# EDGAR Filing Document

**Accession Number:** 0000217087
**File Stem:** 0001398344-25-017448
**Filing Date:** 2025-9
**Character Count:** 395406
**Document Hash:** 837b27d39afbdb36c964746d455539bf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-017448.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0001398344-25-017448

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**EFFECTIVENESS DATE**: 20250903

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Guggenheim Variable Funds Trust
- **CENTRAL INDEX KEY:** 0000217087

**ORGANIZATION NAME:**
- **EIN:** 480873454
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02753
- **FILM NUMBER:** 251289368

**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:** SBL FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### SERIES P (HIGH YIELD SERIES) (Series ID: S000010055)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027854 | A            |  |

### SERIES E (TOTAL RETURN BOND SERIES) (Series ID: S000010066)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027865 | A            |  |

### SERIES F (FLOATING RATE STRATEGIES SERIES) (Series ID: S000040553)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000125779 | A            |  |

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

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- 02753</u>

 <u>Guggenheim Variable Funds Trust</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

Guggenheim Variable Funds Trust

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)

### Series E (Total Return Bond Series)

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Series E (Total Return Bond Series) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. 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**  |
| Variable Annuity | $46 | 0.90%<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 (Series E (Total Return Bond Series)) returned 4.27%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 4.02% for the same period.

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

Positive contributors to relative returns include the fund's carry, or income, advantage, active duration positioning, and security selection. The fund's overweight duration positioning, particularly concentrated at the 5-10 year segment of the yield curve, where interest rates fell by 30 to 60 basis points over the reporting period, enhanced relative performance. Additionally, positive security selection within high yield corporates, investment-grade corporates, and bank loans contributed to relative performance. Credit positioning detracted from both absolute and relative returns, as spreads widened amid volatility associated with the uncertainty of the impact of evolving U.S. trade policy.

#### 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](fp0093913-3_sa101.jpg)

#### Average Annual Total Returns<sup>\*,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Series E (Total Return Bond Series) | 4.27% | 7.20% | 0.27% | 2.81% |
| Bloomberg U.S. Aggregate Bond Index | 4.02% | 6.08% | -0.73% | 1.76% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $173632162 |
| Total Number of Portfolio Holdings | 583 |
| Portfolio Turnover Rate | 17% |

---

---

| | |
|:---|:---|
| <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 Bloomberg U.S. Aggregate Bond Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Guggenheim Variable Funds Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Series E (Total Return Bond Series) \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093913-3_sa102.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 6.30.25

---

| | |
|:---|:---|
| **Credit Quality** | **% of Net Assets** |
| AAA | 13.0% |
| AA | 32.2% |
| A | 12.3% |
| BBB | 13.4% |
| BB | 2.8% |
| B | 1.2% |
| CCC | 1.0% |
| CC | 0.4% |
| C | 0.1% |
| NR<sup>3</sup> | 1.7% |
| Other Instruments | 21.9% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Guggenheim Variable Insurance Strategy Fund III | 21.0% |
| Uniform MBS 30 Year, 5.00% due 09/01/25 | 4.8% |
| U.S. Treasury Inflation Indexed Bonds, 2.13% due 01/15/35 | 3.0% |
| Uniform MBS 30 Year, 5.50% due 09/01/25 | 2.7% |
| Uniform MBS 30 Year, 3.00% due 09/01/25 | 2.6% |
| U.S. Treasury Bonds due 05/15/51 | 2.1% |
| Uniform MBS 15 Year, 5.00% due 09/01/25 | 1.9% |
| U.S. Treasury Notes, 4.13% due 05/31/32 | 1.9% |
| Uniform MBS 30 Year, 5.00% due 08/01/25 | 1.7% |
| U.S. Treasury Bonds, 4.38% due 11/15/39 | 1.4% |
| Top 10 Total | 43.1% |

---

<sup>\*</sup> Less than 0.01%

<sup>1</sup> "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> Source: BlackRock Solutions. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). All securities except for those labeled "NR" have been rated by Moody's, Standard & Poor's ("S&P"), or Fitch, each of which is a Nationally Recognized Statistical Rating Organization ("NRSRO"). For purposes of this presentation, when ratings are available from more than one agency, the highest rating is used. Guggenheim Investments has converted ratings to the equivalent S&P rating.

<sup>3</sup> NR (not rated) securities do not necessarily indicate low credit quality.

<sup>4</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![QR Code](ntscomvariableinsurancefunds.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

SAR-C000027865-063025

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

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

### Series F (Floating Rate Strategies Series)

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Series F (Floating Rate Strategies Series) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. 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**  |
| Variable Annuity | $58 | 1.15%<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 (Series F (Floating Rate Strategies Series)) returned 2.05%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 4.02% for the same period and underperforming the fund's secondary index, the S&P UBS Leveraged Loan Index, which returned 2.96% for the same period.

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

Relative performance of the fund compared to the secondary index continues to be impacted by idiosyncratic credit issues in the consumer non-cyclical and consumer cyclical sectors. The mark down of equity received as a result of restructurings also hurt performance. Credit selection in the single-B category broadly, and in the communications sector, contributed to relative performance.

Absolute performance continues to be driven by the high floating-rate coupon in the bank loan asset class and continued spread tightening. Absolute returns were somewhat compressed during the period given the tariff-related headlines and corresponding volatility in the asset class during March and April.

#### 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](fp0093913-1_sa91.jpg)

#### Average Annual Total Returns<sup>\*,†</sup> 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;Series F (Floating Rate Strategies Series) | 2.05% | 5.68% | 5.43% | 3.76% |
| Bloomberg U.S. Aggregate Bond Index | 4.02% | 6.08% | -0.73% | 1.76% |
| S&P UBS Leveraged Loan Index | 2.96% | 7.50% | 7.39% | 5.14% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $51523602 |
| Total Number of Portfolio Holdings | 256 |
| Portfolio Turnover Rate | 32% |

---

---

| | |
|:---|:---|
| <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 Bloomberg U.S. Aggregate Bond Index and the S&P UBS Leveraged Loan Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Guggenheim Variable Funds Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Series F (Floating Rate Strategies Series) \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093913-1_sa92.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 6.30.25

---

| | |
|:---|:---|
| **Credit Quality** | **% of Net Assets** |
| BBB | 9.6% |
| BB | 30.8% |
| B | 41.9% |
| CCC | 3.7% |
| NR<sup>3</sup> | 0.7% |
| Other Instruments | 13.3% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Guggenheim Floating Rate Strategies Fund — Class R6 | 4.3% |
| Grifols Worldwide Operations USA, Inc., 6.48% | 1.0% |
| Ascend Learning, LLC, 7.33% | 1.0% |
| Culligan, 7.32% | 1.0% |
| Calpine Construction Finance Company, LP, 6.33% | 1.0% |
| Burlington Coat Factory Warehouse Corp., 6.08% | 1.0% |
| Restaurant Brands, 6.08% | 1.0% |
| GIP Pilot Acquisition Partners LP, 6.28% | 1.0% |
| Park River Holdings, Inc., 7.80% | 1.0% |
| DCert Buyer, Inc., 8.33% | 0.9% |
| Top 10 Total | 13.2% |

---

<sup>1</sup> "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> Source: BlackRock Solutions. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). All securities except for those labeled "NR" have been rated by Moody's, Standard & Poor's ("S&P"), or Fitch, each of which is a Nationally Recognized Statistical Rating Organization ("NRSRO"). For purposes of this presentation, when ratings are available from more than one agency, the highest rating is used. Guggenheim Investments has converted ratings to the equivalent S&P rating.

<sup>3</sup> NR (not rated) securities do not necessarily indicate low credit quality.

<sup>4</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![QR Code](ntscomvariableinsurancefunds.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

SAR-C000125779-063025

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

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

### Series P (High Yield Series)

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Series P (High Yield Series) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. 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**  |
| Variable Annuity | $53 | 1.05%<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 (Series P (High Yield Series)) returned 4.15%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 4.02% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 4.57% for the same period.

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

Overall, the high yield market moved higher over the first half of the year even as trade tensions escalated. The primary contributor to the fund's performance was strong credit selection in energy and consumer cyclicals, and the primary detractor was weaker performance by bank loan exposures.

#### 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](fp0093913-2_sa111.jpg)

#### Average Annual Total Returns<sup>\*,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Series P (High Yield Series) | 4.15% | 9.46% | 5.87% | 4.48% |
| Bloomberg U.S. Aggregate Bond Index | 4.02% | 6.08% | -0.73% | 1.76% |
| Bloomberg U.S. Corporate High Yield Index | 4.57% | 10.28% | 5.97% | 5.38% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $31089338 |
| Total Number of Portfolio Holdings | 297 |
| Portfolio Turnover Rate | 20% |

---

---

| | |
|:---|:---|
| <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 Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Corporate High Yield Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Guggenheim Variable Funds Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Series P (High Yield Series) \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093913-2_sa112.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 6.30.25

---

| | |
|:---|:---|
| **Credit Quality** | **% of Net Assets** |
| BBB | 5.2% |
| BB | 45.8% |
| B | 34.8% |
| CCC | 7.2% |
| NR<sup>3</sup> | 1.2% |
| Other Instruments | 5.8% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| GrafTech Finance, Inc., 4.63% | 1.0% |
| CPI CG, Inc., 10.00% | 0.9% |
| Trinity Industries, Inc., 7.75% | 0.9% |
| Enviri Corp., 5.75% | 0.9% |
| Great Lakes Dredge & Dock Corp., 5.25% | 0.9% |
| Jefferies Finance LLC / JFIN Company-Issuer Corp., 5.00% | 0.8% |
| AMC Networks, Inc., 4.25% | 0.8% |
| Jones Deslauriers Insurance Management, Inc., 10.50% | 0.8% |
| ITT Holdings LLC, 6.50% | 0.8% |
| Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp., 5.00% | 0.8% |
| Top 10 Total | 8.6% |

---

<sup>1</sup> "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> Source: BlackRock Solutions. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). All securities except for those labeled "NR" have been rated by Moody's, Standard & Poor's ("S&P"), or Fitch, each of which is a Nationally Recognized Statistical Rating Organization ("NRSRO"). For purposes of this presentation, when ratings are available from more than one agency, the highest rating is used. Guggenheim Investments has converted ratings to the equivalent S&P rating.

<sup>3</sup> NR (not rated) securities do not necessarily indicate low credit quality.

<sup>4</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What changes in or disagreements with accountants occurred?
There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![QR Code](ntscomvariableinsurancefunds.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

SAR-C000027854-063025

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

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

![](fp0093913-6_i.jpg)<br>

**6.30.2025** 

**Guggenheim Variable Funds Trust Semi-Annual Financial Report**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Series** | &nbsp;&nbsp; **Series** |
| &nbsp;&nbsp; **Series E** | &nbsp;&nbsp; **(Total Return Bond Series)** |
| &nbsp;&nbsp; **Series F** | &nbsp;&nbsp; **(Floating Rate Strategies Series)** |
| &nbsp;&nbsp; **Series P** | &nbsp;&nbsp; **(High Yield Series)** |

---

---

| | |
|:---|:---|
| **GuggenheimInvestments.com** | &nbsp;&nbsp; GVFT-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>

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| | |
|:---|:---|
| Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Financial Report) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SERIES E (TOTAL RETURN BOND SERIES)  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; SERIES F (FLOATING RATE STRATEGIES SERIES)  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; SERIES P (HIGH YIELD SERIES)  | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; NOTES TO FINANCIAL STATEMENTS  | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTHER INFORMATION  | 69 |
| Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies  | 70 |
| Item 9: Proxy Disclosures for Open-End Management Investment Companies  | 71 |
| Item 10: REMUNERATION Paid to Directors, Officers, and others of Open-End Management Investment Companies  | 72 |
| Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract  | 73 |

