3 LLC
3.08% due 06/30/39†††		3,918,460		3,183,827
Vontier Corp.
2.95% due 04/01/31		3,450,000		3,001,509
Amazon.com, Inc.
2.65% due 10/10/42†††		3,419,585		2,835,007
Flowserve Corp.
3.50% due 10/01/30		1,810,000		1,685,069
2.80% due 01/15/32		1,150,000		996,044
Boeing Co.
6.86% due 05/01/543		1,150,000		1,262,252
6.53% due 05/01/343		950,000		1,019,602

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
CORE BOND FUND

	Face Amount~		Value
Penske Truck Leasing Company Lp / PTL Finance Corp.	$
5.25% due 07/01/293		2,100,000	$	2,162,581
Fortune Brands Innovations, Inc.
4.00% due 03/25/32		2,050,000		1,951,799
Smurfit Kappa Treasury ULC
5.44% due 04/03/343		1,850,000		1,928,078
Cliffwater Corporate Lending Fund
6.77% due 08/04/28†††		1,550,000		1,613,953
Owens Corning
5.95% due 06/15/54		1,380,000		1,464,638
Stadco LA LLC
3.75% due 05/15/56†††		2,000,000		1,423,940
GATX Corp.
6.05% due 06/05/54		1,258,000		1,360,175
Cellnex Finance Company S.A.
3.88% due 07/07/413		1,372,000		1,121,419
Amcor Flexibles North America, Inc.
2.63% due 06/19/30		1,230,000		1,106,254
Dyal Capital Partners III (A) LP
6.55% due 06/15/44†††		980,000		1,011,340
Sonoco Products Co.
5.00% due 09/01/34		700,000		690,233
Westinghouse Air Brake Technologies Corp.
5.61% due 03/11/34		500,000		528,516
Norfolk Southern Corp.
4.10% due 05/15/21		600,000		453,972
Total Industrial				58,606,140
Consumer, Cyclical - 2.2%
Hyatt Hotels Corp.
5.38% due 04/23/25		3,950,000		3,956,425
5.75% due 04/23/30		3,010,000		3,150,447
Choice Hotels International, Inc.
3.70% due 01/15/31		7,340,000		6,789,145
Advance Auto Parts, Inc.
5.90% due 03/09/26		4,972,000		5,023,295
Whirlpool Corp.
4.60% due 05/15/50		4,840,000		4,053,470
Delta Air Lines, Inc.
7.00% due 05/01/253		3,014,000		3,045,749
Smithsonian Institution
2.70% due 09/01/44		4,000,000		2,900,612
Alt-2 Structured Trust
2.95% due 05/14/31◊,†††		2,826,547		2,601,724
British Airways Class A Pass Through Trust
4.25% due 11/15/323		1,836,510		1,758,702
2.90% due 03/15/353		746,966		662,563
Warnermedia Holdings, Inc.
5.14% due 03/15/52		1,640,000		1,264,890
6.41% due 03/15/26		600,000		600,355
Ferguson Finance plc
3.25% due 06/02/303		1,204,000		1,121,744
4.65% due 04/20/323		600,000		588,401
LG Energy Solution Ltd.
5.50% due 07/02/343		1,600,000		1,645,152
United Airlines 2023-1 Class A Pass Through Trust
5.80% due 01/15/36		1,417,603		1,487,785
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
6.50% due 06/20/273		1,402,500		1,419,939
Delta Air Lines, Inc. / SkyMiles IP Ltd.
4.50% due 10/20/253		1,311,250		1,303,270
Polaris, Inc.
6.95% due 03/15/29		1,050,000		1,139,627
Flutter Treasury Designated Activity Co.
6.38% due 04/29/293		1,050,000		1,087,195
American Airlines Class AA Pass Through Trust
3.20% due 06/15/28		652,000		617,579
LKQ Corp.
6.25% due 06/15/33		300,000		318,114
Total Consumer, Cyclical				46,536,183
Consumer, Non-cyclical - 2.0%
Philip Morris International, Inc.
5.13% due 02/13/31		4,900,000		5,093,058
5.25% due 02/13/34		750,000		778,885
JBS USA Holding Lux SARL/ JBS USA Food Company/ JBS Lux Co SARL
5.50% due 01/15/30		2,200,000		2,228,389
3.00% due 05/15/32		1,750,000		1,517,565
4.38% due 02/02/52		600,000		476,544
Smithfield Foods, Inc.
2.63% due 09/13/313		2,500,000		2,118,428
5.20% due 04/01/293		1,200,000		1,203,966
3.00% due 10/15/303		970,000		869,402
BAT Capital Corp.
6.00% due 02/20/34		3,000,000		3,206,384
Global Payments, Inc.
2.90% due 11/15/31		1,650,000		1,452,300
2.90% due 05/15/30		1,506,000		1,371,696
3.20% due 08/15/29		114,000		106,803
GXO Logistics, Inc.
6.50% due 05/06/34		1,250,000		1,329,818
6.25% due 05/06/29		1,250,000		1,315,557
Universal Health Services, Inc.
2.65% due 10/15/30		1,320,000		1,177,308
5.05% due 10/15/34		1,000,000		981,616
Altria Group, Inc.
4.45% due 05/06/50		1,365,000		1,143,738
3.70% due 02/04/51		1,280,000		944,617
CVS Health Corp.
5.70% due 06/01/34		2,000,000		2,086,452
Royalty Pharma plc
3.55% due 09/02/50		2,690,000		1,949,232
Triton Container International Ltd.
3.15% due 06/15/313		2,100,000		1,830,102
Element Fleet Management Corp.
6.32% due 12/04/283		1,500,000		1,598,436

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
CORE BOND FUND

	Face Amount~		Value
AZ Battery Property LLC
6.73% due 02/20/46†††		1,420,000	$	1,490,105
Yale-New Haven Health Services Corp.
2.50% due 07/01/50		2,250,000		1,429,440
Highmark, Inc.
2.55% due 05/10/313		1,500,000		1,270,758
Transurban Finance Company Pty Ltd.
2.45% due 03/16/313		1,300,000		1,129,656
Kroger Co.
5.50% due 09/15/54		850,000		855,444
Kraft Heinz Foods Co.
7.13% due 08/01/393		650,000		776,468
Tyson Foods, Inc.
5.70% due 03/15/34		400,000		421,470
Catalent Pharma Solutions, Inc.
3.13% due 02/15/293		250,000		245,575
Triton Container International Limited / TAL International Container Corp.
3.25% due 03/15/32		200,000		172,883
Total Consumer, Non-cyclical				42,572,095
Energy - 1.6%
BP Capital Markets plc
4.88% 2,9		6,348,000		6,279,142
ONEOK, Inc.
6.05% due 09/01/33		3,800,000		4,060,167
3.95% due 03/01/50		2,000,000		1,536,884
Greensaif Pipelines Bidco SARL
5.85% due 02/23/363		1,500,000		1,551,473
6.10% due 08/23/423		800,000		828,470
6.51% due 02/23/423		400,000		430,566
6.13% due 02/23/383		350,000		370,622
Plains All American Pipeline Limited Partnership / PAA Finance Corp.
5.70% due 09/15/34		2,850,000		2,961,630
Galaxy Pipeline Assets Bidco Ltd.
3.25% due 09/30/403		2,986,000		2,417,219
Boardwalk Pipelines, LP
5.63% due 08/01/34		2,000,000		2,063,026
Enbridge, Inc.
5.63% due 04/05/34		1,900,000		1,992,750
Targa Resources Partners Limited Partnership / Targa Resources Partners Finance Corp.
6.88% due 01/15/29		1,734,000		1,777,891
Midwest Connector Capital Company LLC
4.63% due 04/01/293		1,050,000		1,043,690
Cheniere Energy, Inc.
5.65% due 04/15/343		1,000,000		1,034,610
Cheniere Energy Partners, LP
5.95% due 06/30/33		750,000		793,610
5.75% due 08/15/343		150,000		156,262
Viper Energy, Inc.
7.38% due 11/01/313		850,000		896,473
Kinder Morgan Energy Partners, LP
5.80% due 03/15/35		725,000		761,726
Energy Transfer, LP
7.38% due 02/01/313		710,000		755,333
NuStar Logistics, LP
6.38% due 10/01/30		534,000		554,090
6.00% due 06/01/26		200,000		201,189
TransCanada PipeLines Ltd.
6.20% due 03/09/26		700,000		700,682
Total Energy				33,167,505
Technology - 1.0%
Entegris, Inc.
4.75% due 04/15/293		3,700,000		3,646,166
Foundry JV Holdco LLC
5.88% due 01/25/343		1,900,000		1,935,671
6.15% due 01/25/323		600,000		623,971
6.40% due 01/25/383		550,000		579,147
Fiserv, Inc.
5.35% due 03/15/31		1,850,000		1,935,119
5.63% due 08/21/33		1,000,000		1,059,259
Broadcom, Inc.
4.93% due 05/15/373		2,306,000		2,304,005
3.19% due 11/15/363		217,000		183,915
Leidos, Inc.
2.30% due 02/15/31		1,750,000		1,520,315
5.75% due 03/15/33		500,000		525,968
4.38% due 05/15/30		200,000		196,798
Oracle Corp.
3.95% due 03/25/51		2,128,000		1,712,621
Atlassian Corp.
5.50% due 05/15/34		1,450,000		1,517,363
MSCI, Inc.
3.63% due 11/01/313		1,300,000		1,196,412
CGI, Inc.
2.30% due 09/14/31		1,300,000		1,114,225
Constellation Software, Inc.
5.16% due 02/16/293		700,000		721,573
5.46% due 02/16/343		350,000		365,862
Booz Allen Hamilton, Inc.
5.95% due 08/04/33		700,000		747,142
Total Technology				21,885,532
Communications - 0.8%
British Telecommunications plc
4.88% due 11/23/812,3		2,900,000		2,677,125
4.25% due 11/23/812,3		500,000		485,237
9.63% due 12/15/30		150,000		189,422
Vodafone Group plc
4.13% due 06/04/812		2,550,000		2,311,508
Paramount Global
4.90% due 08/15/44		1,035,000		795,442
5.90% due 10/15/40		666,000		589,282
5.25% due 04/01/44		358,000		285,198
2.90% due 01/15/27		236,000		225,838
4.85% due 07/01/42		281,000		224,133
4.60% due 01/15/45		150,000		110,706

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
CORE BOND FUND

	Face Amount~		Value
Charter Communications Operating LLC / Charter Communications Operating Capital
3.90% due 06/01/52		3,350,000	$	2,196,409
Level 3 Financing, Inc.
4.50% due 04/01/303		2,175,000		1,684,552
11.00% due 11/15/293		359,563		398,243
Fox Corp.
6.50% due 10/13/33		1,650,000		1,805,477
Rogers Communications, Inc.
4.55% due 03/15/52		2,000,000		1,731,874
CSC Holdings LLC
4.13% due 12/01/303		600,000		437,253
Telenet Finance Luxembourg Notes SARL
5.50% due 03/01/28		200,000		195,547
Altice France S.A.
5.13% due 01/15/293		250,000		175,582
Total Communications				16,518,828
Utilities - 0.5%
Liberty Utilities Co.
5.58% due 01/31/293		1,400,000		1,447,284
5.87% due 01/31/343		550,000		576,432
AES Corp.
3.95% due 07/15/303		1,760,000		1,678,450
NRG Energy, Inc.
2.45% due 12/02/273		1,750,000		1,639,534
Public Service Company of Colorado
5.35% due 05/15/34		1,100,000		1,153,687
Brooklyn Union Gas Co.
6.39% due 09/15/333		800,000		871,115
Enel Finance International N.V.
5.00% due 06/15/323		850,000		859,845
Black Hills Corp.
6.00% due 01/15/35		800,000		851,856
Alexander Funding Trust II
7.47% due 07/31/283		450,000		486,208
Total Utilities				9,564,411
Basic Materials - 0.3%
Anglo American Capital plc
5.63% due 04/01/303		1,800,000		1,870,814
5.75% due 04/05/343		1,650,000		1,722,472
3.95% due 09/10/503		970,000		761,255
2.63% due 09/10/303		250,000		222,509
Yamana Gold, Inc.
2.63% due 08/15/31		1,200,000		1,038,892
Total Basic Materials				5,615,942
Transporation - 0.1%
Stolthaven Houston, Inc.
5.98% due 07/17/34†††		2,000,000		2,060,120
Total Corporate Bonds
(Cost $528,610,555)				502,507,662
ASSET-BACKED SECURITIES†† - 22.0%
Collateralized Loan Obligations - 11.0%
Cerberus Loan Funding XLIV LLC
2024-5A A, 7.65% (3 Month Term SOFR + 2.35%, Rate Floor: 2.35%) due 01/15/36◊,3		8,900,000		8,931,008
2024-5A B, 8.50% (3 Month Term SOFR + 3.20%, Rate Floor: 3.20%) due 01/15/36◊,3		3,000,000		3,003,426
Palmer Square Loan Funding Ltd.
2021-3A C, 8.04% (3 Month Term SOFR + 2.76%, Rate Floor: 2.76%) due 07/20/29◊,3		2,000,000		2,003,909
2021-1A B, 7.34% (3 Month Term SOFR + 2.06%, Rate Floor: 2.06%) due 04/20/29◊,3		2,000,000		1,999,994
2021-1A A2, 6.79% (3 Month Term SOFR + 1.51%, Rate Floor: 1.51%) due 04/20/29◊,3		1,528,175		1,528,152
2023-2A A2, 7.59% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 01/25/32◊,3		1,500,000		1,504,928
2024-3A BR, 7.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/15/31◊,3		1,500,000		1,503,595
2023-4A B, 8.03% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/24/31◊,3		1,000,000		1,004,651
2023-2A B, 7.99% (3 Month Term SOFR + 2.70%, Rate Floor: 2.70%) due 01/25/32◊,3		1,000,000		1,004,238
2021-2A C, 7.79% (3 Month Term SOFR + 2.66%, Rate Floor: 2.66%) due 05/20/29◊,3		1,000,000		1,000,941
LoanCore Issuer Ltd.
2021-CRE5 C, 7.56% (1 Month Term SOFR + 2.46%, Rate Floor: 2.46%) due 07/15/36◊,3		7,500,000		7,372,799
2021-CRE6 C, 7.51% (1 Month Term SOFR + 2.41%, Rate Floor: 2.30%) due 11/15/38◊,3		4,000,000		3,902,748
LCCM Trust
2021-FL3 A, 6.66% (1 Month Term SOFR + 1.56%, Rate Floor: 1.56%) due 11/15/38◊,3		4,465,705		4,435,978
2021-FL3 AS, 7.01% (1 Month Term SOFR + 1.91%, Rate Floor: 1.91%) due 11/15/38◊,3		3,950,000		3,842,411
2021-FL2 C, 7.36% (1 Month Term SOFR + 2.26%, Rate Floor: 2.26%) due 12/13/38◊,3		3,100,000		2,982,339
Octagon Investment Partners 49 Ltd.
2024-5A BR, 7.25% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 04/15/37◊,3		8,500,000		8,549,065

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
CORE BOND FUND

	Face Amount~		Value
Dryden 36 Senior Loan Fund
2020-36A CR3, 7.61% (3 Month Term SOFR + 2.31%, Rate Floor: 2.05%) due 04/15/29◊,3		8,000,000	$	8,023,977
Madison Park Funding XLVIII Ltd.
2021-48A C, 7.54% (3 Month Term SOFR + 2.26%, Rate Floor: 2.26%) due 04/19/33◊,3		4,000,000		4,011,338
2021-48A B, 6.99% (3 Month Term SOFR + 1.71%, Rate Floor: 1.71%) due 04/19/33◊,3		4,000,000		4,004,667
Cerberus Loan Funding XLV LLC
2024-1A A, 7.20% (3 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 04/15/36◊,3		6,500,000		6,516,674
2024-1A B, 7.70% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 04/15/36◊,3		1,000,000		1,010,850
MF1 Multifamily Housing Mortgage Loan Trust
2021-FL6 D, 7.68% (1 Month Term SOFR + 2.66%, Rate Floor: 2.55%) due 07/16/36◊,3		4,000,000		3,858,151
2021-FL6 C, 6.98% (1 Month Term SOFR + 1.96%, Rate Floor: 1.85%) due 07/16/36◊,3		3,400,000		3,324,605
Owl Rock CLO III Ltd.
2024-3A AR, 7.23% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 04/20/36◊,3		5,500,000		5,524,179
2024-3A BR, 7.65% (3 Month Term SOFR + 2.35%, Rate Floor: 2.35%) due 04/20/36◊,3		1,250,000		1,249,922
Golub Capital Partners CLO 33M Ltd.
2021-33A AR2, 7.19% (3 Month Term SOFR + 2.12%, Rate Floor: 1.86%) due 08/25/33◊,3		6,500,000		6,483,977
Owl Rock CLO XVI LLC
2024-16A A, 7.28% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/20/36◊,3		5,000,000		5,034,889
2024-16A B, 7.78% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 04/20/36◊,3		1,000,000		1,002,320
Golub Capital Partners CLO 16 Ltd.
2021-16A A1R2, 7.16% (3 Month Term SOFR + 1.87%, Rate Floor: 1.61%) due 07/25/33◊,3		4,000,000		4,002,916
2021-16A A2R2, 7.35% (3 Month Term SOFR + 2.06%, Rate Floor: 1.80%) due 07/25/33◊,3		2,000,000		2,001,153
Cerberus Loan Funding XXXII, LP
2021-2A A, 7.18% (3 Month Term SOFR + 1.88%, Rate Floor: 1.88%) due 04/22/33◊,3		4,250,000		4,251,024
2021-2A C, 8.41% (3 Month Term SOFR + 3.11%, Rate Floor: 3.11%) due 04/22/33◊,3		1,250,000		1,255,341
GoldenTree Loan Management US CLO 1 Ltd.
2024-9A BR, 7.23% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 04/20/37◊,3		3,000,000		3,021,347
2024-9A CR, 7.68% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 04/20/37◊,3		2,000,000		2,029,135
Cerberus Loan Funding XLII LLC
2023-3A A1, 7.77% (3 Month Term SOFR + 2.48%, Rate Floor: 2.48%) due 09/13/35◊,3		3,750,000		3,776,732
2023-3A B, 8.64% (3 Month Term SOFR + 3.35%, Rate Floor: 3.35%) due 09/13/35◊,3		1,250,000		1,249,955
Palmer Square CLO Ltd.
2024-4A BR, due 10/20/37◊,3		2,700,000		2,700,986
2023-4A C, 7.88% (3 Month Term SOFR + 2.60%, Rate Floor: 2.60%) due 10/20/33◊,3		1,250,000		1,252,621
2023-4A B, 7.43% (3 Month Term SOFR + 2.15%, Rate Floor: 2.15%) due 10/20/33◊,3		1,000,000		1,001,905
Cerberus Loan Funding XL LLC
2023-1A A, 7.70% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 03/22/35◊,3		4,500,000		4,532,921
Fortress Credit Opportunities IX CLO Ltd.
2021-9A A2TR, 7.36% (3 Month Term SOFR + 2.06%, Rate Floor: 1.80%) due 10/15/33◊,3		3,250,000		3,264,099
2021-9A A1TR, 7.11% (3 Month Term SOFR + 1.81%, Rate Floor: 1.55%) due 10/15/33◊,3		1,000,000		1,002,212
THL Credit Lake Shore MM CLO I Ltd.
2021-1A A1R, 7.26% (3 Month Term SOFR + 1.96%, Rate Floor: 1.70%) due 04/15/33◊,3		4,250,000		4,249,975
Cerberus Loan Funding XLVII LLC
2024-3A B, 7.35% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 07/15/36◊,3		3,000,000		3,002,664
2024-3A A, 7.08% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 07/15/36◊,3		1,000,000		1,001,519
ACRES Commercial Realty Ltd.
2021-FL2 AS, 6.95% (1 Month Term SOFR + 1.86%, Rate Floor: 1.86%) due 01/15/37◊,3		2,000,000		1,980,621
2021-FL1 AS, 6.80% (1 Month Term SOFR + 1.71%, Rate Floor: 1.71%) due 06/15/36◊,3		2,000,000		1,962,000

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
CORE BOND FUND

	Face Amount~		Value
BSPDF Issuer Ltd.
2021-FL1 C, 7.46% (1 Month Term SOFR + 2.36%, Rate Floor: 2.25%) due 10/15/36◊,3		4,000,000	$	3,843,411
Owl Rock CLO IV Ltd.
2021-4A A1R, 6.99% (3 Month Term SOFR + 1.86%, Rate Floor: 1.60%) due 08/20/33◊,3		3,750,000		3,768,928
ABPCI Direct Lending Fund CLO I LLC
2021-1A A1A2, 7.24% (3 Month Term SOFR + 1.96%, Rate Floor: 1.96%) due 07/20/33◊,3		3,750,000		3,756,699
FS RIALTO
2021-FL2 A, 6.43% (1 Month Term SOFR + 1.33%, Rate Floor: 1.33%) due 05/16/38◊,3		3,734,374		3,726,168
VOYA CLO
2021-2A A2AR, 7.21% (3 Month Term SOFR + 1.91%, Rate Floor: 1.65%) due 06/07/30◊,3		2,550,000		2,553,468
2024-2A B, 7.12% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 07/20/37◊,3		1,000,000		1,002,281
Cerberus Loan Funding XLVIII LLC
2024-4A B, due 10/15/36◊,3		3,500,000		3,505,100
Cerberus Loan Funding XXXIII, LP
2021-3A B, 7.41% (3 Month Term SOFR + 2.11%, Rate Floor: 1.85%) due 07/23/33◊,3		2,000,000		2,004,209
2021-3A A, 7.12% (3 Month Term SOFR + 1.82%, Rate Floor: 1.56%) due 07/23/33◊,3		1,250,000		1,251,258
Owl Rock CLO II Ltd.
2021-2A ALR, 7.09% (3 Month Term SOFR + 1.81%, Rate Floor: 1.55%) due 04/20/33◊,3		3,000,000		3,001,093
Golub Capital Partners CLO 54M LP
2021-54A A, 7.03% (3 Month Term SOFR + 1.79%, Rate Floor: 1.53%) due 08/05/33◊,3		1,500,000		1,500,631
2021-54A B, 7.35% (3 Month Term SOFR + 2.11%, Rate Floor: 1.85%) due 08/05/33◊,3		1,500,000		1,497,947
Golub Capital Partners CLO 31M Ltd.
2024-31A A1RR, due 11/05/37◊,3		2,750,000		2,751,478
KREF Ltd.
2021-FL2 AS, 6.50% (1 Month Term SOFR + 1.41%, Rate Floor: 1.30%) due 02/15/39◊,3		1,500,000		1,467,850
2021-FL2 C, 7.20% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 02/15/39◊,3		1,000,000		955,957
Carlyle Direct Lending CLO LLC
2024-1A A11A, 7.12% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 07/15/36◊,3		2,400,000		2,415,536
Owl Rock CLO I LLC
2024-1A ANR, 7.53% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 02/20/36◊,3		2,000,000		2,022,484
Madison Park Funding LVIII Ltd.
2024-58A C, 7.77% (3 Month Term SOFR + 2.45%, Rate Floor: 2.45%) due 04/25/37◊,3		1,000,000		1,012,649
2024-58A B, 7.27% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 04/25/37◊,3		1,000,000		1,008,369
MidOcean Credit CLO VII
2020-7A BR, 7.16% (3 Month Term SOFR + 1.86%, Rate Floor: 0.00%) due 07/15/29◊,3		2,000,000		2,006,643
Neuberger Berman Loan Advisers CLO 40 Ltd.
2021-40A C, 7.30% (3 Month Term SOFR + 2.01%, Rate Floor: 1.75%) due 04/16/33◊,3		2,000,000		2,003,929
Cerberus Loan Funding XLVI, LP
2024-2A A, 7.16% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 07/15/36◊,3		1,500,000		1,503,728
2024-2A B, 7.61% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 07/15/36◊,3		500,000		499,927
HPS Loan Management Ltd.
2018-2016 BR, 7.14% (3 Month Term SOFR + 1.86%, Rate Floor: 1.60%) due 07/20/30◊,3		2,000,000		2,003,474
Sound Point CLO XXXI Ltd.
2021-3A B, 7.20% (3 Month Term SOFR + 1.91%, Rate Floor: 1.65%) due 10/25/34◊,3		2,000,000		2,003,242
BRSP Ltd.
2021-FL1 C, 7.23% (1 Month Term SOFR + 2.26%, Rate Floor: 2.15%) due 08/19/38◊,3		2,000,000		1,941,917
FS Rialto
2021-FL3 C, 7.26% (1 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 11/16/36◊,3		2,000,000		1,920,208
Golub Capital Partners CLO 36M Ltd.
2018-36A A, 6.80% (3 Month Term SOFR + 1.56%, Rate Floor: 0.00%) due 02/05/31◊,3		1,918,541		1,918,187
Canyon Capital CLO Ltd.
2018-1A A2R, 7.02% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 01/30/31◊,3		1,900,000		1,898,622
BXMT Ltd.
2020-FL2 A, 6.10% (1 Month Term SOFR + 1.01%, Rate Floor: 1.01%) due 02/15/38◊,3		1,877,336		1,804,248

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
CORE BOND FUND

	Face Amount~		Value
KREF Funding V LLC
6.96% (1 Month Term SOFR + 1.86%, Rate Floor: 1.86%) due 06/25/26◊,†††		1,536,115	$	1,526,283
0.15% due 06/25/26†††,6		21,818,182		23,345
STWD Ltd.
2019-FL1 D, 7.56% (1 Month Term SOFR + 2.46%, Rate Floor: 2.46%) due 07/15/38◊,3		1,459,000		1,421,703
Madison Park Funding Ltd.
2024-69A B, 7.28% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 07/25/37◊,3		1,250,000		1,257,386
Cerberus Loan Funding XXXVIII, LP
2022-2A A1, 8.05% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 10/15/34◊,3		1,000,000		1,008,887
Owl Rock CLO XIII LLC
2023-13A B, 8.16% (3 Month Term SOFR + 3.35%, Rate Floor: 3.35%) due 09/20/35◊,3		1,000,000		1,003,841
Cerberus Loan Funding XXXV, LP
2021-5A A, 7.06% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 09/22/33◊,3		1,000,000		1,000,080
Golub Capital Partners CLO 46 Ltd.
2024-46A BR, 7.58% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 04/20/37◊,3		1,000,000		999,915
BSPRT Issuer LLC
2024-FL11 B, 7.46% (1 Month Term SOFR + 2.29%, Rate Floor: 2.29%) due 07/15/39◊,3		1,000,000		998,125
BSPRT Issuer Ltd.
2021-FL7 C, 7.51% (1 Month Term SOFR + 2.41%, Rate Floor: 2.41%) due 12/15/38◊,3		1,000,000		983,137
Cerberus Loan Funding XXXI, LP
2021-1A A, 7.06% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 04/15/32◊,3		816,093		816,742
ACRE Commercial Mortgage Ltd.
2021-FL4 D, 7.73% (1 Month Term SOFR + 2.71%, Rate Floor: 2.60%) due 12/18/37◊,3		773,000		758,753
Ares Direct Lending CLO 1 LLC
2024-1A B, 7.59% (3 Month Term SOFR + 2.20%, Rate Floor: 2.20%) due 04/25/36◊,3		750,000		750,832
Fortress Credit Opportunities XI CLO Ltd.
2018-11A A1T, 6.86% (3 Month Term SOFR + 1.56%, Rate Floor: 0.00%) due 04/15/31◊,3		723,126		723,265
Dryden 37 Senior Loan Fund
2015-37A Q, due 01/15/313,11		1,000,000		691,261
Sound Point CLO XXIV
2021-3A B1R, 7.25% (3 Month Term SOFR + 1.96%, Rate Floor: 1.96%) due 10/25/34◊,3		500,000		500,252
NewStar Fairfield Fund CLO Ltd.
2018-2A A1N, 6.81% (3 Month Term SOFR + 1.53%, Rate Floor: 1.27%) due 04/20/30◊,3		481,741		481,857
Golub Capital Partners CLO 17 Ltd.
2017-17A A1R, 7.20% (3 Month Term SOFR + 1.91%, Rate Floor: 0.00%) due 10/25/30◊,3		270,228		270,393
Babson CLO Ltd.
2014-IA SUB, due 07/20/253,11		650,000		15,542
Treman Park CLO Ltd.
2015-1A COM, due 10/20/283,11		162,950		1,449
Copper River CLO Ltd.
2007-1A INC, due 01/20/2110,11		700,000		70
Total Collateralized Loan Obligations				229,937,616
Financial - 2.2%
Station Place Securitization Trust
2024-SP1, 6.51% (1 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 08/12/25◊,†††,3		3,800,000		3,800,000
2024-SP2, 6.81% (1 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 07/12/26◊,†††,3		3,800,000		3,800,000
2023-SP1, 6.96% (1 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/15/24◊,†††,3		575,000		575,000
Project Onyx I
8.47% (3 Month Term SOFR + 3.15%, Rate Floor: 3.15%) due 01/26/27◊,†††		5,000,761		4,989,059
ST Group Food Industries Holdings Ltd.
due 11/10/2512		3,000,000		3,000,000
due 11/10/2512		1,500,000		1,500,000
KKR Core Holding Company LLC
4.00% due 08/12/31†††		4,620,675		4,309,888
HV Eight LLC
7.48% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 12/31/27◊,†††		EUR 3,739,527		4,166,289
Strategic Partners Fund VIII, LP
7.85% (1 Month Term SOFR + 2.60%, Rate Floor: 2.60%) due 03/10/26◊,†††		3,598,331		3,564,615
LVNV Funding LLC
7.80% due 11/05/28†††		2,900,000		3,093,923
Lightning A
5.50% due 03/01/37†††		2,521,111		2,364,802
Thunderbird A
5.50% due 03/01/37†††		2,503,333		2,348,127
HarbourVest Structured Solutions IV Holdings, LP
8.28% (3 Month Term SOFR + 2.95%, Rate Floor: 2.45%) due 09/15/26◊,†††		1,490,277		1,483,943

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
CORE BOND FUND

	Face Amount~		Value
6.38% (3 Month EURIBOR + 2.45%, Rate Floor: 2.45%) due 09/15/26◊,†††		EUR 728,947	$	802,573
Ceamer Finance LLC
6.92% due 11/15/37†††		1,787,008		1,798,749
Project Onyx II
8.47% (3 Month Term SOFR + 3.15%, Rate Floor: 3.15%) due 01/26/27◊,†††		1,428,028		1,418,103
Madison Avenue Secured Funding Trust
2023-2, 6.96% (1 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/15/24◊,†††,3		1,175,000		1,175,000
Bib Merchant Voucher Receivables Ltd.
4.18% due 04/07/28†††		609,633		601,293
Nassau LLC
2019-1, 3.98% due 08/15/3410		538,721		493,135
Total Financial				45,284,499
Whole Business - 2.1%
Subway Funding LLC
2024-3A, 5.91% due 07/30/543		2,750,000		2,752,159
2024-1A, 6.51% due 07/30/543		2,050,000		2,125,835
2024-1A, 6.27% due 07/30/543		1,600,000		1,652,354
2024-1A, 6.03% due 07/30/543		800,000		825,385
SERVPRO Master Issuer LLC
2021-1A, 2.39% due 04/25/513		4,208,625		3,833,947
2019-1A, 3.88% due 10/25/493		1,524,000		1,486,821
2024-1A, 6.17% due 01/25/543		1,393,000		1,431,816
Arbys Funding LLC
2020-1A, 3.24% due 07/30/503		6,480,000		6,186,676
Sonic Capital LLC
2020-1A, 3.85% due 01/20/503		2,182,104		2,118,084
2021-1A, 2.19% due 08/20/513		2,226,150		1,996,675
2020-1A, 4.34% due 01/20/503		959,167		917,612
Domino’s Pizza Master Issuer LLC
2017-1A, 4.12% due 07/25/473		5,076,000		4,984,617
Taco Bell Funding LLC
2016-1A, 4.97% due 05/25/463		3,515,625		3,520,664
ServiceMaster Funding LLC
2020-1, 2.84% due 01/30/513		3,771,840		3,483,282
Five Guys Holdings, Inc.
2023-1A, 7.55% due 01/26/543		2,050,000		2,167,038
Applebee’s Funding LLC / IHOP Funding LLC
2019-1A, 4.72% due 06/05/493		1,732,500		1,704,137
Wingstop Funding LLC
2020-1A, 2.84% due 12/05/503		1,231,250		1,157,732
2022-1A, 3.73% due 03/05/523		248,125		234,951
Wendy’s Funding LLC
2019-1A, 3.78% due 06/15/493		1,306,525		1,282,180
DB Master Finance LLC
2019-1A, 4.02% due 05/20/493		1,187,500		1,172,648
Total Whole Business				45,034,613
Transport-Aircraft - 1.5%
AASET Trust
2024-1A, 6.26% due 05/16/493		2,901,108		3,012,970
2021-1A, 2.95% due 11/16/413		3,018,117		2,808,895
2021-2A, 2.80% due 01/15/473		2,871,099		2,628,159
2020-1A, 3.35% due 01/16/403		743,335		706,230
Slam Ltd.
2024-1A, 5.34% due 09/15/493		2,500,000		2,493,267
2021-1A, 2.43% due 06/15/463		1,633,645		1,505,824
Navigator Aircraft ABS Ltd.
2021-1, 2.77% due 11/15/463		4,275,373		3,953,366
Navigator Aviation Ltd.
2024-1, 5.40% due 08/15/493		3,200,000		3,195,443
Castlelake Aircraft Structured Trust
2021-1A, 3.47% due 01/15/463		1,835,875		1,774,747
Lunar Structured Aircraft Portfolio Notes
2021-1, 2.64% due 10/15/463		1,902,791		1,742,252
MACH 1 Cayman Ltd.
2019-1, 3.47% due 10/15/393		1,423,168		1,323,731
Sprite Ltd.
2021-1, 3.75% due 11/15/463		1,373,555		1,314,978
Sapphire Aviation Finance II Ltd.
2020-1A, 3.23% due 03/15/403		1,417,333		1,300,956
AASET US Ltd.
2018-2A, 4.45% due 11/18/383		1,137,348		1,094,704
Falcon Aerospace Ltd.
2019-1, 3.60% due 09/15/393		842,408		789,409
2017-1, 4.58% due 02/15/423		88,143		86,381
WAVE LLC
2019-1, 3.60% due 09/15/443		642,423		594,267
Sapphire Aviation Finance I Ltd.
2018-1A, 4.25% due 03/15/403		481,670		459,566
MAPS Ltd.
2018-1A, 4.21% due 05/15/433		361,677		357,174
Castlelake Aircraft Securitization Trust
2018-1, 4.13% due 06/15/433		261,173		243,565
Total Transport-Aircraft				31,385,884
Infrastructure - 1.5%
Stack Infrastructure Issuer LLC
2023-3A, 5.90% due 10/25/483		3,000,000		3,053,408
2024-1A, 5.90% due 03/25/493		1,250,000		1,283,012
2023-1A, 5.90% due 03/25/483		1,000,000		1,010,984
2020-1A, 1.89% due 08/25/453		1,000,000		970,598
VB-S1 Issuer LLC - VBTEL
2022-1A, 4.29% due 02/15/523		2,500,000		2,396,922
2024-1A, 5.59% due 05/15/543		2,350,000		2,388,128
2024-1A, 6.64% due 05/15/543		1,250,000		1,288,019
Hotwire Funding LLC
2024-1A, 5.89% due 06/20/543		1,950,000		2,000,556
2021-1, 2.31% due 11/20/513		2,000,000		1,891,151
2023-1A, 5.69% due 05/20/533		1,005,000		1,029,334
Switch ABS Issuer LLC
2024-2A, 5.44% due 06/25/543		4,000,000		4,041,694
2024-1A, 6.28% due 03/25/543		800,000		817,422

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
CORE BOND FUND

	Face Amount~		Value
Aligned Data Centers Issuer LLC
2021-1A, 1.94% due 08/15/463		3,350,000	$	3,175,076
SBA Tower Trust
1.84% due 04/15/273		3,000,000		2,790,737
Vantage Data Centers Issuer LLC
2020-1A, 1.65% due 09/15/453		1,366,000		1,321,163
2024-1A, due 09/15/543,12		1,100,000		1,100,000
Total Infrastructure				30,558,204
Net Lease - 1.3%
CARS-DB4, LP
2020-1A, 3.81% due 02/15/503		2,212,969		2,007,128
2020-1A, 2.69% due 02/15/503		1,769,680		1,767,361
2020-1A, 4.95% due 02/15/503		1,500,000		1,342,364
CF Hippolyta Issuer LLC
2022-1A, 6.11% due 08/15/623		2,687,109		2,705,664
2020-1, 2.28% due 07/15/603		674,589		645,842
SVC ABS LLC
2023-1A, 5.15% due 02/20/533		3,224,271		3,192,020
CMFT Net Lease Master Issuer LLC
2021-1, 3.44% due 07/20/513		3,570,000		3,112,740
STORE Master Funding I-VII
2016-1A, 3.96% due 10/20/463		2,433,916		2,361,416
Oak Street Investment Grade Net Lease Fund Series
2020-1A, 2.26% due 11/20/503		2,489,583		2,350,588
CF Hippolyta LLC
2020-1, 2.60% due 07/15/603		2,479,789		2,165,753
Capital Automotive REIT
2020-1A, 3.48% due 02/15/503		1,229,427		1,174,629
2024-3A, due 10/15/543,12		700,000		675,613
STORE Master Funding LLC
2021-1A, 2.96% due 06/20/513		1,967,500		1,645,400
AFN ABSPROP001 LLC
2021-1A, 2.21% due 05/20/513		1,525,736		1,367,655
CARS-DB5, LP
2021-1A, 2.76% due 08/15/513		991,458		840,164
Store Master Funding I-VII XIV XIX XX XXIV XXII
2024-1A, 5.69% due 05/20/543		498,958		506,618
Total Net Lease				27,860,955
Single Family Residence - 0.8%
Tricon Residential Trust
2021-SFR1, 2.34% due 07/17/383		2,850,000		2,716,334
2023-SFR1, 5.10% due 07/17/403		2,722,000		2,706,122
2023-SFR2, 5.00% due 12/17/403		2,550,000		2,536,745
2024-SFR2, 5.70% due 06/17/403		1,500,000		1,526,310
2024-SFR1, 4.75% due 04/17/413		1,000,000		990,466
FirstKey Homes Trust
2020-SFR2, 2.67% due 10/19/373		2,250,000		2,179,902
2020-SFR2, 4.00% due 10/19/373		1,400,000		1,361,956
2020-SFR2, 4.50% due 10/19/373		1,350,000		1,315,420
2020-SFR2, 3.37% due 10/19/373		900,000		871,935
Home Partners of America Trust
2021-3, 2.80% due 01/17/413		910,553		825,727
2021-2, 2.40% due 12/17/263		480,445		453,740
Total Single Family Residence				17,484,657
Transport-Container - 0.6%
Textainer Marine Containers VII Ltd.
2020-1A, 2.73% due 08/21/453		2,561,631		2,444,981
2021-2A, 2.23% due 04/20/463		1,431,533		1,319,447
MC Ltd.
2021-1, 2.63% due 11/05/353		2,900,271		2,706,766
TIF Funding III LLC
2024-1A, 5.48% due 04/20/493		2,646,875		2,683,695
Textainer Marine Containers Ltd.
2021-3A, 1.94% due 08/20/463		1,506,667		1,338,799
CLI Funding VI LLC
2020-1A, 2.08% due 09/18/453		1,009,210		933,251
TIF Funding II LLC
2021-1A, 1.65% due 02/20/463		672,125		602,858
Total Transport-Container				12,029,797
Collateralized Debt Obligations - 0.4%
Anchorage Credit Funding 4 Ltd.
2021-4A AR, 2.72% due 04/27/393		7,250,000		6,887,718
Anchorage Credit Funding 13 Ltd.
2021-13A A2, 2.80% due 07/27/393		1,000,000		915,505
Total Collateralized Debt Obligations				7,803,223
Unsecured Consumer Loans - 0.2%
Foundation Finance Trust
2024-1A, 5.95% due 12/15/493		2,220,000		2,283,611
Service Experts Issuer LLC
2024-1A, 6.39% due 11/20/353		1,825,094		1,881,538
Total Unsecured Consumer Loans				4,165,149
Insurance - 0.2%
Obra Longevity
8.48% due 06/30/39†††		3,060,000		3,114,162
CHEST
7.13% due 03/15/43†††		950,000		997,167
Total Insurance				4,111,329
Automotive - 0.1%
Avis Budget Rental Car Funding AESOP LLC
2023-8A, 6.66% due 02/20/303		1,800,000		1,904,986
2024-1A, 5.85% due 06/20/303		1,300,000		1,338,768
Total Automotive				3,243,754
Consumer, Non-cyclical - 0.1%
Endo Luxembourg Finance Co I SARL / Endo US, Inc.
7.40% due 09/30/45†††		1,300,000		1,367,249
Total Asset-Backed Securities
(Cost $462,587,612)				460,266,929

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 101

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
CORE BOND FUND

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,◊ - 1.0%
Industrial - 0.4%
Summit Materials LLC
7.05% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 01/12/29		2,743,108	$	2,752,243
XPO, Inc.
7.11% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 02/03/31		2,475,000		2,476,559
United Rentals, Inc.
6.60% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/14/31		1,492,500		1,501,455
Standard Industries, Inc.
6.92% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 09/22/28		945,182		946,761
SkyMiles IP Ltd.
9.03% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 10/20/27		677,642		689,670
Total Industrial				8,366,688
Consumer, Cyclical - 0.2%
Wyndham Hotels & Resorts, Inc.
6.60% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 05/24/30		4,987,500		4,981,266
Utilities - 0.2%
NRG Energy, Inc.
7.26% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/16/31		2,985,000		2,987,239
Financial - 0.1%
Citadel Securities, LP
7.10% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 07/29/30		2,027,543		2,025,698
Eagle Point Holdings Borrower LLC
9.06% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 03/31/28†††		766,667		766,667
Total Financial				2,792,365
Consumer, Non-cyclical - 0.1%
Southern Veterinary Partners LLC
8.00% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 10/05/27		1,049,149		1,049,589
HAH Group Holding Co. LLC
10.26% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 09/17/31		230,177		230,080
10.35% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 09/17/31		29,126		29,114
Total Consumer, Non-cyclical				1,308,783
Energy - 0.0%
Venture Global Calcasieu Pass LLC
7.82% (1 Month Term SOFR + 2.88%, Rate Floor: 3.88%) due 08/19/26		380,616		380,300
Total Senior Floating Rate Interests
(Cost $20,764,156)				20,816,641
FEDERAL AGENCY BONDS†† - 0.9%
Tennessee Valley Authority Principal Strips
due 06/15/385,8		9,400,000		5,144,864
due 01/15/485,8		9,700,000		3,238,587
due 01/15/388		4,000,000		2,226,892
due 06/15/355,8		1,583,000		1,011,214
due 12/15/425,8		1,600,000		683,568
Federal Farm Credit Bank
3.51% due 06/11/40		3,300,000		2,960,361
Tennessee Valley Authority
4.25% due 09/15/65		2,450,000		2,239,511
5.38% due 04/01/56		600,000		668,750
U.S. International Development Finance Corp.
due 01/17/268		800,000		870,198
Total Federal Agency Bonds
(Cost $25,017,607)				19,043,945
MUNICIPAL BONDS†† - 0.3%
Texas - 0.1%
Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds
3.29% due 09/01/40		2,100,000		1,728,036
2.78% due 09/01/34		700,000		601,952
2.69% due 09/01/33		500,000		435,694
2.41% due 09/01/31		450,000		400,045
Total Texas				3,165,727
California - 0.2%
California Statewide Communities Development Authority Revenue Bonds
7.14% due 08/15/47		1,180,000		1,289,833
2.68% due 02/01/39		1,200,000		941,149
Total California				2,230,982
Illinois - 0.0%
State of Illinois General Obligation Unlimited
5.65% due 12/01/38		416,667		431,471
Total Municipal Bonds
(Cost $6,553,183)				5,828,180
FOREIGN GOVERNMENT DEBT†† - 0.1%
Panama Government International Bond
4.50% due 01/19/63		2,600,000		1,813,919
4.50% due 04/16/50		1,450,000		1,064,011
Total Foreign Government Debt
(Cost $4,201,362)				2,877,930
Total Investments - 111.1%
(Cost $2,369,470,599)			$	2,326,337,109
Other Assets & Liabilities, net - (11.1)%				(232,937,382	)
Total Net Assets - 100.0%			$	2,093,399,727

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
CORE BOND FUND

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Interest Rate Futures Contracts Purchased†
3-Month SOFR Futures Contracts		205		Sep 2025	$	49,607,438	$	558,296
3-Month SOFR Futures Contracts		205		Dec 2025		49,681,750		555,730
3-Month SOFR Futures Contracts		205		Mar 2026		49,717,625		537,793
					$	149,006,813	$	1,651,819

Centrally Cleared Credit Default Swap Agreements Protection Purchased††
Counterparty		Exchange		Index	Protection Premium Rate		Payment Frequency		Maturity Date			Notional Amount~		Value			Upfront Premiums (Received)			Unrealized Appreciation (Depreciation)**
BofA Securities, Inc.	ICE		ITRAXX.EUR.42.V1			1.00%		Quarterly		12/20/29	EUR 4,750,000			$	(106,174	)	$	(105,553	)	$	(621	)
BofA Securities, Inc.	ICE		CDX.NA.IG.43.V1			1.00%		Quarterly		12/20/29			49,214,557		(1,100,305	)		(1,101,580	)		1,275
														$	(1,206,479	)	$	(1,207,133	)	$	654

Centrally Cleared Interest Rate Swap Agreements††
Counterparty		Exchange		Floating Rate Type		Floating Rate Index		Fixed Rate		Payment Frequency		Maturity Date	Notional Amount		Value		Upfront Premiums Paid		Unrealized Appreciation**
BofA Securities, Inc.	CME		Pay		U.S. Secured Overnight Financing Rate		3.94%		Annually		06/05/30		$	153,100,000	$	1,872,471	$	17,192	$	1,855,279
BofA Securities, Inc.	CME		Pay		U.S. Secured Overnight Financing Rate		4.32%		Annually		07/02/27			65,000,000		1,645,047		424		1,644,623
BofA Securities, Inc.	CME		Pay		U.S. Secured Overnight Financing Rate		4.99%		Annually		10/11/25			98,748,000		1,143,416		280		1,143,136
BofA Securities, Inc.	CME		Pay		U.S. Secured Overnight Financing Rate		4.96%		Annually		10/16/25			95,000,000		1,083,792		278		1,083,514
BofA Securities, Inc.	CME		Pay		U.S. Secured Overnight Financing Rate		3.75%		Annually		08/01/29			45,560,000		968,179		488		967,691
BofA Securities, Inc.	CME		Pay		U.S. Secured Overnight Financing Rate		3.98%		Annually		02/06/27			70,000,000		902,665		371		902,294
BofA Securities, Inc.	CME		Pay		U.S. Secured Overnight Financing Rate		3.39%		Annually		08/02/29			43,670,000		174,712		395		174,317
															$	7,790,282	$	19,428	$	7,770,854

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 103

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
CORE BOND FUND

Forward Foreign Currency Exchange Contracts††

Counterparty

Currency

Type

Quantity

Contract Amount

Settlement Date

Unrealized Appreciation (Depreciation)

Bank of America, N.A.

EUR

Buy

190,000

211,413 USD

10/18/24

$

349

Citibank, N.A.

EUR

Buy

49,000

54,550 USD

10/18/24

62

Bank of America, N.A.

EUR

Sell

4,390,000

4,862,852 USD

10/18/24

(29,955

)

$

(29,544

)

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
***	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 2 inputs, unless otherwise noted — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
◊	Variable rate security. Rate indicated is the rate effective at September 30, 2024. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
1	Special Purpose Acquisition Company (SPAC).
2	Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.
3	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $793,302,977 (cost $813,236,809), or 37.9% of total net assets.
4	Rate indicated is the 7-day yield as of September 30, 2024.
5	Security is a principal-only strip.
6	Security is an interest-only strip.
7	Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at September 30, 2024. See table below for additional step information for each security.
8	Zero coupon rate security.
9	Perpetual maturity.
10	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $1,242,782 (cost $1,348,900), or 0.1% of total net assets — See Note 10.
11	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
12	Security is unsettled at period end and does not have a stated effective rate.
13	Face amount of security is adjusted for inflation.
	BofA — Bank of America
	CDX.NA.IG.43.V1 — Credit Default Swap North American Investment Grade Series 43 Index Version 1
	CME — Chicago Mercantile Exchange
	CMT — Constant Maturity Treasury
	EUR — Euro
	EURIBOR — European Interbank Offered Rate
	ICE — Intercontinental Exchange
	ITRAXX.EUR.42.V1 — iTraxx Europe Series 42 Index Version 1
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	SARL — Société à Responsabilité Limitée
	SOFR — Secured Overnight Financing Rate
	WAC — Weighted Average Coupon
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
CORE BOND 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	$	4,485	$	—	$	62		$	4,547
Preferred Stocks		—		31,810,442		—	*		31,810,442
Warrants		29		—		26			55
Money Market Funds		127,617,863		—		—			127,617,863
Collateralized Mortgage Obligations		—		632,303,383		3,964,242			636,267,625
U.S. Government Securities		—		519,295,290		—			519,295,290
Corporate Bonds		—		462,437,512		40,070,150			502,507,662
Asset-Backed Securities		—		412,947,359		47,319,570			460,266,929
Senior Floating Rate Interests		—		20,049,974		766,667			20,816,641
Federal Agency Bonds		—		19,043,945		—			19,043,945
Municipal Bonds		—		5,828,180		—			5,828,180
Foreign Government Debt		—		2,877,930		—			2,877,930
Interest Rate Futures Contracts**		1,651,819		—		—			1,651,819
Credit Default Swap Agreements**		—		1,275		—			1,275
Interest Rate Swap Agreements**		—		7,770,854		—			7,770,854
Forward Foreign Currency Exchange Contracts**		—		411		—			411
Total Assets	$	129,274,196	$	2,114,366,555	$	92,120,717		$	2,335,761,468

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Unfunded Loan Commitments	$	—	$	—	$	—	*	$	—
Credit Default Swap Agreements**		—		621		—			621
Forward Foreign Currency Exchange Contracts**		—		29,955		—			29,955
Total Liabilities	$	—	$	30,576	$	—		$	30,576

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

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

Category	Ending Balance at September 30, 2024		Valuation Technique	Unobservable Inputs		Input Range		Weighted Average*
Assets:
Asset-Backed Securities	$	22,863,776	Option adjusted spread off prior month end broker quote	Broker Quote	—		—
Asset-Backed Securities		15,082,449	Yield Analysis	Yield	4.8%-7.0%		6.3%
Asset-Backed Securities		9,373,345	Third Party Pricing	Broker Quote	—		—
Collateralized Mortgage Obligations		3,964,242	Option adjusted spread off prior month end broker quote	Broker Quote	—		—
Common Stocks		62	Model Price	Liquidation Value	—		—
Corporate Bonds		23,025,395	Option adjusted spread off prior month end broker quote	Broker Quote	—		—
Corporate Bonds		17,044,755	Yield Analysis	Yield	5.6%-9.6%		6.7%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 105

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
CORE BOND FUND

Category	Ending Balance at September 30, 2024		Valuation Technique	Unobservable Inputs		Input Range		Weighted Average*
Senior Floating Rate Interests	$	766,667	Yield Analysis	Yield	8.0%		—%
Warrants		26	Model Price	Liquidation Value	—		—
Total Assets	$	92,120,717

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

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

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

Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. For the year ended September 30, 2024, the Fund had securities with a total value of $6,227,970 transfer out of Level 3 into Level 2 due to the availability of current and reliable market-based data provided by a third-party pricing service which utilizes significant observable inputs.

Summary of Fair Value Level 3 Activity

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the year ended September 30, 2024:

	Assets																						Liabilities
	Asset Backed Securities			Collateralized Mortgage Obligations			Corporate Bonds			Senior Floating Rate Interests			Warrants		Common Stocks		Senior Fixed Rate Interests			Total Assets			Unfunded Loan Commitments
Beginning Balance	$	38,332,615		$	8,981,359		$	17,372,298		$	4,701,097		$	7	$	62	$	2,572,239		$	71,959,677		$	—
Purchases/(Receipts)		18,409,969			—			19,470,000			766,667			—		—		—			38,646,636			—
(Sales, maturities and paydowns)/Fundings		(8,799,548	)		(962,112	)		(1,730,634	)		(4,875,779	)		—		—		—			(16,368,073	)		—
Amortization of premiums/discounts		38,021			(14,264	)		3,469			51,642			—		—		—			78,868			—
Corporate actions		—			—			3,526,004			—			—		—		(3,526,004	)		—			—
Total realized gains (losses) included in earnings		7,178			—			—			(372,431	)		—		—		—			(365,253	)		—
Total change in unrealized appreciation (depreciation) included in earnings		1,236,321			282,243			1,429,013			495,471			19		—		953,765			4,396,832			—
Transfers into Level 3		—			—			—			—			—		—		—			—			—
Transfers out of Level 3		(1,904,986	)		(4,322,984	)		—			—			—		—		—			(6,227,970	)		—
Ending Balance	$	47,319,570		$	3,964,242		$	40,070,150		$	766,667		$	26	$	62	$	—		$	92,120,717		$	—
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at September 30, 2024	$	1,122,939		$	191,379		$	1,355,513		$	—		$	19	$	—	$	—		$	2,669,850		$	—

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

SCHEDULE OF INVESTMENTS (concluded)	September 30, 2024
CORE BOND FUND

Step Coupon Bonds

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

Name	Coupon Rate at Next Reset Date			Next Rate Reset Date
Angel Oak Mortgage Trust 2024-4, 6.20% due 01/25/69		7.20	%		03/01/28
Angel Oak Mortgage Trust 2024-4, 6.50% due 01/25/69		7.50	%		03/01/28
Angel Oak Mortgage Trust 2024-4, 6.40% due 01/25/69		7.40	%		03/01/28
Angel Oak Mortgage Trust 2023-1, 4.75% due 09/26/67		5.75	%		01/01/27
Angel Oak Mortgage Trust 2024-3, 4.80% due 11/26/68		5.80	%		02/01/28
Angel Oak Mortgage Trust 2024-2, 6.25% due 01/25/69		7.25	%		01/01/28
BRAVO Residential Funding Trust 2024-NQM3, 6.39% due 03/25/64		7.39	%		03/01/28
BRAVO Residential Funding Trust 2024-CES1, 6.38% due 04/25/54		7.38	%		04/01/28
BRAVO Residential Funding Trust 2023-NQM2, 4.50% due 05/25/62		5.50	%		02/01/27
BRAVO Residential Funding Trust 2023-NQM8, 7.10% due 10/25/63		8.10	%		11/01/27
COLT Mortgage Loan Trust 2023-3, 7.58% due 09/25/68		8.58	%		09/01/27
COLT Mortgage Loan Trust 2024-2, 6.43% due 04/25/69		7.43	%		03/01/28
COLT Mortgage Loan Trust 2024-2, 6.33% due 04/25/69		7.33	%		03/01/28
COLT Mortgage Loan Trust 2024-2, 6.13% due 04/25/69		7.13	%		03/01/28
COLT Mortgage Loan Trust 2023-3, 7.18% due 09/25/68		8.18	%		09/01/27
COLT Mortgage Loan Trust 2023-4, 7.62% due 10/25/68		8.62	%		10/01/27
COLT Mortgage Loan Trust 2024-1, 6.14% due 02/25/69		7.14	%		01/01/28
GCAT Trust 2024-NQM2, 6.09% due 06/25/59		7.36	%		05/01/28
GCAT Trust 2023-NQM3, 6.89% due 08/25/68		7.89	%		09/01/27
GCAT Trust 2024-NQM2, 6.54% due 06/25/59		7.71	%		05/01/28
GCAT Trust 2023-NQM3, 7.34% due 08/25/68		8.34	%		09/01/27
Mill City Securities Ltd. 2024-RS1, 3.00% due 11/01/69		6.00	%		10/01/27
Morgan Stanley Residential Mortgage Loan Trust 2024-NQM3, 5.35% due 07/25/69		6.35	%		09/01/28
OBX Trust 2024-NQM3, 6.33% due 12/25/63		7.33	%		02/01/28
OBX Trust 2024-NQM8, 6.59% due 05/25/64		7.59	%		05/01/28
OBX Trust 2024-NQM7, 6.24% due 03/25/64		7.24	%		04/01/28
OBX Trust 2022-NQM8, 6.10% due 09/25/62		7.10	%		10/01/26
OBX Trust 2024-NQM8, 6.23% due 05/25/64		7.23	%		05/01/28
OBX Trust 2023-NQM9, 7.66% due 10/25/63		8.66	%		10/01/27
OBX Trust 2022-NQM9, 6.45% due 09/25/62		7.45	%		11/01/26
OBX Trust 2024-NQM3, 6.43% due 12/25/63		7.43	%		02/01/28
OBX Trust 2024-NQM4, 6.22% due 01/25/64		7.22	%		02/01/28
OBX Trust 2024-NQM6, 6.70% due 02/25/64		7.70	%		04/01/28
OBX Trust 2024-NQM7, 6.45% due 03/25/64		7.45	%		04/01/28
OBX Trust 2024-NQM5, 5.99% due 01/25/64		6.99	%		03/01/28
OBX Trust 2024-NQM5, 6.39% due 01/25/64		7.39	%		03/01/28
OBX Trust 2024-NQM2, 6.18% due 12/25/63		7.18	%		01/01/28
OBX Trust 2024-NQM3, 6.13% due 12/25/63		7.13	%		02/01/28
OBX Trust 2024-NQM6, 6.45% due 02/25/64		7.45	%		04/01/28
OBX Trust 2024-NQM7, 6.60% due 03/25/64		7.60	%		04/01/28
OBX Trust 2024-NQM5, 6.29% due 01/25/64		7.29	%		03/01/28
OBX Trust 2024-NQM6, 6.85% due 02/25/64		7.85	%		04/01/28
PRPM LLC 2023-RCF1, 4.00% due 06/25/53		5.00	%		06/25/27
RCKT Mortgage Trust 2024-CES4, 6.15% due 06/25/44		7.15	%		05/01/28
Verus Securitization Trust 2023-7, 7.42% due 10/25/68		8.42	%		10/01/27
Verus Securitization Trust 2023-2, 6.85% due 03/25/68		7.85	%		03/01/27
Verus Securitization Trust 2024-1, 6.12% due 01/25/69		7.12	%		01/01/28
Vista Point Securitization Trust 2024-CES2, 5.25% due 10/25/54		6.25	%		09/01/28

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 107

CORE BOND FUND

STATEMENT OF ASSETS AND LIABILITIES

September 30, 2024

Assets:
Investments, at value (cost $2,369,470,599)	$	2,326,337,109
Foreign currency, at value (cost 132,021)		131,735
Cash		337,371
Segregated cash with broker		3,321,622
Unamortized upfront premiums paid on interest rate swap agreements		19,428
Unrealized appreciation on forward foreign currency exchange contracts		411
Prepaid expenses		58,919
Receivables:
Securities sold		237,988,587
Interest		15,676,476
Fund shares sold		4,125,689
Dividends		12,255
Variation margin on credit default swap agreements		9,993
Foreign tax reclaims		2,236
Total assets		2,588,021,831
Liabilities:
Unfunded loan commitments, at value (Note 9) (commitment fees received $—)		—
Unamortized upfront premiums received on credit default swap agreements		1,207,133
Unrealized depreciation on forward foreign currency exchange contracts		29,955
Payable for:
Securities purchased		484,633,131
Fund shares redeemed		3,790,075
Variation margin on interest rate swap agreements		2,417,193
Distributions to shareholders		430,984
Management fees		378,696
Variation margin on futures contracts		158,875
Transfer agent/maintenance fees		89,836
Distribution and service fees		48,075
Protection fees on credit default swap agreements		16,654
Fund accounting/administration fees		7,341
Trustees’ fees*		2,648
Due to Investment Adviser		1,579
Swap settlement		894
Miscellaneous		1,409,035
Total liabilities		494,622,104
Net assets	$	2,093,399,727
Net assets consist of:
Paid in capital	$	2,289,400,833
Total distributable earnings (loss)		(196,001,106	)
Net assets	$	2,093,399,727
Class A:
Net assets	$	137,882,563
Capital shares outstanding		8,255,536
Net asset value per share	$	16.70
Maximum offering price per share (Net asset value divided by 96.00%)	$	17.40
Class C:
Net assets	$	22,759,365
Capital shares outstanding		1,368,333
Net asset value per share	$	16.63
Class P:
Net assets	$	24,777,819
Capital shares outstanding		1,481,861
Net asset value per share	$	16.72
Institutional Class:
Net assets	$	1,907,979,980
Capital shares outstanding		114,360,960
Net asset value per share	$	16.68

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

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

CORE BOND FUND

STATEMENT OF OPERATIONS

Year Ended September 30, 2024

Investment Income:
Dividends	$	104,984
Interest		100,842,959
Total investment income		100,947,943
Expenses:
Management fees		7,370,510
Distribution and service fees:
Class A		312,195
Class C		217,844
Class P		63,394
Transfer agent/maintenance fees:
Class A		189,041
Class C		11,576
Class P		9,951
Institutional Class		1,100,857
Interest expense		1,041,744
Fund accounting/administration fees		735,084
Professional fees		137,698
Line of credit fees		86,752
Trustees’ fees*		39,489
Custodian fees		31,354
Miscellaneous		271,573
Recoupment of previously waived fees:
Class C		8,677
Class P		12,675
Institutional Class		128,147
Total expenses		11,768,561
Less:
Expense reimbursed by adviser:
Class A		(79,123	)
Class C		(1,262	)
Class P		(301	)
Institutional Class		(412,327	)
Expenses waived by Adviser		(611,201	)
Total waived/reimbursed expenses		(1,104,214	)
Net expenses		10,664,347
Net investment income		90,283,596
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	(41,671,523	)
Swap agreements		(3,333,283	)
Futures contracts		(632,569	)
Options purchased		524,620
Options written		(1,372,342	)
Forward foreign currency exchange contracts		7,393
Foreign currency transactions		(16,852	)
Net realized loss		(46,494,556	)
Net change in unrealized appreciation (depreciation) on:
Investments		162,029,233
Swap agreements		14,045,561
Futures contracts		1,651,819
Options purchased		585,689
Options written		318,806
Forward foreign currency exchange contracts		(280,288	)
Foreign currency translations		(3,365	)
Net change in unrealized appreciation (depreciation)		178,347,455
Net realized and unrealized gain		131,852,899
Net increase in net assets resulting from operations	$	222,136,495

* 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 | 109

CORE BOND 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	$	90,283,596		$	58,090,969
Net realized loss on investments		(46,494,556	)		(83,396,652	)
Net change in unrealized appreciation (depreciation) on investments		178,347,455			34,192,240
Net increase in net assets resulting from operations		222,136,495			8,886,557
Distributions to shareholders:
Class A		(5,572,388	)		(4,628,669	)
Class C		(813,243	)		(690,054	)
Class P		(1,134,659	)		(1,494,786	)
Institutional Class		(81,533,571	)		(49,253,737	)
Total distributions to shareholders		(89,053,861	)		(56,067,246	)
Capital share transactions:
Proceeds from sale of shares
Class A		36,111,802			27,585,227
Class C		6,006,562			9,484,399
Class P		5,823,351			6,643,720
Institutional Class		1,248,197,694			875,193,068
Distributions reinvested
Class A		5,100,462			4,189,176
Class C		724,884			610,361
Class P		1,130,342			1,488,895
Institutional Class		77,395,407			46,738,789
Cost of shares redeemed
Class A		(29,449,474	)		(23,834,759	)
Class C		(7,509,799	)		(8,402,408	)
Class P		(12,856,110	)		(32,056,257	)
Institutional Class		(917,116,326	)		(582,763,645	)
Net increase from capital share transactions		413,558,795			324,876,566
Net increase in net assets		546,641,429			277,695,877
Net assets:
Beginning of year		1,546,758,298			1,269,062,421
End of year	$	2,093,399,727		$	1,546,758,298
Capital share activity:
Shares sold
Class A		2,242,770			1,708,895
Class C		372,815			586,868
Class P		359,191			410,906
Institutional Class		78,174,273			54,190,672
Shares issued from reinvestment of distributions
Class A		317,202			259,787
Class C		45,306			38,033
Class P		70,321			92,259
Institutional Class		4,816,891			2,904,961
Shares redeemed
Class A		(1,831,649	)		(1,470,307	)
Class C		(471,900	)		(523,605	)
Class P		(802,798	)		(1,981,473	)
Institutional Class		(57,378,056	)		(36,342,037	)
Net increase in shares		25,914,366			19,874,959

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

CORE BOND FUND

FINANCIAL HIGHLIGHTS

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

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	$	15.56		$	15.95		$	20.06		$	20.53		$	18.94
Income (loss) from investment operations:
Net investment income (loss)a		.73			.67			.46			.44			.37
Net gain (loss) on investments (realized and unrealized)		1.13			(.41	)		(3.84	)		(.01	)		1.63
Total from investment operations		1.86			.26			(3.38	)		.43			2.00
Less distributions from:
Net investment income		(.72	)		(.65	)		(.47	)		(.47	)		(.41	)
Net realized gains		—			—			(.26	)		(.43	)		—
Total distributions		(.72	)		(.65	)		(.73	)		(.90	)		(.41	)
Net asset value, end of period	$	16.70		$	15.56		$	15.95		$	20.06		$	20.53
Total Returnb		12.27	%		1.46	%		(17.30	%)		2.09	%		10.68	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	137,883		$	117,100		$	112,084		$	151,026		$	218,856
Ratios to average net assets:
Net investment income (loss)		4.54	%		4.12	%		2.53	%		2.20	%		1.87	%
Total expensesc		0.93	%		0.92	%		0.82	%		0.85	%		0.85	%
Net expensesd,e,f		0.83	%		0.83	%		0.78	%		0.79	%		0.79	%
Portfolio turnover rate		89	%		88	%		49	%		103	%		126	%

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	$	15.49		$	15.88		$	19.97		$	20.45		$	18.86
Income (loss) from investment operations:
Net investment income (loss)a		.60			.55			.33			.29			.22
Net gain (loss) on investments (realized and unrealized)		1.14			(.42	)		(3.83	)		(.03	)		1.64
Total from investment operations		1.74			.13			(3.50	)		.26			1.86
Less distributions from:
Net investment income		(.60	)		(.52	)		(.33	)		(.31	)		(.27	)
Net realized gains		—			—			(.26	)		(.43	)		—
Total distributions		(.60	)		(.52	)		(.59	)		(.74	)		(.27	)
Net asset value, end of period	$	16.63		$	15.49		$	15.88		$	19.97		$	20.45
Total Returnb		11.49	%		0.68	%		(17.90	%)		1.34	%		9.86	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	22,759		$	22,027		$	20,970		$	33,407		$	33,163
Ratios to average net assets:
Net investment income (loss)		3.80	%		3.39	%		1.78	%		1.46	%		1.13	%
Total expensesc		1.63	%		1.66	%		1.61	%		1.61	%		1.62	%
Net expensesd,e,f		1.59	%		1.59	%		1.53	%		1.54	%		1.54	%
Portfolio turnover rate		89	%		88	%		49	%		103	%		126	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 111

CORE BOND FUND

FINANCIAL HIGHLIGHTS (continued)

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

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	$	15.57		$	15.96		$	20.07		$	20.55		$	18.96
Income (loss) from investment operations:
Net investment income (loss)a		.72			.66			.46			.44			.36
Net gain (loss) on investments (realized and unrealized)		1.15			(.41	)		(3.84	)		(.02	)		1.64
Total from investment operations		1.87			.25			(3.38	)		.42			2.00
Less distributions from:
Net investment income		(.72	)		(.64	)		(.47	)		(.47	)		(.41	)
Net realized gains		—			—			(.26	)		(.43	)		—
Total distributions		(.72	)		(.64	)		(.73	)		(.90	)		(.41	)
Net asset value, end of period	$	16.72		$	15.57		$	15.96		$	20.07		$	20.55
Total Return		12.25	%		1.50	%		(17.30	%)		2.04	%		10.67	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	24,778		$	28,885		$	53,203		$	89,223		$	60,534
Ratios to average net assets:
Net investment income (loss)		4.53	%		4.10	%		2.49	%		2.17	%		1.86	%
Total expensesc		0.87	%		1.01	%		0.94	%		0.90	%		0.91	%
Net expensesd,e,f		0.84	%		0.82	%		0.78	%		0.79	%		0.79	%
Portfolio turnover rate		89	%		88	%		49	%		103	%		126	%

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

CORE BOND FUND

FINANCIAL HIGHLIGHTS (concluded)

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

Institutional Class	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	$	15.54		$	15.92		$	20.03		$	20.51		$	18.91
Income (loss) from investment operations:
Net investment income (loss)a		.77			.71			.52			.50			.42
Net gain (loss) on investments (realized and unrealized)		1.13			(.40	)		(3.85	)		(.03	)		1.65
Total from investment operations		1.90			.31			(3.33	)		.47			2.07
Less distributions from:
Net investment income		(.76	)		(.69	)		(.52	)		(.52	)		(.47	)
Net realized gains		—			—			(.26	)		(.43	)		—
Total distributions		(.76	)		(.69	)		(.78	)		(.95	)		(.47	)
Net asset value, end of period	$	16.68		$	15.54		$	15.92		$	20.03		$	20.51
Total Return		12.61	%		1.80	%		(17.09	%)		2.34	%		11.07	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,907,980		$	1,378,747		$	1,082,805		$	1,382,711		$	1,139,109
Ratios to average net assets:
Net investment income (loss)		4.84	%		4.43	%		2.84	%		2.49	%		2.17	%
Total expensesc		0.59	%		0.65	%		0.60	%		0.60	%		0.58	%
Net expensesd,e,f		0.53	%		0.55	%		0.49	%		0.50	%		0.50	%
Portfolio turnover rate		89	%		88	%		49	%		103	%		126	%

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	—	0.01%	0.01%	0.01%	0.00%*
Class C	0.04%	0.01%	0.00%*	—	0.00%*
Class P	0.05%	0.00%*	—	—	0.00%*
Institutional Class	0.01%	0.00%*	—	—	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	0.76%	0.76%	0.77%	0.78%	0.78%
Class C	1.51%	1.52%	1.52%	1.53%	1.53%
Class P	0.76%	0.76%	0.77%	0.78%	0.78%
Institutional Class	0.47%	0.47%	0.48%	0.49%	0.49%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 113

SCHEDULE OF INVESTMENTS	September 30, 2024
FLOATING RATE STRATEGIES FUND

	Shares		Value
COMMON STOCKS† - 0.4%
Industrial - 0.4%
API Heat Transfer Intermediate*,†††		2,105	$	3,016,118
BP Holdco LLC*,†††,1		244,278		296,099
YAK BLOCKER 2 LLC*,†††		15,530		31,216
YAK BLOCKER 2 LLC*,†††		14,354		28,852
Vector Phoenix Holdings, LP*,†††		244,278		5,169
Targus, Inc.*,†††		12,773		542
Targus, Inc.*,†††		12,773		73
Targus, Inc.*,†††		12,773		1
Total Industrial				3,378,070
Consumer, Non-cyclical - 0.0%
Endo, Inc.*		20,157		519,043
Consumer, Cyclical - 0.0%
SHO Holding I Corp.*,†††		178		140,023
Energy - 0.0%
Permian Production Partners LLC*,†††		401,481		7,215
Total Common Stocks
(Cost $4,114,914)				4,044,351
EXCHANGE-TRADED FUNDS***,† - 2.7%
SPDR Blackstone Senior Loan ETF		602,210		25,148,290
Total Exchange-Traded Funds
(Cost $24,937,026)				25,148,290
MONEY MARKET FUND***,† - 3.5%
Federated Hermes U.S. Treasury Cash Reserves Fund — Institutional Shares, 4.85%2		33,224,225		33,224,225
Total Money Market Fund
(Cost $33,224,225)				33,224,225
	Face Amount~
SENIOR FLOATING RATE INTERESTS††,◊ - 89.7%
Consumer, Cyclical - 17.6%
PetSmart LLC
8.70% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 02/11/28		6,159,500		6,099,014
Eagle Parent Corp.
8.85% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 04/02/29		6,215,625		5,880,416
Truck Hero, Inc.
8.46% (1 Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 01/31/28		5,800,073		5,696,889
Da Vinci Purchaser Corp.
8.35% (1 Month Term SOFR + 3.50%, Rate Floor: 4.50%) due 01/08/27		5,491,010		5,487,606
Congruex Group LLC
11.15% (3 Month Term SOFR + 5.75%, Rate Floor: 6.50%) due 05/03/29		6,842,500		5,277,278

Restaurant Brands
6.60% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 09/20/30	5,315,673	5,256,829
Fertitta Entertainment LLC
8.85% (1 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 01/27/29	5,208,759	5,191,778
Flutter Financing B.V.
6.60% (3 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 11/29/30	4,972,425	4,970,635
Petco Health And Wellness Company, Inc.
8.12% (3 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 03/03/28	5,179,248	4,917,800
Peer Holding III BV
7.85% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/28/30	3,751,150	3,758,202
7.60% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 07/01/31	990,000	991,653
Alterra Mountain Co.
8.10% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 08/17/28	4,649,672	4,653,531
Cedar Fair LP
6.85% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/01/31	4,488,750	4,476,406
Entain Holdings (Gibraltar) Ltd.
7.86% (6 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 03/29/27	2,640,078	2,647,497
8.01% (6 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 10/31/29	1,596,000	1,595,330
American Tire Distributors, Inc.
11.80% (3 Month Term SOFR + 6.25%, Rate Floor: 7.00%) due 10/20/28	6,825,000	4,038,148
Belron Finance US LLC
7.63% (3 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 04/18/29	3,950,000	3,948,341
Ontario Gaming GTA, LP
8.89% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 08/01/30	3,948,071	3,941,478
Thevelia US LLC
7.85% (3 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 06/18/29	3,905,653	3,905,653
CCRR Parent, Inc.
9.21% (1 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/06/28	4,623,176	3,825,678
Grant Thornton Advisors LLC
8.10% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 06/02/31	3,807,642	3,811,906
BCPE Empire Holdings, Inc.
8.85% (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 12/11/28	3,700,756	3,700,312
Scientific Games Corp.
8.32% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 04/04/29	3,696,857	3,672,495

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Caesars Entertainment, Inc.
7.60% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 02/06/31		2,064,625	$	2,062,044
7.60% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 02/06/30		1,606,500		1,604,990
Galaxy US Opco, Inc.
10.00% (3 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 04/29/29		4,057,635		3,391,939
Mavis Tire Express Services TopCo Corp.
8.35% (1 Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 05/04/28		3,297,675		3,293,553
BIFM CA Buyer, Inc.
9.10% (1 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 05/31/28		3,182,196		3,192,156
Paint Intermediate III LLC
due 09/11/31		3,200,000		3,192,000
Rent-A-Center, Inc.
8.00% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 02/17/28		3,028,436		3,017,412
Guardian US HoldCo LLC
8.10% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 01/31/30		2,822,160		2,803,336
Apro LLC
8.87% (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 07/09/31		2,650,000		2,656,625
First Brands Group LLC
10.51% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 03/30/27		2,613,154		2,582,136
Michaels Stores, Inc.
9.12% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 04/15/28		3,170,728		2,493,778
AlixPartners, LLP
7.46% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 02/04/28		2,461,874		2,463,105
Hanesbrands, Inc.
8.60% (1 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 03/08/30		2,413,250		2,407,217
EG Finco Ltd.
8.88% (3 Month EURIBOR + 5.50%, Rate Floor: 5.50%) due 02/07/28		EUR 1,939,014		2,161,227
10.44% (6 Month Term SOFR + 5.76%, Rate Floor: 5.76%) due 02/07/28		157,672		157,345
Crash Champions Inc.
9.85% (3 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 02/23/29		2,388,000		2,292,480
Packers Holdings LLC
8.20% (1 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 03/09/28		4,406,194		2,288,489
Prime Security Services Borrower LLC
7.45% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 10/13/30		2,271,806		2,268,489
Seren BidCo AB
8.48% (3 Month SOFR + 3.15%, Rate Floor: 3.65%) due 11/16/28		2,139,500		2,135,927
Clarios Global, LP
7.35% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 05/06/30		2,036,296		2,034,178
TransNetwork LLC
10.10% (3 Month Term SOFR + 5.50%, Rate Floor: 6.00%) due 12/30/30†††		1,994,959		2,014,908
Match Group, Inc.
6.71% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/13/27		2,000,000		1,992,500
Alexander Mann
11.44% (1 Month SOFR + 6.00%, Rate Floor: 6.00%) due 06/29/27		1,951,488		1,900,261
Sweetwater Sound
9.21% (1 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 08/07/28		1,901,453		1,899,076
TMF Sapphire Bidco BV
8.81% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 05/03/28		1,844,655		1,848,492
PCI Gaming Authority, Inc.
due 07/18/31		1,578,492		1,568,074
Go Daddy Operating Company LLC
6.85% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 11/09/29		1,432,470		1,430,378
AAL Delaware Holdco, Inc.
8.35% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 07/30/31		1,390,000		1,394,782
ImageFIRST Holdings LLC
8.85% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 04/27/28†††		1,230,700		1,221,470
Bulldog Purchaser, Inc.
8.85% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 06/30/31		1,188,796		1,193,254
American Trailer World Corp.
8.70% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 03/03/28		1,085,951		978,713
Station Casinos LLC
7.10% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/14/31		830,825		826,820
Dealer Tire LLC
8.35% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 07/02/31		560,000		560,700
CHG Healthcare Services, Inc.
8.46% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 09/29/28		511,711		512,207
American Tire Distributors, Inc.
11.28% (3 Month Term SOFR + 6.00%, Rate Floor: 6.00%) due 10/22/26†††		545,238		507,071
WW International, Inc.
8.46% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 04/13/28		1,653,750		439,286
Hilton Worldwide Finance LLC
6.60% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 11/08/30		427,249		427,006

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 115

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
SHO Holding I Corp.
11.82% (1 Month Term SOFR + 6.50%, Rate Floor: 7.50%) due 06/30/29†††		263,276	$	261,291
12.32% (1 Month Term SOFR + 2.00%, Rate Floor: 3.00%) (in-kind rate was 5.00%) due 06/30/29†††,3		94,034		82,750
Total Consumer, Cyclical				167,302,340
Industrial - 16.8%
Arcline FM Holdings, LLC
9.65% ((3 Month Term SOFR + 4.50%) and (6 Month Term SOFR + 4.50%), Rate Floor: 5.25%) due 06/23/28		9,350,588		9,360,593
American Bath Group LLC
8.70% (1 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 11/23/27		8,693,840		8,568,909
Pelican Products, Inc.
9.12% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 12/29/28		8,913,472		8,159,036
Hunter Douglas, Inc.
8.57% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 02/26/29		6,528,524		6,463,239
Park River Holdings, Inc.
8.84% (3 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 12/28/27		5,923,420		5,820,352
White Cap Supply Holdings LLC
8.10% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/19/29		4,924,433		4,886,269
Duran Group Holding GmbH
9.21% (3 Month EURIBOR + 5.50%, Rate Floor: 5.50%) due 05/31/26†††		EUR 4,527,760		4,740,054
TransDigm, Inc.
7.10% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 01/19/32		3,199,187		3,185,750
7.32% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 01/19/32		1,530,000		1,523,620
TricorBraun Holdings, Inc.
8.21% (1 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 03/03/28		4,766,523		4,669,429
Michael Baker International LLC
9.60% (1 Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 12/01/28		4,641,236		4,658,640
DXP Enterprises, Inc.
10.16% (6 Month Term SOFR + 4.75%, Rate Floor: 5.75%) due 10/11/30		3,757,050		3,758,929
due 10/11/30		695,000		695,347
DG Investment Intermediate Holdings 2, Inc.
8.71% (1 Month Term SOFR + 3.86%, Rate Floor: 4.61%) due 03/31/28		4,461,215		4,441,719
Berlin Packaging LLC
8.89% ((1 Month Term SOFR + 3.75%) and (3 Month Term SOFR + 3.75%), Rate Floor: 3.75%) due 06/07/31		4,116,557		4,112,152
United Airlines Inc.
8.03% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 02/22/31		4,009,950		4,011,193
Fugue Finance LLC
9.06% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 01/31/28		2,098,886		2,108,247
8.81% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 02/26/31		1,725,675		1,733,872
Mauser Packaging Solutions Holding Co.
8.70% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 04/15/27		3,645,770		3,650,838
Engineered Machinery Holdings, Inc.
8.62% (3 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 05/19/28		3,467,127		3,475,794
LBM Acquisition LLC
8.97% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 06/06/31		3,483,924		3,412,086
Aegion Corp.
8.60% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 05/17/28		3,297,761		3,303,960
Mirion Technologies, Inc.
6.85% (3 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 10/20/28		3,065,287		3,059,555
FCG Acquisitions, Inc
8.71% (1 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 03/31/28		3,026,360		3,023,334
Hobbs & Associates LLC
8.10% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 07/23/31		2,955,547		2,948,158
Merlin Buyer, Inc.
9.35% (3 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 12/14/28†††		2,940,151		2,918,100
Quikrete Holdings, Inc.
7.10% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/19/29		2,900,800		2,900,133
Protective Industrial Products, Inc.
8.96% (1 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 12/29/27		2,911,804		2,899,080
Service Logic Acquisition, Inc.
8.31% (3 Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 10/29/27		2,708,136		2,713,227
Genesee & Wyoming, Inc.
6.60% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/10/31		2,690,000		2,683,275
Engineering Research And Consulting LLC
10.06% (3 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 08/29/31†††		2,550,000		2,511,750
Amentum Holdings, Inc.
due 07/29/31		2,470,118		2,460,855
EMRLD Borrower, LP
7.56% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 05/31/30		2,455,150		2,449,012
Anchor Packaging LLC
8.60% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 07/18/29		2,230,000		2,234,192
Foundation Building Materials Holding Company LLC
9.25% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 01/29/31		2,288,500		2,225,040

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Brown Group Holding LLC
7.60% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 07/01/31		2,006,475	$	2,000,335
7.84% ((1 Month Term SOFR + 2.75%) and (3 Month Term SOFR + 2.75%), Rate Floor: 3.25%) due 07/01/31		187,031		186,511
API Heat Transfer
13.19% (3 Month Term SOFR + 8.00%, Rate Floor: 11.00%) due 11/12/27†††		1,376,260		1,376,260
10.19% (3 Month Term SOFR + 5.00%, Rate Floor: 8.00%) due 11/10/27†††		796,558		796,558
STS Operating, Inc.
8.95% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 03/25/31		2,005,920		1,990,876
Sundyne (Star US Bidco)
9.60% (3 Month Term SOFR + 4.35%, Rate Floor: 5.35%) due 03/17/27†††		1,935,444		1,951,169
Artera Services LLC
9.10% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 02/15/31		1,940,325		1,886,656
ASP Dream Acquisiton Co. LLC
9.20% (1 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 12/15/28†††		1,694,504		1,694,504
Standard Industries, Inc.
6.92% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 09/22/28		1,658,233		1,661,002
Air Canada
7.25% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 03/21/31		1,651,700		1,653,765
Albion Financing 3 SARL
9.83% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 08/16/29		1,608,476		1,614,507
CPM Holdings, Inc.
9.70% (1 Month Term SOFR + 4.50%, Rate Floor: 5.00%) due 09/28/28		1,564,205		1,481,240
Madison Safety & Flow LLC
due 09/19/31		1,368,786		1,367,075
Bleriot US Bidco LLC
7.85% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/31/30		1,310,439		1,310,714
GFL Environmental, Inc.
7.32% (3 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 07/03/31		1,240,000		1,238,227
ProAmpac PG Borrower LLC
9.23% (3 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 09/15/28		1,218,722		1,219,636
Charter Next Generation Inc.
8.10% (1 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 12/01/27		981,951		981,852
Savage Enterprises LLC
7.85% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 09/15/28		771,171		773,168
MI Windows And Doors LLC
8.35% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 03/28/31		728,175		728,779
SiteOne Landscaping Supply Holding LLC
6.95% (1 Month Term SOFR + 1.75%, Rate Floor: 2.25%) due 03/23/30†††		700,000		701,750
American Residential Services LLC
8.37% (3 Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 10/15/27		563,536		563,891
Osmose Utility Services, Inc.
8.21% (1 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 06/23/28		480,138		475,337
StandardAero
due 08/24/28		300,000		300,063
Total Industrial				159,719,614
Consumer, Non-cyclical - 15.1%
Hayward Industries, Inc.
7.46% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 05/30/28		7,546,500		7,529,747
VC GB Holdings I Corp.
8.37% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 07/21/28		7,214,350		7,190,687
Medical Solutions Parent Holdings, Inc.
8.85% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 11/01/28		9,075,268		6,851,827
Bombardier Recreational Products, Inc.
7.60% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 01/22/31		6,370,013		6,354,088
National Mentor Holdings, Inc.
8.65% ((1 Month Term SOFR + 3.75%) and (3 Month Term SOFR + 3.75%), Rate Floor: 4.50%) due 03/02/28		6,392,435		6,131,048
8.45% (3 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 03/02/28		211,372		202,729
Quirch Foods Holdings LLC
9.89% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 10/27/27		6,549,873		6,156,881
Weber-Stephen Products LLC
8.21% (1 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 10/30/27		6,299,760		5,923,538
Dermatology Intermediate Holdings III, Inc.
9.10% (1 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 03/30/29		5,123,658		4,872,035
PlayCore
9.75% (3 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 02/20/30		4,821,860		4,835,120
Agiliti
8.33% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 05/01/30		4,974,874		4,825,628
HAH Group Holding Co. LLC
due 09/17/31		4,755,388		4,687,053
Midwest Veterinary Partners LLC
8.87% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 04/27/28		4,333,987		4,329,913
TGP Holdings LLC
8.20% (1 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 06/29/28		4,535,099		4,262,993

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 117

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Chefs’ Warehouse, Inc.
8.85% (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 08/23/29		4,235,667	$	4,235,667
Endo Finance Holdings, Inc.
9.78% (3 Month Term SOFR + 4.50%, Rate Floor: 5.00%) due 04/23/31		4,221,074		4,214,911
Resonetics LLC
8.71% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 06/18/31		4,055,082		4,056,988
Grifols Worldwide Operations USA, Inc.
7.40% (3 Month Term SOFR + 2.00%, Rate Floor: 3.00%) due 11/15/27		4,105,658		3,984,418
Outcomes Group Holdings, Inc.
9.10% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 05/06/31		3,878,510		3,898,717
Osmosis Holdings Australia II Pty Ltd.
8.70% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 07/31/28		3,900,771		3,894,881
US Foods, Inc.
due 11/26/31		3,800,000		3,804,750
Del Monte Foods, Inc.
13.17% (3 Month Term SOFR + 8.00%, Rate Floor: 8.00%) due 08/02/28		2,071,472		1,943,724
9.41% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 08/01/28		3,354,820		1,794,828
Froneri US, Inc.
7.20% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 01/29/27		3,396,130		3,386,790
Perrigo Investments LLC
7.20% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 04/20/29		3,149,564		3,137,753
CHG PPC Parent LLC
7.71% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 12/08/28		2,888,299		2,875,677
Topgolf Callaway Brands Corp.
7.85% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/15/30		2,728,800		2,686,176
Balrog Acquisition, Inc.
9.46% (1 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 09/05/28†††		2,569,305		2,556,459
Elanco Animal Health, Inc.
7.05% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 08/01/27		2,515,167		2,508,703
Summit Behavioral Healthcare LLC
9.31% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 11/24/28†††		2,671,472		2,484,469
Heritage Grocers Group LLC
11.45% (3 Month Term SOFR + 6.75%, Rate Floor: 7.50%) due 08/01/29		2,459,155		2,422,268
Midwest Physician Administrative Services
7.87% (3 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 03/12/28		2,470,320		2,225,041
Cambrex Corp.
8.45% (1 Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 12/04/26		2,088,337		2,074,158
Pacific Dental Services LLC
7.85% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 03/15/31		1,895,475		1,892,802
Energizer Holdings, Inc.
6.92% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/22/27		1,857,250		1,856,470
Blue Ribbon LLC
11.58% (3 Month Term SOFR + 6.00%, Rate Floor: 6.75%) due 05/08/28		2,369,231		1,648,582
IVI America LLC
9.10% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 04/09/31		1,502,030		1,510,081
Nomad Foods Limited
7.81% (3 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 11/12/29		1,050,000		1,048,246
Aramark Services, Inc.
6.85% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 06/22/30		1,000,000		1,001,500
Amer Sports, Inc.
8.35% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 02/17/31		748,125		749,060
Upstream Newco, Inc.
9.76% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 11/20/26		725,625		626,657
Mamba Purchaser, Inc.
8.35% (1 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 10/16/28		309,837		308,985
Total Consumer, Non-cyclical				142,982,048
Technology - 13.4%
CoreLogic, Inc.
8.46% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 06/02/28		8,456,747		8,360,086
Athenahealth Group, Inc.
8.10% (3 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 02/15/29		6,020,229		5,976,341
Polaris Newco LLC
9.51% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 06/02/28		5,908,629		5,804,638
Ascend Learning LLC
8.45% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 12/11/28		5,578,879		5,550,594
Peraton Corp.
8.70% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 02/01/28		5,769,239		5,539,681
Instructure Holdings, Inc.
8.07% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 10/30/28		2,886,277		2,886,884
due 09/12/31		2,531,602		2,511,552
Wrench Group LLC
8.87% (3 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 10/30/28		5,356,807		5,352,361
Atlas CC Acquisition Corp.
9.57% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 05/25/28		6,683,640		5,148,275

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Planview Parent, Inc.
8.35% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 12/17/27		5,113,486	$	5,113,537
Boxer Parent Co., Inc.
9.01% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 07/30/31		5,119,864		5,106,194
DCert Buyer, Inc.
8.85% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 10/16/26		5,161,162		5,000,701
Cloud Software Group, Inc.
8.60% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 03/30/29		4,898,448		4,874,445
Xerox Corp.
8.71% ((1 Month Term SOFR + 4.00%) and (3 Month Term SOFR + 4.00%), Rate Floor: 4.50%) due 11/17/29		4,708,695		4,683,974
Azalea TopCo
8.35% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 04/30/31		4,515,546		4,504,258
Conair Holdings LLC
8.71% (1 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 05/17/28		4,903,967		4,477,518
Sabre GLBL, Inc.
9.95% (1 Month Term SOFR + 5.00%, Rate Floor: 5.50%) due 06/30/28		3,296,299		3,123,244
8.46% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 12/17/27		1,348,992		1,255,682
Iron Mountain Information Management Services, Inc.
6.85% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/31/31		4,337,465		4,304,934
Project Ruby Ultimate Parent Corp.
8.21% (1 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 03/10/28		3,377,500		3,370,103
8.46% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 03/10/28		905,450		904,771
CCC Intelligent Solutions, Inc.
7.21% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 09/21/28		3,880,226		3,877,316
Taxware Holdings (Sovos Compliance LLC)
9.46% (3 Month Term SOFR + 4.61%, Rate Floor: 5.11%) due 08/11/28		3,698,298		3,693,268
Pushpay USA, Inc.
9.10% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 08/15/31†††		3,224,175		3,216,114
Indicor LLC
7.85% (3 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 11/22/29		3,024,208		3,028,533
RealPage, Inc.
7.96% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 04/24/28		2,947,914		2,859,476
Modena Buyer LLC
9.10% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 07/01/31		2,644,415		2,525,971
Blackhawk Network Holdings, Inc.
9.85% (1 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 03/12/29		2,483,775		2,492,866
DS Admiral Bidco LLC
9.10% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 06/26/31		2,424,177		2,327,210
Central Parent LLC
7.85% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 07/06/29		2,101,775		2,077,962
Epicor Software
8.10% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 05/30/31		1,700,564		1,701,142
Dye & Durham Corp.
8.95% (3 Month Term SOFR + 4.25%, Rate Floor: 5.25%) due 04/11/31		1,435,714		1,441,098
World Wide Technology Holding Co. LLC
7.81% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 03/01/30		1,390,716		1,390,716
VS Buyer LLC
8.35% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 04/12/31		1,346,625		1,346,059
Leia Finco US LLC
due 07/02/31		1,088,047		1,070,061
Imprivata, Inc.
8.75% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 12/01/27		635,428		637,105
Total Technology				127,534,670
Financial - 11.3%
USI, Inc.
7.35% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 11/22/29		5,452,996		5,434,837
7.35% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/27/30		1,482,591		1,477,432
Citadel Securities, LP
7.10% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 07/29/30		6,380,856		6,375,049
Apex Group Treasury LLC
8.96% (6 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 07/27/28		3,395,000		3,395,000
9.08% (6 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 07/27/28		2,063,329		2,065,908
Nexus Buyer LLC
8.85% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 07/31/31		5,140,723		5,093,326
AmWINS Group, Inc.
7.21% (1 Month Term SOFR + 2.25%, Rate Floor: 3.00%) due 02/19/28		5,022,595		5,012,600
Worldpay
7.10% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 01/31/31		4,930,000		4,927,929
Jane Street Group LLC
7.46% (3 Month Term SOFR + 2.61%, Rate Floor: 2.61%) due 01/26/28		4,802,880		4,797,405

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 119

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Ardonagh Midco 3 plc
8.52% ((3 Month Term SOFR + 3.75%) and (6 Month Term SOFR + 3.75%), Rate Floor: 3.75%) due 02/17/31		4,136,750	$	4,139,356
Duff & Phelps
8.35% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 04/09/27		4,016,419		3,930,307
Asurion LLC
9.20% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 08/19/28		3,948,059		3,885,324
HighTower Holding LLC
8.75% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 04/21/28		3,845,250		3,842,866
Corpay, Inc.
due 04/28/28		3,650,000		3,640,875
Cobham Ultra SeniorCo SARL
9.24% (6 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 08/03/29		3,684,134		3,521,406
Focus Financial Partners LLC
due 09/11/31		3,214,348		3,203,709
Virtu Financial
7.60% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 06/21/31		3,085,000		3,085,000
Zodiac Pool Solutions LLC
6.87% (1 Month Term SOFR + 1.93%, Rate Floor: 2.43%) due 01/29/29		2,984,085		2,982,235
Orion Advisor Solutions, Inc.
9.26% (3 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 09/24/27		2,865,939		2,858,373
Franklin Square Holdings LP
7.10% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 04/25/31†††		2,713,938		2,710,545
Tegra118 Wealth Solutions, Inc.
9.13% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 02/18/27		2,784,114		2,654,485
Eisner Advisory Group
8.85% (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 02/28/31		2,527,105		2,532,083
Franchise Group, Inc.
10.39% (3 Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 03/10/26		3,965,453		2,525,993
Delos Aircraft Leasing
6.35% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 10/31/27		2,508,571		2,519,760
Alliant Holdings Intermediate LLC
7.96% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 09/19/31		2,492,159		2,477,356
Ryan Specialty LLC
7.35% (1 Month Term SOFR + 2.25%, Rate Floor: 3.00%) due 09/15/31		2,472,732		2,467,317
Harbourvest Partners LP
6.85% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 04/18/30†††		2,459,404		2,453,256
Assetmark Financial Holdings, Inc.
7.60% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 06/03/31		1,800,000		1,778,058
Alter Domus
due 07/17/31		1,758,919		1,764,970
Trans Union LLC
6.60% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 06/24/31		1,695,750		1,691,901
CPI Holdco B LLC
6.85% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/17/31		1,615,000		1,606,634
GIP Pilot Acquisition Partners, LP
7.82% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 10/04/30		1,601,580		1,602,909
HUB International Ltd.
8.26% (3 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 06/20/30		1,594,620		1,592,068
Aretec Group, Inc.
8.85% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 08/09/30		1,596,817		1,562,437
FleetCor Technologies Operating Company LLC
6.60% (1 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 04/28/28		1,500,000		1,497,420
Total Financial				107,106,129
Communications - 7.8%
Virgin Media Bristol LLC
7.71% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 01/31/28		7,916,233		7,566,573
Ziggo Financing Partnership
7.71% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 04/30/28		6,685,000		6,523,223
CSC Holdings LLC
9.60% (1 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 01/18/28		6,660,644		6,462,024
Titan AcquisitionCo New Zealand Ltd. (Trade Me)
8.87% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 10/18/28		5,913,889		5,925,008
McGraw Hill LLC
8.60% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 08/06/31		5,877,124		5,899,164
SBA Senior Finance II LLC
due 01/27/31		3,699,724		3,700,574
6.85% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/25/31		1,343,250		1,343,559
Zayo Group Holdings, Inc.
9.10% (1 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 03/09/27		3,900,000		3,587,025
7.96% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/09/27		1,148,468		1,047,265
Cengage Learning, Inc.
9.54% (6 Month Term SOFR + 4.25%, Rate Floor: 5.25%) due 03/24/31		4,079,775		4,086,221
Telenet Financing USD LLC
7.21% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/30/28		4,000,000		3,850,000

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
Altice France SA
10.80% (3 Month Term SOFR + 5.50%, Rate Floor: 5.50%) due 08/15/28		4,880,561	$	3,646,169
Charter Communications Operating LLC
7.33% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/07/30		3,225,625		3,196,498
LCPR Loan Financing LLC
8.96% (1 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 10/16/28		3,162,794		2,899,492
Level 3 Financing, Inc.
11.41% (1 Month Term SOFR + 6.56%, Rate Floor: 6.56%) due 04/15/30		1,298,730		1,319,834
11.41% (1 Month Term SOFR + 6.56%, Rate Floor: 6.56%) due 04/15/29		1,289,271		1,314,734
Playtika Holding Corp.
7.71% (1 Month Term SOFR + 2.75%, Rate Floor: 3.75%) due 03/13/28		2,597,739		2,577,762
Midcontinent Communications
7.60% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 08/16/31		2,500,000		2,509,375
Simon & Schuster
9.26% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 10/30/30		2,056,068		2,050,064
UPC Broadband Holding BV
8.14% (1 Month Term SOFR + 2.93%, Rate Floor: 2.93%) due 01/31/29		1,999,703		1,987,764
Xplornet Communications, Inc.
9.57% (3 Month Term SOFR + 4.26%, Rate Floor: 4.76%) due 10/02/28		8,441,151		1,403,341
Planet US Buyer LLC
8.60% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 02/07/31		1,396,500		1,397,896
Total Communications				74,293,565
Basic Materials - 3.8%
CTEC III GmbH
7.01% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 03/16/29		EUR 7,500,000		8,317,741
Arsenal AIC Parent LLC
8.10% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 08/18/30		4,974,403		4,964,455
Illuminate Buyer LLC
8.46% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 12/31/29		4,364,231		4,372,043
Discovery Purchaser Corp.
due 10/04/29		3,730,844		3,711,145
Nouryon USA LLC
8.63% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 04/03/28		1,799,654		1,799,654
8.82% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 04/03/28		1,341,475		1,342,589
NIC Acquisition Corp.
8.62% (3 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 12/29/27		3,528,762		3,063,424
LSF11 A5 HoldCo LLC
8.46% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 10/15/28		2,521,145		2,514,388
Platform Specialty Products
6.85% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/18/30		2,342,300		2,342,300
Vantage Specialty Chemicals, Inc.
9.87% (3 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 10/26/26		2,235,188		2,210,042
Trinseo Materials Operating S.C.A.
7.82% (3 Month Term SOFR + 2.50%, Rate Floor: 3.50%) due 05/03/28		1,548,000		1,220,459
A-AP Buyer, Inc.
7.85% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 09/09/31†††		650,000		652,438
Total Basic Materials				36,510,678
Energy - 2.4%
BANGL LLC
9.82% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 02/01/29		4,140,239		4,140,239
AL GCX Holdings LLC
7.87% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 05/17/29		3,486,860		3,487,697
Par Petroleum LLC
9.06% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 02/28/30		3,171,700		3,172,366
TransMontaigne Operating Company, LP
8.46% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 11/17/28		2,534,230		2,535,143
Buckeye Partners, LP
6.60% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 11/01/26		1,123,946		1,123,474
6.85% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 11/22/30		823,442		822,108
WhiteWater DBR HoldCo LLC
7.35% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 03/03/31		1,865,000		1,860,915
ITT Holdings LLC
7.95% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 10/11/30		1,786,995		1,788,478
Traverse Midstream Partners LLC
8.75% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 02/16/28		1,626,172		1,626,676
Bip PipeCo Holdings LLC
7.82% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 12/06/30		1,326,675		1,325,017
Permian Production Partners LLC
14.96% (1 Month Term SOFR + 6.11%, Rate Floor: 7.11%) (in-kind rate was 2.00%) due 11/24/25†††,3		489,365		484,471
Total Energy				22,366,584
Utilities - 1.5%
Calpine Construction Finance Company, LP
6.85% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/31/30		4,965,050		4,930,593

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 121

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
UGI Energy Services LLC
7.35% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 02/22/30		4,099,393	$	4,098,655
NRG Energy, Inc.
7.26% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/16/31		2,699,612		2,701,637
TerraForm Power Operating LLC
7.20% (3 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 05/21/29		2,540,659		2,539,872
Total Utilities				14,270,757
Total Senior Floating Rate Interests
(Cost $880,219,573)				852,086,385
CORPORATE BONDS†† - 4.0%
Consumer, Non-cyclical - 1.4%
Cheplapharm Arzneimittel GmbH
5.50% due 01/15/284		2,975,000		2,885,383
Sotheby’s
7.38% due 10/15/274		2,875,000		2,767,029
ADT Security Corp.
4.13% due 08/01/294		2,875,000		2,746,034
Tenet Healthcare Corp.
4.38% due 01/15/30		2,800,000		2,686,411
HCA, Inc.
4.50% due 02/15/27		1,500,000		1,501,908
WW International, Inc.
4.50% due 04/15/294		2,875,000		634,827
Total Consumer, Non-cyclical				13,221,592
Communications - 1.1%
VZ Secured Financing B.V.
5.00% due 01/15/324		3,500,000		3,220,852
LCPR Senior Secured Financing DAC
6.75% due 10/15/274		2,875,000		2,630,706
Altice France S.A.
5.50% due 10/15/294		2,850,000		1,995,968
McGraw-Hill Education, Inc.
5.75% due 08/01/284		1,575,000		1,556,476
Level 3 Financing, Inc.
11.00% due 11/15/294		899,070		995,788
Total Communications				10,399,790
Industrial - 0.6%
New Enterprise Stone & Lime Company, Inc.
5.25% due 07/15/284		2,875,000		2,807,436
GrafTech Global Enterprises, Inc.
9.88% due 12/15/284		2,120,000		1,698,094
Brundage-Bone Concrete Pumping Holdings, Inc.
6.00% due 02/01/264		1,412,000		1,406,363
Total Industrial				5,911,893
Consumer, Cyclical - 0.5%
Fertitta Entertainment LLC / Fertitta Entertainment Finance Company, Inc.
4.63% due 01/15/294		5,000,000		4,774,141
Basic Materials - 0.2%
WR Grace Holdings LLC
4.88% due 06/15/274		1,975,000		1,946,153
Mirabela Nickel Ltd.
due 06/24/19†††,5,6		1,279,819		6,399
Total Basic Materials				1,952,552
Financial - 0.2%
Hunt Companies, Inc.
5.25% due 04/15/294		1,850,000		1,789,902
Total Corporate Bonds
(Cost $43,263,154)				38,049,870
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 0.9%
Residential Mortgage-Backed Securities - 0.9%
RALI Series Trust
2006-QO6, 5.33% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 06/25/46◊		10,472,375		2,441,463
2006-QO2, 5.41% (1 Month Term SOFR + 0.55%, Rate Floor: 0.44%) due 02/25/46◊		416,751		73,835
Washington Mutual Mortgage Pass-Through Certificates Trust
2007-OA6, 5.93% (1 Year CMT Rate + 0.81%, Rate Floor: 0.81%) due 07/25/47◊		2,049,832		1,684,632
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-AR9, 5.96% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/46◊		1,420,301		1,167,297
American Home Mortgage Assets Trust
2006-4, 5.18% (1 Month Term SOFR + 0.32%, Rate Floor: 0.32%) due 10/25/46◊		2,109,403		1,139,078
Lehman XS Trust Series
2006-16N, 5.35% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 11/25/46◊		1,133,125		1,001,719
Nomura Resecuritization Trust
2015-4R, 2.71% (1 Month Term SOFR + 0.54%, Rate Floor: 0.43%) due 03/26/36◊ ,4		370,488		356,673
Alliance Bancorp Trust
2007-OA1, 5.45% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 07/25/37◊		323,542		278,121
Morgan Stanley Re-REMIC Trust
2010-R5, 5.31% due 06/26/36 4		201,721		188,227
GSAA Home Equity Trust
2007-7, 5.51% (1 Month Term SOFR + 0.65%, Rate Floor: 0.54%) due 07/25/37◊		79,127		74,463

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
FLOATING RATE STRATEGIES FUND

	Face Amount~		Value
New Century Home Equity Loan Trust
2004-4, 5.76% (1 Month Term SOFR + 0.91%, Rate Cap/Floor: 12.50%/0.80%) due 02/25/35◊		47,529	$	50,022
Total Residential Mortgage-Backed Securities				8,455,530
Total Collateralized Mortgage Obligations
(Cost $11,702,350)				8,455,530
ASSET-BACKED SECURITIES†† - 0.0%
Collateralized Loan Obligations - 0.0%
Octagon Loan Funding Ltd.
2014-1A SUB, due 11/18/314,7		2,071,948		207,024
Treman Park CLO Ltd.
2015-1A COM, due 10/20/284,7		977,702		8,692
Total Collateralized Loan Obligations				215,716
Total Asset-Backed Securities
(Cost $4,371)				215,716
Total Investments - 101.2%
(Cost $997,465,613)			$	961,224,367
Other Assets & Liabilities, net - (1.2)%				(11,626,454	)
Total Net Assets - 100.0%			$	949,597,913

Forward Foreign Currency Exchange Contracts††

Counterparty

Currency

Type

Quantity

Contract Amount

Settlement Date

Unrealized Depreciation

Bank of America, N.A.

