# EDGAR Filing Document

**Accession Number:** 0000899148
**File Stem:** 0001398344-26-004824
**Filing Date:** 2026-3
**Character Count:** 326494
**Document Hash:** da3f8d33e0c2531ed845eb9be3ceee4d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-004824.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001398344-26-004824

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 46

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RYDEX SERIES FUNDS
- **CENTRAL INDEX KEY:** 0000899148

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07584
- **FILM NUMBER:** 26732379

**BUSINESS ADDRESS:**
- **STREET 1:** 702 KING FARM BOULEVARD
- **STREET 2:** SUITE 200
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850
- **BUSINESS PHONE:** 301-296-5100

**MAIL ADDRESS:**
- **STREET 1:** 702 KING FARM BOULEVARD
- **STREET 2:** SUITE 200
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RYDEX DYNAMIC FUNDS
- **DATE OF NAME CHANGE:** 20170712

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RYDEX SERIES FUNDS
- **DATE OF NAME CHANGE:** 20000229

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RYDEX SERIES TRUST
- **DATE OF NAME CHANGE:** 19930714

## Series and Classes Contracts Data

### Guggenheim Multi-Hedge Strategies Fund (Series ID: S000003763)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000010438 | Class P             | RYMSX           |
| C000010439 | Class A             | RYMQX           |
| C000010440 | Class C             | RYMRX           |
| C000088407 | Institutional Class | RYIMX           |

### Commodities Strategy Fund (Series ID: S000003774)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010463 | Class H      | RYMBX           |
| C000010464 | Class A      | RYMEX           |
| C000010465 | Class C      | RYMJX           |

### Guggenheim Managed Futures Strategy Fund (Series ID: S000014094)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000038557 | Class P             | RYMFX           |
| C000039064 | Class A             | RYMTX           |
| C000039065 | Class C             | RYMZX           |
| C000088408 | Institutional Class | RYIFX           |

?xml version='1.0' encoding='ASCII'? MUFG VA

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 <u>811- 07584</u>

 <u>Rydex Series Funds</u> 

(Exact name of registrant as specified in charter)

702 King Farm Boulevard, Suite 200

 <u>Rockville, Maryland 20850</u> 

(Address of principal executive offices) (Zip code)

Amy J. Lee

Rydex Series Funds

702 King Farm Boulevard, Suite 200

 <u>Rockville, Maryland 20850</u> 

(Name and address of agent for service)

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

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>January 1, 2025 – December 31, 2025</u>

**Item 1.** **Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:

![MUFG Logo](mufg-header.jpg)

### Commodities Strategy Fund

#### Class A \| RYMEX
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Commodities Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

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

**What were the fund costs for the last year?<sup>1</sup>**

*(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 | $169 | 1.65% |

---

<sup>1</sup> 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 January 1, 2025 to December 31, 2025, the fund (Class A shares) returned 4.72%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P Goldman Sachs Commodity Index, which returned 7.12% for the same period.

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

The fund obtained exposure to the commodities markets through futures on the S&P Goldman Sachs Commodity Index (the "Secondary Index"). During the reporting period, the industrial metals and precious metals sectors had some of the strongest returns. 14 of the 24 Secondary Index components had positive returns during the reporting period. The components of the Secondary Index with some of the largest positive returns were silver, gold and copper. The components of the Secondary Index with some of the largest negative returns were cocoa, natural gas, and wheat.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096659-2_ar61.jpg)

**Average Annual Total Returns\* as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 4.72% | 12.79% | 4.66% |
| Class A (with sales charge)<sup>†</sup> | -0.25% | 11.70% | 4.15% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P Goldman Sachs Commodity Index | 7.12% | 14.65% | 6.08% |

---

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

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $5346200 |
| Total Number of Portfolio Holdings | 6 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $37456 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | 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 S&P Goldman Sachs Commodity Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Commodities Strategy Fund \| Class A \| RYMEX | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096659-2_ar62.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Guggenheim Ultra Short Duration Fund — Institutional Class | 15.3% |
| Guggenheim Strategy Fund II | 14.9% |
| Total | 30.2% |

---

<sup>1</sup> "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.

<sup>2</sup> "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.

---

| | |
|:---|:---|
| ![](oef-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYMEX-123125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Commodities Strategy Fund

#### Class C \| RYMJX
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Commodities Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

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

**What were the fund costs for the last year?<sup>1</sup>**

*(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 | $246 | 2.41% |

---

<sup>1</sup> 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 January 1, 2025 to December 31, 2025, the fund (Class C shares) returned 3.95%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P Goldman Sachs Commodity Index, which returned 7.12% for the same period.

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

The fund obtained exposure to the commodities markets through futures on the S&P Goldman Sachs Commodity Index (the "Secondary Index"). During the reporting period, the industrial metals and precious metals sectors had some of the strongest returns. 14 of the 24 Secondary Index components had positive returns during the reporting period. The components of the Secondary Index with some of the largest positive returns were silver, gold and copper. The components of the Secondary Index with some of the largest negative returns were cocoa, natural gas, and wheat.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096659-3_ar61.jpg)

**Average Annual Total Returns\* as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 3.95% | 11.95% | 3.86% |
| Class C (with CDSC)<sup>‡</sup> | 2.95% | 11.95% | 3.86% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P Goldman Sachs Commodity Index | 7.12% | 14.65% | 6.08% |

---

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

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $5346200 |
| Total Number of Portfolio Holdings | 6 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $37456 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | 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 S&P Goldman Sachs Commodity Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Commodities Strategy Fund \| Class C \| RYMJX | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096659-3_ar62.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Guggenheim Ultra Short Duration Fund — Institutional Class | 15.3% |
| Guggenheim Strategy Fund II | 14.9% |
| Total | 30.2% |

---

<sup>1</sup> "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.

<sup>2</sup> "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.

---

| | |
|:---|:---|
| ![](oef-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYMJX-123125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Commodities Strategy Fund

#### Class H \| RYMBX
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Commodities Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

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

**What were the fund costs for the last year?<sup>1</sup>**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $169 | 1.65% |

---

<sup>1</sup> 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 January 1, 2025 to December 31, 2025, the fund (Class H shares) returned 4.71%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P Goldman Sachs Commodity Index, which returned 7.12% for the same period.

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

The fund obtained exposure to the commodities markets through futures on the S&P Goldman Sachs Commodity Index (the "Secondary Index"). During the reporting period, the industrial metals and precious metals sectors had some of the strongest returns. 14 of the 24 Secondary Index components had positive returns during the reporting period. The components of the Secondary Index with some of the largest positive returns were silver, gold and copper. The components of the Secondary Index with some of the largest negative returns were cocoa, natural gas, and wheat.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096659-1_ar61.jpg)

**Average Annual Total Returns\* as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | 4.71% | 12.78% | 4.64% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P Goldman Sachs Commodity Index | 7.12% | 14.65% | 6.08% |

---

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

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $5346200 |
| Total Number of Portfolio Holdings | 6 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $37456 |

---

<sup>\*</sup> 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 S&P Goldman Sachs Commodity Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Commodities Strategy Fund \| Class H \| RYMBX | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096659-1_ar62.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Guggenheim Ultra Short Duration Fund — Institutional Class | 15.3% |
| Guggenheim Strategy Fund II | 14.9% |
| Total | 30.2% |

---

<sup>1</sup> "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.

<sup>2</sup> "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.

---

| | |
|:---|:---|
| ![](oef-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYMBX-123125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Guggenheim Managed Futures Strategy Fund

#### Class A \| RYMTX
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Guggenheim Managed Futures Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

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

**What were the fund costs for the last year?<sup>1</sup>**

*(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 | $196 | 1.91% |

---

<sup>1</sup> 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 January 1, 2025 to December 31, 2025, the fund (Class A shares) returned 5.49%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and outperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 4.21% for the same period.

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

In 2025, futures markets were defined by pronounced macro regime shifts, producing a mixed but ultimately constructive environment for systematic trend following. Commodities were the standout sector: precious metals, particularly gold, exhibited strong, persistent upside trends driven by central bank demand and geopolitical hedging, while industrial metals trended more clearly later in the year; energy markets remained comparatively range-bound. In currencies, broad U.S. Dollar weakness supported durable trends across several G10 pairs, though intermittent volatility led to whipsaws. Equity Index futures saw sharp downturns early in the year followed by a sustained risk-on rally, rewarding medium- to longer-term trend models. Bond futures were marked by choppy transitions around monetary-policy inflection points. Overall, 2025 highlighted the importance of cross-asset diversification, adaptive risk management, and patience through regime shifts.

The fund recorded three consecutive positive quarters following a negative first quarter in 2025. Q1 losses were broad-based, led by currencies and fixed income amid a difficult trend environment. Q2 saw a recovery driven by equities, with commodities and currencies contributing modestly while fixed income remained weak. Q3 was the strongest quarter, dominated by equity gains with additional support from commodities, while currencies and fixed income detracted. Q4 extended the equity-led pattern, with commodities essentially flat and modest headwinds from currencies and fixed income. For the year overall, equities were the primary driver of performance, with support from commodities, while currencies and fixed income were persistent drags, particularly in the early part of the year.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096659-5_ar101.jpg)

**Average Annual Total Returns\* as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 5.49% | 5.29% | 1.74% |
| Class A (with sales charge)<sup>†</sup> | 0.46% | 4.27% | 1.24% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.21% | 3.19% | 2.19% |

---

**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 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $22689899 |
| Total Number of Portfolio Holdings | 85 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $203836 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | 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. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Guggenheim Managed Futures Strategy Fund \| Class A \| RYMTX | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096659-5_ar102.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Guggenheim Strategy Fund III | 21.2% |
| Guggenheim Strategy Fund II | 13.8% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 11.3% |
| Total | 46.3% |

---

<sup>1</sup> "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.

<sup>2</sup> "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.

---

| | |
|:---|:---|
| ![](oef-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYMTX-123125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Guggenheim Managed Futures Strategy Fund

#### Class C \| RYMZX
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Guggenheim Managed Futures Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

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

**What were the fund costs for the last year?<sup>1</sup>**

*(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 | $271 | 2.65% |

---

<sup>1</sup> 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 January 1, 2025 to December 31, 2025, the fund (Class C shares) returned 4.75%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and outperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 4.21% for the same period.

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

In 2025, futures markets were defined by pronounced macro regime shifts, producing a mixed but ultimately constructive environment for systematic trend following. Commodities were the standout sector: precious metals, particularly gold, exhibited strong, persistent upside trends driven by central bank demand and geopolitical hedging, while industrial metals trended more clearly later in the year; energy markets remained comparatively range-bound. In currencies, broad U.S. Dollar weakness supported durable trends across several G10 pairs, though intermittent volatility led to whipsaws. Equity Index futures saw sharp downturns early in the year followed by a sustained risk-on rally, rewarding medium- to longer-term trend models. Bond futures were marked by choppy transitions around monetary-policy inflection points. Overall, 2025 highlighted the importance of cross-asset diversification, adaptive risk management, and patience through regime shifts.

The fund recorded three consecutive positive quarters following a negative first quarter in 2025. Q1 losses were broad-based, led by currencies and fixed income amid a difficult trend environment. Q2 saw a recovery driven by equities, with commodities and currencies contributing modestly while fixed income remained weak. Q3 was the strongest quarter, dominated by equity gains with additional support from commodities, while currencies and fixed income detracted. Q4 extended the equity-led pattern, with commodities essentially flat and modest headwinds from currencies and fixed income. For the year overall, equities were the primary driver of performance, with support from commodities, while currencies and fixed income were persistent drags, particularly in the early part of the year.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096659-6_ar101.jpg)

**Average Annual Total Returns\* as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 4.75% | 4.53% | 0.99% |
| Class C (with CDSC)<sup>‡</sup> | 3.77% | 4.53% | 0.99% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.21% | 3.19% | 2.19% |

---

**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 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $22689899 |
| Total Number of Portfolio Holdings | 85 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $203836 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | 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. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Guggenheim Managed Futures Strategy Fund \| Class C \| RYMZX | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096659-6_ar102.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Guggenheim Strategy Fund III | 21.2% |
| Guggenheim Strategy Fund II | 13.8% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 11.3% |
| Total | 46.3% |

---

<sup>1</sup> "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.

<sup>2</sup> "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.

---

| | |
|:---|:---|
| ![](oef-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYMZX-123125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Guggenheim Managed Futures Strategy Fund

#### Class P \| RYMFX
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Guggenheim Managed Futures Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

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

**What were the fund costs for the last year?<sup>1</sup>**

*(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 | $195 | 1.90% |

---

<sup>1</sup> 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 January 1, 2025 to December 31, 2025, the fund (Class P shares) returned 5.50%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and outperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 4.21% for the same period.

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

In 2025, futures markets were defined by pronounced macro regime shifts, producing a mixed but ultimately constructive environment for systematic trend following. Commodities were the standout sector: precious metals, particularly gold, exhibited strong, persistent upside trends driven by central bank demand and geopolitical hedging, while industrial metals trended more clearly later in the year; energy markets remained comparatively range-bound. In currencies, broad U.S. Dollar weakness supported durable trends across several G10 pairs, though intermittent volatility led to whipsaws. Equity Index futures saw sharp downturns early in the year followed by a sustained risk-on rally, rewarding medium- to longer-term trend models. Bond futures were marked by choppy transitions around monetary-policy inflection points. Overall, 2025 highlighted the importance of cross-asset diversification, adaptive risk management, and patience through regime shifts.

The fund recorded three consecutive positive quarters following a negative first quarter in 2025. Q1 losses were broad-based, led by currencies and fixed income amid a difficult trend environment. Q2 saw a recovery driven by equities, with commodities and currencies contributing modestly while fixed income remained weak. Q3 was the strongest quarter, dominated by equity gains with additional support from commodities, while currencies and fixed income detracted. Q4 extended the equity-led pattern, with commodities essentially flat and modest headwinds from currencies and fixed income. For the year overall, equities were the primary driver of performance, with support from commodities, while currencies and fixed income were persistent drags, particularly in the early part of the year.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096659-4_ar101.jpg)

**Average Annual Total Returns\* as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class P | 5.50% | 5.30% | 1.76% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.21% | 3.19% | 2.19% |

---

**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 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $22689899 |
| Total Number of Portfolio Holdings | 85 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $203836 |

---

<sup>\*</sup> 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**<sub>1</sub>

---

| | |
|:---|:---|
| Guggenheim Managed Futures Strategy Fund \| Class P \| RYMFX | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096659-4_ar102.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Guggenheim Strategy Fund III | 21.2% |
| Guggenheim Strategy Fund II | 13.8% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 11.3% |
| Total | 46.3% |

---

<sup>1</sup> "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.

<sup>2</sup> "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.

---

| | |
|:---|:---|
| ![](oef-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYMFX-123125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Guggenheim Managed Futures Strategy Fund

#### Institutional Class \| RYIFX
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Guggenheim Managed Futures Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

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

**What were the fund costs for the last year?<sup>1</sup>**

*(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 | $168 | 1.63% |

---

<sup>1</sup> 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 January 1, 2025 to December 31, 2025, the fund (Institutional Class shares) returned 5.84%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and outperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 4.21% for the same period.

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

In 2025, futures markets were defined by pronounced macro regime shifts, producing a mixed but ultimately constructive environment for systematic trend following. Commodities were the standout sector: precious metals, particularly gold, exhibited strong, persistent upside trends driven by central bank demand and geopolitical hedging, while industrial metals trended more clearly later in the year; energy markets remained comparatively range-bound. In currencies, broad U.S. Dollar weakness supported durable trends across several G10 pairs, though intermittent volatility led to whipsaws. Equity Index futures saw sharp downturns early in the year followed by a sustained risk-on rally, rewarding medium- to longer-term trend models. Bond futures were marked by choppy transitions around monetary-policy inflection points. Overall, 2025 highlighted the importance of cross-asset diversification, adaptive risk management, and patience through regime shifts.

The fund recorded three consecutive positive quarters following a negative first quarter in 2025. Q1 losses were broad-based, led by currencies and fixed income amid a difficult trend environment. Q2 saw a recovery driven by equities, with commodities and currencies contributing modestly while fixed income remained weak. Q3 was the strongest quarter, dominated by equity gains with additional support from commodities, while currencies and fixed income detracted. Q4 extended the equity-led pattern, with commodities essentially flat and modest headwinds from currencies and fixed income. For the year overall, equities were the primary driver of performance, with support from commodities, while currencies and fixed income were persistent drags, particularly in the early part of the year.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $2,000,000 initial investment.

![Ad2 Performance Graph](fp0096659-8_ar101.jpg)

**Average Annual Total Returns\* as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Institutional Class | 5.84% | 5.60% | 2.01% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.21% | 3.19% | 2.19% |

---

**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 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $22689899 |
| Total Number of Portfolio Holdings | 85 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $203836 |

---

<sup>\*</sup> 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**<sub>1</sub>

---

| | |
|:---|:---|
| Guggenheim Managed Futures Strategy Fund \| Institutional Class \| RYIFX | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096659-8_ar102.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Guggenheim Strategy Fund III | 21.2% |
| Guggenheim Strategy Fund II | 13.8% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 11.3% |
| Total | 46.3% |

---

<sup>1</sup> "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.

<sup>2</sup> "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.

---

| | |
|:---|:---|
| ![](oef-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYIFX-123125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Guggenheim Multi-Hedge Strategies Fund

#### Class A \| RYMQX
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Guggenheim Multi-Hedge Strategies Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

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

**What were the fund costs for the last year?<sup>1</sup>**

*(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 | $183 | 1.82% |

---

<sup>1</sup> 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 January 1, 2025 to December 31, 2025, the fund (Class A shares) returned 1.56%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the HFRX Global Hedge Fund Index, which returned 7.13% for the same period.

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

The fund's merger arbitrage strategy was the largest positive contributor of the year as several notable deals closed (e.g. Capital One / Discover, UMB Financial / Harland Financial, and Chevron / Hess). The long/short equity strategy, driven by a fundamental tilt toward value and industry tilts (long technology and capital goods, short REITs and Materials), proved to be the second largest contributor for the year. Closed-end fund arbitrage also made modest positive contributions as underlying fund discounts narrowed. The fund's global macro strategies were a net detractor during the reporting period as positive contributions from flow (driven primarily by fixed income) did not make up for poor performance in value (primarily commodities and currency) and momentum (hurt by equities and currency). Flow strategies take positions based on expected capital flows in markets which are determined through economic theory or statistical observation of market behavior. Momentum is a systematic trend-following strategy that seeks to capture momentum premia in futures markets. Carry strategies seek to capture inefficiencies in the futures curves of different markets and asset classes including commodities, fixed income, and implied volatility. Value premia strategies take positions based on expected future prices in markets as derived from economic and/or non-price data and include strategies applied to commodities, currencies, and fixed income. A market neutral strategy attempts to profit whether the market is going up or down.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096659-10_ar61.jpg)

**Average Annual Total Returns\* as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 1.56% | 1.10% | 1.56% |
| Class A (with sales charge)<sup>†</sup> | -3.28% | 0.12% | 1.07% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| HFRX Global Hedge Fund Index | 7.13% | 2.87% | 3.08% |

---

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

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $10307974 |
| Total Number of Portfolio Holdings | 330 |
| Portfolio Turnover Rate | 154% |
| Total Advisory Fees Paid | $219513 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | 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 HFRX Global Hedge Fund Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Guggenheim Multi-Hedge Strategies Fund \| Class A \| RYMQX | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096659-10_ar62.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Guggenheim Ultra Short Duration Fund — Institutional Class | 16.0% |
| Guggenheim Strategy Fund II | 10.9% |
| Guggenheim Strategy Fund III | 6.2% |
| Frontier Communications Parent, Inc. | 2.2% |
| Chart Industries, Inc. | 2.1% |
| ProAssurance Corp. | 1.4% |
| International Money Express, Inc. | 1.2% |
| Cantaloupe, Inc. | 1.2% |
| Electronic Arts, Inc. | 1.1% |
| Norfolk Southern Corp. | 1.1% |
| Top 10 Total | 43.4% |

---

\* Less than 0.1%.

<sup>1</sup> "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.

<sup>2</sup> "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.

---

| | |
|:---|:---|
| ![](oef-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYMQX-123125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Guggenheim Multi-Hedge Strategies Fund

#### Class C \| RYMRX
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Guggenheim Multi-Hedge Strategies Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

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

**What were the fund costs for the last year?<sup>1</sup>**

*(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 | $258 | 2.57% |

---

<sup>1</sup> 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 January 1, 2025 to December 31, 2025, the fund (Class C shares) returned 0.85%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the HFRX Global Hedge Fund Index, which returned 7.13% for the same period.

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

The fund's merger arbitrage strategy was the largest positive contributor of the year as several notable deals closed (e.g. Capital One / Discover, UMB Financial / Harland Financial, and Chevron / Hess). The long/short equity strategy, driven by a fundamental tilt toward value and industry tilts (long technology and capital goods, short REITs and Materials), proved to be the second largest contributor for the year. Closed-end fund arbitrage also made modest positive contributions as underlying fund discounts narrowed. The fund's global macro strategies were a net detractor during the reporting period as positive contributions from flow (driven primarily by fixed income) did not make up for poor performance in value (primarily commodities and currency) and momentum (hurt by equities and currency). Flow strategies take positions based on expected capital flows in markets which are determined through economic theory or statistical observation of market behavior. Momentum is a systematic trend-following strategy that seeks to capture momentum premia in futures markets. Carry strategies seek to capture inefficiencies in the futures curves of different markets and asset classes including commodities, fixed income, and implied volatility. Value premia strategies take positions based on expected future prices in markets as derived from economic and/or non-price data and include strategies applied to commodities, currencies, and fixed income. A market neutral strategy attempts to profit whether the market is going up or down.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096659-11_ar61.jpg)

**Average Annual Total Returns\* as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 0.85% | 0.36% | 0.82% |
| Class C (with CDSC)<sup>‡</sup> | -0.07% | 0.36% | 0.82% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| HFRX Global Hedge Fund Index | 7.13% | 2.87% | 3.08% |

---

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

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $10307974 |
| Total Number of Portfolio Holdings | 330 |
| Portfolio Turnover Rate | 154% |
| Total Advisory Fees Paid | $219513 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | 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 HFRX Global Hedge Fund Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Guggenheim Multi-Hedge Strategies Fund \| Class C \| RYMRX | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096659-11_ar62.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Guggenheim Ultra Short Duration Fund — Institutional Class | 16.0% |
| Guggenheim Strategy Fund II | 10.9% |
| Guggenheim Strategy Fund III | 6.2% |
| Frontier Communications Parent, Inc. | 2.2% |
| Chart Industries, Inc. | 2.1% |
| ProAssurance Corp. | 1.4% |
| International Money Express, Inc. | 1.2% |
| Cantaloupe, Inc. | 1.2% |
| Electronic Arts, Inc. | 1.1% |
| Norfolk Southern Corp. | 1.1% |
| Top 10 Total | 43.4% |

---

\* Less than 0.1%.