---

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 1

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **SERIES E (TOTAL RETURN BOND SERIES)** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 0.0%** | **COMMON STOCKS<sup>†</sup>** **- 0.0%** | **COMMON STOCKS<sup>†</sup>** **- 0.0%** |
|  **Financial - 0.0%** | **Financial - 0.0%** | **Financial - 0.0%** |
| &nbsp;&nbsp;&nbsp; Pershing Square Tontine Holdings, Ltd. — Class A\*<sup>,†††,1</sup> | 76590 | $8 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $—) |  | 8 |
|  **PREFERRED STOCKS<sup>†</sup>** **- 2.1%** | **PREFERRED STOCKS<sup>†</sup>** **- 2.1%** | **PREFERRED STOCKS<sup>†</sup>** **- 2.1%** |
|  **Financial - 2.0%** | **Financial - 2.0%** | **Financial - 2.0%** |
|  Wells Fargo & Co. <sup>††</sup> | Wells Fargo & Co. <sup>††</sup> | Wells Fargo & Co. <sup>††</sup> |
| &nbsp;&nbsp;&nbsp; 3.90% | 500000 | 494875 |
| &nbsp;&nbsp;&nbsp; 6.85% | 100000 | 105081 |
|  Goldman Sachs Group, Inc. <sup>††</sup> | Goldman Sachs Group, Inc. <sup>††</sup> | Goldman Sachs Group, Inc. <sup>††</sup> |
| &nbsp;&nbsp;&nbsp; 6.85% | 250000 | 257997 |
| &nbsp;&nbsp;&nbsp; 3.80% | 150000 | 147648 |
| &nbsp;&nbsp;&nbsp; 7.50% | 100000 | 105293 |
|  Citigroup, Inc. <sup>††</sup> | Citigroup, Inc. <sup>††</sup> | Citigroup, Inc. <sup>††</sup> |
| &nbsp;&nbsp;&nbsp; 6.75% | 300000 | 302209 |
| &nbsp;&nbsp;&nbsp; 3.88% | 200000 | 197247 |
|  MetLife, Inc. <sup>††</sup> | MetLife, Inc. <sup>††</sup> | MetLife, Inc. <sup>††</sup> |
| &nbsp;&nbsp;&nbsp; 3.85% | 400000 | 397933 |
|  Bank of New York Mellon Corp. <sup>††</sup> | Bank of New York Mellon Corp. <sup>††</sup> | Bank of New York Mellon Corp. <sup>††</sup> |
| &nbsp;&nbsp;&nbsp; 3.75% | 400000 | 390665 |
|  JPMorgan Chase & Co. <sup>††</sup> | JPMorgan Chase & Co. <sup>††</sup> | JPMorgan Chase & Co. <sup>††</sup> |
| &nbsp;&nbsp;&nbsp; 3.65% | 250000 | 245941 |
| &nbsp;&nbsp;&nbsp; 6.50% | 110000 | 113605 |
|  Charles Schwab Corp. <sup>††</sup> | Charles Schwab Corp. <sup>††</sup> | Charles Schwab Corp. <sup>††</sup> |
| &nbsp;&nbsp;&nbsp; 4.00% | 200000 | 185532 |
|  American National Group, Inc. <sup>††</sup> | American National Group, Inc. <sup>††</sup> | American National Group, Inc. <sup>††</sup> |
| &nbsp;&nbsp;&nbsp; 7.38% | 4000 | 104280 |
|  CNO Financial Group, Inc. <sup>††</sup> | CNO Financial Group, Inc. <sup>††</sup> | CNO Financial Group, Inc. <sup>††</sup> |
| &nbsp;&nbsp;&nbsp; 5.13% due 11/25/60 | 6000 | 103380 |
|  State Street Corp. <sup>††</sup> | State Street Corp. <sup>††</sup> | State Street Corp. <sup>††</sup> |
| &nbsp;&nbsp;&nbsp; 6.45% | 100000 | 101741 |
|  Kuvare US Holdings, Inc. <sup>††</sup> | Kuvare US Holdings, Inc. <sup>††</sup> | Kuvare US Holdings, Inc. <sup>††</sup> |
| &nbsp;&nbsp;&nbsp; 7.00% due 02/17/51<sup>2</sup> | 100000 | 99714 |
|  Bank of America Corp. <sup>††</sup> | Bank of America Corp. <sup>††</sup> | Bank of America Corp. <sup>††</sup> |
| &nbsp;&nbsp;&nbsp; 4.38% | 100000 | 98123 |
|  Selective Insurance Group, Inc. <sup>††</sup> | Selective Insurance Group, Inc. <sup>††</sup> | Selective Insurance Group, Inc. <sup>††</sup> |
| &nbsp;&nbsp;&nbsp; 4.60% | 4000 | 66640 |
|  First Republic Bank<sup>††</sup> | First Republic Bank<sup>††</sup> | First Republic Bank<sup>††</sup> |
| &nbsp;&nbsp;&nbsp; 4.25%\* | 16525 | 3 |
| &nbsp;&nbsp;&nbsp; 4.50%\* | 675 |  |
|  **Total Financial** |  | 3517907 |
|  **Energy - 0.1%** | **Energy - 0.1%** | **Energy - 0.1%** |
|  Venture Global LNG, Inc. <sup>††</sup> | Venture Global LNG, Inc. <sup>††</sup> | Venture Global LNG, Inc. <sup>††</sup> |
| &nbsp;&nbsp;&nbsp; 9.00%<sup>2</sup> | 150000 | 145830 |
|  **Utilities - 0.0%** | **Utilities - 0.0%** | **Utilities - 0.0%** |
|  NextEra Energy Capital Holdings, Inc. <sup>††</sup> | NextEra Energy Capital Holdings, Inc. <sup>††</sup> | NextEra Energy Capital Holdings, Inc. <sup>††</sup> |
| &nbsp;&nbsp;&nbsp; 6.50% due 06/01/85 | 2000 | 49980 |
|  **Total Preferred Stocks** | **Total Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,230,028) |  | 3713717 |
|  **WARRANTS<sup>†</sup>** **- 0.0%** | **WARRANTS<sup>†</sup>** **- 0.0%** | **WARRANTS<sup>†</sup>** **- 0.0%** |
|  Ginkgo Bioworks Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 09/16/26\* | 684 | 8 |
|  Pershing Square SPARC Holdings, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 12/31/49\*<sup>,†††,1</sup> | 23402 | 3 |
|  Pershing Square Tontine Holdings, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 07/24/25\*<sup>,†††,1</sup> | 8510 | 1 |
|  **Total Warrants** | **Total Warrants** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,584) |  | 12 |
|  **MUTUAL FUNDS<sup>†</sup>** **- 21.0%** | **MUTUAL FUNDS<sup>†</sup>** **- 21.0%** | **MUTUAL FUNDS<sup>†</sup>** **- 21.0%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Variable Insurance Strategy Fund III<sup>3</sup> | 1462970 | 36486478 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $36,373,620) |  | 36486478 |
|  **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 2.2%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 2.2%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 2.2%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.19%<sup>4</sup> | 3865300 | 3865300 |
|  **Total Money Market Fund** | **Total Money Market Fund** |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,865,300) |  | 3865300 |
|  | **Face<br> Amount<sup>~</sup>** |  |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 37.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 37.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 37.2%** |
|  **Government Agency - 28.2%** |  |  |
|  Uniform MBS 30 Year |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% due 09/01/25<sup>5</sup> | 8539385 | 8364080 |
| &nbsp;&nbsp;&nbsp; 5.50% due 09/01/25<sup>5</sup> | 4740000 | 4735616 |
| &nbsp;&nbsp;&nbsp; 3.00% due 09/01/25<sup>5</sup> | 5250460 | 4539332 |
| &nbsp;&nbsp;&nbsp; 5.00% due 08/01/25<sup>5</sup> | 3052615 | 2991380 |
| &nbsp;&nbsp;&nbsp; 3.00% due 08/01/25<sup>5</sup> | 2429540 | 2100860 |
| &nbsp;&nbsp;&nbsp; 2.50% due 08/01/25<sup>5</sup> | 2221380 | 1842217 |
| &nbsp;&nbsp;&nbsp; 7.00% due 09/01/25<sup>5</sup> | 1630000 | 1709161 |
| &nbsp;&nbsp;&nbsp; 2.50% due 09/01/25<sup>5</sup> | 1988620 | 1649654 |
| &nbsp;&nbsp;&nbsp; 2.00% due 08/01/25<sup>5</sup> | 1210000 | 957458 |
|  Fannie Mae |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% due 05/01/53 | 2247336 | 2215859 |
| &nbsp;&nbsp;&nbsp; 6.00% due 09/01/54 | 1028375 | 1053108 |
| &nbsp;&nbsp;&nbsp; 5.50% due 09/01/54 | 1035200 | 1040356 |
| &nbsp;&nbsp;&nbsp; 5.00% due 04/01/53 | 812861 | 800366 |
| &nbsp;&nbsp;&nbsp; 5.50% due 05/01/55 | 664220 | 665989 |
| &nbsp;&nbsp;&nbsp; 5.00% due 08/01/53 | 497808 | 490040 |
| &nbsp;&nbsp;&nbsp; 5.50% due 04/01/55 | 419166 | 420282 |
| &nbsp;&nbsp;&nbsp; 5.00% due 06/01/53 | 173594 | 170834 |
|  Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp; due 05/01/52<sup>5</sup> | 1511277 | 1309973 |
| &nbsp;&nbsp;&nbsp; 5.50% due 09/01/53 | 916821 | 928344 |
| &nbsp;&nbsp;&nbsp; 5.00% due 04/01/53 | 798007 | 785597 |
| &nbsp;&nbsp;&nbsp; 6.00% due 08/01/54 | 732828 | 751457 |
| &nbsp;&nbsp;&nbsp; 6.00% due 09/01/54 | 625923 | 640880 |
| &nbsp;&nbsp;&nbsp; 5.50% due 09/01/54 | 635626 | 640365 |
| &nbsp;&nbsp;&nbsp; 5.50% due 04/01/55 | 419384 | 420500 |
| &nbsp;&nbsp;&nbsp; 5.00% due 03/01/53 | 427798 | 420325 |
| &nbsp;&nbsp;&nbsp; 5.50% due 06/01/53 | 218616 | 219882 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES E (TOTAL RETURN BOND SERIES)** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
|  Uniform MBS 15 Year |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% due 09/01/25<sup>5</sup> | 3290000 | $3311530 |
|  Ginnie Mae |  |  |
| &nbsp;&nbsp;&nbsp; due 09/01/25<sup>5</sup> | 1650000 | 1650307 |
| &nbsp;&nbsp;&nbsp; due 09/01/25<sup>5</sup> | 1593370 | 1564243 |
|  Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp; due 01/20/55<sup>5</sup> | 277450 | 275713 |
|  Fannie Mae-Aces |  |  |
| &nbsp;&nbsp;&nbsp; 1.60% (WAC) due 03/25/35<sup>◊,6</sup> | 2488049 | 204321 |
|  **Total Government Agency** |  | 48870029 |
|  **Residential Mortgage-Backed Securities - 7.1%** |  |  |
|  OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-NQM11, 6.13% due 06/25/64<sup>2,7</sup> | 390208 | 392544 |
| &nbsp;&nbsp;&nbsp; 2024-NQM3, 6.43% due 12/25/63<sup>2,7</sup> | 337783 | 340155 |
| &nbsp;&nbsp;&nbsp; 2024-NQM13, 5.37% due 06/25/64<sup>2,7</sup> | 198731 | 198076 |
| &nbsp;&nbsp;&nbsp; 2024-NQM2, 6.18% due 12/25/63<sup>2,7</sup> | 179173 | 179995 |
| &nbsp;&nbsp;&nbsp; 2024-NQM5, 6.29% due 01/25/64<sup>2,7</sup> | 171095 | 172405 |
| &nbsp;&nbsp;&nbsp; 2022-NQM1, 6.50% (WAC) due 11/25/62<sup>◊,2</sup> | 168023 | 167863 |
| &nbsp;&nbsp;&nbsp; 2024-NQM6, 6.85% due 02/25/64<sup>2,7</sup> | 107933 | 109435 |
| &nbsp;&nbsp;&nbsp; 2024-NQM9, 6.44% due 01/25/64<sup>2,7</sup> | 77846 | 78613 |
| &nbsp;&nbsp;&nbsp; 2024-NQM8, 6.59% due 05/25/64<sup>2,7</sup> | 75250 | 76109 |
| &nbsp;&nbsp;&nbsp; 2022-NQM9, 6.45% due 09/25/62<sup>2,7</sup> | 70550 | 70544 |
|  FIGRE Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-HE3, 6.13% (WAC) due 07/25/54<sup>◊,2</sup> | 321489 | 326475 |
| &nbsp;&nbsp;&nbsp; 2024-HE2, 6.38% (WAC) due 05/25/54<sup>◊,2</sup> | 232049 | 236909 |
| &nbsp;&nbsp;&nbsp; 2025-HE1, 5.83% (WAC) due 01/25/55<sup>◊,2</sup> | 180445 | 182413 |
| &nbsp;&nbsp;&nbsp; 2024-HE4, 5.06% (WAC) due 09/25/54<sup>◊,2</sup> | 84298 | 84293 |
| &nbsp;&nbsp;&nbsp; 2024-HE1, 6.17% (WAC) due 03/25/54<sup>◊,2</sup> | 73586 | 74960 |
|  JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2021-12, 2.50% (WAC) due 02/25/52<sup>◊,2</sup> | 552257 | 513561 |
| &nbsp;&nbsp;&nbsp; 2021-13, 2.50% (WAC) due 04/25/52<sup>◊,2</sup> | 240698 | 224025 |
|  Legacy Mortgage Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2021-GS3, 5.75% due 07/25/61<sup>2</sup> | 313087 | 312091 |
| &nbsp;&nbsp;&nbsp; 2021-GS5, 5.25% due 07/25/67<sup>2,7</sup> | 301587 | 301015 |
|  JP Morgan Mortgage Acquisition Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2006-WMC4, 4.67% (1 Month Term SOFR + 0.35%, Rate Floor: 0.24%) due 12/25/36<sup>◊</sup> | 1111408 | 575127 |
|  Ameriquest Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2006-M3, 4.59% (1 Month Term SOFR + 0.27%, Rate Floor: 0.16%) due 10/25/36<sup>◊</sup> | 1948050 | 567156 |
|  Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-2, 6.25% due 01/25/69<sup>2,7</sup> | 389906 | 391132 |
| &nbsp;&nbsp;&nbsp; 2023-1, 4.75% due 09/26/67<sup>2,7</sup> | 158813 | 156818 |
|  Starwood Mortgage Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2020-1, 2.41% (WAC) due 02/25/50<sup>◊,2</sup> | 569640 | 543272 |
|  Securitized Asset-Backed Receivables LLC Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2007-BR2, 4.79% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 02/25/37<sup>◊,2</sup> | 487151 | 419362 |
|  NYMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-SP1, 5.25% due 07/25/62<sup>2</sup> | 388573 | 386790 |
|  Home Equity Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2007-FRE1, 4.62% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 04/25/37<sup>◊</sup> | 391753 | 376948 |
|  BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-NQM2, 4.50% due 05/25/62<sup>2,7</sup> | 200710 | 197735 |
| &nbsp;&nbsp;&nbsp; 2024-NQM1, 6.40% due 12/01/63<sup>2,7</sup> | 166906 | 167874 |
|  GCAT Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-NQM3, 6.89% due 08/25/68<sup>2,7</sup> | 345433 | 349351 |
|  New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-NQM2, 5.42% due 09/25/64<sup>2</sup> | 247966 | 247506 |
| &nbsp;&nbsp;&nbsp; 2025-NQM3, 5.53% due 05/25/65<sup>2</sup> | 99141 | 99731 |
|  Master Asset-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2006-WMC4, 4.73% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 10/25/36<sup>◊</sup> | 1058830 | 342536 |
|  Credit Suisse Mortgage Capital Certificates |  |  |
| &nbsp;&nbsp;&nbsp; 2021-RPL9, 3.78% (WAC) due 02/25/61<sup>◊,2</sup> | 342918 | 339601 |
|  OSAT Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2021-RPL1, 6.12% due 05/25/65<sup>2</sup> | 325088 | 325159 |
|  First Franklin Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2006-FF16, 4.85% (1 Month Term SOFR + 0.53%, Rate Floor: 0.42%) due 12/25/36<sup>◊</sup> | 797450 | 321557 |
|  CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2021-RPL4, 4.12% (WAC) due 12/27/60<sup>◊,2</sup> | 302145 | 300927 |
|  HarborView Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2006-14, 4.73% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 01/25/47<sup>◊</sup> | 278251 | 265201 |
|  American Home Mortgage Investment Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2007-1, 2.08% due 05/25/47<sup>6</sup> | 1585061 | 246354 |
|  NovaStar Mortgage Funding Trust Series |  |  |
| &nbsp;&nbsp;&nbsp; 2007-2, 4.63% (1 Month Term SOFR + 0.31%, Rate Cap/Floor: 11.00%/0.20%) due 09/25/37<sup>◊</sup> | 244839 | 240652 |
|  Top Pressure Recovery Turbines |  |  |
| &nbsp;&nbsp;&nbsp; 7.51% due 11/01/69 | 190730 | 191111 |
|  Vista Point Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-CES3, 5.68% due 01/25/55<sup>2,7</sup> | 184108 | 184319 |
|  Mill City Securities Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 2024-RS2, 3.00% due 08/01/69<sup>2,7</sup> | 193993 | 179831 |
|  RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-CES4, 6.15% due 06/25/44<sup>2,7</sup> | 161380 | 162792 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2006-AR9, 5.24% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/46<sup>◊</sup> | 171805 | 143821 |
|  Imperial Fund Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2022-NQM2, 4.20% (WAC) due 03/25/67<sup>◊,2</sup> | 150163 | 142024 |
|  Saluda Grade Alternative Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2023-FIG4, 6.72% (WAC) due 11/25/53<sup>◊,2</sup> | 110145 | 113575 |
|  PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2024-4, 6.41% due 08/25/29<sup>2,7</sup> | 87260 | 87479 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES E (TOTAL RETURN BOND SERIES)** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
|  Sequoia Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; 2024-5, 6.00% (WAC) due 06/25/54<sup>◊,2</sup> | 84309 | $| 84988 |
|  LSTAR Securities Investment Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1, 7.41% (30 Day Average SOFR + 3.10%, Rate Floor: 3.10%) due 01/01/29<sup>◊,2</sup> | 83649 |  | 83780 |
|  Morgan Stanley Re-REMIC Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; 2010-R5, 4.74% due 06/26/36<sup>2</sup> | 24296 |  | 23470 |
|  **Total Residential Mortgage-Backed Securities** |  |  | 12299460 |
|  **Commercial Mortgage-Backed Securities - 1.0%** |  |  |  |
|  BX Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; 2022-LP2, 6.27% (1 Month Term SOFR + 1.96%, Rate Floor: 1.96%) due 02/15/39<sup>◊,2</sup> | 350000 |  | 349125 |
| &nbsp;&nbsp;&nbsp; 2021-VOLT, 6.43% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 09/15/36<sup>◊,2</sup> | 339090 |  | 337500 |
| &nbsp;&nbsp;&nbsp; 2024-AIRC, 6.45% (1 Month Term SOFR + 2.14%, Rate Floor: 2.14%) due 08/15/39<sup>◊,2</sup> | 194144 |  | 194508 |
|  BX Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; 2024-VLT4, 6.45% (1 Month Term SOFR + 2.14%, Rate Floor: 2.14%) due 07/15/29<sup>◊,2</sup> | 150000 |  | 149679 |
| &nbsp;&nbsp;&nbsp; 2024-VLT4, 6.25% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 07/15/29<sup>◊,2</sup> | 100000 |  | 99938 |
|  Extended Stay America Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; 2021-ESH, 6.68% (1 Month Term SOFR + 2.36%, Rate Floor: 2.25%) due 07/15/38<sup>◊,2</sup> | 214432 |  | 214700 |
|  GS Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; 2020-GC45, 0.61% (WAC) due 02/13/53<sup>◊,6</sup> | 9286085 |  | 209970 |
|  Life Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; 2021-BMR, 6.78% (1 Month Term SOFR + 2.46%, Rate Floor: 2.35%) due 03/15/38<sup>◊,2</sup> | 175000 |  | 172800 |
|  Citigroup Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; 2016-GC37, 1.64% (WAC) due 04/10/49<sup>◊,6</sup> | 2670216 |  | 9431 |
|  CFCRE Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; 2016-C3, 0.94% (WAC) due 01/10/48<sup>◊,6</sup> | 3933186 |  | 8667 |
|  Wells Fargo Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; 2016-NXS5, 1.34% (WAC) due 01/15/59<sup>◊,6</sup> | 2760394 |  | 8282 |
|  COMM Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; 2015-CR26, 0.99% (WAC) due 10/10/48<sup>◊,6</sup> | 3387211 |  | 76 |
|  **Total Commercial Mortgage-Backed Securities** |  |  | 1754676 |
|  **Military Housing - 0.9%** |  |  |  |
|  GMAC Commercial Mortgage Asset Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2007-HCKM, 6.11% due 08/10/52<sup>†††,2</sup> | 894327 |  | 810255 |
|  Freddie Mac Military Housing Bonds Resecuritization Trust Certificates |  |  |  |
| &nbsp;&nbsp;&nbsp; 2015-R1, 4.49% (WAC) due 11/25/55<sup>◊</sup> | 877820 |  | 764337 |
|  **Total Military Housing** |  |  | 1574592 |
|  **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $66,067,974) | &nbsp;&nbsp;&nbsp; (Cost $66,067,974) |  | 64498757 |
|  **CORPORATE BONDS<sup>††</sup>** **- 23.9%** | **CORPORATE BONDS<sup>††</sup>** **- 23.9%** | **CORPORATE BONDS<sup>††</sup>** **- 23.9%** | **CORPORATE BONDS<sup>††</sup>** **- 23.9%** |
|  **Financial - 12.2%** |  |  |  |
|  Pershing Square Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.25% due 10/01/31<sup>2</sup> | 1000000 |  | 872101 |
|  Citigroup, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.57% due 06/03/31<sup>8</sup> | 590000 |  | 535078 |
|  BPCE S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00% due 10/19/34<sup>2,8</sup> | 250000 |  | 274658 |
| &nbsp;&nbsp;&nbsp; 5.39% due 05/28/31<sup>2,8</sup> | 250000 |  | 254561 |
|  GLP Capital Limited Partnership / GLP Financing II, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00% due 01/15/31 | 290000 |  | 273340 |
| &nbsp;&nbsp;&nbsp; 5.30% due 01/15/29 | 250000 |  | 252772 |
|  Wilton RE Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00% <sup>2,8,9</sup> | 497000 |  | 497194 |
|  Nippon Life Insurance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.75% due 01/21/51<sup>2,8</sup> | 350000 |  | 304475 |
| &nbsp;&nbsp;&nbsp; 2.90% due 09/16/51<sup>2,8</sup> | 200000 |  | 172264 |
|  Host Hotels & Resorts, LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.50% due 09/15/30 | 435000 |  | 403908 |
| &nbsp;&nbsp;&nbsp; 2.90% due 12/15/31 | 50000 |  | 43813 |
|  Jefferies Financial Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.75% due 10/15/32 | 300000 |  | 252511 |
| &nbsp;&nbsp;&nbsp; 6.20% due 04/14/34 | 100000 |  | 104602 |
| &nbsp;&nbsp;&nbsp; 2.63% due 10/15/31 | 100000 |  | 87005 |
|  Fairfax Financial Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.38% due 03/03/31 | 250000 |  | 232035 |
| &nbsp;&nbsp;&nbsp; 5.63% due 08/16/32 | 100000 |  | 102702 |
| &nbsp;&nbsp;&nbsp; 5.75% due 05/20/35<sup>2</sup> | 100000 |  | 101390 |
|  FS KKR Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.63% due 01/15/27 | 250000 |  | 239725 |
| &nbsp;&nbsp;&nbsp; 3.25% due 07/15/27 | 200000 |  | 191802 |
|  Global Atlantic Finance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.70% due 10/15/51<sup>2,8</sup> | 250000 |  | 245414 |
| &nbsp;&nbsp;&nbsp; 7.95% due 06/15/33<sup>2</sup> | 150000 |  | 169899 |
|  Fort Moore Family Communities LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.09% due 01/15/51<sup>2</sup> | 450019 |  | 404004 |
|  American National Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25% due 06/03/30<sup>2</sup> | 400000 |  | 401999 |
|  Safehold GL Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.80% due 06/15/31 | 170000 |  | 152085 |
| &nbsp;&nbsp;&nbsp; 2.85% due 01/15/32 | 151000 |  | 131488 |
| &nbsp;&nbsp;&nbsp; 6.10% due 04/01/34 | 100000 |  | 104087 |
| &nbsp;&nbsp;&nbsp; 5.65% due 01/15/35 | 10000 |  | 9991 |
|  Macquarie Group Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.87% due 01/14/33<sup>2,8</sup> | 250000 |  | 218120 |
| &nbsp;&nbsp;&nbsp; 2.69% due 06/23/32<sup>2,8</sup> | 200000 |  | 176968 |
|  Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63% due 11/01/34<sup>8</sup> | 153000 |  | 168652 |
| &nbsp;&nbsp;&nbsp; 5.94% due 02/07/39<sup>8</sup> | 150000 |  | 153961 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES E (TOTAL RETURN BOND SERIES)** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp; 5.83% due 04/19/35<sup>8</sup> | 65000 | $68098 |
|  CoStar Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.80% due 07/15/30<sup>2</sup> | 430000 | 388523 |
|  American National Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.00% due 07/15/35 | 375000 | 377208 |
|  Blue Owl Capital GP LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.21% due 08/22/43<sup>†††</sup> | 350000 | 361904 |
|  Standard Chartered plc |  |  |
| &nbsp;&nbsp;&nbsp; 5.01% due 10/15/30<sup>2,8</sup> | 350000 | 353593 |
|  First American Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00% due 05/15/30 | 360000 | 344866 |
|  United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.50% due 04/15/29<sup>2</sup> | 300000 | 291196 |
| &nbsp;&nbsp;&nbsp; 5.50% due 11/15/25<sup>2</sup> | 50000 | 49992 |
|  Maple Grove Funding Trust I |  |  |
| &nbsp;&nbsp;&nbsp; 4.16% due 08/15/51<sup>2</sup> | 500000 | 339390 |
|  Liberty Mutual Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.30% due 02/01/61<sup>2</sup> | 554000 | 335386 |
|  Brookfield Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.50% due 03/30/51 | 280000 | 189940 |
| &nbsp;&nbsp;&nbsp; 5.68% due 01/15/35 | 100000 | 102630 |
| &nbsp;&nbsp;&nbsp; 4.70% due 09/20/47 | 50000 | 42491 |
|  LPL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00% due 03/15/29<sup>2</sup> | 174000 | 169029 |
| &nbsp;&nbsp;&nbsp; 6.00% due 05/20/34 | 160000 | 165452 |
|  Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.88% due 03/01/31<sup>2</sup> | 350000 | 324457 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.35% due 06/01/34<sup>8</sup> | 305000 | 313791 |
|  Meiji Yasuda Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp; 6.10% due 06/11/55<sup>2,8</sup> | 300000 | 299419 |
|  Nationwide Mutual Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.35% due 04/30/50<sup>2</sup> | 370000 | 284994 |
|  Macquarie Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 3.62% due 06/03/30<sup>2</sup> | 290000 | 272492 |
|  Lazard Group LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.00% due 03/15/31 | 250000 | 262518 |
|  TPG Operating Group II, LP |  |  |
| &nbsp;&nbsp;&nbsp; 5.88% due 03/05/34 | 251000 | 260876 |
|  UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp; 2.10% due 02/11/32<sup>2,8</sup> | 300000 | 259493 |
|  Assurant, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.10% due 02/27/26 | 200000 | 201068 |
| &nbsp;&nbsp;&nbsp; 2.65% due 01/15/32 | 68000 | 57953 |
|  Citadel Securities Global Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.20% due 06/18/35<sup>2</sup> | 250000 | 256506 |
|  Credit Agricole S.A. |  |  |
| &nbsp;&nbsp;&nbsp; 5.22% due 05/27/31<sup>2,8</sup> | 250000 | 254662 |
|  Jefferies Finance LLC / JFIN Company-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% due 08/15/28<sup>2</sup> | 250000 | 241669 |
|  Brown & Brown, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.65% due 06/11/34 | 100000 | 102716 |
| &nbsp;&nbsp;&nbsp; 2.38% due 03/15/31 | 90000 | 79223 |
| &nbsp;&nbsp;&nbsp; 6.25% due 06/23/55 | 25000 | 25770 |
| &nbsp;&nbsp;&nbsp; 5.55% due 06/23/35 | 25000 | 25493 |
|  CNO Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.45% due 06/15/34 | 170000 | 178285 |
| &nbsp;&nbsp;&nbsp; 5.25% due 05/30/29 | 50000 | 50438 |
|  Stewart Information Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.60% due 11/15/31 | 250000 | 223542 |
|  Societe Generale S.A. |  |  |
| &nbsp;&nbsp;&nbsp; 2.89% due 06/09/32<sup>2,8</sup> | 250000 | 220506 |
|  Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.02% due 11/18/36<sup>8</sup> | 150000 | 131693 |
| &nbsp;&nbsp;&nbsp; 3.13% due 11/18/41 | 73000 | 53154 |
| &nbsp;&nbsp;&nbsp; 2.67% due 11/15/35<sup>8</sup> | 27000 | 23816 |
|  Equitable Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.70% due 03/28/55<sup>8</sup> | 202000 | 206821 |
|  BNP Paribas S.A. |  |  |
| &nbsp;&nbsp;&nbsp; 5.50% due 05/20/30<sup>2,8</sup> | 200000 | 205363 |
|  Equities AB |  |  |
| &nbsp;&nbsp;&nbsp; 5.85% due 05/08/35<sup>2</sup> | 200000 | 204070 |
|  Lloyds Banking Group plc |  |  |
| &nbsp;&nbsp;&nbsp; 5.59% due 11/26/35<sup>8</sup> | 200000 | 203443 |
|  Hunt Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25% due 04/15/29<sup>2</sup> | 200000 | 192711 |
|  Trustage Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63% due 04/15/32<sup>2</sup> | 200000 | 189213 |
|  Farmers Insurance Exchange |  |  |
| &nbsp;&nbsp;&nbsp; 7.00% due 10/15/64<sup>2,8</sup> | 180000 | 178668 |
|  Americo Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.45% due 04/15/31<sup>2</sup> | 200000 | 178418 |
|  OneAmerica Financial Partners, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25% due 10/15/50<sup>2</sup> | 228000 | 175486 |
|  Dyal Capital Partners III (A), LP |  |  |
| &nbsp;&nbsp;&nbsp; 6.55% due 06/15/44<sup>†††</sup> | 168000 | 170578 |
|  AmFam Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.81% due 03/11/31<sup>2</sup> | 200000 | 170201 |
|  Jane Street Group / JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.13% due 04/30/31<sup>2</sup> | 160000 | 168345 |
|  Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.38% due 06/08/34<sup>8</sup> | 150000 | 159690 |
|  Ascot Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 6.35% due 06/15/35<sup>2,8</sup> | 150000 | 154772 |
|  MetLife, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.35% due 03/15/55<sup>8</sup> | 150000 | 154069 |
|  Belrose Funding Trust II |  |  |
| &nbsp;&nbsp;&nbsp; 6.79% due 05/15/55<sup>2</sup> | 150000 | 153329 |
|  Reinsurance Group of America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75% due 09/15/34 | 100000 | 102643 |
| &nbsp;&nbsp;&nbsp; 6.65% due 09/15/55<sup>8</sup> | 50000 | 49835 |
|  Pacific Beacon LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.51% due 07/15/36<sup>2</sup> | 150000 | 149063 |
|  Beacon Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp; 6.27% due 08/15/54<sup>2</sup> | 150000 | 148488 |
|  Dyal Capital Partners III (B), LP |  |  |
| &nbsp;&nbsp;&nbsp; 6.55% due 06/15/44<sup>†††</sup> | 132000 | 134026 |
|  PartnerRe Finance B LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.50% due 10/01/50<sup>8</sup> | 140000 | 131728 |
|  Ares Finance Company II LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.25% due 06/15/30<sup>2</sup> | 141000 | 131191 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES E (TOTAL RETURN BOND SERIES)** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
|  Fidelity National Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.45% due 03/15/31 | 150000 | $130183 |
|  KKR Group Finance Company VIII LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.50% due 08/25/50<sup>2</sup> | 190000 | 129625 |
|  OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 7.13% due 03/15/26 | 122000 | 123806 |
|  RGA Global Funding |  |  |
| &nbsp;&nbsp;&nbsp; 5.50% due 01/11/31<sup>2</sup> | 120000 | 123768 |
|  Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.70% due 10/01/50<sup>8</sup> | 130000 | 118576 |
|  Aretec Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 10.00% due 08/15/30<sup>2</sup> | 100000 | 109892 |
|  VFH Parent LLC / Valor Company-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.50% due 06/15/31<sup>2</sup> | 100000 | 104940 |
|  Fortitude Group Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.25% due 04/01/30<sup>2</sup> | 100000 | 102881 |
|  Enstar Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 7.50% due 04/01/45<sup>2,8</sup> | 100000 | 102865 |
|  Selective Insurance Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.90% due 04/15/35 | 100000 | 102235 |
|  Henneman Trust |  |  |
| &nbsp;&nbsp;&nbsp; 6.58% due 05/15/55<sup>2</sup> | 100000 | 100500 |
|  Apollo Management Holdings, LP |  |  |
| &nbsp;&nbsp;&nbsp; 2.65% due 06/05/30<sup>2</sup> | 90000 | 82150 |
|  Equinix Europe 2 Financing Corporation LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.50% due 06/15/34 | 70000 | 71688 |
|  Assured Guaranty US Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.60% due 09/15/51 | 100000 | 68115 |
|  Globe Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.85% due 09/15/34 | 65000 | 67299 |
|  Penn Mutual Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.80% due 04/29/61<sup>2</sup> | 100000 | 64829 |
|  Kemper Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.40% due 09/30/30 | 66000 | 57671 |
|  Rocket Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.38% due 08/01/33<sup>2</sup> | 50000 | 51160 |
|  Aspen Insurance Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75% due 07/01/30 | 50000 | 50826 |
|  Nationstar Mortgage Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% due 02/01/26<sup>2</sup> | 50000 | 49800 |
|  Mutual of Omaha Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp; 6.14% due 01/16/64<sup>2,8</sup> | 50000 | 49727 |
|  Western & Southern Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp; 3.75% due 04/28/61<sup>2</sup> | 68000 | 46019 |
|  Cushman & Wakefield US Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.75% due 05/15/28<sup>2</sup> | 35000 | 35299 |
|  Brookfield Finance LLC / Brookfield Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.45% due 04/15/50 | 50000 | 33885 |
|  Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.63% due 07/15/32<sup>2</sup> | 29000 | 28770 |
|  **Total Financial** |  | 21235496 |
|  **Energy - 2.4%** |  |  |
|  BP Capital Markets plc |  |  |
| &nbsp;&nbsp;&nbsp; 4.88% <sup>8,9</sup> | 516000 | 510653 |
|  Greensaif Pipelines Bidco SARL |  |  |
| &nbsp;&nbsp;&nbsp; 6.13% due 02/23/38<sup>2</sup> | 200000 | 206253 |
| &nbsp;&nbsp;&nbsp; 6.10% due 08/23/42<sup>2</sup> | 200000 | 199982 |
|  Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.50% due 02/15/35 | 300000 | 301051 |
| &nbsp;&nbsp;&nbsp; 6.50% due 03/30/34 | 63000 | 67700 |
|  Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.50% due 02/01/29<sup>2</sup> | 200000 | 217876 |
| &nbsp;&nbsp;&nbsp; 9.88% due 02/01/32<sup>2</sup> | 100000 | 107996 |
|  Galaxy Pipeline Assets Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 3.25% due 09/30/40<sup>2</sup> | 328000 | 255447 |
|  Plains All American Pipeline Limited Partnership / PAA Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.70% due 09/15/34 | 250000 | 254850 |
|  ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.50% due 08/01/29<sup>2</sup> | 248000 | 235836 |
|  Cheniere Energy Partners, LP |  |  |
| &nbsp;&nbsp;&nbsp; 5.75% due 08/15/34 | 150000 | 154046 |
| &nbsp;&nbsp;&nbsp; 5.55% due 10/30/35<sup>2</sup> | 50000 | 50393 |
|  MPLX, LP |  |  |
| &nbsp;&nbsp;&nbsp; 5.95% due 04/01/55 | 150000 | 142871 |
| &nbsp;&nbsp;&nbsp; 5.65% due 03/01/53 | 50000 | 45878 |
|  Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.13% due 08/15/31<sup>2</sup> | 200000 | 185118 |
|  ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.65% due 09/01/34 | 100000 | 101260 |
| &nbsp;&nbsp;&nbsp; 7.15% due 01/15/51 | 50000 | 53845 |
|  Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.20% due 06/01/33 | 150000 | 150712 |
|  Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.38% due 01/01/32 | 150000 | 148766 |
|  Midwest Connector Capital Company LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.63% due 04/01/29<sup>2</sup> | 110000 | 109067 |
|  Viper Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.38% due 11/01/31<sup>2</sup> | 77000 | 81704 |
| &nbsp;&nbsp;&nbsp; 5.38% due 11/01/27<sup>2</sup> | 26000 | 26028 |
|  Sunoco, LP |  |  |
| &nbsp;&nbsp;&nbsp; 7.25% due 05/01/32<sup>2</sup> | 100000 | 104998 |
|  Whistler Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.70% due 09/30/31<sup>2</sup> | 100000 | 101944 |
|  NuStar Logistics, LP |  |  |
| &nbsp;&nbsp;&nbsp; 5.63% due 04/28/27 | 100000 | 100868 |
|  Parkland Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63% due 05/01/30<sup>2</sup> | 100000 | 95756 |
|  Energy Transfer, LP |  |  |
| &nbsp;&nbsp;&nbsp; 7.38% due 02/01/31<sup>2</sup> | 50000 | 52392 |
|  Targa Resources Partners Limited Partnership / Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.50% due 03/01/30 | 37000 | 37550 |
|  **Total Energy** |  | 4100840 |
|  **Consumer, Non-cyclical - 2.0%** |  |  |
|  Smithfield Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.63% due 09/13/31<sup>2</sup> | 300000 | 258608 |
| &nbsp;&nbsp;&nbsp; 3.00% due 10/15/30<sup>2</sup> | 110000 | 99922 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES E (TOTAL RETURN BOND SERIES)** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
|  Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.90% due 05/15/30 | 195000 | $179281 |
| &nbsp;&nbsp;&nbsp; 2.90% due 11/15/31 | 140000 | 123827 |
|  JBS USA Holding Lux SARL/ JBS USA Food Company/ JBS Lux Co SARL |  |  |
| &nbsp;&nbsp;&nbsp; 3.00% due 05/15/32 | 200000 | 175093 |
| &nbsp;&nbsp;&nbsp; 4.38% due 02/02/52 | 100000 | 77078 |
| &nbsp;&nbsp;&nbsp; 5.50% due 01/15/30 | 32000 | 32733 |
|  Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.70% due 02/04/51 | 350000 | 242219 |
| &nbsp;&nbsp;&nbsp; 4.45% due 05/06/50 | 50000 | 39128 |
|  Brink's Co. |  |  |
| &nbsp;&nbsp;&nbsp; 6.75% due 06/15/32<sup>2</sup> | 150000 | 156210 |
| &nbsp;&nbsp;&nbsp; 6.50% due 06/15/29<sup>2</sup> | 86000 | 88648 |
|  Royalty Pharma plc |  |  |
| &nbsp;&nbsp;&nbsp; 3.55% due 09/02/50 | 310000 | 210019 |
|  GXO Logistics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.50% due 05/06/34 | 100000 | 104601 |
| &nbsp;&nbsp;&nbsp; 6.25% due 05/06/29 | 100000 | 104400 |
|  IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% due 05/15/27<sup>2</sup> | 200000 | 199325 |
|  Triton Container International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 3.15% due 06/15/31<sup>2</sup> | 200000 | 173524 |
|  Becle, SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp; 2.50% due 10/14/31<sup>2</sup> | 200000 | 165749 |
|  CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.75% due 12/10/54<sup>8</sup> | 150000 | 150327 |
|  Graham Holdings Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75% due 06/01/26<sup>2</sup> | 150000 | 149889 |
|  Albertsons Companies Incorporated / Safeway Inc / New Albertsons Limited Partnership / Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.25% due 03/15/26<sup>2</sup> | 150000 | 147934 |
|  Universal Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.65% due 10/15/30 | 150000 | 133743 |
|  HAH Group Holding Company LLC |  |  |
| &nbsp;&nbsp;&nbsp; 9.75% due 10/01/31<sup>2</sup> | 100000 | 99141 |
|  AZ Battery Property LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.73% due 02/20/46<sup>†††</sup> | 100000 | 95657 |
|  Kroger Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.50% due 09/15/54 | 100000 | 94925 |
|  Triton Container International Limited / TAL International Container Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.25% due 03/15/32 | 100000 | 86411 |
|  JBS USA Holding Lux Sarl / JBS USA Foods Group Holdings Incorporated / JBS USA Food Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.50% due 01/15/36<sup>2</sup> | 75000 | 75110 |
|  Central Garden & Pet Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.13% due 04/30/31<sup>2</sup> | 42000 | 38990 |
|  **Total Consumer, Non-cyclical** |  | 3502492 |
|  **Industrial - 1.9%** |  |  |
|  AP Grange Holdings |  |  |
| &nbsp;&nbsp;&nbsp; 6.50% due 03/20/45<sup>†††</sup> | 900000 | 913500 |
| &nbsp;&nbsp;&nbsp; 5.00% due 03/20/45<sup>†††</sup> | 200000 | 202000 |
|  Flowserve Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.50% due 10/01/30 | 270000 | 251946 |
| &nbsp;&nbsp;&nbsp; 2.80% due 01/15/32 | 100000 | 86973 |
|  Stadco LA LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.75% due 05/15/56<sup>†††</sup> | 500000 | 338502 |
|  Vontier Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.95% due 04/01/31 | 350000 | 312832 |
|  TD SYNNEX Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 2.65% due 08/09/31 | 210000 | 181238 |
| &nbsp;&nbsp;&nbsp; 6.10% due 04/12/34 | 100000 | 105245 |
|  Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp; 6.53% due 05/01/34 | 137000 | 148854 |
| &nbsp;&nbsp;&nbsp; 6.86% due 05/01/54 | 50000 | 54736 |
| &nbsp;&nbsp;&nbsp; 3.75% due 02/01/50 | 73000 | 51552 |
|  Weir Group plc |  |  |
| &nbsp;&nbsp;&nbsp; 2.20% due 05/13/26<sup>2</sup> | 200000 | 195044 |
|  Berry Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.80% due 06/15/31 | 130000 | 136606 |
| &nbsp;&nbsp;&nbsp; 1.57% due 01/15/26 | 50000 | 49106 |
|  Owens Corning |  |  |
| &nbsp;&nbsp;&nbsp; 5.95% due 06/15/54 | 110000 | 111210 |
|  FedEx Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.10% due 02/01/45<sup>2</sup> | 75000 | 57334 |
|  AP Grange Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.50% due 03/20/45<sup>†††</sup> | 49175 | 49175 |
|  Norfolk Southern Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.10% due 05/15/21 | 50000 | 34512 |
|  Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.50% due 07/15/32<sup>2</sup> | 15000 | 15544 |
|  **Total Industrial** |  | 3295909 |
|  **Consumer, Cyclical - 1.8%** |  |  |
|  Choice Hotels International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.70% due 01/15/31 | 360000 | 333880 |
| &nbsp;&nbsp;&nbsp; 5.85% due 08/01/34 | 30000 | 30234 |
|  Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.28% due 03/15/32 | 233000 | 173294 |
| &nbsp;&nbsp;&nbsp; 5.14% due 03/15/52 | 196000 | 136710 |
|  AS Mileage Plan IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 5.31% due 10/20/31<sup>2</sup> | 250000 | 245951 |
|  International Game Technology plc |  |  |
| &nbsp;&nbsp;&nbsp; 4.13% due 04/15/26<sup>2</sup> | 230000 | 229857 |
|  Flutter Treasury Designated Activity Co. |  |  |
| &nbsp;&nbsp;&nbsp; 6.38% due 04/29/29<sup>2</sup> | 200000 | 206008 |
|  Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75% due 04/23/30 | 190000 | 196540 |
|  LG Energy Solution Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 5.50% due 07/02/34<sup>2</sup> | 200000 | 196220 |
|  Ferguson Finance plc |  |  |
| &nbsp;&nbsp;&nbsp; 4.65% due 04/20/32<sup>2</sup> | 200000 | 195381 |
|  Walgreens Boots Alliance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.45% due 06/01/26 | 100000 | 97843 |
| &nbsp;&nbsp;&nbsp; 4.10% due 04/15/50 | 98000 | 85177 |
|  Hasbro, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.05% due 05/14/34 | 150000 | 154694 |
|  United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.38% due 04/15/26<sup>2</sup> | 150000 | 149008 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES E (TOTAL RETURN BOND SERIES)** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
|  Air Canada |  |  |
| &nbsp;&nbsp;&nbsp; 3.88% due 08/15/26<sup>2</sup> | 150000 | $148485 |
|  Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 6.50% due 06/20/27<sup>2</sup> | 140000 | 140184 |
|  Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50% due 06/01/46 | 100000 | 76912 |
| &nbsp;&nbsp;&nbsp; 4.70% due 05/14/32 | 50000 | 46625 |
| &nbsp;&nbsp;&nbsp; 4.60% due 05/15/50 | 10000 | 7614 |
|  Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.35% due 03/15/35 | 100000 | 100818 |
|  British Airways Class A Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2.90% due 03/15/35<sup>2</sup> | 83122 | 74866 |
|  Delta Air Lines, Inc. / SkyMiles IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50% due 10/20/25<sup>2</sup> | 50000 | 49879 |
|  Alimentation Couche-Tard, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.80% due 01/25/50<sup>2</sup> | 25000 | 17970 |
|  **Total Consumer, Cyclical** |  | 3094150 |
|  **Communications - 1.3%** |  |  |
|  Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.88% due 10/15/30<sup>2</sup> | 330000 | 286275 |
| &nbsp;&nbsp;&nbsp; 11.00% due 11/15/29<sup>2</sup> | 63568 | 72918 |
| &nbsp;&nbsp;&nbsp; 4.00% due 04/15/31<sup>2</sup> | 60000 | 51300 |
|  British Telecommunications plc |  |  |
| &nbsp;&nbsp;&nbsp; 4.88% due 11/23/81<sup>2,8</sup> | 350000 | 320463 |
|  Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp; 4.90% due 08/15/44 | 132000 | 101816 |
| &nbsp;&nbsp;&nbsp; 5.25% due 04/01/44 | 101000 | 80396 |
| &nbsp;&nbsp;&nbsp; 5.90% due 10/15/40 | 86000 | 78421 |
|  Vodafone Group plc |  |  |
| &nbsp;&nbsp;&nbsp; 4.13% due 06/04/81<sup>8</sup> | 250000 | 228479 |
|  Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.55% due 03/15/52 | 200000 | 162858 |
| &nbsp;&nbsp;&nbsp; 7.13% due 04/15/55<sup>8</sup> | 50000 | 50680 |
|  Sirius XM Radio LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.13% due 07/01/30<sup>2</sup> | 180000 | 165967 |
|  Altice France S.A. |  |  |
| &nbsp;&nbsp;&nbsp; 5.13% due 07/15/29<sup>2</sup> | 200000 | 165305 |
|  Bell Telephone Company of Canada or Bell Canada |  |  |
