# EDGAR Filing Document

**Accession Number:** 0000899148
**File Stem:** 0001398344-25-017455
**Filing Date:** 2025-9
**Character Count:** 340375
**Document Hash:** f8a8575ada0d6dc085258ef6189c8990
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-017455.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0001398344-25-017455

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**EFFECTIVENESS DATE**: 20250903

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07584
- **FILM NUMBER:** 251289830

**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 – June 30, 2025</u>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940,
 as amended (the "Investment Company Act"), is as follows:

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

### Commodities Strategy Fund

#### Class A \| RYMEX
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Commodities Strategy Fund for the period of January 1, 2025 to June 30, 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 GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<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 | $84 | 1.69%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund (Class A shares) returned 0.38%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P Goldman Sachs Commodity Index, which returned 1.94% for the same period.

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

The fund obtained exposure to the commodities markets through futures on the S&P Goldman Sachs Commodity Index. S&P Goldman Sachs Commodity Index futures had a strong first quarter of 2025 but experienced headwinds from energy and agricultural sectors in the second quarter of 2025. Eleven of the twenty-four index components had positive returns for the period. The components with some of the largest positive returns were gold, silver, and live cattle. The components with some of the largest negative returns were cocoa, corn, and Kansas wheat.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093914-2_sa51.jpg)

#### Average Annual Total Returns\* as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &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;Class A (without sales charge) | 0.38% | -1.48% | 15.84% | -0.01% |
| Class A (with sales charge)<sup>‡</sup> | -4.39% | -6.17% | 14.72% | -0.50% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P Goldman Sachs Commodity Index | 1.94% | 0.25% | 17.69% | 1.45% |

---

**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 6.30.25

---

| | |
|:---|:---|
| Net Assets | $6658424 |
| Total Number of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | –% |

---

---

| | |
|:---|:---|
| <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> | 6 month returns are not annualized. |
| <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 | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093914-2_sa52.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 12.3% |
| Guggenheim Strategy Fund II | 12.0% |
| Total | 24.3% |

---

<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.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.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.** |

---

SAR-RYMEX-063025

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

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

### Commodities Strategy Fund

#### Class C \| RYMJX
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Commodities Strategy Fund for the period of January 1, 2025 to June 30, 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 GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<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 | $120 | 2.42%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund (Class C shares) returned 0.01%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P Goldman Sachs Commodity Index, which returned 1.94% for the same period.

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

The fund obtained exposure to the commodities markets through futures on the S&P Goldman Sachs Commodity Index. S&P Goldman Sachs Commodity Index futures had a strong first quarter of 2025 but experienced headwinds from energy and agricultural sectors in the second quarter of 2025. Eleven of the twenty-four index components had positive returns for the period. The components with some of the largest positive returns were gold, silver, and live cattle. The components with some of the largest negative returns were cocoa, corn, and Kansas wheat.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093914-3_sa51.jpg)

#### Average Annual Total Returns\* as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 0.01% | -2.21% | 14.98% | -0.76% |
| Class C (with CDSC)<sup>§</sup> | -0.99% | -3.18% | 14.98% | -0.76% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P Goldman Sachs Commodity Index | 1.94% | 0.25% | 17.69% | 1.45% |

---

**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 6.30.25

---

| | |
|:---|:---|
| Net Assets | $6658424 |
| Total Number of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | –% |

---

---

| | |
|:---|:---|
| <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> | 6 month returns are not annualized. |
| <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 | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093914-3_sa52.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 12.3% |
| Guggenheim Strategy Fund II | 12.0% |
| Total | 24.3% |

---

<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.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.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.** |

---

SAR-RYMJX-063025

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

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

### Commodities Strategy Fund

#### Class H \| RYMBX
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Commodities Strategy Fund for the period of January 1, 2025 to June 30, 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 GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<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 | $84 | 1.69%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund (Class H shares) returned 0.39%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P Goldman Sachs Commodity Index, which returned 1.94% for the same period.

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

The fund obtained exposure to the commodities markets through futures on the S&P Goldman Sachs Commodity Index. S&P Goldman Sachs Commodity Index futures had a strong first quarter of 2025 but experienced headwinds from energy and agricultural sectors in the second quarter of 2025. Eleven of the twenty-four index components had positive returns for the period. The components with some of the largest positive returns were gold, silver, and live cattle. The components with some of the largest negative returns were cocoa, corn, and Kansas wheat.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093914-1_sa51.jpg)

#### Average Annual Total Returns\* as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | 0.39% | -1.51% | 15.83% | -0.02% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P Goldman Sachs Commodity Index | 1.94% | 0.25% | 17.69% | 1.45% |

---

**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 6.30.25

---

| | |
|:---|:---|
| Net Assets | $6658424 |
| Total Number of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | –% |

---

---

| | |
|:---|:---|
| <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> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Commodities Strategy Fund \| Class H \| RYMBX | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093914-1_sa52.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 12.3% |
| Guggenheim Strategy Fund II | 12.0% |
| Total | 24.3% |

---

<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.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.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.** |

---

SAR-RYMBX-063025

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

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

### Guggenheim Managed Futures Strategy Fund

#### Class A \| RYMTX
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Guggenheim Managed Futures Strategy Fund for the period of January 1, 2025 to June 30, 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 GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<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 | $95 | 1.95%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund (Class A shares) returned -2.99%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 2.09% for the same period.

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

In the first half of 2025, futures markets were marked by a mix of reversals and consolidation, presenting a challenging environment for trend-following systems. Global stock index futures saw choppy behavior, with early-year rallies in U.S. and European equities stalling amid shifting central bank policy signals and geopolitical uncertainty. Bond futures were volatile but lacked sustained directional moves, as inflation data and diverging rate expectations kept global yields in flux. In foreign exchange, the U.S. dollar strengthened modestly against major currencies in Q1 before weakening in Q2, driven by changing interest rate differentials and mixed economic signals across regions. Commodity futures were mixed—energy markets, particularly crude oil, saw sharp but short-lived moves tied to supply disruptions and OPEC policy, while metals and agricultural contracts experienced sporadic price swings without sustained trends.

This backdrop of frequent reversals and limited trend persistence across asset classes created a difficult environment for trend-following models, which typically perform best in sustained directional markets. Reflecting these conditions, the fund posted a negative return in Q1, with losses across all asset classes—Currencies and Fixed Income were the largest detractors, while Commodities and Equities also contributed to the decline. In Q2, performance improved, supported by gains in Commodities, Currencies, and Equities, though Fixed Income remained a drag. Despite the recovery in Q2, the fund ended the first half of the year with a net loss.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093914-5_sa71.jpg)

#### Average Annual Total Returns\* as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -2.99% | -7.22% | 3.74% | 0.75% |
| Class A (with sales charge)<sup>‡</sup> | -7.60% | -11.62% | 2.74% | 0.26% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 2.09% | 4.71% | 2.78% | 1.98% |

---

**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 6.30.25

---

| | |
|:---|:---|
| Net Assets | $19444598 |
| Total Number of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | –% |

---

---

| | |
|:---|:---|
| <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> | 6 month returns are not annualized. |
| <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 | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093914-5_sa72.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund III | 24.8% |
| Guggenheim Strategy Fund II | 16.1% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 13.1% |
| Total | 54.0% |

---

<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.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.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.** |

---

SAR-RYMTX-063025

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

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

### Guggenheim Managed Futures Strategy Fund

#### Class C \| RYMZX
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Guggenheim Managed Futures Strategy Fund for the period of January 1, 2025 to June 30, 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 GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<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 | $131 | 2.68%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund (Class C shares) returned -3.33%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 2.09% for the same period.

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

In the first half of 2025, futures markets were marked by a mix of reversals and consolidation, presenting a challenging environment for trend-following systems. Global stock index futures saw choppy behavior, with early-year rallies in U.S. and European equities stalling amid shifting central bank policy signals and geopolitical uncertainty. Bond futures were volatile but lacked sustained directional moves, as inflation data and diverging rate expectations kept global yields in flux. In foreign exchange, the U.S. dollar strengthened modestly against major currencies in Q1 before weakening in Q2, driven by changing interest rate differentials and mixed economic signals across regions. Commodity futures were mixed—energy markets, particularly crude oil, saw sharp but short-lived moves tied to supply disruptions and OPEC policy, while metals and agricultural contracts experienced sporadic price swings without sustained trends.

This backdrop of frequent reversals and limited trend persistence across asset classes created a difficult environment for trend-following models, which typically perform best in sustained directional markets. Reflecting these conditions, the fund posted a negative return in Q1, with losses across all asset classes—Currencies and Fixed Income were the largest detractors, while Commodities and Equities also contributed to the decline. In Q2, performance improved, supported by gains in Commodities, Currencies, and Equities, though Fixed Income remained a drag. Despite the recovery in Q2, the fund ended the first half of the year with a net loss.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093914-6_sa71.jpg)

#### Average Annual Total Returns\* as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -3.33% | -7.91% | 2.99% | 0.01% |
| Class C (with CDSC)<sup>§</sup> | -4.30% | -8.79% | 2.99% | 0.01% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 2.09% | 4.71% | 2.78% | 1.98% |

---

**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 6.30.25

---

| | |
|:---|:---|
| Net Assets | $19444598 |
| Total Number of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | –% |

---

---

| | |
|:---|:---|
| <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> | 6 month returns are not annualized. |
| <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 | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093914-6_sa72.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund III | 24.8% |
| Guggenheim Strategy Fund II | 16.1% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 13.1% |
| Total | 54.0% |

---

<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.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.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.** |

---

SAR-RYMZX-063025

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

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

### Guggenheim Managed Futures Strategy Fund

#### Class P \| RYMFX
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Guggenheim Managed Futures Strategy Fund for the period of January 1, 2025 to June 30, 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 GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<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 | $95 | 1.94%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund (Class P shares) returned -3.01%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 2.09% for the same period.

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

In the first half of 2025, futures markets were marked by a mix of reversals and consolidation, presenting a challenging environment for trend-following systems. Global stock index futures saw choppy behavior, with early-year rallies in U.S. and European equities stalling amid shifting central bank policy signals and geopolitical uncertainty. Bond futures were volatile but lacked sustained directional moves, as inflation data and diverging rate expectations kept global yields in flux. In foreign exchange, the U.S. dollar strengthened modestly against major currencies in Q1 before weakening in Q2, driven by changing interest rate differentials and mixed economic signals across regions. Commodity futures were mixed—energy markets, particularly crude oil, saw sharp but short-lived moves tied to supply disruptions and OPEC policy, while metals and agricultural contracts experienced sporadic price swings without sustained trends.

This backdrop of frequent reversals and limited trend persistence across asset classes created a difficult environment for trend-following models, which typically perform best in sustained directional markets. Reflecting these conditions, the fund posted a negative return in Q1, with losses across all asset classes—Currencies and Fixed Income were the largest detractors, while Commodities and Equities also contributed to the decline. In Q2, performance improved, supported by gains in Commodities, Currencies, and Equities, though Fixed Income remained a drag. Despite the recovery in Q2, the fund ended the first half of the year with a net loss.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093914-4_sa71.jpg)

#### Average Annual Total Returns\* as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class P | -3.01% | -7.23% | 3.73% | 0.77% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 2.09% | 4.71% | 2.78% | 1.98% |

---

**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 6.30.25

---

| | |
|:---|:---|
| Net Assets | $19444598 |
| Total Number of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | –% |

---

---

| | |
|:---|:---|
| <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> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Guggenheim Managed Futures Strategy Fund \| Class P \| RYMFX | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093914-4_sa72.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund III | 24.8% |
| Guggenheim Strategy Fund II | 16.1% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 13.1% |
| Total | 54.0% |

---

<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.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.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.** |

---

SAR-RYMFX-063025

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

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

### Guggenheim Managed Futures Strategy Fund

#### Institutional Class \| RYIFX
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Guggenheim Managed Futures Strategy Fund for the period of January 1, 2025 to June 30, 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 GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<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 | $81 | 1.66%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund (Institutional Class shares) returned -2.83%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 2.09% for the same period.

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

In the first half of 2025, futures markets were marked by a mix of reversals and consolidation, presenting a challenging environment for trend-following systems. Global stock index futures saw choppy behavior, with early-year rallies in U.S. and European equities stalling amid shifting central bank policy signals and geopolitical uncertainty. Bond futures were volatile but lacked sustained directional moves, as inflation data and diverging rate expectations kept global yields in flux. In foreign exchange, the U.S. dollar strengthened modestly against major currencies in Q1 before weakening in Q2, driven by changing interest rate differentials and mixed economic signals across regions. Commodity futures were mixed—energy markets, particularly crude oil, saw sharp but short-lived moves tied to supply disruptions and OPEC policy, while metals and agricultural contracts experienced sporadic price swings without sustained trends.

This backdrop of frequent reversals and limited trend persistence across asset classes created a difficult environment for trend-following models, which typically perform best in sustained directional markets. Reflecting these conditions, the fund posted a negative return in Q1, with losses across all asset classes—Currencies and Fixed Income were the largest detractors, while Commodities and Equities also contributed to the decline. In Q2, performance improved, supported by gains in Commodities, Currencies, and Equities, though Fixed Income remained a drag. Despite the recovery in Q2, the fund ended the first half of the year with a net loss.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $2,000,000 initial investment.

![Ad2 Performance Graph](fp0093914-8_sa71.jpg)

#### Average Annual Total Returns\* as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Institutional Class | -2.83% | -7.00% | 4.02% | 1.02% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 2.09% | 4.71% | 2.78% | 1.98% |

---

**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 6.30.25

---

| | |
|:---|:---|
| Net Assets | $19444598 |
| Total Number of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | –% |

---

---

| | |
|:---|:---|
| <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> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Guggenheim Managed Futures Strategy Fund \| Institutional Class \| RYIFX | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093914-8_sa72.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund III | 24.8% |
| Guggenheim Strategy Fund II | 16.1% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 13.1% |
| Total | 54.0% |

---

<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.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.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.** |

---

SAR-RYIFX-063025

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

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

### Guggenheim Multi-Hedge Strategies Fund

#### Class A \| RYMQX
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Guggenheim Multi-Hedge Strategies Fund for the period of January 1, 2025 to June 30, 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 GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<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 | $90 | 1.83%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund (Class A shares) returned -2.30%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the HFRX Global Hedge Fund Index, which returned 2.38% for the same period.

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

The fund's merger arbitrage strategy was the largest positive contributor in the first half of the year as several notable deals closed (e.g. Capital One / Discover). Closed-end fund arbitrage and the long/short equity strategy also made modest positive contributions. The fund's global macro strategies were a net detractor during the period as positive contributions from Flow (driven primarily by fixed income) did not make up for poor performance in value (primarily commodities and fixed income) 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 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093914-10_sa61.jpg)

#### Average Annual Total Returns\* as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -2.30% | -7.03% | 0.93% | 1.32% |
| Class A (with sales charge)<sup>‡</sup> | -6.94% | -11.44% | -0.05% | 0.82% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| HFRX Global Hedge Fund Index | 2.38% | 4.74% | 3.52% | 2.11% |

---

**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 6.30.25

---

| | |
|:---|:---|
| Net Assets | $15910915 |
| Total Number of Portfolio Holdings | 317 |
| Portfolio Turnover Rate | 75% |

---

---

| | |
|:---|:---|
| <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> | 6 month returns are not annualized. |
| <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 | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093914-10_sa62.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 11.1% |
| Guggenheim Strategy Fund II | 7.8% |
| Guggenheim Strategy Fund III | 6.0% |
| Kellanova | 2.2% |
| Everi Holdings, Inc. | 2.2% |
| ALLETE, Inc. | 2.1% |
| Enstar Group Ltd. | 1.9% |
| Hess Corp. | 1.8% |
| Dun & Bradstreet Holdings, Inc. | 1.5% |
| Redfin Corp. | 1.5% |
| Top 10 Total | 38.1% |

---

\* 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.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.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.** |

---

SAR-RYMQX-063025

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

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

### Guggenheim Multi-Hedge Strategies Fund

#### Class C \| RYMRX
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Guggenheim Multi-Hedge Strategies Fund for the period of January 1, 2025 to June 30, 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 GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<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 | $126 | 2.58%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund (Class C shares) returned -2.65%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the HFRX Global Hedge Fund Index, which returned 2.38% for the same period.

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

The fund's merger arbitrage strategy was the largest positive contributor in the first half of the year as several notable deals closed (e.g. Capital One / Discover). Closed-end fund arbitrage and the long/short equity strategy also made modest positive contributions. The fund's global macro strategies were a net detractor during the period as positive contributions from Flow (driven primarily by fixed income) did not make up for poor performance in value (primarily commodities and fixed income) 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 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093914-11_sa61.jpg)

#### Average Annual Total Returns\* as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -2.65% | -7.74% | 0.18% | 0.58% |
| Class C (with CDSC)<sup>§</sup> | -3.62% | -8.65% | 0.18% | 0.58% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| HFRX Global Hedge Fund Index | 2.38% | 4.74% | 3.52% | 2.11% |

---

**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 6.30.25

---

| | |
|:---|:---|
| Net Assets | $15910915 |
| Total Number of Portfolio Holdings | 317 |
| Portfolio Turnover Rate | 75% |

---

---

| | |
|:---|:---|
| <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> | 6 month returns are not annualized. |
| <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 | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093914-11_sa62.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 11.1% |
| Guggenheim Strategy Fund II | 7.8% |
| Guggenheim Strategy Fund III | 6.0% |
| Kellanova | 2.2% |
| Everi Holdings, Inc. | 2.2% |
| ALLETE, Inc. | 2.1% |
| Enstar Group Ltd. | 1.9% |
| Hess Corp. | 1.8% |
| Dun & Bradstreet Holdings, Inc. | 1.5% |
| Redfin Corp. | 1.5% |
| Top 10 Total | 38.1% |

---

\* 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.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.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.** |

---

SAR-RYMRX-063025

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

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

### Guggenheim Multi-Hedge Strategies Fund

#### Class P \| RYMSX
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Guggenheim Multi-Hedge Strategies Fund for the period of January 1, 2025 to June 30, 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 GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<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 | $90 | 1.83%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund (Class P shares) returned -2.29%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the HFRX Global Hedge Fund Index, which returned 2.38% for the same period.

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

The fund's merger arbitrage strategy was the largest positive contributor in the first half of the year as several notable deals closed (e.g. Capital One / Discover). Closed-end fund arbitrage and the long/short equity strategy also made modest positive contributions. The fund's global macro strategies were a net detractor during the period as positive contributions from Flow (driven primarily by fixed income) did not make up for poor performance in value (primarily commodities and fixed income) 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 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093914-9_sa61.jpg)

#### Average Annual Total Returns\* as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class P | -2.29% | -7.00% | 0.93% | 1.34% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| HFRX Global Hedge Fund Index | 2.38% | 4.74% | 3.52% | 2.11% |

---

**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 6.30.25

---

| | |
|:---|:---|
| Net Assets | $15910915 |
| Total Number of Portfolio Holdings | 317 |
| Portfolio Turnover Rate | 75% |

---

---

| | |
|:---|:---|
| <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> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Guggenheim Multi-Hedge Strategies Fund \| Class P \| RYMSX | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093914-9_sa62.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 11.1% |
| Guggenheim Strategy Fund II | 7.8% |
| Guggenheim Strategy Fund III | 6.0% |
| Kellanova | 2.2% |
| Everi Holdings, Inc. | 2.2% |
| ALLETE, Inc. | 2.1% |
| Enstar Group Ltd. | 1.9% |
| Hess Corp. | 1.8% |
| Dun & Bradstreet Holdings, Inc. | 1.5% |
| Redfin Corp. | 1.5% |
| Top 10 Total | 38.1% |

---

\* 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.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.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.** |

---

SAR-RYMSX-063025

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

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

### Guggenheim Multi-Hedge Strategies Fund

#### Institutional Class \| RYIMX
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Guggenheim Multi-Hedge Strategies Fund for the period of January 1, 2025 to June 30, 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 GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<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 | $78 | 1.58%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund (Institutional Class shares) returned -2.17%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the HFRX Global Hedge Fund Index, which returned 2.38% for the same period.

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

The fund's merger arbitrage strategy was the largest positive contributor in the first half of the year as several notable deals closed (e.g. Capital One / Discover). Closed-end fund arbitrage and the long/short equity strategy also made modest positive contributions. The fund's global macro strategies were a net detractor during the period as positive contributions from Flow (driven primarily by fixed income) did not make up for poor performance in value (primarily commodities and fixed income) 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 6.30.25), assuming a $2,000,000 initial investment.

![Ad2 Performance Graph](fp0093914-12_sa61.jpg)

#### Average Annual Total Returns\* as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Institutional Class | -2.17% | -6.80% | 1.18% | 1.57% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| HFRX Global Hedge Fund Index | 2.38% | 4.74% | 3.52% | 2.11% |

---

**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 6.30.25

---

| | |
|:---|:---|
| Net Assets | $15910915 |
| Total Number of Portfolio Holdings | 317 |
| Portfolio Turnover Rate | 75% |

---

---

| | |
|:---|:---|
| <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> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Guggenheim Multi-Hedge Strategies Fund \| Institutional Class \| RYIMX | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093914-12_sa62.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 11.1% |
| Guggenheim Strategy Fund II | 7.8% |
| Guggenheim Strategy Fund III | 6.0% |
| Kellanova | 2.2% |
| Everi Holdings, Inc. | 2.2% |
| ALLETE, Inc. | 2.1% |
| Enstar Group Ltd. | 1.9% |
| Hess Corp. | 1.8% |
| Dun & Bradstreet Holdings, Inc. | 1.5% |
| Redfin Corp. | 1.5% |
| Top 10 Total | 38.1% |

---

\* 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.

---

| | |
|:---|:---|
| ![QR Code](entscommutualfundsliterature.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.** |

---

SAR-RYIMX-063025

**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.**

Not required at this time.

**Item 3.** **Audit Committee Financial Expert.**

Not required at this time.

**Item 4.** **Principal Accountant Fees and Services.**

Not required at this time.