EUR

Sell

13,945,000

15,447,030 USD

10/18/24

$

(95,154

)

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
*	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 2 inputs, unless otherwise noted — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
◊	Variable rate security. Rate indicated is the rate effective at September 30, 2024. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
1	Affiliated issuer.
2	Rate indicated is the 7-day yield as of September 30, 2024.
3	Payment-in-kind security.
4	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $34,615,768 (cost $38,412,439), or 3.7% of total net assets.
5	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $6,399 (cost $1,160,811), or less than 0.1% of total net assets — See Note 10.
6	Security is in default of interest and/or principal obligations.
7	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
	CMT — Constant Maturity Treasury
	EUR — Euro
	EURIBOR — European Interbank Offered Rate
	plc — Public Limited Company
	REMIC — Real Estate Mortgage Investment Conduit
	SARL — Société à Responsabilité Limitée
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 123

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
FLOATING RATE STRATEGIES 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	$	519,043	$	—	$	3,525,308	$	4,044,351
Exchange-Traded Funds		25,148,290		—		—		25,148,290
Money Market Fund		33,224,225		—		—		33,224,225
Senior Floating Rate Interests		—		816,750,998		35,335,387		852,086,385
Corporate Bonds		—		38,043,471		6,399		38,049,870
Collateralized Mortgage Obligations		—		8,455,530		—		8,455,530
Asset-Backed Securities		—		215,716		—		215,716
Total Assets	$	58,891,558	$	863,465,715	$	38,867,094	$	961,224,367

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Forward Foreign Currency Exchange Contracts**	$	—	$	95,154	$	—	$	95,154
Unfunded Loan Commitments (Note 9)		—		—		20,064		20,064
Total Liabilities	$	—	$	95,154	$	20,064	$	115,218

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

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

Category	Ending Balance at September 30, 2024		Valuation Technique	Unobservable Inputs		Input Range		Weighted Average*
Assets:
Common Stocks	$	3,524,692	Enterprise Value	Valuation Multiple	2.9x-8.6x		4.9x
Common Stocks		616	Model Price	Liquidation Value	—		—
Corporate Bonds		6,399	Third Party Pricing	Trade Price	—		—
Senior Floating Rate Interests		30,360,288	Third Party Pricing	Broker Quote	—		—
Senior Floating Rate Interests		2,172,818	Model Price	Purchase Price	—		—
Senior Floating Rate Interests		1,951,169	Third Party Pricing	Vendor Price	—		—
Senior Floating Rate Interests		507,071	Third Party Pricing	Trade Price	—		—
Senior Floating Rate Interests		344,041	Yield Analysis	Yield	11.1%-15.8%		12.4%
Total Assets	$	38,867,094
Liabilities:
Unfunded Loan Commitments	$	20,064	Model Price	Purchase Price	—		—

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

Significant changes in a quote, yield, liquidation value or valuation multiple would generally result in significant changes in the fair value of the security.

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

SCHEDULE OF INVESTMENTS (concluded)	September 30, 2024
FLOATING RATE STRATEGIES FUND

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

Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. For the year ended September 30, 2024, the Fund had securities with a total value of $1,951,169 transfer into Level 3 from Level 2 due to a lack of observable inputs and had securities with a total value of $2,056,421 transfer out of Level 3 into Level 2 due to the availability of current and reliable market-based data provided by a third-party pricing service which utilizes significant observable inputs.

Summary of Fair Value Level 3 Activity

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the year ended September 30, 2024:

	Assets															Liabilities
	Corporate Bonds			Senior Floating Rate Interests			Common Stocks			Preferred Stocks			Total Assets			Unfunded Loan Commitments
Beginning Balance	$	60,792		$	16,360,394		$	346,762		$	493,907		$	17,261,855		$	(249	)
Purchases/(Receipts)		—			23,962,141			—			—			23,962,141			(10,552	)
(Sales, maturities and paydowns)/Fundings		—			(2,926,553	)		(3,295	)		(543,063	)		(3,472,911	)		—
Amortization of premiums/discounts		—			131,605			—			—			131,605			—
Corporate actions		—			(2,026,277	)		3,579,592			(493,920	)		1,059,395			—
Total realized gains (losses) included in earnings		—			18,161			(1,424,838	)		(1,824,923	)		(3,231,600	)		6,019
Total change in unrealized appreciation (depreciation) included in earnings		(54,393	)		(78,832	)		1,027,087			2,367,999			3,261,861			(15,282	)
Transfers into Level 3		—			1,951,169			—			—			1,951,169			—
Transfers out of Level 3		—			(2,056,421	)		—			—			(2,056,421	)		—
Ending Balance	$	6,399		$	35,335,387		$	3,525,308		$	—		$	38,867,094		$	(20,064	)
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at September 30, 2024	$	(54,393	)	$	(356,656	)	$	(397,405	)	$	—		$	(808,454	)	$	(9,512	)

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
BP Holdco LLC *	$	313,770	$	—	$	—	$	—	$	(17,671	)	$	296,099		244,278

* Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 125

FLOATING RATE STRATEGIES FUND

STATEMENT OF ASSETS AND LIABILITIES

September 30, 2024

Assets:
Investments in unaffiliated issuers, at value (cost $997,379,357)	$	960,928,268
Investments in affiliated issuers, at value (cost $86,256)		296,099
Cash		3,330,487
Prepaid expenses		131,999
Receivables:
Securities sold		21,338,536
Interest		7,091,306
Fund shares sold		1,360,151
Total assets		994,476,846
Liabilities:
Unfunded loan commitments, at value (Note 9) (commitment fees received $11,415)		20,064
Unrealized depreciation on forward foreign currency exchange contracts		95,154
Payable for:
Securities purchased		40,047,180
Fund shares redeemed		3,036,760
Distributions to shareholders		884,053
Management fees		406,430
Transfer agent/maintenance fees		145,752
Distribution and service fees		56,575
Fund accounting/administration fees		5,233
Trustees’ fees*		2,045
Miscellaneous		179,687
Total liabilities		44,878,933
Net assets	$	949,597,913
Net assets consist of:
Paid in capital	$	1,166,841,582
Total distributable earnings (loss)		(217,243,669	)
Net assets	$	949,597,913
Class A:
Net assets	$	141,421,955
Capital shares outstanding		5,839,595
Net asset value per share	$	24.22
Maximum offering price per share (Net asset value divided by 97.00%)	$	24.97
Class C:
Net assets	$	27,738,522
Capital shares outstanding		1,145,811
Net asset value per share	$	24.21
Class P:
Net assets	$	42,808,272
Capital shares outstanding		1,766,858
Net asset value per share	$	24.23
Institutional Class:
Net assets	$	735,606,168
Capital shares outstanding		30,348,478
Net asset value per share	$	24.24
Class R6:
Net assets	$	2,022,996
Capital shares outstanding		83,424
Net asset value per share	$	24.25

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

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

FLOATING RATE STRATEGIES FUND

STATEMENT OF OPERATIONS

Year Ended September 30, 2024

Investment Income:
Dividends from securities of unaffiliated issuers	$	2,471,244
Interest from securities of unaffiliated issuers		92,619,384
Total investment income		95,090,628
Expenses:
Management fees		6,571,231
Distribution and service fees:
Class A		345,797
Class C		311,340
Class P		109,749
Transfer agent/maintenance fees:
Class A		175,014
Class C		34,139
Class P		70,278
Institutional Class		814,560
Class R6		540
Fund accounting/administration fees		397,997
Line of credit fees		311,122
Professional fees		158,520
Trustees’ fees*		23,524
Custodian fees		20,396
Interest expense		1,891
Miscellaneous		270,124
Recoupment of previously waived fees:
Class C		23
Class R6		383
Total expenses		9,616,628
Less:
Expenses reimbursed by Adviser:
Class A	$	(125,612	)
Class C		(23,007	)
Class P		(54,498	)
Institutional Class		(444,669	)
Class R6		(322	)
Expenses waived by Adviser		(322,264	)
Total waived/reimbursed expenses		(970,372	)
Net expenses		8,646,256
Net investment income		86,444,372
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(9,758,221	)
Forward foreign currency exchange contracts		(117,693	)
Foreign currency transactions		(6,319	)
Net realized loss		(9,882,233	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(2,413,152	)
Investments in affiliated issuers		(17,671	)
Forward foreign currency exchange contracts		(555,754	)
Foreign currency translations		13,765
Net change in unrealized appreciation (depreciation)		(2,972,812	)
Net realized and unrealized loss		(12,855,045	)
Net increase in net assets resulting from operations	$	73,589,327

* 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 | 127

FLOATING RATE STRATEGIES 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	$	86,444,372		$	85,185,982
Net realized loss on investments		(9,882,233	)		(15,113,133	)
Net change in unrealized appreciation (depreciation) on investments		(2,972,812	)		66,855,926
Net increase in net assets resulting from operations		73,589,327			136,928,775
Distributions to shareholders:
Class A		(11,647,241	)		(11,434,737	)
Class C		(2,392,488	)		(2,844,666	)
Class P		(3,696,006	)		(3,555,101	)
Institutional Class		(68,865,154	)		(66,543,982	)
Class R6		(111,604	)		(903,249	)
Total distributions to shareholders		(86,712,493	)		(85,281,735	)
Capital share transactions:
Proceeds from sale of shares
Class A		32,935,433			37,817,506
Class C		4,255,461			4,906,993
Class P		8,843,585			26,809,190
Institutional Class		363,619,911			419,167,716
Class R6		1,698,695			30,694,165
Distributions reinvested
Class A		10,200,966			9,830,459
Class C		2,062,297			2,422,173
Class P		3,686,772			3,544,719
Institutional Class		57,864,332			55,637,014
Class R6		110,482			898,525
Cost of shares redeemed
Class A		(38,989,840	)		(69,825,528	)
Class C		(14,028,271	)		(20,716,384	)
Class P		(13,476,997	)		(31,805,294	)
Institutional Class		(469,201,327	)		(700,163,252	)
Class R6		(1,212,290	)		(32,266,778	)
Net decrease from capital share transactions		(51,630,791	)		(263,048,776	)
Net decrease in net assets		(64,753,957	)		(211,401,736	)
Net assets:
Beginning of year		1,014,351,870			1,225,753,606
End of year	$	949,597,913		$	1,014,351,870

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

FLOATING RATE STRATEGIES FUND

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Year Ended September 30, 2024			Year Ended September 30, 2023
Capital share activity:
Shares sold
Class A		1,348,314			1,569,726
Class C		174,243			204,188
Class P		361,398			1,116,540
Institutional Class		14,865,436			17,415,091
Class R6		69,319			1,288,449
Shares issued from reinvestment of distributions
Class A		418,133			408,128
Class C		84,541			100,670
Class P		151,019			147,100
Institutional Class		2,369,521			2,308,872
Class R6		4,529			37,421
Shares redeemed
Class A		(1,596,637	)		(2,905,865	)
Class C		(574,443	)		(863,523	)
Class P		(551,414	)		(1,323,129	)
Institutional Class		(19,234,875	)		(29,241,651	)
Class R6		(49,303	)		(1,340,629	)
Net decrease in shares		(2,160,219	)		(11,078,612	)

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 129

FLOATING RATE STRATEGIES 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	$	24.52		$	23.37		$	25.09		$	24.08		$	25.23
Income (loss) from investment operations:
Net investment income (loss)a		2.05			1.88			.87			.83			1.02
Net gain (loss) on investments (realized and unrealized)		(.29	)		1.16			(1.72	)		1.02			(1.16	)
Total from investment operations		1.76			3.04			(.85	)		1.85			(.14	)
Less distributions from:
Net investment income		(2.06	)		(1.89	)		(.87	)		(.83	)		(.83	)
Return of capital		—			—			—			(.01	)		(.18	)
Total distributions		(2.06	)		(1.89	)		(.87	)		(.84	)		(1.01	)
Net asset value, end of period	$	24.22		$	24.52		$	23.37		$	25.09		$	24.08
Total Returnb		7.41	%		13.47	%		(3.47	%)		7.83	%		(0.50	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	141,422		$	139,008		$	154,160		$	123,392		$	139,857
Ratios to average net assets:
Net investment income (loss)		8.39	%		7.82	%		3.57	%		3.36	%		4.23	%
Total expensesc		1.15	%		1.15	%		1.11	%		1.09	%		1.25	%
Net expensesd,e,f		1.02	%		1.02	%		1.02	%		1.05	%		1.10	%
Portfolio turnover rate		37	%		23	%		30	%		57	%		20	%

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	$	24.51		$	23.36		$	25.08		$	24.07		$	25.22
Income (loss) from investment operations:
Net investment income (loss)a		1.87			1.69			.68			.65			.84
Net gain (loss) on investments (realized and unrealized)		(.30	)		1.16			(1.71	)		1.02			(1.16	)
Total from investment operations		1.57			2.85			(1.03	)		1.67			(.32	)
Less distributions from:
Net investment income		(1.87	)		(1.70	)		(.69	)		(.65	)		(.68	)
Return of capital		—			—			—			(.01	)		(.15	)
Total distributions		(1.87	)		(1.70	)		(.69	)		(.66	)		(.83	)
Net asset value, end of period	$	24.21		$	24.51		$	23.36		$	25.08		$	24.07
Total Returnb		6.62	%		12.58	%		(4.15	%)		7.03	%		(1.24	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	27,739		$	35,818		$	47,183		$	52,308		$	63,891
Ratios to average net assets:
Net investment income (loss)		7.66	%		7.02	%		2.78	%		2.61	%		3.47	%
Total expensesc		1.88	%		1.89	%		1.91	%		1.86	%		1.96	%
Net expensesd,e,f		1.77	%		1.78	%		1.77	%		1.80	%		1.85	%
Portfolio turnover rate		37	%		23	%		30	%		57	%		20	%

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

FLOATING RATE STRATEGIES 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	$	24.53		$	23.38		$	25.10		$	24.09		$	25.24
Income (loss) from investment operations:
Net investment income (loss)a		2.05			1.88			.88			.83			1.04
Net gain (loss) on investments (realized and unrealized)		(.29	)		1.16			(1.73	)		1.02			(1.18	)
Total from investment operations		1.76			3.04			(.85	)		1.85			(.14	)
Less distributions from:
Net investment income		(2.06	)		(1.89	)		(.87	)		(.83	)		(.83	)
Return of capital		—			—			—			(.01	)		(.18	)
Total distributions		(2.06	)		(1.89	)		(.87	)		(.84	)		(1.01	)
Net asset value, end of period	$	24.23		$	24.53		$	23.38		$	25.10		$	24.09
Total Return		7.41	%		13.46	%		(3.47	%)		7.83	%		(0.50	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	42,808		$	44,295		$	43,603		$	35,430		$	33,251
Ratios to average net assets:
Net investment income (loss)		8.39	%		7.81	%		3.58	%		3.36	%		4.26	%
Total expensesc		1.18	%		1.18	%		1.14	%		1.06	%		1.37	%
Net expensesd,e,f		1.02	%		1.02	%		1.02	%		1.05	%		1.10	%
Portfolio turnover rate		37	%		23	%		30	%		57	%		20	%

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	$	24.54		$	23.39		$	25.11		$	24.10		$	25.25
Income (loss) from investment operations:
Net investment income (loss)a		2.11			1.93			.94			.89			1.09
Net gain (loss) on investments (realized and unrealized)		(.30	)		1.16			(1.73	)		1.02			(1.17	)
Total from investment operations		1.81			3.09			(.79	)		1.91			(.08	)
Less distributions from:
Net investment income		(2.11	)		(1.94	)		(.93	)		(.89	)		(.88	)
Return of capital		—			—			—			(.01	)		(.19	)
Total distributions		(2.11	)		(1.94	)		(.93	)		(.90	)		(1.07	)
Net asset value, end of period	$	24.24		$	24.54		$	23.39		$	25.11		$	24.10
Total Return		7.66	%		13.68	%		(3.20	%)		8.08	%		(0.26	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	735,606		$	793,785		$	979,086		$	711,583		$	504,449
Ratios to average net assets:
Net investment income (loss)		8.62	%		8.02	%		3.84	%		3.59	%		4.48	%
Total expensesc		0.87	%		0.88	%		0.87	%		0.85	%		0.97	%
Net expensesd,e,f		0.78	%		0.78	%		0.78	%		0.81	%		0.85	%
Portfolio turnover rate		37	%		23	%		30	%		57	%		20	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 131

FLOATING RATE STRATEGIES 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.

Class R6	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	$	24.55		$	23.38		$	25.11		$	24.10		$	25.25
Income (loss) from investment operations:
Net investment income (loss)a		2.09			1.87			.82			.91			1.13
Net gain (loss) on investments (realized and unrealized)		(.27	)		1.27			(1.62	)		1.01			(1.21	)
Total from investment operations		1.82			3.14			(.80	)		1.92			(.08	)
Less distributions from:
Net investment income		(2.12	)		(1.97	)		(.93	)		(.90	)		(.88	)
Return of capital		—			—			—			(.01	)		(.19	)
Total distributions		(2.12	)		(1.97	)		(.93	)		(.91	)		(1.07	)
Net asset value, end of period	$	24.25		$	24.55		$	23.38		$	25.11		$	24.10
Total Return		7.67	%		13.87	%		(3.25	%)		8.06	%		(0.22	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,023		$	1,445		$	1,722		$	1,257		$	1,625
Ratios to average net assets:
Net investment income (loss)		8.58	%		7.79	%		3.31	%		3.66	%		4.56	%
Total expensesc		0.84	%		0.78	%		0.82	%		0.83	%		0.86	%
Net expensesd,e,f		0.79	%		0.74	%		0.79	%		0.82	%		0.84	%
Portfolio turnover rate		37	%		23	%		30	%		57	%		20	%

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	—	0.03%	0.03%	—	0.00%*
Class C	0.00%*	0.04%	0.04%	—	0.00%*
Class P	—	0.03%	0.04%	0.00%*	0.00%*
Institutional Class	—	0.02%	0.04%	0.00%*	0.00%*
Class R6	0.03%	0.02%	0.03%	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	0.99%	0.99%	1.00%	1.01%	1.02%
Class C	1.74%	1.75%	1.75%	1.76%	1.77%
Class P	0.99%	0.99%	1.00%	1.01%	1.02%
Institutional Class	0.75%	0.75%	0.76%	0.77%	0.78%
Class R6	0.75%	0.71%	0.76%	0.77%	0.78%

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

SCHEDULE OF INVESTMENTS	September 30, 2024
HIGH YIELD FUND

	Shares		Value
COMMON STOCKS† - 0.3%
Consumer, Non-cyclical - 0.3%
Endo, Inc.*		22,743	$	585,632
Save-A-Lot*,†††		797,632		5,863
Total Consumer, Non-cyclical				591,495
Industrial - 0.0%
BP Holdco LLC*,†††,1		23,711		28,741
YAK BLOCKER 2 LLC*,†††		6,243		12,547
YAK BLOCKER 2 LLC*,†††		5,770		11,597
Targus, Inc.*,†††		12,825		545
Vector Phoenix Holdings, LP*,†††		23,711		502
Targus, Inc.*,†††		12,825		73
Targus, Inc.*,†††		12,825		1
Total Industrial				54,006
Energy - 0.0%
Legacy Reserves, Inc.*,†††		3,452		13,808
Permian Production Partners LLC*,†††		57,028		1,025
Total Energy				14,833
Utilities - 0.0%
Mountain Creek Power LLC*,†††		26,665		2,667
Financial - 0.0%
Endo Luxembourg Finance Co I SARL / Endo US, Inc.*,†††,2		1,210,000		121
Endo Luxembourg Finance Co I SARL / Endo US, Inc.*,†††,2		950,000		95
Avison Young (Canada), Inc.*,††		132		37
Endo Luxembourg Finance Co I SARL / Endo US, Inc.*,†††		171,000		17
Total Financial				270
Total Common Stocks
(Cost $528,014)				663,271
PREFERRED STOCKS†† - 1.8%
Financial - 1.5%
Charles Schwab Corp.
4.00%		1,325,000		1,184,937
Citigroup, Inc.
7.63%3		775,000		827,990
American National Group, Inc.
5.95%		21,500		531,695
Goldman Sachs Group, Inc.
7.50%3		475,000		510,596
Avison Young (Canada), Inc.		185,779		38,456
Total Financial				3,093,674
Energy - 0.3%
Venture Global LNG, Inc.
9.00%4		475,000		481,474
Industrial - 0.0%
U.S. Shipping Corp.*,†††		14,718		2
Total Preferred Stocks
(Cost $4,112,805)				3,575,150
WARRANTS† - 0.0%
Ginkgo Bioworks Holdings, Inc.
Expiring 09/16/26*		4		—
Total Warrants
(Cost $9)				—
MONEY MARKET FUND***,† - 3.3%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.88%5		6,831,221		6,831,221
Total Money Market Fund
(Cost $6,831,221)				6,831,221
	Face Amount~
CORPORATE BONDS†† - 82.3%
Consumer, Cyclical - 16.1%
CD&R Smokey Buyer, Inc.
6.75% due 07/15/254		1,525,000		1,524,499
Hilton Domestic Operating Company, Inc.
5.88% due 03/15/334		1,000,000		1,018,952
6.13% due 04/01/324		425,000		437,610
Ferrellgas Limited Partnership / Ferrellgas Finance Corp.
5.38% due 04/01/264		1,225,000		1,222,154
Clarios Global Limited Partnership / Clarios US Finance Co.
8.50% due 05/15/274		475,000		476,547
6.75% due 05/15/284		350,000		360,764
6.25% due 05/15/264		325,000		324,883
PetSmart, Inc. / PetSmart Finance Corp.
4.75% due 02/15/284		1,150,000		1,102,526
Scientific Games Holdings Limited Partnership/Scientific Games US FinCo, Inc.
6.63% due 03/01/304		1,100,000		1,091,695
Caesars Entertainment, Inc.
8.13% due 07/01/274		900,000		918,532
6.50% due 02/15/324		150,000		155,162
Wolverine World Wide, Inc.
4.00% due 08/15/294		1,200,000		1,058,872
Allwyn Entertainment Financing UK plc
7.88% due 04/30/294		1,000,000		1,051,448
Fertitta Entertainment LLC / Fertitta Entertainment Finance Company, Inc.
4.63% due 01/15/294		1,100,000		1,050,311
Vail Resorts, Inc.
6.50% due 05/15/324		1,000,000		1,044,919

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 133

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
HIGH YIELD FUND

	Face Amount~		Value
Hanesbrands, Inc.
4.88% due 05/15/264		1,050,000	$	1,040,794
Crocs, Inc.
4.25% due 03/15/294		1,094,000		1,034,262
Scotts Miracle-Gro Co.
4.38% due 02/01/32		1,050,000		973,054
Newell Brands, Inc.
6.38% due 09/15/27		500,000		505,703
5.70% due 04/01/26		450,000		451,104
United Airlines, Inc.
4.63% due 04/15/294		650,000		627,938
4.38% due 04/15/264		325,000		319,783
Wabash National Corp.
4.50% due 10/15/284		1,025,000		939,017
Ontario Gaming GTA Limited Partnership/OTG Company-Issuer, Inc.
8.00% due 08/01/304		875,000		909,323
Velocity Vehicle Group LLC
8.00% due 06/01/294		850,000		885,025
Tempur Sealy International, Inc.
3.88% due 10/15/314		875,000		779,946
Aramark Services, Inc.
5.00% due 02/01/284		750,000		747,588
Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp.
5.00% due 06/01/314		800,000		745,874
Ritchie Bros Holdings, Inc.
7.75% due 03/15/314		450,000		479,255
6.75% due 03/15/284		250,000		258,459
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.
11.00% due 04/15/294		721,875		724,763
Amer Sports Co.
6.75% due 02/16/314		675,000		691,925
ONE Hotels GmbH
7.75% due 04/02/314		EUR 575,000		674,804
Station Casinos LLC
4.63% due 12/01/314		700,000		649,118
Park River Holdings, Inc.
5.63% due 02/01/294		675,000		579,452
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
6.25% due 03/15/334		550,000		557,176
Advance Auto Parts, Inc.
5.90% due 03/09/26		550,000		555,674
Penn Entertainment, Inc.
4.13% due 07/01/294		579,000		527,531
Asbury Automotive Group, Inc.
5.00% due 02/15/324		550,000		521,554
JB Poindexter & Company, Inc.
8.75% due 12/15/314		475,000		502,201
AccorInvest Group S.A.
6.38% due 10/15/294		EUR 425,000		489,984
Air Canada
3.88% due 08/15/264		500,000		486,893
Evergreen Acqco 1 Limited Partnership / TVI, Inc.
9.75% due 04/26/284		458,000		482,946
Michaels Companies, Inc.
5.25% due 05/01/284		600,000		442,865
Superior Plus, LP
4.25% due 05/18/284		CAD 550,000		383,439
Sabre GLBL, Inc.
7.38% due 09/01/252		320,000		316,800
9.25% due 04/15/252		31,000		30,884
Papa John’s International, Inc.
3.88% due 09/15/294		275,000		254,508
1011778 BC ULC / New Red Finance, Inc.
5.63% due 09/15/294		200,000		202,890
Allison Transmission, Inc.
4.75% due 10/01/274		200,000		196,782
Six Flags Theme Parks, Inc.
7.00% due 07/01/254		117,000		117,092
Total Consumer, Cyclical				32,925,280
Consumer, Non-cyclical - 13.1%
CPI CG, Inc.
10.00% due 07/15/294		1,650,000		1,736,625
Tenet Healthcare Corp.
6.75% due 05/15/31		675,000		703,601
4.38% due 01/15/30		625,000		599,645
6.13% due 06/15/30		275,000		279,494
Post Holdings, Inc.
4.63% due 04/15/304		600,000		574,116
5.50% due 12/15/294		500,000		496,372
6.25% due 10/15/344		350,000		352,206
Cheplapharm Arzneimittel GmbH
5.50% due 01/15/284		1,303,000		1,263,749
HAH Group Holding Company LLC
9.75% due 10/01/314		1,075,000		1,083,949
Sotheby’s/Bidfair Holdings, Inc.
5.88% due 06/01/294		1,200,000		1,051,778
Champions Financing, Inc.
8.75% due 02/15/294		1,025,000		1,044,018
ADT Security Corp.
4.13% due 08/01/294		1,050,000		1,002,899
Carriage Services, Inc.
4.25% due 05/15/294		1,075,000		995,876
TriNet Group, Inc.
7.13% due 08/15/314		950,000		989,743
Upbound Group, Inc.
6.38% due 02/15/294		989,000		957,484
Bausch Health Companies, Inc.
4.88% due 06/01/28†††,4		1,200,000		936,000
Boost Newco Borrower LLC
7.50% due 01/15/314		850,000		912,090
Medline Borrower, LP
5.25% due 10/01/294		850,000		834,005
BCP V Modular Services Finance II plc
4.75% due 10/30/284		EUR 736,000		797,149
Williams Scotsman, Inc.
7.38% due 10/01/314		725,000		766,298

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
HIGH YIELD FUND

	Face Amount~		Value
AMN Healthcare, Inc.
4.63% due 10/01/274		775,000	$	757,551
Service Corporation International
5.75% due 10/15/32		425,000		427,783
3.38% due 08/15/30		325,000		294,543
Performance Food Group, Inc.
6.13% due 09/15/324		700,000		715,299
Central Garden & Pet Co.
4.13% due 10/15/30		711,000		660,981
Albertsons Companies Incorporated / Safeway Inc / New Albertsons Limited Partnership / Albertsons LLC
5.88% due 02/15/284		475,000		477,121
6.50% due 02/15/284		175,000		178,185
DaVita, Inc.
3.75% due 02/15/314		625,000		563,750
Grifols S.A.
4.75% due 10/15/284		600,000		562,002
Valvoline, Inc.
3.63% due 06/15/314		600,000		536,933
US Foods, Inc.
7.25% due 01/15/324		500,000		529,173
Darling Ingredients, Inc.
5.25% due 04/15/274		500,000		497,351
Brink’s Co.
6.75% due 06/15/324		475,000		495,465
Prime Security Services Borrower LLC / Prime Finance, Inc.
5.75% due 04/15/264		450,000		452,054
Graham Holdings Co.
5.75% due 06/01/264		400,000		399,827
IQVIA, Inc.
5.00% due 05/15/274		395,000		392,594
Neogen Food Safety Corp.
8.63% due 07/20/304		300,000		332,049
Block, Inc.
6.50% due 05/15/324		250,000		260,330
Medline Borrower Limited Partnership/Medline Company-Issuer, Inc.
6.25% due 04/01/294		225,000		231,825
Perrigo Finance Unlimited Co.
6.13% due 09/30/32		225,000		226,737
Endo Finance Holdings, Inc.
8.50% due 04/15/314		200,000		214,306
WW International, Inc.
4.50% due 04/15/294		690,000		152,358
Ingles Markets, Inc.
4.00% due 06/15/314		75,000		68,582
Total Consumer, Non-cyclical				26,803,896
Industrial - 12.6%
TransDigm, Inc.
6.88% due 12/15/304		925,000		968,638
6.00% due 01/15/334		900,000		912,748
6.38% due 03/01/294		250,000		257,930
New Enterprise Stone & Lime Company, Inc.
9.75% due 07/15/284		1,225,000		1,251,341
5.25% due 07/15/284		675,000		659,137
Trinity Industries, Inc.
7.75% due 07/15/284		1,725,000		1,810,541
GrafTech Finance, Inc.
4.63% due 12/15/284		2,500,000		1,669,914
Mauser Packaging Solutions Holding Co.
7.88% due 04/15/274		1,025,000		1,059,007
9.25% due 04/15/274		500,000		512,687
Enviri Corp.
5.75% due 07/31/274		1,575,000		1,545,952
Great Lakes Dredge & Dock Corp.
5.25% due 06/01/294		1,525,000		1,417,571
Amsted Industries, Inc.
4.63% due 05/15/304		900,000		859,623
5.63% due 07/01/274		250,000		249,331
Builders FirstSource, Inc.
6.38% due 06/15/324		750,000		777,466
6.38% due 03/01/344		200,000		207,669
4.25% due 02/01/324		100,000		92,432
Brundage-Bone Concrete Pumping Holdings, Inc.
6.00% due 02/01/264		1,076,000		1,071,704
EMRLD Borrower Limited Partnership / Emerald Company-Issuer, Inc.
6.63% due 12/15/304		825,000		850,654
MIWD Holdco II LLC / MIWD Finance Corp.
5.50% due 02/01/304		800,000		777,063
Artera Services LLC
8.50% due 02/15/314		725,000		717,912
Clearwater Paper Corp.
4.75% due 08/15/284		750,000		705,937
Pactiv Evergreen Group Issuer Incorporated/Pactiv Evergreen Group Issuer LLC
4.00% due 10/15/274		700,000		673,094
Arcosa, Inc.
4.38% due 04/15/294		700,000		670,984
Sealed Air Corporation/Sealed Air Corp US
7.25% due 02/15/314		350,000		370,436
6.13% due 02/01/284		250,000		254,185
Summit Materials LLC / Summit Materials Finance Corp.
6.50% due 03/15/274		425,000		425,468
7.25% due 01/15/314		175,000		185,377
Advanced Drainage Systems, Inc.
6.38% due 06/15/304		575,000		587,347
Standard Industries, Inc.
4.38% due 07/15/304		550,000		520,577
Howmet Aerospace, Inc.
5.95% due 02/01/37		475,000		519,430
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc
6.00% due 06/15/274		500,000		503,594
Calderys Financing LLC
11.25% due 06/01/284		425,000		456,882

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 135

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
HIGH YIELD FUND

	Face Amount~		Value
Ball Corp.
6.00% due 06/15/29		425,000	$	439,835
Hillenbrand, Inc.
6.25% due 02/15/29		425,000		432,487
Standard Building Solutions, Inc.
6.50% due 08/15/324		350,000		362,409
AmeriTex HoldCo Intermediate LLC
10.25% due 10/15/284		300,000		313,825
Clean Harbors, Inc.
6.38% due 02/01/314		225,000		230,494
Miter Brands Acquisition Holdco Incorporated / MIWD Borrower LLC
6.75% due 04/01/324		175,000		181,410
EnerSys
6.63% due 01/15/324		175,000		181,004
Total Industrial				25,684,095
Communications - 11.8%
CCO Holdings LLC / CCO Holdings Capital Corp.
4.50% due 05/01/32		2,250,000		1,945,470
6.38% due 09/01/294		1,275,000		1,276,511
4.25% due 01/15/344		975,000		799,754
Altice France S.A.
5.13% due 07/15/294		1,450,000		1,019,666
5.50% due 10/15/294		1,250,000		875,424
8.13% due 02/01/274		900,000		735,960
Vmed O2 UK Financing I plc
4.25% due 01/31/314		1,125,000		995,897
4.75% due 07/15/314		850,000		756,523
7.75% due 04/15/324		350,000		359,268
CSC Holdings LLC
3.38% due 02/15/314		1,025,000		726,776
4.13% due 12/01/304		975,000		710,536
4.63% due 12/01/304		950,000		482,118
McGraw-Hill Education, Inc.
8.00% due 08/01/294		775,000		777,780
5.75% due 08/01/284		625,000		617,649
7.38% due 09/01/314		100,000		103,757
Level 3 Financing, Inc.
3.88% due 10/15/304		1,250,000		915,964
11.00% due 11/15/294		520,747		576,767
VZ Secured Financing B.V.
5.00% due 01/15/324		1,600,000		1,472,390
Cogent Communications Group Incorporated / Cogent Communications Finance, Inc.
7.00% due 06/15/274		1,350,000		1,371,987
Telenet Finance Luxembourg Notes SARL
5.50% due 03/01/28		1,400,000		1,368,830
LCPR Senior Secured Financing DAC
6.75% due 10/15/274		1,417,000		1,296,595
Sunrise FinCo I B.V.
4.88% due 07/15/314		1,200,000		1,135,416
AMC Networks, Inc.
4.25% due 02/15/29		1,550,000		1,121,022
Sirius XM Radio, Inc.
4.13% due 07/01/304		800,000		725,502
5.50% due 07/01/294		325,000		317,501
3.88% due 09/01/314		50,000		43,563
Match Group Holdings II LLC
4.63% due 06/01/284		600,000		583,368
Outfront Media Capital LLC / Outfront Media Capital Corp.
4.25% due 01/15/294		550,000		523,682
Zayo Group Holdings, Inc.
4.00% due 03/01/274		300,000		268,333
Cogent Communications Group LLC
7.00% due 06/15/274		100,000		101,758
Total Communications				24,005,767
Financial - 10.1%
Jones Deslauriers Insurance Management, Inc.
10.50% due 12/15/304		1,300,000		1,413,725
8.50% due 03/15/304		200,000		213,981
Alliant Holdings Intermediate LLC / Alliant Holdings Company-Issuer
6.50% due 10/01/314		1,100,000		1,111,535
4.25% due 10/15/274		475,000		454,724
Focus Financial Partners LLC
6.75% due 09/15/314		1,500,000		1,514,319
Jefferies Finance LLC / JFIN Company-Issuer Corp.
5.00% due 08/15/284		1,550,000		1,473,756
Hunt Companies, Inc.
5.25% due 04/15/294		1,225,000		1,185,205
United Wholesale Mortgage LLC
5.75% due 06/15/274		675,000		670,610
5.50% due 04/15/294		475,000		462,650
Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc.
3.88% due 03/01/314		875,000		805,648
4.00% due 10/15/334		350,000		312,650
OneMain Finance Corp.
4.00% due 09/15/30		750,000		668,008
3.88% due 09/15/28		375,000		347,820
Starwood Property Trust, Inc.
4.38% due 01/15/274		550,000		535,966
7.25% due 04/01/294		425,000		445,639
Iron Mountain Information Management Services, Inc.
5.00% due 07/15/324		1,000,000		963,871
SLM Corp.
3.13% due 11/02/26		1,000,000		961,346
Ardonagh Finco Ltd.
7.75% due 02/15/314		900,000		930,351
VFH Parent LLC / Valor Company-Issuer, Inc.
7.50% due 06/15/314		850,000		891,438
Encore Capital Group, Inc.
9.25% due 04/01/294		600,000		645,570
Aretec Group, Inc.
10.00% due 08/15/304		575,000		611,924

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
HIGH YIELD FUND

	Face Amount~		Value
HUB International Ltd.
5.63% due 12/01/294		375,000	$	367,797
7.38% due 01/31/324		225,000		232,334
Kennedy-Wilson, Inc.
4.75% due 02/01/30		450,000		408,093
4.75% due 03/01/29		150,000		138,853
PennyMac Financial Services, Inc.
7.88% due 12/15/294		325,000		346,553
7.13% due 11/15/304		175,000		181,202
Jane Street Group / JSG Finance, Inc.
7.13% due 04/30/314		475,000		503,291
Liberty Mutual Group, Inc.
4.30% due 02/01/614		750,000		503,176
Hightower Holding LLC
9.13% due 01/31/304		475,000		495,721
USI, Inc.
7.50% due 01/15/324		300,000		310,785
American National Group, Inc.
5.75% due 10/01/29		250,000		251,445
Ryan Specialty LLC
5.88% due 08/01/324		175,000		177,916
Total Financial				20,537,902
Energy - 7.4%
ITT Holdings LLC
6.50% due 08/01/294		1,875,000		1,776,286
TransMontaigne Partners Limited Partnership / TLP Finance Corp.
6.13% due 02/15/26		1,500,000		1,474,161
CVR Energy, Inc.
5.75% due 02/15/284		1,179,000		1,107,200
8.50% due 01/15/294		350,000		353,797
Global Partners Limited Partnership / GLP Finance Corp.
7.00% due 08/01/27		1,200,000		1,208,101
6.88% due 01/15/29		250,000		250,770
Buckeye Partners, LP
6.88% due 07/01/294		775,000		794,042
3.95% due 12/01/26		550,000		534,027
Viper Energy, Inc.
7.38% due 11/01/314		1,015,000		1,070,494
Venture Global LNG, Inc.
9.50% due 02/01/294		525,000		591,415
7.00% due 01/15/304		400,000		408,647
EnLink Midstream LLC
5.38% due 06/01/29		925,000		948,313
Sunoco Limited Partnership / Sunoco Finance Corp.
6.00% due 04/15/27		800,000		802,661
Parkland Corp.
4.50% due 10/01/294		750,000		710,087
CQP Holdco Limited Partnership / BIP-V Chinook Holdco LLC
7.50% due 12/15/334		600,000		650,985
NuStar Logistics, LP
5.63% due 04/28/27		610,000		612,782
Sunoco, LP
7.25% due 05/01/324		500,000		530,009
Venture Global Calcasieu Pass LLC
6.25% due 01/15/304		500,000		524,130
Southwestern Energy Co.
5.38% due 02/01/29		425,000		423,567
Kinetik Holdings, LP
5.88% due 06/15/304		350,000		352,384
Basic Energy Services, Inc.
due 10/15/237		1,175,000		11,750
Total Energy				15,135,608
Basic Materials - 6.4%
Carpenter Technology Corp.
6.38% due 07/15/28		825,000		830,659
7.63% due 03/15/30		650,000		680,597
SK Invictus Intermediate II SARL
5.00% due 10/30/294		1,350,000		1,296,016
INEOS Finance plc
6.75% due 05/15/284		1,100,000		1,110,918
Ingevity Corp.
3.88% due 11/01/284		1,150,000		1,079,900
Minerals Technologies, Inc.
5.00% due 07/01/284		1,022,000		994,457
Novelis Corp.
4.75% due 01/30/304		1,025,000		993,744
WR Grace Holdings LLC
4.88% due 06/15/274		1,000,000		985,394
SCIL IV LLC / SCIL USA Holdings LLC
5.38% due 11/01/264		950,000		938,202
Illuminate Buyer LLC / Illuminate Holdings IV, Inc.
9.00% due 07/01/284		900,000		909,902
Compass Minerals International, Inc.
6.75% due 12/01/274		875,000		870,788
Alcoa Nederland Holding B.V.
6.13% due 05/15/284		450,000		456,238
7.13% due 03/15/314		275,000		293,157
Arsenal AIC Parent LLC
8.00% due 10/01/304		675,000		724,331
Kaiser Aluminum Corp.
4.50% due 06/01/314		725,000		663,311
Axalta Coating Systems Dutch Holding B B.V.
7.25% due 02/15/314		250,000		266,973
Mirabela Nickel Ltd.
due 06/24/19†††,2,7		278,115		1,391
Total Basic Materials				13,095,978
Technology - 3.8%
Dye & Durham Ltd.
8.63% due 04/15/294		1,200,000		1,269,455
Capstone Borrower, Inc.
8.00% due 06/15/304		950,000		1,006,580
ACI Worldwide, Inc.
5.75% due 08/15/264		1,000,000		999,725
Dun & Bradstreet Corp.
5.00% due 12/15/294		925,000		921,078

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 137

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
HIGH YIELD FUND

	Face Amount~		Value
TeamSystem S.p.A.
7.19% due 07/31/31		EUR 700,000	$	782,979
SS&C Technologies, Inc.
5.50% due 09/30/274		600,000		599,740
Qorvo, Inc.
3.38% due 04/01/314		600,000		537,206
Cloud Software Group, Inc.
6.50% due 03/31/294		525,000		522,358
Playtika Holding Corp.
4.25% due 03/15/294		500,000		458,878
NCR Voyix Corp.
5.13% due 04/15/294		292,000		285,733
Amentum Holdings, Inc.
7.25% due 08/01/324		200,000		208,727
Central Parent LLC / CDK Global II LLC / CDK Financing Company, Inc.
8.00% due 06/15/294		200,000		208,017
Total Technology				7,800,476
Utilities - 1.0%
Terraform Global Operating, LP
6.13% due 03/01/264		1,955,000		1,955,962
Total Corporate Bonds
(Cost $172,658,437)				167,944,964
SENIOR FLOATING RATE INTERESTS††,◊ - 11.5%
Consumer, Non-cyclical - 2.8%
Gibson Brands, Inc.
10.58% (6 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 08/11/28		846,075		803,771
Blue Ribbon LLC
11.58% (3 Month Term SOFR + 6.00%, Rate Floor: 6.75%) due 05/08/28		952,927		663,075
Women’s Care Holdings, Inc.
9.85% (3 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 01/15/28		648,276		622,883
PlayCore
9.75% (3 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 02/20/30		597,249		598,892
Outcomes Group Holdings, Inc.
9.10% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 05/06/31		498,750		501,348
Midwest Physician Administrative Services
7.87% (3 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 03/12/28		498,839		449,309
Moran Foods LLC
11.95% (3 Month Term SOFR + 7.25%, Rate Floor: 8.25%) due 06/30/26†††		782,422		431,873
IVI America LLC
9.10% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 04/09/31		425,000		427,278
Endo Finance Holdings, Inc.
9.78% (3 Month Term SOFR + 4.50%, Rate Floor: 5.00%) due 04/23/31		380,000		379,445
Balrog Acquisition, Inc.
9.46% (1 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 09/05/28†††		346,500		344,767
TGP Holdings LLC
8.20% (1 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 06/29/28		360,270		338,653
Florida Food Products LLC
9.96% (1 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 10/18/28		219,375		191,405
Total Consumer, Non-cyclical				5,752,699
Industrial - 2.4%
Dispatch Terra Acquisition LLC
9.00% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/27/28		1,161,606		1,052,078
Aegion Corp.
8.60% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 05/17/28		679,531		680,808
Pelican Products, Inc.
9.12% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 12/29/28		641,011		586,756
Engineering Research And Consulting LLC
10.06% (3 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 08/29/31†††		475,000		467,875
Michael Baker International LLC
9.60% (1 Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 12/01/28		453,863		455,565
STS Operating, Inc.
8.95% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 03/25/31		398,000		395,015
FCG Acquisitions, Inc
8.71% (1 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 03/31/28		328,303		327,975
Arcline FM Holdings, LLC
9.65% ((3 Month Term SOFR + 4.50%) and (6 Month Term SOFR + 4.50%), Rate Floor: 5.25%) due 06/23/28		272,909		273,201
Protective Industrial Products, Inc.
8.96% (1 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 12/29/27		250,000		248,908
Osmose Utility Services, Inc.
8.21% (1 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 06/23/28		199,486		197,491
MI Windows And Doors LLC
8.35% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 03/28/31		174,563		174,707
Total Industrial				4,860,379
Technology - 2.3%
Pushpay USA, Inc.
9.10% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 08/15/31†††		625,000		623,438
Blackhawk Network Holdings, Inc.
9.85% (1 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 03/12/29		498,750		500,575
Cloud Software Group, Inc.
8.60% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 03/30/29		493,156		490,739

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
HIGH YIELD FUND

	Face Amount~		Value
DS Admiral Bidco LLC
9.10% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 06/26/31		500,000	$	480,000
Modena Buyer LLC
9.10% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 07/01/31		500,000		477,605
Boxer Parent Co., Inc.
9.01% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 07/30/31		475,000		473,732
Xerox Corp.
8.71% ((1 Month Term SOFR + 4.00%) and (3 Month Term SOFR + 4.00%), Rate Floor: 4.50%) due 11/17/29		444,231		441,899
Atlas CC Acquisition Corp.
9.57% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 05/25/28		556,313		428,516
Dye & Durham Corp.
8.95% (3 Month Term SOFR + 4.25%, Rate Floor: 5.25%) due 04/11/31		335,000		336,256
Central Parent LLC
7.85% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 07/06/29		275,000		271,884
Leia Finco US LLC
due 07/02/31		200,000		196,694
Total Technology				4,721,338
Consumer, Cyclical - 1.9%
Alexander Mann
11.44% (1 Month SOFR + 6.00%, Rate Floor: 6.00%) due 06/29/27		949,260		924,341
Holding SOCOTEC
6.85% (6 Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 06/30/28		591,700		590,221
American Tire Distributors, Inc.
11.80% (3 Month Term SOFR + 6.25%, Rate Floor: 7.00%) due 10/20/28		902,367		533,904
ScribeAmerica Intermediate Holdco LLC (Healthchannels)
9.67% (6 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 04/03/25		733,082		486,891
Accuride Corp.
11.93% (1 Month Term SOFR + 1.00%, Rate Floor: 6.06%) (in-kind rate was 5.87%) due 05/18/266		505,081		335,248
First Brands Group LLC
10.51% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 03/30/27		297,895		294,321
CCRR Parent, Inc.
9.21% (1 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/06/28		296,923		245,704
Galaxy US Opco, Inc.
10.00% (3 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 04/29/29		249,364		208,453
Accuride Corp.
14.85% (1 Month Term SOFR ) (in-kind rate was 14.85%) due 10/07/24†††,6		155,329		147,933
WW International, Inc.
8.46% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 04/13/28		491,625		130,590
American Tire Distributors, Inc.
11.28% (3 Month Term SOFR + 6.00%, Rate Floor: 6.00%) due 10/22/26†††		72,089		67,042
Total Consumer, Cyclical				3,964,648
Financial - 1.2%
Franchise Group, Inc.
10.39% (3 Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 03/10/26		941,294		599,605
Cobham Ultra SeniorCo SARL
9.24% (6 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 08/03/29		593,039		566,844
Asurion LLC
9.20% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 08/19/28		427,828		421,030
Avison Young (Canada), Inc.
13.21% (3 Month Term SOFR + 8.00%, Rate Floor: 10.00%) due 03/12/29		251,660		186,066
11.20% (3 Month Term SOFR + 6.25%, Rate Floor: 8.25%) due 03/13/28		83,540		83,609
Ardonagh Midco 3 plc
8.52% ((3 Month Term SOFR + 3.75%) and (6 Month Term SOFR + 3.75%), Rate Floor: 3.75%) due 02/17/31		250,000		250,157
Saphilux SARL
8.56% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 07/18/28		152,500		152,691
Aretec Group, Inc.
8.85% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 08/09/30		119,400		116,829
Total Financial				2,376,831
Basic Materials - 0.7%
Discovery Purchaser Corp.
4.88% (3 Month Term SOFR + 4.38%, Rate Floor: 4.88%) due 10/04/29		775,000		770,908
NIC Acquisition Corp.
8.62% (3 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 12/29/27		653,766		567,554
Total Basic Materials				1,338,462
Energy - 0.2%
BANGL LLC
9.82% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 02/01/29		374,060		374,060
Permian Production Partners LLC
14.96% (1 Month Term SOFR + 6.11%, Rate Floor: 12.96%) (in-kind rate was 2.00%) due 11/24/25†††,6		69,512		68,817
Total Energy				442,877
Total Senior Floating Rate Interests
(Cost $25,934,503)				23,457,234

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 139

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
HIGH YIELD FUND

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 0.3%
Infrastructure - 0.2%
Hotwire Funding LLC
2021-1, 4.46% due 11/20/514		400,000	$	374,451
Collateralized Loan Obligations - 0.1%
WhiteHorse X Ltd.
2015-10A E, 10.85% (3 Month Term SOFR + 5.56%, Rate Floor: 5.30%) due 04/17/27◊,4		157,546		157,541
Total Asset-Backed Securities
(Cost $546,831)				531,992
Total Investments - 99.5%
(Cost $210,611,820)			$	203,003,832
Other Assets & Liabilities, net - 0.5%				1,090,162
Total Net Assets - 100.0%			$	204,093,994

Forward Foreign Currency Exchange Contracts††

Counterparty

Currency

Type

Quantity

Contract Amount

Settlement Date

Unrealized Depreciation

Barclays Bank plc

EUR

Sell

450,000

500,736 USD

10/18/24

$

(805

)

Barclays Bank plc

CAD

Sell

527,000

388,272 USD

10/18/24

(1,704

)

Bank of America, N.A.

EUR

Sell

2,052,000

2,273,023 USD

10/18/24

(14,002

)

$

(16,511

)

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
*	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 2 inputs, unless otherwise noted — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
◊	Variable rate security. Rate indicated is the rate effective at September 30, 2024. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
1	Affiliated issuer.
2	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $349,291 (cost $616,920), or 0.2% of total net assets — See Note 10.
3	Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.
4	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $145,768,030 (cost $148,590,130), or 71.4% of total net assets.
5	Rate indicated is the 7-day yield as of September 30, 2024.
6	Payment-in-kind security.
7	Security is in default of interest and/or principal obligations.
	CAD — Canadian Dollar
	EUR — Euro
	plc — Public Limited Company
	SARL — Société à Responsabilité Limitée
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
HIGH YIELD 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	$	585,632		$	37	$	77,602	$	663,271
Preferred Stocks		—			3,575,148		2		3,575,150
Warrants		—	*		—		—		—
Money Market Fund		6,831,221			—		—		6,831,221
Corporate Bonds		—			167,007,573		937,391		167,944,964
Senior Floating Rate Interests		—			21,305,489		2,151,745		23,457,234
Asset-Backed Securities		—			531,992		—		531,992
Total Assets	$	7,416,853		$	192,420,239	$	3,166,740	$	203,003,832

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Forward Foreign Currency Exchange Contracts**	$	—	$	16,511	$	—	$	16,511
Unfunded Loan Commitments (Note 9)		—		—		6,186		6,186
Total Liabilities	$	—	$	16,511	$	6,186	$	22,697

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

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

Category	Ending Balance at September 30, 2024		Valuation Technique	Unobservable Inputs		Input Range		Weighted Average*
Assets:
Common Stocks	$	68,220	Enterprise Value	Valuation Multiple	2.9x-8.6x		3.9x
Common Stocks		9,382	Model Price	Liquidation Value	—		—
Corporate Bonds		936,000	Third Party Pricing	Broker Quote	—		—
Corporate Bonds		1,391	Third Party Pricing	Trade Price	—		—
Preferred Stocks		2	Model Price	Liquidation Value	—		—
Senior Floating Rate Interests		1,504,897	Third Party Pricing	Broker Quote	—		—
Senior Floating Rate Interests		431,872	Model Price	Liquidation Value	—		—
Senior Floating Rate Interests		214,976	Third Party Pricing	Trade Price	—		—
Total Assets	$	3,166,740
Liabilities:
Unfunded Loan Commitments	$	6,186	Model Price	Purchase Price	—		—

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

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

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 141

SCHEDULE OF INVESTMENTS (concluded)	September 30, 2024
HIGH YIELD FUND

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

Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. For the year ended September 30, 2024, the Fund had securities with a total value of $941,863 transfer into Level 3 from Level 2 due to a lack of observable inputs and did not have any securities to transfer out of Level 3 into Level 2.

Summary of Fair Value Level 3 Activity

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the year ended September 30, 2024:

	Assets															Liabilities
	Corporate Bonds			Senior Floating Rate Interests			Common Stocks			Preferred Stocks			Total Assets			Unfunded Loan Commitments
Beginning Balance	$	13,211		$	3,744,601		$	64,125		$	85,798			3,907,735		$	—
Purchases/(Receipts)		—			1,330,774			17,272			—			1,348,046			(4,924	)
(Sales, maturities and paydowns)/Fundings		—			(2,835,511	)		(2,174	)		(218,290	)		(3,055,975	)		—
Amortization of premiums/discounts		—			116,306			—			—			116,306			—
Total realized gains (losses) included in earnings		—			(225,801	)		(24,988	)		(704,965	)		(955,754	)		—
Total change in unrealized appreciation (depreciation) included in earnings		(11,820	)		21,376			17,504			837,459			864,519			(1,262	)
Transfers into Level 3		936,000			—			5,863			—			941,863			—
Transfers out of Level 3		—			—			—			—			—			—
Ending Balance	$	937,391		$	2,151,745		$	77,602		$	2		$	3,166,740		$	(6,186	)
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at September 30 , 2024	$	(11,820	)	$	(285,369	)	$	(7,089	)	$	—		$	(304,278	)	$	(1,262	)

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
BP Holdco LLC *	$	30,456	$	—	$	—	$	—	$	(1,715	)	$	28,741		23,711

* Non-income producing security.

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

HIGH YIELD FUND

STATEMENT OF ASSETS AND LIABILITIES

September 30, 2024

Assets:
Investments in unaffiliated issuers, at value (cost $210,603,447)	$	202,975,091
Investments in affiliated issuers, at value (cost $8,373)		28,741
Foreign currency, at value (cost 965)		967
Cash		1,180,639
Prepaid expenses		53,920
Receivables:
Interest		2,993,821
Securities sold		633,051
Fund shares sold		199,213
Foreign tax reclaims		4,934
Total assets		208,070,377
Liabilities:
Unfunded loan commitments, at value (Note 9) (commitment fees received $4,924)		6,186
Unrealized depreciation on forward foreign currency exchange contracts		16,511
Payable for:
Securities purchased		3,138,286
Fund shares redeemed		539,094
Distributions to shareholders		106,088
Management fees		42,942
Distribution and service fees		16,450
Transfer agent/maintenance fees		12,576
Fund accounting/administration fees		4,166
Trustees’ fees*		2,972
Miscellaneous		91,112
Total liabilities		3,976,383
Net assets	$	204,093,994
Net assets consist of:
Paid in capital	$	245,842,093
Total distributable earnings (loss)		(41,748,099	)
Net assets	$	204,093,994
Class A:
Net assets	$	50,331,747
Capital shares outstanding		4,989,986
Net asset value per share	$	10.09
Maximum offering price per share (Net asset value divided by 96.00%)	$	10.51
Class C:
Net assets	$	8,260,201
Capital shares outstanding		812,163
Net asset value per share	$	10.17
Class P:
Net assets	$	3,976,103
Capital shares outstanding		394,187
Net asset value per share	$	10.09
Institutional Class:
Net assets	$	141,285,382
Capital shares outstanding		17,196,156
Net asset value per share	$	8.22
Class R6:
Net assets	$	240,561
Capital shares outstanding		23,873
Net asset value per share	$	10.08

* 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 | 143

HIGH YIELD FUND

STATEMENT OF OPERATIONS

Year Ended September 30, 2024

Investment Income:
Dividends from securities of unaffiliated issuers	$	107,803
Interest from securities of unaffiliated issuers		14,287,660
Total investment income		14,395,463
Expenses:
Management fees		1,163,127
Distribution and service fees:
Class A		116,997
Class C		86,938
Class P		11,993
Transfer agent fees:
Class A		56,059
Class C		14,040
Class P		6,946
Institutional Class		104,010
Class R6		630
Fund accounting/administration fees		83,591
Professional fees		53,300
Interest expense		36,821
Custodian fees		19,436
Trustees’ fees*		16,113
Line of credit fees		11,239
Miscellaneous		129,852
Recoupment of previously waived fees:
Class A		9,256
Class C		1,125
Class P		953
Institutional Class		42,954
Total expenses		1,965,380
Less:
Expenses reimbursed by Adviser:
Class A		(37,185	)
Class C		(9,353	)
Class P		(4,559	)
Institutional Class		(66,148	)
Class R6		(480	)
Expenses waived by Adviser		(139,694	)
Total waived/reimbursed expenses		(257,419	)
Net expenses		1,707,961
Net investment income		12,687,502
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers	$	(2,268,538	)
Forward foreign currency exchange contracts		(35,284	)
Foreign currency transactions		4,623
Net realized loss		(2,299,199	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		15,541,331
Investments in affiliated issuers		(1,715	)
Forward foreign currency exchange contracts		(86,050	)
Foreign currency translations		4,324
Net change in unrealized appreciation (depreciation)		15,457,890
Net realized and unrealized gain		13,158,691
Net increase in net assets resulting from operations	$	25,846,193

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

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

HIGH YIELD 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	$	12,687,502		$	11,429,443
Net realized loss on investments		(2,299,199	)		(4,445,420	)
Net change in unrealized appreciation (depreciation) on investments		15,457,890			9,908,149
Net increase in net assets resulting from operations		25,846,193			16,892,172
Distributions to shareholders:
Class A		(2,951,701	)		(2,681,360	)
Class C		(485,898	)		(531,795	)
Class P		(304,126	)		(302,555	)
Institutional Class		(8,705,844	)		(7,690,867	)
Class R6		(48,082	)		(126,227	)
Return of capital
Class A		(72,997	)		(27,032	)
Class C		(12,016	)		(5,361	)
Class P		(7,521	)		(3,050	)
Institutional Class		(215,300	)		(77,534	)
Class R6		(1,189	)		(1,273	)
Total distributions to shareholders		(12,804,674	)		(11,447,054	)
Capital share transactions:
Proceeds from sale of shares
Class A		6,794,252			4,413,398
Class C		493,931			1,181,267
Class P		180,785			1,437,731
Institutional Class		52,099,287			39,343,841
Class R6		209,532			2,663
Redemption fees collected
Class A		2,150			133
Class C		359			29
Class P		187			15
Institutional Class		5,924			387
Class R6		9			6
Distributions reinvested
Class A		2,716,066			2,472,792
Class C		488,260			524,910
Class P		310,713			305,110
Institutional Class		7,483,748			6,336,875
Class R6		48,915			127,232
Cost of shares redeemed
Class A		(7,158,221	)		(7,261,678	)
Class C		(2,714,375	)		(2,518,867	)
Class P		(2,036,439	)		(1,100,898	)
Institutional Class		(54,895,756	)		(35,208,501	)
Class R6		(2,075,976	)		(113,880	)
Net increase from capital share transactions		1,953,351			9,942,565
Net increase in net assets		14,994,870			15,387,683
Net assets:
Beginning of year		189,099,124			173,711,441
End of year	$	204,093,994		$	189,099,124

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 145

HIGH YIELD FUND

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Year Ended September 30, 2024			Year Ended September 30, 2023
Capital share activity:
Shares sold
Class A		695,071			466,658
Class C		49,214			123,430
Class P		18,530			152,312
Institutional Class		6,538,845			5,099,917
Class R6		21,520			283
Shares issued from reinvestment of distributions
Class A		277,694			261,165
Class C		49,575			54,963
Class P		31,816			32,203
Institutional Class		938,964			821,359
Class R6		5,091			13,463
Shares redeemed
Class A		(737,355	)		(767,705	)
Class C		(276,628	)		(264,048	)
Class P		(207,810	)		(116,881	)
Institutional Class		(6,894,574	)		(4,570,555	)
Class R6		(213,252	)		(12,038	)
Net increase in shares		296,701			1,294,526

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

HIGH YIELD FUND

FINANCIAL HIGHLIGHTS

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

Class A	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	9.43		$	9.14		$	10.98		$	10.37		$	10.90
Income (loss) from investment operations:
Net investment income (loss)a		.63			.57			.56			.49			.57
Net gain (loss) on investments (realized and unrealized)		.66			.30			(1.86	)		.63			(.50	)
Total from investment operations		1.29			.87			(1.30	)		1.12			.07
Less distributions from:
Net investment income		(.62	)		(.57	)		(.52	)		(.48	)		(.60	)
Return of capital		(.01	)		(.01	)		(.02	)		(.03	)		—
Total distributions		(.63	)		(.58	)		(.54	)		(.51	)		(.60	)
Redemption fees collected		—	b		—	b		—	b		—	b		—	b
Net asset value, end of period	$	10.09		$	9.43		$	9.14		$	10.98		$	10.37
Total Returnc		14.08	%		9.60	%		(12.10	%)		11.02	%		0.84	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	50,332		$	44,846		$	43,822		$	55,550		$	53,997
Ratios to average net assets:
Net investment income (loss)		6.40	%		6.07	%		5.46	%		4.51	%		5.44	%
Total expensesd		1.17	%		1.22	%		1.14	%		1.07	%		1.21	%
Net expensese,f,g		1.02	%		1.16	%		1.10	%		1.05	%		1.20	%
Portfolio turnover rate		45	%		31	%		42	%		86	%		81	%

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	$	9.51		$	9.22		$	11.07		$	10.46		$	10.99
Income (loss) from investment operations:
Net investment income (loss)a		.56			.51			.47			.40			.49
Net gain (loss) on investments (realized and unrealized)		.66			.29			(1.85	)		.64			(.49	)
Total from investment operations		1.22			.80			(1.38	)		1.04			—
Less distributions from:
Net investment income		(.55	)		(.50	)		(.45	)		(.40	)		(.53	)
Return of capital		(.01	)		(.01	)		(.02	)		(.03	)		—
Total distributions		(.56	)		(.51	)		(.47	)		(.43	)		(.53	)
Redemption fees collected		—	b		—	b		—	b		—	b		—	b
Net asset value, end of period	$	10.17		$	9.51		$	9.22		$	11.07		$	10.46
Total Returnc		13.19	%		8.75	%		(12.76	%)		10.04	%		0.09	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	8,260		$	9,417		$	9,915		$	16,242		$	16,437
Ratios to average net assets:
Net investment income (loss)		5.67	%		5.30	%		4.55	%		3.67	%		4.68	%
Total expensesd		1.95	%		1.97	%		1.94	%		1.91	%		2.00	%
Net expensese,f,g		1.78	%		1.92	%		1.90	%		1.89	%		1.99	%
Portfolio turnover rate		45	%		31	%		42	%		86	%		81	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 147

HIGH YIELD FUND

FINANCIAL HIGHLIGHTS (continued)

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

Class P	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	9.44		$	9.14		$	10.98		$	10.38		$	10.91
Income (loss) from investment operations:
Net investment income (loss)a		.63			.57			.55			.48			.57
Net gain (loss) on investments (realized and unrealized)		.65			.30			(1.85	)		.62			(.50	)
Total from investment operations		1.28			.87			(1.30	)		1.10			.07
Less distributions from:
Net investment income		(.62	)		(.56	)		(.52	)		(.47	)		(.60	)
Return of capital		(.01	)		(.01	)		(.02	)		(.03	)		—
Total distributions		(.63	)		(.57	)		(.54	)		(.50	)		(.60	)
Redemption fees collected		—	b		—	b		—	b		—	b		—	b
Net asset value, end of period	$	10.09		$	9.44		$	9.14		$	10.98		$	10.38
Total Return		14.00	%		9.71	%		(12.13	%)		10.80	%		0.80	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,976		$	5,205		$	4,426		$	5,660		$	5,837
Ratios to average net assets:
Net investment income (loss)		6.44	%		6.07	%		5.37	%		4.40	%		5.42	%
Total expensesd		1.19	%		1.22	%		1.28	%		1.20	%		1.26	%
Net expensee,f,g		1.03	%		1.16	%		1.15	%		1.16	%		1.25	%
Portfolio turnover rate		45	%		31	%		42	%		86	%		81	%

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	$	7.68		$	7.45		$	8.94		$	8.45		$	8.88
Income (loss) from investment operations:
Net investment income (loss)a		.53			.49			.47			.41			.48
Net gain (loss) on investments (realized and unrealized)		.54			.23			(1.50	)		.51			(.39	)
Total from investment operations		1.07			.72			(1.03	)		.92			.09
Less distributions from:
Net investment income		(.52	)		(.48	)		(.44	)		(.40	)		(.52	)
Return of capital		(.01	)		(.01	)		(.02	)		(.03	)		—
Total distributions		(.53	)		(.49	)		(.46	)		(.43	)		(.52	)
Redemption fees collected		—	b		—	b		—	b		—	b		—	b
Net asset value, end of period	$	8.22		$	7.68		$	7.45		$	8.94		$	8.45
Total Return		14.40	%		9.78	%		(11.80	%)		11.14	%		1.14	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	141,285		$	127,649		$	113,644		$	167,486		$	171,641
Ratios to average net assets:
Net investment income (loss)		6.66	%		6.32	%		5.63	%		4.71	%		5.67	%
Total expensesd		0.89	%		0.95	%		0.95	%		0.88	%		0.98	%
Net expensese,f,g		0.77	%		0.91	%		0.88	%		0.85	%		0.96	%
Portfolio turnover rate		45	%		31	%		42	%		86	%		81	%

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

HIGH YIELD FUND

FINANCIAL HIGHLIGHTS (concluded)

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

Class R6	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	$	9.41		$	9.12		$	10.97		$	10.36		$	10.89
Income (loss) from investment operations:
Net investment income (loss)a		.66			.61			.50			.52			.60
Net gain (loss) on investments (realized and unrealized)		.66			.29			(1.77	)		.63			(.49	)
Total from investment operations		1.32			.90			(1.27	)		1.15			.11
Less distributions from:
Net investment income		(.64	)		(.60	)		(.56	)		(.51	)		(.64	)
Return of capital		(.01	)		(.01	)		(.02	)		(.03	)		—
Total distributions		(.65	)		(.61	)		(.58	)		(.54	)		(.64	)
Redemption fees collected		—	b		—	b		—	b		—	b		—	b
Net asset value, end of period	$	10.08		$	9.41		$	9.12		$	10.97		$	10.36
Total Return		14.42	%		10.00	%		(11.91	%)		11.35	%		1.19	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	241		$	1,982		$	1,905		$	126,683		$	127,037
Ratios to average net assets:
Net investment income (loss)		6.80	%		6.43	%		4.70	%		4.80	%		5.79	%
Total expensesd		0.87	%		0.84	%		0.75	%		0.77	%		0.85	%
Net expensese,f,g		0.76	%		0.80	%		0.75	%		0.76	%		0.85	%
Portfolio turnover rate		45	%		31	%		42	%		86	%		81	%

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

	09/30/24	09/30/23	09/30/22	09/30/21	09/30/20
Class A	0.02%	0.04%	0.01%	0.00%*	0.05%
Class C	0.01%	0.04%	0.00%*	0.01%	0.04%
Class P	0.02%	0.01%	0.04%	0.04%	0.02%
Institutional Class	0.03%	0.03%	0.02%	0.01%	0.02%
Class R6	—	—	—	—	0.00%*

* Less than 0.01%.

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

	09/30/24	09/30/23	09/30/22	09/30/21	09/30/20
Class A	0.99%	1.13%	1.09%	1.03%	1.12%
Class C	1.75%	1.89%	1.89%	1.87%	1.90%
Class P	1.00%	1.13%	1.14%	1.14%	1.16%
Institutional Class	0.74%	0.88%	0.87%	0.83%	0.87%
Class R6	0.74%	0.77%	0.75%	0.74%	0.77%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 149

SCHEDULE OF INVESTMENTS	September 30, 2024
LIMITED DURATION FUND

	Shares		Value
COMMON STOCKS† - 0.0%
Communications - 0.0%
Vacasa, Inc. — Class A*		4,070	$	11,437
Total Common Stocks
(Cost $813,037)				11,437
PREFERRED STOCKS†† - 0.5%
Financial - 0.5%
Wells Fargo & Co.
3.90%		12,100,000		11,760,060
MetLife, Inc.
3.85%		4,620,000		4,545,415
Markel Group, Inc.
6.00%		4,085,000		4,080,588
American National Group, Inc.
5.95%		8,000		197,840
Total Financial				20,583,903
Total Preferred Stocks
(Cost $20,988,758)				20,583,903
WARRANTS† - 0.0%
Ginkgo Bioworks Holdings, Inc.
Expiring 09/16/26		19,663		89
Total Warrants
(Cost $45,531)				89
MUTUAL FUNDS† - 2.2%
Guggenheim Strategy Fund III1		1,358,668		33,817,254
Guggenheim Strategy Fund II1		1,359,476		33,714,995
Guggenheim Ultra Short Duration Fund — Institutional Class1		3,296,586		33,031,793
Total Mutual Funds
(Cost $99,168,203)				100,564,042
MONEY MARKET FUNDS***,† - 1.7%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.88%2		63,916,187		63,916,187
Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.81%2		11,643,974		11,643,974
Federated Hermes U.S. Treasury Cash Reserves Fund — Institutional Shares, 4.85%2		855,107		855,107
Total Money Market Funds
(Cost $76,415,268)				76,415,268
	Face Amount~
CORPORATE BONDS†† - 33.1%
Financial - 18.8%
Athene Global Funding
6.09% (SOFR Compounded Index + 0.72%) due 01/07/25◊,3		30,000,000		30,007,520

1.99% due 08/19/283	15,850,000	14,382,335
1.73% due 10/02/263	14,700,000	13,932,584
5.68% due 02/23/263	4,750,000	4,819,187
Goldman Sachs Group, Inc.
3.50% due 04/01/25	42,900,000	42,634,444
Societe Generale S.A.
1.79% due 06/09/273,4	28,000,000	26,600,619
1.49% due 12/14/263,4	10,500,000	10,057,208
Bank of America Corp.
3.95% due 04/21/25	36,390,000	36,209,086
AEGON Funding Company LLC
5.50% due 04/16/273	35,000,000	35,772,552
Brighthouse Financial Global Funding
5.55% due 04/09/273	34,500,000	35,219,852
Macquarie Group Ltd.
1.63% due 09/23/273,4	16,750,000	15,840,868
1.20% due 10/14/253,4	13,550,000	13,530,212
Corebridge Financial, Inc.
3.50% due 04/04/25	26,460,000	26,262,275
Equitable Financial Life Global Funding
1.40% due 07/07/253	15,000,000	14,626,444
1.80% due 03/08/283	12,000,000	10,982,682
UBS AG/Stamford CT
2.95% due 04/09/25	24,565,000	24,321,047
Cooperatieve Rabobank UA
1.34% due 06/24/263,4	15,000,000	14,618,734
1.98% due 12/15/273,4	10,000,000	9,490,454
Pershing Square Holdings Ltd.
3.25% due 10/01/313	25,600,000	21,944,832
JPMorgan Chase & Co.
1.47% due 09/22/274	15,000,000	14,207,784
5.04% due 01/23/284	7,600,000	7,727,119
Jackson National Life Global Funding
1.75% due 01/12/253	15,000,000	14,851,483
5.60% due 04/10/263	6,750,000	6,846,861
GA Global Funding Trust
4.40% due 09/23/273	14,650,000	14,616,363
1.63% due 01/15/263	7,300,000	7,027,337
LPL Holdings, Inc.
5.70% due 05/20/27	14,700,000	15,024,695
4.00% due 03/15/293	4,450,000	4,259,179
4.63% due 11/15/273	2,000,000	1,984,897
Reliance Standard Life Global Funding II
5.24% due 02/02/263	20,850,000	20,949,363
BNP Paribas S.A.
1.32% due 01/13/273,4	21,350,000	20,453,743
2.22% due 06/09/263,4	400,000	392,310
Credit Agricole S.A.
1.25% due 01/26/273,4	17,950,000	17,157,091
1.91% due 06/16/263,4	400,000	391,462
Corebridge Global Funding
4.65% due 08/20/273	9,500,000	9,613,400
5.75% due 07/02/263	7,250,000	7,434,106
Ares Finance Company LLC
4.00% due 10/08/243	14,617,000	14,611,494

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
LIMITED DURATION FUND

	Face Amount~		Value
FS KKR Capital Corp.
4.25% due 02/14/253		7,600,000	$	7,554,810
2.63% due 01/15/27		7,400,000		6,959,841
Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc.
2.88% due 10/15/263		10,800,000		10,368,834
3.88% due 03/01/313		4,100,000		3,775,035
Alexandria Real Estate Equities, Inc.
3.45% due 04/30/25		14,200,000		14,088,742
CoStar Group, Inc.
2.80% due 07/15/303		15,280,000		13,765,918
F&G Global Funding
1.75% due 06/30/263		14,250,000		13,503,249
CNO Global Funding
5.88% due 06/04/273		13,100,000		13,494,178
ABN AMRO Bank N.V.
1.54% due 06/16/273,4		14,000,000		13,303,451
American National Group, Inc.
5.00% due 06/15/27		13,075,000		13,157,490
Nationwide Building Society
2.97% due 02/16/283,4		11,300,000		10,896,783
Standard Chartered plc
5.69% due 05/14/283,4		10,600,000		10,885,322
Iron Mountain, Inc.
4.88% due 09/15/273		7,360,000		7,304,566
5.00% due 07/15/283		3,085,000		3,044,422
CBS Studio Center
8.10% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 01/09/25◊,†††		10,000,000		10,000,000
ING Groep N.V.
1.73% due 04/01/274		9,800,000		9,404,915
SLM Corp.
3.13% due 11/02/26		9,596,000		9,225,072
BPCE S.A.
1.65% due 10/06/263,4		9,500,000		9,200,121
First American Financial Corp.
4.00% due 05/15/30		7,860,000		7,465,770
United Wholesale Mortgage LLC
5.50% due 11/15/253		7,120,000		7,106,722
5.50% due 04/15/293		275,000		267,850
Macquarie Bank Ltd.
5.27% due 07/02/273		7,100,000		7,325,967
Apollo Management Holdings, LP
4.40% due 05/27/263		7,115,000		7,112,192
OneMain Finance Corp.
3.50% due 01/15/27		7,050,000		6,738,539
7.13% due 03/15/26		50,000		51,046
SBA Communications Corp.
3.13% due 02/01/29		6,500,000		6,007,916
RenaissanceRe Finance, Inc.
3.70% due 04/01/25		5,662,000		5,618,083
National Bank of Canada
5.60% due 07/02/274		4,650,000		4,744,693
Horace Mann Educators Corp.
4.50% due 12/01/25		4,420,000		4,396,448
Deloitte LLP
3.46% due 05/07/27†††		4,500,000		4,323,465
Jefferies Finance LLC / JFIN Company-Issuer Corp.
5.00% due 08/15/283		4,300,000		4,088,485
Fidelity & Guaranty Life Holdings, Inc.
5.50% due 05/01/253		3,613,000		3,612,808
Peachtree Corners Funding Trust
3.98% due 02/15/253		3,450,000		3,432,361
Hunt Companies, Inc.
5.25% due 04/15/293		3,250,000		3,144,422
AMC East Communities LLC
5.74% due 01/15/283		1,484,927		1,504,102
Brookfield Finance, Inc.
3.90% due 01/25/28		1,400,000		1,380,763
CNO Financial Group, Inc.
5.25% due 05/30/25		1,200,000		1,200,645
Trinity Acquisition plc
4.40% due 03/15/26		881,000		878,757
Old Republic International Corp.
3.88% due 08/26/26		700,000		692,892
Equinix, Inc.
1.55% due 03/15/28		700,000		638,541
Belvoir Land LLC
5.03% due 12/15/253		440,360		439,199
Morgan Stanley
3.77% due 01/24/294		361,000		355,055
Assurant, Inc.
4.90% due 03/27/28		350,000		352,942
Total Financial				841,614,034
Consumer, Non-cyclical - 3.1%
Global Payments, Inc.
2.90% due 05/15/30		28,801,000		26,232,551
3.20% due 08/15/29		2,199,000		2,060,172
Humana, Inc.
4.50% due 04/01/25		16,650,000		16,616,113
GXO Logistics, Inc.
6.25% due 05/06/29		15,000,000		15,786,683
Element Fleet Management Corp.
5.64% due 03/13/273		9,925,000		10,177,913
6.27% due 06/26/263		4,400,000		4,518,100
Laboratory Corporation of America Holdings
1.55% due 06/01/26		10,571,000		10,094,214
PRA Health Sciences, Inc.
2.88% due 07/15/263		10,280,000		9,964,507
Block, Inc.
2.75% due 06/01/26		7,600,000		7,368,243
Danone S.A.
2.95% due 11/02/263		6,952,000		6,773,394
Valvoline, Inc.
3.63% due 06/15/313		7,434,000		6,652,599
Royalty Pharma plc
1.75% due 09/02/27		5,150,000		4,799,000
BAT Capital Corp.
4.70% due 04/02/27		4,220,000		4,257,606
3.56% due 08/15/27		527,000		516,224

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 151

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
LIMITED DURATION FUND

	Face Amount~		Value
JBS USA Holding Lux SARL/ JBS USA Food Company/ JBS Lux Co SARL
5.13% due 02/01/28		4,306,000	$	4,363,722
IQVIA, Inc.
5.00% due 05/15/273		2,300,000		2,285,990
HAH Group Holding Company LLC
9.75% due 10/01/313		1,780,000		1,794,819
Triton Container International Ltd.
2.05% due 04/15/263		1,800,000		1,721,647
Molina Healthcare, Inc.
4.38% due 06/15/283		1,115,000		1,083,973
Catalent Pharma Solutions, Inc.
3.13% due 02/15/293		1,050,000		1,031,416
Avantor Funding, Inc.
4.63% due 07/15/283		1,050,000		1,026,262
Smithfield Foods, Inc.
4.25% due 02/01/273		350,000		344,190
Performance Food Group, Inc.
5.50% due 10/15/273		100,000		99,716
Total Consumer, Non-cyclical				139,569,054
Industrial - 2.6%
Berry Global, Inc.
1.57% due 01/15/26		11,750,000		11,306,662
4.88% due 07/15/263		5,165,000		5,156,746
5.80% due 06/15/313		2,500,000		2,601,275
Sealed Air Corp.
1.57% due 10/15/263		16,450,000		15,443,359
Amcor Flexibles North America, Inc.
4.00% due 05/17/25		13,690,000		13,608,863
Silgan Holdings, Inc.
1.40% due 04/01/263		12,600,000		11,950,709
Vontier Corp.
1.80% due 04/01/26		7,050,000		6,749,725
2.40% due 04/01/28		3,900,000		3,583,725
3M Co.
2.65% due 04/15/25		8,263,000		8,171,185
Graphic Packaging International LLC
1.51% due 04/15/263		6,500,000		6,149,070
Penske Truck Leasing Company LP / PTL Finance Corp.
4.45% due 01/29/263		5,475,000		5,463,871
4.20% due 04/01/273		500,000		497,501
Weir Group plc
2.20% due 05/13/263		5,410,000		5,203,434
Penske Truck Leasing Company Lp / PTL Finance Corp.
5.25% due 07/01/293		4,750,000		4,891,553
Jabil, Inc.
1.70% due 04/15/26		3,800,000		3,639,642
GATX Corp.
3.85% due 03/30/27		2,900,000		2,859,148
3.50% due 03/15/28		200,000		193,367
Standard Industries, Inc.
4.75% due 01/15/283		2,671,000		2,616,218
Crown Americas LLC / Crown Americas Capital Corporation VI
4.75% due 02/01/26		1,038,000		1,034,347
Brundage-Bone Concrete Pumping Holdings, Inc.
6.00% due 02/01/263		800,000		796,806
Amsted Industries, Inc.
5.63% due 07/01/273		425,000		423,863
4.63% due 05/15/303		350,000		334,298
Summit Materials LLC / Summit Materials Finance Corp.
5.25% due 01/15/293		275,000		271,967
6.50% due 03/15/273		75,000		75,083
Enviri Corp.
5.75% due 07/31/273		125,000		122,695
Total Industrial				113,145,112
Consumer, Cyclical - 2.5%
VF Corp.
2.40% due 04/23/25		23,000,000		22,614,328
LG Electronics, Inc.
5.63% due 04/24/273		11,000,000		11,303,600
LG Energy Solution Ltd.
5.38% due 07/02/273		9,650,000		9,803,918
Alt-2 Structured Trust
2.95% due 05/14/31◊,†††		8,832,960		8,130,387
Warnermedia Holdings, Inc.
6.41% due 03/15/26		8,050,000		8,054,756
United Airlines, Inc.
4.38% due 04/15/263		8,125,000		7,994,583
Choice Hotels International, Inc.
3.70% due 01/15/31		7,350,000		6,798,394
CD&R Smokey Buyer, Inc.
6.75% due 07/15/253		4,654,000		4,652,471
Hyatt Hotels Corp.
5.75% due 04/23/30		4,320,000		4,521,572
Air Canada
3.88% due 08/15/263		4,550,000		4,430,726
Delta Air Lines, Inc.
7.00% due 05/01/253		4,300,000		4,345,295
Delta Air Lines, Inc. / SkyMiles IP Ltd.
4.50% due 10/20/253		4,167,500		4,142,139
American Airlines Class AA Pass Through Trust
3.35% due 10/15/29		2,363,433		2,230,405
3.00% due 10/15/28		1,457,053		1,371,137
Newell Brands, Inc.
6.38% due 09/15/27		1,548,000		1,565,655
5.70% due 04/01/26		1,552,000		1,555,809
Beacon Roofing Supply, Inc.
4.50% due 11/15/263		2,404,000		2,366,768
Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp.
5.88% due 03/01/27		2,300,000		2,296,091

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
LIMITED DURATION FUND

	Face Amount~		Value
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
6.50% due 06/20/273		1,842,500	$	1,865,410
Walgreens Boots Alliance, Inc.
3.45% due 06/01/26		1,650,000		1,587,319
Advance Auto Parts, Inc.
5.90% due 03/09/26		514,000		519,303
Tempur Sealy International, Inc.
4.00% due 04/15/293		375,000		349,722
Hilton Domestic Operating Company, Inc.
5.38% due 05/01/253		300,000		299,074
Total Consumer, Cyclical				112,798,862
Technology - 2.0%
CDW LLC / CDW Finance Corp.
2.67% due 12/01/26		22,350,000		21,503,775
3.25% due 02/15/29		810,000		763,662
Oracle Corp.
2.50% due 04/01/25		22,221,000		21,964,684
NetApp, Inc.
1.88% due 06/22/25		18,082,000		17,706,037
Infor, Inc.
1.75% due 07/15/253		13,800,000		13,398,435
Qorvo, Inc.
1.75% due 12/15/24		10,600,000		10,515,821
3.38% due 04/01/313		1,200,000		1,074,413
4.38% due 10/15/29		963,000		933,012
Twilio, Inc.
3.63% due 03/15/29		994,000		924,852
NCR Voyix Corp.
5.13% due 04/15/293		636,000		622,351
MSCI, Inc.
3.88% due 02/15/313		379,000		358,631
Total Technology				89,765,673
Communications - 1.5%
Fox Corp.
3.05% due 04/07/25		45,864,000		45,416,812
Level 3 Financing, Inc.
3.88% due 10/15/303		5,070,000		3,715,149
4.50% due 04/01/303		2,277,000		1,763,552
11.00% due 11/15/293		1,570,009		1,738,904
4.00% due 04/15/313		2,150,000		1,564,125
NTT Finance Corp.
1.16% due 04/03/263		7,598,000		7,256,720
Charter Communications Operating LLC / Charter Communications Operating Capital
2.80% due 04/01/31		3,250,000		2,781,192
Cogent Communications Group LLC
3.50% due 05/01/263		2,680,000		2,612,595
CSC Holdings LLC
4.13% due 12/01/303		250,000		182,189
AMC Networks, Inc.
4.25% due 02/15/29		225,000		162,729
Match Group Holdings II LLC
4.63% due 06/01/283		75,000		72,921
Sirius XM Radio, Inc.
3.88% due 09/01/313		75,000		65,345
Total Communications				67,332,233
Utilities - 0.9%
Avangrid, Inc.
3.20% due 04/15/25		19,179,000		18,983,283
Terraform Global Operating, LP
6.13% due 03/01/263		9,020,000		9,024,438
Algonquin Power & Utilities Corp.
5.37% due 06/15/26		8,200,000		8,299,103
AES Corp.
3.30% due 07/15/253		4,250,000		4,188,091
Total Utilities				40,494,915
Energy - 0.8%
Occidental Petroleum Corp.
5.00% due 08/01/27		6,100,000		6,183,948
5.50% due 12/01/25		5,000,000		5,020,960
HF Sinclair Corp.
6.38% due 04/15/27		8,593,000		8,711,483
BP Capital Markets plc
4.88% 4,5		7,500,000		7,418,646
Venture Global LNG, Inc.
9.50% due 02/01/293		4,600,000		5,181,921
Buckeye Partners, LP
4.13% due 03/01/253		1,600,000		1,586,706
Targa Resources Partners Limited Partnership / Targa Resources Partners Finance Corp.
6.88% due 01/15/29		1,003,000		1,028,388
Gulfstream Natural Gas System LLC
4.60% due 09/15/253		400,000		398,810
Sabine Pass Liquefaction LLC
5.00% due 03/15/27		300,000		303,894
Parkland Corp.
5.88% due 07/15/273		80,000		79,794
Total Energy				35,914,550
Basic Materials - 0.8%
Anglo American Capital plc
2.25% due 03/17/283		14,000,000		12,965,260
4.00% due 09/11/273		750,000		738,397
5.38% due 04/01/253		600,000		600,488
Kaiser Aluminum Corp.
4.63% due 03/01/283		9,643,000		9,326,176
International Flavors & Fragrances, Inc.
1.23% due 10/01/253		4,130,000		3,986,006
Alcoa Nederland Holding B.V.
5.50% due 12/15/273		3,675,000		3,688,823
Carpenter Technology Corp.
6.38% due 07/15/28		1,145,000		1,152,853
Minerals Technologies, Inc.
5.00% due 07/01/283		140,000		136,227
Total Basic Materials				32,594,230