| &nbsp;&nbsp;&nbsp; 7.00% due 09/15/55<sup>8</sup> | 150000 | 152144 |
|  TELUS Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 7.00% due 10/15/55<sup>8</sup> | 75000 | 75502 |
| &nbsp;&nbsp;&nbsp; 6.63% due 10/15/55<sup>8</sup> | 75000 | 75448 |
|  CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.13% due 12/01/30<sup>2</sup> | 200000 | 141103 |
|  Cable One, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00% due 11/15/30<sup>2</sup> | 60000 | 47272 |
|  Charter Communications Operating LLC / Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp; 3.90% due 06/01/52 | 32000 | 21962 |
|  McGraw-Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75% due 08/01/28<sup>2</sup> | 16000 | 16096 |
|  Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.50% due 09/15/42 | 15000 | 11947 |
|  **Total Communications** |  | 2306352 |
|  **Technology - 0.8%** |  |  |
|  Foundry JV Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.20% due 01/25/37<sup>2</sup> | 200000 | 208177 |
| &nbsp;&nbsp;&nbsp; 5.88% due 01/25/34<sup>2</sup> | 200000 | 203226 |
|  Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.93% due 05/15/37<sup>2</sup> | 277000 | 268835 |
| &nbsp;&nbsp;&nbsp; 3.19% due 11/15/36<sup>2</sup> | 26000 | 21554 |
|  Qorvo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.38% due 10/15/29 | 119000 | 115491 |
| &nbsp;&nbsp;&nbsp; 3.38% due 04/01/31<sup>2</sup> | 100000 | 90176 |
|  Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.95% due 03/25/51 | 217000 | 160166 |
|  MSCI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.63% due 11/01/31<sup>2</sup> | 150000 | 138204 |
|  Constellation Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.46% due 02/16/34<sup>2</sup> | 100000 | 102009 |
|  Atlassian Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.50% due 05/15/34 | 80000 | 82148 |
|  Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.15% due 08/12/34 | 50000 | 50183 |
|  **Total Technology** |  | 1440169 |
|  **Basic Materials - 0.7%** |  |  |
|  Alumina Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 6.13% due 03/15/30<sup>2</sup> | 400000 | 406024 |
|  Anglo American Capital plc |  |  |
| &nbsp;&nbsp;&nbsp; 5.63% due 04/01/30<sup>2</sup> | 200000 | 207475 |
|  Yamana Gold, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.63% due 08/15/31 | 150000 | 132550 |
|  Dow Chemical Co. |  |  |
| &nbsp;&nbsp;&nbsp; 6.90% due 05/15/53 | 110000 | 118333 |
|  Arsenal AIC Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.00% due 10/01/30<sup>2</sup> | 100000 | 106719 |
|  Minerals Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% due 07/01/28<sup>2</sup> | 90000 | 88525 |
|  International Flavors & Fragrances, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 1.23% due 10/01/25<sup>2</sup> | 70000 | 69321 |
|  **Total Basic Materials** |  | 1128947 |
|  **Utilities - 0.6%** |  |  |
|  NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.45% due 12/02/27<sup>2</sup> | 200000 | 189822 |
| &nbsp;&nbsp;&nbsp; 7.00% due 03/15/33<sup>2</sup> | 100000 | 109770 |
|  AES Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.95% due 07/15/30<sup>2</sup> | 170000 | 161624 |
| &nbsp;&nbsp;&nbsp; 2.45% due 01/15/31 | 55000 | 48083 |
|  PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp; 7.38% due 09/15/55<sup>8</sup> | 150000 | 155934 |
|  CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.50% due 06/01/55<sup>8</sup> | 140000 | 140335 |
|  Brooklyn Union Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp; 6.39% due 09/15/33<sup>2</sup> | 100000 | 106378 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES E (TOTAL RETURN BOND SERIES)** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
|  NextEra Energy Capital Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38% due 08/15/55<sup>8</sup> | 70000 | $| 71481 |
|  Southern Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.75% due 09/15/51<sup>8</sup> | 50000 |  | 49311 |
|  **Total Utilities** |  |  | 1032738 |
|  **Luxembourg - 0.1%** |  |  |  |
|  Terminal Investment Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63% due 07/09/32 | 200000 |  | 199645 |
|  **Transportation - 0.1%** |  |  |  |
|  Stolthaven Houston, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.98% due 07/17/34<sup>†††</sup> | 198000 |  | 197872 |
|  **Total Corporate Bonds** | **Total Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $44,053,325) | &nbsp;&nbsp;&nbsp; (Cost $44,053,325) |  | 41534610 |
|  **ASSET-BACKED SECURITIES<sup>††</sup>** **- 16.7%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 16.7%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 16.7%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 16.7%** |
|  **Collateralized Loan Obligations - 6.8%** |  |  |  |
|  BXMT Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2020-FL2 AS, 5.83% (1 Month Term SOFR + 1.51%, Rate Floor: 1.51%) due 02/15/38<sup>◊,2</sup> | 1000000 |  | 990357 |
| &nbsp;&nbsp;&nbsp; 2020-FL3 C, 7.48% (1 Month Term SOFR + 3.16%, Rate Floor: 3.16%) due 11/15/37<sup>◊,2</sup> | 250000 |  | 243860 |
|  Cerberus Loan Funding XXXIII, LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 2021-3A B, 6.37% (3 Month Term SOFR + 2.11%, Rate Floor: 1.85%) due 07/23/33<sup>◊,2</sup> | 500000 |  | 501718 |
| &nbsp;&nbsp;&nbsp; 2021-3A A, 6.08% (3 Month Term SOFR + 1.82%, Rate Floor: 1.56%) due 07/23/33<sup>◊,2</sup> | 500000 |  | 501220 |
|  Golub Capital Partners CLO 54M L.P |  |  |  |
| &nbsp;&nbsp;&nbsp; 2021-54A C, 7.17% (3 Month Term SOFR + 2.91%, Rate Floor: 2.65%) due 08/05/33<sup>◊,2</sup> | 500000 |  | 500417 |
| &nbsp;&nbsp;&nbsp; 2025-54A CR, due 08/05/37<sup>◊,2,5</sup> | 500000 |  | 500000 |
|  Cerberus Loan Funding XLIV LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 2024-5A A, 6.61% (3 Month Term SOFR + 2.35%, Rate Floor: 2.35%) due 01/15/36<sup>◊,2</sup> | 700000 |  | 702418 |
| &nbsp;&nbsp;&nbsp; 2024-5A B, 7.46% (3 Month Term SOFR + 3.20%, Rate Floor: 3.20%) due 01/15/36<sup>◊,2</sup> | 250000 |  | 251391 |
|  Golub Capital Partners CLO 33M Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2021-33A AR2, 6.45% (3 Month Term SOFR + 2.12%, Rate Floor: 1.86%) due 08/25/33<sup>◊,2</sup> | 750000 |  | 749393 |
|  Dryden 37 Senior Loan Fund |  |  |  |
| &nbsp;&nbsp;&nbsp; 2017-37A BR, 5.92% (3 Month Term SOFR + 1.66%, Rate Floor: 1.40%) due 01/15/31<sup>◊,2</sup> | 367868 |  | 367972 |
| &nbsp;&nbsp;&nbsp; 2017-37A CR, 7.77% (3 Month Term SOFR + 3.51%, Rate Floor: 3.25%) due 01/15/31<sup>◊,2</sup> | 333333 |  | 335500 |
| &nbsp;&nbsp;&nbsp; 2015-37A SUB, due 01/15/31<sup>2,10</sup> | 298799 |  | 1561 |
|  KREF Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2021-FL2 C, 6.43% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 02/15/39<sup>◊,2</sup> | 500000 |  | 496158 |
| &nbsp;&nbsp;&nbsp; 2021-FL2 AS, 5.73% (1 Month Term SOFR + 1.41%, Rate Floor: 1.30%) due 02/15/39<sup>◊,2</sup> | 150000 |  | 149515 |
|  Cerberus Loan Funding XLII LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 2023-3A A1, 6.74% (3 Month Term SOFR + 2.48%, Rate Floor: 2.48%) due 09/13/35<sup>◊,2</sup> | 500000 |  | 501861 |
|  Cerberus Loan Funding XL LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 2023-1A A, 6.66% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 03/22/35<sup>◊,2</sup> | 500000 |  | 501783 |
|  Cerberus Loan Funding 50 LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 2025-1A B, due 07/15/37<sup>◊,2,5</sup> | 500000 |  | 500000 |
|  LoanCore Issuer Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2021-CRE6 C, 6.73% (1 Month Term SOFR + 2.41%, Rate Floor: 2.30%) due 11/15/38<sup>◊,2</sup> | 500000 |  | 495287 |
|  HERA Commercial Mortgage Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2021-FL1 B, 6.03% (1 Month Term SOFR + 1.71%, Rate Floor: 1.60%) due 02/18/38<sup>◊,2</sup> | 500000 |  | 494130 |
|  THL Credit Lake Shore MM CLO I Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2021-1A A1R, 6.22% (3 Month Term SOFR + 1.96%, Rate Floor: 1.70%) due 04/15/33<sup>◊,2</sup> | 463982 |  | 465320 |
|  Fortress Credit BSL XV Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2024-2A BR, 6.27% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/18/33<sup>◊,2</sup> | 300000 |  | 301597 |
|  Cerberus Loan Funding XLVII LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 2024-3A B, 6.21% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 07/15/36<sup>◊,2</sup> | 300000 |  | 300919 |
|  TRTX Issuer Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2025-FL6 A, 5.85% (1 Month Term SOFR + 1.54%, Rate Floor: 1.54%) due 09/18/42<sup>◊,2</sup> | 300000 |  | 300070 |
|  Ares Direct Lending CLO 1 LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1A B, 6.48% (3 Month Term SOFR + 2.20%, Rate Floor: 2.20%) due 04/25/36<sup>◊,2</sup> | 250000 |  | 250791 |
|  Owl Rock CLO XVII LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 2024-17A B, 6.21% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 07/15/36<sup>◊,2</sup> | 250000 |  | 250715 |
|  Owl Rock CLO IV Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2021-4A A1R, 6.18% (3 Month Term SOFR + 1.86%, Rate Floor: 1.60%) due 08/20/33<sup>◊,2</sup> | 250000 |  | 250594 |
|  Owl Rock CLO III Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2024-3A AR, 6.12% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 04/20/36<sup>◊,2</sup> | 250000 |  | 250569 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES E (TOTAL RETURN BOND SERIES)** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
|  BRSP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 2024-FL2 A, 6.26% (1 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 08/19/37<sup>◊,2</sup> | 250000 | $249735 |
|  BSPDF Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2025-FL2 AS, 6.25% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 12/15/42<sup>◊,2</sup> | 100000 | 100217 |
|  Ares Direct Lending CLO 2 LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2024-2A C, 6.62% (3 Month Term SOFR + 2.35%, Rate Floor: 2.35%) due 10/20/36<sup>◊,2</sup> | 100000 | 100115 |
|  LoanCore |  |  |
| &nbsp;&nbsp;&nbsp; 2025-CRE8 AS, 5.91% (1 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 08/17/42<sup>◊,2</sup> | 100000 | 99176 |
|  FS Rialto Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2025-FL10 AS, 5.97% (1 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 08/19/42<sup>◊,2</sup> | 100000 | 98921 |
|  PFP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 2024-11 AS, 6.50% (1 Month Term SOFR + 2.19%, Rate Floor: 2.19%) due 09/17/39<sup>◊,2</sup> | 94513 | 94544 |
|  Treman Park CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 2015-1A COM, due 10/20/28<sup>2,10</sup> | 162950 | 345 |
|  Copper River CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 2007-1A INC, due 01/20/21<sup>10,11</sup> | 600000 | 60 |
|  **Total Collateralized Loan Obligations** |  | 11898229 |
|  **Transport-Aircraft - 1.7%** |  |  |
|  AASET Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1A, 6.26% due 05/16/49<sup>2</sup> | 236330 | 242575 |
| &nbsp;&nbsp;&nbsp; 2021-1A, 2.95% due 11/16/41<sup>2</sup> | 229718 | 218279 |
|  Slam Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1A, 5.34% due 09/15/49<sup>2</sup> | 190504 | 189995 |
| &nbsp;&nbsp;&nbsp; 2021-1A, 2.43% due 06/15/46<sup>2</sup> | 187500 | 175656 |
|  Navigator Aircraft ABS Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 2021-1, 2.77% due 11/15/46<sup>2</sup> | 355818 | 332580 |
|  Lunar Structured Aircraft Portfolio Notes |  |  |
| &nbsp;&nbsp;&nbsp; 2021-1, 2.64% due 10/15/46<sup>2</sup> | 347101 | 323404 |
|  Castlelake Aircraft Structured Trust |  |  |
| &nbsp;&nbsp;&nbsp; 2025-1A, 5.78% due 02/15/50<sup>2</sup> | 243364 | 246757 |
| &nbsp;&nbsp;&nbsp; 2021-1A, 3.47% due 01/15/46<sup>2</sup> | 52655 | 51876 |
|  JOL Air Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 2019-1, 3.97% due 04/15/44<sup>2</sup> | 275136 | 272390 |
|  WAVE LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2019-1, 3.60% due 09/15/44<sup>2</sup> | 256674 | 246099 |
|  Sapphire Aviation Finance II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 2020-1A, 3.23% due 03/15/40<sup>2</sup> | 254440 | 243005 |
|  Navigator Aviation Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1, 5.40% due 08/15/49<sup>2</sup> | 235119 | 232549 |
|  Sprite Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 2021-1, 3.75% due 11/15/46<sup>2</sup> | 116191 | 112278 |
|  Falcon Aerospace Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 2017-1, 4.58% due 02/15/42<sup>2</sup> | 14720 | 14514 |
|  **Total Transport-Aircraft** |  | 2901957 |
|  **Infrastructure - 1.6%** |  |  |
|  Switch ABS Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2024-2A, 5.44% due 06/25/54<sup>2</sup> | 300000 | 302233 |
| &nbsp;&nbsp;&nbsp; 2025-1A, 5.04% due 03/25/55<sup>2</sup> | 200000 | 197285 |
| &nbsp;&nbsp;&nbsp; 2024-1A, 6.28% due 03/25/54<sup>2</sup> | 100000 | 101992 |
|  Stack Infrastructure Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2023-1A, 5.90% due 03/25/48<sup>2</sup> | 500000 | 502360 |
|  QTS Issuer ABS I LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2025-1A, 5.44% due 05/25/55<sup>2</sup> | 450000 | 456019 |
|  Hotwire Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2021-1, 2.31% due 11/20/51<sup>2</sup> | 250000 | 240557 |
| &nbsp;&nbsp;&nbsp; 2024-1A, 5.89% due 06/20/54<sup>2</sup> | 150000 | 152252 |
|  Aligned Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2021-1A, 1.94% due 08/15/46<sup>2</sup> | 250000 | 241633 |
|  VB-S1 Issuer LLC - VBTEL |  |  |
| &nbsp;&nbsp;&nbsp; 2022-1A, 4.29% due 02/15/52<sup>2</sup> | 250000 | 238912 |
|  ALLO Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1A, 5.94% due 07/20/54<sup>2</sup> | 150000 | 152278 |
|  SBA Tower Trust |  |  |
| &nbsp;&nbsp;&nbsp; 4.83% due 10/15/29<sup>2</sup> | 150000 | 150157 |
|  **Total Infrastructure** |  | 2735678 |
|  **Whole Business - 1.5%** |  |  |
|  Arbys Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2020-1A, 3.24% due 07/30/50<sup>2</sup> | 762000 | 726841 |
|  Subway Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2024-3A, 5.91% due 07/30/54<sup>2</sup> | 248750 | 246049 |
| &nbsp;&nbsp;&nbsp; 2024-1A, 6.27% due 07/30/54<sup>2</sup> | 199000 | 203869 |
| &nbsp;&nbsp;&nbsp; 2024-1A, 6.51% due 07/30/54<sup>2</sup> | 149250 | 152952 |
|  SERVPRO Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2021-1A, 2.39% due 04/25/51<sup>2</sup> | 480000 | 447568 |
| &nbsp;&nbsp;&nbsp; 2024-1A, 6.17% due 01/25/54<sup>2</sup> | 98750 | 101728 |
|  Taco Bell Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2016-1A, 4.97% due 05/25/46<sup>2</sup> | 328125 | 328120 |
|  ServiceMaster Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2020-1, 3.34% due 01/30/51<sup>2</sup> | 235101 | 204243 |
|  Five Guys Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2023-1A, 7.55% due 01/26/54<sup>2</sup> | 149250 | 154226 |
|  DB Master Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2019-1A, 4.02% due 05/20/49<sup>2</sup> | 94250 | 93429 |
|  **Total Whole Business** |  | 2659025 |
|  **Net Lease - 1.5%** |  |  |
|  STORE Master Funding I-VII |  |  |
| &nbsp;&nbsp;&nbsp; 2016-1A, 3.96% due 10/20/46<sup>2</sup> | 821253 | 808164 |
|  CF Hippolyta Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2022-1A, 6.11% due 08/15/62<sup>2</sup> | 244283 | 245606 |
| &nbsp;&nbsp;&nbsp; 2020-1, 2.28% due 07/15/60<sup>2</sup> | 224863 | 222491 |
|  CARS-DB5, LP |  |  |
| &nbsp;&nbsp;&nbsp; 2021-1A, 2.76% due 08/15/51<sup>2</sup> | 493854 | 413807 |
|  CMFT Net Lease Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2021-1, 3.44% due 07/20/51<sup>2</sup> | 400000 | 344137 |
|  SVC ABS LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2023-1A, 5.15% due 02/20/53<sup>2</sup> | 345917 | 343159 |
|  CARS-DB4, LP |  |  |
| &nbsp;&nbsp;&nbsp; 2020-1A, 3.81% due 02/15/50<sup>2</sup> | 244948 | 229619 |
|  **Total Net Lease** |  | 2606983 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES E (TOTAL RETURN BOND SERIES)** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
|  **Financial - 1.5%** |  |  |  |
|  Station Place Securitization Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; 2024-SP1, 5.73% (1 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 08/12/25<sup>◊,†††,2</sup> | 325000 | $| 325000 |
| &nbsp;&nbsp;&nbsp; 2024-SP2, 6.01% (1 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 07/12/26<sup>◊,†††,2</sup> | 325000 |  | 325000 |
|  KKR Core Holding Company LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00% due 08/12/31<sup>†††</sup> | 480253 |  | 440635 |
|  Lightning A |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50% due 03/01/37<sup>†††</sup> | 400000 |  | 367158 |
|  Thunderbird A |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50% due 03/01/37<sup>†††</sup> | 400000 |  | 367158 |
|  LVNV Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.80% due 11/05/28<sup>†††</sup> | 250000 |  | 262746 |
| &nbsp;&nbsp;&nbsp; 6.84% due 06/12/29<sup>†††</sup> | 100000 |  | 102389 |
|  Ceamer Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.79% due 11/15/39<sup>†††</sup> | 193044 |  | 195796 |
|  Project Onyx II |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.09% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 01/26/27<sup>◊,†††</sup> | 95144 |  | 94809 |
|  Nassau LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 2019-1, 3.98% due 08/15/34<sup>11</sup> | 75741 |  | 70646 |
|  **Total Financial** |  |  | 2551337 |
|  **Single Family Residence - 0.9%** |  |  |  |
|  FirstKey Homes Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; 2021-SFR1, 1.79% due 08/17/38<sup>2</sup> | 600000 |  | 579895 |
| &nbsp;&nbsp;&nbsp; 2020-SFR2, 4.50% due 10/19/37<sup>2</sup> | 150000 |  | 148741 |
| &nbsp;&nbsp;&nbsp; 2020-SFR2, 4.00% due 10/19/37<sup>2</sup> | 150000 |  | 148603 |
| &nbsp;&nbsp;&nbsp; 2020-SFR2, 3.37% due 10/19/37<sup>2</sup> | 100000 |  | 98931 |
|  Tricon Residential Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; 2023-SFR2, 5.00% due 12/17/40<sup>2</sup> | 250000 |  | 247852 |
| &nbsp;&nbsp;&nbsp; 2024-SFR3, 5.25% due 08/17/41<sup>2</sup> | 200000 |  | 199273 |
| &nbsp;&nbsp;&nbsp; 2024-SFR2, 5.70% due 06/17/40<sup>2</sup> | 100000 |  | 101642 |
|  Invitation Homes Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; 2024-SFR1, 4.00% due 09/17/41<sup>2</sup> | 100000 |  | 96227 |
|  **Total Single Family Residence** |  |  | 1621164 |
|  **Collateralized Debt Obligations - 0.4%** |  |  |  |
|  Anchorage Credit Funding 4 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2021-4A AR, 2.72% due 04/27/39<sup>2</sup> | 750000 |  | 716777 |
|  **Transport-Container - 0.4%** |  |  |  |
|  CLI Funding VIII LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 2021-1A, 1.64% due 02/18/46<sup>2</sup> | 265440 |  | 243347 |
|  Textainer Marine Containers Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2021-3A, 1.94% due 08/20/46<sup>2</sup> | 208000 |  | 184948 |
|  Textainer Marine Containers VII Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2020-1A, 2.73% due 08/21/45<sup>2</sup> | 117778 |  | 112896 |
|  TIF Funding III LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1A, 5.48% due 04/20/49<sup>2</sup> | 90625 |  | 91919 |
|  **Total Transport-Container** |  |  | 633110 |
|  **Insurance - 0.3%** |  |  |  |
|  Obra Longevity |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.48% due 06/30/39<sup>†††</sup> | 450000 |  | 470587 |
|  **Unsecured Consumer Loans - 0.1%** |  |  |  |
|  Service Experts Issuer LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1A, 6.39% due 11/20/35<sup>2</sup> | 117883 |  | 119994 |
|  **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $29,367,845) | &nbsp;&nbsp;&nbsp; (Cost $29,367,845) |  | 28914841 |
|  **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 13.1%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 13.1%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 13.1%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 13.1%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp; due 05/15/51<sup>12,13</sup> | 12850000 |  | 3624516 |
| &nbsp;&nbsp;&nbsp; 4.38% due 11/15/39 | 2500000 |  | 2450684 |
| &nbsp;&nbsp;&nbsp; due 05/15/44<sup>6,12</sup> | 2790000 |  | 1082732 |
| &nbsp;&nbsp;&nbsp; due 02/15/46<sup>6,12</sup> | 1990000 |  | 707399 |
| &nbsp;&nbsp;&nbsp; due 02/15/54<sup>12,13</sup> | 2500000 |  | 627630 |
| &nbsp;&nbsp;&nbsp; due 02/15/52<sup>12,13,14</sup> | 2180000 |  | 594172 |
| &nbsp;&nbsp;&nbsp; due 08/15/54<sup>12,13,14</sup> | 1850000 |  | 456954 |
| &nbsp;&nbsp;&nbsp; due 02/15/55<sup>12,13</sup> | 1750000 |  | 425259 |
| &nbsp;&nbsp;&nbsp; 4.75% due 05/15/55 | 290000 |  | 288323 |
| &nbsp;&nbsp;&nbsp; due 11/15/44<sup>6,12</sup> | 500000 |  | 189280 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp; 4.13% due 05/31/32 | 3250000 |  | 3277422 |
| &nbsp;&nbsp;&nbsp; 4.13% due 11/30/29 | 1810000 |  | 1836584 |
| &nbsp;&nbsp;&nbsp; 4.13% due 11/30/31<sup>14</sup> | 750000 |  | 757588 |
| &nbsp;&nbsp;&nbsp; 4.00% due 03/31/30 | 660000 |  | 666136 |
| &nbsp;&nbsp;&nbsp; 4.63% due 02/15/35 | 370000 |  | 381736 |
| &nbsp;&nbsp;&nbsp; 4.25% due 05/15/35 | 220000 |  | 220344 |
|  United States Treasury Inflation Indexed Bonds | United States Treasury Inflation Indexed Bonds | United States Treasury Inflation Indexed Bonds | United States Treasury Inflation Indexed Bonds |
| &nbsp;&nbsp;&nbsp; 2.13% due 01/15/35 | 5112492 |  | 5195897 |
|  **Total U.S. Government Securities** | **Total U.S. Government Securities** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $23,832,272) |  |  | 22782656 |
|  **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 1.9%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 1.9%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 1.9%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 1.9%** |
|  **Financial - 1.0%** |  |  |  |
|  Higginbotham Insurance Agency, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.83% (1 Month Term SOFR + 4.51%, Rate Floor: 4.51%) due 11/24/28<sup>†††</sup> | 409803 |  | 407156 |
|  Worldpay |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/31/31 | 248752 |  | 249269 |
|  Jane Street Group LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.33% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/15/31 | 221411 |  | 221125 |
|  Citadel Securities, LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 | 197020 |  | 197735 |
|  Alliant Holdings Intermediate LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/19/31 | 159200 |  | 159218 |
|  HighTower Holding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.26% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 02/03/32 | 154624 |  | 154109 |
|  CPI Holdco B LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/17/31 | 148875 |  | 148354 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES E (TOTAL RETURN BOND SERIES)** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
|  Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.58% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 09/19/30 | 148875 | 145013 |
|  Eisner Advisory Group |  |  |
| &nbsp;&nbsp;&nbsp; 8.33% (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 02/28/31 | 98507 | 98876 |
|  **Total Financial** |  | 1780855 |
|  **Consumer, Non-cyclical - 0.3%** |  |  |
|  Southern Veterinary Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.53% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 12/04/31 | 240102 | 240198 |
|  Quirch Foods Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 9.57% (3 Month Term SOFR + 5.26%, Rate Floor: 6.00%) due 10/27/27 | 144222 | 134461 |
|  HAH Group Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; 9.33% (1 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 09/24/31 | 33654 | 32590 |
|  Elanco Animal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.17% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 08/01/27 | 14557 | 14541 |
|  **Total Consumer, Non-cyclical** |  | 421790 |
|  **Consumer, Cyclical - 0.2%** |  |  |
|  MB2 Dental Solutions LLC |  |  |
| &nbsp;&nbsp;&nbsp; 9.83% (1 Month Term SOFR + 5.50%, Rate Floor: 6.25%) due 02/13/31<sup>†††</sup> | 169383 | 168721 |
|  First Brands Group LLC |  |  |
| &nbsp;&nbsp;&nbsp; 9.54% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 03/30/27 | 131858 | 124139 |
|  Pacific Bells LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.56% (3 Month Term SOFR + 4.26%, Rate Floor: 4.76%) due 11/13/28 | 88656 | 88767 |
|  **Total Consumer, Cyclical** |  | 381627 |
|  **Industrial - 0.2%** |  |  |
|  EMRLD Borrower, LP |  |  |
| &nbsp;&nbsp;&nbsp; 6.83% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 08/04/31 | 99250 | 99021 |
| &nbsp;&nbsp;&nbsp; 6.83% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 05/31/30 | 98500 | 98363 |
|  Capstone Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.93% (1 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 11/12/29<sup>†††</sup> | 136890 | 136227 |
|  **Total Industrial** |  | 333611 |
|  **Communications - 0.1%** |  |  |
|  Authentic Brands |  |  |
| &nbsp;&nbsp;&nbsp; 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 12/21/28 | 173688 | 173457 |
|  Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.58% (1 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 03/21/32 | 30000 | 30306 |
|  **Total Communications** |  | 203763 |
|  **Technology - 0.1%** |  |  |
|  Datix Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 9.46% (6 Month GBP SONIA + 5.25%, Rate Floor: 5.25%) due 04/30/31<sup>†††</sup> | GBP 71,200 | 97071 |
| &nbsp;&nbsp;&nbsp; 9.54% (6 Month Term SOFR + 5.25%, Rate Floor: 5.75%) due 04/30/31<sup>†††</sup> | 20000 | 19865 |
| &nbsp;&nbsp;&nbsp; 9.56% ((6 Month GBP SONIA + 5.50%) and (6 Month Term SOFR + 5.25%), Rate Floor: 6.00%) due 10/30/30<sup>†††</sup> | 3325 | 2970 |
| &nbsp;&nbsp;&nbsp; 9.56% ((6 Month GBP SONIA + 5.50%) and (6 Month Term SOFR + 5.25%), Rate Floor: 6.00%) due 10/30/30<sup>†††</sup> | GBP 475 | 582 |
|  **Total Technology** |  | 120488 |
|  **Total Senior Floating Rate Interests** | **Total Senior Floating Rate Interests** |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,245,098) | &nbsp;&nbsp;&nbsp; (Cost $3,245,098) | 3242134 |
|  **FEDERAL AGENCY BONDS<sup>††</sup>** **- 1.0%** | **FEDERAL AGENCY BONDS<sup>††</sup>** **- 1.0%** | **FEDERAL AGENCY BONDS<sup>††</sup>** **- 1.0%** |
|  Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |
| &nbsp;&nbsp;&nbsp; 4.25% due 09/15/65 | 1000000 | 805640 |
| &nbsp;&nbsp;&nbsp; 5.38% due 04/01/56 | 750000 | 745354 |
| &nbsp;&nbsp;&nbsp; 5.25% due 02/01/55 | 50000 | 48781 |
|  Tennessee Valley Authority Principal Strips | Tennessee Valley Authority Principal Strips | Tennessee Valley Authority Principal Strips |
| &nbsp;&nbsp;&nbsp; due 01/15/48<sup>12,13</sup> | 500000 | 147641 |
|  **Total Federal Agency Bonds** | **Total Federal Agency Bonds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,604,019) |  | 1747416 |
|  **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 0.3%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 0.3%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 0.3%** |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp; 4.10% due 07/01/25<sup>15</sup> | 600000 | 600000 |
|  **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $600,000) |  | 600000 |
|  **MUNICIPAL BONDS<sup>††</sup>** **- 0.2%** | **MUNICIPAL BONDS<sup>††</sup>** **- 0.2%** | **MUNICIPAL BONDS<sup>††</sup>** **- 0.2%** |
|  **Illinois - 0.2%** |  |  |
|  State of Illinois General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp; 5.65% due 12/01/38 | 311111 | 318441 |
|  **Total Municipal Bonds** | **Total Municipal Bonds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $315,802) | &nbsp;&nbsp;&nbsp; (Cost $315,802) | 318441 |
|  **REPURCHASE AGREEMENTS<sup>††,16</sup>** **- 0.9%** | **REPURCHASE AGREEMENTS<sup>††,16</sup>** **- 0.9%** | **REPURCHASE AGREEMENTS<sup>††,16</sup>** **- 0.9%** |
|  BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. |
| &nbsp;&nbsp;&nbsp; issued 06/30/25 at 4.37% due 07/01/25 | 638534 | 638534 |
|  BNP Paribas | BNP Paribas | BNP Paribas |
| &nbsp;&nbsp;&nbsp; issued 06/30/25 at 4.37% due 07/01/25 | 399084 | 399084 |
|  J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | J.P. Morgan Securities LLC |
| &nbsp;&nbsp;&nbsp; issued 06/30/25 at 4.37% due 07/01/25 | 399084 | 399084 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
| &nbsp;&nbsp;&nbsp; issued 06/30/25 at 4.34% due 07/01/25 | 79817 | 79817 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,516,519) |  | 1516519 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES E (TOTAL RETURN BOND SERIES)** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Contracts/<br> Notional <br> Value** | **Value** |
|  **OTC OPTIONS PURCHASED<sup>††</sup>** **- 0.0%** | **OTC OPTIONS PURCHASED<sup>††</sup>** **- 0.0%** | **OTC OPTIONS PURCHASED<sup>††</sup>** **- 0.0%** |
|  **Put Options on:** |  |  |
|  **Foreign Exchange Options** |  |  |
| &nbsp;&nbsp;&nbsp; UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD 870,000 | $16277 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs International Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.73 | USD 420,000 | 13709 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs International Foreign Exchange USD/JPY Expiring May 2026 with strike price of $123.50 | USD 173,000 | 14513 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs International Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.64 | USD 336,000 | 10967 |
| &nbsp;&nbsp;&nbsp; UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD 261,000 | 4883 |
| &nbsp;&nbsp;&nbsp; Bank of America, N.A. Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.63 | USD 74,000 | 2415 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs International Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD 80,000 | 1497 |
| &nbsp;&nbsp;&nbsp; Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $2,017,848) | EUR 1,719,000 | 325 |
| &nbsp;&nbsp;&nbsp; Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $2,017,848) | EUR 1,719,000 | 325 |
| &nbsp;&nbsp;&nbsp; Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $1,413,315) | EUR 1,204,000 | 232 |
| &nbsp;&nbsp;&nbsp; Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $718,396) | EUR 612,000 | 118 |
| &nbsp;&nbsp;&nbsp; Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $605,707) | EUR 516,000 | 99 |
| &nbsp;&nbsp;&nbsp; BNP Paribas Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $118,559) | EUR 101,000 | 20 |
|  **Total OTC Options Purchased** | **Total OTC Options Purchased** |  |
| &nbsp;&nbsp;&nbsp; (Cost $149,240) |  | 65380 |
|  **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,17</sup>** **- 0.1%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,17</sup>** **- 0.1%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,17</sup>** **- 0.1%** |
|  **Call Swaptions on:** |  |  |
|  **Interest Rate Swaptions** |  |  |
| &nbsp;&nbsp;&nbsp; BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% (Notional Value $5,515,000) | USD 5,515,000 | 98419 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% (Notional Value $2,757,500) | USD 2,757,500 | 49210 |
| &nbsp;&nbsp;&nbsp; The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% (Notional Value $2,757,500) | USD 2,757,500 | 49210 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.50% (Notional Value $4,796,225) | GBP 3,500,000 | 34973 |
|  **Total Interest Rate Call Swaptions** |  | 231812 |
|  **Put Swaptions on:** |  |  |
|  **Interest Rate Swaptions** |  |  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 5.50% (Notional Value $4,796,225) | GBP 3,500,000 | 1607 |
|  **Total Interest Rate Put Swaptions** |  | 1607 |
|  **Total OTC Interest Rate Swaptions Purchased** | **Total OTC Interest Rate Swaptions Purchased** |  |
| &nbsp;&nbsp;&nbsp; (Cost $163,515) |  | 233419 |
|  **Total Investments - 120.6%** | **Total Investments - 120.6%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $216,386,141) | &nbsp;&nbsp;&nbsp; (Cost $216,386,141) | 209519688 |
|  **OTC OPTIONS WRITTEN<sup>††</sup>** **- (0.0)%** | **OTC OPTIONS WRITTEN<sup>††</sup>** **- (0.0)%** | **OTC OPTIONS WRITTEN<sup>††</sup>** **- (0.0)%** |
|  **Put Options on:** |  |  |
|  **Foreign Exchange Options** |  |  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs International Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD 80,000 | (363) |
| &nbsp;&nbsp;&nbsp; UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD 261,000 | (1186) |
| &nbsp;&nbsp;&nbsp; UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD 870,000 | (3951) |
|  **Total OTC Options Written** | **Total OTC Options Written** |  |
| &nbsp;&nbsp;&nbsp; (Premiums received $9,563) |  | (5500) |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES E (TOTAL RETURN BOND SERIES)** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Contracts/<br> Notional <br> Value** | **Value** |
|  **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††,17</sup>** **- (0.0)%** | **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††,17</sup>** **- (0.0)%** | **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††,17</sup>** **- (0.0)%** |
|  **Call Swaptions on:** |  |  |
|  **Interest Rate Swaptions** |  |  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.00% (Notional Value $4,796,225) | GBP 3,500,000 | $(17588) |
| &nbsp;&nbsp;&nbsp; The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% (Notional Value $2,757,500) | USD 2,757,500 | (21815) |
| &nbsp;&nbsp;&nbsp; BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% (Notional Value $5,515,000) | USD 5,515,000 | (43628) |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% (Notional Value $2,757,500) | USD 2,757,500 | (21814) |
|  **Total Interest Rate Call Swaptions** |  | (104845) |
|  **Put Swaptions on:** |  |  |
|  **Interest Rate Swaptions** |  |  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 4.50% (Notional Value $4,796,225) | GBP 3,500,000 | $(7536) |
|  **Total Interest Rate Put Swaptions** |  | (7536) |
|  **Total OTC Interest Rate Swaptions Written** | **Total OTC Interest Rate Swaptions Written** |  |
| &nbsp;&nbsp;&nbsp; (Premiums received $96,807) |  | (112381) |
|  **Other Assets & Liabilities, net - (20.6)%** | **Other Assets & Liabilities, net - (20.6)%** | (35769645) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $173632162 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **OTC Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **OTC Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **OTC Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **OTC Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **OTC Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **OTC Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **OTC Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **OTC Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **OTC Credit Default Swap Agreements Protection Purchased<sup>††</sup>** |
| **Counterparty** | **Index** | **Protection <br> Premium Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value** | **Upfront <br> Premiums <br> Received** | **Unrealized <br> Depreciation** |
|  Morgan Stanley Capital Services LLC | CDX.NA.HY.43.V1 (15-25%) | 5.00% | Quarterly | 12/20/29 | $250000 | $(18513) | $(14192) | $(4321) |
|  Morgan Stanley Capital Services LLC | CDX.NA.HY.43.V1 (25-35%) | 5.00% | Quarterly | 12/20/29 | 250000 | (38047) | (33901) | (4146) |
|  |  |  |  |  |  | $(56560) | $(48093) | $(8467) |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES E (TOTAL RETURN BOND SERIES)** |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** |
| **Counterparty** | **Floating <br> Rate <br> Type** | **Floating <br> Rate Index** | **Fixed <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value** | **Upfront <br> Premiums <br> Paid** | **Unrealized <br> Appreciation <br> (Depreciation)\*\*** |
|  BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.48% | Annually | 11/02/33 | $2380000 | $150342 | $94 | $150248 |
|  BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 3.66% | Annually | 04/02/30 | 10000000 | 104447 | 328 | 104119 |
|  BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.09% | Annually | 12/23/29 | 3499262 | 97586 | 283 | 97303 |
|  BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.27% | Annually | 06/27/27 | 4500000 | 66591 | 206 | 66385 |
|  BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.21% | Annually | 07/11/27 | 4000000 | 56312 | 209 | 56103 |
|  BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 3.66% | Annually | 10/18/27 | 5300000 | 23743 | 240 | 23503 |
|  BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 3.76% | Annually | 02/06/29 | 1300000 | 15731 | 98 | 15633 |
|  BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.99% | Annually | 10/11/25 | 9089000 | 14681 | 45 | 14636 |
|  BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 3.40% | Annually | 04/04/28 | 5000000 | (5528) | 178 | (5706) |
|  BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 3.63% | Annually | 10/18/34 | 5100000 | (11015) | 191 | (11206) |
|  BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 2.78% | Annually | 07/18/27 | 5000000 | (72222) | 52 | (72274) |
|  |  |  |  |  |  |  | $440668 | $1924 | $438744 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES E (TOTAL RETURN BOND SERIES)** |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Forward Foreign Currency Exchange Contracts<sup>††</sup>** | **Forward Foreign Currency Exchange Contracts<sup>††</sup>** | **Forward Foreign Currency Exchange Contracts<sup>††</sup>** | **Forward Foreign Currency Exchange Contracts<sup>††</sup>** | **Forward Foreign Currency Exchange Contracts<sup>††</sup>** | **Forward Foreign Currency Exchange Contracts<sup>††</sup>** | **Forward Foreign Currency Exchange Contracts<sup>††</sup>** |
| **Counterparty** | **Currency** | **Type** | **Quantity** | **Contract <br> Amount** | **Settlement Date** | **Unrealized <br> Appreciation <br> (Depreciation)** |
|  Barclays Bank plc | EUR | Buy | 48000 | 55,271 USD | 07/16/25 | $1337 |
|  Citibank, N.A. | GBP | Sell | 77000 | 104,382 USD | 07/16/25 | (1316) |
|  |  |  |  |  |  | $21 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **OTC Interest Rate Swaptions Purchased** | **OTC Interest Rate Swaptions Purchased** | **OTC Interest Rate Swaptions Purchased** | **OTC Interest Rate Swaptions Purchased** | **OTC Interest Rate Swaptions Purchased** | **OTC Interest Rate Swaptions Purchased** | **OTC Interest Rate Swaptions Purchased** | **OTC Interest Rate Swaptions Purchased** | **OTC Interest Rate Swaptions Purchased** |
| **Counterparty/<br> Description** | **Floating <br> Rate Type** | **Floating <br> Rate Index** | **Payment <br> Frequency** | **Fixed <br> Rate** | **Expiration <br> Date** | **Exercise <br> Rate** | **Swaption <br> Notional <br> Amount** | **Swaption <br> Value** |
|  **Call** | **Call** | **Call** | **Call** | **Call** | **Call** | **Call** | **Call** | **Call** |
|  BNP Paribas 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 7.00% | 02/13/26 | 3.50% | $5515000 | $98419 |
|  Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.50% | 02/13/26 | 3.50% | 2757500 | 49210 |
|  The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.50% | 02/13/26 | 3.50% | 2757500 | 49210 |
|  Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 3.50% | 08/19/26 | 3.50% | 4796225 | 34973 |
|  |  |  |  |  |  |  |  | $231812 |
|  **Put** |  |  |  |  |  |  |  |  |
|  Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 5.50% | 08/19/26 | 5.50% | $4796225 | $1607 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **OTC Interest Rate Swaptions Written** | **OTC Interest Rate Swaptions Written** | **OTC Interest Rate Swaptions Written** | **OTC Interest Rate Swaptions Written** | **OTC Interest Rate Swaptions Written** | **OTC Interest Rate Swaptions Written** | **OTC Interest Rate Swaptions Written** | **OTC Interest Rate Swaptions Written** | **OTC Interest Rate Swaptions Written** |
| **Counterparty/<br> Description** | **Floating <br> Rate Type** | **Floating <br> Rate Index** | **Payment <br> Frequency** | **Fixed <br> Rate** | **Expiration <br> Date** | **Exercise <br> Rate** | **Swaption <br> Notional <br> Amount** | **Swaption <br> Value** |
|  **Call** | **Call** | **Call** | **Call** | **Call** | **Call** | **Call** | **Call** | **Call** |
|  Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 3.00% | 08/19/26 | 3.00% | $4796225 | $(17588) |
|  The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.00% | 02/13/26 | 3.00% | 2757500 | (21815) |
|  Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.00% | 02/13/26 | 3.00% | 2757500 | (21814) |
|  BNP Paribas 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.00% | 02/13/26 | 3.00% | 5515000 | (43628) |
|  |  |  |  |  |  |  |  | $(104845) |
|  **Put** |  |  |  |  |  |  |  |  |
|  Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 4.50% | 08/19/26 | 4.50% | $4796225 | $(7536) |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES E (TOTAL RETURN BOND SERIES)** |  |