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

&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.**

![](fp0093914-14_i.jpg)<br>

**6.30.2025** 

**Guggenheim Funds Semi-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-SEMI-0625x1225 |

---

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 (SEMI-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; OTHER INFORMATION  | 48 |
| Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies  | 49 |
| Item 9: Proxy Disclosures for Open-End Management Investment Companies  | 50 |
| Item 10: REMUNERATION Paid to Directors, Officers, and others of Open-End Management Investment Companies  | 51 |
| Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract  | 52 |

---

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 1

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **COMMODITIES STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **MUTUAL FUNDS<sup>†</sup>** **- 24.3%** | **MUTUAL FUNDS<sup>†</sup>** **- 24.3%** | **MUTUAL FUNDS<sup>†</sup>** **- 24.3%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 81258 | $816643 |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>1</sup> | 32137 | 799577 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,609,630) |  | 1616220 |
|  | **Face<br> Amount** |  |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 3.0%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 3.0%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 3.0%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.94% due 07/08/25<sup>2,3</sup> | $200000 | 199839 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $199,839) |  | 199839 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
|  **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 72.0%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 72.0%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 72.0%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | $2594391 | $2594391 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 1119479 | 1119479 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 1080997 | 1080997 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,794,867) |  | 4794867 |
|  **Total Investments - 99.3%** | **Total Investments - 99.3%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $6,604,336) | &nbsp;&nbsp;&nbsp; (Cost $6,604,336) | $6610926 |
|  **Other Assets & Liabilities, net - 0.7%** | **Other Assets & Liabilities, net - 0.7%** | 47498 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $6658424 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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> Depreciation\*\*** |
|  **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 | 49 | Jul 2025 | $6648688 | $(132326) |

---

---

| | |
|:---|:---|
| \*\* | &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 June 30, 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 SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **COMMODITIES STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $1616220 | $— | $— | $1616220 |
|  U.S. Treasury Bills |  | 199839 |  | 199839 |
|  Repurchase Agreements |  | 4794867 |  | 4794867 |
|  Total Assets | $1616220 | $4994706 | $— | $6610926 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Total** |
|  Commodity Futures Contracts\*\* | $132326 | $– $– $| 132326 |

---

\*\* 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, 2024 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/1601445/000139834424022509/fp0090292-6_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 period ended June 30, 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> 06/30/25** | **Shares <br> 06/30/25** | **Investment <br> Income** |
|  **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $798613 | $— | $— | $— | $964 | $799577 | 32137 | $21385 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 813393 |  |  |  | 3250 | 816643 | 81258 | 17745 |
|  | $1612006 | $— | $— | $— | $4214 | $1616220 |  | $39130 |

---

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

**COMMODITIES STRATEGY FUND**<br>

---

| |
|:---|
| **CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $199,839) | $199839 |
|  Investments in affiliated issuers, at value (cost $1,609,630) | 1616220 |
|  Repurchase agreements, at value (cost $4,794,867) | 4794867 |
|  Segregated cash with broker | 336681 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 6202 |
| &nbsp;&nbsp;&nbsp; Interest | 583 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 100 |
|  Other assets | 635 |
|  **Total assets** | 6955127 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 252813 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 31881 |
| &nbsp;&nbsp;&nbsp; Management fees | 3292 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 1961 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees | 1221 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 472 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 49 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 5014 |
|  **Total liabilities** | 296703 |
|  **Net assets** | $6658424 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $18458698 |
|  Total distributable earnings (loss) | (11800274) |
|  Net assets | $6658424 |
|  **Class A:** | **Class A:** |
|  Net assets | $1020384 |
|  Capital shares outstanding | 6758 |
|  Net asset value per share | $150.98 |
|  Maximum offering price per share (Net asset value divided by 95.25%) | $158.51 |
|  **Class C:** | **Class C:** |
|  Net assets | $97179 |
|  Capital shares outstanding | 1166 |
|  Net asset value per share | $83.32 |
|  **Class H:** | **Class H:** |
|  Net assets | $5540861 |
|  Capital shares outstanding | 36651 |
|  Net asset value per share | $151.18 |

---

---

| |
|:---|
| **CONSOLIDATED STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of affiliated issuers | $39130 |
|  Interest | 68365 |
| &nbsp;&nbsp;&nbsp; Total investment income | 107495 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 20798 |
|  Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp; Class A | 1246 |
| &nbsp;&nbsp;&nbsp; Class C | 1560 |
| &nbsp;&nbsp;&nbsp; Class H | 4312 |
|  Transfer agent fees | 5821 |
|  Portfolio accounting and administration fees | 3628 |
|  Registration fees | 3418 |
|  Professional fees | 2945 |
|  Custodian fees | 339 |
|  Trustees' fees\* | 270 |
|  Miscellaneous | 2158 |
| &nbsp;&nbsp;&nbsp; Total expenses | 46495 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (1190) |
|  Expenses waived by Adviser | (3964) |
| &nbsp;&nbsp;&nbsp; Total waived/reimbursed expenses | (5154) |
|  Net expenses | 41341 |
|  Net investment income | 66154 |
|  **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 | 17583 |
|  Net realized gain | 17593 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | (31) |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 4214 |
| &nbsp;&nbsp;&nbsp; Futures contracts | (229795) |
|  Net change in unrealized appreciation (depreciation) | (225612) |
|  Net realized and unrealized loss | (208019) |
|  **Net decrease in net assets resulting from operations** | $(141865) |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

**COMMODITIES STRATEGY FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $66154 | $206051 |
|  Net realized gain (loss) on investments | 17593 | (469480) |
|  Net change in unrealized appreciation (depreciation) on investments | (225612) | 55963 |
|  Net decrease in net assets resulting from operations | (141865) | (207466) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 477716 | 398357 |
| &nbsp;&nbsp;&nbsp; Class C | 24328 | 152332 |
| &nbsp;&nbsp;&nbsp; Class H | 17376392 | 61293637 |
|  Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (377595) | (429413) |
| &nbsp;&nbsp;&nbsp; Class C | (356607) | (131220) |
| &nbsp;&nbsp;&nbsp; Class H | (15469059) | (60293249) |
|  Net increase from capital share transactions | 1675175 | 990444 |
|  Net increase in net assets | 1533310 | 782978 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 5125114 | 4342136 |
| &nbsp;&nbsp;&nbsp; End of period | $6658424 | $5125114 |
|  **Capital share activity\*:** |  |  |
|  Shares sold |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 3258 | 2620 |
| &nbsp;&nbsp;&nbsp; Class C | 284 | 1815 |
| &nbsp;&nbsp;&nbsp; Class H | 112279 | 401249 |
|  Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (2568) | (2879) |
| &nbsp;&nbsp;&nbsp; Class C | (4485) | (1578) |
| &nbsp;&nbsp;&nbsp; Class H | (100629) | (398270) |
|  Net increase in shares | 8139 | 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 SEMI-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** | **Six Months Ended <br> June 30, 2025<sup>a,g</sup>** | **Year Ended <br> December 31, <br> 2024<sup>g</sup>** | **Year Ended <br> December 31, <br> 2023<sup>g</sup>** | **Year Ended <br> December 31, <br> 2022<sup>g</sup>** | **Year Ended <br> December 31, <br> 2021<sup>g</sup>** | **Year Ended <br> December 31, <br> 2020<sup>g</sup>** |
|  **Per Share Data** | **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 | $305.29 |
|  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: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | 2.12 | 5.45 | 5.25 | (.10) | (2.00) | (1.40) |
|  Net gain (loss) on investments (realized and unrealized) | (1.55) | 6.01 <sup>f</sup> | (15.00) | 34.47 | 44.68 | (74.19) |
|  Total from investment operations | .57 | 11.46 | (9.75) | 34.37 | 42.68 | (75.59) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  |  | (6.90) | (26.70) | (4.40) | (120.05) |
|  Total distributions |  |  | (6.90) | (26.70) | (4.40) | (120.05) |
|  Net asset value, end of period | $150.98 | $150.41 | $138.95 | $155.60 | $147.93 | $109.65 |
|  **Total Return<sup>c</sup>** | **0.38%** | **8.24%** | **(6.25** **%)** | **23.52%** | **39.06%** | **(23.58** **%)** |
|  **Ratios/Supplemental Data** | **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) | $1020 | $913 | $879 | $1463 | $724 | $211 |
|  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: | Ratios to average net assets: |
|  Net investment income (loss) | 2.82% | 3.69% | 3.52% | (0.05%) | (1.43%) | (0.65%) |
|  Total expenses<sup>d</sup> | 1.91% | 1.81% | 1.75% | 1.74% | 1.78% | 1.79% |
|  Net expenses<sup>e</sup> | 1.69% | 1.58% | 1.56% | 1.60% | 1.63% | 1.61% |
|  Portfolio turnover rate |  |  |  |  |  | 5% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **Six Months Ended <br> June 30, 2025<sup>a,g</sup>** | **Year Ended <br> December 31, <br> 2024<sup>g</sup>** | **Year Ended <br> December 31, <br> 2023<sup>g</sup>** | **Year Ended <br> December 31, <br> 2022<sup>g</sup>** | **Year Ended <br> December 31, <br> 2021<sup>g</sup>** | **Year Ended <br> December 31, <br> 2020<sup>g</sup>** |
|  **Per Share Data** | **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 | $259.20 |
|  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: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .86 | 2.40 | 2.40 | (.85) | (2.05) | (2.50) |
|  Net gain (loss) on investments (realized and unrealized) | (.85) | 3.37 <sup>f</sup> | (8.74) | 22.19 | 29.64 | (63.70) |
|  Total from investment operations | .01 | 5.77 | (6.34) | 21.34 | 27.59 | (66.20) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  |  | (6.90) | (26.70) | (4.40) | (120.05) |
|  Total distributions |  |  | (6.90) | (26.70) | (4.40) | (120.05) |
|  Net asset value, end of period | $83.32 | $83.31 | $77.54 | $90.78 | $96.14 | $72.95 |
|  **Total Return<sup>c</sup>** | **0.01%** | **7.41%** | **(6.96** **%)** | **22.60%** | **38.08%** | **(24.15** **%)** |
|  **Ratios/Supplemental Data** | **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) | $97 | $447 | $398 | $728 | $183 | $55 |
|  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: | Ratios to average net assets: |
|  Net investment income (loss) | 2.04% | 2.94% | 2.75% | (0.68%) | (2.18%) | (1.44%) |
|  Total expenses<sup>d</sup> | 2.65% | 2.57% | 2.50% | 2.49% | 2.53% | 2.54% |
|  Net expenses<sup>e</sup> | 2.42% | 2.34% | 2.30% | 2.35% | 2.38% | 2.36% |
|  Portfolio turnover rate |  |  |  |  |  | 5% |

---

6 \| THE GUGGENHEIM FUNDS SEMI-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** | **Six Months Ended <br> June 30, 2025<sup>a,g</sup>** | **Year Ended <br> December 31, <br> 2024<sup>g</sup>** | **Year Ended <br> December 31, <br> 2023<sup>g</sup>** | **Year Ended <br> December 31, <br> 2022<sup>g</sup>** | **Year Ended <br> December 31, <br> 2021<sup>g</sup>** | **Year Ended <br> December 31, <br> 2020<sup>g</sup>** |
|  **Per Share Data** | **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 | $305.48 |
|  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: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | 2.15 | 5.65 | 5.50 | (1.15) | (2.05) | (1.70) |
|  Net gain (loss) on investments (realized and unrealized) | (1.57) | 5.77 <sup>f</sup> | (15.24) | 35.55 | 44.78 | (73.94) |
|  Total from investment operations | .58 | 11.42 | (9.74) | 34.40 | 42.73 | (75.64) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  |  | (6.90) | (26.70) | (4.40) | (120.05) |
|  Total distributions |  |  | (6.90) | (26.70) | (4.40) | (120.05) |
|  Net asset value, end of period | $151.18 | $150.60 | $139.18 | $155.82 | $148.12 | $109.79 |
|  **Total Return** | **0.39%** | **8.19%** | **(6.24** **%)** | **23.53%** | **39.06%** | **(23.58** **%)** |
|  **Ratios/Supplemental Data** | **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) | $5541 | $3765 | $3065 | $7333 | $20898 | $855 |
|  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: | Ratios to average net assets: |
|  Net investment income (loss) | 2.84% | 3.76% | 3.59% | (0.58%) | (1.44%) | (0.77%) |
|  Total expenses<sup>d</sup> | 1.90% | 1.79% | 1.75% | 1.75% | 1.77% | 1.78% |
|  Net expenses<sup>e</sup> | 1.69% | 1.57% | 1.56% | 1.61% | 1.63% | 1.61% |
|  Portfolio turnover rate |  |  |  |  |  | 5% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

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

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

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

<sup>f</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>g</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 SEMI-ANNUAL FINANCIAL REPORT \| 7

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **MANAGED FUTURES STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **MUTUAL FUNDS<sup>†</sup>** **- 54.0%** | **MUTUAL FUNDS<sup>†</sup>** **- 54.0%** | **MUTUAL FUNDS<sup>†</sup>** **- 54.0%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund III<sup>1</sup> | 193266 | $4825841 |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>1</sup> | 126104 | 3137469 |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 253625 | 2548935 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $10,451,739) |  | 10512245 |
|  | **Face<br> Amount** |  |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 6.2%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 6.2%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 6.2%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.94% due 07/08/25<sup>2,3</sup> | $1208000 | 1207026 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,207,030) |  | 1207026 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
|  **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 35.1%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 35.1%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 35.1%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | $3688932 | $3688932 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 1591772 | 1591772 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 1537055 | 1537055 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $6,817,759) |  | 6817759 |
|  **Total Investments - 95.3%** | **Total Investments - 95.3%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $18,476,528) | &nbsp;&nbsp;&nbsp; (Cost $18,476,528) | $18537030 |
|  **Other Assets & Liabilities, net - 4.7%** | **Other Assets & Liabilities, net - 4.7%** | 907568 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $19444598 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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 <br> (Depreciation)\*\*** |
|  **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** |
|  Euro FX Futures Contracts | 11 | Sep 2025 | $1628000 | $30630 |
|  British Pound Futures Contracts | 24 | Sep 2025 | 2059800 | 16618 |
|  Mexican Peso Futures Contracts | 41 | Sep 2025 | 1083630 | 13006 |
|  Canadian Dollar Futures Contracts | 30 | Sep 2025 | 2210850 | 8384 |
|  New Zealand Dollar Futures Contracts | 13 | Sep 2025 | 794495 | 7902 |
|  Australian Dollar Futures Contracts | 13 | Sep 2025 | 856895 | 7188 |
|  Japanese Yen Futures Contracts | 11 | Sep 2025 | 962844 | 2348 |
|  Swedish Krona Futures Contracts | 2 | Sep 2025 | 424800 | 2295 |
|  Norwegian Krone Futures Contracts | 1 | Sep 2025 | 198550 | 997 |
|  |  |  | $10219864 | $89368 |
|  **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** |
|  NASDAQ-100 Index Mini Futures Contracts | 4 | Sep 2025 | $1830880 | $40290 |
|  IBEX 35 Index Futures Contracts<sup>††</sup> | 9 | Jul 2025 | 1476390 | 13692 |
|  S&P 500 Index Mini Futures Contracts | 2 | Sep 2025 | 625150 | 13634 |
|  DAX Index Futures Contracts | 2 | Sep 2025 | 1417295 | 13276 |
|  S&P/TSX 60 IX Index Futures Contracts | 3 | Sep 2025 | 704555 | 9695 |
|  FTSE/JSE TOP 40 Index Futures Contracts<sup>††</sup> | 25 | Sep 2025 | 1272916 | 7490 |
|  FTSE Taiwan Index Futures Contracts | 7 | Jul 2025 | 509740 | 4115 |
|  Russell 2000 Index Mini Futures Contracts | 2 | Sep 2025 | 219120 | 3858 |
|  Tokyo Stock Price Index Futures Contracts | 2 | Sep 2025 | 394646 | 1550 |
|  FTSE 100 Index Futures Contracts | 14 | Sep 2025 | 1688363 | (20120) |
|  |  |  | $10139055 | $87480 |
|  **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** |
|  U.S. Treasury 5 Year Note Futures Contracts | 38 | Sep 2025 | $4142891 | $32293 |
|  U.S. Treasury 10 Year Note Futures Contracts | 18 | Sep 2025 | 2018531 | 21741 |
|  U.S. Treasury 2 Year Note Futures Contracts | 8 | Sep 2025 | 1664375 | 7374 |
|  Australian Government 10 Year Bond Futures Contracts | 10 | Sep 2025 | 755068 | 4637 |
|  Canadian Government 10 Year Bond Futures Contracts | 4 | Sep 2025 | 358902 | 2500 |
|  Euro - BTP Italian Government Bond Futures Contracts<sup>††</sup> | 10 | Sep 2025 | 1427074 | 1468 |
|  Long Gilt Futures Contracts<sup>††</sup> | 5 | Sep 2025 | 639498 | 962 |
|  Euro - Bund Futures Contracts | 4 | Sep 2025 | 613713 | (1263) |
|  Euro - Bobl Futures Contracts | 20 | Sep 2025 | 2773327 | (2605) |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **MANAGED FUTURES STRATEGY FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Futures Contracts (continued)** | **Futures Contracts (continued)** | **Futures Contracts (continued)** | **Futures Contracts (continued)** | **Futures Contracts (continued)** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)\*\*** |
|  Euro - Schatz Futures Contracts | 108 | Sep 2025 | $13645688 | $(13748) |
|  |  |  | $28039067 | $53359 |
|  **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>** |
|  Soybean Oil Futures Contracts | 16 | Dec 2025 | $506400 | $42528 |
|  Live Cattle Futures Contracts | 12 | Aug 2025 | 1027080 | 18682 |
|  Gold 100 oz. Futures Contracts | 1 | Aug 2025 | 332040 | 9626 |
|  Cocoa Futures Contracts | 5 | Sep 2025 | 448850 | 3874 |
|  Cotton #2 Futures Contracts | 20 | Dec 2025 | 680400 | 2810 |
|  LME Zinc Futures Contracts | 2 | Aug 2025 | 137437 | 1631 |
|  Palladium Futures Contracts | 1 | Sep 2025 | 111550 | 760 |
|  Corn Futures Contracts | 12 | Sep 2025 | 245400 | 475 |
|  Copper Futures Contracts | 1 | Sep 2025 | 127113 | (3) |
|  WTI Crude Futures Contracts | 2 | Aug 2025 | 129980 | (245) |
|  Silver Futures Contracts | 3 | Sep 2025 | 544800 | (272) |
|  Hard Red Winter Wheat Futures Contracts | 7 | Sep 2025 | 184450 | (1139) |
|  Low Sulphur Gas Oil Futures Contracts | 4 | Aug 2025 | 265400 | (2882) |
|  Natural Gas Futures Contracts | 1 | Jul 2025 | 34450 | (2943) |
|  Red Spring Wheat Futures Contracts | 6 | Sep 2025 | 186225 | (4754) |
|  Lean Hogs Futures Contracts | 4 | Aug 2025 | 171680 | (5889) |
|  Brent Crude Futures Contracts | 9 | Jul 2025 | 599760 | (15529) |
|  Soybean Meal Futures Contracts | 21 | Dec 2025 | 607950 | (16542) |
|  Sugar #11 Futures Contracts | 39 | Sep 2025 | 707179 | (19426) |
|  |  |  | $7048144 | $10762 |
|  **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** |
|  U.S. Treasury Ultra Long Bond Futures Contracts | 2 | Sep 2025 | $237937 | $260 |
|  U.S. Treasury Long Bond Futures Contracts | 2 | Sep 2025 | 230750 | 134 |
|  Australian Government 3 Year Bond Futures Contracts | 8 | Sep 2025 | 567509 | (840) |
|  |  |  | $1036196 | $(446) |
|  **Currency Futures Contracts Sold Short<sup>†</sup>** | **Currency Futures Contracts Sold Short<sup>†</sup>** | **Currency Futures Contracts Sold Short<sup>†</sup>** | **Currency Futures Contracts Sold Short<sup>†</sup>** | **Currency Futures Contracts Sold Short<sup>†</sup>** |
|  Swiss Franc Futures Contracts | 1 | Sep 2025 | $159069 | $(2047) |
|  **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** |
|  Euro STOXX 50 Index Futures Contracts | 8 | Sep 2025 | $502074 | $2173 |
|  CAC 40 10 Euro Index Futures Contracts | 3 | Jul 2025 | 271601 | (173) |
|  MSCI Emerging Markets Index Futures Contracts | 3 | Sep 2025 | 184980 | (5802) |
|  Nikkei 225 (CME) Index Futures Contracts | 1 | Sep 2025 | 201900 | (7604) |
|  Dow Jones Industrial Average Index Mini Futures Contracts | 1 | Sep 2025 | 221880 | (9252) |
|  Nikkei 225 (OSE) Index Futures Contracts | 1 | Sep 2025 | 279737 | (19200) |
|  |  |  | $1662172 | $(39858) |
|  **Commodity Futures Contracts Sold Short<sup>†</sup>** | **Commodity Futures Contracts Sold Short<sup>†</sup>** | **Commodity Futures Contracts Sold Short<sup>†</sup>** | **Commodity Futures Contracts Sold Short<sup>†</sup>** | **Commodity Futures Contracts Sold Short<sup>†</sup>** |
|  Soybean Meal Futures Contracts | 12 | Dec 2025 | $347400 | $9392 |
|  Coffee 'C' Futures Contracts | 1 | Sep 2025 | 111712 | 9222 |
|  Wheat Futures Contracts | 17 | Sep 2025 | 456875 | 7452 |
|  LME Nickel Futures Contracts | 4 | Aug 2025 | 363256 | 3210 |
|  Soybean Futures Contracts | 36 | Nov 2025 | 1849500 | 1491 |
|  Cotton #2 Futures Contracts | 1 | Dec 2025 | 34020 | (198) |
|  Gold 100 oz. Futures Contracts | 1 | Aug 2025 | 332040 | (3263) |
|  LME Lead Futures Contracts | 9 | Aug 2025 | 458298 | (3375) |
|  LME Zinc Futures Contracts | 2 | Aug 2025 | 137437 | (4772) |
|  Cattle Feeder Futures Contracts | 1 | Aug 2025 | 155250 | (6541) |
|  LME Primary Aluminum Futures Contracts | 11 | Aug 2025 | 714676 | (16376) |
|  Platinum Futures Contracts | 14 | Oct 2025 | 950250 | (53833) |
|  |  |  | $5910714 | $(57591) |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **MANAGED FUTURES STRATEGY FUND** |  |

---

---

| | |
|:---|:---|
| \*\* | &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 June 30, 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 June 30, 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 | $10512245 | $— | $— | $10512245 |
|  U.S. Treasury Bills |  | 1207026 |  | 1207026 |
|  Repurchase Agreements |  | 6817759 |  | 6817759 |
|  Commodity Futures Contracts\*\* | 111153 |  |  | 111153 |
|  Equity Futures Contracts\*\* | 88591 | 21182 |  | 109773 |
|  Currency Futures Contracts\*\* | 89368 |  |  | 89368 |
|  Interest Rate Futures Contracts\*\* | 68939 | 2430 |  | 71369 |
|  Total Assets | $10870296 | $8048397 | $— | $18918693 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $157982 | $— | $— | $157982 |
|  Equity Futures Contracts\*\* | 62151 |  |  | 62151 |
|  Interest Rate Futures Contracts\*\* | 18456 |  |  | 18456 |
|  Currency Futures Contracts\*\* | 2047 |  |  | 2047 |
|  Total Liabilities | $240636 | $— | $— | $240636 |

---

\*\* 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, 2024 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/1601445/000139834424022509/fp0090292-6_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.