<sup>1</sup> "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.

<sup>2</sup> "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.

---

| | |
|:---|:---|
| ![](oef-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYMRX-123125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Guggenheim Multi-Hedge Strategies Fund

#### Class P \| RYMSX
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Guggenheim Multi-Hedge Strategies Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

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

**What were the fund costs for the last year?<sup>1</sup>**

*(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 | $183 | 1.82% |

---

<sup>1</sup> 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 January 1, 2025 to December 31, 2025, the fund (Class P shares) returned 1.58%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the HFRX Global Hedge Fund Index, which returned 7.13% for the same period.

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

The fund's merger arbitrage strategy was the largest positive contributor of the year as several notable deals closed (e.g. Capital One / Discover, UMB Financial / Harland Financial, and Chevron / Hess). The long/short equity strategy, driven by a fundamental tilt toward value and industry tilts (long technology and capital goods, short REITs and Materials), proved to be the second largest contributor for the year. Closed-end fund arbitrage also made modest positive contributions as underlying fund discounts narrowed. The fund's global macro strategies were a net detractor during the reporting period as positive contributions from flow (driven primarily by fixed income) did not make up for poor performance in value (primarily commodities and currency) and momentum (hurt by equities and currency). Flow strategies take positions based on expected capital flows in markets which are determined through economic theory or statistical observation of market behavior. Momentum is a systematic trend-following strategy that seeks to capture momentum premia in futures markets. Carry strategies seek to capture inefficiencies in the futures curves of different markets and asset classes including commodities, fixed income, and implied volatility. Value premia strategies take positions based on expected future prices in markets as derived from economic and/or non-price data and include strategies applied to commodities, currencies, and fixed income. A market neutral strategy attempts to profit whether the market is going up or down.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096659-9_ar61.jpg)

**Average Annual Total Returns\* as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class P | 1.58% | 1.10% | 1.58% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| HFRX Global Hedge Fund Index | 7.13% | 2.87% | 3.08% |

---

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

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $10307974 |
| Total Number of Portfolio Holdings | 330 |
| Portfolio Turnover Rate | 154% |
| Total Advisory Fees Paid | $219513 |

---

<sup>\*</sup> 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 HFRX Global Hedge Fund Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Guggenheim Multi-Hedge Strategies Fund \| Class P \| RYMSX | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096659-9_ar62.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Guggenheim Ultra Short Duration Fund — Institutional Class | 16.0% |
| Guggenheim Strategy Fund II | 10.9% |
| Guggenheim Strategy Fund III | 6.2% |
| Frontier Communications Parent, Inc. | 2.2% |
| Chart Industries, Inc. | 2.1% |
| ProAssurance Corp. | 1.4% |
| International Money Express, Inc. | 1.2% |
| Cantaloupe, Inc. | 1.2% |
| Electronic Arts, Inc. | 1.1% |
| Norfolk Southern Corp. | 1.1% |
| Top 10 Total | 43.4% |

---

\* Less than 0.1%.

<sup>1</sup> "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.

<sup>2</sup> "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.

---

| | |
|:---|:---|
| ![](oef-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYMSX-123125

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Guggenheim Multi-Hedge Strategies Fund

#### Institutional Class \| RYIMX
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Guggenheim Multi-Hedge Strategies Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

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

**What were the fund costs for the last year?<sup>1</sup>**

*(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 | $158 | 1.57% |

---

<sup>1</sup> 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 January 1, 2025 to December 31, 2025, the fund (Institutional Class shares) returned 1.83%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the HFRX Global Hedge Fund Index, which returned 7.13% for the same period.

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

The fund's merger arbitrage strategy was the largest positive contributor of the year as several notable deals closed (e.g. Capital One / Discover, UMB Financial / Harland Financial, and Chevron / Hess). The long/short equity strategy, driven by a fundamental tilt toward value and industry tilts (long technology and capital goods, short REITs and Materials), proved to be the second largest contributor for the year. Closed-end fund arbitrage also made modest positive contributions as underlying fund discounts narrowed. The fund's global macro strategies were a net detractor during the reporting period as positive contributions from flow (driven primarily by fixed income) did not make up for poor performance in value (primarily commodities and currency) and momentum (hurt by equities and currency). Flow strategies take positions based on expected capital flows in markets which are determined through economic theory or statistical observation of market behavior. Momentum is a systematic trend-following strategy that seeks to capture momentum premia in futures markets. Carry strategies seek to capture inefficiencies in the futures curves of different markets and asset classes including commodities, fixed income, and implied volatility. Value premia strategies take positions based on expected future prices in markets as derived from economic and/or non-price data and include strategies applied to commodities, currencies, and fixed income. A market neutral strategy attempts to profit whether the market is going up or down.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $2,000,000 initial investment.

![Ad2 Performance Graph](fp0096659-12_ar61.jpg)

**Average Annual Total Returns\* as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Institutional Class | 1.83% | 1.35% | 1.82% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| HFRX Global Hedge Fund Index | 7.13% | 2.87% | 3.08% |

---

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

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $10307974 |
| Total Number of Portfolio Holdings | 330 |
| Portfolio Turnover Rate | 154% |
| Total Advisory Fees Paid | $219513 |

---

<sup>\*</sup> 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 HFRX Global Hedge Fund Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Guggenheim Multi-Hedge Strategies Fund \| Institutional Class \| RYIMX | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096659-12_ar62.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Guggenheim Ultra Short Duration Fund — Institutional Class | 16.0% |
| Guggenheim Strategy Fund II | 10.9% |
| Guggenheim Strategy Fund III | 6.2% |
| Frontier Communications Parent, Inc. | 2.2% |
| Chart Industries, Inc. | 2.1% |
| ProAssurance Corp. | 1.4% |
| International Money Express, Inc. | 1.2% |
| Cantaloupe, Inc. | 1.2% |
| Electronic Arts, Inc. | 1.1% |
| Norfolk Southern Corp. | 1.1% |
| Top 10 Total | 43.4% |

---

\* Less than 0.1%.

<sup>1</sup> "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.

<sup>2</sup> "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.

---

| | |
|:---|:---|
| ![](oef-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *https://www.guggenheiminvestments.com/mutual-funds/literature* **or, call 800 820 0888.** |

---

AR-RYIMX-123125

**Guggenheim Investments**<sub>2</sub>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees:</u> 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 $106,987 and $103,747 for the fiscal years ended December 31, 2025 and December 31, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees:</u> 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 $0 and $0 for fiscal years ended December 31, 2025 and December 31, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees:</u> 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 $41,568 and $44,188
for the fiscal years ended December 31, 2025 and December 31, 2024, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees:</u> 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 December 31, 2025 and December 31, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Audit Committee Pre-Approval Policies and Procedures.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Non-Audit Fees.</u> The aggregate non-audit fees billed by the registrant's accountant for the most recent fiscal year and the
preceding fiscal year 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 $41,568 and $44,188, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Auditor Independence.</u> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable to this registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to this registrant.

**Item 6.** **Investments.**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

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

![](fp0096659-15_i.jpg)<br>

**12.31.2025** 

**Guggenheim Funds Annual Financial Report**

---

| |
|:---|
| &nbsp;&nbsp;**Rydex Commodities Fund** |
| &nbsp;&nbsp;**Rydex Commodities Strategy Fund** |
| &nbsp;&nbsp;**Guggenheim Alternative Funds** |
| &nbsp;&nbsp;**Guggenheim Managed Futures Strategy Fund** |
| &nbsp;&nbsp;**Guggenheim Multi-Hedge Strategies Fund** |

---

---

| | |
|:---|:---|
| **GuggenheimInvestments.com** | &nbsp;&nbsp;RSF-ANN-1225x1226 |

---

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** <br>

---

| | |
|:---|:---|
| Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Financial Report) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;COMMODITIES STRATEGY FUND  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;MANAGED FUTURES STRATEGY FUND  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;MULTI-HEDGE STRATEGIES FUND  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM  | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;OTHER INFORMATION  | 51 |
| Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies  | 52 |
| Item 9: Proxy Disclosures for Open-End Management Investment Companies  | 53 |
| Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies  | 54 |
| Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract  | 55 |

---

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 1

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** | December 31, 2025 |
| **COMMODITIES STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup>** **- 30.2%** | **MUTUAL FUNDS<sup>†</sup>** **- 30.2%** | **MUTUAL FUNDS<sup>†</sup>** **- 30.2%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 81258 | $819081 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 32137 | 797328 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,609,630) |  | 1616409 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 3.7%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 3.7%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 3.7%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.51% due 01/22/26<sup>2,3</sup> | $200000 | 199605 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $199,579) |  | 199605 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 67.3%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 67.3%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 67.3%** |
| BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $1797683 | $1797683 |
| J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 1797682 | 1797682 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,595,365) |  | 3595365 |
| **Total Investments - 101.2%** | **Total Investments - 101.2%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,404,574) | &nbsp;&nbsp;&nbsp;(Cost $5,404,574) | $5411379 |
| **Other Assets & Liabilities, net - (1.2)%** | **Other Assets & Liabilities, net - (1.2)%** | (65179) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $5346200 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
| **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** |
| S&P Goldman Sachs Commodity Index Futures Contracts | 39 | Jan 2026 | $5349825 | $17859 |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Consolidated Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at December 31, 2025. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **COMMODITIES STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at December 31, 2025 (See Note 4 in the Notes to Consolidated Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Mutual Funds | $1616409 | $— | $— | $1616409 |
| U.S. Treasury Bills |  | 199605 |  | 199605 |
| Repurchase Agreements |  | 3595365 |  | 3595365 |
| Commodity Futures Contracts\*\* | 17859 |  |  | 17859 |
| Total Assets | $1634268 | $3794970 | $— | $5429238 |

---

\*\* 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 person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

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, 2025 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/1601445/000139834425021351/fp0095397-6_ncsrixbrl.htm. The Fund also 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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $798613 | $— | $— | $— | $(1285) | $797328 | 32137 | $42004 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 813393 |  |  |  | 5688 | 819081 | 81258 | 35646 |
|  | $1612006 | $— | $— | $— | $4403 | $1616409 |  | $77650 |

---

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

**COMMODITIES STRATEGY FUND**<br>

---

| |
|:---|
| **CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES** |
| December 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $199,579) | $199605 |
| Investments in affiliated issuers, at value (cost $1,609,630) | 1616409 |
| Repurchase agreements, at value (cost $3,595,365) | 3595365 |
| Segregated cash with broker | 231929 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 38489 |
| &nbsp;&nbsp;&nbsp;Dividends | 6304 |
| &nbsp;&nbsp;&nbsp;Interest | 381 |
| Other assets | 747 |
| **Total assets** | 5689229 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 261097 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 66931 |
| &nbsp;&nbsp;&nbsp;Management fees | 3626 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 2185 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 1329 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 519 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 54 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 7288 |
| **Total liabilities** | 343029 |
| **Net assets** | $5346200 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $17123869 |
| Total distributable earnings (loss) | (11777669) |
| Net assets | $5346200 |
| **Class A:** | **Class A:** |
| Net assets | $874475 |
| Capital shares outstanding | 5688 |
| Net asset value per share | $153.74 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $161.41 |
| **Class C:** | **Class C:** |
| Net assets | $96314 |
| Capital shares outstanding | 1163 |
| Net asset value per share | $82.84 |
| **Class H:** | **Class H:** |
| Net assets | $4375411 |
| Capital shares outstanding | 28422 |
| Net asset value per share | $153.94 |

---

---

| |
|:---|
| **CONSOLIDATED STATEMENT OF OPERATIONS** |
| Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of affiliated issuers | $77650 |
| Interest | 169369 |
| &nbsp;&nbsp;&nbsp;Total investment income | 247019 |
| **Expenses:** | **Expenses:** |
| Management fees | 49617 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 2468 |
| &nbsp;&nbsp;&nbsp;Class C | 2052 |
| &nbsp;&nbsp;&nbsp;Class H | 11125 |
| Transfer agent fees | 12241 |
| Portfolio accounting and administration fees | 8605 |
| Professional fees | 8516 |
| Custodian fees | 850 |
| Trustees' fees\* | 604 |
| Miscellaneous | 10573 |
| &nbsp;&nbsp;&nbsp;Total expenses | 106651 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (2821) |
| Expenses waived by Adviser | (9340) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (12161) |
| Net expenses | 94490 |
| Net investment income | 152529 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 10 |
| &nbsp;&nbsp;&nbsp;Futures contracts | (15441) |
| Net realized loss | (15431) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (5) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 4403 |
| &nbsp;&nbsp;&nbsp;Futures contracts | (79610) |
| Net change in unrealized appreciation (depreciation) | (75212) |
| Net realized and unrealized loss | (90643) |
| **Net increase in net assets resulting from operations** | $61886 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

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

**COMMODITIES STRATEGY FUND**<br>

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $152529 | $206051 |
| Net realized loss on investments | (15431) | (469480) |
| Net change in unrealized appreciation (depreciation) on investments | (75212) | 55963 |
| Net increase (decrease) in net assets resulting from operations | 61886 | (207466) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (20941) |  |
| &nbsp;&nbsp;&nbsp;Class C | (4152) |  |
| &nbsp;&nbsp;&nbsp;Class H | (146987) |  |
| Total distributions to shareholders | (172080) |  |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 626966 | 398357 |
| &nbsp;&nbsp;&nbsp;Class C | 25134 | 152332 |
| &nbsp;&nbsp;&nbsp;Class H | 43089089 | 61293637 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 20701 |  |
| &nbsp;&nbsp;&nbsp;Class C | 4152 |  |
| &nbsp;&nbsp;&nbsp;Class H | 139832 |  |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (713063) | (429413) |
| &nbsp;&nbsp;&nbsp;Class C | (361902) | (131220) |
| &nbsp;&nbsp;&nbsp;Class H | (42499629) | (60293249) |
| Net increase from capital share transactions | 331280 | 990444 |
| Net increase in net assets | 221086 | 782978 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 5125114 | 4342136 |
| &nbsp;&nbsp;&nbsp;End of year | $5346200 | $5125114 |
| **Capital share activity\*:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 4215 | 2620 |
| &nbsp;&nbsp;&nbsp;Class C | 293 | 1815 |
| &nbsp;&nbsp;&nbsp;Class H | 276396 | 401249 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 138 |  |
| &nbsp;&nbsp;&nbsp;Class C | 51 |  |
| &nbsp;&nbsp;&nbsp;Class H | 928 |  |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (4733) | (2879) |
| &nbsp;&nbsp;&nbsp;Class C | (4548) | (1578) |
| &nbsp;&nbsp;&nbsp;Class H | (273903) | (398270) |
| Net increase (decrease) in shares | (1163) | 2957 |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:5 reverse share split effective February 24, 2025. See Note 11 in the Notes to Consolidated Financial Statements.

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

---

| |
|:---|
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |
| **COMMODITIES STRATEGY FUND** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> December 31, <br> 2025<sup>f</sup>** | **Year Ended <br> December 31, <br> 2024<sup>f</sup>** | **Year Ended <br> December 31, <br> 2023<sup>f</sup>** | **Year Ended <br> December 31, <br> 2022<sup>f</sup>** | **Year Ended <br> December 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $150.41 | $138.95 | $155.60 | $147.93 | $109.65 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 4.20 | 5.45 | 5.25 | (.10) | (2.00) |
| Net gain (loss) on investments (realized and unrealized) | 2.79 <sup>e</sup> | 6.01 <sup>e</sup> | (15.00) | 34.47 | 44.68 |
| Total from investment operations | 6.99 | 11.46 | (9.75) | 34.37 | 42.68 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (3.66) |  | (6.90) | (26.70) | (4.40) |
| Total distributions | (3.66) |  | (6.90) | (26.70) | (4.40) |
| Net asset value, end of period | $153.74 | $150.41 | $138.95 | $155.60 | $147.93 |
| **Total Return<sup>b</sup>** | **4.72%** | **8.24%** | **(6.25** **%)** | **23.52%** | **39.06%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $874 | $913 | $879 | $1463 | $724 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.74% | 3.69% | 3.52% | (0.05%) | (1.43%) |
| Total expenses<sup>c</sup> | 1.87% | 1.81% | 1.75% | 1.74% | 1.78% |
| Net expenses<sup>d</sup> | 1.65% | 1.58% | 1.56% | 1.60% | 1.63% |
| Portfolio turnover rate |  |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> December 31, <br> 2025<sup>f</sup>** | **Year Ended <br> December 31, <br> 2024<sup>f</sup>** | **Year Ended <br> December 31, <br> 2023<sup>f</sup>** | **Year Ended <br> December 31, <br> 2022<sup>f</sup>** | **Year Ended <br> December 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $83.31 | $77.54 | $90.78 | $96.14 | $72.95 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.70 | 2.40 | 2.40 | (.85) | (2.05) |
| Net gain (loss) on investments (realized and unrealized) | 1.49 <sup>e</sup> | 3.37 <sup>e</sup> | (8.74) | 22.19 | 29.64 |
| Total from investment operations | 3.19 | 5.77 | (6.34) | 21.34 | 27.59 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (3.66) |  | (6.90) | (26.70) | (4.40) |
| Total distributions | (3.66) |  | (6.90) | (26.70) | (4.40) |
| Net asset value, end of period | $82.84 | $83.31 | $77.54 | $90.78 | $96.14 |
| **Total Return<sup>b</sup>** | **3.95%** | **7.41%** | **(6.96** **%)** | **22.60%** | **38.08%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $96 | $447 | $398 | $728 | $183 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.00% | 2.94% | 2.75% | (0.68%) | (2.18%) |
| Total expenses<sup>c</sup> | 2.64% | 2.57% | 2.50% | 2.49% | 2.53% |
| Net expenses<sup>d</sup> | 2.41% | 2.34% | 2.30% | 2.35% | 2.38% |
| Portfolio turnover rate |  |  |  |  |  |

---

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

---

| |
|:---|
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** (concluded) |
| **COMMODITIES STRATEGY FUND** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> December 31, <br> 2025<sup>f</sup>** | **Year Ended <br> December 31, <br> 2024<sup>f</sup>** | **Year Ended <br> December 31, <br> 2023<sup>f</sup>** | **Year Ended <br> December 31, <br> 2022<sup>f</sup>** | **Year Ended <br> December 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $150.60 | $139.18 | $155.82 | $148.12 | $109.79 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 4.22 | 5.65 | 5.50 | (1.15) | (2.05) |
| Net gain (loss) on investments (realized and unrealized) | 2.78 <sup>e</sup> | 5.77 <sup>e</sup> | (15.24) | 35.55 | 44.78 |
| Total from investment operations | 7.00 | 11.42 | (9.74) | 34.40 | 42.73 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (3.66) |  | (6.90) | (26.70) | (4.40) |
| Total distributions | (3.66) |  | (6.90) | (26.70) | (4.40) |
| Net asset value, end of period | $153.94 | $150.60 | $139.18 | $155.82 | $148.12 |
| **Total Return** | **4.71%** | **8.19%** | **(6.24** **%)** | **23.53%** | **39.06%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $4375 | $3765 | $3065 | $7333 | $20898 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.73% | 3.76% | 3.59% | (0.58%) | (1.44%) |
| Total expenses<sup>c</sup> | 1.86% | 1.79% | 1.75% | 1.75% | 1.77% |
| Net expenses<sup>d</sup> | 1.65% | 1.57% | 1.56% | 1.61% | 1.63% |
| Portfolio turnover rate |  |  |  |  |  |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>e</sup> 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.

<sup>f</sup> Reverse share split — Per share amounts have been restated to reflect a 1:5 reverse share split effective February 24, 2025. See Note 11 in the Notes to Consolidated Financial Statements.