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 153

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
LIMITED DURATION FUND

	Face Amount~		Value
Transporation - 0.1%
Stolthaven Houston, Inc.
5.88% due 07/17/31†††		4,800,000	$	4,945,920
Total Corporate Bonds
(Cost $1,504,607,600)				1,478,174,583
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 28.3%
Government Agency - 15.4%
Uniform MBS 15 Year
due 11/01/2411		274,950,000		275,983,812
due 12/01/2411		150,000,000		150,625,500
due 11/01/2411		113,550,000		115,090,874
Freddie Mac
5.50% due 02/01/53		36,363,473		37,048,150
6.00% due 08/01/54		21,721,890		22,418,826
5.00% due 06/01/53		19,163,391		19,267,519
5.00% due 02/01/53		16,733,773		16,824,216
Ginnie Mae
6.00% due 09/20/45		15,630,050		15,786,073
6.00% due 06/20/47		2,417,192		2,442,470
Fannie Mae
6.50% due 04/25/49		7,922,701		8,059,035
5.00% due 08/01/53		7,534,008		7,537,932
5.00% due 06/01/53		2,565,810		2,565,940
Uniform MBS 30 Year
due 12/01/2411		10,286,000		10,281,618
Freddie Mac Seasoned Credit Risk Transfer Trust
2.00% due 05/25/60		3,013,644		2,474,862
2.00% due 11/25/59		1,710,725		1,401,879
Fannie Mae-Aces
1.59% (WAC) due 03/25/35◊,6		5,960,773		532,308
Total Government Agency				688,341,014
Residential Mortgage-Backed Securities - 10.9%
CSMC Trust
2021-RPL1, 4.07% (WAC) due 09/27/60◊,3		23,964,778		23,880,267
2021-RPL7, 1.93% (WAC) due 07/27/61◊,3		10,767,364		10,732,744
2021-RPL4, 4.06% (WAC) due 12/27/60◊,3		10,170,170		10,134,338
2021-NQM8, 2.41% (WAC) due 10/25/66◊,3		7,229,774		6,370,635
2018-RPL9, 3.85% (WAC) due 09/25/57◊,3		3,776,463		3,721,712
2020-NQM1, 2.41% due 05/25/653,7		1,600,417		1,501,480
PRPM LLC
2021-5, 4.79% due 06/25/263,7		17,754,922		17,676,443
2022-1, 3.72% due 02/25/273,7		16,867,020		16,722,939
2021-8, 4.74% (WAC) due 09/25/26◊,3		7,795,902		7,751,641
2024-RPL2, 3.50% due 05/25/543		4,437,277		4,290,510
2024-4, 6.41% due 08/25/293,7		2,452,172		2,466,857
2021-RPL2, 2.49% (WAC) due 10/25/51◊,3		2,500,000		2,165,886
Legacy Mortgage Asset Trust
2021-GS3, 4.75% due 07/25/613,7		18,562,945		18,423,069
2021-GS4, 4.65% due 11/25/603,7		15,566,994		15,564,566
2021-GS2, 4.75% due 04/25/613,7		6,715,022		6,762,815
2021-GS5, 2.25% due 07/25/673,7		4,302,030		4,269,153
NYMT Loan Trust
2021-SP1, 4.67% due 08/25/613,7		30,450,176		30,197,132
2022-SP1, 5.25% due 07/25/623,7		8,790,837		8,627,062
OSAT Trust
2021-RPL1, 5.12% due 05/25/653,7		36,276,619		36,210,549
OBX Trust
2024-NQM5, 5.99% due 01/25/643,7		19,786,774		20,044,544
2024-NQM8, 6.23% due 05/25/643,7		3,256,994		3,313,097
2024-NQM9, 6.28% due 01/25/647		2,715,113		2,753,381
2022-NQM9, 6.45% due 09/25/623,7		1,979,470		1,996,470
BRAVO Residential Funding Trust
2022-R1, 3.13% due 01/29/703,7		17,808,977		17,674,590
2021-HE2, 6.13% (30 Day Average SOFR + 0.85%, Rate Floor: 0.00%) due 11/25/69◊,3		1,381,575		1,376,365
2021-HE2, 6.33% (30 Day Average SOFR + 1.05%, Rate Floor: 0.00%) due 11/25/69◊,3		1,268,664		1,265,190
2021-HE1, 6.23% (30 Day Average SOFR + 0.95%, Rate Floor: 0.00%) due 01/25/70◊,3		1,069,645		1,066,321
2021-HE1, 6.13% (30 Day Average SOFR + 0.85%, Rate Floor: 0.00%) due 01/25/70◊,3		803,141		800,644
Verus Securitization Trust
2021-4, 1.35% (WAC) due 07/25/66◊,3		5,492,177		4,676,258
2021-5, 1.37% (WAC) due 09/25/66◊,3		5,275,841		4,552,346
2020-5, 1.58% due 05/25/653,7		3,596,267		3,454,595
2024-5, 6.45% due 06/25/697		2,974,999		3,023,478
2021-3, 1.44% (WAC) due 06/25/66◊,3		3,217,589		2,791,785
2021-6, 1.89% (WAC) due 10/25/66◊,3		2,531,723		2,189,701
2019-4, 3.64% due 11/25/593		922,295		907,616
2020-1, 3.42% due 01/25/603		518,053		506,335
JP Morgan Mortgage Trust
2021-12, 2.50% (WAC) due 02/25/52◊,3		16,953,966		15,755,419
Citigroup Mortgage Loan Trust, Inc.
2022-A, 6.17% due 09/25/623,7		10,552,462		10,551,918
2006-WF1, 4.93% due 03/25/36		3,325,478		1,649,210
GS Mortgage-Backed Securities Trust
2021-PJ10, 2.50% (WAC) due 03/25/52◊,3		10,518,551		9,688,955
2020-NQM1, 1.38% (WAC) due 09/27/60◊,3		1,614,272		1,517,985
Imperial Fund Mortgage Trust
2022-NQM2, 4.02% (WAC) due 03/25/67◊,3		10,899,295		10,213,502
Towd Point Mortgage Trust
2017-6, 2.75% (WAC) due 10/25/57◊,3		4,818,113		4,688,972
2018-2, 3.25% (WAC) due 03/25/58◊,3		2,341,552		2,293,104
2023-CES1, 6.75% (WAC) due 07/25/63◊,3		1,094,370		1,108,834
2017-5, 5.57% (1 Month Term SOFR + 0.71%, Rate Floor: 0.00%) due 02/25/57◊,3		849,011		874,170
2018-1, 3.00% (WAC) due 01/25/58◊,3		271,028		264,621
Home Equity Loan Trust
2007-FRE1, 5.16% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 04/25/37◊		9,156,011		8,719,414

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
LIMITED DURATION FUND

	Face Amount~		Value
Structured Asset Securities Corporation Mortgage Loan Trust
2008-BC4, 5.60% (1 Month Term SOFR + 0.74%, Rate Floor: 0.63%) due 11/25/37◊		8,490,750	$	8,192,014
2006-BC4, 5.31% (1 Month Term SOFR + 0.45%, Rate Floor: 0.34%) due 12/25/36◊		373,510		362,719
Angel Oak Mortgage Trust
2024-4, 6.20% due 01/25/693,7		5,532,131		5,634,178
2021-6, 1.71% (WAC) due 09/25/66◊,3		2,359,186		1,986,993
New Residential Mortgage Loan Trust
2018-2A, 3.50% (WAC) due 02/25/58◊,3		4,494,743		4,287,496
2018-1A, 4.00% (WAC) due 12/25/57◊,3		1,450,672		1,415,915
2019-6A, 3.50% (WAC) due 09/25/59◊,3		1,126,395		1,075,704
2017-5A, 6.47% (1 Month Term SOFR + 1.61%, Rate Floor: 1.50%) due 06/25/57◊,3		418,020		423,382
Soundview Home Loan Trust
2006-OPT5, 5.25% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 07/25/36◊		6,135,320		5,895,980
2005-OPT3, 5.67% (1 Month Term SOFR + 0.82%, Rate Floor: 0.71%) due 11/25/35◊		647,904		635,772
RCKT Mortgage Trust
2024-CES4, 6.15% due 06/25/443,7		5,691,125		5,782,260
Alternative Loan Trust
2007-OA7, 5.25% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 05/25/47◊		4,074,416		3,826,884
2007-OH3, 5.55% (1 Month Term SOFR + 0.69%, Rate Cap/Floor: 10.00%/0.58%) due 09/25/47◊		1,998,212		1,819,051
FIGRE Trust
2024-HE2, 6.38% (WAC) due 05/25/54◊,3		3,356,874		3,436,842
2024-HE3, 5.94% (WAC) due 07/25/54◊,3		1,666,762		1,702,232
NovaStar Mortgage Funding Trust Series
2007-2, 5.17% (1 Month Term SOFR + 0.31%, Rate Cap/Floor: 11.00%/0.20%) due 09/25/37◊		4,990,956		4,864,649
Morgan Stanley ABS Capital I Incorporated Trust
2007-HE3, 5.22% (1 Month Term SOFR + 0.36%, Rate Floor: 0.25%) due 12/25/36◊		4,306,925		2,166,540
2007-HE3, 5.12% (1 Month Term SOFR + 0.26%, Rate Floor: 0.15%) due 12/25/36◊		3,085,481		1,552,114
2007-HE5, 5.57% (1 Month Term SOFR + 0.29%, Rate Floor: 0.18%) due 03/25/37◊		1,526,870		653,086
2006-NC1, 5.54% (1 Month Term SOFR + 0.68%, Rate Floor: 0.57%) due 12/25/35◊		135,188		133,671
American Home Mortgage Investment Trust
2006-3, 5.75% (1 Month Term SOFR + 0.47%, Rate Cap/Floor: 10.50%/0.36%) due 12/25/46◊		5,096,622		4,200,810
Mill City Securities Ltd.
2024-RS1, 3.00% due 11/01/693,7		4,300,000		3,969,829
BRAVO
2024-NQM6, 5.66% due 08/01/643,7		3,794,786		3,815,021
Sequoia Mortgage Trust
2024-5, 6.00% (WAC) due 06/25/54◊,3		3,650,108		3,678,857
Credit Suisse Mortgage Capital Certificates
2021-RPL9, 2.44% (WAC) due 02/25/61◊,3		3,691,540		3,670,297
SPS Servicer Advance Receivables Trust
2020-T2, 1.83% due 11/15/553		3,750,000		3,621,600
COLT Mortgage Loan Trust
2024-2, 6.13% due 04/25/693,7		2,194,620		2,222,119
2021-2, 2.38% (WAC) due 08/25/66◊,3		1,500,000		1,085,371
GCAT Trust
2024-NQM2, 6.09% due 06/25/597		3,116,957		3,161,791
Cascade Funding Mortgage Trust
2018-RM2, 4.00% (WAC) due 10/25/68◊,3		3,015,235		2,986,562
2019-RM3, 2.80% (WAC) due 06/25/69◊,9		65,856		65,619
Securitized Asset Backed Receivables LLC Trust
2007-HE1, 5.19% (1 Month Term SOFR + 0.33%, Rate Floor: 0.22%) due 12/25/36◊		12,763,391		2,872,690
HarborView Mortgage Loan Trust
2006-14, 5.38% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 01/25/47◊		1,738,543		1,606,839
2006-12, 5.46% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 01/19/38◊		1,414,307		1,251,482
IXIS Real Estate Capital Trust
2006-HE1, 5.57% (1 Month Term SOFR + 0.71%, Rate Floor: 0.60%) due 03/25/36◊		4,518,231		2,367,393
Ellington Financial Mortgage Trust
2021-2, 1.29% (WAC) due 06/25/66◊,3		1,866,521		1,558,307
2020-2, 1.64% (WAC) due 10/25/65◊,3		769,292		709,830
Bear Stearns Asset-Backed Securities I Trust
2006-HE9, 5.25% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 11/25/36◊		2,233,585		2,204,313
Asset-Backed Securities Corporation Home Equity Loan Trust Series AEG
2006-HE1, 3.93% (1 Month Term SOFR + 0.71%, Rate Floor: 0.60%) due 01/25/36◊		2,126,020		2,075,001
Banc of America Funding Trust
2015-R2, 5.23% (1 Month Term SOFR + 0.37%, Rate Floor: 0.26%) due 04/29/37◊,3		2,055,587		2,042,928
CFMT LLC
2022-HB9, 3.25% (WAC) due 09/25/37◊,3		1,834,946		1,758,918

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 155

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
LIMITED DURATION FUND

	Face Amount~		Value
First NLC Trust
2005-4, 5.75% (1 Month Term SOFR + 0.89%, Rate Cap/Floor: 14.00%/0.78%) due 02/25/36◊		1,689,588	$	1,653,611
SG Residential Mortgage Trust
2022-1, 3.68% (WAC) due 03/27/62◊,3		1,714,075		1,585,258
Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series
2005-W2, 5.70% (1 Month Term SOFR + 0.85%, Rate Floor: 0.74%) due 10/25/35◊		1,433,633		1,408,118
Morgan Stanley IXIS Real Estate Capital Trust
2006-2, 5.12% (1 Month Term SOFR + 0.26%, Rate Floor: 0.15%) due 11/25/36◊		3,704,126		1,203,283
GSAA Home Equity Trust
2006-3, 5.57% (1 Month Term SOFR + 0.71%, Rate Floor: 0.60%) due 03/25/36◊		2,153,480		1,064,806
Credit-Based Asset Servicing and Securitization LLC
2006-CB2, 3.34% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 12/25/36◊		1,083,168		1,030,238
Lehman XS Trust Series
2006-16N, 5.35% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 11/25/46◊		1,140,857		1,008,555
Structured Asset Investment Loan Trust
2006-3, 5.27% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 06/25/36◊		902,236		854,680
Long Beach Mortgage Loan Trust
2006-8, 5.29% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 09/25/36◊		2,265,209		626,368
ACE Securities Corporation Home Equity Loan Trust Series
2005-HE2, 5.99% (1 Month Term SOFR + 1.13%, Rate Floor: 1.02%) due 04/25/35◊		617,830		594,935
Morgan Stanley Capital I Incorporated Trust
2006-HE1, 5.55% (1 Month Term SOFR + 0.69%, Rate Floor: 0.58%) due 01/25/36◊		574,833		555,979
MFRA Trust
2021-INV1, 1.26% (WAC) due 01/25/56◊,3		509,061		484,116
Residential Mortgage Loan Trust
2020-1, 2.38% (WAC) due 01/26/60◊,3		436,517		427,076
Morgan Stanley Home Equity Loan Trust
2006-2, 5.53% (1 Month Term SOFR + 0.67%, Rate Floor: 0.56%) due 02/25/36◊		289,726		287,852
Starwood Mortgage Residential Trust
2020-1, 2.28% (WAC) due 02/25/50◊,3		263,162		249,272
Nomura Resecuritization Trust
2015-4R, 2.71% (1 Month Term SOFR + 0.54%, Rate Floor: 0.43%) due 03/26/36◊,3		246,992		237,782
First Franklin Mortgage Loan Trust
2004-FF10, 6.24% (1 Month Term SOFR + 1.39%, Rate Floor: 1.28%) due 07/25/34◊		195,129		192,162
Nationstar Home Equity Loan Trust
2007-B, 5.19% (1 Month Term SOFR + 0.33%, Rate Floor: 0.22%) due 04/25/37◊		119,837		119,698
Morgan Stanley Re-REMIC Trust
2010-R5, 5.31% due 06/26/363		35,862		33,463
UCFC Manufactured Housing Contract
1997-2, 7.38% due 10/15/28		7,193		7,171
Total Residential Mortgage-Backed Securities				487,586,100
Commercial Mortgage-Backed Securities - 2.0%
BX Commercial Mortgage Trust
2021-VOLT, 6.86% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 09/15/36◊,3		25,000,000		24,734,375
2022-LP2, 6.66% (1 Month Term SOFR + 1.56%, Rate Floor: 1.56%) due 02/15/39◊,3		12,375,540		12,282,724
2024-AIRC, 6.79% (1 Month Term SOFR + 1.69%, Rate Floor: 1.69%) due 08/15/39◊,3		2,350,000		2,352,937
JP Morgan Chase Commercial Mortgage Securities Trust
2021-NYAH, 7.00% (1 Month Term SOFR + 1.90%, Rate Floor: 1.54%) due 06/15/38◊,3		10,200,000		9,471,490
2016-JP2, 1.94% (WAC) due 08/15/49◊,6		28,663,805		598,188
BX Trust
2024-VLT4, 7.04% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 07/15/29◊,3		7,800,000		7,800,000
BXHPP Trust
2021-FILM, 6.31% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 08/15/36◊,3		8,250,000		7,738,916
MHP
2022-MHIL, 6.36% (1 Month Term SOFR + 1.26%, Rate Floor: 1.26%) due 01/15/27◊,3		7,292,911		7,188,076
Life Mortgage Trust
2021-BMR, 6.61% (1 Month Term SOFR + 1.51%, Rate Floor: 1.40%) due 03/15/38◊,3		5,551,940		5,441,639
Extended Stay America Trust
2021-ESH, 6.91% (1 Month Term SOFR + 1.81%, Rate Floor: 1.70%) due 07/15/38◊,3		3,564,141		3,556,345

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
LIMITED DURATION FUND

	Face Amount~		Value
Wells Fargo Commercial Mortgage Trust
2017-C38, 1.06% (WAC) due 07/15/50◊,6		21,495,893	$	410,516
2017-C42, 1.00% (WAC) due 12/15/50◊,6		13,928,898		316,552
2016-C37, 0.92% (WAC) due 12/15/49◊,6		23,453,231		300,164
2017-RB1, 1.35% (WAC) due 03/15/50◊,6		7,840,963		175,741
2015-LC22, 0.88% (WAC) due 09/15/58◊,6		17,640,439		80,167
2016-NXS5, 1.56% (WAC) due 01/15/59◊,6		4,424,963		59,248
JPMDB Commercial Mortgage Securities Trust
2018-C8, 0.76% (WAC) due 06/15/51◊,6		29,832,570		515,850
2016-C4, 0.83% (WAC) due 12/15/49◊,6		32,590,860		371,956
2016-C2, 1.63% (WAC) due 06/15/49◊,6		6,110,768		97,521
2017-C5, 1.02% (WAC) due 03/15/50◊,6		2,968,047		42,393
BENCHMARK Mortgage Trust
2018-B2, 0.59% (WAC) due 02/15/51◊,6		85,012,183		974,163
DBJPM Mortgage Trust
2017-C6, 1.05% (WAC) due 06/10/50◊,6		43,231,124		851,926
UBS Commercial Mortgage Trust
2017-C2, 1.21% (WAC) due 08/15/50◊,6		21,414,727		503,002
2017-C5, 1.21% (WAC) due 11/15/50◊,6		10,561,324		227,971
BBCMS Mortgage Trust
2018-C2, 0.91% (WAC) due 12/15/51◊,6		28,865,087		714,642
CSAIL Commercial Mortgage Trust
2019-C15, 1.16% (WAC) due 03/15/52◊,6		17,533,747		606,368
2016-C6, 2.02% (WAC) due 01/15/49◊,6		5,873,293		106,940
Bank of America Merrill Lynch Commercial Mortgage Trust
2017-BNK3, 1.16% (WAC) due 02/15/50◊,6		28,635,118		518,516
2016-UB10, 1.88% (WAC) due 07/15/49◊,6		9,820,080		163,755
COMM Mortgage Trust
2018-COR3, 0.58% (WAC) due 05/10/51◊,6		35,000,899		476,380
2015-CR24, 0.83% (WAC) due 08/10/48◊,6		48,931,862		143,478
Morgan Stanley Bank of America Merrill Lynch Trust
2017-C34, 0.91% (WAC) due 11/15/52◊,6		22,509,156		386,786
2015-C27, 1.00% (WAC) due 12/15/47◊,6		27,250,589		110,888
CGMS Commercial Mortgage Trust
2017-B1, 0.86% (WAC) due 08/15/50◊,6		19,471,337		329,790
CD Commercial Mortgage Trust
2017-CD4, 1.38% (WAC) due 05/10/50◊,6		13,183,012		322,234
CD Mortgage Trust
2017-CD6, 1.01% (WAC) due 11/13/50◊,6		12,425,989		223,875
2016-CD1, 1.48% (WAC) due 08/10/49◊,6		5,482,992		81,477
GS Mortgage Securities Trust
2017-GS6, 1.15% (WAC) due 05/10/50◊,6		10,817,229		220,485
BANK
2017-BNK6, 0.90% (WAC) due 07/15/60◊,6		11,852,071		207,160
Citigroup Commercial Mortgage Trust
2016-C2, 1.80% (WAC) due 08/10/49◊,6		5,852,001		120,912
2016-GC37, 1.81% (WAC) due 04/10/49◊,6		2,745,030		42,693
Total Commercial Mortgage-Backed Securities				90,868,239
Total Collateralized Mortgage Obligations
(Cost $1,286,734,216)				1,266,795,353
ASSET-BACKED SECURITIES†† - 26.3%
Collateralized Loan Obligations - 14.8%
THL Credit Lake Shore MM CLO I Ltd.
2021-1A A1R, 7.26% (3 Month Term SOFR + 1.96%, Rate Floor: 1.70%) due 04/15/33◊,3		48,500,000		48,499,719
2021-1A A2R, 7.41% (3 Month Term SOFR + 2.11%, Rate Floor: 1.85%) due 04/15/33◊,3		6,250,000		6,248,821
Golub Capital Partners CLO 49M Ltd.
2021-49A AR, 7.07% (3 Month Term SOFR + 1.79%, Rate Floor: 1.79%) due 08/26/33◊,3		36,500,000		36,446,834
BXMT Ltd.
2020-FL2 AS, 6.35% (1 Month Term SOFR + 1.26%, Rate Floor: 1.26%) due 02/15/38◊,3		14,310,000		13,791,321
2020-FL2 A, 6.10% (1 Month Term SOFR + 1.01%, Rate Floor: 1.01%) due 02/15/38◊,3		11,097,042		10,665,018
2020-FL3 AS, 6.95% (1 Month Term SOFR + 1.86%, Rate Floor: 1.86%) due 11/15/37◊,3		4,500,000		4,393,322
2020-FL3 B, 7.35% (1 Month Term SOFR + 2.26%, Rate Floor: 2.26%) due 11/15/37◊,3		2,000,000		1,916,095
2020-FL2 B, 6.60% (1 Month Term SOFR + 1.51%, Rate Floor: 1.51%) due 02/15/38◊,3		2,000,000		1,807,170
Golub Capital Partners CLO 54M LP
2021-54A A, 7.03% (3 Month Term SOFR + 1.79%, Rate Floor: 1.53%) due 08/05/33◊,3		29,000,000		29,012,200
Owl Rock CLO IV Ltd.
2021-4A A1R, 6.99% (3 Month Term SOFR + 1.86%, Rate Floor: 1.60%) due 08/20/33◊,3		24,250,000		24,372,402
2021-4A A2R, 7.29% (3 Month Term SOFR + 2.16%, Rate Floor: 1.90%) due 08/20/33◊,3		3,650,000		3,652,689
Golub Capital Partners CLO 16 Ltd.
2021-16A A1R2, 7.16% (3 Month Term SOFR + 1.87%, Rate Floor: 1.61%) due 07/25/33◊,3		27,650,000		27,670,154
Parliament CLO II Ltd.
2021-2A B, 7.09% (3 Month Term SOFR + 1.96%, Rate Floor: 1.70%) due 08/20/32◊,3		22,250,000		22,205,883
2021-2A A, 6.74% (3 Month Term SOFR + 1.61%, Rate Floor: 1.35%) due 08/20/32◊,3		2,536,986		2,529,822
2021-2A C, 7.94% (3 Month Term SOFR + 2.81%, Rate Floor: 2.55%) due 08/20/32◊,3		500,000		482,361

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 157

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
LIMITED DURATION FUND

	Face Amount~		Value
Golub Capital Partners CLO 33M Ltd.
2021-33A AR2, 7.19% (3 Month Term SOFR + 2.12%, Rate Floor: 1.86%) due 08/25/33◊,3		23,000,000	$	22,943,305
LCCM Trust
2021-FL3 A, 6.66% (1 Month Term SOFR + 1.56%, Rate Floor: 1.56%) due 11/15/38◊,3		16,560,324		16,450,085
2021-FL2 B, 7.11% (1 Month Term SOFR + 2.01%, Rate Floor: 2.01%) due 12/13/38◊,3		6,000,000		5,918,667
Madison Park Funding XLVIII Ltd.
2021-48A B, 6.99% (3 Month Term SOFR + 1.71%, Rate Floor: 1.71%) due 04/19/33◊,3		22,000,000		22,025,667
Cerberus Loan Funding XLIV LLC
2024-5A A, 7.65% (3 Month Term SOFR + 2.35%, Rate Floor: 2.35%) due 01/15/36◊,3		20,000,000		20,069,682
Cerberus Loan Funding XL LLC
2023-1A A, 7.70% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 03/22/35◊,3		16,500,000		16,620,709
2023-1A B, 8.90% (3 Month Term SOFR + 3.60%, Rate Floor: 3.60%) due 03/22/35◊,3		3,250,000		3,255,272
Cerberus Loan Funding XXXII, LP
2021-2A A, 7.18% (3 Month Term SOFR + 1.88%, Rate Floor: 1.88%) due 04/22/33◊,3		14,250,000		14,253,434
2021-2A B, 7.46% (3 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 04/22/33◊,3		4,000,000		4,006,377
Palmer Square Loan Funding Ltd.
2021-3A B, 7.29% (3 Month Term SOFR + 2.01%, Rate Floor: 2.01%) due 07/20/29◊,3		5,000,000		5,011,635
2022-1A A2, 6.90% (3 Month Term SOFR + 1.60%, Rate Floor: 1.60%) due 04/15/30◊,3		5,000,000		4,994,856
2021-2A B, 6.79% (3 Month Term SOFR + 1.66%, Rate Floor: 1.66%) due 05/20/29◊,3		4,000,000		4,003,095
2023-2A A2, 7.59% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 01/25/32◊,3		2,000,000		2,006,570
BRSP Ltd.
2021-FL1 C, 7.23% (1 Month Term SOFR + 2.26%, Rate Floor: 2.15%) due 08/19/38◊,3		10,000,000		9,709,585
2021-FL1 B, 6.98% (1 Month Term SOFR + 2.01%, Rate Floor: 1.90%) due 08/19/38◊,3		6,400,000		6,209,711
ACRES Commercial Realty Ltd.
2021-FL1 B, 7.00% (1 Month Term SOFR + 1.91%, Rate Floor: 1.91%) due 06/15/36◊,3		11,200,000	$	10,873,583
2021-FL1 C, 7.20% (1 Month Term SOFR + 2.11%, Rate Floor: 2.11%) due 06/15/36◊,3		4,800,000		4,614,772
Fortress Credit BSL XV Ltd.
2024-2A AR, 6.68% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 10/18/33◊,3		15,000,000		15,028,253
HERA Commercial Mortgage Ltd.
2021-FL1 A, 6.18% (1 Month Term SOFR + 1.16%, Rate Floor: 1.05%) due 02/18/38◊,3		10,945,202		10,786,453
2021-FL1 B, 6.73% (1 Month Term SOFR + 1.71%, Rate Floor: 1.60%) due 02/18/38◊,3		3,750,000		3,657,929
Cerberus Loan Funding XXXIII, LP
2021-3A A, 7.12% (3 Month Term SOFR + 1.82%, Rate Floor: 1.56%) due 07/23/33◊,3		11,500,000		11,511,570
2021-3A B, 7.41% (3 Month Term SOFR + 2.11%, Rate Floor: 1.85%) due 07/23/33◊,3		2,250,000		2,254,735
Golub Capital Partners CLO 36M Ltd.
2018-36A A, 6.80% (3 Month Term SOFR + 1.56%, Rate Floor: 0.00%) due 02/05/31◊,3		12,868,260		12,865,889
ABPCI Direct Lending Fund CLO I LLC
2021-1A A1A2, 7.24% (3 Month Term SOFR + 1.96%, Rate Floor: 1.96%) due 07/20/33◊,3		12,250,000		12,271,885
Cerberus Loan Funding XXXI, LP
2021-1A B, 7.46% (3 Month Term SOFR + 2.16%, Rate Floor: 1.90%) due 04/15/32◊,3		9,600,000		9,605,784
2021-1A A, 7.06% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 04/15/32◊,3		2,012,284		2,013,885
Fortress Credit Opportunities IX CLO Ltd.
2021-9A A2TR, 7.36% (3 Month Term SOFR + 2.06%, Rate Floor: 1.80%) due 10/15/33◊,3		11,500,000		11,549,887
Owl Rock CLO II Ltd.
2021-2A ALR, 7.09% (3 Month Term SOFR + 1.81%, Rate Floor: 1.55%) due 04/20/33◊,3		10,500,000		10,503,824
KREF
2021-FL2 B, 6.85% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 02/15/39◊,3		10,700,000		10,357,438
GoldenTree Loan Management US CLO 1 Ltd.
2024-9A BR, 7.23% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 04/20/37◊,3		8,250,000		8,308,705

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
LIMITED DURATION FUND

	Face Amount~		Value
Cerberus Loan Funding XXXV, LP
2021-5A A, 7.06% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 09/22/33◊,3		8,000,000	$	8,000,641
LoanCore Issuer Ltd.
2021-CRE5 B, 7.21% (1 Month Term SOFR + 2.11%, Rate Floor: 2.11%) due 07/15/36◊,3		7,900,000		7,788,338
LCM XXIV Ltd.
2021-24A AR, 6.52% (3 Month Term SOFR + 1.24%, Rate Floor: 0.98%) due 03/20/30◊,3		7,670,128		7,670,354
Cerberus Loan Funding XLVIII LLC
2024-4A B, due 10/15/36◊,3		7,500,000		7,510,987
FS Rialto
2021-FL3 B, 7.01% (1 Month Term SOFR + 1.91%, Rate Floor: 1.91%) due 11/16/36◊,3		7,500,000		7,418,220
BCC Middle Market CLO LLC
2021-1A A1R, 7.06% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 10/15/33◊,3		6,750,000		6,757,358
Neuberger Berman Loan Advisers CLO 40 Ltd.
2021-40A B, 6.95% (3 Month Term SOFR + 1.66%, Rate Floor: 1.40%) due 04/16/33◊,3		6,000,000		6,011,789
Fontainbleau Vegas
10.77% (1 Month Term SOFR + 5.65%, Rate Floor: 5.65%) due 01/31/26◊,†††		6,000,000		6,000,000
MF1 Multifamily Housing Mortgage Loan Trust
2021-FL6 B, 6.78% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 07/16/36◊,3		6,000,000		5,881,301
Cerberus Loan Funding XLII LLC
2023-3A A1, 7.77% (3 Month Term SOFR + 2.48%, Rate Floor: 2.48%) due 09/13/35◊,3		5,750,000		5,790,989
HGI CRE CLO Ltd.
2021-FL2 A, 6.21% (1 Month Term SOFR + 1.11%, Rate Floor: 1.11%) due 09/17/36◊,3		3,647,187		3,621,550
2021-FL2 B, 6.71% (1 Month Term SOFR + 1.61%, Rate Floor: 1.61%) due 09/17/36◊,3		2,000,000		1,938,036
STWD Ltd.
2019-FL1 C, 7.16% (1 Month Term SOFR + 2.06%, Rate Floor: 2.06%) due 07/15/38◊,3		3,200,000		3,146,435
2021-FL2 B, 6.93% (1 Month Term SOFR + 1.91%, Rate Floor: 1.80%) due 04/18/38◊,3		2,187,000		2,097,433
Carlyle Direct Lending CLO LLC
2024-1A A11A, 7.12% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 07/15/36◊,3		5,150,000		5,183,337
Cerberus Loan Funding XLVII LLC
2024-3A A, 7.08% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 07/15/36◊,3		5,000,000		5,007,595
CIFC Funding Ltd.
2021-4A A1B2, 6.79% (3 Month Term SOFR + 1.51%, Rate Floor: 1.51%) due 04/20/34◊,3		5,000,000		4,988,454
Fortress Credit Opportunities XI CLO Ltd.
2018-11A A1T, 6.86% (3 Month Term SOFR + 1.56%, Rate Floor: 0.00%) due 04/15/31◊,3		4,863,025		4,863,956
BDS Ltd.
2021-FL9 C, 7.03% (1 Month Term SOFR + 2.01%, Rate Floor: 1.90%) due 11/16/38◊,3		5,000,000		4,843,882
BSPRT Issuer Ltd.
2021-FL6 C, 7.26% (1 Month Term SOFR + 2.16%, Rate Floor: 2.05%) due 03/15/36◊,3		5,000,000		4,716,693
VOYA CLO
2021-2A BR, 7.71% (3 Month Term SOFR + 2.41%, Rate Floor: 2.15%) due 06/07/30◊,3		4,500,000		4,515,383
Neuberger Berman Loan Advisers CLO 32 Ltd.
2021-32A BR, 6.94% (3 Month Term SOFR + 1.66%, Rate Floor: 1.40%) due 01/20/32◊,3		4,000,000		4,000,597
ACRE Commercial Mortgage Ltd.
2021-FL4 AS, 6.23% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 12/18/37◊,3		3,437,052		3,421,769
NewStar Fairfield Fund CLO Ltd.
2018-2A A1N, 6.81% (3 Month Term SOFR + 1.53%, Rate Floor: 1.27%) due 04/20/30◊,3		3,179,491		3,180,258
FS RIALTO
2021-FL2 C, 7.26% (1 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 05/16/38◊,3		3,250,000		3,128,946
Carlyle Global Market Strategies CLO Ltd.
2018-4A A1RR, 6.56% (3 Month Term SOFR + 1.26%, Rate Floor: 1.00%) due 01/15/31◊,3		2,195,606		2,199,339
Greystone Commercial Real Estate Notes
2021-FL3 B, 6.86% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 07/15/39◊,3		2,200,000		2,179,927
KREF Funding V LLC
6.96% (1 Month Term SOFR + 1.86%, Rate Floor: 1.86%) due 06/25/26◊,†††		1,920,143		1,907,854
0.15% due 06/25/26†††,6		27,272,727		29,182
Dryden 37 Senior Loan Fund
2015-37A Q, due 01/15/313,8		1,500,000		1,036,891

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 159

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
LIMITED DURATION FUND

	Face Amount~		Value
Golub Capital Partners CLO 17 Ltd.
2017-17A A1R, 7.20% (3 Month Term SOFR + 1.91%, Rate Floor: 0.00%) due 10/25/30◊,3		900,761	$	901,312
Treman Park CLO Ltd.
2015-1A COM, due 10/20/283,8		325,901		2,897
Copper River CLO Ltd.
2007-1A INC, due 01/20/218,9		500,000		50
Total Collateralized Loan Obligations				663,118,806
Financial - 2.8%
Station Place Securitization Trust
2024-SP1, 6.51% (1 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 08/12/25◊,†††,3		8,775,000		8,775,000
2024-SP2, 6.81% (1 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 07/12/26◊,†††,3		8,775,000		8,775,000
2023-SP1, 6.96% (1 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/15/24◊,†††,3		7,525,000		7,525,000
Strategic Partners Fund VIII, LP
7.85% (1 Month Term SOFR + 2.60%, Rate Floor: 2.60%) due 03/10/26◊,†††		20,615,440		20,422,274
Madison Avenue Secured Funding Trust
2023-2, 6.96% (1 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/15/24◊,†††,3		15,025,000		15,025,000
KKR Core Holding Company LLC
4.00% due 08/12/31†††		16,062,346		14,981,993
HV Eight LLC
7.48% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 12/31/27◊,†††		EUR 10,538,668		11,741,361
Project Onyx I
8.47% (3 Month Term SOFR + 3.15%, Rate Floor: 3.15%) due 01/26/27◊,†††		8,553,933		8,533,917
ST Group Food Industries Holdings Ltd.
due 11/10/2511		5,675,000		5,675,000
due 11/10/2511		2,825,000		2,825,000
Project Onyx
8.07% (3 Month Term SOFR + 2.75%, Rate Floor: 3.15%) due 01/26/27◊,†††		6,015,552		5,998,003
Lightning A
5.50% due 03/01/37†††		4,745,621		4,451,392
Thunderbird A
5.50% due 03/01/37†††		4,712,157		4,420,003
Ceamer Finance LLC
3.69% due 03/24/31†††		3,288,713		3,118,719
Project Onyx II
8.47% (3 Month Term SOFR + 3.15%, Rate Floor: 3.15%) due 01/26/27◊,†††		2,442,679		2,425,702
Total Financial				124,693,364
Whole Business - 1.7%
Taco Bell Funding LLC
2021-1A, 1.95% due 08/25/513		18,421,875		17,264,344
SERVPRO Master Issuer LLC
2021-1A, 2.39% due 04/25/513		11,706,750		10,664,541
2019-1A, 3.88% due 10/25/493		6,334,125		6,179,600
Subway Funding LLC
2024-1A, 6.03% due 07/30/543		8,900,000		9,182,407
2024-3A, 5.25% due 07/30/543		7,200,000		7,198,614
ServiceMaster Funding LLC
2020-1, 2.84% due 01/30/513		8,722,379		8,055,090
Wingstop Funding LLC
2020-1A, 2.84% due 12/05/503		7,742,100		7,279,818
Arbys Funding LLC
2020-1A, 3.24% due 07/30/503		6,960,000		6,644,949
DB Master Finance LLC
2019-1A, 4.02% due 05/20/493		2,850,000		2,814,355
Domino’s Pizza Master Issuer LLC
2017-1A, 4.12% due 07/25/473		1,692,000		1,661,539
2018-1A, 4.12% due 07/25/483		947,500		939,819
Total Whole Business				77,885,076
Net Lease - 1.7%
Oak Street Investment Grade Net Lease Fund Series
2020-1A, 1.85% due 11/20/503		37,483,006		35,929,882
STORE Master Funding I LLC
2015-1A, 4.17% due 04/20/453		10,196,208		10,101,294
Capital Automotive REIT
2024-2A, 4.90% due 05/15/543		5,426,667		5,451,426
2020-1A, 3.48% due 02/15/503		1,967,083		1,879,407
STORE Master Funding LLC
2021-1A, 2.86% due 06/20/513		6,837,062		6,226,415
CF Hippolyta Issuer LLC
2021-1A, 1.98% due 03/15/613		5,748,930		5,291,587
CMFT Net Lease Master Issuer LLC
2021-1, 2.91% due 07/20/513		3,000,000		2,734,033
2021-1, 2.51% due 07/20/513		2,500,000		2,255,989
CARS-DB4, LP
2020-1A, 3.19% due 02/15/503		3,934,167		3,891,528
2020-1A, 3.25% due 02/15/503		884,840		804,323
New Economy Assets Phase 1 Sponsor LLC
2021-1, 1.91% due 10/20/613		2,500,000		2,304,273
Total Net Lease				76,870,157
Transport-Container - 1.7%
Triton Container Finance VIII LLC
2021-1A, 1.86% due 03/20/463		28,451,250		25,711,332
Textainer Marine Containers VII Ltd.
2021-1A, 1.68% due 02/20/463		8,060,666		7,362,576
2020-1A, 2.73% due 08/21/453		3,525,685		3,365,135
2020-2A, 2.10% due 09/20/453		3,061,198		2,856,341
TIF Funding II LLC
2021-1A, 1.65% due 02/20/463		12,947,250		11,612,953
CLI Funding VI LLC
2020-3A, 2.07% due 10/18/453		10,735,000		9,969,008
2020-1A, 2.08% due 09/18/453		1,187,306		1,097,943
CLI Funding VIII LLC
2021-1A, 1.64% due 02/18/463		11,644,197		10,615,665

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
LIMITED DURATION FUND

	Face Amount~		Value
CAL Funding IV Ltd.
2020-1A, 2.22% due 09/25/453		2,475,000	$	2,307,510
Total Transport-Container				74,898,463
Infrastructure - 1.2%
VB-S1 Issuer LLC - VBTEL
2022-1A, 4.29% due 02/15/523		9,250,000		8,868,611
2024-1A, 5.59% due 05/15/543		4,000,000		4,064,899
Aligned Data Centers Issuer LLC
2021-1A, 1.94% due 08/15/463		11,150,000		10,567,792
SBA Tower Trust
1.63% due 11/15/263		5,723,000		5,358,412
2.84% due 01/15/253		3,550,000		3,524,503
1.84% due 04/15/273		1,200,000		1,116,295
Stack Infrastructure Issuer LLC
2020-1A, 1.89% due 08/25/453		5,169,000		5,017,019
2021-1A, 1.88% due 03/26/463		2,750,000		2,627,587
Crown Castle Towers LLC
3.66% due 05/15/253		5,850,000		5,804,540
Switch ABS Issuer LLC
2024-2A, 5.44% due 06/25/543		5,450,000		5,506,809
Total Infrastructure				52,456,467
Transport-Aircraft - 1.0%
AASET Trust
2021-1A, 2.95% due 11/16/413		11,278,226		10,496,395
2024-1A, 6.26% due 05/16/493		6,588,957		6,843,016
AASET US Ltd.
2018-2A, 4.45% due 11/18/383		5,276,764		5,078,915
Sapphire Aviation Finance II Ltd.
2020-1A, 3.23% due 03/15/403		4,975,743		4,567,184
KDAC Aviation Finance Ltd.
2017-1A, 4.21% due 12/15/423		4,726,689		4,353,888
Sapphire Aviation Finance I Ltd.
2018-1A, 4.25% due 03/15/403		2,942,567		2,807,533
Navigator Aircraft ABS Ltd.
2021-1, 2.77% due 11/15/463		2,597,189		2,401,578
Castlelake Aircraft Structured Trust
2021-1A, 3.47% due 01/15/463		2,447,834		2,366,330
Falcon Aerospace Ltd.
2019-1, 3.60% due 09/15/393		1,404,013		1,315,681
2017-1, 4.58% due 02/15/423		300,488		294,480
Castlelake Aircraft Securitization Trust
2018-1, 4.13% due 06/15/433		1,719,392		1,603,471
MAPS Ltd.
2018-1A, 4.21% due 05/15/433		1,519,045		1,500,130
Total Transport-Aircraft				43,628,601
Single Family Residence - 0.6%
FirstKey Homes Trust
2020-SFR2, 4.00% due 10/19/373		5,050,000		4,912,769
2020-SFR2, 4.50% due 10/19/373		4,900,000		4,774,486
2020-SFR2, 1.67% due 10/19/373		3,950,000		3,808,256
2021-SFR1, 2.19% due 08/17/383		4,000,000		3,778,545
2020-SFR2, 3.37% due 10/19/373		3,200,000		3,100,212
Tricon Residential Trust
2024-SFR2, 4.75% due 06/17/403		4,996,892		5,004,223
Total Single Family Residence				25,378,491
Collateralized Debt Obligations - 0.5%
Anchorage Credit Funding 4 Ltd.
2021-4A AR, 2.72% due 04/27/393		24,650,000		23,418,242
Automotive - 0.2%
Avis Budget Rental Car Funding AESOP LLC
2021-1A, 1.38% due 08/20/273		5,675,000		5,380,617
2020-2A, 2.02% due 02/20/273		4,550,000		4,409,167
Total Automotive				9,789,784
Insurance - 0.1%
Obra Longevity
8.48% due 06/30/39†††		3,510,000		3,572,127
Total Asset-Backed Securities
(Cost $1,196,897,404)				1,175,709,578
U.S. GOVERNMENT SECURITIES†† - 18.0%
U.S. Treasury Notes
4.75% due 07/31/25		200,000,000		201,070,312
4.38% due 07/31/26		160,700,000		162,633,422
4.63% due 06/30/25		100,000,000		100,349,609
3.75% due 08/31/26		68,690,000		68,789,278
3.38% due 09/15/27		47,000,000		46,761,328
4.25% due 01/31/26		15,700,000		15,784,633
3.50% due 09/30/26		800,000		797,781
United States Treasury Inflation Indexed Bonds
2.13% due 04/15/2912		54,575,950		56,088,904
0.13% due 10/15/2512		42,608,479		41,780,655
0.13% due 04/15/2512		41,340,236		40,603,620
1.25% due 04/15/2812		25,030,082		24,792,564
0.50% due 01/15/2812		22,837,220		22,111,262
0.38% due 01/15/2712		19,390,503		18,838,577
1.38% due 07/15/3312		5,354,207		5,277,437
Total U.S. Government Securities
(Cost $799,957,077)				805,679,382
SENIOR FLOATING RATE INTERESTS††,◊ - 1.9%
Financial - 0.3%
Jane Street Group LLC
7.46% (3 Month Term SOFR + 2.61%, Rate Floor: 2.61%) due 01/26/28		7,009,305		7,001,315
Citadel Securities, LP
7.10% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 07/29/30		4,218,125		4,214,287
Eagle Point Holdings Borrower LLC
9.06% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 03/31/28†††		1,733,333		1,733,333
Total Financial				12,948,935
Communications - 0.3%
Playtika Holding Corp.
7.71% (1 Month Term SOFR + 2.75%, Rate Floor: 3.75%) due 03/13/28		10,229,000		10,150,339

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 161

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
LIMITED DURATION FUND

	Face Amount~		Value
Zayo Group Holdings, Inc.
7.96% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/09/27		1,500,000	$	1,367,820
SBA Senior Finance II LLC
6.85% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/25/31		746,250		746,422
Virgin Media Bristol LLC
7.71% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 01/31/28		600,000		573,498
Total Communications				12,838,079
Consumer, Non-cyclical - 0.3%
Women’s Care Holdings, Inc.
9.85% (3 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 01/15/28		4,502,029		4,325,684
Bombardier Recreational Products, Inc.
7.60% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 01/22/31		4,052,222		4,042,092
Froneri US, Inc.
due 09/16/31		1,880,000		1,871,897
7.20% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 01/29/27		430,875		429,690
Eyecare Partners LLC
9.99% (3 Month Term SOFR + 1.00%, Rate Floor: 1.00%) (in-kind rate was 3.61%) due 11/30/2810		422,262		299,806
11.03% (3 Month Term SOFR + 5.75%, Rate Floor: 5.75%) due 08/31/28		100,810		101,146
Total Consumer, Non-cyclical				11,070,315
Energy - 0.2%
ITT Holdings LLC
7.95% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 10/11/30		10,246,759		10,255,264
Venture Global Calcasieu Pass LLC
7.82% (1 Month Term SOFR + 2.88%, Rate Floor: 3.88%) due 08/19/26		380,616		380,300
Total Energy				10,635,564
Technology - 0.2%
Dun & Bradstreet
7.61% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 01/18/29		8,407,253		8,397,332
Datix Bidco Ltd.
10.70% (1 Month GBP SONIA + 5.50%, Rate Floor: 5.50%) due 04/25/31†††		GBP 968,800		1,285,445
10.82% (1 Month Term SOFR + 5.50%, Rate Floor: 6.00%) due 04/30/31†††		275,000		272,906
Upland Software, Inc.
8.70% (1 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 08/06/26		311,476		301,873
Total Technology				10,257,556
Industrial - 0.2%
Harsco Corporation
7.21% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 06/09/28		3,994,357		3,982,694
United Rentals, Inc.
6.60% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/14/31		3,333,250		3,353,249
CPM Holdings, Inc.
9.70% (1 Month Term SOFR + 4.50%, Rate Floor: 5.00%) due 09/28/28		1,479,421		1,400,952
Total Industrial				8,736,895
Consumer, Cyclical - 0.2%
Samsonite IP Holdings SARL
6.85% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 06/21/30		2,598,136		2,602,475
Rent-A-Center, Inc.
8.00% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 02/17/28		2,087,000		2,079,403
Pacific Bells LLC
9.37% (1 Month Term SOFR + 4.50%, Rate Floor: 9.50%) due 11/10/28		1,552,655		1,552,655
Entain Holdings (Gibraltar) Ltd.
7.86% (6 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 03/29/27		1,451,250		1,455,328
Packers Holdings LLC
8.20% (1 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 03/09/28		1,672,907		868,875
Cushman & Wakefield US Borrower LLC
7.71% (1 Month Term SOFR + 2.75%, Rate Floor: 3.75%) due 08/21/25		17,619		17,608
Total Consumer, Cyclical				8,576,344
Basic Materials - 0.2%
Trinseo Materials Operating S.C.A.
7.82% (3 Month Term SOFR + 2.50%, Rate Floor: 3.50%) due 05/03/28		10,739,250		8,466,932
Total Senior Floating Rate Interests
(Cost $86,655,180)				83,530,620
MUNICIPAL BONDS†† - 0.2%
Colorado - 0.1%
Fort Carson Family Housing LLC Revenue Bonds
7.86% due 11/15/29		6,985,000		7,269,639
California - 0.1%
California Public Finance Authority Revenue Bonds
1.55% due 10/15/26		3,145,000		2,985,099
Total Municipal Bonds
(Cost $10,555,624)				10,254,738
Total Investments - 112.2%
(Cost $5,082,837,898)			$	5,017,718,993
Other Assets & Liabilities, net - (12.2)%				(545,068,789	)
Total Net Assets - 100.0%			$	4,472,650,204

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
LIMITED DURATION FUND

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Interest Rate Futures Contracts Purchased†
3-Month SOFR Futures Contracts		451		Sep 2025	$	109,136,363	$	1,228,251
3-Month SOFR Futures Contracts		451		Dec 2025		109,299,850		1,222,607
3-Month SOFR Futures Contracts		451		Mar 2026		109,378,775		1,183,144
					$	327,814,988	$	3,634,002

Centrally Cleared Credit Default Swap Agreements Protection Purchased††
Counterparty		Exchange		Index	Protection Premium Rate		Payment Frequency		Maturity Date			Notional Amount		Value			Upfront Premiums Paid(Received)			Unrealized Appreciation (Depreciation)**
BofA Securities, Inc.	ICE		ITRAXX.EUR.42.V1			1.00%		Quarterly		12/20/29	EUR 5,190,000			$	(116,009	)	$	(115,361	)	$	(648	)
BofA Securities, Inc.	ICE		CDX.NA.IG.43.V1			1.00%		Quarterly		12/20/29			111,950,914		(2,502,921	)		(2,506,204	)		3,283
														$	(2,618,930	)	$	(2,621,565	)	$	2,635

Centrally Cleared Interest Rate Swap Agreements††
Counterparty		Exchange		Floating Rate Type		Floating Rate Index		Fixed Rate	Payment Frequency		Maturity Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)**
BofA Securities, Inc.	CME		Pay		U.S. Secured Overnight Financing Rate		4.37%			Annually		07/03/27	$	165,000,000	$	4,400,487		$	535		$	4,399,952
BofA Securities, Inc.	CME		Pay		U.S. Secured Overnight Financing Rate		3.85%			Annually		08/12/26		532,000,000		3,469,981			1,480			3,468,501
BofA Securities, Inc.	CME		Pay		U.S. Secured Overnight Financing Rate		3.40%			Annually		04/04/28		28,000,000		89,934			201			89,733
BofA Securities, Inc.	CME		Pay		U.S. Secured Overnight Financing Rate		4.62%			Annually		07/03/26		1,200,000		22,282			228			22,054
BofA Securities, Inc.	CME		Pay		U.S. Secured Overnight Financing Rate		3.85%			Annually		08/14/26		900,000		5,799			282			5,517
BofA Securities, Inc.	CME		Pay		U.S. Secured Overnight Financing Rate		3.45%			Annually		10/01/26		185,800,000		765			765			—
BofA Securities, Inc.	CME		Receive		U.S. Secured Overnight Financing Rate		3.60%			Annually		08/12/39		270,000		(5,610	)		(2,810	)		(2,800	)
BofA Securities, Inc.	CME		Receive		U.S. Secured Overnight Financing Rate		3.55%			Annually		08/13/39		5,000,000		(72,932	)		298			(73,230	)

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 163

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
LIMITED DURATION FUND

Centrally Cleared Interest Rate Swap Agreements†† (continued)
Counterparty		Exchange		Floating Rate Type		Floating Rate Index		Fixed Rate		Payment Frequency		Maturity Date	Notional Amount		Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)**
BofA Securities, Inc.	CME		Pay		U.S. Secured Overnight Financing Rate		3.55%		Annually		08/12/34		$	15,300,000	$	(274,616	)	$	614	$	(275,230	)
BofA Securities, Inc.	CME		Receive		U.S. Secured Overnight Financing Rate		3.49%		Annually		08/13/34			45,550,000		(612,994	)		951		(613,945	)
BofA Securities, Inc.	CME		Receive		U.S. Secured Overnight Financing Rate		4.36%		Annually		10/16/30			121,000,000		(7,219,469	)		812		(7,220,281	)
															$	(196,373	)	$	3,356	$	(199,729	)

Forward Foreign Currency Exchange Contracts††

Counterparty

Currency

Type

Quantity

Contract Amount

Settlement Date

Unrealized Depreciation

Bank of America, N.A.

GBP

Sell

1,005,000

1,317,688 USD

10/18/24

$

(26,014

)

Bank of America, N.A.

EUR

Sell

10,090,000

11,176,804 USD

10/18/24

(68,849

)

$

(94,863

)

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
LIMITED DURATION FUND

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
***	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, unless otherwise noted. — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
◊	Variable rate security. Rate indicated is the rate effective at September 30, 2024. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
1	Affiliated issuer.
2	Rate indicated is the 7-day yield as of September 30, 2024.
3	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $2,385,997,362 (cost $2,436,091,944), or 53.3% of total net assets.
4	Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.
5	Perpetual maturity.
6	Security is an interest-only strip.
7	Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at September 30, 2024. See table below for additional step information for each security.
8	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
9	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $65,669 (cost $650,854), or 0.0% of total net assets — See Note 10.
10	Payment-in-kind security.
11	Security is unsettled at period end and does not have a stated effective rate.
12	Face amount of security is adjusted for inflation.
	BofA — Bank of America
	CDX.NA.IG.43.V1 — Credit Default Swap North American Investment Grade Series 43 Index Version 1
	CME — Chicago Mercantile Exchange
	EUR — Euro
	EURIBOR — European Interbank Offered Rate
	GBP — British Pound
	ICE — Intercontinental Exchange
	ITRAXX.EUR.42.V1 — iTraxx Europe Series 42 Index Version 1
	plc — Public Limited Company
	REMIC — Real Estate Mortgage Investment Conduit
	REIT — Real Estate Investment Trust
	SARL — Société à Responsabilité Limitée
	SOFR — Secured Overnight Financing Rate
	SONIA — Sterling Overnight Index Average
	WAC — Weighted Average Coupon
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 165

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
LIMITED DURATION 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	$	11,437	$	—	$	—	$	11,437
Preferred Stocks		—		20,583,903		—		20,583,903
Warrants		89		—		—		89
Mutual Funds		100,564,042		—		—		100,564,042
Money Market Funds		76,415,268		—		—		76,415,268
Corporate Bonds		—		1,450,774,811		27,399,772		1,478,174,583
Collateralized Mortgage Obligations		—		1,266,795,353		—		1,266,795,353
Asset-Backed Securities		—		1,048,007,051		127,702,527		1,175,709,578
U.S. Government Securities		—		805,679,382		—		805,679,382
Senior Floating Rate Interests		—		80,238,936		3,291,684		83,530,620
Municipal Bonds		—		10,254,738		—		10,254,738
Interest Rate Futures Contracts**		3,634,002		—		—		3,634,002
Credit Default Swap Agreements**		—		3,283		—		3,283
Interest Rate Swap Agreements**		—		7,985,757		—		7,985,757
Total Assets	$	180,624,838	$	4,690,323,214	$	158,393,983	$	5,029,342,035

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Credit Default Swap Agreements**	$	—	$	648	$	—	$	648
Interest Rate Swap Agreements**		—		8,185,486		—		8,185,486
Forward Foreign Currency Exchange Contracts**		—		94,863		—		94,863
Unfunded Loan Commitments (Note 9)		—		—		4,105		4,105
Total Liabilities	$	—	$	8,280,997	$	4,105	$	8,285,102

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

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

Category	Ending Balance at September 30, 2024		Valuation Technique	Unobservable Inputs		Input Range		Weighted Average*
Assets:
Asset-Backed Securities	$	57,719,957	Option adjusted spread off prior month end broker quote	Broker Quote	—		—
Asset-Backed Securities		40,129,182	Third Party Pricing	Broker Quote	—		—
Asset-Backed Securities		29,853,388	Yield Analysis	Yield	5.7%-7.0%		6.2%
Corporate Bonds		18,130,387	Yield Analysis	Yield	5.6%-6.7%		6.2%
Corporate Bonds		9,269,385	Option adjusted spread off prior month end broker quote	Broker Quote	—		—
Senior Floating Rate Interests		3,291,684	Yield Analysis	Yield	8.0%-10.3%		9.4%
Total Assets	$	158,393,983
Liabilities:
Unfunded Loan Commitments	$	4,105	Model Price	Purchase Price	—		—

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

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
LIMITED DURATION FUND

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

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

Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. For the year ended September 30, 2024, the Fund had securities with a total value of $18,228,543 transfer out of Level 3 into Level 2 due to the availability of current and reliable market-based data provided by a third-party pricing service which utilizes significant observable inputs.

Summary of Fair Value Level 3 Activity

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the year ended September 30, 2024:

	Assets															Liabilities
	Asset-Backed Securities			Collateralized Mortgage Obligations			Corporate Bonds			Senior Floating Rate Interests			Total Assets			Unfunded Loan Commitments
Beginning Balance	$	143,391,739		$	23,897,802		$	33,706,418		$	13,540,818		$	214,536,777		$	—
Purchases/(Receipts)		55,117,230			—			4,800,000			3,203,890			63,121,120			(32,116	)
(Sales, maturities and paydowns)/Fundings		(72,887,884	)		(5,952,757	)		(12,365,851	)		(13,798,856	)		(105,005,348	)		—
Amortization of premiums/discounts		73,030			24,170			(10,116	)		89,722			176,806			(4,913	)
Total realized gains (losses) included in earnings		74,627			—			—			—			74,627			—
Total change in unrealized appreciation (depreciation) included in earnings		1,933,785			259,328			1,269,321			256,110			3,718,544			32,924
Transfers into Level 3		—			—			—			—			—			—
Transfers out of Level 3		—			(18,228,543	)		—			—			(18,228,543	)		—
Ending Balance	$	127,702,527		$	—		$	27,399,772		$	3,291,684		$	158,393,983		$	(4,105	)
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at September 30, 2024	$	1,932,964		$	—		$	946,988		$	87,038		$	2,966,990		$	32,924

Step Coupon Bonds

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

Name	Coupon Rate at Next Reset Date			Next Rate Reset Date		Future Reset Rate(s)			Future Reset Date(s)
Angel Oak Mortgage Trust 2024-4, 6.20% due 01/25/69		7.20	%		03/01/28		—			—
BRAVO 2024-NQM6, 5.66% due 08/01/64		6.66	%		08/01/28		—			—
BRAVO Residential Funding Trust 2022-R1, 3.13% due 01/29/70		6.13	%		01/30/25		—			—
Citigroup Mortgage Loan Trust, Inc. 2022-A, 6.17% due 09/25/62		9.17	%		09/25/25		10.17	%		09/25/26
COLT Mortgage Loan Trust 2024-2, 6.13% due 04/25/69		7.13	%		03/01/28		—			—
GCAT Trust 2024-NQM2, 6.09% due 06/25/59		7.36	%		05/01/28		—			—
Legacy Mortgage Asset Trust 2021-GS5, 2.25% due 07/25/67		5.25	%		11/25/24		6.25	%		11/25/25
Legacy Mortgage Asset Trust 2021-GS2, 4.75% due 04/25/61		5.75	%		04/25/25		—			—

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 167

SCHEDULE OF INVESTMENTS (concluded)	September 30, 2024
LIMITED DURATION FUND

Name	Coupon Rate at Next Reset Date			Next Rate Reset Date		Future Reset Rate(s)			Future Reset Date(s)
Legacy Mortgage Asset Trust 2021-GS4, 4.65% due 11/25/60		5.65	%		08/25/25		—			—
Legacy Mortgage Asset Trust 2021-GS3, 4.75% due 07/25/61		5.75	%		05/25/25		—			—
Mill City Securities Ltd. 2024-RS1, 3.00% due 11/01/69		6.00	%		10/01/27		—			—
NYMT Loan Trust 2021-SP1, 4.67% due 08/25/61		5.67	%		08/01/25		—			—
NYMT Loan Trust 2022-SP1, 5.25% due 07/25/62		8.25	%		07/01/25		9.25	%		07/01/26
OBX Trust 2022-NQM9, 6.45% due 09/25/62		7.45	%		11/01/26		—			—
OBX Trust 2024-NQM9, 6.28% due 01/25/64		7.46	%		06/01/28		—			—
OBX Trust 2024-NQM8, 6.23% due 05/25/64		7.23	%		05/01/28		—			—
OBX Trust 2024-NQM5, 5.99% due 01/25/64		6.99	%		03/01/28		—			—
OSAT Trust 2021-RPL1, 5.12% due 05/25/65		6.12	%		06/25/25		—			—
PRPM LLC 2021-5, 4.79% due 06/25/26		5.79	%		06/25/25		—			—
PRPM LLC 2024-4, 6.41% due 08/25/29		9.41	%		08/25/27		10.41	%		08/25/28
PRPM LLC 2022-1, 3.72% due 02/25/27		6.72	%		02/25/25		7.72	%		02/25/26
RCKT Mortgage Trust 2024-CES4, 6.15% due 06/25/44		7.15	%		05/01/28		—			—
Verus Securitization Trust 2020-5, 1.58% due 05/25/65		2.58	%		10/26/24		—			—
Verus Securitization Trust 2024-5, 6.45% due 06/25/69		7.45	%		06/01/28		—			—

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	$	31,186,426	$	1,830,797	$	—	$	—	$	697,772	$	33,714,995		1,359,476	$	1,836,314
Guggenheim Strategy Fund III		31,270,271		1,757,099		—		—		789,884		33,817,254		1,358,668		1,761,665
Guggenheim Ultra Short Duration Fund — Institutional Class		30,463,724		1,703,435		—		—		864,634		33,031,793		3,296,586		1,708,441
	$	92,920,421	$	5,291,331	$	—	$	—	$	2,352,290	$	100,564,042			$	5,306,420

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

LIMITED DURATION FUND

STATEMENT OF ASSETS AND LIABILITIES

September 30, 2024

Assets:
Investments in unaffiliated issuers, at value (cost $4,983,669,695)	$	4,917,154,951
Investments in affiliated issuers, at value (cost $99,168,203)		100,564,042
Foreign currency, at value (cost 2,653)		2,646
Cash		1,755,020
Segregated cash with broker		5,055,881
Unamortized upfront premiums paid on interest rate swap agreements		6,166
Prepaid expenses		104,588
Receivables:
Securities sold		161,168,528
Interest		34,060,053
Fund shares sold		7,382,688
Dividends		422,966
Variation margin on credit default swap agreements		17,444
Due from Investment Adviser		284
Total assets		5,227,695,257
Liabilities:
Unfunded loan commitments, at value (Note 9) (commitment fees received $37,029)		4,105
Segregated cash due to broker		1,405,838
Unamortized upfront premiums received on credit default swap agreements		2,621,565
Unamortized upfront premiums received on interest rate swap agreements		2,810
Unrealized depreciation on forward foreign currency exchange contracts		94,863
Payable for:
Securities purchased		734,050,839
Fund shares redeemed		11,545,694
Distributions to shareholders		1,593,531
Variation margin on interest rate swap agreements		1,237,628
Management fees		1,220,128
Variation margin on futures contracts		349,525
Transfer agent fees		274,959
Distribution and service fees		131,209
Protection fees on credit default swap agreements		35,973
Swap settlement		764
Fund accounting/administration fees		16,037
Trustees’ fees*		10,015
Due to Investment Adviser		4,932
Miscellaneous		444,638
Total liabilities		755,045,053
Net assets	$	4,472,650,204
Net assets consist of:
Paid in capital	$	4,643,927,051
Total distributable earnings (loss)		(171,276,847	)
Net assets	$	4,472,650,204
Class A:
Net assets	$	454,151,669
Capital shares outstanding		18,443,080
Net asset value per share	$	24.62
Maximum offering price per share (Net asset value divided by 97.75%)	$	25.19
Class C:
Net assets	$	51,214,140
Capital shares outstanding		2,081,193
Net asset value per share	$	24.61
Class P:
Net assets	$	29,560,901
Capital shares outstanding		1,200,560
Net asset value per share	$	24.62
Institutional Class:
Net assets	$	3,567,952,176
Capital shares outstanding		144,924,269
Net asset value per share	$	24.62
Class R6:
Net assets	$	369,771,318
Capital shares outstanding		15,025,163
Net asset value per share	$	24.61

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

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 169

LIMITED DURATION FUND

STATEMENT OF OPERATIONS

Year Ended September 30, 2024

Investment Income:
Dividends from securities of unaffiliated issuers	$	11,903
Dividends from securities of affiliated issuers		5,306,420
Interest		211,371,831
Total investment income		216,690,154
Expenses:
Management fees		16,628,051
Distribution and service fees:
Class A		1,008,797
Class C		508,089
Class P		114,175
Transfer agent/maintenance fees:
Class A		170,897
Class C		23,492
Class P		57,448
Institutional Class		2,262,727
Class R6		6,296
Fund accounting/administration fees		1,653,572
Interest expense		1,390,726
Professional fees		364,925
Line of credit fees		164,079
Trustees’ fees*		76,897
Custodian fees		25,100
Miscellaneous		435,791
Recoupment of previously waived fees:
Class A		39,874
Class C		6,705
Institutional Class		496,384
Class R6		2,061
Total expenses		25,436,086
Less:
Expenses reimbursed by Adviser:
Class A		(4,277	)
Class C		(3,998	)
Class P		(34,279	)
Institutional Class		(1,020,934	)
Class R6		(886	)
Expenses waived by Adviser		(1,407,898	)
Total waived/reimbursed expenses		(2,472,272	)
Net expenses		22,963,814
Net investment income		193,726,340
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers	$	(10,793,213	)
Swap agreements		(7,444,415	)
Futures contracts		(1,519,309	)
Options purchased		(2,968,935	)
Options written		(1,055,134	)
Forward foreign currency exchange contracts		4,608
Foreign currency transactions		(138,946	)
Net realized loss		(23,915,344	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		192,260,428
Investments in affiliated issuers		2,352,290
Swap agreements		6,917,120
Futures contracts		3,634,002
Options purchased		2,054,220
Options written		843,399
Forward foreign currency exchange contracts		(606,731	)
Foreign currency translations		1,889
Net change in unrealized appreciation (depreciation)		207,456,617
Net realized and unrealized gain		183,541,273
Net increase in net assets resulting from operations	$	377,267,613

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

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

LIMITED DURATION 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	$	193,726,340		$	161,809,974
Net realized loss on investments		(23,915,344	)		(76,942,694	)
Net change in unrealized appreciation (depreciation) on investments		207,456,617			137,680,504
Net increase in net assets resulting from operations		377,267,613			222,547,784
Distributions to shareholders:
Class A		(17,826,264	)		(16,755,868	)
Class C		(1,871,628	)		(1,778,619	)
Class P		(2,034,505	)		(2,575,520	)
Institutional Class		(159,841,168	)		(136,965,962	)
Class R6		(15,937,115	)		(5,921,753	)
Total distributions to shareholders		(197,510,680	)		(163,997,722	)
Capital share transactions:
Proceeds from sale of shares
Class A		225,507,616			134,134,218
Class C		13,709,872			14,149,452
Class P		4,428,844			9,238,532
Institutional Class		1,742,700,293			1,552,067,621
Class R6		46,625,759			339,029,073
Distributions reinvested
Class A		15,271,634			13,736,751
Class C		1,661,112			1,490,112
Class P		2,024,993			2,558,616
Institutional Class		138,561,310			113,710,269
Class R6		15,745,321			5,772,795
Cost of shares redeemed
Class A		(196,894,765	)		(311,444,561	)
Class C		(19,766,923	)		(25,891,808	)
Class P		(33,513,727	)		(39,029,342	)
Institutional Class		(1,702,738,590	)		(2,378,071,191	)
Class R6		(15,117,148	)		(63,202,366	)
Net increase (decrease) from capital share transactions		238,205,601			(631,751,829	)
Net increase (decrease) in net assets		417,962,534			(573,201,767	)
Net assets:
Beginning of year		4,054,687,670			4,627,889,437
End of year	$	4,472,650,204		$	4,054,687,670

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 171

LIMITED DURATION FUND

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Year Ended September 30, 2024			Year Ended September 30, 2023
Capital share activity:
Shares sold
Class A		9,346,342			5,673,976
Class C		568,277			601,182
Class P		183,397			393,536
Institutional Class		72,480,726			65,761,074
Class R6		1,937,664			14,311,441
Shares issued from reinvestment of distributions
Class A		633,797			582,051
Class C		69,026			63,143
Class P		84,178			108,402
Institutional Class		5,751,736			4,817,987
Class R6		653,719			243,986
Shares redeemed
Class A		(8,181,737	)		(13,221,104	)
Class C		(822,359	)		(1,100,053	)
Class P		(1,382,825	)		(1,654,015	)
Institutional Class		(70,810,858	)		(100,931,627	)
Class R6		(628,235	)		(2,675,457	)
Net increase (decrease) in shares		9,882,848			(27,025,478	)

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

LIMITED DURATION FUND

FINANCIAL HIGHLIGHTS

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

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	$	23.61		$	23.28		$	25.42		$	25.57		$	24.68
Income (loss) from investment operations:
Net investment income (loss)a		1.04			.87			.42			.34			.40
Net gain (loss) on investments (realized and unrealized)		1.03			.35			(2.04	)		.01	g		.94
Total from investment operations		2.07			1.22			(1.62	)		.35			1.34
Less distributions from:
Net investment income		(1.06	)		(.89	)		(.43	)		(.38	)		(.45	)
Net realized gains		—			—			(.09	)		(.12	)		—
Total distributions		(1.06	)		(.89	)		(.52	)		(.50	)		(.45	)
Net asset value, end of period	$	24.62		$	23.61		$	23.28		$	25.42		$	25.57
Total Returnb		8.96	%		5.31	%		(6.42	%)		1.38	%		5.51	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	454,152		$	392,937		$	549,667		$	855,473		$	625,386
Ratios to average net assets:
Net investment income (loss)		4.33	%		3.70	%		1.69	%		1.32	%		1.60	%
Total expensesc		0.79	%		0.80	%		0.80	%		0.79	%		0.84	%
Net expensesd,e,f		0.75	%		0.75	%		0.74	%		0.74	%		0.77	%
Portfolio turnover rate		42	%		28	%		23	%		80	%		123	%

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	$	23.59		$	23.27		$	25.41		$	25.55		$	24.66
Income (loss) from investment operations:
Net investment income (loss)a		.86			.70			.24			.15			.21
Net gain (loss) on investments (realized and unrealized)		1.04			.33			(2.04	)		.02	g		.95
Total from investment operations		1.90			1.03			(1.80	)		.17			1.16
Less distributions from:
Net investment income		(.88	)		(.71	)		(.25	)		(.19	)		(.27	)
Net realized gains		—			—			(.09	)		(.12	)		—
Total distributions		(.88	)		(.71	)		(.34	)		(.31	)		(.27	)
Net asset value, end of period	$	24.61		$	23.59		$	23.27		$	25.41		$	25.55
Total Returnb		8.20	%		4.48	%		(7.13	%)		0.67	%		4.72	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	51,214		$	53,465		$	62,864		$	90,205		$	86,143
Ratios to average net assets:
Net investment income (loss)		3.58	%		2.96	%		0.96	%		0.58	%		0.85	%
Total expensesc		1.55	%		1.60	%		1.58	%		1.58	%		1.61	%
Net expensesd,e,f		1.50	%		1.50	%		1.49	%		1.49	%		1.52	%
Portfolio turnover rate		42	%		28	%		23	%		80	%		123	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 173

LIMITED DURATION FUND

FINANCIAL HIGHLIGHTS (continued)

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

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	$	23.61		$	23.28		$	25.42		$	25.57		$	24.68
Income (loss) from investment operations:
Net investment income (loss)a		1.04			.87			.42			.34			.40
Net gain (loss) on investments (realized and unrealized)		1.03			.35			(2.04	)		.01	g		.94
Total from investment operations		2.07			1.22			(1.62	)		.35			1.34
Less distributions from:
Net investment income		(1.06	)		(.89	)		(.43	)		(.38	)		(.45	)
Net realized gains		—			—			(.09	)		(.12	)		—
Total distributions		(1.06	)		(.89	)		(.52	)		(.50	)		(.45	)
Net asset value, end of period	$	24.62		$	23.61		$	23.28		$	25.42		$	25.57
Total Return		8.96	%		5.31	%		(6.42	%)		1.38	%		5.50	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	29,561		$	54,668		$	80,735		$	155,465		$	150,623
Ratios to average net assets:
Net investment income (loss)		4.32	%		3.69	%		1.67	%		1.33	%		1.60	%
Total expensesc		0.86	%		0.82	%		0.95	%		0.83	%		0.90	%
Net expensesd,e,f		0.75	%		0.75	%		0.74	%		0.74	%		0.77	%
Portfolio turnover rate		42	%		28	%		23	%		80	%		123	%

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	$	23.60		$	23.28		$	25.42		$	25.56		$	24.67
Income (loss) from investment operations:
Net investment income (loss)a		1.10			.93			.49			.40			.46
Net gain (loss) on investments (realized and unrealized)		1.04			.34			(2.05	)		.03	g		.95
Total from investment operations		2.14			1.27			(1.56	)		.43			1.41
Less distributions from:
Net investment income		(1.12	)		(.95	)		(.49	)		(.45	)		(.52	)
Net realized gains		—			—			(.09	)		(.12	)		—
Total distributions		(1.12	)		(.95	)		(.58	)		(.57	)		(.52	)
Net asset value, end of period	$	24.62		$	23.60		$	23.28		$	25.42		$	25.56
Total Return		9.28	%		5.53	%		(6.19	%)		1.67	%		5.77	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,567,952		$	3,245,439		$	3,907,125		$	4,960,578		$	2,911,309
Ratios to average net assets:
Net investment income (loss)		4.58	%		3.96	%		1.97	%		1.58	%		1.85	%
Total expensesc		0.57	%		0.59	%		0.56	%		0.56	%		0.59	%
Net expensesd,e,f		0.50	%		0.50	%		0.49	%		0.49	%		0.52	%
Portfolio turnover rate		42	%		28	%		23	%		80	%		123	%

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

LIMITED DURATION FUND

FINANCIAL HIGHLIGHTS (concluded)

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

Class R6	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	$	23.59		$	23.26		$	25.40		$	25.55		$	24.66
Income (loss) from investment operations:
Net investment income (loss)a		1.11			1.00			.48			.40			.48
Net gain (loss) on investments (realized and unrealized)		1.05			.29			(2.04	)		.02	g		.93
Total from investment operations		2.16			1.29			(1.56	)		.42			1.41
Less distributions from:
Net investment income		(1.14	)		(.96	)		(.49	)		(.45	)		(.52	)
Net realized gains		—			—			(.09	)		(.12	)		—
Total distributions		(1.14	)		(.96	)		(.58	)		(.57	)		(.52	)
Net asset value, end of period	$	24.61		$	23.59		$	23.26		$	25.40		$	25.55
Total Return		9.33	%		5.60	%		(6.19	%)		1.64	%		5.78	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	369,771		$	308,179		$	27,499		$	44,232		$	31,315
Ratios to average net assets:
Net investment income (loss)		4.63	%		4.22	%		1.94	%		1.58	%		1.96	%
Total expensesc		0.49	%		0.49	%		0.49	%		0.49	%		0.53	%
Net expensesd,e,f		0.46	%		0.46	%		0.49	%		0.49	%		0.52	%
Portfolio turnover rate		42	%		28	%		23	%		80	%		123	%

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	0.01%	0.01%	0.00%*	—	0.00%*
Class C	0.01%	0.01%	—	—	0.00%*
Class P	—	0.00%*	—	—	0.00%*
Institutional Class	0.01%	0.00%*	—	—	0.00%*
Class R6	0.00%*	0.02%	0.02%	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	0.72%	0.72%	0.73%	0.73%	0.75%
Class C	1.47%	1.48%	1.48%	1.48%	1.50%
Class P	0.72%	0.72%	0.73%	0.73%	0.75%
Institutional Class	0.47%	0.47%	0.48%	0.48%	0.50%
Class R6	0.42%	0.44%	0.48%	0.48%	0.50%

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

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 175

CONSOLIDATED SCHEDULE OF INVESTMENTS	September 30, 2024
MACRO OPPORTUNITIES FUND

	Shares		Value
COMMON STOCKS† - 0.1%
Consumer, Non-cyclical - 0.1%
Endo, Inc.*		146,283	$	3,766,787
Cengage Learning Holdings II, Inc.*,††		21,660		373,635
Save-A-Lot*,†††		1,053,728		7,745
Total Consumer, Non-cyclical				4,148,167
Industrial - 0.0%
API Heat Transfer Intermediate*,†††		743		1,064,597
Schur Flexibles GesmbH*,††		1,661		216,126
YAK BLOCKER 2 LLC*,†††		74,424		149,593
YAK BLOCKER 2 LLC*,†††		68,788		138,264
BP Holdco LLC*,†††,1		37,539		45,503
Vector Phoenix Holdings, LP*,†††		37,539		794
Targus, Inc.*,†††		12,773		542
Targus, Inc.*,†††		12,773		73
Targus, Inc.*,†††		12,773		1
Total Industrial				1,615,493
Consumer, Cyclical - 0.0%
SHO Holding I Corp.*,†††		1,150		903,398
ATD New Holdings, Inc.*,††		42,478		297,346
Total Consumer, Cyclical				1,200,744
Financial - 0.0%
Checkers Holdings, Inc.*,†††		158,620		631,308
Pershing Square Tontine Holdings, Ltd. — Class A*,†††,2		6,864,930		686
Endo Luxembourg Finance Co. I SARL / Endo US, Inc.*,†††,3		4,400,000		440
Endo Luxembourg Finance Co. I SARL / Endo US, Inc.*,†††,3		1,825,000		183
Total Financial				632,617
Communications - 0.0%
Vacasa, Inc. — Class A*		25,191		70,786
Utilities - 0.0%
Mountain Creek Power LLC*,†††		180,169		18,017
Energy - 0.0%
Permian Production Partners LLC*,†††		573,522		10,306
Total Common Stocks
(Cost $14,098,745)				7,696,130
PREFERRED STOCKS†† - 4.3%
Financial - 3.3%
Citigroup, Inc.
3.88%		30,600,000		29,451,787
4.00%		13,100,000		12,825,611
7.38%		1,400,000		1,469,668
Goldman Sachs Group, Inc.
4.13%		20,500,000		19,637,184
7.50%		10,750,000		11,394,678
Markel Group, Inc.
6.00%		29,050,000		29,018,623
Wells Fargo & Co.
3.90%		25,750,000		25,026,574
Equitable Holdings, Inc.
4.95%		22,819,000		22,602,329
Bank of New York Mellon Corp.
3.75%		20,550,000		19,395,731
Charles Schwab Corp.
4.00%		18,700,000		16,723,260
Kuvare US Holdings, Inc.
7.00% due 02/17/514		16,130,000		16,210,652
Bank of America Corp.
4.38%		13,850,000		13,407,163
MetLife, Inc.
3.85%		12,200,000		12,003,045
Jackson Financial, Inc.
8.00%		284,000		7,588,480
CNO Financial Group, Inc.
5.13% due 11/25/60		323,600		6,970,344
Selective Insurance Group, Inc.
4.60%		246,000		4,860,960
American National Group, Inc.
5.95%		9,800		242,354
First Republic Bank
4.25%*		803,675		322
4.50%*		238,300		95
Total Financial				248,828,860
Communications - 0.4%
AT&T Mobility II LLC
6.80%*,†††		27,000		27,633,690
Government - 0.4%
CoBank ACB
4.25%		20,000,000		19,214,974
Farmer Mac
5.75%		308,805		7,534,811
Total Government				26,749,785
Energy - 0.2%
Venture Global LNG, Inc.
9.00%4		18,150,000		18,397,365
Total Preferred Stocks
(Cost $355,701,212)				321,609,700
WARRANTS† - 0.0%
Ginkgo Bioworks Holdings, Inc.
Expiring 09/16/26*		128,004		576
Pershing Square SPARC Holdings, Ltd*,†††,2		2,097,618		210
Pershing Square Tontine Holdings, Ltd. — Class A
Expiring 07/24/25*,†††,2		762,770		76
Total Warrants
(Cost $296,403)				862
EXCHANGE-TRADED FUNDS***,† - 1.0%
SPDR S&P 500 ETF Trust		125,000		71,720,000
Total Exchange-Traded Funds
(Cost $65,397,500)				71,720,000

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
MACRO OPPORTUNITIES FUND

	Shares		Value
MUTUAL FUNDS† - 4.2%
Guggenheim Limited Duration Fund — Class R61		5,457,388	$	134,197,181
Guggenheim Ultra Short Duration Fund — Institutional Class1		5,286,176		52,967,485
Guggenheim Risk Managed Real Estate Fund — Institutional Class1		1,093,826		38,251,104
Guggenheim Strategy Fund III1		1,448,221		36,046,213
Guggenheim Alpha Opportunity Fund — Institutional Class1		1,022,808		33,415,126
Guggenheim Strategy Fund II1		837,301		20,765,053
Total Mutual Funds
(Cost $305,063,386)				315,642,162
MONEY MARKET FUNDS***,† - 7.4%
Federated Hermes U.S. Treasury Cash Reserves Fund — Institutional Shares, 4.85%5		467,527,779		467,527,779
Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.81%5		74,700,216		74,700,216
Western Asset Institutional U.S. Treasury Reserves — Institutional Shares, 4.89%5		10,730,307		10,730,307
Total Money Market Funds
(Cost $552,958,302)				552,958,302
	Face Amount~
CORPORATE BONDS†† - 29.9%
Financial - 9.2%
Pershing Square Holdings Ltd.
3.25% due 10/01/314		31,500,000		27,002,430
3.25% due 11/15/30		12,620,000		11,098,281
Jane Street Group / JSG Finance, Inc.
7.13% due 04/30/314		23,725,000		25,138,061
4.50% due 11/15/294		9,650,000		9,288,312
Wilton RE Ltd.
6.00%4,6,7		31,350,000		28,964,385
Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc.
3.88% due 03/01/314		21,650,000		19,934,025
2.88% due 10/15/264		9,250,000		8,880,714
GLP Capital Limited Partnership / GLP Financing II, Inc.
4.00% due 01/15/31		22,640,000		21,223,341
5.30% due 01/15/29		6,950,000		7,068,064
Liberty Mutual Group, Inc.
4.30% due 02/01/614		36,940,000		24,783,098
Host Hotels & Resorts, LP
3.50% due 09/15/30		24,000,000		22,257,719
CBS Studio Center
8.10% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 01/09/25◊,†††		22,000,000		22,000,000

Jefferies Finance LLC / JFIN Company-Issuer Corp.
5.00% due 08/15/284	23,000,000	21,868,642
Iron Mountain, Inc.
5.63% due 07/15/324	20,000,000	19,948,670
4.50% due 02/15/314	925,000	877,452
FS KKR Capital Corp.
3.25% due 07/15/27	21,000,000	19,888,791
LPL Holdings, Inc.
4.00% due 03/15/294	14,788,000	14,153,875
4.38% due 05/15/314	5,500,000	5,183,331
Mitsubishi UFJ Financial Group, Inc.
5.42% due 02/22/297	18,050,000	18,663,662
Starwood Property Trust, Inc.
4.38% due 01/15/274	19,000,000	18,515,212
Alliant Holdings Intermediate LLC / Alliant Holdings Company-Issuer
6.50% due 10/01/314	14,770,000	14,924,888
7.00% due 01/15/314	3,475,000	3,570,886
OneMain Finance Corp.
9.00% due 01/15/29	7,150,000	7,576,619
4.00% due 09/15/30	7,250,000	6,457,415
7.88% due 03/15/30	2,225,000	2,325,986
7.13% due 03/15/26	2,000,000	2,041,830
United Wholesale Mortgage LLC
5.50% due 04/15/294	7,150,000	6,964,106
5.50% due 11/15/254	6,300,000	6,288,251
5.75% due 06/15/274	4,550,000	4,520,409
Encore Capital Group, Inc.
8.50% due 05/15/304	12,100,000	12,752,517
9.25% due 04/01/294	4,450,000	4,787,980
Global Atlantic Finance Co.
4.70% due 10/15/514,7	11,350,000	10,866,147
7.95% due 06/15/334	2,289,000	2,612,762
6.75% due 03/15/544	2,091,000	2,224,852
PennyMac Financial Services, Inc.
7.13% due 11/15/304	9,275,000	9,603,678
7.88% due 12/15/294	3,675,000	3,918,719
5.38% due 10/15/254	1,819,000	1,815,894
Sherwood Financing plc
4.50% due 11/15/264	EUR 12,050,000	12,715,642
8.17% (3 Month EURIBOR + 4.63%, Rate Floor: 0.00%) due 11/15/27◊	EUR 1,550,000	1,637,996
Focus Financial Partners LLC
6.75% due 09/15/314	14,035,000	14,168,978
Hampton Roads PPV LLC
6.62% due 06/15/53†††,4	16,560,000	14,144,890
Kennedy-Wilson, Inc.
5.00% due 03/01/31	14,669,000	13,168,900
4.75% due 02/01/30	250,000	226,718
4.75% due 03/01/29	25,000	23,142
Hunt Companies, Inc.
5.25% due 04/15/294	13,700,000	13,254,947
Lloyds Banking Group plc
5.87% due 03/06/297	12,100,000	12,620,817

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 177

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
MidCap Funding XLVI Trust
8.58% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 04/15/27◊,†††		12,440,000	$	12,440,000
First American Financial Corp.
4.00% due 05/15/30		11,760,000		11,170,160
State Street Corp.
6.70%6,7		9,590,000		9,928,546
Nationstar Mortgage Holdings, Inc.
5.00% due 02/01/264		9,810,000		9,762,401
SLM Corp.
3.13% due 11/02/26		8,914,000		8,569,435
4.20% due 10/29/25		1,000,000		988,585
Wells Fargo & Co.
6.85%6,7		8,250,000		8,610,550
OneAmerica Financial Partners, Inc.
4.25% due 10/15/504		11,550,000		8,574,216
QBE Insurance Group Ltd.
5.88%4,6,7		7,550,000		7,507,894
VFH Parent LLC / Valor Company-Issuer, Inc.
7.50% due 06/15/314		7,150,000		7,498,562
Stewart Information Services Corp.
3.60% due 11/15/31		7,788,000		6,837,710
Toronto-Dominion Bank
8.13% due 10/31/827		6,300,000		6,758,716
PartnerRe Finance B LLC
4.50% due 10/01/507		6,460,000		5,974,725
CNO Financial Group, Inc.
6.45% due 06/15/34		5,200,000		5,497,008
Cushman & Wakefield US Borrower LLC
6.75% due 05/15/284		5,303,000		5,351,104
Blue Owl Capital GP LLC
7.11% due 08/22/43†††		5,000,000		5,302,150
Bank of Nova Scotia
8.63% due 10/27/827		4,650,000		5,029,640
American National Group, Inc.
5.00% due 06/15/27		4,813,000		4,843,365
Globe Life, Inc.
5.85% due 09/15/34		4,340,000		4,484,631
Goldman Sachs Group, Inc.
6.13%6,7		4,250,000		4,268,424
Accident Fund Insurance Company of America
8.50% due 08/01/324		3,000,000		3,051,433
SBA Communications Corp.
3.13% due 02/01/29		3,100,000		2,865,314
Prudential Financial, Inc.
5.13% due 03/01/527		2,750,000		2,728,901
Horace Mann Educators Corp.
7.25% due 09/15/28		1,962,000		2,131,088
Jones Deslauriers Insurance Management, Inc.
10.50% due 12/15/304		1,700,000		1,848,718
Iron Mountain Information Management Services, Inc.
5.00% due 07/15/324		1,726,000		1,663,641
Atlas Mara Ltd.
due 12/31/21†††,15		1,183,303		1
Total Financial				685,639,952
Energy - 3.7%
BP Capital Markets plc
4.88%6,7		39,360,000		38,933,054
NuStar Logistics, LP
6.38% due 10/01/30		14,506,000		15,051,751
5.75% due 10/01/25		5,095,000		5,102,826
5.63% due 04/28/27		450,000		452,052
Parkland Corp.
4.63% due 05/01/304		20,000,000		18,861,022
Midwest Connector Capital Company LLC
4.63% due 04/01/294		18,763,000		18,650,236
ITT Holdings LLC
6.50% due 08/01/294		19,477,000		18,451,583
Occidental Petroleum Corp.
7.95% due 06/15/39		12,735,000		15,274,830
4.50% due 07/15/44		2,850,000		2,316,876
Cheniere Energy Partners, LP
5.75% due 08/15/344		16,340,000		17,022,190
CVR Energy, Inc.
8.50% due 01/15/294		15,975,000		16,148,281
Targa Resources Partners Limited Partnership / Targa Resources Partners Finance Corp.
6.88% due 01/15/29		10,145,000		10,401,790
4.88% due 02/01/31		5,000,000		4,963,191
Venture Global LNG, Inc.
9.50% due 02/01/294		8,700,000		9,800,591
9.88% due 02/01/324		3,000,000		3,333,575
Hess Midstream Operations, LP
5.63% due 02/15/264		12,456,000		12,457,021
Buckeye Partners, LP
6.88% due 07/01/294		7,970,000		8,165,823
4.13% due 03/01/254		4,318,000		4,282,123
Global Partners Limited Partnership / GLP Finance Corp.
6.88% due 01/15/29		7,750,000		7,773,886
8.25% due 01/15/324		2,200,000		2,282,036
7.00% due 08/01/27		2,200,000		2,214,853
Viper Energy, Inc.
7.38% due 11/01/314		6,100,000		6,433,511
5.38% due 11/01/274		4,286,000		4,268,435
CQP Holdco Limited Partnership / BIP-V Chinook Holdco LLC
7.50% due 12/15/334		6,550,000		7,106,593
Kinetik Holdings, LP
5.88% due 06/15/304		6,100,000		6,141,547
DT Midstream, Inc.
4.13% due 06/15/294		5,250,000		5,021,842
TransCanada PipeLines Ltd.
6.20% due 03/09/26		3,300,000		3,303,217
Venture Global Calcasieu Pass LLC
3.88% due 11/01/334		2,198,000		1,971,307

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
4.13% due 08/15/314		760,000	$	706,595
3.88% due 08/15/294		510,000		481,966
HF Sinclair Corp.
6.38% due 04/15/27		2,689,000		2,726,077
Sunoco, LP
7.25% due 05/01/324		1,500,000		1,590,026
TransMontaigne Partners Limited Partnership / TLP Finance Corp.
6.13% due 02/15/26		950,000		933,635
Basic Energy Services, Inc.
due 10/15/2315		1,438,000		14,380
Total Energy				272,638,721
Communications - 3.6%
British Telecommunications plc
4.88% due 11/23/814,7		28,200,000		26,032,734
4.25% due 11/23/814,7		5,250,000		5,094,991
Level 3 Financing, Inc.
4.50% due 04/01/304		19,794,000		15,330,588
11.00% due 11/15/294		5,431,914		6,016,256
4.00% due 04/15/314		7,600,000		5,529,000
10.75% due 12/15/304		2,600,000		2,853,387
McGraw-Hill Education, Inc.
8.00% due 08/01/294		22,634,000		22,715,188
5.75% due 08/01/284		4,600,000		4,545,899
Sunrise FinCo I B.V.
4.88% due 07/15/314		20,200,000		19,112,836
Altice France S.A.
5.13% due 07/15/294		13,250,000		9,317,637
5.50% due 10/15/294		11,760,000		8,235,992
CSC Holdings LLC
4.13% due 12/01/304		20,672,000		15,064,829
4.63% due 12/01/304		2,715,000		1,377,844
Vodafone Group plc
5.13% due 06/04/817		16,875,000		13,900,074
LCPR Senior Secured Financing DAC
5.13% due 07/15/294		16,250,000		13,167,820
CCO Holdings LLC / CCO Holdings Capital Corp.
4.50% due 06/01/334		14,265,000		12,114,329
Virgin Media Finance plc
5.00% due 07/15/304		11,400,000		10,026,579
Cable One, Inc.
4.00% due 11/15/304		12,575,000		10,023,843
Sirius XM Radio, Inc.
4.13% due 07/01/304		8,900,000		8,071,209
3.13% due 09/01/264		1,550,000		1,497,546
AMC Networks, Inc.
4.25% due 02/15/29		10,200,000		7,377,045
10.25% due 01/15/294		2,125,000		2,183,756
Cogent Communications Group Incorporated / Cogent Communications Finance, Inc.
7.00% due 06/15/274		8,550,000		8,689,254
Paramount Global
4.85% due 07/01/42		3,667,000		2,924,891
5.90% due 10/15/40		2,765,000		2,446,493
4.90% due 08/15/44		1,797,000		1,381,072
5.25% due 04/01/44		1,488,000		1,185,404
4.60% due 01/15/45		624,000		460,538
Match Group Holdings II LLC
4.63% due 06/01/284		7,700,000		7,486,550
Cogent Communications Group LLC
7.00% due 06/15/274		7,250,000		7,377,448
Telenet Finance Luxembourg Notes SARL
5.50% due 03/01/28		7,000,000		6,844,152
Virgin Media Vendor Financing Notes IV DAC
5.00% due 07/15/284		3,650,000		3,517,732
Charter Communications Operating LLC / Charter Communications Operating Capital
3.90% due 06/01/52		3,500,000		2,294,756
Ziggo B.V.
4.88% due 01/15/304		1,685,000		1,601,118
Zayo Group Holdings, Inc.
4.00% due 03/01/274		700,000		626,110
Total Communications				266,424,900
Industrial - 3.4%
AP Grange Holdings
6.50% due 03/20/45†††		43,700,000		44,062,297
5.00% due 03/20/45†††		4,900,000		5,026,289
Great Lakes Dredge & Dock Corp.
5.25% due 06/01/294		17,160,000		15,951,152
XPO, Inc.
6.25% due 06/01/284		14,085,000		14,405,349
New Enterprise Stone & Lime Company, Inc.
5.25% due 07/15/284		9,081,000		8,867,594
9.75% due 07/15/284		5,350,000		5,465,041
Standard Industries, Inc.
4.38% due 07/15/304		6,200,000		5,868,316
3.38% due 01/15/314		6,552,000		5,836,778
TransDigm, Inc.
6.75% due 08/15/284		7,000,000		7,205,016
6.88% due 12/15/304		4,050,000		4,241,063
Sealed Air Corporation/Sealed Air Corp US
6.13% due 02/01/284		11,105,000		11,290,920
IP Lending X Ltd.
7.75% due 07/02/294		10,457,121		10,483,264
Arcosa, Inc.
4.38% due 04/15/294		9,400,000		9,010,356
6.88% due 08/15/324		1,300,000		1,360,501
Dyal Capital Partners IV
3.65% due 02/22/41†††		10,950,000		9,702,357
Flowserve Corp.
3.50% due 10/01/30		10,270,000		9,561,138
Miter Brands Acquisition Holdco Incorporated / MIWD Borrower LLC
6.75% due 04/01/324		7,455,000		7,728,047
Pactiv Evergreen Group Issuer Incorporated/Pactiv Evergreen Group Issuer LLC
4.00% due 10/15/274		7,943,000		7,637,692

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 179

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Deuce FinCo plc
5.50% due 06/15/274		GBP 5,350,000	$	7,019,850
Atkore, Inc.
4.25% due 06/01/314		7,500,000		6,856,318
GrafTech Finance, Inc.
4.63% due 12/15/284		10,000,000		6,679,656
GrafTech Global Enterprises, Inc.
9.88% due 12/15/284		6,520,000		5,222,440
TopBuild Corp.
3.63% due 03/15/294		5,550,000		5,175,111
Sealed Air Corp.
6.50% due 07/15/324		5,000,000		5,155,830
Artera Services LLC
8.50% due 02/15/314		4,525,000		4,480,763
SCIL IV LLC / SCIL USA Holdings LLC
9.50% due 07/15/28		EUR 3,500,000		4,206,997
Enviri Corp.
5.75% due 07/31/274		4,125,000		4,048,922
Boeing Co.
6.53% due 05/01/344		3,250,000		3,488,111
Wrangler Holdco Corp.
6.63% due 04/01/324		3,350,000		3,482,073
Ball Corp.
6.88% due 03/15/28		3,270,000		3,386,239
Summit Materials LLC / Summit Materials Finance Corp.
7.25% due 01/15/314		3,150,000		3,336,792
TK Elevator US Newco, Inc.
5.25% due 07/15/274		3,000,000		2,967,620
AmeriTex HoldCo Intermediate LLC
10.25% due 10/15/284		2,450,000		2,562,903
Enpro, Inc.
5.75% due 10/15/26		2,510,000		2,491,419
Builders FirstSource, Inc.
6.38% due 06/15/324		800,000		829,297
Brundage-Bone Concrete Pumping Holdings, Inc.
6.00% due 02/01/264		525,000		522,904
Total Industrial				255,616,415
Consumer, Cyclical - 3.3%
Hilton Domestic Operating Company, Inc.
4.00% due 05/01/314		15,900,000		14,867,424
3.63% due 02/15/324		4,150,000		3,749,207
5.75% due 05/01/284		525,000		527,303
Ferrellgas Limited Partnership / Ferrellgas Finance Corp.
5.38% due 04/01/264		16,778,000		16,739,015
Walgreens Boots Alliance, Inc.
3.45% due 06/01/26		15,450,000		14,863,076
Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp.
5.00% due 06/01/314		11,350,000		10,582,090
5.88% due 03/01/27		660,000		658,878
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
6.50% due 06/20/274		10,835,000		10,969,722
Delta Air Lines, Inc.
7.00% due 05/01/254		10,536,000		10,646,984
1011778 BC ULC / New Red Finance, Inc.
4.00% due 10/15/304		9,333,000		8,606,339
Clarios Global Limited Partnership / Clarios US Finance Co.
6.25% due 05/15/264		8,299,000		8,296,020
Beacon Roofing Supply, Inc.
4.13% due 05/15/294		4,117,000		3,878,761
4.50% due 11/15/264		3,730,000		3,672,232
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
6.25% due 03/15/334		7,425,000		7,521,869
CD&R Smokey Buyer, Inc.
6.75% due 07/15/254		7,250,000		7,247,619
Warnermedia Holdings, Inc.
6.41% due 03/15/26		7,200,000		7,204,254
Hyatt Hotels Corp.
5.75% due 04/23/30		6,530,000		6,834,691
British Airways Class A Pass Through Trust
4.25% due 11/15/324		6,894,827		6,602,711
Hanesbrands, Inc.
9.00% due 02/15/314		6,100,000		6,584,334
Papa John’s International, Inc.
3.88% due 09/15/294		7,025,000		6,501,523
Penn Entertainment, Inc.
4.13% due 07/01/294		6,975,000		6,354,967
ONE Hotels GmbH
7.75% due 04/02/314		EUR 5,150,000		6,043,894
Six Flags Entertainment Corporation / Six Flags Theme Parks, Inc.
6.63% due 05/01/324		5,450,000		5,644,036
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.
11.00% due 04/15/294		5,482,125		5,504,054
JB Poindexter & Company, Inc.
8.75% due 12/15/314		5,100,000		5,392,046
Boyne USA, Inc.
4.75% due 05/15/294		5,484,000		5,271,939
Air Canada
4.63% due 08/15/294		CAD 5,550,000		4,033,460
3.88% due 08/15/264		1,264,000		1,230,866
American Airlines Class AA Pass Through Trust
3.58% due 01/15/28		2,017,419		1,945,159
3.35% due 10/15/29		1,080,426		1,019,614
3.65% due 02/15/29		946,628		903,276
3.15% due 02/15/32		907,026		843,758
Ontario Gaming GTA Limited Partnership/OTG Company-Issuer, Inc.
8.00% due 08/01/304		4,525,000		4,702,501