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **MANAGED FUTURES STRATEGY FUND** |  |

---

Transactions during the period ended June 30, 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> 06/30/25** | **Shares <br> 06/30/25** | **Investment <br> Income** |
|  **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $3133686 | $— | $— | $— | $3783 | $3137469 | 126104 | $83913 |
| &nbsp;&nbsp; Guggenheim Strategy Fund III | 4820043 |  |  |  | 5798 | 4825841 | 193266 | 131236 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 2538790 |  |  |  | 10145 | 2548935 | 253625 | 55387 |
|  | $10492519 | $— | $— | $— | $19726 | $10512245 |  | $270536 |

---

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

**MANAGED FUTURES STRATEGY FUND**<br>

---

| |
|:---|
| **CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $1,207,030) | $1207026 |
|  Investments in affiliated issuers, at value (cost $10,451,739) | 10512245 |
|  Repurchase agreements, at value (cost $6,817,759) | 6817759 |
|  Segregated cash with broker | 924577 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 43209 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 2459 |
| &nbsp;&nbsp;&nbsp; Interest | 829 |
|  Other assets | 756 |
|  **Total assets** | 19508860 |
|  **Liabilities:** | **Liabilities:** |
|  Overdraft due to custodian bank | 798 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Management fees | 13586 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 10006 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 7374 |
| &nbsp;&nbsp;&nbsp; Printing fees | 6311 |
| &nbsp;&nbsp;&nbsp; Professional fees | 4841 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 4063 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees | 2548 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 2386 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 257 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 12092 |
|  **Total liabilities** | 64262 |
|  **Net assets** | $19444598 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $61517003 |
|  Total distributable earnings (loss) | (42072405) |
|  Net assets | $19444598 |
|  **Class A:** | **Class A:** |
|  Net assets | $4220608 |
|  Capital shares outstanding | 220167 |
|  Net asset value per share | $19.17 |
|  Maximum offering price per share (Net asset value divided by 95.25%) | $20.13 |
|  **Class C:** | **Class C:** |
|  Net assets | $912903 |
|  Capital shares outstanding | 55200 |
|  Net asset value per share | $16.54 |
|  **Class P:** | **Class P:** |
|  Net assets | $4904057 |
|  Capital shares outstanding | 253899 |
|  Net asset value per share | $19.31 |
|  **Institutional Class:** | **Institutional Class:** |
|  Net assets | $9407030 |
|  Capital shares outstanding | 472481 |
|  Net asset value per share | $19.91 |

---

---

| |
|:---|
| **CONSOLIDATED STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of affiliated issuers | $270536 |
|  Interest | 329568 |
|  Other income | 50 |
| &nbsp;&nbsp;&nbsp; Total investment income | 600154 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 135927 |
|  Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp; Class A | 5385 |
| &nbsp;&nbsp;&nbsp; Class C | 5657 |
| &nbsp;&nbsp;&nbsp; Class P | 6364 |
|  Transfer agent fees | 33176 |
|  Registration fees | 26552 |
|  Portfolio accounting and administration fees | 19571 |
|  Professional fees | 12996 |
|  Trustees' fees\* | 2314 |
|  Custodian fees | 1923 |
|  Miscellaneous | 6126 |
| &nbsp;&nbsp;&nbsp; Total expenses | 255991 |
|  Less: | Less: |
|  Expenses waived by Adviser | (23577) |
|  Net expenses | 232414 |
|  Net investment income | 367740 |
|  **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 | 5188 |
| &nbsp;&nbsp;&nbsp; Futures contracts | (1047399) |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | (5966) |
|  Net realized loss | (1048177) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | (519) |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 19726 |
| &nbsp;&nbsp;&nbsp; Futures contracts | (346209) |
| &nbsp;&nbsp;&nbsp; Foreign currency translations | (190) |
|  Net change in unrealized appreciation (depreciation) | (327192) |
|  Net realized and unrealized loss | (1375369) |
|  **Net decrease in net assets resulting from operations** | $(1007629) |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

**MANAGED FUTURES STRATEGY FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $367740 | $2229508 |
|  Net realized loss on investments | (1048177) | (1503985) |
|  Net change in unrealized appreciation (depreciation) on investments | (327192) | (446787) |
|  Net increase (decrease) in net assets resulting from operations | (1007629) | 278736 |
|  **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp; Class A |  | (235128) |
| &nbsp;&nbsp;&nbsp; Class C |  | (66901) |
| &nbsp;&nbsp;&nbsp; Class P |  | (279027) |
| &nbsp;&nbsp;&nbsp; Institutional Class |  | (1106452) |
|  Total distributions to shareholders |  | (1687508) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 70760 | 237415 |
| &nbsp;&nbsp;&nbsp; Class C | 21633 | 23465 |
| &nbsp;&nbsp;&nbsp; Class P | 182192 | 911288 |
| &nbsp;&nbsp;&nbsp; Institutional Class | 4075604 | 7384697 |
|  Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp; Class A |  | 228848 |
| &nbsp;&nbsp;&nbsp; Class C |  | 66879 |
| &nbsp;&nbsp;&nbsp; Class P |  | 276784 |
| &nbsp;&nbsp;&nbsp; Institutional Class |  | 1103349 |
|  Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (404350) | (1559443) |
| &nbsp;&nbsp;&nbsp; Class C | (414779) | (461347) |
| &nbsp;&nbsp;&nbsp; Class P | (833083) | (2929888) |
| &nbsp;&nbsp;&nbsp; Institutional Class | (15820379) | (39848100) |
|  Net decrease from capital share transactions | (13122402) | (34566053) |
|  Net decrease in net assets | (14130031) | (35974825) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 33574629 | 69549454 |
| &nbsp;&nbsp;&nbsp; End of period | $19444598 | $33574629 |
|  **Capital share activity:** |  |  |
|  Shares sold |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 3669 | 11176 |
| &nbsp;&nbsp;&nbsp; Class C | 1313 | 1238 |
| &nbsp;&nbsp;&nbsp; Class P | 9262 | 42390 |
| &nbsp;&nbsp;&nbsp; Institutional Class | 203595 | 333625 |
|  Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp; Class A |  | 11611 |
| &nbsp;&nbsp;&nbsp; Class C |  | 3918 |
| &nbsp;&nbsp;&nbsp; Class P |  | 13937 |
| &nbsp;&nbsp;&nbsp; Institutional Class |  | 53980 |
|  Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (21486) | (73851) |
| &nbsp;&nbsp;&nbsp; Class C | (25075) | (25453) |
| &nbsp;&nbsp;&nbsp; Class P | (43243) | (138289) |
| &nbsp;&nbsp;&nbsp; Institutional Class | (794572) | (1852508) |
|  Net decrease in shares | (666537) | (1618226) |

---

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-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** | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **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** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **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 | $18.96 |
|  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: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .26 | .75 | .70 | .05 | (.18) | (.12) |
|  Net gain (loss) on investments (realized and unrealized) | (.85) | (.65) | .02 | 2.67 | .63 | .48 |
|  Total from investment operations | (.59) | .10 | .72 | 2.72 | .45 | .36 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (1.01) | (.21) | (.97) |  | (1.36) |
|  Total distributions |  | (1.01) | (.21) | (.97) |  | (1.36) |
|  Net asset value, end of period | $19.17 | $19.76 | $20.67 | $20.16 | $18.41 | $17.96 |
|  **Total Return<sup>c</sup>** | **(2.99** **%)** | **0.49%** | **3.63%** | **14.76%** | **2.51%** | **2.01%** |
|  **Ratios/Supplemental Data** | **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) | $4221 | $4702 | $5974 | $6478 | $5760 | $6306 |
|  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: | Ratios to average net assets: |
|  Net investment income (loss) | 2.73% | 3.54% | 3.39% | 0.22% | (0.99%) | (0.62%) |
|  Total expenses<sup>d</sup> | 2.14% | 1.99% | 1.89% | 1.91% | 1.88% | 1.87% |
|  Net expenses<sup>e</sup> | 1.95% | 1.82% | 1.74% | 1.75% | 1.73% | 1.75% |
|  Portfolio turnover rate |  | — <sup>f</sup> |  | 7% | 27% | 111% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **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** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **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 | $17.03 |
|  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: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .16 | .52 | .48 | (.06) | (.29) | (.23) |
|  Net gain (loss) on investments (realized and unrealized) | (.73) | (.57) | .02 | 2.33 | .57 | .41 |
|  Total from investment operations | (.57) | (.05) | .50 | 2.27 | .28 | .18 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (.87) | (.10) | (.92) |  | (1.21) |
|  Total distributions |  | (.87) | (.10) | (.92) |  | (1.21) |
|  Net asset value, end of period | $16.54 | $17.11 | $18.03 | $17.63 | $16.28 | $16.00 |
|  **Total Return<sup>c</sup>** | **(3.33** **%)** | **(0.25** **%)** | **2.88%** | **13.96%** | **1.75%** | **1.25%** |
|  **Ratios/Supplemental Data** | **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) | $913 | $1351 | $1789 | $2121 | $570 | $1121 |
|  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: | Ratios to average net assets: |
|  Net investment income (loss) | 2.00% | 2.81% | 2.67% | (0.31%) | (1.74%) | (1.37%) |
|  Total expenses<sup>d</sup> | 2.87% | 2.72% | 2.62% | 2.65% | 2.63% | 2.62% |
|  Net expenses<sup>e</sup> | 2.68% | 2.55% | 2.47% | 2.49% | 2.49% | 2.50% |
|  Portfolio turnover rate |  | — <sup>f</sup> |  | 7% | 27% | 111% |

---

14 \| THE GUGGENHEIM FUNDS SEMI-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** | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **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** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **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 | $19.00 |
|  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: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .26 | .76 | .71 | .01 | (.18) | (.12) |
|  Net gain (loss) on investments (realized and unrealized) | (.86) | (.65) |  | 2.73 | .63 | .49 |
|  Total from investment operations | (.60) | .11 | .71 | 2.74 | .45 | .37 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (1.01) | (.20) | (.92) |  | (1.34) |
|  Total distributions |  | (1.01) | (.20) | (.92) |  | (1.34) |
|  Net asset value, end of period | $19.31 | $19.91 | $20.81 | $20.30 | $18.48 | $18.03 |
|  **Total Return** | **(3.01** **%)** | **0.48%** | **3.66%** | **14.75%** | **2.50%** | **2.05%** |
|  **Ratios/Supplemental Data** | **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) | $4904 | $5730 | $7696 | $8423 | $6697 | $7741 |
|  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: | Ratios to average net assets: |
|  Net investment income (loss) | 2.74% | 3.56% | 3.42% | 0.07% | (0.99%) | (0.63%) |
|  Total expenses<sup>d</sup> | 2.13% | 1.97% | 1.87% | 1.91% | 1.88% | 1.88% |
|  Net expenses<sup>e</sup> | 1.94% | 1.80% | 1.72% | 1.74% | 1.73% | 1.77% |
|  Portfolio turnover rate |  | — <sup>f</sup> |  | 7% | 27% | 111% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **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** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **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 | $19.48 |
|  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: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .30 | .85 | .80 | .14 | (.14) | (.08) |
|  Net gain (loss) on investments (realized and unrealized) | (.88) | (.69) |  | 2.74 | .65 | .49 |
|  Total from investment operations | (.58) | .16 | .80 | 2.88 | .51 | .41 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (1.06) | (.27) | (1.02) |  | (1.40) |
|  Total distributions |  | (1.06) | (.27) | (1.02) |  | (1.40) |
|  Net asset value, end of period | $19.91 | $20.49 | $21.39 | $20.86 | $19.00 | $18.49 |
|  **Total Return** | **(2.83** **%)** | **0.72%** | **3.97%** | **15.03%** | **2.76%** | **2.29%** |
|  **Ratios/Supplemental Data** | **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) | $9407 | $21792 | $54090 | $21272 | $8169 | $7802 |
|  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: | Ratios to average net assets: |
|  Net investment income (loss) | 3.01% | 3.84% | 3.71% | 0.63% | (0.73%) | (0.38%) |
|  Total expenses<sup>d</sup> | 1.84% | 1.69% | 1.61% | 1.64% | 1.63% | 1.61% |
|  Net expenses<sup>e</sup> | 1.66% | 1.52% | 1.46% | 1.48% | 1.48% | 1.49% |
|  Portfolio turnover rate |  | — <sup>f</sup> |  | 7% | 27% | 111% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