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **MANAGED FUTURES STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup>** **- 46.3%** | **MUTUAL FUNDS<sup>†</sup>** **- 46.3%** | **MUTUAL FUNDS<sup>†</sup>** **- 46.3%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund III<sup>1</sup> | 193266 | $4814245 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 126104 | 3128641 |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 253625 | 2556544 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,451,739) |  | 10499430 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 10.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 10.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 10.4%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.51% due 01/22/26<sup>2,3</sup> | $2370000 | 2365321 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,365,016) |  | 2365321 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 40.3%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 40.3%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 40.3%** |
| BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $4572514 | $4572514 |
| J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 4572513 | 4572513 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,145,027) |  | 9145027 |
| **Total Investments - 97.0%** | **Total Investments - 97.0%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $21,961,782) | &nbsp;&nbsp;&nbsp;(Cost $21,961,782) | $22009778 |
| **Other Assets & Liabilities, net - 3.0%** | **Other Assets & Liabilities, net - 3.0%** | 680121 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $22689899 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts**<br>**Description** | <br>**Number of <br> Contracts** | <br>**Expiration <br> Date** | <br>**Notional <br> Amount** | <br>**Value and <br> Unrealized<br> Appreciation <br> (Depreciation)\*\*** |
| **Commodity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Silver Futures Contracts | 4 | Mar 2026 | $1408300 | $341748 |
| Live Cattle Futures Contracts | 13 | Feb 2026 | 1204450 | 67504 |
| Gold 100 oz. Futures Contracts | 4 | Feb 2026 | 1730760 | 44353 |
| Cotton #2 Futures Contracts | 62 | Mar 2026 | 1993300 | 17028 |
| Palladium Futures Contracts | 1 | Mar 2026 | 164750 | 13997 |
| LME Nickel Futures Contracts | 4 | Feb 2026 | 398163 | 7778 |
| LME Primary Aluminum Futures Contracts | 4 | Feb 2026 | 298685 | 5556 |
| Copper Futures Contracts | 1 | Mar 2026 | 142375 | 4609 |
| LME Zinc Futures Contracts | 5 | Feb 2026 | 388755 | 2321 |
| New York Harbor Ultra-Low Sulfur Diesel Futures Contracts | 1 | Jan 2026 | 89216 | (616) |
| Soybean Oil Futures Contracts | 2 | Mar 2026 | 58260 | (890) |
| WTI Crude Futures Contracts | 3 | Jan 2026 | 172320 | (1813) |
| Soybean Meal Futures Contracts | 11 | Mar 2026 | 329560 | (3248) |
| Soybean Futures Contracts | 5 | Mar 2026 | 261813 | (3979) |
| Hard Red Winter Wheat Futures Contracts | 8 | Mar 2026 | 206000 | (4411) |
| Coffee 'C' Futures Contracts | 9 | Mar 2026 | 1176019 | (7250) |
| Sugar #11 Futures Contracts | 42 | Feb 2026 | 703248 | (12955) |
| Low Sulphur Gas Oil Futures Contracts | 6 | Feb 2026 | 368700 | (14510) |
| Natural Gas Futures Contracts | 7 | Jan 2026 | 259140 | (20509) |
|  |  |  | $11353814 | $434713 |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| FTSE/JSE TOP 40 Index Futures Contracts<sup>††</sup> | 89 | Mar 2026 | $5878223 | $162214 |
| FTSE 100 Index Futures Contracts<sup>††</sup> | 19 | Mar 2026 | 2534061 | 35882 |
| S&P/TSX 60 IX Index Futures Contracts | 12 | Mar 2026 | 3257264 | 26721 |
| IBEX 35 Index Futures Contracts<sup>††</sup> | 7 | Jan 2026 | 1418750 | 26291 |
| FTSE Taiwan Index Futures Contracts | 12 | Jan 2026 | 1135080 | 16562 |
| MSCI Emerging Markets Index Futures Contracts | 8 | Mar 2026 | 564560 | 6549 |
| Nikkei 225 (CME) Index Futures Contracts | 1 | Mar 2026 | 252850 | 2447 |
| Euro STOXX 50 Index Futures Contracts<sup>††</sup> | 9 | Mar 2026 | 611370 | 2271 |
| DAX Index Futures Contracts<sup>††</sup> | 1 | Mar 2026 | 721027 | 2229 |
| S&P MidCap 400 Index Mini Futures Contracts | 1 | Mar 2026 | 332560 | 98 |
| Nikkei 225 (OSE) Index Futures Contracts<sup>††</sup> | 1 | Mar 2026 | 322168 | (1218) |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **MANAGED FUTURES STRATEGY FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts (continued)**<br>**Description** | <br>**Number of <br> Contracts** | <br>**Expiration <br> Date** | <br>**Notional <br> Amount** | <br>**Value and <br> Unrealized<br> Appreciation <br> (Depreciation)\*\*** |
| **Equity Futures Contracts Purchased<sup>†</sup>** **(continued)** |  |  |  |  |
| Russell 2000 Index Mini Futures Contracts | 1 | Mar 2026 | $124930 | $(3362) |
| S&P 500 Index Mini Futures Contracts | 1 | Mar 2026 | 344587 | (4589) |
| NASDAQ-100 Index Mini Futures Contracts | 3 | Mar 2026 | 1527300 | (25698) |
|  |  |  | $19024730 | $246397 |
| **Interest Rate Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Canadian Government 10 Year Bond Futures Contracts<sup>††</sup> | 23 | Mar 2026 | $2023649 | $4099 |
| Australian Government 3 Year Bond Futures Contracts<sup>††</sup> | 56 | Mar 2026 | 3922429 | 2159 |
| U.S. Treasury 2 Year Note Futures Contracts | 66 | Mar 2026 | 13779047 | 728 |
| U.S. Treasury 10 Year Note Futures Contracts | 1 | Mar 2026 | 112281 | (222) |
| U.S. Treasury 5 Year Note Futures Contracts | 7 | Mar 2026 | 764477 | (1133) |
| Australian Government 10 Year Bond Futures Contracts<sup>††</sup> | 7 | Mar 2026 | 509036 | (3049) |
| U.S. Treasury Long Bond Futures Contracts | 9 | Mar 2026 | 1036969 | (5018) |
|  |  |  | $22147888 | $(2436) |
| **Currency Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Mexican Peso Futures Contracts | 39 | Mar 2026 | $1075230 | $14322 |
| Norwegian Krone Futures Contracts | 2 | Mar 2026 | 396500 | 3045 |
| Euro FX Futures Contracts | 6 | Mar 2026 | 884400 | 188 |
| Australian Dollar Futures Contracts | 8 | Mar 2026 | 533920 | (690) |
| British Pound Futures Contracts | 35 | Mar 2026 | 2948312 | (1841) |
| Japanese Yen Futures Contracts | 15 | Mar 2026 | 1204313 | (3960) |
| Canadian Dollar Futures Contracts | 74 | Mar 2026 | 5409030 | (20218) |
|  |  |  | $12451705 | $(9154) |
| **Interest Rate Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| Euro - Schatz Futures Contracts<sup>††</sup> | 203 | Mar 2026 | $25462068 | $23848 |
| U.S. Treasury Ultra Long Bond Futures Contracts | 17 | Mar 2026 | 1996969 | 19525 |
| Euro - Bobl Futures Contracts<sup>††</sup> | 48 | Mar 2026 | 6530482 | 13419 |
| Euro - Bund Futures Contracts<sup>††</sup> | 22 | Mar 2026 | 3287850 | 8656 |
| U.S. Treasury 5 Year Note Futures Contracts | 19 | Mar 2026 | 2075008 | 4965 |
| Long Gilt Futures Contracts<sup>††</sup> | 3 | Mar 2026 | 367331 | 1677 |
| U.S. Treasury 10 Year Note Futures Contracts | 16 | Mar 2026 | 1796500 | 1428 |
| U.S. Treasury Long Bond Futures Contracts | 2 | Mar 2026 | 230438 | 9 |
|  |  |  | $41746646 | $73527 |
| **Currency Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| Swiss Franc Futures Contracts | 9 | Mar 2026 | $1430944 | $7872 |
| New Zealand Dollar Futures Contracts | 14 | Mar 2026 | 808150 | 4399 |
| Mexican Peso Futures Contracts | 18 | Mar 2026 | 496260 | 1034 |
| Euro FX Futures Contracts | 7 | Mar 2026 | 1031800 | (3210) |
|  |  |  | $3767154 | $10095 |
| **Equity Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| Dow Jones Industrial Average Index Mini Futures Contracts | 2 | Mar 2026 | $483380 | $6063 |
| Russell 2000 Index Mini Futures Contracts | 1 | Mar 2026 | 124930 | 5749 |
| CAC 40 10 Euro Index Futures Contracts<sup>††</sup> | 8 | Jan 2026 | 761973 | 1840 |
| Tokyo Stock Price Index Futures Contracts<sup>††</sup> | 6 | Mar 2026 | 1308533 | (11327) |
|  |  |  | $2678816 | $2325 |
| **Commodity Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| Wheat Futures Contracts | 18 | Mar 2026 | $455850 | $27963 |
| Hard Red Winter Wheat Futures Contracts | 14 | Mar 2026 | 360500 | 12843 |
| Corn Futures Contracts | 19 | Mar 2026 | 418950 | 2726 |
| Soybean Meal Futures Contracts | 7 | Mar 2026 | 209720 | 2477 |
| Soybean Futures Contracts | 3 | Mar 2026 | 157087 | 1631 |
| Soybean Oil Futures Contracts | 5 | Mar 2026 | 145650 | 1092 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **MANAGED FUTURES STRATEGY FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts (continued)**<br>**Description** | <br>**Number of <br> Contracts** | <br>**Expiration <br> Date** | <br>**Notional <br> Amount** | <br>**Value and <br> Unrealized<br> Appreciation <br> (Depreciation)\*\*** |
| **Commodity Futures Contracts Sold Short<sup>†</sup>** **(continued)** |  |  |  |  |
| New York Harbor Ultra-Low Sulfur Diesel Futures Contracts | 1 | Jan 2026 | $89216 | $(11) |
| LME Lead Futures Contracts | 4 | Feb 2026 | 199770 | (548) |
| Brent Crude Futures Contracts | 3 | Jan 2026 | 182730 | (755) |
| Gasoline RBOB Futures Contracts | 7 | Jan 2026 | 503446 | (2311) |
| WTI Crude Futures Contracts | 1 | Jan 2026 | 57440 | (2323) |
| Copper Futures Contracts | 1 | Mar 2026 | 142375 | (3128) |
| Cocoa Futures Contracts | 5 | Mar 2026 | 302150 | (5237) |
| Cattle Feeder Futures Contracts | 2 | Mar 2026 | 345300 | (12481) |
| Lean Hogs Futures Contracts | 31 | Feb 2026 | 1054930 | (40787) |
| Platinum Futures Contracts | 8 | Apr 2026 | 822440 | (42525) |
|  |  |  | $5447554 | $(61374) |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Consolidated Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs, unless otherwise noted — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at December 31, 2025. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;CME — Chicago Mercantile Exchange |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at December 31, 2025 (See Note 4 in the Notes to Consolidated Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Mutual Funds | $10499430 | $— | $— | $10499430 |
| U.S. Treasury Bills |  | 2365321 |  | 2365321 |
| Repurchase Agreements |  | 9145027 |  | 9145027 |
| Commodity Futures Contracts\*\* | 553626 |  |  | 553626 |
| Equity Futures Contracts\*\* | 64189 | 230727 |  | 294916 |
| Interest Rate Futures Contracts\*\* | 26655 | 53858 |  | 80513 |
| Currency Futures Contracts\*\* | 30860 |  |  | 30860 |
| Total Assets | $11174760 | $11794933 | $— | $22969693 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **MANAGED FUTURES STRATEGY FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Commodity Futures Contracts\*\* | $180287 | $— | $— | $180287 |
| Equity Futures Contracts\*\* | 33649 | 12545 |  | 46194 |
| Currency Futures Contracts\*\* | 29919 |  |  | 29919 |
| Interest Rate Futures Contracts\*\* | 6373 | 3049 |  | 9422 |
| Total Liabilities | $250228 | $15594 | $— | $265822 |

---

\*\* 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 person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

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, 2025 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/1601445/000139834425021351/fp0095397-6_ncsrixbrl.htm. The Fund also 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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $3133686 | $— | $— | $— | $(5045) | $3128641 | 126104 | $164822 |
| &nbsp;&nbsp;Guggenheim Strategy Fund III | 4820043 |  |  |  | (5798) | 4814245 | 193266 | 257753 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 2538790 |  |  |  | 17754 | 2556544 | 253625 | 111258 |
|  | $10492519 | $— | $— | $— | $6911 | $10499430 |  | $533833 |

---

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

**MANAGED FUTURES STRATEGY FUND**<br>

---

| |
|:---|
| **CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES** |
| December 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $2,365,016) | $2365321 |
| Investments in affiliated issuers, at value (cost $10,451,739) | 10499430 |
| Repurchase agreements, at value (cost $9,145,027) | 9145027 |
| Cash | 1572 |
| Segregated cash with broker | 1007101 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Dividends | 41868 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 11052 |
| &nbsp;&nbsp;&nbsp;Interest | 969 |
| Other assets | 1815 |
| **Total assets** | 23074155 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 301685 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 26080 |
| &nbsp;&nbsp;&nbsp;Management fees | 17317 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 8671 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 2932 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 2687 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 196 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 24688 |
| **Total liabilities** | 384256 |
| **Net assets** | $22689899 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $64667868 |
| Total distributable earnings (loss) | (41977969) |
| Net assets | $22689899 |
| **Class A:** | **Class A:** |
| Net assets | $4269187 |
| Capital shares outstanding | 217053 |
| Net asset value per share | $19.67 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $20.65 |
| **Class C:** | **Class C:** |
| Net assets | $873756 |
| Capital shares outstanding | 51791 |
| Net asset value per share | $16.87 |
| **Class P:** | **Class P:** |
| Net assets | $4902277 |
| Capital shares outstanding | 247256 |
| Net asset value per share | $19.83 |
| **Institutional Class:** | **Institutional Class:** |
| Net assets | $12644679 |
| Capital shares outstanding | 618169 |
| Net asset value per share | $20.46 |

---

---

| |
|:---|
| **CONSOLIDATED STATEMENT OF OPERATIONS** |
| Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of affiliated issuers | $533833 |
| Interest | 539463 |
| Other income | 36 |
| &nbsp;&nbsp;&nbsp;Total investment income | 1073332 |
| **Expenses:** | **Expenses:** |
| Management fees | 247525 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 10739 |
| &nbsp;&nbsp;&nbsp;Class C | 10115 |
| &nbsp;&nbsp;&nbsp;Class P | 12552 |
| Transfer agent fees | 57539 |
| Professional fees | 39887 |
| Portfolio accounting and administration fees | 35618 |
| Registration fees | 32692 |
| Trustees' fees\* | 3782 |
| Custodian fees | 3585 |
| Miscellaneous | 6042 |
| &nbsp;&nbsp;&nbsp;Total expenses | 460076 |
| Less: | Less: |
| Expenses waived by Adviser | (43689) |
| Net expenses | 416387 |
| Net investment income | 656945 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 5171 |
| &nbsp;&nbsp;&nbsp;Futures contracts | (130039) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (11030) |
| Net realized loss | (135898) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (210) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 6911 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 206857 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | (117) |
| Net change in unrealized appreciation (depreciation) | 213441 |
| Net realized and unrealized gain | 77543 |
| **Net increase in net assets resulting from operations** | $734488 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

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

**MANAGED FUTURES STRATEGY FUND**<br>

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $656945 | $2229508 |
| Net realized loss on investments | (135898) | (1503985) |
| Net change in unrealized appreciation (depreciation) on investments | 213441 | (446787) |
| Net increase in net assets resulting from operations | 734488 | 278736 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (242557) | (235128) |
| &nbsp;&nbsp;&nbsp;Class C | (51142) | (66901) |
| &nbsp;&nbsp;&nbsp;Class P | (279047) | (279027) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (730599) | (1106452) |
| Total distributions to shareholders | (1303345) | (1687508) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 250407 | 237415 |
| &nbsp;&nbsp;&nbsp;Class C | 46615 | 23465 |
| &nbsp;&nbsp;&nbsp;Class P | 425951 | 911288 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 8021494 | 7384697 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 238318 | 228848 |
| &nbsp;&nbsp;&nbsp;Class C | 51142 | 66879 |
| &nbsp;&nbsp;&nbsp;Class P | 261882 | 276784 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 727193 | 1103349 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (888323) | (1559443) |
| &nbsp;&nbsp;&nbsp;Class C | (550862) | (461347) |
| &nbsp;&nbsp;&nbsp;Class P | (1475115) | (2929888) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (17424575) | (39848100) |
| Net decrease from capital share transactions | (10315873) | (34566053) |
| Net decrease in net assets | (10884730) | (35974825) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 33574629 | 69549454 |
| &nbsp;&nbsp;&nbsp;End of year | $22689899 | $33574629 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 12850 | 11176 |
| &nbsp;&nbsp;&nbsp;Class C | 2778 | 1238 |
| &nbsp;&nbsp;&nbsp;Class P | 21643 | 42390 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 392408 | 333625 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 12103 | 11611 |
| &nbsp;&nbsp;&nbsp;Class C | 3028 | 3918 |
| &nbsp;&nbsp;&nbsp;Class P | 13200 | 13937 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 35525 | 53980 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (45884) | (73851) |
| &nbsp;&nbsp;&nbsp;Class C | (32977) | (25453) |
| &nbsp;&nbsp;&nbsp;Class P | (75467) | (138289) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (873222) | (1852508) |
| Net decrease in shares | (534015) | (1618226) |

---

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

---

| |
|:---|
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |
| **MANAGED FUTURES STRATEGY FUND** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $19.76 | $20.67 | $20.16 | $18.41 | $17.96 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .52 | .75 | .70 | .05 | (.18) |
| Net gain (loss) on investments (realized and unrealized) | .58 | (.65) | .02 | 2.67 | .63 |
| Total from investment operations | 1.10 | .10 | .72 | 2.72 | .45 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.19) | (1.01) | (.21) | (.97) |  |
| Total distributions | (1.19) | (1.01) | (.21) | (.97) |  |
| Net asset value, end of period | $19.67 | $19.76 | $20.67 | $20.16 | $18.41 |
| **Total Return<sup>b</sup>** | **5.49%** | **0.49%** | **3.63%** | **14.76%** | **2.51%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $4269 | $4702 | $5974 | $6478 | $5760 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.69% | 3.54% | 3.39% | 0.22% | (0.99%) |
| Total expenses<sup>c</sup> | 2.10% | 1.99% | 1.89% | 1.91% | 1.88% |
| Net expenses<sup>d</sup> | 1.91% | 1.82% | 1.74% | 1.75% | 1.73% |
| Portfolio turnover rate |  | — <sup>e</sup> |  | 7% | 27% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $17.11 | $18.03 | $17.63 | $16.28 | $16.00 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .33 | .52 | .48 | (.06) | (.29) |
| Net gain (loss) on investments (realized and unrealized) | .48 | (.57) | .02 | 2.33 | .57 |
| Total from investment operations | .81 | (.05) | .50 | 2.27 | .28 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.05) | (.87) | (.10) | (.92) |  |
| Total distributions | (1.05) | (.87) | (.10) | (.92) |  |
| Net asset value, end of period | $16.87 | $17.11 | $18.03 | $17.63 | $16.28 |
| **Total Return<sup>b</sup>** | **4.75%** | **(0.25** **%)** | **2.88%** | **13.96%** | **1.75%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $874 | $1351 | $1789 | $2121 | $570 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.95% | 2.81% | 2.67% | (0.31%) | (1.74%) |
| Total expenses<sup>c</sup> | 2.84% | 2.72% | 2.62% | 2.65% | 2.63% |
| Net expenses<sup>d</sup> | 2.65% | 2.55% | 2.47% | 2.49% | 2.49% |
| Portfolio turnover rate |  | — <sup>e</sup> |  | 7% | 27% |

---

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

---

| |
|:---|
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** (concluded) |
| **MANAGED FUTURES STRATEGY FUND** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class P** | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $19.91 | $20.81 | $20.30 | $18.48 | $18.03 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .53 | .76 | .71 | .01 | (.18) |
| Net gain (loss) on investments (realized and unrealized) | .58 | (.65) |  | 2.73 | .63 |
| Total from investment operations | 1.11 | .11 | .71 | 2.74 | .45 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.19) | (1.01) | (.20) | (.92) |  |
| Total distributions | (1.19) | (1.01) | (.20) | (.92) |  |
| Net asset value, end of period | $19.83 | $19.91 | $20.81 | $20.30 | $18.48 |
| **Total Return** | **5.50%** | **0.48%** | **3.66%** | **14.75%** | **2.50%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $4902 | $5730 | $7696 | $8423 | $6697 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.70% | 3.56% | 3.42% | 0.07% | (0.99%) |
| Total expenses<sup>c</sup> | 2.09% | 1.97% | 1.87% | 1.91% | 1.88% |
| Net expenses<sup>d</sup> | 1.90% | 1.80% | 1.72% | 1.74% | 1.73% |
| Portfolio turnover rate |  | — <sup>e</sup> |  | 7% | 27% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $20.49 | $21.39 | $20.86 | $19.00 | $18.49 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .60 | .85 | .80 | .14 | (.14) |
| Net gain (loss) on investments (realized and unrealized) | .61 | (.69) |  | 2.74 | .65 |
| Total from investment operations | 1.21 | .16 | .80 | 2.88 | .51 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.24) | (1.06) | (.27) | (1.02) |  |
| Total distributions | (1.24) | (1.06) | (.27) | (1.02) |  |
| Net asset value, end of period | $20.46 | $20.49 | $21.39 | $20.86 | $19.00 |
| **Total Return** | **5.84%** | **0.72%** | **3.97%** | **15.03%** | **2.76%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $12645 | $21792 | $54090 | $21272 | $8169 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.96% | 3.84% | 3.71% | 0.63% | (0.73%) |
| Total expenses<sup>c</sup> | 1.81% | 1.69% | 1.61% | 1.64% | 1.63% |
| Net expenses<sup>d</sup> | 1.63% | 1.52% | 1.46% | 1.48% | 1.48% |
| Portfolio turnover rate |  | — <sup>e</sup> |  | 7% | 27% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>e</sup> Less than 1%.