---

---

| | |
|:---|:---|
| <sup>~</sup> | &nbsp;&nbsp;&nbsp; The face amount is denominated in U.S. dollars unless otherwise indicated. |
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\* | &nbsp;&nbsp;&nbsp; Includes cumulative appreciation (depreciation). Variation margin is reported within the 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, unless otherwise noted — See Note 4. |
| <sup>†††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 3 inputs — See Note 4. |
| <sup>◊</sup> | &nbsp;&nbsp;&nbsp; Variable rate security. Rate indicated is the rate effective at June 30, 2025. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; Special Purpose Acquisition Company (SPAC). |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $59,511,909 (cost $61,462,049), or 34.3% of total net assets. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Affiliated issuer. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp; Security is unsettled at period end and may not have a stated effective rate. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp; Security is an interest-only strip. |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp; Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at June 30, 2025. See table below for additional step information for each security. |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp; Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date. |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp; Perpetual maturity. |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp; Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates. |
| <sup>11</sup> | &nbsp;&nbsp;&nbsp; Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $70,706 (cost $75,741), or 0.0% of total net assets — See Note 9. |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp; Zero coupon rate security. |
| <sup>13</sup> | &nbsp;&nbsp;&nbsp; Security is a principal-only strip. |
| <sup>14</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as equity index swap collateral at June 30, 2025. |
| <sup>15</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the effective yield at the time of purchase. |
| <sup>16</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements - The interest rate on repurchase agreements is market driven and based on the underlying collateral obtained. See additional disclosure in the repurchase agreements table below for more information on repurchase agreements. |
| <sup>17</sup> | &nbsp;&nbsp;&nbsp; Swaptions — See additional disclosure in the swaptions table above for more information on swaptions. |
|  | &nbsp;&nbsp;&nbsp; BofA — Bank of America |
|  | &nbsp;&nbsp;&nbsp; CDX.NA.HY.43.V1— Credit Default Swap North American High Yield Series 43 Index Version 1 |
|  | &nbsp;&nbsp;&nbsp; CME — Chicago Mercantile Exchange |
|  | &nbsp;&nbsp;&nbsp; CMT — Constant Maturity Treasury |
|  | &nbsp;&nbsp;&nbsp; EUR — Euro |
|  | &nbsp;&nbsp;&nbsp; GBP — British Pound |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; REMIC — Real Estate Mortgage Investment Conduit |
|  | &nbsp;&nbsp;&nbsp; SARL — Société à Responsabilité Limitée |
|  | &nbsp;&nbsp;&nbsp; SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp; SONIA — Sterling Overnight Index Average |
|  | &nbsp;&nbsp;&nbsp; WAC — Weighted Average Coupon |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES E (TOTAL RETURN BOND SERIES)** |  |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 4 in the Notes to 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 | $— | $— | $8 | $8 |
|  Preferred Stocks |  | 3713717 |  | 3713717 |
|  Warrants | 8 |  | 4 | 12 |
|  Mutual Funds | 36486478 |  |  | 36486478 |
|  Money Market Fund | 3865300 |  |  | 3865300 |
|  Collateralized Mortgage Obligations |  | 63688502 | 810255 | 64498757 |
|  Corporate Bonds |  | 39071396 | 2463214 | 41534610 |
|  Asset-Backed Securities |  | 25963563 | 2951278 | 28914841 |
|  U.S. Government Securities |  | 22782656 |  | 22782656 |
|  Senior Floating Rate Interests |  | 2409542 | 832592 | 3242134 |
|  Federal Agency Bonds |  | 1747416 |  | 1747416 |
|  Federal Agency Discount Notes |  | 600000 |  | 600000 |
|  Municipal Bonds |  | 318441 |  | 318441 |
|  Repurchase Agreements |  | 1516519 |  | 1516519 |
|  Options Purchased |  | 65380 |  | 65380 |
|  Interest Rate Swaptions Purchased |  | 233419 |  | 233419 |
|  Interest Rate Swap Agreements\*\* |  | 527930 |  | 527930 |
|  Forward Foreign Currency Exchange Contracts\*\* |  | 1337 |  | 1337 |
|  Total Assets | $40351786 | $162639818 | $7057351 | $210048955 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
|  Options Written | $— | $5500 | $— | $5500 |
|  Interest Rate Swaptions Written |  | 112381 |  | 112381 |
|  Credit Default Swap Agreements\*\* |  | 8467 |  | 8467 |
|  Interest Rate Swap Agreements\*\* |  | 89186 |  | 89186 |
|  Forward Foreign Currency Exchange Contracts\*\* |  | 1316 |  | 1316 |
|  Unfunded Loan Commitments (Note 8) |  |  | 2280 | 2280 |
|  Total Liabilities | $— | $216850 | $2280 | $219130 |

---

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

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES E (TOTAL RETURN BOND SERIES)** |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category** | **Ending Balance at <br> June 30, 2025** | **Valuation Technique** | **Unobservable Inputs** | **Input Range** | **Weighted Average\*** |
|  **Assets:** |  |  |  |  |  |
|  Asset-Backed Securities | $1540086 | Yield Analysis | Yield | 6.2%-7.8% | 7.0% |
|  Asset-Backed Securities | 761192 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |
|  Asset-Backed Securities | 650000 | Third Party Pricing | Broker Quote |  |  |
|  Collateralized Mortgage Obligations | 810255 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |
|  Common Stocks | 8 | Model Price | Liquidation Value |  |  |
|  Corporate Bonds | 1347714 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |
|  Corporate Bonds | 1115500 | Third Party Pricing | Broker Quote |  |  |
|  Senior Floating Rate Interests | 712104 | Model Price | Purchase Price |  |  |
|  Senior Floating Rate Interests | 120488 | Yield Analysis | Yield | 9.9% |  |
|  Warrants | 4 | Model Price | Liquidation Value |  |  |
|  Total Assets | $7057351 |  |  |  |  |
|  **Liabilities:** |  |  |  |  |  |
|  Unfunded Loan Commitments | $2280 | Model Price | Purchase Price |  |  |

---

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

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

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

Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment's valuation changes. For the period ended June 30, 2025, the Fund did not have any securities to transfer into Level 3 from Level 2 or transfer out of Level 3 into Level 2.

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES E (TOTAL RETURN BOND SERIES)** |  |

---

**Summary of Fair Value Level 3 Activity** 

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | | **Liabilities** |
|  | **Asset-<br> Backed <br> Securities** | **Collateralized <br> Mortgage <br> Obligations** | **Corporate <br> Bonds** | **Senior <br> Floating <br> Rate <br> Interests** | **Warrants** | **Common <br> Stocks** | <br>**Total Assets** | **Unfunded <br> Loan <br> Commitments** |
|  Beginning Balance | $3214279 | $792946 | $2423951 | $820124 | $3 | $8 | $7251311 | $(3041) |
|  Purchases/(Receipts) | 109124 |  | 40294 | 29790 |  |  | 179208 | (3319) |
|  (Sales, maturities and paydowns)/Fundings | (383387) | (6208) | (9047) | (26431) |  |  | (425073) | 3246 |
|  Amortization of premiums/discounts |  | (1887) |  | 683 |  |  | (1204) |  |
|  Total realized gains (losses) included in earnings |  |  |  | (87) |  |  | (87) | 747 |
|  Total change in unrealized appreciation (depreciation) included in earnings | 11262 | 25404 | 8016 | 8513 | 1 |  | 53196 | 87 |
|  Transfers into Level 3 |  |  |  |  |  |  |  |  |
|  Transfers out of Level 3 |  |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ending Balance  | $2951278 | $810255 | $2463214 | $832592 | $4 | $8 | $7057351 | $(2280) |
|  Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at June 30, 2025 | $7460 | $25404 | $8016 | $8538 | $1 | $— | $49419 | $87 |

---

**Step Coupon Bonds** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Coupon Rate at <br> Next Reset Date** | **Next Rate Reset Date** | **Future Reset Rate** | **Future Reset Date** |
|  Angel Oak Mortgage Trust 2023-1, 4.75% due 09/26/67 | 5.75% | 01/01/27 | – |  |
|  Angel Oak Mortgage Trust 2024-2, 6.25% due 01/25/69 | 7.25% | 01/01/28 | – |  |
|  BRAVO Residential Funding Trust 2023-NQM2, 4.50% due 05/25/62 | 5.50% | 02/01/27 | – |  |
|  BRAVO Residential Funding Trust 2024-NQM1, 6.40% due 12/01/63 | 7.40% | 01/01/28 | – |  |
|  GCAT Trust 2023-NQM3, 6.89% due 08/25/68 | 7.89% | 09/01/27 | – |  |
|  Legacy Mortgage Asset Trust 2021-GS5, 5.25% due 07/25/67 | 6.25% | 11/25/25 | – |  |
|  Mill City Securities Ltd. 2024-RS2, 3.00% due 08/01/69 | 6.00% | 12/01/27 | – |  |
|  OBX Trust 2024-NQM11, 6.13% due 06/25/64 | 7.08% | 07/01/28 | – |  |
|  OBX Trust 2024-NQM2, 6.18% due 12/25/63 | 7.18% | 01/01/28 | – |  |
|  OBX Trust 2024-NQM3, 6.43% due 12/25/63 | 7.43% | 02/01/28 | – |  |
|  OBX Trust 2022-NQM9, 6.45% due 09/25/62 | 7.45% | 11/01/26 | – |  |
|  OBX Trust 2024-NQM5, 6.29% due 01/25/64 | 7.29% | 03/01/28 | – |  |
|  OBX Trust 2024-NQM8, 6.59% due 05/25/64 | 7.59% | 05/01/28 | – |  |
|  OBX Trust 2024-NQM6, 6.85% due 02/25/64 | 7.85% | 04/01/28 | – |  |
|  OBX Trust 2024-NQM13, 5.37% due 06/25/64 | 6.37% | 08/01/28 | – |  |
|  OBX Trust 2024-NQM9, 6.44% due 01/25/64 | 7.66% | 06/01/28 | – |  |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES E (TOTAL RETURN BOND SERIES)** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Coupon Rate at <br> Next Reset Date** | **Next Rate Reset Date** | **Future Reset Rate** | **Future Reset Date** |
|  PRPM LLC 2024-4, 6.41% due 08/25/29 | 9.41% | 08/25/27 | 10.41% | 08/25/28 |
|  RCKT Mortgage Trust 2024-CES4, 6.15% due 06/25/44 | 7.15% | 05/01/28 |  |  |
|  Vista Point Securitization Trust 2024-CES3, 5.68% due 01/25/55 | 6.68% | 12/01/28 |  |  |

---

**Repurchase Agreements** 

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

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

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

At June 30, 2025, the repurchase agreements in the account were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty and Terms of Agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Face Value**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Price**  | **Collateral** | **Par Value** | **Fair Value** |
|  BofA Securities, Inc. |  |  | U.S. Treasury Bond |  |  |
| &nbsp;&nbsp; 4.37% |  |  | &nbsp;&nbsp; 2.88% |  |  |
| &nbsp;&nbsp; Due 07/01/25 | $638534 | $638612 | &nbsp;&nbsp; Due 05/15/43 | $848700 | $651252 |
|  |  |  | U.S. Treasury Strips |  |  |
|  |  |  | &nbsp;&nbsp; 0.00% |  |  |
|  |  |  | &nbsp;&nbsp; Due 08/15/48 - 11/15/54 | 199 | 53 |
|  |  |  |  | 848899 | 651305 |
|  BNP Paribas |  |  | U.S. Treasury Bond |  |  |
| &nbsp;&nbsp; 4.37% |  |  | &nbsp;&nbsp; 5.38% |  |  |
| &nbsp;&nbsp; Due 07/01/25 | 399084 | 399132 | &nbsp;&nbsp; Due 02/15/31 | 371700 | 406563 |
|  |  |  | U.S. Treasury Inflation Indexed Bond |  |  |
|  |  |  | &nbsp;&nbsp; 2.13% |  |  |
|  |  |  | &nbsp;&nbsp; Due 02/15/40 | 594 | 589 |
|  |  |  |  | 372294 | 407152 |
|  J.P. Morgan Securities LLC |  |  | U.S. Treasury Strips |  |  |
| &nbsp;&nbsp; 4.37% |  |  | &nbsp;&nbsp; 0.00% |  |  |
| &nbsp;&nbsp; Due 07/01/25 | 399084 | 399132 | &nbsp;&nbsp; Due 11/15/29 - 02/15/55 | 482590 | 407116 |
|  Bank of Montreal |  |  | U.S. Treasury Bond |  |  |
| &nbsp;&nbsp; 4.34% |  |  | &nbsp;&nbsp; 3.50% |  |  |
| &nbsp;&nbsp; Due 07/01/25 | 79817 | 79827 | &nbsp;&nbsp; Due 02/15/39 | 89300 | 81424 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **SERIES E (TOTAL RETURN BOND SERIES)** |  |

---

**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, Guggenheim Strategy Fund III and Guggenheim Variable Insurance 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 Variable Insurance Strategy Fund III | $45415997 | $1127082 | $(10050000) | $24932 | $(31533) | $36486478 | 1462970 | $1133848 |

---

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

**SERIES E (TOTAL RETURN BOND SERIES)**<br>

---

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

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $178,496,002) | $171516691 |
|  Investments in affiliated issuers, at value (cost $36,373,620) | 36486478 |
|  Repurchase agreements, at value (cost $1,516,519) | 1516519 |
|  Foreign currency, at value (cost $7) | 7 |
|  Segregated cash with broker | 38967 |
|  Unamortized upfront premiums paid on interest rate swap agreements | 1924 |
|  Unrealized appreciation on forward foreign currency exchange contracts | 1337 |
|  Prepaid expenses | 329 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Securities sold | 28334861 |
| &nbsp;&nbsp;&nbsp; Interest | 1123380 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 224490 |
| &nbsp;&nbsp;&nbsp; Dividends | 169013 |
| &nbsp;&nbsp;&nbsp; Variation margin on interest rate swap agreements | 51368 |
|  **Total assets** | 239465364 |
|  **Liabilities:** | **Liabilities:** |
|  Unfunded loan commitments, at value (Note 8) (commitment fees received $2,525) | 2280 |
|  Options written, at value (premiums received $106,370) | 117881 |
|  Overdraft due to custodian bank | 26280 |
|  Segregated cash due to broker | 309158 |
|  Unamortized upfront premiums received on credit default swap agreements | 48093 |
|  Unrealized depreciation on OTC swap agreements | 8467 |
|  Unrealized depreciation on forward foreign currency exchange contracts | 1316 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Securities purchased | 64861705 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 155695 |
| &nbsp;&nbsp;&nbsp; Management fees | 52832 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees | 34452 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 3370 |
| &nbsp;&nbsp;&nbsp; Fund accounting/administration fees | 2276 |
| &nbsp;&nbsp;&nbsp; Transfer agent/maintenance fees | 2018 |
| &nbsp;&nbsp;&nbsp; Protection fees on credit default swap agreements | 764 |
| &nbsp;&nbsp;&nbsp; Due to Investment Adviser | 587 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 206028 |
|  **Total liabilities** | 65833202 |
|  **Net assets** | $173632162 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $188099797 |
|  Total distributable earnings (loss) | (14467635) |
|  Net assets | $173632162 |
|  Capital shares outstanding | 11658784 |
|  Net asset value per share | $14.89 |

---

---

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

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of unaffiliated issuers | $13269 |
|  Dividends from securities of affiliated issuers | 1133848 |
|  Interest | 3483094 |
| &nbsp;&nbsp;&nbsp; Total investment income | 4630211 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 325868 |
|  Distribution and service fees | 208890 |
|  Transfer agent/maintenance fees | 12406 |
|  Interest expense | 101227 |
|  Professional fees | 44962 |
|  Fund accounting/administration fees | 35732 |
|  Custodian fees | 20031 |
|  Trustees' fees\* | 19985 |
|  Line of credit fees | 1222 |
|  Miscellaneous | 9392 |
|  Recoupment of previously waived fees | 7239 |
| &nbsp;&nbsp;&nbsp; Total expenses | 786954 |
|  Less: | Less: |
|  Expenses waived by Adviser | (32332) |
|  Earnings credits applied | (3742) |
| &nbsp;&nbsp;&nbsp; Total waived expenses | (36074) |
|  Net expenses | 750880 |
|  Net investment income | 3879331 |
|  **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 | (96032) |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 24932 |
| &nbsp;&nbsp;&nbsp; Swap agreements | (361768) |
| &nbsp;&nbsp;&nbsp; Futures contracts | 51254 |
| &nbsp;&nbsp;&nbsp; Options purchased | 110185 |
| &nbsp;&nbsp;&nbsp; Options written | (41242) |
| &nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (6597) |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | (1087) |
|  Net realized loss | (320355) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | 2478080 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | (31533) |
| &nbsp;&nbsp;&nbsp; Swap agreements | 1092124 |
| &nbsp;&nbsp;&nbsp; Options purchased | (7906) |
| &nbsp;&nbsp;&nbsp; Options written | (23336) |
| &nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (1923) |
| &nbsp;&nbsp;&nbsp; Foreign currency translations | (6403) |
|  Net change in unrealized appreciation (depreciation) | 3499103 |
|  Net realized and unrealized gain | 3178748 |
|  **Net increase in net assets resulting from operations** | $7058079 |

---

\* 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 FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 23

**SERIES E (TOTAL RETURN BOND SERIES)**<br>

**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 | $3879331 | $7593452 |
|  Net realized loss on investments | (320355) | (3048165) |
|  Net change in unrealized appreciation (depreciation) on investments | 3499103 | 359075 |
|  Net increase in net assets resulting from operations | 7058079 | 4904362 |
|  Distributions to shareholders |  | (6087264) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 19213343 | 33660397 |
|  Distributions reinvested |  | 6087264 |
|  Cost of shares redeemed | (16677665) | (24808884) |
|  Net increase from capital share transactions | 2535678 | 14938777 |
|  Net increase in net assets | 9593757 | 13755875 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 164038405 | 150282530 |
| &nbsp;&nbsp;&nbsp; End of period | $173632162 | $164038405 |
|  **Capital share activity:** |  |  |
|  Shares sold | 1316847 | 2343283 |
|  Shares issued from reinvestment of distributions |  | 432641 |
|  Shares redeemed | (1143422) | (1732137) |
|  Net increase in shares | 173425 | 1043787 |

---

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

**SERIES E (TOTAL RETURN BOND SERIES)**<br>

**FINANCIAL HIGHLIGHTS**<br>

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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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 | $14.28 | $14.39 | $13.97 | $17.23 | $18.09 | $16.13 |
|  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> | .33 | .69 | .62 | .53 | .44 | .39 |
|  Net gain (loss) on investments (realized and unrealized) | .28 | (.25) | .33 | (3.29) | (.51) | 1.88 |
|  Total from investment operations | .61 | .44 | .95 | (2.76) | (.07) | 2.27 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (.55) | (.53) | (.46) | (.30) | (.31) |
|  Net realized gains |  |  |  | (.04) | (.49) |  |
|  Total distributions |  | (.55) | (.53) | (.50) | (.79) | (.31) |
|  Net asset value, end of period | $14.89 | $14.28 | $14.39 | $13.97 | $17.23 | $18.09 |
|  **Total Return<sup>c</sup>** | **4.27%** | **3.09%** | **6.95%** | **(16.15** **%)** | **(0.43** **%)** | **14.21%** |
|  **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) | $173632 | $164038 | $150283 | $135066 | $174203 | $177103 |
|  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) | 4.64% | 4.80% | 4.44% | 3.54% | 2.51% | 2.27% |
|  Total expenses<sup>d</sup> | 0.94% | 0.95% | 1.02% | 0.90% | 0.85% | 0.88% |
|  Net expenses<sup>e,f,g</sup> | 0.90% | 0.89% | 0.95% | 0.85% | 0.78% | 0.78% |
|  Portfolio turnover rate | 17% | 88% | 91% | 51% | 84% | 123% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Guggenheim Variable Funds Trust are available only through the purchase of such products.

<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 portion of the ratios of net expenses to average net assets attributable to recoupments of prior fee reductions or expense reimbursements for the years presented was as follows: 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **6/30/25<sup>a</sup>** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
|  0.01% | 0.04% |  |  |  |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **6/30/25<sup>a</sup>** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
|  0.78% | 0.77% | 0.76% | 0.76% | 0.78% | 0.77% |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **SERIES F (FLOATING RATE STRATEGIES SERIES)** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 1.2%** | **COMMON STOCKS<sup>†</sup>** **- 1.2%** | **COMMON STOCKS<sup>†</sup>** **- 1.2%** |
|  **Consumer, Cyclical - 0.7%** | **Consumer, Cyclical - 0.7%** | **Consumer, Cyclical - 0.7%** |
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard Inc.\*<sup>,†††</sup> | 23999 | $367185 |
|  **Industrial - 0.3%** | **Industrial - 0.3%** | **Industrial - 0.3%** |
| &nbsp;&nbsp;&nbsp; API Heat Transfer Intermediate\*<sup>,†††</sup> | 123 | 160089 |
| &nbsp;&nbsp;&nbsp; BP Holdco LLC\*<sup>,†††,1</sup> | 11609 | 9490 |
| &nbsp;&nbsp;&nbsp; Vector Phoenix Holdings, LP\*<sup>,†††</sup> | 11609 | 246 |
|  **Total Industrial** |  | 169825 |
|  **Financial - 0.1%** | **Financial - 0.1%** | **Financial - 0.1%** |
| &nbsp;&nbsp;&nbsp; Fusions Buyer LLC<sup>††</sup> | 2308 | 61174 |
|  **Consumer, Non-cyclical - 0.1%** | **Consumer, Non-cyclical - 0.1%** | **Consumer, Non-cyclical - 0.1%** |
| &nbsp;&nbsp;&nbsp; Endo, Inc.\* | 1046 | 21952 |
|  **Communications - 0.0%** | **Communications - 0.0%** | **Communications - 0.0%** |
| &nbsp;&nbsp;&nbsp; Xplore, Inc.\*<sup>,††</sup> | 3953 | 9193 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $657,998) |  | 629329 |
|  **RIGHTS<sup>†</sup>** **- 0.0%** | **RIGHTS<sup>†</sup>** **- 0.0%** | **RIGHTS<sup>†</sup>** **- 0.0%** |
|  **Basic Materials - 0.0%** | **Basic Materials - 0.0%** | **Basic Materials - 0.0%** |
|  Asphalt Intermediate Holdco, LLC |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 12/31/49<sup>†††</sup> | 1071 | 4491 |
|  **Communications - 0.0%** | **Communications - 0.0%** | **Communications - 0.0%** |
|  Xplore, Inc. <sup>†††</sup> | 302 |  |
|  **Total Rights** | **Total Rights** |  |
| &nbsp;&nbsp;&nbsp; (Cost $—) |  | 4491 |
|  **EXCHANGE-TRADED FUND\*\*\*<sup>,†</sup>** **- 0.9%** | **EXCHANGE-TRADED FUND\*\*\*<sup>,†</sup>** **- 0.9%** | **EXCHANGE-TRADED FUND\*\*\*<sup>,†</sup>** **- 0.9%** |
| &nbsp;&nbsp;&nbsp; SPDR Blackstone Senior Loan ETF | 10447 | 434491 |
|  **Total Exchange-Traded Fund** | **Total Exchange-Traded Fund** |  |
| &nbsp;&nbsp;&nbsp; (Cost $432,792) |  | 434491 |
|  **MUTUAL FUND<sup>†</sup>** **- 4.3%** | **MUTUAL FUND<sup>†</sup>** **- 4.3%** | **MUTUAL FUND<sup>†</sup>** **- 4.3%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Floating Rate Strategies Fund — Class R6<sup>1</sup> | 91684 | 2199494 |
|  **Total Mutual Fund** | **Total Mutual Fund** |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,240,258) |  | 2199494 |
|  **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 7.5%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 7.5%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 7.5%** |
| &nbsp;&nbsp;&nbsp; Federated Hermes U.S. Treasury Cash Reserves Fund — Institutional Shares, 4.09%<sup>2</sup> | 3853060 | 3853060 |
|  **Total Money Market Fund** | **Total Money Market Fund** |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,853,060) |  | 3853060 |
|  | **Face<br> Amount<sup>~</sup>** |  |
|  **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 89.0%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 89.0%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 89.0%** |
|  **Industrial - 19.5%** |  |  |
|  Park River Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.80% (3 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 12/28/27 | 504161 | 489838 |