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

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

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

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

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 37.6%** | **COMMON STOCKS<sup>†</sup>** **- 37.6%** | **COMMON STOCKS<sup>†</sup>** **- 37.6%** |
|  **Consumer, Non-cyclical - 7.1%** | **Consumer, Non-cyclical - 7.1%** | **Consumer, Non-cyclical - 7.1%** |
| &nbsp;&nbsp;&nbsp; Kellanova<sup>1</sup> | 4493 | $357328 |
| &nbsp;&nbsp;&nbsp; Dun & Bradstreet Holdings, Inc. | 26283 | 238913 |
| &nbsp;&nbsp;&nbsp; Blueprint Medicines Corp.\* | 1186 | 152022 |
| &nbsp;&nbsp;&nbsp; Cross Country Healthcare, Inc.\* | 9987 | 130330 |
| &nbsp;&nbsp;&nbsp; Amedisys, Inc.\*<sup>,1</sup> | 1323 | 130170 |
| &nbsp;&nbsp;&nbsp; Surmodics, Inc.\* | 4017 | 119345 |
|  **Total Consumer, Non-cyclical** |  | 1128108 |
|  **Financial - 6.1%** | **Financial - 6.1%** | **Financial - 6.1%** |
| &nbsp;&nbsp;&nbsp; Enstar Group Ltd.\* | 878 | 295324 |
| &nbsp;&nbsp;&nbsp; Redfin Corp.\*<sup>,2</sup> | 21094 | 236042 |
| &nbsp;&nbsp;&nbsp; Mr Cooper Group, Inc.\*<sup>,1</sup> | 940 | 140257 |
| &nbsp;&nbsp;&nbsp; ProAssurance Corp.\*<sup>,1</sup> | 5565 | 127049 |
| &nbsp;&nbsp;&nbsp; Pacific Premier Bancorp, Inc.<sup>1</sup> | 3865 | 81513 |
| &nbsp;&nbsp;&nbsp; HarborOne Bancorp, Inc. | 3878 | 45295 |
| &nbsp;&nbsp;&nbsp; Guild Holdings Co. — Class A | 2156 | 42624 |
|  **Total Financial** |  | 968104 |
|  **Technology - 5.0%** | **Technology - 5.0%** | **Technology - 5.0%** |
| &nbsp;&nbsp;&nbsp; PlayAGS, Inc.\*<sup>,1</sup> | 16087 | 200927 |
| &nbsp;&nbsp;&nbsp; Informatica, Inc. — Class A\*<sup>,1</sup> | 5638 | 137285 |
| &nbsp;&nbsp;&nbsp; E2open Parent Holdings, Inc.\* | 39398 | 127256 |
| &nbsp;&nbsp;&nbsp; Cantaloupe, Inc.\* | 11574 | 127198 |
| &nbsp;&nbsp;&nbsp; ANSYS, Inc.\*<sup>,1</sup> | 349 | 122576 |
| &nbsp;&nbsp;&nbsp; AvidXchange Holdings, Inc.\* | 8675 | 84928 |
|  **Total Technology** |  | 800170 |
|  **Consumer, Cyclical - 4.5%** | **Consumer, Cyclical - 4.5%** | **Consumer, Cyclical - 4.5%** |
| &nbsp;&nbsp;&nbsp; Everi Holdings, Inc.\* | 24580 | 350019 |
| &nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc.\*<sup>,1</sup> | 19213 | 220565 |
| &nbsp;&nbsp;&nbsp; Skechers USA, Inc. — Class A\* | 2439 | 153901 |
|  **Total Consumer, Cyclical** |  | 724485 |
|  **Industrial - 3.9%** | **Industrial - 3.9%** | **Industrial - 3.9%** |
| &nbsp;&nbsp;&nbsp; AZEK Company, Inc.\* | 3734 | 202943 |
| &nbsp;&nbsp;&nbsp; FARO Technologies, Inc.\*<sup>,1</sup> | 4089 | 179589 |
| &nbsp;&nbsp;&nbsp; Triumph Group, Inc.\* | 6881 | 177186 |
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems Holdings, Inc. — Class A\*<sup>,1</sup> | 1408 | 53715 |
|  **Total Industrial** |  | 613433 |
|  **Energy - 3.2%** | **Energy - 3.2%** | **Energy - 3.2%** |
| &nbsp;&nbsp;&nbsp; Hess Corp.<sup>1</sup> | 2018 | 279574 |
| &nbsp;&nbsp;&nbsp; ChampionX Corp. | 5486 | 136272 |
| &nbsp;&nbsp;&nbsp; Sitio Royalties Corp. — Class A | 5402 | 99289 |
|  **Total Energy** |  | 515135 |
|  **Communications - 3.1%** | **Communications - 3.1%** | **Communications - 3.1%** |
| &nbsp;&nbsp;&nbsp; Frontier Communications Parent, Inc.\*<sup>,1</sup> | 5914 | 215270 |
| &nbsp;&nbsp;&nbsp; Juniper Networks, Inc. | 4166 | 166348 |
| &nbsp;&nbsp;&nbsp; Interpublic Group of Companies, Inc.<sup>1</sup> | 4392 | 107516 |
|  **Total Communications** |  | 489134 |
|  **Utilities - 2.8%** | **Utilities - 2.8%** | **Utilities - 2.8%** |
| &nbsp;&nbsp;&nbsp; ALLETE, Inc. | 5167 | 331050 |
| &nbsp;&nbsp;&nbsp; TXNM Energy, Inc.<sup>1</sup> | 1917 | 107965 |
|  **Total Utilities** |  | 439015 |
|  **Basic Materials - 1.9%** | **Basic Materials - 1.9%** | **Basic Materials - 1.9%** |
| &nbsp;&nbsp;&nbsp; Radius Recycling, Inc. — Class A | 6552 | 194529 |
| &nbsp;&nbsp;&nbsp; MAG Silver Corp. | 4885 | 103220 |
|  **Total Basic Materials** |  | 297749 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $5,924,586) |  | 5975333 |
|  **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%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co.\* | 12237 |  |
| &nbsp;&nbsp;&nbsp; Novartis AG\*<sup>,†††</sup> | 9562 |  |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson\*<sup>,†††</sup> | 3841 |  |
|  **Total Consumer, Non-cyclical** |  |  |
|  **Total Rights** | **Total Rights** |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,729) |  |  |
|  **MUTUAL FUNDS<sup>†</sup>** **- 24.9%** | **MUTUAL FUNDS<sup>†</sup>** **- 24.9%** | **MUTUAL FUNDS<sup>†</sup>** **- 24.9%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>3</sup> | 176193 | 1770738 |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>3</sup> | 50160 | 1247983 |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund III<sup>3</sup> | 37923 | 946941 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,940,084) |  | 3965662 |
|  **CLOSED-END MUTUAL FUNDS\*\*\*<sup>,†</sup>** **- 5.0%** | **CLOSED-END MUTUAL FUNDS\*\*\*<sup>,†</sup>** **- 5.0%** | **CLOSED-END MUTUAL FUNDS\*\*\*<sup>,†</sup>** **- 5.0%** |
| &nbsp;&nbsp;&nbsp; abrdn Emerging Markets ex China Fund, Inc. | 3888 | 23095 |
| &nbsp;&nbsp;&nbsp; Templeton Emerging Markets Fund/United States | 1557 | 22717 |
| &nbsp;&nbsp;&nbsp; Clough Global Equity Fund | 3122 | 22241 |
| &nbsp;&nbsp;&nbsp; Sprott Focus Trust, Inc. | 2942 | 21977 |
| &nbsp;&nbsp;&nbsp; European Equity Fund, Inc. | 2132 | 21810 |
| &nbsp;&nbsp;&nbsp; Royce Micro-Capital Trust, Inc. | 2352 | 21756 |
| &nbsp;&nbsp;&nbsp; Bancroft Fund Ltd. | 1151 | 21754 |
| &nbsp;&nbsp;&nbsp; Mexico Fund, Inc. | 1236 | 21717 |
| &nbsp;&nbsp;&nbsp; Gabelli Dividend & Income Trust | 828 | 21536 |
| &nbsp;&nbsp;&nbsp; Western Asset Inflation-Linked Opportunities & Income Fund | 2456 | 21515 |
| &nbsp;&nbsp;&nbsp; General American Investors Company, Inc. | 382 | 21407 |
| &nbsp;&nbsp;&nbsp; Nuveen Dow 30sm Dynamic Overwrite Fund | 1486 | 21309 |
| &nbsp;&nbsp;&nbsp; John Hancock Diversified Income Fund | 1996 | 21118 |
| &nbsp;&nbsp;&nbsp; PIMCO California Municipal Income Fund II | 3935 | 21092 |
| &nbsp;&nbsp;&nbsp; PIMCO New York Municipal Income Fund II | 3129 | 21027 |
| &nbsp;&nbsp;&nbsp; Tri-Continental Corp. | 660 | 20896 |
| &nbsp;&nbsp;&nbsp; Virtus Total Return Fund, Inc. | 3335 | 20777 |
| &nbsp;&nbsp;&nbsp; SRH Total Return Fund, Inc. | 1168 | 20650 |
| &nbsp;&nbsp;&nbsp; Total Return Securities Fund | 3256 | 20643 |
| &nbsp;&nbsp;&nbsp; Ellsworth Growth and Income Fund Ltd. | 1503 | 15406 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; abrdn Australia Equity Fund, Inc. | 3403 | $15211 |
| &nbsp;&nbsp;&nbsp; Royce Global Trust, Inc. | 1212 | 14580 |
| &nbsp;&nbsp;&nbsp; Gabelli Global Small and Mid Capital Value Trust | 921 | 12268 |
| &nbsp;&nbsp;&nbsp; BlackRock Municipal 2030 Target Term Trust | 521 | 11405 |
| &nbsp;&nbsp;&nbsp; Voya Asia Pacific High Dividend Equity Income Fund | 1564 | 11012 |
| &nbsp;&nbsp;&nbsp; Gabelli Healthcare & WellnessRx Trust | 1107 | 10461 |
| &nbsp;&nbsp;&nbsp; New Germany Fund, Inc. | 811 | 9683 |
| &nbsp;&nbsp;&nbsp; MFS High Income Municipal Trust | 2543 | 9104 |
| &nbsp;&nbsp;&nbsp; abrdn Global Infrastructure Income Fund<sup>2</sup> | 337 | 6868 |
| &nbsp;&nbsp;&nbsp; PIMCO New York Municipal Income Fund III | 1292 | 6770 |
| &nbsp;&nbsp;&nbsp; Allspring Global Dividend Opportunity Fund | 1164 | 6274 |
| &nbsp;&nbsp;&nbsp; BNY Mellon Municipal Bond Infrastructure Fund, Inc. | 584 | 5968 |
| &nbsp;&nbsp;&nbsp; BNY Mellon Strategic Municipals, Inc. | 990 | 5861 |
| &nbsp;&nbsp;&nbsp; BNY Mellon Strategic Municipal Bond Fund, Inc. | 1021 | 5718 |
| &nbsp;&nbsp;&nbsp; PIMCO California Municipal Income Fund | 497 | 4269 |
| &nbsp;&nbsp;&nbsp; Mexico Equity and Income Fund, Inc. | 383 | 4010 |
| &nbsp;&nbsp;&nbsp; Voya Emerging Markets High Dividend Equity Fund | 672 | 3992 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniHoldings New Jersey Quality Fund, Inc. | 250 | 2738 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniHoldings California Quality Fund, Inc. | 254 | 2629 |
| &nbsp;&nbsp;&nbsp; Templeton Emerging Markets Income Fund | 324 | 1944 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund | 71 | 1930 |
| &nbsp;&nbsp;&nbsp; Flaherty & Crumrine Preferred and Income Securities Fund, Inc. | 118 | 1922 |
| &nbsp;&nbsp;&nbsp; BlackRock Enhanced Large Capital Core Fund, Inc. | 90 | 1922 |
| &nbsp;&nbsp;&nbsp; abrdn Total Dynamic Dividend Fund | 216 | 1914 |
| &nbsp;&nbsp;&nbsp; BlackRock Enhanced Equity Dividend Trust | 215 | 1911 |
| &nbsp;&nbsp;&nbsp; Western Asset Emerging Markets Debt Fund, Inc. | 190 | 1909 |
| &nbsp;&nbsp;&nbsp; abrdn Life Sciences Investors<sup>2</sup> | 149 | 1909 |
| &nbsp;&nbsp;&nbsp; Nuveen NASDAQ 100 Dynamic Overwrite Fund | 72 | 1906 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Tax-Advantaged Dividend Income Fund | 79 | 1904 |
| &nbsp;&nbsp;&nbsp; Nuveen S&P 500 Buy-Write Income Fund | 137 | 1902 |
| &nbsp;&nbsp;&nbsp; Nuveen California Municipal Value Fund | 219 | 1901 |
| &nbsp;&nbsp;&nbsp; Allspring Income Opportunities Fund | 269 | 1899 |
| &nbsp;&nbsp;&nbsp; John Hancock Investors Trust | 137 | 1897 |
| &nbsp;&nbsp;&nbsp; Flaherty & Crumrine Preferred and Income Opportunity Fund, Inc. | 205 | 1896 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Tax Managed Global Buy Write Opportunities Fund | 219 | 1894 |
| &nbsp;&nbsp;&nbsp; Nuveen Credit Strategies Income Fund | 351 | 1892 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Tax-Managed Buy-Write Income Fund | 131 | 1892 |
| &nbsp;&nbsp;&nbsp; BlackRock Resources & Commodities Strategy Trust | 200 | 1890 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Risk-Managed Diversified Equity Income Fund | 209 | 1889 |
| &nbsp;&nbsp;&nbsp; Nuveen Floating Rate Income Fund | 223 | 1889 |
| &nbsp;&nbsp;&nbsp; Flaherty & Crumrine Preferred & Income Fund, Inc. | 167 | 1889 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniVest Fund II, Inc. | 183 | 1889 |
| &nbsp;&nbsp;&nbsp; BrandywineGLOBAL Global Income Opportunities Fund, Inc. | 227 | 1886 |
| &nbsp;&nbsp;&nbsp; BlackRock Taxable Municipal Bond Trust | 117 | 1885 |
| &nbsp;&nbsp;&nbsp; Herzfeld Caribbean Basin Fund, Inc. | 740 | 1883 |
| &nbsp;&nbsp;&nbsp; Allspring Utilities and High Income Fund | 163 | 1883 |
| &nbsp;&nbsp;&nbsp; Western Asset Inflation-Linked Income Fund | 224 | 1882 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Tax-Managed Global Diversified Equity Income Fund | 215 | 1881 |
| &nbsp;&nbsp;&nbsp; Allspring Multi-Sector Income Fund | 199 | 1881 |
| &nbsp;&nbsp;&nbsp; MFS Multimarket Income Trust | 400 | 1880 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Senior Floating-Rate Trust | 155 | 1879 |
| &nbsp;&nbsp;&nbsp; Blackstone Strategic Credit Fund | 155 | 1879 |
| &nbsp;&nbsp;&nbsp; Nuveen Global High Income Fund | 145 | 1875 |
| &nbsp;&nbsp;&nbsp; Franklin Universal Trust | 246 | 1875 |
| &nbsp;&nbsp;&nbsp; abrdn Healthcare Investors | 121 | 1874 |
| &nbsp;&nbsp;&nbsp; Nuveen Pennsylvania Quality Municipal Income Fund | 167 | 1874 |
| &nbsp;&nbsp;&nbsp; Nuveen New York AMT-Free Quality Municipal Income Fund | 189 | 1873 |
| &nbsp;&nbsp;&nbsp; BlackRock Enhanced Global Dividend Trust | 165 | 1873 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniAssets Fund, Inc. | 180 | 1872 |
| &nbsp;&nbsp;&nbsp; John Hancock Tax-Advantaged Dividend Income Fund | 80 | 1871 |
| &nbsp;&nbsp;&nbsp; Invesco Pennsylvania Value Municipal Income Trust | 186 | 1871 |
| &nbsp;&nbsp;&nbsp; Flaherty & Crumrine Total Return Fund, Inc. | 110 | 1870 |
| &nbsp;&nbsp;&nbsp; BlackRock Municipal Income Quality Trust | 177 | 1869 |
| &nbsp;&nbsp;&nbsp; Blackrock Investment Quality Municipal Trust, Inc. | 171 | 1867 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniYield Quality Fund III, Inc. | 178 | 1867 |
| &nbsp;&nbsp;&nbsp; Source Capital | 43 | 1865 |
| &nbsp;&nbsp;&nbsp; NYLI MacKay DefinedTerm Muni Opportunities Fund | 126 | 1864 |
| &nbsp;&nbsp;&nbsp; MFS Charter Income Trust | 293 | 1863 |
| &nbsp;&nbsp;&nbsp; Nuveen Quality Municipal Income Fund | 165 | 1863 |
| &nbsp;&nbsp;&nbsp; PIMCO California Municipal Income Fund III | 299 | 1863 |
| &nbsp;&nbsp;&nbsp; Principal Real Estate Income Fund | 177 | 1862 |
| &nbsp;&nbsp;&nbsp; John Hancock Income Securities Trust | 165 | 1861 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniYield Quality Fund II, Inc. | 193 | 1861 |
| &nbsp;&nbsp;&nbsp; Nuveen AMT-Free Municipal Value Fund | 136 | 1860 |
| &nbsp;&nbsp;&nbsp; BlackRock Health Sciences Trust | 51 | 1859 |
| &nbsp;&nbsp;&nbsp; Putnam Municipal Opportunities Trust | 188 | 1859 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniHoldings Fund, Inc. | 166 | 1859 |
| &nbsp;&nbsp;&nbsp; PIMCO Municipal Income Fund III | 271 | 1859 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; BlackRock MuniHoldings Quality Fund II, Inc. | 194 | $1859 |
| &nbsp;&nbsp;&nbsp; BlackRock Municipal Income Trust II | 185 | 1857 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniYield Fund, Inc. | 185 | 1857 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Municipal Bond Fund | 192 | 1857 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniHoldings New York Quality Fund, Inc. | 189 | 1856 |
| &nbsp;&nbsp;&nbsp; Franklin Limited Duration Income Trust | 289 | 1855 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniYield Quality Fund, Inc. | 167 | 1855 |
| &nbsp;&nbsp;&nbsp; PIMCO Municipal Income Fund | 232 | 1851 |
| &nbsp;&nbsp;&nbsp; Eaton Vance National Municipal Opportunities Trust | 114 | 1851 |
| &nbsp;&nbsp;&nbsp; BlackRock Municipal Income Trust | 193 | 1851 |
| &nbsp;&nbsp;&nbsp; Nuveen New Jersey Quality Municipal Income Fund | 163 | 1850 |
| &nbsp;&nbsp;&nbsp; BlackRock California Municipal Income Trust | 171 | 1849 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Municipal Fund, Inc. | 188 | 1848 |
| &nbsp;&nbsp;&nbsp; Invesco Quality Municipal Income Trust | 197 | 1848 |
| &nbsp;&nbsp;&nbsp; PIMCO Municipal Income Fund II | 248 | 1848 |
| &nbsp;&nbsp;&nbsp; BlackRock Enhanced International Dividend Trust | 319 | 1847 |
| &nbsp;&nbsp;&nbsp; BlackRock New York Municipal Income Trust | 191 | 1847 |
| &nbsp;&nbsp;&nbsp; Invesco Municipal Opportunity Trust | 201 | 1845 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniYield Pennsylvania Quality Fund | 171 | 1845 |
| &nbsp;&nbsp;&nbsp; Western Asset Managed Municipals Fund, Inc. | 186 | 1841 |
| &nbsp;&nbsp;&nbsp; Nuveen New York Municipal Value Fund | 227 | 1841 |
| &nbsp;&nbsp;&nbsp; MFS High Yield Municipal Trust | 552 | 1838 |
| &nbsp;&nbsp;&nbsp; abrdn National Municipal Income Fund | 190 | 1835 |
| &nbsp;&nbsp;&nbsp; Invesco Municipal Trust | 200 | 1830 |
| &nbsp;&nbsp;&nbsp; Invesco Trust for Investment Grade Municipals | 192 | 1822 |
| &nbsp;&nbsp;&nbsp; Nuveen Real Estate Income Fund | 233 | 1813 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniYield Michigan Quality Fund, Inc. | 163 | 1800 |
| &nbsp;&nbsp;&nbsp; MFS Investment Grade Municipal Trust | 232 | 1772 |
| &nbsp;&nbsp;&nbsp; DTF Tax-Free Income 2028 Term Fund, Inc. | 157 | 1757 |
| &nbsp;&nbsp;&nbsp; MFS Intermediate High Income Fund | 959 | 1669 |
| &nbsp;&nbsp;&nbsp; BlackRock Virginia Municipal Bond Trust | 144 | 1496 |
| &nbsp;&nbsp;&nbsp; Adams Diversified Equity Fund, Inc. | 67 | 1455 |
| &nbsp;&nbsp;&nbsp; Virtus Convertible & Income Fund | 102 | 1448 |
| &nbsp;&nbsp;&nbsp; Liberty All Star Growth Fund, Inc. | 264 | 1444 |
| &nbsp;&nbsp;&nbsp; Virtus Convertible & Income Fund II<sup>2</sup> | 112 | 1438 |
| &nbsp;&nbsp;&nbsp; Lazard Global Total Return and Income Fund, Inc. | 85 | 1428 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. | 278 | 1423 |
| &nbsp;&nbsp;&nbsp; BNY Mellon High Yield Strategies Fund | 547 | 1422 |
| &nbsp;&nbsp;&nbsp; Western Asset Global Corporate Opportunity Fund, Inc. | 120 | 1416 |
| &nbsp;&nbsp;&nbsp; Eaton Vance California Municipal Bond Fund | 156 | 1392 |
| &nbsp;&nbsp;&nbsp; GAMCO Natural Resources Gold & Income Trust | 221 | 1390 |
| &nbsp;&nbsp;&nbsp; Duff & Phelps Utility and Infrastructure Fund, Inc. | 112 | 1390 |
| &nbsp;&nbsp;&nbsp; Eaton Vance California Municipal Income Trust | 143 | 1385 |
| &nbsp;&nbsp;&nbsp; Royce Small-Capital Trust, Inc. | 92 | 1385 |
| &nbsp;&nbsp;&nbsp; Eaton Vance New York Municipal Bond Fund | 149 | 1384 |
| &nbsp;&nbsp;&nbsp; Nuveen New York Select Tax-Free Income Portfolio | 119 | 1384 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Senior Income Trust | 243 | 1383 |
| &nbsp;&nbsp;&nbsp; Nuveen AMT-Free Quality Municipal Income Fund | 126 | 1376 |
| &nbsp;&nbsp;&nbsp; AllianceBernstein National Municipal Income Fund, Inc. | 133 | 1371 |
| &nbsp;&nbsp;&nbsp; BlackRock Science and Technology Term Trust | 24 | 498 |
| &nbsp;&nbsp;&nbsp; First Trust Senior Floating Rate Income Fund II | 49 | 498 |
| &nbsp;&nbsp;&nbsp; Blackrock Science & Technology Trust | 13 | 496 |
| &nbsp;&nbsp;&nbsp; Tortoise Sustainable and Social Impact Term Fund | 40 | 490 |
| &nbsp;&nbsp;&nbsp; PGIM Short Duration High Yield Opportunities Fund | 29 | 488 |
| &nbsp;&nbsp;&nbsp; RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. | 57 | 487 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Energy Infrastructure and Income Fund, Inc. | 54 | 486 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Tax-Managed Buy-Write Opportunities Fund | 35 | 485 |
| &nbsp;&nbsp;&nbsp; Saba Capital Income & Opportunities Fund | 60 | 484 |
| &nbsp;&nbsp;&nbsp; LMP Capital and Income Fund, Inc. | 31 | 484 |
| &nbsp;&nbsp;&nbsp; Kayne Anderson Energy Infrastructure Fund | 38 | 483 |
| &nbsp;&nbsp;&nbsp; Clough Global Opportunities Fund | 89 | 483 |
| &nbsp;&nbsp;&nbsp; NYLI CBRE Global Infrastructure Megatrends Term Fund | 34 | 483 |
| &nbsp;&nbsp;&nbsp; Invesco Municipal Income Opportunities Trust | 84 | 483 |
| &nbsp;&nbsp;&nbsp; Tortoise Energy Infrastructure Corp. | 11 | 483 |
| &nbsp;&nbsp;&nbsp; Cohen & Steers Limited Duration Preferred and Income Fund, Inc. | 23 | 483 |
| &nbsp;&nbsp;&nbsp; Clough Global Dividend and Income Fund | 85 | 482 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Next Generation Connectivity Fund, Inc. | 33 | 482 |
| &nbsp;&nbsp;&nbsp; Destra Multi-Alternative Fund | 55 | 481 |
| &nbsp;&nbsp;&nbsp; Western Asset Investment Grade Opportunity Trust, Inc. | 29 | 481 |
| &nbsp;&nbsp;&nbsp; RiverNorth Flexible Municipal Income Fund II, Inc. | 38 | 480 |
| &nbsp;&nbsp;&nbsp; Angel Oak Financial Strategies Income Term Trust | 37 | 480 |
| &nbsp;&nbsp;&nbsp; XAI Octagon Floating Rate Alternative Income Trust | 85 | 480 |
| &nbsp;&nbsp;&nbsp; Special Opportunities Fund, Inc. | 31 | 480 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; Nuveen Multi-Asset Income Fund | 38 | $480 |
| &nbsp;&nbsp;&nbsp; ClearBridge Energy Midstream Opportunity Fund, Inc. | 10 | 480 |
| &nbsp;&nbsp;&nbsp; RiverNorth Managed Duration Municipal Income Fund II, Inc. | 34 | 478 |
| &nbsp;&nbsp;&nbsp; Saba Capital Income & Opportunities Fund II | 52 | 478 |
| &nbsp;&nbsp;&nbsp; Aberdeen Asia-Pacific Income Fund, Inc. | 30 | 478 |
| &nbsp;&nbsp;&nbsp; BlackRock Energy and Resources Trust | 36 | 477 |
| &nbsp;&nbsp;&nbsp; Invesco Value Municipal Income Trust | 41 | 477 |
| &nbsp;&nbsp;&nbsp; High Income Securities Fund | 75 | 476 |
| &nbsp;&nbsp;&nbsp; RiverNorth Flexible Municipal Income Fund, Inc. | 34 | 474 |
| &nbsp;&nbsp;&nbsp; Highland Opportunities and Income Fund | 91 | 473 |
| &nbsp;&nbsp;&nbsp; Flaherty & Crumrine Dynamic Preferred and Income Fund, Inc. | 23 | 472 |
| &nbsp;&nbsp;&nbsp; Cohen & Steers Real Estate Opportunities and Income Fund | 31 | 471 |
| &nbsp;&nbsp;&nbsp; BlackRock Health Sciences Term Trust | 33 | 471 |
| &nbsp;&nbsp;&nbsp; RiverNorth Managed Duration Municipal Income Fund, Inc. | 35 | 469 |
| &nbsp;&nbsp;&nbsp; PIMCO Dynamic Income Strategy Fund | 19 | 468 |
| &nbsp;&nbsp;&nbsp; RiverNorth Capital and Income Fund | 32 | 466 |
| &nbsp;&nbsp;&nbsp; Highland Global Allocation Fund | 53 | 461 |
| &nbsp;&nbsp;&nbsp; Nuveen Multi-Market Income Fund | 28 | 176 |
|  **Total Closed-End Mutual Funds** | **Total Closed-End Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $689,368) |  | 786071 |
|  | **Face<br> Amount** |  |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 6.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 6.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 6.4%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 4.11% due 08/05/25<sup>4</sup> | $750000 | 746897 |
| &nbsp;&nbsp;&nbsp; 3.94% due 07/08/25<sup>4,5</sup> | 273000 | 272780 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,019,656) |  | 1019677 |
|  **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 20.8%** | **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 20.8%** | **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 20.8%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 1792320 | 1792320 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 773385 | 773385 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 746800 | 746800 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,312,505) |  | 3312505 |
|  **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 0.7%** | **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 0.7%** | **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 0.7%** |
|  **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>8</sup> | 116297 | 116297 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $116,297) |  | 116297 |
|  **Total Investments - 95.4%** | **Total Investments - 95.4%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $15,006,225) | &nbsp;&nbsp;&nbsp; (Cost $15,006,225) | $15175545 |
|  **COMMON STOCKS SOLD SHORT<sup>†</sup>** **- (8.8)%** | **COMMON STOCKS SOLD SHORT<sup>†</sup>** **- (8.8)%** | **COMMON STOCKS SOLD SHORT<sup>†</sup>** **- (8.8)%** |
|  **Consumer, Non-cyclical - (0.0)%** | **Consumer, Non-cyclical - (0.0)%** | **Consumer, Non-cyclical - (0.0)%** |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc. | 1 | (132) |
|  **Technology - (0.4)%** | **Technology - (0.4)%** | **Technology - (0.4)%** |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 120 | (61522) |
|  **Basic Materials - (0.5)%** | **Basic Materials - (0.5)%** | **Basic Materials - (0.5)%** |
| &nbsp;&nbsp;&nbsp; Pan American Silver Corp. | 2724 | (77362) |
|  **Industrial - (0.7)%** | **Industrial - (0.7)%** | **Industrial - (0.7)%** |
| &nbsp;&nbsp;&nbsp; James Hardie Industries plc ADR\* | 3861 | (103822) |
|  **Communications - (0.7)%** | **Communications - (0.7)%** | **Communications - (0.7)%** |
| &nbsp;&nbsp;&nbsp; Nokia Oyj ADR | 1 | (5) |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 1511 | (108701) |
|  **Total Communications** |  | (108706) |
|  **Financial - (3.2)%** | **Financial - (3.2)%** | **Financial - (3.2)%** |
| &nbsp;&nbsp;&nbsp; Eastern Bankshares, Inc. | 2373 | (36236) |
| &nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | 3536 | (82671) |
| &nbsp;&nbsp;&nbsp; Rocket Companies, Inc. — Class A | 27117 | (384519) |
|  **Total Financial** |  | (503426) |
|  **Energy - (3.3)%** | **Energy - (3.3)%** | **Energy - (3.3)%** |
| &nbsp;&nbsp;&nbsp; Viper Energy, Inc. | 2623 | (100015) |
| &nbsp;&nbsp;&nbsp; Schlumberger N.V. | 4032 | (136281) |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 2068 | (296117) |
|  **Total Energy** |  | (532413) |
|  **Total Common Stocks Sold Short** | **Total Common Stocks Sold Short** |  |
| &nbsp;&nbsp;&nbsp; (Proceeds $1,454,835) |  | (1387383) |
|  **EXCHANGE-TRADED FUNDS SOLD SHORT\*\*\*<sup>,†</sup>** **- (5.0)%** | **EXCHANGE-TRADED FUNDS SOLD SHORT\*\*\*<sup>,†</sup>** **- (5.0)%** | **EXCHANGE-TRADED FUNDS SOLD SHORT\*\*\*<sup>,†</sup>** **- (5.0)%** |
| &nbsp;&nbsp;&nbsp; iShares Mortgage Real Estate ETF | 5 | (107) |
| &nbsp;&nbsp;&nbsp; Materials Select Sector SPDR Fund | 7 | (615) |
| &nbsp;&nbsp;&nbsp; SPDR S&P Biotech ETF | 16 | (1327) |
| &nbsp;&nbsp;&nbsp; Schwab U.S. Aggregate Bond ETF | 68 | (1580) |
| &nbsp;&nbsp;&nbsp; iShares U.S. Real Estate ETF | 20 | (1896) |
| &nbsp;&nbsp;&nbsp; VanEck High Yield Muni ETF | 38 | (1908) |
| &nbsp;&nbsp;&nbsp; Utilities Select Sector SPDR Fund | 29 | (2368) |
| &nbsp;&nbsp;&nbsp; iShares JP Morgan USD Emerging Markets Bond ETF | 40 | (3705) |
| &nbsp;&nbsp;&nbsp; iShares 7-10 Year Treasury Bond ETF | 41 | (3926) |
| &nbsp;&nbsp;&nbsp; Invesco Senior Loan ETF | 193 | (4037) |
| &nbsp;&nbsp;&nbsp; iShares Floating Rate Bond ETF | 85 | (4337) |
| &nbsp;&nbsp;&nbsp; iShares Preferred & Income Securities ETF | 146 | (4479) |
| &nbsp;&nbsp;&nbsp; VanEck Gold Miners ETF | 99 | (5154) |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade Corporate Bond ETF | 61 | (6686) |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; iShares MSCI Emerging Markets ETF | 166 | $(8008) |