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Superior Plus Limited Partnership / Superior General Partner, Inc.
4.50% due 03/15/294		4,800,000	$	4,551,098
Asbury Automotive Group, Inc.
4.63% due 11/15/294		4,472,000		4,264,932
Allwyn Entertainment Financing UK plc
7.88% due 04/30/294		3,450,000		3,627,496
Station Casinos LLC
4.63% due 12/01/314		3,800,000		3,523,787
Scientific Games Holdings Limited Partnership/Scientific Games US FinCo, Inc.
6.63% due 03/01/304		3,500,000		3,473,576
Ritchie Bros Holdings, Inc.
6.75% due 03/15/284		2,950,000		3,049,819
PetSmart, Inc. / PetSmart Finance Corp.
4.75% due 02/15/284		2,800,000		2,684,411
AccorInvest Group S.A.
6.38% due 10/15/294		EUR 2,325,000		2,680,500
Gates Corp.
6.88% due 07/01/294		2,425,000		2,511,946
William Carter Co.
5.63% due 03/15/274		2,300,000		2,295,180
Air Canada Class A Pass Through Trust
5.25% due 04/01/294		2,138,677		2,141,169
United Airlines, Inc.
4.63% due 04/15/294		1,700,000		1,642,300
Acushnet Co.
7.38% due 10/15/284		1,500,000		1,581,229
Six Flags Theme Parks, Inc.
7.00% due 07/01/254		1,511,000		1,512,188
United Airlines Class AA Pass Through Trust
4.15% due 08/25/31		884,921		849,116
Wyndham Hotels & Resorts, Inc.
4.38% due 08/15/284		700,000		675,232
International Game Technology plc
4.13% due 04/15/264		624,000		615,855
Live Nation Entertainment, Inc.
6.50% due 05/15/274		571,000		582,416
Newell Brands, Inc.
5.70% due 04/01/26		450,000		451,104
Caesars Entertainment, Inc.
6.50% due 02/15/324		400,000		413,766
Aramark Services, Inc.
5.00% due 04/01/254		311,000		310,305
Total Consumer, Cyclical				248,881,047
Consumer, Non-cyclical - 3.0%
Medline Borrower, LP
3.88% due 04/01/294		18,246,000		17,274,665
Williams Scotsman, Inc.
6.13% due 06/15/254		11,108,000		11,096,670
7.38% due 10/01/314		1,950,000		2,061,076
JBS USA Holding Lux SARL/ JBS USA Food Company/ JBS Lux Co SARL
4.38% due 02/02/52		6,500,000		5,162,556
5.50% due 01/15/30		4,500,000		4,558,068
3.75% due 12/01/31		3,400,000		3,127,070
DaVita, Inc.
4.63% due 06/01/304		8,678,000		8,272,695
3.75% due 02/15/314		4,892,000		4,412,584
AZ Battery Property LLC
6.73% due 02/20/46†††		11,600,000		12,172,692
Bausch Health Companies, Inc.
4.88% due 06/01/28†††,4		15,600,000		12,168,000
US Foods, Inc.
4.75% due 02/15/294		6,550,000		6,385,829
6.88% due 09/15/284		3,875,000		4,038,823
Prime Security Services Borrower LLC / Prime Finance, Inc.
3.38% due 08/31/274		6,861,000		6,519,163
5.75% due 04/15/264		3,020,000		3,033,783
Verisure Holding AB
5.50% due 05/15/304		EUR 7,450,000		8,546,052
Sotheby’s/Bidfair Holdings, Inc.
5.88% due 06/01/294		9,400,000		8,238,927
Cheplapharm Arzneimittel GmbH
5.50% due 01/15/284		8,085,000		7,841,451
BCP V Modular Services Finance II plc
4.75% due 10/30/284		EUR 7,000,000		7,581,579
Nobel Bidco B.V.
3.13% due 06/15/28		EUR 7,050,000		7,452,476
Option Care Health, Inc.
4.38% due 10/31/294		7,736,000		7,350,078
HealthEquity, Inc.
4.50% due 10/01/294		6,555,000		6,334,999
Smithfield Foods, Inc.
3.00% due 10/15/304		7,000,000		6,274,037
Boost Newco Borrower LLC
7.50% due 01/15/314		5,275,000		5,660,323
CPI CG, Inc.
10.00% due 07/15/294		4,685,000		4,930,962
ADT Security Corp.
4.88% due 07/15/324		5,150,000		4,919,023
Central Garden & Pet Co.
4.13% due 04/30/314		5,300,000		4,854,419
TriNet Group, Inc.
7.13% due 08/15/314		4,465,000		4,651,793
Graham Holdings Co.
5.75% due 06/01/264		4,561,000		4,559,031
Chrome Bidco
3.50% due 05/31/284		EUR 4,800,000		4,520,414
Carriage Services, Inc.
4.25% due 05/15/294		4,575,000		4,238,262
CAB SELAS
3.38% due 02/01/284		EUR 4,100,000		4,221,735
Perrigo Finance Unlimited Co.
5.38% due 09/30/32		EUR 3,550,000		4,022,859
Catalent Pharma Solutions, Inc.
3.13% due 02/15/294		2,825,000		2,775,002
Darling Ingredients, Inc.
6.00% due 06/15/304		2,350,000		2,372,358
5.25% due 04/15/274		200,000		198,940

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 181

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Molina Healthcare, Inc.
4.38% due 06/15/284		1,770,000	$	1,720,746
Tenet Healthcare Corp.
4.63% due 06/15/28		975,000		956,915
5.13% due 11/01/27		550,000		547,921
Upbound Group, Inc.
6.38% due 02/15/294		1,450,000		1,403,793
Altria Group, Inc.
4.45% due 05/06/50		1,670,000		1,399,299
WW International, Inc.
4.50% due 04/15/294		6,335,000		1,398,827
Concentra Escrow Issuer Corp.
6.88% due 07/15/324		1,120,000		1,177,695
AMN Healthcare, Inc.
4.63% due 10/01/274		620,000		606,041
Champions Financing, Inc.
8.75% due 02/15/294		250,000		254,638
Total Consumer, Non-cyclical				221,294,269
Basic Materials - 1.5%
Alcoa Nederland Holding B.V.
5.50% due 12/15/274		15,125,000		15,181,892
6.13% due 05/15/284		7,450,000		7,553,279
4.13% due 03/31/294		4,900,000		4,699,222
Kaiser Aluminum Corp.
4.50% due 06/01/314		13,250,000		12,122,573
4.63% due 03/01/284		650,000		628,644
International Flavors & Fragrances, Inc.
1.23% due 10/01/254		11,950,000		11,533,358
SK Invictus Intermediate II SARL
5.00% due 10/30/294		11,525,000		11,064,139
Minerals Technologies, Inc.
5.00% due 07/01/284		11,280,000		10,976,004
SCIL IV LLC / SCIL USA Holdings LLC
5.38% due 11/01/264		10,375,000		10,246,150
Carpenter Technology Corp.
6.38% due 07/15/28		8,315,000		8,372,033
Novelis Corp.
3.25% due 11/15/264		5,670,000		5,471,397
HB Fuller Co.
4.25% due 10/15/28		5,250,000		5,034,586
Novelis Sheet Ingot GmbH
3.38% due 04/15/29		EUR 4,500,000		4,784,955
Arsenal AIC Parent LLC
8.00% due 10/01/304		3,800,000		4,077,716
Ingevity Corp.
3.88% due 11/01/284		1,000,000		939,043
Mirabela Nickel Ltd.
due 06/24/19†††,3,15		1,885,418		9,427
Total Basic Materials				112,694,418
Utilities - 1.1%
AmeriGas Partners Limited Partnership / AmeriGas Finance Corp.
5.88% due 08/20/26		17,145,000		17,026,508
Terraform Global Operating, LP
6.13% due 03/01/264		16,660,000		16,668,197
Algonquin Power & Utilities Corp.
5.37% due 06/15/26		12,300,000		12,448,654
AES Corp.
3.95% due 07/15/304		9,760,000		9,307,770
Clearway Energy Operating LLC
3.75% due 02/15/314		9,409,000		8,615,539
Alexander Funding Trust II
7.47% due 07/31/284		7,750,000		8,373,577
NRG Energy, Inc.
7.00% due 03/15/334		6,950,000		7,720,477
DPL, Inc.
4.13% due 07/01/25		2,334,000		2,310,716
Atlantica Sustainable Infrastructure plc
4.13% due 06/15/284		1,550,000		1,534,902
Total Utilities				84,006,340
Technology - 1.1%
Qorvo, Inc.
3.38% due 04/01/314		9,225,000		8,259,549
4.38% due 10/15/29		7,833,000		7,589,083
TeamSystem SpA
7.44% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 02/15/28◊		EUR 11,750,000		13,149,361
Booz Allen Hamilton, Inc.
3.88% due 09/01/284		11,800,000		11,442,807
Dye & Durham Ltd.
8.63% due 04/15/294		7,338,000		7,762,716
Playtika Holding Corp.
4.25% due 03/15/294		5,850,000		5,368,875
Cloud Software Group, Inc.
6.50% due 03/31/294		5,300,000		5,273,322
Capstone Borrower, Inc.
8.00% due 06/15/304		3,525,000		3,734,942
Twilio, Inc.
3.88% due 03/15/31		4,000,000		3,695,320
Central Parent LLC / CDK Global II LLC / CDK Financing Company, Inc.
8.00% due 06/15/294		3,050,000		3,172,259
Amentum Holdings, Inc.
7.25% due 08/01/324		2,845,000		2,969,136
ACI Worldwide, Inc.
5.75% due 08/15/264		2,348,000		2,347,355
PTC, Inc.
3.63% due 02/15/254		1,830,000		1,823,647
SS&C Technologies, Inc.
5.50% due 09/30/274		1,570,000		1,569,320
Fair Isaac Corp.
5.25% due 05/15/264		1,375,000		1,374,790
NCR Voyix Corp.
5.13% due 04/15/294		1,122,000		1,097,920
MSCI, Inc.
3.88% due 02/15/314		883,000		835,545
TeamSystem S.p.A.
7.19% due 07/31/31		EUR 350,000		391,489
Total Technology				81,857,436
Total Corporate Bonds
(Cost $2,334,247,702)				2,229,053,498

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 18.5%
Collateralized Loan Obligations - 10.0%
Fortress Credit Opportunities IX CLO Ltd.
2021-9A CR, 8.36% (3 Month Term SOFR + 3.06%, Rate Floor: 2.80%) due 10/15/33◊,4		35,000,000	$	35,000,000
2021-9A DR, 9.51% (3 Month Term SOFR + 4.21%, Rate Floor: 3.95%) due 10/15/33◊,4		7,750,000		7,775,004
2021-9A A2TR, 7.36% (3 Month Term SOFR + 2.06%, Rate Floor: 1.80%) due 10/15/33◊,4		2,950,000		2,962,797
FS Rialto
2021-FL3 D, 7.71% (1 Month Term SOFR + 2.61%, Rate Floor: 2.61%) due 11/16/36◊,4		36,500,000		35,056,180
2021-FL2 D, 8.01% (1 Month Term SOFR + 2.91%, Rate Floor: 2.91%) due 05/16/38◊,4		8,850,000		8,402,819
Palmer Square Loan Funding Ltd.
2022-1A B, 7.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/15/30◊,4		26,200,000		26,254,082
2021-3A C, 8.04% (3 Month Term SOFR + 2.76%, Rate Floor: 2.76%) due 07/20/29◊,4		8,300,000		8,316,222
2022-1A C, 7.90% (3 Month Term SOFR + 2.60%, Rate Floor: 2.60%) due 04/15/30◊,4		3,400,000		3,405,222
LCCM Trust
2021-FL3 C, 7.81% (1 Month Term SOFR + 2.71%, Rate Floor: 2.71%) due 11/15/38◊,4		28,865,000		27,468,713
2021-FL2 D, 8.11% (1 Month Term SOFR + 3.01%, Rate Floor: 3.01%) due 12/13/38◊,4		5,750,000		5,359,551
Fontainbleau Vegas
10.77% (1 Month Term SOFR + 5.65%, Rate Floor: 5.65%) due 01/31/26◊,†††		26,499,999		26,499,999
BXMT Ltd.
2020-FL2 C, 6.85% (1 Month Term SOFR + 1.76%, Rate Floor: 1.76%) due 02/15/38◊,4		15,640,000		13,646,458
2020-FL2 D, 7.15% (1 Month Term SOFR + 2.06%, Rate Floor: 2.06%) due 02/15/38◊,4		8,000,000		6,372,169
2020-FL3 D, 8.00% (1 Month Term SOFR + 2.91%, Rate Floor: 2.91%) due 11/15/37◊,4		7,350,000		5,550,615
LoanCore Issuer Ltd.
2021-CRE6 D, 8.06% (1 Month Term SOFR + 2.96%, Rate Floor: 2.85%) due 11/15/38◊,4		11,300,000		10,916,374
2021-CRE5 D, 8.21% (1 Month Term SOFR + 3.11%, Rate Floor: 3.11%) due 07/15/36◊,4		8,250,000		8,070,537
2022-CRE7 D, 8.44% (30 Day Average SOFR + 3.10%, Rate Floor: 3.10%) due 01/17/37◊,4		6,400,000		6,227,453
ACRES Commercial Realty Ltd.
2021-FL2 D, 8.30% (1 Month Term SOFR + 3.21%, Rate Floor: 3.21%) due 01/15/37◊,4		8,350,000		7,939,684
2021-FL1 D, 7.85% (1 Month Term SOFR + 2.76%, Rate Floor: 2.76%) due 06/15/36◊,4		7,250,000		6,930,952
2021-FL2 C, 7.85% (1 Month Term SOFR + 2.76%, Rate Floor: 2.76%) due 01/15/37◊,4		6,500,000		6,342,200
2021-FL2 B, 7.45% (1 Month Term SOFR + 2.36%, Rate Floor: 2.36%) due 01/15/37◊,4		3,500,000		3,429,567
Cerberus Loan Funding XLVII LLC
2024-3A C, 7.95% (3 Month Term SOFR + 2.55%, Rate Floor: 2.55%) due 07/15/36◊,4		20,150,000		20,221,929
2024-3A D, 9.68% (3 Month Term SOFR + 4.35%, Rate Floor: 4.35%) due 07/15/36◊,4		3,900,000		3,926,281
Cerberus Loan Funding XLIV LLC
2024-5A C, 9.50% (3 Month Term SOFR + 4.20%, Rate Floor: 4.20%) due 01/15/36◊,4		22,800,000		22,929,490
Cerberus Loan Funding XLII LLC
2023-3A C, 9.44% (3 Month Term SOFR + 4.15%, Rate Floor: 4.15%) due 09/13/35◊,4		21,550,000		21,574,457
MidOcean Credit CLO VII
2020-7A CR, 7.76% (3 Month Term SOFR + 2.46%, Rate Floor: 0.00%) due 07/15/29◊,4		21,000,000		21,021,798
Golub Capital Partners CLO Ltd.
2018-36A C, 7.60% (3 Month Term SOFR + 2.36%, Rate Floor: 0.00%) due 02/05/31◊,4		20,000,000		20,092,446
BSPDF Issuer Ltd.
2021-FL1 D, 7.96% (1 Month Term SOFR + 2.86%, Rate Floor: 2.75%) due 10/15/36◊,4		19,975,000		19,219,426
BSPRT Issuer Ltd.
2021-FL6 D, 8.21% (1 Month Term SOFR + 3.11%, Rate Floor: 3.00%) due 03/15/36◊,4		18,425,000		16,832,715
2021-FL7 D, 7.96% (1 Month Term SOFR + 2.86%, Rate Floor: 2.86%) due 12/15/38◊,4		1,600,000		1,549,066
Golub Capital Partners CLO 49M Ltd.
2021-49A D, 9.39% (3 Month Term SOFR + 4.11%, Rate Floor: 4.11%) due 08/26/33◊,4		18,100,000		18,155,010

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 183

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Voya CLO Ltd.
2021-2A CR, 9.16% (3 Month Term SOFR + 3.86%, Rate Floor: 3.60%) due 06/07/30◊,4		16,500,000	$	16,695,890
2013-1A INC, due 10/15/304,8		28,970,307		775,825
Owl Rock CLO I LLC
2024-1A C, 9.38% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 02/20/36◊,4		17,250,000		17,309,732
Cerberus Loan Funding XLV LLC
2024-1A C, 8.45% (3 Month Term SOFR + 3.15%, Rate Floor: 3.15%) due 04/15/36◊,4		17,150,000		17,205,557
STWD Ltd.
2022-FL3 D, 8.09% (30 Day Average SOFR + 2.75%, Rate Floor: 2.75%) due 11/15/38◊,4		11,900,000		10,925,833
2021-FL2 D, 7.93% (1 Month Term SOFR + 2.91%, Rate Floor: 2.80%) due 04/18/38◊,4		3,750,000		3,506,331
Carlyle Direct Lending CLO LLC
2024-1A BR, 8.07% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/15/36◊,4		14,200,000		14,199,061
GoldenTree Loan Management US CLO 1 Ltd.
2024-9A DR, 8.63% (3 Month Term SOFR + 3.35%, Rate Floor: 3.35%) due 04/20/37◊,4		13,500,000		13,693,698
Ares Direct Lending CLO 2 LLC
2024-2A D, due 10/20/36◊,†††,4		13,050,000		13,142,655
Cerberus Loan Funding XL LLC
2023-1A C, 9.70% (3 Month Term SOFR + 4.40%, Rate Floor: 4.40%) due 03/22/35◊,4		12,750,000		12,824,891
Neuberger Berman Loan Advisers CLO 32 Ltd.
2021-32A DR, 8.24% (3 Month Term SOFR + 2.96%, Rate Floor: 2.70%) due 01/20/32◊,4		11,500,000		11,530,255
Fortress Credit BSL XV Ltd.
2024-2A CR, 7.88% (3 Month Term SOFR + 2.60%, Rate Floor: 2.60%) due 10/18/33◊,4		11,150,000		11,254,341
KREF Ltd.
2021-FL2 AS, 6.50% (1 Month Term SOFR + 1.41%, Rate Floor: 1.30%) due 02/15/39◊,4		11,000,000		10,764,233
Owl Rock CLO XVI LLC
2024-16A C, 8.58% (3 Month Term SOFR + 3.30%, Rate Floor: 3.30%) due 04/20/36◊,4		10,150,000		10,228,504
THL Credit Lake Shore MM CLO I Ltd.
2021-1A CR, 8.56% (3 Month Term SOFR + 3.26%, Rate Floor: 3.00%) due 04/15/33◊,4		9,900,000		9,749,183
Golub Capital Partners CLO 16 Ltd.
2021-16A CR2, 8.45% (3 Month Term SOFR + 3.16%, Rate Floor: 2.90%) due 07/25/33◊,4		9,300,000		9,268,936
Cerberus Loan Funding XLVI, LP
2024-2A C, 8.36% (3 Month Term SOFR + 3.05%, Rate Floor: 3.05%) due 07/15/36◊,4		8,000,000		7,998,658
2024-2A D, 10.26% (3 Month Term SOFR + 4.95%, Rate Floor: 4.95%) due 07/15/36◊,4		1,000,000		1,022,470
BCC Middle Market CLO LLC
2021-1A A1R, 7.06% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 10/15/33◊,4		9,000,000		9,009,810
CIFC Funding Ltd.
2021-2A DR, 8.64% (3 Month Term SOFR + 3.36%, Rate Floor: 3.10%) due 04/20/30◊,4		8,100,000		8,155,597
BSPRT Issuer LLC
2024-FL11 C, 7.81% (1 Month Term SOFR + 2.64%, Rate Floor: 2.64%) due 07/15/39◊,4		7,825,000		7,810,328
Madison Park Funding XLVIII Ltd.
2021-48A D, 8.54% (3 Month Term SOFR + 3.26%, Rate Floor: 3.26%) due 04/19/33◊,4		7,500,000		7,542,356
ACRE Commercial Mortgage Ltd.
2021-FL4 D, 7.73% (1 Month Term SOFR + 2.71%, Rate Floor: 2.60%) due 12/18/37◊,4		7,350,000		7,214,537
FS Rialto Issuer LLC
2022-FL5 C, 8.89% (1 Month Term SOFR + 3.92%, Rate Floor: 3.92%) due 06/19/37◊,4		6,950,000		6,837,477
Madison Park Funding LVIII Ltd.
2024-58A D, 8.97% (3 Month Term SOFR + 3.65%, Rate Floor: 3.65%) due 04/25/37◊,4		6,600,000		6,674,197
Dryden 37 Senior Loan Fund
2015-37A Q, due 01/15/314,8		9,500,000		6,566,978
Cerberus Loan Funding XXXIII, LP
2021-3A C, 8.36% (3 Month Term SOFR + 3.06%, Rate Floor: 2.80%) due 07/23/33◊,4		5,900,000		5,909,131
ABPCI Direct Lending Fund CLO I LLC
2021-1A C2, 8.54% (3 Month Term SOFR + 3.26%, Rate Floor: 3.26%) due 07/20/33◊,4		5,550,000		5,599,978
Venture XIV CLO Ltd.
2020-14A CRR, 7.57% (3 Month Term SOFR + 2.51%, Rate Floor: 2.25%) due 08/28/29◊,4		5,518,631		5,524,267
Cerberus Loan Funding XLVIII LLC
2024-4A D, due 10/15/36◊,4		5,350,000		5,353,210

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
KREF Funding V LLC
6.96% (1 Month Term SOFR + 1.86%, Rate Floor: 1.86%) due 06/25/26◊,†††		5,184,387	$	5,151,207
0.15% due 06/25/26†††,9		73,636,363		78,791
Cerberus Loan Funding XXXV, LP
2021-5A C, 8.16% (3 Month Term SOFR + 2.86%, Rate Floor: 2.60%) due 09/22/33◊,4		5,150,000		5,141,839
Neuberger Berman Loan Advisers CLO 40 Ltd.
2021-40A D, 8.30% (3 Month Term SOFR + 3.01%, Rate Floor: 2.75%) due 04/16/33◊,4		4,050,000		4,061,578
Neuberger Berman Loan Advisers CLO 57 Ltd.
2024-57A SUB, due 10/24/38◊,4		4,250,000		3,705,023
Wellfleet CLO Ltd.
2021-3A C, 7.81% (3 Month Term SOFR + 2.51%, Rate Floor: 2.25%) due 01/15/35◊,4		3,400,000		3,405,557
Ares Direct Lending CLO 1 LLC
2024-1A B, 7.59% (3 Month Term SOFR + 2.20%, Rate Floor: 2.20%) due 04/25/36◊,4		2,750,000		2,753,051
HGI CRE CLO Ltd.
2021-FL2 D, 7.36% (1 Month Term SOFR + 2.26%, Rate Floor: 2.26%) due 09/17/36◊,4		1,600,000		1,523,193
2021-FL2 E, 7.66% (1 Month Term SOFR + 2.56%, Rate Floor: 2.56%) due 09/17/36◊,4		1,200,000		1,143,880
BDS Ltd.
2021-FL9 E, 7.73% (1 Month Term SOFR + 2.71%, Rate Floor: 2.60%) due 11/16/38◊,4		2,700,000		2,550,866
PFP Ltd.
2024-11 B, 7.57% (1 Month Term SOFR + 2.49%, Rate Floor: 2.49%) due 09/17/39◊,4		2,250,000		2,244,430
BNPP IP CLO Ltd.
2014-2A E, 10.77% (3 Month Term SOFR + 5.51%, Rate Floor: 0.00%) due 10/30/25◊,4		6,337,836		2,114,175
GoldenTree Loan Management US CLO 4 Ltd.
2021-4A DR, 8.70% (3 Month Term SOFR + 3.41%, Rate Floor: 3.15%) due 04/24/31◊,4		2,000,000		2,013,894
Octagon Loan Funding Ltd.
2014-1A SUB, due 11/18/314,8		19,435,737		1,941,974
Wind River CLO Ltd.
2018-1A ARR, 6.59% (3 Month Term SOFR + 1.31%, Rate Floor: 1.05%) due 07/18/31◊,4		1,799,386		1,800,869
Dryden 50 Senior Loan Fund
2017-50A SUB, due 07/15/304,8		7,895,000		1,501,787
Carlyle Global Market Strategies CLO Ltd.
2012-3A SUB, due 01/14/324,8		6,400,000		1,319,587
2013-3X SUB, due 10/15/308		4,938,326		106,964
WhiteHorse X Ltd.
2015-10A E, 10.85% (3 Month Term SOFR + 5.56%, Rate Floor: 5.30%) due 04/17/27◊,4		1,046,102		1,046,071
AMMC CLO XI Ltd.
2012-11A SUB, due 04/30/314,8		5,650,000		674,756
Great Lakes CLO Ltd.
2014-1A SUB, due 10/15/294,8		1,500,000		566,467
Babson CLO Ltd.
2014-IA SUB, due 07/20/254,8		11,900,000		284,529
KVK CLO Ltd.
2013-1A SUB, due 01/14/284,8		11,900,000		224,910
Dryden 41 Senior Loan Fund
2015-41A SUB, due 04/15/314,8		11,700,000		199,129
Treman Park CLO Ltd.
2015-1A SUB, due 10/20/284,8		18,918,010		168,181
Marathon CLO V Ltd.
2013-5A SUB, due 11/21/274,8		5,500,000		42,350
Dryden Senior Loan Fund
2015-37X, due 01/15/318		1,897,598		39,165
Venture XIII CLO Ltd.
2013-13A SUB, due 09/10/294,8		13,790,000		1,379
Copper River CLO Ltd.
2007-1A INC, due 01/20/213,8		8,150,000		815
West CLO Ltd.
2013-1A SUB, due 11/07/254,8		5,300,000		530
Total Collateralized Loan Obligations				747,550,082
Transport-Aircraft - 2.6%
AASET Trust
2024-1A, 6.26% due 05/16/494		14,112,170		14,656,309
2021-1A, 2.95% due 11/16/414		14,772,887		13,748,799
2020-1A, 3.35% due 01/16/404		4,461,497		4,238,792
2020-1A, 4.34% due 01/16/404		3,751,347		3,104,343
2021-2A, 3.54% due 01/15/474		2,882,479		2,589,580
2019-2, 3.38% due 10/16/394		2,072,609		1,990,948
2019-1, 3.84% due 05/15/394		935,132		902,616
KDAC Aviation Finance Ltd.
2017-1A, 4.21% due 12/15/424		24,994,729		23,023,362
Navigator Aviation Ltd.
2024-1, 6.09% due 08/15/494		15,000,000		15,042,600
GAIA Aviation Ltd.
2019-1, 3.97% due 12/15/444,10		10,344,032		9,700,685
2019-1, 5.19% due 12/15/444,10		4,716,821		4,245,946
Sprite Ltd.
2021-1, 3.75% due 11/15/464		12,209,382		11,688,697
Slam Ltd.
2024-1A, 5.34% due 09/15/494		8,900,000		8,876,031
2021-1A, 3.42% due 06/15/464		2,868,840		2,594,548
Castlelake Aircraft Securitization Trust
2019-1A, 3.97% due 04/15/394		4,886,436		4,471,621
2018-1, 4.13% due 06/15/434		4,512,497		4,208,264
Falcon Aerospace Ltd.
2017-1, 4.58% due 02/15/424		4,342,648		4,255,824
2019-1, 3.60% due 09/15/394		3,448,256		3,231,314
2017-1, 6.30% due 02/15/424		1,240,740		1,191,119

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 185

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
JOL Air Ltd.
2019-1, 3.97% due 04/15/444		8,587,056	$	8,287,540
Sapphire Aviation Finance I Ltd.
2018-1A, 4.25% due 03/15/404		7,873,119		7,511,822
Labrador Aviation Finance Ltd.
2016-1A, 4.30% due 01/15/424		7,346,518		6,795,847
Navigator Aircraft ABS Ltd.
2021-1, 3.57% due 11/15/464		7,007,361		6,417,153
Sapphire Aviation Finance II Ltd.
2020-1A, 4.34% due 03/15/404		7,188,572		5,681,329
2020-1A, 3.23% due 03/15/404		452,340		415,199
AASET US Ltd.
2018-2A, 4.45% due 11/18/384		5,951,238		5,728,100
WAVE LLC
2019-1, 3.60% due 09/15/444		5,743,260		5,312,745
Project Silver
2019-1, 3.97% due 07/15/444		5,099,497		4,692,047
Lunar Structured Aircraft Portfolio Notes
2021-1, 3.43% due 10/15/464		4,703,324		4,256,429
MACH 1 Cayman Ltd.
2019-1, 3.47% due 10/15/394		2,802,432		2,606,626
MAPS Ltd.
2018-1A, 4.21% due 05/15/434		1,150,279		1,135,955
Castlelake Aircraft Structured Trust
2021-1A, 6.66% due 01/15/464		889,536		859,768
MAPS Trust
2021-1A, 2.52% due 06/15/464		681,042		634,710
Total Transport-Aircraft				194,096,668
Financial - 2.1%
HarbourVest Structured Solutions IV Holdings, LP
8.28% (3 Month Term SOFR + 2.95%, Rate Floor: 2.45%) due 09/15/26◊,†††		18,902,986		18,822,648
6.38% (3 Month EURIBOR + 2.45%, Rate Floor: 2.45%) due 09/15/26◊,†††		EUR 9,403,421		10,353,189
Lightning A
5.50% due 03/01/37†††		25,804,314		24,204,446
Thunderbird A
5.50% due 03/01/37†††		25,622,353		24,033,767
KKR Core Holding Company LLC
4.00% due 08/12/31†††		21,475,137		20,030,719
Project Onyx I
8.47% (3 Month Term SOFR + 3.15%, Rate Floor: 3.15%) due 01/26/27◊,†††		15,133,882		15,098,468
Ceamer Finance LLC
6.92% due 11/15/37†††		9,873,219		9,938,086
3.69% due 03/24/31†††		4,384,950		4,158,292
Bib Merchant Voucher Receivables Ltd.
4.18% due 04/07/28†††		9,327,379		9,199,781
Nassau LLC
2019-1, 3.98% due 08/15/343		8,942,768		8,186,044
Lightning B
7.50% due 03/01/37†††		5,190,523		4,870,475
Thunderbird B
7.50% due 03/01/37†††		5,153,922		4,836,131
Project Onyx II
8.47% (3 Month Term SOFR + 3.15%, Rate Floor: 3.15%) due 01/26/27◊,†††		4,321,663		4,291,627
Total Financial				158,023,673
Infrastructure - 1.5%
VB-S1 Issuer LLC - VBTEL
2022-1A, 5.27% due 02/15/524		39,650,000		37,181,605
2024-1A, 8.87% due 05/15/544		5,950,000		6,154,444
Hotwire Funding LLC
2023-1A, 8.84% due 05/20/534		20,000,000		20,665,698
2021-1, 4.46% due 11/20/514		11,750,000		10,999,508
2024-1A, 9.19% due 06/20/544		7,250,000		7,650,015
Switch ABS Issuer LLC
2024-2A, 5.44% due 06/25/544		17,550,000		17,732,934
Vault DI Issuer LLC
2021-1A, 2.80% due 07/15/464		7,150,000		6,558,031
Aligned Data Centers Issuer LLC
2021-1A, 2.48% due 08/15/464		4,925,000		4,608,940
Blue Stream Issuer LLC
2023-1A, 6.90% due 05/20/534		3,400,000		3,446,841
Total Infrastructure				114,998,016
Net Lease - 0.6%
CARS-DB4, LP
2020-1A, 4.95% due 02/15/504		27,799,000		24,877,587
CARS-DB7, LP
2023-1A, 6.50% due 09/15/534		11,158,750		11,434,224
SVC ABS LLC
2023-1A, 5.55% due 02/20/534		5,926,448		5,762,391
Total Net Lease				42,074,202
Whole Business - 0.5%
Subway Funding LLC
2024-1A, 6.51% due 07/30/544		17,750,000		18,406,620
2024-3A, 5.91% due 07/30/544		9,050,000		9,057,106
Applebee’s Funding LLC / IHOP Funding LLC
2019-1A, 4.72% due 06/05/494		9,742,590		9,583,091
Taco Bell Funding LLC
2016-1A, 4.97% due 05/25/464		2,648,438		2,652,234
Wendy’s Funding LLC
2018-1A, 3.88% due 03/15/484		372,951		361,886
Total Whole Business				40,060,937
Single Family Residence - 0.5%
FirstKey Homes Trust
2020-SFR2, 4.00% due 10/19/374		13,550,000		13,181,786
2020-SFR2, 4.50% due 10/19/374		13,250,000		12,910,600
2020-SFR2, 3.37% due 10/19/374		8,550,000		8,283,379
Total Single Family Residence				34,375,765
Insurance - 0.4%
Obra Longevity
8.48% due 06/30/39†††		20,580,000		20,944,266
CHEST
7.13% due 03/15/43†††		5,700,000		5,983,005
Total Insurance				26,927,271

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Asset-Backed Securities - 0.2%
Endo Luxembourg Finance Co. I SARL / Endo US, Inc.
7.40% due 09/30/45†††		17,000,000	$	17,879,410
Collateralized Debt Obligations - 0.1%
Anchorage Credit Funding 4 Ltd.
2021-4A CR, 3.52% due 04/27/394		4,250,000		3,842,472
Total Asset-Backed Securities
(Cost $1,404,003,511)				1,379,828,496
SENIOR FLOATING RATE INTERESTS††,◊ - 15.9%
Consumer, Cyclical - 4.2%
Zephyr Bidco Ltd.
10.45% (1 Month GBP SONIA + 5.50%, Rate Floor: 5.50%) due 07/20/28		GBP 20,850,000		27,971,443
FR Refuel LLC
9.71% (1 Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 11/08/28†††		20,698,329		20,284,362
Crash Champions Inc.
9.85% (3 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 02/23/29		18,565,000		17,822,400
MB2 Dental Solutions LLC
10.85% (1 Month Term SOFR + 6.00%, Rate Floor: 6.75%) due 02/13/31†††		15,305,530		15,270,626
6.75% (1 Month Term SOFR + 6.00%, Rate Floor: 6.75%) due 02/13/31†††		606,000		537,083
Alexander Mann
11.44% (1 Month SOFR + 6.00%, Rate Floor: 6.00%) due 06/29/27		15,905,292		15,487,779
First Brands Group LLC
10.51% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 03/30/27		12,870,653		12,716,801
Fertitta Entertainment LLC
8.85% (1 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 01/27/29		12,479,008		12,438,326
Pacific Bells LLC
9.37% (1 Month Term SOFR + 4.50%, Rate Floor: 9.50%) due 11/10/28		11,943,491		11,943,491
Casper Bidco SAS (B&B Hotels)
7.63% (1 Month EURIBOR + 4.25%, Rate Floor: 4.25%) due 03/21/31		EUR 10,496,376		11,711,192
One Hotels GmbH
8.21% (3 Month EURIBOR + 4.50%, Rate Floor: 4.50%) due 04/02/31		EUR 10,400,000		11,590,805
Drive Bidco B.V.
8.13% (3 Month EURIBOR + 4.50%, Rate Floor: 4.50%) due 05/09/31†††		EUR 8,800,000		9,776,144
Rent-A-Center, Inc.
8.00% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 02/17/28		9,730,735		9,695,315
QSRP Finco B.V.
8.96% (3 Month EURIBOR + 5.25%, Rate Floor: 5.25%) due 06/19/31		EUR 8,600,000		9,588,440
Caesars Entertainment, Inc.
7.60% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 02/06/31		9,303,250		9,291,621
Peer Holding III BV
7.60% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 07/01/31		5,120,000		5,128,550
7.85% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/28/30		3,482,500		3,489,047
The Facilities Group
10.64% ((3 Month Term SOFR + 5.75%) and (6 Month Term SOFR + 5.75%), Rate Floor: 6.75%) due 11/30/27†††		8,329,720		8,191,164
NFM & J LLC
11.10% (3 Month Term SOFR + 5.75%, Rate Floor: 6.75%) due 11/30/27†††		8,194,570		8,058,262
PCI Gaming Authority, Inc.
6.85% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/18/31		7,182,000		7,134,599
Holding SOCOTEC
6.85% (6 Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 06/30/28		6,935,500		6,918,161
Scientific Games Corp.
8.32% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 04/04/29		6,955,000		6,909,167
Clarios Global, LP
6.38% (1 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 07/16/31		EUR 4,810,000		5,341,891
7.35% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 05/06/30		1,170,000		1,168,783
Apro LLC
8.87% (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 07/09/31		6,350,000		6,365,875
Entain Holdings (Gibraltar) Ltd.
6.92% (6 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 06/30/28		EUR 5,450,000		6,095,211
Shaw Development LLC
11.25% (3 Month Term SOFR + 6.00%, Rate Floor: 6.00%) due 10/30/29†††		6,135,128		6,031,234
Grant Thornton Advisors LLC
8.10% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 06/02/31		5,670,000		5,676,350
Packers Holdings LLC
8.20% (1 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 03/09/28		9,103,678		4,728,268
Accuride Corp.
11.93% (1 Month Term SOFR + 1.00%, Rate Floor: 6.06%) (in-kind rate was 5.87%) due 05/18/2611		6,067,545		4,027,333
ImageFIRST Holdings LLC
8.85% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 04/27/28†††		3,843,908		3,815,079
Da Vinci Purchaser Corp.
8.35% (1 Month Term SOFR + 3.50%, Rate Floor: 4.50%) due 01/08/27		3,791,263		3,788,913
Tacala Investment Corp.
8.35% (3 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 01/31/31		2,985,000		2,985,746
due 01/31/31		600,000		600,150

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 187

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Orion Group
10.87% (1 Month Term SOFR + 6.51%, Rate Floor: 7.51%) due 03/19/27†††		3,572,479	$	3,500,397
ScribeAmerica Intermediate Holdco LLC (Healthchannels)
9.67% (6 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 04/03/25		4,603,917		3,057,784
Albion Financing 3 SARL
7.96% (3 Month EURIBOR + 4.25%, Rate Floor: 4.25%) due 08/16/29		EUR 2,300,000		2,570,037
SHO Holding I Corp.
11.82% (1 Month Term SOFR + 6.50%, Rate Floor: 7.50%) due 06/30/29†††		1,698,653		1,685,849
12.32% (1 Month Term SOFR + 2.00%, Rate Floor: 7.32%) (in-kind rate was 5.00%) due 06/30/29†††,11		606,701		533,897
Congruex Group LLC
11.15% (3 Month Term SOFR + 5.75%, Rate Floor: 6.50%) due 05/03/29		2,738,642		2,112,177
Allwyn Entertainment Financing US LLC
7.55% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 06/02/31		1,970,000		1,966,316
Dealer Tire LLC
8.35% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 07/02/31		1,805,000		1,807,256
Accuride Corp.
14.85% (1 Month Term SOFR) (in-kind rate was 14.85%) due 10/07/24†††,11		1,865,969		1,777,113
Checkers Holdings, Inc.
14.70% (6 Month Term SOFR + 3.00%, Rate Floor: 8.70%) (in-kind rate was 6.00%) due 06/16/28†††,11		1,293,192		1,293,192
12.70% (6 Month Term SOFR + 3.00%, Rate Floor: 8.70%) (in-kind rate was 4.00%) due 06/16/27†††,11		180,443		180,443
Alterra Mountain Co.
8.10% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 08/17/28		1,436,400		1,437,592
EG Finco Ltd.
11.45% (1 Month GBP SONIA + 6.62%, Rate Floor: 6.62%) due 02/07/28†††		GBP 561,394		735,585
Verisure Holding AB
6.35% (3 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 03/27/28		EUR 370,000		412,213
WW International, Inc.
8.46% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 04/13/28		750,000		199,222
Total Consumer, Cyclical				315,848,684
Consumer, Non-cyclical - 3.1%
Women’s Care Holdings, Inc.
9.85% (3 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 01/15/28		30,362,519		29,173,219
Midwest Veterinary Partners LLC
8.87% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 04/27/28		20,861,466		20,841,856
Nidda Healthcare Holding GmbH
due 02/21/30		EUR 8,250,000		9,183,328
7.10% (1 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 08/21/26		EUR 7,897,239		8,784,766
HAH Group Holding Co. LLC
10.35% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 09/17/31		8,140,601		8,137,181
due 09/17/31		6,680,000		6,584,008
10.26% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 09/17/31		2,471,885		2,470,847
PlayCore
9.75% (3 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 02/20/30		16,592,498		16,638,127
Southern Veterinary Partners LLC
8.00% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 10/05/27		14,651,705		14,657,858
Quirch Foods Holdings LLC
9.89% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 10/27/27		15,021,640		14,120,342
PetIQ LLC
9.22% (1 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 04/13/28		14,029,001		14,011,465
LaserAway Intermediate Holdings II LLC
11.30% (3 Month Term SOFR + 5.75%, Rate Floor: 6.50%) due 10/14/27		12,189,834		12,098,411
Blue Ribbon LLC
11.58% (3 Month Term SOFR + 6.00%, Rate Floor: 6.75%) due 05/08/28		14,689,231		10,221,208
Rainbow Finco SARL
9.70% (3 Month GBP SONIA + 4.75%, Rate Floor: 4.75%) due 02/26/29		GBP 7,250,000		9,654,065
CHG PPC Parent LLC
7.71% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 12/08/28		9,076,418		9,036,754
Eyecare Partners LLC
9.99% (3 Month Term SOFR + 1.00%, Rate Floor: 6.38%) (in-kind rate was 3.61%) due 11/30/2811		8,798,944		6,247,251
11.03% (3 Month Term SOFR + 5.75%, Rate Floor: 5.75%) due 08/31/28		2,100,649		2,107,644
Gibson Brands, Inc.
10.58% (6 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 08/11/28		8,071,750		7,668,163
Florida Food Products LLC
9.96% (1 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 10/18/28		8,667,549		7,562,437
Outcomes Group Holdings, Inc.
9.10% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 05/06/31		4,339,125		4,361,732
IVI America LLC
9.10% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 04/09/31		4,300,000		4,323,048
VC GB Holdings I Corp.
8.37% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 07/21/28		4,128,772		4,115,230

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Froneri US, Inc.
due 09/16/31		3,200,000	$	3,186,208
Resonetics LLC
8.71% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 06/18/31		2,820,000		2,821,325
Endo Finance Holdings, Inc.
9.78% (3 Month Term SOFR + 4.50%, Rate Floor: 5.00%) due 04/23/31		1,700,000		1,697,518
Medical Solutions Parent Holdings, Inc.
8.85% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 11/01/28		2,217,732		1,674,388
Heritage Grocers Group LLC
11.45% (3 Month Term SOFR + 6.75%, Rate Floor: 7.50%) due 08/01/29		1,674,372		1,649,256
Osmosis Holdings Australia II Pty Ltd.
8.70% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 07/31/28		1,640,826		1,638,349
Moran Foods LLC
11.95% (3 Month Term SOFR + 7.25%, Rate Floor: 8.25%) due 06/30/26†††		1,033,634		570,533
Weber-Stephen Products LLC
9.20% (1 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 10/30/27		414,375		389,687
TGP Holdings LLC
8.20% (1 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 06/29/28		211,599		198,903
Total Consumer, Non-cyclical				235,825,107
Technology - 3.0%
Sitecore Holding III A/S
13.30% (6 Month Term SOFR + 7.00%, Rate Floor: 12.55%) (in-kind rate was 0.75%) due 03/12/29†††,11		13,884,621		13,769,026
11.55% (6 Month EURIBOR + 7.00%, Rate Floor: 10.80%) (in-kind rate was 0.75%) due 03/12/29†††,11		EUR 9,764,781		10,784,592
Datix Bidco Ltd.
10.70% (1 Month GBP SONIA + 5.50%, Rate Floor: 5.50%) due 04/25/31†††		GBP 12,072,000		16,017,635
10.82% (1 Month Term SOFR + 5.50%, Rate Floor: 6.00%) due 04/30/31†††		3,430,000		3,403,880
Visma AS
7.38% (6 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 12/05/28†††		EUR 16,296,596		17,968,182
Avalara, Inc.
10.85% (3 Month Term SOFR + 6.25%, Rate Floor: 7.00%) due 10/19/28†††		16,000,000		15,845,401
Aston FinCo SARL
9.72% (1 Month GBP SONIA + 4.75%, Rate Floor: 4.75%) due 10/09/26		GBP 12,579,288		15,578,417
Team.Blue Finco SARL
due 09/30/29		EUR 7,500,000		8,271,049
7.05% (3 Month EURIBOR + 3.70%, Rate Floor: 3.70%) due 03/30/28		EUR 6,506,144		7,114,690
DS Admiral Bidco LLC
9.10% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 06/26/31		15,720,000		15,091,200
Polaris Newco LLC
8.62% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 06/04/26†††		15,053,504		14,422,839
Wrench Group LLC
8.87% (3 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 10/30/28		12,935,000		12,924,264
Concorde Lux
7.85% (6 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 03/01/28		EUR 10,525,431		11,697,893
Modena Buyer LLC
9.10% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 07/01/31		10,420,000		9,953,288
Leia Finco US LLC
due 07/02/31		10,065,000		9,898,626
Boxer Parent Co., Inc.
9.01% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 07/30/31		8,670,000		8,646,851
Pushpay USA, Inc.
9.10% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 08/15/31†††		7,645,000		7,625,888
Finastra
12.18% (3 Month Term SOFR + 7.25%, Rate Floor: 8.25%) due 09/13/29†††		7,630,655		7,573,997
Planview Parent, Inc.
8.35% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 12/17/27		4,109,700		4,109,741
Blackhawk Network Holdings, Inc.
9.85% (1 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 03/12/29		3,930,150		3,944,534
Azalea TopCo
8.35% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 04/30/31		3,930,000		3,920,175
Atlas CC Acquisition Corp.
9.57% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 05/25/28		3,022,363		2,328,066
Central Parent LLC
7.85% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 07/06/29		1,470,000		1,453,345
Precise Midco B.V.
7.47% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 11/15/30		EUR 1,000,000		1,114,924
Cloud Software Group, Inc.
8.60% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 03/30/29		989,706		984,856
Xerox Corp.
8.71% ((1 Month Term SOFR + 4.00%) and (3 Month Term SOFR + 4.00%), Rate Floor: 4.50%) due 11/17/29		444,231		441,899
Finastra USA, Inc.
12.18% (3 Month Term SOFR + 7.25%, Rate Floor: 8.25%) due 09/13/29†††		447,436		401,840
Total Technology				225,287,098

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 189

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Industrial - 2.5%
Capstone Acquisition Holdings, Inc.
9.45% (1 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 11/12/29†††		17,817,209	$	17,716,207
Arcline FM Holdings, LLC
9.65% ((3 Month Term SOFR + 4.50%) and (6 Month Term SOFR + 4.50%), Rate Floor: 5.25%) due 06/23/28		14,046,407		14,061,436
Dispatch Terra Acquisition LLC
9.00% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/27/28		10,059,270		9,110,782
Hobbs & Associates LLC
8.10% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 07/23/31		9,063,636		9,040,977
Merlin Buyer, Inc.
9.35% (3 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 12/14/28†††		8,266,080		8,204,085
Fugue Finance LLC
8.81% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 02/26/31		8,029,875		8,068,017
Boluda Towage S.L.
7.26% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 06/01/30		EUR 7,215,385		8,057,783
Foundation Building Materials Holding Company LLC
9.25% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 01/29/31		8,159,000		7,932,751
DXP Enterprises, Inc.
10.16% (6 Month Term SOFR + 4.75%, Rate Floor: 5.75%) due 10/11/30		5,890,500		5,893,445
due 10/11/30		2,000,000		2,001,000
Quikrete Holdings, Inc.
7.35% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 04/14/31		7,860,500		7,860,500
Valcour Packaging LLC
9.33% (3 Month Term SOFR + 1.50%, Rate Floor: 7.08%) (in-kind rate was 2.25%) due 10/04/2811		4,153,784		3,590,448
10.56% (3 Month Term SOFR + 5.25%, Rate Floor: 5.25%) due 10/04/28		3,454,560		3,489,106
Michael Baker International LLC
9.60% (1 Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 12/01/28		7,052,325		7,078,771
DG Investment Intermediate Holdings 2, Inc.
due 03/31/28		7,080,804		7,049,861
Merlin Buyer, Inc.
8.60% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 12/14/28		6,880,579		6,828,975
Geo Parent Corp.
10.60% (3 Month Term SOFR + 5.25%, Rate Floor: 5.25%) due 12/19/28†††		5,870,500		5,870,500
Inspired Finco Holdings Ltd.
7.38% (1 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 02/28/31		EUR 5,200,000		5,800,325
United Airlines Inc.
8.03% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 02/22/31		5,236,875		5,238,499
Integrated Power Services Holdings, Inc.
9.46% (1 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 11/22/28†††		4,800,061		4,785,850
Anchor Packaging LLC
8.60% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 07/18/29		4,690,000		4,698,817
MI Windows And Doors LLC
8.35% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 03/28/31		3,592,188		3,595,169
Artera Services LLC
9.10% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 02/15/31		3,594,833		3,495,400
FCG Acquisitions, Inc
8.71% (1 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 03/31/28		3,432,262		3,428,830
TK Elevator Midco GmbH
6.38% (1 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 01/29/27†††		EUR 3,067,766		3,280,862
Aegion Corp.
8.60% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 05/17/28		3,116,489		3,122,348
Mauser Packaging Solutions Holding Co.
8.70% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 04/15/27		2,992,424		2,996,584
Brown Group Holding LLC
7.60% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 07/01/31		1,396,151		1,391,879
7.84% ((1 Month Term SOFR + 2.75%) and (3 Month Term SOFR + 2.75%), Rate Floor: 3.25%) due 07/01/31		1,246,875		1,243,409
ILPEA Parent, Inc.
8.85% (1 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 06/22/28†††		2,076,681		2,079,277
NA Rail Hold Co. LLC
8.87% (3 Month Term SOFR + 4.00%, Rate Floor: 4.25%) due 10/19/26		1,929,790		1,939,439
Madison Safety & Flow LLC
due 09/19/31		1,400,000		1,398,250
EMRLD Borrower, LP
7.56% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 05/31/30		1,261,671		1,258,516
Air Canada
7.25% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 03/21/31		995,000		996,244
Albion Financing 3 SARL
9.83% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 08/16/29		768,075		770,955
API Heat Transfer Thermasys Corp.
13.19% (3 Month Term SOFR + 8.00%, Rate Floor: 11.00%) due 11/12/27†††		485,976		485,976
10.19% (3 Month Term SOFR + 5.00%, Rate Floor: 8.00%) due 11/10/27†††		281,275		281,275
Gulfside Supply, Inc.
8.29% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 06/17/31		387,111		386,627
Total Industrial				184,529,175

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Financial - 2.0%
Higginbotham Insurance Agency, Inc.
9.35% (1 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 11/24/28†††		20,828,171	$	20,664,119
Asurion LLC
9.10% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 09/19/30		15,350,000		15,062,188
9.20% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 08/19/28		3,088,533		3,039,456
Eisner Advisory Group
8.85% (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 02/28/31		16,078,703		16,110,378
HighTower Holding LLC
8.75% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 04/21/28		12,306,060		12,298,431
Aretec Group, Inc.
8.85% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 08/09/30		12,251,405		11,987,632
Claudius Finance Parent SARL
7.20% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 07/10/28		EUR 9,225,000		10,270,377
AqGen Island Holdings, Inc.
8.46% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 08/02/28		9,078,174		9,061,198
Duff & Phelps
8.35% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 04/09/27		5,837,703		5,712,543
due 04/09/27		EUR 3,000,000		3,208,887
Osaic Holdings, Inc.
8.85% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 08/17/28		5,446,350		5,382,791
Tegra118 Wealth Solutions, Inc.
9.13% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 02/18/27		5,594,443		5,333,966
HUB International Ltd.
8.26% (3 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 06/20/30		4,316,207		4,309,301
Apleona Holding GmbH
7.39% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 04/28/28		EUR 3,200,000		3,574,456
OEG Borrower LLC
8.36% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 06/30/31		3,430,000		3,421,425
Alter Domus
due 07/17/31		3,137,934		3,148,729
Cervantes Bidco S.L.U.
due 06/13/31		EUR 2,800,000		3,126,838
Ardonagh Midco 3 plc
9.90% (6 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 02/16/31†††		3,086,747		3,044,324
Worldpay
7.10% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 01/31/31		3,000,000		2,998,740
Assetmark Financial Holdings, Inc.
7.60% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 06/03/31		2,200,000		2,173,182
Ardonagh Midco 3 plc
8.52% ((3 Month Term SOFR + 3.75%) and (6 Month Term SOFR + 3.75%), Rate Floor: 3.75%) due 02/17/31		2,070,000		2,071,304
Virtu Financial
7.60% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 06/21/31		1,250,000		1,250,000
Capstone Borrower, Inc.
7.85% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 06/17/30		328,075		328,075
Total Financial				147,578,340
Communications - 0.7%
Syndigo LLC
9.46% (1 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 12/15/27		22,041,343		21,931,136
FirstDigital Communications LLC
11.25% (3 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 12/17/26†††		10,470,875		10,234,487
Simon & Schuster
9.26% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 10/30/30		9,850,500		9,821,737
Zayo Group Holdings, Inc.
7.96% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/09/27		6,146,447		5,604,822
Cengage Learning, Inc.
9.54% (6 Month Term SOFR + 4.25%, Rate Floor: 5.25%) due 03/24/31		5,361,563		5,370,034
Xplornet Communications, Inc.
9.57% (3 Month Term SOFR + 4.26%, Rate Floor: 4.76%) due 10/02/28		15,095,771		2,509,672
Total Communications				55,471,888
Energy - 0.3%
BANGL LLC
9.82% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 02/01/29		13,685,346		13,685,346
Bip PipeCo Holdings LLC
7.82% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 12/06/30		3,067,313		3,063,478
Venture Global Calcasieu Pass LLC
7.82% (1 Month Term SOFR + 2.88%, Rate Floor: 3.88%) due 08/19/26		2,474,007		2,471,953
Permian Production Partners LLC
14.96% (1 Month Term SOFR + 6.11%, Rate Floor: 12.96%) (in-kind rate was 2.00%) due 11/24/25†††,11		686,779		679,912
Total Energy				19,900,689
Basic Materials - 0.1%
Arsenal AIC Parent LLC
8.10% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 08/18/30		3,934,681		3,926,812
Discovery Purchaser Corp.
due 10/04/29		1,000,000		994,720

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 191

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
Schur Flexibles GmbH
8.66% (6 Month EURIBOR + 5.50%, Rate Floor: 5.50%) due 09/28/27		EUR 787,500	$	513,072
Total Basic Materials				5,434,604
Total Senior Floating Rate Interests
(Cost $1,213,539,685)				1,189,875,585
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 12.2%
Residential Mortgage-Backed Securities - 5.8%
OBX Trust
2024-NQM5, 6.51% due 01/25/644		12,495,000		12,723,590
2024-NQM6, 6.92% (WAC) due 02/25/64◊,4		6,901,000		7,107,486
2022-NQM9, 6.45% due 09/25/624,10		6,928,155		6,956,187
2023-NQM2, 6.80% due 01/25/624,10		5,673,288		5,726,187
2024-NQM4, 6.62% (WAC) due 01/25/64◊,4		5,250,000		5,359,730
2022-NQM8, 6.10% due 09/25/624,10		3,902,555		3,904,523
JP Morgan Mortgage Acquisition Trust
2006-WMC4, 5.12% (1 Month Term SOFR + 0.26%, Rate Floor: 0.15%) due 12/25/36◊		19,906,408		10,595,293
2006-WMC3, 5.27% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 08/25/36◊		7,742,711		5,681,467
2006-HE3, 4.25% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 11/25/36◊		4,586,567		4,149,251
2006-WMC4, 5.09% (1 Month Term SOFR + 0.23%, Rate Floor: 0.12%) due 12/25/36◊		6,851,961		3,644,792
2006-WMC4, 5.05% (1 Month Term SOFR + 0.19%, Rate Floor: 0.08%) due 12/25/36◊		2,897,249		1,538,690
Top Pressure Recovery Turbines
7.51% due 11/01/69		24,862,593		25,086,356
BRAVO Residential Funding Trust
2022-R1, 3.13% due 01/29/704,10		24,475,688		24,290,994
Ameriquest Mortgage Securities Trust
2006-M3, 5.14% (1 Month Term SOFR + 0.29%, Rate Floor: 0.18%) due 10/25/36◊		18,382,291		10,276,252
2006-M3, 5.21% (1 Month Term SOFR + 0.35%, Rate Floor: 0.24%) due 10/25/36◊		30,697,714		9,045,014
2006-M3, 5.07% (1 Month Term SOFR + 0.21%, Rate Floor: 0.10%) due 10/25/36◊		12,761,606		3,760,354
Mill City Securities Ltd.
2024-RS1, 4.00% due 11/01/694,10		23,164,000		20,762,356
WaMu Asset-Backed Certificates WaMu Series
2007-HE2, 5.33% (1 Month Term SOFR + 0.47%, Rate Floor: 0.47%) due 04/25/37◊		22,843,928		8,629,947
2007-HE2, 5.16% (1 Month Term SOFR + 0.30%, Rate Floor: 0.30%) due 04/25/37◊		17,406,871		6,567,066
2007-HE4, 5.14% (1 Month Term SOFR + 0.28%, Rate Floor: 0.28%) due 07/25/47◊		6,009,990		4,418,234
2007-HE4, 5.22% (1 Month Term SOFR + 0.36%, Rate Floor: 0.36%) due 07/25/47◊		1,883,458		1,125,568
Long Beach Mortgage Loan Trust
2006-6, 5.47% (1 Month Term SOFR + 0.61%, Rate Floor: 0.50%) due 07/25/36◊		13,313,579		5,248,147
2006-8, 5.29% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 09/25/36◊		15,856,466		4,384,576
2006-1, 5.35% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 02/25/36◊		3,558,340		3,031,483
2006-4, 5.29% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 05/25/36◊		9,647,952		2,862,237
2006-6, 5.27% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 07/25/36◊		4,145,687		1,629,963
2006-8, 5.15% (1 Month Term SOFR + 0.29%, Rate Floor: 0.18%) due 09/25/36◊		4,296,804		1,181,815
2006-6, 5.17% (1 Month Term SOFR + 0.31%, Rate Floor: 0.20%) due 07/25/36◊		2,399,851		941,361
RALI Series Trust
2006-QO6, 5.33% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 06/25/46◊		30,674,404		7,151,237
2007-QO2, 5.12% (1 Month Term SOFR + 0.26%, Rate Floor: 0.15%) due 02/25/47◊		12,852,328		4,399,933
2006-QO8, 5.37% (1 Month Term SOFR + 0.51%, Rate Floor: 0.40%) due 10/25/46◊		2,678,389		2,538,499
2006-QO6, 5.43% (1 Month Term SOFR + 0.57%, Rate Floor: 0.46%) due 06/25/46◊		7,981,062		1,904,525
2006-QO6, 5.49% (1 Month Term SOFR + 0.63%, Rate Floor: 0.52%) due 06/25/46◊		5,035,370		1,218,442
2006-QO2, 5.51% (1 Month Term SOFR + 0.65%, Rate Floor: 0.54%) due 02/25/46◊		5,947,913		1,071,413
2006-QO2, 5.65% (1 Month Term SOFR + 0.79%, Rate Floor: 0.68%) due 02/25/46◊		3,182,638		586,675
2006-QO2, 5.41% (1 Month Term SOFR + 0.55%, Rate Floor: 0.44%) due 02/25/46◊		213,333		37,796
American Home Mortgage Assets Trust
2006-6, 5.18% (1 Month Term SOFR + 0.32%, Rate Floor: 0.21%) due 12/25/46◊		6,775,495		5,744,327

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
2006-1, 5.58% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 05/25/46◊		5,735,377	$	5,143,134
2006-3, 6.06% (1 Year CMT Rate + 0.94%, Rate Floor: 0.94%) due 10/25/46◊		4,662,358		3,094,376
LSTAR Securities Investment Ltd.
2024-1, 8.45% (30 Day Average SOFR + 3.10%, Rate Floor: 3.10%) due 01/01/29◊,4		13,170,848		13,124,640
Morgan Stanley IXIS Real Estate Capital Trust
2006-2, 5.19% (1 Month Term SOFR + 0.33%, Rate Floor: 0.22%) due 11/25/36◊		21,054,471		6,839,467
2006-2, 5.12% (1 Month Term SOFR + 0.26%, Rate Floor: 0.15%) due 11/25/36◊		18,514,368		6,014,383
Citigroup Mortgage Loan Trust, Inc.
2007-AMC3, 5.22% (1 Month Term SOFR + 0.36%, Rate Floor: 0.25%) due 03/25/37◊		9,091,299		7,681,709
2022-A, 6.17% due 09/25/624,10		4,226,288		4,226,071
NYMT Loan Trust
2022-SP1, 5.25% due 07/25/624,10		12,025,201		11,801,170
GCAT Trust
2022-NQM5, 5.71% due 08/25/674,10		8,230,142		8,201,299
2023-NQM2, 6.60% due 11/25/674,10		2,692,563		2,706,283
Morgan Stanley ABS Capital I Incorporated Trust
2006-HE8, 5.61% (1 Month Term SOFR + 0.33%, Rate Floor: 0.22%) due 10/25/36◊		18,380,998		8,116,284
2006-HE6, 5.17% (1 Month Term SOFR + 0.31%, Rate Floor: 0.20%) due 09/25/36◊		4,165,628		1,428,077
2007-HE4, 5.20% (1 Month Term SOFR + 0.34%, Rate Floor: 0.23%) due 02/25/37◊		3,657,246		1,190,757
IXIS Real Estate Capital Trust
2007-HE1, 5.55% (1 Month Term SOFR + 0.27%, Rate Floor: 0.16%) due 05/25/37◊		23,074,997		5,439,974
2007-HE1, 5.62% (1 Month Term SOFR + 0.34%, Rate Floor: 0.23%) due 05/25/37◊		16,348,311		3,854,033
GSAMP Trust
2007-NC1, 5.65% (1 Month Term SOFR + 0.37%, Rate Floor: 0.26%) due 12/25/46◊		17,154,929		8,955,324
Master Asset-Backed Securities Trust
2006-WMC3, 5.29% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 08/25/36◊		9,715,874		3,445,851
2006-HE3, 5.17% (1 Month Term SOFR + 0.31%, Rate Floor: 0.20%) due 08/25/36◊		9,104,486		2,770,682
2006-HE3, 5.27% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 08/25/36◊		7,654,698		2,329,570
PRPM LLC
2024-4, 6.41% due 08/25/294,10		7,994,080		8,041,954
CFMT LLC
2022-HB9, 3.25% (WAC) due 09/25/37◊,4		8,650,000		7,986,240
FIGRE Trust
2024-HE4, 5.25% (WAC) due 09/25/54◊,4		3,778,000		3,793,356
2024-HE4, 5.30% (WAC) due 09/25/54◊,4		3,250,000		3,259,021
GSAA Home Equity Trust
2006-3, 5.57% (1 Month Term SOFR + 0.71%, Rate Floor: 0.60%) due 03/25/36◊		9,617,484		4,755,444
2006-9, 5.45% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 06/25/36◊		6,968,767		1,851,766
2007-7, 5.51% (1 Month Term SOFR + 0.65%, Rate Floor: 0.54%) due 07/25/37◊		298,703		281,096
OSAT Trust
2021-RPL1, 5.12% due 05/25/654,10		6,477,968		6,466,169
First NLC Trust
2007-1, 5.67% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 08/25/37◊,4		6,156,014		3,108,374
2007-1, 5.46% (1 Month Term SOFR + 0.18%, Rate Floor: 0.07%) due 08/25/37◊,4		4,668,303		2,356,722
Home Equity Loan Trust
2007-FRE1, 5.16% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 04/25/37◊		5,700,695		5,428,862
Alternative Loan Trust
2007-OA7, 5.33% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 05/25/47◊		5,693,735		5,378,480
Argent Securities Trust
2006-W5, 5.27% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 06/25/36◊		8,243,402		5,378,105
Lehman XS Trust Series
2006-18N, 5.33% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 12/25/36◊		3,257,332		3,096,979
2006-10N, 5.39% (1 Month Term SOFR + 0.53%, Rate Floor: 0.42%) due 07/25/46◊		2,140,569		1,914,241
Merrill Lynch Mortgage Investors Trust Series
2007-HE2, 5.39% (1 Month Term SOFR + 0.53%, Rate Floor: 0.42%) due 02/25/37◊		6,686,562		1,948,353
2007-HE2, 5.49% (1 Month Term SOFR + 0.63%, Rate Floor: 0.52%) due 02/25/37◊		4,840,113		1,410,285

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 193

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
2007-HE2, 5.21% (1 Month Term SOFR + 0.35%, Rate Floor: 0.24%) due 02/25/37◊		3,848,386	$	1,121,379
2007-HE2, 5.81% (1 Month Term SOFR + 0.95%, Rate Floor: 0.84%) due 02/25/37◊		1,566,045		456,249
WaMu Asset-Backed Certificates WaMu Series Trust
2007-HE1, 5.43% (1 Month Term SOFR + 0.57%, Rate Floor: 0.57%) due 01/25/37◊		6,832,526		3,176,460
2007-HE4, 5.14% (1 Month Term SOFR + 0.28%, Rate Floor: 0.28%) due 07/25/47◊		2,637,897		1,576,423
Saluda Grade Alternative Mortgage Trust
2023-FIG4, 7.12% (WAC) due 11/25/53◊,4		4,374,157		4,487,293
ACE Securities Corporation Home Equity Loan Trust Series
2007-ASP1, 5.73% (1 Month Term SOFR + 0.87%, Rate Floor: 0.76%) due 03/25/37◊		10,174,326		4,141,993
Verus Securitization Trust
2022-8, 6.13% due 09/25/674,10		4,108,721		4,108,947
HSI Asset Securitization Corporation Trust
2007-HE1, 5.16% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 01/25/37◊		5,479,962		3,923,241
Finance of America HECM Buyout
2022-HB2, 6.00% (WAC) due 08/01/32◊,4		3,850,000		3,830,618
First Franklin Mortgage Loan Trust
2006-FF16, 5.39% (1 Month Term SOFR + 0.53%, Rate Floor: 0.42%) due 12/25/36◊		7,031,211		2,906,306
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-AR9, 5.96% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/46◊		3,457,166		2,841,327
Morgan Stanley Mortgage Loan Trust
2006-9AR, 5.69% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 08/25/36◊		7,774,088		1,853,793
Alliance Bancorp Trust
2007-OA1, 5.45% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 07/25/37◊		1,779,483		1,529,664
Nomura Resecuritization Trust
2015-4R, 2.71% (1 Month Term SOFR + 0.54%, Rate Floor: 0.43%) due 03/26/36◊,4		953,838		918,270
Morgan Stanley Re-REMIC Trust
2010-R5, 5.31% due 06/26/364		389,994		363,906
Total Residential Mortgage-Backed Securities				435,336,166
Government Agency - 4.3%
Fannie Mae
5.50% due 05/01/53		104,614,638		105,967,564
5.00% due 05/01/53		34,158,776		34,176,567
5.00% due 08/01/53		21,772,755		21,784,096
5.00% due 06/01/53		7,415,009		7,415,386
Freddie Mac
5.50% due 02/01/53		53,300,450		54,304,027
5.00% due 06/01/53		27,798,461		27,949,510
5.00% due 02/01/53		23,971,182		24,100,743
5.00% due 03/01/53		18,897,439		18,911,722
Uniform MBS 30 Year
due 12/01/2416		29,725,000		29,712,337
Total Government Agency				324,321,952
Commercial Mortgage-Backed Securities - 1.7%
BX Trust
2024-VLT4, 7.54% (1 Month Term SOFR + 2.44%, Rate Floor: 2.44%) due 07/15/29◊,4		20,650,000		20,598,375
2023-DELC, 8.44% (1 Month Term SOFR + 3.34%, Rate Floor: 3.34%) due 05/15/38◊,4		10,650,000		10,743,188
BX Commercial Mortgage Trust
2021-VOLT, 7.21% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 09/15/36◊,4		20,650,000		20,495,125
2024-AIRC, 7.69% (1 Month Term SOFR + 2.59%, Rate Floor: 2.59%) due 08/15/39◊,4		6,500,000		6,516,250
BXHPP Trust
2021-FILM, 6.31% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 08/15/36◊,4		21,644,000		20,303,163
GS Mortgage Securities Corporation Trust
2020-UPTN, 3.35% (WAC) due 02/10/37◊,4		8,256,000		7,853,295
2020-DUNE, 7.87% (1 Month Term SOFR + 2.76%, Rate Floor: 2.65%) due 12/15/36◊,4		7,340,000		7,236,820
2020-DUNE, 7.27% (1 Month Term SOFR + 2.16%, Rate Floor: 1.90%) due 12/15/36◊,4		2,750,000		2,721,215
JP Morgan Chase Commercial Mortgage Securities Trust
2021-NYAH, 8.10% (1 Month Term SOFR + 3.00%, Rate Floor: 2.64%) due 06/15/38◊,4		15,000,000		11,996,676
SMRT
2022-MINI, 7.05% (1 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 01/15/39◊,4		10,000,000		9,819,581

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
MACRO OPPORTUNITIES FUND

	Face Amount~		Value
MHP
2022-MHIL, 7.71% (1 Month Term SOFR + 2.61%, Rate Floor: 2.61%) due 01/15/27◊,4		8,204,525	$	8,117,352
Total Commercial Mortgage-Backed Securities				126,401,040
Military Housing - 0.4%
Freddie Mac Military Housing Bonds Resecuritization Trust Certificates
2015-R1, 0.70% (WAC) due 10/25/52◊,4,9		155,676,358		9,259,441
2015-R1, 0.70% (WAC) due 11/25/52◊,4,9		149,088,601		8,261,148
2015-R1, 0.70% (WAC) due 11/25/55◊,4,9		62,717,432		3,926,914
Capmark Military Housing Trust
2007-AET2, 6.06% due 10/10/52†††,4		5,403,692		5,406,232
Total Military Housing				26,853,735
Total Collateralized Mortgage Obligations
(Cost $1,041,239,749)				912,912,893
U.S. GOVERNMENT SECURITIES†† - 5.2%
U.S. Treasury Notes
4.25% due 03/15/2717		360,000,000		365,554,688
4.63% due 02/28/25		21,000,000		21,014,766
Total U.S. Government Securities
(Cost $380,458,898)				386,569,454
U.S. TREASURY BILLS†† - 0.8%
U.S. Treasury Bills
5.14% due 10/01/2412		63,310,000		63,310,000
Total U.S. Treasury Bills
(Cost $63,310,000)				63,310,000
CONVERTIBLE BONDS†† - 0.4%
Consumer, Non-cyclical - 0.3%
Block, Inc.
due 05/01/2613		21,951,000		20,227,846
Communications - 0.1%
Cable One, Inc.
due 03/15/2613		5,750,000		5,261,250
Total Convertible Bonds
(Cost $25,429,053)				25,489,096
SENIOR FIXED RATE INTERESTS†† - 0.0%
Industrial - 0.0%
Schur Flexibles GmbH
13.17% due 09/30/26		EUR 722,396		712,017
8.66% due 09/30/26		EUR 292,063		287,867
Total Industrial				999,884
Total Senior Fixed Rate Interests
(Cost $1,049,733)				999,884
REPURCHASE AGREEMENTS††,14 - 0.4%
BNP Paribas
issued 09/30/24 at 4.86% due 10/01/24		29,510,000		29,510,000
Total Repurchase Agreements
(Cost $29,510,000)				29,510,000
	Contracts
LISTED OPTIONS PURCHASED† - 0.0%
Put Options on:
Equity Options
SPDR S&P Regional Banking ETF Expiring January 2025 with strike price of $43.00 (Notional Value $48,817,500)		8,625		345,000
SPDR S&P Regional Banking ETF Expiring December 2024 with strike price of $42.00 (Notional Value $60,409,180)		10,673		234,806
Total Listed Options Purchased
(Cost $5,910,564)				579,806
OTC OPTIONS PURCHASED†† - 0.0%
Put Options on:
Equity Options
Goldman Sachs International Gaotu Techedu, Inc. Expiring January 2025 with strike price of $110.00 (Notional Value $105,776,252)		810,981		1,430,003
Goldman Sachs International SPDR S&P Regional Banking ETF Expiring December 2024 with strike price of $42.00 (Notional Value $19,781,700)		3,495		76,890
Total OTC Options Purchased
(Cost $4,715,319)				1,506,893
Total Investments - 100.3%
(Cost $7,796,929,762)			$	7,489,262,761
Other Assets & Liabilities, net - (0.3)%				(24,314,826	)
Total Net Assets - 100.0%			$	7,464,947,935

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 195

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
MACRO OPPORTUNITIES FUND

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Commodity Futures Contracts Purchased†
Gold 100 oz. Futures Contracts		293		Dec 2024	$	77,729,970	$	6,681,528
Interest Rate Futures Contracts Purchased†
3-Month SOFR Futures Contracts		675		Sep 2025		163,341,563		1,838,190
3-Month SOFR Futures Contracts		675		Dec 2025		163,586,250		1,829,743
3-Month SOFR Futures Contracts		675		Mar 2026		163,704,375		1,770,680
					$	490,632,188	$	5,438,613

Centrally Cleared Credit Default Swap Agreements Protection Purchased††
Counterparty		Exchange		Index	Protection Premium Rate		Payment Frequency		Maturity Date			Notional Amount~	Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)**
J.P. Morgan Securities LLC	ICE		ITRAXX.EUR.42.V1			1.00%		Quarterly		12/20/29	EUR 62,590,000		$	(1,399,032	)	$	(1,395,662	)	$	(3,370	)
J.P. Morgan Securities LLC	ICE		CDX.NA.IG.43.V1			1.00%		Quarterly		12/20/29	183,422,063			(4,100,824	)		(4,107,541	)		6,717
													$	(5,499,856	)	$	(5,503,203	)	$	3,347

Centrally Cleared Interest Rate Swap Agreements††
Counterparty		Exchange		Floating Rate Type		Floating Rate Index		Fixed Rate		Payment Frequency		Maturity Date	Notional Amount		Value			Upfront Premiums Paid		Unrealized Appreciation (Depreciation)**
J.P. Morgan Securities LLC	CME		Pay		U.S. Secured Overnight Financing Rate		3.75%		Annually		08/01/29		$	152,530,000	$	3,241,360		$	905	$	3,240,455
J.P. Morgan Securities LLC	CME		Receive		U.S. Secured Overnight Financing Rate		3.55%		Annually		03/14/54			3,060,000		(126,983	)		298		(127,281	)
															$	3,114,377		$	1,203	$	3,113,174

Total Return Swap Agreements

Counterparty

Reference Obligation

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements††

Bank of America, N.A.

SPDR S&P 500 ETF Trust

Pay

5.47% (Federal Funds Rate + 0.64%)

At Maturity

06/02/25

74,100

$

42,515,616

$

5,412,353

OTC Total Return Interest Rate Swap Agreements††

Goldman Sachs International

Goldman Sachs Swaption Forward Volatility Index

Pay

5.83% (Federal Funds Rate + 1.00%)

At Maturity

04/11/25

37,000,000

58,004,900

3,774,999

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
MACRO OPPORTUNITIES FUND

Forward Foreign Currency Exchange Contracts††

Counterparty

Currency

Type

Quantity

Contract Amount

Settlement Date

Unrealized Appreciation (Depreciation)

Morgan Stanley Capital Services LLC

EUR

Sell

1,710,000

1,908,349 USD

10/18/24

$

2,495

Bank of America, N.A.

EUR

Buy

1,295,000

1,447,254 USD

10/18/24

(3,932

)

Barclays Bank plc

EUR

Sell

2,325,000

2,587,133 USD

10/18/24

(4,160

)

Barclays Bank plc

CAD

Sell

5,455,000

4,019,022 USD

10/18/24

(17,641

)

Bank of America, N.A.

EUR

Sell

210,010,000

232,638,281 USD

10/18/24

(1,425,110

)

Bank of America, N.A.

GBP

Sell

58,825,000

77,127,340 USD

10/18/24

(1,522,676

)

$

(2,971,024

)

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Consolidated Statement of Assets and Liabilities.
***	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 2 inputs, unless otherwise noted — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
◊	Variable rate security. Rate indicated is the rate effective at September 30, 2024. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
1	Affiliated issuer.
2	Special Purpose Acquisition Company (SPAC).
3	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $8,196,909 (cost $10,690,333), or 0.1% of total net assets — See Note 10.
4	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $3,084,442,154 (cost $3,195,826,315), or 41.3% of total net assets.
5	Rate indicated is the 7-day yield as of September 30, 2024.
6	Perpetual maturity.
7	Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.
8	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
9	Security is an interest-only strip.
10	Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at September 30, 2024. See table below for additional step information for each security.
11	Payment-in-kind security.
12	Rate indicated is the effective yield at the time of purchase.
13	Zero coupon rate security.
14	Repurchase Agreements - The interest rate on repurchase agreements is market driven and based on the underlying collateral obtained. See additional disclosure in the repurchase agreements table below for more information on repurchase agreements.
15	Security is in default of interest and/or principal obligations.
16	Security is unsettled at period end and does not have a stated effective rate.
17	All or a portion of this security is pledged as collateral for options and total return swap agreements at September 30, 2024.
	CAD — Canadian Dollar
	CDX.NA.IG.43.V1 — Credit Default Swap North American Investment Grade Series 43 Index Version 1
	CME — Chicago Mercantile Exchange
	CMT — Constant Maturity Treasury
	EUR — Euro
	EURIBOR — European Interbank Offered Rate
	GBP — British Pound
	ICE — Intercontinental Exchange
	ITRAXX.EUR.42.V1 — iTraxx Europe Series 42 Index Version 1
	plc — Public Limited Company
	PPV — Public-Private Venture
	REMIC — Real Estate Mortgage Investment Conduit
	SARL — Société à Responsabilité Limitée
	SOFR — Secured Overnight Financing Rate
	SONIA — Sterling Overnight Index Average
	WAC — Weighted Average Coupon
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 197

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
MACRO OPPORTUNITIES 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	$	3,837,573	$	887,107	$	2,971,450	$	7,696,130
Preferred Stocks		—		293,976,010		27,633,690		321,609,700
Warrants		576		—		286		862
Exchange-Traded Funds		71,720,000		—		—		71,720,000
Mutual Funds		315,642,162		—		—		315,642,162
Money Market Funds		552,958,302		—		—		552,958,302
Corporate Bonds		—		2,092,025,395		137,028,103		2,229,053,498
Asset-Backed Securities		—		1,140,311,534		239,516,962		1,379,828,496
Senior Floating Rate Interests		—		922,494,468		267,381,117		1,189,875,585
Collateralized Mortgage Obligations		—		907,506,661		5,406,232		912,912,893
U.S. Government Securities		—		386,569,454		—		386,569,454
U.S. Treasury Bills		—		63,310,000		—		63,310,000
Convertible Bonds		—		25,489,096		—		25,489,096
Senior Fixed Rate Interests		—		999,884		—		999,884
Repurchase Agreements		—		29,510,000		—		29,510,000
Options Purchased		579,806		1,506,893		—		2,086,699
Commodity Futures Contracts**		6,681,528		—		—		6,681,528
Interest Rate Futures Contracts**		5,438,613		—		—		5,438,613
Credit Default Swap Agreements**		—		6,717		—		6,717
Interest Rate Swap Agreements**		—		3,240,455		—		3,240,455
Equity Index Swap Agreements**		—		5,412,353		—		5,412,353
Total Return Interest Rate Swap Agreements**		—		3,774,999		—		3,774,999
Forward Foreign Currency Exchange Contracts**		—		2,495		—		2,495
Total Assets	$	956,858,560	$	5,877,023,521	$	679,937,840	$	7,513,819,921

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Credit Default Swap Agreements**	$	—	$	3,370	$	—	$	3,370
Interest Rate Swap Agreements**		—		127,281		—		127,281
Forward Foreign Currency Exchange Contracts**		—		2,973,519		—		2,973,519
Unfunded Loan Commitments (Note 9)		—		—		1,325,732		1,325,732
Total Liabilities	$	—	$	3,104,170	$	1,325,732	$	4,429,902

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

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

Category	Ending Balance at September 30, 2024		Valuation Technique	Unobservable Inputs		Input Range		Weighted Average*
Assets:
Asset-Backed Securities	$	137,537,733	Yield Analysis	Yield	4.8%-8.6%		6.6%
Asset-Backed Securities		88,757,783	Option adjusted spread off prior month end broker quote	Broker Quote	—		—
Asset-Backed Securities		13,142,655	Third Party Pricing	Trade Price	—		—

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
MACRO OPPORTUNITIES FUND

Category	Ending Balance at September 30, 2024		Valuation Technique	Unobservable Inputs		Input Range		Weighted Average*
Asset-Backed Securities	$	78,791	Third Party Pricing	Broker Quote	—		—
Collateralized Mortgage Obligations		5,406,232	Option adjusted spread off prior month end broker quote	Broker Quote	—		—
Common Stocks		2,943,763	Enterprise Value	Valuation Multiple	2.9x-8.6x		5.6x
Common Stocks		27,687	Model Price	Liquidation Value	—		—
Corporate Bonds		71,088,586	Yield Analysis	Yield	6.6%-9.6%		6.8%
Corporate Bonds		41,322,089	Option adjusted spread off prior month end broker quote	Broker Quote	—		—
Corporate Bonds		24,608,000	Third Party Pricing	Broker Quote	—		—
Corporate Bonds		9,427	Third Party Pricing	Trade Price	—		—
Corporate Bonds		1	Model Price	Liquidation Value	—		—
Preferred Stocks		27,633,690	Yield Analysis	Yield	5.8%		—
Senior Floating Rate Interests		138,395,648	Model Price	Purchase Price	—		—
Senior Floating Rate Interests		77,039,014	Third Party Pricing	Broker Quote	—		—
Senior Floating Rate Interests		49,598,809	Yield Analysis	Yield	10.3%-15.8%		10.8%
Senior Floating Rate Interests		1,777,113	Third Party Pricing	Trade Price	—		—
Senior Floating Rate Interests		570,533	Model Price	Liquidation Value	—		—
Warrants		286	Model Price	Liquidation Value	—		—
Total Assets	$	679,937,840
Liabilities:
Unfunded Loan Commitments	$	1,325,732	Model Price	Purchase Price	—		—

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

Significant changes in a quote, yield, liquidation value or valuation multiple would generally result in significant changes in the fair value of the security.

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

Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. For the year ended September 30, 2024, the Fund had securities with a total value of $30,337,082 transfer into Level 3 from Level 2 due to a lack of observable inputs and had securities with a total value of $35,928,953 transfer out of Level 3 into Level 2 due to the availability of current and reliable market-based data provided by a third-party pricing service which utilizes significant observable inputs.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 199

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
MACRO OPPORTUNITIES FUND

Summary of Fair Value Level 3 Activity

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the year ended September 30, 2024:

	Assets																							Liabilities
	Asset- Backed Securities			Collateralized Mortgage Obligations			Corporate Bonds			Senior Floating Rate Interests			Warrants		Common Stocks			Preferred Stocks			Total Assets			Unfunded Loan Commitments
Beginning Balance	$	223,348,932		$	4,986,289		$	59,850,234		$	243,686,805		$	76	$	995,145		$	28,121,912		$	560,989,393		$	(1,990,229	)
Purchases/(Receipts)		75,415,636			—			74,678,462			144,994,392			—		55,180			—			295,143,670			(1,674,800	)
(Sales, maturities and paydowns)/Fundings		(60,773,341	)		(68,718	)		(17,493,055	)		(120,126,311	)		—		(397,790	)		(2,602,482	)		(201,461,697	)		1,209,833
Amortization of premiums/discounts		226,839			(127	)		601,703			1,581,698			—		—			—			2,410,113			(34,876	)
Corporate actions		—			—			—			3,456,752			—		2,361,618			(174,412	)		5,643,958			—
Total realized gains (losses) included in earnings		(175,395	)		(104	)		(1,313,672	)		(883,545	)		—		(297,261	)		(7,062,917	)		(9,732,894	)		659,155
Total change in unrealized appreciation (depreciation) included in earnings		12,908,515			488,892			4,874,805			4,666,344			210		246,813			9,351,589			32,537,168			505,185
Transfers into Level 3		—			—			26,312,890			4,016,447			—		7,745			—			30,337,082			—
Transfers out of Level 3		(11,434,224	)		—			(10,483,264	)		(14,011,465	)		—		—			—			(35,928,953	)		—
Ending Balance	$	239,516,962		$	5,406,232		$	137,028,103		$	267,381,117		$	286	$	2,971,450		$	27,633,690		$	679,937,840		$	(1,325,732	)
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at September 30, 2024	$	5,486,801		$	488,892		$	3,524,334		$	1,378,918		$	210	$	(148,045	)	$	633,690		$	11,364,800		$	364,131

Step Coupon Bonds

The following table discloses additional information related to step coupon bonds held by the Fund. Certain securities are subject to multiple rate changes prior to maturity. For those securities, a range of rates and corresponding dates have been provided. Rates for all step coupon bonds held by the Fund are scheduled to increase, except GAIA Aviation Ltd. which are scheduled to decrease.

Name	Coupon Rate at Next Reset Date			Next Rate Reset Date		Future Reset Rate			Future Reset Date
BRAVO Residential Funding Trust 2022-R1, 3.13% due 01/29/70		6.13	%		01/30/25		—			—
Citigroup Mortgage Loan Trust, Inc. 2022-A, 6.17% due 09/25/62		9.17	%		09/25/25		10.17	%		09/25/26
GAIA Aviation Ltd. 2019-1, 3.97% due 12/15/44		2.00	%		10/15/26		—			—
GAIA Aviation Ltd. 2019-1, 5.19% due 12/15/44		2.00	%		10/15/26		—			—
GCAT Trust 2022-NQM5, 5.71% due 08/25/67		6.71	%		10/01/26		—			—
GCAT Trust 2023-NQM2, 6.60% due 11/25/67		7.60	%		01/01/27		—			—
Mill City Securities Ltd. 2024-RS1, 4.00% due 11/01/69		7.00	%		10/01/27		—			—
NYMT Loan Trust 2022-SP1, 5.25% due 07/25/62		8.25	%		07/01/25		9.25	%		07/01/26
OBX Trust 2022-NQM8, 6.10% due 09/25/62		7.10	%		10/01/26		—			—
OBX Trust 2022-NQM9, 6.45% due 09/25/62		7.45	%		11/01/26		—			—
OBX Trust 2023-NQM2, 6.80% due 01/25/62		7.80	%		02/01/27		—			—
OSAT Trust 2021-RPL1, 5.12% due 05/25/65		6.12	%		06/25/25		—			—
PRPM LLC 2024-4, 6.41% due 08/25/29		9.41	%		08/25/27		10.41	%		08/25/28
Verus Securitization Trust 2022-8, 6.13% due 09/25/67		7.13	%		10/01/26		—			—

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
MACRO OPPORTUNITIES FUND

Repurchase Agreements

The Fund may engage in repurchase agreements. Repurchase agreements are fixed income securities in the form of agreements backed by collateral. These agreements typically involve the acquisition by the Fund of securities from the selling institution coupled with the agreement that the selling institution will repurchase the underlying securities at a specified price and at a fixed time in the future. The Fund may accept a wide variety of underlying securities as collateral for the repurchase agreements entered into by the Fund. Any such securities serving as collateral are marked-to-market daily in order to maintain full collateralization. Securities purchased under repurchase agreements are reflected as an asset on the Fund’s Consolidated Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Fund’s Consolidated Statement of Operations.

In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral. The collateral is in the possession of the Fund’s custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements, subject to minimum amounts to initiate a margin call, with the exception of where securities are being sold short. The interest rate on repurchase agreements is market driven and based on the underlying collateral obtained.

The use of repurchase agreements involves certain risks. For example, if the selling institution defaults on its obligation to repurchase the underlying securities at a time when the value of securities has declined, the Fund may incur a loss upon disposition of them. In the event of an insolvency or bankruptcy by the selling institution, the Fund’s right to control the collateral could be affected and result in certain costs and delays. In addition, the Fund could incur a loss if the value of the underlying collateral falls below the agreed upon repurchase price.

At September 30, 2024, the repurchase agreements in the account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
BNP Paribas					U.S. Treasury Bond
4.86%					3.63%
Due 10/01/24	$	29,510,000	$	29,513,984	Due 02/15/53	$	12,298,900	$	11,244,789
					U.S. Treasury Strips
					0.00%
					Due 11/15/34 - 08/15/47		14,293,720		9,881,235
					U.S. Treasury Notes
					1.25% - 4.50%
					Due 12/31/24 - 11/30/26		8,675,000		8,322,336
					U.S Treasury Inflation Indexed Bonds
					0.13% - 3.63%
					Due 04/15/28 - 01/15/31		699,870		655,909
						$	35,967,490	$	30,104,269

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/

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 201

CONSOLIDATED SCHEDULE OF INVESTMENTS (concluded)	September 30, 2024
MACRO OPPORTUNITIES FUND

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
Common Stocks
BP Holdco LLC*	$	48,218	$	—	$	—	$	—	$	(2,715	)	$	45,503		37,539	$	—
Mutual Funds
Guggenheim Alpha Opportunity Fund — Institutional Class		29,045,744		164,424		—		—		4,204,958			33,415,126		1,022,808		164,424
Guggenheim Limited Duration Fund — Class R6		122,839,898		6,021,946		—		—		5,335,337			134,197,181		5,457,388		6,040,934
Guggenheim Risk Managed Real Estate Fund — Institutional Class		29,711,644		1,058,513		—		—		7,480,947			38,251,104		1,093,826		1,058,513
Guggenheim Strategy Fund II		19,207,708		1,127,587		—		—		429,758			20,765,053		837,301		1,130,985
Guggenheim Strategy Fund III		33,331,353		1,872,913		—		—		841,947			36,046,213		1,448,221		1,877,780
Guggenheim Ultra Short Duration Fund — Institutional Class		48,849,509		2,731,511		—		—		1,386,465			52,967,485		5,286,176		2,739,537
	$	283,034,074	$	12,976,894	$	—	$	—	$	19,676,697		$	315,687,665			$	13,012,173

* Non-income producing security.