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 31.4%** | **COMMON STOCKS<sup>†</sup>** **- 31.4%** | **COMMON STOCKS<sup>†</sup>** **- 31.4%** |
| **Financial - 8.8%** | **Financial - 8.8%** | **Financial - 8.8%** |
| &nbsp;&nbsp;&nbsp;ProAssurance Corp.\* | 5855 | $141457 |
| &nbsp;&nbsp;&nbsp;International Money Express, Inc.\* | 8147 | 125138 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group plc | 2201 | 104702 |
| &nbsp;&nbsp;&nbsp;Plymouth Industrial REIT, Inc. | 4743 | 103777 |
| &nbsp;&nbsp;&nbsp;Comerica, Inc. | 902 | 78411 |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. — Class A | 1139 | 73158 |
| &nbsp;&nbsp;&nbsp;MidWestOne Financial Group, Inc. | 1467 | 56479 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. REIT | 1347 | 53583 |
| &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group, Inc. | 298 | 50511 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | 813 | 40691 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc.\* | 577 | 37384 |
| &nbsp;&nbsp;&nbsp;Anywhere Real Estate, Inc.\* | 2624 | 37156 |
| **Total Financial** |  | 902447 |
| **Technology - 6.1%** | **Technology - 6.1%** | **Technology - 6.1%** |
| &nbsp;&nbsp;&nbsp;Cantaloupe, Inc.\* | 11574 | 122916 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 580 | 118511 |
| &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | 1333 | 102228 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc.\* | 1419 | 98138 |
| &nbsp;&nbsp;&nbsp;Jamf Holding Corp.\* | 4153 | 54031 |
| &nbsp;&nbsp;&nbsp;Confluent, Inc. — Class A\* | 1722 | 52073 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc. — Class A\* | 2097 | 50580 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc.\* | 383 | 32367 |
| **Total Technology** |  | 630844 |
| **Industrial - 5.4%** | **Industrial - 5.4%** | **Industrial - 5.4%** |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc.\* | 1035 | 213448 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 392 | 113178 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | 2419 | 100219 |
| &nbsp;&nbsp;&nbsp;American Woodmark Corp.\* | 1324 | 71364 |
| &nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | 1822 | 57794 |
| &nbsp;&nbsp;&nbsp;Olympic Steel, Inc. | 33 | 1412 |
| **Total Industrial** |  | 557415 |
| **Consumer, Non-cyclical - 5.1%** | **Consumer, Non-cyclical - 5.1%** | **Consumer, Non-cyclical - 5.1%** |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corp.\* | 6806 | 104676 |
| &nbsp;&nbsp;&nbsp;Exact Sciences Corp.\* | 1025 | 104099 |
| &nbsp;&nbsp;&nbsp;Cidara Therapeutics, Inc.\* | 319 | 70464 |
| &nbsp;&nbsp;&nbsp;Udemy, Inc.\* | 11258 | 65859 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.\* | 763 | 56836 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc.\* | 766 | 55252 |
| &nbsp;&nbsp;&nbsp;Astria Therapeutics, Inc.\* | 3548 | 46443 |
| &nbsp;&nbsp;&nbsp;STAAR Surgical Co.\* | 1080 | 24937 |
| **Total Consumer, Non-cyclical** |  | 528566 |
| **Communications - 4.1%** | **Communications - 4.1%** | **Communications - 4.1%** |
| &nbsp;&nbsp;&nbsp;Frontier Communications Parent, Inc.\* | 5914 | 225146 |
| &nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc. | 5345 | 81993 |
| &nbsp;&nbsp;&nbsp;TEGNA, Inc. | 3516 | 68246 |
| &nbsp;&nbsp;&nbsp;Eventbrite, Inc. — Class A\* | 7807 | 34741 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.\* | 465 | 13401 |
| **Total Communications** |  | 423527 |
| **Utilities - 1.5%** | **Utilities - 1.5%** | **Utilities - 1.5%** |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 1821 | 107220 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | 722 | 46598 |
| **Total Utilities** |  | 153818 |
| **Consumer, Cyclical - 0.4%** | **Consumer, Cyclical - 0.4%** | **Consumer, Cyclical - 0.4%** |
| &nbsp;&nbsp;&nbsp;Guess?, Inc. | 2450 | 41055 |
| **Energy - 0.0%** | **Energy - 0.0%** | **Energy - 0.0%** |
| &nbsp;&nbsp;&nbsp;California Resources Corp. | 15 | 671 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,206,923) |  | 3238343 |
| **MASTER LIMITED PARTNERSHIPS<sup>†</sup>** **- 0.0%** | **MASTER LIMITED PARTNERSHIPS<sup>†</sup>** **- 0.0%** | **MASTER LIMITED PARTNERSHIPS<sup>†</sup>** **- 0.0%** |
| **Energy - 0.0%** | **Energy - 0.0%** | **Energy - 0.0%** |
| &nbsp;&nbsp;&nbsp;Western Midstream Partners, LP | 1 | 39 |
| **Total Master Limited Partnerships** | **Total Master Limited Partnerships** |  |
| &nbsp;&nbsp;&nbsp;(Cost $32) |  | 39 |
| **RIGHTS<sup>†</sup>** **- 0.0%** | **RIGHTS<sup>†</sup>** **- 0.0%** | **RIGHTS<sup>†</sup>** **- 0.0%** |
| **Consumer, Non-cyclical - 0.0%** | **Consumer, Non-cyclical - 0.0%** | **Consumer, Non-cyclical - 0.0%** |
| Bristol-Myers Squibb Co.\* | 12237 |  |
| Novartis AG\*<sup>,†††</sup> | 9562 |  |
| Sanofi SA\* | 1186 |  |
| Johnson & Johnson\*<sup>,†††</sup> | 3841 |  |
| **Total Consumer, Non-cyclical** |  |  |
| **Financial - 0.0%** | **Financial - 0.0%** | **Financial - 0.0%** |
| Sycamore Partners LLC\* | 10376 |  |
| **Total Rights** | **Total Rights** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,729) |  |  |
| **MUTUAL FUNDS<sup>†</sup>** **- 33.1%** | **MUTUAL FUNDS<sup>†</sup>** **- 33.1%** | **MUTUAL FUNDS<sup>†</sup>** **- 33.1%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 163780 | 1650899 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 45136 | 1119824 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund III<sup>1</sup> | 25899 | 645147 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,391,958) |  | 3415870 |
| **CLOSED-END MUTUAL FUNDS\*\*\*<sup>,†</sup>** **- 6.3%** | **CLOSED-END MUTUAL FUNDS\*\*\*<sup>,†</sup>** **- 6.3%** | **CLOSED-END MUTUAL FUNDS\*\*\*<sup>,†</sup>** **- 6.3%** |
| &nbsp;&nbsp;&nbsp;Mexico Fund, Inc. | 1009 | 20321 |
| &nbsp;&nbsp;&nbsp;Sprott Focus Trust, Inc. | 2341 | 20320 |
| &nbsp;&nbsp;&nbsp;Ellsworth Growth and Income Fund Ltd. | 1742 | 20259 |
| &nbsp;&nbsp;&nbsp;abrdn National Municipal Income Fund | 1945 | 19975 |
| &nbsp;&nbsp;&nbsp;BlackRock Science and Technology Term Trust | 883 | 19965 |
| &nbsp;&nbsp;&nbsp;Royce Micro-Capital Trust, Inc. | 1908 | 19900 |
| &nbsp;&nbsp;&nbsp;MFS Municipal Income Trust | 3656 | 19852 |
| &nbsp;&nbsp;&nbsp;Nuveen Dow 30sm Dynamic Overwrite Fund | 1300 | 19838 |
| &nbsp;&nbsp;&nbsp;SRH Total Return Fund, Inc. | 1069 | 19819 |
| &nbsp;&nbsp;&nbsp;Bancroft Fund Ltd. | 895 | 19779 |
| &nbsp;&nbsp;&nbsp;Templeton Emerging Markets Fund/United States | 1160 | 19755 |
| &nbsp;&nbsp;&nbsp;PIMCO New York Municipal Income Fund II | 2813 | 19382 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Neuberger Next Generation Connectivity Fund, Inc. | 1338 | $19321 |
| &nbsp;&nbsp;&nbsp;Clough Global Equity Fund | 2517 | 19280 |
| &nbsp;&nbsp;&nbsp;PIMCO California Municipal Income Fund | 2208 | 19276 |
| &nbsp;&nbsp;&nbsp;BlackRock Technology and Private Equity Term Trust | 2869 | 18907 |
| &nbsp;&nbsp;&nbsp;BlackRock Health Sciences Term Trust | 1252 | 18843 |
| &nbsp;&nbsp;&nbsp;European Equity Fund, Inc. | 1640 | 16892 |
| &nbsp;&nbsp;&nbsp;Royce Global Trust, Inc. | 1073 | 14067 |
| &nbsp;&nbsp;&nbsp;abrdn Emerging Markets ex China Fund, Inc. | 1934 | 13538 |
| &nbsp;&nbsp;&nbsp;John Hancock Diversified Income Fund | 1242 | 13352 |
| &nbsp;&nbsp;&nbsp;Gabelli Dividend & Income Trust | 451 | 12524 |
| &nbsp;&nbsp;&nbsp;Federated Hermes Premier Municipal Income Fund | 1092 | 12132 |
| &nbsp;&nbsp;&nbsp;General American Investors Company, Inc. | 167 | 9808 |
| &nbsp;&nbsp;&nbsp;Gabelli Healthcare & WellnessRx Trust | 981 | 9447 |
| &nbsp;&nbsp;&nbsp;Virtus Convertible & Income Fund | 602 | 9120 |
| &nbsp;&nbsp;&nbsp;Gabelli Global Small and Mid Capital Value Trust | 568 | 8520 |
| &nbsp;&nbsp;&nbsp;Duff & Phelps Utility and Infrastructure Fund, Inc. | 650 | 8261 |
| &nbsp;&nbsp;&nbsp;Tri-Continental Corp. | 158 | 5160 |
| &nbsp;&nbsp;&nbsp;Royce Small-Capital Trust, Inc. | 319 | 5136 |
| &nbsp;&nbsp;&nbsp;Eaton Vance California Municipal Income Trust | 496 | 4980 |
| &nbsp;&nbsp;&nbsp;BlackRock MuniHoldings New York Quality Fund, Inc. | 255 | 2609 |
| &nbsp;&nbsp;&nbsp;BlackRock New York Municipal Income Trust | 256 | 2596 |
| &nbsp;&nbsp;&nbsp;abrdn Australia Equity Fund, Inc. | 162 | 2093 |
| &nbsp;&nbsp;&nbsp;Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund | 45 | 1366 |
| &nbsp;&nbsp;&nbsp;BNY Mellon Strategic Municipal Bond Fund, Inc. | 221 | 1364 |
| &nbsp;&nbsp;&nbsp;Voya Infrastructure Industrials and Materials Fund | 110 | 1353 |
| &nbsp;&nbsp;&nbsp;Adams Diversified Equity Fund, Inc. | 58 | 1353 |
| &nbsp;&nbsp;&nbsp;BNY Mellon Municipal Bond Infrastructure Fund, Inc. | 123 | 1352 |
| &nbsp;&nbsp;&nbsp;First Trust Senior Floating Rate Income Fund II | 134 | 1349 |
| &nbsp;&nbsp;&nbsp;Putnam Municipal Opportunities Trust | 126 | 1348 |
| &nbsp;&nbsp;&nbsp;Eaton Vance Tax-Managed Global Diversified Equity Income Fund | 141 | 1344 |
| &nbsp;&nbsp;&nbsp;BlackRock Enhanced Equity Dividend Trust | 141 | 1337 |
| &nbsp;&nbsp;&nbsp;Eaton Vance Enhanced Equity Income Fund | 65 | 1336 |
| &nbsp;&nbsp;&nbsp;Putnam Managed Municipal Income Trust | 213 | 1336 |
| &nbsp;&nbsp;&nbsp;BlackRock Enhanced International Dividend Trust | 227 | 1335 |
| &nbsp;&nbsp;&nbsp;Eaton Vance Tax-Advantaged Dividend Income Fund | 53 | 1335 |
| &nbsp;&nbsp;&nbsp;Eaton Vance Enhanced Equity Income Fund II | 57 | 1334 |
| &nbsp;&nbsp;&nbsp;Liberty All-Star Equity Fund | 212 | 1331 |
| &nbsp;&nbsp;&nbsp;BNY Mellon Strategic Municipals, Inc. | 209 | 1329 |
| &nbsp;&nbsp;&nbsp;Thornburg Income Builder Opportunities Trust | 66 | 1327 |
| &nbsp;&nbsp;&nbsp;BlackRock Municipal 2030 Target Term Trust | 58 | 1324 |
| &nbsp;&nbsp;&nbsp;Nuveen S&P 500 Buy-Write Income Fund | 90 | 1323 |
| &nbsp;&nbsp;&nbsp;Franklin Limited Duration Income Trust | 215 | 1322 |
| &nbsp;&nbsp;&nbsp;XAI Madison Equity Premium Income Fund | 220 | 1320 |
| &nbsp;&nbsp;&nbsp;Eaton Vance National Municipal Opportunities Trust | 78 | 1319 |
| &nbsp;&nbsp;&nbsp;BlackRock MuniVest Fund II, Inc. | 122 | 1319 |
| &nbsp;&nbsp;&nbsp;BlackRock MuniYield Quality Fund II, Inc. | 131 | 1317 |
| &nbsp;&nbsp;&nbsp;Western Asset Managed Municipals Fund, Inc. | 126 | 1315 |
| &nbsp;&nbsp;&nbsp;BlackRock MuniHoldings Fund, Inc. | 112 | 1315 |
| &nbsp;&nbsp;&nbsp;BrandywineGLOBAL Global Income Opportunities Fund, Inc. | 157 | 1314 |
| &nbsp;&nbsp;&nbsp;BlackRock MuniHoldings Quality Fund II, Inc. | 131 | 1314 |
| &nbsp;&nbsp;&nbsp;BlackRock Municipal Income Trust | 131 | 1314 |
| &nbsp;&nbsp;&nbsp;DTF Tax-Free Income 2028 Term Fund, Inc. | 115 | 1313 |
| &nbsp;&nbsp;&nbsp;BlackRock Municipal Income Quality Trust | 120 | 1313 |
| &nbsp;&nbsp;&nbsp;Flaherty & Crumrine Total Return Fund, Inc. | 75 | 1313 |
| &nbsp;&nbsp;&nbsp;Invesco Municipal Trust | 136 | 1312 |
| &nbsp;&nbsp;&nbsp;First Trust Mortgage Income Fund | 108 | 1312 |
| &nbsp;&nbsp;&nbsp;Nuveen NASDAQ 100 Dynamic Overwrite Fund | 46 | 1312 |
| &nbsp;&nbsp;&nbsp;BlackRock Enhanced Global Dividend Trust | 112 | 1312 |
| &nbsp;&nbsp;&nbsp;BlackRock MuniYield Fund, Inc. | 125 | 1311 |
| &nbsp;&nbsp;&nbsp;Voya Emerging Markets High Dividend Equity Fund | 209 | 1310 |
| &nbsp;&nbsp;&nbsp;Blackrock Investment Quality Municipal Trust, Inc. | 117 | 1310 |
| &nbsp;&nbsp;&nbsp;BlackRock MuniVest Fund, Inc. | 189 | 1310 |
| &nbsp;&nbsp;&nbsp;Eaton Vance Tax Managed Global Buy Write Opportunities Fund | 142 | 1309 |
| &nbsp;&nbsp;&nbsp;Lazard Global Total Return and Income Fund, Inc. | 75 | 1308 |
| &nbsp;&nbsp;&nbsp;Nuveen Core Equity Alpha Fund | 82 | 1307 |
| &nbsp;&nbsp;&nbsp;BlackRock MuniAssets Fund, Inc. | 122 | 1307 |
| &nbsp;&nbsp;&nbsp;Flaherty & Crumrine Preferred & Income Fund, Inc. | 110 | 1306 |
| &nbsp;&nbsp;&nbsp;Eaton Vance Risk-Managed Diversified Equity Income Fund | 148 | 1305 |
| &nbsp;&nbsp;&nbsp;BlackRock Municipal Income Trust II | 125 | 1305 |
| &nbsp;&nbsp;&nbsp;TCW Strategic Income Fund, Inc. | 264 | 1304 |
| &nbsp;&nbsp;&nbsp;RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. | 164 | 1304 |
| &nbsp;&nbsp;&nbsp;Western Asset Investment Grade Opportunity Trust, Inc. | 79 | 1304 |
| &nbsp;&nbsp;&nbsp;LMP Capital and Income Fund, Inc. | 88 | 1303 |
| &nbsp;&nbsp;&nbsp;RiverNorth Opportunities Fund, Inc. | 111 | 1303 |
| &nbsp;&nbsp;&nbsp;BlackRock MuniYield Michigan Quality Fund, Inc. | 111 | 1303 |
| &nbsp;&nbsp;&nbsp;BlackRock Capital Allocation Term Trust | 92 | 1303 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Invesco Municipal Opportunity Trust | 136 | $1301 |
| &nbsp;&nbsp;&nbsp;Virtus Global Multi-Sector Income Fund | 166 | 1302 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Emerging Markets Debt Fund, Inc. | 176 | 1301 |
| &nbsp;&nbsp;&nbsp;PGIM Short Duration High Yield Opportunities Fund | 79 | 1299 |
| &nbsp;&nbsp;&nbsp;First Trust Enhanced Equity Income Fund | 59 | 1299 |
| &nbsp;&nbsp;&nbsp;Nuveen S&P 500 Dynamic Overwrite Fund | 72 | 1299 |
| &nbsp;&nbsp;&nbsp;MFS High Income Municipal Trust | 351 | 1299 |
| &nbsp;&nbsp;&nbsp;AllianceBernstein National Municipal Income Fund, Inc. | 120 | 1298 |
| &nbsp;&nbsp;&nbsp;Eaton Vance Tax-Managed Buy-Write Income Fund | 85 | 1298 |
| &nbsp;&nbsp;&nbsp;Western Asset Investment Grade Income Fund, Inc. | 104 | 1298 |
| &nbsp;&nbsp;&nbsp;Blackrock Science & Technology Trust | 32 | 1297 |
| &nbsp;&nbsp;&nbsp;BlackRock MuniHoldings New Jersey Quality Fund, Inc. | 109 | 1297 |
| &nbsp;&nbsp;&nbsp;MFS Investment Grade Municipal Trust | 163 | 1296 |
| &nbsp;&nbsp;&nbsp;Blackstone Strategic Credit Fund | 110 | 1296 |
| &nbsp;&nbsp;&nbsp;MFS High Yield Municipal Trust | 369 | 1295 |
| &nbsp;&nbsp;&nbsp;Nuveen Select Maturities Municipal Fund | 139 | 1294 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers Tax-Advantaged Preferred Securities & Income Fund | 67 | 1294 |
| &nbsp;&nbsp;&nbsp;NYLI MacKay DefinedTerm Muni Opportunities Fund | 87 | 1294 |
| &nbsp;&nbsp;&nbsp;BlackRock MuniYield Quality Fund III, Inc. | 119 | 1294 |
| &nbsp;&nbsp;&nbsp;BlackRock MuniHoldings California Quality Fund, Inc. | 122 | 1293 |
| &nbsp;&nbsp;&nbsp;Allspring Multi-Sector Income Fund | 139 | 1293 |
| &nbsp;&nbsp;&nbsp;Eaton Vance Tax-Managed Buy-Write Opportunities Fund | 90 | 1292 |
| &nbsp;&nbsp;&nbsp;RiverNorth Managed Duration Municipal Income Fund II, Inc. | 89 | 1292 |
| &nbsp;&nbsp;&nbsp;Nuveen New York AMT-Free Quality Municipal Income Fund | 128 | 1292 |
| &nbsp;&nbsp;&nbsp;Principal Real Estate Income Fund | 129 | 1291 |
| &nbsp;&nbsp;&nbsp;Western Asset Intermediate Muni Fund, Inc. | 168 | 1290 |
| &nbsp;&nbsp;&nbsp;Western Asset Inflation-Linked Income Fund | 156 | 1290 |
| &nbsp;&nbsp;&nbsp;Allspring Global Dividend Opportunity Fund | 221 | 1289 |
| &nbsp;&nbsp;&nbsp;Allspring Income Opportunities Fund | 190 | 1288 |
| &nbsp;&nbsp;&nbsp;BlackRock MuniYield Quality Fund, Inc. | 114 | 1288 |
| &nbsp;&nbsp;&nbsp;John Hancock Income Securities Trust | 110 | 1288 |
| &nbsp;&nbsp;&nbsp;MFS Multimarket Income Trust | 277 | 1288 |
| &nbsp;&nbsp;&nbsp;Flaherty & Crumrine Preferred and Income Securities Fund, Inc. | 78 | 1288 |
| &nbsp;&nbsp;&nbsp;Voya Global Equity Dividend and Premium Opportunity Fund | 225 | 1287 |
| &nbsp;&nbsp;&nbsp;MFS Charter Income Trust | 205 | 1285 |
| &nbsp;&nbsp;&nbsp;Neuberger Municipal Fund, Inc. | 127 | 1285 |
| &nbsp;&nbsp;&nbsp;RiverNorth Flexible Municipal Income Fund, Inc. | 92 | 1285 |
| &nbsp;&nbsp;&nbsp;Flaherty & Crumrine Preferred and Income Opportunity Fund, Inc. | 136 | 1285 |
| &nbsp;&nbsp;&nbsp;Nuveen Credit Strategies Income Fund | 256 | 1285 |
| &nbsp;&nbsp;&nbsp;Nuveen Floating Rate Income Fund | 164 | 1284 |
| &nbsp;&nbsp;&nbsp;Western Asset High Income Opportunity Fund, Inc. | 346 | 1284 |
| &nbsp;&nbsp;&nbsp;PGIM Global High Yield Fund, Inc. | 104 | 1283 |
| &nbsp;&nbsp;&nbsp;AllianceBernstein Global High Income Fund, Inc. | 120 | 1283 |
| &nbsp;&nbsp;&nbsp;Liberty All Star Growth Fund, Inc. | 242 | 1283 |
| &nbsp;&nbsp;&nbsp;Virtus Convertible & Income Fund II | 93 | 1281 |
| &nbsp;&nbsp;&nbsp;BlackRock Long-Term Municipal Advantage Trust | 138 | 1281 |
| &nbsp;&nbsp;&nbsp;BlackRock Multi-Sector Income Trust | 98 | 1280 |
| &nbsp;&nbsp;&nbsp;Invesco Bond Fund | 83 | 1279 |
| &nbsp;&nbsp;&nbsp;BlackRock MuniYield New York Quality Fund, Inc. | 129 | 1278 |
| &nbsp;&nbsp;&nbsp;BlackRock California Municipal Income Trust | 119 | 1278 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers Infrastructure Fund, Inc. | 53 | 1278 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers Select Preferred and Income Fund, Inc. | 63 | 1278 |
| &nbsp;&nbsp;&nbsp;BNY Mellon High Yield Strategies Fund | 515 | 1277 |
| &nbsp;&nbsp;&nbsp;BlackRock Health Sciences Trust | 31 | 1275 |
| &nbsp;&nbsp;&nbsp;Eaton Vance Municipal Bond Fund | 131 | 1275 |
| &nbsp;&nbsp;&nbsp;Nuveen Multi-Market Income Fund | 211 | 1274 |
| &nbsp;&nbsp;&nbsp;PIMCO Municipal Income Fund II | 169 | 1274 |
| &nbsp;&nbsp;&nbsp;BlackRock MuniYield Pennsylvania Quality Fund | 115 | 1274 |
| &nbsp;&nbsp;&nbsp;MFS Intermediate High Income Fund | 748 | 1272 |
| &nbsp;&nbsp;&nbsp;Western Asset Inflation-Linked Opportunities & Income Fund | 148 | 1271 |
| &nbsp;&nbsp;&nbsp;John Hancock Investors Trust | 93 | 1271 |
| &nbsp;&nbsp;&nbsp;abrdn Healthcare Investors | 67 | 1269 |
| &nbsp;&nbsp;&nbsp;Voya Asia Pacific High Dividend Equity Income Fund | 174 | 1267 |
| &nbsp;&nbsp;&nbsp;RiverNorth Managed Duration Municipal Income Fund, Inc. | 93 | 1266 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers Real Estate Opportunities and Income Fund | 86 | 1264 |
| &nbsp;&nbsp;&nbsp;RiverNorth Opportunistic Municipal Income Fund, Inc. | 88 | 1259 |
| &nbsp;&nbsp;&nbsp;John Hancock Premium Dividend Fund | 99 | 1257 |
| &nbsp;&nbsp;&nbsp;Nuveen Core Plus Impact Fund | 123 | 1252 |
| &nbsp;&nbsp;&nbsp;Nuveen Real Estate Income Fund | 163 | 1249 |
| &nbsp;&nbsp;&nbsp;abrdn Life Sciences Investors | 74 | 1242 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers Quality Income Realty Fund, Inc. | 108 | 1233 |
| &nbsp;&nbsp;&nbsp;BlackRock Virginia Municipal Bond Trust | 118 | 1233 |
| &nbsp;&nbsp;&nbsp;Allspring Utilities and High Income Fund | 104 | 1229 |
| &nbsp;&nbsp;&nbsp;Virtus Artificial Intelligence & Technology Opportunities Fund | 56 | 1218 |
| &nbsp;&nbsp;&nbsp;Virtus Total Return Fund, Inc. | 6 | 38 |
| &nbsp;&nbsp;&nbsp;Western Asset Global High Income Fund, Inc. | 2 | 13 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Western Asset Emerging Markets Debt Fund, Inc. | 1 | $11 |
| &nbsp;&nbsp;&nbsp;abrdn Total Dynamic Dividend Fund | 1 | 10 |
| &nbsp;&nbsp;&nbsp;GAMCO Natural Resources Gold & Income Trust | 1 | 7 |
| &nbsp;&nbsp;&nbsp;Templeton Emerging Markets Income Fund | 1 | 7 |
| &nbsp;&nbsp;&nbsp;Eaton Vance Senior Income Trust | 1 | 5 |
| **Total Closed-End Mutual Funds** | **Total Closed-End Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $564,283) |  | 651238 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 8.8%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 8.8%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 8.8%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.50% due 01/22/26<sup>2,3</sup> | $406000 | 405199 |
| &nbsp;&nbsp;&nbsp;3.69% due 01/08/26<sup>3</sup> | 500000 | 499710 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $904,771) |  | 904909 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 7.6%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 7.6%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 7.6%** |
| J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 392126 | 392126 |
| BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 392126 | 392126 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $784,252) |  | 784252 |
| **Total Investments - 87.2%** | **Total Investments - 87.2%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,855,948) | &nbsp;&nbsp;&nbsp;(Cost $8,855,948) | $8994651 |
|  | **Shares** |  |
| **COMMON STOCKS SOLD SHORT<sup>†</sup>** **- (5.7)%** | **COMMON STOCKS SOLD SHORT<sup>†</sup>** **- (5.7)%** | **COMMON STOCKS SOLD SHORT<sup>†</sup>** **- (5.7)%** |
| **Energy - (0.0)%** | **Energy - (0.0)%** | **Energy - (0.0)%** |
| &nbsp;&nbsp;&nbsp;Crescent Energy Co. — Class A | 1 | (9) |
| &nbsp;&nbsp;&nbsp;DNOW, Inc.\* | 1 | (13) |
| **Total Energy** |  | (22) |
| **Consumer, Cyclical - (0.0)%** | **Consumer, Cyclical - (0.0)%** | **Consumer, Cyclical - (0.0)%** |
| &nbsp;&nbsp;&nbsp;HNI Corp. | 1 | (42) |
| **Communications - (0.0)%** | **Communications - (0.0)%** | **Communications - (0.0)%** |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 1 | (81) |
| **Technology - (0.2)%** | **Technology - (0.2)%** | **Technology - (0.2)%** |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 368 | (23335) |
| **Utilities - (0.5)%** | **Utilities - (0.5)%** | **Utilities - (0.5)%** |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | 708 | (49149) |
| **Consumer, Non-cyclical - (0.8)%** | **Consumer, Non-cyclical - (0.8)%** | **Consumer, Non-cyclical - (0.8)%** |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | 1 | (149) |
| &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals, Inc.\* | 2093 | (16325) |
| &nbsp;&nbsp;&nbsp;Coursera, Inc.\* | 9006 | (66284) |
| **Total Consumer, Non-cyclical** |  | (82758) |
| **Industrial - (1.6)%** | **Industrial - (1.6)%** | **Industrial - (1.6)%** |
| &nbsp;&nbsp;&nbsp;Ryerson Holding Corp. | 33 | (831) |
| &nbsp;&nbsp;&nbsp;Masterbrand, Inc.\* | 6819 | (75282) |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 392 | (90677) |
| **Total Industrial** |  | (166790) |
| **Financial - (2.6)%** | **Financial - (2.6)%** | **Financial - (2.6)%** |
| &nbsp;&nbsp;&nbsp;Compass, Inc. — Class A\* | 3768 | (39828) |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | 426 | (40645) |
| &nbsp;&nbsp;&nbsp;Rayonier, Inc. | 2448 | (52999) |
| &nbsp;&nbsp;&nbsp;Nicolet Bankshares, Inc. | 466 | (56526) |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 1683 | (78781) |
| **Total Financial** |  | (268779) |
| **Total Common Stocks Sold Short** | **Total Common Stocks Sold Short** |  |
| &nbsp;&nbsp;&nbsp;(Proceeds $585,611) |  | (590956) |
| **EXCHANGE-TRADED FUNDS SOLD SHORT\*\*\*<sup>,†</sup>** **- (7.3)%** | **EXCHANGE-TRADED FUNDS SOLD SHORT\*\*\*<sup>,†</sup>** **- (7.3)%** | **EXCHANGE-TRADED FUNDS SOLD SHORT\*\*\*<sup>,†</sup>** **- (7.3)%** |
| &nbsp;&nbsp;&nbsp;iShares Mortgage Real Estate ETF | 4 | (89) |
| &nbsp;&nbsp;&nbsp;iShares MBS ETF\* | 7 | (667) |
| &nbsp;&nbsp;&nbsp;iShares 7-10 Year Treasury Bond ETF\* | 7 | (673) |
| &nbsp;&nbsp;&nbsp;iShares JP Morgan USD Emerging Markets Bond ETF\* | 11 | (1059) |
| &nbsp;&nbsp;&nbsp;VanEck High Yield Muni ETF | 27 | (1380) |
| &nbsp;&nbsp;&nbsp;VanEck Gold Miners ETF | 29 | (2487) |
| &nbsp;&nbsp;&nbsp;iShares TIPS Bond ETF | 23 | (2528) |
| &nbsp;&nbsp;&nbsp;iShares U.S. Real Estate ETF | 47 | (4413) |
| &nbsp;&nbsp;&nbsp;Schwab U.S. Aggregate Bond ETF | 229 | (5352) |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P Biotech ETF | 48 | (5853) |
| &nbsp;&nbsp;&nbsp;iShares Floating Rate Bond ETF | 129 | (6561) |
| &nbsp;&nbsp;&nbsp;Invesco Senior Loan ETF | 351 | (7371) |
| &nbsp;&nbsp;&nbsp;iShares Preferred & Income Securities ETF\* | 246 | (7616) |
| &nbsp;&nbsp;&nbsp;State Street Utilities Select Sector SPDR ETF | 190 | (8111) |
| &nbsp;&nbsp;&nbsp;iShares iBoxx $ Investment Grade Corporate Bond ETF | 76 | (8374) |
| &nbsp;&nbsp;&nbsp;iShares Core High Dividend ETF | 90 | (10945) |
| &nbsp;&nbsp;&nbsp;iShares Latin America 40 ETF | 436 | (13276) |
| &nbsp;&nbsp;&nbsp;State Street Technology Select Sector SPDR ETF | 96 | (13821) |
| &nbsp;&nbsp;&nbsp;iShares iBoxx $ High Yield Corporate Bond ETF | 176 | (14191) |
| &nbsp;&nbsp;&nbsp;iShares MSCI All Country Asia ex Japan ETF\* | 154 | (14341) |
| &nbsp;&nbsp;&nbsp;State Street Health Care Select Sector SPDR ETF | 104 | (16100) |
| &nbsp;&nbsp;&nbsp;iShares MSCI Emerging Markets ETF | 359 | (19641) |
| &nbsp;&nbsp;&nbsp;iShares Russell 1000 Growth ETF | 66 | (31238) |
| &nbsp;&nbsp;&nbsp;iShares Russell 2000 Index ETF | 215 | (52924) |
| &nbsp;&nbsp;&nbsp;State Street SPDR Bloomberg Convertible Securities ETF | 665 | (59318) |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust | 87 | (59327) |
| &nbsp;&nbsp;&nbsp;iShares National Muni Bond ETF | 558 | (59767) |
| &nbsp;&nbsp;&nbsp;iShares Russell 1000 Value ETF | 286 | (60157) |
| &nbsp;&nbsp;&nbsp;iShares MSCI EAFE ETF | 643 | (61747) |
| &nbsp;&nbsp;&nbsp;State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | 3160 | (78810) |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;State Street SPDR Nuveen ICE Municipal Bond ETF | 2682 | $(122594) |
| **Total Exchange-Traded Funds Sold Short** | **Total Exchange-Traded Funds Sold Short** |  |
| &nbsp;&nbsp;&nbsp;(Proceeds $759,662) |  | (750731) |
| **Total Securities Sold Short - (13.0)%** | **Total Securities Sold Short - (13.0)%** |  |
| &nbsp;&nbsp;&nbsp;(Proceeds $1,345,273) | &nbsp;&nbsp;&nbsp;(Proceeds $1,345,273) | $(1341687) |
| **Other Assets & Liabilities, net - 25.8%** | **Other Assets & Liabilities, net - 25.8%** | 2655010 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $10307974 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts**<br>**Description** | <br>**Number of <br> Contracts** | <br>**Expiration <br> Date** | <br>**Notional <br> Amount** | <br>**Value and <br> Unrealized<br> Appreciation <br> (Depreciation)\*\*** |
| **Commodity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Silver Futures Contracts | 1 | Mar 2026 | $352075 | $94472 |
| Live Cattle Futures Contracts | 3 | Jun 2026 | 272070 | 14443 |
| Sugar #11 Futures Contracts | 12 | Apr 2026 | 196627 | 2393 |
| LME Primary Aluminum Futures Contracts | 1 | Feb 2026 | 74671 | 1303 |
| Cotton #2 Futures Contracts | 6 | Mar 2026 | 192900 | 1280 |
| Coffee 'C' Futures Contracts | 1 | Mar 2026 | 130669 | 1234 |
| Low Sulphur Gas Oil Futures Contracts | 1 | Feb 2026 | 61450 | (733) |
| Hard Red Winter Wheat Futures Contracts | 1 | Mar 2026 | 25750 | (821) |
| LME Zinc Futures Contracts | 1 | Feb 2026 | 77751 | (2668) |
| Natural Gas Futures Contracts | 3 | Feb 2026 | 94560 | (5438) |
| Gasoline RBOB Futures Contracts | 2 | Jan 2026 | 143842 | (6162) |
| NY Harbor ULSD Futures Contracts | 2 | Mar 2026 | 173947 | (9959) |