| &nbsp;&nbsp;&nbsp; iShares Russell 1000 Growth ETF | 20 | (8492) |
| &nbsp;&nbsp;&nbsp; Health Care Select Sector SPDR Fund | 78 | (10514) |
| &nbsp;&nbsp;&nbsp; iShares Core High Dividend ETF | 106 | (12420) |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | 191 | (15404) |
| &nbsp;&nbsp;&nbsp; iShares TIPS Bond ETF | 148 | (16286) |
| &nbsp;&nbsp;&nbsp; iShares Latin America 40 ETF | 690 | (18085) |
| &nbsp;&nbsp;&nbsp; iShares MSCI All Country Asia ex Japan ETF | 406 | (33544) |
| &nbsp;&nbsp;&nbsp; SPDR Bloomberg Convertible Securities ETF | 571 | (47199) |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 Index ETF | 257 | (55458) |
| &nbsp;&nbsp;&nbsp; iShares National Muni Bond ETF | 576 | (60180) |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 104 | (64256) |
| &nbsp;&nbsp;&nbsp; iShares Russell 1000 Value ETF | 397 | (77109) |
| &nbsp;&nbsp;&nbsp; SPDR Nuveen ICE High Yield Municipal Bond ETF | 3349 | (82988) |
| &nbsp;&nbsp;&nbsp; SPDR Nuveen ICE Municipal Bond ETF | 2731 | (121994) |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF | 1431 | (127917) |
|  **Total Exchange-Traded Funds Sold Short** | **Total Exchange-Traded Funds Sold Short** |  |
| &nbsp;&nbsp;&nbsp; (Proceeds $823,851) |  | (801979) |
|  **Total Securities Sold Short - (13.8)%** | **Total Securities Sold Short - (13.8)%** |  |
| &nbsp;&nbsp;&nbsp; (Proceeds $2,278,686) | &nbsp;&nbsp;&nbsp; (Proceeds $2,278,686) | $(2189362) |
|  **Other Assets & Liabilities, net - 18.4%** | **Other Assets & Liabilities, net - 18.4%** | 2924732 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $15910915 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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 <br> (Depreciation)\*\*** |
|  **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** |
|  Australian Government 10 Year Bond Futures Contracts | 12 | Sep 2025 | $906082 | $11766 |
|  Euro - BTP Italian Government Bond Futures Contracts<sup>††</sup> | 2 | Sep 2025 | 285415 | 1466 |
|  Euro - OATS Futures Contracts | 9 | Sep 2025 | 1313313 | 799 |
|  U.S. Treasury 2 Year Note Futures Contracts | 3 | Sep 2025 | 624141 | 42 |
|  U.S. Treasury 5 Year Note Futures Contracts | 1 | Sep 2025 | 109023 | 22 |
|  Euro - Bund Futures Contracts | 15 | Sep 2025 | 2301425 | (3992) |
|  |  |  | $5539399 | $10103 |
|  **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** |
|  British Pound Futures Contracts | 4 | Sep 2025 | $343300 | $4490 |
|  Australian Dollar Futures Contracts | 5 | Sep 2025 | 329575 | 1324 |
|  Japanese Yen Futures Contracts | 5 | Sep 2025 | 437656 | 516 |
|  Canadian Dollar Futures Contracts | 3 | Sep 2025 | 221085 | 37 |
|  New Zealand Dollar Futures Contracts | 3 | Sep 2025 | 183345 | 26 |
|  |  |  | $1514961 | $6393 |
|  **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** |
|  CBOE Volatility Index Futures Contracts | 2 | Oct 2025 | $42250 | $(5) |
|  Russell 2000 Index Mini Futures Contracts | 1 | Sep 2025 | 109560 | (12) |
|  CBOE Volatility Index Futures Contracts | 7 | Nov 2025 | 149100 | (309) |
|  CBOE Volatility Index Futures Contracts | 12 | Dec 2025 | 255000 | (1840) |
|  |  |  | $555910 | $(2166) |
|  **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>** |
|  Soybean Meal Futures Contracts | 19 | Dec 2025 | $550050 | $1759 |
|  Sugar #11 Futures Contracts | 27 | Apr 2026 | 502891 | 1244 |
|  Cotton #2 Futures Contracts | 2 | Dec 2025 | 68040 | (96) |
|  Corn Futures Contracts | 8 | Sep 2025 | 163600 | (238) |
|  Natural Gas Futures Contracts | 6 | Aug 2025 | 206700 | (740) |
|  Gasoline RBOB Futures Contracts | 4 | Sep 2025 | 317201 | (12442) |
|  |  |  | $1808482 | $(10513) |
|  **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** |
|  CBOE Volatility Index Futures Contracts | 8 | Jul 2025 | $149680 | $2542 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Futures Contracts (continued)** | **Futures Contracts (continued)** | **Futures Contracts (continued)** | **Futures Contracts (continued)** | **Futures Contracts (continued)** |
| **Description** | **Number of <br> Contracts** | **Expiration Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)\*\*** |
|  **Commodity Futures Contracts Sold Short<sup>†</sup>** | **Commodity Futures Contracts Sold Short<sup>†</sup>** | **Commodity Futures Contracts Sold Short<sup>†</sup>** | **Commodity Futures Contracts Sold Short<sup>†</sup>** | **Commodity Futures Contracts Sold Short<sup>†</sup>** |
|  Corn Futures Contracts | 16 | Mar 2026 | $353200 | $10349 |
|  Soybean Oil Futures Contracts | 1 | Dec 2025 | 31650 | 1407 |
|  Hard Red Winter Wheat Futures Contracts | 2 | Sep 2025 | 52700 | 1319 |
|  Natural Gas Futures Contracts | 6 | Oct 2025 | 214920 | 652 |
|  Gasoline RBOB Futures Contracts | 4 | Aug 2025 | 347676 | 427 |
|  Lean Hogs Futures Contracts | 1 | Aug 2025 | 42920 | 77 |
|  Live Cattle Futures Contracts | 1 | Aug 2025 | 85590 | (43) |
|  Soybean Meal Futures Contracts | 22 | Jan 2026 | 644600 | (1588) |
|  Sugar #11 Futures Contracts | 24 | Mar 2026 | 466905 | (11634) |
|  |  |  | $2240161 | $966 |
|  **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** |
|  U.S. Treasury 10 Year Note Futures Contracts | 19 | Sep 2025 | $2130672 | $(742) |
|  Canadian Government 10 Year Bond Futures Contracts | 7 | Sep 2025 | 628078 | (976) |
|  Long Gilt Futures Contracts<sup>††</sup> | 10 | Sep 2025 | 1278996 | (2387) |
|  |  |  | $4037746 | $(4105) |
|  **Currency Futures Contracts Sold Short<sup>†</sup>** | **Currency Futures Contracts Sold Short<sup>†</sup>** | **Currency Futures Contracts Sold Short<sup>†</sup>** | **Currency Futures Contracts Sold Short<sup>†</sup>** | **Currency Futures Contracts Sold Short<sup>†</sup>** |
|  Euro FX Futures Contracts | 1 | Sep 2025 | $148000 | $(4446) |
|  Swiss Franc Futures Contracts | 7 | Sep 2025 | 1113481 | (34755) |
|  |  |  | $1261481 | $(39201) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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** | **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 | 4.73% (Federal Funds Rate + 0.40%) | At Maturity | 08/31/28 | $2135302 | $262566 |
|  **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 | 4.03% (Federal Funds Rate - 0.30%) | At Maturity | 08/31/28 | $1361456 | $54899 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 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** |
|  **Communications** |  |  |  |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. | 775 | 1.03% | $11336 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 492 | 1.00% | 5580 |
| &nbsp;&nbsp;&nbsp; Fox Corp. — Class A | 393 | 1.03% | 3740 |
| &nbsp;&nbsp;&nbsp; A10 Networks, Inc. | 696 | 0.63% | 3394 |
| &nbsp;&nbsp;&nbsp; Spok Holdings, Inc. | 851 | 0.70% | 2162 |
| &nbsp;&nbsp;&nbsp; InterDigital, Inc. | 41 | 0.43% | 1660 |
| &nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc. — Class A | 119 | 0.96% | 1482 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. — Class C | 43 | 0.36% | 1193 |
| &nbsp;&nbsp;&nbsp; F5, Inc. | 35 | 0.48% | 998 |
| &nbsp;&nbsp;&nbsp; Cars.com, Inc. | 641 | 0.36% | 904 |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc. — Class A | 30 | 0.57% | 451 |
| &nbsp;&nbsp;&nbsp; Comcast Corp. — Class A | 566 | 0.95% | 341 |
| &nbsp;&nbsp;&nbsp; Harmonic, Inc. | 454 | 0.20% | 20 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 45 | 0.36% | (69) |
| &nbsp;&nbsp;&nbsp; HealthStream, Inc. | 150 | 0.19% | (111) |
| &nbsp;&nbsp;&nbsp; Yelp, Inc. — Class A | 567 | 0.91% | (725) |
| &nbsp;&nbsp;&nbsp; TEGNA, Inc. | 1306 | 1.03% | (1266) |
| &nbsp;&nbsp;&nbsp; Ziff Davis, Inc. | 378 | 0.54% | (2506) |
|  **Total Communications** |  |  | 28584 |
|  **Industrial** |  |  |  |
| &nbsp;&nbsp;&nbsp; Mueller Industries, Inc. | 274 | 1.02% | 11779 |
| &nbsp;&nbsp;&nbsp; Fluor Corp. | 482 | 1.16% | 8495 |
| &nbsp;&nbsp;&nbsp; Acuity, Inc. | 62 | 0.87% | 4127 |
| &nbsp;&nbsp;&nbsp; Snap-on, Inc. | 67 | 0.98% | 3708 |
| &nbsp;&nbsp;&nbsp; Allegion plc | 151 | 1.02% | 2662 |
| &nbsp;&nbsp;&nbsp; Owens Corning | 142 | 0.91% | 2618 |
| &nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 34 | 0.62% | 2150 |
| &nbsp;&nbsp;&nbsp; Alamo Group, Inc. | 31 | 0.32% | 1646 |
| &nbsp;&nbsp;&nbsp; Lindsay Corp. | 69 | 0.47% | 671 |
| &nbsp;&nbsp;&nbsp; A O Smith Corp. | 165 | 0.51% | 174 |
| &nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc. | 78 | 0.42% | 102 |
| &nbsp;&nbsp;&nbsp; Valmont Industries, Inc. | 20 | 0.31% | 88 |
| &nbsp;&nbsp;&nbsp; Mueller Water Products, Inc. — Class A | 344 | 0.39% | (127) |
| &nbsp;&nbsp;&nbsp; Hayward Holdings, Inc. | 441 | 0.29% | (162) |
| &nbsp;&nbsp;&nbsp; Scorpio Tankers, Inc. | 294 | 0.54% | (295) |
| &nbsp;&nbsp;&nbsp; Boise Cascade Co. | 52 | 0.21% | (370) |
| &nbsp;&nbsp;&nbsp; Teekay Tankers Ltd. — Class A | 174 | 0.34% | (618) |
|  **Total Industrial** |  |  | 36648 |
|  **Consumer, Cyclical** |  |  |  |
| &nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. | 208 | 0.93% | 9040 |
| &nbsp;&nbsp;&nbsp; Boyd Gaming Corp. | 288 | 1.06% | 3774 |
| &nbsp;&nbsp;&nbsp; Buckle, Inc. | 307 | 0.65% | 2439 |
| &nbsp;&nbsp;&nbsp; Visteon Corp. | 259 | 1.13% | 2318 |
| &nbsp;&nbsp;&nbsp; Blue Bird Corp. | 281 | 0.57% | 1102 |
| &nbsp;&nbsp;&nbsp; BorgWarner, Inc. | 648 | 1.02% | 813 |
| &nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co. — Class A | 107 | 0.42% | 617 |
| &nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 156 | 0.77% | 529 |
| &nbsp;&nbsp;&nbsp; Sonos, Inc. | 419 | 0.21% | 268 |
| &nbsp;&nbsp;&nbsp; PACCAR, Inc. | 88 | 0.39% | 207 |
| &nbsp;&nbsp;&nbsp; Crocs, Inc. | 65 | 0.31% | 95 |
| &nbsp;&nbsp;&nbsp; Dolby Laboratories, Inc. — Class A | 95 | 0.33% | (95) |
| &nbsp;&nbsp;&nbsp; Harley-Davidson, Inc. | 266 | 0.29% | (276) |
| &nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc. | 652 | 0.98% | (2320) |
| &nbsp;&nbsp;&nbsp; Gentex Corp. | 1004 | 1.03% | (2560) |
|  **Total Consumer, Cyclical** |  |  | 15951 |
|  **Financial** |  |  |  |
| &nbsp;&nbsp;&nbsp; Synchrony Financial | 330 | 1.03% | 9604 |
| &nbsp;&nbsp;&nbsp; Enova International, Inc. | 184 | 0.96% | 9321 |
| &nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 817 | 1.07% | 8709 |
| &nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 205 | 1.00% | 6897 |
| &nbsp;&nbsp;&nbsp; NMI Holdings, Inc. — Class A | 544 | 1.07% | 6854 |
| &nbsp;&nbsp;&nbsp; Preferred Bank/Los Angeles CA | 248 | 1.01% | 6160 |
| &nbsp;&nbsp;&nbsp; Essent Group Ltd. | 372 | 1.06% | 4793 |
| &nbsp;&nbsp;&nbsp; Enact Holdings, Inc. | 496 | 0.86% | 4666 |
| &nbsp;&nbsp;&nbsp; Old Second Bancorp, Inc. | 1245 | 1.03% | 3819 |
| &nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 395 | 1.04% | 3078 |
| &nbsp;&nbsp;&nbsp; Coastal Financial Corp. | 136 | 0.62% | 2655 |
| &nbsp;&nbsp;&nbsp; Janus Henderson Group plc | 326 | 0.59% | 2655 |
| &nbsp;&nbsp;&nbsp; BancFirst Corp. | 175 | 1.01% | 2622 |
| &nbsp;&nbsp;&nbsp; Jackson Financial, Inc. — Class A | 257 | 1.07% | 2148 |
| &nbsp;&nbsp;&nbsp; BOK Financial Corp. | 189 | 0.86% | 1482 |
| &nbsp;&nbsp;&nbsp; Westamerica BanCorp | 451 | 1.02% | 1414 |
| &nbsp;&nbsp;&nbsp; OneMain Holdings, Inc. | 238 | 0.64% | 1222 |
| &nbsp;&nbsp;&nbsp; Bancorp, Inc. | 172 | 0.46% | 1127 |
| &nbsp;&nbsp;&nbsp; McGrath RentCorp | 187 | 1.02% | 1055 |
| &nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. | 69 | 0.78% | 948 |
| &nbsp;&nbsp;&nbsp; Live Oak Bancshares, Inc. | 319 | 0.45% | 849 |
| &nbsp;&nbsp;&nbsp; Northeast Community Bancorp, Inc. | 774 | 0.84% | 725 |
| &nbsp;&nbsp;&nbsp; Pathward Financial, Inc. | 258 | 0.96% | 606 |
| &nbsp;&nbsp;&nbsp; First Bancorp | 193 | 0.40% | 567 |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. | 224 | 0.96% | 461 |
| &nbsp;&nbsp;&nbsp; Bank OZK | 160 | 0.35% | 412 |
| &nbsp;&nbsp;&nbsp; Everest Group Ltd. | 57 | 0.91% | 45 |
| &nbsp;&nbsp;&nbsp; GCM Grosvenor, Inc. — Class A | 1500 | 0.81% | (465) |
| &nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 186 | 0.69% | (1421) |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Percentage <br> Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp; QCR Holdings, Inc. | 325 | 1.03% | $(2773) |
|  **Total Financial** |  |  | 80235 |
|  **Consumer, Non-cyclical** |  |  |  |
| &nbsp;&nbsp;&nbsp; Innoviva, Inc. | 1034 | 0.97% | 7734 |
| &nbsp;&nbsp;&nbsp; Cal-Maine Foods, Inc. | 179 | 0.84% | 7554 |
| &nbsp;&nbsp;&nbsp; Royalty Pharma plc — Class A | 642 | 1.08% | 7544 |
| &nbsp;&nbsp;&nbsp; United Therapeutics Corp. | 66 | 0.89% | 4502 |
| &nbsp;&nbsp;&nbsp; Perdoceo Education Corp. | 277 | 0.42% | 4465 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 83 | 0.43% | 3888 |
| &nbsp;&nbsp;&nbsp; ADT, Inc. | 2042 | 0.81% | 3321 |
| &nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals, Inc. | 455 | 0.46% | 3093 |
| &nbsp;&nbsp;&nbsp; United Rentals, Inc. | 31 | 1.09% | 2645 |
| &nbsp;&nbsp;&nbsp; Alkermes plc | 489 | 0.66% | 2503 |
| &nbsp;&nbsp;&nbsp; Incyte Corp. | 157 | 0.50% | 1532 |
| &nbsp;&nbsp;&nbsp; Premier, Inc. — Class A | 513 | 0.53% | 1440 |
| &nbsp;&nbsp;&nbsp; Exelixis, Inc. | 122 | 0.25% | 1278 |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc. | 76 | 0.47% | 1232 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 208 | 0.45% | 1068 |
| &nbsp;&nbsp;&nbsp; Castle Biosciences, Inc. | 256 | 0.24% | 862 |
| &nbsp;&nbsp;&nbsp; Utah Medical Products, Inc. | 334 | 0.89% | 473 |
| &nbsp;&nbsp;&nbsp; Blade Air Mobility, Inc. | 288 | 0.05% | 410 |
| &nbsp;&nbsp;&nbsp; Alarm.com Holdings, Inc. | 368 | 0.97% | 182 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | 215 | 0.24% | 174 |
| &nbsp;&nbsp;&nbsp; DaVita, Inc. | 31 | 0.21% | 150 |
| &nbsp;&nbsp;&nbsp; Collegium Pharmaceutical, Inc. | 148 | 0.20% | 27 |
| &nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals plc | 120 | 0.60% | (89) |
| &nbsp;&nbsp;&nbsp; Graham Holdings Co. — Class B | 9 | 0.40% | (130) |
| &nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals, Inc. | 154 | 0.23% | (163) |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc. — Class B | 22 | 0.19% | (175) |
| &nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, Inc. | 254 | 0.19% | (229) |
| &nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings, Inc. | 296 | 0.44% | (299) |
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. | 203 | 0.43% | (356) |
| &nbsp;&nbsp;&nbsp; PTC Therapeutics, Inc. | 155 | 0.35% | (372) |
| &nbsp;&nbsp;&nbsp; H&R Block, Inc. | 145 | 0.37% | (522) |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. — Class B | 108 | 0.24% | (1018) |
| &nbsp;&nbsp;&nbsp; Amphastar Pharmaceuticals, Inc. | 251 | 0.27% | (1028) |
| &nbsp;&nbsp;&nbsp; Inmode Ltd. | 540 | 0.37% | (1272) |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 20 | 0.49% | (2145) |
| &nbsp;&nbsp;&nbsp; Merck & Company, Inc. | 272 | 1.01% | (2212) |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. | 162 | 0.95% | (3036) |
|  **Total Consumer, Non-cyclical** |  |  | 43031 |
|  **Utilities** |  |  |  |
| &nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 260 | 1.03% | 9999 |
| &nbsp;&nbsp;&nbsp; Clearway Energy, Inc. — Class C | 705 | 1.06% | 3363 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | 183 | 1.01% | 3126 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. | 326 | 1.05% | 3034 |
| &nbsp;&nbsp;&nbsp; Southern Co. | 241 | 1.04% | 2422 |
| &nbsp;&nbsp;&nbsp; Spire, Inc. | 259 | 0.89% | 2181 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 201 | 0.98% | 1728 |
| &nbsp;&nbsp;&nbsp; Black Hills Corp. | 370 | 0.97% | 1409 |
| &nbsp;&nbsp;&nbsp; Brookfield Infrastructure Corp. — Class A | 354 | 0.69% | 1377 |
| &nbsp;&nbsp;&nbsp; Otter Tail Corp. | 279 | 1.01% | 594 |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 140 | 1.01% | 212 |
| &nbsp;&nbsp;&nbsp; New Jersey Resources Corp. | 474 | 0.99% | (24) |
|  **Total Utilities** |  |  | 29421 |
|  **Technology** |  |  |  |
| &nbsp;&nbsp;&nbsp; Cirrus Logic, Inc. | 206 | 1.01% | 5645 |
| &nbsp;&nbsp;&nbsp; Axcelis Technologies, Inc. | 176 | 0.57% | 4601 |
| &nbsp;&nbsp;&nbsp; Zoom Communications, Inc. — Class A | 266 | 0.97% | 4091 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 70 | 0.40% | 2975 |
| &nbsp;&nbsp;&nbsp; Adeia, Inc. | 726 | 0.48% | 2560 |
| &nbsp;&nbsp;&nbsp; OneSpan, Inc. | 816 | 0.64% | 2380 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 143 | 1.07% | 2170 |
| &nbsp;&nbsp;&nbsp; Dropbox, Inc. — Class A | 733 | 0.98% | 1664 |
| &nbsp;&nbsp;&nbsp; NetApp, Inc. | 109 | 0.54% | 1523 |
| &nbsp;&nbsp;&nbsp; Teradata Corp. | 373 | 0.39% | 529 |
| &nbsp;&nbsp;&nbsp; Kulicke & Soffa Industries, Inc. | 445 | 0.72% | 503 |
| &nbsp;&nbsp;&nbsp; RingCentral, Inc. — Class A | 160 | 0.21% | 231 |
| &nbsp;&nbsp;&nbsp; Consensus Cloud Solutions, Inc. | 253 | 0.27% | 207 |
| &nbsp;&nbsp;&nbsp; Integral Ad Science Holding Corp. | 791 | 0.31% | 134 |
| &nbsp;&nbsp;&nbsp; PagerDuty, Inc. | 283 | 0.20% | 25 |
| &nbsp;&nbsp;&nbsp; Daily Journal Corp. | 32 | 0.63% | (230) |
| &nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 146 | 0.51% | (279) |
| &nbsp;&nbsp;&nbsp; Photronics, Inc. | 1074 | 0.95% | (776) |
|  **Total Technology** |  |  | 27953 |
|  **Basic Materials** |  |  |  |
| &nbsp;&nbsp;&nbsp; Newmont Corp. | 162 | 0.44% | 743 |
|  **Total MS Long/Short Equity Long Custom Basket** | **Total MS Long/Short Equity Long Custom Basket** |  | $262566 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 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** |
|  **Technology** |  |  |  |
| &nbsp;&nbsp;&nbsp; ACV Auctions, Inc. — Class A | 1019 | (1.19)% | $6084 |
| &nbsp;&nbsp;&nbsp; Duolingo, Inc. | 11 | (0.33)% | 1197 |
| &nbsp;&nbsp;&nbsp; AppLovin Corp. — Class A | 10 | (0.26)% | (233) |
| &nbsp;&nbsp;&nbsp; Conduent, Inc. | 3584 | (0.69)% | (602) |
|  **Total Technology** |  |  | 6446 |
|  **Basic Materials** |  |  |  |
| &nbsp;&nbsp;&nbsp; Huntsman Corp. | 645 | (0.49)% | 4230 |
| &nbsp;&nbsp;&nbsp; Ashland, Inc. | 430 | (1.59)% | 3032 |
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 277 | (1.50)% | 2372 |
| &nbsp;&nbsp;&nbsp; Dow, Inc. | 716 | (1.39)% | 2001 |
| &nbsp;&nbsp;&nbsp; Orion S.A. | 415 | (0.32)% | 1950 |
| &nbsp;&nbsp;&nbsp; Balchem Corp. | 57 | (0.67)% | 402 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | 13 | (0.33)% | 257 |
| &nbsp;&nbsp;&nbsp; RPM International, Inc. | 118 | (0.95)% | 132 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 191 | (1.60)% | 63 |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | 17 | (0.35)% | (26) |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 140 | (0.71)% | (95) |
| &nbsp;&nbsp;&nbsp; Chemours Co. | 735 | (0.62)% | (624) |
| &nbsp;&nbsp;&nbsp; Sensient Technologies Corp. | 157 | (1.14)% | (666) |
| &nbsp;&nbsp;&nbsp; HB Fuller Co. | 342 | (1.51)% | (2081) |
|  **Total Basic Materials** |  |  | 10947 |
|  **Consumer, Non-cyclical** |  |  |  |
| &nbsp;&nbsp;&nbsp; Insperity, Inc. | 325 | (1.44)% | 1290 |
| &nbsp;&nbsp;&nbsp; ABM Industries, Inc. | 200 | (0.69)% | 1026 |
| &nbsp;&nbsp;&nbsp; OrthoPediatrics Corp. | 272 | (0.43)% | 289 |
| &nbsp;&nbsp;&nbsp; CBIZ, Inc. | 103 | (0.54)% | 72 |
| &nbsp;&nbsp;&nbsp; CRA International, Inc. | 36 | (0.50)% | 39 |
| &nbsp;&nbsp;&nbsp; Alico, Inc. | 235 | (0.56)% | (561) |
| &nbsp;&nbsp;&nbsp; Tejon Ranch Co. | 822 | (1.02)% | (847) |
| &nbsp;&nbsp;&nbsp; Driven Brands Holdings, Inc. | 1229 | (1.59)% | (894) |
| &nbsp;&nbsp;&nbsp; Barrett Business Services, Inc. | 512 | (1.57)% | (1265) |
| &nbsp;&nbsp;&nbsp; First Advantage Corp. | 1194 | (1.46)% | (2121) |
| &nbsp;&nbsp;&nbsp; Blade Air Mobility, Inc. | 2820 | (0.83)% | (4091) |
|  **Total Consumer, Non-cyclical** |  |  | (7063) |
|  **Consumer, Cyclical** |  |  |  |
| &nbsp;&nbsp;&nbsp; LGI Homes, Inc. | 187 | (0.71)% | 7246 |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. | 176 | (0.42)% | 483 |
| &nbsp;&nbsp;&nbsp; Camping World Holdings, Inc. — Class A | 411 | (0.52)% | 224 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp. | 912 | (0.28)% | (260) |
| &nbsp;&nbsp;&nbsp; Pursuit Attractions and Hospitality, Inc. | 584 | (1.24)% | (338) |
| &nbsp;&nbsp;&nbsp; America's Car-Mart, Inc. | 144 | (0.59)% | (353) |
| &nbsp;&nbsp;&nbsp; Under Armour, Inc. — Class C | 1076 | (0.51)% | (355) |
| &nbsp;&nbsp;&nbsp; Frontier Group Holdings, Inc. | 1794 | (0.48)% | (390) |
| &nbsp;&nbsp;&nbsp; Beazer Homes USA, Inc. | 301 | (0.49)% | (662) |
| &nbsp;&nbsp;&nbsp; VSE Corp. | 108 | (1.04)% | (3116) |
|  **Total Consumer, Cyclical** |  |  | 2479 |
|  **Financial** |  |  |  |
| &nbsp;&nbsp;&nbsp; Kennedy-Wilson Holdings, Inc. | 3381 | (1.69)% | 13743 |
| &nbsp;&nbsp;&nbsp; Marcus & Millichap, Inc. | 726 | (1.64)% | 6864 |
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 822 | (1.55)% | 5946 |
| &nbsp;&nbsp;&nbsp; Newmark Group, Inc. — Class A | 1934 | (1.73)% | 5699 |
| &nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | 492 | (1.39)% | 5020 |
| &nbsp;&nbsp;&nbsp; Columbia Financial, Inc. | 1334 | (1.42)% | 3898 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 197 | (1.48)% | 2998 |
| &nbsp;&nbsp;&nbsp; FTAI Infrastructure, Inc. | 1729 | (0.78)% | 2504 |
| &nbsp;&nbsp;&nbsp; Western Alliance Bancorporation | 253 | (1.45)% | 2280 |
| &nbsp;&nbsp;&nbsp; Veris Residential, Inc. | 1424 | (1.56)% | 2122 |
| &nbsp;&nbsp;&nbsp; Cannae Holdings, Inc. | 1117 | (1.71)% | 1627 |
| &nbsp;&nbsp;&nbsp; Redwood Trust, Inc. | 1827 | (0.79)% | 1334 |
| &nbsp;&nbsp;&nbsp; Heritage Commerce Corp. | 1968 | (1.44)% | 1187 |
| &nbsp;&nbsp;&nbsp; PennyMac Mortgage Investment Trust | 1692 | (1.60)% | 1058 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 173 | (1.61)% | 985 |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 176 | (1.33)% | 770 |
| &nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc. | 89 | (0.65)% | 560 |
| &nbsp;&nbsp;&nbsp; Carlyle Group, Inc. | 357 | (1.35)% | 538 |
| &nbsp;&nbsp;&nbsp; Apartment Investment and Management Co. — Class A | 2635 | (1.67)% | 279 |
| &nbsp;&nbsp;&nbsp; StepStone Group, Inc. — Class A | 149 | (0.61)% | 191 |
| &nbsp;&nbsp;&nbsp; Welltower, Inc. | 54 | (0.61)% | (140) |
| &nbsp;&nbsp;&nbsp; Ellington Financial, Inc. | 671 | (0.64)% | (328) |
| &nbsp;&nbsp;&nbsp; SLM Corp. | 449 | (1.08)% | (552) |
| &nbsp;&nbsp;&nbsp; CBRE Group, Inc. — Class A | 156 | (1.61)% | (701) |
| &nbsp;&nbsp;&nbsp; Flushing Financial Corp. | 990 | (0.86)% | (703) |
| &nbsp;&nbsp;&nbsp; Walker & Dunlop, Inc. | 261 | (1.35)% | (744) |
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | 232 | (0.93)% | (1278) |
| &nbsp;&nbsp;&nbsp; NewtekOne, Inc. | 1285 | (1.06)% | (1664) |
| &nbsp;&nbsp;&nbsp; CoStar Group, Inc. | 244 | (1.44)% | (1783) |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 74 | (1.58)% | (1837) |
| &nbsp;&nbsp;&nbsp; KeyCorp | 1326 | (1.70)% | (1982) |
| &nbsp;&nbsp;&nbsp; State Street Corp. | 211 | (1.65)% | (2179) |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 24 | (1.25)% | (2595) |
| &nbsp;&nbsp;&nbsp; Radian Group, Inc. | 642 | (1.70)% | (2741) |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Percentage <br> Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp; American Healthcare REIT, Inc. | 570 | (1.54)% | $(3728) |
|  **Total Financial** |  |  | 36648 |
|  **Energy** |  |  |  |
| &nbsp;&nbsp;&nbsp; Core Laboratories, Inc. | 1081 | (0.91)% | 9726 |
| &nbsp;&nbsp;&nbsp; Oceaneering International, Inc. | 810 | (1.23)% | 2750 |
| &nbsp;&nbsp;&nbsp; Bristow Group, Inc. | 721 | (1.75)% | (544) |
| &nbsp;&nbsp;&nbsp; BKV Corp. | 530 | (0.94)% | (1176) |
| &nbsp;&nbsp;&nbsp; PBF Energy, Inc. — Class A | 757 | (1.20)% | (1226) |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp. | 458 | (1.36)% | (1286) |
| &nbsp;&nbsp;&nbsp; Delek US Holdings, Inc. | 617 | (0.96)% | (1573) |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp. | 94 | (0.81)% | (1599) |
|  **Total Energy** |  |  | 5072 |
|  **Industrial** |  |  |  |
| &nbsp;&nbsp;&nbsp; Smurfit WestRock plc | 500 | (1.58)% | 4049 |
| &nbsp;&nbsp;&nbsp; Knife River Corp. | 151 | (0.91)% | 2200 |
| &nbsp;&nbsp;&nbsp; Graphic Packaging Holding Co. | 852 | (1.32)% | 934 |
| &nbsp;&nbsp;&nbsp; Clearwater Paper Corp. | 186 | (0.37)% | 447 |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 13 | (0.52)% | 14 |
| &nbsp;&nbsp;&nbsp; Tetra Tech, Inc. | 316 | (0.83)% | (169) |
| &nbsp;&nbsp;&nbsp; CECO Environmental Corp. | 263 | (0.55)% | (393) |
| &nbsp;&nbsp;&nbsp; Enviri Corp. | 969 | (0.62)% | (541) |
| &nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 122 | (1.18)% | (695) |
| &nbsp;&nbsp;&nbsp; Ball Corp. | 400 | (1.65)% | (751) |
| &nbsp;&nbsp;&nbsp; Forward Air Corp. | 276 | (0.50)% | (1977) |
| &nbsp;&nbsp;&nbsp; TriMas Corp. | 677 | (1.42)% | (3371) |
|  **Total Industrial** |  |  | (253) |
|  **Communications** |  |  |  |
| &nbsp;&nbsp;&nbsp; Hims & Hers Health, Inc. | 107 | (0.39)% | 623 |
|  **Total MS Long/Short Equity Short Custom Basket** | **Total MS Long/Short Equity Short Custom Basket** |  | $54899 |