---

---

| | | |
|:---|:---|:---|
|  Amentum Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 09/29/31 | 484148.0 | 482937.0 |
|  Hunter Douglas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 01/17/32 | 478655.0 | 476463.0 |
|  AS Mileage Plan Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 6.27% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/15/31 | 406648.0 | 407970.0 |
|  LBM Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.16% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 06/06/31 | 411855.0 | 383540.0 |
|  Michael Baker International LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.28% (3 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 12/01/28 | 280461.0 | 281513.0 |
|  Fugue Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.58% (3 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 01/09/32 | 274423.0 | 275910.0 |
|  TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.80% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 02/28/31 | 194296.0 | 194626.0 |
| &nbsp;&nbsp;&nbsp; 6.80% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 01/19/32 | 79400.0 | 79506.0 |
|  EMRLD Borrower, LP |  |  |
| &nbsp;&nbsp;&nbsp; 6.83% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 08/04/31 | 268854.0 | 268233.0 |
|  DXP Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.08% (1 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 10/11/30 | 255817.0 | 257257.0 |
|  Genesee & Wyoming, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.05% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/10/31 | 258574.0 | 257038.0 |
|  Savage Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp; due 09/15/28 | 250000.0 | 250540.0 |
|  Albion Financing 3 SARL |  |  |
| &nbsp;&nbsp;&nbsp; due 05/24/31 | 250000.0 | 250157.0 |
|  DG Investment Intermediate Holdings 2, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.94% (1 Month Term SOFR + 3.86%, Rate Floor: 4.61%) due 03/31/28 | 249864.0 | 249612.0 |
|  Arcosa, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.33% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 08/12/31 | 248750.0 | 249267.0 |
|  Air Canada |  |  |
| &nbsp;&nbsp;&nbsp; 6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/21/31 | 248116.0 | 248039.0 |
|  Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 04/14/31 | 139901.0 | 139591.0 |
| &nbsp;&nbsp;&nbsp; 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/10/32 | 64838.0 | 64724.0 |
| &nbsp;&nbsp;&nbsp; 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/19/29 | 42816.0 | 42783.0 |
|  Core & Main LP |  |  |
| &nbsp;&nbsp;&nbsp; 6.27% (6 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 02/09/31 | 246884.0 | 246988.0 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES F (FLOATING RATE STRATEGIES SERIES)** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
|  GYP Holdings III Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 05/12/30 | 246258 | $246258 |
|  Harsco Corporation |  |  |
| &nbsp;&nbsp;&nbsp; 6.69% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 06/09/28 | 244289 | 241297 |
|  Hobbs & Associates LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/23/31 | 214695 | 214360 |
|  Pelican Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.81% (1 Month Term SOFR + 4.51%, Rate Floor: 5.01%) due 12/29/28 | 239166 | 208373 |
|  Aegion Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 7.33% (1 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 05/17/28 | 186609 | 186992 |
|  StandardAero |  |  |
| &nbsp;&nbsp;&nbsp; 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 | 175964 | 175988 |
|  Cube A&D Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.52% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/17/31 | 174518 | 175227 |
|  Pregis TopCo LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.33% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 02/28/29 | 172025 | 172369 |
|  White Cap Supply Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.58% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/19/29 | 169399 | 168214 |
|  MI Windows And Doors LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.33% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/28/31 | 155069 | 155254 |
|  APi Group DE, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 01/03/29 | 152912 | 152905 |
|  Engineering Research And Consulting LLC |  |  |
| &nbsp;&nbsp;&nbsp; 9.29% (6 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 08/29/31 | 149250 | 145519 |
|  Foundation Building Materials Holding Company LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.28% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 01/29/31 | 148125 | 144739 |
|  Spring Education Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.30% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 10/04/30 | 143880 | 144326 |
|  Atlantic Aviation |  |  |
| &nbsp;&nbsp;&nbsp; 6.83% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 09/23/31 | 129350 | 129016 |
|  API Heat Transfer Thermasys Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 12.58% (3 Month Term SOFR + 8.00%, Rate Floor: 11.00%) due 11/12/27<sup>†††</sup> | 80050 | 80050 |
| &nbsp;&nbsp;&nbsp; 9.58% (3 Month Term SOFR + 5.00%, Rate Floor: 8.00%) due 11/10/27<sup>†††</sup> | 46332 | 46332 |
|  ASP Dream Acquisiton Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.68% (1 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 12/15/28 | 129776 | 125234 |
|  Ring Container Technologies Group, LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 08/12/28 | 124587 | 124899 |
|  Merlin Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.30% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 12/14/28 | 121373 | 120362 |
|  STS Operating, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.43% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 03/25/31 | 115538 | 113544 |
|  Artera Services LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.80% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 02/15/31 | 134127 | 111843 |
|  Jefferies Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.43% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/02/32 | 104738 | 104999 |
|  PointClickCare Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.42% (6 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 11/03/31 | 104475 | 104802 |
|  Mannington Mills, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.05% (3 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 03/07/32 | 104213 | 101998 |
|  Brown Group Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.81% (3 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 07/01/31 | 100000 | 100102 |
|  XPO, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/03/31 | 99750 | 100049 |
|  Red SPV LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.56% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/06/32 | 97367 | 97124 |
|  Construction Partners, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.83% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 11/03/31 | 94525 | 94761 |
|  GFL Environmental, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.82% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 03/03/32 | 89950 | 89875 |
|  Madison Safety & Flow LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/26/31 | 77806 | 77903 |
|  Osmose Utility Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.69% (1 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 06/23/28 | 70343 | 65858 |
|  Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/20/32 | 65000 | 65190 |
|  Knife River Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.31% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/08/32 | 41941 | 42020 |
|  Beacon Roofing Supply, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.30% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 04/23/32 | 35889 | 36103 |
|  **Total Industrial** |  | 10060417 |
|  **Consumer, Cyclical - 18.0%** |  |  |
|  Alterra Mountain Co. |  |  |
| &nbsp;&nbsp;&nbsp; 7.08% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 08/17/28 | 297754 | 298870 |
| &nbsp;&nbsp;&nbsp; 7.33% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 05/31/30 | 198503 | 198876 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES F (FLOATING RATE STRATEGIES SERIES)** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
|  Burlington Coat Factory Warehouse Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 09/24/31 | 498744 | $496250 |
|  Restaurant Brands |  |  |
| &nbsp;&nbsp;&nbsp; 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 09/20/30 | 497025 | 494331 |
|  PetSmart LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.18% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 02/11/28 | 494420 | 488343 |
|  Flutter Entertainment plc |  |  |
| &nbsp;&nbsp;&nbsp; 6.05% (3 Month Term SOFR + 1.75%, Rate Floor: 2.25%) due 11/30/30 | 433400 | 431775 |
|  Grant Thornton Advisors LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 06/02/31 | 408952 | 408236 |
|  Entain Holdings (Gibraltar) Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 7.02% (6 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 10/31/29 | 298811 | 299713 |
|  Prime Security Services Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/13/30 | 274592 | 274592 |
|  Bulldog Purchaser, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.04% (1 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 06/28/31 | 254111 | 254428 |
|  Thevelia US LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.30% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 06/18/29 | 252239 | 252292 |
|  Murphy Oil USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 2.25%) due 01/31/28 | 250000 | 251740 |
|  Arcis Golf LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 11/28/28 | 193297 | 193297 |
| &nbsp;&nbsp;&nbsp; 7.06% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 11/24/28 | 56250 | 56250 |
|  Peer Holding III BV |  |  |
| &nbsp;&nbsp;&nbsp; 6.80% (6 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 07/01/31 | 244388 | 245487 |
|  Sweetwater Sound |  |  |
| &nbsp;&nbsp;&nbsp; 8.69% (1 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 08/07/28 | 236786 | 236786 |
|  Rent-A-Center, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.03% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 02/17/28<sup>†††</sup> | 229901 | 230476 |
|  Galaxy US Opco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.01% (3 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 07/31/30 | 245285 | 227195 |
|  Go Daddy Operating Company LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 11/09/29 | 226652 | 226738 |
|  Congruex Group LLC |  |  |
| &nbsp;&nbsp;&nbsp; 10.93% (3 Month Term SOFR + 1.50%, Rate Floor: 2.25%) (in-kind rate was 5.00%) due 05/03/29<sup>3</sup> | 254839 | 219587 |
|  Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 02/06/30 | 202831 | 202425 |
| &nbsp;&nbsp;&nbsp; 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 02/06/31 | 14887 | 14859 |
|  Eagle Parent Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 8.55% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 04/02/29 | 217688 | 215465 |
|  Belron Finance US LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 10/16/31 | 198500 | 199191 |
|  Imagefirst Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.57% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 03/07/32 | 190000 | 189763 |
|  Life Time, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.53% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 11/05/31 | 184075 | 184443 |
|  AmSpec Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.80% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 12/22/31 | 173638 | 174289 |
|  CCRR Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.70% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/06/28 | 432302 | 170759 |
|  ATG Entertainment |  |  |
| &nbsp;&nbsp;&nbsp; 8.03% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 04/17/32 | 165000 | 165206 |
|  Tacala Investment Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 7.83% (1 Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 01/31/31 | 158459 | 159041 |
|  Apro LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.06% (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 07/09/31 | 148875 | 148193 |
|  Secretariat Advisors LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.30% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 02/24/32<sup>†††</sup> | 138007 | 138007 |
|  Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/14/31 | 129672 | 129829 |
|  Packers Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.68% (1 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 03/09/28 | 242529 | 129753 |
|  Seaworld Parks & Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 12/04/31 | 124063 | 123752 |
|  Tripadvisor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/08/31 | 119399 | 118951 |
|  Holding Socotec SAS |  |  |
| &nbsp;&nbsp;&nbsp; 8.04% (3 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 06/30/28 | 118800 | 118899 |
|  Fertitta Entertainment LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.83% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 01/27/29 | 99231 | 99057 |
|  Citrin Cooperman Advisors LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.30% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 04/01/32 | 98636 | 98472 |
|  Frontdoor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 12/19/31 | 95396 | 95575 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES F (FLOATING RATE STRATEGIES SERIES)** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
|  First Brands Group LLC |  |  |
| &nbsp;&nbsp;&nbsp; 9.54% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 03/30/27 | 101010 | $95259 |
|  Seren BidCo AB |  |  |
| &nbsp;&nbsp;&nbsp; 7.66% (3 Month Term SOFR + 3.40%, Rate Floor: 3.90%) due 11/16/28 | 94524 | 94784 |
|  TransNetwork LLC |  |  |
| &nbsp;&nbsp;&nbsp; 9.05% (3 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 12/29/30 | 91604 | 91661 |
|  Asphalt Atd Holdco, LLC |  |  |
| &nbsp;&nbsp;&nbsp; 11.30% (3 Month Term SOFR + 7.00%, Rate Floor: 7.00%) (in-kind rate was 4.00%) due 02/28/30<sup>†††,3</sup> | 85758 | 85758 |
|  Student Transportation Of America Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.57% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 06/10/32 | 60667 | 60761 |
|  EG Finco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 8.58% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 02/07/28 | 53877 | 54050 |
|  American Auto Auction Group LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.83% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 05/22/32 | 44888 | 45042 |
|  Cedar Fair LP |  |  |
| &nbsp;&nbsp;&nbsp; due 05/01/31 | 44887 | 44887 |
|  WW International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.04% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 04/13/28<sup>4</sup> | 94500 | 30949 |
|  American Tire Distributors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; due 10/20/28<sup>†††,4</sup> | 175500 |  |
|  **Total Consumer, Cyclical** |  | 9264342 |
|  **Financial - 12.8%** |  |  |
|  GIP Pilot Acquisition Partners LP |  |  |
| &nbsp;&nbsp;&nbsp; 6.28% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/04/30 | 491069 | 491476 |
|  Duff & Phelps |  |  |
| &nbsp;&nbsp;&nbsp; 8.05% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 04/09/27 | 380682 | 369303 |
|  Citadel Securities, LP |  |  |
| &nbsp;&nbsp;&nbsp; 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 | 351982 | 353260 |
|  Cobham Ultra SeniorCo SARL |  |  |
| &nbsp;&nbsp;&nbsp; 8.18% (6 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 08/03/29 | 319476 | 319591 |
|  Jane Street Group LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.33% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/15/31 | 271175 | 270826 |
|  Ardonagh Midco 3 plc |  |  |
| &nbsp;&nbsp;&nbsp; 7.04% ((3 Month Term SOFR + 2.75%) and (6 Month Term SOFR + 2.75%), Rate Floor: 2.75%) due 02/15/31 | 273119 | 270729 |
|  Worldpay |  |  |
| &nbsp;&nbsp;&nbsp; 6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/31/31 | 268739 | 269298 |
|  Nexus Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.83% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 07/31/31 | 267607 | 268340 |
|  Focus Financial Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/15/31 | 256322 | 255714 |
|  HighTower Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.26% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 02/03/32 | 255000 | 254151 |
|  CPI Holdco B LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/17/31 | 250609 | 249732 |
|  Apex Group Treasury LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.82% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 02/19/32 | 249046 | 247957 |
|  Capstone Borrower, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 06/17/30 | 244525 | 244214 |
|  Harbourvest Partners LP |  |  |
| &nbsp;&nbsp;&nbsp; 6.55% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 04/18/30<sup>†††</sup> | 236129 | 236129 |
|  Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.58% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 09/19/30 | 239515 | 233302 |
|  USI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.55% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 11/21/29 | 204230 | 203816 |
|  Orion Advisor Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.03% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 09/24/30 | 187740 | 188635 |
|  Virtu Financial |  |  |
| &nbsp;&nbsp;&nbsp; 6.83% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 06/21/31 | 175000 | 175437 |
|  Zodiac Pool Solutions LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.35% (1 Month Term SOFR + 1.93%, Rate Floor: 2.43%) due 01/29/29 | 161514 | 161454 |
|  Tegra118 Wealth Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.32% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 02/18/27 | 147668 | 145576 |
|  Jefferies Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 10/21/31 | 144275 | 144455 |
|  CFC USA 2025 LLC |  |  |
| &nbsp;&nbsp;&nbsp; due 05/29/32 | 145000 | 144275 |
|  Eisner Advisory Group |  |  |
| &nbsp;&nbsp;&nbsp; 8.33% (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 02/28/31 | 137910 | 138427 |
|  Starwood Property Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.58% (3 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 01/02/30 | 129618 | 129861 |
|  Aretec Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.83% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 08/09/30 | 126648 | 126819 |
|  Franchise Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.19% (1 Month Term SOFR + 4.75%, Rate Floor: 5.75%) due 07/05/25 | 125221 | 112699 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES F (FLOATING RATE STRATEGIES SERIES)** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
|  Orion US FinCo |  |  |
| &nbsp;&nbsp;&nbsp; due 05/19/32 | 110000 | $110330 |
|  Alter Domus |  |  |
| &nbsp;&nbsp;&nbsp; 7.24% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 10/30/31 | 100987 | 101616 |
|  IMC Global Holdings |  |  |
| &nbsp;&nbsp;&nbsp; 7.81% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 06/02/32 | 85000 | 85425 |
|  AqGen Island Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.33% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 08/02/28 | 79577 | 79660 |
|  Walker & Dunlop, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.31% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/14/32 | 76083 | 76273 |
|  Saphilux SARL |  |  |
| &nbsp;&nbsp;&nbsp; due 07/27/28 | 65000 | 65298 |
|  Assetmark Financial Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/05/31 | 44775 | 44831 |
|  Franchise Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.25% (3 Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 03/10/26<sup>†††,4</sup> | 81497 | 4075 |
|  **Total Financial** |  | 6572984 |
|  **Consumer, Non-cyclical - 12.4%** |  |  |
|  Grifols Worldwide Operations USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.48% (3 Month Term SOFR + 2.00%, Rate Floor: 3.00%) due 11/15/27 | 506913 | 505083 |
|  Culligan |  |  |
| &nbsp;&nbsp;&nbsp; 7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 07/31/28 | 498750 | 497718 |
|  Bombardier Recreational Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 01/22/31 | 465034 | 464551 |
|  Topgolf Callaway Brands Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 7.33% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/15/30 | 469928 | 461939 |
|  Dermatology Intermediate Holdings III, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.53% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 03/30/29 | 452773 | 409384 |
|  Primo Brands Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.55% (3 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 03/31/28 | 388065 | 389284 |
|  Froneri US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.24% (6 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 09/30/31 | 388923 | 384306 |
|  Recess Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.03% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 02/20/30 | 269160 | 269733 |
|  Nomad Foods Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 6.54% (6 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 11/12/29 | 262341 | 262014 |
|  HAH Group Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp; 9.33% (1 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 09/24/31 | 270536 | 261985 |
|  IVI America LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.05% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 04/18/31 | 170969 | 172145 |
| &nbsp;&nbsp;&nbsp; due 04/09/31 | 85000 | 85585 |
|  Medical Solutions Parent Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.88% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 11/01/28 | 484184 | 250967 |
|  Del Monte Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 15.47% (3 Month Term SOFR + 8.00%, Rate Floor: 8.00%) (in-kind rate was 3.00%) due 08/02/28<sup>3</sup> | 100462 | 90165 |
| &nbsp;&nbsp;&nbsp; 8.72% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 08/02/28 | 158815 | 87348 |
|  Southern Veterinary Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.53% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 12/04/31 | 174758 | 174828 |
|  Skechers |  |  |
| &nbsp;&nbsp;&nbsp; due 06/25/32 | 170000 | 170850 |
|  Chefs' Warehouse, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.33% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 08/23/29 | 169000 | 169282 |
|  Energizer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/13/32 | 157558 | 157706 |
|  Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp; 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 10/23/28 | 137678 | 137746 |
|  Hayward Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.94% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 05/30/28 | 130930 | 131214 |
|  Aramark Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 06/22/30 | 128627 | 128787 |
|  Pacific Dental Services LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 03/15/31 | 128524 | 128524 |
|  Sazerac Co Inc. |  |  |
| &nbsp;&nbsp;&nbsp; due 06/24/32 | 123800 | 123645 |
|  Midwest Physician Administrative Services |  |  |
| &nbsp;&nbsp;&nbsp; 7.81% (3 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 03/12/28 | 132650 | 123143 |
|  Hanger, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.83% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 10/23/31 | 108094 | 108198 |
|  Ceva Sante |  |  |
| &nbsp;&nbsp;&nbsp; 7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 11/08/30 | 94763 | 94723 |
|  Concentra Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/26/31 | 84576 | 84787 |
|  Bausch Health Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 10.56% (1 Month Term SOFR + 6.25%, Rate Floor: 6.25%) due 10/08/30 | 60000 | 57740 |
|  **Total Consumer, Non-cyclical** |  | 6383380 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES F (FLOATING RATE STRATEGIES SERIES)** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
|  **Technology - 12.2%** |  |  |
|  Ascend Learning, LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.33% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 12/11/28 | 498101 | $497792 |
|  DCert Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.33% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 10/16/26 | 493490 | 488347 |
|  Boxer Parent Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.33% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 07/30/31 | 484156 | 480796 |
|  DS Admiral Bidco LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.55% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 06/26/31 | 440743 | 438539 |
|  Iron Mountain Information Management Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/31/31 | 385639 | 384995 |
|  E2open LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.94% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 02/04/28 | 340411 | 341385 |
|  Conair Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.19% (1 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 05/17/28 | 442512 | 321560 |
|  Xerox Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 8.27% ((3 Month Term SOFR + 4.00%) and (6 Month Term SOFR + 4.00%), Rate Floor: 4.50%) due 11/17/29 | 332901 | 320520 |
|  Polaris Newco LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.29% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 06/02/28 | 313808 | 305482 |
|  Indicor LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 11/22/29 | 299248 | 298407 |
|  Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 2.25%) due 09/12/29 | 208871 | 208481 |
| &nbsp;&nbsp;&nbsp; 6.08% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/13/32 | 45000 | 44899 |
|  Athenahealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; due 02/15/29 | 249375 | 248986 |
|  Wrench Group LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.56% (3 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 10/30/28 | 240142 | 239016 |
|  Pushpay USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.30% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 08/15/31 | 226634 | 227767 |
|  Sabre GLBL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 10.43% (1 Month Term SOFR + 6.00%, Rate Floor: 7.50%) due 11/15/29 | 107082 | 104919 |
| &nbsp;&nbsp;&nbsp; 9.43% (1 Month Term SOFR + 5.00%, Rate Floor: 5.50%) due 06/30/28 | 87599 | 86723 |
| &nbsp;&nbsp;&nbsp; 7.94% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 12/17/27 | 36689 | 35981 |
|  Modena Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.78% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 07/01/31 | 236013 | 226868 |
|  Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.80% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 03/30/29 | 179054 | 179176 |
| &nbsp;&nbsp;&nbsp; 8.05% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 03/21/31 | 18416 | 18443 |
|  Blackhawk Network Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.33% (1 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 03/12/29 | 156986 | 157722 |
|  Instructure Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.21% (6 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 11/13/31 | 143133 | 143250 |
|  Zuora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.83% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 02/17/32 | 134038 | 133311 |
|  Epicor Software |  |  |
| &nbsp;&nbsp;&nbsp; 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 05/30/31 | 106017 | 106230 |
|  Dye & Durham Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 8.65% (3 Month Term SOFR + 4.25%, Rate Floor: 5.25%) due 04/11/31 | 80720 | 81265 |
|  World Wide Technology Holding Company LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.56% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 03/01/30 | 69825 | 70086 |
|  Clearwater Analytics, LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.52% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/10/32 | 50000 | 49938 |
|  Waystar Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 10/22/29 | 46770 | 46858 |
|  **Total Technology** |  | 6287742 |
|  **Communications - 7.0%** |  |  |
|  CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.81% (1 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 01/18/28 | 479040 | 471860 |
|  Virgin Media Bristol LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.37% (6 Month Term SOFR + 3.18%, Rate Floor: 3.18%) due 03/02/31 | 400406 | 394856 |
|  Zayo Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.44% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/09/27 | 401527 | 381129 |
|  McGraw Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.58% (1 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 08/06/31 | 304496 | 305321 |
|  UPC Financing Partnership |  |  |
| &nbsp;&nbsp;&nbsp; 6.79% (6 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 02/29/32 | 304199 | 303311 |
|  Midcontinent Communications |  |  |
| &nbsp;&nbsp;&nbsp; 9.00% (Commercial Prime Lending Rate + 1.50%, Rate Floor: 1.50%) due 08/16/31 | 248750 | 249267 |
|  Speedster Bidco GmbH |  |  |
| &nbsp;&nbsp;&nbsp; 7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 12/10/31 | 242732 | 243795 |
|  Playtika Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 7.19% (1 Month Term SOFR + 2.75%, Rate Floor: 3.75%) due 03/13/28 | 238061 | 233702 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES F (FLOATING RATE STRATEGIES SERIES)** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
|  Cengage Learning, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.83% ((1 Month Term SOFR + 3.50%) and (3 Month Term SOFR + 3.50%), Rate Floor: 4.50%) due 03/24/31 | 202482 | $202798 |
|  Authentic Brands |  |  |
| &nbsp;&nbsp;&nbsp; 6.58% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/11/32 | 199500 | 198917 |
|  Charter Communications Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/07/30 | 187150 | 187000 |
|  Altice France SA |  |  |
| &nbsp;&nbsp;&nbsp; 9.76% (3 Month Term SOFR + 5.50%, Rate Floor: 5.50%) due 08/15/28 | 174419 | 157607 |
|  Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.58% (1 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 03/21/32 | 103500 | 104557 |
|  UFC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.57% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 11/21/31 | 84575 | 84852 |
|  Xplore, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.09% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 10/24/31 | 70157 | 51799 |
| &nbsp;&nbsp;&nbsp; 9.59% (3 Month Term SOFR + 1.50%, Rate Floor: 6.09%) (in-kind rate was 3.50%) due 10/23/29<sup>3</sup> | 19867 | 18774 |
|  **Total Communications** |  | 3589545 |
|  **Energy - 2.9%** |  |  |
|  Colonial Pipeline |  |  |
| &nbsp;&nbsp;&nbsp; due 06/11/32 | 303200 | 301002 |
|  Par Petroleum LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.01% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 02/28/30 | 263240 | 259786 |
|  AL GCX Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.31% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 05/17/29 | 236833 | 236790 |
|  BANGL LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.79% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 02/01/29 | 228116 | 228687 |
|  ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.05% (1 Month Term SOFR + 2.73%, Rate Floor: 3.23%) due 10/11/30 | 112995 | 113108 |
|  WhiteWater DBR Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.56% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/03/31 | 109176 | 109177 |
|  Whitewater Matterhorn Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.57% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 05/12/32 | 95000 | 94861 |
|  Bip PipeCo Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.53% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 12/06/30 | 92243 | 92035 |
|  CVR Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.30% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 12/30/27 | 77962 | 77831 |
|  **Total Energy** |  | 1513277 |
|  **Basic Materials - 2.4%** |  |  |
|  Discovery Purchaser Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 8.02% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 10/04/29 | 256079 | 255518 |
|  CTEC III GmbH |  |  |
| &nbsp;&nbsp;&nbsp; 5.76% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 03/16/29 | EUR 205,000 | 232845 |
|  Minerals Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 11/26/31 | 149250 | 149063 |
|  SCIH Salt Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.28% (3 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 01/31/29 | 134863 | 134806 |
|  Platform Specialty Products |  |  |
| &nbsp;&nbsp;&nbsp; 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 12/18/30 | 117626 | 117895 |
|  A-AP Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/09/31 | 99500 | 99251 |
|  Vantage Specialty Chemicals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.03% (3 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 10/26/26 | 102375 | 98737 |
|  W.R. Grace Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 09/22/28 | 96500 | 96541 |
|  GrafTech Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 10.32% (1 Month Term SOFR + 6.00%, Rate Floor: 8.00%) due 12/21/29 | 28445 | 28516 |
|  **Total Basic Materials** |  | 1213172 |
|  **Utilities - 1.8%** |  |  |
|  Calpine Construction Finance Company, LP |  |  |
| &nbsp;&nbsp;&nbsp; 6.33% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/31/30 | 497500 | 497181 |
|  UGI Energy Services LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.83% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 02/22/30 | 278055 | 278820 |
|  TerraForm Power Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 05/21/29 | 162909 | 162706 |
|  **Total Utilities** |  | 938707 |
|  **Total Senior Floating Rate Interests** | **Total Senior Floating Rate Interests** |  |
| &nbsp;&nbsp;&nbsp; (Cost $46,988,676) | &nbsp;&nbsp;&nbsp; (Cost $46,988,676) | 45823566 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES F (FLOATING RATE STRATEGIES SERIES)** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
|  **CORPORATE BONDS<sup>††</sup>** **- 0.6%** | **CORPORATE BONDS<sup>††</sup>** **- 0.6%** | **CORPORATE BONDS<sup>††</sup>** **- 0.6%** |
|  **Communications - 0.3%** |  |  |
|  Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 11.00% due 11/15/29<sup>5</sup> | 120375 | $138081 |
|  **Consumer, Non-cyclical - 0.2%** |  |  |
|  Acadia Healthcare Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% due 04/15/29<sup>5</sup> | 110000 | 106707 |
|  **Industrial - 0.1%** |  |  |
|  GrafTech Global Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.88% due 12/23/29<sup>5</sup> | 90000 | 71100 |
|  **Total Corporate Bonds** | **Total Corporate Bonds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $309,894) | &nbsp;&nbsp;&nbsp; (Cost $309,894) | 315888 |
|  **Total Investments - 103.4%** | **Total Investments - 103.4%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $54,482,678) | &nbsp;&nbsp;&nbsp; (Cost $54,482,678) | $53260319 |
|  **Other Assets & Liabilities, net - (3.4)%** | **Other Assets & Liabilities, net - (3.4)%** | (1736717) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $51523602 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Forward Foreign Currency Exchange Contracts<sup>††</sup>** | **Forward Foreign Currency Exchange Contracts<sup>††</sup>** | **Forward Foreign Currency Exchange Contracts<sup>††</sup>** | **Forward Foreign Currency Exchange Contracts<sup>††</sup>** | **Forward Foreign Currency Exchange Contracts<sup>††</sup>** | **Forward Foreign Currency Exchange Contracts<sup>††</sup>** | **Forward Foreign Currency Exchange Contracts<sup>††</sup>** |
| **Counterparty** | **Currency** | **Type** | **Quantity** | **Contract <br> Amount** | **Settlement Date** | **Unrealized <br> Depreciation** |
|  Morgan Stanley Capital Services LLC | CAD | Sell | 15000 | 10,996 USD | 07/16/25 | $(28) |
|  Barclays Bank plc | EUR | Sell | 200000 | 230,296 USD | 07/16/25 | (5571) |
|  |  |  |  |  |  | $(5599) |

---

---

| | |
|:---|:---|
| <sup>~</sup> | &nbsp;&nbsp;&nbsp; The face amount is denominated in U.S. dollars unless otherwise indicated. |
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\*\* | &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, unless otherwise noted — See Note 4. |
| <sup>†††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 3 inputs — See Note 4. |
| <sup>◊</sup> | &nbsp;&nbsp;&nbsp; Variable rate security. Rate indicated is the rate effective at June 30, 2025. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Payment-in-kind security. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Security is in default of interest and/or principal obligations. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp; Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $315,888 (cost $309,894), or 0.6% of total net assets. |
|  | &nbsp;&nbsp;&nbsp; CAD — Canadian Dollar |
|  | &nbsp;&nbsp;&nbsp; EUR — Euro |
|  | &nbsp;&nbsp;&nbsp; EURIBOR — European Interbank Offered Rate |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; SARL — Société à Responsabilité Limitée |
|  | &nbsp;&nbsp;&nbsp; SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES F (FLOATING RATE STRATEGIES SERIES)** |  |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 4 in the Notes to 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 | $21952 | $70367 | $537010 | $629329 |
|  Rights |  |  | 4491 | 4491 |
|  Exchange-Traded Fund | 434491 |  |  | 434491 |
|  Mutual Fund | 2199494 |  |  | 2199494 |
|  Money Market Fund | 3853060 |  |  | 3853060 |
|  Senior Floating Rate Interests |  | 45002739 | 820827 | 45823566 |
|  Corporate Bonds |  | 315888 |  | 315888 |
|  Total Assets | $6570171 | $45327820 | $1362328 | $53260319 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
|  Forward Foreign Currency Exchange Contracts\*\* | $— | $5599 | $— | $5599 |
|  Unfunded Loan Commitments (Note 8) |  |  | 14 | 14 |
|  Total Liabilities | $— | $5599 | $14 | $5613 |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category** | **Ending Balance at <br> June 30, 2025** | **Valuation Technique** | **Unobservable Inputs** | **Input Range** | **Weighted Average\*** |
|  **Assets:** |  |  |  |  |  |
|  Common Stocks | $367185 | Model Price | Purchase Price |  |  |
|  Common Stocks | 169825 | Enterprise Value | Valuation Multiple | 2.6x-9.2x | 4.9x |
|  Rights | 4491 | Model Price | Purchase Price |  |  |
|  Senior Floating Rate Interests | 608687 | Third Party Pricing | Broker Quote |  |  |
|  Senior Floating Rate Interests | 212140 | Model Price | Purchase Price |  |  |
|  Total Assets | $1362328 |  |  |  |  |
|  **Liabilities:** |  |  |  |  |  |
|  Unfunded Loan Commitments | $14 | Model Price | Purchase Price |  |  |

---

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

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

The Fund's fair valuation leveling guidelines classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3 rather than Level 2, if such a quote or price cannot be supported with other available market information.

Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment's valuation changes. For the period ended June 30, 2025, the Fund had securities with a total value of $4,075 transfer into Level 3 from Level 2 due to a lack of observable inputs and had securities with a total value of $489,046 transfer out of Level 3 into Level 2 due to the availability of current and reliable market-based data provided by a third-party pricing service which utilizes significant observable inputs.

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **SERIES F (FLOATING RATE STRATEGIES SERIES)** |  |

---

**Summary of Fair Value Level 3 Activity** 

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Assets** | **Assets** | **Assets** | | **Liabilities** |
|  | **Senior Floating <br> Rate Interests** | **Common Stocks** | **Rights** | <br>**Total Assets** | **Unfunded Loan <br> Commitments** |
|  Beginning Balance | $2234220 | $180649 | $— | $2414869 | $(772) |
|  Purchases/(Receipts) | 242850 | 353028 |  | 595878 | (416) |
|  (Sales, maturities and paydowns)/Fundings | (802379) |  |  | (802379) | 571 |
|  Amortization of premiums/discounts | 14513 |  |  | 14513 |  |
|  Corporate actions  | (262720) |  |  | (262720) |  |
|  Total realized gains (losses) included in earnings | (263041) |  |  | (263041) | (21) |
|  Total change in unrealized appreciation (depreciation) included in earnings | 142355 | 3333 | 4491 | 150179 | 624 |
|  Transfers into Level 3 | 4075 |  |  | 4075 |  |
|  Transfers out of Level 3 | (489046) |  |  | (489046) |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ending Balance  | $820827 | $537010 | $4491 | $1362328 | $(14) |
|  Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at June 30, 2025 | $66821 | $3333 | $4491 | $74645 | $(147) |

---

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments, result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer"). 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** |
|  **Common Stocks** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; BP Holdco LLC \* | $14072 | $— | $— | $— | $(4582) | $9490 | 11609 | $— |
|  **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Floating Rate Strategies Fund — Class R6 | 1562812 | 660179 |  |  | (23497) | 2199494 | 91684 | 75461 |
|  | $1576884 | $660179 | $— | $— | $(28079) | $2208984 |  | $75461 |

---

\* Non-income producing security.