|  |  |  | $1796312 | $89344 |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| FTSE/JSE TOP 40 Index Futures Contracts<sup>††</sup> | 11 | Mar 2026 | $726522 | $20371 |
| IBEX 35 Index Futures Contracts<sup>††</sup> | 1 | Jan 2026 | 202679 | 4972 |
| FTSE 100 Index Futures Contracts<sup>††</sup> | 2 | Mar 2026 | 266743 | 4191 |
| FTSE Taiwan Index Futures Contracts | 2 | Jan 2026 | 189180 | 2995 |
| S&P/TSX 60 IX Index Futures Contracts | 1 | Mar 2026 | 271439 | 2054 |
| S&P 500 Index Mini Futures Contracts | 2 | Mar 2026 | 689175 | (3196) |
| CBOE Volatility Index Futures Contracts | 6 | Jan 2026 | 99300 | (9938) |
|  |  |  | $2445038 | $21449 |
| **Currency Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Mexican Peso Futures Contracts | 11 | Mar 2026 | $303270 | $4040 |
| Euro FX Futures Contracts | 2 | Mar 2026 | 294800 | 840 |
| British Pound Futures Contracts | 3 | Mar 2026 | 252712 | 663 |
| Australian Dollar Futures Contracts | 4 | Mar 2026 | 266960 | (282) |
| New Zealand Dollar Futures Contracts | 1 | Mar 2026 | 57725 | (403) |
| Canadian Dollar Futures Contracts | 5 | Mar 2026 | 365475 | (1032) |
| Japanese Yen Futures Contracts | 7 | Mar 2026 | 562013 | (4087) |
|  |  |  | $2102955 | $(261) |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts (continued)**<br>**Description** | <br>**Number of <br> Contracts** | <br>**Expiration <br> Date** | <br>**Notional <br> Amount** | <br>**Value and <br> Unrealized<br> Appreciation <br> (Depreciation)\*\*** |
| **Interest Rate Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Canadian Government 10 Year Bond Futures Contracts<sup>††</sup> | 3 | Mar 2026 | $263954 | $999 |
| Euro - OATS Futures Contracts<sup>††</sup> | 1 | Mar 2026 | 141222 | 319 |
| Australian Government 3 Year Bond Futures Contracts<sup>††</sup> | 7 | Mar 2026 | 490304 | 275 |
| U.S. Treasury 2 Year Note Futures Contracts | 3 | Mar 2026 | 626320 | 19 |
| U.S. Treasury 5 Year Note Futures Contracts | 4 | Mar 2026 | 436844 | (624) |
| U.S. Treasury 10 Year Note Futures Contracts | 3 | Mar 2026 | 336844 | (773) |
| Australian Government 10 Year Bond Futures Contracts<sup>††</sup> | 9 | Mar 2026 | 654474 | (2754) |
|  |  |  | $2949962 | $(2539) |
| **Interest Rate Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| Euro - Schatz Futures Contracts<sup>††</sup> | 25 | Mar 2026 | $3135723 | $3316 |
| Euro - Bobl Futures Contracts<sup>††</sup> | 6 | Mar 2026 | 816310 | 1480 |
| Euro - Bund Futures Contracts<sup>††</sup> | 2 | Mar 2026 | 298895 | 903 |
| U.S. Treasury Ultra Long Bond Futures Contracts | 1 | Mar 2026 | 117469 | 535 |
|  |  |  | $4368397 | $6234 |
| **Equity Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| CBOE Volatility Index Futures Contracts | 7 | Apr 2026 | $143290 | $3659 |
| Russell 2000 Index Mini Futures Contracts | 1 | Mar 2026 | 124930 | 2403 |
| CBOE Volatility Index Futures Contracts | 3 | May 2026 | 62490 | 1252 |
| CAC 40 10 Euro Index Futures Contracts<sup>††</sup> | 1 | Jan 2026 | 95247 | 199 |
| CBOE Volatility Index Futures Contracts | 3 | Mar 2026 | 59130 | (104) |
| Tokyo Stock Price Index Futures Contracts<sup>††</sup> | 1 | Mar 2026 | 218089 | (1888) |
|  |  |  | $703176 | $5521 |
| **Currency Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| Swiss Franc Futures Contracts | 3 | Mar 2026 | $476981 | $(4433) |
| **Commodity Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| Gasoline RBOB Futures Contracts | 2 | Mar 2026 | $164665 | $4909 |
| NY Harbor ULSD Futures Contracts | 2 | Jan 2026 | 178433 | 4854 |
| Natural Gas Futures Contracts | 2 | Jan 2026 | 74040 | 1435 |
| Soybean Futures Contracts | 1 | Mar 2026 | 52362 | 606 |
| Wheat Futures Contracts | 1 | Mar 2026 | 25325 | 441 |
| Soybean Oil Futures Contracts | 2 | Mar 2026 | 58260 | 250 |
| Corn Futures Contracts | 3 | Mar 2026 | 66150 | 53 |
| Live Cattle Futures Contracts | 1 | Feb 2026 | 92650 | 12 |
| Cocoa Futures Contracts | 1 | Mar 2026 | 60430 | (896) |
| Sugar #11 Futures Contracts | 13 | Jun 2026 | 213450 | (3334) |
| Platinum Futures Contracts | 1 | Apr 2026 | 102805 | (18620) |
|  |  |  | $1088570 | $(10290) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Custom Basket Swap Agreements** | **Custom Basket Swap Agreements** | **Custom Basket Swap Agreements** | **Custom Basket Swap Agreements** | **Custom Basket Swap Agreements** | **Custom Basket Swap Agreements** | **Custom Basket Swap Agreements** | **Custom Basket Swap Agreements** |
| **Counterparty** | **Reference Obligation** | **Type<sup>5</sup>** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation** |
| **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** |
| Morgan Stanley Capital Services LLC | MS Long/Short Equity Custom Basket | Pay | 4.04% (Federal Funds Rate + 0.40%) | At Maturity | 08/31/28 | $4441059 | $309857 |
| **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** |
| Morgan Stanley Capital Services LLC | MS Long/Short Equity Custom Basket | Receive | 3.31% (Federal Funds Rate - 0.33%) | At Maturity | 08/31/28 | $2791435 | $92767 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Percentage <br> Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)** |
| **MS LONG/SHORT EQUITY LONG CUSTOM BASKET** | **MS LONG/SHORT EQUITY LONG CUSTOM BASKET** | **MS LONG/SHORT EQUITY LONG CUSTOM BASKET** | **MS LONG/SHORT EQUITY LONG CUSTOM BASKET** |
| **Consumer, Non-cyclical** |  |  |  |
| &nbsp;&nbsp;&nbsp;Incyte Corp. | 449 | 0.96% | $8802 |
| &nbsp;&nbsp;&nbsp;Theravance Biopharma, Inc. | 1960 | 0.83% | 8767 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc. | 246 | 0.97% | 8731 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc. | 1964 | 1.03% | 8380 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals plc | 170 | 0.65% | 8082 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 868 | 1.05% | 7302 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma plc — Class A | 777 | 0.68% | 6819 |
| &nbsp;&nbsp;&nbsp;Innoviva, Inc. | 2175 | 0.98% | 6358 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 28 | 0.49% | 5968 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp. | 37 | 0.41% | 4441 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc. | 857 | 0.72% | 3535 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical, Inc. | 419 | 0.44% | 2716 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | 1585 | 1.05% | 2705 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc. | 442 | 0.44% | 2099 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc. | 372 | 0.50% | 1892 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc. | 251 | 0.43% | 1511 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | 395 | 0.71% | 913 |
| &nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc. | 422 | 0.25% | 753 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. | 151 | 0.23% | 589 |
| &nbsp;&nbsp;&nbsp;ADT, Inc. | 5540 | 1.01% | 170 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 99 | 0.27% | (19) |
| &nbsp;&nbsp;&nbsp;Seneca Foods Corp. — Class A | 163 | 0.41% | (194) |
| &nbsp;&nbsp;&nbsp;Utah Medical Products, Inc. | 578 | 0.73% | (641) |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 497 | 0.64% | (947) |
| &nbsp;&nbsp;&nbsp;Kura Oncology, Inc. | 807 | 0.19% | (1369) |
| &nbsp;&nbsp;&nbsp;WillScot Holdings Corp. | 1041 | 0.44% | (2534) |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc. | 871 | 1.00% | (2643) |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 1760 | 0.99% | (3206) |
| &nbsp;&nbsp;&nbsp;SIGA Technologies, Inc. | 3845 | 0.53% | (5221) |
| **Total Consumer, Non-cyclical** |  |  | 73759 |
| **Communications** |  |  |  |
| &nbsp;&nbsp;&nbsp;Millicom International Cellular S.A. | 865 | 1.08% | 10805 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 1779 | 1.00% | 2686 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. | 2507 | 0.44% | 2510 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 1095 | 1.00% | 2151 |
| &nbsp;&nbsp;&nbsp;Uniti Group, Inc. | 2725 | 0.43% | 2100 |
| &nbsp;&nbsp;&nbsp;Harmonic, Inc. | 1553 | 0.35% | 450 |
| &nbsp;&nbsp;&nbsp;IDT Corp. — Class B | 607 | 0.70% | 351 |
| &nbsp;&nbsp;&nbsp;A10 Networks, Inc. | 1474 | 0.59% | 108 |
| &nbsp;&nbsp;&nbsp;Yelp, Inc. — Class A | 1262 | 0.86% | (65) |
| &nbsp;&nbsp;&nbsp;Spok Holdings, Inc. | 1085 | 0.32% | (478) |
| &nbsp;&nbsp;&nbsp;Preformed Line Products Co. | 79 | 0.37% | (916) |
| &nbsp;&nbsp;&nbsp;Travelzoo | 1544 | 0.25% | (1247) |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | 84 | 0.60% | (3982) |
| **Total Communications** |  |  | 14473 |
| **Industrial** |  |  |  |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 399 | 1.03% | 18165 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | 128 | 0.99% | 5698 |
| &nbsp;&nbsp;&nbsp;A O Smith Corp. | 665 | 1.00% | 797 |
| &nbsp;&nbsp;&nbsp;Luxfer Holdings plc | 954 | 0.29% | 127 |
| &nbsp;&nbsp;&nbsp;AZZ, Inc. | 424 | 1.02% | 41 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | 114 | 0.32% | (189) |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp. | 347 | 0.98% | (284) |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | 470 | 0.96% | (302) |
| &nbsp;&nbsp;&nbsp;Tecnoglass, Inc. | 360 | 0.41% | (354) |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc. — Class A | 641 | 0.34% | (549) |
| &nbsp;&nbsp;&nbsp;Flowserve Corp. | 239 | 0.37% | (646) |
| &nbsp;&nbsp;&nbsp;Teekay Tankers Ltd. — Class A | 707 | 0.85% | (1027) |
| &nbsp;&nbsp;&nbsp;Teekay Corporation Ltd. | 3145 | 0.64% | (1772) |
| &nbsp;&nbsp;&nbsp;Lindsay Corp. | 380 | 1.01% | (2519) |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | 639 | 0.73% | (2740) |
| &nbsp;&nbsp;&nbsp;Gencor Industries, Inc. | 1767 | 0.52% | (3994) |
| &nbsp;&nbsp;&nbsp;CNH Industrial N.V. | 2967 | 0.62% | (4612) |
| &nbsp;&nbsp;&nbsp;Alamo Group, Inc. | 202 | 0.76% | (6022) |
| **Total Industrial** |  |  | (182) |
| **Technology** |  |  |  |
| &nbsp;&nbsp;&nbsp;Photronics, Inc. | 822 | 0.59% | 10916 |
| &nbsp;&nbsp;&nbsp;Adeia, Inc. | 1478 | 0.57% | 7188 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc. | 367 | 0.98% | 6807 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc. — Class A | 522 | 1.01% | 6265 |
| &nbsp;&nbsp;&nbsp;Teradata Corp. | 428 | 0.29% | 4339 |
| &nbsp;&nbsp;&nbsp;Daily Journal Corp. | 42 | 0.46% | 3943 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 258 | 0.99% | 2718 |
| &nbsp;&nbsp;&nbsp;NetScout Systems, Inc. | 1661 | 1.01% | 2145 |
| &nbsp;&nbsp;&nbsp;Mitek Systems, Inc. | 1840 | 0.44% | 2017 |
| &nbsp;&nbsp;&nbsp;PagerDuty, Inc. | 1370 | 0.40% | 1484 |
| &nbsp;&nbsp;&nbsp;Bandwidth, Inc. — Class A | 2439 | 0.85% | 1411 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc. | 840 | 0.56% | 1233 |
| &nbsp;&nbsp;&nbsp;Clear Secure, Inc. — Class A | 493 | 0.39% | 1111 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc. — Class A | 790 | 0.49% | 627 |
| &nbsp;&nbsp;&nbsp;Cricut, Inc. — Class A | 3293 | 0.37% | (363) |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc. | 527 | 0.26% | (864) |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc. | 219 | 0.42% | (1026) |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 220 | 0.53% | (2199) |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Percentage <br> Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp;OneSpan, Inc. | 1949 | 0.56% | $(2283) |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 428 | 0.61% | (2487) |
| **Total Technology** |  |  | 42982 |
| **Basic Materials** |  |  |  |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 497 | 1.12% | 13116 |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti plc | 369 | 0.71% | 7430 |
| &nbsp;&nbsp;&nbsp;Alcoa Corp. | 203 | 0.24% | 4444 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 203 | 0.23% | 2220 |
| &nbsp;&nbsp;&nbsp;Caledonia Mining Corporation plc | 656 | 0.39% | (587) |
| **Total Basic Materials** |  |  | 26623 |
| **Financial** |  |  |  |
| &nbsp;&nbsp;&nbsp;Enova International, Inc. | 266 | 0.94% | 18804 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 449 | 0.84% | 12666 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc. — Class A | 455 | 1.09% | 8310 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 1604 | 1.06% | 8218 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | 500 | 0.83% | 6622 |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. | 1102 | 0.98% | 6550 |
| &nbsp;&nbsp;&nbsp;Essent Group Ltd. | 733 | 1.07% | 6043 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc. — Class A | 790 | 0.73% | 5670 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | 113 | 0.72% | 5163 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings, Inc. | 565 | 0.86% | 4846 |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group Ltd. — Class B | 1650 | 1.04% | 4075 |
| &nbsp;&nbsp;&nbsp;Northrim BanCorp, Inc. | 1180 | 0.71% | 4074 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 170 | 0.93% | 3929 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | 339 | 1.05% | 2746 |
| &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings, Inc. | 798 | 0.51% | 2566 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | 486 | 1.05% | 2556 |
| &nbsp;&nbsp;&nbsp;Travelers Companies, Inc. | 158 | 1.03% | 1068 |
| &nbsp;&nbsp;&nbsp;Westamerica BanCorp | 376 | 0.40% | 861 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | 1290 | 1.03% | 753 |
| &nbsp;&nbsp;&nbsp;GCM Grosvenor, Inc. — Class A | 2931 | 0.75% | 352 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | 834 | 0.87% | (316) |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 730 | 0.90% | (391) |
| &nbsp;&nbsp;&nbsp;Bank OZK | 568 | 0.59% | (747) |
| **Total Financial** |  |  | 104418 |
| **Consumer, Cyclical** |  |  |  |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | 494 | 1.09% | 12663 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 1037 | 1.05% | 6051 |
| &nbsp;&nbsp;&nbsp;Lear Corp. | 412 | 1.06% | 2329 |
| &nbsp;&nbsp;&nbsp;Strattec Security Corp. | 284 | 0.49% | 2315 |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | 552 | 1.06% | 2130 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 2183 | 0.64% | 1254 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | 190 | 0.35% | 1103 |
| &nbsp;&nbsp;&nbsp;Aptiv plc | 581 | 1.00% | 407 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | 1353 | 0.71% | 322 |
| &nbsp;&nbsp;&nbsp;Macy's, Inc. | 410 | 0.20% | 8 |
| &nbsp;&nbsp;&nbsp;Hudson Technologies, Inc. | 2894 | 0.45% | (2269) |
| &nbsp;&nbsp;&nbsp;Dolby Laboratories, Inc. — Class A | 624 | 0.90% | (2511) |
| &nbsp;&nbsp;&nbsp;Blue Bird Corp. | 882 | 0.93% | (3444) |
| &nbsp;&nbsp;&nbsp;Visteon Corp. | 447 | 0.96% | (4340) |
| **Total Consumer, Cyclical** |  |  | 16018 |
| **Utilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;UGI Corp. | 1194 | 1.01% | 5442 |
| &nbsp;&nbsp;&nbsp;Brookfield Infrastructure Corp. — Class A | 819 | 0.84% | 5392 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | 548 | 0.99% | 5344 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc. — Class C | 1303 | 0.98% | 4347 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | 915 | 0.99% | 4166 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 392 | 0.64% | 2996 |
| &nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | 768 | 0.34% | 2526 |
| &nbsp;&nbsp;&nbsp;Consolidated Water Company Ltd. | 1139 | 0.91% | 2273 |
| &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries, Inc. | 1384 | 0.38% | 1366 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 355 | 0.94% | 910 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | 477 | 0.86% | 314 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 407 | 0.62% | 284 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | 547 | 1.00% | 242 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 467 | 1.04% | (103) |
| &nbsp;&nbsp;&nbsp;American Electric Power Company, Inc. | 369 | 0.96% | (1967) |
| &nbsp;&nbsp;&nbsp;MGE Energy, Inc. | 529 | 0.93% | (2750) |
| **Total Utilities** |  |  | 30782 |
| **Energy** |  |  |  |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | 3565 | 0.58% | 1536 |
| **Government** |  |  |  |
| &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior S.A. — Class E | 786 | 0.79% | (552) |
| **Total MS Long/Short Equity Long Custom Basket** | **Total MS Long/Short Equity Long Custom Basket** |  | 309857 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Percentage <br> Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)** |
| **MS LONG/SHORT EQUITY SHORT CUSTOM BASKET** | **MS LONG/SHORT EQUITY SHORT CUSTOM BASKET** | **MS LONG/SHORT EQUITY SHORT CUSTOM BASKET** | **MS LONG/SHORT EQUITY SHORT CUSTOM BASKET** |
| **Basic Materials** |  |  |  |
| &nbsp;&nbsp;&nbsp;Kronos Worldwide, Inc. | 9396 | (1.45)% | $8221 |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | 174 | (1.54)% | 6512 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | 480 | (1.62)% | 4738 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | 428 | (1.59)% | 4465 |
| &nbsp;&nbsp;&nbsp;International Paper Co. | 1143 | (1.61)% | 4296 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 133 | (1.54)% | 4203 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | 293 | (1.61)% | 1877 |
| &nbsp;&nbsp;&nbsp;FMC Corp. | 756 | (0.38)% | (162) |
| &nbsp;&nbsp;&nbsp;Hawkins, Inc. | 121 | (0.62)% | (495) |
| &nbsp;&nbsp;&nbsp;Ashland, Inc. | 783 | (1.65)% | (627) |
| &nbsp;&nbsp;&nbsp;Tronox Holdings plc — Class A | 3213 | (0.48)% | (801) |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 171 | (1.61)% | (1219) |
| **Total Basic Materials** |  |  | 31008 |
| **Consumer, Non-cyclical** |  |  |  |
| &nbsp;&nbsp;&nbsp;Limoneira Co. | 1935 | (0.88)% | 3318 |
| &nbsp;&nbsp;&nbsp;First Advantage Corp. | 2856 | (1.49)% | 2998 |
| &nbsp;&nbsp;&nbsp;OrthoPediatrics Corp. | 1756 | (1.12)% | 2787 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co. | 447 | (0.81)% | 1132 |
| &nbsp;&nbsp;&nbsp;Driven Brands Holdings, Inc. | 1462 | (0.78)% | 892 |
| &nbsp;&nbsp;&nbsp;Tejon Ranch Co. | 885 | (0.50)% | 267 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 229 | (1.54)% | (738) |
| &nbsp;&nbsp;&nbsp;Matthews International Corp. — Class A | 601 | (0.56)% | (1048) |
| &nbsp;&nbsp;&nbsp;FTI Consulting, Inc. | 271 | (1.66)% | (1269) |
| &nbsp;&nbsp;&nbsp;Alico, Inc. | 494 | (0.64)% | (1389) |
| &nbsp;&nbsp;&nbsp;CRA International, Inc. | 155 | (1.11)% | (1827) |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 255 | (1.66)% | (2050) |
| **Total Consumer, Non-cyclical** |  |  | 3073 |
| **Financial** |  |  |  |
| &nbsp;&nbsp;&nbsp;Apartment Investment and Management Co. — Class A | 8059 | (1.71)% | 10116 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | 529 | (1.57)% | 8823 |
| &nbsp;&nbsp;&nbsp;Cannae Holdings, Inc. | 1695 | (0.96)% | 7144 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap, Inc. | 566 | (0.55)% | 6903 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | 2089 | (1.77)% | 6682 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. | 369 | (0.80)% | 6216 |
| &nbsp;&nbsp;&nbsp;Redwood Trust, Inc. | 8002 | (1.59)% | 4243 |
| &nbsp;&nbsp;&nbsp;FTAI Infrastructure, Inc. | 2675 | (0.44)% | 3883 |
| &nbsp;&nbsp;&nbsp;AMERISAFE, Inc. | 540 | (0.74)% | 2939 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorporation | 527 | (1.59)% | 2169 |
| &nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust, Inc. | 4246 | (1.53)% | 2050 |
| &nbsp;&nbsp;&nbsp;Columbia Financial, Inc. | 2674 | (1.49)% | 1391 |
| &nbsp;&nbsp;&nbsp;PennyMac Mortgage Investment Trust | 3534 | (1.59)% | 1207 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | 720 | (1.56)% | 1061 |
| &nbsp;&nbsp;&nbsp;Chimera Investment Corp. | 2601 | (1.16)% | 1061 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | 60 | (1.65)% | 1056 |
| &nbsp;&nbsp;&nbsp;Sun Communities, Inc. | 290 | (1.29)% | 1054 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co. — Class A | 160 | (0.73)% | 925 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | 102 | (0.71)% | 272 |
| &nbsp;&nbsp;&nbsp;Ellington Financial, Inc. | 3299 | (1.60)% | 59 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Inc. — Class A | 2519 | (1.56)% | (359) |
| &nbsp;&nbsp;&nbsp;NewtekOne, Inc. | 4011 | (1.63)% | (427) |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | 399 | (1.11)% | (579) |
| &nbsp;&nbsp;&nbsp;Macerich Co. | 541 | (0.36)% | (614) |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. | 1094 | (0.94)% | (854) |
| &nbsp;&nbsp;&nbsp;Horizon Bancorp, Inc. | 2592 | (1.57)% | (915) |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | 539 | (0.91)% | (1047) |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. — Class A | 278 | (1.60)% | (1286) |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | 1042 | (1.27)% | (1554) |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp. | 843 | (1.39)% | (1598) |
| &nbsp;&nbsp;&nbsp;Elme Communities | 2603 | (1.62)% | (1827) |
| &nbsp;&nbsp;&nbsp;Primis Financial Corp. | 927 | (0.46)% | (2089) |
| &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings Ltd. | 1590 | (1.11)% | (2851) |
| &nbsp;&nbsp;&nbsp;First Foundation, Inc. | 5665 | (1.25)% | (5154) |
| **Total Financial** |  |  | 48100 |
| **Energy** |  |  |  |
| &nbsp;&nbsp;&nbsp;Evolution Petroleum Corp. | 5742 | (0.73)% | 3586 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc. — Class A | 655 | (0.91)% | 901 |
| &nbsp;&nbsp;&nbsp;Core Laboratories, Inc. | 2459 | (1.41)% | 862 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc. | 1397 | (1.20)% | 765 |
| &nbsp;&nbsp;&nbsp;Bristow Group, Inc. | 953 | (1.25)% | 685 |
| &nbsp;&nbsp;&nbsp;Archrock, Inc. | 556 | (0.52)% | (335) |
| &nbsp;&nbsp;&nbsp;Natural Gas Services Group, Inc. | 509 | (0.61)% | (689) |
| &nbsp;&nbsp;&nbsp;Seadrill Ltd. | 903 | (1.12)% | (1695) |
| &nbsp;&nbsp;&nbsp;BKV Corp. | 707 | (0.69)% | (1776) |
| **Total Energy** |  |  | 2304 |
| **Industrial** |  |  |  |
| &nbsp;&nbsp;&nbsp;RXO, Inc. | 2053 | (0.93)% | 8111 |
| &nbsp;&nbsp;&nbsp;Knife River Corp. | 288 | (0.73)% | 4945 |
| &nbsp;&nbsp;&nbsp;Trinity Industries, Inc. | 1000 | (0.95)% | 1287 |
| &nbsp;&nbsp;&nbsp;Exponent, Inc. | 534 | (1.33)% | 435 |
| &nbsp;&nbsp;&nbsp;Radiant Logistics, Inc. | 2228 | (0.51)% | 148 |
| &nbsp;&nbsp;&nbsp;Amcor plc | 3789 | (1.13)% | (56) |
| &nbsp;&nbsp;&nbsp;GXO Logistics, Inc. | 350 | (0.66)% | (591) |
| &nbsp;&nbsp;&nbsp;XPO, Inc. | 260 | (1.27)% | (1013) |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 923 | (1.75)% | (1081) |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Percentage <br> Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp;Ranpak Holdings Corp. | 2345 | (0.45)% | $(1147) |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc. — Class A | 475 | (1.67)% | (1558) |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | 317 | (1.63)% | (3505) |
| **Total Industrial** |  |  | 5975 |
| **Technology** |  |  |  |
| &nbsp;&nbsp;&nbsp;Conduent, Inc. | 7818 | (0.54)% | 6641 |
| &nbsp;&nbsp;&nbsp;NCR Voyix Corp. | 3529 | (1.29)% | 3176 |
| **Total Technology** |  |  | 9817 |
| **Consumer, Cyclical** |  |  |  |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc. | 251 | (0.39)% | 2579 |
| &nbsp;&nbsp;&nbsp;Capri Holdings Ltd. | 466 | (0.41)% | 1527 |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp. | 7671 | (1.25)% | (357) |
| &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc. | 811 | (0.43)% | (390) |
| &nbsp;&nbsp;&nbsp;RB Global, Inc. | 458 | (1.69)% | (1553) |
| &nbsp;&nbsp;&nbsp;Frontier Group Holdings, Inc. | 2416 | (0.41)% | (2094) |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Sports Corp. — Class A | 203 | (1.88)% | (7222) |
| **Total Consumer, Cyclical** |  |  | (7510) |
| **Total MS Long/Short Equity Short Custom Basket** | **Total MS Long/Short Equity Short Custom Basket** |  | $92767 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Consolidated Statement of Assets and Liabilities. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs, unless otherwise noted — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>†††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 3 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at December 31, 2025. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Custom Basket Swap — Type "Receive" indicates that the Fund receives the indicated financing rate. For such swaps, the Fund receives payments for any negative net return on the underlying reference obligation. The Fund makes payments for any positive net return on the underlying reference obligation. Type "Pay" indicates that the Fund pays the indicated financing rate. For such swaps, the Fund receives payments for any positive net return on the underlying reference obligation. The Fund makes payments for any negative net return on the underlying reference obligation. |
|  | &nbsp;&nbsp;&nbsp;MS — Morgan Stanley Capital Services LLC |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at December 31, 2025 (See Note 4 in the Notes to Consolidated Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $3238343 | $— | $— | $3238343 |
| Master Limited Partnership | 39 |  |  | 39 |
| Rights | — \* |  | — \* |  |
| Mutual Funds | 3415870 |  |  | 3415870 |
| Closed-End Mutual Funds | 651238 |  |  | 651238 |
| U.S. Treasury Bills |  | 904909 |  | 904909 |
| Repurchase Agreements |  | 784252 |  | 784252 |
| Commodity Futures Contracts\*\* | 127685 |  |  | 127685 |
| Equity Futures Contracts\*\* | 12363 | 29733 |  | 42096 |
| Interest Rate Futures Contracts\*\* | 554 | 7292 |  | 7846 |
| Currency Futures Contracts\*\* | 5543 |  |  | 5543 |
| Equity Custom Basket Swap Agreements\*\* |  | 402624 |  | 402624 |
| Total Assets | $7451635 | $2128810 | $— | $9580445 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks Sold Short | $590956 | $— | $— | $590956 |
| Exchange-Traded Funds Sold Short | 750731 |  |  | 750731 |
| Commodity Futures Contracts\*\* | 48631 |  |  | 48631 |
| Equity Futures Contracts\*\* | 13238 | 1888 |  | 15126 |
| Currency Futures Contracts\*\* | 10237 |  |  | 10237 |
| Interest Rate Futures Contracts\*\* | 1397 | 2754 |  | 4151 |
| Total Liabilities | $1415190 | $4642 | $— | $1419832 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Includes securities with a market value of $0. |
| \*\* | &nbsp;&nbsp;&nbsp;This derivative is reported as unrealized appreciation/depreciation at period end. |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