---

---

| | |
|:---|:---|
| \* | &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; All or a portion of this security is pledged as short security collateral at June 30, 2025. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is on loan at June 30, 2025 — See Note 7. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Affiliated issuer. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the effective yield at the time of purchase. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp; Securities lending collateral — See Note 7. |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; ADR — American Depositary Receipt |
|  | &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 SEMI-ANNUAL FINANCIAL REPORT \| 25

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $5975333 | $— | $— | $5975333 |
|  Rights | — \* |  | — \* |  |
|  Mutual Funds | 3965662 |  |  | 3965662 |
|  Closed-End Mutual Funds | 786071 |  |  | 786071 |
|  U.S. Treasury Bills |  | 1019677 |  | 1019677 |
|  Repurchase Agreements |  | 3312505 |  | 3312505 |
|  Securities Lending Collateral | 116297 |  |  | 116297 |
|  Commodity Futures Contracts\*\* | 17234 |  |  | 17234 |
|  Interest Rate Futures Contracts\*\* | 12629 | 1466 |  | 14095 |
|  Currency Futures Contracts\*\* | 6393 |  |  | 6393 |
|  Equity Futures Contracts\*\* | 2542 |  |  | 2542 |
|  Equity Custom Basket Swap Agreements\*\* |  | 317465 |  | 317465 |
|  Total Assets | $10882161 | $4651113 | $— | $15533274 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $1387383 | $— | $— | $1387383 |
|  Exchange-Traded Funds Sold Short | 801979 |  |  | 801979 |
|  Currency Futures Contracts\*\* | 39201 |  |  | 39201 |
|  Commodity Futures Contracts\*\* | 26781 |  |  | 26781 |
|  Interest Rate Futures Contracts\*\* | 5710 | 2387 |  | 8097 |
|  Equity Futures Contracts\*\* | 2166 |  |  | 2166 |
|  Total Liabilities | $2263220 | $2387 | $— | $2265607 |

---

---

| | |
|:---|:---|
| \* | &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 SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 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, 2024 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/1601445/000139834424022509/fp0090292-6_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 period ended June 30, 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> 06/30/25** | **Shares <br> 06/30/25** | **Investment <br> Income** |
|  **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $4493228 | $— | $(3250000) | $698 | $4057 | $1247983 | 50160 | $60599 |
| &nbsp;&nbsp; Guggenheim Strategy Fund III | 1669953 |  | (725000) | (1672) | 3660 | 946941 | 37923 | 31559 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 3725902 |  | (1965000) | 20189 | (10353) | 1770738 | 176193 | 53799 |
|  | $9889083 | $— | $(5940000) | $19215 | $(2636) | $3965662 |  | $145957 |

---

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

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

---

| |
|:---|
| **CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value - including $113,223 of securities loaned (cost $7,753,636) | $7897378 |
|  Investments in affiliated issuers, at value (cost $3,940,084) | 3965662 |
|  Repurchase agreements, at value (cost $3,312,505) | 3312505 |
|  Cash | 2249751 |
|  Segregated cash with broker | 549575 |
|  Unrealized appreciation on OTC swap agreements | 317465 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 16926 |
| &nbsp;&nbsp;&nbsp; Securities sold | 2930 |
| &nbsp;&nbsp;&nbsp; Interest | 403 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 68 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 30 |
|  Other assets | 4597 |
|  **Total assets** | 18317290 |
|  **Liabilities:** | **Liabilities:** |
|  Securities sold short, at value (proceeds $2,278,686) | 2189362 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 116297 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 34607 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 29247 |
| &nbsp;&nbsp;&nbsp; Swap settlement | 14610 |
| &nbsp;&nbsp;&nbsp; Management fees | 14275 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees | 1302 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 239 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 6436 |
|  **Total liabilities** | 2406375 |
|  **Net assets** | $15910915 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $27661500 |
|  Total distributable earnings (loss) | (11750585) |
|  Net assets | $15910915 |
|  **Class A:** | **Class A:** |
|  Net assets | $2344553 |
|  Capital shares outstanding | 96648 |
|  Net asset value per share | $24.26 |
|  Maximum offering price per share (Net asset value divided by 95.25%) | $25.47 |
|  **Class C:** | **Class C:** |
|  Net assets | $175048 |
|  Capital shares outstanding | 7930 |
|  Net asset value per share | $22.07 |
|  **Class P:** | **Class P:** |
|  Net assets | $3439558 |
|  Capital shares outstanding | 141173 |
|  Net asset value per share | $24.36 |
|  **Institutional Class:** | **Institutional Class:** |
|  Net assets | $9951756 |
|  Capital shares outstanding | 400478 |
|  Net asset value per share | $24.85 |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

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

---

| |
|:---|
| **CONSOLIDATED STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $147) | $98466 |
|  Dividends from securities of affiliated issuers | 145957 |
|  Interest | 170570 |
|  Income from securities lending, net | 360 |
|  Interest related to securities sold short | 77163 |
| &nbsp;&nbsp;&nbsp; Total investment income | 492516 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 152296 |
|  Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp; Class A | 3132 |
| &nbsp;&nbsp;&nbsp; Class C | 1028 |
| &nbsp;&nbsp;&nbsp; Class P | 5259 |
|  Short sales dividend expense | 54523 |
|  Miscellaneous | 4090 |
| &nbsp;&nbsp;&nbsp; Total expenses | 220328 |
|  Less: | Less: |
|  Expenses waived by Adviser | (7938) |
|  Net expenses | 212390 |
|  Net investment income | 280126 |
|  **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 | 851819 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 19215 |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers sold short | (481272) |
| &nbsp;&nbsp;&nbsp; Swap agreements | 145867 |
| &nbsp;&nbsp;&nbsp; Futures contracts | (506126) |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | (8089) |
|  Net realized gain | 21414 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | (339142) |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | (2636) |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers sold short | 307632 |
| &nbsp;&nbsp;&nbsp; Swap agreements | (326852) |
| &nbsp;&nbsp;&nbsp; Futures contracts | (446995) |
| &nbsp;&nbsp;&nbsp; Foreign currency translations | (471) |
|  Net change in unrealized appreciation (depreciation) | (808464) |
|  Net realized and unrealized loss | (787050) |
|  **Net decrease in net assets resulting from operations** | $(506924) |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT \| 29

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

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $280126 | $1598315 |
|  Net realized gain (loss) on investments | 21414 | (375474) |
|  Net change in unrealized appreciation (depreciation) on investments | (808464) | (3066406) |
|  Net decrease in net assets resulting from operations | (506924) | (1843565) |
|  **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp; Class A |  | (80544) |
| &nbsp;&nbsp;&nbsp; Class C |  | (4423) |
| &nbsp;&nbsp;&nbsp; Class P |  | (143238) |
| &nbsp;&nbsp;&nbsp; Institutional Class |  | (1177035) |
|  Total distributions to shareholders |  | (1405240) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 60611 | 270196 |
| &nbsp;&nbsp;&nbsp; Class C |  | 152838 |
| &nbsp;&nbsp;&nbsp; Class P | 242532 | 622943 |
| &nbsp;&nbsp;&nbsp; Institutional Class | 784776 | 12803992 |
|  Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp; Class A |  | 74318 |
| &nbsp;&nbsp;&nbsp; Class C |  | 4232 |
| &nbsp;&nbsp;&nbsp; Class P |  | 142335 |
| &nbsp;&nbsp;&nbsp; Institutional Class |  | 1177035 |
|  Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (427319) | (843065) |
| &nbsp;&nbsp;&nbsp; Class C | (128180) | (719459) |
| &nbsp;&nbsp;&nbsp; Class P | (1767737) | (1392348) |
| &nbsp;&nbsp;&nbsp; Institutional Class | (27934148) | (48380941) |
|  Net decrease from capital share transactions | (29169465) | (36087924) |
|  Net decrease in net assets | (29676389) | (39336729) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 45587304 | 84924033 |
| &nbsp;&nbsp;&nbsp; End of period | $15910915 | $45587304 |
|  **Capital share activity:** |  |  |
|  Shares sold |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 2466 | 10232 |
| &nbsp;&nbsp;&nbsp; Class C |  | 6270 |
| &nbsp;&nbsp;&nbsp; Class P | 9800 | 23192 |
| &nbsp;&nbsp;&nbsp; Institutional Class | 31211 | 468290 |
|  Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp; Class A |  | 2946 |
| &nbsp;&nbsp;&nbsp; Class C |  | 184 |
| &nbsp;&nbsp;&nbsp; Class P |  | 5617 |
| &nbsp;&nbsp;&nbsp; Institutional Class |  | 45586 |
|  Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp; Class A | (17481) | (31837) |
| &nbsp;&nbsp;&nbsp; Class C | (5687) | (30209) |
| &nbsp;&nbsp;&nbsp; Class P | (73863) | (51631) |
| &nbsp;&nbsp;&nbsp; Institutional Class | (1102671) | (1796642) |
|  Net decrease in shares | (1156225) | (1348002) |

---

30 \| THE GUGGENHEIM FUNDS SEMI-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** | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **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** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **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 | $24.36 |
|  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: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .25 | .52 | .54 | .09 | (.14) | (.10) |
|  Net gain (loss) on investments (realized and unrealized) | (.82) | (1.43) | .59 | (1.01) | 1.98 | 1.90 |
|  Total from investment operations | (.57) | (.91) | 1.13 | (.92) | 1.84 | 1.80 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (.72) | (.83) | (.44) | (.21) | (.27) |
|  Total distributions |  | (.72) | (.83) | (.44) | (.21) | (.27) |
|  Net asset value, end of period | $24.26 | $24.83 | $26.46 | $26.16 | $27.52 | $25.89 |
|  **Total Return<sup>c</sup>** | **(2.30** **%)** | **(3.58** **%)** | **4.27%** | **(3.47** **%)** | **7.17%** | **7.39%** |
|  **Ratios/Supplemental Data** | **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) | $2345 | $2772 | $3448 | $3915 | $4593 | $4019 |
|  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: | Ratios to average net assets: |
|  Net investment income (loss) | 2.05% | 1.95% | 2.04% | 0.32% | (0.52%) | (0.40%) |
|  Total expenses<sup>d</sup> | 1.90% | 1.94% | 1.85% | 1.80% | 2.18% | 1.93% |
|  Net expenses<sup>e,f</sup> | 1.83% | 1.88% | 1.79% | 1.76% | 2.11% | 1.87% |
|  Portfolio turnover rate | 75% | 164% | 197% | 203% | 205% | 248% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **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** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **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 | $22.36 |
|  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: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .14 | .29 | .32 | (.09) | (.32) | (.27) |
|  Net gain (loss) on investments (realized and unrealized) | (.74) | (1.31) | .53 | (.94) | 1.82 | 1.75 |
|  Total from investment operations | (.60) | (1.02) | .85 | (1.03) | 1.50 | 1.48 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (.31) | (.75) | (.32) |  | (.09) |
|  Total distributions |  | (.31) | (.75) | (.32) |  | (.09) |
|  Net asset value, end of period | $22.07 | $22.67 | $24.00 | $23.90 | $25.25 | $23.75 |
|  **Total Return<sup>c</sup>** | **(2.65** **%)** | **(4.31** **%)** | **3.46%** | **(4.16** **%)** | **6.32%** | **6.57%** |
|  **Ratios/Supplemental Data** | **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) | $175 | $309 | $897 | $621 | $488 | $1206 |
|  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: | Ratios to average net assets: |
|  Net investment income (loss) | 1.25% | 1.19% | 1.31% | (0.35%) | (1.26%) | (1.18%) |
|  Total expenses<sup>d</sup> | 2.65% | 2.69% | 2.60% | 2.56% | 2.93% | 2.68% |
|  Net expenses<sup>e,f</sup> | 2.58% | 2.63% | 2.54% | 2.51% | 2.86% | 2.62% |
|  Portfolio turnover rate | 75% | 164% | 197% | 203% | 205% | 248% |