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

MACRO OPPORTUNITIES FUND

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

September 30, 2024

Assets:
Investments in unaffiliated issuers, at value (cost $7,462,343,121)	$	7,144,065,096
Investments in affiliated issuers, at value (cost $305,076,641)		315,687,665
Repurchase agreements, at value (cost $29,510,000)		29,510,000
Foreign currency, at value (cost $2,680,249)		2,692,009
Cash		22,577,802
Segregated cash with broker		14,435,996
Unamortized upfront premiums paid on interest rate swap agreements		1,203
Unrealized appreciation on OTC swap agreements		9,187,352
Unrealized appreciation on forward foreign currency exchange contracts		2,495
Prepaid expenses		240,986
Receivables:
Interest		65,548,234
Securities sold		29,774,120
Fund shares sold		11,181,836
Dividends		1,382,077
Variation margin on credit default swap agreements		79,488
Investment Adviser		3,467
Total assets		7,646,369,826
Liabilities:
Unfunded loan commitments, at value (Note 9) (commitment fees received $2,483,370)		1,325,732
Segregated cash due to broker		1,778,403
Unamortized upfront premiums received on credit default swap agreements		5,503,203
Unrealized depreciation on forward foreign currency exchange contracts		2,973,519
Payable for:
Securities purchased		140,926,997
Fund shares redeemed		14,264,209
Management fees		4,515,516
Distributions to shareholders		4,013,355
Swap settlement		1,808,108
Variation margin on futures contracts		968,485
Variation margin on interest rate swap agreements		851,954
Transfer agent/maintenance fees		342,314
Distribution and service fees		148,809
Protection fees on credit default swap agreements		77,345
Fund accounting/administration fees		24,657
Trustees’ fees*		6,637
Due to Investment Adviser		4,997
Miscellaneous		1,887,651
Total liabilities		181,421,891
Net assets	$	7,464,947,935
Net assets consist of:
Paid in capital	$	8,216,624,553
Total distributable earnings (loss)		(751,676,618	)
Net assets	$	7,464,947,935
Class A:
Net assets	$	330,519,464
Capital shares outstanding		13,296,167
Net asset value per share	$	24.86
Maximum offering price per share (Net asset value divided by 96.00%)	$	25.90
Class C:
Net assets	$	107,377,259
Capital shares outstanding		4,322,712
Net asset value per share	$	24.84
Class P:
Net assets	$	27,134,675
Capital shares outstanding		1,091,085
Net asset value per share	$	24.87
Institutional Class:
Net assets	$	6,846,334,313
Capital shares outstanding		275,008,488
Net asset value per share	$	24.89
Class R6:
Net assets	$	153,582,224
Capital shares outstanding		6,170,376
Net asset value per share	$	24.89

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

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MACRO OPPORTUNITIES FUND

CONSOLIDATED STATEMENT OF OPERATIONS

Year Ended September 30, 2024

Investment Income:
Dividends from securities of unaffiliated issuers	$	4,845,309
Dividends from securities of affiliated issuers		13,012,173
Interest from securities of unaffiliated issuers		439,154,106
Total investment income		457,011,588
Expenses:
Management fees		57,449,778
Distribution and service fees:
Class A		727,863
Class C		1,023,761
Class P		117,816
Transfer agent/maintenance fees:
Class A		212,162
Class C		33,836
Class P		29,959
Institutional Class		4,788,068
Class R6		6,510
Fund accounting/administration fees		2,526,543
Professional fees		544,574
Line of credit fees		490,451
Trustees’ fees*		102,220
Custodian fees		96,844
Miscellaneous		695,223
Recoupment of previously waived fees:
Class A		96,132
Class C		43,926
Class P		51,304
Institutional Class		14,563
Class R6		14,422
Total expenses		69,065,955
Less:
Expenses reimbursed by Adviser:
Class A		(295	)
Class C		(265	)
Institutional Class		(3,997,671	)
Class R6		(1,958	)
Expenses waived by Adviser		(3,450,085	)
Earnings credits applied		(3,114	)
Total waived/reimbursed expenses		(7,453,388	)
Net expenses		61,612,567
Net investment income		395,399,021
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers	$	(48,018,260	)
Swap agreements		(29,287,900	)
Futures contracts		(3,215,125	)
Options purchased		1,064,695
Options written		(3,640,905	)
Forward foreign currency exchange contracts		(6,740,405	)
Foreign currency transactions		(3,255,680	)
Net realized loss		(93,093,580	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		400,472,496
Investments in affiliated issuers		19,676,697
Swap agreements		35,319,379
Futures contracts		12,120,141
Options purchased		(5,729,526	)
Forward foreign currency exchange contracts		(6,674,079	)
Foreign currency translations		(794,153	)
Net change in unrealized appreciation (depreciation)		454,390,955
Net realized and unrealized gain		361,297,375
Net increase in net assets resulting from operations	$	756,696,396

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

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

MACRO OPPORTUNITIES FUND

CONSOLIDATED 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	$	395,399,021		$	339,429,107
Net realized loss on investments		(93,093,580	)		(210,856,113	)
Net change in unrealized appreciation (depreciation) on investments		454,390,955			292,518,294
Net increase in net assets resulting from operations		756,696,396			421,091,288
Distributions to shareholders:
Class A		(18,434,390	)		(16,952,857	)
Class C		(5,780,507	)		(5,928,309	)
Class P		(2,980,359	)		(4,987,662	)
Institutional Class		(393,918,652	)		(310,664,175	)
Class R6		(9,856,861	)		(8,818,791	)
Total distributions to shareholders		(430,970,769	)		(347,351,794	)
Capital share transactions:
Proceeds from sale of shares
Class A		122,660,844			88,917,715
Class C		30,464,616			12,403,253
Class P		9,692,840			16,822,252
Institutional Class		2,655,046,775			2,128,695,437
Class R6		66,002,762			83,550,238
Distributions reinvested
Class A		15,596,676			14,302,558
Class C		5,231,832			5,285,062
Class P		2,953,184			4,948,543
Institutional Class		342,864,582			268,719,399
Class R6		9,703,987			8,818,791
Cost of shares redeemed
Class A		(102,590,665	)		(154,649,331	)
Class C		(36,716,557	)		(61,940,389	)
Class P		(42,732,573	)		(130,394,089	)
Institutional Class		(1,676,736,544	)		(2,629,895,397	)
Class R6		(117,211,214	)		(30,444,262	)
Net increase (decrease) from capital share transactions		1,284,230,545			(374,860,220	)
Net increase (decrease) in net assets		1,609,956,172			(301,120,726	)
Net assets:
Beginning of year		5,854,991,763			6,156,112,489
End of year	$	7,464,947,935		$	5,854,991,763

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 205

MACRO OPPORTUNITIES FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Year Ended September 30, 2024			Year Ended September 30, 2023
Capital share activity:
Shares sold
Class A		5,055,388			3,734,087
Class C		1,258,346			521,851
Class P		400,331			707,632
Institutional Class		109,467,399			89,245,962
Class R6		2,727,890			3,495,646
Shares issued from reinvestment of distributions
Class A		644,458			600,755
Class C		216,488			222,238
Class P		122,198			208,213
Institutional Class		14,136,969			11,271,078
Class R6		401,374			370,155
Shares redeemed
Class A		(4,249,244	)		(6,501,599	)
Class C		(1,522,468	)		(2,604,191	)
Class P		(1,754,486	)		(5,490,413	)
Institutional Class		(69,266,077	)		(110,513,346	)
Class R6		(4,883,357	)		(1,280,546	)
Net increase (decrease) in shares		52,755,209			(16,012,478	)

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

MACRO OPPORTUNITIES FUND

CONSOLIDATED 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	$	23.66		$	23.36		$	27.19		$	26.31		$	25.82
Income (loss) from investment operations:
Net investment income (loss)a		1.39			1.30			.89			.91			.74
Net gain (loss) on investments (realized and unrealized)		1.34			.33			(3.77	)		1.04			.61
Total from investment operations		2.73			1.63			(2.88	)		1.95			1.35
Less distributions from:
Net investment income		(1.53	)		(1.33	)		(.95	)		(1.07	)		(.86	)
Total distributions		(1.53	)		(1.33	)		(.95	)		(1.07	)		(.86	)
Net asset value, end of period	$	24.86		$	23.66		$	23.36		$	27.19		$	26.31
Total Returnb		11.92	%		7.09	%		(10.77	%)		7.49	%		5.39	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	330,519		$	280,275		$	327,393		$	435,293		$	312,986
Ratios to average net assets:
Net investment income (loss)		5.76	%		5.46	%		3.46	%		3.35	%		2.90	%
Total expensesc		1.30	%		1.50	%		1.42	%		1.43	%		1.51	%
Net expensesd,e,f		1.25	%		1.44	%		1.37	%		1.37	%		1.39	%
Portfolio turnover rate		24	%		32	%		25	%		84	%		130	%

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	$	23.64		$	23.35		$	27.17		$	26.29		$	25.80
Income (loss) from investment operations:
Net investment income (loss)a		1.22			1.12			.70			.72			.55
Net gain (loss) on investments (realized and unrealized)		1.34			.32			(3.76	)		1.03			.61
Total from investment operations		2.56			1.44			(3.06	)		1.75			1.16
Less distributions from:
Net investment income		(1.36	)		(1.15	)		(.76	)		(.87	)		(.67	)
Total distributions		(1.36	)		(1.15	)		(.76	)		(.87	)		(.67	)
Net asset value, end of period	$	24.84		$	23.64		$	23.35		$	27.17		$	26.29
Total Returnb		11.13	%		6.25	%		(11.41	%)		6.70	%		4.60	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	107,377		$	103,332		$	145,469		$	207,739		$	219,866
Ratios to average net assets:
Net investment income (loss)		5.05	%		4.72	%		2.70	%		2.64	%		2.15	%
Total expensesc		2.03	%		2.27	%		2.17	%		2.18	%		2.25	%
Net expensesd,e,f		1.97	%		2.21	%		2.12	%		2.12	%		2.15	%
Portfolio turnover rate		24	%		32	%		25	%		84	%		130	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 207

MACRO OPPORTUNITIES FUND

CONSOLIDATED 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	$	23.67		$	23.38		$	27.20		$	26.32		$	25.82
Income (loss) from investment operations:
Net investment income (loss)a		1.38			1.30			.90			.91			.74
Net gain (loss) on investments (realized and unrealized)		1.34			.32			(3.77	)		1.04			.62
Total from investment operations		2.72			1.62			(2.87	)		1.95			1.36
Less distributions from:
Net investment income		(1.52	)		(1.33	)		(.95	)		(1.07	)		(.86	)
Total distributions		(1.52	)		(1.33	)		(.95	)		(1.07	)		(.86	)
Net asset value, end of period	$	24.87		$	23.67		$	23.38		$	27.20		$	26.32
Total Return		11.84	%		7.09	%		(10.77	%)		7.48	%		5.42	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	27,135		$	54,987		$	161,232		$	162,928		$	99,575
Ratios to average net assets:
Net investment income (loss)		5.70	%		5.49	%		3.51	%		3.33	%		2.91	%
Total expensesc		1.37	%		1.66	%		1.45	%		1.45	%		1.50	%
Net expensesd,e,f		1.32	%		1.49	%		1.37	%		1.37	%		1.40	%
Portfolio turnover rate		24	%		32	%		25	%		84	%		130	%

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	$	23.69		$	23.40		$	27.23		$	26.34		$	25.85
Income (loss) from investment operations:
Net investment income (loss)a		1.47			1.40			.99			1.02			.85
Net gain (loss) on investments (realized and unrealized)		1.35			.32			(3.76	)		1.05			.60
Total from investment operations		2.82			1.72			(2.77	)		2.07			1.45
Less distributions from:
Net investment income		(1.62	)		(1.43	)		(1.06	)		(1.18	)		(.96	)
Total distributions		(1.62	)		(1.43	)		(1.06	)		(1.18	)		(.96	)
Net asset value, end of period	$	24.89		$	23.69		$	23.40		$	27.23		$	26.34
Total Return		12.28	%		7.47	%		(10.39	%)		7.91	%		5.84	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$6,846,334		$	5,228,680		$	5,397,131		$	6,906,534		$	4,097,303
Ratios to average net assets:
Net investment income (loss)		6.08	%		5.86	%		3.85	%		3.74	%		3.32	%
Total expensesc		1.03	%		1.18	%		1.09	%		1.08	%		1.17	%
Net expensesd,e,f		0.91	%		1.03	%		0.96	%		0.96	%		0.99	%
Portfolio turnover rate		24	%		32	%		25	%		84	%		130	%

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

MACRO OPPORTUNITIES FUND

CONSOLIDATED 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.

Class R6	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	$	23.69		$	23.39		$	27.22		$	26.34		$	25.84
Income (loss) from investment operations:
Net investment income (loss)a		1.48			1.40			.98			1.02			.87
Net gain (loss) on investments (realized and unrealized)		1.34			.33			(3.75	)		1.04			.58
Total from investment operations		2.82			1.73			(2.77	)		2.06			1.45
Less distributions from:
Net investment income		(1.62	)		(1.43	)		(1.06	)		(1.18	)		(.95	)
Total distributions		(1.62	)		(1.43	)		(1.06	)		(1.18	)		(.95	)
Net asset value, end of period	$	24.89		$	23.69		$	23.39		$	27.22		$	26.34
Total Return		12.28	%		7.51	%		(10.39	%)		7.91	%		5.81	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	153,582		$	187,717		$	124,888		$	197,067		$	136,669
Ratios to average net assets:
Net investment income (loss)		6.10	%		5.85	%		3.79	%		3.74	%		3.41	%
Total expensesc		0.96	%		1.07	%		1.00	%		1.01	%		1.09	%
Net expensesd,e,f		0.91	%		1.01	%		0.96	%		0.96	%		0.99	%
Portfolio turnover rate		24	%		32	%		25	%		84	%		130	%

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	0.03%	0.05%	0.06%	0.10%	0.03%
Class C	0.04%	0.04%	0.06%	0.08%	0.05%
Class P	0.11%	0.01%	0.05%	0.09%	0.03%
Institutional Class	0.00%*	0.00%*	—	—	0.00%*
Class R6	0.01%	0.01%	0.00%*	0.00%*	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	1.24%	1.32%	1.33%	1.33%	1.33%
Class C	1.96%	2.07%	2.08%	2.08%	2.08%
Class P	1.31%	1.32%	1.33%	1.33%	1.33%
Institutional Class	0.90%	0.91%	0.92%	0.92%	0.92%
Class R6	0.90%	0.91%	0.92%	0.92%	0.92%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 209

SCHEDULE OF INVESTMENTS	September 30, 2024
MUNICIPAL INCOME FUND

	Face Amount		Value
MUNICIPAL BONDS†† - 96.8%
California - 14.8%
Newport Mesa Unified School District General Obligation Unlimited
due 08/01/391	$	1,300,000	$	736,076
Compton Unified School District General Obligation Unlimited
due 06/01/401		1,000,000		546,175
California Statewide Communities Development Authority Revenue Bonds
5.25% due 08/15/52		500,000		544,773
Alameda Corridor Transportation Authority Revenue Bonds
5.20% due 10/01/372		500,000		292,772
El Monte Union High School District General Obligation Unlimited
due 06/01/431		500,000		245,553
M-S-R Energy Authority Revenue Bonds
6.13% due 11/01/29		160,000		171,668
Westside Elementary School District General Obligation Unlimited
5.00% due 08/01/48		155,000		162,692
Freddie Mac Multifamily VRD Certificates Revenue Bonds
2.40% due 10/15/29		150,000		144,232
Coast Community College District General Obligation Unlimited
due 08/01/401		250,000		139,457
Department of Veterans Affairs Veteran’s Farm & Home Purchase Program Revenue Bonds
3.45% due 12/01/39		110,000		109,279
Total California				3,092,677
Pennsylvania - 8.3%
Pennsylvania Housing Finance Agency Revenue Bonds
4.95% due 10/01/38		1,000,000		1,080,867
School District of Philadelphia General Obligation Limited
5.25% due 09/01/43		575,000		645,182
Total Pennsylvania				1,726,049
Oregon - 7.1%
Clackamas & Washington Counties School District No. 3 General Obligation Unlimited
due 06/15/481		2,000,000		656,583
due 06/15/501		400,000		118,234
due 06/15/491		350,000		108,958
Salem-Keizer School District No. 24J General Obligation Unlimited
due 06/15/401		1,250,000		610,802
Total Oregon				1,494,577
Michigan - 6.7%
Michigan Technological University Revenue Bonds
5.25% due 10/01/53		1,000,000		1,112,553
Michigan State Housing Development Authority Revenue Bonds
3.35% due 12/01/34		200,000		197,218
Flint Hospital Building Authority Revenue Bonds
5.00% due 07/01/25		100,000		100,390
Total Michigan				1,410,161
Virginia - 6.3%
Freddie Mac Multifamily Variable Rate Certificate Revenue Bonds
3.15% due 10/15/36		1,260,000		1,153,923
Loudoun County Economic Development Authority Revenue Bonds
due 07/01/491		500,000		173,197
Total Virginia				1,327,120
Nebraska - 6.2%
Nebraska Investment Finance Authority Revenue Bonds
4.95% due 09/01/38		1,000,000		1,080,721
Central Plains Energy Project Revenue Bonds
5.00% due 09/01/29		200,000		214,176
Total Nebraska				1,294,897
Tennessee - 5.6%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue Bonds
2.25% due 07/01/45		1,500,000		1,002,930
2.48% due 12/01/37		200,000		163,815
Total Tennessee				1,166,745
New York - 5.5%
Westchester County Local Development Corp. Revenue Bonds
5.75% due 11/01/53		750,000		850,509
New York Power Authority Revenue Bonds
5.25% due 11/15/41		250,000		294,979
Total New York				1,145,488
Maine - 5.3%
Maine Health & Higher Educational Facilities Authority Revenue Bonds
5.25% due 07/01/48		1,000,000		1,106,818
Arizona - 3.6%
Arizona Industrial Development Authority Revenue Bonds
5.25% due 11/01/48		500,000		541,171
Salt Verde Financial Corp. Revenue Bonds
5.00% due 12/01/32		200,000		219,007
Total Arizona				760,178

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
MUNICIPAL INCOME FUND

	Face Amount		Value
North Carolina - 3.3%
Inlivian Revenue Bonds
2.02% due 04/01/42	$	1,000,000	$	684,024
Texas - 3.0%
Harris County-Houston Sports Authority Revenue Bonds
due 11/15/531		1,000,000		245,066
Arlington Higher Education Finance Corp. Revenue Bonds
5.00% due 12/01/46		200,000		201,146
Hutto Independent School District General Obligation Unlimited
5.00% due 08/01/49		100,000		103,972
Texas Municipal Gas Acquisition and Supply Corporation I Revenue Bonds
6.25% due 12/15/26		90,000		93,073
Total Texas				643,257
Oklahoma - 2.8%
Oklahoma Development Finance Authority Revenue Bonds
5.00% due 08/15/28		350,000		368,356
Oklahoma City Airport Trust Revenue Bonds
5.00% due 07/01/30		200,000		211,470
Total Oklahoma				579,826
Georgia - 2.6%
Columbia County Hospital Authority Revenue Bonds
5.00% due 04/01/48		500,000		539,570
Colorado - 2.3%
City & County of Denver Colorado Airport System Revenue Bonds
5.00% due 12/01/28		200,000		214,236
City & County of Denver Colorado Pledged Excise Tax Revenue Bonds
due 08/01/301		200,000		160,817
Colorado School of Mines Revenue Bonds
5.00% due 12/01/47		100,000		103,137
Total Colorado				478,190
Washington - 2.0%
Central Puget Sound Regional Transit Authority Revenue Bonds
5.00% due 11/01/41		200,000		206,719
Washington State Convention Center Public Facilities District Revenue Bonds
4.00% due 07/01/48		210,000		201,933
Total Washington				408,652
Arkansas - 1.6%
County of Baxter Arkansas Revenue Bonds
5.00% due 09/01/26		330,000		335,106
West Virginia - 1.5%
West Virginia Hospital Finance Authority Revenue Bonds
5.00% due 06/01/42		300,000		307,343
New Mexico - 1.3%
New Mexico Mortgage Finance Authority Revenue Bonds
4.95% due 09/01/38		245,000		264,760
City of Albuquerque New Mexico Gross Receipts Tax Revenue Bonds
5.00% due 07/01/25		10,000		10,002
Total New Mexico				274,762
Alaska - 1.3%
University of Alaska Revenue Bonds
5.00% due 10/01/40		260,000		264,971
South Carolina - 1.0%
Charleston County Airport District Revenue Bonds
5.00% due 07/01/43		200,000		212,238
Ohio - 1.0%
American Municipal Power, Inc. Revenue Bonds
5.00% due 02/15/41		200,000		203,984
Vermont - 1.0%
Vermont Educational & Health Buildings Financing Agency Revenue Bonds
5.00% due 12/01/46		200,000		201,706
Connecticut - 0.9%
New Haven Housing Authority Revenue Bonds
2.26% due 05/01/38		240,706		186,325
Massachusetts - 0.8%
Massachusetts Development Finance Agency Revenue Bonds
5.00% due 10/01/34		150,000		163,428
Kansas - 0.5%
University of Kansas Hospital Authority Revenue Bonds
5.00% due 09/01/48		100,000		103,449
Iowa - 0.5%
PEFA, Inc. Revenue Bonds
5.00% due 09/01/263		100,000		102,847
Louisiana - 0.0%
Louisiana Public Facilities Authority Revenue Bonds
5.00% due 05/15/26		5,000		5,128

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 211

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
MUNICIPAL INCOME FUND

	Face Amount		Value
Maryland - 0.0%
Maryland Health & Higher Educational Facilities Authority Revenue Bonds
5.00% due 07/01/27	$	5,000	$	5,114
Total Municipal Bonds
(Cost $21,583,878)				20,224,630
Total Investments - 96.8%
(Cost $21,583,878)			$	20,224,630
Other Assets & Liabilities, net - 3.2%				669,365
Total Net Assets - 100.0%			$	20,893,995

Centrally Cleared Interest Rate Swap Agreements††
Counterparty		Exchange		Floating Rate Type		Floating Rate Index		Fixed Rate		Payment Frequency		Maturity Date	Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)**
BofA Securities, Inc.	CME		Receive		U.S. Secured Overnight Financing Rate + 0.26%		1.67%		Quarterly		09/27/51		$	2,550,000	$	880,159		$	(725	)	$	880,884
BofA Securities, Inc.	CME		Pay		U.S. Secured Overnight Financing Rate		4.68%		Annually		10/20/28			2,600,000		137,744			252			137,492
BofA Securities, Inc.	CME		Pay		U.S. Secured Overnight Financing Rate		4.98%		Annually		10/11/25			2,700,000		31,060			50			31,010
BofA Securities, Inc.	CME		Receive		U.S. Secured Overnight Financing Rate		3.26%		Annually		05/24/53			400,000		4,506			106			4,400
BofA Securities, Inc.	CME		Receive		U.S. Secured Overnight Financing Rate		3.28%		Annually		09/23/34			400,000		1,811			303			1,508
BofA Securities, Inc.	CME		Receive		U.S. Secured Overnight Financing Rate		4.31%		Annually		11/06/33			200,000		(15,613	)		56			(15,669	)
BofA Securities, Inc.	CME		Receive		U.S. Secured Overnight Financing Rate		4.11%		Annually		11/20/33			1,500,000		(93,467	)		285			(93,752	)
															$	946,200		$	327		$	945,873

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
††	Value determined based on Level 2 inputs — See Note 4.
1	Zero coupon rate security.
2	Security is a step up/down bond with a 5.20% coupon rate until 10/01/2037.
3	The rate is adjusted periodically by the issuer, allows the holder to tender the security upon a rate reset, and is not based upon a set reference rate and spread.
	BofA — Bank of America
	CME — Chicago Mercantile Exchange
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (concluded)	September 30, 2024
MUNICIPAL INCOME 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
Municipal Bonds	$	—	$	20,224,630	$	—	$	20,224,630
Interest Rate Swap Agreements**		—		1,055,294		—		1,055,294
Total Assets	$	—	$	21,279,924	$	—	$	21,279,924

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Swap Agreements**	$	—	$	109,421	$	—	$	109,421

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

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 213

MUNICIPAL INCOME FUND

STATEMENT OF ASSETS AND LIABILITIES

September 30, 2024

Assets:
Investments, at value (cost $21,583,878)	$	20,224,630
Cash		223,332
Segregated cash with broker		289,174
Unamortized upfront premiums paid on interest rate swap agreements		1,052
Prepaid expenses		29,507
Receivables:
Interest		190,841
Investment Adviser		37,564
Swap settlement		13,431
Securities sold		11,234
Fund shares sold		2,907
Total assets		21,023,672
Liabilities:
Unamortized upfront premiums received on interest rate swap agreements		725
Payable for:
Professional fees		40,276
Fund shares redeemed		24,139
Securities purchased		15,180
Printing fees		12,452
Transfer agent/maintenance fees		9,332
Pricing fees		8,628
Distributions to shareholders		6,085
Fund accounting/administration fees		3,857
Distribution and service fees		3,741
Variation margin on interest rate swap agreements		820
Trustees’ fees*		685
Miscellaneous		3,757
Total liabilities		129,677
Net assets	$	20,893,995
Net assets consist of:
Paid in capital	$	27,408,851
Total distributable earnings (loss)		(6,514,856	)
Net assets	$	20,893,995
Class A:
Net assets	$	16,540,951
Capital shares outstanding		1,429,288
Net asset value per share	$	11.57
Maximum offering price per share (Net asset value divided by 96.00%)	$	12.05
Class C:
Net assets	$	621,091
Capital shares outstanding		53,705
Net asset value per share	$	11.56
Class P:
Net assets	$	125,496
Capital shares outstanding		10,849
Net asset value per share	$	11.57
Institutional Class:
Net assets	$	3,606,457
Capital shares outstanding		311,553
Net asset value per share	$	11.58

STATEMENT OF OPERATIONS

Year Ended September 30, 2024

Investment Income:
Interest	$	977,291
Total investment income		977,291
Expenses:
Management fees		135,565
Distribution and service fees:
Class A		51,081
Class C		8,175
Class P		309
Transfer agent/maintenance fees:
Class A		25,695
Class C		1,565
Class P		408
Institutional Class		13,626
Registration fees		75,721
Professional fees		50,243
Fund accounting/administration fees		19,532
Trustees’ fees*		13,390
Custodian fees		6,707
Line of credit fees		2,537
Interest expense		575
Miscellaneous		22,823
Total expenses		427,952
Less: Expenses reimbursed by Adviser:
Class A		(67,301	)
Class C		(3,330	)
Class P		(705	)
Institutional Class		(23,392	)
Expenses waived by Adviser		(128,376	)
Earnings credits applied		(1,120	)
Total waived/reimbursed expenses		(224,224	)
Net expenses		203,728
Net investment income		773,563
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(4,847,521	)
Swap agreements		(210,660	)
Net realized loss		(5,058,181	)
Net change in unrealized appreciation (depreciation) on:
Investments		8,307,605
Swap agreements		(457,977	)
Net change in unrealized appreciation (depreciation)		7,849,628
Net realized and unrealized gain		2,791,447
Net increase in net assets resulting from operations	$	3,565,010

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

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

MUNICIPAL INCOME 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	$	773,563		$	1,080,466
Net realized loss on investments		(5,058,181	)		(788,039	)
Net change in unrealized appreciation (depreciation) on investments		7,849,628			804,518
Net increase in net assets resulting from operations		3,565,010			1,096,945
Distributions to shareholders:
Class A		(679,675	)		(1,453,969	)
Class C		(21,144	)		(31,189	)
Class P		(4,067	)		(4,574	)
Institutional Class		(205,499	)		(364,176	)
Return of capital
Class A		(17,975	)		—
Class C		(559	)		—
Class P		(108	)		—
Institutional Class		(5,435	)		—
Total distributions to shareholders		(934,462	)		(1,853,908	)
Capital share transactions:
Proceeds from sale of shares
Class A		1,462,458			3,606,381
Class C		149,213			346,333
Class P		22,902			846,126
Institutional Class		2,197,008			12,725,440
Distributions reinvested
Class A		604,053			1,328,775
Class C		20,639			30,159
Class P		4,160			4,569
Institutional Class		207,496			359,627
Cost of shares redeemed
Class A		(16,349,357	)		(19,006,404	)
Class C		(457,748	)		(581,224	)
Class P		(24,620	)		(867,839	)
Institutional Class		(10,268,568	)		(6,514,995	)
Net decrease from capital share transactions		(22,432,364	)		(7,723,052	)
Net decrease in net assets		(19,801,816	)		(8,480,015	)
Net assets:
Beginning of year		40,695,811			49,175,826
End of year	$	20,893,995		$	40,695,811
Capital share activity:
Shares sold
Class A		129,161			316,903
Class C		13,502			30,364
Class P		2,007			75,140
Institutional Class		195,626			1,120,796
Shares issued from reinvestment of distributions
Class A		53,576			117,206
Class C		1,828			2,659
Class P		368			404
Institutional Class		18,440			31,729
Shares redeemed
Class A		(1,437,356	)		(1,700,924	)
Class C		(40,338	)		(51,290	)
Class P		(2,156	)		(76,692	)
Institutional Class		(907,439	)		(569,408	)
Net decrease in shares		(1,972,781	)		(703,113	)

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 215

MUNICIPAL INCOME FUND

FINANCIAL HIGHLIGHTS

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

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	$	10.77		$	10.97		$	13.46		$	13.23		$	13.12
Income (loss) from investment operations:
Net investment income (loss)a		.32			.23			.23			.25			.26
Net gain (loss) on investments (realized and unrealized)		.86			(.04	)		(2.44	)		.23			.11
Total from investment operations		1.18			.19			(2.21	)		.48			.37
Less distributions from:
Net investment income		(.36	)		(.25	)		(.22	)		(.23	)		(.26	)
Net realized gains		—			(.14	)		(.06	)		(.02	)		—
Return of capital		(.02	)		—			—			—			—
Total distributions		(.38	)		(.39	)		(.28	)		(.25	)		(.26	)
Net asset value, end of period	$	11.57		$	10.77		$	10.97		$	13.46		$	13.23
Total Returnb		11.10	%		1.67	%		(16.67	%)		3.67	%		2.85	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	16,541		$	28,909		$	43,354		$	63,359		$	62,583
Ratios to average net assets:
Net investment income (loss)		2.83	%		2.06	%		1.84	%		1.82	%		1.95	%
Total expensesc		1.59	%		1.20	%		1.18	%		1.17	%		1.21	%
Net expensesd,e,f		0.79	%		0.78	%		0.79	%		0.80	%		0.81	%
Portfolio turnover rate		59	%		11	%		14	%		22	%		58	%

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	$	10.76		$	10.96		$	13.45		$	13.22		$	13.11
Income (loss) from investment operations:
Net investment income (loss)a		.24			.15			.14			.15			.16
Net gain (loss) on investments (realized and unrealized)		.86			(.04	)		(2.45	)		.23			.11
Total from investment operations		1.10			.11			(2.31	)		.38			.27
Less distributions from:
Net investment income		(.28	)		(.17	)		(.12	)		(.13	)		(.16	)
Net realized gains		—			(.14	)		(.06	)		(.02	)		—
Return of capital		(.02	)		—			—			—			—
Total distributions		(.30	)		(.31	)		(.18	)		(.15	)		(.16	)
Net asset value, end of period	$	11.56		$	10.76		$	10.96		$	13.45		$	13.22
Total Returnb		10.38	%		0.91	%		(17.23	%)		2.91	%		2.09	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	621		$	847		$	1,063		$	1,769		$	2,177
Ratios to average net assets:
Net investment income (loss)		2.10	%		1.30	%		1.08	%		1.08	%		1.23	%
Total expensesc		2.42	%		2.00	%		1.97	%		1.97	%		1.97	%
Net expensesd,e,f		1.54	%		1.54	%		1.54	%		1.55	%		1.56	%
Portfolio turnover rate		59	%		11	%		14	%		22	%		58	%

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

MUNICIPAL INCOME FUND

FINANCIAL HIGHLIGHTS (continued)

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

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	$	10.76		$	10.97		$	13.45		$	13.22		$	13.13
Income (loss) from investment operations:
Net investment income (loss)a		.32			.23			.23			.25			.26
Net gain (loss) on investments (realized and unrealized)		.87			(.05	)		(2.43	)		.23			.09
Total from investment operations		1.19			.18			(2.20	)		.48			.35
Less distributions from:
Net investment income		(.36	)		(.25	)		(.22	)		(.23	)		(.26	)
Net realized gains		—			(.14	)		(.06	)		(.02	)		—
Return of capital		(.02	)		—			—			—			—
Total distributions		(.38	)		(.39	)		(.28	)		(.25	)		(.26	)
Net asset value, end of period	$	11.57		$	10.76		$	10.97		$	13.45		$	13.22
Total Return		11.20	%		1.58	%		(16.61	%)		3.67	%		2.69	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	125		$	114		$	129		$	220		$	202
Ratios to average net assets:
Net investment income (loss)		2.84	%		2.04	%		1.81	%		1.83	%		1.96	%
Total expensesc		1.84	%		1.51	%		1.47	%		1.38	%		1.40	%
Net expensesd,e,f		0.78	%		0.78	%		0.79	%		0.80	%		0.81	%
Portfolio turnover rate		59	%		11	%		14	%		22	%		58	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 217

MUNICIPAL INCOME FUND

FINANCIAL HIGHLIGHTS (concluded)

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

Institutional Class	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	$	10.77		$	10.97		$	13.46		$	13.23		$	13.13
Income (loss) from investment operations:
Net investment income (loss)a		.34			.26			.26			.28			.29
Net gain (loss) on investments (realized and unrealized)		.88			(.03	)		(2.44	)		.24			.10
Total from investment operations		1.22			.23			(2.18	)		.52			.39
Less distributions from:
Net investment income		(.39	)		(.29	)		(.25	)		(.27	)		(.29	)
Net realized gains		—			(.14	)		(.06	)		(.02	)		—
Return of capital		(.02	)		—			—			—			—
Total distributions		(.41	)		(.43	)		(.31	)		(.29	)		(.29	)
Net asset value, end of period	$	11.58		$	10.77		$	10.97		$	13.46		$	13.23
Total Return		11.48	%		1.93	%		(16.46	%)		3.93	%		3.03	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,606		$	10,826		$	4,629		$	12,772		$	13,406
Ratios to average net assets:
Net investment income (loss)		3.06	%		2.30	%		2.04	%		2.08	%		2.23	%
Total expensesc		1.41	%		0.96	%		0.98	%		0.96	%		1.00	%
Net expensesd,e,f		0.54	%		0.53	%		0.54	%		0.55	%		0.56	%
Portfolio turnover rate		59	%		11	%		14	%		22	%		58	%

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%*	0.02%	—	0.00%*
Class C	—	0.01%	0.01%	—	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	0.77%	0.77%	0.78%	0.79%	0.80%
Class C	1.52%	1.53%	1.53%	1.54%	1.55%
Class P	0.77%	0.77%	0.78%	0.79%	0.80%
Institutional Class	0.52%	0.52%	0.53%	0.54%	0.55%

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

SCHEDULE OF INVESTMENTS	September 30, 2024
TOTAL RETURN BOND FUND

	Shares		Value
COMMON STOCKS† - 0.0%
Industrial - 0.0%
YAK BLOCKER 2 LLC*,†††		44,094	$	88,628
YAK BLOCKER 2 LLC*,†††		40,754		81,916
API Heat Transfer Intermediate*,†††		31		44,404
BP Holdco LLC*,†††,1		532		645
Vector Phoenix Holdings, LP*,†††		532		11
Total Industrial				215,604
Communications - 0.0%
Vacasa, Inc. — Class A*		18,219		51,195
Financial - 0.0%
Pershing Square Tontine Holdings, Ltd. — Class A*,†††,2		9,315,080		932
Total Common Stocks
(Cost $3,668,341)				267,731
PREFERRED STOCKS†† - 2.6%
Financial - 2.4%
Markel Group, Inc.
6.00%		72,131,000		72,053,091
Citigroup, Inc.
3.88%		31,175,000		30,005,211
4.00%		26,571,000		26,014,452
7.63%		14,300,000		15,277,748
Wells Fargo & Co.
3.90%		66,688,000		64,814,454
7.63%		4,100,000		4,465,039
Equitable Holdings, Inc.
4.95%		68,525,000		67,874,341
Charles Schwab Corp.
4.00%		73,673,000		65,885,175
Bank of New York Mellon Corp.
3.75%		65,200,000		61,537,794
Goldman Sachs Group, Inc.
7.50%		25,300,000		26,817,241
3.80%		25,830,000		24,857,953
3.65%		2,450,000		2,322,434
MetLife, Inc.
3.85%		53,467,000		52,603,834
JPMorgan Chase & Co.
3.65%		37,412,000		36,193,933
Bank of America Corp.
4.38%		27,700,000		26,814,326
Kuvare US Holdings, Inc.
7.00% due 02/17/514		15,731,000		15,809,657
CNO Financial Group, Inc.
5.13% due 11/25/60		714,375		15,387,638
Jackson Financial, Inc.
8.00%		472,000		12,611,840
Selective Insurance Group, Inc.
4.60%		541,225		10,694,606
Depository Trust & Clearing Corp.
3.38%4		4,750,000		4,539,181
State Street Corp.
6.70%		2,645,000		2,740,186
First Republic Bank
4.25%*		2,368,525		947
4.50%*		276,775		111
Total Financial				639,321,192
Communications - 0.1%
AT&T Mobility II LLC
6.80%*,†††		47,000		48,103,090
Energy - 0.1%
Venture Global LNG, Inc.
9.00%*,4		21,555,000		21,848,771
Government - 0.0%
CoBank ACB
4.25%		3,300,000		3,170,471
Total Preferred Stocks
(Cost $796,008,213)				712,443,524
WARRANTS† - 0.0%
Ginkgo Bioworks Holdings, Inc.
Expiring 09/16/26*		101,490		457
Pershing Square SPARC Holdings, Ltd.*,†††,2		2,846,274		285
Pershing Square Tontine Holdings, Ltd.
Expiring 07/24/25*,†††,2		1,035,008		103
Total Warrants
(Cost $233,835)				845
EXCHANGE-TRADED FUNDS***,† - 0.7%
Vanguard Intermediate-Term Corporate Bond ETF		2,240,000		187,600,000
Total Exchange-Traded Funds
(Cost $184,990,400)				187,600,000
MUTUAL FUNDS† - 0.8%
Guggenheim Limited Duration Fund — Class R61		5,348,707		131,524,706
Guggenheim Strategy Fund II1		1,238,408		30,712,524
Guggenheim Ultra Short Duration Fund — Institutional Class1		3,020,042		30,260,817
Guggenheim Strategy Fund III1		665,925		16,574,884
Total Mutual Funds
(Cost $204,111,673)				209,072,931
MONEY MARKET FUNDS***,† - 3.0%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.88%5		717,742,897		717,742,897
Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.81%5		59,338,504		59,338,504
Federated Hermes U.S. Treasury Cash Reserves Fund — Institutional Shares, 4.85%5		24,478,723		24,478,723
Total Money Market Funds
(Cost $801,560,124)				801,560,124

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 219

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 32.6%
Government Agency - 21.1%
Uniform MBS 30 Year
due 12/01/2415		614,506,081	$	614,244,301
due 12/01/2415		486,030,000		436,532,705
due 01/01/2515		420,939,550		413,794,101
due 12/01/2415		254,365,450		250,103,557
due 12/01/2415		199,940,000		172,678,381
due 11/01/2415		164,090,919		163,990,988
due 12/01/2415		192,250,000		159,379,756
due 11/01/2415		121,258,969		122,687,400
Fannie Mae
5.00% due 05/01/53		216,181,755		216,456,066
6.00% due 09/01/54		190,764,615		196,677,401
3.00% due 05/01/52		216,897,643		194,691,990
5.50% due 05/01/53		178,506,152		180,664,568
5.50% due 09/01/54		164,592,773		167,350,338
5.50% due 06/01/54		155,624,346		157,444,886
5.50% due 06/01/53		149,910,065		151,915,929
5.00% due 04/01/53		111,570,357		111,634,208
5.00% due 08/01/53		78,586,590		78,627,523
5.00% due 06/01/53		26,839,413		26,841,427
due 12/25/436,12		9,226,582		7,082,295
3.05% due 03/01/50		5,762,276		4,846,848
2.51% due 10/01/46		5,369,290		4,321,991
2.49% due 12/01/39		4,065,878		3,326,835
4.24% due 08/01/48		3,347,742		3,193,711
2.54% due 12/01/39		3,547,642		2,908,041
3.00% due 01/01/52		2,761,109		2,485,286
3.42% due 10/01/47		2,619,326		2,364,672
3.26% due 11/01/46		2,247,004		1,996,529
2.69% due 02/01/52		2,397,097		1,897,892
2.49% due 09/01/51		2,429,242		1,854,359
2.62% due 12/01/51		2,240,043		1,752,373
2.93% due 03/01/52		2,006,611		1,655,092
3.46% due 08/01/49		1,598,967		1,429,115
2.51% due 07/01/50		1,714,062		1,353,678
2.43% due 12/01/51		1,900,000		1,304,705
3.74% due 02/01/48		1,190,004		1,103,174
4.05% due 09/01/48		1,102,842		1,053,360
2.32% due 07/01/50		1,312,412		1,009,319
3.96% due 06/01/49		916,606		850,529
3.00% due 05/01/52		893,278		810,233
3.60% due 10/01/47		877,840		799,752
2.65% due 12/01/51		960,335		753,009
2.34% due 03/01/51		842,420		648,711
3.91% due 07/01/49		643,432		590,540
3.18% due 09/01/42		618,030		538,302
2.56% due 05/01/39		581,386		469,549
2.51% due 02/01/48		556,954		444,610
3.00% due 07/01/46		425,037		387,784
3.51% due 11/01/47		353,931		321,742
4.33% due 09/01/48		317,189		312,206
3.50% due 10/01/45		320,765		304,567
4.22% due 04/01/49		313,237		294,747
3.77% due 08/01/45		282,889		256,425
4.23% due 07/01/39		264,598		252,375
2.00% due 02/25/52		379,704		237,205
5.00% due 12/01/44		217,484		221,638
4.50% due 04/01/48		217,981		216,255
3.50% due 11/01/47		226,205		213,461
3.00% due 03/01/52		223,411		201,867
3.50% due 12/01/45		187,676		177,260
3.50% due 08/01/43		183,453		175,158
3.95% due 06/01/49		186,123		172,367
2.50% due 01/25/52		257,062		171,386
3.18% due 08/01/42		177,049		154,193
4.00% due 10/01/45		121,043		118,224
2.06% due 09/01/36		140,000		109,666
5.00% due 05/01/44		103,673		105,653
2.34% due 09/01/39		122,670		97,057
2.50% due 11/25/50		139,907		86,608
5.00% due 04/01/44		68,857		69,527
2.00% due 10/25/51		101,931		55,723
2.28% due 01/01/51		66,859		51,351
3.50% due 06/01/46		12,299		11,606
Freddie Mac
6.00% due 08/01/54		255,010,823		263,191,856
5.50% due 09/01/53		192,924,093		197,854,106
5.50% due 06/01/54		184,582,748		186,732,559
5.50% due 06/01/53		164,408,909		166,796,417
5.00% due 04/01/53		111,272,878		111,330,834
6.00% due 09/01/54		103,289,475		106,422,016
5.50% due 09/01/54		102,158,168		104,167,394
5.00% due 03/01/53		66,930,223		66,980,811
5.50% due 02/01/53		12,345,624		12,578,076
5.00% due 08/01/53		8,737,236		8,810,473
1.96% due 05/01/50		1,500,541		1,092,262
5.00% due 09/01/52		961,327		979,611
3.00% due 08/01/46		452,924		414,773
4.50% due 06/01/48		193,927		193,404
3.50% due 12/01/45		170,901		161,450
4.00% due 11/01/45		152,439		149,007
2.00% due 10/25/51		254,828		139,432
4.00% due 08/01/45		137,602		134,503
4.00% due 09/01/45		128,563		125,668
2.00% due 09/25/51		169,105		88,761
2.50% due 02/25/52		138,952		87,633
4.00% due 05/25/52		81,000		69,129
GNMA II 30Year TBA
due 10/21/2415		363,358,901		366,828,978
Ginnie Mae
due 12/01/2415		123,300,000		123,401,106
6.00% due 06/20/47		12,573,296		12,704,784
Fannie Mae-Aces
1.59% (WAC) due 03/25/35◊,7		199,429,369		17,809,421
Freddie Mac Seasoned Credit Risk Transfer Trust
2.00% due 11/25/59		10,264,352		8,411,277
2.00% due 05/25/60		8,438,202		6,929,613
FARM Mortgage Trust
2.18% (WAC) due 01/25/51◊,4		9,947,302		8,155,012

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
Freddie Mac Multifamily Structured Pass Through Certificates
0.63% (WAC) due 12/25/24◊,7		36,598,080	$	9,827
Total Government Agency				5,646,086,279
Residential Mortgage-Backed Securities - 9.4%
OBX Trust
2024-NQM5, 6.39% due 01/25/644,8		20,281,443		20,520,679
2024-NQM6, 6.85% due 02/25/644,8		17,260,640		17,609,348
2024-NQM5, 5.99% due 01/25/644,8		16,414,029		16,627,861
2024-NQM4, 6.07% due 01/25/644,8		15,305,769		15,536,415
2024-NQM7, 6.24% due 03/25/644,8		13,435,998		13,667,992
2024-NQM6, 6.45% due 02/25/644,8		13,185,275		13,474,152
2024-NQM9, 6.44% due 01/25/644,8		12,248,493		12,430,973
2024-NQM8, 6.59% due 05/25/644,8		10,483,746		10,660,489
2024-NQM6, 6.70% due 02/25/644,8		10,306,800		10,506,786
2022-NQM9, 6.45% due 09/25/624,8,9		10,186,027		10,264,138
2024-NQM5, 6.29% due 01/25/644,8		10,118,237		10,245,280
2024-NQM7, 6.60% due 03/25/644,8		9,724,656		9,883,880
2024-NQM8, 6.23% due 05/25/644,8		9,204,549		9,363,100
2024-NQM11, 6.23% due 06/25/644,8		8,922,525		9,018,784
2024-NQM10, 6.33% due 05/25/644,8		8,322,276		8,448,895
2024-NQM4, 6.32% due 01/25/644,8		8,340,269		8,434,125
2024-NQM8, 6.44% due 05/25/644,8		7,835,668		7,961,499
2024-NQM11, 6.13% due 06/25/644,8		6,837,370		6,922,741
2024-NQM7, 6.45% due 03/25/644,8		6,764,978		6,870,340
2024-NQM3, 6.13% due 12/25/634,8		6,263,277		6,362,700
2024-NQM11, 5.88% due 06/25/644,8		5,819,038		5,886,542
2024-NQM13, 5.37% due 06/25/644,8		5,769,056		5,787,585
2023-NQM2, 6.32% due 01/25/624,8		5,268,053		5,321,214
2023-NQM9, 7.66% due 10/25/634,8		5,136,040		5,271,505
2024-NQM3, 6.33% due 12/25/634,8		5,190,798		5,256,046
2024-NQM4, 6.22% due 01/25/644,8		3,849,355		3,892,806
2024-NQM2, 6.18% due 12/25/638,9		3,560,407		3,591,858
2024-NQM9, 6.28% due 01/25/648,9		3,429,616		3,477,955
2022-NQM8, 6.10% due 09/25/628,9		3,384,869		3,389,267
2023-NQM2, 6.72% due 01/25/628,9		3,064,386		3,093,873
2024-NQM12, 5.83% due 07/25/648,9		3,056,931		3,076,339
2024-NQM3, 6.43% due 12/25/638,9		1,630,168		1,648,994
BRAVO Residential Funding Trust
2022-R1, 3.13% due 01/29/704,8		78,322,201		77,731,182
2023-NQM2, 4.50% due 05/25/624,8,9		28,382,934		28,119,460
2024-NQM3, 6.19% due 03/25/644,8		12,953,363		13,148,543
2021-HE1, 6.78% (30 Day Average SOFR + 1.50%, Rate Floor: 0.00%) due 01/25/70◊,4		7,500,000		7,489,562
2024-NQM1, 6.40% due 12/01/634,8		6,665,149		6,737,274
2024-NQM3, 6.50% due 03/25/644,8		5,981,935		6,066,356
2023-NQM6, 7.06% due 09/25/634,8		5,701,458		5,801,788
2023-NQM5, 7.01% due 06/25/638,9		3,608,168		3,664,891
2024-NQM3, 6.39% due 03/25/648,9		2,193,976		2,224,942
PRPM LLC
2021-5, 4.79% due 06/25/264,8		49,365,023		49,146,825
2021-8, 4.74% (WAC) due 09/25/26◊,4		25,438,029		25,293,604
2024-RPL2, 3.50% due 05/25/544		24,527,532		23,716,262
2024-4, 6.41% due 08/25/294,8		14,112,739		14,197,256
2022-1, 3.72% due 02/25/274,8		9,553,312		9,471,706
2024-5, due 09/25/294,8		7,750,000		7,752,015
2023-RCF1, 4.00% due 06/25/534,8		4,106,975		4,039,542
Angel Oak Mortgage Trust
2024-4, 6.20% due 01/25/694,8		29,639,630		30,186,366
2023-1, 4.75% due 09/26/674,8		20,850,263		20,679,854
2023-2, 4.65% due 10/25/674,8		20,297,391		20,127,748
2024-2, 5.99% due 01/25/694,8		18,110,575		18,365,822
2024-4, 6.50% due 01/25/694,8		9,130,265		9,249,156
2024-2, 6.19% due 01/25/694,8		8,874,182		9,017,684
2024-2, 6.25% due 01/25/694,8		8,185,075		8,289,549
2024-3, 4.80% due 11/26/684,8,9		7,567,044		7,522,215
2024-4, 6.40% due 01/25/694,8		4,497,668		4,564,610
CSMC Trust
2021-RPL4, 4.06% (WAC) due 12/27/60◊,4		57,663,720		57,460,553
2021-RPL7, 1.93% (WAC) due 07/27/61◊,4		48,421,090		48,265,407
2021-RPL1, 4.07% (WAC) due 09/27/60◊,4		22,224,320		22,145,946
JP Morgan Mortgage Trust
2021-12, 2.50% (WAC) due 02/25/52◊,4		94,105,599		87,452,878
2021-13, 2.50% (WAC) due 04/25/52◊,4		41,997,490		39,033,274
FIGRE Trust
2024-HE2, 6.38% (WAC) due 05/25/54◊,4		41,202,174		42,183,704
2024-HE4, 5.06% (WAC) due 09/25/54◊,4		21,546,000		21,633,263
2024-HE1, 6.17% (WAC) due 03/25/54◊,4		15,836,293		16,122,921
2024-HE3, 5.94% (WAC) due 07/25/54◊,4		12,381,660		12,645,152
2024-HE3, 6.13% (WAC) due 07/25/54◊,4		5,143,151		5,229,497
2024-HE3, 6.23% (WAC) due 07/25/54◊,9		2,666,819		2,707,287
Legacy Mortgage Asset Trust
2021-GS2, 4.75% due 04/25/614,8		33,044,153		33,279,342
2021-GS3, 4.75% due 07/25/614,8		31,196,527		30,961,455
2021-GS5, 2.25% due 07/25/674,8		20,742,403		20,583,885
2021-GS4, 4.65% due 11/25/604,8		4,540,373		4,539,665
COLT Mortgage Loan Trust
2023-3, 7.18% due 09/25/684,8		35,930,585		36,761,731
2024-2, 6.13% due 04/25/694,8		11,958,439		12,108,283
2023-3, 7.58% due 09/25/684,8		8,087,541		8,289,883
2023-4, 7.62% due 10/25/684,8		5,019,273		5,153,377
2021-2, 2.38% (WAC) due 08/25/66◊,4		7,108,000		5,143,212
2024-2, 6.33% due 04/25/694,8		4,926,698		4,988,299
2024-2, 6.43% due 04/25/694,8		4,568,392		4,625,507
2024-1, 6.14% due 02/25/694,8		4,123,295		4,166,009
GCAT Trust
2022-NQM5, 5.71% due 08/25/674,8		20,624,644		20,606,977
2023-NQM3, 6.89% due 08/25/684,8		16,954,519		17,276,101
2024-NQM2, 6.44% due 06/25/594,8		12,468,719		12,656,210
2022-NQM3, 4.35% (WAC) due 04/25/67◊,4		10,545,692		10,071,780
2023-NQM3, 7.34% due 08/25/684,8		4,311,900		4,404,856
2024-NQM2, 6.09% due 06/25/598,9		3,632,591		3,684,841
2024-NQM2, 6.54% due 06/25/598,9		2,760,733		2,802,146
2023-NQM2, 6.24% due 11/25/678,9		2,573,774		2,580,820
Morgan Stanley ABS Capital I Incorporated Trust
2006-NC5, 5.12% (1 Month Term SOFR + 0.26%, Rate Floor: 0.15%) due 10/25/36◊		24,533,968		13,236,966

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 221

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
2007-HE5, 5.73% (1 Month Term SOFR + 0.45%, Rate Floor: 0.34%) due 03/25/37◊		25,667,108	$	10,978,548
2006-HE6, 5.45% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 09/25/36◊		22,455,783		7,688,653
2006-HE5, 5.25% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 08/25/36◊		12,559,238		6,359,378
2007-HE3, 5.08% (1 Month Term SOFR + 0.22%, Rate Floor: 0.11%) due 12/25/36◊		10,403,807		5,233,484
2006-HE4, 5.45% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 06/25/36◊		7,802,275		4,043,993
2006-HE5, 5.47% (1 Month Term SOFR + 0.61%, Rate Floor: 0.50%) due 08/25/36◊		7,525,402		3,809,743
2007-HE2, 5.06% (1 Month Term SOFR + 0.20%, Rate Floor: 0.09%) due 01/25/37◊		8,072,324		3,629,394
2007-HE2, 5.10% (1 Month Term SOFR + 0.24%, Rate Floor: 0.13%) due 01/25/37◊		7,670,320		3,448,759
2007-HE2, 5.18% (1 Month Term SOFR + 0.32%, Rate Floor: 0.21%) due 01/25/37◊		6,039,622		2,715,217
2007-NC3, 5.58% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 05/25/37◊		3,029,960		2,325,310
2007-HE6, 5.45% (1 Month Term SOFR + 0.17%, Rate Floor: 0.06%) due 05/25/37◊		2,214,130		1,987,778
2007-HE3, 5.10% (1 Month Term SOFR + 0.24%, Rate Floor: 0.13%) due 12/25/36◊,9		1,912,509		1,192,937
2006-HE6, 5.27% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 09/25/36◊		2,846,508		975,583
NYMT Loan Trust
2022-SP1, 5.25% due 07/25/624,8		58,658,101		57,565,295
GS Mortgage-Backed Securities Trust
2021-PJ10, 2.50% (WAC) due 03/25/52◊,4		58,769,754		54,134,595
Verus Securitization Trust
2023-7, 7.42% due 10/25/684,8		16,417,439		16,803,880
2024-5, 6.65% due 06/25/694,8		14,203,222		14,456,017
2022-8, 6.13% due 09/25/674,8,9		13,209,539		13,211,389
2024-1, 6.12% due 01/25/698,9		3,459,832		3,484,565
2023-2, 6.85% due 03/25/688,9		3,166,945		3,202,592
2024-5, 6.45% due 06/25/698,9		2,399,193		2,438,289
OSAT Trust
2021-RPL1, 5.12% due 05/25/654,8		53,199,210		53,102,319
Vista Point Securitization Trust
2024-CES2, 5.25% due 10/25/544,8		42,400,000		42,429,510
2024-CES1, 6.68% due 05/25/544,8		8,291,777		8,433,561
Mill City Securities Ltd.
2024-RS1, 3.00% due 11/01/694,8		52,050,000		48,053,393
RCKT Mortgage Trust
2024-CES4, 6.15% due 06/25/444,8		31,397,648		31,900,434
2024-CES4, 6.30% due 06/25/444,8		6,527,431		6,638,954
2023-CES1, 6.52% (WAC) due 06/25/43◊,4		4,628,163		4,662,498
2023-CES2, 6.81% (WAC) due 09/25/43◊,4		4,011,073		4,075,514
New Residential Mortgage Loan Trust
2024-NQM2, 5.37% due 09/25/644		26,600,000		26,580,050
2024-NQM2, 5.42% due 09/25/644		19,201,000		19,184,679
Top Pressure Recovery Turbines
7.51% due 11/01/69		44,427,157		44,827,001
JP Morgan Mortgage Acquisition Trust
2006-WMC4, 5.10% (1 Month Term SOFR + 0.24%, Rate Floor: 0.13%) due 12/25/36◊		57,585,283		35,923,007
2006-WMC4, 5.09% (1 Month Term SOFR + 0.23%, Rate Floor: 0.12%) due 12/25/36◊		12,015,287		6,391,341
2006-WMC3, 5.45% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 08/25/36◊		1,689,680		1,240,192
Home Equity Loan Trust
2007-FRE1, 5.16% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 04/25/37◊		43,041,110		40,988,734
Citigroup Mortgage Loan Trust, Inc.
2022-A, 6.17% due 09/25/624,8		15,604,119		15,603,316
2007-AMC1, 5.29% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 12/25/36◊,4		19,684,132		10,738,263
2006-WF1, 4.93% due 03/25/36		13,147,056		6,520,041
2007-AMC3, 5.15% (1 Month Term SOFR + 0.29%, Rate Floor: 0.18%) due 03/25/37◊		5,550,088		4,689,608
GSAMP Trust
2007-NC1, 5.65% (1 Month Term SOFR + 0.37%, Rate Floor: 0.26%) due 12/25/46◊		23,926,868		12,490,454
2006-HE8, 5.43% (1 Month Term SOFR + 0.57%, Rate Floor: 0.46%) due 01/25/37◊		10,107,000		8,575,416
2006-NC2, 5.27% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 06/25/36◊		11,194,698		6,390,837
2007-NC1, 5.69% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 12/25/46◊		6,844,493		3,380,611
Alternative Loan Trust
2007-OA4, 5.31% (1 Month Term SOFR + 0.45%, Rate Floor: 0.34%) due 05/25/47◊		13,556,683		11,812,841
2007-OH3, 5.55% (1 Month Term SOFR + 0.69%, Rate Cap/Floor: 10.00%/0.58%) due 09/25/47◊		5,912,356		5,382,251

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
2006-43CB, 6.00% (1 Month Term SOFR + 0.61%, Rate Cap/Floor: 6.00%/6.00%) due 02/25/37◊		5,796,129	$	3,183,473
2007-OA7, 5.33% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 05/25/47◊		2,112,428		1,995,466
2007-OH3, 5.41% (1 Month Term SOFR + 0.55%, Rate Cap/Floor: 10.00%/0.44%) due 09/25/47◊		587,709		555,545
Imperial Fund Mortgage Trust
2022-NQM2, 4.02% (WAC) due 03/25/67◊,4		11,688,081		10,952,657
2022-NQM2, 4.20% (WAC) due 03/25/67◊,4		11,489,471		10,841,976
Sequoia Mortgage Trust
2024-5, 6.00% (WAC) due 06/25/54◊,4		21,294,500		21,519,035
Soundview Home Loan Trust
2006-OPT5, 5.25% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 07/25/36◊		21,864,966		21,012,012
Saluda Grade Alternative Mortgage Trust
2023-FIG4, 6.72% (WAC) due 11/25/53◊,4		19,091,149		19,643,017
SPS Servicer Advance Receivables Trust
2020-T2, 1.83% due 11/15/554		20,000,000		19,315,202
ACE Securities Corporation Home Equity Loan Trust Series
2006-NC1, 5.58% (1 Month Term SOFR + 0.73%, Rate Floor: 0.62%) due 12/25/35◊		14,117,180		13,241,429
2007-ASP1, 5.37% (1 Month Term SOFR + 0.51%, Rate Floor: 0.40%) due 03/25/37◊		7,890,424		3,212,605
2007-WM2, 5.18% (1 Month Term SOFR + 0.32%, Rate Floor: 0.21%) due 02/25/37◊		5,964,687		2,535,393
NovaStar Mortgage Funding Trust Series
2007-2, 5.17% (1 Month Term SOFR + 0.31%, Rate Cap/Floor: 11.00%/0.20%) due 09/25/37◊		17,471,968		17,029,800
2007-1, 5.23% (1 Month Term SOFR + 0.37%, Rate Cap/Floor: 11.00%/0.26%) due 03/25/37◊		2,540,466		1,622,935
Morgan Stanley Residential Mortgage Loan Trust
2024-NQM3, 5.35% due 07/25/694,8		9,650,000		9,626,454
2024-NQM3, 5.04% (WAC) due 07/25/69◊,4		9,000,000		8,978,580
American Home Mortgage Investment Trust
2007-1, 2.08% due 05/25/477		121,208,469		17,495,764
IXIS Real Estate Capital Trust
2007-HE1, 5.50% (1 Month Term SOFR + 0.22%, Rate Floor: 0.11%) due 05/25/37◊		31,454,536		7,412,450
2006-HE1, 5.57% (1 Month Term SOFR + 0.71%, Rate Floor: 0.60%) due 03/25/36◊		10,850,441		5,685,246
2007-HE1, 5.62% (1 Month Term SOFR + 0.34%, Rate Floor: 0.23%) due 05/25/37◊		5,969,621		1,407,308
2007-HE1, 5.55% (1 Month Term SOFR + 0.27%, Rate Floor: 0.16%) due 05/25/37◊		5,606,564		1,321,758
2007-HE1, 5.45% (1 Month Term SOFR + 0.17%, Rate Floor: 0.06%) due 05/25/37◊		4,664,402		1,099,295
Securitized Asset-Backed Receivables LLC Trust
2006-WM4, 5.13% (1 Month Term SOFR + 0.27%, Rate Floor: 0.16%) due 11/25/36◊		29,387,531		8,024,680
2007-BR2, 5.33% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 02/25/37◊,4		8,920,178		7,598,722
2006-HE2, 5.27% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 07/25/36◊		3,134,796		1,243,616
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-AR9, 5.95% (1 Year CMT Rate + 0.83%, Rate Floor: 0.83%) due 11/25/46◊		7,988,208		6,639,029
2006-AR10, 5.31% (1 Month Term SOFR + 0.45%, Rate Floor: 0.34%) due 12/25/36◊		6,892,027		5,539,165
2006-AR9, 5.96% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/46◊		3,540,842		2,910,098
2006-7, 4.02% due 09/25/36		5,123,813		1,396,969
2006-8, 4.13% due 10/25/36		326,930		110,401
Credit Suisse Mortgage Capital Certificates
2021-RPL9, 2.44% (WAC) due 02/25/61◊,4		15,873,623		15,782,275
Structured Asset Securities Corporation Mortgage Loan Trust
2008-BC4, 5.60% (1 Month Term SOFR + 0.74%, Rate Floor: 0.63%) due 11/25/37◊		14,142,703		13,645,111
2006-BC4, 5.31% (1 Month Term SOFR + 0.45%, Rate Floor: 0.34%) due 12/25/36◊		1,320,950		1,282,786
2006-BC6, 5.14% (1 Month Term SOFR + 0.28%, Rate Floor: 0.17%) due 01/25/37◊		63,707		62,835
WaMu Asset-Backed Certificates WaMu Series Trust
2007-HE1, 5.27% (1 Month Term SOFR + 0.41%, Rate Floor: 0.41%) due 01/25/37◊		31,726,568		14,736,870
Starwood Mortgage Residential Trust
2020-1, 2.56% (WAC) due 02/25/50◊,4		8,453,580		8,073,373
2020-1, 2.41% (WAC) due 02/25/50◊,4		6,502,754		6,215,236
Merrill Lynch Mortgage Investors Trust Series
2007-HE2, 5.49% (1 Month Term SOFR + 0.63%, Rate Floor: 0.52%) due 02/25/37◊		30,714,279		8,949,355

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 223

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
2006-HE6, 4.14% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 11/25/37◊		7,435,526	$	3,644,479
American Home Mortgage Assets Trust
2007-5, 5.35% (1 Month Term SOFR + 0.49%, Rate Cap/Floor: 99.00%/0.19%) due 06/25/47◊		8,366,419		7,424,179
2006-4, 5.16% (1 Month Term SOFR + 0.30%, Rate Floor: 0.30%) due 10/25/46◊		6,494,968		3,510,467
2006-6, 5.16% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 12/25/46◊		1,922,784		1,626,566
LSTAR Securities Investment Ltd.
2024-1, 8.45% (30 Day Average SOFR + 3.10%, Rate Floor: 3.10%) due 01/01/29◊,4		11,782,368		11,741,031
RALI Series Trust
2007-QO4, 5.35% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 05/25/47◊		3,622,473		3,260,142
2006-QO2, 5.41% (1 Month Term SOFR + 0.55%, Rate Floor: 0.44%) due 02/25/46◊		16,536,210		2,929,676
2007-QO2, 5.12% (1 Month Term SOFR + 0.26%, Rate Floor: 0.15%) due 02/25/47◊		7,409,529		2,536,617
2006-QO6, 5.33% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 06/25/46◊		4,715,292		1,099,293
2006-QO2, 5.51% (1 Month Term SOFR + 0.65%, Rate Floor: 0.54%) due 02/25/46◊		5,362,610		965,980
2007-QO3, 5.29% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 03/25/47◊		760,844		671,484
2006-QO2, 5.65% (1 Month Term SOFR + 0.79%, Rate Floor: 0.68%) due 02/25/46◊		1,105,132		203,716
Ameriquest Mortgage Securities Trust
2006-M3, 5.13% (1 Month Term SOFR + 0.27%, Rate Floor: 0.16%) due 10/25/36◊		26,025,058		7,668,565
2006-M3, 5.07% (1 Month Term SOFR + 0.21%, Rate Floor: 0.10%) due 10/25/36◊		10,932,272		3,221,320
ABFC Trust
2007-WMC1, 6.64% (1 Month Term SOFR + 1.36%, Rate Floor: 1.25%) due 06/25/37◊		14,034,999		10,129,396
Master Asset-Backed Securities Trust
2006-WMC4, 5.27% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 10/25/36◊		10,293,196		3,367,923
2006-NC2, 5.45% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 08/25/36◊		7,329,395		2,774,350
2006-WMC3, 5.29% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 08/25/36◊		5,526,551		1,960,058
2007-WMC1, 5.29% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 01/25/37◊		5,685,254		1,626,045
HarborView Mortgage Loan Trust
2006-14, 5.38% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 01/25/47◊		5,753,426		5,317,574
2006-12, 5.46% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 01/19/38◊		4,230,991		3,743,888
Fremont Home Loan Trust
2006-E, 5.51% (1 Month Term SOFR + 0.23%, Rate Floor: 0.12%) due 01/25/37◊		11,140,808		5,071,851
2006-D, 5.12% (1 Month Term SOFR + 0.26%, Rate Floor: 0.15%) due 11/25/36◊		10,003,529		3,510,292
First Franklin Mortgage Loan Trust
2006-FF16, 5.25% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 12/25/36◊		19,278,673		7,947,856
First NLC Trust
2005-4, 5.75% (1 Month Term SOFR + 0.89%, Rate Cap/Floor: 14.00%/0.78%) due 02/25/36◊		6,174,271		6,042,799
2005-1, 2.78% (1 Month Term SOFR + 0.57%, Rate Cap/Floor: 14.00%/0.46%) due 05/25/35◊		1,960,367		1,734,679
ATLX Trust
2024-RPL1, 3.85% due 04/25/644,8		7,757,735		7,516,745
Merrill Lynch Alternative Note Asset Trust Series
2007-A1, 5.85% (1 Month Term SOFR + 0.57%, Rate Floor: 0.46%) due 01/25/37◊		18,619,731		5,388,673
2007-A1, 5.69% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 01/25/37◊		7,060,913		2,042,555
Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series
2005-W4, 5.73% (1 Month Term SOFR + 0.87%, Rate Floor: 0.76%) due 02/25/36◊		9,106,855		7,252,310
CFMT LLC
2022-HB9, 3.25% (WAC) due 09/25/37◊,4		7,543,666		7,231,108
Bear Stearns Asset-Backed Securities I Trust
2006-HE9, 5.25% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 11/25/36◊		6,990,108		6,898,331

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
Long Beach Mortgage Loan Trust
2006-8, 5.29% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 09/25/36◊		14,122,856	$	3,905,204
2006-6, 5.47% (1 Month Term SOFR + 0.61%, Rate Floor: 0.50%) due 07/25/36◊		4,406,273		1,736,931
2006-8, 5.15% (1 Month Term SOFR + 0.29%, Rate Floor: 0.18%) due 09/25/36◊		3,769,127		1,036,680
Option One Mortgage Loan Trust
2007-5, 5.19% (1 Month Term SOFR + 0.33%, Rate Floor: 0.22%) due 05/25/37◊		6,547,035		3,948,298
2007-2, 5.22% (1 Month Term SOFR + 0.36%, Rate Floor: 0.25%) due 03/25/37◊		4,665,640		2,331,992
Asset-Backed Securities Corporation Home Equity Loan Trust Series AEG
2006-HE1, 3.93% (1 Month Term SOFR + 0.71%, Rate Floor: 0.60%) due 01/25/36◊		6,392,023		6,238,631
Cross Mortgage Trust
2024-H5, 6.16% due 08/26/694,8		5,856,960		5,894,521
Towd Point Mortgage Trust
2023-CES1, 6.75% (WAC) due 07/25/63◊,4		5,471,851		5,544,171
Lehman XS Trust Series
2007-2N, 5.15% (1 Month Term SOFR + 0.29%, Rate Floor: 0.18%) due 02/25/37◊		4,305,645		3,919,519
2007-15N, 5.47% (1 Month Term SOFR + 0.61%, Rate Floor: 0.00%) due 08/25/37◊		1,108,921		1,066,641
2006-10N, 5.39% (1 Month Term SOFR + 0.53%, Rate Floor: 0.42%) due 07/25/46◊		270,388		241,799
Morgan Stanley IXIS Real Estate Capital Trust
2006-2, 5.12% (1 Month Term SOFR + 0.26%, Rate Floor: 0.15%) due 11/25/36◊		16,065,057		5,218,726
WaMu Asset-Backed Certificates WaMu Series
2007-HE4, 5.14% (1 Month Term SOFR + 0.28%, Rate Floor: 0.28%) due 07/25/47◊		4,507,493		3,313,676
2007-HE4, 5.22% (1 Month Term SOFR + 0.36%, Rate Floor: 0.36%) due 07/25/47◊		3,187,458		1,904,847
CWABS Asset-Backed Certificates Trust
2006-12, 5.23% (1 Month Term SOFR + 0.37%, Rate Floor: 0.26%) due 12/25/36◊		5,503,849		5,092,447
WaMu Mortgage Pass-Through Certificates Series Trust
2007-OA6, 5.93% (1 Year CMT Rate + 0.81%, Rate Floor: 0.81%) due 07/25/47◊		4,093,357		3,364,082
2006-AR13, 6.00% (1 Year CMT Rate + 0.88%, Rate Floor: 0.88%) due 10/25/46◊		1,303,010		1,108,145
2006-AR11, 6.04% (1 Year CMT Rate + 0.92%, Rate Floor: 0.92%) due 09/25/46◊		566,932		494,676
Deutsche Alt-A Securities Mortgage Loan Trust Series
2006-AR4, 5.23% (1 Month Term SOFR + 0.37%, Rate Floor: 0.26%) due 12/25/36◊		9,172,215		3,163,000
2007-OA2, 5.89% (1 Year CMT Rate + 0.77%, Rate Floor: 0.77%) due 04/25/47◊		1,967,135		1,731,952
Credit-Based Asset Servicing and Securitization LLC
2006-CB2, 3.34% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 12/25/36◊		4,835,570		4,599,276
Cascade Funding Mortgage Trust
2018-RM2, 4.00% (WAC) due 10/25/68◊,4		4,372,091		4,330,515
2019-RM3, 2.80% (WAC) due 06/25/69◊,9		238,728		237,868
GSAA Home Equity Trust
2006-5, 5.33% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 03/25/36◊		11,972,408		3,951,989
2007-7, 5.51% (1 Month Term SOFR + 0.65%, Rate Floor: 0.54%) due 07/25/37◊		110,777		104,247
Impac Secured Assets CMN Owner Trust
2005-2, 5.89% (1 Month Term SOFR + 0.61%, Rate Floor: 0.50%) due 03/25/36◊		3,907,841		3,542,341
GSAA Trust
2007-3, 5.31% (1 Month Term SOFR + 0.45%, Rate Floor: 0.34%) due 03/25/47◊		10,480,341		2,872,167
ASG Resecuritization Trust
2010-3, 4.91% (1 Month Term SOFR + 0.40%, Rate Cap/Floor: 10.50%/0.29%) due 12/28/45◊,9		1,915,429		1,812,712
C-BASS Mortgage Loan Trust
2007-CB2, 3.55% due 02/25/37		2,456,513		1,489,756
Securitized Asset Backed Receivables LLC Trust
2006-WM4, 5.29% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 11/25/36◊		5,157,473		1,408,206
Morgan Stanley Capital I Incorporated Trust
2006-HE1, 5.55% (1 Month Term SOFR + 0.69%, Rate Floor: 0.58%) due 01/25/36◊		1,447,727		1,400,244
Countrywide Asset-Backed Certificates
2005-15, 3.39% (1 Month Term SOFR + 0.79%, Rate Floor: 0.68%) due 03/25/36◊		628,621		614,436

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 225

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
Structured Asset Investment Loan Trust
2004-BNC2, 6.17% (1 Month Term SOFR + 1.31%, Rate Floor: 1.20%) due 12/25/34◊		254,921	$	252,414
2006-3, 5.27% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 06/25/36◊		184,075		174,372
Alliance Bancorp Trust
2007-OA1, 5.45% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 07/25/37◊		485,314		417,181
Impac Secured Assets Trust
2006-2, 5.31% (1 Month Term SOFR + 0.45%, Rate Cap/Floor: 11.50%/0.34%) due 08/25/36◊		437,048		405,626
Residential Mortgage Loan Trust
2020-1, 2.68% (WAC) due 01/26/60◊,9		390,860		380,758
Nomura Resecuritization Trust
2015-4R, 2.71% (1 Month Term SOFR + 0.54%, Rate Floor: 0.43%) due 03/26/36◊,9		370,488		356,673
Morgan Stanley Re-REMIC Trust
2010-R5, 5.31% due 06/26/369		89,654		83,657
GreenPoint Mortgage Funding Trust
2006-AR1, 5.55% (1 Month Term SOFR + 0.69%, Rate Cap/Floor: 10.50%/0.58%) due 02/25/36◊		85,044		73,728
UCFC Manufactured Housing Contract
1997-2, 7.38% due 10/15/28		12,138		12,100
Irwin Home Equity Loan Trust
2007-1, 6.35% due 08/25/379		34		33
Total Residential Mortgage-Backed Securities				2,511,343,930
Commercial Mortgage-Backed Securities - 1.4%
BX Commercial Mortgage Trust
2021-VOLT, 7.21% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 09/15/36◊,4		60,050,000		59,599,625
2021-VOLT, 6.86% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 09/15/36◊,4		52,000,000		51,447,500
2024-AIRC, 6.79% (1 Month Term SOFR + 1.69%, Rate Floor: 1.69%) due 08/15/39◊,4		15,850,000		15,869,813
2024-AIRC, 7.24% (1 Month Term SOFR + 2.14%, Rate Floor: 2.14%) due 08/15/39◊,4		11,400,000		11,414,250
2024-AIR2, 6.59% (1 Month Term SOFR + 1.49%, Rate Floor: 1.49%) due 10/15/41◊,4		10,000,000		10,000,000
2022-LP2, 7.06% (1 Month Term SOFR + 1.96%, Rate Floor: 1.96%) due 02/15/39◊,4		4,783,184		4,744,321
2024-AIR2, 6.89% (1 Month Term SOFR + 1.79%, Rate Floor: 1.79%) due 10/15/41◊,4		3,800,000		3,797,625
BX Trust
2024-VLT4, 7.24% (1 Month Term SOFR + 2.14%, Rate Floor: 2.14%) due 07/15/29◊,4		20,650,000		20,598,375
2024-VLT4, 7.04% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 07/15/29◊,4		17,150,000		17,150,000
SMRT
2022-MINI, 7.05% (1 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 01/15/39◊,4		32,500,000		31,913,638
JP Morgan Chase Commercial Mortgage Securities Trust
2021-NYAH, 7.30% (1 Month Term SOFR + 2.20%, Rate Floor: 1.84%) due 06/15/38◊,4		14,350,000		12,621,829
2016-JP3, 3.56% (WAC) due 08/15/49◊		10,290,000		8,502,485
2021-NYAH, 7.65% (1 Month Term SOFR + 2.55%, Rate Floor: 2.19%) due 06/15/38◊,4		8,000,000		6,783,072
2016-JP3, 1.46% (WAC) due 08/15/49◊,7		51,370,402		965,805
Life Mortgage Trust
2021-BMR, 7.56% (1 Month Term SOFR + 2.46%, Rate Floor: 2.35%) due 03/15/38◊,4		15,466,117		14,889,933
2021-BMR, 6.96% (1 Month Term SOFR + 1.86%, Rate Floor: 1.75%) due 03/15/38◊,4		4,163,955		4,039,861
Extended Stay America Trust
2021-ESH, 7.46% (1 Month Term SOFR + 2.36%, Rate Floor: 2.25%) due 07/15/38◊,4		11,137,942		11,159,463
2021-ESH, 6.91% (1 Month Term SOFR + 1.81%, Rate Floor: 1.70%) due 07/15/38◊,4		5,747,178		5,734,606
Citigroup Commercial Mortgage Trust
2019-GC43, 0.74% (WAC) due 11/10/52◊,7		215,519,527		5,365,229
2019-GC41, 1.16% (WAC) due 08/10/56◊,7		96,297,570		3,505,443
2015-GC35, 4.35% (WAC) due 11/10/48◊		810,679		693,213
2016-P4, 2.05% (WAC) due 07/10/49◊,7		27,693,953		637,479
2016-C2, 1.80% (WAC) due 08/10/49◊,7		29,776,360		615,230
2016-P5, 1.52% (WAC) due 10/10/49◊,7		24,468,605		463,790
2016-GC37, 1.81% (WAC) due 04/10/49◊,7		18,785,828		292,172
2016-C3, 1.05% (WAC) due 11/15/49◊,7		8,935,889		131,191
2015-GC35, 0.86% (WAC) due 11/10/48◊,7		27,465,058		130,058
2015-GC29, 1.15% (WAC) due 04/10/48◊,7		17,514,908		32,303
GS Mortgage Securities Corporation Trust
2020-UPTN, 3.35% (WAC) due 02/10/37◊,4		5,350,000		5,109,423
2020-DUNE, 6.72% (1 Month Term SOFR + 1.61%, Rate Floor: 1.35%) due 12/15/36◊,4		3,750,000		3,727,412

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
2020-DUNE, 7.27% (1 Month Term SOFR + 2.16%, Rate Floor: 1.90%) due 12/15/36◊,4		1,000,000	$	989,533
BENCHMARK Mortgage Trust
2020-IG3, 3.23% (WAC) due 09/15/48◊,4		5,232,000		3,219,059
2019-B14, 0.89% (WAC) due 12/15/62◊,7		107,526,356		2,434,063
2018-B2, 0.59% (WAC) due 02/15/51◊,7		91,099,138		1,043,914
2018-B6, 4.74% (WAC) due 10/10/51◊		750,000		705,823
2018-B6, 0.55% (WAC) due 10/10/51◊,7		58,412,311		607,955
GS Mortgage Securities Trust
2020-GC45, 0.77% (WAC) due 02/13/53◊,7		151,116,168		3,924,170
2019-GC42, 0.93% (WAC) due 09/10/52◊,7		64,803,810		2,038,002
2017-GS6, 1.15% (WAC) due 05/10/50◊,7		40,051,724		816,366
2017-GS6, 3.87% due 05/10/50		521,000		456,048
2015-GC28, 1.06% (WAC) due 02/10/48◊,7		6,854,063		1,843
DBGS Mortgage Trust
2018-C1, 4.80% (WAC) due 10/15/51◊		7,588,000		7,117,525
JPMDB Commercial Mortgage Securities Trust
2016-C4, 3.64% (WAC) due 12/15/49◊		2,650,000		2,404,684
2017-C7, 0.96% (WAC) due 10/15/50◊,7		112,780,037		2,242,924
2016-C4, 0.83% (WAC) due 12/15/49◊,7		71,699,891		818,304
2016-C2, 1.63% (WAC) due 06/15/49◊,7		22,633,738		361,210
2017-C5, 1.02% (WAC) due 03/15/50◊,7		7,226,173		103,211
Wells Fargo Commercial Mortgage Trust
2017-C38, 1.06% (WAC) due 07/15/50◊,7		62,007,384		1,184,180
2017-C42, 1.00% (WAC) due 12/15/50◊,7		32,965,058		749,174
2017-RB1, 1.35% (WAC) due 03/15/50◊,7		32,403,181		726,259
2016-BNK1, 1.85% (WAC) due 08/15/49◊,7		33,635,464		709,950
2016-C35, 2.03% (WAC) due 07/15/48◊,7		20,771,306		484,518
2017-RC1, 1.54% (WAC) due 01/15/60◊,7		16,011,483		424,336
2016-NXS5, 1.56% (WAC) due 01/15/59◊,7		19,596,266		262,382
2015-NXS4, 1.15% (WAC) due 12/15/48◊,7		35,523,729		256,037
2015-P2, 1.08% (WAC) due 12/15/48◊,7		21,304,926		160,739
2016-C37, 0.92% (WAC) due 12/15/49◊,7		10,141,938		129,801
2015-C30, 1.01% (WAC) due 09/15/58◊,7		27,122,112		119,568
2015-NXS1, 1.12% (WAC) due 05/15/48◊,7		6,776,995		4,361
BMP Trust
2024-MF23, 6.74% (1 Month Term SOFR + 1.64%, Rate Floor: 1.64%) due 06/15/41◊,4		4,900,000		4,884,687
BANK
2020-BN25, 0.53% (WAC) due 01/15/63◊,7		140,000,000		2,872,884
2017-BNK6, 0.90% (WAC) due 07/15/60◊,7		33,732,816		589,609
2017-BNK4, 1.49% (WAC) due 05/15/50◊,7		10,462,750		286,307
COMM Mortgage Trust
2018-COR3, 0.58% (WAC) due 05/10/51◊,7		194,936,377		2,653,182
2015-CR26, 1.04% (WAC) due 10/10/48◊,7		73,271,754		307,617
2015-CR27, 1.05% (WAC) due 10/10/48◊,7		24,411,268		134,394
2015-CR24, 0.83% (WAC) due 08/10/48◊,7		36,803,452		107,915
2015-CR23, 0.96% (WAC) due 05/10/48◊,7		29,017,676		68,784
CSAIL Commercial Mortgage Trust
2019-C15, 1.16% (WAC) due 03/15/52◊,7		85,477,015		2,956,043
2016-C6, 2.02% (WAC) due 01/15/49◊,7		4,698,634		85,552
2015-C1, 0.87% (WAC) due 04/15/50◊,7		32,759,301		17,277
UBS Commercial Mortgage Trust
2017-C5, 1.21% (WAC) due 11/15/50◊,7		41,009,397		885,208
2017-C2, 1.21% (WAC) due 08/15/50◊,7		37,604,777		883,284
BBCMS Mortgage Trust
2018-C2, 0.91% (WAC) due 12/15/51◊,7		56,286,920		1,393,552
CD Mortgage Trust
2017-CD6, 1.01% (WAC) due 11/13/50◊,7		39,763,164		716,401
2016-CD1, 1.48% (WAC) due 08/10/49◊,7		27,878,311		414,272
2016-CD2, 0.69% (WAC) due 11/10/49◊,7		29,254,417		214,060
CD Commercial Mortgage Trust
2017-CD4, 1.38% (WAC) due 05/10/50◊,7		24,918,179		609,078
2017-CD3, 1.10% (WAC) due 02/10/50◊,7		30,975,240		562,929
CGMS Commercial Mortgage Trust
2017-B1, 0.86% (WAC) due 08/15/50◊,7		57,894,775		980,575
JPMCC Commercial Mortgage Securities Trust
2017-JP6, 1.16% (WAC) due 07/15/50◊,7		46,645,548		862,854
Bank of America Merrill Lynch Commercial Mortgage Trust
2017-BNK3, 1.16% (WAC) due 02/15/50◊,7		20,779,466		376,268
2016-UB10, 1.88% (WAC) due 07/15/49◊,7		1,510,782		25,193
DBJPM Mortgage Trust
2017-C6, 1.05% (WAC) due 06/10/50◊,7		17,196,533		338,880
CFCRE Commercial Mortgage Trust
2016-C3, 1.11% (WAC) due 01/10/48◊,7		38,381,304		309,215
Morgan Stanley Bank of America Merrill Lynch Trust
2015-C27, 1.00% (WAC) due 12/15/47◊,7		59,509,626		242,157
Morgan Stanley Capital I Trust
2016-UBS9, 4.76% (WAC) due 03/15/49◊		275,000		237,798
SG Commercial Mortgage Securities Trust
2016-C5, 1.98% (WAC) due 10/10/48◊,7		4,454,046		99,307
JPMBB Commercial Mortgage Securities Trust
2015-C27, 1.23% (WAC) due 02/15/48◊,7		56,599,510		1,585
Total Commercial Mortgage-Backed Securities				370,547,950
Military Housing - 0.7%
Freddie Mac Military Housing Bonds Resecuritization Trust Certificates
2015-R1, 4.66% (WAC) due 11/25/55◊,4		109,369,968		101,204,590
2015-R1, 4.45% (WAC) due 11/25/52◊,4		20,425,138		19,210,147
2015-R1, 4.31% (WAC) due 10/25/52◊,4		13,068,560		11,608,564
2015-R1, 0.70% (WAC) due 11/25/55◊,4,7		164,349,092		10,290,357
Capmark Military Housing Trust
2006-RILY, 6.15% due 07/10/51†††,4		12,364,692		11,473,940
2007-AETC, 5.75% due 02/10/52†††,4		7,029,738		6,389,891
2006-RILY, 5.82% (1 Month Term SOFR + 0.48%, Rate Floor: 0.37%) due 07/10/51◊,†††,4		6,658,600		4,456,002
2007-ROBS, 6.06% due 10/10/52†††,4		4,455,483		3,987,612
2007-AET2, 6.06% due 10/10/52†††,4		2,927,000		2,928,375
GMAC Commercial Mortgage Asset Corp.
2007-HCKM, 6.11% due 08/10/52†††,4		21,143,479		19,303,362
2005-DRUM, 5.47% due 05/10/50†††,4		4,271,975		3,931,798
2005-BLIS, 5.25% due 07/10/50†††,4		2,500,000		2,133,050
Total Military Housing				196,917,688
Total Collateralized Mortgage Obligations
(Cost $8,927,067,187)				8,724,895,847

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 227

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
CORPORATE BONDS†† - 26.2%
Financial - 12.1%
Pershing Square Holdings Ltd.
3.25% due 10/01/314		101,800,000	$	87,264,996
3.25% due 11/15/30		55,930,000		49,185,961
Wilton RE Ltd.
6.00%3,4,10		92,239,000		85,219,965
CoStar Group, Inc.
2.80% due 07/15/304		90,310,000		81,361,263
Host Hotels & Resorts, LP
3.50% due 09/15/30		44,753,000		41,504,154
2.90% due 12/15/31		20,200,000		17,762,957
5.70% due 07/01/34		12,075,000		12,467,751
GLP Capital Limited Partnership / GLP Financing II, Inc.
4.00% due 01/15/31		54,748,000		51,322,237
5.30% due 01/15/29		15,867,000		16,136,544
3.25% due 01/15/32		4,150,000		3,671,295
4.00% due 01/15/30		475,000		453,555
Jefferies Financial Group, Inc.
2.75% due 10/15/32		40,642,000		34,670,812
2.63% due 10/15/31		27,400,000		23,766,429
6.20% due 04/14/34		7,970,000		8,531,819
6.25% due 01/15/36		1,000,000		1,081,420
Nippon Life Insurance Co.
2.75% due 01/21/513,4		45,350,000		39,595,026
5.95% due 04/16/543,4		13,950,000		14,568,296
2.90% due 09/16/513,4		10,380,000		9,003,677
Reliance Standard Life Global Funding II
5.24% due 02/02/264		62,487,000		62,784,789
Morgan Stanley
6.63% due 11/01/343		31,480,000		35,605,312
5.94% due 02/07/393		23,310,000		24,474,398
2.51% due 10/20/323		1,200,000		1,047,476
Safehold GL Holdings LLC
2.80% due 06/15/31		30,247,000		26,552,957
2.85% due 01/15/32		27,008,000		23,341,876
6.10% due 04/01/34		10,480,000		11,075,412
FS KKR Capital Corp.
2.63% due 01/15/27		33,971,000		31,950,376
3.25% due 07/15/27		30,100,000		28,507,267
First American Financial Corp.
4.00% due 05/15/30		40,891,000		38,840,053
2.40% due 08/15/31		11,875,000		9,971,736
5.45% due 09/30/34		8,270,000		8,231,950
Liberty Mutual Group, Inc.
4.30% due 02/01/614		74,981,000		50,304,858
4.13% due 12/15/513,4		3,600,000		3,405,617
3.95% due 05/15/604		4,064,000		2,993,352
Maple Grove Funding Trust I
4.16% due 08/15/514		77,700,000		56,035,743
United Wholesale Mortgage LLC
5.50% due 04/15/294		32,712,000		31,861,517
5.50% due 11/15/254		23,739,000		23,694,729
Macquarie Bank Ltd.
3.62% due 06/03/304		59,035,000		55,152,400
Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc.
3.88% due 03/01/314		46,892,000		43,175,350
2.88% due 10/15/264		11,869,000		11,395,156
Global Atlantic Finance Co.
4.70% due 10/15/513,4		35,662,000		34,141,719
7.95% due 06/15/334		12,224,000		13,952,996
6.75% due 03/15/544		4,956,000		5,273,250
Fairfax Financial Holdings Ltd.
3.38% due 03/03/31		41,708,000		38,112,007
5.63% due 08/16/32		13,100,000		13,572,631
Macquarie Group Ltd.
2.69% due 06/23/323,4		31,550,000		27,462,149
2.87% due 01/14/333,4		19,981,000		17,355,352
1.63% due 09/23/273,4		4,125,000		3,901,109
LPL Holdings, Inc.
6.00% due 05/20/34		22,970,000		24,009,771
4.00% due 03/15/294		15,257,000		14,602,764
4.38% due 05/15/314		9,541,000		8,991,666
Blue Owl Capital GP LLC
7.21% due 08/22/43†††		28,550,000		31,327,344
7.11% due 08/22/43†††		15,200,000		16,118,536
Nationwide Mutual Insurance Co.
4.35% due 04/30/504		57,736,000		46,752,590
Lazard Group LLC
6.00% due 03/15/31		42,290,000		44,594,674
Bain Capital, LP
3.41% due 04/15/41†††		36,000,000		26,721,000
3.72% due 04/15/42†††		20,300,000		15,499,659
OneAmerica Financial Partners, Inc.
4.25% due 10/15/504		54,705,000		40,610,606
Brookfield Finance, Inc.
5.68% due 01/15/35		9,400,000		9,866,151
4.70% due 09/20/47		9,790,000		9,050,367
3.50% due 03/30/51		9,526,000		7,183,006
3.63% due 02/15/52		9,380,000		7,078,236
5.97% due 03/04/54		4,425,000		4,805,956
6.35% due 01/05/34		1,640,000		1,804,289
American National Group, Inc.
5.75% due 10/01/29		28,780,000		28,946,314
5.00% due 06/15/27		8,142,000		8,193,368
6.14% due 06/13/324		2,000,000		1,989,383
Jefferies Finance LLC / JFIN Company-Issuer Corp.
5.00% due 08/15/284		39,650,000		37,699,636
Sumitomo Life Insurance Co.
3.38% due 04/15/813,4		39,900,000		36,017,602
CNO Financial Group, Inc.
6.45% due 06/15/34		23,390,000		24,725,962
5.25% due 05/30/29		11,125,000		11,259,567
Old Republic International Corp.
5.75% due 03/28/34		33,750,000		35,401,433
Nuveen LLC
5.85% due 04/15/344		25,425,000		26,925,688
5.55% due 01/15/304		8,075,000		8,455,599

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
Ares Finance Company II LLC
3.25% due 06/15/304		37,075,000	$	34,601,669
Stewart Information Services Corp.
3.60% due 11/15/31		39,359,000		34,556,423
CBS Studio Center
8.10% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 01/09/25◊,†††		34,100,000		34,100,000
Fidelity National Financial, Inc.
3.40% due 06/15/30		33,216,000		30,933,684
2.45% due 03/15/31		2,540,000		2,201,538
National Australia Bank Ltd.
3.35% due 01/12/373,4		14,550,000		12,967,384
2.99% due 05/21/314		14,525,000		12,919,283
2.33% due 08/21/304		7,498,000		6,532,430
OneMain Finance Corp.
7.13% due 03/15/26		18,872,000		19,266,710
7.50% due 05/15/31		8,250,000		8,492,319
3.88% due 09/15/28		2,270,000		2,105,469
7.13% due 11/15/31		1,125,000		1,138,516
TPG Operating Group II, LP
5.88% due 03/05/34		28,630,000		30,524,161
UBS Group AG
3.09% due 05/14/323,4		33,400,000		30,118,559
Societe Generale S.A.
3.34% due 01/21/333,4		21,150,000		18,590,314
6.07% due 01/19/353,4		8,750,000		9,127,220
1.79% due 06/09/273,4		1,630,000		1,548,536
Standard Chartered plc
4.64% due 04/01/313,4		28,908,000		28,804,736
5.69% due 05/14/283,4		420,000		431,305
Iron Mountain, Inc.
4.50% due 02/15/314		18,937,000		17,963,580
5.63% due 07/15/324		8,431,000		8,409,362
4.88% due 09/15/274		1,938,000		1,923,403
5.25% due 07/15/304		74,000		73,066
Capital One Financial Corp.
6.38% due 06/08/343		22,450,000		24,253,612
6.05% due 02/01/353		2,570,000		2,721,224
5.88% due 07/26/353		1,130,000		1,182,589
Americo Life, Inc.
3.45% due 04/15/314		32,364,000		27,555,928
Westpac Banking Corp.
3.02% due 11/18/363		15,650,000		13,582,557
2.96% due 11/16/40		12,214,000		9,241,471
2.67% due 11/15/353		4,467,000		3,897,433
Jane Street Group / JSG Finance, Inc.
7.13% due 04/30/314		24,480,000		25,938,029
Bank of America Corp.
2.59% due 04/29/313		28,440,000		25,790,593
Dyal Capital Partners III
4.40% due 06/15/40†††		26,750,000		24,947,852
Trustage Financial Group, Inc.
4.63% due 04/15/324		26,450,000		24,384,373
Hunt Companies, Inc.
5.25% due 04/15/294		25,121,000		24,304,929
Meiji Yasuda Life Insurance Co.
5.80% due 09/11/543,4		23,600,000		24,242,722
Aon North America, Inc.
5.45% due 03/01/34		22,300,000		23,413,237
AmFam Holdings, Inc.
2.81% due 03/11/314		19,350,000		15,374,232
3.83% due 03/11/514		12,438,000		7,898,261
Brown & Brown, Inc.
5.65% due 06/11/34		21,200,000		22,242,344
2.38% due 03/15/31		57,000		49,345
Reinsurance Group of America, Inc.
5.75% due 09/15/34		20,050,000		21,120,884
Assurant, Inc.
2.65% due 01/15/32		22,105,000		19,054,593
6.75% due 02/15/34		1,450,000		1,603,305
Corebridge Life Holdings, Inc.
8.13% due 03/15/464		17,100,000		20,595,064
Markel Group, Inc.
6.00% due 05/16/54		18,900,000		20,095,917
PartnerRe Finance B LLC
4.50% due 10/01/503		21,056,000		19,474,273
BPCE S.A.
7.00% due 10/19/343,4		10,000,000		11,197,735
5.94% due 05/30/353,4		7,750,000		8,115,383
Lloyds Banking Group plc
5.46% due 01/05/283		17,200,000		17,585,391
3.51% due 03/18/263		1,580,000		1,568,943
JPMorgan Chase & Co.
2.96% due 05/13/313		17,276,000		15,889,580
6.40% (SOFR + 1.20%) due 01/23/28◊		1,850,000		1,866,500
2.07% due 06/01/293		900,000		832,666
Swiss Re Finance Luxembourg S.A.
5.00% due 04/02/493,4		18,300,000		18,576,970
Brookfield Capital Finance LLC
6.09% due 06/14/33		16,800,000		18,180,453
BNP Paribas S.A.
5.50% due 05/20/303,4		15,990,000		16,569,788
1.32% due 01/13/273,4		1,640,000		1,571,154
Equinix Europe 2 Financing Corporation LLC
5.50% due 06/15/34		16,600,000		17,418,902
ABN AMRO Bank N.V.
2.47% due 12/13/293,4		18,000,000		16,550,097
KKR Group Finance Company VIII LLC
3.50% due 08/25/504		22,210,000		16,272,931
Globe Life, Inc.
5.85% due 09/15/34		15,320,000		15,830,542
Prudential Financial, Inc.
3.70% due 10/01/503		17,139,000		15,825,647
QBE Insurance Group Ltd.
5.88% 3,4,10		15,700,000		15,612,441
Central Storage Safety Project Trust
4.82% due 02/01/389		16,275,360		15,366,320
GA Global Funding Trust
2.90% due 01/06/324		17,480,000		15,187,509
Kennedy-Wilson, Inc.
4.75% due 03/01/29		15,662,000		14,498,086
4.75% due 02/01/30		81,000		73,457

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 229

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
Wells Fargo & Co.
6.85% 3,10		12,840,000	$	13,401,147
2.41% due 10/30/253		600,000		598,360
RGA Global Funding
5.50% due 01/11/314		12,750,000		13,326,283
VFH Parent LLC / Valor Company-Issuer, Inc.
7.50% due 06/15/314		12,675,000		13,292,906
SLM Corp.
4.20% due 10/29/25		6,900,000		6,821,237
3.13% due 11/02/26		6,632,000		6,375,644
NatWest Group plc
6.02% due 03/02/343		10,130,000		10,950,120
4.45% due 05/08/303		1,100,000		1,092,331
PennyMac Financial Services, Inc.
5.38% due 10/15/254		11,933,000		11,912,622
Horace Mann Educators Corp.
7.25% due 09/15/28		6,513,000		7,074,300
4.50% due 12/01/25		4,560,000		4,535,702
Australia & New Zealand Banking Group Ltd.
5.20% due 09/30/353,4		10,000,000		9,958,771
2.57% due 11/25/353,4		1,600,000		1,388,318
HSBC Holdings plc
6.16% due 03/09/293		8,700,000		9,159,751
6.33% due 03/09/443		1,520,000		1,716,949
Atlantic Marine Corporations Communities LLC
5.34% due 12/01/504		10,771,915		10,188,832
5.37% due 12/01/509		731,395		662,747
Mutual of Omaha Insurance Co.
6.14% due 01/16/643,4		10,150,000		10,833,252
KKR Group Finance Company X LLC
3.25% due 12/15/514		15,150,000		10,690,171
Encore Capital Group, Inc.
8.50% due 05/15/304		9,950,000		10,486,574
Penn Mutual Life Insurance Co.
3.80% due 04/29/614		14,970,000		10,345,433
Sumitomo Mitsui Financial Group, Inc.
2.22% due 09/17/31		11,900,000		10,249,535
Western & Southern Life Insurance Co.
3.75% due 04/28/614		13,360,000		9,723,838
Assured Guaranty US Holdings, Inc.
3.60% due 09/15/51		13,031,000		9,550,587
Goldman Sachs Group, Inc.
6.13% 3,10		9,350,000		9,390,532
Blue Owl Finance LLC
6.25% due 04/18/344		8,820,000		9,237,029
Accident Fund Insurance Company of America
8.50% due 08/01/324		9,000,000		9,154,300
Aretec Group, Inc.
10.00% due 08/15/304		8,275,000		8,806,386
Alliant Holdings Intermediate LLC / Alliant Holdings Company-Issuer
6.50% due 10/01/314		8,600,000		8,690,185
Kemper Corp.
2.40% due 09/30/30		10,006,000		8,673,773
Credit Agricole S.A.
5.34% due 01/10/303,4		6,050,000		6,225,577
6.58% (SOFR + 1.21%) due 09/11/28◊,4		2,208,000		2,217,870
Five Corners Funding Trust III
5.79% due 02/15/334		7,550,000		8,101,472
CNO Global Funding
1.75% due 10/07/264		7,400,000		7,010,925
Cooperatieve Rabobank UA
4.66% due 08/22/283,4		6,200,000		6,248,098
Ohana Military Communities LLC
5.56% due 10/01/364		3,820,000		3,933,916
5.78% due 10/01/364		2,200,000		2,304,742
Mid-Atlantic Military Family Communities LLC
5.30% due 08/01/504		5,788,104		5,226,244
5.24% due 08/01/504		1,060,568		999,112
Belvoir Land LLC
5.60% due 12/15/354		5,600,000		5,535,118
Brookfield Finance LLC / Brookfield Finance, Inc.
3.45% due 04/15/50		6,852,000		5,098,716
Deloitte LLP
7.33% due 11/20/26†††		4,800,000		5,016,384
Demeter Investments BV
5.63% due 08/15/52		4,900,000		4,970,070
Dyal Capital Partners III (B) LP
6.55% due 06/15/44†††		4,620,000		4,767,748
Cushman & Wakefield US Borrower LLC
6.75% due 05/15/284		4,710,000		4,752,725
Manulife Financial Corp.
4.06% due 02/24/323		4,815,000		4,743,975
CBRE Services, Inc.
5.95% due 08/15/34		3,500,000		3,758,896
HS Wildcat LLC
3.83% due 12/31/50†††		4,955,868		3,734,940
VICI Properties Limited Partnership / VICI Note Company, Inc.
4.13% due 08/15/304		3,600,000		3,418,673
Commonwealth Bank of Australia
3.61% due 09/12/343,4		3,550,000		3,339,222
Nationstar Mortgage Holdings, Inc.
5.00% due 02/01/264		2,780,000		2,766,511
Enstar Group Ltd.
3.10% due 09/01/31		1,670,000		1,442,686
4.95% due 06/01/29		1,250,000		1,256,913
KKR Group Finance Company III LLC
5.13% due 06/01/444		2,710,000		2,623,061
Fidelity & Guaranty Life Holdings, Inc.
5.50% due 05/01/254		2,540,000		2,539,865
Ryan Specialty LLC
5.88% due 08/01/324		2,475,000		2,516,236
Pine Street Trust III
6.22% due 05/15/544		2,140,000		2,319,861
Apollo Global Management, Inc.
5.80% due 05/21/54		2,130,000		2,270,781