**Affiliated Transactions** 

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

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, 2025 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/1601445/000139834425021351/fp0095397-6_ncsrixbrl.htm. The Fund also 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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $4493228 | $— | $(3375000) | $1551 | $45 | $1119824 | 45136 | $90803 |
| &nbsp;&nbsp;Guggenheim Strategy Fund III | 1669953 |  | (1025000) | (2513) | 2707 | 645147 | 25899 | 51544 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 3725902 |  | (2090000) | 22051 | (7054) | 1650899 | 163780 | 90909 |
|  | $9889083 | $— | $(6490000) | $21089 | $(4302) | $3415870 |  | $233256 |

---

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

**MULTI-HEDGE STRATEGIES FUND**<br>

---

| |
|:---|
| **CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES** |
| December 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $4,679,738) | $4794529 |
| Investments in affiliated issuers, at value (cost $3,391,958) | 3415870 |
| Repurchase agreements, at value (cost $784,252) | 784252 |
| Cash | 2613930 |
| Segregated cash with broker | 382223 |
| Unrealized appreciation on OTC swap agreements | 402624 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 119298 |
| &nbsp;&nbsp;&nbsp;Dividends | 18906 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 109 |
| &nbsp;&nbsp;&nbsp;Interest | 83 |
| Other assets | 6334 |
| **Total assets** | 12538158 |
| **Liabilities:** | **Liabilities:** |
| Securities sold short, at value (proceeds $1,345,273) | 1341687 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 367544 |
| &nbsp;&nbsp;&nbsp;Securities purchased | 351996 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 93238 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 60785 |
| &nbsp;&nbsp;&nbsp;Management fees | 10750 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 1286 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 166 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 2732 |
| **Total liabilities** | 2230184 |
| **Net assets** | $10307974 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $22433763 |
| Total distributable earnings (loss) | (12125789) |
| Net assets | $10307974 |
| **Class A:** | **Class A:** |
| Net assets | $1923362 |
| Capital shares outstanding | 84147 |
| Net asset value per share | $22.86 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $24.00 |
| **Class C:** | **Class C:** |
| Net assets | $101810 |
| Capital shares outstanding | 4906 |
| Net asset value per share | $20.75 |
| **Class P:** | **Class P:** |
| Net assets | $3438309 |
| Capital shares outstanding | 149690 |
| Net asset value per share | $22.97 |
| **Institutional Class:** | **Institutional Class:** |
| Net assets | $4844493 |
| Capital shares outstanding | 206621 |
| Net asset value per share | $23.45 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

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

**MULTI-HEDGE STRATEGIES FUND**<br>

---

| |
|:---|
| **CONSOLIDATED STATEMENT OF OPERATIONS** |
| Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $256) | $112120 |
| Dividends from securities of affiliated issuers | 233256 |
| Interest | 247669 |
| Income from securities lending, net | 434 |
| Interest related to securities sold short | 107463 |
| &nbsp;&nbsp;&nbsp;Total investment income | 700942 |
| **Expenses:** | **Expenses:** |
| Management fees | 232491 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 5966 |
| &nbsp;&nbsp;&nbsp;Class C | 1698 |
| &nbsp;&nbsp;&nbsp;Class P | 9700 |
| Short sales dividend expense | 81572 |
| Miscellaneous | 5984 |
| &nbsp;&nbsp;&nbsp;Total expenses | 337411 |
| Less: | Less: |
| Expenses waived by Adviser | (12978) |
| Net expenses | 324433 |
| Net investment income | 376509 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | $1147618 |
| &nbsp;&nbsp;&nbsp;Distributions received from unaffiliated investment companies | 38094 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 21089 |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers sold short | (552928) |
| &nbsp;&nbsp;&nbsp;Swap agreements | 238257 |
| &nbsp;&nbsp;&nbsp;Futures contracts | (561322) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (6573) |
| Net realized gain | 324235 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (368093) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | (4302) |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers sold short | 221894 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (241693) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (305989) |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | (459) |
| Net change in unrealized appreciation (depreciation) | (698642) |
| Net realized and unrealized loss | (374407) |
| **Net increase in net assets resulting from operations** | $2102 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