---

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-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** | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **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** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **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 | $24.42 |
|  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: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .25 | .52 | .54 | .10 | (.15) | (.10) |
|  Net gain (loss) on investments (realized and unrealized) | (.82) | (1.44) | .60 | (1.04) | 2.00 | 1.90 |
|  Total from investment operations | (.57) | (.92) | 1.14 | (.94) | 1.85 | 1.80 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (.72) | (.82) | (.42) | (.21) | (.25) |
|  Total distributions |  | (.72) | (.82) | (.42) | (.21) | (.25) |
|  Net asset value, end of period | $24.36 | $24.93 | $26.57 | $26.25 | $27.61 | $25.97 |
|  **Total Return** | **(2.29** **%)** | **(3.61** **%)** | **4.25%** | **(3.44** **%)** | **7.16%** | **7.40%** |
|  **Ratios/Supplemental Data** | **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) | $3440 | $5117 | $6060 | $9105 | $10100 | $7676 |
|  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: | Ratios to average net assets: |
|  Net investment income (loss) | 2.04% | 1.95% | 2.02% | 0.38% | (0.53%) | (0.39%) |
|  Total expenses<sup>d</sup> | 1.90% | 1.94% | 1.85% | 1.80% | 2.18% | 1.93% |
|  Net expenses<sup>e,f</sup> | 1.83% | 1.88% | 1.79% | 1.76% | 2.12% | 1.87% |
|  Portfolio turnover rate | 75% | 164% | 197% | 203% | 205% | 248% |

---

32 \| THE GUGGENHEIM FUNDS SEMI-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** | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **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** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **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 | $24.83 |
|  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: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .28 | .60 | .62 | .18 | (.08) | (.04) |
|  Net gain (loss) on investments (realized and unrealized) | (.83) | (1.47) | .60 | (1.06) | 2.03 | 1.94 |
|  Total from investment operations | (.55) | (.87) | 1.22 | (.88) | 1.95 | 1.90 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (.78) | (.88) | (.50) | (.27) | (.32) |
|  Total distributions |  | (.78) | (.88) | (.50) | (.27) | (.32) |
|  Net asset value, end of period | $24.85 | $25.40 | $27.05 | $26.71 | $28.09 | $26.41 |
|  **Total Return** | **(2.17** **%)** | **(3.36** **%)** | **4.51%** | **(3.22** **%)** | **7.43%** | **7.70%** |
|  **Ratios/Supplemental Data** | **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) | $9952 | $37389 | $74519 | $109405 | $55461 | $37470 |
|  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: | Ratios to average net assets: |
|  Net investment income (loss) | 2.25% | 2.20% | 2.28% | 0.66% | (0.27%) | (0.15%) |
|  Total expenses<sup>d</sup> | 1.65% | 1.69% | 1.60% | 1.55% | 1.92% | 1.68% |
|  Net expenses<sup>e,f</sup> | 1.58% | 1.63% | 1.54% | 1.51% | 1.87% | 1.62% |
|  Portfolio turnover rate | 75% | 164% | 197% | 203% | 205% | 248% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **06/30/25<sup>a</sup>** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
| Class A | 1.40% | 1.41% | 1.40% | 1.40% | 1.41% | 1.37% |
| Class C | 2.15% | 2.16% | 2.14% | 2.15% | 2.16% | 2.12% |
| Class P | 1.40% | 1.41% | 1.40% | 1.40% | 1.41% | 1.37% |
| Institutional Class | 1.15% | 1.16% | 1.14% | 1.15% | 1.16% | 1.12% |

---

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

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (Unaudited)<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 have a 1% contingent deferred sales charge ("CDSC") if shares are redeemed within 12 months of purchase. Class C shares have a 1% CDSC if shares are redeemed within 12 months of purchase. Class C shares of each Fund automatically convert to Class A shares of the same Fund on or about the 10th day of the month following the 8-year anniversary of the purchase of the Class C shares. This conversion will be executed without any sales charge, fee or other charge. After the conversion is completed, the shares will be subject to all features and expenses of Class A shares. Institutional Class shares are offered primarily for direct investment by institutions such as pension and profit sharing plans, endowments, foundations and corporations. Institutional Class shares require a minimum initial investment of $2 million and a minimum account balance of $1 million. At June 30, 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 June 30, 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 Net <br> Assets at <br> June 30, <br> 2025** | **% of Net Assets <br> of the Fund at <br> June 30, <br> 2025** |
|  Commodities Strategy Fund | 09/08/09 | $1307667 | 19.6% |
|  Managed Futures Strategy Fund | 05/01/08 | 3452863 | 17.8% |
|  Multi-Hedge Strategies Fund | 09/18/09 | 472604 | 3.0% |

---

**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 SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (Unaudited)(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 SEMI-ANNUAL FINANCIAL REPORT \| 35

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (Unaudited)(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 SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (Unaudited)(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 June 30, 2025, if any, are disclosed in the Funds' Consolidated Statements of Assets and Liabilities.

**(h) Security Transactions** 

Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Proceeds from lawsuits related to investment holdings are recorded as a reduction to cost if the securities are still held and as realized gains if no longer held in the 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 distributions of 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 across 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 4.33% at June 30, 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.

**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.

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 37

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

**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.

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 | $4790627 | $— |
|  Managed Futures Strategy Fund | Hedge, Leverage, Liquidity, Speculation | 47268934 | 34990219 |
|  Multi-Hedge Strategies Fund | Duration, Hedge, Index exposure, Leverage, Liquidity, Speculation | 28581657 | 21180803 |

---

38 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

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

**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 | $12206217 | $10187886 |

---

**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

June 30, 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 following tables set forth the fair value of the Funds' derivative investments categorized by primary risk exposure at June 30, 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> June 30, <br> 2025** |
|  Managed Futures Strategy Fund | $109773 | $— | $89368 | $71369 | $111153 | $381663 |
|  Multi-Hedge Strategies Fund | 2542 | 317465 | 6393 | 14095 | 17234 | 357729 |

---

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 39

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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> June 30, <br> 2025** |
|  Commodities Strategy Fund | $— | $— | $— | $— | $132326 | $132326 |
|  Managed Futures Strategy Fund | 62151 |  | 2047 | 18456 | 157982 | 240636 |
|  Multi-Hedge Strategies Fund | 2166 |  | 39201 | 8097 | 26781 | 76245 |

---

\* 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 June 30, 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 June 30, 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** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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 | $— | $— | $— | $— | $17583 | $17583 |
|  Managed Futures Strategy Fund | 138459 |  | (239293) | (1220611) | 274046 | (1047399) |
|  Multi-Hedge Strategies Fund | (220035) | 145867 | (273) | (144053) | (141765) | (360259) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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 | $— | $— | $— | $— | $(229795) | $(229795) |
|  Managed Futures Strategy Fund | 260780 |  | (381773) | (20829) | (204387) | (346209) |
|  Multi-Hedge Strategies Fund | 28239 | (326852) | (138882) | (117113) | (219239) | (773847) |

---

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.

40 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

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

**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 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 | $317465 | $— | $317465 | $— | $— | $317465 |

---

<sup>1</sup> Exchange-traded or centrally-cleared derivatives are excluded from these reported amounts.

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 41

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

The Funds have the right to offset deposits against any related derivative liabilities outstanding with each counterparty with the exception of exchange-traded or centrally-cleared derivatives. The following table presents deposits held by others in connection with derivative investments as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Asset Type** | **Cash Pledged** | **Cash Received** |
|  Commodities Strategy Fund | Goldman Sachs International | Futures contracts | $336681 | $— |
|  Managed Futures Strategy Fund | Goldman Sachs International | Futures contracts | 924577 |  |
|  Multi-Hedge Strategies Fund | Goldman Sachs International | Futures contracts | 549575 |  |

---

**Note 4 – Fair Value Measurement** 

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

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

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

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

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

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

The inputs or methodologies selected and applied for valuing securities 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% |

---

42 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

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

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 June 30, 2025, the Commodities Strategy Fund, Managed Futures Strategy Fund and Multi-Hedge Strategies Fund waived $2,954, $20,424 and $4,878, 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 additional 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 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 June 30, 2025, GFD retained sales charges of $54,023 relating to sales of Class A shares of the Trust.

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 43

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

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 June 30, 2025, the following Funds waived fees related to investments in affiliated funds:

---

| | |
|:---|:---|
| **Fund** | **Amount Waived** |
|  Commodities Strategy Fund | $1010 |
|  Managed Futures Strategy Fund | 3153 |
|  Multi-Hedge Strategies Fund | 3060 |

---

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. U.S. Bank, N.A. ("U.S. Bank") serves as the Funds' custodian. As custodian, U.S. Bank is responsible for the custody of the Funds' assets. For providing the aforementioned services, MUIS and U.S. Bank are entitled to receive a monthly fee equal to an annual percentage of each Fund's average daily net assets and out of pocket expenses.

**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 June 30, 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** |
|  J.P. Morgan Securities LLC |  |  | U.S. Treasury Bond |  |  |
| &nbsp;&nbsp; 4.37% |  |  | &nbsp;&nbsp; 2.38% |  |  |
| &nbsp;&nbsp; Due 07/01/25 | $141840802 | $141858020 | &nbsp;&nbsp; Due 05/15/51 | $228236800 | $144677653 |
|  Barclays Capital, Inc. |  |  | U.S. Treasury Notes |  |  |
| &nbsp;&nbsp; 4.39% |  |  | &nbsp;&nbsp; 4.00% - 4.63% |  |  |
| &nbsp;&nbsp; Due 07/01/25 | 61204241 | 61211704 | &nbsp;&nbsp; Due 10/15/26 - 10/31/29 | 61369400 | 62428397 |
|  BofA Securities, Inc. |  |  | U.S. Treasury Strip |  |  |
| &nbsp;&nbsp; 4.37% |  |  | &nbsp;&nbsp; 0.00% |  |  |
| &nbsp;&nbsp; Due 07/01/25 | 59100334 | 59107508 | &nbsp;&nbsp; Due 02/15/42 | 139027862 | 60282342 |

---

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.

44 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

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

**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, U.S. Bank acts 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 U.S. Bank, cash collateral and proceeds are invested in the First American Government Obligations Fund — Class X. 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.

At June 30, 2025, the following Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Gross Amounts Not Offset in the Consolidated <br> Statements of Assets and Liabilities**  | **Gross Amounts Not Offset in the Consolidated <br> Statements of Assets and Liabilities**  | **Gross Amounts Not Offset in the Consolidated <br> Statements of Assets and Liabilities**  | **Securities Lending Collateral** | **Securities Lending Collateral** | **Securities Lending Collateral** |
| <br>**Fund** | **Value of <br> Securities <br> Loaned** | **Collateral <br> Received<sup>(a)</sup>** | **Net <br> Amount** | **Cash <br> Collateral <br> Invested** | **Cash <br> Collateral <br> Uninvested** | **Total <br> Collateral** |
|  Multi-Hedge Strategies Fund | $113223 | $(113223) | $— | $116297 | $— | $116297 |

---

<sup>(a)</sup> Actual collateral received by the Fund is generally greater than the amount shown due to overcollateralization.

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.

**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.

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 45

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

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 respective Fund as a deductible amount for U.S. federal income tax purposes and cannot be carried forward to reduce future income from the Subsidiary in subsequent years.

At June 30, 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 | $6976170 | $— | $(497570) | $(497570) |
|  Managed Futures Strategy Fund | 18505563 | 413136 | (240642) | 172494 |
|  Multi-Hedge Strategies Fund | 12755410 | 887510 | (375253) | 512257 |

---

**Note 9 – Securities Transactions** 

For the period ended June 30, 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 | 16344695 | 27599078 |

---

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 June 30, 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, secured an uncommitted $200,000,000 line of credit from U.S. Bank, N.A. On November 18, 2024, a new line of credit agreement was entered into which expires on November 17, 2025. This line of credit is reserved for emergency or temporary purposes. Borrowings, if any, under this arrangement bear interest equal to the Prime Rate, minus 2%, which shall be paid monthly, averaging 5.50% for the period ended June 30, 2025. The Funds did not have any borrowings under this agreement as of and for the period ended June 30, 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.

46 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

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

**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.

**Note 13 – Market Risks** 

The value of, or income generated by, the investments held by the Funds are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting (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, natural/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 14 – 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 SEMI-ANNUAL FINANCIAL REPORT \| 47

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

**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.

48 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

**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.

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 49

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

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

50 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

**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.

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 51

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

**Report of the Rydex Series Funds Board of Trustees** 

The Board of Trustees (the "Board") of Rydex Series Funds (the "Trust"), including the Independent Trustees, unanimously approved the renewal of the investment management agreement (the "Advisory Agreement") with Security Investors, LLC ("Security Investors" or the "Adviser") on behalf of the series of the Trust listed below (each a "Fund" and collectively, the "Funds"):

---

| | | | |
|:---|:---|:---|:---|
| **Tradable Funds (Including Sector Funds\*)** | **Tradable Funds (Including Sector Funds\*)** | **Tradable Funds (Including Sector Funds\*)** | **Tradable Funds (Including Sector Funds\*)** |
| ●  | Banking Fund\* | ●  | Basic Materials Fund\* |
| ●  | Biotechnology Fund\* | ●  | Commodities Strategy Fund |
| ●  | Consumer Products Fund\* | ●  | Dow Jones Industrial Average Fund |
| ●  | Electronics Fund\* | ●  | Emerging Markets 2x Strategy Fund |
| ●  | Emerging Markets Bond Strategy Fund | ●  | Energy Fund\* |
| ●  | Energy Services Fund\* | ●  | Europe 1.25x Strategy Fund |
| ●  | Financial Services Fund\* | ●  | Government Long Bond 1.2x Strategy Fund |
| ●  | Health Care Fund\* | ●  | High Yield Strategy Fund |
| ●  | Internet Fund\* | ●  | Inverse Emerging Markets 2x Strategy Fund |
| ●  | Inverse Government Long Bond Strategy Fund | ●  | Inverse High Yield Strategy Fund |
| ●  | Inverse Mid-Cap Strategy Fund | ●  | Inverse NASDAQ-100 Strategy Fund |
| ●  | Inverse Russell 2000 Strategy Fund | ●  | Inverse S&P 500 Strategy Fund |
| ●  | Japan 2x Strategy Fund | ●  | Leisure Fund\* |
| ●  | Mid-Cap 1.5x Strategy Fund | ●  | Monthly Rebalance NASDAQ-100 2x Strategy Fund |
| ●  | NASDAQ-100 Fund | ●  | Nova Fund |
| ●  | Precious Metals Fund\* | ●  | Real Estate Fund\* |
| ●  | Retailing Fund\* | ●  | Russell 2000 1.5x Strategy Fund |
| ●  | Russell 2000 Fund | ●  | S&P 500 Fund |
| ●  | S&P 500 Pure Growth Fund | ●  | S&P 500 Pure Value Fund |
| ●  | S&P MidCap 400 Pure Growth Fund | ●  | S&P MidCap 400 Pure Value Fund |
| ●  | S&P SmallCap 600 Pure Growth Fund | ●  | S&P SmallCap 600 Pure Value Fund |
| ●  | Strengthening Dollar 2x Strategy Fund | ●  | Technology Fund\* |
| ●  | Telecommunications Fund\* | ●  | Transportation Fund\* |
| ●  | Utilities Fund\* | ●  | U.S. Government Money Market Fund |
| ●  | Weakening Dollar 2x Strategy Fund |  |  |
| **Alternative Funds\*\* (***i.e.***, Non-Tradable Funds)** | **Alternative Funds\*\* (***i.e.***, Non-Tradable Funds)** | **Alternative Funds\*\* (***i.e.***, Non-Tradable Funds)** | **Alternative Funds\*\* (***i.e.***, Non-Tradable Funds)** |
| ●  | Managed Futures Strategy Fund\*\* | ●  | Multi-Hedge Strategies Fund\*\* |

---

---

| | |
|:---|:---|
| \*  | &nbsp;&nbsp;&nbsp; Each a "Sector Fund" and collectively, the "Sector Funds." |
| \*\*  | &nbsp;&nbsp;&nbsp; Each an "Alternative Fund" and collectively, the "Alternative Funds." Each Fund other than the Alternative Funds is referred to herein as a "Tradable Fund" and collectively, the "Tradable Funds." |

---

52 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

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

Security Investors<sup>1</sup> is an indirect subsidiary of Guggenheim Partners, LLC, a privately-held, global investment and advisory firm ("Guggenheim Partners"). Guggenheim Partners, Security Investors and their affiliates may be referred to herein collectively as "Guggenheim." "Guggenheim Investments" refers to the global asset management and investment advisory division of Guggenheim Partners and includes Security Investors, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Investment Advisors, LLC and other affiliated investment management businesses of Guggenheim Partners.

At meetings held in person on April 15, 2025 (the "April Meeting") and on May 22, 2025 (the "May Meeting"), the Contracts Review Committee of the Board (the "Committee"), consisting solely of the Independent Trustees, met separately from Guggenheim to consider the proposed renewal of the Advisory Agreement. As part of its review process, the Committee was represented by independent legal counsel to the Independent Trustees ("Independent Legal Counsel"), from whom the Independent Trustees received separate legal advice and with whom they met separately. Independent Legal Counsel reviewed and discussed with the Committee various key aspects of the Trustees' legal responsibilities relating to the proposed renewal of the Advisory Agreement and other principal contracts. The Committee took into account various materials received from Guggenheim and Independent Legal Counsel. The Committee also considered the variety of written materials, reports and oral presentations the Board received throughout the year regarding performance and operating results of the Funds, and other information relevant to its evaluation of the Advisory Agreement.

In connection with the contract review process, FUSE Research Network LLC ("FUSE"), an independent, third-party research provider, was engaged to prepare advisory contract renewal reports designed specifically to help the Board fulfill its advisory contract renewal responsibilities. The objective of the FUSE reports is to present the subject fund's relative position regarding fees, expenses and total return performance, with peer group and universe comparisons. FUSE also made a presentation at the April Meeting. The Committee assessed the data provided in the FUSE reports as well as commentary presented by Guggenheim and FUSE, including, among other things, a discussion of Funds for which no peer funds were identified, a summary of notable distinctions between certain Funds and the applicable peer group identified in the FUSE reports and explanations for custom peer groups created for certain Funds that do not fit well into any particular category.

As part of its evaluation of the Adviser and the proposed renewal of the Advisory Agreement, the Committee took into account that the beneficial owners of the Funds are clients of tactical advisors who are engaged to provide tactical asset allocation investment advisory services. Each Tradable Fund is designed to provide such tactical advisors with specific exposures (with the exception of the U.S. Government Money Market Fund which is designed to support tactical advisors seeking to avoid market exposure or preserve capital) while also providing for unlimited trading privileges, and that the Tradable Funds offer a unique set of product features. The Committee noted that each Tradable Fund (other than the U.S. Government Money Market Fund) seeks to track, or correlate to, the performance (before fees and expenses) of a specific benchmark index over certain time periods or a specific market, noting that, because appropriate published indices are not available for many of the Sector Funds, the Adviser has developed its own methodology to construct internal performance benchmarks for the Sector Funds. In this regard, the Committee received information regarding the Adviser's proprietary methodology for constructing internal performance benchmarks for such Funds, including the personnel with primary responsibility for the maintenance and execution of the methodology. The Committee also noted that, in addition to the performance information included in the FUSE reports, the Adviser provided tracking error data for each Tradable Fund (other than the U.S. Government Money Market Fund) relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark. The Committee took into account the limitations of the peer group and universe comparisons provided by FUSE with respect to the Tradable Funds in light of their unique features and the limited size of the marketplace for tradable funds designed to support tactical advisors, noting that there are only two direct competitor product suites.

In addition, Guggenheim provided materials and data in response to formal requests for information sent by Independent Legal Counsel on behalf of the Committee. Guggenheim also made a presentation at the April Meeting. Throughout the process, the Committee asked questions of management and requested certain additional information, which Guggenheim provided (collectively with the foregoing reports

<sup>1</sup> Security Investors also serves as investment adviser to each of Rydex Series Funds Commodities Strategy CFC, Rydex Managed Futures Strategy CFC and Rydex Series Funds Multi-Hedge Strategies CFC (each a "Subsidiary" and collectively, the "Subsidiaries"), wholly-owned subsidiaries of the Trust that are organized as limited companies under the laws of the Cayman Islands and used by Commodities Strategy Fund, Managed Futures Strategy Fund and Multi-Hedge Strategies Fund, respectively, to obtain commodities exposure. Pursuant to a separate investment management agreement for each Subsidiary (each a "Subsidiary Advisory Agreement" and collectively, the "Subsidiary Advisory Agreements"), the Subsidiary pays Security Investors an advisory fee at the same rate that the respective Fund pays Security Investors under the Advisory Agreement. The Subsidiary Advisory Agreements do not require annual renewal by the Board and will continue until they are terminated as provided in the Agreements. In addition, Security Investors has entered into a separate waiver agreement with respect to each applicable Fund pursuant to which Security Investors has contractually agreed to waive the advisory fee it receives from the Fund in an amount equal to the advisory fee paid to Security Investors by the respective Subsidiary. This undertaking will continue with respect to each applicable Fund for so long as the Fund invests in the respective Subsidiary, and may be terminated only with the approval of the Board.

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 53

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

and materials, the "Contract Review Materials"). The Committee considered the Contract Review Materials in the context of its accumulated experience governing the Trust and other funds in the Guggenheim fund complex and weighed the factors and standards discussed with Independent Legal Counsel.