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
Nordea Bank Abp
6.39% (SOFR + 1.02%) due 09/10/29◊,4		2,190,000	$	2,194,533
Athene Global Funding
2.67% due 06/07/314		1,550,000		1,340,805
6.58% (SOFR Compounded Index + 1.21%) due 03/25/27◊,4		500,000		502,966
2.65% due 10/04/314		400,000		343,238
Aurora Military Housing LLC
5.82% due 07/15/344		2,159,161		2,136,379
Sumitomo Mitsui Trust Bank Ltd.
6.35% (SOFR + 0.98%) due 09/10/27◊,4		2,060,000		2,071,886
Jackson Financial, Inc.
4.00% due 11/23/51		2,610,000		1,908,045
Deutsche Bank AG NY
3.55% due 09/18/313		1,990,000		1,855,061
Ares Finance Company IV LLC
3.65% due 02/01/524		2,450,000		1,838,110
Skandinaviska Enskilda Banken AB
6.26% (SOFR + 0.89%) due 03/05/27◊,4		1,730,000		1,741,502
Mizuho Financial Group, Inc.
5.59% due 07/10/353		1,630,000		1,719,397
ING Groep N.V.
5.55% due 03/19/353		1,620,000		1,698,051
Jackson National Life Global Funding
1.75% due 01/12/254		1,650,000		1,633,663
GMAC, Inc.
8.00% due 11/01/31		1,390,000		1,573,644
Iron Mountain Information Management Services, Inc.
5.00% due 07/15/324		1,617,000		1,558,579
Blackstone Holdings Finance Company LLC
3.20% due 01/30/524		2,150,000		1,535,717
BGC Group, Inc.
8.00% due 05/25/28		1,410,000		1,517,135
F&G Global Funding
2.30% due 04/11/274		790,000		739,115
2.00% due 09/20/284		800,000		711,500
Fort Moore Family Communities LLC
6.09% due 01/15/514		1,542,145		1,422,812
Fort Knox Military Housing Privatization Project
5.55% (1 Month Term SOFR + 0.45%) due 02/15/52◊,4		1,625,118		1,260,336
Banco Santander S.A.
6.94% due 11/07/33		1,000,000		1,157,956
Midwest Family Housing LLC
5.58% due 01/01/514		1,260,087		1,122,936
Belrose Funding Trust
2.33% due 08/15/304		1,230,000		1,055,429
Regions Financial Corp.
5.50% due 09/06/353		1,030,000		1,048,160
KKR Group Finance Company II LLC
5.50% due 02/01/434		1,000,000		1,010,456
Barclays plc
6.40% (SOFR + 1.49%) due 03/12/28◊		1,000,000		1,007,690
Citizens Financial Group, Inc.
6.65% due 04/25/353		900,000		988,104
Mitsubishi UFJ Financial Group, Inc.
5.72% due 02/20/263		500,000		501,281
Pacific Beacon LLC
5.51% due 07/15/364		500,000		492,778
Peachtree Corners Funding Trust
3.98% due 02/15/254		215,000		213,901
Equitable Holdings, Inc.
4.57% due 02/15/294		65,000		64,751
Atlas Mara Ltd.
due 12/31/21†††,16		542,348		1
Total Financial				3,242,651,659
Industrial - 3.1%
AP Grange Holdings
6.50% due 03/20/45†††		155,100,000		156,385,864
5.00% due 03/20/45†††		16,400,000		16,822,682
TD SYNNEX Corp.
2.65% due 08/09/31		34,240,000		29,337,246
2.38% due 08/09/28		15,581,000		14,364,940
6.10% due 04/12/34		11,960,000		12,656,260
Builders FirstSource, Inc.
6.38% due 03/01/344		52,000,000		53,993,992
FLNG Liquefaction 3 LLC
3.08% due 06/30/39†††		60,671,540		49,296,840
Vontier Corp.
2.95% due 04/01/31		36,612,000		31,852,539
2.40% due 04/01/28		14,150,000		13,002,491
Dyal Capital Partners IV
3.65% due 02/22/41†††		41,800,000		37,037,308
Flowserve Corp.
2.80% due 01/15/32		19,800,000		17,149,286
3.50% due 10/01/30		17,421,000		16,218,557
Berry Global, Inc.
5.80% due 06/15/314		20,700,000		21,538,559
5.65% due 01/15/344		11,050,000		11,344,205
TransDigm, Inc.
6.00% due 01/15/334		16,200,000		16,429,470
6.63% due 03/01/324		7,300,000		7,601,797
6.88% due 12/15/304		5,375,000		5,628,571
Boeing Co.
6.86% due 05/01/544		14,350,000		15,750,705
6.53% due 05/01/344		11,625,000		12,476,707
Mauser Packaging Solutions Holding Co.
7.88% due 04/15/274		23,759,000		24,547,264
Cliffwater Corporate Lending Fund
6.77% due 08/04/28†††		22,700,000		23,636,602
Smurfit Kappa Treasury ULC
5.44% due 04/03/344		22,000,000		22,928,492
Stadco LA LLC
3.75% due 05/15/56†††		31,000,000		22,071,070
Trinity Industries, Inc.
7.75% due 07/15/284		13,225,000		13,880,815
Graphic Packaging International LLC
6.38% due 07/15/324		12,525,000		12,922,118
Weir Group plc
2.20% due 05/13/264		13,015,000		12,518,057
TFI International, Inc.
3.35% due 01/05/33†††		14,000,000		11,898,740

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 231

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
Hillenbrand, Inc.
3.75% due 03/01/31		7,650,000	$	6,843,368
6.25% due 02/15/29		4,500,000		4,579,267
Crown Americas LLC / Crown Americas Capital Corporation VI
4.75% due 02/01/26		11,379,000		11,338,958
Sealed Air Corporation/Sealed Air Corp US
6.13% due 02/01/284		11,046,000		11,230,932
Textron, Inc.
6.10% due 11/15/33		10,000,000		10,832,941
Owens Corning
5.95% due 06/15/54		6,310,000		6,697,004
3.50% due 02/15/30		3,760,000		3,571,132
Sonoco Products Co.
5.00% due 09/01/34		9,000,000		8,874,421
Sealed Air Corp.
6.50% due 07/15/324		8,500,000		8,764,911
QTS Irving DC3 LLC
5.96% due 07/09/29†††		7,000,000		7,241,990
Norfolk Southern Corp.
4.10% due 05/15/21		9,100,000		6,885,235
GATX Corp.
6.05% due 06/05/54		5,328,000		5,760,739
3.50% due 06/01/32		480,000		439,930
4.70% due 04/01/29		125,000		126,134
Virgin Media Vendor Financing Notes III DAC
4.88% due 07/15/28		GBP 5,000,000		6,176,046
Wrangler Holdco Corp.
6.63% due 04/01/324		5,900,000		6,132,608
Dyal Capital Partners III (A) LP
6.55% due 06/15/44†††		5,880,000		6,068,042
Amazon.com, Inc.
2.65% due 10/10/42†††		6,606,102		5,476,789
Mueller Water Products, Inc.
4.00% due 06/15/294		5,216,000		4,975,363
Enpro, Inc.
5.75% due 10/15/26		5,007,000		4,969,933
EnerSys
6.63% due 01/15/324		4,725,000		4,887,105
Ball Corp.
6.88% due 03/15/28		4,350,000		4,504,629
Genesee & Wyoming, Inc.
6.25% due 04/15/324		3,925,000		4,036,270
Hope Gas Holdings LLC
5.99% due 09/01/33†††		3,000,000		2,997,960
GrafTech Global Enterprises, Inc.
9.88% due 12/15/284		3,100,000		2,483,062
Avnet, Inc.
5.50% due 06/01/32		1,550,000		1,569,758
nVent Finance SARL
2.75% due 11/15/31		1,300,000		1,130,494
Penske Truck Leasing Company Lp / PTL Finance Corp.
5.25% due 07/01/294		1,000,000		1,029,800
Westinghouse Air Brake Technologies Corp.
5.61% due 03/11/34		650,000		687,070
Fortune Brands Innovations, Inc.
4.50% due 03/25/52		300,000		252,699
5.88% due 06/01/33		119,000		127,714
MIWD Holdco II LLC / MIWD Finance Corp.
5.50% due 02/01/304		250,000		242,832
Virgin Media Inc.
4.00% due 01/31/29		GBP 150,000		179,495
Standard Industries, Inc.
4.38% due 07/15/304		101,000		95,597
3.38% due 01/15/314		81,000		72,158
Total Industrial				834,573,563
Consumer, Non-cyclical - 2.6%
Smithfield Foods, Inc.
2.63% due 09/13/314		45,782,000		38,794,343
3.00% due 10/15/304		15,528,000		13,917,605
JBS USA Holding Lux SARL/ JBS USA Food Company/ JBS Lux Co SARL
3.00% due 05/15/32		29,206,000		25,326,865
4.38% due 02/02/52		12,630,000		10,031,244
5.50% due 01/15/30		7,550,000		7,647,425
5.13% due 02/01/28		2,250,000		2,280,161
Global Payments, Inc.
2.90% due 11/15/31		30,265,000		26,638,706
2.90% due 05/15/30		18,405,000		16,763,658
3.20% due 08/15/29		1,405,000		1,316,299
Altria Group, Inc.
4.45% due 05/06/50		25,185,000		21,102,594
3.70% due 02/04/51		25,038,000		18,477,604
Brink’s Co.
6.75% due 06/15/324		22,420,000		23,385,966
6.50% due 06/15/294		13,500,000		13,985,217
Royalty Pharma plc
3.55% due 09/02/50		39,920,000		28,926,886
1.20% due 09/02/25		1,875,000		1,816,160
Triton Container International Ltd.
3.15% due 06/15/314		34,821,000		30,345,710
GXO Logistics, Inc.
6.25% due 05/06/29		13,120,000		13,808,085
6.50% due 05/06/34		11,975,000		12,739,658
Kroger Co.
4.90% due 09/15/31		13,500,000		13,587,286
5.50% due 09/15/54		12,360,000		12,439,157
Universal Health Services, Inc.
5.05% due 10/15/34		13,850,000		13,595,386
2.65% due 10/15/30		13,757,000		12,269,871
CVS Health Corp.
5.70% due 06/01/34		24,150,000		25,193,903
Icon Investments Six DAC
6.00% due 05/08/34		10,700,000		11,383,232
5.85% due 05/08/29		9,400,000		9,879,532
Yale-New Haven Health Services Corp.
2.50% due 07/01/50		32,350,000		20,552,164
IQVIA, Inc.
5.00% due 05/15/274		10,699,000		10,633,827
5.00% due 10/15/264		8,700,000		8,676,057

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
HAH Group Holding Company LLC
9.75% due 10/01/314		17,915,000	$	18,064,143
Element Fleet Management Corp.
6.32% due 12/04/284		16,730,000		17,827,883
Prime Security Services Borrower LLC / Prime Finance, Inc.
5.75% due 04/15/264		17,352,000		17,431,195
AZ Battery Property LLC
6.73% due 02/20/46†††		16,480,000		17,293,618
Valvoline, Inc.
3.63% due 06/15/314		18,300,000		16,376,454
Catalent Pharma Solutions, Inc.
3.50% due 04/01/304		9,500,000		9,344,719
3.13% due 02/15/294		6,654,000		6,536,234
Highmark, Inc.
2.55% due 05/10/314		17,850,000		15,122,019
Williams Scotsman, Inc.
6.13% due 06/15/254		14,625,000		14,610,082
Transurban Finance Company Pty Ltd.
2.45% due 03/16/314		14,400,000		12,513,114
HCA, Inc.
6.00% due 04/01/54		8,960,000		9,467,125
5.88% due 02/15/26		2,775,000		2,804,116
3.50% due 09/01/30		68,000		64,081
Medline Borrower Limited Partnership/Medline Company-Issuer, Inc.
6.25% due 04/01/294		10,350,000		10,663,927
Performance Food Group, Inc.
6.13% due 09/15/324		9,025,000		9,222,245
BAT Capital Corp.
6.00% due 02/20/34		5,925,000		6,332,608
4.76% due 09/06/49		2,300,000		1,984,796
Block, Inc.
6.50% due 05/15/324		7,875,000		8,200,379
TriNet Group, Inc.
7.13% due 08/15/314		5,450,000		5,678,001
Albertsons Companies Incorporated / Safeway Inc / New Albertsons Limited Partnership / Albertsons LLC
3.25% due 03/15/264		5,690,000		5,502,042
Health Care Service Corporation A Mutual Legal Reserve Co.
5.88% due 06/15/544		4,800,000		5,073,568
Graham Holdings Co.
5.75% due 06/01/264		4,767,000		4,764,942
Medline Borrower, LP
3.88% due 04/01/294		4,345,000		4,113,692
APi Group DE, Inc.
4.13% due 07/15/294		4,150,000		3,902,050
Central Garden & Pet Co.
4.13% due 04/30/314		3,854,000		3,529,987
Darling Ingredients, Inc.
6.00% due 06/15/304		3,394,000		3,426,290
Sotheby’s/Bidfair Holdings, Inc.
5.88% due 06/01/294		3,900,000		3,418,278
Boost Newco Borrower LLC
7.50% due 01/15/314		2,600,000		2,789,922
Providence St. Joseph Health Obligated Group
2.70% due 10/01/51		4,250,000		2,699,690
WW International, Inc.
4.50% due 04/15/294		11,651,000		2,572,649
Laboratory Corporation of America Holdings
4.80% due 10/01/34		2,230,000		2,204,054
Tenet Healthcare Corp.
4.63% due 06/15/28		2,096,000		2,057,123
Beth Israel Lahey Health, Inc.
3.08% due 07/01/51		2,700,000		1,825,526
Quanta Services, Inc.
0.95% due 10/01/24		1,660,000		1,660,000
Pilgrim’s Pride Corp.
3.50% due 03/01/32		1,810,000		1,607,097	��
Triton Container International Limited / TAL International Container Corp.
3.25% due 03/15/32		1,850,000		1,599,170
Molina Healthcare, Inc.
4.38% due 06/15/284		1,290,000		1,254,103
DaVita, Inc.
3.75% due 02/15/314		149,000		134,398
4.63% due 06/01/304		76,000		72,450
Total Consumer, Non-cyclical				699,258,371
Consumer, Cyclical - 2.4%
Choice Hotels International, Inc.
3.70% due 01/15/31		49,207,000		45,514,092
5.85% due 08/01/34		11,150,000		11,498,512
Delta Air Lines, Inc.
7.00% due 05/01/254		46,883,000		47,376,857
Alt-2 Structured Trust
2.95% due 05/14/31◊,†††		43,458,166		40,001,503
Hyatt Hotels Corp.
5.75% due 04/23/30		19,039,000		19,927,362
5.38% due 04/23/25		18,928,000		18,958,791
Warnermedia Holdings, Inc.
5.14% due 03/15/52		27,327,000		21,076,622
6.41% due 03/15/26		9,250,000		9,255,465
Flutter Treasury Designated Activity Co.
6.38% due 04/29/294		25,950,000		26,869,253
Hilton Domestic Operating Company, Inc.
6.13% due 04/01/324		12,925,000		13,308,485
5.88% due 03/15/334		11,665,000		11,886,072
Hasbro, Inc.
6.05% due 05/14/34		22,871,000		24,071,455
LG Energy Solution Ltd.
5.38% due 07/02/294		15,000,000		15,359,576
5.50% due 07/02/344		7,100,000		7,300,362
Air Canada
3.88% due 08/15/264		23,129,000		22,522,696
Delta Air Lines, Inc. / SkyMiles IP Ltd.
4.50% due 10/20/254		18,838,750		18,724,108
4.75% due 10/20/284		3,800,000		3,795,500

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 233

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
6.50% due 06/20/274		21,555,862	$	21,823,887
Walgreens Boots Alliance, Inc.
3.45% due 06/01/26		11,825,000		11,375,785
4.10% due 04/15/50		15,203,000		9,992,637
Whirlpool Corp.
4.60% due 05/15/50		13,326,000		11,160,442
5.75% due 03/01/34		8,070,000		8,266,199
CD&R Smokey Buyer, Inc.
6.75% due 07/15/254		17,620,000		17,614,212
International Game Technology plc
4.13% due 04/15/264		17,834,000		17,601,207
Ferguson Finance plc
3.25% due 06/02/304		12,904,000		12,022,407
4.65% due 04/20/324		5,200,000		5,099,477
Clarios Global Limited Partnership / Clarios US Finance Co.
6.25% due 05/15/264		17,027,000		17,020,886
British Airways Class A Pass Through Trust
2.90% due 03/15/354		13,533,261		12,004,094
4.25% due 11/15/324		4,747,901		4,546,745
IGT Lottery Holdings B.V.
4.25% due 03/15/30		EUR 14,500,000		16,290,094
American Airlines Class AA Pass Through Trust
3.35% due 10/15/29		7,586,620		7,159,601
3.20% due 06/15/28		4,824,800		4,570,084
3.00% due 10/15/28		3,454,835		3,251,118
3.15% due 02/15/32		139,833		130,079
Polaris, Inc.
6.95% due 03/15/29		13,000,000		14,109,666
United Airlines, Inc.
4.38% due 04/15/264		12,700,000		12,496,148
Vail Resorts, Inc.
6.50% due 05/15/324		11,650,000		12,173,306
Beacon Roofing Supply, Inc.
4.50% due 11/15/264		6,120,000		6,025,216
6.50% due 08/01/304		1,925,000		1,992,356
1011778 BC ULC / New Red Finance, Inc.
6.13% due 06/15/294		4,800,000		4,938,043
5.63% due 09/15/294		2,950,000		2,992,626
United Airlines 2023-1 Class A Pass Through Trust
5.80% due 01/15/36		7,283,545		7,644,137
Marriott International, Inc.
5.35% due 03/15/35		7,100,000		7,276,681
Flutter Entertainment plc
5.00% due 04/29/29		EUR 4,900,000		5,622,781
Live Nation Entertainment, Inc.
6.50% due 05/15/274		4,635,000		4,727,668
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
6.25% due 03/15/334		4,150,000		4,204,143
LKQ Corp.
6.25% due 06/15/33		3,412,000		3,618,016
William Carter Co.
5.63% due 03/15/274		3,450,000		3,442,770
Brunswick Corp.
5.10% due 04/01/52		2,030,000		1,713,009
PulteGroup, Inc.
6.38% due 05/15/33		1,400,000		1,539,944
JB Poindexter & Company, Inc.
8.75% due 12/15/314		1,230,000		1,300,435
JetBlue Class A Pass Through Trust
4.00% due 11/15/32		115,646		110,966
Total Consumer, Cyclical				633,303,576
Energy - 2.1%
BP Capital Markets plc
4.88% 3,10		75,020,000		74,206,243
Venture Global LNG, Inc.
9.50% due 02/01/294		29,800,000		33,569,839
9.88% due 02/01/324		10,300,000		11,445,276
Greensaif Pipelines Bidco SARL
6.10% due 08/23/424		17,000,000		17,604,996
5.85% due 02/23/364		11,900,000		12,308,348
6.51% due 02/23/424		6,500,000		6,996,696
6.13% due 02/23/384		5,550,000		5,877,013
Plains All American Pipeline Limited Partnership / PAA Finance Corp.
5.70% due 09/15/34		37,730,000		39,207,828
ITT Holdings LLC
6.50% due 08/01/294		38,518,000		36,490,120
Galaxy Pipeline Assets Bidco Ltd.
3.25% due 09/30/404		43,921,000		35,554,809
Energy Transfer, LP
6.00% due 02/01/294		11,400,000		11,677,601
7.38% due 02/01/314		7,610,000		8,095,891
5.50% due 06/01/27		3,175,000		3,256,188
6.13% due 12/15/45		1,190,000		1,241,918
6.05% due 09/01/54		500,000		517,974
Enbridge, Inc.
5.63% due 04/05/34		22,300,000		23,388,586
Targa Resources Corp.
6.50% due 03/30/34		9,937,000		10,982,747
5.50% due 02/15/35		8,800,000		9,062,959
6.50% due 02/15/53		1,000,000		1,109,768
Occidental Petroleum Corp.
5.38% due 01/01/32		18,470,000		18,723,649
Sunoco, LP
7.25% due 05/01/324		17,125,000		18,152,791
Viper Energy, Inc.
7.38% due 11/01/314		11,300,000		11,917,816
5.38% due 11/01/274		6,141,000		6,115,832
Midwest Connector Capital Company LLC
4.63% due 04/01/294		14,608,000		14,520,208
Whistler Pipeline LLC
5.70% due 09/30/314		13,350,000		13,820,940
Venture Global Calcasieu Pass LLC
3.88% due 11/01/334		10,672,000		9,571,333
4.13% due 08/15/314		2,667,000		2,479,589
6.25% due 01/15/304		1,500,000		1,572,391

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
NuStar Logistics, LP
6.38% due 10/01/30		10,560,000	$	10,957,293
5.63% due 04/28/27		1,880,000		1,888,573
Cheniere Energy Partners, LP
5.95% due 06/30/33		8,845,000		9,359,301
5.75% due 08/15/344		2,950,000		3,073,162
TransCanada PipeLines Ltd.
6.20% due 03/09/26		10,900,000		10,910,627
4.88% due 05/15/48		1,200,000		1,123,088
Cheniere Energy, Inc.
5.65% due 04/15/344		11,550,000		11,949,745
Parkland Corp.
4.63% due 05/01/304		8,000,000		7,544,409
6.63% due 08/15/324		4,200,000		4,263,756
Kinetik Holdings, LP
6.63% due 12/15/284		9,625,000		9,989,306
ONEOK, Inc.
6.05% due 09/01/33		6,350,000		6,784,752
3.95% due 03/01/50		1,600,000		1,229,507
5.15% due 10/15/43		1,100,000		1,046,664
4.50% due 03/15/50		850,000		707,497
Buckeye Partners, LP
4.13% due 03/01/254		5,201,000		5,157,786
3.95% due 12/01/26		4,250,000		4,126,569
Boardwalk Pipelines, LP
5.63% due 08/01/34		6,675,000		6,885,351
Targa Resources Partners Limited Partnership / Targa Resources Partners Finance Corp.
5.50% due 03/01/30		5,863,000		5,970,284
CQP Holdco Limited Partnership / BIP-V Chinook Holdco LLC
7.50% due 12/15/334		5,000,000		5,424,880
EnLink Midstream LLC
5.65% due 09/01/34		5,050,000		5,218,029
DT Midstream, Inc.
4.30% due 04/15/324		3,250,000		3,041,107
4.13% due 06/15/294		550,000		526,098
Marathon Petroleum Corp.
6.50% due 03/01/41		1,650,000		1,796,864
Kinder Morgan Energy Partners, LP
7.50% due 11/15/40		1,380,000		1,633,715
EnLink Midstream Partners, LP
5.60% due 04/01/44		1,680,000		1,605,643
Western Midstream Operating, LP
5.30% due 03/01/48		1,690,000		1,534,727
DCP Midstream Operating, LP
6.45% due 11/03/364		1,000,000		1,078,471
MPLX, LP
5.50% due 02/15/49		1,100,000		1,071,010
Eastern Gas Transmission & Storage, Inc.
4.60% due 12/15/44		500,000		453,063
Kinder Morgan, Inc.
5.20% due 06/01/33		126,000		127,551
Total Energy				565,948,177
Communications - 1.5%
Level 3 Financing, Inc.
3.88% due 10/15/304		34,939,000		25,602,289
10.75% due 12/15/304		20,300,000		22,278,367
11.00% due 11/15/294		19,567,314		21,672,282
4.50% due 04/01/304		26,815,000		20,768,400
4.00% due 04/15/314		13,950,000		10,148,625
British Telecommunications plc
4.88% due 11/23/813,4		47,450,000		43,803,306
4.25% due 11/23/813,4		8,250,000		8,006,415
9.63% due 12/15/30		2,391,000		3,019,386
Sirius XM Radio, Inc.
3.13% due 09/01/264		26,975,000		26,062,137
4.13% due 07/01/304		12,010,000		10,891,598
Vodafone Group plc
4.13% due 06/04/813		40,537,000		36,745,716
Paramount Global
5.90% due 10/15/40		20,648,000		18,269,505
5.25% due 04/01/44		7,691,000		6,126,977
4.90% due 08/15/44		6,518,000		5,009,365
4.85% due 07/01/42		4,496,000		3,586,122
4.60% due 01/15/45		2,403,000		1,773,514
Rogers Communications, Inc.
4.55% due 03/15/52		29,725,000		25,739,968
Cogent Communications Group LLC
3.50% due 05/01/264		16,765,000		16,343,342
7.00% due 06/15/274		8,285,000		8,430,642
Fox Corp.
6.50% due 10/13/33		19,400,000		21,228,037
Charter Communications Operating LLC / Charter Communications Operating Capital
3.90% due 06/01/52		21,690,000		14,220,928
Altice France S.A.
5.13% due 07/15/294		17,800,000		12,517,279
5.13% due 01/15/294		2,290,000		1,608,331
Go Daddy Operating Company LLC / GD Finance Co., Inc.
3.50% due 03/01/294		8,203,000		7,696,633
CSC Holdings LLC
4.13% due 12/01/304		5,772,000		4,206,375
AT&T, Inc.
6.38% due 03/01/41		1,800,000		1,997,881
Corning, Inc.
5.75% due 08/15/40		1,900,000		1,993,126
Outfront Media Capital LLC / Outfront Media Capital Corp.
7.38% due 02/15/314		1,450,000		1,547,861
McGraw-Hill Education, Inc.
5.75% due 08/01/284		1,549,000		1,530,782
Interpublic Group of Companies, Inc.
3.38% due 03/01/41		1,950,000		1,516,834
Match Group Holdings II LLC
4.13% due 08/01/304		1,250,000		1,170,951
Virgin Media Finance plc
5.00% due 07/15/304		1,050,000		923,501

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 235

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
Sunrise FinCo I B.V.
4.88% due 07/15/314		200,000	$	189,236
Total Communications				386,625,711
Technology - 1.0%
Fiserv, Inc.
5.35% due 03/15/31		20,920,000		21,882,537
2.65% due 06/01/30		7,920,000		7,216,269
5.60% due 03/02/33		3,523,000		3,730,943
5.63% due 08/21/33		2,300,000		2,436,296
Broadcom, Inc.
4.93% due 05/15/374		33,182,000		33,153,289
Foundry JV Holdco LLC
5.88% due 01/25/344		13,506,000		13,759,565
6.40% due 01/25/384		10,950,000		11,530,291
6.15% due 01/25/324		6,550,000		6,811,687
Oracle Corp.
3.95% due 03/25/51		33,794,000		27,197,512
Leidos, Inc.
2.30% due 02/15/31		15,050,000		13,074,712
5.75% due 03/15/33		9,431,000		9,920,812
4.38% due 05/15/30		2,650,000		2,607,567
Qorvo, Inc.
3.38% due 04/01/314		10,809,000		9,677,773
4.38% due 10/15/29		9,751,000		9,447,357
Atlassian Corp.
5.50% due 05/15/34		17,500,000		18,313,005
Fair Isaac Corp.
5.25% due 05/15/264		15,640,000		15,637,618
MSCI, Inc.
3.63% due 09/01/304		12,718,000		11,949,697
3.88% due 02/15/314		1,769,000		1,673,928
3.63% due 11/01/314		1,780,000		1,638,164
CGI, Inc.
2.30% due 09/14/31		16,050,000		13,756,391
Booz Allen Hamilton, Inc.
5.95% due 08/04/33		10,470,000		11,175,113
Constellation Software, Inc.
5.46% due 02/16/344		4,425,000		4,625,542
5.16% due 02/16/294		3,250,000		3,350,158
Cloud Software Group, Inc.
6.50% due 03/31/294		7,200,000		7,163,758
ACI Worldwide, Inc.
5.75% due 08/15/264		6,973,000		6,971,084
NXP BV / NXP Funding LLC / NXP USA, Inc.
3.13% due 02/15/42		1,400,000		1,050,301
Total Technology				269,751,369
Utilities - 0.7%
NRG Energy, Inc.
2.45% due 12/02/274		26,000,000		24,358,791
7.00% due 03/15/334		9,490,000		10,542,061
AES Corp.
3.95% due 07/15/304		23,124,000		22,052,549
3.30% due 07/15/254		3,750,000		3,695,374
Liberty Utilities Co.
5.58% due 01/31/294		11,600,000		11,991,780
5.87% due 01/31/344		6,450,000		6,759,974
Brooklyn Union Gas Co.
6.39% due 09/15/334		12,675,000		13,801,735
4.27% due 03/15/484		1,300,000		1,054,700
6.42% due 07/18/544		125,000		136,284
Public Service Company of Colorado
5.35% due 05/15/34		13,400,000		14,054,004
Alexander Funding Trust II
7.47% due 07/31/284		12,360,000		13,354,505
AmeriGas Partners Limited Partnership / AmeriGas Finance Corp.
5.88% due 08/20/26		10,945,000		10,869,357
5.50% due 05/20/25		1,859,000		1,852,301
Black Hills Corp.
6.00% due 01/15/35		9,020,000		9,604,675
4.20% due 09/15/46		1,200,000		1,005,179
5.95% due 03/15/28		50,000		52,468
Enel Finance International N.V.
5.00% due 06/15/324		8,690,000		8,790,650
Appalachian Power Co.
5.80% due 10/01/35		4,150,000		4,345,072
4.40% due 05/15/44		2,400,000		2,092,972
Interstate Power and Light Co.
4.95% due 09/30/34		6,300,000		6,395,303
Southern Company Gas Capital Corp.
4.95% due 09/15/34		5,900,000		5,961,607
Terraform Global Operating, LP
6.13% due 03/01/264		5,235,000		5,237,576
Idaho Power Co.
4.20% due 03/01/48		2,660,000		2,251,002
Indianapolis Power & Light Co.
5.70% due 04/01/544		2,000,000		2,129,995
Arizona Public Service Co.
5.55% due 08/01/33		1,900,000		1,980,879
Constellation Energy Generation LLC
5.75% due 10/01/41		1,800,000		1,898,950
Entergy Texas, Inc.
1.50% due 09/01/26		1,650,000		1,559,941
Southern Power Co.
5.25% due 07/15/43		1,350,000		1,341,616
Nevada Power Co.
6.65% due 04/01/36		1,180,000		1,338,982
Washington Gas Light Co.
3.80% due 09/15/46		1,300,000		1,053,974
Duke Energy Ohio, Inc.
4.30% due 02/01/49		1,200,000		1,038,083
Louisville Gas and Electric Co.
4.25% due 04/01/49		1,100,000		939,755
Total Utilities				193,542,094
Basic Materials - 0.6%
Anglo American Capital plc
5.63% due 04/01/304		21,300,000		22,137,963
2.63% due 09/10/304		18,000,000		16,020,639
3.95% due 09/10/504		14,140,000		11,097,059
5.75% due 04/05/344		5,550,000		5,793,769
6.00% due 04/05/54		1,000,000		1,047,055

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
Alcoa Nederland Holding B.V.
5.50% due 12/15/274		14,325,000	$	14,378,883
4.13% due 03/31/294		8,600,000		8,247,614
7.13% due 03/15/314		3,200,000		3,411,280
6.13% due 05/15/284		2,800,000		2,838,816
International Flavors & Fragrances, Inc.
1.23% due 10/01/254		21,520,000		20,769,695
5.00% due 09/26/48		1,100,000		1,012,667
Minerals Technologies, Inc.
5.00% due 07/01/284		18,748,000		18,242,742
Yamana Gold, Inc.
2.63% due 08/15/31		9,431,000		8,164,826
4.63% due 12/15/27		3,000,000		3,004,562
Steel Dynamics, Inc.
2.40% due 06/15/25		5,950,000		5,853,680
Novelis Corp.
3.25% due 11/15/264		5,923,000		5,715,535
Axalta Coating Systems Dutch Holding B B.V.
7.25% due 02/15/314		2,000,000		2,135,784
International Paper Co.
4.40% due 08/15/47		2,400,000		2,115,235
FMC Corp.
6.38% due 05/18/53		1,530,000		1,638,718
Southern Copper Corp.
7.50% due 07/27/35		1,080,000		1,284,831
Carpenter Technology Corp.
6.38% due 07/15/28		178,000		179,221
Total Basic Materials				155,090,574
Transporation - 0.1%
Stolthaven Houston, Inc.
5.88% due 07/17/31†††		14,200,000		14,631,680
5.98% due 07/17/34†††		12,800,000		13,184,768
Total Transporation				27,816,448
Total Corporate Bonds
(Cost $7,363,953,412)				7,008,561,542
ASSET-BACKED SECURITIES†† - 21.9%
Collateralized Loan Obligations - 11.2%
LCCM Trust
2021-FL3 A, 6.66% (1 Month Term SOFR + 1.56%, Rate Floor: 1.56%) due 11/15/38◊,4		73,311,997		72,823,973
2021-FL3 AS, 7.01% (1 Month Term SOFR + 1.91%, Rate Floor: 1.91%) due 11/15/38◊,4		37,152,000		36,140,069
2021-FL3 B, 7.41% (1 Month Term SOFR + 2.31%, Rate Floor: 2.31%) due 11/15/38◊,4		21,450,000		20,740,949
2021-FL2 B, 7.11% (1 Month Term SOFR + 2.01%, Rate Floor: 2.01%) due 12/13/38◊,4		400,000		394,578
Palmer Square Loan Funding Ltd.
2022-1A A2, 6.90% (3 Month Term SOFR + 1.60%, Rate Floor: 1.60%) due 04/15/30◊,4		23,000,000		22,976,335
2021-3A B, 7.29% (3 Month Term SOFR + 2.01%, Rate Floor: 2.01%) due 07/20/29◊,4		22,500,000		22,552,357
2023-2A A2, 7.59% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 01/25/32◊,4		19,500,000		19,564,061
2024-3A BR, 7.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/15/31◊,4		16,050,000		16,088,467
2023-2A B, 7.99% (3 Month Term SOFR + 2.70%, Rate Floor: 2.70%) due 01/25/32◊,4		11,750,000		11,799,801
2021-2A B, 6.79% (3 Month Term SOFR + 1.66%, Rate Floor: 1.66%) due 05/20/29◊,4		10,500,000		10,508,124
2021-1A B, 7.34% (3 Month Term SOFR + 2.06%, Rate Floor: 2.06%) due 04/20/29◊,4		7,100,000		7,099,978
2023-4A B, 8.03% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/24/31◊,4		7,050,000		7,082,787
2021-2A C, 7.79% (3 Month Term SOFR + 2.66%, Rate Floor: 2.66%) due 05/20/29◊,4		7,000,000		7,006,590
Cerberus Loan Funding XXXII, LP
2021-2A A, 7.18% (3 Month Term SOFR + 1.88%, Rate Floor: 1.88%) due 04/22/33◊,4		65,000,000		65,015,665
2021-2A C, 8.41% (3 Month Term SOFR + 3.11%, Rate Floor: 3.11%) due 04/22/33◊,4		20,925,000		21,014,404
2021-2A B, 7.46% (3 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 04/22/33◊,4		19,200,000		19,230,609
BXMT Ltd.
2020-FL2 A, 6.10% (1 Month Term SOFR + 1.01%, Rate Floor: 1.01%) due 02/15/38◊,4		33,670,569		32,359,723
2020-FL3 AS, 6.95% (1 Month Term SOFR + 1.86%, Rate Floor: 1.86%) due 11/15/37◊,4		23,550,000		22,991,719
2020-FL3 C, 7.75% (1 Month Term SOFR + 2.66%, Rate Floor: 2.66%) due 11/15/37◊,4		16,327,000		14,466,476
2020-FL2 B, 6.60% (1 Month Term SOFR + 1.51%, Rate Floor: 1.51%) due 02/15/38◊,4		16,000,000		14,457,363
2020-FL3 B, 7.35% (1 Month Term SOFR + 2.26%, Rate Floor: 2.26%) due 11/15/37◊,4		10,600,000		10,155,306

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 237

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
2020-FL2 AS, 6.35% (1 Month Term SOFR + 1.26%, Rate Floor: 1.26%) due 02/15/38◊,4		6,008,500	$	5,790,717
2020-FL2 C, 6.85% (1 Month Term SOFR + 1.76%, Rate Floor: 1.76%) due 02/15/38◊,4		5,360,000		4,676,791
Golub Capital Partners CLO 33M Ltd.
2021-33A AR2, 7.19% (3 Month Term SOFR + 2.12%, Rate Floor: 1.86%) due 08/25/33◊,4		105,004,127		104,745,292
HERA Commercial Mortgage Ltd.
2021-FL1 B, 6.73% (1 Month Term SOFR + 1.71%, Rate Floor: 1.60%) due 02/18/38◊,4		49,562,000		48,345,139
2021-FL1 AS, 6.43% (1 Month Term SOFR + 1.41%, Rate Floor: 1.30%) due 02/18/38◊,4		28,000,000		27,309,985
2021-FL1 C, 7.08% (1 Month Term SOFR + 2.06%, Rate Floor: 1.95%) due 02/18/38◊,4		19,200,000		18,535,212
2021-FL1 A, 6.18% (1 Month Term SOFR + 1.16%, Rate Floor: 1.05%) due 02/18/38◊,4		4,811,078		4,741,298
LoanCore Issuer Ltd.
2021-CRE6 B, 7.11% (1 Month Term SOFR + 2.01%, Rate Floor: 1.90%) due 11/15/38◊,4		44,000,000		42,807,186
2021-CRE6 C, 7.51% (1 Month Term SOFR + 2.41%, Rate Floor: 2.30%) due 11/15/38◊,4		22,825,000		22,270,053
2021-CRE5 D, 8.21% (1 Month Term SOFR + 3.11%, Rate Floor: 3.11%) due 07/15/36◊,4		14,350,000		14,037,843
2021-CRE5 A, 6.51% (1 Month Term SOFR + 1.41%, Rate Floor: 1.41%) due 07/15/36◊,4		9,797,782		9,764,262
Cerberus Loan Funding XLV LLC
2024-1A A, 7.20% (3 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 04/15/36◊,4		75,250,000		75,443,031
2024-1A B, 7.70% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 04/15/36◊,4		12,000,000		12,130,205
Cerberus Loan Funding XLIV LLC
2024-5A A, 7.65% (3 Month Term SOFR + 2.35%, Rate Floor: 2.35%) due 01/15/36◊,4		50,000,000		50,174,205
2024-5A B, 8.50% (3 Month Term SOFR + 3.20%, Rate Floor: 3.20%) due 01/15/36◊,4		24,950,000		24,978,490
Cerberus Loan Funding XLII LLC
2023-3A A1, 7.77% (3 Month Term SOFR + 2.48%, Rate Floor: 2.48%) due 09/13/35◊,4		54,450,000		54,838,152
2023-3A B, 8.64% (3 Month Term SOFR + 3.35%, Rate Floor: 3.35%) due 09/13/35◊,4		15,700,000		15,699,436
Cerberus Loan Funding XL LLC
2023-1A A, 7.70% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 03/22/35◊,4		64,859,750		65,334,244
2023-1A B, 8.90% (3 Month Term SOFR + 3.60%, Rate Floor: 3.60%) due 03/22/35◊,4		4,600,000		4,607,462
Owl Rock CLO XVI LLC
2024-16A A, 7.28% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/20/36◊,4		57,300,000		57,699,828
2024-16A B, 7.78% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 04/20/36◊,4		9,550,000		9,572,153
Palmer Square CLO Ltd.
2024-4A BR, due 10/20/37◊,4		36,200,000		36,213,566
2023-4A C, 7.88% (3 Month Term SOFR + 2.60%, Rate Floor: 2.60%) due 10/20/33◊,4		16,250,000		16,284,071
2023-4A B, 7.43% (3 Month Term SOFR + 2.15%, Rate Floor: 2.15%) due 10/20/33◊,4		14,200,000		14,227,051
THL Credit Lake Shore MM CLO I Ltd.
2021-1A A1R, 7.26% (3 Month Term SOFR + 1.96%, Rate Floor: 1.70%) due 04/15/33◊,4		33,500,000		33,499,806
2021-1A BR, 7.56% (3 Month Term SOFR + 2.26%, Rate Floor: 2.00%) due 04/15/33◊,4		30,400,000		30,228,465
ABPCI Direct Lending Fund CLO I LLC
2021-1A A1A2, 7.24% (3 Month Term SOFR + 1.96%, Rate Floor: 1.96%) due 07/20/33◊,4		59,500,000		59,606,297
2021-1A B12, 7.54% (3 Month Term SOFR + 2.26%, Rate Floor: 2.26%) due 07/20/33◊,4		2,500,000		2,490,113
Ares Direct Lending CLO 1 LLC
2024-1A A, 7.18% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 04/25/36◊,4		49,000,000		49,017,714
2024-1A B, 7.59% (3 Month Term SOFR + 2.20%, Rate Floor: 2.20%) due 04/25/36◊,4		9,750,000		9,760,818
Owl Rock CLO IV Ltd.
2021-4A A1R, 6.99% (3 Month Term SOFR + 1.86%, Rate Floor: 1.60%) due 08/20/33◊,4		40,750,000		40,955,686
2021-4A A2R, 7.29% (3 Month Term SOFR + 2.16%, Rate Floor: 1.90%) due 08/20/33◊,4		16,750,000		16,762,338

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
Cerberus Loan Funding XXXIII, LP
2021-3A A, 7.12% (3 Month Term SOFR + 1.82%, Rate Floor: 1.56%) due 07/23/33◊,4		47,750,000	$	47,798,041
2021-3A B, 7.41% (3 Month Term SOFR + 2.11%, Rate Floor: 1.85%) due 07/23/33◊,4		9,500,000		9,519,993
Fortress Credit Opportunities IX CLO Ltd.
2021-9A A2TR, 7.36% (3 Month Term SOFR + 2.06%, Rate Floor: 1.80%) due 10/15/33◊,4		46,200,000		46,400,416
2021-9A BR, 7.51% (3 Month Term SOFR + 2.21%, Rate Floor: 1.95%) due 10/15/33◊,4		6,700,000		6,678,934
2021-9A A1TR, 7.11% (3 Month Term SOFR + 1.81%, Rate Floor: 1.55%) due 10/15/33◊,4		3,450,000		3,457,633
Owl Rock CLO III Ltd.
2024-3A AR, 7.23% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 04/20/36◊,4		41,250,000		41,431,339
2024-3A BR, 7.65% (3 Month Term SOFR + 2.35%, Rate Floor: 2.35%) due 04/20/36◊,4		13,500,000		13,499,158
Cerberus Loan Funding XXXV, LP
2021-5A A, 7.06% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 09/22/33◊,4		41,500,000		41,503,324
2021-5A B, 7.41% (3 Month Term SOFR + 2.11%, Rate Floor: 1.85%) due 09/22/33◊,4		8,000,000		8,014,131
Cerberus Loan Funding XLVII LLC
2024-3A A, 7.08% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 07/15/36◊,4		44,000,000		44,066,832
2024-3A B, 7.35% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 07/15/36◊,4		5,250,000		5,254,662
GoldenTree Loan Management US CLO 1 Ltd.
2024-9A BR, 7.23% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 04/20/37◊,4		28,900,000		29,105,644
2024-9A CR, 7.68% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 04/20/37◊,4		18,550,000		18,820,231
Cerberus Loan Funding XLVIII LLC
2024-4A AN, due 10/15/36◊,4		45,550,000		45,618,694
ACRES Commercial Realty Ltd.
2021-FL1 C, 7.20% (1 Month Term SOFR + 2.11%, Rate Floor: 2.11%) due 06/15/36◊,4		13,092,000		12,586,790
2021-FL1 D, 7.85% (1 Month Term SOFR + 2.76%, Rate Floor: 2.76%) due 06/15/36◊,4		11,750,000		11,232,922
2021-FL2 B, 7.45% (1 Month Term SOFR + 2.36%, Rate Floor: 2.36%) due 01/15/37◊,4		10,100,000		9,896,751
2021-FL1 AS, 6.80% (1 Month Term SOFR + 1.71%, Rate Floor: 1.71%) due 06/15/36◊,4		6,425,000		6,302,926
2021-FL2 AS, 6.95% (1 Month Term SOFR + 1.86%, Rate Floor: 1.86%) due 01/15/37◊,4		3,500,000		3,466,087
FS Rialto
2021-FL3 C, 7.26% (1 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 11/16/36◊,4		31,150,000		29,907,240
2021-FL3 B, 7.01% (1 Month Term SOFR + 1.91%, Rate Floor: 1.91%) due 11/16/36◊,4		8,420,000		8,328,188
Golub Capital Partners CLO 54M LP
2021-54A B, 7.35% (3 Month Term SOFR + 2.11%, Rate Floor: 1.85%) due 08/05/33◊,4		21,000,000		20,971,253
2021-54A A, 7.03% (3 Month Term SOFR + 1.79%, Rate Floor: 1.53%) due 08/05/33◊,4		16,700,000		16,707,026
LCM XXIV Ltd.
2021-24A BR, 6.94% (3 Month Term SOFR + 1.66%, Rate Floor: 0.00%) due 03/20/30◊,4		24,200,000		24,186,876
2021-24A CR, 7.44% (3 Month Term SOFR + 2.16%, Rate Floor: 0.00%) due 03/20/30◊,4		13,050,000		13,092,624
Carlyle Direct Lending CLO LLC
2024-1A A11A, 7.12% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 07/15/36◊,4		28,850,000		29,036,752
2024-1A A12B, 7.32% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/15/36◊,4		7,500,000		7,563,242
Golub Capital Partners CLO 16 Ltd.
2021-16A A1R2, 7.16% (3 Month Term SOFR + 1.87%, Rate Floor: 1.61%) due 07/25/33◊,4		26,750,000		26,769,498
2021-16A A2R2, 7.35% (3 Month Term SOFR + 2.06%, Rate Floor: 1.80%) due 07/25/33◊,4		9,750,000		9,755,621
Golub Capital Partners CLO 36M Ltd.
2018-36A A, 6.80% (3 Month Term SOFR + 1.56%, Rate Floor: 0.00%) due 02/05/31◊,4		35,703,571		35,696,995
Fortress Credit BSL XV Ltd.
2024-2A AR, 6.68% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 10/18/33◊,4		35,000,000		35,065,923
Golub Capital Partners CLO 31M Ltd.
2024-31A A1RR, due 11/05/37◊,4		35,000,000		35,018,323

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 239

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
KREF Ltd.
2021-FL2 AS, 6.50% (1 Month Term SOFR + 1.41%, Rate Floor: 1.30%) due 02/15/39◊,4		19,300,000	$	18,886,335
2021-FL2 C, 7.20% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 02/15/39◊,4		16,600,000		15,868,883
Golub Capital Partners CLO 49M Ltd.
2021-49A BR, 7.44% (3 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 08/26/33◊,4		21,695,000		21,614,438
2021-49A CR, 8.14% (3 Month Term SOFR + 2.86%, Rate Floor: 2.86%) due 08/26/33◊,4		12,600,000		12,854,538
Madison Park Funding XLVIII Ltd.
2021-48A B, 6.99% (3 Month Term SOFR + 1.71%, Rate Floor: 1.71%) due 04/19/33◊,4		27,500,000		27,532,084
2021-48A C, 7.54% (3 Month Term SOFR + 2.26%, Rate Floor: 2.26%) due 04/19/33◊,4		6,650,000		6,668,849
BCC Middle Market CLO LLC
2021-1A A1R, 7.06% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 10/15/33◊,4		30,450,000		30,483,191
Owl Rock CLO II Ltd.
2021-2A ALR, 7.09% (3 Month Term SOFR + 1.81%, Rate Floor: 1.55%) due 04/20/33◊,4		30,350,000		30,361,053
Neuberger Berman Loan Advisers CLO 40 Ltd.
2021-40A B, 6.95% (3 Month Term SOFR + 1.66%, Rate Floor: 1.40%) due 04/16/33◊,4		26,700,000		26,752,463
2021-40A C, 7.30% (3 Month Term SOFR + 2.01%, Rate Floor: 1.75%) due 04/16/33◊,4		2,500,000		2,504,911
MidOcean Credit CLO VII
2020-7A BR, 7.16% (3 Month Term SOFR + 1.86%, Rate Floor: 0.00%) due 07/15/29◊,4		27,500,000		27,591,336
STWD Ltd.
2019-FL1 B, 6.81% (1 Month Term SOFR + 1.71%, Rate Floor: 1.71%) due 07/15/38◊,4		11,210,000		11,164,817
2019-FL1 C, 7.16% (1 Month Term SOFR + 2.06%, Rate Floor: 2.06%) due 07/15/38◊,4		8,800,000		8,652,697
2021-FL2 A, 6.33% (1 Month Term SOFR + 1.31%, Rate Floor: 1.20%) due 04/18/38◊,4		3,946,335		3,889,644
2021-FL2 C, 7.23% (1 Month Term SOFR + 2.21%, Rate Floor: 2.10%) due 04/18/38◊,4		2,820,000		2,711,092
2019-FL1 AS, 6.61% (1 Month Term SOFR + 1.51%, Rate Floor: 1.51%) due 07/15/38◊,4		310,327		309,994
Fontainbleau Vegas
10.77% (1 Month Term SOFR + 5.65%, Rate Floor: 5.65%) due 01/31/26◊,†††		26,250,000		26,250,000
BSPDF Issuer Ltd.
2021-FL1 C, 7.46% (1 Month Term SOFR + 2.36%, Rate Floor: 2.25%) due 10/15/36◊,4		15,300,000		14,701,046
2021-FL1 B, 7.01% (1 Month Term SOFR + 1.91%, Rate Floor: 1.80%) due 10/15/36◊,4		6,500,000		6,253,883
2021-FL1 D, 7.96% (1 Month Term SOFR + 2.86%, Rate Floor: 2.75%) due 10/15/36◊,4		3,500,000		3,367,609
Madison Park Funding LIII Ltd.
2022-53A B, 7.03% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/21/35◊,4		24,000,000		24,051,418
BDS Ltd.
2021-FL9 C, 7.03% (1 Month Term SOFR + 2.01%, Rate Floor: 1.90%) due 11/16/38◊,4		19,500,000		18,891,138
2021-FL9 D, 7.38% (1 Month Term SOFR + 2.36%, Rate Floor: 2.25%) due 11/16/38◊,4		4,400,000		4,199,259
Cerberus Loan Funding XXXI, LP
2021-1A C, 8.16% (3 Month Term SOFR + 2.86%, Rate Floor: 2.60%) due 04/15/32◊,4		12,000,000		12,023,467
2021-1A A, 7.06% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 04/15/32◊,4		10,471,328		10,479,663
ABPCI Direct Lending Fund CLO II LLC
2024-1A A1RR, 6.58% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 07/20/37◊,4		22,500,000		22,498,184
Cerberus Loan Funding XLVI, LP
2024-2A A, 7.16% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 07/15/36◊,4		16,500,000		16,541,012
2024-2A B, 7.61% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 07/15/36◊,4		5,900,000		5,899,137
KREF Funding V LLC
6.96% (1 Month Term SOFR + 1.86%, Rate Floor: 1.86%) due 06/25/26◊,†††		22,081,647		21,940,325
0.15% due 06/25/26†††,7		313,636,364		335,591
FS RIALTO
2021-FL2 C, 7.26% (1 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 05/16/38◊,4		15,665,000		15,081,521
2021-FL2 A, 6.43% (1 Month Term SOFR + 1.33%, Rate Floor: 1.33%) due 05/16/38◊,4		5,087,409		5,076,230

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
Madison Park Funding LVIII Ltd.
2024-58A B, 7.27% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 04/25/37◊,4		11,700,000	$	11,797,917
2024-58A C, 7.77% (3 Month Term SOFR + 2.45%, Rate Floor: 2.45%) due 04/25/37◊,4		8,250,000		8,354,358
VOYA CLO
2024-2A B, 7.12% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 07/20/37◊,4		14,750,000		14,783,649
2021-2A BR, 7.71% (3 Month Term SOFR + 2.41%, Rate Floor: 2.15%) due 06/07/30◊,4		4,950,000		4,966,921
Recette CLO Ltd.
2021-1A BRR, 6.94% (3 Month Term SOFR + 1.66%, Rate Floor: 0.00%) due 04/20/34◊,4		9,800,000		9,800,000
2021-1A CRR, 7.29% (3 Month Term SOFR + 2.01%, Rate Floor: 0.00%) due 04/20/34◊,4		9,200,000		9,214,474
Fortress Credit Opportunities XI CLO Ltd.
2018-11A A1T, 6.86% (3 Month Term SOFR + 1.56%, Rate Floor: 0.00%) due 04/15/31◊,4		16,236,426		16,239,534
2018-11A C, 8.06% (3 Month Term SOFR + 2.76%, Rate Floor: 0.00%) due 04/15/31◊,4		2,300,000		2,287,108
Neuberger Berman Loan Advisers CLO 32 Ltd.
2021-32A BR, 6.94% (3 Month Term SOFR + 1.66%, Rate Floor: 1.40%) due 01/20/32◊,4		14,100,000		14,102,105
2021-32A CR, 7.24% (3 Month Term SOFR + 1.96%, Rate Floor: 1.70%) due 01/20/32◊,4		4,200,000		4,209,410
BSPRT Issuer Ltd.
2021-FL7 C, 7.51% (1 Month Term SOFR + 2.41%, Rate Floor: 2.41%) due 12/15/38◊,4		7,250,000		7,127,740
2021-FL6 C, 7.26% (1 Month Term SOFR + 2.16%, Rate Floor: 2.05%) due 03/15/36◊,4		5,550,000		5,235,529
2021-FL7 B, 7.26% (1 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 12/15/38◊,4		4,875,000		4,790,926
Cerberus Loan Funding XXXVIII, LP
2022-2A A1, 8.05% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 10/15/34◊,4		16,570,000		16,717,254
Venture XIV CLO Ltd.
2020-14A CRR, 7.57% (3 Month Term SOFR + 2.51%, Rate Floor: 2.25%) due 08/28/29◊,4		15,676,361		15,692,372
Owl Rock CLO I LLC
2024-1A ANR, 7.53% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 02/20/36◊,4		14,400,000		14,561,885
2024-1A BR, 8.38% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 02/20/36◊,4		1,100,000		1,103,663
Dryden 36 Senior Loan Fund
2020-36A CR3, 7.61% (3 Month Term SOFR + 2.31%, Rate Floor: 2.05%) due 04/15/29◊,4		15,200,000		15,245,556
Owl Rock CLO XIII LLC
2023-13A B, 8.16% (3 Month Term SOFR + 3.35%, Rate Floor: 3.35%) due 09/20/35◊,4		14,750,000		14,806,652
Madison Park Funding Ltd.
2024-69A B, 7.28% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 07/25/37◊,4		14,500,000		14,585,682
Ares Direct Lending CLO 2 LLC
2024-2A C, due 10/20/36◊,†††,4		13,600,000		13,675,344
Octagon Investment Partners 49 Ltd.
2024-5A BR, 7.25% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 04/15/37◊,4		12,800,000		12,873,887
BDS LLC
2024-FL13 A, 6.78% (1 Month Term SOFR + 1.58%, Rate Floor: 1.58%) due 09/19/39◊,4		5,000,000		4,987,434
2024-FL13 AS, 7.19% (1 Month Term SOFR + 1.99%, Rate Floor: 1.99%) due 09/19/39◊,4		4,000,000		3,989,927
2024-FL13 B, 7.44% (1 Month Term SOFR + 2.24%, Rate Floor: 2.24%) due 09/19/39◊,4		3,900,000		3,890,174
BSPRT Issuer LLC
2024-FL11 AS, 7.26% (1 Month Term SOFR + 2.10%, Rate Floor: 2.10%) due 07/15/39◊,4		8,900,000		8,883,313
2024-FL11 B, 7.46% (1 Month Term SOFR + 2.29%, Rate Floor: 2.29%) due 07/15/39◊,4		3,800,000		3,792,875
PFP Ltd.
2024-11 A, 6.92% (1 Month Term SOFR + 1.83%, Rate Floor: 1.83%) due 09/17/39◊,4		7,000,000		6,982,816
2024-11 AS, 7.27% (1 Month Term SOFR + 2.19%, Rate Floor: 2.19%) due 09/17/39◊,4		5,300,000		5,286,899
Greystone Commercial Real Estate Notes
2021-FL3 C, 7.21% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 07/15/39◊,4		12,000,000		11,890,175
BRSP Ltd.
2024-FL2 A, 6.91% (1 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 08/19/37◊,4		5,650,000		5,636,373

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 241

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
2021-FL1 D, 7.78% (1 Month Term SOFR + 2.81%, Rate Floor: 2.70%) due 08/19/38◊,4		4,200,000	$	4,036,365
2024-FL2 AS, 7.35% (1 Month Term SOFR + 2.38%, Rate Floor: 2.38%) due 08/19/37◊,4		1,850,000		1,845,435
Golub Capital Partners CLO 17 Ltd.
2017-17A A1R, 7.20% (3 Month Term SOFR + 1.91%, Rate Floor: 0.00%) due 10/25/30◊,4		10,863,176		10,869,818
NewStar Fairfield Fund CLO Ltd.
2018-2A A1N, 6.81% (3 Month Term SOFR + 1.53%, Rate Floor: 1.27%) due 04/20/30◊,4		10,309,260		10,311,746
Golub Capital Partners CLO 46 Ltd.
2024-46A BR, 7.58% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 04/20/37◊,4		10,300,000		10,299,119
Neuberger Berman CLO XVI-S Ltd.
2021-16SA BR, 6.96% (3 Month Term SOFR + 1.66%, Rate Floor: 1.40%) due 04/15/34◊,4		10,200,000		10,201,757
HPS Loan Management Ltd.
2018-2016 BR, 7.14% (3 Month Term SOFR + 1.86%, Rate Floor: 1.60%) due 07/20/30◊,4		9,500,000		9,516,502
Neuberger Berman Loan Advisers CLO 47 Ltd.
2022-47A B, 7.10% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 04/14/35◊,4		9,000,000		9,033,940
Boyce Park CLO Ltd.
2022-1A B1, 7.03% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/21/35◊,4		8,800,000		8,814,362
Dryden 37 Senior Loan Fund
2015-37A Q, due 01/15/314,11		10,000,000		6,912,608
ACRE Commercial Mortgage Ltd.
2021-FL4 B, 6.53% (1 Month Term SOFR + 1.51%, Rate Floor: 1.40%) due 12/18/37◊,4		3,100,000		3,086,572
2021-FL4 C, 6.88% (1 Month Term SOFR + 1.86%, Rate Floor: 1.75%) due 12/18/37◊,4		3,100,000		3,079,121
Barings CLO Limited 2022-III
2024-3A BR, due 10/20/37◊,4		5,950,000		5,950,000
HGI CRE CLO Ltd.
2021-FL2 B, 6.71% (1 Month Term SOFR + 1.61%, Rate Floor: 1.61%) due 09/17/36◊,4		5,000,000		4,845,090
2021-FL2 C, 7.01% (1 Month Term SOFR + 1.91%, Rate Floor: 1.91%) due 09/17/36◊,4		1,000,000		961,166
Sound Point CLO XXIV
2021-3A B1R, 7.25% (3 Month Term SOFR + 1.96%, Rate Floor: 1.96%) due 10/25/34◊,4		5,150,000		5,152,596
Owl Rock CLO XVII LLC
2024-17A B, 7.23% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 07/15/36◊,4		4,300,000		4,304,101
Shackleton CLO Ltd.
2021-16A B, 7.29% (3 Month Term SOFR + 2.01%, Rate Floor: 1.75%) due 10/20/34◊,4		3,900,000		3,896,527
MF1 Multifamily Housing Mortgage Loan Trust
2021-FL6 D, 7.68% (1 Month Term SOFR + 2.66%, Rate Floor: 2.55%) due 07/16/36◊,4		3,800,000		3,665,243
Dryden XXVI Senior Loan Fund
2018-26A CR, 7.41% (3 Month Term SOFR + 2.11%, Rate Floor: 0.00%) due 04/15/29◊,4		3,500,000		3,508,393
Golub Capital Partners CLO 25M Ltd.
2018-25A AR, 6.88% (3 Month Term SOFR + 1.64%, Rate Floor: 1.38%) due 05/05/30◊,4		2,647,946		2,650,027
Allegro CLO VII Ltd.
2024-1A CR, 7.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 06/13/31◊,4		2,500,000		2,506,220
Sound Point CLO XXXI Ltd.
2021-3A B, 7.20% (3 Month Term SOFR + 1.91%, Rate Floor: 1.65%) due 10/25/34◊,4		2,200,000		2,203,566
Carlyle Global Market Strategies CLO Ltd.
2012-3A SUB, due 01/14/324,11		8,920,000		1,839,174
Voya CLO Ltd.
2013-1A INC, due 10/15/304,11		10,575,071		283,200
Wellfleet CLO Ltd.
2018-2A A2R, 7.12% (3 Month Term SOFR + 1.84%, Rate Floor: 1.58%) due 10/20/28◊,4		181,742		181,729
Great Lakes CLO Ltd.
2014-1A SUB, due 10/15/294,11		461,538		174,297
Treman Park CLO Ltd.
2015-1A SUB, due 10/20/284,11		6,859,005		60,977
Babson CLO Ltd.
2014-IA SUB, due 07/20/254,11		1,300,000		31,083
Venture XIII CLO Ltd.
2013-13A SUB, due 09/10/294,11		3,700,000		370
Copper River CLO Ltd.
2007-1A INC, due 01/20/219,11		1,500,000		150
Total Collateralized Loan Obligations				3,006,939,326
Financial - 2.5%
Station Place Securitization Trust
2024-SP2, 6.81% (1 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 07/12/26◊,†††,4		50,500,000		50,500,000

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
2024-SP1, 6.51% (1 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 08/12/25◊,†††,4		50,500,000	$	50,500,000
2023-SP1, 6.96% (1 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/15/24◊,†††,4		12,650,000		12,650,000
KKR Core Holding Company LLC
4.00% due 08/12/31†††		73,754,774		68,794,028
HV Eight LLC
7.48% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 12/31/27◊,†††		EUR 51,954,306		58,008,609
Strategic Partners Fund VIII, LP
7.85% (1 Month Term SOFR + 2.60%, Rate Floor: 2.60%) due 03/10/26◊,†††		55,324,343		54,805,953
LVNV Funding LLC
7.80% due 11/05/28†††		39,400,000		42,034,678
6.84% due 06/12/29†††		11,400,000		11,815,758
ST Group Food Industries Holdings Ltd.
due 11/10/25		34,275,000		34,275,000
due 11/10/25		17,125,000		17,125,000
Project Onyx I
8.47% (3 Month Term SOFR + 3.15%, Rate Floor: 3.15%) due 01/26/27◊,†††		48,296,822		48,183,808
Lightning A
5.50% due 03/01/37†††		42,784,739		40,132,085
Thunderbird A
5.50% due 03/01/37†††		42,483,039		39,849,091
Project Onyx
8.07% (3 Month Term SOFR + 2.75%, Rate Floor: 3.15%) due 01/26/27◊,†††		26,568,456		26,488,924
Madison Avenue Secured Funding Trust
2023-2, 6.96% (1 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/15/24◊,†††,4		25,350,000		25,350,000
HarbourVest Structured Solutions IV Holdings, LP
8.28% (3 Month Term SOFR + 2.95%, Rate Floor: 2.45%) due 09/15/26◊,†††		16,236,174		16,167,171
6.38% (3 Month EURIBOR + 2.45%, Rate Floor: 2.45%) due 09/15/26◊,†††		EUR 8,091,316		8,908,557
Ceamer Finance LLC
3.69% due 03/24/31†††		17,009,952		16,130,708
6.92% due 11/15/37†††		6,701,280		6,745,307
Project Onyx II
8.47% (3 Month Term SOFR + 3.15%, Rate Floor: 3.15%) due 01/26/27◊,†††		13,791,741		13,695,888
Bib Merchant Voucher Receivables Ltd.
4.18% due 04/07/28†††		13,046,138		12,867,667
Nassau LLC
2019-1, 3.98% due 08/15/349		9,373,745		8,580,553
Aesf Vi Verdi, LP
7.63% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 11/25/24◊,†††		3,888,126		3,888,126
Industrial DPR Funding Ltd.
2016-1A, 5.24% due 04/15/264		1,140,373		1,134,403
Total Financial				668,631,314
Transport-Aircraft - 1.9%
AASET Trust
2024-1A, 6.26% due 05/16/494		50,007,235		51,935,424
2021-1A, 2.95% due 11/16/414		50,196,046		46,716,351
2021-2A, 2.80% due 01/15/474		29,726,637		27,211,302
2020-1A, 3.35% due 01/16/404		12,199,987		11,590,998
2019-2, 3.38% due 10/16/394		1,290,636		1,239,785
2019-1, 3.84% due 05/15/394		930,628		898,268
Navigator Aircraft ABS Ltd.
2021-1, 2.77% due 11/15/464		56,658,681		52,391,342
Next10, Inc.
6.73% due 12/15/30†††		48,047,006		49,577,303
Slam Ltd.
2024-1A, 5.34% due 09/15/494		32,400,000		32,312,744
2021-1A, 2.43% due 06/15/464		14,483,658		13,350,413
2021-1A, 3.42% due 06/15/464		1,195,350		1,081,061
Navigator Aviation Ltd.
2024-1, 5.40% due 08/15/494		41,800,000		41,740,477
Lunar Structured Aircraft Portfolio Notes
2021-1, 2.64% due 10/15/464		31,586,334		28,921,389
Castlelake Aircraft Structured Trust
2021-1A, 3.47% due 01/15/464		28,295,429		27,353,293
Sprite Ltd.
2021-1, 3.75% due 11/15/464		23,075,731		22,091,637
Sapphire Aviation Finance II Ltd.
2020-1A, 3.23% due 03/15/404		22,466,232		20,621,529
KDAC Aviation Finance Ltd.
2017-1A, 4.21% due 12/15/424		17,016,079		15,673,998
AASET US Ltd.
2018-2A, 4.45% due 11/18/384		15,750,943		15,160,371
WAVE LLC
2019-1, 3.60% due 09/15/444		15,233,131		14,091,255
Sapphire Aviation Finance I Ltd.
2018-1A, 4.25% due 03/15/404		8,889,005		8,481,089
Falcon Aerospace Ltd.
2019-1, 3.60% due 09/15/394		6,770,852		6,344,874
2017-1, 4.58% due 02/15/424		1,426,315		1,397,798
Castlelake Aircraft Securitization Trust
2018-1, 4.13% due 06/15/434		5,259,744		4,905,131
MAPS Ltd.
2018-1A, 4.21% due 05/15/434		4,492,033		4,436,098
Total Transport-Aircraft				499,523,930
Whole Business - 1.8%
Subway Funding LLC
2024-3A, 5.91% due 07/30/544		36,200,000		36,228,424
2024-1A, 6.51% due 07/30/544		28,550,000		29,606,142
2024-1A, 6.27% due 07/30/544		18,900,000		19,518,436
2024-1A, 6.03% due 07/30/544		9,500,000		9,801,445
Arbys Funding LLC
2020-1A, 3.24% due 07/30/504		94,399,680		90,126,584
SERVPRO Master Issuer LLC
2021-1A, 2.39% due 04/25/514		43,738,740		39,844,842
2022-1A, 3.13% due 01/25/524		22,912,500		21,169,003
2024-1A, 6.17% due 01/25/544		16,536,900		16,997,697
2019-1A, 3.88% due 10/25/494		6,530,340		6,371,028

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 243

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
Sonic Capital LLC
2021-1A, 2.64% due 08/20/514		23,392,520	$	19,597,774
2020-1A, 3.85% due 01/20/504		12,170,866		11,813,786
2021-1A, 2.19% due 08/20/514		9,985,180		8,955,895
2020-1A, 4.34% due 01/20/504		6,987,529		6,684,806
ServiceMaster Funding LLC
2020-1, 3.34% due 01/30/514		27,779,485		24,544,667
2020-1, 2.84% due 01/30/514		9,241,007		8,534,041
Five Guys Holdings, Inc.
2023-1A, 7.55% due 01/26/544		25,445,000		26,897,693
Wingstop Funding LLC
2020-1A, 2.84% due 12/05/504		25,117,500		23,617,731
2022-1A, 3.73% due 03/05/524		1,191,000		1,127,764
Applebee’s Funding LLC / IHOP Funding LLC
2019-1A, 4.72% due 06/05/494		22,918,500		22,543,294
Taco Bell Funding LLC
2016-1A, 4.97% due 05/25/464		17,392,559		17,417,489
DB Master Finance LLC
2019-1A, 4.02% due 05/20/494		15,912,500		15,713,484
Wendy’s Funding LLC
2019-1A, 3.78% due 06/15/494		12,074,647		11,849,656
Domino’s Pizza Master Issuer LLC
2017-1A, 4.12% due 07/25/474		7,802,000		7,661,541
Total Whole Business				476,623,222
Infrastructure - 1.5%
VB-S1 Issuer LLC - VBTEL
2022-1A, 4.29% due 02/15/524		40,900,000		39,213,644
2024-1A, 5.59% due 05/15/544		28,950,000		29,419,705
2024-1A, 6.64% due 05/15/544		3,950,000		4,070,140
Stack Infrastructure Issuer LLC
2023-3A, 5.90% due 10/25/484		31,313,000		31,870,453
2024-1A, 5.90% due 03/25/494		16,250,000		16,679,156
2020-1A, 1.89% due 08/25/454		11,624,000		11,282,227
2023-2A, 5.90% due 07/25/484		6,000,000		6,092,865
2023-1A, 5.90% due 03/25/484		6,000,000		6,065,902
Hotwire Funding LLC
2023-1A, 8.84% due 05/20/534		31,200,000		32,238,489
2024-1A, 5.89% due 06/20/544		22,750,000		23,339,823
2021-1, 2.31% due 11/20/514		5,350,000		5,058,828
2021-1, 2.66% due 11/20/514		4,025,000		3,759,100
2024-1A, 6.67% due 06/20/544		3,150,000		3,241,919
Switch ABS Issuer LLC
2024-2A, 5.44% due 06/25/544		52,900,000		53,451,408
2024-1A, 6.28% due 03/25/544		9,550,000		9,757,978
Aligned Data Centers Issuer LLC
2021-1A, 1.94% due 08/15/464		47,980,000		45,474,676
2023-1A, 6.00% due 08/17/484		2,600,000		2,652,603
2023-2A, 6.50% due 11/16/484		1,345,000		1,382,045
Vantage Data Centers Issuer LLC
2024-1A, due 09/15/544		30,250,000		30,250,000
2020-1A, 1.65% due 09/15/454		3,100,000		2,998,246
SBA Tower Trust
4.83% due 10/15/294		22,150,000		22,021,530
6.60% due 01/15/284		3,800,000		3,954,557
Blue Stream Issuer LLC
2023-1A, 5.40% due 05/20/534		6,625,000		6,656,951
ALLO Issuer LLC
2024-1A, 5.94% due 07/20/544		1,000,000		1,016,333
Total Infrastructure				391,948,578
Net Lease - 0.9%
Capital Automotive REIT
2020-1A, 3.48% due 02/15/504		21,879,868		20,904,641
2024-2A, 5.25% due 05/15/544		14,140,833		14,129,082
2024-3A, due 10/15/544		9,850,000		9,506,840
2024-2A, 4.90% due 05/15/544		3,453,333		3,469,089
STORE Master Funding I-VII
2016-1A, 3.96% due 10/20/464		26,863,929		26,063,723
2016-1A, 4.32% due 10/20/464		10,637,543		10,282,374
CF Hippolyta Issuer LLC
2022-1A, 6.11% due 08/15/624		20,275,457		20,415,465
2020-1, 2.28% due 07/15/604		10,075,718		9,646,347
CARS-DB4, LP
2020-1A, 3.81% due 02/15/504		19,938,419		18,083,835
2020-1A, 3.25% due 02/15/504		3,380,089		3,072,514
2020-1A, 2.69% due 02/15/504		1,858,164		1,855,729
CMFT Net Lease Master Issuer LLC
2021-1, 2.91% due 07/20/514		10,050,000		9,159,010
2021-1, 3.04% due 07/20/514		5,050,000		4,350,346
2021-1, 3.44% due 07/20/514		3,215,000		2,803,210
2021-1, 2.51% due 07/20/514		3,000,000		2,707,186
SVC ABS LLC
2023-1A, 5.15% due 02/20/534		15,228,479		15,076,156
2023-1A, 5.55% due 02/20/534		3,486,146		3,389,642
Oak Street Investment Grade Net Lease Fund Series
2020-1A, 2.26% due 11/20/504		14,937,500		14,103,526
STORE Master Funding LLC
2021-1A, 2.96% due 06/20/514		12,592,000		10,530,560
2021-1A, 3.70% due 06/20/514		3,524,776		2,955,869
STORE Master Funding I LLC
2015-1A, 4.17% due 04/20/454		9,904,177		9,811,981
New Economy Assets Phase 1 Sponsor LLC
2021-1, 2.41% due 10/20/614		10,000,000		8,997,815
Store Master Funding I-VII XIV XIX XX XXIV XXII
2024-1A, 5.69% due 05/20/544		5,987,500		6,079,421
CARS-DB5, LP
2021-1A, 2.76% due 08/15/514		6,543,625		5,545,082
CARS-DB7, LP
2023-1A, 5.75% due 09/15/534		4,368,000		4,421,946
CF Hippolyta LLC
2020-1, 2.60% due 07/15/604		4,312,872		3,766,697
Store Master Funding I-VII
2018-1A, 4.74% due 10/20/484		2,809,713		2,797,023
Total Net Lease				243,925,109
Single Family Residence - 0.8%
Tricon Residential Trust
2023-SFR2, 5.00% due 12/17/404		31,239,000		31,075,984
2024-SFR3, 5.00% due 08/17/414		10,500,000		10,493,332
2024-SFR2, 4.75% due 06/17/404		9,993,784		10,008,447
2024-SFR3, 5.25% due 08/17/414		9,550,000		9,585,275

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
2024-SFR2, 5.90% due 06/17/404		9,215,000	$	9,376,475
2024-SFR2, 5.70% due 06/17/404		7,950,000		8,089,443
2021-SFR1, 2.59% due 07/17/384		7,000,000		6,677,996
2024-SFR1, 4.75% due 04/17/414		3,600,000		3,565,676
FirstKey Homes Trust
2020-SFR2, 4.50% due 10/19/374		21,640,000		21,085,689
2020-SFR2, 4.00% due 10/19/374		20,340,000		19,787,271
2020-SFR2, 3.37% due 10/19/374		13,010,000		12,604,300
2021-SFR1, 2.19% due 08/17/384		13,174,000		12,444,637
Home Partners of America Trust
2021-2, 2.65% due 12/17/264		46,362,940		43,792,672
2021-3, 2.80% due 01/17/414		15,170,727		13,757,434
Invitation Homes Trust
2024-SFR1, 4.00% due 09/17/414		13,100,000		12,522,337
Total Single Family Residence				224,866,968
Collateralized Debt Obligations - 0.4%
Anchorage Credit Funding 4 Ltd.
2021-4A AR, 2.72% due 04/27/394		111,754,127		106,169,785
Anchorage Credit Funding 13 Ltd.
2021-13A A2, 2.80% due 07/27/394		2,700,000		2,471,864
2021-13A C2, 3.65% due 07/27/394		1,950,000		1,689,063
Oxford Finance Funding
2020-1A A2, 3.10% due 02/15/284		4,188,431		4,158,093
Total Collateralized Debt Obligations				114,488,805
Transport-Container - 0.4%
Textainer Marine Containers VII Ltd.
2020-1A, 2.73% due 08/21/454		38,341,278		36,595,316
2021-2A, 2.23% due 04/20/464		2,361,667		2,176,752
TIF Funding III LLC
2024-1A, 5.48% due 04/20/494		32,051,250		32,497,102
Textainer Marine Containers Ltd.
2021-3A, 1.94% due 08/20/464		23,345,800		20,744,695
MC Ltd.
2021-1, 2.63% due 11/05/354		8,773,320		8,187,967
CLI Funding VIII LLC
2021-1A, 1.64% due 02/18/464		2,515,147		2,292,984
Total Transport-Container				102,494,816
Insurance - 0.2%
Obra Longevity
8.48% due 06/30/39†††		40,200,000		40,911,540
CHEST
7.13% due 03/15/43†††		18,145,000		19,045,899
JGWPT XXIII LLC
2011-1A, 4.70% due 10/15/564		1,964,339		1,955,770
JGWPT XXIV LLC
2011-2A, 4.94% due 09/15/564		1,452,532		1,456,552
321 Henderson Receivables VI LLC
2010-1A, 5.56% due 07/15/594		462,549		462,773
VICOF 2
4.00% due 02/22/30†††		388,336		379,043
SPSS
5.14% due 11/15/52†††,9		136,046		127,445
Total Insurance				64,339,022
Automotive - 0.1%
Avis Budget Rental Car Funding AESOP LLC
2023-8A, 6.66% due 02/20/304		15,350,000		16,245,303
2023-8A, 6.02% due 02/20/304		11,000,000		11,575,070
2024-3A, 5.58% due 12/20/304		8,250,000		8,433,638
Total Automotive				36,254,011
Unsecured Consumer Loans - 0.1%
Service Experts Issuer LLC
2024-1A, 6.39% due 11/20/354		21,667,147		22,337,231
Foundation Finance Trust
2024-2A, 4.93% due 03/15/504		8,200,000		8,214,687
Total Unsecured Consumer Loans				30,551,918
Asset Backed Securities - 0.1%
Endo Luxembourg Finance Co I SARL / Endo US, Inc.
7.40% due 09/30/45†††		15,650,000		16,459,574
Total Asset-Backed Securities
(Cost $5,929,308,543)				5,877,046,593
U.S. GOVERNMENT SECURITIES†† - 19.3%
U.S. Treasury Bonds
due 05/15/516,12		2,204,980,000		724,319,966
4.38% due 11/15/39		481,570,000		503,748,557
due 02/15/467,12		371,000,000		143,854,093
due 05/15/447,12		318,000,000		133,323,901
due 02/15/546,12		428,770,000		132,014,501
due 08/15/546,12		428,760,000		130,064,410
due 11/15/516,12		275,000,000		88,644,867
due 11/15/447,12		75,000,000		30,734,402
U.S. Treasury Notes
4.00% due 02/15/34		612,000,000		622,518,750
4.13% due 06/15/26		453,680,000		456,745,883
3.75% due 08/31/31		214,220,000		215,358,044
4.25% due 02/28/31		197,000,000		203,733,399
4.13% due 07/31/31		170,000,000		174,754,688
3.75% due 12/31/30		157,200,000		158,127,235
4.63% due 03/15/26		4,900,000		4,958,953
3.63% due 03/31/28		2,570,000		2,575,220
3.63% due 08/31/29		1,800,000		1,805,344
2.13% due 05/15/25		1,100,000		1,085,670
4.63% due 04/30/29		840,000		877,144
4.38% due 05/15/34		50,000		52,367
3.88% due 11/30/27		4,000		4,035
United States Treasury Inflation Indexed Bonds
2.13% due 04/15/29		310,168,738		318,767,235
0.13% due 10/15/25		217,224,448		213,004,077
0.13% due 04/15/25		210,719,524		206,964,843
0.38% due 01/15/27		210,144,083		204,162,604
1.25% due 04/15/28		142,137,730		140,788,945
0.50% due 01/15/28		129,614,932		125,494,683
0.13% due 04/15/27		106,563,327		102,583,647
1.38% due 07/15/33		28,966,571		28,551,239
U.S. Treasury Strip Principal
due 02/15/516,12		280,000,000		92,512,837
Total U.S. Government Securities
(Cost $5,137,358,349)				5,162,131,539

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 245

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,◊ - 3.2%
Financial - 0.8%
Higginbotham Insurance Agency, Inc.
9.35% (1 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 11/24/28†††		49,847,888	$	49,455,265
9.60% (1 Month Term SOFR + 4.75%, Rate Floor: 5.75%) due 11/24/28†††		1,392,168		1,381,203
Jane Street Group LLC
7.46% (3 Month Term SOFR + 2.61%, Rate Floor: 2.61%) due 01/26/28		35,294,865		35,254,629
Citadel Securities, LP
7.10% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 07/29/30		24,709,613		24,687,127
Asurion LLC
9.10% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 09/19/30		23,690,000		23,245,812
Alliant Holdings Intermediate LLC
due 09/19/31		19,665,000		19,548,190
HighTower Holding LLC
8.75% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 04/21/28		17,329,559		17,318,815
Eisner Advisory Group
8.85% (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 02/28/31		16,822,089		16,855,229
Eagle Point Holdings Borrower LLC
9.06% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 03/31/28†††		9,918,462		9,918,462
Osaic Holdings, Inc.
8.85% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 08/17/28		4,488,750		4,436,366
Worldpay
7.10% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 01/31/31		2,895,000		2,893,784
Virtu Financial
7.60% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 06/21/31		2,070,000		2,070,000
CPI Holdco B LLC
6.85% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/17/31		1,150,000		1,144,043
Total Financial				208,208,925
Consumer, Non-cyclical - 0.7%
PetIQ LLC
9.22% (1 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 04/13/28		27,413,178		27,378,912
Nidda Healthcare Holding GmbH
7.10% (1 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 08/21/26		EUR 12,766,306		14,201,040
due 02/21/30		EUR 11,400,000		12,689,689
Quirch Foods Holdings LLC
9.89% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 10/27/27		28,375,749		26,673,204
Froneri US, Inc.
due 09/16/31		23,215,000		23,114,943
Southern Veterinary Partners LLC
8.00% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 10/05/27		19,327,935		19,336,052
Midwest Veterinary Partners LLC
8.87% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 04/27/28		18,770,456		18,752,812
Women’s Care Holdings, Inc.
9.85% (3 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 01/15/28		15,554,940		14,945,653
US Foods, Inc.
due 11/26/31		10,200,000		10,212,750
Blue Ribbon LLC
11.58% (3 Month Term SOFR + 6.00%, Rate Floor: 6.75%) due 05/08/28		12,251,250		8,524,787
HAH Group Holding Co. LLC
10.26% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 09/17/31		3,953,721		3,952,061
10.35% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 09/17/31		500,303		500,093
CHG PPC Parent LLC
7.71% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 12/08/28		1,536,009		1,529,297
Elanco Animal Health, Inc.
7.05% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 08/01/27		1,149,255		1,146,302
Medline Borrower LP
7.10% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 10/23/28		850,000		848,785
Energizer Holdings, Inc.
6.92% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/22/27		419,928		419,752
Total Consumer, Non-cyclical				184,226,132
Industrial - 0.6%
Quikrete Holdings, Inc.
7.10% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/19/29		16,417,500		16,413,724
7.35% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 04/14/31		11,741,000		11,741,000
EMRLD Borrower, LP
7.56% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 05/31/30		18,381,100		18,335,147
7.56% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 08/04/31		7,770,000		7,749,176
Capstone Acquisition Holdings, Inc.
9.45% (1 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 11/12/29†††		21,037,715		20,918,456
Clean Harbors, Inc.
6.71% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 10/08/28		18,259,184		18,286,573
United Rentals, Inc.
6.60% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/14/31		17,785,625		17,892,339
United Airlines Inc.
8.03% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 02/22/31		16,259,250		16,264,290

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
Brown Group Holding LLC
7.60% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 07/01/31		4,957,964	$	4,942,792
7.84% ((1 Month Term SOFR + 2.75%) and (3 Month Term SOFR + 2.75%), Rate Floor: 3.25%) due 07/01/31		4,467,173		4,454,754
Amentum Holdings, Inc.
due 07/29/31		7,100,000		7,073,375
TransDigm, Inc.
7.32% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 01/19/32		4,850,000		4,829,776
Installed Building Products, Inc.
6.85% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/28/31		3,582,000		3,590,955
Dispatch Terra Acquisition LLC
9.00% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/27/28		3,767,103		3,411,903
Air Canada
7.25% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 03/21/31		3,308,375		3,312,511
CPG International LLC
due 09/23/31		3,075,000		3,075,000
Arcosa, Inc.
due 08/12/31†††		2,770,000		2,763,075
Genesee & Wyoming, Inc.
6.60% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/10/31		2,500,000		2,493,750
Beacon Roofing Supply, Inc.
6.85% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/19/28		2,233,125		2,232,433
Hillman Group, Inc.
7.10% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 07/14/28		1,784,720		1,781,989
Merlin Buyer, Inc.
8.60% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 12/14/28		611,211		606,627
API Heat Transfer Thermasys Corp.
13.19% (3 Month Term SOFR + 8.00%, Rate Floor: 11.00%) due 11/12/27†††		20,165		20,165
10.19% (3 Month Term SOFR + 5.00%, Rate Floor: 8.00%) due 11/10/27†††		11,671		11,671
Total Industrial				172,201,481
Consumer, Cyclical - 0.5%
MB2 Dental Solutions LLC
10.85%(1 Month Term SOFR + 6.00%, Rate Floor: 6.75%) Due 02/13/31†††		20,976,735		20,928,897
6.75%(3 Month Term SOFR + 6.00%, Rate Floor:6.75%) due 02/13/31†††		821,795		728,337
First Brands Group LLC
10.51% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 03/30/27		21,437,780		21,180,527
Restaurant Brands
6.60% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 09/20/30		14,912,625		14,747,542
Pacific Bells LLC
9.37% (1 Month Term SOFR + 4.50%, Rate Floor: 9.50%) due 11/10/28		13,824,593		13,824,593
PCI Gaming Authority, Inc.
6.85% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/18/31		11,164,983		11,091,294
Entain Holdings (Gibraltar) Ltd.
6.92% (6 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 06/30/28		EUR 7,800,000		8,723,421
Peer Holding III BV
7.60% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 07/01/31		8,475,000		8,489,153
Wyndham Hotels & Resorts, Inc.
6.60% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 05/24/30		7,600,950		7,591,449
Packers Holdings LLC
8.20% (1 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 03/09/28		14,397,688		7,477,871
Scientific Games Corp.
8.32% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 04/04/29		5,000,000		4,967,050
Go Daddy Operating Company LLC
6.60% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 05/30/31		4,259,325		4,246,888
Tripadvisor, Inc.
7.60% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/08/31		4,100,000		4,085,896
Prime Security Services Borrower LLC
7.45% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 10/13/30		3,492,000		3,486,902
Clarios Global, LP
6.38% (1 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 07/16/31		EUR 2,850,870		3,166,119
Station Casinos LLC
7.10% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/14/31		2,189,000		2,178,449
Rent-A-Center, Inc.
8.00% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 02/17/28		458,681		457,012
WW International, Inc.
8.46% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 04/13/28		1,395,000		370,554
Total Consumer, Cyclical				137,741,954
Technology - 0.3%
Visma AS
due 12/05/28		EUR 23,750,000		26,186,101
Polaris Newco LLC
10.20% (1 Month GBP SONIA + 5.25%, Rate Floor: 5.25%) due 06/02/28		GBP 15,159,170		19,335,831
Datix Bidco Ltd.
10.70% (1 Month GBP SONIA + 5.50%, Rate Floor: 5.50%) due 04/25/31†††		GBP 10,570,675		14,025,614
10.82% (1 Month Term SOFR + 5.50%, Rate Floor: 6.00%) due 04/30/31†††		2,613,869		2,593,964

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 247

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
Modena Buyer LLC
9.10% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 07/01/31		11,400,000	$	10,889,394
Aston FinCo SARL
9.72% (1 Month GBP SONIA + 4.75%, Rate Floor: 4.75%) due 10/09/26		GBP 5,612,298		6,950,371
9.21% (1 Month Term SOFR + 4.25%, Rate Floor: 5.25%) due 10/09/26		735,865		696,467
Dun & Bradstreet
7.61% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 01/18/29		3,733,309		3,728,904
Total Technology				84,406,646
Energy - 0.1%
ITT Holdings LLC
7.95% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 10/11/30		8,316,210		8,323,112
Venture Global Calcasieu Pass LLC
7.82% (1 Month Term SOFR + 2.88%, Rate Floor: 3.88%) due 08/19/26		5,456,372		5,451,844
WhiteWater DBR HoldCo LLC
7.35% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 03/03/31		4,600,000		4,589,926
Total Energy				18,364,882
Utilities - 0.1%
Calpine Construction Finance Company, LP
6.85% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/31/30		10,350,000		10,278,171
UGI Energy Services LLC
7.35% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 02/22/30		3,792,281		3,791,598
NRG Energy, Inc.
7.26% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/16/31		2,487,500		2,489,366
TerraForm Power Operating LLC
7.20% (3 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 05/21/29		198,343		198,281
Total Utilities				16,757,416
Communications - 0.1%
SBA Senior Finance II LLC
due 01/27/31		13,500,000		13,503,105
Zayo Group Holdings, Inc.
7.96% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/09/27		1,652,094		1,506,511
Xplornet Communications, Inc.
9.57% (3 Month Term SOFR + 4.26%, Rate Floor: 4.76%) due 10/02/28		5,936,493		986,942
Total Communications				15,996,558
Basic Materials - 0.0%
Trinseo Materials Operating S.C.A.
7.82% (3 Month Term SOFR + 2.50%, Rate Floor: 3.50%) due 05/03/28		10,739,250		8,466,932
Arsenal AIC Parent LLC
8.10% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 08/18/30		1,870,886		1,867,144
Total Basic Materials				10,334,076
Total Senior Floating Rate Interests
(Cost $867,649,593)				848,238,070
FEDERAL AGENCY BONDS†† - 0.8%
Tennessee Valley Authority
4.25% due 09/15/65		138,205,000		126,331,256
4.63% due 09/15/60		42,436,000		41,912,467
5.38% due 04/01/56		9,283,000		10,346,683
due 09/15/537,12		1,612,000		398,375
due 09/15/557,12		1,612,000		358,446
due 09/15/567,12		1,612,000		340,390
due 03/15/577,12		1,612,000		332,207
due 09/15/577,12		1,612,000		324,222
due 09/15/587,12		1,612,000		308,821
due 03/15/597,12		1,612,000		301,397
due 09/15/597,12		1,612,000		294,151
due 09/15/607,12		1,612,000		280,179
due 09/15/547,12		1,020,000		239,492
due 03/15/617,12		1,020,000		173,023
due 09/15/617,12		1,020,000		168,255
due 09/15/627,12		1,020,000		159,655
due 03/15/637,12		1,020,000		155,802
due 09/15/637,12		1,020,000		151,465
due 09/15/647,12		1,020,000		144,228
due 03/15/657,12		1,020,000		140,186
due 09/15/657,12		1,020,000		136,789
Tennessee Valley Authority Principal Strips
due 01/15/486,12		38,804,000		12,955,686
due 12/15/426,12		23,785,000		10,161,666
due 01/15/386,12		15,800,000		8,796,223
due 04/01/566,12		11,415,000		2,464,430
due 09/15/656,12		3,500,000		469,375
due 09/15/396,12		170,000		86,537
Federal Farm Credit Bank
3.11% due 08/05/48		1,500,000		1,195,780
1.99% due 07/30/40		300,000		210,529
2.60% due 09/06/39		250,000		194,527
2.90% due 12/09/41		220,000		172,064
2.59% due 12/30/41		180,000		134,721
2.74% due 11/01/39		144,000		114,137
2.84% due 06/01/46		140,000		101,876
2.59% due 08/24/46		140,000		97,318
3.67% due 02/26/44		70,000		62,730
Federal Home Loan Bank
2.45% due 08/16/41		270,000		199,054
3.63% due 06/22/43		100,000		89,396
Freddie Mac
2.25% due 09/15/50		360,000		222,123
Total Federal Agency Bonds
(Cost $317,259,498)				220,725,661

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

	Face Amount~		Value
MUNICIPAL BONDS†† - 0.2%
California - 0.2%
California Statewide Communities Development Authority Revenue Bonds
7.14% due 08/15/47		10,335,000	$	11,296,969
California Public Finance Authority Revenue Bonds
3.07% due 10/15/40		8,000,000		6,466,600
2.55% due 01/01/40		3,600,000		2,659,617
Hillsborough City School District General Obligation Unlimited
due 09/01/3712		1,000,000		534,044
due 09/01/3912		1,000,000		475,518
Oakland Redevelopment Agency Successor Agency Tax Allocation
4.00% due 09/01/39		1,100,000		991,428
Total California				22,424,176
Illinois - 0.0%
State of Illinois General Obligation Unlimited
5.65% due 12/01/38		4,875,000		5,048,217
6.63% due 02/01/35		1,540,000		1,673,021
City of Chicago Illinois General Obligation Unlimited
6.31% due 01/01/44		4,500,000		4,989,840
Total Illinois				11,711,078
Texas - 0.0%
Central Texas Turnpike System Revenue Bonds
3.03% due 08/15/41		3,150,000		2,488,992
Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds
3.42% due 09/01/50		2,500,000		1,885,808
Harris County Cultural Education Facilities Finance Corp. Revenue Bonds
3.34% due 11/15/37		1,500,000		1,298,584
Total Texas				5,673,384
Washington - 0.0%
Central Washington University Revenue Bonds
6.95% due 05/01/40		1,750,000		2,009,921
Oklahoma - 0.0%
Tulsa Airports Improvement Trust Revenue Bonds
3.10% due 06/01/45		1,000,000		749,150
Oklahoma Development Finance Authority Revenue Bonds
4.65% due 08/15/30		450,000		444,629
Total Oklahoma				1,193,779
Total Municipal Bonds
(Cost $47,143,113)				43,012,338
FOREIGN GOVERNMENT DEBT†† - 0.1%
Panama Government International Bond
4.50% due 04/16/50		22,700,000		16,657,272
Israel Government International Bond
5.38% due 03/12/29		9,800,000		9,958,074
Total Foreign Government Debt
(Cost $35,070,843)				26,615,346
U.S. TREASURY BILLS†† - 0.0%
U.S. Treasury Bills
5.12% due 10/17/2413		1,650,000		1,646,552
5.03% due 10/10/2413		1,400,000		1,398,374
4.87% due 10/10/2413		1,400,000		1,398,374
5.11% due 10/24/2413		800,000		797,586
4.88% due 04/17/2513		550,000		538,067
Total U.S. Treasury Bills
(Cost $5,775,186)				5,778,953
REPURCHASE AGREEMENTS††,14 - 0.1%
BNP Paribas
issued 09/30/24 at 4.86% due 10/01/24		17,510,000		17,510,000
Total Repurchase Agreements
(Cost $17,510,000)				17,510,000
Total Investments - 111.5%
(Cost $30,638,668,310)			$	29,845,461,044
Other Assets & Liabilities, net - (11.5)%				(3,067,654,798	)
Total Net Assets - 100.0%			$	26,777,806,246

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 249

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Interest Rate Futures Contracts Purchased†
3-Month SOFR Futures Contracts		2,426		Sep 2025	$	587,061,675	$	6,606,591
3-Month SOFR Futures Contracts		2,426		Dec 2025		587,941,100		6,576,231
3-Month SOFR Futures Contracts		2,426		Mar 2026		588,365,650		6,363,956
					$	1,763,368,425	$	19,546,778

Centrally Cleared Credit Default Swap Agreements Protection Purchased††
Counterparty		Exchange		Index		Protection Premium Rate	Payment Frequency		Maturity Date			Notional Amount~	Value			Upfront Premiums Received			Unrealized Appreciation (Depreciation)**
BofA Securities, Inc.	ICE		ITRAXX.EUR.42.V1		1.00%			Quarterly		12/20/29	EUR 56,240,000		$	(1,257,095	)	$	(1,253,359	)	$	(3,736	)
BofA Securities, Inc.	ICE		CDX.NA.IG.43.V1		1.00%			Quarterly		12/20/29	644,242,019			(14,403,518	)		(14,423,831	)		20,313
													$	(15,660,613	)	$	(15,677,190	)	$	16,577

Centrally Cleared Interest Rate Swap Agreements††
Counterparty		Exchange		Floating Rate Type		Floating Rate Index		Fixed Rate		Payment Frequency		Maturity Date	Notional Amount		Value		Upfront Premiums Paid		Unrealized Appreciation (Depreciation)**
BofA Securities, Inc.	CME		Pay		U.S. Secured Overnight Financing Rate		4.48%		Annually		11/02/33		$	389,640,000	$	35,608,023	$	2,920	$	35,605,103
BofA Securities, Inc.	CME		Pay		U.S. Secured Overnight Financing Rate		3.94%		Annually		06/05/30			1,958,500,000		23,953,199		221,422		23,731,777
BofA Securities, Inc.	CME		Pay		U.S. Secured Overnight Financing Rate		4.99%		Annually		10/11/25			1,337,210,000		15,443,184		1,864		15,441,320
BofA Securities, Inc.	CME		Pay		U.S. Secured Overnight Financing Rate		3.76%		Annually		02/06/29			650,000,000		12,571,917		2,803		12,569,114
BofA Securities, Inc.	CME		Pay		U.S. Secured Overnight Financing Rate		3.59%		Annually		01/02/28			660,000,000		5,484,758		2,652		5,482,106
BofA Securities, Inc.	CME		Pay		U.S. Secured Overnight Financing Rate		3.66%		Annually		01/16/29			240,000,000		3,666,211		1,182		3,665,029
BofA Securities, Inc.	CME		Pay		U.S. Secured Overnight Financing Rate		3.40%		Annually		04/04/28			900,000,000		2,890,737		3,043		2,887,694
BofA Securities, Inc.	CME		Pay		U.S. Secured Overnight Financing Rate		3.39%		Annually		08/02/29			707,990,000		2,832,477		2,291		2,830,186

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

Centrally Cleared Interest Rate Swap Agreements†† (continued)
Counterparty		Exchange		Floating Rate Type		Floating Rate Index		Fixed Rate		Payment Frequency		Maturity Date		Notional Amount		Value			Upfront Premiums Paid		Unrealized Appreciation (Depreciation)**
BofA Securities, Inc.	CME		Pay		U.S. Secured Overnight Financing Rate		3.96%		Annually		04/03/34			$	53,740,000	$	2,749,022		$	498	$	2,748,524
BofA Securities, Inc.	CME		Pay		U.S. Secured Overnight Financing Rate		3.75%		Annually		02/05/27				4,960,000		38,954			203		38,751
BofA Securities, Inc.	CME		Pay		U.S. Secured Overnight Financing Rate		3.55%		Annually		02/05/29				1,960,000		21,725			178		21,547
BofA Securities, Inc.	CME		Pay		U.S. Secured Overnight Financing Rate		3.72%		Annually		07/19/34				340,000		11,094			297		10,797
BofA Securities, Inc.	CME		Pay		U.S. Secured Overnight Financing Rate		2.78%		Annually		07/18/27		1,803,000,000				(27,106,554	)		4,661		(27,111,215	)
																$	78,164,747		$	244,014	$	77,920,733

Forward Foreign Currency Exchange Contracts††

Counterparty

Currency

Type

Quantity

Contract Amount

Settlement Date

Unrealized Depreciation

Bank of America, N.A.