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

**SERIES F (FLOATING RATE STRATEGIES SERIES)**<br>

---

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

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $52,238,321) | $51051335 |
|  Investments in affiliated issuers, at value (cost $2,244,357) | 2208984 |
|  Cash | 50032 |
|  Prepaid expenses | 1757 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Interest | 254263 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 171212 |
| &nbsp;&nbsp;&nbsp; Securities sold | 93546 |
| &nbsp;&nbsp;&nbsp; Dividends | 13299 |
| &nbsp;&nbsp;&nbsp; Investment Adviser | 1246 |
|  **Total assets** | 53845674 |
|  **Liabilities:** | **Liabilities:** |
|  Unfunded loan commitments, at value (Note 8) (commitment fees received $–) | 14 |
|  Unrealized depreciation on forward foreign currency exchange contracts | 5599 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Securities purchased | 1998974 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 252510 |
| &nbsp;&nbsp;&nbsp; Management fees | 17212 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees | 10212 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 3232 |
| &nbsp;&nbsp;&nbsp; Transfer agent/maintenance fees | 2098 |
| &nbsp;&nbsp;&nbsp; Fund accounting and administration fees | 688 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 31533 |
|  **Total liabilities** | 2322072 |
|  **Net assets** | $51523602 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $52151464 |
|  Total distributable earnings (loss) | (627862) |
|  Net assets | $51523602 |
|  Capital shares outstanding | 2025907 |
|  Net asset value per share | $25.43 |

---

---

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

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of unaffiliated issuers | $14473 |
|  Dividends from securities of affiliated issuers | 75461 |
|  Interest | 1982177 |
| &nbsp;&nbsp;&nbsp; Total investment income | 2072111 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 165860 |
|  Distribution and service fees | 63792 |
|  Transfer agent/maintenance fees | 12595 |
|  Professional fees | 32381 |
|  Trustees' fees\* | 18117 |
|  Custodian fees | 15484 |
|  Fund accounting and administration fees | 14296 |
|  Line of credit fees | 10579 |
|  Miscellaneous | 8806 |
| &nbsp;&nbsp;&nbsp; Total expenses | 341910 |
|  Less: | Less: |
|  Expenses waived by Adviser | (49457) |
|  Earnings credits applied | (893) |
| &nbsp;&nbsp;&nbsp; Total waived expenses | (50350) |
|  Net expenses | 291560 |
|  Net investment income | 1780551 |
|  **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 | (654149) |
| &nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (23615) |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | (779) |
|  Net realized loss | (678543) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | (113946) |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | (28079) |
| &nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (10810) |
| &nbsp;&nbsp;&nbsp; Foreign currency translations | 1997 |
|  Net change in unrealized appreciation (depreciation) | (150838) |
|  Net realized and unrealized loss | (829381) |
|  **Net increase in net assets resulting from operations** | $951170 |

---

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

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

**SERIES F (FLOATING RATE STRATEGIES SERIES)**<br>

**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 | $1780551 | $4607726 |
|  Net realized loss on investments | (678543) | (587285) |
|  Net change in unrealized appreciation (depreciation) on investments | (150838) | (266706) |
|  Net increase in net assets resulting from operations | 951170 | 3753735 |
|  Distributions to shareholders |  | (4453819) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 9238256 | 14719689 |
|  Distributions reinvested |  | 4453819 |
|  Cost of shares redeemed | (14067956) | (22241105) |
|  Net decrease from capital share transactions | (4829700) | (3067597) |
|  Net decrease in net assets | (3878530) | (3767681) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 55402132 | 59169813 |
| &nbsp;&nbsp;&nbsp; End of period | $51523602 | $55402132 |
|  **Capital share activity:** |  |  |
|  Shares sold | 368696 | 578601 |
|  Shares issued from reinvestment of distributions |  | 184271 |
|  Shares redeemed | (565615) | (875459) |
|  Net decrease in shares | (196919) | (112587) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 37

**SERIES F (FLOATING RATE STRATEGIES SERIES)**<br>

**FINANCIAL HIGHLIGHTS**<br>

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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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 | $24.92 | $25.34 | $23.61 | $24.40 | $24.41 | $25.96 |
|  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> | .87 | 2.04 | 1.99 | .95 | .58 | .68 |
|  Net gain (loss) on investments (realized and unrealized) | (.36) | (.39) | .61 | (1.18) | .02 | (.74) |
|  Total from investment operations | .51 | 1.65 | 2.60 | (.23) | .60 | (.06) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (2.07) | (.87) | (.56) | (.61) | (1.49) |
|  Total distributions |  | (2.07) | (.87) | (.56) | (.61) | (1.49) |
|  Net asset value, end of period | $25.43 | $24.92 | $25.34 | $23.61 | $24.40 | $24.41 |
|  **Total Return<sup>c</sup>** | **2.05%** | **6.83%** | **11.12%** | **(0.85** **%)** | **2.50%** | **0.01%** |
|  **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) | $51524 | $55402 | $59170 | $48339 | $50768 | $41004 |
|  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) | 6.98% | 8.08% | 8.10% | 4.01% | 2.36% | 2.81% |
|  Total expenses<sup>d</sup> | 1.34% | 1.27% | 1.25% | 1.27% | 1.34% | 1.47% |
|  Net expenses<sup>e,f</sup> | 1.15% | 1.16% | 1.16% | 1.16% | 1.17% | 1.23% |
|  Portfolio turnover rate | 32% | 57% | 66% | 68% | 56% | 60% |

---

---

| | |
|:---|:---|
| <sup>a</sup> | &nbsp;&nbsp;&nbsp; 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> | &nbsp;&nbsp;&nbsp; Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp; Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Guggenheim Variable Funds Trust are available only through the purchase of such products. |
| <sup>d</sup> | &nbsp;&nbsp;&nbsp; Does not include expenses of the underlying funds in which the Fund invests. |
|  | &nbsp;&nbsp;&nbsp; Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. |
| <sup>f</sup> | &nbsp;&nbsp;&nbsp; Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be: |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **06/30/25<sup>a</sup>** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
|  1.10% | 1.11% | 1.13% | 1.14% | 1.14% | 1.15% |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **SERIES P (HIGH YIELD SERIES)** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 0.8%** | **COMMON STOCKS<sup>†</sup>** **- 0.8%** | **COMMON STOCKS<sup>†</sup>** **- 0.8%** |
|  **Consumer, Cyclical - 0.5%** | **Consumer, Cyclical - 0.5%** | **Consumer, Cyclical - 0.5%** |
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard Inc.\*<sup>,†††</sup> | 9333 | $142795 |
|  **Consumer, Non-cyclical - 0.2%** | **Consumer, Non-cyclical - 0.2%** | **Consumer, Non-cyclical - 0.2%** |
| &nbsp;&nbsp;&nbsp; Endo, Inc.\* | 3651 | 76624 |
| &nbsp;&nbsp;&nbsp; MEDIQ, Inc.\*<sup>,†††</sup> | 92 |  |
|  **Total Consumer, Non-cyclical** |  | 76624 |
|  **Financial - 0.1%** | **Financial - 0.1%** | **Financial - 0.1%** |
| &nbsp;&nbsp;&nbsp; Fusion Buyer LLC<sup>††</sup> | 1154 | 30587 |
| &nbsp;&nbsp;&nbsp; Endo Luxembourg Finance Co I SARL / Endo US, Inc.\*<sup>,†††,2</sup> | 225000 | 23 |
| &nbsp;&nbsp;&nbsp; Endo Luxembourg Finance Co I SARL / Endo US, Inc.\*<sup>,†††,2</sup> | 125000 | 12 |
|  **Total Financial** |  | 30622 |
|  **Communications - 0.1%** | **Communications - 0.1%** | **Communications - 0.1%** |
| &nbsp;&nbsp;&nbsp; Xplore, Inc.\*<sup>,††</sup> | 1647 | 3830 |
|  **Industrial - 0.0%** | **Industrial - 0.0%** | **Industrial - 0.0%** |
| &nbsp;&nbsp;&nbsp; YAK BLOCKER 2 LLC\*<sup>,†††</sup> | 914 | 719 |
| &nbsp;&nbsp;&nbsp; YAK BLOCKER 2 LLC\*<sup>,†††</sup> | 844 | 664 |
| &nbsp;&nbsp;&nbsp; BP Holdco LLC\*<sup>,†††,1</sup> | 523 | 427 |
| &nbsp;&nbsp;&nbsp; Vector Phoenix Holdings, LP\*<sup>,†††</sup> | 523 | 11 |
|  **Total Industrial** |  | 1821 |
|  **Energy - 0.0%** | **Energy - 0.0%** | **Energy - 0.0%** |
| &nbsp;&nbsp;&nbsp; Legacy Reserves, Inc.<sup>†††</sup> | 1969 | 222 |
| &nbsp;&nbsp;&nbsp; Permian Production Partners LLC\*<sup>,†††</sup> | 9124 | 1 |
|  **Total Energy** |  | 223 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $309,420) |  | 255915 |
|  **PREFERRED STOCKS<sup>†</sup>** **- 1.0%** | **PREFERRED STOCKS<sup>†</sup>** **- 1.0%** | **PREFERRED STOCKS<sup>†</sup>** **- 1.0%** |
|  **Financial - 1.0%** | **Financial - 1.0%** | **Financial - 1.0%** |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp;&nbsp; 7.63%<sup>††</sup> | 125000 | 131549 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
| &nbsp;&nbsp;&nbsp; 7.50%<sup>††</sup> | 75000 | 79641 |
|  American National Group, Inc. | American National Group, Inc. | American National Group, Inc. |
| &nbsp;&nbsp;&nbsp; 7.38%<sup>††</sup> | 2000 | 52140 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp;&nbsp; 6.63%<sup>††</sup> | 50000 | 51783 |
|  **Total Financial** |  | 315113 |
|  **Industrial - 0.0%** | **Industrial - 0.0%** | **Industrial - 0.0%** |
|  U.S. Shipping Corp.\*<sup>,†††</sup> | 24529 | 2 |
|  **Total Preferred Stocks** | **Total Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $925,000) |  | 315115 |
|  **RIGHTS<sup>†††</sup>** **- 0.0%** | **RIGHTS<sup>†††</sup>** **- 0.0%** | **RIGHTS<sup>†††</sup>** **- 0.0%** |
|  **Basic Materials** | **Basic Materials** | **Basic Materials** |
|  Asphalt Intermediate Holdco, LLC | Asphalt Intermediate Holdco, LLC | Asphalt Intermediate Holdco, LLC |
| &nbsp;&nbsp;&nbsp; Expiring 12/31/49 | 417 | 1749 |
|  **Communications - 0.0%** | **Communications - 0.0%** | **Communications - 0.0%** |
|  Xplore, Inc. | 126 |  |
|  **Total Rights** | **Total Rights** |  |
| &nbsp;&nbsp;&nbsp; (Cost $—) |  | 1749 |
|  **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 3.9%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 3.9%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 3.9%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.11%<sup>3</sup> | 1202316 | 1202316 |
|  **Total Money Market Fund** | **Total Money Market Fund** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,202,316) |  | 1202316 |
|  | **Face<br> Amount<sup>~</sup>** |  |
|  **CORPORATE BONDS<sup>††</sup>** **- 79.8%** | **CORPORATE BONDS<sup>††</sup>** **- 79.8%** | **CORPORATE BONDS<sup>††</sup>** **- 79.8%** |
|  **Industrial - 15.0%** |  |  |
|  GrafTech Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63% due 12/23/29<sup>4</sup> | 430000 | 294550 |
|  Trinity Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.75% due 07/15/28<sup>4</sup> | 275000 | 286422 |
|  Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp; 7.88% due 04/15/27<sup>4</sup> | 175000 | 177869 |
| &nbsp;&nbsp;&nbsp; 9.25% due 04/15/27<sup>4</sup> | 100000 | 99299 |
|  Enviri Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75% due 07/31/27<sup>4</sup> | 275000 | 271415 |
|  Great Lakes Dredge & Dock Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25% due 06/01/29<sup>4</sup> | 275000 | 264260 |
|  Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.38% due 06/15/32<sup>4</sup> | 125000 | 128471 |
| &nbsp;&nbsp;&nbsp; 6.75% due 05/15/35<sup>4</sup> | 50000 | 51481 |
| &nbsp;&nbsp;&nbsp; 6.38% due 03/01/34<sup>4</sup> | 45000 | 45858 |
| &nbsp;&nbsp;&nbsp; 4.25% due 02/01/32<sup>4</sup> | 25000 | 23161 |
|  TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.88% due 12/15/30<sup>4</sup> | 175000 | 181578 |
| &nbsp;&nbsp;&nbsp; 6.00% due 01/15/33<sup>4</sup> | 50000 | 50271 |
|  JH North America Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.88% due 01/31/31<sup>4</sup> | 225000 | 226965 |
|  New Enterprise Stone & Lime Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.75% due 07/15/28<sup>4</sup> | 200000 | 200467 |
|  EnerSys |  |  |
| &nbsp;&nbsp;&nbsp; 6.63% due 01/15/32<sup>4</sup> | 175000 | 178942 |
|  Enpro, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.13% due 06/01/33<sup>4</sup> | 175000 | 178906 |
|  Clean Harbors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.38% due 02/01/31<sup>4</sup> | 150000 | 153678 |
|  Crown Americas LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.88% due 06/01/33<sup>4</sup> | 150000 | 151025 |
|  Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.38% due 03/01/32<sup>4</sup> | 75000 | 77124 |
| &nbsp;&nbsp;&nbsp; 6.75% due 03/01/33<sup>4</sup> | 50000 | 51591 |
|  Advanced Drainage Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.38% due 06/15/30<sup>4</sup> | 125000 | 127845 |
|  Nidda Healthcare Holding |  |  |
| &nbsp;&nbsp;&nbsp; 5.63% due 02/21/30 | EUR 100,000 | 120053 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES P (HIGH YIELD SERIES)** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
|  Clearwater Paper Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.75% due 08/15/28<sup>4</sup> | 125000 | $118428 |
|  Clarios Global LP |  |  |
| &nbsp;&nbsp;&nbsp; 4.75% due 06/15/31 | EUR 100,000 | 118266 |
|  Hillenbrand, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.75% due 03/01/31 | 125000 | 111961 |
|  Sealed Air Corporation/Sealed Air Corp US |  |  |
| &nbsp;&nbsp;&nbsp; 7.25% due 02/15/31<sup>4</sup> | 100000 | 105248 |
|  EMRLD Borrower Limited Partnership / Emerald Company-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.63% due 12/15/30<sup>4</sup> | 100000 | 102217 |
|  Calderys Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp; 11.25% due 06/01/28<sup>4</sup> | 75000 | 79510 |
|  Wrangler Holdco Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.63% due 04/01/32<sup>4</sup> | 75000 | 78080 |
|  Waste Pro USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.00% due 02/01/33<sup>4</sup> | 75000 | 77859 |
|  Axon Enterprise, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.25% due 03/15/33<sup>4</sup> | 75000 | 77225 |
|  Standard Building Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.50% due 08/15/32<sup>4</sup> | 75000 | 76848 |
|  Arcosa, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.38% due 04/15/29<sup>4</sup> | 75000 | 72551 |
|  Amsted Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63% due 05/15/30<sup>4</sup> | 75000 | 72138 |
|  MIWD Holdco II LLC / MIWD Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.50% due 02/01/30<sup>4</sup> | 75000 | 71296 |
|  AmeriTex HoldCo Intermediate LLC |  |  |
| &nbsp;&nbsp;&nbsp; 10.25% due 10/15/28<sup>4</sup> | 50000 | 53040 |
|  Brundage-Bone Concrete Pumping Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.50% due 02/01/32<sup>4</sup> | 50000 | 49559 |
|  Artera Services LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.50% due 02/15/31<sup>4</sup> | 57075 | 47528 |
|  Miter Brands Acquisition Holdco Incorporated / MIWD Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.75% due 04/01/32<sup>4</sup> | 25000 | 25641 |
|  **Total Industrial** |  | 4678626 |
|  **Consumer, Cyclical - 14.8%** |  |  |
|  Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% due 06/01/31<sup>4</sup> | 250000 | 236524 |
|  Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.63% due 12/01/31<sup>4</sup> | 225000 | 210765 |
|  Allwyn Entertainment Financing UK plc |  |  |
| &nbsp;&nbsp;&nbsp; 7.88% due 04/30/29<sup>4</sup> | 200000 | 208163 |
|  Vail Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.50% due 05/15/32<sup>4</sup> | 100000 | 103325 |
| &nbsp;&nbsp;&nbsp; 5.63% due 07/15/30<sup>4</sup> | 100000 | 100000 |
|  Wolverine World Wide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00% due 08/15/29<sup>4</sup> | 225000 | 201735 |
|  Flutter Treasury DAC |  |  |
| &nbsp;&nbsp;&nbsp; 5.88% due 06/04/31<sup>4</sup> | 200000 | 201500 |
|  Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.00% due 10/15/32<sup>4</sup> | 125000 | 122589 |
| &nbsp;&nbsp;&nbsp; 8.13% due 07/01/27<sup>4</sup> | 50000 | 50015 |
| &nbsp;&nbsp;&nbsp; 6.50% due 02/15/32<sup>4</sup> | 25000 | 25653 |
|  Scotts Miracle-Gro Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.38% due 02/01/32 | 200000 | 183652 |
|  Wabash National Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50% due 10/15/28<sup>4</sup> | 200000 | 180928 |
|  Beach Acquisition Bidco, LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.88% due 07/01/32 | EUR 150,000 | 177924 |
|  Ferrellgas Limited Partnership / Ferrellgas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.38% due 04/01/26<sup>4</sup> | 175000 | 173339 |
|  Scientific Games Holdings Limited Partnership/Scientific Games US FinCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.63% due 03/01/30<sup>4</sup> | 175000 | 168640 |
|  Crocs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25% due 03/15/29<sup>4</sup> | 175000 | 166948 |
|  RB Global Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.75% due 03/15/31<sup>4</sup> | 150000 | 157689 |
|  Life Time, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.00% due 11/15/31<sup>4</sup> | 150000 | 152392 |
|  Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.63% due 05/15/32 | 100000 | 95396 |
| &nbsp;&nbsp;&nbsp; 8.50% due 06/01/28<sup>4</sup> | 50000 | 52511 |
|  Clarios Global Limited Partnership / Clarios US Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp; 8.50% due 05/15/27<sup>4</sup> | 75000 | 75328 |
| &nbsp;&nbsp;&nbsp; 6.75% due 05/15/28<sup>4</sup> | 50000 | 51323 |
|  ONE Hotels GmbH |  |  |
| &nbsp;&nbsp;&nbsp; 7.75% due 04/02/31<sup>4</sup> | EUR 100,000 | 126270 |
|  Velocity Vehicle Group LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.00% due 06/01/29<sup>4</sup> | 125000 | 124899 |
|  AccorInvest Group S.A. |  |  |
| &nbsp;&nbsp;&nbsp; 6.38% due 10/15/29<sup>4</sup> | EUR 100,000 | 123553 |
|  Amer Sports Co. |  |  |
| &nbsp;&nbsp;&nbsp; 6.75% due 02/16/31<sup>4</sup> | 100000 | 104084 |
|  Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.25% due 03/15/33<sup>4</sup> | 100000 | 100641 |
|  Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.50% due 06/15/33 | 100000 | 100320 |
|  Penn Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.13% due 07/01/29<sup>4</sup> | 100000 | 92661 |
|  Park River Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.63% due 02/01/29<sup>4</sup> | 100000 | 80991 |
|  Hilton Domestic Operating Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.13% due 04/01/32<sup>4</sup> | 75000 | 76810 |
|  JB Poindexter & Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.75% due 12/15/31<sup>4</sup> | 75000 | 76328 |
|  Asbury Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% due 02/15/32<sup>4</sup> | 75000 | 71360 |
|  Somnigroup International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.88% due 10/15/31<sup>4</sup> | 75000 | 68188 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES P (HIGH YIELD SERIES)** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
|  Evergreen Acqco 1 Limited Partnership / TVI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.75% due 04/26/28<sup>4</sup> | 53000 | $55438 |
|  Superior Plus, LP |  |  |
| &nbsp;&nbsp;&nbsp; 4.25% due 05/18/28<sup>4</sup> | CAD 75,000 | 53735 |
|  QXO Building Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.75% due 04/30/32<sup>4</sup> | 50000 | 51510 |
|  Advance Auto Parts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.90% due 03/09/26 | 50000 | 49990 |
|  Papa John's International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.88% due 09/15/29<sup>4</sup> | 50000 | 48552 |
|  Fertitta Entertainment LLC / Fertitta Entertainment Finance Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63% due 01/15/29<sup>4</sup> | 50000 | 47891 |
|  Sabre GLBL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.38% due 09/01/25<sup>2</sup> | 35000 | 35044 |
|  New Flyer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.25% due 07/01/30<sup>4</sup> | 25000 | 26376 |
|  **Total Consumer, Cyclical** |  | 4610980 |
|  **Consumer, Non-cyclical - 14.8%** |  |  |
|  CPI CG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 10.00% due 07/15/29<sup>4</sup> | 275000 | 289781 |
|  Albertsons Companies Incorporated / Safeway Inc / New Albertsons Limited Partnership / Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.25% due 03/15/26<sup>4</sup> | 150000 | 147934 |
| &nbsp;&nbsp;&nbsp; 6.25% due 03/15/33<sup>4</sup> | 100000 | 103083 |
|  Boost Newco Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.50% due 01/15/31<sup>4</sup> | 200000 | 212303 |
|  Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.13% due 06/15/30 | 125000 | 127173 |
| &nbsp;&nbsp;&nbsp; 6.75% due 05/15/31 | 75000 | 77594 |
|  Albion Financing 1 SARL / Aggreko Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.00% due 05/21/30<sup>4</sup> | 200000 | 204106 |
|  IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% due 05/15/27<sup>4</sup> | 200000 | 199325 |
|  Cheplapharm Arzneimittel GmbH |  |  |
| &nbsp;&nbsp;&nbsp; 5.50% due 01/15/28<sup>4</sup> | 200000 | 193305 |
|  Grifols S.A. |  |  |
| &nbsp;&nbsp;&nbsp; 4.75% due 10/15/28<sup>4</sup> | 200000 | 192265 |
|  Bausch Health Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.88% due 06/01/28<sup>4</sup> | 225000 | 189798 |
|  Williams Scotsman, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.38% due 10/01/31<sup>4</sup> | 125000 | 131575 |
| &nbsp;&nbsp;&nbsp; 6.63% due 04/15/30<sup>4</sup> | 50000 | 51938 |
|  TriNet Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.13% due 08/15/31<sup>4</sup> | 175000 | 182279 |
|  Sotheby's/Bidfair Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.88% due 06/01/29<sup>4</sup> | 200000 | 180104 |
|  HAH Group Holding Company LLC |  |  |
| &nbsp;&nbsp;&nbsp; 9.75% due 10/01/31<sup>4</sup> | 175000 | 173497 |
|  Carriage Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25% due 05/15/29<sup>4</sup> | 175000 | 165353 |
|  Upbound Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.38% due 02/15/29<sup>4</sup> | 157000 | 155311 |
|  Darling Ingredients, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.00% due 06/15/30<sup>4</sup> | 150000 | 151981 |
|  Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.50% due 12/15/29<sup>4</sup> | 75000 | 74656 |
| &nbsp;&nbsp;&nbsp; 4.63% due 04/15/30<sup>4</sup> | 75000 | 72092 |
|  Castor S.p.A. |  |  |
| &nbsp;&nbsp;&nbsp; 7.23% (3 Month EURIBOR + 5.25%, Rate Floor: 5.25%) due 02/15/29<sup>◊,4</sup> | EUR 125,000 | 145762 |
|  BCP V Modular Services Finance II plc |  |  |
| &nbsp;&nbsp;&nbsp; 4.75% due 10/30/28<sup>4</sup> | EUR 125,000 | 144572 |
|  Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.13% due 09/15/32<sup>4</sup> | 125000 | 127867 |
|  AMN Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63% due 10/01/27<sup>4</sup> | 125000 | 121589 |
|  Sammontana Italia SpA |  |  |
| &nbsp;&nbsp;&nbsp; 6.03% (3 Month EURIBOR + 3.75%, Rate Floor: 0.00%) due 10/15/31<sup>◊</sup> | EUR 100,000 | 117693 |
|  Medline Borrower, LP |  |  |
| &nbsp;&nbsp;&nbsp; 5.25% due 10/01/29<sup>4</sup> | 100000 | 99220 |
|  DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63% due 06/01/30<sup>4</sup> | 100000 | 95812 |
|  Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.00% due 06/15/30<sup>4</sup> | 50000 | 52218 |
| &nbsp;&nbsp;&nbsp; 7.25% due 06/15/33<sup>4</sup> | 35000 | 36673 |
|  Brink's Co. |  |  |
| &nbsp;&nbsp;&nbsp; 6.75% due 06/15/32<sup>4</sup> | 75000 | 78105 |
|  Acadia Healthcare Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.38% due 03/15/33<sup>4</sup> | 75000 | 77267 |
|  Central Garden & Pet Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.13% due 04/30/31<sup>4</sup> | 75000 | 69625 |
|  WW International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50% due 04/15/29<sup>†††,4,5</sup> | 205000 | 67394 |
|  Service Corporation International |  |  |
| &nbsp;&nbsp;&nbsp; 5.75% due 10/15/32 | 50000 | 50510 |
|  Molina Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.25% due 01/15/33<sup>4</sup> | 25000 | 25448 |
|  Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp; 6.13% due 09/30/32 | 25000 | 25240 |
|  **Total Consumer, Non-cyclical** |  | 4610448 |
|  **Financial - 10.6%** |  |  |
|  Jefferies Finance LLC / JFIN Company-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% due 08/15/28<sup>4</sup> | 250000 | 241669 |
|  Jones Deslauriers Insurance Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 10.50% due 12/15/30<sup>4</sup> | 225000 | 239807 |
|  Ardonagh Finco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 7.75% due 02/15/31<sup>4</sup> | 200000 | 209094 |
|  Hunt Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25% due 04/15/29<sup>4</sup> | 200000 | 192711 |
|  Jane Street Group / JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.13% due 04/30/31<sup>4</sup> | 75000 | 78912 |
| &nbsp;&nbsp;&nbsp; 6.13% due 11/01/32<sup>4</sup> | 50000 | 50477 |
| &nbsp;&nbsp;&nbsp; 4.50% due 11/15/29<sup>4</sup> | 50000 | 48505 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES P (HIGH YIELD SERIES)** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
|  United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.75% due 06/15/27<sup>4</sup> | 125000 | $124700 |
| &nbsp;&nbsp;&nbsp; 5.50% due 04/15/29<sup>4</sup> | 50000 | 48533 |
|  Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.25% due 04/01/29<sup>4</sup> | 75000 | 78887 |
| &nbsp;&nbsp;&nbsp; 6.50% due 10/15/30<sup>4</sup> | 75000 | 77433 |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Company-Issuer |  |  |
| &nbsp;&nbsp;&nbsp; 7.00% due 01/15/31<sup>4</sup> | 75000 | 77581 |
| &nbsp;&nbsp;&nbsp; 6.50% due 10/01/31<sup>4</sup> | 75000 | 76395 |
|  Focus Financial Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.75% due 09/15/31<sup>4</sup> | 150000 | 153114 |
|  Assurant, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.00% due 03/27/48<sup>6</sup> | 150000 | 152936 |
|  OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.88% due 09/15/28 | 100000 | 95896 |
| &nbsp;&nbsp;&nbsp; 4.00% due 09/15/30 | 50000 | 46137 |
|  VFH Parent LLC / Valor Company-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.50% due 06/15/31<sup>4</sup> | 125000 | 131175 |
|  Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.63% due 07/15/32<sup>4</sup> | 125000 | 124006 |
|  Aretec Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 10.00% due 08/15/30<sup>4</sup> | 100000 | 109892 |
|  PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.88% due 12/15/29<sup>4</sup> | 100000 | 106188 |
|  UWM Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.63% due 02/01/30<sup>4</sup> | 100000 | 100103 |
|  AmWINS Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.88% due 06/30/29<sup>4</sup> | 100000 | 97181 |
|  Kennedy-Wilson, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.75% due 03/01/29 | 100000 | 93721 |
|  Hightower Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp; 9.13% due 01/31/30<sup>4</sup> | 75000 | 79540 |
|  SLM Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.50% due 01/31/30 | 75000 | 78723 |
|  Walker & Dunlop, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.63% due 04/01/33<sup>4</sup> | 75000 | 76967 |
|  HUB International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 5.63% due 12/01/29<sup>4</sup> | 50000 | 50007 |
| &nbsp;&nbsp;&nbsp; 7.38% due 01/31/32<sup>4</sup> | 25000 | 26158 |
|  Ryan Specialty LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.88% due 08/01/32<sup>4</sup> | 75000 | 75590 |
|  Liberty Mutual Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.30% due 02/01/61<sup>4</sup> | 100000 | 60539 |
|  USI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.50% due 01/15/32<sup>4</sup> | 50000 | 52758 |
|  Fusion Intermediate, LLC<sup>††</sup> |  |  |
| &nbsp;&nbsp;&nbsp; 12.65% due 06/06/30 | 19590 | 19492 |
|  **Total Financial** |  | 3274827 |
|  **Communications - 7.6%** |  |  |
|  CCO Holdings LLC / CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50% due 05/01/32 | 225000 | 209530 |
| &nbsp;&nbsp;&nbsp; 4.50% due 06/01/33<sup>4</sup> | 125000 | 114254 |
| &nbsp;&nbsp;&nbsp; 6.38% due 09/01/29<sup>4</sup> | 100000 | 102004 |
| &nbsp;&nbsp;&nbsp; 4.25% due 01/15/34<sup>4</sup> | 100000 | 89019 |
|  AMC Networks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25% due 02/15/29 | 300000 | 240333 |
| &nbsp;&nbsp;&nbsp; 10.50% due 07/15/32<sup>4</sup> | 125000 | 126655 |
|  CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.13% due 12/01/30<sup>4</sup> | 200000 | 141102 |
| &nbsp;&nbsp;&nbsp; 4.63% due 12/01/30<sup>4</sup> | 200000 | 93011 |
| &nbsp;&nbsp;&nbsp; 3.38% due 02/15/31<sup>4</sup> | 75000 | 51967 |
|  McGraw-Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75% due 08/01/28<sup>4</sup> | 125000 | 125753 |
| &nbsp;&nbsp;&nbsp; 8.00% due 08/01/29<sup>4</sup> | 100000 | 101820 |
| &nbsp;&nbsp;&nbsp; 7.38% due 09/01/31<sup>4</sup> | 25000 | 26078 |
|  Sunrise FinCo I B.V. |  |  |
| &nbsp;&nbsp;&nbsp; 4.88% due 07/15/31<sup>4</sup> | 200000 | 189150 |
|  Cogent Communications Group Incorporated / Cogent Communications Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.00% due 06/15/27<sup>4</sup> | 159000 | 159284 |
|  Altice France S.A. |  |  |
| &nbsp;&nbsp;&nbsp; 5.13% due 07/15/29<sup>4</sup> | 175000 | 144642 |
|  Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.63% due 10/01/31<sup>4</sup> | 150000 | 134211 |
|  Outfront Media Capital LLC / Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.25% due 01/15/29<sup>4</sup> | 100000 | 95667 |
| &nbsp;&nbsp;&nbsp; 7.38% due 02/15/31<sup>4</sup> | 25000 | 26468 |
|  Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 11.00% due 11/15/29<sup>4</sup> | 88700 | 101747 |
|  Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.25% due 04/01/33<sup>4</sup> | 75000 | 77013 |
|  Cable One, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00% due 11/15/30<sup>4</sup> | 14000 | 11030 |
|  **Total Communications** |  | 2360738 |
|  **Energy - 6.7%** |  |  |
|  Buckeye Partners, LP |  |  |
| &nbsp;&nbsp;&nbsp; 3.95% due 12/01/26 | 175000 | 172957 |
| &nbsp;&nbsp;&nbsp; 6.88% due 07/01/29<sup>4</sup> | 75000 | 77702 |
|  CVR Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.75% due 02/15/28<sup>4</sup> | 182000 | 174266 |
| &nbsp;&nbsp;&nbsp; 8.50% due 01/15/29<sup>4</sup> | 75000 | 75029 |
|  ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.50% due 08/01/29<sup>4</sup> | 250000 | 237738 |
|  Parkland Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50% due 10/01/29<sup>4</sup> | 125000 | 120161 |
| &nbsp;&nbsp;&nbsp; 4.63% due 05/01/30<sup>4</sup> | 75000 | 71817 |
|  TransMontaigne Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.50% due 06/15/30<sup>4</sup> | 175000 | 182052 |
|  Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.25% due 01/15/30<sup>4</sup> | 150000 | 154706 |
|  Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.13% due 06/01/28<sup>4</sup> | 75000 | 77516 |
| &nbsp;&nbsp;&nbsp; 7.00% due 01/15/30<sup>4</sup> | 75000 | 75819 |
|  Global Partners Limited Partnership / GLP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 8.25% due 01/15/32<sup>4</sup> | 100000 | 105168 |
| &nbsp;&nbsp;&nbsp; 7.13% due 07/01/33<sup>4</sup> | 25000 | 25350 |
|  Viper Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.38% due 11/01/31<sup>4</sup> | 100000 | 106108 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES P (HIGH YIELD SERIES)** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
|  Sunoco Limited Partnership / Sunoco Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00% due 04/15/27 | 100000 | $| 99973 |
|  Sunoco, LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.25% due 05/01/32<sup>4</sup> | 75000 |  | 78749 |
|  Kinetik Holdings, LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88% due 06/15/30<sup>4</sup> | 75000 |  | 75636 |
|  Venture Global Plaquemines LNG LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75% due 01/15/36<sup>4</sup> | 75000 |  | 75000 |
|  Hess Midstream Operations, LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88% due 03/01/28<sup>4</sup> | 50000 |  | 50745 |
|  Expand Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38% due 02/01/29 | 50000 |  | 50046 |
|  **Total Energy** |  |  | 2086538 |
|  **Basic Materials - 5.7%** |  |  |  |
|  Carpenter Technology Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.63% due 03/15/30 | 125000 |  | 129349 |
| &nbsp;&nbsp;&nbsp; 6.38% due 07/15/28 | 100000 |  | 100271 |
|  Alumina Pty Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38% due 09/15/32<sup>4</sup> | 200000 |  | 203757 |
|  SCIL IV LLC / SCIL USA Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38% due 11/01/26<sup>4</sup> | 200000 |  | 198703 |
|  INEOS Finance plc |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75% due 05/15/28<sup>4</sup> | 200000 |  | 198650 |
|  Novelis Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75% due 01/30/30<sup>4</sup> | 200000 |  | 191637 |
|  Kaiser Aluminum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63% due 03/01/28<sup>4</sup> | 110000 |  | 107625 |
| &nbsp;&nbsp;&nbsp; 4.50% due 06/01/31<sup>4</sup> | 75000 |  | 70163 |
|  SK Invictus Intermediate II SARL |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% due 10/30/29<sup>4</sup> | 125000 |  | 121048 |
|  Compass Minerals International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75% due 12/01/27<sup>4</sup> | 60000 |  | 60501 |
| &nbsp;&nbsp;&nbsp; 8.00% due 07/01/30<sup>4</sup> | 50000 |  | 51657 |
|  Arsenal AIC Parent LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00% due 10/01/30<sup>4</sup> | 100000 |  | 106719 |
|  Illuminate Buyer LLC / Illuminate Holdings IV, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.00% due 07/01/28<sup>4</sup> | 100000 |  | 100491 |
|  WR Grace Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88% due 06/15/27<sup>4</sup> | 75000 |  | 74567 |
|  Minerals Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00% due 07/01/28<sup>4</sup> | 75000 |  | 73771 |
|  Mirabela Nickel Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; due 06/24/19<sup>†††,2,5</sup> | 390085 |  | 1950 |
|  **Total Basic Materials** |  |  | 1790859 |
|  **Technology - 3.5%** |  |  |  |
|  Dye & Durham Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.63% due 04/15/29<sup>4</sup> | 200000 |  | 209316 |
|  Capstone Borrower, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00% due 06/15/30<sup>4</sup> | 175000 |  | 182519 |
|  TeamSystem SpA |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.78% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 07/31/31<sup>◊,4</sup> | EUR 100,000 |  | 117994 |
|  Xerox Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 10.25% due 10/15/30<sup>4</sup> | 100000 |  | 104695 |
|  Amentum Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.25% due 08/01/32<sup>4</sup> | 100000 |  | 102915 |
|  Cloud Software Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50% due 03/31/29<sup>4</sup> | 100000 |  | 100931 |
|  Fair Isaac Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00% due 05/15/33<sup>4</sup> | 100000 |  | 100917 |
|  Central Parent Incorporated / CDK Global, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.25% due 06/15/29<sup>4</sup> | 75000 |  | 60949 |
|  NCR Voyix Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13% due 04/15/29<sup>4</sup> | 59000 |  | 58112 |
|  Playtika Holding Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25% due 03/15/29<sup>4</sup> | 50000 |  | 45375 |
|  **Total Technology** |  |  | 1083723 |
|  **Utilities - 1.1%** |  |  |  |
|  Venture Global Plaquemines LNG LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.75% due 05/01/35<sup>4</sup> | 125000 |  | 135303 |
|  Terraform Global Operating, LP |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13% due 03/01/26<sup>4</sup> | 202000 |  | 200778 |
|  **Total Utilities** |  |  | 336081 |
|  **Total Corporate Bonds** | **Total Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $25,430,048) | &nbsp;&nbsp;&nbsp; (Cost $25,430,048) |  | 24832820 |
|  **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 11.6%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 11.6%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 11.6%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 11.6%** |
|  **Consumer, Cyclical - 3.1%** |  |  |  |
|  PetSmart LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.18% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 02/11/28 | 144375 |  | 142601 |
|  ScribeAmerica Intermediate Holdco LLC (Healthchannels) |  |  |  |
| &nbsp;&nbsp;&nbsp; due 04/03/25<sup>5</sup> | 180516 |  | 140803 |
|  CCRR Parent, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.70% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/06/28 | 244564 |  | 96603 |
|  AmSpec Parent LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.80% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 12/22/31 | 91388 |  | 91731 |
|  ATG Entertainment |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.03% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 04/17/32 | 75000 |  | 75094 |
|  American Auto Auction Group LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.83% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 05/22/32 | 74813 |  | 75070 |
|  Secretariat Advisors LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.30% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 02/24/32<sup>†††</sup> | 66935 |  | 66935 |
|  TransNetwork LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.05% (3 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 12/29/30 | 49622 |  | 49653 |
|  Galaxy US Opco, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.01% (3 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 07/31/30 | 49931 |  | 46248 |
|  Rent-A-Center, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.03% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 02/17/28<sup>†††</sup> | 45494 |  | 45608 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES P (HIGH YIELD SERIES)** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
|  First Brands Group LLC |  |  |
| &nbsp;&nbsp;&nbsp; 9.54% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 03/30/27 | 44952 | $42321 |
|  Asphalt Atd Holdco, LLC |  |  |
| &nbsp;&nbsp;&nbsp; 11.30% (3 Month Term SOFR + 7.00%, Rate Floor: 7.00%) (in-kind rate was 4.00%) due 02/28/30<sup>†††,7</sup> | 33350 | 33350 |
|  Blue Ribbon LLC |  |  |
| &nbsp;&nbsp;&nbsp; 12.28% (3 Month Term SOFR + 4.00%, Rate Floor: 4.75%) (in-kind rate was 4.00%) due 05/08/28<sup>†††,7</sup> | 30357 | 30357 |
|  Holding Socotec SAS |  |  |
| &nbsp;&nbsp;&nbsp; 8.04% (3 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 06/30/28 | 24750 | 24771 |
|  WW International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; due 04/13/28<sup>5</sup> | 45000 | 14737 |
|  American Tire Distributors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; due 10/20/28<sup>†††,5</sup> | 68250 |  |
|  **Total Consumer, Cyclical** |  | 975882 |
|  **Technology - 2.3%** |  |  |
|  DS Admiral Bidco LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.55% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 06/26/31 | 149051 | 148305 |
|  Pushpay USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.30% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 08/15/31 | 99500 | 99998 |
|  E2open LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.94% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 02/04/28 | 74612 | 74825 |
|  Blackhawk Network Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.33% (1 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 03/12/29 | 74252 | 74600 |
|  Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.80% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 03/30/29 | 72903 | 72952 |
|  Polaris Newco LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.29% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 06/02/28 | 74612 | 72633 |
|  Modena Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.78% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 07/01/31 | 74625 | 71733 |
|  Planview Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.80% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 12/17/27 | 54451 | 52886 |
|  Leia Finco US LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.46% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/09/31 | 34913 | 34926 |
|  **Total Technology** |  | 702858 |
|  **Industrial - 2.2%** |  |  |
|  Dispatch Terra Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.70% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/27/28 | 144120 | 141136 |
|  Michael Baker International LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.28% (3 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 12/01/28 | 97394 | 97759 |
|  Pelican Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.81% (1 Month Term SOFR + 4.51%, Rate Floor: 5.01%) due 12/29/28 | 88121 | 76776 |
|  Hobbs & Associates LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/23/31 | 74983 | 74866 |
|  Engineering Research And Consulting LLC |  |  |
| &nbsp;&nbsp;&nbsp; 9.29% (6 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 08/29/31 | 74625 | 72759 |
|  Aegion Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 7.33% (1 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 05/17/28 | 72261 | 72409 |
|  Cognita Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 8.29% (6 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 10/27/31 | 49750 | 50040 |
|  Mannington Mills, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.05% (3 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 03/07/32 | 49625 | 48571 |
|  STS Operating, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.43% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 03/25/31 | 49375 | 48523 |
|  **Total Industrial** |  | 682839 |
|  **Consumer, Non-cyclical - 1.9%** |  |  |
|  IVI America LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.05% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 04/18/31 | 69300 | 69777 |
| &nbsp;&nbsp;&nbsp; due 04/09/31 | 35000 | 35241 |
|  Outcomes Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.08% (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 05/06/31 | 99002 | 99476 |
|  Recess Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.03% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 02/20/30 | 98816 | 99026 |
|  Gibson Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.54% (3 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 08/11/28 | 94088 | 89442 |
|  Blue Ribbon LLC |  |  |
| &nbsp;&nbsp;&nbsp; 10.29% (1 Month Term SOFR + 6.00%, Rate Floor: 6.75%) due 05/08/28 | 81250 | 62089 |
|  Women's Care Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.88% (3 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 01/15/28 | 61423 | 56202 |
|  Balrog Acquisition, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.94% (1 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 09/05/28 | 49000 | 48020 |
|  Midwest Physician Administrative Services |  |  |
| &nbsp;&nbsp;&nbsp; 7.81% (3 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 03/12/28 | 46259 | 42943 |
|  **Total Consumer, Non-cyclical** |  | 602216 |
|  **Basic Materials - 1.1%** |  |  |
|  GrafTech Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 10.32% (1 Month Term SOFR + 6.00%, Rate Floor: 8.00%) due 12/21/29 | 135903 | 136243 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES P (HIGH YIELD SERIES)** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
|  Discovery Purchaser Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 8.02% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 10/04/29 | 124376 | $124104 |
|  NIC Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 8.31% (3 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 12/29/27 | 87154 | 75824 |
|  **Total Basic Materials** |  | 336171 |
|  **Financial - 0.9%** |  |  |
|  CFC USA 2025 LLC |  |  |
| &nbsp;&nbsp;&nbsp; due 05/29/32 | 125000 | 124375 |
|  Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.68% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 08/19/28 | 78990 | 78073 |
|  Franchise Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 13.44% (3 Month Term SOFR + 9.11%, Rate Floor: 10.11%) due 07/05/25 | 36115 | 36070 |
|  Apex Group Treasury LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.82% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 02/19/32 | 24938 | 24829 |
|  Franchise Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; due 03/10/26<sup>†††,5</sup> | 40748 | 2037 |
|  **Total Financial** |  | 265384 |
|  **Communications - 0.1%** |  |  |
|  Xplore, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.09% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 10/24/31<sup>†††</sup> | 29232 | 21583 |
| &nbsp;&nbsp;&nbsp; 9.59% (3 Month Term SOFR + 1.50%, Rate Floor: 6.09%) (in-kind rate was 3.50%) due 10/23/29<sup>7</sup> | 8278 | 7822 |
|  **Total Communications** |  | 29405 |
|  **Total Senior Floating Rate Interests** | **Total Senior Floating Rate Interests** |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,911,628) | &nbsp;&nbsp;&nbsp; (Cost $3,911,628) | 3594755 |
|  **Total Investments - 97.1%** | **Total Investments - 97.1%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $31,778,412) | &nbsp;&nbsp;&nbsp; (Cost $31,778,412) | $30202670 |
|  **Other Assets & Liabilities, net - 2.9%** | **Other Assets & Liabilities, net - 2.9%** | 886668 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $31089338 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Forward Foreign Currency Exchange Contracts<sup>††</sup>** | **Forward Foreign Currency Exchange Contracts<sup>††</sup>** | **Forward Foreign Currency Exchange Contracts<sup>††</sup>** | **Forward Foreign Currency Exchange Contracts<sup>††</sup>** | **Forward Foreign Currency Exchange Contracts<sup>††</sup>** | **Forward Foreign Currency Exchange Contracts<sup>††</sup>** | **Forward Foreign Currency Exchange Contracts<sup>††</sup>** |
| **Counterparty** | **Currency** | **Type** | **Quantity** | **Contract <br> Amount** | **Settlement Date** | **Unrealized <br> Depreciation** |
|  Morgan Stanley Capital Services LLC | CAD | Sell | 80000 | 58,648 USD | 07/16/25 | $(149) |
|  Morgan Stanley Capital Services LLC | EUR | Sell | 100000 | 115,848 USD | 07/16/25 | (2086) |
|  Barclays Bank plc | EUR | Sell | 775000 | 892,396 USD | 07/16/25 | (21590) |
|  |  |  |  |  |  | $(23825) |