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

**MULTI-HEDGE STRATEGIES FUND**<br>

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $376509 | $1598315 |
| Net realized gain (loss) on investments | 324235 | (375474) |
| Net change in unrealized appreciation (depreciation) on investments | (698642) | (3066406) |
| Net increase (decrease) in net assets resulting from operations | 2102 | (1843565) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (204797) | (80544) |
| &nbsp;&nbsp;&nbsp;Class C | (10313) | (4423) |
| &nbsp;&nbsp;&nbsp;Class P | (315903) | (143238) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (518760) | (1177035) |
| Total distributions to shareholders | (1049773) | (1405240) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 80767 | 270196 |
| &nbsp;&nbsp;&nbsp;Class C | 47652 | 152838 |
| &nbsp;&nbsp;&nbsp;Class P | 511499 | 622943 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1046562 | 12803992 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 189573 | 74318 |
| &nbsp;&nbsp;&nbsp;Class C | 10313 | 4232 |
| &nbsp;&nbsp;&nbsp;Class P | 312977 | 142335 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 518760 | 1177035 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (937697) | (843065) |
| &nbsp;&nbsp;&nbsp;Class C | (253656) | (719459) |
| &nbsp;&nbsp;&nbsp;Class P | (2161684) | (1392348) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (33596725) | (48380941) |
| Net decrease from capital share transactions | (34231659) | (36087924) |
| Net decrease in net assets | (35279330) | (39336729) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 45587304 | 84924033 |
| &nbsp;&nbsp;&nbsp;End of year | $10307974 | $45587304 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 3240 | 10232 |
| &nbsp;&nbsp;&nbsp;Class C | 2115 | 6270 |
| &nbsp;&nbsp;&nbsp;Class P | 20558 | 23192 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 41401 | 468290 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 8304 | 2946 |
| &nbsp;&nbsp;&nbsp;Class C | 497 | 184 |
| &nbsp;&nbsp;&nbsp;Class P | 13643 | 5617 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 22150 | 45586 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (39060) | (31837) |
| &nbsp;&nbsp;&nbsp;Class C | (11323) | (30209) |
| &nbsp;&nbsp;&nbsp;Class P | (89747) | (51631) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (1328868) | (1796642) |
| Net decrease in shares | (1357090) | (1348002) |

---

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

---

| |
|:---|
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |
| **MULTI-HEDGE STRATEGIES FUND** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.83 | $26.46 | $26.16 | $27.52 | $25.89 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .44 | .52 | .54 | .09 | (.14) |
| Net gain (loss) on investments (realized and unrealized) | (.09) | (1.43) | .59 | (1.01) | 1.98 |
| Total from investment operations | .35 | (.91) | 1.13 | (.92) | 1.84 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (2.32) | (.72) | (.83) | (.44) | (.21) |
| Total distributions | (2.32) | (.72) | (.83) | (.44) | (.21) |
| Net asset value, end of period | $22.86 | $24.83 | $26.46 | $26.16 | $27.52 |
| **Total Return<sup>b</sup>** | **1.56%** | **(3.58** **%)** | **4.27%** | **(3.47** **%)** | **7.17%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1923 | $2772 | $3448 | $3915 | $4593 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.79% | 1.95% | 2.04% | 0.32% | (0.52%) |
| Total expenses<sup>c</sup> | 1.89% | 1.94% | 1.85% | 1.80% | 2.18% |
| Net expenses<sup>d,e</sup> | 1.82% | 1.88% | 1.79% | 1.76% | 2.11% |
| Portfolio turnover rate | 154% | 164% | 197% | 203% | 205% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $22.67 | $24.00 | $23.90 | $25.25 | $23.75 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .23 | .29 | .32 | (.09) | (.32) |
| Net gain (loss) on investments (realized and unrealized) | (.08) | (1.31) | .53 | (.94) | 1.82 |
| Total from investment operations | .15 | (1.02) | .85 | (1.03) | 1.50 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (2.07) | (.31) | (.75) | (.32) |  |
| Total distributions | (2.07) | (.31) | (.75) | (.32) |  |
| Net asset value, end of period | $20.75 | $22.67 | $24.00 | $23.90 | $25.25 |
| **Total Return<sup>b</sup>** | **0.85%** | **(4.31** **%)** | **3.46%** | **(4.16** **%)** | **6.32%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $102 | $309 | $897 | $621 | $488 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.03% | 1.19% | 1.31% | (0.35%) | (1.26%) |
| Total expenses<sup>c</sup> | 2.64% | 2.69% | 2.60% | 2.56% | 2.93% |
| Net expenses<sup>d,e</sup> | 2.57% | 2.63% | 2.54% | 2.51% | 2.86% |
| Portfolio turnover rate | 154% | 164% | 197% | 203% | 205% |

---

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 31

---

| |
|:---|
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued) |
| **MULTI-HEDGE STRATEGIES FUND** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class P** | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.93 | $26.57 | $26.25 | $27.61 | $25.97 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .44 | .52 | .54 | .10 | (.15) |
| Net gain (loss) on investments (realized and unrealized) | (.09) | (1.44) | .60 | (1.04) | 2.00 |
| Total from investment operations | .35 | (.92) | 1.14 | (.94) | 1.85 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (2.31) | (.72) | (.82) | (.42) | (.21) |
| Total distributions | (2.31) | (.72) | (.82) | (.42) | (.21) |
| Net asset value, end of period | $22.97 | $24.93 | $26.57 | $26.25 | $27.61 |
| **Total Return** | **1.58%** | **(3.61** **%)** | **4.25%** | **(3.44** **%)** | **7.16%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3438 | $5117 | $6060 | $9105 | $10100 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.78% | 1.95% | 2.02% | 0.38% | (0.53%) |
| Total expenses<sup>c</sup> | 1.89% | 1.94% | 1.85% | 1.80% | 2.18% |
| Net expenses<sup>d,e</sup> | 1.82% | 1.88% | 1.79% | 1.76% | 2.12% |
| Portfolio turnover rate | 154% | 164% | 197% | 203% | 205% |

---

32 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

---

| |
|:---|
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** (concluded) |
| **MULTI-HEDGE STRATEGIES FUND** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $25.40 | $27.05 | $26.71 | $28.09 | $26.41 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .50 | .60 | .62 | .18 | (.08) |
| Net gain (loss) on investments (realized and unrealized) | (.08) | (1.47) | .60 | (1.06) | 2.03 |
| Total from investment operations | .42 | (.87) | 1.22 | (.88) | 1.95 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (2.37) | (.78) | (.88) | (.50) | (.27) |
| Total distributions | (2.37) | (.78) | (.88) | (.50) | (.27) |
| Net asset value, end of period | $23.45 | $25.40 | $27.05 | $26.71 | $28.09 |
| **Total Return** | **1.83%** | **(3.36** **%)** | **4.51%** | **(3.22** **%)** | **7.43%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $4844 | $37389 | $74519 | $109405 | $55461 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.01% | 2.20% | 2.28% | 0.66% | (0.27%) |
| Total expenses<sup>c</sup> | 1.64% | 1.69% | 1.60% | 1.55% | 1.92% |
| Net expenses<sup>d,e</sup> | 1.57% | 1.63% | 1.54% | 1.51% | 1.87% |
| Portfolio turnover rate | 154% | 164% | 197% | 203% | 205% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>e</sup> Excluding interest and/or dividend expense related to short sales, the net expense ratios for the years presented would be:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Class A | 1.40%  | 1.41% | 1.40% | 1.40% | 1.41% |
| Class C | 2.15%  | 2.16% | 2.14% | 2.15% | 2.16% |
| Class P | 1.40%  | 1.41% | 1.40% | 1.40% | 1.41% |
| Institutional Class | 1.16%  | 1.16% | 1.14% | 1.15% | 1.16% |

---

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 33

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** <br>

**Note 1 – Organization, Consolidation of Subsidiaries and Significant Accounting Policies** 

**Organization** 

Rydex Series Funds (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. The Trust consists of multiple series. Each series represents a separate fund (each, a "Fund" and collectively, the "Funds"). 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 seven separate classes of shares: Investor Class shares, Class A shares, Class C shares, Class H shares, Class P shares, Institutional Class shares and Money Market Class shares. Sales of shares of each Class are made without a front-end sales charge at the net asset value per share ("NAV"), with the exception of Class A shares. Class A shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. Class A share purchases of $1 million or more are exempt from the front-end sales charge but are subject to a 1% contingent deferred sales charge ("CDSC") if shares are redeemed within 12 months of purchase. Class C shares are subject to a 1% CDSC if shares are redeemed within 12 months of purchase. Class C shares of each Fund automatically convert to Class A shares of the same Fund on or about the 10th day of the month following the 8-year anniversary of the purchase of the Class C shares. This conversion will be executed without any sales charge, fee or other charge. After the conversion is completed, the shares will be subject to all features and expenses of Class A shares. Institutional Class shares are offered primarily for direct investment by institutions such as pension and profit sharing plans, endowments, foundations and corporations. Institutional Class shares require a minimum initial investment of $2 million and a minimum account balance of $1 million. At December 31, 2025, the Trust consisted of fifty-one Funds.

This report covers the following Funds:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Diversification <br> Status** | **Diversification <br> Status** |
| Commodities Strategy Fund |  | Non-diversified |
| Managed Futures Strategy Fund |  | Diversified |
| Multi-Hedge Strategies Fund |  | Diversified |

---

At December 31, 2025, Class A, Class C and Class H shares are offered by the Commodities Strategy Fund and Class A, Class C, Class P and Institutional Class shares are offered by the Managed Futures Strategy Fund and the Multi-Hedge Strategies Fund.

The Commodities Strategy Fund is designed and operated to accommodate frequent trading by shareholders and, unlike most mutual funds, offers unlimited exchange privileges with no minimum holding periods or transactions fees, which may cause the Fund to experience high portfolio turnover.

Security Investors, LLC (the "Adviser"), which operates under the name Guggenheim Investments ("GI"), provides advisory services to the Funds. Guggenheim Funds Distributors, LLC ("GFD") serves as distributor of the Funds' shares. GI and GFD are affiliated entities.

**Consolidation of Subsidiaries** 

The consolidated financial statements of each Fund include the accounts of a wholly-owned and controlled Cayman Islands subsidiary (each, a "Subsidiary" and collectively, the "Subsidiaries"). Significant inter-company accounts and transactions have been eliminated in consolidation for the Funds.

Each Fund may invest up to 25% of its total assets in its respective Subsidiary, which is intended to provide the Fund with exposure to certain investments consistent with the Fund's investment objective and policies while enabling the Fund to satisfy source-of-income requirements that apply to regulated investment companies ("RICs") under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code").

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Inception <br> Date of <br> Subsidiary** | **Subsidiary <br> Net Assets at <br> December 31, <br> 2025** | **% of Net Assets <br> of the Fund at <br> December 31, <br> 2025** |
| Commodities Strategy Fund | 09/08/09 | $1039143 | 19.4% |
| Managed Futures Strategy Fund | 05/01/08 | 3929302 | 17.3% |
| Multi-Hedge Strategies Fund | 09/18/09 | 389613 | 3.8% |

---

**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

34 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)<br>

amount of assets and liabilities, contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

The NAV of each share class of each Fund is calculated by dividing the current value of the 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 Trust (the "Board") has adopted policies and procedures for the valuation of the Funds' investments (the "Fund Valuation Procedures").

Pursuant to Rule 2a-5 under the 1940 Act, 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 services appointed pursuant to the processes set forth in the Valuation Procedures. The Adviser, with the assistance of the Valuation Committee, convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed by the independent third-party pricing services.

If 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.

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

Open-end investment companies are valued at their NAV as of the close of business, on the valuation date. Exchange-traded funds and listed 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.

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.

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.

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

In general, portfolio securities and assets of a Fund will be valued on the basis of readily available market quotations at their current market value. With respect to portfolio securities and assets of a Fund for which market quotations are not readily available, or deemed unreliable by the Adviser, the Fund will fair value those securities and assets in good faith in accordance with the Valuation Procedures. Valuations in accordance with these methods are intended to reflect each security's (or asset's or liability's) "fair value". Fair value represents a good faith approximation of the value of a security. Fair value determinations may be based on limited inputs and involve the consideration

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 35

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)<br>

of a number of subjective factors, an analysis of applicable facts and circumstances, and the exercise of judgment. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a portfolio security or asset at the price a Fund may reasonably expect to receive upon its sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that a Fund could reasonably expect to receive upon the sale of the portfolio security or asset.

**(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' Consolidated Schedules of Investments reflect the effective rates paid at the time of purchase by the Funds. Other securities bear interest at the rates shown, payable at fixed dates through maturity.

**(c) Short Sales** 

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

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

**(d) 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.

**(e) 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.

**(f) 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

36 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)<br>

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.

**(g) 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 Consolidated 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 December 31, 2025, if any, are disclosed in the Funds' Consolidated Statements of Assets and Liabilities.

Dividend and interest income from holdings in non-U.S. securities is recorded net of non-U.S. taxes paid. Management has analyzed the Funds' tax positions taken on federal and applicable state income tax returns as well as its tax positions in non-U.S. jurisdictions in which it trades for the current tax year and has concluded that as of December 31, 2025, no additional provisions for income tax are required in the Funds' consolidated financial statements. The Funds' tax positions for the tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service, state departments of revenue and by foreign tax authorities. During the year ended December 31, 2025, cash paid for income taxes in foreign jurisdictions, net of refunds received, if any, was immaterial to the Funds.

**(h) Security Transactions** 

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

**(i) Distributions** 

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

**(j) 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.

**(k) Cash** 

The Funds may leave cash overnight in their cash account with their custodian. Periodically, a Fund may have cash due to their 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 3.64% at December 31, 2025.

**(l) Indemnifications** 

Under the Trust's organizational documents, the Trustees and Officers of the Trust 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 Trust, on behalf of the Funds, enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 37

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)<br>

**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' Consolidated 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 Consolidated Financial Statements.

**Short Sales** 

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

**Derivatives** 

Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used 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.

**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.

**Liquidity:** the ability to buy or sell exposure with little price/market impact.

**Speculation:** the use of an instrument to express macro-economic and other investment views.

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. A 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.

**Futures Contracts** 

A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a Fund's use of futures contracts, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to a Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Cash deposits are shown as segregated cash with broker on the Funds' Consolidated Statements of Assets and Liabilities; securities held as collateral are noted on the Funds' Consolidated Schedules of Investments.

38 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)<br>

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

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average Notional Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average Notional Amount** |
| <br>**Fund** | <br>**Use** | **Long** | **Short** |
| Commodities Strategy Fund | Index exposure, Liquidity | $5633267 | $— |
| Managed Futures Strategy Fund | Hedge, Leverage, Liquidity, Speculation | 50068661 | 35188586 |
| Multi-Hedge Strategies Fund | Duration, Hedge, Index exposure, Leverage, Liquidity, Speculation | 22657200 | 13484716 |

---

**Swap Agreements** 

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. When utilizing over-the-counter ("OTC") swaps, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. For a Fund utilizing centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. There is no guarantee that a Fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

Custom basket swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as a custom basket of securities) for a fixed or variable interest rate. 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 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 custom basket swaps on a monthly basis:

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average Notional Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average Notional Amount** |
| <br>**Fund** | <br>**Use** | **Long** | **Short** |
| Multi-Hedge Strategies Fund | Hedge, Index exposure, Leverage, Liquidity, Speculation | $7916825 | $6259558 |

---

**Derivative Investment Holdings Categorized by Risk Exposure** 

The following is a summary of the location of derivative investments on the Funds' Consolidated Statements of Assets and Liabilities as of December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Derivative Investment Type** | **Asset Derivatives** | **Liability Derivatives** |
| Commodity/Currency/Equity/Interest rate futures contracts  |  | Variation margin on futures contracts  |
| Equity swap agreements  | Unrealized appreciation on OTC swap agreements |  |

---

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 39

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)<br>

The following tables set forth the fair value of the Funds' derivative investments categorized by primary risk exposure at December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** |
| **Fund** | **Futures <br> Equity <br> Risk\*** | **Swaps <br> Equity <br> Risk** | **Futures <br> Foreign <br> Currency <br> Exchange <br> Risk\*** | **Futures <br> Interest <br> Rate <br> Risk\*** | **Futures <br> Commodity <br> Risk\*** | **Total <br> Value at <br> December 31, <br> 2025** |
| Commodities Strategy Fund | $— | $— | $— | $— | $17859 | $17859 |
| Managed Futures Strategy Fund | 294916 |  | 30860 | 80513 | 553626 | 959915 |
| Multi-Hedge Strategies Fund | 42096 | 402624 | 5543 | 7846 | 127685 | 585794 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** |
| **Fund** | **Futures <br> Equity <br> Risk\*** | **Swaps <br> Equity <br> Risk** | **Futures <br> Foreign <br> Currency <br> Exchange <br> Risk\*** | **Futures <br> Interest <br> Rate <br> Risk\*** | **Futures <br> Commodity <br> Risk\*** | **Total <br> Value at <br> December 31, <br> 2025** |
| Managed Futures Strategy Fund | $46194 | $— | $29919 | $9422 | $180287 | $265822 |
| Multi-Hedge Strategies Fund | 15126 |  | 10237 | 4151 | 48631 | 78145 |

---

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

The following is a summary of the location of derivative investments on the Funds' Consolidated Statements of Operations for the period ended December 31, 2025:

---

| | |
|:---|:---|
| **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  |
| Equity swap agreements | Net realized gain (loss) on swap agreements |
| | Net change in unrealized appreciation (depreciation) on swap agreements  |

---

The following is a summary of the Funds' realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Funds' Consolidated Statements of Operations categorized by primary risk exposure for the period ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Investments Recognized on the Consolidated Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Consolidated Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Consolidated Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Consolidated Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Consolidated Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Consolidated Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Consolidated Statements of Operations** |
| **Fund** | **Futures <br> Equity <br> Risk** | **Swaps <br> Equity <br> Risk** | **Futures <br> Foreign <br> Currency <br> Exchange <br> Risk** | **Futures <br> Interest <br> Rate <br> Risk** | **Futures <br> Commodity <br> Risk** | **Total** |
| Commodities Strategy Fund | $— | $— | $— | $— | $(15441) | $(15441) |
| Managed Futures Strategy Fund | 1872215 |  | (703959) | (1586897) | 288602 | (130039) |
| Multi-Hedge Strategies Fund | (174392) | 238257 | (105204) | (114425) | (167301) | (323065) |

---

40 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Consolidated Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Consolidated Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Consolidated Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Consolidated Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Consolidated Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Consolidated Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Consolidated Statements of Operations** |
| **Fund** | **Futures <br> Equity <br> Risk** | **Swaps <br> Equity <br> Risk** | **Futures <br> Foreign <br> Currency <br> Exchange <br> Risk** | **Futures <br> Interest <br> Rate <br> Risk** | **Futures <br> Commodity <br> Risk** | **Total** |
| Commodities Strategy Fund | $— | $— | $— | $— | $(79610) | $(79610) |
| Managed Futures Strategy Fund | 461880 |  | (468153) | (2651) | 215781 | 206857 |
| Multi-Hedge Strategies Fund | 54834 | (241693) | (110768) | (119415) | (130640) | (547682) |

---

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.

**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' Consolidated 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' Consolidated Statements of Assets and Liabilities.

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 41

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)<br>

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Gross Amounts Not Offset in <br> the Consolidated Statements <br> of Assets and Liabilities** | **Gross Amounts Not Offset in <br> the Consolidated Statements <br> of Assets and Liabilities** | |
| <br>**Fund** | <br>**Instrument** | <br>**Gross Amounts <br> of Recognized <br> Assets<sup>1</sup>** | <br>**Gross Amounts <br> Offset in the <br> Consolidated <br> Statements <br> of Assets and <br> Liabilities**  | <br>**Net Amount <br> of Assets <br> Presented on the <br> Consolidated <br> Statements <br> of Assets and <br> Liabilities**  | **Financial <br> Instruments** | **Cash Collateral <br> Received**  | <br>**Net <br> Amount** |
| Multi-Hedge Strategies Fund | Custom basket swap agreements | $402624 | $— | $402624 | $— | $— | $402624 |

---

<sup>1</sup> 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 instruments as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Asset Type** | **Cash Pledged** | **Cash Received** |
| Commodities Strategy Fund | Goldman Sachs International | Futures contracts | $231929 | $— |
| Managed Futures Strategy Fund | Goldman Sachs International | Futures contracts | 1007101 |  |
| Multi-Hedge Strategies Fund | Goldman Sachs International | Short equity positions | 284574 |  |
|  | Goldman Sachs International | Futures contracts | 73891 |  |
|  | Morgan Stanley Capital Services LLC | Custom basket swap agreements | 23758 |  |
|  |  |  | 382223 |  |

---

**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."

42 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)<br>

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

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

**Note 5 – Investment Advisory Agreement and Other Agreements** 

Under the terms of an investment advisory contract between the Trust, on behalf of the Funds, and the Adviser, 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 <br> (as a % of Net Assets)** |
| Commodities Strategy Fund | 0.75% |
| Managed Futures Strategy Fund | 0.90% |
| Multi-Hedge Strategies Fund | 1.15% |

---

When the aggregate assets of each series of the Trust (excluding the Managed Futures Strategy Fund and Multi-Hedge Strategies Fund) and each series of Rydex Dynamic Funds equal or exceed $10 billion, the advisory fee rate paid by each individual Fund (excluding the Managed Futures Strategy Fund and Multi-Hedge Strategies Fund) will be reduced in accordance with the asset level and breakpoint schedule set forth below.

---

| | |
|:---|:---|
| **Fund Assets Under Management** | **Fund Asset-Based <br> Breakpoint Reductions** |
| $500 million - $1 billion | 0.025% |
| >$1 billion - $2 billion | 0.050% |
| >$2 billion | 0.075% |

---

Each Fund invests in its respective Subsidiary. Each Subsidiary has entered into a separate advisory agreement with the Advisor for the management of that Subsidiary's portfolio pursuant to which the Subsidiary pays the Advisor a management fee at the same rate that the Subsidiary's corresponding Fund pays the Advisor for services provided to that Fund. The Advisor has contractually agreed to waive the management fee it receives from each Fund in an amount equal to the management fee paid to the Advisor by the Fund's Subsidiary. Fees waived under this arrangement are not subject to reimbursement to GI. For the period ended December 31, 2025, the Commodities Strategy Fund, Managed Futures Strategy Fund and Multi-Hedge Strategies Fund waived $7,299, $37,319 and $7,781, respectively, related to advisory fees in their respective Subsidiaries.

For the Multi-Hedge Strategies Fund, GI has contractually agreed to pay all operating expenses of the Fund, excluding interest expense and taxes (expected to be de minimis), brokerage commissions and other expenses connected with the execution of portfolio transactions, short sales dividend and interest expense, and extraordinary expenses.