EUR

Buy

2,500,000

2,792,082 USD

10/18/24

$

(5,746

)

Bank of America, N.A.

GBP

Sell

22,875,000

29,992,145 USD

10/18/24

(592,116

)

Bank of America, N.A.

EUR

Sell

104,470,000

115,753,264 USD

10/18/24

(682,154

)

$

(1,280,016

)

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 251

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
***	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 2 inputs, unless otherwise noted — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
◊	Variable rate security. Rate indicated is the rate effective at September 30, 2024. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
1	Affiliated issuer.
2	Special Purpose Acquisition Company (SPAC).
3	Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.
4	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $11,156,913,781 (cost $11,440,747,012), or 41.7% of total net assets.
5	Rate indicated is the 7-day yield as of September 30, 2024.
6	Security is a principal-only strip.
7	Security is an interest-only strip.
8	Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at September 30, 2024. See table below for additional step information for each security.
9	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $81,984,623 (cost $83,697,587), or 0.3% of total net assets — See Note 10.
10	Perpetual maturity.
11	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
12	Zero coupon rate security.
13	Rate indicated is the effective yield at the time of purchase.
14	Repurchase Agreements - The interest rate on repurchase agreements is market driven and based on the underlying collateral obtained. See additional disclosure in the repurchase agreements table below for more information on repurchase agreements.
15	Security is unsettled at period end and does not have a stated effective rate.
16	Security is in default of interest and/or principal obligations.
	BofA — Bank of America
	CDX.NA.IG.43.V1 — Credit Default Swap North American Investment Grade Series 43 Index Version 1
	CME — Chicago Mercantile Exchange
	CMT — Constant Maturity Treasury
	EUR — Euro
	EURIBOR — European Interbank Offered Rate
	GBP — British Pound
	ICE — Intercontinental Exchange
	ITRAXX.EUR.42.V1 — iTraxx Europe Series 42 Index Version 1
	plc — Public Limited Company
	REMIC — Real Estate Mortgage Investment Conduit
	REIT — Real Estate Investment Trust
	SARL — Société à Responsabilité Limitée
	SOFR — Secured Overnight Financing Rate
	SONIA — Sterling Overnight Index Average
	WAC — Weighted Average Coupon
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND 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	$	51,195	$	—	$	216,536	$	267,731
Preferred Stocks		—		664,340,434		48,103,090		712,443,524
Warrants		457		—		388		845
Exchange-Traded Funds		187,600,000		—		—		187,600,000
Mutual Funds		209,072,931		—		—		209,072,931
Money Market Fund		801,560,124		—		—		801,560,124
Collateralized Mortgage Obligations		—		8,670,291,817		54,604,030		8,724,895,847
Corporate Bonds		—		6,422,282,622		586,278,920		7,008,561,542
Asset-Backed Securities		—		5,080,828,171		796,218,422		5,877,046,593
U.S. Government Securities		—		5,162,131,539		—		5,162,131,539
Senior Floating Rate Interests		—		725,492,961		122,745,109		848,238,070
Federal Agency Bonds		—		220,725,661		—		220,725,661
Municipal Bonds		—		43,012,338		—		43,012,338
Foreign Government Debt		—		26,615,346		—		26,615,346
U.S. Treasury Bills		—		5,778,953		—		5,778,953
Repurchase Agreements		—		17,510,000		—		17,510,000
Interest Rate Futures Contracts**		19,546,778		—		—		19,546,778
Credit Default Swap Agreements**		—		20,313		—		20,313
Interest Rate Swap Agreements**		—		105,031,948		—		105,031,948
Total Assets	$	1,217,831,485	$	27,144,062,103	$	1,608,166,495	$	29,970,060,083

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Credit Default Swap Agreements**	$	—	$	3,736	$	—	$	3,736
Interest Rate Swap Agreements**		—		27,111,215		—		27,111,215
Forward Foreign Currency Exchange Contracts**		—		1,280,016		—		1,280,016
Unfunded Loan Commitments (Note 9)		—		—		121,352		121,352
Total Liabilities	$	—	$	28,394,967	$	121,352	$	28,516,319

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

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

Category	Ending Balance at September 30, 2024		Valuation Technique	Unobservable Inputs		Input Range		Weighted Average*
Assets:
Asset-Backed Securities	$	361,564,093	Option adjusted spread off prior month end broker quote	Broker Quote	—		—
Asset-Backed Securities		277,755,268	Yield Analysis	Yield	3.2%-7.3%		6.3%
Asset-Backed Securities		143,223,717	Third Party Pricing	Broker Quote	—		—
Asset-Backed Securities		13,675,344	Third Party Pricing	Trade Price	—		—
Collateralized Mortgage Obligations		54,604,030	Option adjusted spread off prior month end broker quote	Broker Quote	—		—

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 253

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

Category	Ending Balance at September 30, 2024		Valuation Technique	Unobservable Inputs		Input Range		Weighted Average*
Common Stocks	$	215,604	Enterprise Value	Valuation Multiple	2.9x-8.6x		5.0x
Common Stocks		932	Model Price	Liquidation Value	—		—
Corporate Bonds		338,968,870	Option adjusted spread off prior month end broker quote	Broker Quote	—		—
Corporate Bonds		247,310,049	Yield Analysis	Yield	5.6%-9.6%		6.6%
Corporate Bonds		1	Model Price	Liquidation Value	—		—
Preferred Stocks		48,103,090	Yield Analysis	Yield	5.8%		—
Senior Floating Rate Interests		93,443,994	Model Price	Purchase Price	—		—
Senior Floating Rate Interests		26,538,040	Yield Analysis	Yield	8.0%-10.3%		9.40%
Senior Floating Rate Interests		2,763,075	Third Party Pricing	Broker Quote	—		—
Warrants		388	Model Price	Liquidation Value	—		—
Total Assets	$	1,608,166,495
Liabilities:
Unfunded Loan Commitments	$	121,352	Model Price	Purchase Price	—		—

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

Significant changes in a quote, yield, liquidation value or valuation multiple would generally result in significant changes in the fair value of the security.

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

Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. For the year ended September 30, 2024, the Fund did not have any securities transfer into Level 3 from Level 2 and had securities with a total value of $78,009,956 transfer out of Level 3 into Level 2 due to the availability of current and reliable market-based data provided by a third-party pricing service which utilizes significant observable inputs.

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

Summary of Fair Value Level 3 Activity

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the year ended September 30, 2024:

	Assets																										Liabilities
	Asset- Backed Securities			Collateralized Mortgage Obligations			Corporate Bonds			Senior Floating Rate Interests			Warrants		Common Stocks			Preferred Stocks			Senior Fixed Rate Interests			Total Assets			Unfunded Loan Commitments
Beginning Balance	$	567,198,526		$	94,495,909		$	316,972,375		$	216,787,942		$	104	$	2,503		$	47,610,124		$	4,997,084		$	1,248,064,567		$	(151,690	)
Purchases/(Receipts)		373,881,340			—			235,480,000			79,442,008			—		—			—			—			688,803,348			(644,185	)
(Sales, maturities and paydowns)/Fundings		(148,581,103	)		(8,480,220	)		(9,941,315	)		(151,392,184	)		—		(7,402	)		(1,541,871	)		—			(319,944,095	)		154,889
Amortization of premiums/discounts		681,795			19,397			167,713			1,809,855			—		—			—			—			2,678,760			43,505
Corporate actions		—			—			6,849,961			(42,623	)		—		49,860			(7,237	)		(6,849,961	)		—			—
Total realized gains (losses) included in earnings		186,875			(64,058	)		(602,100	)		(5,621,613	)		—		(20,873	)		(3,627,058	)		—			(9,748,827	)		2,779
Total change in unrealized appreciation (depreciation) included in earnings		19,096,292			3,018,743			37,352,286			9,140,636			284		192,448			5,669,132			1,852,877			76,322,698			473,350
Transfers into Level 3		—			—			—			—			—		—			—			—			—			—
Transfers out of Level 3		(16,245,303	)		(34,385,741	)		—			(27,378,912	)		—		—			—			—			(78,009,956	)		—
Ending Balance	$	796,218,422		$	54,604,030		$	586,278,920		$	122,745,109		$	388	$	216,536		$	48,103,090		$	—		$	1,608,166,495		$	(121,352	)
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at September 30, 2024	$	18,159,201		$	2,401,417		$	37,352,286		$	971,060		$	284	$	171,582		$	1,103,090		$	—		$	60,158,920		$	476,488

Step Coupon Bonds

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

Name	Coupon Rate at Next Reset Date			Next Rate Reset Date		Future Reset Rate		Future Reset Date
Angel Oak Mortgage Trust 2023-1, 4.75% due 09/26/67		5.75	%		01/01/27		—		—
Angel Oak Mortgage Trust 2023-1, 4.75% due 09/26/67		5.75	%		01/01/27		—		—
Angel Oak Mortgage Trust 2024-3, 4.80% due 11/26/68		5.80	%		02/01/28		—		—
Angel Oak Mortgage Trust 2024-2, 5.99% due 01/25/69		6.93	%		01/01/28		—		—
Angel Oak Mortgage Trust 2024-2, 6.25% due 01/25/69		7.25	%		01/01/28		—		—
Angel Oak Mortgage Trust 2024-4, 6.20% due 01/25/69		7.20	%		03/01/28		—		—
Angel Oak Mortgage Trust 2024-4, 6.40% due 01/25/69		7.40	%		03/01/28		—		—
Angel Oak Mortgage Trust 2024-4, 6.50% due 01/25/69		7.50	%		03/01/28		—		—

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 255

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

Name	Coupon Rate at Next Reset Date			Next Rate Reset Date		Future Reset Rate			Future Reset Date
Angel Oak Mortgage Trust 2023-2, 4.65% due 10/25/67		5.65	%		02/01/27		—			—
Angel Oak Mortgage Trust 2024-2, 6.19% due 01/25/69		7.13	%		01/01/28		—			—
Angel Oak Mortgage Trust 2023-2, 4.65% due 10/25/67		5.65	%		02/01/27		—			—
Angel Oak Mortgage Trust 2024-3, 4.80% due 11/26/68		5.80	%		02/01/28		—			—
ATLX Trust 2024-RPL1, 3.85% due 04/25/64		4.85	%		08/01/28		—			—
BRAVO Residential Funding Trust 2024-NQM3, 6.39% due 03/25/64		7.39	%		03/01/28		—			—
BRAVO Residential Funding Trust 2024-NQM3, 6.50% due 03/25/64		7.50	%		03/01/28		—			—
BRAVO Residential Funding Trust 2024-NQM1, 6.40% due 12/01/63		7.40	%		01/01/28		—			—
BRAVO Residential Funding Trust 2023-NQM5, 7.01% due 06/25/63		8.01	%		07/01/27		—			—
BRAVO Residential Funding Trust 2023-NQM2, 4.50% due 05/25/62		5.50	%		02/01/27		—			—
BRAVO Residential Funding Trust 2023-NQM2, 4.50% due 05/25/62		5.50	%		02/01/27		—			—
BRAVO Residential Funding Trust 2022-R1, 3.13% due 01/29/70		6.13	%		01/30/25		—			—
BRAVO Residential Funding Trust 2024-NQM3, 6.19% due 03/25/64		7.19	%		03/01/28		—			—
BRAVO Residential Funding Trust 2023-NQM6, 7.06% due 09/25/63		8.06	%		08/01/27		—			—
BRAVO Residential Funding Trust 2023-NQM2, 4.50% due 05/25/62		5.50	%		02/01/27		—			—
Citigroup Mortgage Loan Trust, Inc. 2022-A, 6.17% due 09/25/62		9.17	%		09/25/25		10.17	%		09/25/26
COLT Mortgage Loan Trust 2023-3, 7.18% due 09/25/68		8.18	%		09/01/27		—			—
COLT Mortgage Loan Trust 2024-2, 6.33% due 04/25/69		7.33	%		03/01/28		—			—
COLT Mortgage Loan Trust 2024-2, 6.43% due 04/25/69		7.43	%		03/01/28		—			—
COLT Mortgage Loan Trust 2024-1, 6.14% due 02/25/69		7.14	%		01/01/28		—			—
COLT Mortgage Loan Trust 2024-2, 6.13% due 04/25/69		7.13	%		03/01/28		—			—
COLT Mortgage Loan Trust 2023-4, 7.62% due 10/25/68		8.62	%		10/01/27		—			—
COLT Mortgage Loan Trust 2023-3, 7.58% due 09/25/68		8.58	%		09/01/27		—			—
Cross Mortgage Trust 2024-H5, 6.16% due 08/26/69		7.16	%		07/01/28		—			—
GCAT Trust 2023-NQM3, 6.89% due 08/25/68		7.89	%		09/01/27		—			—
GCAT Trust 2023-NQM2, 6.24% due 11/25/67		7.24	%		01/01/27		—			—
GCAT Trust 2024-NQM2, 6.44% due 06/25/59		7.56	%		05/01/28		—			—
GCAT Trust 2023-NQM3, 7.34% due 08/25/68		8.34	%		09/01/27		—			—
GCAT Trust 2022-NQM5, 5.71% due 08/25/67		6.71	%		10/01/26		—			—
GCAT Trust 2022-NQM5, 5.71% due 08/25/67		6.71	%		10/01/26		—			—
GCAT Trust 2024-NQM2, 6.54% due 06/25/59		7.71	%		05/01/28		—			—
GCAT Trust 2024-NQM2, 6.09% due 06/25/59		7.36	%		05/01/28		—			—
Legacy Mortgage Asset Trust 2021-GS3, 4.75% due 07/25/61		5.75	%		05/25/25		—			—
Legacy Mortgage Asset Trust 2021-GS4, 4.65% due 11/25/60		5.65	%		08/25/25		—			—
Legacy Mortgage Asset Trust 2021-GS5, 2.25% due 07/25/67		5.25	%		11/25/24		6.25	%		11/25/25

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

Name	Coupon Rate at Next Reset Date			Next Rate Reset Date		Future Reset Rate			Future Reset Date
Legacy Mortgage Asset Trust 2021-GS2, 4.75% due 04/25/61		5.75	%		04/25/25		—			—
Mill City Securities Ltd. 2024-RS1, 3.00% due 11/01/69		6.00	%		10/01/27		—			—
Morgan Stanley Residential Mortgage Loan Trust 2024-NQM3, 5.35% due 07/25/69		6.35	%		09/01/28		—			—
NYMT Loan Trust 2022-SP1, 5.25% due 07/25/62		8.25	%		07/01/25		9.25	%		07/01/26
OBX Trust 2022-NQM8, 6.10% due 09/25/62		7.10	%		10/01/26		—			—
OBX Trust 2024-NQM3, 6.33% due 12/25/63		7.33	%		02/01/28		—			—
OBX Trust 2022-NQM9, 6.45% due 09/25/62		7.45	%		11/01/26		—			—
OBX Trust 2024-NQM4, 6.07% due 01/25/64		7.07	%		02/01/28		—			—
OBX Trust 2024-NQM6, 6.45% due 02/25/64		7.45	%		04/01/28		—			—
OBX Trust 2024-NQM8, 6.44% due 05/25/64		7.44	%		05/01/28		—			—
OBX Trust 2024-NQM9, 6.28% due 01/25/64		7.46	%		06/01/28		—			—
OBX Trust 2024-NQM11, 5.88% due 06/25/64		6.83	%		07/01/28		—			—
OBX Trust 2024-NQM5, 5.99% due 01/25/64		6.99	%		03/01/28		—			—
OBX Trust 2024-NQM5, 6.29% due 01/25/64		7.29	%		03/01/28		—			—
OBX Trust 2024-NQM5, 6.39% due 01/25/64		7.39	%		03/01/28		—			—
OBX Trust 2024-NQM12, 5.83% due 07/25/64		6.83	%		08/01/28		—			—
OBX Trust 2024-NQM13, 5.37% due 06/25/64		6.37	%		08/01/28		—			—
OBX Trust 2024-NQM4, 6.22% due 01/25/64		7.22	%		02/01/28		—			—
OBX Trust 2024-NQM6, 6.70% due 02/25/64		7.70	%		04/01/28		—			—
OBX Trust 2023-NQM2, 6.32% due 01/25/62		7.32	%		02/01/27		—			—
OBX Trust 2024-NQM3, 6.43% due 12/25/63		7.43	%		02/01/28		—			—
OBX Trust 2022-NQM9, 6.45% due 09/25/62		7.45	%		11/01/26		—			—
OBX Trust 2024-NQM4, 6.32% due 01/25/64		7.32	%		02/01/28		—			—
OBX Trust 2024-NQM7, 6.45% due 03/25/64		7.45	%		04/01/28		—			—
OBX Trust 2023-NQM2, 6.72% due 01/25/62		7.72	%		02/01/27		—			—
OBX Trust 2024-NQM6, 6.85% due 02/25/64		7.85	%		04/01/28		—			—
OBX Trust 2024-NQM8, 6.23% due 05/25/64		7.23	%		05/01/28		—			—
OBX Trust 2024-NQM8, 6.59% due 05/25/64		7.59	%		05/01/28		—			—
OBX Trust 2024-NQM11, 6.13% due 06/25/64		7.08	%		07/01/28		—			—
OBX Trust 2024-NQM9, 6.44% due 01/25/64		7.66	%		06/01/28		—			—
OBX Trust 2024-NQM7, 6.24% due 03/25/64		7.24	%		04/01/28		—			—
OBX Trust 2024-NQM7, 6.60% due 03/25/64		7.60	%		04/01/28		—			—
OBX Trust 2024-NQM11, 6.23% due 06/25/64		7.18	%		07/01/28		—			—
OBX Trust 2023-NQM9, 7.66% due 10/25/63		8.66	%		10/01/27		—			—
OBX Trust 2024-NQM3, 6.13% due 12/25/63		7.13	%		02/01/28		—			—
OBX Trust 2024-NQM2, 6.18% due 12/25/63		7.18	%		01/01/28		—			—
OBX Trust 2024-NQM10, 6.33% due 05/25/64		7.33	%		06/01/28		—			—
OSAT Trust 2021-RPL1, 5.12% due 05/25/65		6.12	%		06/25/25		—			—
PRPM LLC 2021-5, 4.79% due 06/25/26		5.79	%		06/25/25		—			—
PRPM LLC 2022-1, 3.72% due 02/25/27		6.72	%		02/25/25		7.72	%		02/25/26
PRPM LLC 2024-5, 5.69% due 09/25/29		8.69	%		09/25/27		9.69	%		09/25/28
PRPM LLC 2024-4, 6.41% due 08/25/29		9.41	%		08/25/27		10.41	%		08/25/28
PRPM LLC 2023-RCF1, 4.00% due 06/25/53		5.00	%		06/25/27		—			—
RCKT Mortgage Trust 2024-CES4, 6.30% due 06/25/44		7.30	%		05/01/28		—			—
RCKT Mortgage Trust 2024-CES4, 6.15% due 06/25/44		7.15	%		05/01/28		—			—
Verus Securitization Trust 2024-5, 6.65% due 06/25/69		7.65	%		06/01/28		—			—
Verus Securitization Trust 2023-7, 7.42% due 10/25/68		8.42	%		10/01/27		—			—
Verus Securitization Trust 2022-8, 6.13% due 09/25/67		7.13	%		10/01/26		—			—
Verus Securitization Trust 2023-2, 6.85% due 03/25/68		7.85	%		03/01/27		—			—
Verus Securitization Trust 2024-1, 6.12% due 01/25/69		7.12	%		01/01/28		—			—
Verus Securitization Trust 2024-5, 6.45% due 06/25/69		7.45	%		06/01/28		—			—

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 257

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
TOTAL RETURN BOND FUND

Name	Coupon Rate at Next Reset Date			Next Rate Reset Date		Future Reset Rate		Future Reset Date
Verus Securitization Trust 2022-8, 6.13% due 09/25/67		7.13	%		10/01/26		—		—
Vista Point Securitization Trust 2024-CES2, 5.25% due 10/25/54		6.25	%		09/01/28		—		—
Vista Point Securitization Trust 2024-CES1, 6.68% due 05/25/54		7.67	%		04/01/28		—		—

Repurchase Agreements

The Fund may engage in repurchase agreements. Repurchase agreements are fixed income securities in the form of agreements backed by collateral. These agreements typically involve the acquisition by the Fund of securities from the selling institution coupled with the agreement that the selling institution will repurchase the underlying securities at a specified price and at a fixed time in the future. The Fund may accept a wide variety of underlying securities as collateral for the repurchase agreements entered into by the Fund. Any such securities serving as collateral are marked-to-market daily in order to maintain full collateralization. Securities purchased under repurchase agreements are reflected as an asset on the Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statement of Operations.

In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral. The collateral is in the possession of the Fund’s custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements.

The use of repurchase agreements involves certain risks. For example, if the selling institution defaults on its obligation to repurchase the underlying securities at a time when the value of securities has declined, the Fund may incur a loss upon disposition of them. In the event of an insolvency or bankruptcy by the selling institution, the Fund’s right to control the collateral could be affected and result in certain costs and delays. In addition, the Fund could incur a loss if the value of the underlying collateral falls below the agreed upon repurchase price.

At September 30, 2024, the repurchase agreements in the account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
BNP Paribas					U.S. Treasury Strips
4.86%					0.00%
Due 10/01/24	$	17,510,000	$	17,512,364	Due 08/15/41 - 11/15/45	$	38,623,716	$	15,823,674
					U.S. Treasury Notes
					1.75% - 3.50%
					Due 12/31/24 - 09/30/26		1,970,100		1,964,338
					U.S. Treasury Inflation Indexed Bond
					2.38%
					Due 10/15/28		71,060		74,601
						$	40,664,876	$	17,862,613

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

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

SCHEDULE OF INVESTMENTS (concluded)	September 30, 2024
TOTAL RETURN BOND FUND

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
Common Stocks
BP Holdco LLC *	$	683	$	—	$	—	$	—	$	(38	)	$	645		532	$	—
Mutual Funds
Guggenheim Limited Duration Fund — Class R6		120,393,598		5,902,022		—		—		5,229,086			131,524,706		5,348,707		5,920,631
Guggenheim Strategy Fund II		28,409,135		1,667,756		—		—		635,633			30,712,524		1,238,408		1,672,782
Guggenheim Strategy Fund III		15,326,528		861,209		—		—		387,147			16,574,884		665,925		863,447
Guggenheim Ultra Short Duration Fund — Institutional Class		27,908,179		1,560,537		—		—		792,101			30,260,817		3,020,042		1,565,123
	$	192,038,123	$	9,991,524	$	—	$	—	$	7,043,929		$	209,073,576			$	10,021,983

* Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 259

TOTAL RETURN BOND FUND

STATEMENT OF ASSETS AND LIABILITIES

September 30, 2024

Assets:
Investments in unaffiliated issuers, at value (cost $30,417,046,449)	$	29,618,877,468
Investments in affiliated issuers, at value (cost $204,111,861)		209,073,576
Repurchase agreements, at value (cost $17,510,000)		17,510,000
Foreign currency, at value (cost 5,326,010)		5,180,113
Cash		21,986,145
Segregated cash with broker		56,838,919
Unamortized upfront premiums paid on interest rate swap agreements		244,014
Prepaid expenses		521,478
Receivables:
Securities sold		3,018,531,555
Interest		213,920,841
Fund shares sold		39,016,970
Dividends		943,651
Variation margin on credit default swap agreements		125,204
Foreign tax reclaims		11,233
Investment Adviser		3,045
Total assets		33,202,784,212
Liabilities:
Unfunded loan commitments, at value (Note 9) (commitment fees received $597,840)		121,352
Segregated cash due to broker		9,212,786
Unamortized upfront premiums received on credit default swap agreements		15,677,190
Unrealized depreciation on forward foreign currency exchange contracts		1,280,016
Payable for:
Securities purchased		6,258,749,274
Variation margin on interest rate swap agreements		57,192,530
Fund shares redeemed		47,789,058
Distributions to shareholders		8,140,753
Management fees		6,608,841
Variation margin on futures contracts		1,880,150
Transfer agent fees		1,117,386
Distribution and service fees		268,849
Protection fees on credit default swap agreements		215,990
Fund accounting/administration fees		89,295
Trustees’ fees*		33,887
Due to Investment Adviser		3,175
Miscellaneous		16,597,434
Total liabilities		6,424,977,966
Net assets	$	26,777,806,246
Net assets consist of:
Paid in capital	$	30,019,691,050
Total distributable earnings (loss)		(3,241,884,804	)
Net assets	$	26,777,806,246
Class A:
Net assets	$	487,539,022
Capital shares outstanding		20,019,419
Net asset value per share	$	24.35
Maximum offering price per share (Net asset value divided by 96.00%)	$	25.36
Class C:
Net assets	$	149,405,154
Capital shares outstanding		6,134,308
Net asset value per share	$	24.36
Class P:
Net assets	$	321,930,738
Capital shares outstanding		13,223,573
Net asset value per share	$	24.35
Institutional Class:
Net assets	$	25,476,353,247
Capital shares outstanding		1,045,165,662
Net asset value per share	$	24.38
Class R6:
Net assets	$	342,578,085
Capital shares outstanding		14,045,870
Net asset value per share	$	24.39

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

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

TOTAL RETURN BOND FUND

STATEMENT OF OPERATIONS

Year Ended September 30, 2024

Investment Income:
Dividends from securities of unaffiliated issuers	$	7,005,543
Dividends from securities of affiliated issuers		10,021,983
Interest		1,311,885,154
Total investment income		1,328,912,680
Expenses:
Management fees		90,987,861
Distribution and service fees:
Class A		1,136,036
Class C		1,509,815
Class P		897,683
Transfer agent fees:
Class A		437,559
Class C		123,347
Class P		306,457
Institutional Class		15,632,448
Class R6		30,354
Interest expense		16,368,175
Fund accounting/administration fees		9,004,962
Professional fees		1,364,935
Line of credit fees		1,223,118
Trustees’ fees*		344,729
Custodian fees		120,568
Miscellaneous		1,817,248
Recoupment of previously waived fees:
Class A		22,525
Class C		73,613
Class P		120,252
Institutional Class		2,719,879
Class R6		226
Total expenses		144,241,790
Less: Expenses reimbursed by Adviser
Class A		(19,859	)
Class C		(48,988	)
Class P		(79,420	)
Institutional Class		(5,713,035	)
Class R6		(813	)
Expenses waived by Adviser		(8,003,866	)
Total waived/reimbursed expenses		(13,865,981	)
Net expenses		130,375,809
Net investment income		1,198,536,871
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers	$	(501,084,437	)
Swap agreements		(75,428,375	)
Futures contracts		(7,619,388	)
Options purchased		5,379,060
Options written		(18,549,319	)
Forward foreign currency exchange contracts		(1,731,846	)
Foreign currency transactions		(668,100	)
Net realized loss		(599,702,405	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		2,062,197,492
Investments in affiliated issuers		7,043,929
Swap agreements		227,045,542
Futures contracts		19,546,778
Options purchased		8,722,554
Options written		4,635,100
Forward foreign currency exchange contracts		(6,730,525	)
Foreign currency translations		(979,849	)
Net change in unrealized appreciation (depreciation)		2,321,481,021
Net realized and unrealized gain		1,721,778,616
Net increase in net assets resulting from operations	$	2,920,315,487

* 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 | 261

TOTAL RETURN BOND 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	$	1,198,536,871		$	918,952,851
Net realized loss on investments		(599,702,405	)		(1,472,550,068	)
Net change in unrealized appreciation (depreciation) on investments		2,321,481,021			756,084,184
Net increase in net assets resulting from operations		2,920,315,487			202,486,967
Distributions to shareholders:
Class A		(20,333,503	)		(19,019,129	)
Class C		(5,628,329	)		(6,072,905	)
Class P		(16,104,326	)		(18,625,018	)
Institutional Class		(1,049,271,732	)		(818,465,001	)
Class R6		(13,354,333	)		(10,162,965	)
Total distributions to shareholders		(1,104,692,223	)		(872,345,018	)
Capital share transactions:
Proceeds from sale of shares
Class A		198,179,248			190,008,832
Class C		35,001,713			32,292,309
Class P		81,643,859			143,216,250
Institutional Class		9,959,347,215			9,905,246,248
Class R6		162,553,005			140,809,681
Distributions reinvested
Class A		17,538,129			16,394,524
Class C		4,935,617			5,230,841
Class P		15,995,894			18,492,403
Institutional Class		946,531,735			725,020,898
Class R6		12,988,662			9,871,684
Cost of shares redeemed
Class A		(208,810,751	)		(176,845,859	)
Class C		(60,616,986	)		(72,847,845	)
Class P		(197,068,145	)		(327,848,764	)
Institutional Class		(6,950,231,500	)		(7,698,063,900	)
Class R6		(116,145,057	)		(90,056,671	)
Net increase from capital share transactions		3,901,842,638			2,820,920,631
Net increase in net assets		5,717,465,902			2,151,062,580
Net assets:
Beginning of year		21,060,340,344			18,909,277,764
End of year	$	26,777,806,246		$	21,060,340,344

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

TOTAL RETURN BOND FUND

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Year Ended September 30, 2024			Year Ended September 30, 2023
Capital share activity:
Shares sold
Class A		8,481,505			8,094,504
Class C		1,485,557			1,375,517
Class P		3,498,570			6,070,940
Institutional Class		425,314,648			421,456,679
Class R6		6,929,297			5,994,350
Shares issued from reinvestment of distributions
Class A		749,822			702,293
Class C		211,171			224,186
Class P		684,908			793,085
Institutional Class		40,391,299			31,049,191
Class R6		553,807			422,497
Shares redeemed
Class A		(8,947,515	)		(7,564,633	)
Class C		(2,598,329	)		(3,122,803	)
Class P		(8,449,692	)		(14,121,799	)
Institutional Class		(299,062,138	)		(330,170,194	)
Class R6		(5,033,087	)		(3,874,827	)
Net increase in shares		164,209,823			117,328,986

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 263

TOTAL RETURN BOND FUND

FINANCIAL HIGHLIGHTS

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

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	$	22.52		$	23.12		$	28.94		$	29.76		$	27.42
Income (loss) from investment operations:
Net investment income (loss)a		1.14			1.03			.78			.72			.56
Net gain (loss) on investments (realized and unrealized)		1.73			(.65	)		(5.53	)		(.05	)		2.41
Total from investment operations		2.87			.38			(4.75	)		.67			2.97
Less distributions from:
Net investment income		(1.04	)		(.98	)		(.80	)		(.76	)		(.63	)
Net realized gains		—			—			(.27	)		(.73	)		—
Total distributions		(1.04	)		(.98	)		(1.07	)		(1.49	)		(.63	)
Net asset value, end of period	$	24.35		$	22.52		$	23.12		$	28.94		$	29.76
Total Returnb		13.04	%		1.55	%		(16.82	%)		2.27	%		10.96	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	487,539		$	444,454		$	427,870		$	677,172		$	804,750
Ratios to average net assets:
Net investment income (loss)		4.87	%		4.40	%		2.94	%		2.47	%		1.99	%
Total expensesc		0.88	%		0.96	%		0.85	%		0.84	%		0.87	%
Net expensesd,e,f		0.84	%		0.91	%		0.81	%		0.79	%		0.80	%
Portfolio turnover rate		70	%		90	%		55	%		92	%		116	%

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	$	22.52		$	23.13		$	28.94		$	29.76		$	27.43
Income (loss) from investment operations:
Net investment income (loss)a		.96			.86			.58			.50			.35
Net gain (loss) on investments (realized and unrealized)		1.75			(.67	)		(5.52	)		(.05	)		2.40
Total from investment operations		2.71			.19			(4.94	)		.45			2.75
Less distributions from:
Net investment income		(.87	)		(.80	)		(.60	)		(.54	)		(.42	)
Net realized gains		—			—			(.27	)		(.73	)		—
Total distributions		(.87	)		(.80	)		(.87	)		(1.27	)		(.42	)
Net asset value, end of period	$	24.36		$	22.52		$	23.13		$	28.94		$	29.76
Total Returnb		12.25	%		0.74	%		(17.41	%)		1.50	%		10.10	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	149,405		$	158,466		$	197,933		$	327,712		$	338,656
Ratios to average net assets:
Net investment income (loss)		4.12	%		3.65	%		2.18	%		1.72	%		1.24	%
Total expensesc		1.66	%		1.72	%		1.63	%		1.59	%		1.59	%
Net expensesd,e,f		1.60	%		1.66	%		1.56	%		1.53	%		1.55	%
Portfolio turnover rate		70	%		90	%		55	%		92	%		116	%

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

TOTAL RETURN BOND FUND

FINANCIAL HIGHLIGHTS

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

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	$	22.51		$	23.12		$	28.93		$	29.75		$	27.42
Income (loss) from investment operations:
Net investment income (loss)a		1.14			1.03			.77			.72			.56
Net gain (loss) on investments (realized and unrealized)		1.74			(.66	)		(5.51	)		(.05	)		2.40
Total from investment operations		2.88			.37			(4.74	)		.67			2.96
Less distributions from:
Net investment income		(1.04	)		(.98	)		(.80	)		(.76	)		(.63	)
Net realized gains		—			—			(.27	)		(.73	)		—
Total distributions		(1.04	)		(.98	)		(1.07	)		(1.49	)		(.63	)
Net asset value, end of period	$	24.35		$	22.51		$	23.12		$	28.93		$	29.75
Total Return		13.09	%		1.51	%		(16.79	%)		2.27	%		10.92	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	321,931		$	393,752		$	572,113		$	1,043,507		$	926,745
Ratios to average net assets:
Net investment income (loss)		4.87	%		4.41	%		2.90	%		2.47	%		1.98	%
Total expensesc		0.91	%		1.06	%		0.93	%		0.87	%		0.88	%
Net expensesd,e,f		0.85	%		0.91	%		0.81	%		0.79	%		0.80	%
Portfolio turnover rate		70	%		90	%		55	%		92	%		116	%

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	$	22.54		$	23.14		$	28.97		$	29.78		$	27.45
Income (loss) from investment operations:
Net investment income (loss)a		1.21			1.10			.86			.81			.65
Net gain (loss) on investments (realized and unrealized)		1.74			(.66	)		(5.54	)		(.05	)		2.39
Total from investment operations		2.95			.44			(4.68	)		.76			3.04
Less distributions from:
Net investment income		(1.11	)		(1.04	)		(.88	)		(.84	)		(.71	)
Net realized gains		—			—			(.27	)		(.73	)		—
Total distributions		(1.11	)		(1.04	)		(1.15	)		(1.57	)		(.71	)
Net asset value, end of period	$	24.38		$	22.54		$	23.14		$	28.97		$	29.78
Total Return		13.40	%		1.84	%		(16.59	%)		2.59	%		11.23	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	25,476,353		$	19,802,142		$	17,501,690		$	24,912,049		$	19,152,857
Ratios to average net assets:
Net investment income (loss)		5.16	%		4.69	%		3.23	%		2.76	%		2.29	%
Total expensesc		0.60	%		0.71	%		0.62	%		0.57	%		0.57	%
Net expensesd,e,f		0.54	%		0.62	%		0.52	%		0.50	%		0.51	%
Portfolio turnover rate		70	%		90	%		55	%		92	%		116	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 265

TOTAL RETURN BOND FUND

FINANCIAL HIGHLIGHTS

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

Class R6	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	$	22.55		$	23.16		$	28.98		$	29.80		$	27.46
Income (loss) from investment operations:
Net investment income (loss)a		1.22			1.11			.87			.81			.65
Net gain (loss) on investments (realized and unrealized)		1.74			(.67	)		(5.54	)		(.06	)		2.40
Total from investment operations		2.96			.44			(4.67	)		.75			3.05
Less distributions from:
Net investment income		(1.12	)		(1.05	)		(.88	)		(.84	)		(.71	)
Net realized gains		—			—			(.27	)		(.73	)		—
Total distributions		(1.12	)		(1.05	)		(1.15	)		(1.57	)		(.71	)
Net asset value, end of period	$	24.39		$	22.55		$	23.16		$	28.98		$	29.80
Total Return		13.44	%		1.84	%		(16.55	%)		2.56	%		11.26	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	342,578		$	261,527		$	209,671		$	247,051		$	167,409
Ratios to average net assets:
Net investment income (loss)		5.19	%		4.73	%		3.26	%		2.76	%		2.28	%
Total expensesc		0.53	%		0.62	%		0.53	%		0.50	%		0.52	%
Net expensesd,e,f		0.49	%		0.58	%		0.52	%		0.50	%		0.51	%
Portfolio turnover rate		70	%		90	%		55	%		92	%		116	%

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%*	0.01%	0.01%	0.00%*	0.00%*
Class C	0.05%	0.02%	—	0.00%*	0.00%*
Class P	0.03%	0.00%*	—	—	0.00%*
Institutional Class	0.01%	0.00%*	—	—	0.00%*
Class R6	0.00%*	0.00%*	0.01%	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	0.76%	0.76%	0.77%	0.78%	0.79%
Class C	1.51%	1.52%	1.52%	1.53%	1.54%
Class P	0.76%	0.76%	0.77%	0.78%	0.79%
Institutional Class	0.47%	0.47%	0.48%	0.49%	0.50%
Class R6	0.42%	0.43%	0.48%	0.49%	0.50%

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

SCHEDULE OF INVESTMENTS	September 30, 2024
ULTRA SHORT DURATION FUND

	Shares		Value
MONEY MARKET FUNDS***,† - 33.2%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.88%1		135,821,987	$	135,821,987
Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.81%1		35,748,030		35,748,030
Total Money Market Funds
(Cost $171,570,017)				171,570,017
	Face Amount
CORPORATE BONDS†† - 24.0%
Financial - 12.6%
Macquarie Group Ltd.
1.20% due 10/14/252,3	$	5,250,000		5,242,333
Corebridge Financial, Inc.
3.50% due 04/04/25		5,150,000		5,111,516
Goldman Sachs Group, Inc.
3.50% due 04/01/25		5,050,000		5,018,740
Bank of America Corp.
3.95% due 04/21/25		4,100,000		4,079,617
Brighthouse Financial Global Funding
5.55% due 04/09/272		3,900,000		3,981,375
AEGON Funding Company LLC
5.50% due 04/16/272		3,750,000		3,832,773
UBS AG/Stamford CT
2.95% due 04/09/25		3,800,000		3,762,263
Essex Portfolio, LP
3.50% due 04/01/25		3,181,000		3,158,739
Macquarie Bank Ltd.
5.27% due 07/02/272		2,600,000		2,682,748
Alexandria Real Estate Equities, Inc.
3.45% due 04/30/25		2,600,000		2,579,629
Jackson National Life Global Funding
1.75% due 01/12/252		2,600,000		2,574,257
Citigroup, Inc.
6.00% (SOFR + 0.69%) due 01/25/26◊		2,550,000		2,555,017
Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc.
2.88% due 10/15/262		2,650,000		2,544,205
Starwood Property Trust, Inc.
3.75% due 12/31/242		2,550,000		2,535,549
Morgan Stanley Bank North America
5.88% due 10/30/26		2,400,000		2,486,477
FS KKR Capital Corp.
4.25% due 02/14/252		2,450,000		2,435,432
American National Group, Inc.
5.00% due 06/15/27		2,150,000		2,163,564
CNO Global Funding
5.88% due 06/04/272		1,660,000		1,709,949
Societe Generale S.A.
5.52% due 01/19/282,3		1,300,000		1,318,075
GA Global Funding Trust
1.63% due 01/15/262		1,300,000		1,251,444

LPL Holdings, Inc.
5.70% due 05/20/27	1,200,000	1,226,506
OneMain Finance Corp.
3.50% due 01/15/27	1,150,000	1,099,194
RenaissanceRe Finance, Inc.
3.70% due 04/01/25	700,000	694,570
Peachtree Corners Funding Trust
3.98% due 02/15/252	650,000	646,677
First American Financial Corp.
4.60% due 11/15/24	500,000	498,525
Fidelity & Guaranty Life Holdings, Inc.
5.50% due 05/01/252	127,000	126,993
Total Financial		65,316,167
Consumer, Non-cyclical - 2.7%
Global Payments, Inc.
1.50% due 11/15/24	5,700,000	5,672,548
Humana, Inc.
4.50% due 04/01/25	5,000,000	4,989,824
Triton Container International Ltd.
2.05% due 04/15/262	2,200,000	2,104,236
Element Fleet Management Corp.
6.27% due 06/26/262	1,200,000	1,232,209
Total Consumer, Non-cyclical		13,998,817
Industrial - 2.6%
Ryder System, Inc.
3.35% due 09/01/25	4,820,000	4,763,991
Silgan Holdings, Inc.
1.40% due 04/01/262	2,350,000	2,228,902
Vontier Corp.
1.80% due 04/01/26	2,150,000	2,058,427
Jabil, Inc.
1.70% due 04/15/26	650,000	622,570
4.25% due 05/15/27	600,000	595,840
Berry Global, Inc.
1.65% due 01/15/27	1,100,000	1,032,653
3M Co.
2.65% due 04/15/25	1,000,000	988,888
Penske Truck Leasing Company LP / PTL Finance Corp.
2.70% due 11/01/242	900,000	897,903
Weir Group plc
2.20% due 05/13/262	440,000	423,200
Total Industrial		13,612,374
Communications - 2.0%
Fox Corp.
3.05% due 04/07/25	5,100,000	5,050,273
Rogers Communications, Inc.
2.95% due 03/15/25	2,400,000	2,377,778
T-Mobile USA, Inc.
2.63% due 04/15/26	1,600,000	1,559,240
2.25% due 02/15/26	600,000	583,360
Cogent Communications Group LLC
3.50% due 05/01/262	434,000	423,085

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 267

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
ULTRA SHORT DURATION FUND

	Face Amount		Value
Sprint Spectrum Company LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC
4.74% due 03/20/252	$	112,500	$	112,206
Total Communications				10,105,942
Technology - 1.7%
CDW LLC / CDW Finance Corp.
2.67% due 12/01/26		4,300,000		4,137,192
Oracle Corp.
2.50% due 04/01/25		2,650,000		2,619,432
Qorvo, Inc.
1.75% due 12/15/24		2,050,000		2,033,720
Total Technology				8,790,344
Consumer, Cyclical - 1.6%
Warnermedia Holdings, Inc.
3.64% due 03/15/25		5,700,000		5,659,994
VF Corp.
2.40% due 04/23/25		2,700,000		2,654,725
Total Consumer, Cyclical				8,314,719
Utilities - 0.5%
Avangrid, Inc.
3.20% due 04/15/25		2,250,000		2,227,039
AES Corp.
3.30% due 07/15/252		300,000		295,630
Total Utilities				2,522,669
Basic Materials - 0.2%
International Flavors & Fragrances, Inc.
1.23% due 10/01/252		540,000		521,173
Anglo American Capital plc
5.38% due 04/01/252		450,000		450,366
Total Basic Materials				971,539
Energy - 0.1%
Buckeye Partners, LP
4.13% due 03/01/252		450,000		446,261
Total Corporate Bonds
(Cost $124,758,590)				124,078,832
ASSET-BACKED SECURITIES†† - 23.4%
Collateralized Loan Obligations - 17.3%
BXMT Ltd.
2020-FL2 AS, 6.35% (1 Month Term SOFR + 1.26%, Rate Floor: 1.26%) due 02/15/38◊,2		2,550,000		2,457,573
2020-FL3 AS, 6.95% (1 Month Term SOFR + 1.86%, Rate Floor: 1.86%) due 11/15/37◊,2		2,500,000		2,440,734
2020-FL2 A, 6.10% (1 Month Term SOFR + 1.01%, Rate Floor: 1.01%) due 02/15/38◊,2		2,208,630		2,122,645
HERA Commercial Mortgage Ltd.
2021-FL1 AS, 6.43% (1 Month Term SOFR + 1.41%, Rate Floor: 1.30%) due 02/18/38◊,2		5,000,000		4,876,783
2021-FL1 A, 6.18% (1 Month Term SOFR + 1.16%, Rate Floor: 1.05%) due 02/18/38◊,2		2,044,708		2,015,052
Golub Capital Partners CLO 49M Ltd.
2021-49A AR, 7.07% (3 Month Term SOFR + 1.79%, Rate Floor: 1.79%) due 08/26/33◊,2		6,250,000		6,240,896
Palmer Square Loan Funding Ltd.
2021-2A B, 6.79% (3 Month Term SOFR + 1.66%, Rate Floor: 1.66%) due 05/20/29◊,2		4,500,000		4,503,482
2022-1A A2, 6.90% (3 Month Term SOFR + 1.60%, Rate Floor: 1.60%) due 04/15/30◊,2		1,000,000		998,971
FS Rialto
2021-FL3 B, 7.01% (1 Month Term SOFR + 1.91%, Rate Floor: 1.91%) due 11/16/36◊,2		5,500,000		5,440,028
Cerberus Loan Funding XXXV, LP
2021-5A A, 7.06% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 09/22/33◊,2		5,000,000		5,000,400
Golub Capital Partners CLO 54M LP
2021-54A A, 7.03% (3 Month Term SOFR + 1.79%, Rate Floor: 1.53%) due 08/05/33◊,2		4,750,000		4,751,998
Owl Rock CLO IV Ltd.
2021-4A A1R, 6.99% (3 Month Term SOFR + 1.86%, Rate Floor: 1.60%) due 08/20/33◊,2		4,500,000		4,522,714
Golub Capital Partners CLO 16 Ltd.
2021-16A A1R2, 7.16% (3 Month Term SOFR + 1.87%, Rate Floor: 1.61%) due 07/25/33◊,2		4,250,000		4,253,098
BRSP Ltd.
2021-FL1 B, 6.98% (1 Month Term SOFR + 2.01%, Rate Floor: 1.90%) due 08/19/38◊,2		4,250,000		4,123,636
LCCM Trust
2021-FL3 A, 6.66% (1 Month Term SOFR + 1.56%, Rate Floor: 1.56%) due 11/15/38◊,2		3,051,565		3,031,252
2021-FL2 B, 7.11% (1 Month Term SOFR + 2.01%, Rate Floor: 2.01%) due 12/13/38◊,2		1,000,000		986,445
Madison Park Funding XLVIII Ltd.
2021-48A B, 6.99% (3 Month Term SOFR + 1.71%, Rate Floor: 1.71%) due 04/19/33◊,2		4,000,000		4,004,667

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
ULTRA SHORT DURATION FUND

	Face Amount		Value
Golub Capital Partners CLO 33M Ltd.
2021-33A AR2, 7.19% (3 Month Term SOFR + 2.12%, Rate Floor: 1.86%) due 08/25/33◊,2	$	3,750,000	$	3,740,756
Cerberus Loan Funding XXXII, LP
2021-2A A, 7.18% (3 Month Term SOFR + 1.88%, Rate Floor: 1.88%) due 04/22/33◊,2		2,500,000		2,500,602
Carlyle Global Market Strategies CLO Ltd.
2018-4A A1RR, 6.56% (3 Month Term SOFR + 1.26%, Rate Floor: 1.00%) due 01/15/31◊,2		2,311,165		2,315,094
ABPCI Direct Lending Fund CLO I LLC
2021-1A A1A2, 7.24% (3 Month Term SOFR + 1.96%, Rate Floor: 1.96%) due 07/20/33◊,2		2,250,000		2,254,020
Cerberus Loan Funding XXXIII, LP
2021-3A A, 7.12% (3 Month Term SOFR + 1.82%, Rate Floor: 1.56%) due 07/23/33◊,2		2,250,000		2,252,264
THL Credit Lake Shore MM CLO I Ltd.
2021-1A A1R, 7.26% (3 Month Term SOFR + 1.96%, Rate Floor: 1.70%) due 04/15/33◊,2		2,250,000		2,249,987
Parliament CLO II Ltd.
2021-2A A, 6.74% (3 Month Term SOFR + 1.61%, Rate Floor: 1.35%) due 08/20/32◊,2		2,174,559		2,168,419
CIFC Funding Ltd.
2018-3A AR, 6.41% (3 Month Term SOFR + 1.13%, Rate Floor: 0.00%) due 04/19/29◊,2		2,025,822		2,028,456
Madison Park Funding LIII Ltd.
2022-53A B, 7.03% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/21/35◊,2		1,750,000		1,753,749
LCM XXIV Ltd.
2021-24A AR, 6.52% (3 Month Term SOFR + 1.24%, Rate Floor: 0.98%) due 03/20/30◊,2		1,411,304		1,411,345
BCC Middle Market CLO LLC
2021-1A A1R, 7.06% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 10/15/33◊,2		1,250,000		1,251,363
Greystone Commercial Real Estate Notes
2021-FL3 B, 6.86% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 07/15/39◊,2		1,000,000		990,876
STWD Ltd.
2021-FL2 B, 6.93% (1 Month Term SOFR + 1.91%, Rate Floor: 1.80%) due 04/18/38◊,2		1,000,000		959,046
Fortress Credit Opportunities XI CLO Ltd.
2018-11A A1T, 6.86% (3 Month Term SOFR + 1.56%, Rate Floor: 0.00%) due 04/15/31◊,2		650,814		650,938
ACRE Commercial Mortgage Ltd.
2021-FL4 AS, 6.23% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 12/18/37◊,2		649,221		646,334
Cerberus Loan Funding XXXI, LP
2021-1A A, 7.06% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 04/15/32◊,2		372,645		372,942
Golub Capital Partners CLO 17 Ltd.
2017-17A A1R, 7.20% (3 Month Term SOFR + 1.91%, Rate Floor: 0.00%) due 10/25/30◊,2		126,107		126,184
MidOcean Credit CLO VII
2020-7A A1R, 6.60% (3 Month Term SOFR + 1.30%, Rate Floor: 0.00%) due 07/15/29◊,2		30,732		30,736
Total Collateralized Loan Obligations				89,473,485
Whole Business - 1.8%
Domino’s Pizza Master Issuer LLC
2018-1A, 4.33% due 07/25/482		4,254,275		4,201,370
Taco Bell Funding LLC
2021-1A, 1.95% due 08/25/512		3,193,125		2,992,486
Wingstop Funding LLC
2020-1A, 2.84% due 12/05/502		1,329,750		1,250,351
SERVPRO Master Issuer LLC
2019-1A, 3.88% due 10/25/492		952,500		929,263
Total Whole Business				9,373,470
Transport-Container - 1.6%
Triton Container Finance VIII LLC
2021-1A, 1.86% due 03/20/462		5,093,125		4,602,646
Textainer Marine Containers VII Ltd.
2021-1A, 1.68% due 02/20/462		1,498,000		1,368,266
2020-1A, 2.73% due 08/21/452		495,800		473,222
CLI Funding VIII LLC
2021-1A, 1.64% due 02/18/462		2,018,327		1,840,049
Total Transport-Container				8,284,183
Net Lease - 1.6%
Oak Street Investment Grade Net Lease Fund Series
2020-1A, 1.85% due 11/20/502		6,208,841		5,951,575
CF Hippolyta Issuer LLC
2021-1A, 1.98% due 03/15/612		2,120,507		1,951,815
Total Net Lease				7,903,390
Financial - 1.1%
Station Place Securitization Trust
2024-SP2, 6.81% (1 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 07/12/26◊,†††,2		900,000		900,000
2023-SP1, 6.96% (1 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/15/24◊,†††,2		900,000		900,000

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 269

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
ULTRA SHORT DURATION FUND

	Face Amount		Value
2024-SP1, 6.51% (1 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 08/12/25◊,†††,2	$	900,000	$	900,000
Madison Avenue Secured Funding Trust
2023-2, 6.96% (1 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/15/24◊,†††,2		1,800,000		1,800,000
ST Group Food Industries Holdings Ltd.
due 11/10/257		675,000		675,000
due 11/10/257		325,000		325,000
Total Financial				5,500,000
Total Asset-Backed Securities
(Cost $122,944,176)				120,534,528
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 16.9%
Residential Mortgage-Backed Securities - 12.2%
CSMC Trust
2021-RPL1, 4.07% (WAC) due 09/27/60◊,2		4,418,088		4,402,507
2021-RPL7, 1.93% (WAC) due 07/27/61◊,2		1,922,743		1,916,562
2021-NQM8, 2.41% (WAC) due 10/25/66◊,2		1,445,666		1,273,873
2021-RPL4, 4.06% (WAC) due 12/27/60◊,2		1,146,396		1,142,357
2020-NQM1, 2.21% due 05/25/652		853,380		797,245
PRPM LLC
2021-5, 4.79% due 06/25/262,4		2,853,470		2,840,857
2022-1, 3.72% due 02/25/272,4		2,834,499		2,810,286
2021-RPL2, 2.24% (WAC) due 10/25/51◊,2		2,000,000		1,738,581
2021-8, 4.74% (WAC) due 09/25/26◊,2		1,377,276		1,369,457
NYMT Loan Trust
2021-SP1, 4.67% due 08/25/612,4		6,548,425		6,494,007
2022-SP1, 5.25% due 07/25/622,4		1,658,648		1,627,748
Legacy Mortgage Asset Trust
2021-GS4, 4.65% due 11/25/602,4		2,756,655		2,756,225
2021-GS3, 4.75% due 07/25/612,4		2,728,854		2,708,291
2021-GS2, 4.75% due 04/25/612,4		1,249,306		1,258,198
2021-GS5, 2.25% due 07/25/672,4		827,313		820,991
Verus Securitization Trust
2021-5, 1.37% (WAC) due 09/25/66◊,2		1,819,256		1,569,775
2021-6, 1.89% (WAC) due 10/25/66◊,2		1,609,904		1,392,415
2020-5, 1.22% due 05/25/652,4		1,188,845		1,138,832
2021-4, 1.35% (WAC) due 07/25/66◊,2		862,646		734,491
2021-3, 1.44% (WAC) due 06/25/66◊,2		528,604		458,650
2019-4, 3.85% due 11/25/592		278,197		273,745
2020-1, 3.42% due 01/25/602		213,316		208,491
2019-4, 3.64% due 11/25/592		133,666		131,539
OSAT Trust
2021-RPL1, 5.12% due 05/25/652,4		5,830,171		5,819,553
Imperial Fund Mortgage Trust
2022-NQM2, 4.02% (WAC) due 03/25/67◊,2		3,834,937		3,593,640
BRAVO Residential Funding Trust
2022-R1, 3.13% due 01/29/702,4		2,797,221		2,776,114
2021-HE1, 6.13% (30 Day Average SOFR + 0.85%, Rate Floor: 0.00%) due 01/25/70◊,2		480,475		478,981
2021-HE2, 6.13% (30 Day Average SOFR + 0.85%, Rate Floor: 0.00%) due 11/25/69◊,2		228,360		227,498
CFMT LLC
2022-HB9, 3.25% (WAC) due 09/25/37◊,2		2,038,829		1,954,354
Structured Asset Securities Corporation Mortgage Loan Trust
2008-BC4, 5.60% (1 Month Term SOFR + 0.74%, Rate Floor: 0.63%) due 11/25/37◊		1,475,600		1,423,684
New Residential Mortgage Loan Trust
2019-1A, 3.50% (WAC) due 10/25/59◊,2		919,085		869,329
2018-2A, 3.50% (WAC) due 02/25/58◊,2		519,393		495,444
Angel Oak Mortgage Trust
2022-1, 3.29% (WAC) due 12/25/66◊,2		1,308,684		1,183,304
Soundview Home Loan Trust
2006-OPT5, 5.25% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 07/25/36◊		895,667		860,727
Credit Suisse Mortgage Capital Certificates
2021-RPL9, 2.44% (WAC) due 02/25/61◊,2		738,308		734,059
Towd Point Mortgage Trust
2018-2, 3.25% (WAC) due 03/25/58◊,2		263,096		257,652
2017-6, 2.75% (WAC) due 10/25/57◊,2		243,241		236,721
2017-5, 5.57% (1 Month Term SOFR + 0.71%, Rate Floor: 0.00%) due 02/25/57◊,2		48,302		49,733
Ellington Financial Mortgage Trust
2020-2, 1.49% (WAC) due 10/25/65◊,2		296,776		275,309
2020-2, 1.64% (WAC) due 10/25/65◊,2		170,954		157,740
SG Residential Mortgage Trust
2022-1, 3.68% (WAC) due 03/27/62◊,2		418,067		386,648
Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series
2005-W2, 5.70% (1 Month Term SOFR + 0.85%, Rate Floor: 0.74%) due 10/25/35◊		306,501		301,046
Banc of America Funding Trust
2015-R2, 5.23% (1 Month Term SOFR + 0.37%, Rate Floor: 0.26%) due 04/29/37◊,2		239,999		238,521
GS Mortgage-Backed Securities Trust
2020-NQM1, 1.38% (WAC) due 09/27/60◊,2		249,887		234,982
Morgan Stanley ABS Capital I Incorporated Trust
2006-NC1, 5.54% (1 Month Term SOFR + 0.68%, Rate Floor: 0.57%) due 12/25/35◊		229,819		227,241
Residential Mortgage Loan Trust
2020-1, 2.38% (WAC) due 01/26/60◊,2		200,071		195,743
Starwood Mortgage Residential Trust
2020-1, 2.28% (WAC) due 02/25/50◊,2		43,860		41,545
Cascade Funding Mortgage Trust
2019-RM3, 2.80% (WAC) due 06/25/69◊		8,232		8,202
Total Residential Mortgage-Backed Securities				62,892,893

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
ULTRA SHORT DURATION FUND

	Face Amount		Value
Commercial Mortgage-Backed Securities - 4.7%
BX Commercial Mortgage Trust
2021-VOLT, 6.86% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 09/15/36◊,2	$	10,250,000	$	10,141,094
2022-LP2, 6.66% (1 Month Term SOFR + 1.56%, Rate Floor: 1.56%) due 02/15/39◊,2		2,011,974		1,996,885
JP Morgan Chase Commercial Mortgage Securities Trust
2021-NYAH, 7.00% (1 Month Term SOFR + 1.90%, Rate Floor: 1.54%) due 06/15/38◊,2		2,700,000		2,507,159
WMRK Commercial Mortgage Trust
2022-WMRK, 8.53% (1 Month Term SOFR + 3.44%, Rate Floor: 3.44%) due 11/15/27◊,2		2,100,000		2,105,906
Life Mortgage Trust
2021-BMR, 6.31% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 03/15/38◊,2		1,943,179		1,906,987
BXHPP Trust
2021-FILM, 6.31% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 08/15/36◊,2		1,500,000		1,407,076
MHP
2022-MHIL, 6.36% (1 Month Term SOFR + 1.26%, Rate Floor: 1.26%) due 01/15/27◊,2		1,367,421		1,347,764
Morgan Stanley Capital I Trust
2018-H3, 0.96% (WAC) due 07/15/51◊,5		38,306,079		888,996
Citigroup Commercial Mortgage Trust
2019-GC41, 1.16% (WAC) due 08/10/56◊,5		22,927,993		834,629
BENCHMARK Mortgage Trust
2019-B14, 0.89% (WAC) due 12/15/62◊,5		34,212,931		774,475
JPMDB Commercial Mortgage Securities Trust
2018-C8, 0.76% (WAC) due 06/15/51◊,5		20,774,770		359,227
Total Commercial Mortgage-Backed Securities				24,270,198
Total Collateralized Mortgage Obligations
(Cost $90,129,361)				87,163,091
REPURCHASE AGREEMENTS††,6 - 2.3%
BNP Paribas
issued 09/30/24 at 4.86% due 10/01/24		12,035,000		12,035,000
Total Repurchase Agreements
(Cost $12,035,000)				12,035,000
Total Investments - 99.8%
(Cost $521,437,144)			$	515,381,468
Other Assets & Liabilities, net - 0.2%				1,121,338
Total Net Assets - 100.0%			$	516,502,806

Centrally Cleared Interest Rate Swap Agreements††

Counterparty

Exchange

Floating Rate Type

Floating Rate Index

Fixed Rate

Payment Frequency

Maturity Date

Notional Amount

Value

Upfront Premiums Paid

Unrealized Appreciation**

BofA Securities, Inc.

CME

Receive

U.S. Secured Overnight Financing Rate

1.10%

Annually

01/10/25

$

61,000,000

$

604,696

$

26

$

604,670

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 271

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
ULTRA SHORT DURATION FUND

**	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, unless otherwise noted — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
◊	Variable rate security. Rate indicated is the rate effective at September 30, 2024. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
1	Rate indicated is the 7-day yield as of September 30, 2024.
2	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $241,044,575 (cost $245,985,054), or 46.7% of total net assets.
3	Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.
4	Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at September 30, 2024. See table below for additional step information for each security.
5	Security is an interest-only strip.
6	Repurchase Agreements - The interest rate on repurchase agreements is market driven and based on the underlying collateral obtained. See additional disclosure in the repurchase agreements table below for more information on repurchase agreements.
7	Security is unsettled at period end and does not have at stated effective rate.
	BofA — Bank of America
	CME — Chicago Mercantile Exchange
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate
	WAC — Weighted Average Coupon
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at 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
Money Market Funds	$	171,570,017	$	—	$	—	$	171,570,017
Corporate Bonds		—		124,078,832		—		124,078,832
Asset-Backed Securities		—		116,034,528		4,500,000		120,534,528
Collateralized Mortgage Obligations		—		87,163,091		—		87,163,091
Repurchase Agreements		—		12,035,000		—		12,035,000
Interest Rate Swap Agreements**		—		604,670		—		604,670
Total Assets	$	171,570,017	$	339,916,121	$	4,500,000	$	515,986,138

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

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

SCHEDULE OF INVESTMENTS (continued)	September 30, 2024
ULTRA SHORT DURATION FUND

Step Coupon Bonds

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

Name	Coupon Rate at Next Reset Date			Next Rate Reset Date		Future Reset Rate(s)			Future Reset Date(s)
BRAVO Residential Funding Trust 2022-R1, 3.13% due 01/29/70		6.13	%		01/30/25		—			—
Legacy Mortgage Asset Trust 2021-GS4, 4.65% due 11/25/60		5.65	%		08/25/25		—			—
Legacy Mortgage Asset Trust 2021-GS3, 4.75% due 07/25/61		5.75	%		05/25/25		—			—
Legacy Mortgage Asset Trust 2021-GS5, 2.25% due 07/25/67		5.25	%		11/25/24		6.25	%		11/25/25
Legacy Mortgage Asset Trust 2021-GS2, 4.75% due 04/25/61		5.75	%		04/25/25		—			—
NYMT Loan Trust 2022-SP1, 5.25% due 07/25/62		8.25	%		07/01/25		9.25	%		07/01/26
NYMT Loan Trust 2021-SP1, 4.67% due 08/25/61		5.67	%		08/01/25		—			—
OSAT Trust 2021-RPL1, 5.12% due 05/25/65		6.12	%		06/25/25		—			—
PRPM LLC 2022-1, 3.72% due 02/25/27		6.72	%		02/25/25		7.72	%		02/25/26
PRPM LLC 2021-5, 4.79% due 06/25/26		5.79	%		06/25/25		—			—
Verus Securitization Trust 2020-5, 1.22% due 05/25/65		2.22	%		10/26/24		—			—

Repurchase Agreements

The Fund may engage in repurchase agreements. Repurchase agreements are fixed income securities in the form of agreements backed by collateral. These agreements typically involve the acquisition by the Fund of securities from the selling institution coupled with the agreement that the selling institution will repurchase the underlying securities at a specified price and at a fixed time in the future. The Fund may accept a wide variety of underlying securities as collateral for the repurchase agreements entered into by the Fund. Any such securities serving as collateral are marked-to-market daily in order to maintain full collateralization. Securities purchased under repurchase agreements are reflected as an asset on the Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statement of Operations.

In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral. The collateral is in the possession of the Fund’s custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements.

The use of repurchase agreements involves certain risks. For example, if the selling institution defaults on its obligation to repurchase the underlying securities at a time when the value of securities has declined, the Fund may incur a loss upon disposition of them. In the event of an insolvency or bankruptcy by the selling institution, the Fund’s right to control the collateral could be affected and result in certain costs and delays. In addition, the Fund could incur a loss if the value of the underlying collateral falls below the agreed upon repurchase price.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 273

SCHEDULE OF INVESTMENTS (concluded)	September 30, 2024
ULTRA SHORT DURATION FUND

At September 30, 2024, the repurchase agreements in the account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
BNP Paribas					U.S. Treasury Strips
4.86%					0.00%
Due 10/01/24	$	12,035,000	$	12,036,625	Due 05/15/35 - 11/15/45	$	19,676,542	$	12,005,399
					U.S. Treasury Inflation Indexed Bonds
					1.75% - 3.63%
					Due 04/15/28 - 01/15/34		260,672		271,198
					U.S. Treasury Notes
					0.38% - 4.13%
					Due 09/30/27 - 07/31/31		800		816
						$	19,938,014	$	12,277,413

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

ULTRA SHORT DURATION FUND

STATEMENT OF ASSETS AND LIABILITIES

September 30, 2024

Assets:
Investments, at value (cost $509,402,144)	$	503,346,468
Repurchase agreements, at value (cost $12,035,000)		12,035,000
Cash		28,157
Unamortized upfront premiums paid on interest rate swap agreements		26
Prepaid expenses		49,373
Receivables:
Interest		2,939,239
Variation margin on interest rate swap agreements		1,878,574
Fund shares sold		37,943
Securities sold		7,094
Total assets		520,321,874
Liabilities:
Segregated cash due to broker		1,798,848
Payable for:
Securities purchased		1,000,000
Fund shares redeemed		446,670
Distributions to shareholders		312,080
Management fees		79,756
Transfer agent/maintenance fees		23,013
Fund accounting/administration fees		16,826
Distribution and service fees		15,002
Trustees’ fees*		4,319
Due to Investment Adviser		114
Miscellaneous		122,440
Total liabilities		3,819,068
Net assets	$	516,502,806
Net assets consist of:
Paid in capital	$	527,592,754
Total distributable earnings (loss)		(11,089,948	)
Net assets	$	516,502,806
Class A:
Net assets	$	78,903,529
Capital shares outstanding		7,876,624
Net asset value per share	$	10.02
Institutional Class:
Net assets	$	437,599,277
Capital shares outstanding		43,689,843
Net asset value per share	$	10.02

STATEMENT OF OPERATIONS

Year Ended September 30, 2024

Investment Income:
Interest	$	25,349,151
Total investment income		25,349,151
Expenses:
Management fees		1,263,605
Distribution and service fees:
Class A		205,846
Transfer agent fees and administrative fees		12,001
Transfer agent fees/maintenance fees:
Class A		38,532
Institutional Class		91,129
Fund accounting/administration fees		160,642
Professional fees		96,881
Custodian fees		32,965
Trustees’ fees*		23,132
Line of credit fees		18,377
Miscellaneous		73,645
Recoupment of previously waived fees:
Class A		346
Institutional Class		915
Total expenses		2,018,016
Less:
Expenses reimbursed by Adviser:
Class A		(32,765	)
Institutional Class		(63,640	)
Expenses waived by Adviser		(22,370	)
Earnings credits applied		(3,033	)
Total waived/reimbursed expenses		(121,808	)
Net expenses		1,896,208
Net investment income		23,452,943
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(68,111	)
Swap agreements		2,694,935
Net realized gain		2,626,824
Net change in unrealized appreciation (depreciation) on:
Investments		17,097,378
Swap agreements		(2,563,335	)
Net change in unrealized appreciation (depreciation)		14,534,043
Net realized and unrealized gain		17,160,867
Net increase in net assets resulting from operations	$	40,613,810

* 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 | 275

ULTRA SHORT DURATION 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	$	23,452,943		$	22,666,036
Net realized gain on investments		2,626,824			1,202,006
Net change in unrealized appreciation (depreciation) on investments		14,534,043			12,420,237
Net increase in net assets resulting from operations		40,613,810			36,288,279
Distributions to shareholders:
Class A		(4,254,223	)		(4,918,176	)
Institutional Class		(22,827,310	)		(21,914,210	)
Total distributions to shareholders		(27,081,533	)		(26,832,386	)
Capital share transactions:
Proceeds from sale of shares
Class A		9,023,891			10,686,656
Institutional Class		119,245,603			119,682,982
Distributions reinvested
Class A		4,193,730			4,830,340
Institutional Class		18,382,654			17,231,019
Cost of shares redeemed
Class A		(32,872,998	)		(53,521,575	)
Institutional Class		(130,583,325	)		(342,903,679	)
Net decrease from capital share transactions		(12,610,445	)		(243,994,257	)
Net increase (decrease) in net assets		921,832			(234,538,364	)
Net assets:
Beginning of year		515,580,974			750,119,338
End of year	$	516,502,806		$	515,580,974
Capital share activity:
Shares sold
Class A		909,121			1,102,052
Institutional Class		12,052,468			12,352,609
Shares issued from reinvestment of distributions
Class A		423,959			497,546
Institutional Class		1,857,271			1,775,408
Shares redeemed
Class A		(3,334,055	)		(5,533,062	)
Institutional Class		(13,207,350	)		(35,519,480	)
Net decrease in shares		(1,298,586	)		(25,324,927	)

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

ULTRA SHORT DURATION FUND

FINANCIAL HIGHLIGHTS

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

Class A	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	9.75		$	9.60		$	9.97		$	9.98		$	9.97
Income (loss) from investment operations:
Net investment income (loss)a		.44			.37			.12			.06			.12
Net gain (loss) on investments (realized and unrealized)		.34			.23			(.37	)		—			.03
Total from investment operations		.78			.60			(.25	)		.06			.15
Less distributions from:
Net investment income		(.51	)		(.45	)		(.12	)		(.07	)		(.14	)
Total distributions		(.51	)		(.45	)		(.12	)		(.07	)		(.14	)
Net asset value, end of period	$	10.02		$	9.75		$	9.60		$	9.97		$	9.98
Total Returnb		8.16	%		6.32	%		(2.49	%)		0.62	%		1.52	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	78,904		$	96,348		$	132,518		$	188,416		$	62,956
Ratios to average net assets:
Net investment income (loss)		4.43	%		3.80	%		1.18	%		0.63	%		1.20	%
Total expensesb		0.63	%		0.68	%		0.65	%		0.63	%		0.65	%
Net expensesc,d,e		0.59	%		0.59	%		0.59	%		0.59	%		0.61	%
Portfolio turnover rate		10	%		2	%		24	%		122	%		129	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL REPORT | 277

ULTRA SHORT DURATION FUND

FINANCIAL HIGHLIGHTS (concluded)

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

Institutional Class	Year Ended September 30, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020
Per Share Data
Net asset value, beginning of period	$	9.75		$	9.59		$	9.97		$	9.98		$	9.96
Income (loss) from investment operations:
Net investment income (loss)a		.46			.39			.14			.09			.15
Net gain (loss) on investments (realized and unrealized)		.34			.24			(.37	)		—			.04
Total from investment operations		.80			.63			(.23	)		.09			.19
Less distributions from:
Net investment income		(.53	)		(.47	)		(.15	)		(.10	)		(.17	)
Total distributions		(.53	)		(.47	)		(.15	)		(.10	)		(.17	)
Net asset value, end of period	$	10.02		$	9.75		$	9.59		$	9.97		$	9.98
Total Return		8.43	%		6.70	%		(2.34	%)		0.87	%		1.88	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	437,599		$	419,233		$	617,601		$	882,047		$	440,356
Ratios to average net assets:
Net investment income (loss)		4.68	%		4.03	%		1.44	%		0.88	%		1.47	%
Total expensesb		0.35	%		0.39	%		0.36	%		0.34	%		0.38	%
Net expensesc,d,e		0.33	%		0.34	%		0.34	%		0.34	%		0.36	%
Portfolio turnover rate		10	%		2	%		24	%		122	%		129	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Does not include expenses of the underlying funds in which the Fund invests.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	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	%*		0.01	%		0.00	%*		0.00	%*
Institutional Class		0.00	%*		0.00	%*		0.01	%		0.01	%		0.00	%*

* Less than 0.01%.

^e 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		0.58	%		0.58	%		0.58	%		0.58	%		0.58	%
Institutional Class		0.33	%		0.33	%		0.33	%		0.33	%		0.33	%

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

NOTES TO FINANCIAL STATEMENTS

Note 1 – Organization and Significant Accounting Policies

Organization

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

The Trust offers a combination of six separate classes of shares: Class A shares, Class C shares, Class P shares, Class R6 shares, SMA Class shares and Institutional Class shares. Sales of shares of each Class are made without a front-end sales charge at the net asset value per share (“NAV”), with the exception of Class A shares. Class A shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased. Class A share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% contingent deferred sales charge (“CDSC”), if shares are redeemed within 12 months of purchase. Class C shares have a 1% CDSC if shares are redeemed within 12 months of purchase. Class C shares of each Fund automatically convert to Class A shares of the same Fund on or about the 10th day of the month following the 8-year anniversary of the purchase of the Class C shares. This conversion will be executed without any sales charge, fee or other charge. After the conversion is completed, the shares will be subject to all features and expenses of Class A shares. Institutional Class shares are offered primarily for direct investment by institutions such as pension and profit sharing plans, endowments, foundations and corporations. Institutional Class shares require a minimum initial investment of $2 million and a minimum account balance of $1 million. Class R6 shares are offered primarily through qualified retirement and benefit plans. Class R6 shares are also offered through certain other plans and platforms sponsored by financial intermediaries. Certain institutional investors and others deemed appropriate by Guggenheim Investments (“GI” or the “Adviser”) may also be eligible to purchase Class R6 shares subject to a $2 million minimum initial investment. SMA Class shares may be purchased only by or on behalf of “wrap” account clients where Guggenheim Investments or an affiliate thereof has an agreement to serve as investment adviser or sub-adviser to the account with the wrap program sponsor (typically a registered investment adviser, bank or broker-dealer) or directly with the client. Certain other funds in the Guggenheim complex may also be eligible to purchase SMA Class shares. At September 30, 2024, SMA Class shares were only offered for Active INvestment Series (GAINS) - Core Plus Fund and Active INvestment Series (GAINS) - Limited Duration Fund. At September 30, 2024, the Trust consisted of eighteen funds.

Class A, Class C, Class P, Institutional Class and Class R6 shares of High Yield Fund are subject to a 2% redemption fee when shares are redeemed or exchanged within 90 days of purchase.

This report covers the following funds (collectively, the “Funds” and additionally grouped as the “Equity Funds” and the “Fixed Income Funds”):

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

Fixed Income Funds		Investment Company Type
Active INvestment Series (GAINS) - Core Plus Fund	Diversified
Active INvestment Series (GAINS) - Limited Duration Fund	Diversified
Core Bond Fund	Diversified
Floating Rate Strategies Fund	Diversified
High Yield Fund	Diversified
Limited Duration Fund	Diversified
Macro Opportunities Fund	Diversified
Municipal Income Fund	Diversified
Total Return Bond Fund	Diversified
Ultra Short Duration Fund	Diversified

At September 30, 2024, Class A, Class C, Class P, Institutional Class, Class R6 and SMA Class shares have been issued by the Funds.

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

SI provides advisory services to Alpha Opportunity Fund, Large Cap Value Fund, SMid Cap Value Fund, StylePlus-Large Core Fund, StylePlus-Mid Growth Fund, World Equity Income Fund, Core Bond Fund, High Yield Fund and Municipal Income Fund.

GPIM provides advisory services to Market Neutral Real Estate Fund, Risk Managed Real Estate Fund, Active INvestment Series (GAINS) - Core Plus Fund, Active INvestment Series (GAINS) - Limited Duration Fund, Floating Rate Strategies Fund, Limited Duration Fund, Macro Opportunities Fund, Total Return Bond Fund and Ultra Short Duration Fund. GPIM also serves as investment sub-advisor (the “Sub-Advisor”) to the Municipal Income Fund and is responsible for the day-to-day management of the Fund’s portfolio.

THE GUGGENHEIM FUNDS ANNUAL REPORT | 279

NOTES TO FINANCIAL STATEMENTS (continued)

Consolidation of Subsidiary

The consolidated financial statements of the Macro Opportunities Fund include the accounts of a wholly-owned and controlled Cayman Islands subsidiary (the “Subsidiary”). Significant inter-company accounts and transactions have been eliminated in consolidation for the Macro Opportunities Fund. The Notes to Financial Statements presented herein are consolidated with respect to Macro Opportunities Fund and include the accounts of the Subsidiary.

The Macro Opportunities Fund may invest up to 25% of its total assets in its Subsidiary, which acts as an investment vehicle in order to effect certain investments consistent with the Fund’s investment objectives and policies.

A summary of each Fund’s investment in its respective Subsidiary is as follows:

Fund	Inception Date of Subsidiary		Subsidiary Net Assets at September 30, 2024		% of Net Assets of the Fund at September 30, 2024
Macro Opportunities Fund		01/08/15	$	13,149,877		0.18	%

Significant Accounting Policies

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

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

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

(a) Valuation of Investments

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

Pursuant to Rule 2a-5, the Board designated the Adviser as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and/or other assets. As the Funds’ valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures” and collectively with the Fund Valuation Procedures, the “Valuation Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4 under the 1940 act. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Funds’ securities and/or other assets. The Valuation Procedures may be amended and potentially adversely affected as the Funds seek to comply with regulations that apply to the valuation practices of registered investment companies.

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

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

280 | THE GUGGENHEIM FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

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

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

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

U.S. Government securities are valued by independent third-party pricing services, using the last traded fill price, or at the reported bid price at the close of business on the valuation date.

CLOs, CDOs, MBS, ABS, and other structured finance securities are generally valued using an independent third party pricing service.

Repurchase agreements are generally valued at amortized cost, provided such amounts approximate market value.

Commercial paper and discount notes with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from independent third-party pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Commercial paper and discount notes with a maturity of 60 days or less at acquisition are valued at amortized cost, unless the Adviser concludes that amortized cost does not represent the fair value of the applicable asset in which case it will be valued using an independent third-party pricing service provider.

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

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

Futures contracts are valued on the basis of the last sale price as of 4:00 p.m. on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the official settlement price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation of the underlying securities would provide a more accurate valuation of the futures contract.

Interest rate swap agreements entered into by a Fund is valued on the basis of the last sale price on the primary exchange on which the swap is traded.

Other swap agreements entered into by a Fund are generally valued using an evaluated price provided by an independent third-party pricing service.

Forward foreign currency exchange contracts are valued daily based on the applicable exchange rate of the underlying currency.

THE GUGGENHEIM FUNDS ANNUAL REPORT | 281

NOTES TO FINANCIAL STATEMENTS (continued)

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

(b) U.S. Government and Agency Obligations

Certain U.S. Government and Agency Obligations are traded on a discount basis; the interest rates shown on the Funds’ Schedules of Investments reflect the effective rates paid at the time of purchase by the Funds. Other securities bear interest at the rates shown, payable at fixed dates through maturity.

Inflation-Indexed bonds are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these securities is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation indexed bond however, interest will be paid based on a principal value which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond is recognized as a component of Interest on the Funds’ Statements of Operations, even though principal is not received until maturity.

(c) Senior Floating Rate Interests and Loan Investments

Senior floating rate interests in which the Trust invests generally pay interest rates which are periodically adjusted by reference to a base short-term floating rate, plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, (ii) the prime rate offered by one or more major United States banks, or (iii) the bank’s certificate of deposit rate. Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities disclosed in the Funds’ Schedules of Investments.

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

(d) Interest on When-Issued Securities

The Funds may purchase and sell interests in securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Funds on such interests or securities in connection with such transactions prior to the date the Funds actually take delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Funds will generally purchase these securities with the intention of acquiring such securities, they may sell such securities before the settlement date.

(e) Short Sales

When a Fund engages in a short sale of a security, an amount equal to the proceeds is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the market value of the short sale.

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

(f) Options

Upon the purchase of an option, the premium paid is recorded as an investment, the value of which is marked-to-market daily. If a purchased option expires, the Fund realizes a loss in the amount of the cost of the option. When the Fund enters into a closing sale transaction, it realizes a gain or loss depending on whether the proceeds from the closing sale transaction are greater or less than the cost of the option. If the Fund exercises a put option, it realizes a gain or loss from the sale of the underlying security and the proceeds from such sale will be decreased by the premium originally paid. When the Fund exercises a call option, the cost of the security purchased by the Fund upon exercise increases by the premium originally paid.

When the Fund writes (sells) an option, an amount equal to the premium received is entered in that Fund’s accounting records as an asset and equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current value of the option written. When a written option expires, or if the Fund enters into a closing purchase transaction, it realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was sold).

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

(g) Futures Contracts

Upon entering into a futures contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

(h) Swap Agreements

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

Upon entering into certain centrally-cleared swap transactions, a Fund is required to deposit with its clearing broker an amount of cash or securities as an initial margin. Subsequent variation margin receipts or payments are received or made by the Fund depending on fluctuations in the fair value of the reference entity and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Upfront payments received or made by a Fund on credit default swap agreements and interest rate swap agreements are amortized over the expected life of the agreement. Periodic payments received or paid by a Fund are recorded as realized gains or losses. Payments received or made as a result of a credit event or termination of the contract are recognized, net of a proportional amount of the upfront payment, as realized gains or losses.

(i) Forward Foreign Currency Exchange Contracts

The change in value of a forward foreign currency exchange contract is recorded as unrealized appreciation or depreciation until the contract is closed. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

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(j) Currency Translations

The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars at prevailing exchange rates. Purchases and sales of investment securities, dividend and interest income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Funds to foreign government exchange restrictions, expropriation, taxation, or other political, social, geopolitical or economic developments, all of which could affect the market and/or credit risk of the investments.

The Funds do not isolate that portion of the results of operations resulting from changes in the foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized gain or loss and unrealized appreciation or depreciation on investments.

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

(k) Foreign Taxes

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

(l) Security Transactions

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

Income from residual collateralized loan obligations is recognized using the effective interest method. At the time of purchase, management estimates the future expected cash flows and determines the effective yield and estimated maturity date based on the estimated cash flows. Subsequent to the purchase, the estimated cash flows are updated periodically and a revised yield is calculated prospectively.

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

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(m) Distributions

The Fixed Income Funds declare dividends from investment income daily. Each of the Fixed Income Funds pays its shareholders from its net investment income monthly and distributes any net capital gains that it has realized, at least annually. Distributions to shareholders are recorded on the ex-dividend date. Dividends are reinvested in additional shares, unless shareholders request payment in cash. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for U.S. federal income tax purposes.

Dividends from net investment income are declared quarterly in the World Equity Income Fund and Risk Managed Real Estate Fund. Dividends are reinvested in additional shares, unless shareholders request payment in cash. Distributions of net investment income in the remaining Equity Funds and distributions of net realized gains, if any, in all Funds are declared at least annually and recorded on the ex-dividend date and are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

(n) Class Allocations

Interest and dividend income, most expenses, all realized gains and losses, and all unrealized appreciation and depreciation are allocated to the share classes based upon the value of the outstanding shares in each share class. Certain costs, such as distribution and service fees are charged directly to specific share classes. In addition, certain expenses have been allocated to the individual Funds in the Trust based on the respective net assets of each Fund included in the Trust.

(o) Earnings Credits

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

(p) Cash

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

(q) Indemnifications

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

(r) Special Purpose Acquisition Companies

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

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conflicts as they evaluate, negotiate and recommend business combination transactions to shareholders. This risk may become more acute as the deadline for the completion of a business combination nears. There is no guarantee that the SPACs in which the Funds invest will complete an acquisition or that any acquisitions that are completed will be profitable.

Note 2 – Financial Instruments and Derivatives

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

Short Sales

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

Derivatives

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

The Funds may utilize derivatives for the following purposes:

Duration: the use of an instrument to manage the interest rate risk of a portfolio.

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

Income: the use of any instrument that distributes cash flows typically based upon some rate of interest.

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

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

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

Options Purchased and Written

A call option on a security gives the purchaser of the option the right to buy, and the writer of a call option the obligation to sell, the underlying security. The purchaser of a put option has the right to sell, and the writer of the put option the obligation to buy, the underlying security at any time during the option period. The risk associated with purchasing options is limited to the premium originally paid.

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

		Average Notional Amount
Fund	Use	Call		Put
Core Bond Fund	Duration, Hedge	$	124,601,913	$	—
Limited Duration Fund	Duration, Hedge		289,958,333		—
Macro Opportunities Fund	Duration, Hedge		553,117,762		198,256,949
Total Return Bond Fund	Duration, Hedge		1,783,417,444		—

The risk in writing a call option is that a Fund may incur a loss if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that a Fund may incur a loss if the market price of the underlying security decreases and the option is exercised. In addition, there may be an imperfect correlation between the movement in prices of options and the underlying securities where a Fund may not be able to enter into a closing transaction because of an illiquid secondary market; or, for OTC options, a Fund may be at risk because of the counterparty’s inability to perform.

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

		Average Notional Amount
Fund	Use	Call		Put
Core Bond Fund	Duration, Hedge, Income	$	41,935,246	$	—
Macro Opportunities Fund	Duration, Hedge, Income		156,534,429		—
Total Return Bond Fund	Duration, Hedge, Income		552,167,444		—

Futures Contracts

A futures contract is an agreement to purchase (long) or sell (short) an agreed upon amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a Fund’s use of futures contracts, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to a Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Cash deposits are shown as segregated cash with broker on the Funds’ Statements of Assets and Liabilities; securities held as collateral are noted on the Funds’ Schedules of Investments.

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

		Average Notional Amount
Fund	Use	Long		Short
StylePlus—Large Core Fund	Index Exposure	$	7,235,308	$	—
StylePlus—Mid Growth Fund	Index Exposure		1,924,386		—
World Equity Income Fund	Hedge		—		2,053,107

		Average Notional Amount
Fund	Use	Long		Short
Core Bond Fund	Duration, Hedge	$	150,682,742	$	—
Limited Duration Fund	Index exposure, Income		347,182,958		—
Macro Opportunities Fund	Duration, Hedge		536,266,575		—
Total Return Bond Fund	Duration, Hedge		1,798,763,151		—

Swap Agreements

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. When utilizing OTC swaps, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if

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NOTES TO FINANCIAL STATEMENTS (continued)

the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. For a Fund utilizing centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. There is no guarantee that a Fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

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

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

		Average Notional Amount
Fund	Use	Long		Short
StylePlus—Large Core Fund	Index Exposure	$	182,480,371	$	—
StylePlus—Mid Growth Fund	Index Exposure		54,671,616		—

		Average Notional Amount
Fund	Use	Long		Short
Core Bond Fund	Hedge, Index exposure	$	1,704,335	$	946,337
Macro Opportunities Fund	Hedge, Index exposure, Income		76,393,628		40,652,746
Total Return Bond Fund	Hedge, Index exposure		23,215,839		12,890,665

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

		Average Notional Amount
Fund	Use	Long		Short
Alpha Opportunity Fund	Hedge, Leverage	$	20,252,558	$	37,364,305
Market Neutral Real Estate Fund	Hedge		—		27,424,050
Risk Managed Real Estate Fund	Hedge, Leverage		68,945,172		51,634,142

Interest rate swaps involve the exchange by the Funds with another party for their respective commitment to pay or receive a fixed or variable interest rate on a notional amount of principal. Interest rate swaps are generally centrally-cleared, but central clearing does not make interest rate swap transactions risk free.

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

		Average Notional Amount
Fund	Use	Pay Floating Rate		Receive Floating Rate
Core Bond Fund	Duration, Income	$	507,396,083	$	—
Limited Duration Fund	Duration, Hedge		1,126,641,667		173,112,500
Macro Opportunities Fund	Duration		176,528,333		1,785,000
Municipal Income Fund	Duration		10,175,000		7,140,000
Total Return Bond Fund	Duration, Income		7,936,133,333		—
Ultra Short Duration Fund	Hedge, Income		—		61,000,000

Credit default swaps are instruments which allow for the full or partial transfer of third-party credit risk, with respect to a particular entity or entities, from one counterparty to the other. A fund enters into credit default swaps as a “seller” or “buyer” of protection primarily to gain or reduce exposure to the investment grade and/or high yield bond market. A seller of credit default swaps is selling credit protection or assuming

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NOTES TO FINANCIAL STATEMENTS (continued)

credit risk with respect to the underlying entity or entities. The buyer in a credit default swap is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If a credit event occurs, as defined under the terms of the swap agreement, the seller will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The notional amount reflects the maximum potential amount the seller of credit protection could be required to pay to the buyer if a credit event occurs. The seller of protection receives periodic premium payments from the buyer and may also receive or pay an upfront premium adjustment to the stated periodic payments. In the event a credit default occurs on a credit default swap referencing an index, a factor adjustment will take place and the buyer of protection will receive a payment reflecting the par less the default recovery rate of the defaulted index component based on its weighting in the index. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the fund selling the credit protection. For a fund utilizing centrally cleared credit default swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. For OTC credit default swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty, or in the case of a credit default swap in which a fund is selling credit protection, the default of a third party issuer.

The quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

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

		Average Notional Amount
Fund	Use	Protection Sold		Protection Purchased
Core Bond Fund	Hedge, Index exposure	$	—	$	22,058,260
Limited Duration Fund	Index exposure, Income		—		47,671,402
Macro Opportunities Fund	Hedge, Index exposure		—		197,286,594
Total Return Bond Fund	Hedge, Index exposure		—		307,334,107

Forward Foreign Currency Exchange Contracts

A forward foreign currency exchange contract is an agreement between two parties to exchange two designated currencies at a specific time in the future. Certain types of contracts may be cash settled, in an amount equal to the change in exchange rates during the term of the contract. The contracts can be used to hedge or manage exposure to foreign currency risks with portfolio investments or to gain exposure to foreign currencies.

The market value of a forward foreign currency exchange contract changes with fluctuations in foreign currency exchange rates. Furthermore, the Funds may be exposed to risk if the counterparties cannot meet the contract terms or if the currency value changes unfavorably as compared to the U.S. dollar.