---

---

| | |
|:---|:---|
| <sup>~</sup> | &nbsp;&nbsp;&nbsp; The face amount is denominated in U.S. dollars unless otherwise indicated. |
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\*\* | &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, unless otherwise noted — See Note 4. |
| <sup>†††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 3 inputs — See Note 4. |
| <sup>◊</sup> | &nbsp;&nbsp;&nbsp; Variable rate security. Rate indicated is the rate effective at June 30, 2025. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $37,029 (cost $391,014), or 0.1% of total net assets — See Note 9. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $21,950,690 (cost $22,197,277), or 70.6% of total net assets. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp; Security is in default of interest and/or principal obligations. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp; Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date. |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp; Payment-in-kind security. |
|  | &nbsp;&nbsp;&nbsp; CAD — Canadian Dollar |
|  | &nbsp;&nbsp;&nbsp; EUR — Euro |
|  | &nbsp;&nbsp;&nbsp; EURIBOR — European Interbank Offered Rate |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; SARL — Société à Responsabilité Limitée |
|  | &nbsp;&nbsp;&nbsp; SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **SERIES P (HIGH YIELD SERIES)** |  |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 4 in the Notes to 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 | $76624 | $34417 | $144874 | $255915 |
|  Preferred Stocks |  | 315113 | 2 | 315115 |
|  Rights |  |  | 1749 | 1749 |
|  Money Market Fund | 1202316 |  |  | 1202316 |
|  Corporate Bonds |  | 24763476 | 69344 | 24832820 |
|  Senior Floating Rate Interests |  | 3394885 | 199870 | 3594755 |
|  Total Assets | $1278940 | $28507891 | $415839 | $30202670 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
|  Forward Foreign Currency Exchange Contracts\*\* | $– $| 23825 | $– | $23825 |
|  Unfunded Loan Commitments (Note 8) | $– $|  | $– \* | $— |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Less than $1 |
| \*\* | &nbsp;&nbsp;&nbsp; This derivative is reported as unrealized appreciation/depreciation at period end. |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category** | **Ending Balance at <br> June 30, 2025** | **Valuation Technique** | **Unobservable Inputs** | **Input Range** | **Weighted Average** |
|  **Assets:** |  |  |  |  |  |
|  Common Stocks | $142795 | Model Price | Purchase Price |  |  |
|  Common Stocks | 1419 | Model Price | Liquidation Value |  |  |
|  Common Stocks | 660 | Enterprise Value | Valuation Multiple | 2.6x-9.2x | 3.2x |
|  Corporate Bonds | 67394 | Third Party Pricing | Vendor Price |  |  |
|  Corporate Bonds | 1950 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |
|  Preferred Stocks | 2 | Model Price | Liquidation Value |  |  |
|  Rights | 1749 | Model Price | Purchase Price |  |  |
|  Senior Floating Rate Interests | 166520 | Third Party Pricing | Broker Quote |  |  |
|  Senior Floating Rate Interests | 33350 | Model Price | Purchase Price |  |  |
|  Total Assets | $415839 |  |  |  |  |
|  **Liabilities:** |  |  |  |  |  |
|  Unfunded Loan Commitments  | $— | Model Price | Purchase Price |  |  |

---

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

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

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **SERIES P (HIGH YIELD SERIES)** |  |

---

Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment's valuation changes. For the period ended June 30, 2025, the Fund had securities with a total value of $91,014 transfer into Level 3 from Level 2 due to a lack of observable inputs and had securities with a total value of $256,542 transfer out of Level 3 into Level 2 due to the availability of current and reliable market-based data provided by a third-party pricing service which utilizes significant observable inputs.

**Summary of Fair Value Level 3 Activity** 

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | | **Liabilities** |
|  | **Corporate <br> Bonds** | **Senior Floating <br> Rate Interests** | **Common <br> Stocks** | **Preferred <br> Stocks** | **Rights** | <br>**Total Assets** | **Unfunded Loan <br> Commitments** |
|  Beginning Balance | $1950 | $547502 | $11477 | $3 | $— | $560932 | $(3691) |
|  Purchases/(Receipts) |  | 137102 | 137289 |  |  | 274391 | (40) |
|  (Sales, maturities and paydowns)/Fundings |  | (116770) |  |  |  | (116770) | 87 |
|  Amortization of premiums/discounts |  | 6685 |  |  |  | 6685 |  |
|  Corporate actions |  | (99000) |  |  |  | (99000) |  |
|  Total realized gains (losses) included in earnings |  | (60327) |  |  |  | (60327) | 23 |
|  Total change in unrealized appreciation (depreciation) included in earnings |  | 17600 | (3892) | (1) | 1749 | 15456 | 3621 |
|  Transfers into Level 3 | 67394 | 23620 |  |  |  | 91014 |  |
|  Transfers out of Level 3 |  | (256542) |  |  |  | (256542) |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ending Balance  | $69344 | $199870 | $144874 | $2 | $1749 | $415839 | $— |
|  Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at June 30, 2025 | $— | $27126 | $(3892) | $(1) | $1749 | $24982 | $(70) |

---

**Affiliated Transactions** 

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

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** |
|  **Common Stocks** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; BP Holdco LLC \* | $634 | $— | $— | $— | $(207) | $427 | 523 |

---

\* Non-income producing security.

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

**SERIES P (HIGH YIELD SERIES)**<br>

---

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

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $31,778,227) | $30202243 |
|  Investments in affiliated issuers, at value (cost $185) | 427 |
|  Foreign currency, at value (cost $70) | 71 |
|  Prepaid expenses | 209 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 1167663 |
| &nbsp;&nbsp;&nbsp; Interest | 418405 |
| &nbsp;&nbsp;&nbsp; Securities sold | 55447 |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims | 1215 |
| &nbsp;&nbsp;&nbsp; Dividends | 922 |
| &nbsp;&nbsp;&nbsp; Investment Adviser | 104 |
|  **Total assets** | 31846706 |
|  **Liabilities:** | **Liabilities:** |
|  Unfunded loan commitments, at value (Note 8) (commitments fees received $—) |  |
|  Overdraft due to custodian bank | 24601 |
|  Unrealized depreciation on forward foreign currency exchange contracts | 23825 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Securities purchased | 654963 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 6969 |
| &nbsp;&nbsp;&nbsp; Management fees | 6891 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees | 5903 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 3208 |
| &nbsp;&nbsp;&nbsp; Transfer agent/maintenance fees | 2203 |
| &nbsp;&nbsp;&nbsp; Fund accounting and administration fees | 648 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 28157 |
|  **Total liabilities** | 757368 |
|  **Net assets** | $31089338 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $40017341 |
|  Total distributable earnings (loss) | (8928003) |
|  Net assets | $31089338 |
|  Capital shares outstanding | 1202002 |
|  Net asset value per share | $25.86 |

---

---

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

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of unaffiliated issuers | $4605 |
|  Interest from securities of unaffiliated issuers | 1041044 |
| &nbsp;&nbsp;&nbsp; Total investment income | 1045649 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 87334 |
|  Distribution and service fees | 36389 |
|  Transfer agent/maintenance fees | 12424 |
|  Professional fees | 28074 |
|  Trustees' fees\* | 17785 |
|  Fund accounting and administration fees | 10246 |
|  Custodian fees | 5588 |
|  Line of credit fees | 655 |
|  Interest expense | 442 |
|  Miscellaneous | 6409 |
|  Recoupment of previously waived fees | 9 |
| &nbsp;&nbsp;&nbsp; Total expenses | 205355 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (60) |
|  Expenses waived by Adviser | (53010) |
|  Earnings credits applied | (88) |
| &nbsp;&nbsp;&nbsp; Total waived/reimbursed expenses | (53158) |
|  Net expenses | 152197 |
|  Net investment income | 893452 |
|  **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 securities | (291754) |
| &nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (82709) |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | (1082) |
|  Net realized loss | (375545) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | 700377 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | (207) |
| &nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (36152) |
| &nbsp;&nbsp;&nbsp; Foreign currency translations | (524) |
|  Net change in unrealized appreciation (depreciation) | 663494 |
|  Net realized and unrealized gain | 287949 |
|  **Net increase in net assets resulting from operations** | $1181401 |

---

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

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

**SERIES P (HIGH YIELD SERIES)**<br>

**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 | $893452 | $1986330 |
|  Net realized loss on investments | (375545) | (468099) |
|  Net change in unrealized appreciation (depreciation) on investments | 663494 | 871480 |
|  Net increase in net assets resulting from operations | 1181401 | 2389711 |
|  Distributions to shareholders |  | (1935296) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 4945752 | 4347900 |
|  Distributions reinvested |  | 1935296 |
|  Cost of shares redeemed | (5790428) | (9170777) |
|  Net decrease from capital share transactions | (844676) | (2887581) |
|  Net increase (decrease) in net assets | 336725 | (2433166) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 30752613 | 33185779 |
| &nbsp;&nbsp;&nbsp; End of period | $31089338 | $30752613 |
|  **Capital share activity:** |  |  |
|  Shares sold | 195481 | 176348 |
|  Shares issued from reinvestment of distributions |  | 80671 |
|  Shares redeemed | (232097) | (371486) |
|  Net decrease in shares | (36616) | (114467) |

---

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

**SERIES P (HIGH YIELD SERIES)**<br>

**FINANCIAL HIGHLIGHTS**<br>

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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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 | $24.53 | $23.21 | $27.55 | $27.49 | $28.39 |
|  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> | .77 | 1.53 | 1.47 | 1.28 | 1.30 | 1.37 |
|  Net gain (loss) on investments (realized and unrealized) | .26 | .30 | 1.25 | (3.95) | .18 | (.21) |
|  Total from investment operations | 1.03 | 1.83 | 2.72 | (2.67) | 1.48 | 1.16 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (1.53) | (1.40) | (1.67) | (1.42) | (2.06) |
|  Total distributions |  | (1.53) | (1.40) | (1.67) | (1.42) | (2.06) |
|  Net asset value, end of period | $25.86 | $24.83 | $24.53 | $23.21 | $27.55 | $27.49 |
|  **Total Return<sup>c</sup>** | **4.15%** | **7.63%** | **12.02%** | **(9.70** **%)** | **5.41%** | **4.64%** |
|  **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) | $31089 | $30753 | $33186 | $32318 | $44592 | $45153 |
|  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) | 6.14% | 6.18% | 6.23% | 5.19% | 4.70% | 5.13% |
|  Total expenses<sup>d</sup> | 1.41% | 1.32% | 1.34% | 1.28% | 1.28% | 1.38% |
|  Net expenses<sup>e,f,g</sup>  | 1.05% | 1.06% | 1.08% | 1.07% | 1.08% | 1.12% |
|  Portfolio turnover rate | 20% | 44% | 39% | 33% | 76% | 84% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Guggenheim Variable Funds Trust are available only through the purchase of such products.

<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 portion of the ratios of net expenses to average net assets attributable to recoupments of prior fee reductions or expense reimbursements for the years presented was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **6/30/25<sup>a</sup>** | **12/31/2024** | **12/31/2023** | **12/31/2022** | **12/31/2021** | **12/31/2020** |
|  0.00%\* |  |  |  |  |  |

---

\* Less than 0.01%

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **06/30/25<sup>a</sup>** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
|  1.04% | 1.04% | 1.05% | 1.05% | 1.06% | 1.07% |

---

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

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

**Note 1 – Organization and Significant Accounting Policies** 

**Organization** 

Guggenheim Variable Funds Trust (the "Trust"), a Delaware statutory trust, is registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940 (the "1940 Act"), as an open-ended investment company. 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. At June 30, 2025, the Trust consisted of three Funds. The Trust offers shares of the Funds to insurance companies for their variable annuity and variable life insurance contracts.

This report covers the following Funds:

---

| | |
|:---|:---|
| **Fund Name** | **Diversification <br> Status** |
|  Series E (Total Return Bond Series) | Diversified |
|  Series F (Floating Rate Strategies Series) | Diversified |
|  Series P (High Yield Series) | Diversified |

---

Guggenheim Partners Investment Management, LLC ("GPIM" or the "Adviser"), which operates under the name Guggenheim Investments ("GI"), provides advisory services to the Funds. Guggenheim Funds Distributors, LLC ("GFD") serves as the distributor for the Trust. GI and GFD are affiliated entities.

**Significant Accounting Policies** 

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

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

The net asset value per share ("NAV") of each Fund is calculated by dividing the current value of the Fund's securities and other assets, less all liabilities, by the number of outstanding shares of that Fund on the specified date.

**(a) Valuation of Investments** 

The Board of Trustees of the Funds (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 each Fund 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 ("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 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.

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 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

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 51

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

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.

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.

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.

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

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

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 closed-end investment companies are generally valued at the last quoted sale price.

Exchange-traded options are valued at the mean of the bid and ask prices on the principal exchange on which they are traded.

Over-the-counter ("OTC") options and options on swaps ("swaptions") are valued using a price provided by a pricing service.

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

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 would provide a more accurate valuation.

Interest rate swap agreements entered into by a Fund are valued on the basis of the last sale price on the primary exchange on which the swap is traded. Other swap agreements entered into by a Fund are generally valued using an evaluated price provided by an independent third-party pricing service.

Typically, loans are valued using information provided by an independent third-party pricing service that uses broker quotes, among other inputs. If the independent third-party pricing service cannot or does not provide a valuation for a particular loan, or such valuation is deemed unreliable, such investment is valued based on a quote from a broker-dealer or is fair valued by the Adviser. Funds that invest in loans or asset-backed securities as part of their investment strategies may have a significant amount of these instruments that are fair valued by the Adviser.

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

52 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

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

A Fund may also fair value securities and assets when a significant event is deemed to have occurred after the time of a market quotation including for securities and assets traded on foreign markets and securities and assets for which market quotations are provided by independent third-party pricing services as of a time that is prior to the time when the Funds determine their NAV. There can be no assurance in each case that significant events will be identified.

Valuations of the Funds' securities and other assets are supplied primarily by independent third-party pricing services pursuant to the processes set forth in the Valuation Designee Procedures. Valuations provided by the independent third-party pricing services are generally based on methods designed to approximate the amount that a Fund could reasonably expect to receive upon the sale of the portfolio security or asset. When providing valuations to the Funds, independent third-party pricing services use various inputs, methods, models and assumptions, which may include information provided by broker-dealers and other market makers. Independent third-party pricing services face the same challenges as the Funds in valuing securities and assets and may rely on limited available information. 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. A Fund may also use third-party service providers to model certain securities to determine fair market value. While a Fund's use of fair valuation is intended to result in calculation of NAV that fairly reflects values of the Fund's portfolio securities as of the time of pricing, a Fund cannot guarantee that any fair valuation will, in fact, approximate the amount the Fund would actually realize upon the sale of the securities in question.

Quotes from broker-dealers (i.e., prices provided by a broker-dealer or other market participant, which may or may not be committed to trade at that price), adjusted for fluctuations in criteria such as credit spreads and interest rates, may also be used to value a Fund's assets. Quotes from broker-dealers and vendor prices based on broker quotes can vary in terms of depth (e.g., provided by a single broker-dealer) and frequency (e.g., provided on a daily, weekly, or monthly basis, or any other regular or irregular interval). Although quotes from broker-dealers and vendor prices based on broker quotes are typically received from established market participants, a Fund may not have the transparency to view the underlying inputs which support such quotes. Significant changes in a quote from a broker-dealer would generally result in significant changes in the fair value of the security.

**(b) U.S. Government and Agency Obligations** 

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

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

**(c) Senior Floating Rate Interests and Loan Investments** 

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

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 53

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

as a result, the Funds may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.

**(d) Interest on When-Issued Securities** 

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

**(e) Options** 

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

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

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

**(f) 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.

**(g) Swap Agreements** 

Swap agreements are marked-to-market daily and the change, if any, is recorded as unrealized appreciation or depreciation. Payments received or made as a result of an agreement or termination of an agreement are recognized as realized gains or losses.

Upon entering into certain centrally-cleared swap transactions, a Fund is required to deposit with its clearing broker an amount of cash or securities as an initial margin. Subsequent variation margin receipts or payments are received or made by the Fund depending on fluctuations in the fair value of the reference entity and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Upfront payments received or made by a Fund on credit default swap agreements and interest rate swap agreements are amortized over the expected life of the agreement. Periodic payments received or paid by a Fund are recorded as realized gains or losses. Payments received or made as a result of a credit event or termination of the contract are recognized, net of a proportional amount of the upfront payment, as realized gains or losses.

**(h) Forward Foreign Currency Exchange Contracts** 

The change in value of a forward foreign currency exchange contract is recorded as unrealized appreciation or depreciation until the contract is closed. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

**(i) 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

54 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

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

rates. Purchases and sales of investment securities, dividend and interest income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Funds to foreign government exchange restrictions, expropriation, taxation, or other political, social, geopolitical or economic developments, all of which could affect the market and/or credit risk of the investments.

The Funds do not isolate that portion of the results of operations resulting from changes in the foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized gain or loss and unrealized appreciation or depreciation on investments.

Reported net realized foreign exchange gains and losses arise from sales of foreign currencies and currency gains or losses realized between the trade and settlement dates on investment transactions. Net unrealized appreciation and depreciation arise from changes in the fair values of assets and liabilities other than investments in securities at the fiscal period end, resulting from changes in exchange rates.

**(j) Foreign Taxes** 

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments are included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of June 30, 2025, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

**(k) Security Transactions** 

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

Income from residual collateralized loan obligations is recognized using the effective interest method. At the time of purchase, management estimates the future expected cash flows and determines the effective yield and estimated maturity date based on the estimated cash flows. Subsequent to the purchase, the estimated cash flows are updated periodically and a revised yield is calculated prospectively.

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

**(l) Distributions** 

Distributions of net investment income and net realized gains, if any, are declared and paid at least annually. Normally, all distributions of a Fund will automatically be reinvested without charge in additional shares of the same Fund. 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.

**(m) Expenses** 

Expenses directly attributable to a Fund are charged directly to the Fund. Other expenses common to various funds within the fund complex are generally allocated amongst such funds on the basis of average net assets.

**(n) Earnings Credits** 

Under the fee arrangement with the custodian, the Funds may earn credits based on overnight custody cash balances. These credits are utilized to reduce related custodial expenses. The custodian

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 55

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

fees disclosed in the Funds' Statements of Operations are before the reduction in expense from the related earnings credits, if any. Earnings credits for the period ended June 30, 2025, are disclosed in the Funds' Statements of Operations.

**(o) 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.

**(p) 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.

**(q) Special Purpose Acquisition Companies** 

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

**Note 2 – Financial Instruments and Derivatives** 

As part of their investment strategies, the Funds may utilize short sales and a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized on the Funds' Statements of Assets and Liabilities. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Financial Statements.

**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 utilized derivatives for the following purposes:

**Duration:** the use of an instrument to manage the interest rate risk of a portfolio.

**Hedge:** an investment made in order to reduce the risk of adverse price movements in a security, by taking an offsetting position to protect against broad market moves.

**Income:** the use of any instrument that distributes cash flows typically based upon some rate of interest.

56 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

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

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

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

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.

**Options Purchased and Written** 

A call option on a security gives the purchaser of the option the right to buy, and the writer of a call option the obligation to sell, the underlying security. The purchaser of a put option has the right to sell, and the writer of the put option the obligation to buy, the underlying security at any time during the option period. The risk associated with purchasing options is limited to the premium originally paid.

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

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| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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** | **Call** | **Put** |
|  Series E (Total Return Bond Series) | Duration, Hedge, Speculation | $14492200 | $16307270 |

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The risk in writing a call option is that a Fund may incur a loss if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that a Fund may incur a loss if the market price of the underlying security decreases and the option is exercised. In addition, there may be an imperfect correlation between the movement in prices of options and the underlying securities where a Fund may not be able to enter into a closing transaction because of an illiquid secondary market; or, for OTC options, a Fund may be at risk because of the counterparty's inability to perform.

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

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| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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** | **Call** | **Put** |
|  Series E (Total Return Bond Series) | Duration, Hedge  | $14492200 | $9046742 |

---

**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' Statements of Assets and Liabilities; securities held as collateral are noted on the Funds' Schedules of Investments.

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

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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** |
|  Series E (Total Return Bond Series) | Duration, Hedge  | $2374713 | $— |

---

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 57

**NOTES TO 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 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.

Interest rate swaps involve the exchange by the Funds with another party for their respective commitment to pay or receive a fixed or variable interest rate on a notional amount of principal. Interest rate swaps are generally centrally-cleared, but central clearing does not make interest rate swap transactions risk free.

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

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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** | **Pay Floating Rate** | **Receive Floating Rate** |
|  Series E (Total Return Bond Series) | Duration, Income | $59712052 | $350000 |

---

Credit default swaps are instruments which allow for the full or partial transfer of third-party credit risk, with respect to a particular entity or entities, from one counterparty to the other. A fund enters into credit default swaps as a "seller" or "buyer" of protection primarily to gain or reduce exposure to the investment grade and/or high yield bond market. A seller of credit default swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. The buyer in a credit default swap is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If a credit event occurs, as defined under the terms of the swap agreement, the seller will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The notional amount reflects the maximum potential amount the seller of credit protection could be required to pay to the buyer if a credit event occurs. The seller of protection receives periodic premium payments from the buyer and may also receive or pay an upfront premium adjustment to the stated periodic payments. In the event a credit default occurs on a credit default swap referencing an index, a factor adjustment will take place and the buyer of protection will receive a payment reflecting the par less the default recovery rate of the defaulted index component based on its weighting in the index. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the fund selling the credit protection. For a fund utilizing centrally cleared credit default swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. For OTC credit default swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty, or in the case of a credit default swap in which a fund is selling credit protection, the default of a third party issuer.

The quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

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

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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** | **Protection Sold** | **Protection Purchased** |
|  Series E (Total Return Bond Series) | Hedge, Index Exposure, Income, Speculation | $265012 | $1996563 |

---

58 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

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

**Forward Foreign Currency Exchange Contracts** 

A forward foreign currency exchange contract is an agreement between two parties to exchange two designated currencies at a specific time in the future. Certain types of contracts may be cash settled, in an amount equal to the change in exchange rates during the term of the contract. The contracts can be used to hedge or manage exposure to foreign currency risks with portfolio investments or to gain exposure to foreign currencies.

The market value of a forward foreign currency exchange contract changes with fluctuations in foreign currency exchange rates. Furthermore, the Funds may be exposed to risk if the counterparties cannot meet the contract terms or if the currency value changes unfavorably as compared to the U.S. dollar.