For the Commodities Strategy Fund, GI has agreed to waive and/or reimburse expenses in an amount equal to an annual percentage rate of 0.05% of the Fund's average daily net assets. This fee waiver will be honored by the Adviser through May 1, 2026, and shall automatically renew for one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Fund's Board upon sixty days' written notice to the Adviser. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to the Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

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 GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 43

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)<br>

The Board has adopted separate Distribution Plans applicable to Class A shares, Class H shares and Class P shares of the Funds, pursuant to which GFD and other firms that provide distribution and/or shareholder services ("Service Providers") may receive compensation. If a Service Provider provides distribution services, the Funds will pay distribution fees to GFD at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. GFD, in turn, will pay the Service Provider out of its fees. GFD may, at its discretion, retain a portion of such payments to compensate itself for distribution services it performs.

The Board has adopted a separate Distribution and Shareholder Services Plan applicable to Class C shares that allows the Funds to pay annual distribution and service fees of 1.00% of the Funds' Class C shares average daily net assets. The annual 0.25% service fee compensates a shareholder's financial adviser for providing ongoing services to the shareholder. The annual distribution fee of 0.75% reimburses GFD for paying the shareholder's financial adviser an ongoing sales commission. GFD advances the first year's service and distribution fees to the financial adviser. GFD retains the service and distribution fees on accounts with no authorized dealer of record.

For the period ended December 31, 2025, GFD retained sales charges of $115,639 relating to sales of Class A shares of the Trust.

If a Fund invests in a fund that is advised by the same adviser or an affiliated adviser, the investing Fund's adviser has agreed to waive fees at the investing fund level to the extent necessary to offset the proportionate share of any management fee paid by each Fund with respect to its investment in such affiliated fund. Fee waivers will be calculated at the investing fund level without regard to any expense cap in effect for the investing fund. Fees waived under this arrangement are not subject to reimbursement to GI. For the period ended December 31, 2025, the following Funds waived fees related to investments in affiliated funds:

---

| | |
|:---|:---|
| **Fund** | **Amount Waived** |
| Commodities Strategy Fund | $2041 |
| Managed Futures Strategy Fund | 6370 |
| Multi-Hedge Strategies Fund | 5197 |

---

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") serves 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 ("BNY") serves as the Funds' custodian. Prior to September 29, 2025, U.S. Bank, N.A. ("U.S. Bank") served as the Funds' custodian. As custodian, BNY is responsible for the custody of the Funds' assets. For providing the aforementioned administrative, transfer agent and accounting services, MUIS is entitled to receive a monthly fee equal to a percentage of the Funds' average daily net assets and reimbursement for certain out of pocket expenses. For providing the aforementioned custodian services, BNY is entitled to receive a monthly fee equal to a percentage of each Fund's average daily net assets and reimbursement for certain out of pocket expenses. Subsequent to the Funds' year end, effective February 23, 2026, BNY replaced MUIS as the Funds' administrator, transfer agent and accounting agent.

44 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)<br>

**Note 6 – Repurchase Agreements** 

The Funds transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by obligations of the U.S. Treasury and U.S. government agencies. The joint account includes other funds in the Guggenheim complex not covered in this report. The collateral is in the possession of the Funds' custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements. Each Fund holds a pro rata share of the collateral based on the dollar amount of the repurchase agreement entered into by each Fund.

At December 31, 2025, the repurchase agreements in the joint account were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty and <br> Terms of Agreement** | **Face Value** | **Repurchase Price** | **Collateral** | **Par Value** | **Fair Value** |
| BofA Securities, Inc. |  |  | U.S. Treasury Inflation Indexed Bond |  |  |
| &nbsp;&nbsp;3.81% |  |  | &nbsp;&nbsp;1.25% |  |  |
| &nbsp;&nbsp;Due 01/02/26 | $95132966 | $95153103 | &nbsp;&nbsp;Due 04/15/28 | $79890555 | $79827887 |
|  |  |  | U.S. Treasury Bond |  |  |
|  |  |  | &nbsp;&nbsp;4.63% |  |  |
|  |  |  | &nbsp;&nbsp;Due 11/15/45 | 17407300 | 17207761 |
|  |  |  |  | 97297855 | 97035648 |
| J.P. Morgan Securities LLC |  |  | U.S. Treasury Note |  |  |
| &nbsp;&nbsp;3.82% |  |  | &nbsp;&nbsp;4.13% |  |  |
| &nbsp;&nbsp;Due 01/02/26 | 95132966 | 95153156 | &nbsp;&nbsp;Due 10/31/31 | 94717400 | 97035700 |

---

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Funds enter into repurchase agreements to evaluate potential risks.

**Note 7 – Portfolio Securities Loaned** 

The Funds may lend their securities to approved brokers to earn additional income. Securities lending income shown on the Funds' Consolidated Statements of Operations is shown net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Funds act as the lender, BNY acts as the lending agent (prior to September 29, 2025, U.S. Bank acted as the lending agent), and other approved registered broker dealers act as the borrowers. The Funds receive cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Funds' securities lending agreement with BNY, cash collateral and proceeds are invested in the Dreyfus Treasury Obligations Cash Management Fund – Institutional Shares. The Funds bear the risk of loss on cash collateral investments.

Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the Funds the next business day. Although the collateral mitigates the risk, the Funds could experience a delay in recovering their securities and a possible loss of income or value if the borrower fails to return the securities. The Funds have the right under the securities lending agreement to recover the securities from the borrower on demand, including if a Fund determines it would like to vote a security on loan. The Adviser will vote such securities where the benefit of voting outweighs the costs to the Fund or administrative inconvenience of retrieving securities then on loan. Securities lending transactions are accounted for as secured borrowings. The remaining contractual maturity of the securities lending agreement is overnight and continuous.

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of such counterparties to evaluate potential risks.

At December 31, 2025, none of the Funds had securities out on loan.

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 45

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)<br>

**Note 8 – Federal Income Tax Information** 

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

Tax positions taken or expected to be taken in the course of preparing the Funds' tax returns are evaluated to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds' tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds' consolidated 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.

Each Fund intends to invest up to 25% of its assets in its respective 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. Each Fund has received a private letter ruling from the IRS that concludes that the income each Fund receives from its Subsidiary will constitute qualifying income for purposes of Subchapter M of the Internal Revenue Code. Each Subsidiary is classified as a corporation for U.S. federal income tax purposes. Foreign corporations, such as the Subsidiaries, will generally not be subject to U.S. federal income taxation unless they are deemed to be engaged in a U.S. trade or business. If, during a taxable year, a Subsidiary's taxable losses (and other deductible items) exceed its income and gains, the net loss will not pass through to the applicable 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 December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Total<br> Distributions** |
| Commodities Strategy Fund | $172080 | $– $| 172080 |
| Managed Futures Strategy Fund | 1303345 | – | 1303345 |
| Multi-Hedge Strategies Fund | 1049773 | – | 1049773 |

---

The tax character of distributions paid during the year ended December 31, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Total<br> Distributions** |
| Managed Futures Strategy Fund | $1687508 | $– $| 1687508 |
| Multi-Hedge Strategies Fund | 1405240 | – | 1405240 |

---

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 December 31, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Undistributed <br> Ordinary<br> Income**  | **Undistributed <br> Long-Term <br> Capital Gain**  | **Net Unrealized <br> Appreciation <br> (Depreciation)** | **Accumulated<br> Capital and<br> Other Losses** | **Other <br> Temporary<br> Differences** | **Total** |
| Commodities Strategy Fund | $234165 | $– $| (11755513) | $(73108) | $(183213) | $(11777669) |
| Managed Futures Strategy Fund | 1156081 | – | (17632629) | (25326565) | (174856) | (41977969) |
| Multi-Hedge Strategies Fund | 661921 | – | (8248545) | (4582607) | 43442 | (12125789) |

---

46 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)<br>

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 December 31, 2025, capital loss carryforwards for the Funds were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Unlimited** | **Unlimited** | |
| <br>**Fund** | **Short-Term** | **Long-Term** | <br>**Total<br> Capital Loss <br> Carryforward** |
| Commodities Strategy Fund | $(45672) | $(27436) | $(73108) |
| Managed Futures Strategy Fund | (3440620) | (21885945) | (25326565) |
| Multi-Hedge Strategies Fund | (4582607) |  | (4582607) |

---

For the year ended December 31, 2025, the following capital loss carryforward amounts were utilized:

---

| | |
|:---|:---|
| **Fund** | **Utilized** |
| Commodities Strategy Fund | $10 |

---

Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book/tax differences. These differences are primarily due to investments in subsidiaries, the "mark-to-market" of certain derivatives, investments in real estate investment trusts, distribution reclasses, foreign currency gains and losses, and losses deferred due to wash sales. 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 Consolidated Statements of Assets and Liabilities as of December 31, 2025 for permanent book/tax differences:

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid In <br> Capital**  | **Total <br> Distributable <br> Earnings/(Loss)**  |
| Commodities Strategy Fund | $9066 | $(9066) |
| Managed Futures Strategy Fund | 344336 | (344336) |
| Multi-Hedge Strategies Fund | (165543) | 165543 |

---

At December 31, 2025, 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 <br> Cost** | **Tax<br> Unrealized<br> Appreciation** | **Tax<br> Unrealized<br> Depreciation** | **Net Tax<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Commodities Strategy Fund | $18042148 | $– $| (11755513) | $(11755513) |
| Managed Futures Strategy Fund | 42422844 | – | (17632721) | (17632721) |
| Multi-Hedge Strategies Fund | 16653913 | – | (8248553) | (8248553) |

---

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 47

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)<br>

**Note 9 – Securities Transactions** 

For the period ended December 31, 2025, 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** |
| Commodities Strategy Fund | $— | $— |
| Managed Futures Strategy Fund |  |  |
| Multi-Hedge Strategies Fund | 25142922 | 39156568 |

---

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. For the period ended December 31, 2025, the Funds did not engage in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act.

**Note 10 – Line of Credit** 

The Trust, along with other affiliated trusts, previously secured an uncommitted $200,000,000 line of credit from U.S. Bank that terminated on September 23, 2025. On September 26, 2025, a new, uncommitted $200,000,000 line of credit agreement was entered into with BNY, which expires on September 25, 2026. This line of credit is reserved for temporary or emergency purposes, and the Funds' general business purposes. Borrowings, if any, under this arrangement bear interest which varies between the greater of BNY's "overnight rate", the secured overnight financing rate ("SOFR"), the Federal Funds Rate, or 0%, plus 1%, which shall be paid monthly. The effective interest rate averaged 5.50% for the period ended December 31, 2025. The Funds did not have any borrowings under this agreement as of and for the year ended December 31, 2025.

**Note 11 – Reverse Share Split** 

Effective February 24, 2025, a one-for-five reverse share split occurred in the Commodities Strategy Fund. The effect of this transaction was to divide the number of outstanding shares of the Fund by five, resulting in a corresponding increase in the net asset value per share. The share transactions presented in the Fund's Consolidated Statements of Changes in Net Assets and the per share data in the financial highlights reflect the reverse share split. There were no changes in net assets, results of operations or total return as a result of the transaction.

**Note 12 – Segment Reporting** 

An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Officers of the Trust, subject to the oversight and supervision of the Board, serve as the CODM for the Funds.

Each of the Funds represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the Fund's investment objective which is executed by each Fund's portfolio managers as a team. Each of the Funds uses a variety of investments to execute its investment strategy. Please refer to Note 1 – Organization, Consolidation of Subsidiaries and Significant Accounting Policies of these Notes to Consolidated Financial Statements for additional details on the significant accounting policies and investment types used by the Funds. Please refer to each Fund's Consolidated Schedule of Investments for a breakdown of the types of investments from which each of the Funds generates its returns. Financial information in the form of total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks, among other metrics, and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within the Fund's consolidated financial statements. Segment assets are reflected on each Fund's Consolidated Statement of Assets and Liabilities as "total assets" and significant segment income, expenses, and gain(loss) are listed on each Fund's Consolidated Statement of Operations.

48 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (concluded)<br>

**Note 13 – Recent Accounting Pronouncements** 

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund's financial position or the results of its operations.

**Note 14 – 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 (or perceived to affect) individual companies, or issuers or particular industries, or from broader influences, including real or perceived changes in prevailing interest rates (which may change at any time based on changes in monetary policies and various market and other economic conditions), changes in inflation rates or expectations about inflation rates, deflation, adverse investor confidence or sentiment, general outlook for corporate earnings, changing economic, political (including geopolitical), social or financial market conditions, bank failures, increased instability or general uncertainty, extreme weather, environmental or man-made disasters, or geological events, governmental actions, actual or threatened imposition of tariffs (which may be imposed by U.S. and foreign governments) and trade disruptions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, terrorism, actual or threatened wars or other armed conflicts (such as the 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 15 – Subsequent Events** 

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

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 49

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**<br>

To the Shareholders of Guggenheim Multi-Hedge Strategies Fund, Guggenheim Managed Futures Strategy Fund and Rydex Commodities Strategy Fund and the Board of Trustees of Rydex Series Funds

**Opinion on the Financial Statements** 

We have audited the accompanying consolidated statements of assets and liabilities of Guggenheim Multi-Hedge Strategies Fund, Guggenheim Managed Futures Strategy Fund and Rydex Commodities Strategy Fund (collectively referred to as the "Funds") (three of the funds constituting Rydex Series Funds (the "Trust")), including the consolidated schedules of investments, as of December 31, 2025, and the related consolidated statements of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of each of the Funds (three of the funds constituting Rydex Series Funds) at December 31, 2025, the consolidated results of their operations for the year then ended, the consolidated changes in their net assets for each of the two years in the period then ended and their consolidated financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, 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.

![](fp0096659-15_50.jpg)

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

Tysons, Virginia

February 26, 2026

50 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**OTHER INFORMATION** (Unaudited)<br>

**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 2026, 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 2025.

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

Of the taxable ordinary income distributions paid during the fiscal year ended December 31, 2025, 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 December 31, 2025, 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 <br> Dividend <br> Income**  | **Dividend <br> Received <br> Deduction**  | **Qualified<br> Interest<br> Income**  | **Qualified <br> Short-Term <br> Capital Gain**  |
| Commodities Strategy Fund | 0.00% | 0.00% | 82.57% | 0.00% |
| Managed Futures Strategy Fund | 0.00% | 0.00% | 72.19% | 0.00% |
| Multi-Hedge Strategies Fund | 100.00% | 73.96% | 65.97% | 0.00% |

---

**Sector Classification** 

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

**Quarterly Portfolio Schedules Information** 

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

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 51

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**<br>

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

52 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**<br>

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

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 53

**Item 10: Remuneration 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.

54 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

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

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 55

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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.**

Not applicable.

**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.**

Not applicable at this time.

**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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 19.** **Exhibits.**

[(a)(1)](fp0096659-15_ex99code.htm) [The registrant's code of ethics pursuant to Item 2 of Form N-CSR is attached.](fp0096659-15_ex99code.htm)

(a)(2) Not applicable.

---

| | |
|:---|:---|
| [(a)(3)](fp0096659-15_ex99cert.htm) | [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.](fp0096659-15_ex99cert.htm) |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](fp0096659-15_ex99906cert.htm) [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.](fp0096659-15_ex99906cert.htm)

**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) Rydex Series Funds

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Brian Binder |
|  | Brian Binder, President and Chief Executive Officer (Principal Executive Officer) |

---

Date <u>March 6, 2026</u>

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 Binder |
|  | Brian Binder, President and Chief Executive Officer (Principal Executive Officer) |

---

Date <u>March 6, 2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ James Howley |
|  | James Howley, Chief Financial Officer, Chief Accounting Officer and Treasurer<br> (Principal Financial and Accounting Officer) |

---

Date <u>March 6, 2026</u>

 

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

<u>Procedure Number: IC23.4</u>

**APPENDIX A**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND**

**SENIOR FINANCIAL OFFICERS**

**I. Covered Officers/Purpose of the Code**

This code of ethics (the "Code") is applicable to Guggenheim Funds (each a "Company" and together the "Companies," each set forth in Exhibit A) and applies to the Companies' President/CEO (Principal Executive Officer), and CFO/Treasurer (Principal Financial and Accounting Officer) (the "Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant
files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the Code to an appropriate person or persons identified
in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Covered Officers are expected to dedicate their best efforts to advancing the Trust's interests and to use objective and unbiased standards when making decisions that affect the Trust, while being sensitive to situations that may give rise to actual conflicts of interest, as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Company.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or result from, the contractual relationship between the Company and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Boards of Trustees ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. **The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.**

Page 1 of 5

    <u>Procedure Number: IC23.4</u>

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;· not use his or her personal influence or personal relationships improperly to influence investment decisions
or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Company to take action, or fail to take action, for the individual personal benefit of the
Covered Officer rather than the benefit the Company;

&nbsp;&nbsp;&nbsp;&nbsp;· report at least annually his or her affiliations or other relationships which may give rise to conflicts
of interest with the Funds (provided that annual completion of the Funds' Trustees and Officers Questionnaire shall satisfy the
requirements of this bullet point).

There are some conflict of interest situations that should always be discussed with the Secretary of the Funds (the "Secretary"), or other senior legal officer, if material. Examples of these include:<u><sup>1</sup></u>

&nbsp;&nbsp;&nbsp;&nbsp;· service as a director on the board of any public company;

&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any non-de minimus gifts;

&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any entertainment from any company with which the Company has current or prospective business
dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to
raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;· any ownership interest in, or any consulting or employment relationship with, any of the Company's
service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company
for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's
employment, such as compensation or equity ownership.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize himself or herself with the disclosure requirements generally
applicable to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the
Company to others, whether within or outside the Company, including to the Company's directors and auditors, and to governmental
regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult
with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable
disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds;
and

&nbsp;&nbsp;&nbsp;&nbsp;· it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

------

<u><sup>1</sup></u> Any activity or relationship that would present a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if a member of the Covered Officer's family engages in such an activity or has such a relationship.

Page 2 of 5

    <u>Procedure Number: IC23.4</u>

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing
to the Board that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the Board that he or she has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons
for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;· notify the Secretary promptly if he or she knows of any violation of this Code. Failure to do so is itself
a violation of this Code.

The Secretary, or other designated senior legal officer of the Funds' investment adviser, is responsible for applying this **Code** to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.<u><sup>2</sup></u> However, any approvals or waivers<u><sup>3</sup></u> sought by the President/ CEO will be considered by the Audit Committee of the Funds (the "Committee"). The Chair of the Audit Committee of the Trust is authorized and encouraged to consult, as appropriate, with the Chair of the Board of Trustees of the Trust, the Independent Trustees or the Board of Trustees of the Trust and/or with counsel to the Trust, the Investment Adviser(s) or the Independent Trustees.

The Independent Trustees are responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will be disclosed on Form N-CSR<u><sup>3</sup></u> to the extent required by Securities and Exchange Commission rules.

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;· the Secretary or other designated senior legal officer will take all appropriate action to investigate
any potential violations reported to him or her;

&nbsp;&nbsp;&nbsp;&nbsp;· if, after such investigation, the Secretary believes that no violation has occurred, the Secretary is
not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;· any matter that the Secretary believes is a violation will be reported to the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;· if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the
Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and
procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer
as an officer of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;· the Board will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;· any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

Nothing in this Code, any agreement between the Audit Committee and Covered Officers or any other person serving the Trusts, or any Trust policy or program, prohibits or restricts any person in any way from reporting possible violations of law or regulation to any governmental agency or entity, or otherwise prevents anyone from participating, assisting, or testifying in any proceeding or investigation by any such agency or entity or from making other disclosures that are protected and/or permitted under law or regulation. For more information, please refer to the Guggenheim Capital, LLC Code of Conduct, available on OneGuggenheim.

------

<u><sup>2</sup></u> The Secretary or other designated senior legal officer is authorized to consult, as appropriate, with counsel to the Company and counsel to the Independent Trustees, and is encouraged to do so.

<u><sup>3</sup></u> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant.

Page 3 of 5

    <u>Procedure Number: IC23.4</u>

**V. Other Policies and Procedures**

This **Code** shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment advisers' and principal underwriters' codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI. Amendments**

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of independent directors/trustees.

**VII Confidentiality**

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board and its counsel, the Funds' counsel, the Adviser and its counsel and any other advisers, consultants or counsel retained by the Board of Trustees.

**VIII. Internal Use**

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

Page 4 of 5

    <u>Procedure Number: IC23.4</u>

**Exhibit A - Covered Entities**

**Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust**

**Guggenheim Strategic Opportunities Fund**

**Guggenheim Active Allocation Fund**

**Guggenheim Funds Trust**

**Guggenheim Variable Funds Trust**

**Guggenheim Strategy Funds Trust**

**Rydex Series Funds**

**Rydex Dynamic Funds**

**Rydex Variable Trust**

**Guggenheim Investments Private Credit Fund**

Page 5 of 5

## Ex-99.Cert

EX.-19(a)(2)(i)

**CERTIFICATION**

I, Brian Binder, certify that:

1. I have reviewed this report on Form N-CSR of Rydex Series Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: <u>March 6, 2026</u> | /s/ Brian Binder |
|  | Brian Binder |
|  | President and Chief Executive Officer (Principal Executive Officer) |

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EX.-19(a)(2)(ii)

**CERTIFICATION**

I, James Howley, certify that:

1. I have reviewed this report on Form N-CSR of Rydex Series Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: <u>March 6, 2026</u> | /s/ James Howley |
|  | James Howley, |
|  | Chief Financial Officer, Chief Accounting Officer, and Treasurer (Principal Financial and Accounting Officer) |

---

## Exhibit 99.906

EX.-19(b)

**CERTIFICATION**

I, Brian E. Binder, President and Chief Executive Officer, and I, James Howley, Chief Financial Officer, Chief Accounting Officer and Treasurer of Rydex Series Funds (the "Registrant") each certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

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| | |
|:---|:---|
| Date: <u>March 6, 2026</u> | /s/ Brian E. Binder |
|  | Brian E. Binder |
|  | President and Chief Executive Officer (Principal Executive Officer) |

---

---

| | |
|:---|:---|
| Date: <u>March 6, 2026</u> | /s/ James Howley |
|  | James Howley |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer (Principal Financial and Accounting Officer) |

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