Following an analysis and discussion of relevant factors, including those identified below, and in the exercise of its business judgment, the Committee concluded that the Advisory Agreement represented a reasonable business arrangement negotiated at arm's length and that it was in the best interest of each Fund to recommend that the Board approve the renewal of the Advisory Agreement for an additional annual term. Following its review of the Committee's recommendation, the Board unanimously approved the renewal of the Advisory Agreement for each Fund for a one-year period ending August 1, 2026 at a meeting held on May 21-22, 2025 (the "May Board Meeting" and together with the May Meeting, the "May Meetings") and determined to adopt the Committee's considerations and conclusions, which follow.

*Nature, Extent and Quality of Services Provided by the Adviser:* With respect to the nature, extent and quality of services currently provided by the Adviser, the Committee considered the qualifications, experience and skills of key personnel performing services for the Funds, including those personnel providing compliance and risk oversight, as well as the supervisors and reporting lines for such personnel. The Committee also considered other information, including Guggenheim's resources and related efforts to retain, attract and motivate capable personnel to serve the Funds. In evaluating Guggenheim's resources and capabilities, the Committee considered Guggenheim's commitment to focusing on, and investing resources in support of, funds in the Guggenheim fund complex, including the Funds. The Committee also considered the acceptability of the terms of the Advisory Agreement, including the scope of services required to be performed by the Adviser.

The Committee's review of the services provided by Guggenheim to the Funds included consideration of Guggenheim's investment processes and index methodologies and resulting performance, portfolio oversight and risk management, and the related regular quarterly reports and presentations received by the Board. The Committee took into account the risks borne by Guggenheim in sponsoring and providing services to the Funds, including regulatory, operational, legal and entrepreneurial risks. The Committee considered the resources dedicated by Guggenheim to compliance functions and the reporting made to the Board by Guggenheim compliance personnel regarding Guggenheim's adherence to regulatory requirements. The Committee also considered the regular reports the Board receives from the Trust's Chief Compliance Officer regarding compliance policies and procedures established pursuant to Rule 38a-1 under the Investment Company Act of 1940, as amended.

With respect to the Tradable Funds, the Committee considered their unique product features, including their tradability, the real time cash process employed for such Funds, twice-daily pricing for certain Tradable Funds on select trading platforms, and the leveraged and inverse strategies offered, the Adviser's assessment of the value to shareholders provided by the Funds' structure and the services required by the Adviser to provide the Funds' unique features, as well as the personnel responsible for such services. The Committee noted that the Tradable Funds allow frequent trading and unlimited exchange privileges among like share classes and noted the magnitude of changes in each Fund's assets during 2024, 2023 and 2022. The Committee also considered additional information regarding trading activity in the Tradable Funds during 2024 and 2023, including purchases and redemptions in dollar value and in number of transactions as well as transaction volume relative to the assets in the Tradable Funds. In this regard, the Committee noted that the real time cash process is utilized by the Adviser to aggregate shareholder flow data to estimate daily net subscriptions or redemptions in order to mitigate the costs associated with the tradability feature, improve tracking and keep the Funds fully invested. The Committee took into account the infrastructure developed by the Adviser to manage the significant volume and size of trading that typically occurs near the end of each business day, as well as the unique considerations required in the portfolio construction process to determine the optimal way to obtain the applicable exposures, including leveraged and inverse exposures, while allowing for high turnover. In addition, the Committee considered information provided by the Adviser analyzing the potential costs to shareholders of investing in tradable mutual funds, such as the Tradable Funds, compared to those of investing in exchange-traded funds, including expense ratios, brokerage commissions and spread costs, as well as the relative advantages and disadvantages of each investment product. The Committee considered management's view that the Tradable Funds continue to be utilized by tactical advisors as intended. With respect to the Sector Funds, the Committee also considered the Adviser's proprietary methodology for constructing internal performance benchmarks for such Funds, noting the Adviser's statement that it uses a quantitative portfolio investment process that also requires investment discretion in implementing adjustments for factors that affect tradability and liquidity, changing dynamics within a sector, and corporate actions such as spin-offs, among other adjustments.

In connection with the Committee's evaluation of the overall package of services provided by Guggenheim, the Committee considered Guggenheim's administrative services, including its role in supervising, monitoring, coordinating and evaluating the various services provided by the fund administrator, transfer agent, distributor, custodian and other service providers to the Funds. The Committee evaluated the Office of Chief Financial Officer (the "OCFO"), which oversees the fund administration, accounting and transfer agency services provided to the Funds and other funds in the Guggenheim fund complex, including the OCFO's resources, personnel and services provided.

54 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

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

With respect to Guggenheim's resources and the ability of the Adviser to carry out its responsibilities under the Advisory Agreement, the Chief Financial Officer of Guggenheim Investments reviewed with the Committee financial information concerning the holding company for Guggenheim Investments, GIH Borrower, LLC ("GIHB"), and the various entities comprising Guggenheim Investments, and provided the audited consolidated financial statements of GIHB and its indirect subsidiary Guggenheim Investments Holdings, LLC.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, including the Committee's knowledge of how the Adviser performs its duties obtained through Board meetings, discussions and reports throughout the year, the Committee concluded that the Adviser and its personnel were qualified to serve the Funds in such capacity and may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the Funds.

*Investment Performance:* Except as otherwise noted, the Committee received, for each Fund, investment returns for the since-inception, ten-year, five-year, three-year, one-year and three-month periods ended December 31, 2024, as applicable. For certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, only investment returns for the five-year, three-year and one-year periods ended December 31, 2024, as applicable, were received. In addition, the Committee received a comparison of each Fund's performance to the performance of a benchmark and a peer group of similar funds based on asset levels as identified by FUSE, and for certain Funds, a broader universe of funds, in each case for the same periods, as applicable. The Committee also received from FUSE a description of the methodology for identifying each Fund's peer group and universe, if any, for performance and expense comparisons. For the Tradable Funds (other than the U.S. Government Money Market Fund), the Committee received tracking error data for such Funds relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark for the five-year, three-year and one-year periods ended December 31, 2024, as applicable. For certain Tradable Funds with only one or two identified peer funds from the two direct competitor product suites, the Committee received a comparison of the tracking error of each Fund's Class H shares to the tracking error of a peer fund, in each case for the same periods, as applicable. The Committee also received certain performance information for the Alternative Funds (i.e., the non-Tradable Funds) as of March 31, 2025. In assessing each Fund's performance, the Committee considered that the Board receives regular reporting from Guggenheim regarding performance and evaluates performance throughout the year.

With respect to the Tradable Funds (other than the U.S. Government Money Market Fund), the Committee considered the Adviser's statement that such Funds are designed as a suite of products seeking to provide a number of broad and specific exposures for tactical advisors and also considered that the Funds have a unique set of product features designed to meet the needs of those tactical advisors, which has an impact on performance. The Committee considered the Adviser's statement that, in circumstances where there are significant deviations from expected returns, management seeks to understand the cause of such deviations and determine if any remedial actions should be considered, noting that no such remedial actions were currently deemed necessary by the Adviser to address performance. The Committee also considered the Adviser's discussion of factors that contribute to such deviations, including shareholder activity, financing costs associated with leverage and investment instruments used to achieve certain exposures. In this connection, the Committee considered the tracking error of each Fund's Class H shares relative to its applicable benchmark index or Guggenheim-constructed internal performance benchmark and, for certain Tradable Funds, compared to the tracking error of a peer fund. The Committee considered the Adviser's commentary explaining the higher levels of tracking error for certain Funds.

With respect to certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser's summary of notable distinctions between the Tradable Funds and the peer funds in the two direct competitor product suites and noted the Adviser's statement that certain Tradable Funds do not have any peer funds that provide the same index, leverage or inverse exposure. The Committee also considered management's commentary explaining circumstances in which the performance of the Tradable Funds may deviate from the performance of their respective peer funds due to, among other factors, differences in portfolio construction methodologies and exposures. The Committee noted that the two direct competitor product suites do not offer a fund comparable to either the Commodities Strategy Fund or the Emerging Markets Bond Strategy Fund. The Committee considered, for each of the Commodities Strategy Fund and the Emerging Markets Bond Strategy Fund, a comparison to a peer group identified in the FUSE report that includes actively-managed funds, in each case noting the limitations in the comparability of such peer group.

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser's statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and considered that only one other fund in its peer group identified in the FUSE report has product features that make it comparable in this regard. The Committee considered that the Fund slightly underperformed the comparable peer fund and that the Fund's performance ranked in the fourth quartile of the broader peer group over the five-year, three-year and one-year periods ended December 31, 2024.

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 55

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

With respect to the Sector Funds, the Committee considered the Adviser's summary of notable distinctions between each Fund and the applicable peer group identified in the FUSE reports. The Committee considered that the peer groups are comprised of actively-managed funds seeking similar exposures but that do not offer the same product features, including unlimited trading privileges, noting the Adviser's statement that certain peer funds also cover a narrower or wider market segment than the applicable Fund. The Committee considered management's commentary explaining circumstances in which the Sector Funds may underperform their respective peer groups due to, among other factors, high turnover associated with daily shareholder flows, differences in exposures and the Funds' modified cap weighting approach to portfolio construction.

With respect to the Alternative Funds (i.e., the non-Tradable Funds), in seeking to evaluate Fund performance over a full market cycle, the Committee focused its attention on five-year and three-year performance rankings as compared to the relevant universe of funds. The Committee observed that the returns of the Managed Futures Strategy Fund's Institutional Class shares ranked in the third quartile or better of its performance universe for each of the five-year and three-year periods considered. In addition, the Committee made the following observations:

**Multi-Hedge Strategies Fund:** The returns of the Fund's Institutional Class shares ranked in the 77th and 96th percentiles of its performance universe for the five-year and three-year periods ended December 31, 2024, respectively. The Committee noted management's explanation that the Fund's relative underperformance over the five-year and three-year time periods was largely driven by a wide range of uncorrelated strategies following the first quarter of 2024, including underperformance in the Equity Market Neutral strategy due to net short exposures to multi-family residential REITs and industrial REITs and net long exposures to health care REITs and underperformance in the Long/Short Equity strategy due to tilts toward quality and value. The Committee considered management's statement that, in light of this underperformance, the investment management team was temporarily reducing its risk target for the Fund and prioritizing research and the potential implementation of new strategies for the Fund. The Committee took into account management's discussions at the April Meeting and the May Board Meeting regarding the Fund's performance and the Adviser's planned enhancements to the Fund's investment strategies and processes.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, the Committee concluded that: (i) each Fund's performance was acceptable; or (ii) it was satisfied with Guggenheim's responses and/or efforts to improve investment performance.

*Comparative Fees, Costs of Services Provided and the Benefits Realized by the Adviser from Its Relationship with the Funds:* The Committee compared each Fund's contractual advisory fee, net effective management fee<sup>2</sup> and total net expense ratio to the applicable peer group, if any. The Committee also reviewed the median advisory fees and expense ratios, including expense ratio components (e.g., transfer agency fees, administration fees, other operating expenses, distribution fees and fee waivers/reimbursements), of the peer group. In addition, the Committee considered information regarding Guggenheim's process for evaluating the competitiveness of each Fund's fees and expenses, noting Guggenheim's statement that evaluations seek to incorporate a variety of factors with a general focus on ensuring fees and expenses: (i) are competitive; (ii) give consideration to resource support requirements; and (iii) ensure Funds are able to deliver on shareholder return expectations.

As part of its evaluation of each Fund's advisory fee, the Committee considered how such fees compared to the advisory fee charged by Guggenheim to one or more other clients that it manages pursuant to similar investment strategies, to the extent applicable. The Committee noted Guggenheim's statement that it does not provide advisory services to other clients that have investment strategies similar to those of the Funds, other than variable insurance fund counterparts to certain Funds, each of which is charged the same advisory fee as the corresponding Fund.

With respect to the Tradable Funds that are designed to track a widely available index, which have only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser's summary of notable distinctions between the Tradable Funds and the peer funds, noting the Adviser's statement that only one of the two direct competitor product suites (which also employs a daily rebalance feature) is directly comparable for purposes of assessing such Funds' advisory fees, with the exception of the Monthly Rebalance NASDAQ-100 2x Strategy Fund for which the other competitor product suite (which employs a monthly rebalance feature) is directly comparable. The Committee noted that the contractual advisory fee for each Fund's Class H shares, other than the Monthly Rebalance NASDAQ-100 2x Strategy Fund, was equal to or lower than the contractual advisory fee charged to the comparable peer fund. The Committee also considered the net effective management fee and total net expense ratio for each such Fund's Class H shares as compared to those of the peer fund. For the

<sup>2</sup> The "net effective management fee" for each Fund represents the combined effective advisory fee and administration fee as a percentage of average net assets for the latest fiscal year, after any waivers and/or reimbursements. 

56 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

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

Monthly Rebalance NASDAQ-100 2x Strategy Fund, the Committee considered that, although the contractual advisory fee for the Fund's Class H shares is higher than the contractual advisory fee charged to the peer fund, the Adviser has contractually agreed to cap Fund expenses to ensure that total net expenses are competitive. The Committee noted that the net effective management fee and the total net expense ratio for the Fund's Class H shares were lower than those of the peer fund.

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser's statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and considered that only one other fund in its peer group identified in the FUSE report is directly comparable in terms of product features offered. The Committee considered that, as of the Fund's and the peer fund's respective fiscal year ends, the Fund's contractual advisory fee and total net expense ratio were higher than those of the comparable peer fund, but noted management's statement that it believes that the peer fund's unique structural arrangement of investing in a master portfolio managed by an unaffiliated investment adviser may result in the peer fund's stated advisory fees being understated.

With respect to the Sector Funds, the Committee considered the Adviser's summary of notable distinctions between each Fund and the applicable peer group identified in the FUSE reports. The Committee considered that the peer groups are comprised of actively-managed funds seeking similar exposures but that do not offer the same product features, such as unlimited trading privileges. As a result, the fee and expense comparisons are more difficult given the uniqueness of both the Funds' structure and the portfolio management needed to meet client requirements.

The Committee considered the continuation through August 1, 2026 of management's agreement, implemented as part of the 2024 annual contract renewal process, to reduce the total net expense ratio of Europe 1.25x Strategy Fund by 0.10% of its average daily net assets through an expense reimbursement and/or waiver agreement, with such reduction applicable in addition to any other contractual waiver and/or reimbursement arrangements in place. The Committee also considered the continuation through August 1, 2026 of management's agreement, implemented as part of the 2023 annual contract review process, to reduce the total net expense ratio of each Tradable Fund (other than the U.S. Government Money Market Fund) by 0.05% of its average daily net assets through an expense reimbursement and/or waiver agreement, with such reduction applicable in addition to any other contractual waiver and/or reimbursement arrangements in place. The Committee further noted the continuation through August 1, 2026 of management's agreement, implemented as part of the 2022 annual contract review process, to reduce the total net expense ratio of each Tradable Fund with a contractual advisory fee of 0.90% of its average daily net assets<sup>3</sup> by 0.05% of its average daily net assets and, with respect to NASDAQ-100 Fund, to reduce the total net expense ratio of the Fund by 0.05% of its average daily net assets in excess of $500 million, through expense reimbursement and/or waiver agreements.

With respect to the Alternative Funds (i.e., the non-Tradable Funds), the Committee observed that the contractual advisory fee, net effective management fee and total net expense ratio for each Fund's Institutional Class shares each rank in the third quartile or better of such Fund's peer group.

With respect to the costs of services provided and benefits realized by Guggenheim Investments from its relationship with the Funds, the Committee reviewed a profitability analysis and data from management for each Fund setting forth the average assets under management for the twelve months ended December 31, 2024, gross revenues received, and expenses incurred directly or through allocations, by Guggenheim Investments, expense waivers (as applicable), earnings and the operating margin/profitability rate, including variance information relative to the foregoing amounts as of December 31, 2023 and December 31, 2022. In addition, the Chief Financial Officer of Guggenheim Investments reviewed with, and addressed questions from, the Committee concerning the expense allocation methodology employed in producing the profitability analysis. In the course of its review of Guggenheim Investments' profitability, the Committee took into account the methods used by Guggenheim Investments to determine expenses and profit and the representation by the Chief Financial Officer of Guggenheim Investments that such methods provided a reasonable basis for determining the profitability of the Adviser with respect to each Fund. The Committee considered all of the foregoing, among other things, in evaluating the costs of services provided, the profitability to Guggenheim Investments and the profitability rates presented.

<sup>3</sup> Emerging Markets 2x Strategy Fund, Europe 1.25x Strategy Fund, Inverse Emerging Markets 2x Strategy Fund, Inverse Government Long Bond Strategy Fund, Inverse Mid-Cap Strategy Fund, Inverse NASDAQ-100 Strategy Fund, Inverse Russell 2000 Strategy Fund, Inverse S&P 500 Strategy Fund, Mid-Cap 1.5x Strategy Fund, Monthly Rebalance NASDAQ-100 2x Strategy Fund, Russell 2000 1.5x Strategy Fund, Strengthening Dollar 2x Strategy Fund and Weakening Dollar 2x Strategy Fund.

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 57

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

The Committee also considered other benefits available to the Adviser because of its relationship with the Funds and noted Guggenheim's statement that it does not believe the Adviser derives any such "fall-out" benefits. In this regard, the Committee noted Guggenheim's statement that, although it does not consider such benefits to be fall-out benefits, the Adviser may benefit from certain synergies, such as enhanced visibility of the Adviser and its products and services with the correlative opportunity to increase sales and distribution of these products and services, and other synergies arising from offering a broad spectrum of products and services, including the Funds.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, the Committee concluded that the comparative fees and the benefits realized by the Adviser from its relationship with the Funds reflected reasonable business arrangements negotiated at arm's length and that the Adviser's profitability from its relationship with the Funds was not unreasonable.

*Economies of Scale:* The Committee received and considered information regarding whether there have been economies of scale with respect to the management of the Funds as Fund assets grow, whether the Funds have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Committee considered whether economies of scale in the provision of services to the Funds were being passed along to and shared with the shareholders. The Committee considered that Guggenheim believes it is appropriately sharing potential economies of scale and that Guggenheim's increase in overall expenses in 2024 was attributable to increases in operating and administration expenses, income tax and depreciation, and non-recurring items.

With respect to the Tradable Funds, the Committee noted that, in addition to the expense reimbursement and/or waiver arrangement implemented in August 2022 for the NASDAQ-100 Fund on average daily net assets in excess of $500 million, the Adviser has agreed to a contractual advisory fee breakpoint schedule for the Funds that is applied at the product-suite level, rather than on a Fund level, as the Funds are designed for tactical advisors and provide unlimited trading privileges, with individual Fund assets fluctuating significantly throughout the year. Under the breakpoint schedule adopted in June 2018 to reflect product-suite level economies of scale, each Fund's advisory fee would be subject to a uniform fee breakpoint reduction schedule that would take effect if the aggregate assets of the Tradable Funds and the tradable series of Rydex Dynamic Funds, a separate trust, equal or exceed $10 billion.

The Committee also noted the process employed by the Adviser to evaluate whether it would be appropriate to institute a new breakpoint for an Alternative Fund (i.e., a non-Tradable Fund), with consideration given to, among other things: (i) the Fund's size and trends in asset levels over recent years; (ii) the competitiveness of the expense levels; (iii) whether expense waivers are in place; (iv) changes and trends in revenue and expenses; (v) whether there are any anticipated expenditures that may benefit the Fund in the future; (vi) Fund profitability; (vii) relative Fund performance; (viii) the nature, extent and quality of services management provides to the Fund; and (ix) the complexity of the Fund's investment strategy and the resources required to support the Fund.

As part of its assessment of economies of scale, the Committee took into account Guggenheim's representation that it seeks to share economies of scale through a number of means, including breakpoints, advisory fees set at competitive rates pre-assuming future asset growth, expense waivers and limitations, and investments in personnel, operations and infrastructure to support the fund business. The Committee also received information regarding amounts that had been shared with shareholders through such expense waivers and limitations. Thus, the Committee considered the size of the Funds and the competitiveness of and/or other determinations made regarding the current advisory fee for each Fund, as well as whether a Fund is subject to an expense limitation.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and May Meetings, as well as other considerations, the Committee concluded that the advisory fee for each Fund reflected a reasonable business arrangement negotiated at arm's length.

**Overall Conclusions** 

The Committee concluded that the investment advisory fees reflect reasonable business arrangements negotiated at arm's length in light of the extent and quality of the services provided and other benefits received and that the renewal of the Advisory Agreement is in the best interest of each Fund. In reaching this conclusion, no single factor was determinative or conclusive and each Committee member, in the exercise of their informed business judgment, may afford different weights to different factors.

Following its review of the Committee's analysis and determinations, the Board adopted the considerations and conclusions of the Committee and determined to approve the renewal of the Advisory Agreement.

58 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

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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.**

The information is included as part of the material filed under Item 7 of this Form.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to this registrant.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to this registrant.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchases.**

Not applicable to this registrant.

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

There have been no changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**Item 16.** **Controls and Procedures.**

&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) Not applicable.

(a)(2) Not applicable.

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| | |
|:---|:---|
| [(a)(3)](fp0093914-15_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.](fp0093914-15_ex99cert.htm) |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](fp0093914-15_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 Act (17 CFR 270.30a-2(b)) is attached.](fp0093914-15_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 E. Binder |
|  | Brian E. Binder, President and Chief Executive Officer |

---

Date <u>September 3, 2025</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 E. Binder |
|  | Brian E. Binder, President and Chief Executive Officer |

---

Date <u>September 3, 2025</u>

---

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

---

Date <u>September 3, 2025</u>

 

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

## Ex-99.Cert

EX.-19(a)(3)(i)

**CERTIFICATION**

I, Brian E. 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.

---

| | |
|:---|:---|
| Date: September 3, 2025<br>| /s/ Brian E. Binder |
|  | Brian E. Binder |
|  | President and Chief Executive Officer |

---

EX.-19(a)(3)(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.

---

| | |
|:---|:---|
| Date: September 3, 2025<br>| /s/ James Howley |
|  | James Howley, |
|  | Chief Financial Officer, Chief Accounting Officer, and Treasurer |

---

## 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.

---

| | |
|:---|:---|
| Date: September 3, 2025 | /s/ Brian E. Binder |
|  | Brian E. Binder |
|  | President and Chief Executive Officer |

---

---

| | |
|:---|:---|
| Date: September 3, 2025 | /s/ James Howley |
|  | James Howley |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |

---