The following table represents the Funds' use and volume of forward foreign currency exchange contracts on a monthly basis:

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Value** |
| <br>**Fund** | **Purchased** | **Sold** |
|  Series E (Total Return Bond Series)<br> Hedge | $58188 | $144333 |
|  Series F (Floating Rate Strategies Series)<br> Hedge | 34487 | 325911 |
|  Series P (High Yield Series)<br> Hedge | 1083 | 1037180 |

---

**Derivative Investment Holdings Categorized by Risk Exposure** 

The following is a summary of the location of derivative investments on the Funds' Statements of Assets and Liabilities as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Derivative Investment Type** | **Asset Derivatives** | **Liability Derivatives** |
|  Currency forward contracts  | Unrealized appreciation on forward foreign currency exchange contracts  | Unrealized depreciation on forward foreign currency exchange contracts  |
|  Credit/Equity/Interest rate swap agreements  | Unamortized upfront premiums paid on interest rate swap agreements <br> Variation margin on interest rate swap agreements  | Unamortized upfront premiums received on credit default swap agreements <br> Unrealized depreciation on OTC swap agreements  |
|  Currency/Interest rate option contracts  | Investments in unaffiliated issuers, at value  | Options written, at value  |

---

The following tables set forth the fair value of the Funds' derivative investments categorized by primary risk exposure at 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** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** |
| **Fund** | **Swaps <br> Interest <br> Rate Risk\*** | **Swaps <br> Credit <br> Risk\*** | **Forward <br> Foreign <br> Currency <br> Exchange <br> Risk** | **Options <br> Purchased <br> Foreign <br> Currency <br> Exchange <br> Risk** | **Options <br> Purchased <br> Interest <br> Rate Risk** | **Options <br> Written <br> Foreign <br> Currency <br> Exchange <br> Risk** | **Options <br> Written <br> Interest <br> Rate Risk** | **Total <br> Value at <br> June 30, <br> 2025** |
|  Series E (Total Return Bond Series) | $527930 | $— | $1337 | $65380 | $233419 | $— | $— | $828066 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** |
| **Fund** | **Swaps <br> Interest <br> Rate Risk\*** | **Swaps <br> Credit <br> Risk\*** | **Forward <br> Foreign <br> Currency <br> Exchange <br> Risk** | **Options <br> Purchased <br> Foreign <br> Currency <br> Exchange <br> Risk** | **Options <br> Purchased <br> Interest <br> Rate Risk** | **Options <br> Written <br> Foreign <br> Currency <br> Exchange <br> Risk** | **Options <br> Written <br> Interest <br> Rate Risk** | **Total <br> Value at <br> June 30, <br> 2025** |
|  Series E (Total Return Bond Series) | $89186 | $8467 | 1316 | $— | $— | $5500 | $112381 | $216850 |
|  Series F (Floating Rate Strategies Series) |  |  | 5599 |  |  |  |  | 5599 |
|  Series P (High Yield Series) |  |  | 23825 |  |  |  |  | 23825 |

---

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 59

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

The following is a summary of the location of derivative investments on the Funds' Statements of Operations for the period ended June 30, 2025:

---

| | |
|:---|:---|
| **Derivative Investment Type** | **Location of Gain (Loss) on Derivatives** |
|  Currency/Equity/Interest rate futures contracts | Net realized gain (loss) on futures contracts <br> Net change in unrealized appreciation (depreciation) on futures contracts  |
|  Currency forward contracts  | Net realized gain (loss) on forward foreign currency exchange contracts <br> Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts |
|  Credit/Foreign currency/Interest rate option contracts  | Net realized gain (loss) on options purchased <br> Net change in unrealized appreciation (depreciation) on options purchased <br> Net realized gain (loss) on options written <br> Net change in unrealized appreciation (depreciation) on options written |
|  Credit/Equity/Interest rate swap agreements | Net realized gain (loss) on swap agreements <br> 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' Statements of Operations categorized by primary risk exposure for the period ended June 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations**  | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations**  | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations**  | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations**  | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations**  | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations**  | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations**  | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations**  | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations**  | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations**  |
| **Fund** | **Futures <br> Interest <br> Rate Risk** | **Swaps <br> Interest <br> Rate Risk** | **Swaps <br> Credit <br> Risk** | **Forward <br> Foreign <br> Currency <br> Exchange <br> Risk** | **Options <br> Purchased <br> Foreign <br> Currency <br> Exchange <br> Risk** | **Options <br> Purchased <br> Interest <br> Rate Risk** | **Options <br> Written <br> Foreign <br> Currency <br> Exchange <br> Risk** | **Options <br> Written <br> Interest <br> Rate Risk** | **Total** |
|  Series E (Total Return Bond Series) | $51254 | $(398502) | $36734 | $(6597) | $113302 | $(3117) | $(14736) | $(26506) | $(248168) |
|  Series F (Floating Rate Strategies Series) |  |  |  | (23615) |  |  |  |  | (23615) |
|  Series P (High Yield Series) |  |  |  | (82709) |  |  |  |  | (82709) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Unrealized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Unrealized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Unrealized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Unrealized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Unrealized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Unrealized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Unrealized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Unrealized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Unrealized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Unrealized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** |
| **Fund** | **Futures <br> Interest <br> Rate Risk** | **Swaps <br> Interest <br> Rate Risk** | **Swaps <br> Credit <br> Risk** | **Forward <br> Foreign <br> Currency <br> Exchange <br> Risk** | **Options <br> Purchased <br> Foreign <br> Currency <br> Exchange <br> Risk** | **Options <br> Purchased <br> Interest <br> Rate Risk** | **Options <br> Written <br> Foreign <br> Currency <br> Exchange <br> Risk** | **Options <br> Written <br> Interest <br> Rate Risk** | **Total** |
|  Series E (Total Return Bond Series) | $— | $1099307 | $(7183) | $(1923) | $(96119) | $88213 | $4063 | $(27399) | $1058959 |
|  Series F (Floating Rate Strategies Series) |  |  |  | (10810) |  |  |  |  | (10810) |
|  Series P (High Yield Series) |  |  |  | (36152) |  |  |  |  | (36152) |

---

In conjunction with short sales and the use of derivative instruments, the Funds are required to maintain collateral in various forms. Depending on the financial instrument utilized and the broker involved, the Funds use margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes or repurchase agreements allocated to the Funds as collateral.

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

**Foreign Investments** 

There are several risks associated with exposure to foreign currencies, foreign issuers and emerging markets. A Fund's indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, or in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. In addition, the Funds may incur transaction costs in connection with conversions between

60 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

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

various currencies. The Funds may, but are not obligated to, engage in currency hedging transactions, which generally involve buying currency forward, options or futures contracts. However, not all currency risks may be effectively hedged, and in some cases the costs of hedging techniques may outweigh expected benefits. In such instances, the value of securities denominated in foreign currencies can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar.

The Funds may invest in securities of foreign companies directly, or in financial instruments, such as ADRs and exchange-traded funds, which are indirectly linked to the performance of foreign issuers. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities of foreign companies directly, or in financial instruments that are indirectly linked to the performance of foreign issuers, may involve risks not typically associated with investing in U.S. issuers. The value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets, and prices in some foreign markets may fluctuate more than those of securities traded on U.S. markets. Many foreign countries lack accounting and disclosure standards comparable to those that apply to U.S. companies, and it may be more difficult to obtain reliable information regarding a foreign issuer's financial condition and operations. Transaction costs and costs associated with custody services are generally higher for foreign securities than they are for U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries portions of these taxes are recoverable, the non-recovered portion will reduce the income received by the Funds.

**Note 3 – Offsetting** 

In the normal course of business, the Funds enter into transactions subject to enforceable master netting arrangements or other similar arrangements. Generally, the right to offset in those agreements allows the Funds to counteract the exposure to a specific counterparty with collateral received from or delivered to that counterparty based on the terms of the arrangements. These arrangements provide for the right to liquidate upon the occurrence of an event of default, credit event upon merger or additional termination event.

In order to better define their contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with their derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs OTC derivatives, including foreign exchange contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, are reported separately on the Funds' Statements of Assets and Liabilities as segregated cash with broker/receivable for variation margin, or payable for swap settlement/variation margin. Cash and/or securities pledged or received as collateral by the Funds in connection with an OTC derivative subject to an ISDA Master Agreement generally may not be invested, sold or rehypothecated by the counterparty or the Funds, as applicable, absent an event of default under such agreement, in which case such collateral generally may be applied towards obligations due to and payable by such counterparty or the Funds, as applicable. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold (e.g., $300,000) before a transfer is required to be made. To the extent amounts due to the Funds from their counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty nonperformance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe to be of good standing and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Funds' Statements of Assets and Liabilities.

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 61

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Gross Amounts Not Offset <br> in the Statements of <br> Assets and Liabilities** | **Gross Amounts Not Offset <br> in the Statements of <br> Assets and Liabilities** | |
| <br>**Fund** | <br>**Instrument** | <br>**Gross <br> Amounts of <br> Recognized <br> Assets<sup>1</sup>** | <br>**Gross <br> Amounts <br> Offset in the <br> Statements <br> of Assets and <br> Liabilities** | <br>**Net Amount <br> of Assets <br> Presented on <br> the Statements <br> of Assets and <br> Liabilities** | **Financial <br> Instruments** | **Cash <br> Collateral <br> Received** | <br>**Net <br> Amount** |
|  Series E (Total Return Bond Series) | Options purchased | $298799 | $— | 298799 | $(117881) | $— | $180918 |
|  | Forward foreign currency exchange contracts | 1337 |  | 1337 |  |  | 1337 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Gross Amounts Not Offset <br> in the Statements of <br> Assets and Liabilities** | **Gross Amounts Not Offset <br> in the Statements of <br> Assets and Liabilities** | |
| <br>**Fund** | <br>**Instrument** | <br>**Gross <br> Amounts of <br> Recognized <br> Liabilities<sup>1</sup>** | <br>**Gross <br> Amounts <br> Offset in the <br> Statements <br> of Assets and <br> Liabilities** | <br>**Net Amounts <br> of Liabilities <br> Presented on <br> the Statements <br> of Assets and <br> Liabilities** | **Financial <br> Instruments** | **Cash <br> Collateral <br> Pledged** | <br>**Net <br> Amount** |
|  Series E (Total Return Bond Series) | Options written | $117881 | $— | $117881 | $(117881) | $— | $— |
|  | Forward foreign currency exchange contracts | 1316 |  | 1316 |  |  | 1316 |
|  | Credit default swap agreements | 8467 |  | 8467 |  |  | 8467 |
|  Series F (Floating Rate Strategies Series) | Forward foreign currency exchange contracts | 5599 |  | 5599 |  |  | 5599 |
|  Series P (High Yield Series)  | Forward foreign currency exchange contracts  | 23825 |  | 23825 |  |  | 23825 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Asset Type** | **Cash Pledged** | **Cash Received** |
|  Series E (Total Return Bond Series) | Morgan Stanley | Credit default swap agreements | $— | $4499 |
|  | BofA Securities, Inc. | Futures contracts | 3000 |  |
|  | BofA Securities, Inc. | Interest rate swap agreements | 35967 |  |
|  | Morgan Stanley | TBA securities |  | 304659 |
|  |  |  | 38967 | 309158 |

---

62 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

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

**Note 4 – Fair Value Measurement** 

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

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

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

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

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

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

Independent third-party pricing services are used to value a majority of the Funds' investments. When values are not available from an independent third-party pricing service, they will be determined using a variety of sources and techniques, including: market prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information and analysis. A significant portion of the Funds' assets and liabilities are categorized as Level 2, as indicated in this report.

Quotes from broker-dealers, adjusted for fluctuations in criteria such as credit spreads and interest rates, may also be used to value the Funds' assets and liabilities, i.e. prices provided by a broker-dealer or other market participant who has not committed to trade at that price. Although quotes are typically received from established market participants, the Funds may not have the transparency to view the underlying inputs which support the market quotations. Significant changes in a quote would generally result in significant changes in the fair value of the security.

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

Certain loans and other securities are valued using a single daily broker quote or a price from an independent third-party pricing service based on a single daily or monthly broker quote.

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 63

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

**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)** |
|  Series E (Total Return Bond Series) | 0.39% |
|  Series F (Floating Rate Strategies Series) | 0.65%<sup>1</sup> |
|  Series P (High Yield Series) | 0.60% |

---

<sup>1</sup> The Series F management fee is subject to a 0.05% reduction on assets over $5 billion.

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

The Board has adopted a separate Distribution and Shareholder Services Plan pursuant to Rule 12b-1 under the 1940 Act that allows those Funds to pay distribution and shareholder services fees to GFD. The Funds will pay distribution and shareholder services fees to GFD at an annual rate not to exceed 0.25% of average daily net assets. GFD may, in turn, pay all or a portion of the proceeds from the distribution and shareholder services fees to insurance companies or their affiliates and qualified plan administrators ("intermediaries") for services they provide on behalf of the Funds to current and prospective variable contract owners and qualified plan participants that invest in the Funds through the intermediaries.

Contractual expense limitation agreements for the following Funds provide that the total expenses be limited to a percentage of average net assets for the Funds, exclusive of brokerage costs, dividends or interest on securities sold short, expenses of other investment companies in which a Fund invests, interest, taxes, litigation, indemnification and extraordinary expenses. The limits are listed below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Limit** | **Effective <br> Date** | **Contract <br> End Date**  |
|  Series E (Total Return Bond Series) | 0.81%  | 11/30/12 | 05/01/26 |
|  Series F (Floating Rate Strategies Series) | 1.15%  | 04/22/13 | 05/01/26 |
|  Series P (High Yield Series)  | 1.07% | 10/20/14 | 05/01/26 |

---

GI is entitled to reimbursement by the Funds for fees waived or expenses reimbursed during any of the previous 36 months, beginning on the date of the expense limitation agreement, if on any day the estimated operating expenses are less than the indicated percentages. For purposes of this arrangement, GI is entitled to recoupment of previously waived fees or reimbursed expenses for 36 months from the date of the waiver or reimbursement by GI. At June 30, 2025, the amount of fees waived or expenses reimbursed that are subject to recoupment and will expire during the years ended December 31, are presented in the following table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2026** | **2027** | **2028** | **Total** |
|  Series E (Total Return Bond Series) | $14262 | $21638 | $11177 | $3922 | $50999 |
|  Series F (Floating Rate Strategies Series) | 25173 | 36293 | 39301 | 34196 | 134963 |
|  Series P (High Yield Series) | 43837 | 72179 | 73307 | 48121 | 237444 |

---

For the period ended June 30, 2025, GI recouped amounts from the Funds as follows:

---

| | |
|:---|:---|
|  Series E (Total Return Bond Series) | $7239 |
|  Series P (High Yield Series)  | 9 |

---

64 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO 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 the Fund with respect to its investment in such affiliated fund. Fee waivers will be calculated at the investing fund level without regard to any expense cap 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** |
|  Series F (Floating Rate Strategies Series) | $6585 |

---

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

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

**Note 6 – Federal Income Tax Information** 

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

Tax positions taken or expected to be taken in the course of preparing the Funds' tax returns are evaluated to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds' tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds' financial statements. The Funds' U.S. federal income tax returns are subject to examination by the Internal Revenue Service ("IRS") for a period of three years after they are filed.

If a Fund makes a distribution to its shareholders in excess of its current and accumulated "earnings and profits" in any taxable year, the excess distribution will be treated as a return of capital to the extent of each shareholder's basis (for tax purposes) in its shares, and any distribution in excess of basis will be treated as capital gain. A return of capital is not taxable, but it reduces the shareholder's basis in its shares, which reduces the loss (or increases the gain) on a subsequent taxable disposition by such shareholder of the shares.

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)** |
|  Series E (Total Return Bond Series) | $216281773 | $2387462 | $(8837130) | $(6449668) |
|  Series F (Floating Rate Strategies Series) | 54483028 | 236199 | (1464507) | (1228308) |
|  Series P (High Yield Series) | 31780146 | 664188 | (2265489) | (1601301) |

---

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 65

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

**Note 7 – 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** |
|  Series E (Total Return Bond Series) | $16587560 | $34136034 |
|  Series F (Floating Rate Strategies Series) | 16000254 | 20317049 |
|  Series P (High Yield Series) | 5784741 | 7190879 |

---

For the period ended June 30, 2025, the cost of purchases and proceeds from sales of government securities were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Series E (Total Return Bond Series) | $12912718 | $— |

---

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 8 – Unfunded Loan Commitments** 

Pursuant to the terms of certain loan agreements, certain Funds held unfunded loan commitments as of June 30, 2025. The Funds are obligated to fund these loan commitments at the borrower's discretion.

The unfunded loan commitments as of June 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Borrower** | **Maturity Date** | **Face Amount** | **Value** |
|  **Series E (Total Return Bond Series)** | **Series E (Total Return Bond Series)** |  |  |  |
|  | Capstone Acquisition Holdings, Inc. | 11/12/29 | $12076 | $59 |
|  | Datix Bidco Ltd. | 04/25/31 | 36250 | 1670 |
|  | MB2 Dental Solutions LLC | 02/13/31 | 35133 | 551 |
|  |  |  | 83459 | 2280 |
|  **Series F (Floating Rate Strategies Series)** | **Series F (Floating Rate Strategies Series)** |  |  |  |
|  | Aegion Corp. | 05/17/28 | 27922 |  |
|  | Alter Domus | 10/30/31 | 7506 |  |
|  | AmSpec Parent LLC | 12/11/31 | 26714 |  |
|  | Citrin Cooperman Advisors LLC | 04/01/32 | 6364 | 11 |
|  | Convergint | 03/31/28 | 3203 | 3 |
|  | GrafTech Finance, Inc. | 11/04/29 | 16254 |  |
|  | Hanger, Inc. | 10/23/31 | 11635 |  |
|  | Secretariat Advisors LLC | 02/21/32 | 16627 |  |
|  | Student Transportation Of America Holdings, Inc. | 06/10/32 | 4333 |  |
|  |  |  | 120558 | 14 |
|  **Series P (High Yield Series)** | **Series P (High Yield Series)** |  |  |  |
|  | AmSpec Parent LLC | 12/11/31 | 14060 |  |
|  | GrafTech Finance, Inc. | 11/04/29 | 77659 |  |
|  | Secretariat Advisors LLC | 02/21/32 | 8065 |  |
|  |  |  | 99784 |  |

---

66 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

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

**Note 9– Restricted Securities** 

The securities below are considered illiquid and restricted under guidelines established by the Board:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Restricted Securities** | **Acquisition Date** | **Cost** | **Value** |
|  Series E (Total Return Bond Series) |  |  |  |  |
|  | Copper River CLO Ltd. |  |  |  |
|  | &nbsp;&nbsp; 2007-1A INC, due 01/20/21<sup>1</sup> | 05/09/14 | $— | $60 |
|  | Nassau LLC |  |  |  |
|  | &nbsp;&nbsp; 2019-1 3.98% due 08/15/34 | 08/16/19 | 75741 | 70646 |
|  |  |  | 75741 | 70706 |
|  Series P (High Yield Series) |  |  |  |  |
|  | Endo Luxembourg Finance Co I SARL / Endo US, Inc.\* | 04/23/24 | 1343 | 23 |
|  | Endo Luxembourg Finance Co I SARL / Endo US, Inc.\* | 04/23/24 | 746 | 12 |
|  | Mirabela Nickel Ltd. |  |  |  |
|  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; due 06/24/19<sup>2</sup> | 12/31/13 | 353909 | 1950 |
|  | Sabre GLBL, Inc. |  |  |  |
|  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38% due 09/01/25 | 04/27/22 | 35016 | 35044 |
|  |  |  | 391014 | 37029 |

---

\* Non-income producing security. <br> <sup>1</sup> Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates. <br> <sup>2</sup> Security is in default of interest and/or principal obligations.

**Note 10 – Line of Credit** 

The Trust, along with other affiliated trusts, secured a 364-day committed, $1,165,000,000 line of credit from Citibank, N.A., which was in place through September 29, 2024, at which time the line of credit was renewed as a 364-day committed, $1,115,000,000 line of credit. A Fund may draw (borrow) from the line of credit as a temporary measure for emergency purposes, to facilitate redemption requests, or for other short-term liquidity purposes consistent with the Fund's investment objective and program. For example, it may be advantageous for the Fund to borrow money rather than sell existing portfolio positions to meet redemption requests. Fees related to borrowings, if any, vary under this arrangement between the greater of Citibank's "base rate", SOFR plus 1%, or the federal funds rate plus 1/2 of 1%.

The commitment fee that may be paid by the Funds is at an annualized rate of 0.15% of the average daily amount of their allocated unused commitment amount. The commitment fee amount is allocated to the individual Funds based on the respective net assets of each participating Fund and is referenced in the Funds' Statements of Operations under "Line of credit fees". The Funds did not have any borrowings under this agreement as of and for the period ended June 30, 2025.

**Note 11 – Reverse Repurchase Agreements** 

Each of the Funds may enter into reverse repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities and agrees to repurchase them at a particular price at a future date. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce the Fund's obligation to repurchase the securities, and the Fund's use of the proceeds of the reverse repurchase agreement may effectively be restricted pending such decision.

For the period ended June 30, 2025, the following Funds entered into reverse repurchase agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Number of Days <br> Outstanding** | **Balance at <br> June 30, 2025** | **Average Balance <br> Outstanding** | **Average Interest Rate** |
|  Series E (Total Return Bond Series) | 111 | $– \* | $7997167 | 4.57% |
|  Series P (High Yield Series) | 5 | – \* | 687063 | 4.70% |

---

\* As of June 30, 2025, the Funds had no open reverse repurchase agreements.

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 67

**NOTES TO 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 and Significant Accounting Policies of these Notes to Financial Statements for additional details on the significant accounting policies and investment types used by the Funds. Please refer to each Fund's 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 financial statements. Segment assets are reflected on each Fund's Statement of Assets and Liabilities as "total assets" and significant segment income, expenses, and gain(loss) are listed on each Fund's 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, 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 financial statements are issued and determined there were no material events that would require adjustment to or disclosure in the Funds' financial statements.

68 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

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

**Sector Classification** 

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

**Quarterly Portfolio Schedules Information** 

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 69

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

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

70 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

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

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 71

**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.

72 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

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

**Report of the Guggenheim Variable Funds Trust Board of Trustees** 

The Board of Trustees (the "Board") of Guggenheim Variable Funds Trust (the "Trust"), including the Independent Trustees, unanimously approved the renewal of the investment management agreements (as applicable to a specific Fund, the "Advisory Agreement" and collectively, the "Advisory Agreements") with Guggenheim Partners Investment Management, LLC ("GPIM" or the "Adviser") on behalf of the series of the Trust listed below (each a "Fund" and collectively, the "Funds"):

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;● Series E (Total Return Bond Series) ("Series E") | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Series F (Floating Rate Strategies Series) ("Series F") |
| &nbsp;&nbsp;&nbsp;&nbsp;● Series P (High Yield Series) ("Series P") |  |

---

GPIM is an indirect subsidiary of Guggenheim Partners, LLC, a privately-held, global investment and advisory firm ("Guggenheim Partners"). Guggenheim Partners, GPIM and their affiliates may be referred to herein collectively as "Guggenheim." "Guggenheim Investments" refers to the global asset management and investment advisory division of Guggenheim Partners and includes GPIM, Security Investors, 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 Agreements. As part of its review process, the Committee was represented by independent legal counsel to the Independent Trustees ("Independent Legal Counsel"), from whom the Independent Trustees received separate legal advice and with whom they met separately. Independent Legal Counsel reviewed and discussed with the Committee various key aspects of the Trustees' legal responsibilities relating to the proposed renewal of the Advisory Agreements 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 Agreements.<sup>1</sup>

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. The Committee noted that although FUSE's process typically results in the identification for each Fund of a universe of similar funds for performance comparisons and a narrower group of similar funds from the universe based on asset levels for comparative fee and expense data evaluation (i.e., the peer group), the peer group constituent funds identified by FUSE for Series F were the same as the performance universe constituent funds due to the Fund's investment strategy and pricing.

In addition, Guggenheim provided materials and data in response to formal requests for information sent by Independent Legal Counsel on behalf of the Committee. Guggenheim also made a presentation at the April Meeting. Throughout the process, the Committee asked questions of management and requested certain additional information, which Guggenheim provided (collectively with the foregoing reports and materials, the "Contract Review Materials"). The Committee considered the Contract Review Materials in the context of its accumulated experience governing the Trust and other funds in the Guggenheim fund complex and weighed the factors and standards discussed with Independent Legal Counsel.

Following an analysis and discussion of relevant factors, including those identified below, and in the exercise of its business judgment, the Committee concluded that it was in the best interest of each Fund to recommend that the Board approve the renewal of the applicable Advisory Agreement for an additional annual term. Following its review of the Committee's recommendation, the Board unanimously approved the renewal of the applicable 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.

<sup>1</sup> At a meeting held in person on November 20-21, 2024, the Board of the Trust, including the Independent Trustees, unanimously approved an amended and restated investment advisory agreement with GPIM on behalf of Series E and Series P for the purpose of transferring to GPIM the duties and responsibilities of Security Investors, LLC, an indirect subsidiary of Guggenheim Partners, as investment adviser to the Funds, in connection with an internal realignment at Guggenheim to consolidate Guggenheim's fixed-income registered funds under a single adviser, GPIM. The Board's considerations and conclusions in connection with this approval are set forth in a separate disclosure titled "Board Considerations Regarding Approval of Investment Advisory Agreement."

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 73

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

*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 each 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 resulting performance, portfolio oversight and risk management, and the related regular quarterly reports and presentations received by the Board. The Committee took into account the risks borne by Guggenheim in sponsoring and providing services to the Funds, including regulatory, operational, legal and entrepreneurial risks. The Committee considered the resources dedicated by Guggenheim to compliance functions and the reporting made to the Board by Guggenheim compliance personnel regarding Guggenheim's adherence to regulatory requirements. The Committee also considered the regular reports the Board receives from the Trust's Chief Compliance Officer regarding compliance policies and procedures established pursuant to Rule 38a-1 under the Investment Company Act of 1940, as amended. In connection with the Committee's evaluation of the overall package of services provided by Guggenheim, the Committee considered Guggenheim's administrative services, including its role in supervising, monitoring, coordinating and evaluating the various services provided by the fund administrator, transfer agent, distributor, custodian and other service providers to the Funds. The Committee evaluated the Office of Chief Financial Officer (the "OCFO"), which oversees the fund administration, accounting and transfer agency services provided to the Funds and other funds in the Guggenheim fund complex, including the OCFO's resources, personnel and services provided.

With respect to Guggenheim's resources and the ability of the Adviser to carry out its responsibilities under the applicable Advisory Agreement, the Chief Financial Officer of Guggenheim Investments reviewed with the Committee financial information concerning the holding company for Guggenheim Investments, 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. (Thereafter, the Committee received the audited consolidated financial statements of GPIM.)

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, including the Committee's knowledge of how 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 each Advisory Agreement with respect to the Funds.

*Investment Performance:* The Committee received, for each Fund, investment returns for the since-inception, ten-year, five-year, three-year, one-year and three-month periods ended December 31, 2024, as applicable. In addition, the Committee received a comparison of each Fund's performance to the performance of a benchmark, a universe of funds and a narrower peer group of similar funds based on asset levels as identified by FUSE (except as noted above with respect to Series F), in each case for the same periods, as applicable. The Committee also received from FUSE a description of the methodology for identifying each Fund's peer group and universe for performance and expense comparisons. The Committee also received certain performance information as of March 31, 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.

In seeking to evaluate Fund performance over a full market cycle, the Committee focused its attention on five-year and three-year performance rankings as compared to the relevant universe of funds. Except as to the individual Fund discussed below, the Committee observed that the returns of each Fund ranked in the third quartile or better of such Fund's performance universe for each of the five-year and three-year periods considered. In addition, the Committee made the following observations:

**Series F (Floating Rate Strategies Series):** The Fund's returns ranked in the 100th and 25th percentiles of its performance universe for the five-year and three-year periods ended December 31, 2024, respectively. The Committee considered management's statement indicating that given the Fund's relatively small size and frequent inflow and outflows, the Fund is positioned conservatively and with a strong liquidity profile. The Committee noted management's statement that although this portfolio construction creates a liquid portfolio compared to the Fund's peers, it does sacrifice some of the return that is generally attributed to lower quality, smaller and less liquid credits. In addition, the Committee considered management's discussion of the Fund's performance at the April Meeting.

74 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

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

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. The Committee also reviewed the median advisory fees and expense ratios, including expense ratio components (e.g., transfer agency fees, administration fees, other operating expenses, distribution fees and fee waivers/reimbursements), of the peer group. In addition, the Committee considered information regarding Guggenheim's process for evaluating the competitiveness of each Fund's fees and expenses, noting Guggenheim's statement that evaluations seek to incorporate a variety of factors with a general focus on ensuring fees and expenses: (i) are competitive; (ii) give consideration to resource support requirements; and (iii) ensure Funds are able to deliver on shareholder return expectations.

As part of its evaluation of each Fund's advisory fee, the Committee considered how such fees compared to the advisory fee charged by Guggenheim to one or more other clients that it manages pursuant to similar investment strategies, to the extent applicable, noting that, in certain instances, Guggenheim charges a lower advisory fee to such other clients. In this connection, the Committee considered, among other things, Guggenheim's representations about the significant differences between managing mutual funds as compared to other types of accounts. The Committee also considered Guggenheim's explanation that lower fees are charged in certain instances due to various other factors, including the scope of contract, type of investors, fee structure, applicable legal, governance and capital structures, tax status and historical pricing reasons. In addition, the Committee took into account Guggenheim's discussion of the regulatory, operational, legal and entrepreneurial risks involved with the Funds as compared to other types of accounts. The Committee concluded that the information it received demonstrated that the aggregate services provided to, or the specific circumstances of, each Fund were sufficiently different from the services provided to, or the specific circumstances of, other clients with similar investment strategies and/or that the risks borne by Guggenheim were sufficiently greater than those associated with managing other clients with similar investment strategies to support the difference in fees.

In further considering the comparative fee and expense data presented in the Contract Review Materials and addressed by Guggenheim, the Committee took into account those Funds with currently effective expense limitation agreements with the Adviser. Except as to the individual Fund discussed below, the Committee observed that each Fund's contractual advisory fee, net effective management fee and total net expense ratio each rank in the third quartile or better of such Fund's peer group. In addition, the Committee made the following observations:

**Series F (Floating Rate Strategies Series):** The Fund's contractual advisory fee ranks in the fourth quartile (100th percentile) of its peer group. The Fund's net effective management fee ranks in the second quartile (50th percentile) of its peer group. The Fund's total net expense ratio ranks in the third quartile (75th percentile) of its peer group. The Committee considered the Adviser's statement explaining the higher fees that performance is driven by a unique investment approach that requires significant resources. In this regard, the Committee took into consideration the strong investment performance of the Fund for the three-year period ended December 31, 2024. The Committee also took into account the Fund's currently effective expense limitation agreement with the Adviser. In addition, the Committee considered management's discussion of the Fund's fees at the April Meeting.

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>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. 

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 75

**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 were appropriate 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.

The Committee also noted the process employed by the Adviser to evaluate whether it would be appropriate to institute a new breakpoint for a Fund, with consideration given to, among other things: (i) the Fund's size and trends in asset levels over recent years; (ii) the competitiveness of the expense levels; (iii) whether expense waivers are in place; (iv) changes and trends in revenue and expenses; (v) whether there are any anticipated expenditures that may benefit the Fund in the future; (vi) Fund 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 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 the May Meetings, as well as other considerations, the Committee concluded that the advisory fee for each Fund was reasonable.

**Overall Conclusions** 

The Committee concluded that the investment advisory fees are fair and reasonable in light of the extent and quality of the services provided and other benefits received and that the renewal of the applicable 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 Agreements.

76 \| 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;(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;(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;(a) Not applicable.

&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)](fp0093913-6_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.](fp0093913-6_ex99cert.htm) |

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(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](fp0093913-6_ex99906cert.htm) [A certification by the registrant's President (principal executive officer) and Treasurer (principal financial officer) as required by Rule 30a-2(b) under the Investment Company Act (17 CFR 270.30a-2(b)) is attached.](fp0093913-6_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) Guggenheim Variable Funds Trust

---

| | |
|:---|:---|
| 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 Guggenheim Variable Funds Trust;

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 Guggenheim Variable Funds Trust;

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 Guggenheim Variable Funds Trust (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 |

---