The following table represents the Funds’ use and volume of forward foreign currency exchange contracts on a monthly basis:

		Average Value
Fund	Use	Purchased		Sold
Core Bond Fund	Hedge	$	49,747	$	9,795,422
Floating Rate Strategies Fund	Hedge		59,728		16,493,361
High Yield Fund	Hedge		—		3,106,435
Limited Duration Fund	Index exposure, Income		805,829		20,616,505
Macro Opportunities Fund	Hedge, Income		2,160,570		235,748,411
Total Return Bond Fund	Hedge		3,597,535		194,782,283

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Derivative Investment Holdings Categorized by Risk Exposure

The following is a summary of the location of derivative investments on the Funds’ Statements of Assets and Liabilities as of September 30, 2024:

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

The following tables set forth the fair value of the Funds’ derivative investments categorized by primary risk exposure at September 30, 2024:

Asset Derivative Investments Value
Fund	Futures Equity Risk*		Swaps Equity Risk		Total Value at September 30, 2024
Alpha Opportunity Fund	$	—	$	2,195,190	$	2,195,190
Risk Managed Real Estate Fund		—		4,384,771		4,384,771
StylePlus—Large Core Fund		62,524		33,863,475		33,925,999
StylePlus—Mid Growth Fund		—		7,028,514		7,028,514

Liability Derivative Investments Value
Fund	Futures Equity Risk*		Swaps Equity Risk		Total Value at September 30, 2024
Alpha Opportunity Fund	$	—	$	1,466,465	$	1,466,465
Market Neutral Real Estate Fund		—		1,172,809		1,172,809
Risk Managed Real Estate Fund		—		1,936,056		1,936,056

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

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Asset Derivative Investments Value
Fund	Swaps Equity Risk		Futures Interest Rate Risk*		Swaps Interest Rate Risk*		Futures Commodity Risk*		Swaps Credit Risk*		Options Purchased Equity Risk		Forward Foreign Currency Exchange Risk		Total Value at September 30, 2024
Core Bond Fund	$	—	$	1,651,819	$	7,770,854	$	—	$	1,275	$	—		411	$	9,424,359
Limited Duration Fund		—		3,634,002		7,985,757		—		3,283		—		—		11,623,042
Macro Opportunities Fund		5,412,353		5,438,613		7,015,454		6,681,528		6,717		2,086,699		2,495		26,643,859
Municipal Income Fund		—		—		1,055,294		—		—		—		—		1,055,294
Total Return Bond Fund		—		19,546,778		105,031,948		—		20,313		—		—		124,599,039
Ultra Short Duration Fund		—		—		604,670		—		—		—		—		604,670

Liability Derivative Investments Value
Fund	Swaps Equity Risk		Futures Interest Rate Risk*		Swaps Interest Rate Risk*		Futures Commodity Risk*		Swaps Credit Risk*		Options Written Equity Risk		Forward Foreign Currency Exchange Risk		Total Value at September 30, 2024
Core Bond Fund	$	—	$	—	$	—	$	—	$	621	$	—		29,955	$	30,576
Floating Rate Strategies Fund		—		—		—		—		—		—		95,154		95,154
High Yield Fund		—		—		—		—		—		—		16,511		16,511
Limited Duration Fund		—		—		8,185,486		—		648		—		94,863		8,280,997
Macro Opportunities Fund		—		—		127,281		—		3,370		—		2,973,519		3,104,170
Municipal Income Fund		—		—		109,420		—		—		—		—		109,420
Total Return Bond Fund		—		—		27,111,215		—		3,736		—		1,280,016		28,394,967

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

The following is a summary of the location of derivative investments on the Funds’ Statements of Operations for the year ended September 30, 2024:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Commodity/Currency/Equity/Interest rate futures contracts	Net realized gain (loss) on futures contracts
	Net change in unrealized appreciation (depreciation) on futures contracts
Currency forward contracts	Net realized gain (loss) on forward foreign currency exchange contracts
	Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts
Equity/Foreign currency/Interest rate option contracts	Net realized gain (loss) on options purchased
	Net change in unrealized appreciation (depreciation) on options purchased
	Net realized gain (loss) on options written Net change in unrealized appreciation (depreciation) on options written
Credit/Equity/Interest rate swap agreements	Net realized gain (loss) on swap agreements
	Net change in unrealized appreciation (depreciation) on swap agreements

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NOTES TO FINANCIAL STATEMENTS (continued)

The following is a summary of the Funds’ realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Funds’ Statements of Operations categorized by primary risk exposure for the year ended September 30, 2024:

Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk		Swaps Equity Risk			Futures Foreign Currency Exchange Risk		Futures Commodity Risk		Total
Alpha Opportunity Fund	$	—	$	(1,340,707	)	$	—	$	—	$	(1,340,707	)
Market Neutral Real Estate Fund		—		(1,822,758	)		—		—		(1,822,758	)
Risk Managed Real Estate Fund		—		8,058,851			—		—		8,058,851
StylePlus—Large Core Fund		1,596,960		33,338,204			—		—		34,935,164
StylePlus—Mid Growth Fund		401,522		8,984,678			—		—		9,386,200
World Equity Income Fund		—		—			99,668		—		99,668

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk		Swaps Equity Risk			Futures Foreign Currency Exchange Risk			Futures Commodity Risk		Total
Alpha Opportunity Fund	$	—	$	(1,452,064	)	$	—		$	—	$	(1,452,064	)
Market Neutral Real Estate Fund		—		(5,072,996	)		—			—		(5,072,996	)
Risk Managed Real Estate Fund		—		(4,631,112	)		—			—		(4,631,112	)
StylePlus—Large Core Fund		118,865		12,774,700			—			—		12,893,565
StylePlus—Mid Growth Fund		109,411		1,879,162			—			—		1,988,573
World Equity Income Fund		—		—			(183,425	)		——		(183,425	)

Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations
Fund	Swaps Equity Risk		Futures Interest Rate Risk			Swaps Interest Rate Risk			Futures Commodity Risk			Swaps Credit Risk			Options Purchased Equity Risk		Forward Foreign Currency Exchange Risk			Options Purchased Interest Rate Risk			Options Written Interest Rate Risk			Total
Core Bond Fund	$	—	$	(632,569	)	$	(1,856,367	)	$	—		$	(1,476,916	)	$	—	$	7,393		$	524,620		$	(1,372,342	)	$	(4,806,181	)
Floating Rate Strategies Fund		—		—			—			—			—			—		(117,693	)		—			—			(117,693	)
High Yield Fund		—		—			—			—			—			—		(35,284	)		—			—			(35,284	)
Limited Duration Fund		—		(1,519,309	)		(3,750,143	)		—			(3,694,272	)		—		4,608			(2,968,935	)		(1,055,134	)		(12,983,185	)
Macro Opportunities Fund		1,078,385		(2,124,423	)		(18,621,886	)		(1,090,702	)		(11,744,399	)		—		(6,740,405	)		1,064,695			(3,640,905	)		(41,819,640	)
Municipal Income Fund		—		—			(210,660	)		—			—			—		—			—			—			(210,660	)
Total Return Bond Fund		—		(7,619,388	)		(20,160,958	)		—			(55,267,417	)		—		(1,731,846	)		5,379,060			(18,549,319	)		(97,949,868	)
Ultra Short Duration Fund		—		—			2,694,935			—			—			—		—			—			—			2,694,935

292 | THE GUGGENHEIM FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations
Fund	Swaps Equity Risk		Futures Interest Rate Risk		Swaps Interest Rate Risk			Futures Commodity Risk		Swaps Credit Risk		Options Purchased Equity Risk			Forward Foreign Currency Exchange Risk			Options Purchased Interest Rate Risk		Options Written Interest Rate Risk		Total
Core Bond Fund	$	—	$	1,651,819	$	13,703,589		$	—	$	341,972	$	—		$	(280,288	)	$	585,689	$	318,806	$	16,321,587
Floating Rate Strategies Fund		—		—		—			—		—		—			(555,754	)		—		—		(555,754	)
High Yield Fund		—		—		—			—		—		—			(86,050	)		—		—		(86,050	)
Limited Duration Fund		—		3,634,002		5,955,298			—		961,822		—			(606,731	)		2,054,220		843,399		12,842,010
Macro Opportunities Fund		5,412,353		5,438,613		26,583,760			6,681,528		3,323,266		(8,539,184	)		(6,674,079	)		2,809,658		—		35,035,915
Municipal Income Fund		—		—		(457,977	)		—		—		—			—			—		—		(457,977	)
Total Return Bond Fund		—		19,546,778		221,817,575			—		5,227,967		—			(6,730,525	)		8,722,554		4,635,100		253,219,449
Ultra Short Duration Fund		—		—		(2,563,335	)		—		—		—			—			—		—		(2,563,335	)

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

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

Foreign Investments

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

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

THE GUGGENHEIM FUNDS ANNUAL REPORT | 293

NOTES TO FINANCIAL STATEMENTS (continued)

Note 3 – Offsetting

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

In order to better define their contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with their derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs OTC derivatives, including foreign exchange contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

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

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

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

								Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Assets1		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amount of Assets Presented on the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Received			Net Amount
Alpha Opportunity Fund	Custom basket swap agreements	$	2,195,190	$	—	$	2,195,190	$	(1,466,465	)	$	—		$	728,725
Risk Managed Real Estate Fund	Custom basket swap agreements		4,384,771		—		4,384,771		(1,936,056	)		(1,856,455	)		592,260
StylePlus—Large Core Fund	Swap equity agreements		33,863,475		—		33,863,475		—			(26,450,000	)		7,413,475
StylePlus—Mid Growth Fund	Swap equity agreements		7,028,514		—		7,028,514		—			(5,080,000	)		1,948,514

294 | THE GUGGENHEIM FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

								Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Liabilities1		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts of Liabilities Presented on the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged			Net Amount
Alpha Opportunity Fund	Custom basket swap agreements	$	1,466,465	$	—	$	1,466,465	$	(1,466,465	)	$	—		$	—
Market Neutral Real Estate Fund	Custom basket swap agreements		1,172,809		—		1,172,809		—			(1,172,809	)		—
Risk Managed Real Estate Fund	Custom basket swap agreements		1,936,056		—		1,936,056		(1,936,056	)		—			—

								Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Assets1		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amount of Assets Presented on the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Received		Net Amount
Core Bond Fund	Forward foreign currency exchange contracts	$	411	$	—	$	411	$	(349	)	$	—	$	62
Macro Opportunities Fund	Forward foreign currency exchange contracts		2,495		—		2,495		—			—		2,495
Macro Opportunities Fund	Equity index swap agreements		5,412,353		—		5,412,353		(2,951,718	)		—		2,460,635
Macro Opportunities Fund	Total return interest rate swap agreements		3,774,999		—		3,774,999		—			—		3,774,999
Macro Opportunities Fund	Options purchased		1,506,893		—		1,506,893		—			—		1,506,893

THE GUGGENHEIM FUNDS ANNUAL REPORT | 295

NOTES TO FINANCIAL STATEMENTS (continued)

								Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Liabilities1		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts of Liabilities Presented on the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged		Net Amount
Core Bond Fund	Forward foreign currency exchange contracts	$	29,955	$	—	$	29,955	$	(349	)	$	—	$	29,606
Floating Rate Strategies Fund	Forward foreign currency exchange contracts		95,154		—		95,154		—			—		95,154
High Yield Fund	Forward foreign currency exchange contracts		16,511		—		16,511		—			—		16,511
Limited Duration Fund	Forward foreign currency exchange contracts		94,863		—		94,863		—			—		94,863
Macro Opportunities Fund	Forward foreign currency exchange contracts		2,973,519		—		2,973,519		(2,951,718	)		—		21,801
Total Return Bond Fund	Forward foreign currency exchange contracts		1,280,016		—		1,280,016		—			—		1,280,016

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

The Funds have the right to offset deposits against any related derivative liabilities outstanding with each counterparty with the exception of exchange-traded or centrally-cleared derivatives. The following table presents deposits held by others in connection with derivative investments and other investments as of September 30, 2024.

Fund	Counterparty	Asset Type	Cash Pledged		Cash Received
Market Neutral Real Estate Fund	Goldman Sachs International	Custom basket swap agreements	$	2,270,000	$	—
Risk Managed Real Estate Fund	Goldman Sachs International	Custom basket swap agreements		2,309,456		—
	Morgan Stanley Capital Services LLC	Custom basket swap agreements		—		4,043,030
				2,309,456		4,043,030
StylePlus—Large Core Fund	Morgan Stanley Capital Services LLC	Futures contracts		330,000		—
	Wells Fargo Bank, N.A.	Total return swap agreements		—		26,450,000
				330,000		26,450,000
StylePlus—Mid Growth Fund	Wells Fargo Bank, N.A.	Total return swap agreements		—		5,080,000

Fund	Counterparty	Asset Type	Cash Pledged		Cash Received
Core Bond Fund	BofA Securities, Inc.	Credit default swap agreements	$	1,530,405	$	—
	BofA Securities, Inc.	Futures contracts		1,791,217		—
				3,321,622		—
Limited Duration Fund	BofA Securities, Inc.	Credit default swap agreements		2,632,371		—
	BofA Securities, Inc.	Futures contracts		1,290,000		—
	BofA Securities, Inc.	Interest rate swap agreements		1,133,510		—
	Goldman Sachs International	TBA securities		—		189,999
	Morgan Stanley Capital Services LLC	TBA securities		—		1,215,839
				5,055,881		1,405,838

296 | THE GUGGENHEIM FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

Fund	Counterparty	Asset Type	Cash Pledged		Cash Received
Macro Opportunities Fund	Bank of America, N.A.	Total return swap agreements	$	411,070	$	—
	J.P. Morgan Securities LLC	Credit default swap agreements		9,184,926		—
	J.P. Morgan Securities LLC	Interest rate swap agreements		—		1,778,403
	JP Morgan Chase and Co.	Futures contracts		4,840,000		—
				14,435,996		1,778,403
Municipal Income Fund	BofA Securities, Inc.	Interest rate swap agreements		289,174		—
Total Return Bond Fund	BofA Securities, Inc.	Credit default swap agreements, Interest rate swap agreements		56,838,919		—
	BofA Securities, Inc.	TBA securities		—		930,000
	Goldman Sachs International	TBA securities		—		740,000
	J.P. Morgan Securities LLC	TBA securities		—		4,171,000
	Morgan Stanley Capital Services LLC	TBA securities		—		3,371,786
				56,838,919		9,212,786
Ultra Short Duration Fund	BofA Securities, Inc.	Interest rate swap agreements		—		1,798,848

Note 4 – Fair Value Measurement

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

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

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

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

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

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

Independent third-party pricing services are used to value a majority of the Funds’ investments. When values are not available from an independent third-party pricing service, they will be determined using a variety of sources and techniques, including: market prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information and analysis. A significant portion of the Funds’ assets and liabilities are categorized as Level 2, as indicated in this report.

Quotes from broker-dealers, adjusted for fluctuations in criteria such as credit spreads and interest rates, may also be used to value the Funds’ assets and liabilities, i.e. prices provided by a broker-dealer or other market participant who has not committed to trade at that price. Although quotes are typically received from established market participants, the Funds may not have the transparency to view the underlying inputs which support the market quotations.

THE GUGGENHEIM FUNDS ANNUAL REPORT | 297

NOTES TO FINANCIAL STATEMENTS (continued)

Significant changes in a quote would generally result in significant changes in the fair value of the security. Certain fixed income securities are valued by obtaining a monthly quote from a broker-dealer, adjusted for fluctuations in criteria such as credit spreads and interest rates.

Certain loans and other securities are valued using a single daily broker quote or a price from an independent third-party pricing services based on a single daily or monthly broker quote.

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

Note 5 – Investment Advisory Agreement and Other Agreements

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

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

Fund	Management Fees (as a % of Net Assets)
Core Bond Fund		0.39	%
Floating Rate Strategies Fund		0.65	%*
High Yield Fund		0.60	%
Limited Duration Fund		0.39	%
Macro Opportunities Fund		0.89	%**
Municipal Income Fund		0.50	%
Total Return Bond Fund		0.39	%
Ultra Short Duration Fund		0.25	%

*	Floating Rate Strategies Fund pays GI investment advisory fees on a monthly basis calculated daily at an annualized rate of 0.65% of the average daily net assets of the Fund up to $5 billion; and 0.60% of the average daily net assets in excess of $5 billion.
**	Macro Opportunities Fund pays GI investment advisory fees on a monthly basis calculated daily at an annualized rate of 0.89% based on the average daily net assets of the Fund up to $5 billion; and 0.84% on average daily net assets in excess of $5 billion.

GI has contractually agreed to waive the management fee it receives from each Subsidiary in an amount equal to the management fee paid to GI by the Subsidiary. This undertaking will continue in effect for so long as the Funds invest in the Subsidiary, and may not be terminated by GI unless GI obtains the prior approval of the Funds’ Board for such termination. Fees waived under this arrangement are not subject to reimbursement to GI. For the year ended September 30, 2024, the Macro Opportunities Fund waived $34,024 related to advisory fees in it’s respective Subsidiary.

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

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

298 | THE GUGGENHEIM FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

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

	Limit			Effective Date		Contract End Date
Alpha Opportunity Fund – Class A*		1.76	%		05/31/17		02/01/25
Alpha Opportunity Fund – Class C*		2.51	%		05/31/17		02/01/25
Alpha Opportunity Fund – Class P*		1.76	%		05/31/17		02/01/25
Alpha Opportunity Fund – Institutional Class *		1.51	%		05/31/17		02/01/25
Large Cap Value Fund – Class A*		1.15	%		11/30/12		02/01/25
Large Cap Value Fund – Class C*		1.90	%		11/30/12		02/01/25
Large Cap Value Fund – Class P*		1.15	%		05/01/15		02/01/25
Large Cap Value Fund – Institutional Class*		0.90	%		06/05/13		02/01/25
Market Neutral Real Estate Fund – Class A*		1.65	%		02/26/16		02/01/25
Market Neutral Real Estate Fund – Class C*		2.40	%		02/26/16		02/01/25
Market Neutral Real Estate Fund – Class P*		1.65	%		02/26/16		02/01/25
Market Neutral Real Estate Fund – Institutional Class*		1.40	%		02/26/16		02/01/25
Risk Managed Real Estate Fund – Class A*		1.30	%		03/26/14		02/01/25
Risk Managed Real Estate Fund – Class C*		2.05	%		03/26/14		02/01/25
Risk Managed Real Estate Fund – Class P*		1.30	%		05/01/15		02/01/25
Risk Managed Real Estate Fund – Institutional Class*		1.10	%		03/26/14		02/01/25
SMid Cap Value Fund – Class A*		1.30	%1		01/03/20		02/01/25
SMid Cap Value Fund – Class C*		2.05	%1		01/03/20		02/01/25
SMid Cap Value Fund – Class P*		1.30	%1		01/03/20		02/01/25
SMid Cap Value Fund – Institutional Class*		1.05	%		01/03/20		02/01/25
World Equity Income Fund – Class A*		1.22	%		08/15/13		02/01/25
World Equity Income Fund – Class C*		1.97	%		08/15/13		02/01/25
World Equity Income Fund – Class P*		1.22	%		05/01/15		02/01/25
World Equity Income Fund – Institutional Class*		0.97	%		08/15/13		02/01/25

1	Prior to January 3, 2020, the expense limit for Class A, Class C and Class P shares of the Fund was 1.42%, 2.12% and 1.32%, respectively.
*	Subsequent to September 30, 2024, the Fund was reorganized into a series of New Age Alpha Funds Trust at which time the existing investment advisory contract was terminated. Please see Note 14 - Subsequent Events for additional information.

THE GUGGENHEIM FUNDS ANNUAL REPORT | 299

NOTES TO FINANCIAL STATEMENTS (continued)

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

Fund	2025		2026		2027		Total
Alpha Opportunity Fund
Class A	$	4,189	$	4,612	$	5,600	$	14,401
Class C		584		502		492		1,578
Class P		971		1,774		1,350		4,095
Institutional Class		—		—		24,066		24,066
Large Cap Value Fund
Class A		99,071		106,239		123,947		329,257
Class C		5,729		5,870		5,304		16,903
Class P		796		522		454		1,772
Institutional Class		6,589		11,209		9,421		27,219
Market Neutral Real Estate Fund
Class A		7,180		2,380		1,462		11,022
Class C		689		524		428		1,641
Class P		6,928		3,895		1,880		12,703
Institutional Class		121,875		95,116		134,190		351,181
Risk Managed Real Estate Fund
Class A		—		460		198		658
Class C		—		270		102		372
Class P		4,305		4,114		133		8,552
Institutional Class		—		—		2,045		2,045
SMid Cap Value Fund
Class A		380		59,194		25,565		85,139
Class C		4,648		2,172		1,653		8,473
Class P		2,276		104		298		2,678
Institutional Class		17,866		1,842		7,733		27,441
World Equity Income Fund
Class A		78,363		111,813		145,957		336,133
Class C		7,540		7,790		8,327		23,657
Class P		408		411		427		1,246
Institutional Class		7,859		8,688		8,902		25,449

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

Alpha Opportunity Fund	$	14,458
Large Cap Value Fund		325
Risk Managed Real Estate Fund		4,869
SMid Cap Value Fund		1,768
World Equity Income Fund		528

300 | THE GUGGENHEIM FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

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

	Limit	Effective Date	Contract End Date
Core Bond Fund – Class A	0.79%	11/30/12	02/01/26
Core Bond Fund – Class C	1.54%	11/30/12	02/01/26
Core Bond Fund – Class P	0.79%	05/01/15	02/01/26
Core Bond Fund – Institutional Class	0.50%	11/30/12	02/01/26
Floating Rate Strategies Fund – Class A	1.02%	11/30/12	02/01/26
Floating Rate Strategies Fund – Class C	1.77%	11/30/12	02/01/26
Floating Rate Strategies Fund– Class P	1.02%	05/01/15	02/01/26
Floating Rate Strategies Fund– Institutional Class	0.78%	11/30/12	02/01/26
Floating Rate Strategies Fund – Class R6	0.78%	03/13/19	02/01/26
High Yield Fund – Class A	0.94%1	02/21/24	02/01/26
High Yield Fund – Class C	1.69%1	02/21/24	02/01/26
High Yield Fund – Class P	0.94%1	02/21/24	02/01/26
High Yield Fund – Institutional Class	0.69%1	02/21/24	02/01/26
High Yield Fund – Class R6	0.69%1	02/21/24	02/01/26
Limited Duration Fund – Class A	0.75%	12/01/13	02/01/26
Limited Duration Fund – Class C	1.50%	12/01/13	02/01/26
Limited Duration Fund – Class P	0.75%	05/01/15	02/01/26
Limited Duration Fund – Institutional Class	0.50%	12/01/13	02/01/26
Limited Duration Fund – Class R6	0.50%	03/13/19	02/01/26
Macro Opportunities Fund – Class A	1.36%	11/30/12	02/01/26
Macro Opportunities Fund – Class C	2.11%	11/30/12	02/01/26
Macro Opportunities Fund – Class P	1.36%	05/01/15	02/01/26
Macro Opportunities Fund – Institutional Class	0.95%	11/30/12	02/01/26
Macro Opportunities Fund – Class R6	0.95%	03/13/19	02/01/26
Municipal Income Fund – Class A	0.80%	11/30/12	02/01/26
Municipal Income Fund – Class C	1.55%	11/30/12	02/01/26
Municipal Income Fund – Class P	0.80%	05/01/15	02/01/26
Municipal Income Fund – Institutional Class	0.55%	11/30/12	02/01/26
Total Return Bond Fund – Class A	0.79%	11/30/12	02/01/26
Total Return Bond Fund – Class C	1.54%	11/30/12	02/01/26
Total Return Bond Fund – Class P	0.79%	05/01/15	02/01/26
Total Return Bond Fund – Institutional Class	0.50%	11/30/12	02/01/26
Total Return Bond Fund – Class R6	0.50%	10/19/16	02/01/26
Ultra Short Duration Fund –Class A	0.58%	11/30/18	02/01/26
Ultra Short Duration Fund – Institutional Class	0.33%	11/30/18	02/01/26

¹ Prior to February 21, 2024, the limits for High Yield Fund were 1.16%, 1.91%, 1.16%, 0.91% and 0.91% for Class A, Class C, Class P, Institutional Class, and Class R6, respectively.

GPIM has contractually agreed through February 1, 2026, to reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees (if any), but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) of the Active INvestment Series (GAINS) - Core Plus Fund and the Active INvestment Series (GAINS) - Limited Duration Fund to the annual percentage of average daily net assets for SMA Class shares to 0.00%. The agreement will expire when it reaches its termination or when GPIM ceases to serve as the Investment Adviser and it can be terminated by the Fund’s Board of Trustees.

THE GUGGENHEIM FUNDS ANNUAL REPORT | 301

NOTES TO FINANCIAL STATEMENTS (continued)

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

Fund	2025		2026		2027		Total
Core Bond Fund
Class A	$	35,811	$	66,528	$	80,581	$	182,920
Class C		19,268		7,997		1,505		28,770
Class P		114,700		56,610		563		171,873
Institutional Class		1,278,995		773,981		432,527		2,485,503
Floating Rate Strategies Fund
Class A		114,896		134,479		126,706		376,081
Class C		63,710		33,051		23,221		119,982
Class P		45,054		55,729		54,830		155,613
Institutional Class		717,446		582,868		450,359		1,750,673
Class R6		45		966		338		1,349
High Yield Fund
Class A		—		—		55,626		55,626
Class C		—		2,408		12,649		15,057
Class P		5,764		1,432		6,251		13,447
Institutional Class		—		6,465		120,649		127,114
Class R6		151		143		566		860
Limited Duration Fund
Class A		400,848		95,368		4,277		500,493
Class C		68,209		36,276		3,998		108,483
Class P		202,943		28,742		34,279		265,964
Institutional Class		3,164,191		2,123,104		1,020,934		6,308,229
Class R6		—		—		—		—
Macro Opportunities Fund
Class A		80,282		15,216		4,236		99,734
Class C		37,685		6,309		1,602		45,596
Class P		101,516		99,081		457		201,054
Institutional Class		7,075,307		4,861,940		4,078,154		16,015,401
Class R6		38,182		9,192		3,753		51,127
Municipal Income Fund
Class A		204,036		158,775		157,994		520,805
Class C		6,810		4,657		7,004		18,471
Class P		1,160		1,024		1,263		3,447
Institutional Class		39,988		37,249		48,401		125,638
Total Return Bond Fund
Class A		196,304		56,238		22,931		275,473
Class C		167,978		42,447		49,933		260,358
Class P		1,002,868		499,250		81,455		1,583,573
Institutional Class		19,248,693		10,006,046		5,873,863		35,128,602
Class R6		—		—		2,762		2,762
Ultra Short Duration Fund
Class A		105,228		100,752		36,426		242,406
Institutional Class		177,223		224,523		82,349		484,095

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

Core Bond	$	149,499
Floating Rate Strategies Fund		406
High Yield Fund		54,288
Limited Duration Fund		545,024
Macro Opportunities Fund		220,347
Total Return Bond Fund		2,936,495
Ultra Short Duration Fund		1,261

302 | THE GUGGENHEIM FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

If a Fund invests in a fund that is advised by the same adviser or an affiliated adviser, the investing Fund’s adviser has agreed to waive fees at the investing fund level to the extent necessary to offset the proportionate share of any management fee paid by each Fund with respect to its investment in such affiliated fund. Fee waivers will be calculated at the investing fund level without regard to any expense cap in effect for the investing fund. Fees waived under this arrangement are not subject to reimbursement to GI. For the year ended September 30, 2024, the following Funds waived fees related to investments in affiliated funds:

Fund	Amount Waived
StylePlus—Large Core Fund	$	81,725
StylePlus—Mid Growth Fund		5,531
Limited Duration Fund		79,237
Macro Opportunities Fund		1,290,217
Total Return Bond Fund		562,100

For the year ended September 30, 2024, GFD retained sales charges of $185,962 relating to sales of Class A shares of the Trust.

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

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

At September 30, 2024, GI and its affiliates owned over twenty percent of the outstanding shares of the Funds, as follows:

Fund	Percent of Outstanding Shares Owned
Alpha Opportunity Fund		84	%
Active INvestment Series (GAINS) - Core Plus Fund		100	%
Active INvestment Series (GAINS) - Limited Duration Fund		100	%
Ultra Short Duration Fund		43	%

Note 6 – Reverse Repurchase Agreements

Each of the Funds may enter into reverse repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities and agrees to repurchase them at a particular price at a future date. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce the Fund’s obligation to repurchase the securities, and the Fund’s use of the proceeds of the reverse repurchase agreement may effectively be restricted pending such decision.

For the year ended September 30, 2024, the following funds entered into reverse repurchased agreements:

Fund	Number of Days Outstanding		Balance at September 30, 2024			Average Balance Outstanding		Average Interest Rate
Active INvestment Series (GAINS) - Core Plus Fund		1	$	—	*	$	97,500		5.20	%
Core Bond Fund		74		—	*		41,101,054		5.38	%
High Yield Fund		269		—	*		1,482,073		3.38	%
Limited Duration Fund		81		—	*		140,952,348		5.42	%
Municipal Income Fund		1		—	*		3,600,000		5.85	%
Total Return Bond Fund		257		—	*		482,555,109		5.54	%

^* As of September 30, 2024, the fund did not have any open reverse repurchase agreements.

THE GUGGENHEIM FUNDS ANNUAL REPORT | 303

NOTES TO FINANCIAL STATEMENTS (continued)

Note 7 – Federal Income Tax Information

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

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

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

The Macro Opportunities Fund intends to invest up to 25% of its assets in the Subsidiary which is expected to provide the Fund with exposure to the commodities markets within the limitations of the U.S. federal income tax requirements under Subchapter M of the Internal Revenue Code. The Fund has received a private letter ruling from the IRS that concludes that the income the Fund receives from the Subsidiary will constitute qualifying income for purposes of Subchapter M of the Internal Revenue Code. The Subsidiary will be classified as a corporation for U.S. federal income tax purposes. A foreign corporation, such as the Subsidiary, will generally not be subject to U.S. federal income taxation unless it is deemed to be engaged in a U.S. trade or business. If, during a taxable year, the Subsidiary’s taxable losses (and other deductible items) exceed its income and gains, the net loss will not pass through to the Fund as a deductible amount for U.S. federal income tax purposes and cannot be carried forward to reduce future income from the Subsidiary in subsequent years.

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

Fund	Ordinary Income		Long-Term Capital Gain		Return of Capital		Total Distributions
Alpha Opportunity Fund	$	199,681	$	—	$	—	$	199,681
Large Cap Value Fund		674,731		3,299,408		—		3,974,139
Market Neutral Real Estate Fund		1,139,168		—		—		1,139,168
Risk Managed Real Estate Fund		10,186,667		—		—		10,186,667
SMid Cap Value Fund		2,717,162		8,857,859		—		11,575,021
StylePlus—Large Core Fund		5,630,586		—		—		5,630,586
StylePlus—Mid Growth Fund		1,661,785		—		—		1,661,785
World Equity Income Fund		854,827		—		—		854,827

Fund	Ordinary Income		Long-Term Capital Gain		Tax-Exempt Income		Return of Capital		Total Distributions
Active INvestment Series (GAINS) – Core Plus Fund	$	23,432	$	—	$	—	$	—	$	23,432
Active INvestment Series (GAINS) – Limited Duration Fund		22,811		—		—		—		22,811
Core Bond Fund		89,053,861		—		—		—		89,053,861
Floating Rate Strategies Fund		86,712,493		—		—		—		86,712,493
High Yield Fund		12,495,651		—		—		309,023		12,804,674
Limited Duration Fund		197,510,680		—		—		—		197,510,680
Macro Opportunities Fund		430,970,769		—		—		—		430,970,769
Municipal Income Fund		164,595		—		745,790		24,077		934,462
Total Return Bond Fund		1,104,692,223		—		—		—		1,104,692,223
Ultra Short Duration Fund		27,081,533		—		—		—		27,081,533

304 | THE GUGGENHEIM FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

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

Fund	Ordinary Income		Long-Term Capital Gain		Return of Capital		Total Distributions
Alpha Opportunity Fund	$	205,930	$	—	$	—	$	205,930
Large Cap Value Fund		537,701		3,093,835		—		3,631,536
Market Neutral Real Estate Fund		111,384		—		—		111,384
Risk Managed Real Estate Fund		9,734,314		18,153,953		2,638,803		30,527,070
SMid Cap Value Fund		5,582,517		28,323,495		—		33,906,012
StylePlus—Large Core Fund		1,947,148		57,379,626		—		59,326,774
StylePlus—Mid Growth Fund		326,968		18,747,109		—		19,074,077
World Equity Income Fund		792,315		23,830		—		816,145

Fund	Ordinary Income		Long-Term Capital Gain		Tax-Exempt Income		Return of Capital		Total Distributions
Core Bond Fund	$	56,067,246	$	—	$	—	$	—	$	56,067,246
Floating Rate Strategies Fund		85,281,735		—		—		—		85,281,735
High Yield Fund		11,332,804		—		—		114,250		11,447,054
Limited Duration Fund		163,997,722		—		—		—		163,997,722
Macro Opportunities Fund		346,075,668		1,276,126		—		—		347,351,794
Municipal Income Fund		832,530		—		1,021,378		—		1,853,908
Total Return Bond Fund		872,345,018		—		—		—		872,345,018
Ultra Short Duration Fund		26,832,386		—		—		—		26,832,386

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

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

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital and Other Losses			Other Temporary Differences			Total
Alpha Opportunity Fund	$	284,107	$	—	$	3,926,931	$	(24,088,197	)	$	—		$	(19,877,159	)
Large Cap Value Fund		777,524		536,395		9,930,648		—			—			11,244,567
Market Neutral Real Estate Fund		1,142,616		—		888,682		(3,203,770	)		—			(1,172,472	)
Risk Managed Real Estate Fund		3,007,949		1,277,517		28,173,578		(1,435,653	)		(2,092,791	)		28,930,600
SMid Cap Value Fund		2,767,083		21,951,214		83,610,068		—			—			108,328,365
StylePlus—Large Core Fund		8,416,845		—		45,940,930		—			—			54,357,775
StylePlus—Mid Growth Fund		1,972,163		—		9,501,149		(13,902,640	)		—			(2,429,328	)
World Equity Income Fund		749,222		1,743,662		8,169,647		—			(136,212	)		10,526,319

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital and Other Losses			Other Temporary Differences			Total
Active INvestment Series (GAINS) – Core Plus Fund	$	14,339	$	—	$	7,603		$	—		$	(14,480	)	$	7,462
Active INvestment Series (GAINS) – Limited Duration Fund		13,726		—		4,304			—			(13,869	)		4,161
Core Bond Fund		2,499,000		—		(38,880,597	)		(152,589,356	)		(7,030,153	)		(196,001,106	)
Floating Rate Strategies Fund		3,831,206		—		(41,364,262	)		(173,245,761	)		(6,464,852	)		(217,243,669	)
High Yield Fund		—		—		(7,837,443	)		(32,892,062	)		(1,018,594	)		(41,748,099	)
Limited Duration Fund		6,771,340		—		(67,831,638	)		(94,877,264	)		(15,339,285	)		(171,276,847	)
Macro Opportunities Fund		19,601,048		—		(452,698,861	)		(285,980,038	)		(32,598,767	)		(751,676,618	)
Municipal Income Fund		—		—		(493,651	)		(5,973,300	)		(47,905	)		(6,514,856	)
Total Return Bond Fund		25,017,164		—		(750,209,626	)		(2,419,523,261	)		(97,169,081	)		(3,241,884,804	)
Ultra Short Duration Fund		542,264		—		(5,513,081	)		(4,062,162	)		(2,056,969	)		(11,089,948	)

THE GUGGENHEIM FUNDS ANNUAL REPORT | 305

NOTES TO FINANCIAL STATEMENTS (continued)

For U.S. federal income tax purposes, capital loss carryforwards represent realized losses of the Funds that may be carried forward and applied against future capital gains. The Funds are permitted to carry forward capital losses for an unlimited period and such capital loss carryforwards retain their character as either short-term or long-term capital losses. As of September 30, 2024, capital loss carryforwards for the Funds were as follows:

	Unlimited
Fund	Short-Term			Long-Term			Total Capital Loss Carryforward
Alpha Opportunity Fund	$	(19,333,798	)	$	(4,754,399	)	$	(24,088,197	)
Large Cap Value Fund		—			—			—
Market Neutral Real Estate Fund		(2,266,359	)		(937,411	)		(3,203,770	)
Risk Managed Real Estate Fund		—			—			—
SMid Cap Value Fund		—			—			—
StylePlus—Large Core Fund		—			—			—
StylePlus—Mid Growth Fund		(5,717,769	)		(8,184,871	)		(13,902,640	)
World Equity Income Fund		—			—			—

	Unlimited
Fund	Short-Term			Long-Term			Total Capital Loss Carryforward
Core Bond Fund	$	(42,901,495	)	$	(109,687,861	)	$	(152,589,356	)
Floating Rate Strategies Fund		(7,871,952	)		(165,373,809	)		(173,245,761	)
High Yield Fund		(1,360,548	)		(31,531,514	)		(32,892,062	)
Limited Duration Fund		—			(94,877,264	)		(94,877,264	)
Macro Opportunities Fund		—			(285,980,038	)		(285,980,038	)
Municipal Income Fund		—			(5,973,300	)		(5,973,300	)
Total Return Bond Fund		(774,487,969	)		(1,644,998,915	)		(2,419,486,884	)
Ultra Short Duration Fund		(1,195,509	)		(2,866,653	)		(4,062,162	)

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

Fund	Utilized
Alpha Opportunity Fund	$	2,757,331
Large Cap Value Fund		—
Market Neutral Real Estate Fund		250,638
Risk Managed Real Estate Fund		812,563
SMid Cap Value Fund		—
StylePlus—Large Core Fund		40,316,747
StylePlus—Mid Growth Fund		12,946,804
World Equity Income Fund		143,428

Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book/tax differences.

For the Equity Funds, these differences are primarily due to investments in real estate investment trusts, foreign currency gains and losses, losses deferred due to wash sales, distributions in connection with redemption of fund shares, and the “mark-to-market,” recharacterization, or disposition of certain Passive Foreign Investment Companies (PFICs). Additional differences may result from the tax treatment of securities sold short, dividends payable, distribution reclasses, and the “mark-to-market” of certain derivatives.

For the Fixed Income Funds, these differences are primarily due to investments in swap agreements, partnerships, and CLO securities, foreign currency gains and losses, the “mark-to-market” of certain derivatives, losses deferred due to wash sales, reclassification of dividends received, distributions payable, and the “mark-to-market,” recharacterization, or disposition of certain Passive Foreign Investment Companies (PFICs).

306 | THE GUGGENHEIM FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

Additional differences may result from the tax treatment of bond premium/discount amortization, paydown reclasses, income accruals on certain investments, the deferral of losses related to tax straddle investments, and the “mark-to-market” of certain investments denominated in foreign currencies. In Macro Opportunities Fund, differences may also result from transactions with the Fund’s wholly owned subsidiary.

To the extent these differences are permanent and would require a reclassification between Paid in Capital and Total Distributable Earnings (Loss), such reclassifications are made in the period that the differences arise. These reclassifications have no effect on net assets or NAV per share.

The following adjustments were made on the Statements of Assets and Liabilities, and with respect to Macro Opportunities Fund on the Consolidated Statement of Assets and Liabilities, as of September 30, 2024 for permanent book/tax differences:

Fund	Paid In Capital			Total Distributable Earnings/(Loss)
Large Cap Value Fund	$	238,568		$	(238,568	)
Risk Managed Real Estate Fund		(39,770	)		39,770
SMid Cap Value Fund		4,117,184			(4,117,184	)
StylePlus—Large Core Fund		433,560			(433,560	)
World Equity Income Fund		102,577			(102,577	)

Fund	Paid In Capital			Total Distributable Earnings/(Loss)
Core Bond Fund	$	49,454		$	(49,454	)
Floating Rate Strategies Fund		(5,564	)		5,564
Macro Opportunities Fund		(1,048,842	)		1,048,842

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

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation/ (Depreciation)
Alpha Opportunity Fund	$	34,293,818	$	5,951,878	$	(2,024,947	)	$	3,926,931
Large Cap Value Fund		30,207,742		10,641,794		(711,146	)		9,930,648
Market Neutral Real Estate Fund		37,962,919		2,179,976		(1,291,294	)		888,682
Risk Managed Real Estate Fund		290,561,590		37,875,904		(9,702,326	)		28,173,578
SMid Cap Value Fund		287,862,137		97,267,816		(13,657,748	)		83,610,068
StylePlus—Large Core Fund		251,287,488		46,052,394		(111,464	)		45,940,930
StylePlus—Mid Growth Fund		73,888,453		9,988,144		(486,995	)		9,501,149
World Equity Income Fund		43,787,733		8,551,344		(382,979	)		8,168,365

THE GUGGENHEIM FUNDS ANNUAL REPORT | 307

NOTES TO FINANCIAL STATEMENTS (continued)

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation/ (Depreciation)
Active INvestment Series (GAINS) – Core Plus Fund	$	9,568,265	$	11,783	$	(4,175	)	$	7,608
Active INvestment Series (GAINS) – Limited Duration Fund		3,873,364		7,194		(2,885	)		4,309
Core Bond Fund		2,372,979,998		41,512,585		(80,383,966	)		(38,871,381	)
Floating Rate Strategies Fund		1,002,581,237		4,052,816		(45,409,686	)		(41,356,870	)
High Yield Fund		210,840,311		4,553,391		(12,389,870	)		(7,836,479	)
Limited Duration Fund		5,085,372,565		35,676,945		(103,527,611	)		(67,850,666	)
Macro Opportunities Fund		7,968,744,201		89,658,694		(543,690,242	)		(454,031,548	)
Municipal Income Fund		21,664,154		1,749,702		(2,243,353	)		(493,651	)
Total Return Bond Fund		30,672,934,750		510,574,890		(1,260,111,286	)		(749,536,396	)
Ultra Short Duration Fund		521,499,219		1,366,415		(6,879,496	)		(5,513,081	)

Note 8 – Securities Transactions

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

Fund	Purchases		Sales
Alpha Opportunity Fund	$	106,109,325	$	110,204,109
Large Cap Value Fund		4,919,219		7,838,372
Market Neutral Real Estate Fund		37,359,962		46,142,938
Risk Managed Real Estate Fund		253,156,725		334,962,863
SMid Cap Value Fund		91,095,874		162,647,975
StylePlus—Large Core Fund		151,066,917		128,008,407
StylePlus—Mid Growth Fund		57,455,453		55,539,534
World Equity Income Fund		58,243,646		60,973,657

Fund	Purchases		Sales
Active INvestment Series (GAINS) - Core Plus Fund	$	4,419,692	$	5,099
Active INvestment Series (GAINS) - Limited Duration Fund		3,282,599		5,099
Core Bond Fund		736,665,012		482,015,566
Floating Rate Strategies Fund		362,891,481		416,406,043
High Yield Fund		84,843,386		90,562,382
Limited Duration Fund		914,741,809		1,138,095,260
Macro Opportunities Fund		2,168,772,780		1,403,176,034
Municipal Income Fund		15,186,526		37,504,944
Total Return Bond Fund		10,036,847,280		6,634,494,772
Ultra Short Duration Fund		36,530,291		179,273,979

For the year ended September 30, 2024, the cost of purchases and proceeds from sales of government securities were as follows:

Fund	Purchases		Sales
Core Bond Fund	$	1,234,836,031	$	1,114,554,237
Limited Duration Fund		1,001,370,968		520,805,919
Macro Opportunities Fund		359,296,875		22,834,906
Total Return Bond Fund		9,465,767,524		9,501,096,369

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common

308 | THE GUGGENHEIM FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. For the year ended September 30, 2024, the Funds did not engage in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act.

Note 9 – Unfunded Loan Commitments

Pursuant to the terms of certain loan agreements, certain Funds held unfunded loan commitments as of September 30, 2024. The Funds are obligated to fund these loan commitments at the borrower’s discretion.

The unfunded loan commitments as of September 30, 2024, were as follows:

Fund	Borrower	Maturity Date		Face Amount*		Value
Active INvestment Series (GAINS) - Core Plus Fund
	Capstone Acquisition Holdings, Inc.		11/12/29		805	$	5
Active INvestment Series (GAINS) - Limited Duration Fund
	Capstone Acquisition Holdings, Inc.		11/12/29		805	$	5
Core Bond Fund
	Eagle Point Holdings Borrower LLC		03/31/28		383,333	$	—
	Lightning A		03/01/37		878,889		—
	Thunderbird A		03/01/37		896,667		—
	Obra Longevity		06/30/39		2,040,000		—
						$	—
Floating Rate Strategies Fund
	Alter Domus		05/14/31		130,081	$	—
	American Tire Distributors, Inc.		10/22/26		272,619		19,083
	DG Investment Intermediate Holdings 2, Inc.		03/31/28		55,293		242
	Epicor Software		05/30/31		199,525		—
	Focus Financial Partners LLC		09/10/31		345,229		—
	Hobbs & Associates LLC		07/23/31		295,555		739
						$	20,064
High Yield Fund
	Accuride Corp.		10/25/24		76,921	$	3,663
	American Tire Distributors, Inc.		10/22/26		36,044		2,523
						$	6,186
Limited Duration Fund
	Datix Bidco Ltd.		04/25/31		293,000	$	2,231
	Eagle Point Holdings Borrower LLC		03/31/28		866,667		—
	Lightning A		03/01/37		1,654,379		—
	Obra Longevity		06/30/39		2,340,000		—
	RLDatix		10/25/30		246,050		1,874
	Thunderbird A		03/01/37		1,687,843		—
						$	4,105
Macro Opportunities Fund
	Accuride Corp.		10/25/24		924,055	$	44,003
	Alter Domus		05/14/31		232,066		—
	Avalara, Inc.		10/19/28		1,600,000		15,460
	Capstone Acquisition Holdings, Inc.		11/12/29		483,022		2,738
	Care BidCo		05/04/28		EUR 9,200,000		489,793
	Checkers Holdings, Inc.		06/16/27		262,053		—
	Datix Bidco Ltd.		04/25/31		3,640,000		27,719
	DG Investment Intermediate Holdings 2, Inc.		03/31/28		569,196		2,487
	Finastra USA, Inc.		09/13/29		518,564		52,844
	Hobbs & Associates LLC		07/23/31		906,364		2,266

THE GUGGENHEIM FUNDS ANNUAL REPORT | 309

NOTES TO FINANCIAL STATEMENTS (continued)

Fund	Borrower	Maturity Date		Face Amount*		Value
Macro Opportunities Fund (continued)
	Integrated Power Services Holdings, Inc.		11/22/28		3,474,240	$	—
	Lightning A		03/01/37		8,995,686		—
	Lightning B		03/01/37		1,809,477		—
	MB2 Dental Solutions LLC		02/13/31		7,652,128		13,421
	Obra Longevity		06/30/39		13,720,000		—
	Orion Group		03/19/27		2,186,606		38,738
	Polaris Newco LLC		06/04/26		3,577,070		149,861
	RLDatix		10/25/30		3,078,000		23,439
	Shaw Development LLC		10/30/29		734,043		12,431
	Thunderbird A		03/01/37		9,177,647		—
	Thunderbird B		03/01/37		1,846,078		—
	TK Elevator Midco GmbH		01/29/27		EUR 10,182,234		450,532
						$	1,325,732
Total Return Bond Fund
	Capstone Acquisition Holdings, Inc.		11/12/29		1,098,875	$	6,229
	Datix Bidco Ltd.		04/25/31		3,194,733		24,328
	Eagle Point Holdings Borrower LLC		03/31/28		4,959,231		—
	Higginbotham Insurance Agency, Inc.		11/24/28		6,598,611		51,973
	Lightning A		03/01/37		14,915,261		—
	MB2 Dental Solutions LLC		02/13/31		10,481,663		18,396
	Obra Longevity		06/30/39		26,800,000		—
	RLDatix		10/25/30		2,682,258		20,426
	Thunderbird A		03/01/37		15,216,961		—
						$	121,352

*	The face amount is denominated in U.S. dollars unless otherwise indicated.
	EUR — Euro

Note 10– Restricted Securities

The securities below are considered illiquid and restricted under guidelines established by the Board:

Fund	Restricted Securities	Acquisition Date		Cost		Value
Core Bond Fund
	Central Storage Safety Project Trust
	4.82% due 02/01/38		03/20/18	$	810,179	$	749,577
	Copper River CLO Ltd.
	2007-1A INC, due 01/20/211		05/09/14		—		70
	Nassau LLC
	2019-1 3.98% due 08/15/34		08/16/19		538,721		493,135
				$	1,348,900	$	1,242,782
Floating Rate Strategies Fund
	Mirabela Nickel Ltd.
	due 06/24/194		12/31/13	$	1,160,811	$	6,399
High Yield Fund
	Endo Luxembourg Finance Co I SARL / Endo US, Inc.*		04/23/24	$	7,224	$	121
	Endo Luxembourg Finance Co I SARL / Endo US,
	Inc.*		04/23/24		5,671		95
	Mirabela Nickel Ltd.
	due 06/24/194		12/31/13		252,369		1,391

310 | THE GUGGENHEIM FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

Fund	Restricted Securities	Acquisition Date		Cost		Value
High Yield Fund (continued)
	Sabre GLBL, Inc.
	7.38% due 09/01/25		08/20/20	$	320,058	$	316,800
	Sabre GLBL, Inc.
	9.25% due 04/15/25		01/05/22		31,598		30,884
				$	616,920	$	349,291
Limited Duration Fund
	Cascade Funding Mortgage Trust
	2019-RM3 2.80% due 06/25/693		06/25/19	$	65,854	$	65,619
	Copper River CLO Ltd.
	2007-1A INC, (WAC) due 01/20/211		05/09/14		585,000		50
				$	650,854	$	65,669
Macro Opportunities Fund
	Copper River CLO Ltd.
	2007-1A INC, due 01/20/211		05/09/14	$	—	$	815
	Endo Luxembourg Finance Co I SARL / Endo US, Inc.*		05/15/24		26,268		440
	Endo Luxembourg Finance Co I SARL / Endo US, Inc.*		05/15/24		10,895		183
	Mirabela Nickel Ltd.
	due 06/24/194		12/31/13		1,710,483		9,427
	Nassau LLC
	2019-1, 3.98% due 08/15/34		08/16/19		8,942,687		8,186,044
				$	10,690,333	$	8,196,909
Total Return Bond Fund
	Angel Oak Mortgage Trust
	2024-3 4.80% due 11/26/682		03/07/24	$	2,351,891	$	2,431,714
	ASG Resecuritization Trust
	2010-3 4.91% (1 Month Term SOFR + 0.40%, Rate Cap/Floor: 10.50%/0.29%) due 12/28/453		10/28/16		1,738,038		1,812,712
	Atlantic Marine Corporations Communities LLC
	5.37% due 12/01/50		02/02/17		745,257		662,747
	BRAVO Residential Funding Trust
	2023-NQM5 7.01% due 06/25/632		08/03/23		3,608,151		3,664,891
	BRAVO Residential Funding Trust
	2023-NQM2 4.50% due 05/25/622		02/22/23		2,128,098		2,255,025
	BRAVO Residential Funding Trust
	2024-NQM3 6.39% due 03/25/642		03/15/24		2,193,957		2,224,942
	Cascade Funding Mortgage Trust
	2019-RM3 2.80% due 06/25/693		06/25/19		238,728		237,868
	Central Storage Safety Project Trust
	4.82% due 02/01/38		02/02/18		16,735,894		15,366,320
	Copper River CLO Ltd.
	2007-1A INC, due 01/20/211		05/09/14		—		150
	FIGRE Trust
	2024-HE3 6.23% due 07/25/543		07/11/24		2,669,232		2,707,287
	GCAT Trust
	2024-NQM2 6.09% due 06/25/592		05/15/24		3,632,568		3,684,841
	GCAT Trust
	2024-NQM2 6.54% due 06/25/592		05/15/24		2,760,690		2,802,146
	GCAT Trust
	2023-NQM2 6.24% due 11/25/672		01/30/23		2,573,753		2,580,820
	Irwin Home Equity Loan Trust
	2007-1 6.35% due 08/25/37		02/27/15		34		33
	Morgan Stanley ABS Capital I Incorporated Trust
	2007-HE3 5.10% (1 Month Term SOFR + 0.24%, Rate Floor: 0.13%) due 12/25/363		03/10/21		1,494,305		1,192,937

THE GUGGENHEIM FUNDS ANNUAL REPORT | 311

NOTES TO FINANCIAL STATEMENTS (continued)

Fund	Restricted Securities	Acquisition Date		Cost		Value
Total Return Bond Fund (continued)
	Morgan Stanley Re-REMIC Trust
	2010-R5 5.31% due 06/26/36		07/18/14	$	76,618	$	83,657
	Nassau LLC
	2019-1 3.98% due 08/15/34		08/16/19		9,364,264		8,580,553
	Nomura Resecuritization Trust
	2015-4R 2.71% (1 Month Term SOFR + 0.54%, Rate Floor: 0.43%) due 03/26/363		03/20/15		365,264		356,673
	OBX Trust
	2024-NQM2 6.18% due 12/25/632		01/25/24		3,560,407		3,591,858
	OBX Trust
	2024-NQM9 6.28% due 01/25/642		06/14/24		3,429,607		3,477,955
	OBX Trust
	2022-NQM8 6.10% due 09/25/622		09/26/22		3,338,586		3,389,267
	OBX Trust
	2023-NQM2 6.72% due 01/25/622		02/21/23		3,061,368		3,093,873
	OBX Trust
	2024-NQM12 5.83% due 07/25/642		08/15/24		3,056,929		3,076,339
	OBX Trust
	2022-NQM9 6.45% due 09/25/622		03/13/24		2,063,284		2,070,294
	OBX Trust
	2024-NQM3 6.43% due 12/25/632		02/14/24		1,630,159		1,648,994
	Residential Mortgage Loan Trust
	2020-1 2.68% (WAC) due 01/26/603		02/06/20		390,859		380,758
	SPSS
	5.14% due 11/15/52		03/30/23		123,583		127,445
	Verus Securitization Trust
	2024-1 6.12% due 01/25/692		01/12/24		3,459,815		3,484,565
	Verus Securitization Trust
	2023-2 6.85% due 03/25/682		03/13/24		3,178,722		3,202,592
	Verus Securitization Trust
	2024-5 6.45% due 06/25/692		06/10/24		2,399,192		2,438,289
	Verus Securitization Trust
	2022-8 6.13% due 09/25/672		10/06/22		1,328,334		1,357,078
				$	83,697,587	$	81,984,623

*	Non-income producing security.
1	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
2	Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at September 30, 2024. See table below for additional step information for each security.
3	Variable rate security. Rate indicated is the rate effective at September 30, 2024. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
4	Security is in default of interest and/or principal obligations.

Note 11 – Line of Credit

The Trust, along with other affiliated trusts, secured a 364-day committed, $1,165,000,000 line of credit from Citibank, N.A., which was in place through September 29, 2024, at which time the line of credit was renewed as a 364-day committed, $1,115,000,000 line of credit. A Fund may draw (borrow) from the line of credit as a temporary measure for emergency purposes, to facilitate redemption requests, or for other short-term liquidity purposes consistent with the Fund’s investment objective and program. For example, it may be advantageous for the Fund to borrow money rather than sell existing portfolio positions to meet redemption requests. Fees related to borrowings, if any, vary under this arrangement between the greater of Citibank’s “base rate”, SOFR plus 1%, or the federal funds rate plus 1/2 of 1%.

312 | THE GUGGENHEIM FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

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

Note 12 – Large Shareholder Risk

As of September 30, 2024, 83.7% of the Alpha Opportunity Fund (the “Fund”) was held by Guggenheim Macro Opportunities Fund. The Fund may experience adverse effects if a large number of shares of the Fund are held by a single shareholder (e.g., an institutional investor, financial intermediary or another GI Fund). The Fund is subject to the risk that a redemption by those shareholders of all or a large portion of the Fund could cause the Fund to liquidate its assets at inopportune times, or at a loss or depressed value, which could adversely impact the Fund’s performance and cause the value of a shareholder’s investment to decline. Redemptions of a large number of shares also may increase transaction costs or, by necessitating a sale of portfolio securities, have adverse tax consequences for shareholders. They also potentially limit the use of any capital loss carryforwards and certain other losses to offset future realized capital gains (if any) and may limit or prevent a Fund’s use of tax equalization.

Note 13 – Market Risks

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

Note 14 – Subsequent Events

Reorganizations of Certain Funds. On October 25, 2024 and on November 8, 2024 with respect to Guggenheim World Equity Income Fund, the Funds identified below (the “Acquired Funds”) were reorganized into the series of New Age Alpha Funds Trust identified below (the “Acquiring Funds”) (each, a “Reorganization” and collectively, the “Reorganizations”), pursuant to Agreements and Plans of Reorganization approved by the Board and by shareholders of the Funds. Upon completion of the Reorganizations, shareholders of the Acquired Funds became shareholders of the Acquiring Funds and own shares of the Acquiring Funds equal in value to the shares of the Acquired Funds immediately prior to the Reorganizations.

Acquired Fund	Acquiring Fund
Guggenheim Alpha Opportunity Fund	New Age Alpha Opportunity Fund
Guggenheim Large Cap Value Fund	New Age Alpha Large Cap Value Fund*
Guggenheim Market Neutral Real Estate Fund	New Age Alpha Market Neutral Real Estate Fund
Guggenheim Risk Managed Real Estate Fund	New Age Alpha Risk Managed Real Estate Fund
Guggenheim SMid Cap Value Fund	New Age Alpha SMid Cap Value Fund
Guggenheim StylePlus—Large Core Fund	New Age Alpha Large Core Fund
Guggenheim StylePlus—Mid Growth Fund	New Age Alpha Mid Growth Fund
Guggenheim World Equity Income Fund	New Age Alpha World Equity Income Fund

* Guggenheim RBP^® Large-Cap Defensive Fund, Guggenheim RBP^® Dividend Fund and Guggenheim RBP^® Large-Cap Value Fund, each a series of Transparent Value Trust, which was part of the Guggenheim Family of Funds, were concurrently reorganized into New Age Alpha Large Cap Value Fund.

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NOTES TO FINANCIAL STATEMENTS (concluded)

Replacement of Investment Adviser for Certain Funds. In connection with an internal realignment of Guggenheim Investment’s lines of business, effective on November 29, 2024, GPIM replaced SI as a party to the investment advisory agreements between SI and the Trust with respect to Guggenheim Core Bond Fund, Guggenheim High Yield Fund, and Guggenheim Municipal Income Fund. In addition, effective on November 29, 2024, the sub-advisory agreement between GPIM and SI with respect to Guggenheim Municipal Income Fund was terminated, and it is not currently expected that a separate sub-advisory agreement would be entered into with another party.

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

314 | THE GUGGENHEIM FUNDS ANNUAL REPORT

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of Guggenheim Funds Trust

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities of Guggenheim Macro Opportunities Fund (one of the funds constituting Guggenheim Funds Trust ( the “Trust”)), including the consolidated schedule of investments, as of September 30, 2024, and the related consolidated statements of operations, changes in net assets, and the consolidated financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “consolidated financial statements”). We have also audited the accompanying statements of assets and liabilities of Guggenheim Total Return Bond Fund, Guggenheim High Yield Fund, Guggenheim Core Bond Fund, Guggenheim Floating Rate Strategies Fund, Guggenheim Limited Duration Fund, Guggenheim Ultra Short Duration Fund, Guggenheim Active INvestment Series (GAINS) – Core Plus Fund, Guggenheim Active INvestment Series (GAINS) - Limited Duration Fund, Guggenheim Municipal Income Fund, 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 and Guggenheim World Equity Income Fund (seventeen of the funds constituting the Trust) (collectively, together with Guggenheim Macro Opportunities Fund, referred to as the “Funds”), including the schedules of investments, as of September 30, 2024, and the related statements of operations, changes in net assets, and the financial highlights for periods indicated in the table below and the related notes (collectively, together with the consolidated financial statements, referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position, or the consolidated financial position, of each of the Funds at September 30, 2024, and the results, or the consolidated results, of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Funds comprising the Guggenheim Funds Trust	Statements of operations	Statements of changes in net assets	Financial highlights
Guggenheim Macro Opportunities Fund Guggenheim Total Return Bond Fund Guggenheim High Yield Fund Guggenheim Core Bond Fund Guggenheim Floating Rate Strategies Fund Guggenheim Limited Duration Fund Guggenheim Municipal Income Fund Guggenheim Ultra Short Duration Fund 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	For the year ended September 30, 2024	For each of the two years in the period ended September 30, 2024	For each of the five years in the period ended September 30, 2024
Guggenheim Active INvestment Series (GAINS) – Core Plus Fund Guggenheim Active INvestment Series (GAINS) – Limited Duration Fund	For the period from August 14, 2024 (commencement of operations) through September 30, 2024	For the period from August 14, 2024 (commencement of operations) through September 30, 2024	For the period from August 14, 2024 (commencement of operations) through September 30, 2024

Basis for Opinion

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

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

THE GUGGENHEIM FUNDS ANNUAL REPORT | 315

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (concluded)

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2024, by correspondence with the custodian, transfer agent, brokers, and paying agents; when replies were not received from brokers or paying agents, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

Tysons, Virginia
November 27, 2024

316 | THE GUGGENHEIM FUNDS ANNUAL REPORT

OTHER INFORMATION (Unaudited)

Federal Income Tax Information

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

In January 2025, shareholders will be advised on IRS Form 1099 DIV or substitute 1099 DIV as to the federal tax status of the distributions received by shareholders in the calendar year 2024. The Funds’ investment income (dividend income plus short-term capital gains, if any) qualifies as follows:

Municipal Income Fund designates $745,790 as tax-exempt interest income according to IRC Section 852(b)(5)(A).

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

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

Fund	Qualified Dividend Income			Dividend Received Deduction			Qualified Interest Income			Qualified Short-Term Capital Gain
Alpha Opportunity Fund		100.00	%		100.00	%		7.40	%		0.00	%
Large Cap Value Fund		99.97	%		99.77	%		5.88	%		100.00	%
Market Neutral Real Estate Fund		0.65	%		0.65	%		59.37	%		0.00	%
Risk Managed Real Estate Fund		1.81	%		1.81	%		3.20	%		100.00	%
SMid Cap Value Fund		100.00	%		100.00	%		3.53	%		0.00	%
StylePlus—Large Core Fund		12.17	%		11.48	%		100.00	%		0.00	%
StylePlus—Mid Growth Fund		10.09	%		7.16	%		7.45	%		0.00	%
World Equity Income Fund		97.56	%		43.72	%		2.09	%		0.00	%

Fund	Qualified Dividend Income			Dividend Received Deduction			Qualified Interest Income			Qualified Short-Term Capital Gain
Active INvestment Series (GAINS) – Core Plus Fund		0.00	%		0.00	%		99.62	%		0.00	%
Active INvestment Series (GAINS) – Limited Duration Fund		0.00	%		0.00	%		99.37	%		0.00	%
Core Bond Fund		0.13	%		0.12	%		87.58	%		0.00	%
Floating Rate Strategies Fund		0.00	%		0.00	%		99.93	%		0.00	%
High Yield Fund		0.30	%		0.30	%		92.72	%		0.00	%
Limited Duration Fund		0.01	%		0.01	%		76.01	%		0.00	%
Macro Opportunities Fund		0.61	%		0.60	%		81.59	%		0.00	%
Municipal Income Fund		0.00	%		0.00	%		79.51	%		0.00	%
Total Return Bond Fund		0.33	%		0.33	%		90.42	%		0.00	%
Ultra Short Duration Fund		0.00	%		0.00	%		49.89	%		0.00	%

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OTHER INFORMATION (Unaudited)(concluded)

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

Fund	From long-term capital gain:		From long-term capital gain, using proceeds from shareholder redemptions:
Large Cap Value Fund	$	3,299,408	$	238,568
SMid Cap Value Fund		8,857,859		4,117,184
World Equity Income Fund		—		102,577

Final regulations dated June 24, 2020 enable a regulated investment company to pay Section 199A dividends to its shareholders. Section 199A, enacted as part of the Tax Cuts and Jobs Act of 2017, may allow non-corporate tax payers a deduction of up to 20% of qualified business income from flow-through entities, including dividends from real estate investment trusts. The qualifying percentage of the Market Neutral Real Estate Fund’s and Risk Managed Real Estate Fund’s ordinary income and short-term capital gain distributions, if any, for the purpose of the Section 199A deduction was 48.03 % and 50.78%, respectively.

Sector Classification

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

Quarterly Portfolio Schedules Information

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

318 | THE GUGGENHEIM FUNDS ANNUAL REPORT

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

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

THE GUGGENHEIM FUNDS ANNUAL REPORT | 319

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

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

● An agreement and plan of reorganization providing for the reorganization of Guggenheim Alpha Opportunity Fund into NAA Opportunity Fund (1,037,001 votes for; 47,332 votes against; 693 votes abstain);

● An agreement and plan of reorganization providing for the reorganization of Guggenheim Large Cap Value Fund into NAA Large Cap Value Fund (259,040 votes for; 8,234 votes against; 156,490 votes abstain);

● An agreement and plan of reorganization providing for the reorganization of Guggenheim Market Neutral Real Estate Fund into NAA Market Neutral Real Estate Fund (764,103 votes for; 138 votes against; 543 votes abstain);

● An agreement and plan of reorganization providing for the reorganization of Guggenheim Risk Managed Real Estate Fund into NAA Risk Managed Real Estate Fund (4,058,289 votes for; 27,489 votes against; 102,725 votes abstain);

● An agreement and plan of reorganization providing for the reorganization of Guggenheim SMid Cap Value Fund into NAA SMid Cap Value Fund (3,380,093 votes for; 55,570 votes against; 2,975,380 votes abstain);

● An agreement and plan of reorganization providing for the reorganization of Guggenheim StylePlus—Large Core Fund into NAA Large Core Fund (3,531,955 votes for; 135,276 votes against; 1,572,894 votes abstain); and

● An agreement and plan of reorganization providing for the reorganization of Guggenheim StylePlus—Mid Growth Fund into NAA Mid Growth Fund (812,605 votes for; 32,659 votes against; 264,011 votes abstain);

At a special meeting of shareholders originally held on October 24, 2024 and reconvened on November 4, 2024, the following matter was voted upon and approved by shareholders:

● An agreement and plan of reorganization providing for the reorganization of Guggenheim World Equity Income Fund into NAA World Equity Income Fund (922,569 votes for; 19,630 votes against; 110,056 votes abstain).

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

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

THE GUGGENHEIM FUNDS ANNUAL REPORT | 321

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

Report of the Guggenheim Funds Trust Board of Trustees

The Board of Trustees of Guggenheim Funds Trust (the “Trust”), including the Independent Trustees, approved the renewal of the investment management agreements (as applicable to a specific Fund, the “Advisory Agreement” and collectively, the “Advisory Agreements”) with Security Investors, LLC (“Security Investors”) and Guggenheim Partners Investment Management, LLC (“GPIM”) on behalf of the applicable series of the Trust listed below (each a “Fund” and collectively, the “Funds”) and the investment sub-advisory agreement between Security Investors and GPIM on behalf of Guggenheim Municipal Income Fund (the “Sub-Advisory Agreement” and together with the “Advisory Agreements,” the “Agreements”):

●	Guggenheim Alpha Opportunity Fund (“Alpha Opportunity Fund”)*	●	Guggenheim Core Bond Fund (“Core Bond Fund”)*
●	Guggenheim Floating Rate Strategies Fund (“Floating Rate Strategies Fund”)**	●	Guggenheim High Yield Fund (“High Yield Fund”)*
●	Guggenheim Large Cap Value Fund (“Large Cap Value Fund”)*	●	Guggenheim Limited Duration Fund (“Limited Duration Fund”)**
●	Guggenheim Macro Opportunities Fund (“Macro Opportunities Fund”)**1	●	Guggenheim Market Neutral Real Estate Fund (“Market Neutral Real Estate Fund”)**
●	Guggenheim Municipal Income Fund (“Municipal Income Fund”)*	●	Guggenheim Risk Managed Real Estate Fund (“Risk Managed Real Estate Fund”)**
●	Guggenheim Small Cap Value Fund (“Small Cap Value Fund”)*	●	Guggenheim SMid Cap Value Fund (“SMid Cap Value Fund”)*
●	Guggenheim StylePlus—Large Core Fund (“StylePlus—Large Core Fund”)*	●	Guggenheim StylePlus—Mid Growth Fund (“StylePlus—Mid Growth Fund”)*
●	Guggenheim Total Return Bond Fund (“Total Return Bond Fund”)**	●	Guggenheim Ultra Short Duration Fund (“Ultra Short Duration Fund”)**
●	Guggenheim World Equity Income Fund (“World Equity Income Fund”)*

*	Security Investors serves as investment adviser to the Fund.
**	GPIM serves as investment adviser to the Fund. Unless the context indicates otherwise, GPIM and Security Investors, with respect to their service as investment adviser to the applicable Funds, are each referred to herein as an “Adviser” and together, the “Advisers.”

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

At meetings held in person on April 16, 2024 (the “April Meeting”) and on May 20-21, 2024 (the “May Meeting”), the Contracts Review Committee of the Board (the “Committee”), consisting solely of the Independent Trustees, met separately from Guggenheim to consider the proposed renewal of the Agreements. As part of its review process, the Committee was represented by independent legal counsel to the Independent Trustees (“Independent Legal Counsel”), from whom the Independent Trustees received separate legal advice and with whom they met separately. Independent Legal Counsel reviewed and discussed with the Committee various key aspects of the Trustees’ legal responsibilities relating to the proposed renewal of the Agreements and other principal contracts. The Committee took into account various materials

¹ GPIM also serves as investment adviser to Guggenheim Macro Opportunities Fund CFC (the “Subsidiary”), a wholly-owned subsidiary of Macro Opportunities Fund that is organized as a limited company under the laws of the Cayman Islands and used by Macro Opportunities Fund to obtain commodities exposure. Pursuant to a separate investment advisory agreement for the Subsidiary (the “Subsidiary Advisory Agreement”), the Subsidiary pays GPIM an advisory fee at the same rate that Macro Opportunities Fund pays GPIM under its Advisory Agreement. The Subsidiary Advisory Agreement does not require annual renewal by the Board and will continue until it is terminated as provided in the Agreement. In addition, GPIM and Macro Opportunities Fund have entered into a separate fee waiver agreement pursuant to which GPIM has contractually agreed to waive the advisory fee it receives from Macro Opportunities Fund in an amount equal to the advisory fee paid to GPIM by the Subsidiary. This undertaking will continue for so long as Macro Opportunities Fund invests in the Subsidiary, and may be terminated only with the approval of the Board.

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

received from Guggenheim and Independent Legal Counsel. The Committee also considered the variety of written materials, reports and oral presentations the Board received throughout the year regarding performance and operating results of the Funds, and other information relevant to its evaluation of the Agreements.

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

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

As a part of its analysis, the Committee considered that Guggenheim had engaged in a strategic review of the Guggenheim fund line-up beginning in 2023, which resulted in recommendations to the Board in 2024 for certain Funds² to be reorganized into new funds sponsored by a third-party manager (the “Proposed Reorganizations”) and for Small Cap Value Fund to be liquidated and terminated (the “Proposed Liquidation”). The Committee noted that the Board was engaged in an extensive due diligence process to evaluate the Proposed Reorganizations and the Proposed Liquidation, which was ongoing at the time of the May Board Meeting (defined below), at which meeting the Agreements were being considered for renewal. The Committee considered the potential timing of the Proposed Reorganizations and the Proposed Liquidation and that the continuation of the applicable Agreements for the applicable Funds would allow such Funds to operate until the completion of the Proposed Reorganizations or the Proposed Liquidation, if approved by the Board and by shareholders (as applicable), and would provide for the operation of such Funds to continue in the event the Board or shareholders (as applicable) do not approve the Proposed Reorganizations or the Proposed Liquidation.

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

Advisory Agreements

Nature, Extent and Quality of Services Provided by Each Adviser: With respect to the nature, extent and quality of services currently provided by each Adviser, the Committee considered the qualifications, experience and skills of key personnel performing services for the Funds, including those personnel providing compliance and risk oversight, as well as the supervisors and reporting lines for such personnel. The Committee also considered other information, including Guggenheim’s resources and related efforts to retain, attract and motivate capable personnel to serve the Funds. In evaluating Guggenheim’s resources and capabilities, the Committee considered Guggenheim’s commitment to focusing on, and investing resources in support of, funds in the Guggenheim fund complex. The Committee also considered Guggenheim’s discussions with the Committee and the Board regarding the Proposed Reorganizations and the Proposed Liquidation, including at the April Meeting and the May Meetings. In this regard, the Committee considered Guggenheim’s representation that it continues to manage each Fund included in the Proposed Reorganizations or the Proposed Liquidation in the best interest of such Fund and its shareholders and will continue

² Alpha Opportunity Fund, Large Cap Value Fund, Market Neutral Real Estate Fund, Risk Managed Real Estate Fund, SMid Cap Value Fund, StylePlus—Large Core Fund, StylePlus—Mid Growth Fund and World Equity Income Fund.

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

to do so for so long as it serves as investment adviser to such Fund, including until the Proposed Reorganization or the Proposed Liquidation of such Fund, if approved by the Board and by shareholders (as applicable), is completed. In addition, the Committee considered the acceptability of the terms of each Advisory Agreement, including the scope of services required to be performed by each Adviser.

The Committee’s review of the services provided by Guggenheim to the Funds included consideration of Guggenheim’s investment processes and resulting performance, portfolio oversight and risk management, and the related regular quarterly reports and presentations received by the Board. The Committee took into account the risks borne by Guggenheim in sponsoring and providing services to the Funds, including regulatory, operational, legal and entrepreneurial risks. The Committee considered the resources dedicated by Guggenheim to compliance functions and the reporting made to the Board by Guggenheim compliance personnel regarding Guggenheim’s adherence to regulatory requirements. The Committee also considered the regular reports the Board receives from the Trust’s Chief Compliance Officer regarding compliance policies and procedures established pursuant to Rule 38a-1 under the Investment Company Act of 1940, as amended. In connection with the Committee’s evaluation of the overall package of services provided by Guggenheim, the Committee considered Guggenheim’s administrative services, including its role in supervising, monitoring, coordinating and evaluating the various services provided by the fund administrator, transfer agent, distributor, custodian and other service providers to the Funds. The Committee evaluated the Office of Chief Financial Officer (the “OCFO”), which oversees the fund administration, accounting and transfer agency services provided to the Funds and other funds in the Guggenheim fund complex, including the OCFO’s resources, personnel and services provided.

With respect to Municipal Income Fund, the Committee noted that, although Security Investors delegated certain portfolio management responsibilities to the Sub-Adviser, as affiliated companies, both the Adviser and the Sub-Adviser are part of the Guggenheim organization. Further, the Committee took into account Guggenheim’s explanation that investment advisory-related services are provided by many Guggenheim employees under different related legal entities and thus, the services provided by the Adviser on the one hand and the Sub-Adviser on the other, as well as the risks assumed by each party, cannot be ascribed to distinct legal entities.³ As a result, in evaluating the services provided to the Municipal Income Fund under the Sub-Advisory Agreement, the Committee did not separately consider the contributions under the Advisory Agreement and the Sub-Advisory Agreement.

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

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

Investment Performance: The Committee received, for each Fund, investment returns for the since-inception, ten-year, five-year, three-year, one-year and three-month periods ended December 31, 2023, as applicable. In addition, the Committee received a comparison of each Fund’s performance to the performance of a benchmark, a universe of funds and a narrower peer group of similar funds based on asset levels as identified by FUSE (except as noted above with respect to Market Neutral Real Estate Fund), in each case for the same periods, as applicable. The Committee also received from FUSE a description of the methodology for identifying each Fund’s peer group and universe for performance and expense comparisons. The Committee also received certain performance information as of March 31, 2024. In assessing each Fund’s performance, the Committee considered that the Board receives regular reporting from Guggenheim regarding performance and evaluates performance throughout the year.

³ Consequently, except where the context indicates otherwise, references to “Adviser,” “Advisers” or “Sub-Adviser” should be understood as referring to Guggenheim Investments generally and the services it provides under the Agreements.

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

In seeking to evaluate Fund performance over a full market cycle, the Committee focused its attention on five-year and three-year performance rankings as compared to the relevant universe of funds. Except as to the individual Funds discussed below, the Committee observed that the returns of each Fund’s Institutional Class shares ranked in the third quartile or better of such Fund’s performance universe for each of the five-year and three-year periods considered. In addition, the Committee made the following observations:

Alpha Opportunity Fund: The returns of the Fund’s Institutional Class shares ranked in the 93rd and 54th percentiles of its performance universe for the five-year and three-year periods ended December 31, 2023, respectively. The Committee noted management’s explanation that the Fund’s relative underperformance over the five-year time period was primarily due to the Fund’s beta profile and fundamental factor tilts. The Committee noted management’s statement that the Fund’s lower beta profile to broad market U.S. equities relative to its peers and long exposure to value and short exposure to growth have detracted from investment performance. The Committee also noted management’s statement that as a result of an update in 2021 to the quantitative investment methodology that the Fund employs, the Fund experienced performance rankings that compare more favorably relative to its performance universe for the three-year and one-year periods ended December 31, 2023.

Core Bond Fund: The returns of the Fund’s Institutional Class shares ranked in the 28th and 80th percentiles of its performance universe for the five-year and three-year periods ended December 31, 2023, respectively. The Committee noted management’s explanation that the Fund’s relative underperformance over the three-year time period was primarily due to the Fund’s overweight credit allocation, noting the widening of credit spreads across all fixed income asset classes—primarily concentrated in 2022—as the Federal Reserve tightened monetary policy in response to inflation. The Committee noted management’s statement that the drawdowns across credit markets were driven mostly by technical factors rather than fundamentals, and the Fund was able to capitalize on this volatility, which contributed to improved performance in the past year. The Committee considered that the returns of the Fund’s Institutional Class shares ranked in the 7th percentile of its performance universe for the one-year period ended December 31, 2023.

Market Neutral Real Estate Fund: The returns of the Fund’s Institutional Class shares ranked in the 88th percentile of its performance universe for the five-year and three-year periods ended December 31, 2023. The Committee noted management’s explanation that the Fund’s relative underperformance over the five-year and three-year time periods was due to underperforming pairs of offsetting long and short positions as well as short positions that were taken private. The Committee considered management’s view that the macroeconomic outlook for real estate investment trusts (“REITs”) should be more favorable going forward due to tailwinds from interest rate stabilization and Federal Reserve rate cuts, as well as more optimistic operating fundamentals given more favorable conditions. The Committee also considered management’s statement that the peer funds do not fully reflect the focus on REITs of the Fund’s strategy.

Municipal Income Fund: The returns of the Fund’s Institutional Class shares ranked in the 100th and 97th percentiles of its performance universe for the five-year and three-year periods ended December 31, 2023, respectively. The Committee noted management’s explanation that as the Federal Reserve began to tighten monetary policy through interest rate hikes and quantitative tightening, long duration assets materially underperformed, which negatively impacted the Fund’s performance given the Fund’s bias towards higher quality long duration assets. The Committee noted management’s statement that the Fund is biased towards higher quality long duration assets because management believes that an economic downturn is likely to weigh on lower quality assets. The Committee also noted management’s explanation that the Fund’s allocations to out-of-index sectors, which lagged traditional municipal securities, particularly in 2023, also negatively impacted the Fund’s performance. The Committee considered recent portfolio enhancements implemented by management to improve the Fund’s performance, including reducing the Fund’s allocations to out-of-index sectors, and took into account certain performance information for the Fund as of March 31, 2024 that reflected significant improvement in short-term performance. The Committee also considered its discussions with management at the April Meeting regarding expectations for continued improved performance for the Fund.

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

⁴ The “net effective management fee” for each Fund represents the combined effective advisory fee and administration fee as a percentage of average net assets for the latest fiscal year, after any waivers and/or reimbursements.

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

Comparative Fees, Costs of Services Provided and the Benefits Realized by Each Adviser from Its Relationship with the Funds: The Committee compared each Fund’s contractual advisory fee (which, for Municipal Income Fund, includes the sub-advisory fee paid to the Sub-Adviser), net effective management fee⁴ and total net expense ratio to the applicable peer group. The Committee also reviewed the median advisory fees and expense ratios, including expense ratio components (e.g., transfer agency fees, administration fees, other operating expenses, distribution fees and fee waivers/reimbursements), of the peer group. In addition, the Committee considered information regarding Guggenheim’s process for evaluating the competitiveness of each Fund’s fees and expenses, noting Guggenheim’s statement that evaluations seek to incorporate a variety of factors with a general focus on ensuring fees and expenses: (i) are competitive; (ii) give consideration to resource support requirements; and (iii) ensure Funds are able to deliver on shareholder return expectations.

As part of its evaluation of each Fund’s advisory fee, the Committee considered how such fees compared to the advisory fee charged by Guggenheim to one or more other clients that it manages pursuant to similar investment strategies, to the extent applicable, noting that, in certain instances, Guggenheim charges a lower advisory fee to such other clients. In this connection, the Committee considered, among other things, Guggenheim’s representations about the significant differences between managing mutual funds as compared to other types of accounts. The Committee also considered Guggenheim’s explanation that lower fees are charged in certain instances due to various other factors, including the scope of contract, type of investors, fee structure, applicable legal, governance and capital structures, tax status and historical pricing reasons. In addition, the Committee took into account Guggenheim’s discussion of the regulatory, operational, legal and entrepreneurial risks involved with the Funds as compared to other types of accounts. The Committee concluded that the information it received demonstrated that the aggregate services provided to, or the specific circumstances of, each Fund were sufficiently different from the services provided to, or the specific circumstances of, other clients with similar investment strategies and/or that the risks borne by Guggenheim were sufficiently greater than those associated with managing other clients with similar investment strategies to support the difference in fees.

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

Floating Rate Strategies Fund: The contractual advisory fee for the Fund’s Institutional Class shares ranks in the third quartile (75th percentile) of its peer group. The net effective management fee for the Fund’s Institutional Class shares ranks in the third quartile (67th percentile) of its peer group. The total net expense ratio for the Fund’s Institutional Class shares ranks in the fourth quartile (83rd percentile) of its peer group. The Committee considered the Adviser’s statement explaining the higher expenses that performance is driven by a unique investment approach that requires significant resources. In this regard, the Committee took into consideration the strong investment performance of the Fund’s Institutional Class shares for the three-year period ended December 31, 2023. The Committee also took into account the Fund’s currently effective expense limitation agreement with the Adviser.

High Yield Fund: The contractual advisory fee for the Fund’s Institutional Class shares ranks in the second quartile (36th percentile) of its peer group. The net effective management fee for the Fund’s Institutional Class shares ranks in the second quartile (50th percentile) of its peer group. The total net expense ratio for the Fund’s Institutional Class shares ranks in the fourth quartile (79th percentile) of its peer group. The Committee considered that the Fund’s contractual advisory fee ranks favorably in the second quartile of the peer group and that the net effective management fee ranks in line with the peer group. The Committee also took into account the Fund’s currently effective expense limitation agreement with the Adviser, noting that in early 2024 the Adviser agreed to reduce the expense cap for each share class by 22 basis points to further limit ordinary operating expenses of the Fund.

Limited Duration Fund: The contractual advisory fee for the Fund’s Institutional Class shares ranks in the fourth quartile (87th percentile) of its peer group. The net effective management fee for the Fund’s Institutional Class shares ranks in the third quartile (60th percentile) of its peer group. The total net expense ratio for the Fund’s Institutional Class shares ranks in the third quartile (67th percentile) of its peer group. The Committee considered the Adviser’s statement explaining the higher fees that performance is driven by a unique investment approach that requires significant resources. In this regard, the Committee took into consideration the strong investment performance of the Fund’s Institutional Class shares for the five-year and three-year periods ended December 31, 2023. The Committee also took into account the Fund’s currently effective expense limitation agreement with the Adviser.

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

Macro Opportunities Fund: The contractual advisory fee, net effective management fee and total net expense ratio for the Fund’s Institutional Class shares each rank in the fourth quartile (92nd percentile) of its peer group. The Committee noted that the Fund is categorized as a non-traditional bond fund which seeks to add value by investing in many non-traditional securities within and outside of fixed income, including equities, currencies, commodities and derivatives, and that peer funds have varying degrees of capability, flexibility and associated fees. The Committee considered the Adviser’s statement explaining the higher fees and expenses that performance is driven by a unique investment approach that requires significant resources. The Committee also took into account the Fund’s currently effective expense limitation agreement and contractual advisory fee breakpoint of 5 basis points on average daily net assets above $5 billion.

StylePlus—Large Core Fund: The contractual advisory fee for the Fund’s Institutional Class shares ranks in the third quartile (54th percentile) of its peer group. The net effective management fee and total net expense ratio for the Fund’s Institutional Class shares each rank in the fourth quartile (77th percentile) of its peer group. The Committee considered that the Fund’s contractual advisory fee ranks in line with the peer group. The Committee also took into account the Fund’s currently effective expense limitation agreement with the Adviser.

StylePlus—Mid Growth Fund: The contractual advisory fee for the Fund’s Institutional Class shares ranks in the first quartile (14th percentile) of its peer group. The net effective management fee for the Fund’s Institutional Class shares ranks in the third quartile (57th percentile) of its peer group. The total net expense ratio for the Fund’s Institutional Class shares ranks in the fourth quartile (79th percentile) of its peer group. The Committee considered that the Fund’s contractual advisory fee ranks favorably in the first quartile of its peer group and that the net effective management fee ranks in line with the peer group. The Committee also took into account the Fund’s currently effective expense limitation agreement with the Adviser.

Total Return Bond Fund: The contractual advisory fee for the Fund’s Institutional Class shares ranks in the third quartile (71st percentile) of its peer group. The net effective management fee for the Fund’s Institutional Class shares ranks in the fourth quartile (79th percentile) of its peer group. The total net expense ratio for the Fund’s Institutional Class shares ranks in the third quartile (64th percentile) of its peer group. The Committee considered the Adviser’s statement explaining the higher fees that performance is driven by a unique investment approach that requires significant resources. The Committee also took into account the Fund’s currently effective expense limitation agreement with the Adviser.

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

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

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

Economies of Scale: The Committee received and considered information regarding whether there have been economies of scale with respect to the management of the Funds as Fund assets grow, whether the Funds have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Committee considered whether economies of scale in the provision of services to the Funds were being passed along to and shared with the shareholders. The Committee considered that Guggenheim

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

believes it is appropriately sharing potential economies of scale and that Guggenheim’s decrease in overall expenses in 2023 was attributable to decreased product and distribution related costs driven by lower average assets under management (which also resulted in decreased revenue from the funds in the Guggenheim fund complex), decreased expense waivers and reimbursements, and decreased expenses associated with non-recurring items.

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

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

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

Sub-Advisory Agreement for Municipal Income Fund

Nature, Extent and Quality of Services Provided by the Sub-Adviser: As noted above, because both the Adviser and the Sub-Adviser for Municipal Income Fund—Security Investors and GPIM, respectively—are part of and do business as Guggenheim Investments and the services provided by the Adviser on the one hand and the Sub-Adviser on the other cannot be ascribed to distinct legal entities, the Committee did not separately evaluate the services provided under the Advisory Agreement and the Sub-Advisory Agreement. Therefore, the Committee considered the qualifications, experience and skills of the Fund’s portfolio management team in connection with the Committee’s evaluation of Guggenheim’s investment professionals under the Advisory Agreement. With respect to Guggenheim’s resources and the Sub-Adviser’s ability to carry out its responsibilities under the Sub-Advisory Agreement, as noted above, the Committee considered the financial condition of GPIMH and the various entities comprising Guggenheim Investments. The Committee also considered the acceptability of the terms of the Sub-Advisory Agreement, including the scope of services required to be performed by the Sub-Adviser.

Investment Performance: The Committee considered the returns of the Fund under its evaluation of the Advisory Agreement.

Comparative Fees, Costs of Services Provided and the Benefits Realized by the Sub-Adviser from Its Relationship with the Fund: The Committee considered that the Sub-Advisory Agreement is with an affiliate of the Adviser, that the Adviser compensates the Sub-Adviser from its own fees so that the sub-advisory fee rate for the Fund does not impact the fees paid by the Fund and that the Sub-Adviser’s revenues were included in the calculation of Guggenheim Investments’ profitability. Given its conclusion of the reasonableness of the advisory fee, the Committee concluded that the sub-advisory fee rate for the Fund was reasonable.

Economies of Scale: The Committee recognized that, because the Sub-Adviser’s fees are paid by the Adviser and not the Fund, the analysis of economies of scale was more appropriate in the context of the Committee’s consideration of the Advisory Agreement, which was separately considered. (See “Advisory Agreements – Economies of Scale” above.)

Overall Conclusions

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

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

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

Board Considerations Regarding Approval of Investment Advisory Agreement

GUGGENHEIM FUNDS TRUST

Guggenheim Active INvestment Series (GAINS) – Core Plus Fund
Guggenheim Active INvestment Series (GAINS) – Limited Duration Fund

At a meeting held in person on February 28-29, 2024 (the “February Meeting”), the Board of Trustees of Guggenheim Funds Trust (the “Trust”), including the Independent Trustees, unanimously approved the investment advisory agreement (the “Advisory Agreement”) with Guggenheim Partners Investment Management, LLC (“GPIM” or the “Adviser”) on behalf of each of Guggenheim Active INvestment Series (GAINS) – Core Plus Fund and Guggenheim Active INvestment Series (GAINS) – Limited Duration Fund (each a “New Fund” and collectively, the “New Funds”), each a new series of the Trust, for an initial term of up to two years.

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

At the February Meeting, the Independent Trustees met separately from Guggenheim to consider the approval of the Advisory Agreement with respect to each New Fund. As part of their review process, the Independent Trustees were represented by independent legal counsel (“Independent Legal Counsel”), from whom they received separate legal advice and with whom they met separately. Independent Legal Counsel reviewed and discussed with the Independent Trustees various key aspects of their legal responsibilities relating to their consideration of the Advisory Agreement and other principal contracts for the New Funds. The Independent Trustees took into account various materials received from Guggenheim.

In considering the proposed Advisory Agreement for each New Fund, the Board, including the Independent Trustees, took into account that each New Fund was designed as a “completion” fund to allow Guggenheim to offer its Core Plus strategy or Limited Duration strategy, as applicable, to retail separately managed account (“SMA”) clients, with certain investments to be held in the individual SMA and others to be held in the New Fund to “complete” the portfolio. The Board noted the Adviser’s explanation that “completion” funds provide SMA clients with access to investments for which it is harder to separate ownership among multiple SMA clients, allowing for appropriate diversification and enhanced liquidity, as well as increased asset allocation flexibility for the Adviser.

The Board considered the Advisory Agreement in light of the regulatory requirements and criteria and assessed information concerning each New Fund’s proposed advisory fee, anticipated total expense ratio and proposed expense limitation and affiliated fund reimbursement agreements, investment objective, model portfolio, investment process and portfolio management team, proposed benchmark index, market opportunity, and share class features, among other things. The materials provided by Guggenheim to the Board for its consideration included a report for each New Fund prepared by FUSE Research Network LLC (“FUSE”), an independent, third-party research provider, of comparative information on fees and expenses of each New Fund and a peer group of other fixed-income “completion” funds identified by FUSE with similar pricing characteristics.

The Board also took into account the factors considered and the conclusions reached with respect to the renewal of investment advisory agreements with Guggenheim on behalf of other funds in the Guggenheim fund complex in connection with the Board’s 2023 contract review process (the “2023 Contract Review”), including the reports and materials provided by Guggenheim in response to the Board’s initial and supplemental requests for information (the “Previously Provided 15(c) Materials”). The Board noted that Guggenheim provided additional

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

information regarding the New Funds for the February Meeting to supplement the Previously Provided 15(c) Materials and to assist the Board in its evaluation of the proposed Advisory Agreement with respect to each New Fund (the “Supplemental Information”). Among other things, the Board considered the Adviser’s statements that: (a) it believes that there have been no material adverse changes to the Previously Provided 15(c) Materials that would affect the Trustees’ ability to fulfill their obligations under Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”); (b) it is not aware of any additional information, other than the Supplemental Information, that it believes would be relevant to the Trustees’ considerations; and (c) it believes it has fulfilled its obligations under Section 15(c) to provide all information within its control as may reasonably be necessary for the Trustees to evaluate the terms of the Advisory Agreement with respect to each New Fund.

The Board considered the foregoing reports and materials in the context of its accumulated experience governing the Trust and other funds in the Guggenheim fund complex and weighed the factors and standards discussed with Independent Legal Counsel.

Following an analysis and discussion of relevant factors, including those identified below, and in the exercise of its business judgment, the Board concluded that it was in the best interest of each New Fund to approve the Advisory Agreement for the proposed initial term.

Nature, Extent and Quality of Services to Be Provided by the Adviser: With respect to the nature, extent and quality of services to be provided by the Adviser to the New Funds, the Board considered the functions to be performed by the Adviser for the New Funds and the nature and quality of services provided by GPIM in the past, including the firm’s management capabilities demonstrated with respect to other funds in the Guggenheim fund complex. The Board considered the qualifications, experience and skills of key personnel that will perform services for the New Funds, including personnel that will provide compliance and risk oversight, as well as the supervisors and reporting lines for such personnel. The Board also considered other information, including Guggenheim’s resources and related efforts to retain, attract and motivate capable personnel to serve the New Funds. In evaluating Guggenheim’s resources and capabilities, the Board considered Guggenheim’s commitment to focusing on, and investing resources in support of, funds in the Guggenheim fund complex, including for each New Fund the commitment to provide seed capital as needed. In addition, the Board considered the acceptability of the terms of the Advisory Agreement, including the scope of services required to be performed by the Adviser, noting that the terms were consistent with the terms of the investment advisory agreements of other open-end funds in the Guggenheim fund complex.

The Board’s review of the services to be provided by Guggenheim to the New Funds included consideration of Guggenheim’s investment processes, portfolio oversight and risk management, and the related regular quarterly reports and presentations received by the Board. The Board took into account the risks to be borne by Guggenheim in sponsoring and providing services to the New Funds, including regulatory, operational, legal and entrepreneurial risks. The Board considered the resources dedicated by Guggenheim to compliance functions and the reporting made to the Board by Guggenheim compliance personnel regarding Guggenheim’s adherence to regulatory requirements. The Board also considered the regular reports it receives from the Trust’s Chief Compliance Officer regarding compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. In connection with the Board’s evaluation of the overall package of services to be provided by Guggenheim, the Board considered Guggenheim’s administrative services, including its role in supervising, monitoring, coordinating and evaluating the various services to be provided by the fund administrator, transfer agent, distributor, custodian and other proposed service providers to the New Funds. The Board evaluated the Office of Chief Financial Officer (the “OCFO”), which oversees the fund administration, accounting and transfer agency services provided to the funds in the Guggenheim fund complex, including the OCFO’s resources, personnel and services provided.

The Board also noted the distinctive nature of the New Funds as a “completion” funds for retail SMA clients and that the New Funds will be offered solely for use by (i) retail SMA clients within “wrap fee” programs sponsored by unaffiliated investment advisers and broker-dealers and (ii) potentially other funds in the Guggenheim fund complex.

With respect to Guggenheim’s resources and the Adviser’s ability to carry out its responsibilities under the Advisory Agreement, the Board considered the presentation by the Chief Financial Officer of Guggenheim Investments in connection with the 2023 Contract Review and the related financial information received.

Based on the foregoing, and based on other information received (both oral and written) at the February Meeting and in connection with the 2023 Contract Review, as well as other considerations, including the Board’s knowledge of how the Adviser performs its duties obtained through Board meetings, discussions and reports throughout the year, the Board concluded that the Adviser and its personnel were qualified to serve each New Fund in such capacity.

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

Investment Performance: With respect to investment performance, the Board noted that the New Funds have no operating history. The Board considered the proposed investment objectives, strategies and policies of the New Funds, noting that each New Fund will be an actively-managed fixed income fund. The Board took into account GPIM’s overall performance record in managing other actively-managed fixed-income funds in the Guggenheim fund complex, as well as the portfolio managers’ expertise and experience with this type of investment process, and determined that GPIM’s performance was expected to be acceptable.

Comparative Fees, Costs of Services to Be Provided and the Benefits to Be Realized by the Adviser from Its Relationship with the New Funds: The Board considered that pursuant to the Advisory Agreement, the New Funds will not pay an advisory fee. The Board noted the Adviser’s explanation that “completion” funds are typically offered without charging an advisory fee to the fund, as SMA clients participating in a “wrap fee” program pay a fee to the program sponsor and GPIM receives an advisory fee for advising the SMAs, and the Board considered information regarding GPIM’s SMA advisory fee. The Board compared each New Fund’s proposed contractual advisory fee and total net expense ratio to the peer group identified by FUSE. The Board also reviewed the median advisory fees and expense ratios, including expense ratio components (e.g., transfer agency fees, administration fees, other operating expenses and fee waivers/reimbursements), of the peer group. In addition, the Board considered information regarding Guggenheim’s process for evaluating the competitiveness of each New Fund’s proposed fees and expenses, noting Guggenheim’s statement that its evaluation seeks to incorporate a variety of factors with a general focus on ensuring fees and expenses: (i) are competitive; (ii) give consideration to resource support requirements; and (iii) ensure the New Fund is able to deliver on shareholder return expectations.

In evaluating the proposed advisory fee and anticipated total net expense ratio for each New Fund, the Board considered the Adviser’s proposed expense limitation agreement with respect to each New Fund, pursuant to which the Adviser would reimburse all ordinary operating expenses of each New Fund for the initial term of the Advisory Agreement. In addition, the Board took into account the proposed affiliated fund reimbursement agreement under which the Adviser agreed, through the initial term of the Advisory Agreement, to reimburse ordinary operating expenses of each New Fund to the extent necessary to offset the proportionate share of any advisory fee paid by the New Fund with respect to an investment in an affiliated underlying fund.

With respect to the costs of services to be provided and estimated level of profitability, the Board noted that the New Funds are newly organized, and that they would have the opportunity in the future to periodically reexamine this matter.

The Board considered other benefits expected to be derived by the Adviser from its relationship with the New Funds and noted Guggenheim’s statement that it does not expect to derive any such “fall-out” benefits. As noted above, the Board included in its considerations the fee that the Adviser would receive for advising the SMAs.

Based on the foregoing, and based on other information received (both oral and written) at the February Meeting and in connection with the 2023 Contract Review, as well as other considerations, the Board concluded that the comparative fees and the benefits expected to be realized by the Adviser from its relationship with the New Funds were appropriate.

Economies of Scale to Be Realized: The Board did not consider economies of scale to be relevant given that the New Funds will not pay an advisory fee.

Overall Conclusions

The Board concluded that the proposed Advisory Agreement is in the best interest of each New Fund, in light of the extent and quality of the services expected to be provided and other benefits expected to be received by the Adviser and the advisory fee structure. In reaching this conclusion, no single factor was determinative or conclusive and each Trustee, in the exercise of their informed business judgment, may afford different weights to different factors.

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

Not applicable.

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

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

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

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

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

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

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

Not applicable to this registrant.

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

Not applicable to this registrant.

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

Not applicable to this registrant.

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

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

Item 16. Controls and Procedures.

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

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

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

Not applicable to this registrant.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable

(b) Not applicable

Item 19. Exhibits.

(a)(1) The registrant's code of ethics pursuant to Item 2 of Form N-CSR is attached.

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

(a)(3) Not applicable.

(a)(4) Not applicable.

(a)(5) Not applicable.

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

SIGNATURES

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

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

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

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

By (Signature and Title)	/s/ James Howley*
	James Howley, Chief Financial Officer, Chief Accounting Officer and Treasurer
Date	December 6, 2024

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